RELIV INTERNATIONAL INC

2016 Q1 Form 10-Q Financial Statement

#000114420416101544 Filed on May 13, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.890M $5.850M
YoY Change -33.5% 19.88%
Cash & Equivalents $3.893M $5.846M
Short-Term Investments
Other Short-Term Assets $1.230M $1.030M
YoY Change 19.42% -19.53%
Inventory $4.860M $5.232M
Prepaid Expenses
Receivables $20.00K $170.0K
Other Receivables $660.0K $250.0K
Total Short-Term Assets $10.67M $12.53M
YoY Change -14.83% 2.18%
LONG-TERM ASSETS
Property, Plant & Equipment $6.250M $6.852M
YoY Change -8.79% 3.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.740M $306.6K
YoY Change 1119.98% -90.05%
Total Long-Term Assets $14.17M $15.10M
YoY Change -6.13% 3.18%
TOTAL ASSETS
Total Short-Term Assets $10.67M $12.53M
Total Long-Term Assets $14.17M $15.10M
Total Assets $24.84M $27.62M
YoY Change -10.08% 2.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.800M $3.010M
YoY Change -6.98% -3.53%
Accrued Expenses $540.0K $1.140M
YoY Change -52.63% 115.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $749.9K $697.4K
YoY Change 7.52% 7.72%
Total Short-Term Liabilities $5.579M $6.667M
YoY Change -16.33% 5.49%
LONG-TERM LIABILITIES
Long-Term Debt $3.041M $2.926M
YoY Change 3.93% -18.91%
Other Long-Term Liabilities $389.4K $429.8K
YoY Change -9.41% -54.04%
Total Long-Term Liabilities $3.484M $3.856M
YoY Change -9.66% -15.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.579M $6.667M
Total Long-Term Liabilities $3.484M $3.856M
Total Liabilities $9.062M $10.52M
YoY Change -13.88% -3.14%
SHAREHOLDERS EQUITY
Retained Earnings -$8.703M -$7.318M
YoY Change 18.92% -11.94%
Common Stock $30.53M $30.35M
YoY Change 0.62% 0.72%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.339M $5.339M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $15.78M $17.10M
YoY Change
Total Liabilities & Shareholders Equity $24.84M $27.62M
YoY Change -10.06% 2.73%

Cashflow Statement

Concept 2016 Q1 2015 Q1

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2016Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
20455 USD
CY2016Q1 relv Accounts Payable And Accrued Liabilities Current Excluding Income Taxes Payable
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4828737 USD
CY2016Q1 us-gaap Long Term Debt Current
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CY2016Q1 us-gaap Liabilities Current
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CY2016Q1 us-gaap Long Term Debt Noncurrent
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CY2016Q1 us-gaap Liabilities Noncurrent
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CY2016Q1 us-gaap Preferred Stock Value
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CY2016Q1 us-gaap Common Stock Value
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CY2016Q1 us-gaap Additional Paid In Capital Common Stock
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-8702922 USD
CY2016Q1 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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-708824 USD
CY2016Q1 us-gaap Treasury Stock Value
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5338560 USD
CY2015Q4 us-gaap Stockholders Equity
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CY2015Q4 us-gaap Liabilities And Stockholders Equity
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CY2016Q1 us-gaap Stockholders Equity
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CY2015Q4 relv Accounts Payable And Accrued Liabilities Current Excluding Income Taxes Payable
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CY2015Q4 us-gaap Long Term Debt Current
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CY2015Q4 us-gaap Liabilities Current
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CY2015Q4 us-gaap Long Term Debt Noncurrent
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CY2016Q1 us-gaap Other Liabilities Noncurrent
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CY2015Q4 us-gaap Other Liabilities Noncurrent
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405705 USD
CY2015Q4 us-gaap Liabilities Noncurrent
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CY2015Q4 us-gaap Preferred Stock Value
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-634273 USD
CY2015Q4 us-gaap Treasury Stock Value
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CY2016Q1 us-gaap Liabilities And Stockholders Equity
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CY2016Q1 us-gaap Sales Revenue Goods Net
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CY2015Q1 us-gaap Sales Revenue Goods Net
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CY2016Q1 us-gaap Shipping And Handling Revenue
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CY2015Q1 us-gaap Shipping And Handling Revenue
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CY2015Q1 us-gaap Sales Revenue Net
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CY2016Q1 us-gaap Operating Income Loss
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CY2016Q1 us-gaap Investment Income Interest
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CY2015Q1 us-gaap Investment Income Interest
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CY2016Q1 us-gaap Interest Expense
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CY2015Q1 us-gaap Interest Expense
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CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2016Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2015Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2016Q1 us-gaap Comprehensive Income Net Of Tax
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CY2015Q1 us-gaap Comprehensive Income Net Of Tax
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CY2016Q1 us-gaap Earnings Per Share Basic
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CY2015Q1 us-gaap Earnings Per Share Basic
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CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q1 us-gaap Cost Of Goods And Services Sold
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CY2015Q1 us-gaap Cost Of Goods And Services Sold
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CY2016Q1 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
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CY2015Q1 us-gaap Sales Commissions And Fees
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CY2016Q1 us-gaap Other Selling General And Administrative Expense
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CY2015Q1 us-gaap Other Selling General And Administrative Expense
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CY2016Q1 us-gaap Depreciation Depletion And Amortization
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CY2015Q1 us-gaap Depreciation Depletion And Amortization
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CY2016Q1 us-gaap Share Based Compensation
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CY2015Q1 us-gaap Share Based Compensation
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CY2016Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2015Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2016Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
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CY2015Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
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CY2016Q1 us-gaap Increase Decrease In Inventories
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CY2015Q1 us-gaap Increase Decrease In Inventories
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CY2016Q1 us-gaap Increase Decrease In Income Taxes Receivable
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CY2015Q1 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-130978 USD
CY2016Q1 us-gaap Increase Decrease In Other Operating Assets
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CY2015Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
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CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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CY2015Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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CY2016Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
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CY2015Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
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CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
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CY2015Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
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CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-143618 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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-124356 USD
CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
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CY2015Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
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CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2015Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2016Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
29244 USD
CY2015Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
25072 USD
CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2016Q1 us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
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CY2015Q1 us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
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CY2016Q1 relv Long Term Debt Including Line Of Credit Facilities
LongTermDebtIncludingLineOfCreditFacilities
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CY2015Q4 relv Long Term Debt Including Line Of Credit Facilities
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CY2016Q1 us-gaap Long Term Debt Fair Value
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CY2015Q4 us-gaap Long Term Debt Fair Value
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CY2016Q1 us-gaap Notes Receivable Net
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CY2015Q4 us-gaap Notes Receivable Net
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CY2016Q1 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
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CY2015Q4 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
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CY2016Q1 us-gaap Trading Securities
TradingSecurities
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CY2015Q4 us-gaap Trading Securities
TradingSecurities
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CY2016Q1 relv Trading Securities Fair Value
TradingSecuritiesFairValue
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CY2015Q4 relv Trading Securities Fair Value
TradingSecuritiesFairValue
275000 USD
CY2016Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-23000 USD
CY2015Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
90000 USD
CY2016Q1 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
14000 USD
CY2015Q1 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
14000 USD
CY2016Q1 relv Income Tax Reconciliation Foreign Income Tax Rate Differential1
IncomeTaxReconciliationForeignIncomeTaxRateDifferential1
-11000 USD
CY2015Q1 relv Income Tax Reconciliation Foreign Income Tax Rate Differential1
IncomeTaxReconciliationForeignIncomeTaxRateDifferential1
11000 USD
CY2016Q1 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
17000 USD
CY2015Q1 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
27000 USD
CY2016Q1 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-20000 USD
CY2015Q1 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
6000 USD
relv Vat And Withholding Taxes
VatAndWithholdingTaxes
800000 USD
relv Interest Penalty Percentage
InterestPenaltyPercentage
0.2 pure
CY2016Q1 us-gaap Land And Land Improvements
LandAndLandImprovements
905190 USD
CY2015Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
905190 USD
CY2016Q1 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
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CY2016Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
4345428 USD
CY2015Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
4344403 USD
CY2016Q1 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
1225048 USD
CY2015Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
1223921 USD
CY2016Q1 relv Computer Equipment And Software Gross
ComputerEquipmentAndSoftwareGross
2350327 USD
CY2015Q4 relv Computer Equipment And Software Gross
ComputerEquipmentAndSoftwareGross
2341149 USD
CY2015Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
9951555 USD
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2016Q1 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
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CY2015Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
1859716 USD
CY2016Q1 us-gaap Accrued Sales Commission Current
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1489571 USD
CY2015Q4 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
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CY2016Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
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CY2015Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
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CY2016Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2015Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
277157 USD
CY2016Q1 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
53000 USD
CY2015Q4 us-gaap Deferred Tax Liabilities Noncurrent
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94000 USD
CY2016Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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30600 USD
CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
30200 USD
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000 shares
CY2016Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2016Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
30000000 shares
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
30000000 shares
CY2016Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
14773083 shares
CY2016Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
12919110 shares
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
14773083 shares
CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
12919110 shares
CY2016Q1 us-gaap Costs And Expenses
CostsAndExpenses
13217747 USD
CY2015Q1 us-gaap Costs And Expenses
CostsAndExpenses
14405645 USD
CY2016Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2015Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2016Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2015Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
3000 shares
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1870585 shares
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1622525 shares
CY2010Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
185000 USD
CY2015Q4 relv Management Estimated Reserve For Tax
ManagementEstimatedReserveForTax
142000 USD
CY2016Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34 pure
CY2016Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="clear:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.75in"> <div><b>Note 5--</b></div> </td> <td style="TEXT-ALIGN: justify"> <div><b>Recent Accounting Standards Pending Adoption</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0px; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 0.75in" align="justify">In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, <i>Revenue from Contracts with Customers</i>, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing U.S. GAAP revenue recognition guidance and becomes effective for the Company on January 1, 2018. The new standard permits the use of either the retrospective or modified retrospective transition method. The Company is currently evaluating the effect, if any, that the updated standard will have on its consolidated financial statements and related disclosures, as well as its planned transition method.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0px; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 0.75in" align="justify">In November 2015, the FASB issued ASU No. 2015-17, <i>Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes</i>, which requires all deferred income tax assets and liabilities to be classified as non-current on the balance sheet, rather than being separated into current and non-current amounts. The new standard is effective for annual reporting periods beginning after December 31, 2016 with early adoption permitted. The Company is currently evaluating the effect that the new standard will have on its consolidated financial statements and related disclosuress.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0px; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 0.75in" align="justify">In August 2014, the FASB issued ASU No. 2014-15, <i>Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern</i>, which requires management to assess, at each annual and interim reporting period, the entity's ability to continue as a going concern within one year from the date the financial statements are issued and provide related disclosures. The new standard will be effective for the Company for the annual reporting period ending December 31, 2016, with early adoption permitted. This standard is not currently expected to have a material effect on the Company's financial statement disclosures upon adoption, though the ultimate impact will be dependent on the Company's financial condition and expected operating outlook at such time.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0px; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 0.75in" align="justify">In February 2016, the FASB issued ASU No. 2016-2, <i>Leases (Topic 842)</i> which supercedes the existing lease guidance. This update requires lessees to recognize a lease liability and a lease asset for all leases, including operating leases, with a term greater than twelve months on its balance sheet. The update also expands the required quantitative and qualitative disclosures surrounding leases. This update is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with earlier application permitted. The Company is evaluating its transition method and the effects that the new standard will have on its consolidated financial statements and related disclosures.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0px; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 0.75in" align="justify">In March 2016, the FASB issued ASU No. 2016-09, <i>Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting</i>. This amendment is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, forfeitures, and classification on the statement of cash flows. This update is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years, with earlier application permitted. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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