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Fair Value
12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]

3.  Fair Value


The Company carries its money market funds and cash surrender value of life insurance related to its deferred compensation arrangements at fair value.  Under ASC 820, the fair value of all assets and liabilities is determined using a three-tier fair value hierarchy.


The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:


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Level 1 – Inputs to the valuation methodology based on unadjusted quoted market prices in active markets that are accessible at the measurement date.


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Level 2 – Inputs to the valuation methodology that include quoted market prices that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly.


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Level 3 – Inputs to the valuation methodology that are unobservable and significant to the fair value measurement.


Based on this hierarchy, the Company determined the fair value of its money market funds using quoted market prices, a Level 1 or an observable input, and the cash surrender value of life insurance, a Level 2 based on observable inputs primarily from the counter party.  The Company’s money market funds and the cash surrender value of life insurance had carrying amounts of $1,000 and $55,000, respectively, at December 31, 2016 and 2015, and are included in Cash and cash equivalents and Other assets, respectively, in the Consolidated Balance Sheets.  The carrying amounts of cash equivalents, receivables and accounts payable approximate fair value due to the short maturities of these items.  The fair value of the Company’s Notes, using observable inputs, was $77,000 at December 31, 2016 and $164,000 at December 31, 2015.  The fair value of the Company’s Debentures, using observable inputs, was $44,000 at December 31, 2016 and $33,000 at December 31, 2015.  The fair value of the Company’s remaining long-term debt including current portion approximates its carrying value of $3.2 million at December 31, 2016 and $333,000 at December 31, 2015.


The fair value of warrants is calculated using the Black-Scholes method at the time of issuance of the warrants, for which the Company’s warrants have been classified under the equity method.  The Black-Scholes calculated values totaling $252,000 of the equity warrants issued to directors in 2013 were amortized over their vesting periods of one, two and three years.  The equity warrants issued in 2015 were fully vested at the date of issuance, so their Black-Scholes calculated value of $21,000 was fully charged to the equity section at the date of issuance.