Note 13 - Subsequent Event

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Subsequent Events [Text Block]

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Subsequent Event

The Company assessed events occurring subsequent to September 30, 2015 for potential recognition and disclosure in the consolidated financial statements. No events have occurred that would require adjustments to the consolidated financial statements.

In late October, the Board of Directors of the Company recommended that management evaluate options for the sale or closure of its Zenara business located in Hyderabad, India, due to a strategic change in focus on higher growth initiatives as well as to reduce attention required by senior management to operate Zenara. As of September 30, 2015, Zenara had assets of approximately $18,000, including intangible assets of approximately $13,000, property, plant and equipment of approximately $3,000, and current assets of approximately $2,000. The Company has also recorded approximately $2,000 in foreign currency translation adjustments related to this business that could be required to be recorded as expense to the income statement in a future period. The Company anticipates formulating a course of action for both a sale and closure scenario that could result in impairment of some or all of the assets recorded as a result of this decision. Additional costs could be incurred for severance and facility closure.

 

These charges will

be recorded prior to December 31, 2015.