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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vicon Industrial Inc (CE) | USOTC:VCON | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 65.00 | 1 | 01:00:00 |
NEW YORK
|
11-2160665
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer identification No.)
|
|
|
135 Fell Court, Hauppauge, New York
|
11788
|
(Address of principal executive offices)
|
(Zip Code)
|
Common Stock, Par Value $.01
|
NYSE American
|
(Title of class)
|
(Name of each exchange on which registered)
|
Quarter Ended
|
|
High
|
|
|
Low
|
|
Fiscal 2017
|
|
|
|
|
||
December
|
|
0.78
|
|
|
0.51
|
|
March
|
|
0.72
|
|
|
0.26
|
|
June
|
|
0.99
|
|
|
0.30
|
|
September
|
|
0.70
|
|
|
0.32
|
|
Fiscal 2016
|
|
|
|
|
||
December
|
|
2.55
|
|
|
1.33
|
|
March
|
|
2.15
|
|
|
0.71
|
|
June
|
|
0.99
|
|
|
0.49
|
|
September
|
|
1.80
|
|
|
0.46
|
|
Name
|
|
Age
|
|
Position
|
John M. Badke
|
|
58
|
|
Chief Executive Officer and Chief Financial Officer
|
Bret M. McGowan
|
|
52
|
|
Senior Vice President, Sales and Marketing (Americas)
|
Peter A. Horn
|
|
62
|
|
Vice President, Operations
|
Mark S. Provinsal
|
|
51
|
|
Managing Director, Vicon Industries, Ltd.
|
Julian A. Tiedemann
|
|
53
|
|
Chairman of the Board of Directors
|
Arthur D. Roche
|
|
79
|
|
Director
|
Steven E. Walin
|
|
62
|
|
Director
|
Warren J. White
|
|
66
|
|
Director
|
Name and Principal Position
|
|
Year
|
|
Salary ($)
|
|
All Other Compensation ($)(1)
|
|
Total ($)
|
|||||
John M. Badke
Chief Executive Officer and Chief Financial Officer
|
|
2017
|
|
225,000
|
|
|
|
7,974
|
|
|
|
232,974
|
|
|
2016
|
|
193,096
|
|
|
|
7,843
|
|
|
|
200,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Bret M. McGowan
Senior Vice President, Sales and Marketing (Americas)
|
|
2017
|
|
190,000
|
|
|
|
6,000
|
|
|
|
196,000
|
|
|
2016
|
|
190,000
|
|
|
|
6,000
|
|
|
|
196,000
|
|
(1)
|
Represents automobile expense paid by the Company.
|
Name
|
|
Number of securities underlying unexercised options (#) exercisable
|
|
Number of securities underlying unexercised options (#) unexercisable
|
|
Option exercise price ($)
|
|
Option expiration date
|
|
||||||
John M. Badke
Chief Executive Officer and Chief Financial Officer
|
|
10,000
|
|
|
(1)
|
|
—
|
|
|
(1)
|
|
$4.79
|
|
5/22/2018
|
|
|
8,000
|
|
|
(1)
|
|
—
|
|
|
(1)
|
|
$5.00
|
|
11/5/2018
|
|
|
|
7,000
|
|
|
(1)
|
|
—
|
|
|
(1)
|
|
$4.06
|
|
10/15/2020
|
|
|
|
6,500
|
|
|
(1)
|
|
—
|
|
|
(1)
|
|
$3.31
|
|
10/25/2021
|
|
|
|
8,000
|
|
|
(1)
|
|
2,000
|
|
|
(1)
|
|
$2.62
|
|
12/4/2022
|
|
|
|
|
5,600
|
|
|
(2)
|
|
8,400
|
|
|
(2)
|
|
$1.48
|
|
6/9/2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Bret M. McGowan
Senior Vice President, Sales and Marketing (Americas)
|
|
5,000
|
|
|
(1)
|
|
—
|
|
|
(1)
|
|
$4.79
|
|
5/22/2018
|
|
|
7,000
|
|
|
(1)
|
|
—
|
|
|
(1)
|
|
$4.06
|
|
10/15/2020
|
|
|
|
6,500
|
|
|
(1)
|
|
—
|
|
|
(1)
|
|
$3.31
|
|
10/25/2021
|
|
|
|
4,000
|
|
|
(1)
|
|
1,000
|
|
|
(1)
|
|
$2.62
|
|
12/4/2022
|
|
|
|
|
5,600
|
|
|
(2)
|
|
8,400
|
|
|
(2)
|
|
$1.48
|
|
6/9/2025
|
|
(1)
|
Options vest over a five year period in five equal annual installments beginning on the first anniversary of the grant date. Options expire after the tenth anniversary of the grant date.
|
(2)
|
Options vest over a four year period in four equal annual installments beginning on the first anniversary of the grant date. Options expire after the tenth anniversary of the grant date.
|
Name
|
|
Fees Earned or Paid in Cash ($)
|
|
Total ($)
|
|
||
Arthur D. Roche
|
|
47,000
|
|
|
|
47,000
|
|
Julian A. Tiedemann
|
|
54,000
|
|
|
|
54,000
|
|
Steven E. Walin
|
|
45,000
|
|
|
|
45,000
|
|
Warren J. White
|
|
45,000
|
|
|
|
45,000
|
|
Plan category
|
|
Number of securities
to be issued upon
exercise of
outstanding options,
warrants and rights
(a)
|
|
Weighted average
exercise price of
outstanding options,
warrants and rights
(b)
|
|
Number of securities
remaining available for
future issuance under
equity compensation plans
(excluding securities
reflected in column (a))
(c)
|
||||
Equity compensation plans approved by security holders
|
|
|
|
|
|
|
|
|
||
|
362,942
|
|
|
|
$3.64
|
|
195,668
|
|
(2)
|
|
Equity compensation plans not approved by security holders
|
|
|
|
|
|
|
|
|
|
|
|
180,148
|
|
(1)
|
|
$2.72
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total
|
|
543,090
|
|
|
|
$3.33
|
|
195,668
|
|
|
|
|
2017
|
|
|
2016
|
|
||
Audit fees
|
|
|
$295,000
|
|
|
|
$268,000
|
|
Audit related fees
|
|
—
|
|
|
—
|
|
||
Tax fees
|
|
49,000
|
|
|
56,000
|
|
||
Totals
|
|
|
$344,000
|
|
|
|
$324,000
|
|
Number
|
Description
|
2.1
|
|
3.1
|
Articles of Incorporation (Incorporated by reference to the 1985 Annual Report on Form 10-K; Form S-2 filed in Registration Statement No. 33-10435 and Exhibit A, B and C of the 1987 Proxy Statement)
|
3.2
|
|
3.3
|
|
4.1
|
|
4.2
|
|
10.1
|
|
10.2
|
|
10.3
|
|
10.4
|
|
10.5
|
|
10.6
|
|
10.7
|
|
10.8
|
|
10.9
|
|
10.10
|
|
10.11
|
|
10.12
|
|
10.13
|
|
21
|
Subsidiaries of the Registrant (Incorporated by reference to the Notes to the Consolidated Financial Statements)
|
23
|
|
|
Rule 13a-14(a)/15d-14(a) Certifications
|
31.1
|
|
32.1
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document*
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document*
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document*
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document*
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document*
|
|
|
*
|
In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to this Annual Report on Form 10-K shall be deemed to be “furnished” and not “filed.”
|
|
|
2017
|
|
2016
|
||||
Net sales
|
|
$
|
26,651,631
|
|
|
$
|
35,759,651
|
|
Cost of sales
|
|
16,499,372
|
|
|
22,402,117
|
|
||
Gross profit
|
|
10,152,259
|
|
|
13,357,534
|
|
||
Operating expenses:
|
|
|
|
|
|
|
||
Selling, general and administrative expense
|
|
11,135,545
|
|
|
13,656,969
|
|
||
Engineering and development expense
|
|
4,811,465
|
|
|
5,193,085
|
|
||
Goodwill and intangible asset writedowns
|
|
838,500
|
|
|
7,995,636
|
|
||
|
|
16,785,510
|
|
|
26,845,690
|
|
||
Operating loss
|
|
(6,633,251
|
)
|
|
(13,488,156
|
)
|
||
Other income (expense):
|
|
|
|
|
|
|
||
Gain on sale of building
|
|
—
|
|
|
784,896
|
|
||
Interest expense
|
|
(379,767
|
)
|
|
(71,332
|
)
|
||
Interest income
|
|
1,438
|
|
|
608
|
|
||
Loss before income taxes
|
|
(7,011,580
|
)
|
|
(12,773,984
|
)
|
||
Income tax expense
|
|
—
|
|
|
—
|
|
||
Net loss
|
|
$
|
(7,011,580
|
)
|
|
$
|
(12,773,984
|
)
|
Loss per share:
|
|
|
|
|
|
|
||
Basic
|
|
$
|
(.75
|
)
|
|
$
|
(1.37
|
)
|
Diluted
|
|
$
|
(.75
|
)
|
|
$
|
(1.37
|
)
|
|
|
2017
|
|
2016
|
||||
Net loss
|
|
$
|
(7,011,580
|
)
|
|
$
|
(12,773,984
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
||||
Unrealized gain (loss) on securities
|
|
(424
|
)
|
|
173
|
|
||
Foreign currency translation adjustment
|
|
373,225
|
|
|
(251,718
|
)
|
||
Other comprehensive income (loss)
|
|
372,801
|
|
|
(251,545
|
)
|
||
Comprehensive loss
|
|
$
|
(6,638,779
|
)
|
|
$
|
(13,025,529
|
)
|
ASSETS
|
|
2017
|
|
2016
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
2,253,952
|
|
|
$
|
1,954,422
|
|
Marketable securities
|
|
13,555
|
|
|
13,545
|
|
||
Accounts receivable (less allowance of $946,000 in 2017 and $1,069,000 in 2016)
|
|
4,349,733
|
|
|
6,158,504
|
|
||
Inventories:
|
|
|
|
|
|
|
||
Parts, components and materials
|
|
783,553
|
|
|
1,432,135
|
|
||
Work-in-process
|
|
985,934
|
|
|
812,455
|
|
||
Finished products
|
|
4,780,514
|
|
|
4,745,660
|
|
||
|
|
6,550,001
|
|
|
6,990,250
|
|
||
Prepaid expenses and other current assets
|
|
782,128
|
|
|
572,440
|
|
||
Total current assets
|
|
13,949,369
|
|
|
15,689,161
|
|
||
Property, plant and equipment:
|
|
|
|
|
|
|
||
Leasehold improvements
|
|
195,950
|
|
|
188,728
|
|
||
Machinery, equipment and vehicles
|
|
5,842,970
|
|
|
5,677,241
|
|
||
|
|
|
|
|
||||
Property, plant and equipment
|
|
6,038,920
|
|
|
5,865,969
|
|
||
Less accumulated depreciation and amortization
|
|
5,637,222
|
|
|
5,345,786
|
|
||
Property, plant and equipment, net
|
|
401,698
|
|
|
520,183
|
|
||
Intangible assets, net
|
|
—
|
|
|
1,106,500
|
|
||
Other assets
|
|
1,116,583
|
|
|
761,865
|
|
||
TOTAL ASSETS
|
|
$
|
15,467,650
|
|
|
$
|
18,077,709
|
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
||
Current Liabilities:
|
|
|
|
|
|
|
||
Accounts payable
|
|
$
|
3,138,057
|
|
|
$
|
2,551,080
|
|
Accrued compensation and employee benefits
|
|
1,629,175
|
|
|
1,701,103
|
|
||
Accrued expenses
|
|
1,169,392
|
|
|
1,472,272
|
|
||
Unearned revenue
|
|
500,878
|
|
|
476,565
|
|
||
Total current liabilities
|
|
6,437,502
|
|
|
6,201,020
|
|
||
Revolving credit borrowings
|
|
4,950,000
|
|
|
1,750,000
|
|
||
Unearned revenue-non current
|
|
139,601
|
|
|
76,950
|
|
||
Other long-term liabilities
|
|
1,570,861
|
|
|
1,522,825
|
|
||
Total liabilities
|
|
13,097,964
|
|
|
9,550,795
|
|
||
Commitments and contingencies - Note 8
|
|
|
|
|
|
|
||
Shareholders' equity:
|
|
|
|
|
|
|
||
Common stock, par value $.01 per share
authorized - 25,000,000 shares
issued - 10,044,827 shares
|
|
100,448
|
|
|
100,448
|
|
||
Capital in excess of par value
|
|
40,999,470
|
|
|
40,517,919
|
|
||
Accumulated deficit
|
|
(35,136,539
|
)
|
|
(28,124,959
|
)
|
||
Treasury stock at cost, 696,439 shares in 2017 and 2016
|
|
(3,437,643
|
)
|
|
(3,437,643
|
)
|
||
Accumulated other comprehensive loss
|
|
(156,050
|
)
|
|
(528,851
|
)
|
||
Total shareholders' equity
|
|
2,369,686
|
|
|
8,526,914
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$
|
15,467,650
|
|
|
$
|
18,077,709
|
|
See accompanying notes to consolidated financial statements.
|
|
|
|
|
|
|
|
Shares
|
|
Common
Stock
|
|
Capital in
excess of
par value
|
|
Accumulated deficit
|
|
Treasury
Stock
|
|
Accumulated
other
compre-hensive
income (loss)
|
|
Total
share-
holders'
equity
|
|||||||||||||
September 30, 2015
|
10,010,995
|
|
|
$
|
100,110
|
|
|
$
|
40,972,205
|
|
|
$
|
(15,350,975
|
)
|
|
$
|
(3,979,852
|
)
|
|
$
|
(277,306
|
)
|
|
$
|
21,464,182
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,773,984
|
)
|
|
—
|
|
|
—
|
|
|
(12,773,984
|
)
|
||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(251,718
|
)
|
|
(251,718
|
)
|
||||||
Unrealized gain on marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
173
|
|
|
173
|
|
||||||
Distribution of deferred compensation shares
|
22,050
|
|
|
220
|
|
|
(542,429
|
)
|
|
—
|
|
|
542,209
|
|
|
—
|
|
|
—
|
|
||||||
Exercise of stock options
|
11,782
|
|
|
118
|
|
|
5,066
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,184
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
81,593
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81,593
|
|
||||||
Deferred compensation amortization
|
—
|
|
|
—
|
|
|
1,484
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,484
|
|
||||||
September 30, 2016
|
10,044,827
|
|
|
$
|
100,448
|
|
|
$
|
40,517,919
|
|
|
$
|
(28,124,959
|
)
|
|
$
|
(3,437,643
|
)
|
|
$
|
(528,851
|
)
|
|
$
|
8,526,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,011,580
|
)
|
|
—
|
|
|
—
|
|
|
(7,011,580
|
)
|
||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
373,225
|
|
|
373,225
|
|
||||||
Unrealized loss on marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(424
|
)
|
|
(424
|
)
|
||||||
Issuance of warrants
|
—
|
|
|
—
|
|
|
438,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
438,000
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
42,071
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,071
|
|
||||||
Deferred compensation amortization
|
—
|
|
|
—
|
|
|
1,480
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,480
|
|
||||||
September 30, 2017
|
10,044,827
|
|
|
$
|
100,448
|
|
|
$
|
40,999,470
|
|
|
$
|
(35,136,539
|
)
|
|
$
|
(3,437,643
|
)
|
|
$
|
(156,050
|
)
|
|
$
|
2,369,686
|
|
See accompanying notes to consolidated financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net loss
|
|
$
|
(7,011,580
|
)
|
|
$
|
(12,773,984
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
|
||
Goodwill and intangible asset impairments
|
|
838,500
|
|
|
7,995,636
|
|
||
Gain on sale of building
|
|
—
|
|
|
(784,896
|
)
|
||
Depreciation and amortization
|
|
626,332
|
|
|
850,697
|
|
||
Amortization of deferred compensation
|
|
1,480
|
|
|
1,484
|
|
||
Stock compensation expense
|
|
42,071
|
|
|
81,593
|
|
||
Change in assets and liabilities, net of acquisition:
|
|
|
|
|
|
|
||
Accounts receivable, net
|
|
1,820,642
|
|
|
4,312,092
|
|
||
Inventories
|
|
496,078
|
|
|
1,406,203
|
|
||
Prepaid expenses and other current assets
|
|
(202,892
|
)
|
|
(96,348
|
)
|
||
Other assets
|
|
(15,935
|
)
|
|
(39,842
|
)
|
||
Accounts payable
|
|
555,832
|
|
|
(2,983,822
|
)
|
||
Accrued compensation and employee benefits
|
|
(74,723
|
)
|
|
(1,188,773
|
)
|
||
Accrued expenses
|
|
(304,136
|
)
|
|
(156,448
|
)
|
||
Unearned revenue
|
|
86,964
|
|
|
(380,402
|
)
|
||
Other liabilities
|
|
46,382
|
|
|
26,003
|
|
||
Net cash used in operating activities
|
|
(3,094,985
|
)
|
|
(3,730,807
|
)
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
|
||
Proceeds from sale of building, net
|
|
—
|
|
|
1,512,320
|
|
||
Net increase in marketable securities
|
|
(434
|
)
|
|
(325
|
)
|
||
Capital expenditures
|
|
(138,443
|
)
|
|
(199,859
|
)
|
||
Net cash provided by (used in) investing activities
|
|
(138,877
|
)
|
|
1,312,136
|
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
||
Revolving credit borrowings
|
|
3,200,000
|
|
|
1,750,000
|
|
||
Proceeds from exercise of stock options
|
|
—
|
|
|
5,184
|
|
||
Net cash provided by financing activities
|
|
3,200,000
|
|
|
1,755,184
|
|
||
|
|
|
|
|
||||
Effect of exchange rate changes on cash
|
|
333,392
|
|
|
227,500
|
|
||
Net increase (decrease) in cash
|
|
299,530
|
|
|
(435,987
|
)
|
||
Cash and cash equivalents at beginning of year
|
|
1,954,422
|
|
|
2,390,409
|
|
||
Cash and cash equivalents at end of year
|
|
$
|
2,253,952
|
|
|
$
|
1,954,422
|
|
|
|
|
|
|
||||
Cash paid during the fiscal year for:
|
|
|
|
|
|
|
||
Income taxes
|
|
$
|
21,751
|
|
|
$
|
20,425
|
|
Interest
|
|
$
|
231,113
|
|
|
$
|
71,497
|
|
Non-cash investing and financing activities:
|
|
|
|
|
||||
Warrants issued
|
|
$
|
438,000
|
|
|
$
|
—
|
|
|
|
|
|
|
||||
See accompanying notes to consolidated financial statements.
|
|
|
|
|
2017
|
|
2016
|
||||
Balance at beginning of year
|
|
$
|
681,000
|
|
|
$
|
650,000
|
|
Provision for warranties
|
|
124,000
|
|
|
423,000
|
|
||
Expenses incurred
|
|
(374,000
|
)
|
|
(392,000
|
)
|
||
Balance at end of year
|
|
$
|
431,000
|
|
|
$
|
681,000
|
|
|
|
|
2016
|
|
Risk-free interest rate
|
|
|
1.6
|
%
|
Dividend yield
|
|
|
0.0
|
%
|
Volatility factor
|
|
|
72.5
|
%
|
Weighted average expected life
|
|
|
7.0 years
|
|
Balance at October 1, 2015
|
$
|
6,016,469
|
|
Goodwill Impairment
|
(6,016,469
|
)
|
|
Balance at September 30, 2016
|
—
|
|
|
Changes in Goodwill
|
—
|
|
|
Balance at September 30, 2017
|
$
|
—
|
|
|
|
2017
|
|
2016
|
||||||||||
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
U.S. statutory tax
|
|
$
|
(2,384,000
|
)
|
|
(34.0
|
)%
|
|
$
|
(4,343,000
|
)
|
|
(34.0
|
)%
|
Increase in valuation allowance
|
|
2,280,000
|
|
|
32.5
|
|
|
2,318,000
|
|
|
18.1
|
|
||
Goodwill writedown
|
|
—
|
|
|
—
|
|
|
2,046,000
|
|
|
16.0
|
|
||
Foreign tax rate differences
|
|
238,000
|
|
|
3.4
|
|
|
—
|
|
|
—
|
|
||
Permanent differences
|
|
18,000
|
|
|
0.3
|
|
|
45,000
|
|
|
0.4
|
|
||
State tax, net of federal benefit
|
|
(126,000
|
)
|
|
(1.8
|
)
|
|
(119,000
|
)
|
|
(0.9
|
)
|
||
Other, net
|
|
(26,000
|
)
|
|
(0.4
|
)
|
|
53,000
|
|
|
0.4
|
|
||
Effective tax rate
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
|
2017
|
|
2016
|
||||
Deferred tax assets:
|
|
|
|
|
||||
Inventories
|
|
$
|
1,543,000
|
|
|
$
|
1,558,000
|
|
Accrued compensation
|
|
539,000
|
|
|
528,000
|
|
||
Warranty accrual
|
|
150,000
|
|
|
244,000
|
|
||
Depreciation
|
|
100,000
|
|
|
98,000
|
|
||
Allowance for doubtful accounts receivable
|
|
320,000
|
|
|
337,000
|
|
||
Unearned revenue
|
|
237,000
|
|
|
205,000
|
|
||
U.S. net operating loss carryforwards
|
|
8,794,000
|
|
|
7,223,000
|
|
||
Foreign net operating loss carryforwards
|
|
1,916,000
|
|
|
1,575,000
|
|
||
Tax credits
|
|
989,000
|
|
|
989,000
|
|
||
Other
|
|
1,181,000
|
|
|
724,000
|
|
||
Gross deferred tax assets
|
|
15,769,000
|
|
|
13,481,000
|
|
||
Deferred tax liabilities:
|
|
|
|
|
||||
Other
|
|
64,000
|
|
|
56,000
|
|
||
Gross deferred tax liabilities
|
|
64,000
|
|
|
56,000
|
|
||
Total deferred tax assets and liabilities
|
|
15,705,000
|
|
|
13,425,000
|
|
||
Less valuation allowance
|
|
(15,705,000
|
)
|
|
(13,425,000
|
)
|
||
Net deferred tax assets and liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
2017
|
|
2016
|
||||
Beginning balance
|
$
|
45,000
|
|
|
$
|
45,000
|
|
Additions (reductions) based on tax
positions related to prior years
|
|
|
|
||||
—
|
|
|
—
|
|
|||
Additions (reductions) based on tax
positions related to the current year
|
|
|
|
||||
—
|
|
|
—
|
|
|||
Ending balance
|
$
|
45,000
|
|
|
$
|
45,000
|
|
|
|
2017
|
|
2016
|
||||
Foreign currency translation adjustment
|
|
$
|
(155,491
|
)
|
|
$
|
(528,716
|
)
|
Unrealized loss on marketable securities
|
|
(559
|
)
|
|
(135
|
)
|
||
Accumulated other comprehensive loss
|
|
$
|
(156,050
|
)
|
|
$
|
(528,851
|
)
|
|
|
2017
|
|
2016
|
||||
Net sales
|
|
|
|
|
||||
U.S.
|
|
$
|
21,698,526
|
|
|
$
|
27,534,522
|
|
Foreign
|
|
4,953,105
|
|
|
8,225,129
|
|
||
Total
|
|
$
|
26,651,631
|
|
|
$
|
35,759,651
|
|
Long-lived assets
|
|
|
|
|
||||
U.S.
|
|
$
|
271,258
|
|
|
$
|
1,466,822
|
|
Foreign
|
|
130,440
|
|
|
159,861
|
|
||
Total
|
|
$
|
401,698
|
|
|
$
|
1,626,683
|
|
|
|
Number
of Options
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Remaining
Contractual
Term
(in years)
|
|
Aggregate
Intrinsic
Value
|
||
Outstanding at September 30, 2015
|
|
539,768
|
|
|
|
$3.36
|
|
|
|
|
|
Options granted
|
|
40,000
|
|
|
|
$1.33
|
|
|
|
|
|
Options exercised
|
|
(11,782
|
)
|
|
|
$0.44
|
|
|
|
|
|
Options forfeited
|
|
(31,756
|
)
|
|
|
$2.83
|
|
|
|
|
|
Outstanding at September 30, 2016
|
|
536,230
|
|
|
|
$3.31
|
|
|
|
|
|
Options granted
|
|
—
|
|
|
—
|
|
|
|
|
|
|
Options exercised
|
|
—
|
|
|
—
|
|
|
|
|
|
|
Options forfeited
|
|
(80,497
|
)
|
|
|
$2.86
|
|
|
|
|
|
Outstanding at September 30, 2017
|
|
455,733
|
|
|
|
$3.39
|
|
|
3.6
|
|
$—
|
Exercisable at September 30, 2017
|
|
393,683
|
|
|
|
$3.68
|
|
|
2.9
|
|
$—
|
|
|
Number
of SARs
|
|
Weighted
Average
Base
Price
|
|
|
Weighted
Average
Remaining
Contractual
Term
(in years)
|
|
Aggregate
Intrinsic
Value
|
||
Outstanding at September 30, 2015
|
|
100,994
|
|
|
|
$3.05
|
|
|
|
|
|
SARs granted
|
|
—
|
|
|
—
|
|
|
|
|
|
|
SARs exercised
|
|
—
|
|
|
—
|
|
|
|
|
|
|
SARs forfeited
|
|
(20,198
|
)
|
|
|
$2.93
|
|
|
|
|
|
Outstanding at September 30, 2016
|
|
80,796
|
|
|
|
$3.08
|
|
|
|
|
|
SARs granted
|
|
—
|
|
|
—
|
|
|
|
|
|
|
SARs exercised
|
|
—
|
|
|
—
|
|
|
|
|
|
|
SARs forfeited
|
|
—
|
|
|
—
|
|
|
|
|
|
|
Outstanding at September 30, 2017
|
|
80,796
|
|
|
|
$3.08
|
|
|
0.3
|
|
—
|
Exercisable at September 30, 2017
|
|
80,796
|
|
|
|
$3.08
|
|
|
0.3
|
|
—
|
|
|
2017
|
|
2016
|
||||
Basic EPS Computation
|
|
|
|
|
||||
Net loss
|
|
$
|
(7,011,580
|
)
|
|
$
|
(12,773,984
|
)
|
Weighted average shares outstanding
|
|
9,348,388
|
|
|
9,341,030
|
|
||
Basic loss per share
|
|
$
|
(.75
|
)
|
|
$
|
(1.37
|
)
|
|
|
|
|
|
||||
Diluted EPS Computation
|
|
|
|
|
||||
Net loss
|
|
$
|
(7,011,580
|
)
|
|
$
|
(12,773,984
|
)
|
Weighted average shares outstanding
|
|
9,348,388
|
|
|
9,341,030
|
|
||
Stock options
|
|
—
|
|
|
—
|
|
||
Stock compensation arrangements
|
|
—
|
|
|
—
|
|
||
Diluted shares outstanding
|
|
9,348,388
|
|
|
9,341,030
|
|
||
Diluted loss per share
|
|
$
|
(.75
|
)
|
|
$
|
(1.37
|
)
|
|
|
|
2017
|
|
Risk-free interest rate
|
|
|
1.4
|
%
|
Dividend yield
|
|
|
0.0
|
%
|
Volatility factor
|
|
|
125.6
|
%
|
Weighted average expected life
|
|
|
3.0 years
|
|
Warrants
|
|
Number of Warrants
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Term (in years)
|
|
Aggregate Intrinsic Value
|
|||
Outstanding at September 30, 2015
|
|
—
|
|
|
—
|
|
|
|
|
||
Warrants exercised
|
|
—
|
|
|
—
|
|
|
|
|
||
Warrants forfeited
|
|
—
|
|
|
—
|
|
|
|
|
||
Outstanding at September 30, 2016
|
|
—
|
|
|
—
|
|
|
|
|
||
Warrants granted
|
|
1,500,000
|
|
|
$0.40
|
|
|
|
|
||
Warrants exercised
|
|
—
|
|
|
—
|
|
|
|
|
||
Warrants forfeited
|
|
—
|
|
|
—
|
|
|
|
|
||
Outstanding at September 30, 2017
|
|
1,500,000
|
|
|
$0.40
|
|
2.6
|
|
|
$—
|
|
Exercisable at September 30, 2017
|
|
1,500,000
|
|
|
$0.40
|
|
2.6
|
|
|
$—
|
|
By /s/ John M. Badke
|
John M. Badke
|
Chief Executive Officer and
|
Chief Financial Officer
|
(Principal Executive, Financial and Accounting Officer)
|
/s/ Julian A. Tiedemann
|
|
|
December 29, 2017
|
Julian A. Tiedemann
|
|
Chairman of the Board of Directors
|
Date
|
|
|
|
|
/s/ Arthur D. Roche
|
|
|
December 29, 2017
|
Arthur D. Roche
|
|
Director
|
Date
|
|
|
|
|
/s/ Steven E. Walin
|
|
|
December 29, 2017
|
Steven E. Walin
|
|
Director
|
Date
|
|
|
|
|
/s/ Warren J. White
|
|
|
December 29, 2017
|
Warren J. White
|
|
Director
|
Date
|
|
|
|
|
|
|
|
|
1 Year Vicon Industrial (CE) Chart |
1 Month Vicon Industrial (CE) Chart |
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