Retirement Plans

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Retirement Plans

NOTE 16 - RETIREMENT PLANS

The Company contributes to 401K deferred tax defined contribution pension plans covering substantially all U.S. domestic employees. The Company’s contributions to these plans were $7,000 and $3,000 in the years ended December 31, 2014 and 2013, respectively. In the UK, the Company contributes to certain defined contribution pension plans for eligible employees who choose to join the schemes. The rates of the Company contributions range from 2% to 8% of eligible earnings. The Company’s contributions to these UK pension plans were $600,000 in 2014 and $550,000 in 2013.

The Company’s subsidiary in France has a retirement plan. Employee benefits are based on years of service and the employees’ compensation during their employment. The plan does not have specifically identified, segregated assets but the projected cost has been accrued in these accounts and the projected benefit obligation is included in accrued liabilities. The liabilities are calculated by external actuarial consultants. No contributions were paid in either of the periods presented. The actuarially computed components of net periodic benefit cost included the following components for the years ended December 31, (in thousands):

	2014		2013
Service costs	$	20	$	20
Interest costs		14		13
Amortization of unrecognized prior service cost		3		4
Net periodic pension expense	$	37	$	37

The following table sets forth the funded status and amounts recognized in the Company’s consolidated balance sheet and consolidated statements of comprehensive income/(loss) for the years ended December 31, (in thousands):

	2014			2013
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	455		$	453
Service cost		20			20
Interest cost		14			13
Exchange rate movement		(66	)		20
Actuarial loss/(gain)		98			(51	)
Projected benefit obligation, end of year	$	521		$	455
Unfunded status	$	521		$	455
Unrecognized loss		-			-
Net amount recognized	$	521		$	455

The weighted average assumptions used to determine pension benefit obligations at December 31, were as follows:

	2014			2013
Discount rate		1.5	%		3.15	%
Average remaining service life at year end		12.5 yrs.			13.1 yrs.
Average rate of future compensation increase		2.0	%		2.0	%