$SLNH
Soluna Holdings, Inc

2013 Q3 Form 10-Q Financial Statement

#000100329713000360 Filed on August 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q4
Revenue $2.310M $2.267M $2.250M
YoY Change 113.89% 65.96% -31.4%
Cost Of Revenue $880.0K $801.0K $1.030M
YoY Change 41.94% 8.24% -8.85%
Gross Profit $1.440M $1.466M $1.220M
YoY Change 213.04% 134.19% -42.99%
Gross Profit Margin 62.34% 64.67% 54.22%
Selling, General & Admin $880.0K $927.0K $440.0K
YoY Change -32.82% -5.21% -58.49%
% of Gross Profit 61.11% 63.23% 36.07%
Research & Development $300.0K $307.0K $330.0K
YoY Change -9.09% -8.9% 57.14%
% of Gross Profit 20.83% 20.94% 27.05%
Depreciation & Amortization $20.00K $22.00K $30.00K
YoY Change -33.33% -35.29% -50.0%
% of Gross Profit 1.39% 1.5% 2.46%
Operating Expenses $1.180M $1.234M $760.0K
YoY Change -28.05% -6.16% -40.63%
Operating Profit $260.0K $232.0K $460.0K
YoY Change -122.03% -133.67% -46.51%
Interest Expense $0.00
YoY Change
% of Operating Profit 0.0%
Other Income/Expense, Net $0.00 $9.000K -$10.00K
YoY Change -100.0% -95.0% -90.0%
Pretax Income $260.0K $241.0K $440.0K
YoY Change -122.03% -147.35% -42.86%
Income Tax $110.0K $156.0K $0.00
% Of Pretax Income 42.31% 64.73% 0.0%
Net Earnings $160.0K $100.0K $460.0K
YoY Change -113.91% -117.54% -80.75%
Net Earnings / Revenue 6.93% 4.41% 20.44%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share $0.72 $0.02 $2.19
COMMON SHARES
Basic Shares Outstanding 5.257M shares 5.257M shares
Diluted Shares Outstanding 5.259M shares

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.000M $800.0K $300.0K
YoY Change 100.0% -42.86% -82.35%
Cash & Equivalents $835.0K $289.0K
Short-Term Investments
Other Short-Term Assets $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 0.0%
Inventory $700.0K $839.0K $1.118M
Prepaid Expenses
Receivables $1.400M $1.092M $1.674M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.300M $2.872M $3.197M
YoY Change 32.0% -15.53% -30.5%
LONG-TERM ASSETS
Property, Plant & Equipment $100.0K $124.0K $129.0K
YoY Change -50.0% -38.0% -57.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.300M $1.400M $1.500M
YoY Change -13.33% -6.67% 0.0%
Total Long-Term Assets $1.300M $1.487M $1.648M
YoY Change -23.53% -13.24% -8.44%
TOTAL ASSETS
Total Short-Term Assets $3.300M $2.872M $3.197M
Total Long-Term Assets $1.300M $1.487M $1.648M
Total Assets $4.600M $4.359M $4.845M
YoY Change 9.52% -14.76% -24.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $246.0K $208.0K
YoY Change -33.33% -18.0% 4.0%
Accrued Expenses $1.100M $939.0K $1.048M
YoY Change -21.43% -14.64% -12.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.300M $1.185M $1.847M
YoY Change -23.53% -15.36% 23.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.300M $1.185M $1.847M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.600M $4.500M $5.200M
YoY Change -8.0% -6.25% 8.33%
SHAREHOLDERS EQUITY
Retained Earnings -$122.0M -$122.2M
YoY Change
Common Stock $135.6M $135.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $13.75M $13.75M
YoY Change
Treasury Stock Shares 1.005M shares 1.005M shares
Shareholders Equity $100.0K -$103.0K -$313.0K
YoY Change
Total Liabilities & Shareholders Equity $4.600M $4.359M $4.845M
YoY Change 9.52% -14.53% -24.3%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q4
OPERATING ACTIVITIES
Net Income $160.0K $100.0K $460.0K
YoY Change -113.91% -117.54% -80.75%
Depreciation, Depletion And Amortization $20.00K $22.00K $30.00K
YoY Change -33.33% -35.29% -50.0%
Cash From Operating Activities $190.0K -$110.0K -$240.0K
YoY Change -119.79% -82.26% -700.0%
INVESTING ACTIVITIES
Capital Expenditures $30.00K $0.00 $10.00K
YoY Change -100.0% -80.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $10.00K $0.00
YoY Change -100.0% -88.89% -100.0%
Cash From Investing Activities -$30.00K $10.00K $0.00
YoY Change -160.0% -87.5% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 190.0K -110.0K -240.0K
Cash From Investing Activities -30.00K 10.00K 0.000
Cash From Financing Activities 0.000
Net Change In Cash 160.0K -100.0K -240.0K
YoY Change -117.58% -81.48% -340.0%
FREE CASH FLOW
Cash From Operating Activities $190.0K -$110.0K -$240.0K
Capital Expenditures $30.00K $0.00 $10.00K
Free Cash Flow $160.0K -$110.0K -$250.0K
YoY Change -116.67% -82.46% 2400.0%

Facts In Submission

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us-gaap Nature Of Operations
NatureOfOperations
<table border="0" style="clear:both;width:100%; table-layout:fixed;"> <tr> <td></td> </tr> </table> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM: #ece9d8; BORDER-LEFT: #ece9d8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 5%; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; BORDER-RIGHT: #ece9d8; PADDING-TOP: 0in" valign="top" width="5%"> <div style="clear:both;MARGIN: 0in 0in 0pt"><strong><font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt">1.</font></strong></div> </td> <td style="BORDER-BOTTOM: #ece9d8; BORDER-LEFT: #ece9d8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 95%; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; BORDER-RIGHT: #ece9d8; PADDING-TOP: 0in" valign="top" width="95%"> <div style="clear:both;MARGIN: 0in 0in 0pt"><strong><font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt">Nature of Operations</font></strong><font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt"></font></div> </td> </tr> </table> </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><em><font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt"> &#160;</font></em></strong></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><em><font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt"> Description of Business</font></em></strong><font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt"></font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Mechanical Technology, Incorporated (MTI or the Company), a New York corporation, was incorporated in 1961. MTI operates in two segments, the Test and Measurement Instrumentation segment, which is conducted through MTI Instruments, Incorporated (MTI Instruments), a wholly-owned subsidiary, and the New Energy segment, which is conducted through MTI MicroFuel Cells Incorporated (MTI Micro), a variable interest entity (VIE) that is included in these condensed consolidated financial statements and described further below in Note <font style=" FONT-SIZE: 10pt">2</font>.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">MTI Instruments was incorporated in New York on March 8, 2000 and is a worldwide supplier of precision non-contact physical measurement solutions, portable vibration measurement and balancing systems, wafer inspection tools and precision contact measurement of material tensile strength. MTI Instruments uses a comprehensive array of technologies to solve complex, real world applications in numerous industries including industrial manufacturing, semiconductor, solar, commercial and military aviation, automotive and research and development centers. MTI Instruments&#8217; products consist of electronic gauging instruments for position, displacement, vibration applications within the research, design, test, manufacturing/production processes; wafer characterization of semi-insulating and semi-conducting wafers, both in the semiconductor and solar industries; tensile stage systems for materials testing at academic and industrial settings; and engine vibration analysis systems for both military and commercial aircraft as well as industrial power engines.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="COLOR: black; FONT-SIZE: 10pt">MTI Micro was incorporated in Delaware on March 26, 2001, and, until its operations were suspended in late 2011, had been developing Mobion<sup>&#174;</sup>, a handheld energy-generating device to replace current lithium-ion and similar rechargeable battery systems in many handheld electronic devices for the military and consumer markets.</font> <font style="FONT-SIZE: 10pt">Although MTI Micro continues to believe in the potential of its Mobion<sup><font style="COLOR: black">&#174;</font></sup> based power solutions, operations continue to remain suspended at MTI Micro until such time as market demand and other deciding factors, including obtaining additional external financing, the successful completion of customer trials, a new development program with a government agency, and/or a customer order, come to fruition. MTI Micro will continue to seek additional capital from external sources to resume operations and fund future development, as warranted. If MTI Micro is unable to secure additional financing, a new development program or customer order, the MTI Micro Board of Directors will assess other options for MTI Micro, including the sale of its intellectual property portfolio and/or remaining assets. <font style="COLOR: black">As of June 30, 2013, the Company owned approximately <font style=" FONT-SIZE: 10pt">47.6</font>% of MTI Micro&#8217;s outstanding common stock.</font></font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt"> &#160;</font></strong> <font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt"></font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><em><font style="FONT-SIZE: 10pt"> Liquidity</font></em></strong><font style="FONT-SIZE: 10pt"></font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The Company has incurred significant losses primarily due to its past efforts to fund MTI Micro&#8217;s direct methanol fuel cell product development and commercialization programs, and has an accumulated deficit of approximately $<font style=" FONT-SIZE: 10pt">122.0</font> million and working capital of approximately $1.7 million at June 30, 2013.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The Company restructured the operations of the Company during the second half of 2012, which included the departure of its then CEO, staffing adjustments to its MTI Instrument&#8217;s sales force and reduction in MTI Instrument&#8217;s production and development personnel. This restructuring is expected to yield cash flow savings of approximately $<font style=" FONT-SIZE: 10pt">1.0</font> million annually.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Based on the Company&#8217;s projected cash requirements for operations and capital expenditures for 2013, its current available cash of $<font style=" FONT-SIZE: 10pt">784</font> thousand (excluding MTI Micro available cash), current cash flow requirements and revenue and expense projections, management believes it will have adequate resources to fund its active operations and capital expenditures for at least the next twelve months.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">However, the Company may need to do one or more of the following to raise additional resources, or reduce its cash requirements:</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM: #ece9d8; BORDER-LEFT: #ece9d8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; BORDER-RIGHT: #ece9d8; PADDING-TOP: 0in" valign="top" width="24"> <div style="clear:both;MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt">&#160;</font></div> </td> <td style="BORDER-BOTTOM: #ece9d8; BORDER-LEFT: #ece9d8; 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BORDER-TOP: #ece9d8; BORDER-RIGHT: #ece9d8; PADDING-TOP: 0in" valign="top" width="24"> <div style="clear:both;MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt">&#160;</font></div> </td> <td style="BORDER-BOTTOM: #ece9d8; BORDER-LEFT: #ece9d8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; BORDER-RIGHT: #ece9d8; PADDING-TOP: 0in" valign="top" width="24"> <div style="clear:both;MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt">2)</font></div> </td> <td style="BORDER-BOTTOM: #ece9d8; BORDER-LEFT: #ece9d8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; BORDER-RIGHT: #ece9d8; PADDING-TOP: 0in" valign="top"> <div style="clear:both;MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt">Defer its capital expenditures;</font></div> </td> </tr> </table> </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM: #ece9d8; BORDER-LEFT: #ece9d8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; BORDER-RIGHT: #ece9d8; PADDING-TOP: 0in" valign="top" width="24"> <div style="clear:both;MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt">&#160;</font></div> </td> <td style="BORDER-BOTTOM: #ece9d8; BORDER-LEFT: #ece9d8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; BORDER-RIGHT: #ece9d8; PADDING-TOP: 0in" valign="top" width="24"> <div style="clear:both;MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt">3)</font></div> </td> <td style="BORDER-BOTTOM: #ece9d8; BORDER-LEFT: #ece9d8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; BORDER-RIGHT: #ece9d8; PADDING-TOP: 0in" valign="top"> <div style="clear:both;MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt">Defer its hiring plans; and</font></div> </td> </tr> </table> </div> <div style="clear:both; 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BORDER-RIGHT: #ece9d8; PADDING-TOP: 0in" valign="top"> <div style="clear:both;MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt">Secure additional debt or equity financing.</font></div> </td> </tr> </table> </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Courier New'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">There is no guarantee that such resources will be available to the Company on terms acceptable to it, or at all, or that such resources will be received in a timely manner, if at all, or that the Company will be able to reduce its expenditure run-rate, defer its capital expenditures or hiring plans without materially and adversely effecting its business.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; 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us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
CY2013Q2 mkty Working Capital
WorkingCapital
1700000 USD
mkty Cash Flow Savings From Restructuring Operations
CashFlowSavingsFromRestructuringOperations
1000000 USD
us-gaap Basis Of Accounting
BasisOfAccounting
<table border="0" style="clear:both;width:100%; table-layout:fixed;"> <tr> <td></td> </tr> </table> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="BORDER-BOTTOM: #ece9d8; BORDER-LEFT: #ece9d8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 5%; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; BORDER-RIGHT: #ece9d8; PADDING-TOP: 0in" valign="top" width="5%"> <div style="clear:both;MARGIN: 0in 0in 0pt"><b><font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt">2.</font></b></div> </td> <td style="BORDER-BOTTOM: #ece9d8; BORDER-LEFT: #ece9d8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 95%; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; BORDER-RIGHT: #ece9d8; PADDING-TOP: 0in" valign="top" width="95%"> <div style="clear:both;MARGIN: 0in 0in 0pt"><b><font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt">Basis of Presentation</font></b><font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt"></font></div> </td> </tr> </table> </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">In the opinion of management, the Company&#8217;s condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the periods presented in accordance with United States of America Generally Accepted Accounting Principles (U.S. GAAP) and with the instructions to Form 10-Q in Article 10 of the Securities and Exchange Commissions (SEC) Regulation S-X. The results of operations for the interim periods presented are not necessarily indicative of results for the full year.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt"> &#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements and notes thereto included in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2012.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt"> &#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The information presented in the accompanying condensed consolidated balance sheet as of December 31, 2012 has been derived from the Company&#8217;s audited consolidated financial statements. All other information has been derived from the Company&#8217;s unaudited condensed consolidated financial statements for the three and six months ended June 30, 2013 and June 30, 2012.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><i><font style="FONT-SIZE: 10pt">Principles of Consolidation</font></i></b><font style="FONT-SIZE: 10pt"></font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, MTI Instruments and its VIE, MTI Micro. The Company is the primary beneficiary of the VIE. All inter-company balances and transactions are eliminated in consolidation. The Company reflects the impact of the equity securities issuances in its investment in a VIE and additional paid-in-capital accounts for the dilution or anti-dilution of its ownership interest in the VIE.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt">The Company has performed an analysis under the VIE model and determined that MTI Micro is a VIE. One of the criteria for determining whether an entity is a VIE is determining if the entity, MTI Micro, has equity at risk. Management has concluded that MTI Micro does not have equity at risk to fund operations into its next phase of development. Further, the Company has determined that it is the primary beneficiary of MTI Micro, and therefore should include MTI Micro&#8217;s results of operations in the Company&#8217;s consolidated financial statements.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt"> &#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt">The Company's analysis to determine the primary beneficiary of MTI Micro focused primarily on determining which variable interest holder has the power to direct the activities that would have the most significant impact on the financial performance of MTI Micro. MTI Micro is governed by its own board of directors and significant decisions are determined by a majority vote of this board. MTI does not have control of the MTI Micro board of directors; however, at this time, the Company&#8217;s board of directors and the MTI Micro board of directors consist of the same members. Under the Articles of Incorporation of MTI Micro, each share of MTI Micro stock is entitled to a vote, and further, holders of a majority of the shares of MTI Micro's common stock have the ability to reconstitute the board. As of June 30, 2013, MTI, Counter Point <font style="COLOR: black">Ventures Fund II, LP (Counter Point)</font> and Dr. Walter L. Robb, a member of the Company&#8217;s and MTI Micro&#8217;s board of directors own <font style=" FONT-SIZE: 10pt">47.6</font>%, <font style=" FONT-SIZE: 10pt"> 45.2</font>% and <font style=" FONT-SIZE: 10pt">5.1</font>% of the common shares of MTI Micro, respectively. <font style="COLOR: black">Counter Point is a venture capital fund sponsored and managed by Dr. Robb.</font> Since no entity of the related parties has power but, as a group, the Company and its related parties have the power, then the party within the related party group that is most closely associated with the VIE, MTI Micro, is the primary beneficiary. Even though Dr. Robb and Counterpoint combined control a majority of the outstanding common stock, and they have the ability to elect the directors of MTI Micro and decide whether to continue to seek business opportunities for MTI Micro or instead seek opportunities to sell the intellectual property, they have not elected to do so. The Company continues to oversee the day to day operations, exercise management decision making, seek opportunities to sell intellectual property, and has a vested interest in the commercialization of MTI Micro&#8217;s fuel cell technology. Since inception in 2001, the Company has made the largest investment and been the principal funder of MTI Micro. The Company has also been exposed to losses and has the ability to benefit from MTI Micro. Considering the facts and circumstances, management believes the Company is most closely associated with the VIE, MTI Micro, and therefore, it is the primary beneficiary.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt"> &#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt">Should there be a change in the facts and circumstances (such as undertaking additional activities, a change in governance or a change to the related party group) in the future, management will reassess whether the Company remains the primary beneficiary and should continue to consolidate MTI Micro in the Company&#8217;s consolidated financial statements.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <font style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt"> &#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"> Non-controlling interests (NCI) are classified as equity in the consolidated financial statements. The consolidated statement of operations presents net income (loss) for both the Company and the non-controlling interests. The calculation of earnings per share is based on net income (loss) attributable to the Company.</font></div> </div>
CY2013Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
265000 USD
CY2012Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
265000 USD
CY2013Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
225000 USD
CY2012Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
482000 USD
CY2013Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
349000 USD
CY2012Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
371000 USD
us-gaap Depreciation
Depreciation
46000 USD
CY2012 us-gaap Depreciation
Depreciation
129000 USD
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
9000 USD
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
130000 USD
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
9000 USD
CY2012 us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
143000 USD
CY2013Q2 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
954000 USD
CY2012Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
954000 USD
CY2013Q2 mkty Computers And Related Software Gross
ComputersAndRelatedSoftwareGross
1749000 USD
CY2012Q4 mkty Computers And Related Software Gross
ComputersAndRelatedSoftwareGross
1709000 USD
CY2013Q2 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
1383000 USD
CY2012Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
1390000 USD
CY2013Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
270000 USD
CY2012Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
271000 USD
CY2013Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4356000 USD
CY2012Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4324000 USD
CY2013Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4232000 USD
CY2012Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4195000 USD
CY2013Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.647 pure
CY2012Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2011Q4 mkty Incremental Tax Benefit Due To Partial Release Of Valuation Allowance
IncrementalTaxBenefitDueToPartialReleaseOfValuationAllowance
1500000 USD
CY2013Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
156000 USD
mkty Amount Of Taxable Income To Be Generated Every Year Over Period To Realize Deferred Tax Asset
AmountOfTaxableIncomeToBeGeneratedEveryYearOverPeriodToRealizeDeferredTaxAsset
225000 USD
CY2013Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2013Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
17800000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.506 pure
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
464256 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
262500 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
726756 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
389800 shares
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
307000 USD
CY2013Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 USD
CY2013Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
22000 USD
CY2012Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
337000 USD
CY2012Q2 us-gaap Assets
Assets
5114000 USD
CY2012Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7000 USD
CY2012Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
34000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
647000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
710000 USD
CY2013Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
141000 USD
CY2013Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
263000 USD
CY2012Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
20000 USD
CY2011Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
26000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
14000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
6000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
9000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
4000 USD
CY2013Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
25000 USD
CY2012Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
28000 USD

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