2014 Form 10-K Financial Statement

#000135448815001493 Filed on March 31, 2015

View on sec.gov

Income Statement

Concept 2014 2013 Q4 2013
Revenue $15.91M $3.430M $15.80M
YoY Change 0.67% -10.91% -3.65%
Cost Of Revenue $10.77M $2.370M $11.27M
YoY Change -4.47% -11.9% 1.29%
Gross Profit $5.140M $1.060M $4.530M
YoY Change 13.46% -8.62% -14.07%
Gross Profit Margin 32.31% 30.9% 28.67%
Selling, General & Admin $4.325M $1.430M $5.200M
YoY Change -16.83% 11.72% 1.56%
% of Gross Profit 84.14% 134.91% 114.78%
Research & Development $135.0K $20.00K $123.8K
YoY Change 9.06% 0.0% 81.34%
% of Gross Profit 2.63% 1.89% 2.73%
Depreciation & Amortization $771.4K $320.0K $1.279M
YoY Change -39.7% -5.88% 2.74%
% of Gross Profit 15.01% 30.19% 28.24%
Operating Expenses $4.479M $1.460M $5.425M
YoY Change -17.43% 12.31% 2.23%
Operating Profit $660.8K -$400.0K -$894.4K
YoY Change -173.88% 185.71% 2525.31%
Interest Expense $94.89K -$20.00K $109.2K
YoY Change -13.1% -50.0% -14.96%
% of Operating Profit 14.36%
Other Income/Expense, Net $0.00 $250.0K $250.0K
YoY Change -100.0%
Pretax Income $660.8K -$250.0K -$721.5K
YoY Change -191.59% 38.89% 2220.55%
Income Tax $422.0K -$2.620M -$134.7K
% Of Pretax Income 63.87%
Net Earnings $403.3K $2.370M $1.822M
YoY Change -77.86% -723.68% -267.98%
Net Earnings / Revenue 2.54% 69.1% 11.53%
Basic Earnings Per Share
Diluted Earnings Per Share $30.63K $180.0K $138.2K
COMMON SHARES
Basic Shares Outstanding 13.17M shares 13.17M shares
Diluted Shares Outstanding 13.17M shares

Balance Sheet

Concept 2014 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $747.5K $570.0K $570.0K
YoY Change 31.14% 58.33% 58.33%
Cash & Equivalents $747.5K $568.1K $570.0K
Short-Term Investments
Other Short-Term Assets $123.5K $130.0K $130.0K
YoY Change -4.99% 0.0% 0.0%
Inventory $3.467M $3.062M $3.060M
Prepaid Expenses $127.0K
Receivables $2.322M $2.012M $2.010M
Other Receivables $0.00 $280.0K $0.00
Total Short-Term Assets $6.661M $6.050M $5.770M
YoY Change 15.44% 0.0% -4.63%
LONG-TERM ASSETS
Property, Plant & Equipment $4.765M $5.831M $5.830M
YoY Change -18.27% -18.85% -18.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.430K $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $2.667M $2.700M $2.700M
YoY Change -1.21% 831.03% 831.03%
Total Long-Term Assets $7.574M $8.705M $8.700M
YoY Change -12.94% 21.15% 13.13%
TOTAL ASSETS
Total Short-Term Assets $6.661M $6.050M $5.770M
Total Long-Term Assets $7.574M $8.705M $8.700M
Total Assets $14.23M $14.76M $14.47M
YoY Change -1.63% 7.42% 5.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $815.1K $570.0K $570.0K
YoY Change 43.01% -16.18% -16.18%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $750.0K $1.400M $1.400M
YoY Change -46.43% 15.7% 15.7%
Long-Term Debt Due $358.2K $304.6K $300.0K
YoY Change 19.4% -4.42% -6.25%
Total Short-Term Liabilities $2.109M $2.289M $2.010M
YoY Change 4.91% -10.61% -21.48%
LONG-TERM LIABILITIES
Long-Term Debt $754.5K $990.0K $990.0K
YoY Change -23.79% -29.79% -29.79%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $754.5K $990.0K $990.0K
YoY Change -23.79% -29.79% -29.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.109M $2.289M $2.010M
Total Long-Term Liabilities $754.5K $990.0K $990.0K
Total Liabilities $2.863M $3.282M $3.000M
YoY Change -4.56% -17.28% -24.43%
SHAREHOLDERS EQUITY
Retained Earnings -$5.004M
YoY Change -26.69%
Common Stock $16.15M
YoY Change 0.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.37M $11.47M $11.47M
YoY Change
Total Liabilities & Shareholders Equity $14.23M $14.76M $14.47M
YoY Change -1.63% 7.42% 5.31%

Cashflow Statement

Concept 2014 2013 Q4 2013
OPERATING ACTIVITIES
Net Income $403.3K $2.370M $1.822M
YoY Change -77.86% -723.68% -267.98%
Depreciation, Depletion And Amortization $771.4K $320.0K $1.279M
YoY Change -39.7% -5.88% 2.74%
Cash From Operating Activities $1.062M $310.0K $480.0K
YoY Change 121.31% -150.82% -256.21%
INVESTING ACTIVITIES
Capital Expenditures $24.54K -$160.0K $235.6K
YoY Change -89.58% 1500.0% -343.55%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$24.54K -$150.0K -$232.8K
YoY Change -89.46% 1400.0% -340.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $1.135M $327.1K
YoY Change 246.95% 11.5%
Cash From Financing Activities -$779.1K -210.0K -$132.1K
YoY Change 489.56% -261.54% -150.51%
NET CHANGE
Cash From Operating Activities $1.062M 310.0K $480.0K
Cash From Investing Activities -$24.54K -150.0K -$232.8K
Cash From Financing Activities -$779.1K -210.0K -$132.1K
Net Change In Cash $258.6K -50.00K $115.0K
YoY Change 124.92% -89.8% 125.09%
FREE CASH FLOW
Cash From Operating Activities $1.062M $310.0K $480.0K
Capital Expenditures $24.54K -$160.0K $235.6K
Free Cash Flow $1.038M $470.0K $244.4K
YoY Change 324.59% -178.33% -216.09%

Facts In Submission

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CY2014 us-gaap Reclassifications
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<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 36pt; text-align: left"><font style="font-variant: small-caps"><b>18.</b></font></td><td style="text-align: justify"><font style="font-variant: small-caps"><b>Comparative Figures</b></font></td> </tr></table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Certain of the comparative figures have been reclassified to conform with the current year&#146;s presentation.</p>
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CY2013Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1527563 usd
CY2014Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1216 usd
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
17466 usd
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
17466 usd
CY2013Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
34702 usd
CY2014Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2016582 usd
CY2013Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
1499271 usd
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
17466 usd
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
17466 usd
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
17466 usd
CY2014 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
771385 usd
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11490398 usd
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12004057 usd
CY2014Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6725498 usd
CY2013Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6172934 usd
CY2013 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1279255 usd
CY2014Q4 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
228597 usd
CY2013Q4 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
249284 usd
CY2014Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
91193 usd
CY2013Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
80416 usd
CY2014 FSI Patent Depreciation Expense
PatentDepreciationExpense
18348 usd
CY2013 FSI Patent Depreciation Expense
PatentDepreciationExpense
19361 usd
CY2014Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
3000000 usd
CY2014Q4 FSI Percentage Of Domestic And Foreign Accounts Receivable
PercentageOfDomesticAndForeignAccountsReceivable
0.75
CY2014Q4 FSI Percentage Of Inventory
PercentageOfInventory
0.40
CY2014Q4 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.0375
CY2014Q4 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
750000 usd
CY2013Q4 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
1400000 usd
CY2014Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
201193 usd
CY2014Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
201193 usd
CY2014Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
201193 usd
CY2014Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
201193 usd
CY2014Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
150895 usd
CY2014Q4 us-gaap Debt Current
DebtCurrent
1112689 usd
CY2013Q4 us-gaap Debt Current
DebtCurrent
1297830 usd
CY2012Q4 us-gaap Debt Current
DebtCurrent
1726050 usd
CY2014 us-gaap Proceeds From Loans
ProceedsFromLoans
1005967 usd
CY2013 us-gaap Proceeds From Loans
ProceedsFromLoans
usd
CY2014 us-gaap Payments For Loans
PaymentsForLoans
982973 usd
CY2013 us-gaap Payments For Loans
PaymentsForLoans
307833 usd
CY2014 us-gaap Effect Of Exchange Rate On Cash
EffectOfExchangeRateOnCash
-208135 usd
CY2013 us-gaap Effect Of Exchange Rate On Cash
EffectOfExchangeRateOnCash
-120387 usd
CY2014Q4 us-gaap Securities Borrowed Liability
SecuritiesBorrowedLiability
785106 usd
CY2013Q4 us-gaap Securities Borrowed Liability
SecuritiesBorrowedLiability
856335 usd
CY2013Q4 FSI Borrowing Balance
BorrowingBalance
955296 usd
CY2014 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
345547 usd
CY2013 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-110302 usd
CY2014 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
257433 usd
CY2013 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-2543115 usd
CY2014 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-85532 usd
CY2013 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-2329217 usd
CY2014 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-14333 usd
CY2013 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-14351 usd
CY2014 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-64746 usd
CY2013 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-64827 usd
CY2014 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
422044 usd
CY2013 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-134720 usd
CY2014 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
usd
CY2013 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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CY2014 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
76497 usd
CY2013 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-24418 usd
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
257433 usd
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-2543115 usd
CY2014 us-gaap Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
-164611 usd
CY2013 us-gaap Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
-2408395 usd
CY2014 us-gaap Other Income Tax Expense Benefit Continuing Operations
OtherIncomeTaxExpenseBenefitContinuingOperations
257433 usd
CY2013 us-gaap Other Income Tax Expense Benefit Continuing Operations
OtherIncomeTaxExpenseBenefitContinuingOperations
-2543115 usd
CY2014 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-14197 usd
CY2013 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-2346616 usd
CY2014 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
172818 usd
CY2013 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
365377 usd
CY2014 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
usd
CY2013 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
164890 usd
CY2014 FSI Option Expired
OptionExpired
44917 usd
CY2013 FSI Option Expired
OptionExpired
20878 usd
CY2014 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
usd
CY2013 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
91711 usd
CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-38696 usd
CY2013 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-163928 usd
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
-162602 usd
CY2013 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
-396793 usd
CY2014 FSI Expected Income Tax Recovery
ExpectedIncomeTaxRecovery
255193 usd
CY2013 FSI Expected Income Tax Recovery
ExpectedIncomeTaxRecovery
-278635 usd
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.3862
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.3862
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
660780 usd
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-721481 usd
CY2014Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
450368 usd
CY2013Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
371289 usd
CY2014Q4 us-gaap Deferred Tax Assets Valuation Allowance Noncurrent
DeferredTaxAssetsValuationAllowanceNoncurrent
194692 usd
CY2013Q4 us-gaap Deferred Tax Assets Valuation Allowance Noncurrent
DeferredTaxAssetsValuationAllowanceNoncurrent
208889 usd
CY2014Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
645060 usd
CY2013Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
580178 usd
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
215429 usd
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
213662 usd
CY2014Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
429631 usd
CY2013Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
348517 usd
CY2014Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
2216919 usd
CY2013Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
2329217 usd
CY2014Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
usd
CY2013Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2014 FSI Stock Granted Expenses
StockGrantedExpenses
23543 usd
CY2013 FSI Stock Granted Expenses
StockGrantedExpenses
34955 usd
CY2014 FSI Additional Expenses Due To Options Granted
AdditionalExpensesDueToOptionsGranted
13375 usd
CY2013 FSI Additional Expenses Due To Options Granted
AdditionalExpensesDueToOptionsGranted
20597 usd
CY2014Q4 us-gaap Deferred Tax Liabilities Gross Current
DeferredTaxLiabilitiesGrossCurrent
2216919 usd
CY2013Q4 us-gaap Deferred Tax Liabilities Gross Current
DeferredTaxLiabilitiesGrossCurrent
2329217 usd
CY2014Q4 FSI Fixed Assets
FixedAssets
780396 usd
CY2013Q4 FSI Fixed Assets
FixedAssets
698526 usd
CY2014Q4 us-gaap Deferred Tax Liabilities Deferred Expense Capitalized Patent Costs
DeferredTaxLiabilitiesDeferredExpenseCapitalizedPatentCosts
35480 usd
CY2013Q4 us-gaap Deferred Tax Liabilities Deferred Expense Capitalized Patent Costs
DeferredTaxLiabilitiesDeferredExpenseCapitalizedPatentCosts
33936 usd
CY2014Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
1407088 usd
CY2013Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
1596755 usd
CY2014Q4 us-gaap Financial Instruments Owned At Fair Value
FinancialInstrumentsOwnedAtFairValue
-6045 usd
CY2013Q4 us-gaap Financial Instruments Owned At Fair Value
FinancialInstrumentsOwnedAtFairValue
usd
CY2014Q4 FSI Operating Loss Carryforwards Year One
OperatingLossCarryforwardsYearOne
579274 usd
CY2014Q4 FSI Operating Loss Carryforwards Year Two
OperatingLossCarryforwardsYearTwo
723464 usd
CY2014Q4 FSI Operating Loss Carryforwards Year Three
OperatingLossCarryforwardsYearThree
648253 usd
CY2014Q4 FSI Operating Loss Carryforwards Year Four
OperatingLossCarryforwardsYearFour
892925 usd
CY2014Q4 FSI Operating Loss Carryforwards Year Five
OperatingLossCarryforwardsYearFive
932550 usd
CY2014Q4 FSI Operating Loss Carryforwards Year Six
OperatingLossCarryforwardsYearSix
1073774 usd
CY2014Q4 FSI Operating Loss Carryforwards Year Seven
OperatingLossCarryforwardsYearSeven
702139 usd
CY2014Q4 FSI Operating Loss Carryforwards Year Eight
OperatingLossCarryforwardsYearEight
8167 usd
CY2014Q4 FSI Operating Loss Carryforwards Year Nine
OperatingLossCarryforwardsYearNine
67807 usd
CY2014Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
5628353 usd
CY2013Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
6387020 usd
CY2014Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
0 usd
CY2013Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
0 usd
CY2014 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
949000 shares
CY2013 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1164000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1126000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1164000 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
999000 shares
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
227000 shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
233000 shares
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
-265000 shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
-68000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1073000 shares
CY2013 FSI Cancelled Or Expired
CancelledOrExpired
3.60
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.54
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.73
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.96
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.01
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.27
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
1.91
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
3.60
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.55
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2013 us-gaap Interest Paid
InterestPaid
110194 usd
CY2014 us-gaap Additions To Other Assets Amount
AdditionsToOtherAssetsAmount
24535 usd
CY2014 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7940 usd
CY2014 FSI Weighted Average Period Of Expenses
WeightedAveragePeriodOfExpenses
P1Y
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P1Y10M24D
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
23660 usd
CY2014 us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
CY2013 us-gaap Income Taxes Paid
IncomeTaxesPaid
204480 usd
CY2014 us-gaap Interest Paid
InterestPaid
96220 usd
CY2013 us-gaap Additions To Other Assets Amount
AdditionsToOtherAssetsAmount
235565 usd
CY2014 FSI Secured Loan
SecuredLoan
4902304 usd
CY2013 FSI Secured Loan
SecuredLoan
5999991 usd
CY2014 us-gaap Profit Loss
ProfitLoss
403345 usd
CY2013 us-gaap Profit Loss
ProfitLoss
1821634 usd
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
422044 usd
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-134720 usd
CY2013 FSI Extraordinary Items
ExtraordinaryItems
250000 usd
CY2014 us-gaap Depreciation
Depreciation
789733 usd
CY2013 us-gaap Depreciation
Depreciation
1298616 usd
CY2014 us-gaap Interest Expense
InterestExpense
94890 usd
CY2013 us-gaap Interest Expense
InterestExpense
109199 usd
CY2014 us-gaap Sales Revenue Net
SalesRevenueNet
15907849 usd
CY2013 us-gaap Sales Revenue Net
SalesRevenueNet
15801596 usd
CY2014 FSI Property Equipment Leasehold And Patents
PropertyEquipmentLeaseholdAndPatents
4902304 usd
CY2013 FSI Property Equipment Leasehold And Patents
PropertyEquipmentLeaseholdAndPatents
5999991 usd
CY2014 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
10216470 usd
CY2013 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
9884601 usd
CY2014 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.64
CY2013 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.63
CY2014Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
93466 usd
CY2014Q4 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
93466 usd
CY2014 FSI Interest Loan Repayment Table Textblock
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CY2014Q4 us-gaap Long Term Debt
LongTermDebt
754475 usd
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24535 usd
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
235565 usd
CY2014 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1135043 usd
CY2013 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
327145 usd
CY2014 FSI Proceeds Received From Loan
ProceedsReceivedFromLoan
-1005967 usd
CY2014Q4 FSI Long Term Debt1
LongTermDebt1
1112689 usd
CY2013Q4 FSI Long Term Debt1
LongTermDebt1
1297830 usd
CY2014Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
358214 usd
CY2013Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
304556 usd
CY2013Q4 us-gaap Long Term Debt
LongTermDebt
993274 usd
CY2014 FSI Proceeds From Disposal Of Long Term Deposits
ProceedsFromDisposalOfLongTermDeposits
usd
CY2013 FSI Proceeds From Disposal Of Long Term Deposits
ProceedsFromDisposalOfLongTermDeposits
2721 usd
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<i>Use of Estimates</i>.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.&#160;&#160;Actual results could differ from those estimates and would impact the results of operations and cash flows.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Significant areas requiring the use of management estimates include assumptions and estimates relating to the asset impairment analysis, share-based payments and warrants, valuation allowances for deferred income tax assets, determination of useful lives of property, plant and equipment, and the valuation of inventory.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>
CY2014 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<i>Risk Management</i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company&#146;s credit risk is primarily attributable to its account receivables. The amounts presented in the accompanying consolidated balance sheets are net of allowances for doubtful accounts, estimated by the Company&#146;s management based on prior experience and the current economic environment. The Company is exposed to credit-related losses in the event of non-performance by counterparties to the financial instruments. Credit exposure is minimized by dealing with only credit worthy counterparties. Accounts receivable for the Company&#146;s three primary customers totaled $1,769,113 (76%) at December 31, 2014 (2013 - $1,473,682 or 73%).&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The credit risk on cash and cash equivalents is limited because the Company limits its exposure to credit loss by placing its cash and cash equivalents with major financial institutions.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company is not exposed to significant interest rate risk to the extent that the long term debt maintained from the foreign government agencies is subject to a fixed rate of interest.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In order to manage its exposure to foreign exchange risks, the Company is closely monitoring the fluctuations in the foreign currency exchange rates and the impact on the value of cash and cash equivalents, accounts receivable, and accounts payable.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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