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Stockholders' Deficit
12 Months Ended
Dec. 31, 2018
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

13.  Stockholders’ Deficit


During 2018 and 2017, the Board of Directors did not declare any quarterly cash dividends on the Company’s Common Stock.  In September 2018, the Board of Directors declared a cash dividend of $6.00 per share for each share of SBCPS (aggregating $99,000, which was paid in November 2018).  In April 2018, the Board of Directors declared a stock dividend of 7.6923 shares of Common Stock for each share of SBCPS (aggregating 127,013 common shares, which were issued in May 2018). In the year ended December 31, 2017, the Company declared cash dividends related to the SBCPS of $198,000.  As of December 31, 2018 and 2017, the Company had recorded accumulated unpaid dividends related to SBCPS of $41,000.


The Company was authorized to issue 500,000 shares of preferred stock as of December 31, 2018, of which (i) 416,500 shares were designated as Series A Convertible Preferred Stock, none of which were outstanding, (ii) 51,000 shares were designated as SBCPS, 16,512 of which were outstanding as of December 31, 2018, and (iii) 32,500 shares were not yet designated.  The SBCPS has a stated price of $200.00 per share and was convertible into 20 shares of Common Stock.  Subsequent to December 31, 2018, the Company filed amendments to increase the authorized shares of preferred stock to 2,500,000 and to increase the conversion rate of the SBCPS to 100 shares of Common Stock.  Also subsequent to December 31, 2018, the holders of 15,864 shares of SBCPS converted their shares into 1,586,400 shares of Common Stock, leaving 648 shares of SBCPS outstanding.  The SBCPS carries a 6.0% cumulative annual dividend, which amounts to $198,000 on an annual basis.  As of November 19, 2018, the shares of SBCPS were subject to mandatory conversion at the Company’s discretion.  The undesignated preferred stock would contain such rights, preferences, privileges and restrictions as may be fixed by our Board of Directors.


Shares of the Company’s Common Stock reserved for future issuance in connection with convertible securities and stock option plans were 6,260,343 and 402,000 at December 31, 2018 and 2017, respectively.


During 2018 and 2017, certain board members deferred payment of their director 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.  No restricted stock was issued in lieu of cash payments for directors’ fees in 2018 or 2017.


Accumulated other comprehensive loss is comprised of approximately $6.5 million and $5.8 million of unrecognized pension costs at December 31, 2018 and 2017, respectively, and $76,000 and $281,000 of unrealized foreign currency translation gains at December 31, 2018 and 2017, respectively.


The components of accumulated other comprehensive loss are as follows:


In thousands

 

Pension plan
actuarial loss

 

 

Foreign currency
translation
gain (loss)

 

 

Total

Balances at January 1, 2017

$

(5,722)

 

$

112

 

$

(5,610)

Actuarial loss

 

(95)

   

-

   

(95)

Translation gain

 

-

 

 

169

 

 

169

Balances at December 31, 2017

 

(5,817)

   

281

   

(5,536)

Actuarial loss

 

(653)

 

 

-

 

 

(653)

Translation loss

 

-

 

 

(205)

 

 

(205)

Balances at December 31, 2018

$

(6,470)

 

$

76

 

$

(6,394)