Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

13.  Stockholders’ Equity (Deficit)

During 2014 and 2013, the Board of Directors did not declare any quarterly cash dividends on the Company’s Common Stock.

In connection with a private placement of $650,000 of 4.00% notes, see Note 12 – Long-Term Debt, the Company issued 40,000 warrants to the subscriber at an exercise price of $2.50 per share, which would have expired on June 17, 2016.  These warrants were exercised in October 2014.

Shares of the Company’s Common Stock reserved for future issuance in connection with convertible securities and stock option plans were 275,000 and 362,000 at December 31, 2014 and 2013, respectively.

At the Company’s annual meeting of stockholders held on October 2, 2013, the Company sought stockholder approval of, among other things, the approval of certain amendments to the Company’s amended and restated certificate of incorporation granting the Company’s board of directors the discretion to (a) effect a reverse stock split by a ratio of up to 1-for-1,000, with the exact ratio to be determined by our Board of Directors in its sole discretion, followed by a forward stock split by a ratio of up to 50-for-1, with the exact ratio to be determined by our Board of Directors in its sole discretion, and (b) reduce the Company’s authorized Common Stock.

The above-referenced actions were approved by the requisite vote of the Company’s stockholders. The Company’s board of directors approved the filing of amendments to the Company’s amended and restated certificate of incorporation to effect a 1-for-1,000 reverse stock split of the Common Stock immediately followed by a 40-for-1 forward stock split of the Common Stock (the “Amendments”).

On October 25, 2013, the Company filed the Amendments with the office of the Delaware Secretary of State, which each have an effective date of October 29, 2013.  As a result, every 1,000 outstanding shares of Common Stock was exchangeable into 1 share of Common Stock.  Any stockholder who owned a fractional share of Common Stock after the reverse stock split was cashed out.  Immediately following the reverse stock split, the Company effected a 40 for 1 forward stock split.  As of the conclusion of the forward stock split, every 1 outstanding share of Common Stock became exchangeable into 40 shares of Common Stock.  As a result of the foregoing, stockholders with less than 1,000 shares of Common Stock in any one account immediately prior to the Effective Date have had these shares cancelled and converted to the right to receive cash based upon the closing market price of such shares at the end of business on Friday, October 25, 2013, which was $0.29 per share.  All of the share and per share amounts noted in these financial statements and Form 10-K reflect the effect of the reverse and forward stock splits unless otherwise noted.  Lastly, as a result of the filing of the Amendments, the Company’s authorized Common Stock was reduced to 10,000,000 shares as of the Effective Date.

During 2014 and 2013, certain board members deferred payment of their fees.  In lieu of a cash payment, certain board members and former board members have agreed to receive restricted shares of Common Stock of the Company or a combination of cash and restricted shares of Common Stock of the Company, which such restricted shares shall contain a legend under the Securities Act of 1933 and shall not be transferable unless and until registered or otherwise in accordance with applicable securities laws.  Certain of these restricted shares were issued in December 2013.

Accumulated other comprehensive loss is comprised of $5,965,000 and $3,401,000 of unrecognized pension costs at December 31, 2014 and 2013, respectively, and $504,000 and $773,000 of unrealized foreign currency translation gains at December 31, 2014 and 2013, respectively.