UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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S QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended December 31, 2015 |
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£ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
Commission File Number: 1-7939
VICON INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
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| | |
New York | | 11-2160665 |
(State or other jurisdiction of | | (I.R.S. Employer |
incorporation or organization) | | Identification No.) |
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135 Fell Court, Hauppauge, New York | | 11788 |
(Address of principal executive offices) | | (Zip Code) |
(631) 952-2288
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer ¨ | | Accelerated filer ¨ |
Non-accelerated filer ¨ | | Smaller reporting company x |
(Do not check if a smaller reporting company) | | |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ¨ No x
At February 8, 2016, the registrant had outstanding 9,341,038 shares of Common Stock, $.01 par value.
VICON INDUSTRIES, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
VICON INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
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| | | | | | | |
| Three Months Ended |
| 12/31/2015 | | 12/31/2014 |
| | | |
Net sales | $ | 10,880,556 |
| | $ | 10,176,446 |
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Cost of sales | 6,609,381 |
| | 6,405,755 |
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Gross profit | 4,271,175 |
| | 3,770,691 |
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| | | |
Operating expenses: | |
| | |
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Selling, general and administrative expense | 3,930,151 |
| | 4,211,404 |
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Engineering and development expense | 1,318,396 |
| | 1,393,062 |
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Restructuring charges | — |
| | 348,786 |
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| 5,248,547 |
| | 5,953,252 |
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Operating loss | (977,372 | ) | | (2,182,561 | ) |
| | | |
Interest income | 164 |
| | 1,126 |
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| | | |
Loss before income taxes | (977,208 | ) | | (2,181,435 | ) |
| | | |
Income tax expense | — |
| | — |
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| | | |
Net loss | $ | (977,208 | ) | | $ | (2,181,435 | ) |
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| | | |
Loss per share: | |
| | |
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Basic | $ | (.10 | ) | | $ | (.24 | ) |
| | | |
Diluted | $ | (.10 | ) | | $ | (.24 | ) |
| | | |
| | | |
Weighted average shares outstanding: | |
| | |
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| | | |
Basic | 9,330,779 |
| | 9,100,100 |
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| | | |
Diluted | 9,330,779 |
| | 9,100,100 |
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| | | |
See Accompanying Notes to Condensed Consolidated Financial Statements.
VICON INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
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| | | | | | | |
| Three Months Ended |
| 12/31/2015 | | 12/31/2014 |
Net loss | $ | (977,208 | ) | | $ | (2,181,435 | ) |
Other comprehensive income (loss): | | | |
Unrealized gain (loss) on securities | (85 | ) | | 1,349 |
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Foreign currency translation adjustment | 157,309 |
| | (145,229 | ) |
Other comprehensive income (loss) | 157,224 |
| | (143,880 | ) |
Comprehensive loss | $ | (819,984 | ) | | $ | (2,325,315 | ) |
See Accompanying Notes to Condensed Consolidated Financial Statements.
VICON INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
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| | | | | | | |
ASSETS | 12/31/2015 | | 9/30/2015 |
| (Unaudited) | | |
CURRENT ASSETS | | | |
Cash and cash equivalents | $ | 2,068,292 |
| | $ | 2,390,409 |
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Marketable securities | 13,045 |
| | 13,047 |
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Accounts receivable, net | 9,881,830 |
| | 10,816,348 |
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Inventories: | | | |
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Parts, components, and materials | 1,957,901 |
| | 2,074,389 |
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Work-in-process | 884,442 |
| | 981,878 |
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Finished products | 5,465,687 |
| | 5,557,556 |
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| 8,308,030 |
| | 8,613,823 |
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Prepaid expenses and other current assets | 575,573 |
| | 501,497 |
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Assets held for sale | 800,902 |
| | 800,902 |
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TOTAL CURRENT ASSETS | 21,647,672 |
| | 23,136,026 |
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| | | |
Property, plant and equipment | 5,837,491 |
| | 5,812,517 |
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Less accumulated depreciation and amortization | (5,181,094 | ) | | (5,117,570 | ) |
| 656,397 |
| | 694,947 |
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Goodwill | 6,016,469 |
| | 6,016,469 |
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Intangible assets, net | 3,473,417 |
| | 3,602,667 |
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Other assets | 724,707 |
| | 722,022 |
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TOTAL ASSETS | $ | 32,518,662 |
| | $ | 34,172,131 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY | | | |
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| | | |
CURRENT LIABILITIES | | | |
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Accounts payable | $ | 5,469,484 |
| | $ | 5,688,424 |
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Accrued compensation and employee benefits | 2,632,340 |
| | 2,923,474 |
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Accrued expenses | 1,615,028 |
| | 1,653,333 |
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Unearned revenue | 429,058 |
| | 829,138 |
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TOTAL CURRENT LIABILITIES | 10,145,910 |
| | 11,094,369 |
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Unearned revenue - non current | 90,943 |
| | 104,779 |
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Other long-term liabilities | 1,478,856 |
| | 1,508,801 |
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TOTAL LIABILITIES | 11,715,709 |
| | 12,707,949 |
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Commitments and contingencies | | | |
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SHAREHOLDERS’ EQUITY | | | |
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Common stock, par value $.01 per share authorized - 25,000,000 shares issued - 10,037,477 and 10,010,995 shares | 100,374 |
| | 100,109 |
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Capital in excess of par value | 40,588,487 |
| | 40,972,206 |
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Accumulated deficit | (16,328,183 | ) | | (15,350,975 | ) |
Treasury stock at cost, 696,439 and 806,198 shares, respectively | (3,437,643 | ) | | (3,979,852 | ) |
Accumulated other comprehensive loss | (120,082 | ) | | (277,306 | ) |
TOTAL SHAREHOLDERS’ EQUITY | 20,802,953 |
| | 21,464,182 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 32,518,662 |
| | $ | 34,172,131 |
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See Accompanying Notes to Condensed Consolidated Financial Statements.
VICON INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
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| | | | | | | |
| Three Months Ended |
| 12/31/2015 | | 12/31/2014 |
Cash flows from operating activities: | | | |
Net loss | $ | (977,208 | ) | | $ | (2,181,435 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | |
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Depreciation and amortization | 215,409 |
| | 151,870 |
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Amortization of deferred compensation | 373 |
| | 1,202 |
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Stock compensation expense | 153,198 |
| | 146,830 |
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Change in assets and liabilities: |
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Accounts receivable, net | 864,267 |
| | 1,500,845 |
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Inventories, net | 269,717 |
| | (1,192,025 | ) |
Prepaid expenses and other current assets | (78,812 | ) | | (201,526 | ) |
Other assets | (2,685 | ) | | 107,809 |
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Accounts payable | (182,058 | ) | | 123,717 |
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Accrued compensation and employee benefits | (287,007 | ) | | (320,922 | ) |
Accrued expenses | (34,741 | ) | | (332,293 | ) |
Unearned revenue | (413,916 | ) | | 603,982 |
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Other liabilities | (28,261 | ) | | 71,220 |
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Net cash used in operating activities | (501,724 | ) | | (1,520,726 | ) |
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Cash flows from investing activities: | |
| | |
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Net increase in marketable securities | (83 | ) | | (869 | ) |
Capital expenditures | (48,963 | ) | | (48,833 | ) |
Net cash used in investing activities | (49,046 | ) | | (49,702 | ) |
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Cash flows from financing activities: | |
| | |
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Proceeds from exercise of stock options | 5,184 |
| | 40,454 |
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Net cash provided by financing activities | 5,184 |
| | 40,454 |
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Effect of exchange rate changes on cash | 223,469 |
| | (112,971 | ) |
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Net decrease in cash | (322,117 | ) | | (1,642,945 | ) |
Cash and cash equivalents at beginning of year | 2,390,409 |
| | 4,751,270 |
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Cash and cash equivalents at end of period | $ | 2,068,292 |
| | $ | 3,108,325 |
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See Accompanying Notes to Condensed Consolidated Financial Statements.
VICON INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
December 31, 2015
Note 1: Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended December 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ended September 30, 2016. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2015.
Note 2: Marketable Securities
Marketable securities consist of mutual fund investments principally in federal, state and local government debt securities of $13,045 as of December 31, 2015. Such mutual fund investments are stated at market value based on quoted market prices (Level 1 inputs) and are classified as available-for-sale under the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 320, with unrealized gains and losses reported in accumulated other comprehensive loss as a component of shareholders’ equity. The cost of such securities at December 31, 2015 was $13,438, with $393 of cumulative unrealized losses reported at December 31, 2015.
Note 3: Accounts Receivable
Accounts receivable is stated net of an allowance for uncollectible accounts of $993,000 and $993,000 as of December 31, 2015 and September 30, 2015, respectively.
Note 4: Loss per Share
Basic loss per share (EPS) is computed based on the weighted average number of common shares outstanding for the period. Diluted EPS reflects the maximum dilution that would have resulted from incremental common shares issuable upon the exercise of stock options and under deferred compensation agreements.
The following tables provide the components of the basic and diluted EPS computations for the three month periods ended December 31, 2015 and 2014:
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| | | | | | | |
| Three Months Ended |
| December 31, |
| 2015 | | 2014 |
Basic EPS Computation | | | |
Net loss | $ | (977,208 | ) | | $ | (2,181,435 | ) |
Weighted average shares outstanding | 9,330,779 |
| | 9,100,100 |
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Basic loss per share | $ | (.10 | ) | | $ | (.24 | ) |
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| | | | | | | |
| Three Months Ended |
| December 31, |
| 2015 | | 2014 |
Diluted EPS Computation | | | |
Net loss | $ | (977,208 | ) | | $ | (2,181,435 | ) |
| | | |
Weighted average shares outstanding | 9,330,779 |
| | 9,100,100 |
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Stock options | — |
| | — |
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Stock compensation arrangements | — |
| | — |
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Diluted shares outstanding | 9,330,779 |
| | 9,100,100 |
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| | | |
Diluted loss per share | $ | (.10 | ) | | $ | (.24 | ) |
For the for the three month periods ended December 31, 2015 and 2014, all outstanding stock options and shares issuable under stock compensation arrangements totaling 670,300 and 686,858 shares, respectively, have been omitted from the calculation of diluted EPS as their effect would have been antidilutive. The actual effect of these stock options and shares, if any, on the diluted earnings per share calculation will vary significantly depending on fluctuations in the market price of the Company's stock.
Note 5: Accumulated Other Comprehensive Loss
The Company's accumulated other comprehensive loss balances at December 31, 2015 and September 30, 2015 consisted of the following:
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| | | | | | | |
| December 31, 2015 | | September 30, 2015 |
Foreign currency translation adjustment | $ | (119,689 | ) | | $ | (276,998 | ) |
Unrealized loss on marketable securities | (393 | ) | | (308 | ) |
Accumulated other comprehensive loss | $ | (120,082 | ) | | $ | (277,306 | ) |
Note 6: Goodwill and Intangible Assets
The Company’s goodwill represents the excess of the purchase price over the fair value of net identifiable assets acquired in the August 29, 2014 IQinVision business combination. Goodwill is not amortized and is tested for impairment on an annual basis during the Company's fourth quarter, or more frequently if circumstances indicate impairment might exist. Goodwill is evaluated for impairment through the comparison of fair value of reporting units to their carrying values. When evaluating goodwill for impairment, the Company may first perform an assessment of qualitative factors to determine if the fair value of the reporting unit is more-likely-than-not greater than its carrying amount. This qualitative assessment is referred to as a "step zero" approach. If, based on the review of the qualitative factors, the Company determines it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying value, the required two-step impairment test can be bypassed. If the Company does not perform a qualitative assessment or if the fair value of the reporting unit is not more-likely-than-not greater than its carrying value, the Company must perform the first step of the two-step impairment test, and calculate the estimated fair value of the reporting unit. If the carrying value of the reporting unit exceeds the estimated fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment.
The amount of impairment is determined by comparing the implied fair value of the reporting unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill is less than the recorded goodwill, an impairment loss for the difference would be recorded. In considering the step zero approach to testing goodwill for impairment, a qualitative analysis is performed evaluating factors including, but not limited to, macro-economic conditions, market and industry conditions, internal cost factors, competitive environment, share price fluctuations, results of past impairment tests, and the operational stability and the overall financial performance of the reporting units. At September 30, 2015, the Company conducted its annual Step 1 impairment test using the income approach and found no impairment that would require a remeasurement of the $6.0 million recorded goodwill valuation.
The components and estimated useful lives of intangible assets as of December 31, 2015 and September 30, 2015 are stated below. Amortization is provided on a straight line method, or in the case of customer relationships, on an accelerated method, over the following estimated useful lives:
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| | | | | | | | | | | | | | | | | |
| December 31, 2015 | | September 30, 2015 | | |
| Gross Amount | | Accumulated Amortization | | Gross Amount |
| | Accumulated Amortization |
| | Estimated Useful Life |
Definite-lived intangibles: | | | | | | | | | |
Technology | $ | 2,500,000 |
| | $ | 333,333 |
| | $ | 2,500,000 |
| | $ | 270,833 |
| | 10 years |
Customer relationships | 910,000 |
| | 204,583 |
| | 910,000 |
| | 148,833 |
| | 7 years |
Tradenames | 660,000 |
| | 58,667 |
| | 660,000 |
| | 47,667 |
| | 15 years |
| $ | 4,070,000 |
| | $ | 596,583 |
| | $ | 4,070,000 |
| | $ | 467,333 |
| | |
The activity in the goodwill balance consists of the following:
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Balance at October 1, 2013 | $ | — |
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Acquisition of IQinVision | 6,016,469 |
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Balance at September 30, 2014 | 6,016,469 |
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Changes in Goodwill | — |
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Balance at September 30, 2015 | 6,016,469 |
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Changes in Goodwill | — |
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Balance at December 31, 2015 | $ | 6,016,469 |
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Amortization expense was $129,250 for the three months ended December 31, 2015. Future amortization expense for intangible assets over the next five years ending September 30 and thereafter is summarized as follows:
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| | | |
Fiscal Year | Amount |
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Remainder of 2016 | $ | 387,750 |
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2017 | 518,000 |
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2018 | 427,000 |
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2019 | 373,000 |
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2020 | 341,000 |
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Thereafter | $ | 1,426,667 |
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Note 7: Stock-Based Compensation
The Company maintains stock option plans that include both incentive and non-qualified options reserved for issuance to key employees, including officers and directors. All options are issued at fair market value at the grant date and are exercisable in varying installments according to the plans. The plans allow for the payment of option exercises through the surrender of previously owned mature shares based on the fair market value of such shares at the date of surrender.
The Company follows ASC 718 (“Share-Based Payment”), which requires that all share based payments to employees, including stock options, be recognized as compensation expense in the consolidated financial statements based on their grant date fair values and over the requisite service period. For the three month periods ended December 31, 2015 and 2014, the Company recorded non-cash compensation expense of $153,198 and $146,830, respectively ($.02 and $.02 per basic and diluted share, respectively), relating to stock compensation.
Note 8: Recent Accounting Pronouncements
In May 2014, the FASB issued guidance on revenue from contracts with customers. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in
exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved, in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. This guidance permits the use of either the retrospective or cumulative effect transition method and is effective for the Company beginning in 2019; early adoption is not permitted prior to 2018. The Company has not yet evaluated the impact of this guidance on the Company's financial condition, results of operations and related disclosures.
In August 2014, the FASB issued guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going concern and related footnote disclosures. Management will be required to evaluate, at each reporting period, whether there are conditions or events that raise substantial doubt about a company's ability to continue as a going concern within one year from the date the financial statements are issued. This guidance is effective prospectively for annual and interim reporting period beginning in 2017. The Company has not yet evaluated the impact of this guidance on the Company’s financial condition, results of operations and related disclosures.
Note 9: Income Taxes
Deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in future tax returns for which a tax benefit has been recorded in the income statement. The Company has a valuation allowance against its deferred tax assets due to the uncertainty of future realization. The full valuation allowance is determined to be appropriate due to the Company's operating losses since fiscal year 2010 and the inherent uncertainties of predicting future operating results in periods over which such net tax differences become deductible. At September 30, 2015, the Company had $11.1 million of unrecognized net deferred tax assets available, which includes approximately $7.0 million of tax effected U.S. and foreign net operating loss carryforwards. On August 29, 2014, the Company merged with IQinVision, Inc. In connection with this merger, the Company's ability to utilize pre-merger net operating losses and tax credit carryforwards in the future is subject to certain limitations pursuant to Section 382 of the Internal Revenue Code. The annual limitation on utilization of the Company's U.S. net operating loss carryforwards is presently estimated at $500,000 based on a preliminary entity valuation.
The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. The Company files U.S. Federal and State income tax returns and foreign tax returns in the United Kingdom, Germany and Israel. The Company is generally no longer subject to tax examinations in such jurisdictions for fiscal years prior to 2011 in the U.S. and 2009 in the U.K., Germany and Israel.
Note 10: Fair Value
The majority of the Company’s non-financial assets and liabilities are not required to be carried at fair value on a recurring basis, but the Company is required on a non-recurring basis to use fair value measurements when analyzing asset impairment as it relates to long-lived assets. The carrying amounts for trade accounts and other receivables and accounts payable approximate fair value due to the short-term maturity of these instruments.
Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
Note 11: Restructuring Charges
Pursuant to the August 29, 2014 IQinVision merger, the Company initiated certain integration and restructuring activities pursuant to an approved plan (the "Plan"). For the three month period ended December 31, 2015, no restructuring charges were recorded. For the three month period ended December 31, 2014, the Company recognized $349,000 of severance charges in connection with the Plan pursuant to notification of termination benefits to one affected employee.
Accounting for restructuring activities, as compared to regular operating cost management activities, requires an evaluation of formally committed and approved plans. Restructuring activities have comparatively greater strategic significance and materiality and may involve exit activities, whereas regular cost containment activities are more tactical in nature and are rarely characterized by formal and integrated action plans or exiting a particular product, facility or service.
Note 12: Product Warranties
The Company provides for the estimated cost of product warranties at the time revenue is recognized. While the Company engages in product quality programs and processes, including monitoring and evaluating the quality of its component suppliers, its warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. Should actual product failure rates, material usage or service delivery costs differ from its estimates, revisions to the estimated warranty liability may be required.
Changes in the Company's warranty liability (included in accrued expenses) for the three month periods ended December 31, 2015 and 2014 were as follows:
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| | | | | | | | |
| | Three Months Ended December 31, |
| | 2015 | | 2014 |
Balance at beginning of period | | $ | 650,000 |
| | $ | 849,000 |
|
Provision for warranties | | 108,000 |
| | 128,000 |
|
Expenses incurred | | (108,000 | ) | | (140,000 | ) |
Balance at end of period | | $ | 650,000 |
| | $ | 837,000 |
|
Note 13: Subsequent Event
In January 2016, the Company sold its United Kingdom based operating facility at a gross sales price of $1.5 million. The facility is classified as an asset held for sale in the accompanying consolidated balance sheets for the periods presented. A gain of approximately $750,000 will be recognized on the sale in the March 31, 2016 quarter after factoring in selling and transaction costs.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General
Management's Discussion and Analysis of Financial Condition and Results of Operations discusses the Company's consolidated financial statements for the periods indicated, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, bad debts, product warranties, inventories, long lived assets, goodwill and other intangible assets, income taxes and contingencies and litigation. Management bases its estimates and judgments on historical experience and on various other factors including general market conditions that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. Results for the periods reported herein are not necessarily indicative of results that may be expected in future periods.
Overview
The Company designs, assembles and markets video management systems and system components for use in security, surveillance, safety and communication applications by a broad group of end users worldwide. The Company’s product line consists of various elements of a video system, including DVR's, NVR's, video encoders, decoders, servers and related video management software, data storage units, analog, digital and HD megapixel fixed and robotic cameras, virtual and analog matrix video switchers and controls, and system peripherals.
The Company sells video surveillance system components in a highly competitive worldwide marketplace principally to authorized security distributors, dealers and system integrators. Such dealers and integrators typically resell and install the Company’s products directly to end users, among other services. The Company’s sales are principally project based and are largely dependent upon winning projects, construction activities and the timing of funding. Sales will vary from period to period depending upon many factors including seasonal and geographic trends in construction activities and the timing of deliveries due to changes in project schedules and funding. The Company usually does not have a large backlog as its customer orders are typically deliverable within three months or often upon receipt of order.
The Company competes in a market of rapid technology shifts which enhance the performance capability of security systems. As a result, the Company spends a significant amount on new product development. In fiscal 2015 and 2014, the Company incurred $5.1 million and $4.6 million of engineering and development expense or 11% and 13% of net sales, respectively. The Company’s expenditures for product development are substantially less than its major competitors. The ongoing market shift to IP based products and network technologies will continue to burden the Company’s development resources and increase ongoing annual expense for product development. Further, the Company’s sales effort requires a high level of customer service and technical support for its products. The Company routinely considers various strategic options that may augment or supplement its present product offerings and technology platforms.
The Company has a foreign sales and distribution subsidiary in Europe that conducts business in British pounds and Euros that represented approximately 20% of the Company’s consolidated sales for fiscal 2015. It also has an Israel based engineering and development subsidiary that incurs a majority of its operating expenses in Shekels that represented approximately 16% of the Company’s operating expenses for fiscal 2015. The Company has historically entered into selected forward currency exchange contracts during favorable exchange rate conditions to help stabilize the impact of changing exchange rates and will consider doing so in the future, financing permitted. However, such hedging activities cannot entirely eliminate the long term effects of foreign currency exchange movements.
Results of Operations
Three Months Ended December 31, 2015 Compared with December 31, 2014
Net sales for the quarter ended December 31, 2015 increased by $705,000 (7%) to $10.9 million compared with $10.2 million in the year ago period. Sales in the Americas increased $347,000 (4%) to $8.5 million compared with $8.2 million in the year ago period, while Europe, Middle East and Africa (EMEA) sales increased $358,000 (18%) to $2.4 million compared with $2.0 million in the year ago period. The Americas market sales growth included the delivery of a large export project and was otherwise negatively impacted by increasing competitive pressures and a general slowdown in economic activities. Order intake for the quarter ended December 31, 2015 increased by $1.1 million (10%) to $11.7 million compared with $10.6 million in the year ago period. Americas order intake increased by $1.3 million (16%) to $9.4 million compared with $8.1 million in the year ago period while EMEA order intake decreased 9% to $2.3 million compared with $2.5 million in the year ago period. The backlog of unfilled orders was $3.2 million at December 31, 2015 compared with $2.4 million at September 30, 2015.
Gross profit margins for the quarter ended December 31, 2015 increased to 39.3% compared with 37.1% in the year ago period. The increase was principally attributable to a reduction in indirect production costs resulting from restructuring plan efforts.
Operating expenses for the first quarter of fiscal 2016 decreased $705,000 to $5.2 million compared with $5.9 million for the year ago period due principally to cost cutting measures instituted over the past year. In addition, prior year expense included $349,000 of severance charges in connection with a merger related integration and restructuring plan. Selling, general and administrative (SG&A) expenses for the current quarter decreased $281,000 to $3.9 million compared with $4.2 million in the year ago period. Engineering and development expenses decreased $75,000 to $1.3 million for the current quarter compared with $1.4 million for the year ago period.
The Company incurred an operating loss of $977,000 for the first quarter of fiscal 2016 compared with an operating loss of $2.2 million in the year ago period.
The Company provides for a valuation allowance against its deferred tax assets due to the uncertainty of future realization and, thus, no tax benefit has been recognized on reported pretax losses for both periods (see Note 9: Income Taxes).
As a result of the foregoing, the Company reported a net loss of $977,000 for the first quarter of fiscal 2016 compared with a net loss of $2.2 million in the year ago period.
Liquidity and Capital Resources
Net cash used in operating activities was $502,000 for the first quarter of fiscal 2016, which included a $608,000 net loss exclusive of $369,000 of non-cash charges. The cash flow benefits from reductions in accounts receivable and inventories of $864,000 and $270,000, respectively, were offset in part by a $918,000 reduction in current liabilities. Net cash used in investing activities was $49,000 for the first quarter of fiscal 2016 consisting principally of capital expenditures. Net cash provided by financing activities was $5,000 for the first quarter of fiscal 2016 representing proceeds from the exercise of stock options. As a result of the foregoing, cash (exclusive of marketable securities) decreased by $322,000 for the first quarter of fiscal 2016 after the effect of exchange rate changes on the cash position of the Company.
In January 2016, the Company closed on the sale of its United Kingdom based operating facility, which will be replaced by a smaller leased facility. The transaction generated approximately $1.5 million of net cash proceeds on which a gain of approximately $750,000 will be recognized in the March 31, 2016 quarter.
The Company presently believes that it will have sufficient cash to meet its anticipated operating costs and capital expenditure requirements for at least the next twelve months. In addition, the Company executed a term sheet proposal with a financial institution to provide a factoring facility, which is subject to the execution of a definitive agreement between the parties. However, there is no assurance that such agreement will be consummated at this time.
Off-Balance Sheet Arrangements
The Company does not have any off-balance sheet transactions, arrangements or obligations (including contingent obligations) that have, or are reasonably likely to have, a material effect on the Company’s financial condition, results of operations, liquidity, capital expenditures or capital resources.
Critical Accounting Policies
The Company's significant accounting policies are fully described in Note 1 to the Company's consolidated financial statements included in its September 30, 2015 Annual Report on Form 10-K. Management believes the following critical accounting policies, among others, affect its more significant judgments and estimates used in the preparation of its consolidated financial statements.
Revenue is generally recognized when products are sold and title is passed to the customer. Advance service billings are deferred and recognized as revenues on a pro rata basis over the term of the service agreement. Pursuant to Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 605-25-05, the Company evaluates multiple-element revenue arrangements for separate units of accounting, and follows appropriate revenue recognition policies for each separate unit. Elements are considered separate units of accounting provided that (i) the delivered item has stand-alone value to the customer, (ii) there is objective and reliable evidence of the fair value of the undelivered item, and (iii) if a general right of return exists relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially within the control of the Company. As applied to the Company, under arrangements involving the sale of product and the provision of services, product sales are recognized as revenue when the products are sold and title is passed to the customer, and service revenue is recognized as services are performed.
For products that include software and for separate licenses of the Company’s software products, the Company recognizes revenue in accordance with the provisions of FASB Accounting Standards Update (ASU) 2009-13, “Revenue Recognition (Topic 605) - Multiple-Deliverable Revenue Arrangements” (ASU 2009-13). ASU 2009-13 provides revenue recognition guidance for establishing separate units of accounting in a multiple element arrangement and requires the allocation of arrangement consideration to each deliverable in the arrangement based on the fair value of the elements. The fair value for each deliverable is based on vendor-specific objective evidence ("VSOE") if available, third-party evidence ("TPE") if VSOE is not available, or best estimate of selling price ("BESP") if neither VSOE nor TPE is available. BESP must be determined in a manner that is consistent with that used to determine the price to sell the specific elements on a standalone basis.
The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. If the financial condition of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.
The Company provides for the estimated cost of product warranties at the time revenue is recognized. While the Company engages in product quality programs and processes, including monitoring and evaluating the quality of its component suppliers, its warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product
failure. Should actual product failure rates, material usage or service delivery costs differ from its estimates, revisions to the estimated warranty liability may be required.
The Company writes down its inventory for estimated obsolescence and slow moving inventory equal to the difference between the carrying cost of inventory and the estimated net realizable market value based upon assumptions about future demand and market conditions. Technology changes and market conditions may render some of the Company’s products obsolete and additional inventory write-downs may be required. If actual future demand or market conditions are less favorable than those projected by management, additional inventory write-downs may be required.
The Company evaluates the establishment of technological feasibility of its software in accordance with ASC 985 ("Accounting for the Costs of Computer Software to be Sold, Leased or Otherwise Marketed"). The Company has determined that technological feasibility for its new products is reached shortly before products are released for field testing. Costs incurred after technological feasibility has been established have not been material and are expensed as incurred.
The Company assesses the recoverability of the carrying value of its long-lived and intangible assets whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company evaluates the recoverability of such assets based upon the expectations of undiscounted cash flows from such assets. If the sum of the expected future undiscounted cash flows were less than the carrying amount of the asset, a loss would be recognized for the difference between the fair value and the carrying amount.
The Company’s goodwill represents the excess of the purchase price over the fair value of net identifiable assets acquired in the recent business combination. Goodwill is not amortized and is tested for impairment at least annually. When evaluating goodwill for impairment, the Company may first perform an assessment of qualitative factors to determine if the fair value of the reporting unit is more-likely-than-not greater than its carrying amount. If, based on the review of the qualitative factors, the Company determines it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying value, the required two-step impairment test can be bypassed. If the Company does not perform a qualitative assessment or if the fair value of the reporting unit is not more-likely-than-not greater than its carrying value, the Company must perform the first step of the two-step impairment test, and calculate the estimated fair value of the reporting unit. If the carrying value of the reporting unit exceeds the estimated fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment for goodwill is measured as the excess of its carrying amount over its fair value.
The Company's ability to recover the reported amounts of deferred income tax assets is dependent upon its ability to generate sufficient taxable income during the periods over which net temporary tax differences become deductible. The Company provides for a valuation allowance against all deferred tax assets due to the uncertainty of future realization. The Company plans to provide a full valuation allowance against its deferred tax assets until such time that it can achieve a sustained level of profitability or other positive evidence arises that would demonstrate an ability to recover such assets.
The Company accrues liabilities for identified tax contingencies that result from positions that are being challenged or could be challenged by tax authorities. The Company believes that its accrual for tax liabilities is adequate for all open years, based on Management’s assessment of many factors, including its interpretations of the tax law and judgments about potential actions by tax authorities. However, it is possible that the ultimate resolution of any tax audit may be materially greater or lower than the amount accrued.
Accounting for restructuring activities, as compared to regular operating cost management activities, requires an evaluation of formally committed and approved plans. Restructuring activities have comparatively greater strategic significance and materiality and may involve exit activities, whereas regular cost containment activities are more tactical in nature and are rarely characterized by formal and integrated action plans or exiting a particular product, facility or service.
The Company is subject to proceedings, lawsuits and other claims related to labor, product and other matters. The Company assesses the likelihood of an adverse judgment or outcomes for these matters, as well as the range of potential losses. A determination of the reserves required, if any, is made after careful analysis. The required reserves may change in the future due to new developments.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements in this Report on Form 10-Q that are not strictly historical facts including, without limitation, statements included under the “Management’s Discussion and Analysis” caption, are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that should be considered as subject to the many risks and uncertainties that exist in the Company's operations and
business environment. The forward-looking statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause the actual results, performance and/or achievements of the Company to differ materially from any future results, performance or achievements, express or implied, by the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, and that in light of the significant uncertainties inherent in forward-looking statements, the inclusion of such statements should not be regarded as a representation by the Company or any other person that the objectives or plans of the Company will be achieved. The Company assumes no obligation to publicly update or revise its forward-looking statements or to advise of changes in the assumptions and factors on which they are based.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Company’s management, with the participation of its Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures, as required by Exchange Act Rule 13a-15. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission’s rules and forms and such information is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosures.
Changes in Internal Controls
There were no changes in the Company's internal control over financial reporting identified in connection with the evaluation referred to above that occurred during the quarter ended December 31, 2015 that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
PART II – OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
None
ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4 – MINE SAFETY DISCLOSURES
Not applicable
ITEM 5 - OTHER INFORMATION
None
ITEM 6 – EXHIBITS
|
| |
Exhibit Number | Description |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS | XBRL Instance Document* |
101.SCH | XBRL Taxonomy Extension Schema Document* |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document* |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document* |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document* |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document* |
| |
* | In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall be deemed to be “furnished” and not “filed.” |
Signatures
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
VICON INDUSTRIES, INC.
February 16, 2016
|
| |
/s/ Eric S. Fullerton | /s/ John M. Badke |
Eric S. Fullerton | John M. Badke |
Chief Executive Officer | Senior Vice President, Finance and |
| Chief Financial Officer |
EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
I, Eric S. Fullerton, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Vicon Industries, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: February 16, 2016
/s/ Eric S. Fullerton
Eric S. Fullerton
Chief Executive Officer
EXHIBIT 31.2
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
I, John M. Badke, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Vicon Industries, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: February 16, 2016
/s/ John M. Badke
John M. Badke
Senior Vice President, Finance and
Chief Financial Officer
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the quarterly report of Vicon Industries, Inc. (the “Company”) on Form 10-Q for the period ending December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Eric S. Fullerton, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Eric S. Fullerton
Eric S. Fullerton
Chief Executive Officer
February 16, 2016
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the quarterly report of Vicon Industries, Inc. (the “Company”) on Form 10-Q for the period ending December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John M. Badke, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ John M. Badke
John M. Badke
Chief Financial Officer
February 16, 2016
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v3.3.1.900
Condensed Consolidated Balance Sheets - USD ($)
|
Dec. 31, 2015 |
Sep. 30, 2015 |
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 2,068,292
|
$ 2,390,409
|
Marketable securities |
13,045
|
13,047
|
Accounts receivable, net |
9,881,830
|
10,816,348
|
Inventories: |
|
|
Parts, components, and materials |
1,957,901
|
2,074,389
|
Work-in-process |
884,442
|
981,878
|
Finished products |
5,465,687
|
5,557,556
|
Inventory net |
8,308,030
|
8,613,823
|
Prepaid expenses and other current assets |
575,573
|
501,497
|
Assets Held-for-sale, Current |
800,902
|
800,902
|
TOTAL CURRENT ASSETS |
21,647,672
|
23,136,026
|
Property, plant and equipment |
5,837,491
|
5,812,517
|
Less accumulated depreciation and amortization |
(5,181,094)
|
(5,117,570)
|
Property, Plant and Equipment Net |
656,397
|
694,947
|
Goodwill |
6,016,469
|
6,016,469
|
Intangible assets, net |
3,473,417
|
3,602,667
|
Other assets |
724,707
|
722,022
|
TOTAL ASSETS |
32,518,662
|
34,172,131
|
CURRENT LIABILITIES |
|
|
Accounts payable |
5,469,484
|
5,688,424
|
Accrued compensation and employee benefits |
2,632,340
|
2,923,474
|
Accrued expenses |
1,615,028
|
1,653,333
|
Unearned revenue |
429,058
|
829,138
|
TOTAL CURRENT LIABILITIES |
10,145,910
|
11,094,369
|
Unearned revenue |
90,943
|
104,779
|
Other long-term liabilities |
1,478,856
|
1,508,801
|
TOTAL LIABILITIES |
11,715,709
|
12,707,949
|
SHAREHOLDERS’ EQUITY |
|
|
Common stock, par value $.01 |
100,374
|
100,109
|
Capital in excess of par value |
40,588,487
|
40,972,206
|
Retained earnings |
(16,328,183)
|
(15,350,975)
|
Less treasury stock, at cost |
(3,437,643)
|
(3,979,852)
|
Accumulated other comprehensive loss |
(120,082)
|
(277,306)
|
TOTAL SHAREHOLDERS’ EQUITY |
20,802,953
|
21,464,182
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ 32,518,662
|
$ 34,172,131
|
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v3.3.1.900
Condensed Consolidated Statements of Operations - USD ($)
|
3 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Net sales |
$ 10,880,556
|
$ 10,176,446
|
Cost of sales |
6,609,381
|
6,405,755
|
Gross profit |
4,271,175
|
3,770,691
|
Operating expenses: |
|
|
Selling, general and administrative expense |
3,930,151
|
4,211,404
|
Engineering & development expense |
1,318,396
|
1,393,062
|
Restructuring Charges |
0
|
348,786
|
Operating Expenses |
5,248,547
|
5,953,252
|
Operating loss |
(977,372)
|
(2,182,561)
|
Interest income |
164
|
1,126
|
Loss before income taxes |
(977,208)
|
(2,181,435)
|
Income tax expense |
0
|
0
|
Net loss |
$ (977,208)
|
$ (2,181,435)
|
Loss per share: |
|
|
Earnings Per Share, Basic |
$ (0.10)
|
$ (0.24)
|
Earnings Per Share, Diluted |
$ (0.10)
|
$ (0.24)
|
Weighted average shares outstanding: |
|
|
Basic |
9,330,779
|
9,100,100
|
Diluted |
9,330,779
|
9,100,100
|
X |
- DefinitionTotal costs related to goods produced and sold during the reporting period.
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v3.3.1.900
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
|
3 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Net loss |
$ (977,208)
|
$ (2,181,435)
|
Other comprehensive income (loss): |
|
|
Unrealized loss on securities, net of tax |
(85)
|
1,349
|
Foreign currency translation adjustment |
157,309
|
145,229
|
Other comprehensive loss |
157,224
|
(143,880)
|
Comprehensive loss |
$ (819,984)
|
$ (2,325,315)
|
X |
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v3.3.1.900
Condensed Consolidated Statements of Cash Flows - USD ($)
|
3 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Cash flows from operating activities: |
|
|
Net loss |
$ (977,208)
|
$ (2,181,435)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
Depreciation and amortization |
215,409
|
151,870
|
Amortization of deferred compensation |
373
|
1,202
|
Stock compensation expense |
153,198
|
146,830
|
Change in assets and liabilities: |
|
|
Accounts receivable, net |
864,267
|
1,500,845
|
Inventories |
269,717
|
(1,192,025)
|
Prepaid expenses and other current assets |
(78,812)
|
(201,526)
|
Other assets |
(2,685)
|
107,809
|
Accounts payable |
(182,058)
|
123,717
|
Accrued compensation and employee benefits |
(287,007)
|
(320,922)
|
Accrued expenses |
(34,741)
|
(332,293)
|
Unearned revenue |
(413,916)
|
603,982
|
Other liabilities |
(28,261)
|
71,220
|
Net cash provided by (used in) |
(501,724)
|
(1,520,726)
|
Cash flows from investing activities: |
|
|
Increase (Decrease) in Trading Securities |
(83)
|
(869)
|
Payments to Acquire Property, Plant, and Equipment |
(48,963)
|
(48,833)
|
Net Cash Provided by (Used in) Investing Activities |
(49,046)
|
(49,702)
|
Net Cash Provided by (Used in) Financing Activities [Abstract] |
|
|
Proceeds from Stock Options Exercised |
5,184
|
40,454
|
Net Cash Provided by (Used in) Financing Activities |
5,184
|
40,454
|
Effect of Exchange Rate on Cash and Cash Equivalents |
223,469
|
(112,971)
|
Cash and Cash Equivalents, Period Increase (Decrease) |
(322,117)
|
(1,642,945)
|
Cash at beginning of year |
2,390,409
|
$ 2,390,409
|
Cash at end of period |
$ 2,068,292
|
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v3.3.1.900
Basis of Presentation
|
3 Months Ended |
Dec. 31, 2015 |
Basis of Presentation [Abstract] |
|
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended December 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ended September 30, 2016. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2015.
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- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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v3.3.1.900
Marketable Securities
|
3 Months Ended |
Dec. 31, 2015 |
Marketable Securities [Abstract] |
|
Cash, Cash Equivalents, and Marketable Securities [Text Block] |
Marketable Securities
Marketable securities consist of mutual fund investments principally in federal, state and local government debt securities of $13,045 as of December 31, 2015. Such mutual fund investments are stated at market value based on quoted market prices (Level 1 inputs) and are classified as available-for-sale under the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 320, with unrealized gains and losses reported in accumulated other comprehensive loss as a component of shareholders’ equity. The cost of such securities at December 31, 2015 was $13,438, with $393 of cumulative unrealized losses reported at December 31, 2015.
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- DefinitionThe entire disclosure for any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements.
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Loss per Share
|
3 Months Ended |
Dec. 31, 2015 |
Loss per Share [Abstract] |
|
Earnings Per Share [Text Block] |
Loss per Share
Basic loss per share (EPS) is computed based on the weighted average number of common shares outstanding for the period. Diluted EPS reflects the maximum dilution that would have resulted from incremental common shares issuable upon the exercise of stock options and under deferred compensation agreements.
The following tables provide the components of the basic and diluted EPS computations for the three month periods ended December 31, 2015 and 2014:
| | | | | | | | | | Three Months Ended | | December 31, | | 2015 | | 2014 | Basic EPS Computation | | | | Net loss | $ | (977,208 | ) | | $ | (2,181,435 | ) | Weighted average shares outstanding | 9,330,779 |
| | 9,100,100 |
| Basic loss per share | $ | (.10 | ) | | $ | (.24 | ) |
| | | | | | | | | | Three Months Ended | | December 31, | | 2015 | | 2014 | Diluted EPS Computation | | | | Net loss | $ | (977,208 | ) | | $ | (2,181,435 | ) | | | | | Weighted average shares outstanding | 9,330,779 |
| | 9,100,100 |
| Stock options | — |
| | — |
| Stock compensation arrangements | — |
| | — |
| Diluted shares outstanding | 9,330,779 |
| | 9,100,100 |
| | | | | Diluted loss per share | $ | (.10 | ) | | $ | (.24 | ) |
For the for the three month periods ended December 31, 2015 and 2014, all outstanding stock options and shares issuable under stock compensation arrangements totaling 670,300 and 686,858 shares, respectively, have been omitted from the calculation of diluted EPS as their effect would have been antidilutive. The actual effect of these stock options and shares, if any, on the diluted earnings per share calculation will vary significantly depending on fluctuations in the market price of the Company's stock.
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- DefinitionThe entire disclosure for earnings per share.
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v3.3.1.900
Accumulated Other Comprehensive Loss
|
3 Months Ended |
Dec. 31, 2015 |
Comprehensive Loss [Abstract] |
|
Comprehensive Income (Loss) Note [Text Block] |
Accumulated Other Comprehensive Loss
The Company's accumulated other comprehensive loss balances at December 31, 2015 and September 30, 2015 consisted of the following: | | | | | | | | | | December 31, 2015 | | September 30, 2015 | Foreign currency translation adjustment | $ | (119,689 | ) | | $ | (276,998 | ) | Unrealized loss on marketable securities | (393 | ) | | (308 | ) | Accumulated other comprehensive loss | $ | (120,082 | ) | | $ | (277,306 | ) |
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v3.3.1.900
Goodwill and Intangible Assets
|
3 Months Ended |
Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Intangible Assets Disclosure [Text Block] |
The Company’s goodwill represents the excess of the purchase price over the fair value of net identifiable assets acquired in the August 29, 2014 IQinVision business combination. Goodwill is not amortized and is tested for impairment on an annual basis during the Company's fourth quarter, or more frequently if circumstances indicate impairment might exist. Goodwill is evaluated for impairment through the comparison of fair value of reporting units to their carrying values. When evaluating goodwill for impairment, the Company may first perform an assessment of qualitative factors to determine if the fair value of the reporting unit is more-likely-than-not greater than its carrying amount. This qualitative assessment is referred to as a "step zero" approach. If, based on the review of the qualitative factors, the Company determines it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying value, the required two-step impairment test can be bypassed. If the Company does not perform a qualitative assessment or if the fair value of the reporting unit is not more-likely-than-not greater than its carrying value, the Company must perform the first step of the two-step impairment test, and calculate the estimated fair value of the reporting unit. If the carrying value of the reporting unit exceeds the estimated fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment.
The amount of impairment is determined by comparing the implied fair value of the reporting unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill is less than the recorded goodwill, an impairment loss for the difference would be recorded. In considering the step zero approach to testing goodwill for impairment, a qualitative analysis is performed evaluating factors including, but not limited to, macro-economic conditions, market and industry conditions, internal cost factors, competitive environment, share price fluctuations, results of past impairment tests, and the operational stability and the overall financial performance of the reporting units. At September 30, 2015, the Company conducted its annual Step 1 impairment test using the income approach and found no impairment that would require a remeasurement of the $6.0 million recorded goodwill valuation.
The components and estimated useful lives of intangible assets as of December 31, 2015 and September 30, 2015 are stated below. Amortization is provided on a straight line method, or in the case of customer relationships, on an accelerated method, over the following estimated useful lives: | | | | | | | | | | | | | | | | | | | | December 31, 2015 | | September 30, 2015 | | | | Gross Amount | | Accumulated Amortization | | Gross Amount |
| | Accumulated Amortization |
| | Estimated Useful Life | Definite-lived intangibles: | | | | | | | | | | Technology | $ | 2,500,000 |
| | $ | 333,333 |
| | $ | 2,500,000 |
| | $ | 270,833 |
| | 10 years | Customer relationships | 910,000 |
| | 204,583 |
| | 910,000 |
| | 148,833 |
| | 7 years | Tradenames | 660,000 |
| | 58,667 |
| | 660,000 |
| | 47,667 |
| | 15 years | | $ | 4,070,000 |
| | $ | 596,583 |
| | $ | 4,070,000 |
| | $ | 467,333 |
| | |
The activity in the goodwill balance consists of the following: | | | | | Balance at October 1, 2013 | $ | — |
| Acquisition of IQinVision | 6,016,469 |
| Balance at September 30, 2014 | 6,016,469 |
| Changes in Goodwill | — |
| Balance at September 30, 2015 | 6,016,469 |
| Changes in Goodwill | — |
| Balance at December 31, 2015 | $ | 6,016,469 |
|
Amortization expense was $129,250 for the three months ended December 31, 2015. Future amortization expense for intangible assets over the next five years ending September 30 and thereafter is summarized as follows: | | | | | Fiscal Year | Amount |
| Remainder of 2016 | $ | 387,750 |
| 2017 | 518,000 |
| 2018 | 427,000 |
| 2019 | 373,000 |
| 2020 | 341,000 |
| Thereafter | $ | 1,426,667 |
|
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v3.3.1.900
Stock Based Compensation
|
3 Months Ended |
Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
Stock-Based Compensation
The Company maintains stock option plans that include both incentive and non-qualified options reserved for issuance to key employees, including officers and directors. All options are issued at fair market value at the grant date and are exercisable in varying installments according to the plans. The plans allow for the payment of option exercises through the surrender of previously owned mature shares based on the fair market value of such shares at the date of surrender.
The Company follows ASC 718 (“Share-Based Payment”), which requires that all share based payments to employees, including stock options, be recognized as compensation expense in the consolidated financial statements based on their grant date fair values and over the requisite service period. For the three month periods ended December 31, 2015 and 2014, the Company recorded non-cash compensation expense of $153,198 and $146,830, respectively ($.02 and $.02 per basic and diluted share, respectively), relating to stock compensation.
|
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- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
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v3.3.1.900
Recent Accounting Pronouncements
|
3 Months Ended |
Dec. 31, 2015 |
Recent Accounting Pronouncements [Abstract] |
|
Description of New Accounting Pronouncements Not yet Adopted [Text Block] |
Recent Accounting Pronouncements
In May 2014, the FASB issued guidance on revenue from contracts with customers. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved, in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. This guidance permits the use of either the retrospective or cumulative effect transition method and is effective for the Company beginning in 2019; early adoption is not permitted prior to 2018. The Company has not yet evaluated the impact of this guidance on the Company's financial condition, results of operations and related disclosures. In August 2014, the FASB issued guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going concern and related footnote disclosures. Management will be required to evaluate, at each reporting period, whether there are conditions or events that raise substantial doubt about a company's ability to continue as a going concern within one year from the date the financial statements are issued. This guidance is effective prospectively for annual and interim reporting period beginning in 2017. The Company has not yet evaluated the impact of this guidance on the Company’s financial condition, results of operations and related disclosures.
|
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- DefinitionThe entire disclosure for a new accounting pronouncement that has been issued but not yet adopted.
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v3.3.1.900
Income Taxes
|
3 Months Ended |
Dec. 31, 2015 |
Income Taxes [Abstract] |
|
Income Tax Disclosure [Text Block] |
Income Taxes
Deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in future tax returns for which a tax benefit has been recorded in the income statement. The Company has a valuation allowance against its deferred tax assets due to the uncertainty of future realization. The full valuation allowance is determined to be appropriate due to the Company's operating losses since fiscal year 2010 and the inherent uncertainties of predicting future operating results in periods over which such net tax differences become deductible. At September 30, 2015, the Company had $11.1 million of unrecognized net deferred tax assets available, which includes approximately $7.0 million of tax effected U.S. and foreign net operating loss carryforwards. On August 29, 2014, the Company merged with IQinVision, Inc. In connection with this merger, the Company's ability to utilize pre-merger net operating losses and tax credit carryforwards in the future is subject to certain limitations pursuant to Section 382 of the Internal Revenue Code. The annual limitation on utilization of the Company's U.S. net operating loss carryforwards is presently estimated at $500,000 based on a preliminary entity valuation.
The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. The Company files U.S. Federal and State income tax returns and foreign tax returns in the United Kingdom, Germany and Israel. The Company is generally no longer subject to tax examinations in such jurisdictions for fiscal years prior to 2011 in the U.S. and 2009 in the U.K., Germany and Israel.
|
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
Fair Value
|
3 Months Ended |
Dec. 31, 2015 |
Fair Value [Abstract] |
|
Fair Value Disclosures [Text Block] |
Fair Value
The majority of the Company’s non-financial assets and liabilities are not required to be carried at fair value on a recurring basis, but the Company is required on a non-recurring basis to use fair value measurements when analyzing asset impairment as it relates to long-lived assets. The carrying amounts for trade accounts and other receivables and accounts payable approximate fair value due to the short-term maturity of these instruments.
Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.3.1.900
Restructuring Charges (Notes)
|
3 Months Ended |
Dec. 31, 2015 |
Restructuring and Related Activities [Abstract] |
|
Restructuring and Related Activities Disclosure [Text Block] |
Restructuring Charges
Pursuant to the August 29, 2014 IQinVision merger, the Company initiated certain integration and restructuring activities pursuant to an approved plan (the "Plan"). For the three month period ended December 31, 2015, no restructuring charges were recorded. For the three month period ended December 31, 2014, the Company recognized $349,000 of severance charges in connection with the Plan pursuant to notification of termination benefits to one affected employee.
Accounting for restructuring activities, as compared to regular operating cost management activities, requires an evaluation of formally committed and approved plans. Restructuring activities have comparatively greater strategic significance and materiality and may involve exit activities, whereas regular cost containment activities are more tactical in nature and are rarely characterized by formal and integrated action plans or exiting a particular product, facility or service.
|
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- DefinitionThe entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.
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v3.3.1.900
Product Warranties (Notes)
|
3 Months Ended |
Dec. 31, 2015 |
Product Warranties [Abstract] |
|
Standard Product Warranty, Policy [Policy Text Block] |
Product Warranties
The Company provides for the estimated cost of product warranties at the time revenue is recognized. While the Company engages in product quality programs and processes, including monitoring and evaluating the quality of its component suppliers, its warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. Should actual product failure rates, material usage or service delivery costs differ from its estimates, revisions to the estimated warranty liability may be required.
Changes in the Company's warranty liability (included in accrued expenses) for the three month periods ended December 31, 2015 and 2014 were as follows: | | | | | | | | | | | | Three Months Ended December 31, | | | 2015 | | 2014 | Balance at beginning of period | | $ | 650,000 |
| | $ | 849,000 |
| Provision for warranties | | 108,000 |
| | 128,000 |
| Expenses incurred | | (108,000 | ) | | (140,000 | ) | Balance at end of period | | $ | 650,000 |
| | $ | 837,000 |
|
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- DefinitionDisclosure of accounting policy for standard warranties including the methodology for measuring the liability.
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v3.3.1.900
Subsequent Event (Notes)
|
3 Months Ended |
Dec. 31, 2015 |
Subsequent Event [Line Items] |
|
Subsequent Events [Text Block] |
Subsequent Event
In January 2016, the Company sold its United Kingdom based operating facility at a gross sales price of $1.5 million. The facility is classified as an asset held for sale in the accompanying consolidated balance sheets for the periods presented. A gain of approximately $750,000 will be recognized on the sale in the March 31, 2016 quarter after factoring in selling and transaction costs.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.3.1.900
Loss per Share (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Loss per Share [Abstract] |
|
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
The following tables provide the components of the basic and diluted EPS computations for the three month periods ended December 31, 2015 and 2014:
| | | | | | | | | | Three Months Ended | | December 31, | | 2015 | | 2014 | Basic EPS Computation | | | | Net loss | $ | (977,208 | ) | | $ | (2,181,435 | ) | Weighted average shares outstanding | 9,330,779 |
| | 9,100,100 |
| Basic loss per share | $ | (.10 | ) | | $ | (.24 | ) |
| | | | | | | | | | Three Months Ended | | December 31, | | 2015 | | 2014 | Diluted EPS Computation | | | | Net loss | $ | (977,208 | ) | | $ | (2,181,435 | ) | | | | | Weighted average shares outstanding | 9,330,779 |
| | 9,100,100 |
| Stock options | — |
| | — |
| Stock compensation arrangements | — |
| | — |
| Diluted shares outstanding | 9,330,779 |
| | 9,100,100 |
| | | | | Diluted loss per share | $ | (.10 | ) | | $ | (.24 | ) |
|
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- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
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- DefinitionTabular disclosure of the components of accumulated other comprehensive income (loss).
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v3.3.1.900
Goodwill and Intangible Assets (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] |
|
Schedule of Goodwill [Table Text Block] |
The activity in the goodwill balance consists of the following: | | | | | Balance at October 1, 2013 | $ | — |
| Acquisition of IQinVision | 6,016,469 |
| Balance at September 30, 2014 | 6,016,469 |
| Changes in Goodwill | — |
| Balance at September 30, 2015 | 6,016,469 |
| Changes in Goodwill | — |
| Balance at December 31, 2015 | $ | 6,016,469 |
|
|
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
Future amortization expense for intangible assets over the next five years ending September 30 and thereafter is summarized as follows: | | | | | Fiscal Year | Amount |
| Remainder of 2016 | $ | 387,750 |
| 2017 | 518,000 |
| 2018 | 427,000 |
| 2019 | 373,000 |
| 2020 | 341,000 |
| Thereafter | $ | 1,426,667 |
|
|
Schedule of Finite-Lived Intangible Assets [Table Text Block] |
The components and estimated useful lives of intangible assets as of December 31, 2015 and September 30, 2015 are stated below. Amortization is provided on a straight line method, or in the case of customer relationships, on an accelerated method, over the following estimated useful lives: | | | | | | | | | | | | | | | | | | | | December 31, 2015 | | September 30, 2015 | | | | Gross Amount | | Accumulated Amortization | | Gross Amount |
| | Accumulated Amortization |
| | Estimated Useful Life | Definite-lived intangibles: | | | | | | | | | | Technology | $ | 2,500,000 |
| | $ | 333,333 |
| | $ | 2,500,000 |
| | $ | 270,833 |
| | 10 years | Customer relationships | 910,000 |
| | 204,583 |
| | 910,000 |
| | 148,833 |
| | 7 years | Tradenames | 660,000 |
| | 58,667 |
| | 660,000 |
| | 47,667 |
| | 15 years | | $ | 4,070,000 |
| | $ | 596,583 |
| | $ | 4,070,000 |
| | $ | 467,333 |
| | |
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Product Warranties (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Product Warranties [Abstract] |
|
Schedule of Product Warranty Liability [Table Text Block] |
Changes in the Company's warranty liability (included in accrued expenses) for the three month periods ended December 31, 2015 and 2014 were as follows: | | | | | | | | | | | | Three Months Ended December 31, | | | 2015 | | 2014 | Balance at beginning of period | | $ | 650,000 |
| | $ | 849,000 |
| Provision for warranties | | 108,000 |
| | 128,000 |
| Expenses incurred | | (108,000 | ) | | (140,000 | ) | Balance at end of period | | $ | 650,000 |
| | $ | 837,000 |
|
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Loss per Share (Details) - USD ($)
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3 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
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|
|
Net Income (Loss) Attributable to Parent |
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Loss per Share schedule of earnings per share diluted (Details) - USD ($)
|
3 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
670,300
|
686,858
|
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|
$ (2,181,435)
|
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9,100,100
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0
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Accumulated Other Comprehensive Loss (Details) - USD ($)
|
Dec. 31, 2015 |
Sep. 30, 2015 |
Comprehensive Loss [Abstract] |
|
|
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax |
$ (119,689)
|
$ (276,998)
|
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax |
(393)
|
(308)
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
$ (120,082)
|
$ (277,306)
|
X |
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Goodwill and Intangible Assets (Details) - USD ($)
|
3 Months Ended |
12 Months Ended |
|
Dec. 31, 2015 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Sep. 30, 2013 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Goodwill |
$ 6,016,469
|
$ 6,016,469
|
$ 6,016,469
|
$ 0
|
Finite-Lived Patents, Gross |
2,500,000
|
2,500,000
|
|
|
finite lived patents, accumulated amortization |
333,333
|
270,833
|
|
|
Finite-Lived Customer Relationships, Gross |
910,000
|
910,000
|
|
|
finite lived customer relationships, accumulated amortization |
204,583
|
148,833
|
|
|
Finite-Lived Trade Names, Gross |
660,000
|
660,000
|
|
|
finite lived tradenames, accumulated amortization |
58,667
|
47,667
|
|
|
Finite-Lived Intangible Assets, Gross |
4,070,000
|
4,070,000
|
|
|
Finite-Lived Intangible Assets, Accumulated Amortization |
596,583
|
467,333
|
|
|
Goodwill, Acquired During Period |
0
|
$ 0
|
$ 6,016,469
|
|
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months |
387,750
|
|
|
|
Amortization of Intangible Assets |
129,250
|
|
|
|
Finite-Lived Intangible Assets, Amortization Expense, Year Two |
518,000
|
|
|
|
Finite-Lived Intangible Assets, Amortization Expense, Year Three |
427,000
|
|
|
|
Finite-Lived Intangible Assets, Amortization Expense, Year Four |
373,000
|
|
|
|
Finite-Lived Intangible Assets, Amortization Expense, Year Five |
341,000
|
|
|
|
Finite-Lived Intangible Assets, Amortization Expense, Rolling after Year Five |
$ 1,426,667
|
|
|
|
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|
3 Months Ended |
|
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Product Warranties [Abstract] |
|
|
|
|
Balance at beginning of period |
$ 650,000
|
$ 837,000
|
$ 650,000
|
$ 849,000
|
Provision for warranties |
108,000
|
128,000
|
|
|
Expenses incurred |
$ (108,000)
|
$ (140,000)
|
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