EX-10.4

Exhibit 10.4

WARRANT TO PURCHASE

500,000 SHARES OF THE COMMON STOCK

OF

TRANS-LUX CORPORATION

Issuance Date: June 4, 2020

This Warrant has not been registered under the Securities Act of 1933, as amended (the “Act”) or any securities laws of the State of New York. This Warrant (and any shares of common stock issued upon exercise thereof, the “Warrant Shares”) has been acquired for investment (and not with a view toward distribution or resale) directly from Trans-Lux Corporation (the “Company”) in a transaction not involving any public offering, and must be held for the minimum period of time as may be required by applicable federal or state Securities Laws. No sale, pledge or other transfer or disposition of the Warrant or Warrant Shares, or of any interest therein, may be made unless in compliance with the terms herein and unless and until (i) a registration statement under the Act has been filed with the Securities and Exchange Commission and pursuant to any applicable state securities laws and has become effective with respect to such transfer or (ii) the Company shall have received an opinion of counsel reasonably satisfactory to it and in form and substance reasonably satisfactory to it that registration under the Act and applicable state law is not required with respect to the intended transfer. An opinion of counsel that routinely is involved in the practice of securities law shall be sufficient for the aforesaid purposes, and upon delivery of same the Warrant Holder (as hereinafter defined) shall be entitled to sell, pledge, transfer or dispose of the Warrant or Warrant Shares. As used throughout, any law, regulation, rule, etc. governing the issuance and sale of securities and promulgated by any state or Federal authority having jurisdiction thereto shall be referred to as “Securities Law” or “Securities Laws”.

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Any purported sale, pledge or other transfer or disposition of this Warrant or of the Warrant Shares in violation of any provision of this Warrant (including, but not limited to the above securities laws restrictions) shall be null and void.

This certifies that in connection with the consummation of a transaction with Craftsmen Industries, Inc., whereby a Guaranty was given by Warrant Holder and other good and valuable consideration given by Unilumin USA, LLC, a Florida limited liability company, its successors and/or assigns (“Warrant Holder”) to the Company the receipt of which is hereby acknowledged, Warrant Holder is entitled to purchase, subject to the provisions of this Warrant, for a period of four years from the issuance of the Warrant, but not thereafter, from the Company, an amount of the Company’s common stock equal to up to 500,000 shares of the Company’s common stock on a fully diluted basis, as adjusted pursuant to this Warrant, such shares being referred to as the “Warrant Shares”.  The initial purchase price per share payable upon the exercise of this Warrant shall be $1.00 per share (the “Warrant Price”),

This Warrant is subject to the following terms and conditions:

1.Exercise of Warrant.

A.This Warrant may be exercised in whole or in part by Warrant Holder or the registered holder at any time within four years from the issuance date of the Warrant, upon the following terms and conditions:

The Warrant Holder and/or the registered holder hereof shall be entitled to exercise this Warrant, at any time within four years after the issuance date of the Warrant.

2

Warrant Holder and/or the registered holder hereof must give written notice at the offices of the Company of its intention to exercise the Warrant in whole or in part. Upon delivery of this Warrant at the offices of the Company or at such other address as the Company may designate by notice in writing to Warrant Holder with the Notice of Exercise annexed hereto duly executed, accompanied by payment of the Warrant Price for the number of Warrant Shares purchased, the Warrant Holder and/or the registered holder of this Warrant shall be entitled to receive a certificate or certificates for the Warrant Shares so purchased and the Company agrees that at all times during the term of this Warrant it shall cause to be reserved for issuance such number of shares of its common stock as shall be required for issuance and delivery upon exercise of this Warrant. In the event of a partial exercise and purchase of Warrant Shares, the Company shall issue an exchange warrant that can thereafter be utilized to exercise for purchase of the remaining Warrant Shares not as yet purchased, which warrant shall be issued on the same terms and conditions as set forth herein, but adjusted for the remaining number of shares that are subject to the Warrant.

2.Transfer or Assignment of Warrant.

Any assignment or transfer of this Warrant which is permissible shall be made by surrender of this Warrant at the offices of the Company or at such other address as the Company may designate in writing to the Warrant Holder or the registered holder hereof with the Assignment Form annexed hereto duly executed and accompanied by payment of any requisite transfer taxes and the Company shall, provided all conditions with respect thereto as set forth herein, if any, have been complied with, without charge, execute and deliver a new Warrant of like tenor and amount in the name of the assignee or transferee.  The Company shall process such transfer in a timely manner and agrees to complete the transfer within five (5) business days after tender of the appropriate documents necessary for such transfer.

3

3.Charges, Taxes and Expenses.

The issuance of certificates for shares of common stock upon any exercise of this Warrant shall be made without charge to the Warrant Holder or the registered holder hereof for  any stock transfer tax or other expense in respect to the issuance of such certificates, and all of such taxes and expenses shall be paid by the Company, and such certificates shall be issued only in the name of the registered holder of this Warrant.

4.Dilution Protection.

A.In the event the Company shall (i) declare a dividend on its common stock in shares of common stock or make a distribution in shares of common stock, (ii) declare a stock split or reverse stock split of its outstanding shares of common stock, (iii) combine its outstanding shares of common stock into a smaller number of shares of common stock, or (iv) issue by reclassification of its shares of common stock other securities (including any such reclassification in connection with a consolidation or merger in which the Company or any of its subsidiaries is the continuing corporation), then the number of shares of common stock of the Company, deliverable to Warrant Holder hereunder and the exercise price related thereto shall be adjusted so that Warrant Holder shall be entitled to receive the kind and number of shares of common stock of the Company which Warrant Holder has the right to receive, upon the happening of any of the events described above, with respect to the shares of the Company stock which were otherwise deliverable pursuant herein. An adjustment made pursuant to this paragraph shall become effective immediately after the effective date of such event.

B.Whenever the number of Warrant Shares or the exercise price of this Warrant is adjusted pursuant to this paragraph, the Company shall promptly mail by first class mail, postage prepaid, to Warrant Holder, notice of such adjustment or adjustments. 

4

5.Miscellaneous.

A.The terms of this Warrant shall be binding upon and shall inure to the benefit of any successors or assigns of the Company and of the holder or holders hereof and of the Warrant Shares. Upon 10 days’ prior written notice to the Company, Warrant Holder or the registered holder shall be entitled to assign or transfer the Warrant or Warrant Shares provided that such transfer complies with all applicable securities laws.

B.No holder of this Warrant, as such, shall be entitled to vote or receive dividends or be deemed to be a stockholder of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the holder of this Warrant, as such, any rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action, receive dividends or subscription rights, or otherwise.

C.Receipt of this Warrant or the Warrant Shares shall constitute agreement to all the terms and conditions contained herein including, but not limited to, the Securities Laws restrictions, and shall be deemed a representation of investment intent without a view toward distribution or resale.

D.This Warrant and the performance of the parties hereunder shall be construed and interpreted in accordance with the laws of the State of New York and the Courts located in New York County, New York shall have exclusive jurisdiction with respect to all controversies and disputes arising hereunder.

E.All notices shall be in writing and shall be deemed to have been properly given (i) upon delivery, if delivered in person, (ii) one (1) business day after having been deposited for overnight delivery with any reputable overnight courier service, or (iii) three (3) business days after having been deposited in any post office or mail depository regularly maintained by the U.S. Postal Service and sent by certified mail, postage prepaid, return receipt requested, addressed as follows:

5

If to Warrant Holder:

Unilumin USA, LLC

254 West 31st Street, 12th Floor
New York, NY 10001

with a copy to:

Durkin Law, LLC

101 Hudson Street, Suite 2100,
 Jersey City, NJ 07302

Attention: Thomas E. Durkin, III, Esq.
 If to the Company:

Trans-Lux Corporation

135 East 57th Street, 14th Floor
New York, NY 10022
Attention: Todd Dupee

with a copy to:

Olshan Frome Wolosky LLP
1325 Avenue of the Americas
New York, NY 10019

Attention: Kenneth A. Schlesinger, Esq.

6.Disposition of this Warrant and the Warrant Shares and RegistrationUnder SecuritiesLaws

A.The holder of this Warrant or the Warrant Shares, by acceptance hereof agrees, prior to the disposition of any such Warrant or Warrant Shares, to give written noticeto the Company expressing such holder’s intention to effect such disposition and describing the mannerthereof.

6

B.The holder also understands (i) that the Warrant and the Warrant Shares have not been and will not be registered under the Act and any applicable state securities law and that the Company is and will be relying upon an exemption from the registration requirements providing for issuance of securities not involving any public offering, (ii) that the Company has relied upon the fact that the Warrant and Warrant Shares will be held for investment and without a view to distribution. The holder confirms to the Company that it is acquiring the Warrant and the Warrant Shares for its own account for investment and not with a view to the resale or distribution thereof, and Warrant Holder shall be entitled to assign the Warrant or Warrant Shares to any third party provided that such transfer is made in accordance with applicable securities laws.

C.Any substitute Warrant and each certificate for the Warrant Shares shall contain a legend on the face thereof, in form and substance satisfactory to counsel for the Company, setting forth the restrictions on transfer contained in this Warrant (including, but not limited to, the above Securities Law restrictions).

D.Warrant Holder has made an investigation of the Company and its business and has had available to it all information with respect thereto which it needed to make an informed investment decision prior to the issuance of this Warrant.

7.Amendment to Warrant.

Notwithstanding any of the provisions of this Warrant to the contrary, any of the provisions of this Warrant may only be changed by a writing executed by Warrant Holder or the registered holder and the Company.

[Signature Page Follows]

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IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized officer.

TRANS-LUX CORPORATION

By:    /s/ Todd Dupee                                                    

Name:     Todd Dupee

Title:       Senior Vice President

Agreed to and Accepted:

WARRANT HOLDER:

Unilumin USA, LLC.

By:  /s/ Nicholas J. Fazio                   

Name: Nicholas J Fazio

Title: Chief Executive Officer

8

SCHEDULE A

NOTICE OF EXERCISE

(To be executed by the Warrant Holder to exercise the Warrant) TO:            Trans-Lux Corporation

Date:                               

(1)The undersigned hereby elects to exercise the attached Warrant for and to purchase there under,                                                   Warrant Shares, and herewith makes payment there for of

$                    .

(2)Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below:

(Name)

(Address)

The Warrant Shares shall be delivered to the following DWAC Account Number:

(3)Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

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(4)Please issue a new Warrant for the unexercised portion of the attached Warrant in the name of the undersigned or in such other name as is specified below:

	(Name)
(Date)	(Signature)
	(Address)

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ASSIGNMENT FORM

(To be executed by                                            in the event of an Assignment or Transfer of the Warrant)

TO:                           Trans-Lux Corporation

Name

Address

Signature

Name of Registered Holder

(Please Print)

Dated:

11

EX-31.1

EXHIBIT 31.1

TRANS-LUX CORPORATION

CERTIFICATION OF THE INTERIM CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a) UNDER THE EXCHANGE ACT

I, Nicholas J. Fazio, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Trans-Lux Corporation for the quarter ended March 31, 2020;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant, as of, and for, the periods presented in this report;

4.I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15 (f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

	/s/ Nicholas J. Fazio
Date:  August 14, 2020	Nicholas J. Fazio
	Interim Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

TRANS-LUX CORPORATION

CERTIFICATION OF THE CHIEF ACCOUNTING OFFICER

PURSUANT TO RULE 13a-14(a) UNDER THE EXCHANGE ACT

I, Todd Dupee, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Trans-Lux Corporation for the quarter ended March 31, 2020;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant, as of, and for, the periods presented in this report;

4.I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15 (f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

	/s/ Todd Dupee
Date:  August 14, 2020	Todd Dupee
	Senior Vice President and Chief Accounting Officer
	(Principal Financial Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), I, Nicholas J. Fazio, Interim Chief Executive Officer of Trans-Lux Corporation (the "Registrant"), do hereby certify, to the best of my knowledge that:

(1)   The Registrant's Annual Report on Form 10-Q for the quarter ended March 31, 2020 being filed with the Securities and Exchange Commission (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

               This Certification accompanies this Form 10-Q as an exhibit, but shall not be deemed as having been filed for purposes of Section 18 of the Securities Exchange Act of 1934 or as a separate disclosure document of the Registrant or the certifying officer.

	/s/ Nicholas J. Fazio
Date:  August 14, 2020	Nicholas J. Fazio
	Interim Chief Executive Officer
	(Principal Executive Officer)

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF CHIEF ACCOUNTING OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), I, Todd Dupee, Senior Vice President and Chief Accounting Officer of Trans-Lux Corporation (the "Registrant"), do hereby certify, to the best of my knowledge that:

(1)  The Registrant's Annual Report on Form 10-Q for the quarter ended March 31, 2020 being filed with the Securities and Exchange Commission (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

               This Certification accompanies this Form 10-Q as an exhibit, but shall not be deemed as having been filed for purposes of Section 18 of the Securities Exchange Act of 1934 or as a separate disclosure document of the Registrant or the certifying officer.

	/s/ Todd Dupee
Date:  August 14, 2020	Todd Dupee
	Senior Vice President and
	Chief Accounting Officer
	(Principal Financial Officer)

XML

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Aug. 13, 2020
Document Information Line Items
Entity Registrant Name	TRANS LUX Corp
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		13,474,116
Amendment Flag	false
Entity Central Index Key	0000099106
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes

XML

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 580,000	$ 535,000
Receivables, net	1,920,000	2,381,000
Inventories	2,260,000	2,182,000
Prepaids and other assets	614,000	807,000
Total current assets	5,374,000	5,905,000
Long-term assets:
Rental equipment, net	862,000	927,000
Property, plant and equipment, net	2,375,000	2,284,000
Right of use assets	1,062,000	1,141,000
Goodwill	744,000	744,000
Restricted cash	850,000	850,000
Other assets	403,000	403,000
Total long-term assets	6,296,000	6,349,000
TOTAL ASSETS	11,670,000	12,254,000
Current liabilities:
Accounts payable	1,320,000	945,000
Accrued liabilities	5,755,000	6,046,000
Current portion of long-term debt	2,335,000	1,572,000
Current lease liabilities	279,000	284,000
Customer deposits	124,000	123,000
Total current liabilities	9,813,000	8,970,000
Long-term liabilities:
Long-term debt, less current portion	650,000	650,000
Long-term lease liabilities	820,000	893,000
Deferred pension liability and other	3,365,000	3,485,000
Total long-term liabilities	4,835,000	5,028,000
Total liabilities	14,648,000	13,998,000
Stockholders' deficit:
Preferred Stock Series A - $20 stated value - 416,500 shares authorized; shares issued and outstanding: 0 in 2020 and 2019 and Preferred Stock Series B - $200 stated value - 51,000 shares authorized; shares issued and outstanding: 0 in 2020 and 2019
Common Stock - $0.001 par value - 30,000,000 shares authorized; shares issued: 13,474,116 in 2020 and 2019; shares outstanding: 13,446,276 in 2020 and 2019	13,000	13,000
Additional paid-in-capital	41,088,000	41,088,000
Accumulated deficit	(34,207,000)	(33,164,000)
Accumulated other comprehensive loss	(6,809,000)	(6,618,000)
Treasury stock - at cost - 27,840 common shares in 2020 and 2019	(3,063,000)	(3,063,000)
Total stockholders' deficit	(2,978,000)	(1,744,000)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	11,670,000	12,254,000
Convertible Preferred Stock [Member] | Series A Preferred Stock [Member]
Stockholders' deficit:
Preferred Stock Series A - $20 stated value - 416,500 shares authorized; shares issued and outstanding: 0 in 2020 and 2019 and Preferred Stock Series B - $200 stated value - 51,000 shares authorized; shares issued and outstanding: 0 in 2020 and 2019
Convertible Preferred Stock [Member] | Series B Preferred Stock [Member]
Stockholders' deficit:
Preferred Stock Series A - $20 stated value - 416,500 shares authorized; shares issued and outstanding: 0 in 2020 and 2019 and Preferred Stock Series B - $200 stated value - 51,000 shares authorized; shares issued and outstanding: 0 in 2020 and 2019

XML

CONSOLIDATED BALANCE SHEETS (unaudited) (Parentheticals) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Common Stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized	30,000,000	30,000,000
Common Stock, shares issued	13,474,116	13,474,116
Common Stock, shares outstanding	13,446,276	13,446,276
Treasury Stock, shares	27,840	27,840
Convertible Preferred Stock [Member] | Series A Preferred Stock [Member]
Preferred stock, par value (in Dollars per share)	$ 20	$ 20
Preferred stock, shares authorized	416,500	416,500
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Convertible Preferred Stock [Member] | Series B Preferred Stock [Member]
Preferred stock, par value (in Dollars per share)	$ 200	$ 200
Preferred stock, shares authorized	51,000	51,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

XML

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Revenues	$ 1,913,000	$ 3,599,000
Cost of revenues:
Cost of Revenues	1,889,000	2,731,000
Gross profit	24,000	868,000
General and administrative expenses	(1,230,000)	(1,107,000)
Restructuring costs	39,000
Operating loss	(1,167,000)	(239,000)
Interest expense, net	(108,000)	(255,000)
Gain (loss) on foreign currency remeasurement	202,000	(57,000)
Gain on extinguishment of debt		52,000
Pension benefit (expense)	36,000	(18,000)
Loss before income taxes	(1,037,000)	(517,000)
Income tax expense	(6,000)	(6,000)
Net loss	$ (1,043,000)	$ (523,000)
Loss per share - basic and diluted (in Dollars per share)	$ (0.08)	$ (0.11)
Digital Product Sales [Member]
Revenues:
Revenues	$ 1,334,000	$ 3,091,000
Cost of revenues:
Cost of Revenues	1,703,000	2,522,000
Digital Product Lease And Maintenance [Member]
Revenues:
Revenues	579,000	508,000
Cost of revenues:
Cost of Revenues	$ 186,000	$ 209,000

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net loss	$ (1,043,000)	$ (523,000)
Other comprehensive loss:
Unrealized foreign currency translation (loss) gain	(191,000)	52,000
Total other comprehensive (loss) income, net of tax	(191,000)	52,000
Comprehensive loss	$ (1,234,000)	$ (471,000)

XML

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS` DEFICIT (unaudited) - USD ($)	Series A Preferred Stock [Member] Preferred Stock [Member]	Series B Preferred Stock [Member] Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2018		$ 3,302,000	$ 4,000	$ 30,069,000	$ (31,682,000)	$ (6,394,000)	$ (3,063,000)	$ (7,764,000)
Balance (in Shares) at Dec. 31, 2018		16,512	3,652,813
Net loss					(523,000)			(523,000)
Preferred stock converted to Common Stock		$ (3,172,000)	$ 1,000	3,171,000
Preferred stock converted to Common Stock (in Shares)		(15,864)	1,586,400
Exercise of warrants, net of costs			$ 2,000	1,998,000				2,000,000
Exercise of warrants, net of costs (in Shares)			2,061,856
Dividends paid on preferred stock					(73,000)			(73,000)
Other comprehensive loss, net of tax:
Unrealized foreign currency translation gain (loss)						52,000		52,000
Balance at Mar. 31, 2019		$ 130,000	$ 7,000	35,238,000	(32,278,000)	(6,342,000)	(3,063,000)	(6,308,000)
Balance (in Shares) at Mar. 31, 2019		648	7,301,069
Balance at Dec. 31, 2019			$ 13,000	41,088,000	(33,164,000)	(6,618,000)	(3,063,000)	(1,744,000)
Balance (in Shares) at Dec. 31, 2019			13,474,116
Net loss					(1,043,000)			(1,043,000)
Other comprehensive loss, net of tax:
Unrealized foreign currency translation gain (loss)						(191,000)		(191,000)
Balance at Mar. 31, 2020			$ 13,000	$ 41,088,000	$ (34,207,000)	$ (6,809,000)	$ (3,063,000)	$ (2,978,000)
Balance (in Shares) at Mar. 31, 2020			13,474,116

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net loss	$ (1,043,000)	$ (523,000)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	148,000	160,000
Amortization of right of use assets	79,000	90,000
Amortization of deferred financing fees and debt discount	22,000	63,000
Loss on disposal of assets	5,000
Gain on extinguishment of debt		(52,000)
(Gain) loss on foreign currency remeasurement	(202,000)	57,000
Bad debt expense (benefit)	95,000	(51,000)
Changes in operating assets and liabilities:
Accounts receivable, net	366,000	(106,000)
Inventories	(78,000)	139,000
Prepaids and other assets	(43,000)	(102,000)
Accounts payable	375,000	(531,000)
Accrued liabilities	(280,000)	441,000
Operating lease liabilities	(78,000)	(88,000)
Customer deposits	1,000	(186,000)
Deferred pension liability and other	(121,000)	(114,000)
Net cash used in operating activities	(754,000)	(803,000)
Cash flows from investing activities
Equipment manufactured for rental	(7,000)
Purchases of property, plant and equipment	(172,000)	(2,000)
Net cash used in investing activities	(179,000)	(2,000)
Cash flows from financing activities
Proceeds from long-term debt	977,000
Proceeds from warrant exercise, net of costs		2,000,000
Payments of long-term debt		(1,489,000)
Payments for fees on extinguishment of debt		3,000
Net cash provided by financing activities	977,000	514,000
Effect of exchange rate changes	1,000	(1,000)
Net increase (decrease) in cash, cash equivalents and restricted cash	45,000	(292,000)
Cash, cash equivalents and restricted cash at beginning of year	1,385,000	1,623,000
Cash, cash equivalents and restricted cash at end of period	1,430,000	1,331,000
Supplemental disclosure of cash flow information:
Interest paid	53,000	130,000
Income taxes paid	15,000	22,000
Supplemental non-cash financing activities:
Preferred Stock Series B converted to Common Stock		3,172,000
Current assets
Cash and cash equivalents	580,000	431,000
Long-term assets
Restricted cash	850,000	900,000
Cash, cash equivalents and restricted cash at end of period	$ 1,430,000	$ 1,331,000

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Basis of Presentation

3 Months Ended

Mar. 31, 2020

Basis of Presentation [Line Items]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1 – Basis of Presentation

As used in this report, “Trans-Lux,” the “Company,” “we,” “us,” and “our” refer to Trans-Lux Corporation and its subsidiaries.

Financial information included herein is unaudited, however, such information reflects all adjustments (of a normal and recurring nature), which are, in the opinion of management, necessary for the fair presentation of the Condensed Consolidated Financial Statements for the interim periods. The results for the interim periods are not necessarily indicative of the results to be expected for the full year.  The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”) and therefore do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”).  The Condensed Consolidated Financial Statements included herein should be read in conjunction with the Consolidated Financial Statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.  The Condensed Consolidated Balance Sheet at December 31, 2019 is derived from the December 31, 2019 audited financial statements.

The following new accounting pronouncements were adopted in 2020:

In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04, Intangibles – Goodwill and Other (Topic 350).  ASU 2017-04 simplifies the test for goodwill impairment.  As required by this standard, the Company adopted ASU 2018-07 on January 1, 2020.  The adoption of this standard did not have a material effect on the Company’s consolidated financial position and results of operations.

Other than the foregoing changes, there have been no material changes in our significant accounting policies during the three months ended March 31, 2020 from the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on March 20, 2020.

The following new accounting pronouncements, and related impacts on adoption, are being evaluated by the Company:

In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20).  ASU 2018-14 modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans.  Public business entities should apply the amendments in ASU 2018-14 for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years (i.e., January 1, 2021).  Early application is permitted.  The Company does not expect the adoption of this standard to have a material effect on the Company’s consolidated financial position and results of operations.

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Going Concern

3 Months Ended

Mar. 31, 2020

Going Concern [Line Items]

Substantial Doubt about Going Concern [Text Block]

Note 2 – Going Concern

A fundamental principle of the preparation of financial statements in accordance with GAAP is the assumption that an entity will continue in existence as a going concern, which contemplates continuity of operations and the realization of assets and settlement of liabilities occurring in the ordinary course of business.  This principle is applicable to all entities except for entities in liquidation or entities for which liquidation appears imminent.  In accordance with this requirement, the Company has prepared its accompanying Condensed Consolidated Financial Statements assuming the Company will continue as a going concern.

Due to the onset of the coronavirus in the three months ended March 31, 2020, the Company experienced delays in shipments from suppliers in Asia, followed by a brief shutdown of our manufacturing facility in Missouri, as well as a reduction in sales orders from customers.  As a result, the Company incurred a net loss of $1.0 million in the three months ended March 31, 2020 and had a working capital deficiency of $4.4 million as of March 31, 2020.

The Company is dependent on future operating performance in order to generate sufficient cash flows in order to continue to run its businesses.  Future operating performance is dependent on general economic conditions, as well as financial, competitive and other factors beyond our control, including the impact of the current economic environment, the spread of major epidemics (including coronavirus) and other related uncertainties such as government imposed travel restrictions, interruptions to supply chains and extended shut down of businesses.  In order to more effectively manage its cash resources, the Company had, from time to time, increased the timetable of its payment of some of its payables, which delayed certain product deliveries from our vendors, which in turn delayed certain deliveries to our customers.

There is substantial doubt as to whether we will have adequate liquidity, including access to the debt and equity capital markets, to operate our business over the next 12 months from the date of issuance of this Form 10-Q.  A stockholder of the Company has committed to providing additional capital up to $2.0 million, to the extent necessary to fund operations.  The Company continually evaluates the need and availability of long-term capital in order to meet its cash requirements and fund potential new opportunities.

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Revenue Recognition

3 Months Ended

Mar. 31, 2020

Revenue Recognition [Line Items]

Revenue from Contract with Customer [Text Block]

Note 3 – Revenue Recognition

Revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services.  To determine revenue recognition for arrangements that an entity determines are within the scope of this standard, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.  The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer.  At contract inception, once the contract is determined to be within the scope of this standard, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct.  The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.  Sales tax, value added tax and other taxes collected on behalf of third parties are excluded from revenue.

Contracts with customers may contain multiple performance obligations.  For such arrangements, the transaction price is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation.  The Company determines standalone selling prices based on the price at which the performance obligation is sold separately.  If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations.

When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component.  Applying the practical expedient in paragraph 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less.  None of the Company’s contracts contained a significant financing component as of March 31, 2020.

We recognize revenue in accordance with two different accounting standards: 1) Topic 606 and 2) Topic 842.  Under Topic 606, revenue from contracts with customers is measured based on the consideration specified in the contract with the customer, and excludes any sales incentives and amounts collected on behalf of third parties.  A performance obligation is a promise in a contract to transfer a distinct good or service to a customer, and is the unit of account under Topic 606.  Our contracts with customers generally do not include multiple performance obligations.  We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for such products or services.

Disaggregated Revenues

The following table represents a disaggregation of revenue from contracts with customers for the three months ended March 31, 2020 and 2019, along with the reportable segment for each category:

	For the Three Months Ended
In thousands	March 31, 2020		March 31, 2019
Digital product sales:
Catalog and small customized products	$	1,334	$	3,091
Large customized products		-		-
Subtotal		1,334		3,091
Digital product lease and maintenance:
Operating leases		279		292
Maintenance agreements		300		216
Subtotal		579		508
Total	$	1,913	$	3,599

Performance Obligations

The Company has two primary revenue streams which are Digital product sales and Digital product lease and maintenance.

Digital Product Sales

The Company recognizes net revenue on digital product sales to its distribution partners and to end users related to digital display solutions and fixed digit scoreboards.  For the Company’s catalog products, revenue is generally recognized when the customer obtains control of the Company’s product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract.  For the Company’s customized products, revenue is either recognized at a point in time or over time depending on the size of the contract.  For those customized product contracts that are smaller in size, revenue is generally recognized when the customer obtains control of the Company’s product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract.  For those customized product contracts that are larger in size, revenue is recognized over time based on incurred costs as compared to projected costs using the input method, as this best reflects the Company’s progress in transferring control of the customized product to the customer.  The Company may also contract with a customer to perform installation services of digital display products.  Similar to the larger customized products, the Company recognizes the revenue associated with installation services using the input method, whereby the basis is the total contract costs incurred to date compared to the total expected costs to be incurred.

Revenue on sales to distribution partners are recorded net of prompt-pay discounts, if offered, and other deductions.  To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount method to which the Company expects to be entitled.  In the case of prompt-pay discounts, there are only two possible outcomes: either the customer pays on-time or does not.  Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur.  Determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available.  The Company believes that the estimates it has established are reasonable based upon current facts and circumstances.  Applying different judgments to the same facts and circumstances could result in the estimated amounts to vary.  The Company offers an assurance-type warranty that the digital display products will conform to the published specifications.  Returns may only be made subject to this warranty and not for convenience.

Digital Product Lease and Maintenance

Digital product lease revenues represent revenues from leasing equipment that we own.  We do not generally provide an option for the lessee to purchase the rented equipment at the end of the lease and do not generate material revenue from sales of equipment under such options.  Our lease revenues do not include material amounts of variable payments.  Digital product maintenance revenues represent revenues from maintenance agreements for equipment that we do not own.  Lease and maintenance contracts generally run for periods of one month to 10 years.  A contract entered into by the Company with a customer may contain both lease and maintenance services (either or both services may be agreed upon based on the individual customer contract).  Maintenance services may consist of providing labor, parts and software maintenance as may be required to maintain the customer’s equipment in proper operating condition at the customer’s service location.  The Company concluded the lease and maintenance services represent a series of distinct services and the most representative method for measuring progress towards satisfying the performance obligation of these services is the input method.  Additionally, maintenance services require the Company to “stand ready” to provide support to the customer when and if needed.  As there is no discernable pattern of efforts other than evenly over the lease and maintenance terms, the Company will recognize revenue straight-line over the lease and maintenance terms of service.

The Company has an enforceable right to payment for performance completed to date, as evidenced by the requirement that the customer pay upfront for each month of services. Lease and maintenance service amounts billed ahead of revenue recognition are recorded in deferred revenue and are included in accrued liabilities in the Condensed Consolidated Financial Statements.

Revenues from equipment lease and maintenance contracts are recognized during the term of the respective agreements.  At March 31, 2020, the future minimum lease payments due to the Company under operating leases that expire at varying dates through 2030 for its rental equipment and maintenance contracts, assuming no renewals of existing leases or any new leases, aggregating $2,204,000 are as follows:  $518,000 – remainder of 2020, $496,000 – 2021, $320,000 – 2022, $249,000 – 2023, $177,000 – 2024 and $444,000 thereafter.

Contract Balances with Customers

Contract assets primarily relate to rights to consideration for goods or services transferred to the customer when the right is conditional on something other than the passage of time.  The contract assets are transferred to the receivables when the rights become unconditional.  As of March 31, 2020 and December 31, 2019, the Company had no contract assets.  The contract liabilities primarily relate to the advance consideration received from customers for contracts prior to the transfer of control to the customer and therefore revenue is recognized on completion of delivery.  Contract liabilities are classified as deferred revenue by the Company and are included in customer deposits and accrued liabilities in the Condensed Consolidated Balance Sheets.

The following table presents the balances in the Company’s receivables and contract liabilities with customers:

In thousands	March 31, 2020		December 31, 2019
Gross receivables	$	2,780	$	3,124
Allowance for bad debts		860		743
Net receivables		1,920		2,381
Contract liabilities		869		230

During the three months ended March 31, 2020 and 2019, the Company recognized the following revenues as a result of changes in the contract asset and the contract liability balances in the respective periods:

	For the Three Months Ended
In thousands	March 31, 2020		March 31, 2019
Revenue recognized in the period from:
Amounts included in the contract liability at the beginning of the period	$	69	$	263
Performance obligations satisfied in previous periods   (for example, due to changes in transaction price)	$	-	$	-

Transaction Price Allocated to Future Performance Obligations – alternative more qualitative presentation

Remaining performance obligations represents the transaction price of contracts for which work has not been performed (or has been partially performed).  The guidance provides certain practical expedients that limit this requirement and, therefore, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed.  As of March 31, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations for digital product sales was $1.6 million and digital product lease and maintenance was $2.2 million.

The Company expects to recognize revenue on approximately 63%, 18% and 19% of the remaining performance obligations over the next 12 months, 13 to 36 months and 37 or more months, respectively.

Costs to Obtain or Fulfill a Customer Contract

The Company capitalizes incremental costs of obtaining customer contracts.  Capitalized commissions are amortized based on the transfer of the products or services to which the assets relate.  Applying the practical expedient in paragraph 340-40-25-4, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less.  These costs are included in General and administrative expenses.

The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products.  When shipping and handling costs are incurred after a customer obtains control of the products, the Company also has elected to account for these as costs to fulfill the promise and not as a separate performance obligation.  Shipping and handling costs associated with the distribution of finished products to customers are recorded in costs of goods sold and are recognized when the related finished product is shipped to the customer.

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Inventories

3 Months Ended

Mar. 31, 2020

Inventories [Line Items]

Inventory Disclosure [Text Block]

Note 4 – Inventories

Inventories consist of the following:

	March 31 2020		December 31 2019
In thousands
Raw materials	$	1,422	$	1,393
Work-in-progress		537		512
Finished goods		301		277
	$	2,260	$	2,182

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Rental Equipment, net

3 Months Ended

Mar. 31, 2020

Rental Equipment, net [Line Items]

Rental Equipment [Text Block]

Note 5 – Rental Equipment, net

Rental equipment consists of the following:

	March 31 2020		December 31 2019
In thousands
Rental equipment	$	4,298	$	4,291
Less accumulated depreciation		3,436		3,364
Net rental equipment	$	862	$	927

Depreciation expense for rental equipment for the three months ended March 31, 2020 and 2019 was $72,000 and $106,000, respectively.

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Property, Plant and Equipment, net

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment, net [Line Items]

Property, Plant and Equipment Disclosure [Text Block]

Note 6 – Property, Plant and Equipment, net

Property, plant and equipment consists of the following:

	March 31 2020		December 31 2019
In thousands
Machinery, fixtures and equipment	$	3,039	$	2,884
Leaseholds and improvements		23		23
		3,062		2,907
Less accumulated depreciation		687		623
Net property, plant and equipment	$	2,375	$	2,284

Machinery, fixtures and equipment having a net book value of $2.4 million and $2.3 million at March 31, 2020 and December 31, 2019, respectively, were pledged as collateral under various financing agreements.

Depreciation expense for property, plant and equipment for the three months ended March 31, 2020 and 2019 was $76,000 and $54,000, respectively.

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Long-Term Debt

3 Months Ended

Mar. 31, 2020

Long-Term Debt [Line Items]

Long-term Debt [Text Block]

Note 7 – Long-Term Debt

Long-term debt consists of the following:

	March 31 2020		December 31 2019
In thousands
8¼% Limited convertible senior subordinated notes due 2012	$	352	$	352
9½% Subordinated debentures due 2012		220		220
Revolving credit line		977		-
Term loans		1,000		1,000
Forgivable loan		650		650
Total debt		3,199		2,222
Less deferred financing costs		214		-
Net debt		2,985		2,222
Less portion due within one year		2,335		1,572
Net long-term debt	$	650	$	650

On September 16, 2019, the Company entered into the Loan Agreement with MidCap.  On June 3, 2020, the Company and MidCap entered into a modification agreement to the Loan Agreement.  The Loan Agreement has a term of three years, unless earlier terminated by the parties in accordance with the termination provisions of the Loan Agreement.  The Loan Agreement allows the Company to borrow up to an aggregate of $4.0 million at an interest rate of the 3-month LIBOR interest rate plus 4.75% (6.51% at March 31, 2020) on a revolving credit loan based on accounts receivable, inventory and equipment for general working capital purposes.  As of March 31, 2020, the balance outstanding under the Loan Agreement was $977,000.  The Loan Agreement also requires the payment of certain fees, including a facility fee, an unused credit line fee and a collateral monitoring charge.  The Loan Agreement contains financial and other covenant requirements, including financial covenants that require the Borrowers to attain certain EBITDA amounts for certain periods, the first of which is for the three months ended September 30, 2020.  The Loan Agreement is secured by substantially all of the Borrowers’ assets.

The Company has a $500,000 loan from Carlisle Investments Inc. (“Carlisle”) at a fixed interest rate of 12.00%, which matured on April 27, 2019 with a bullet payment of all principal due at such time.  Interest is payable monthly.  Carlisle has agreed to not demand payment on the loan through at least December 31, 2020.  As of March 31, 2020, the entire amount was outstanding and is included in current portion of long-term debt in the Consolidated Balance Sheets.  As of March 31, 2020 and December 31, 2019, the Company had accrued $135,000 and $120,000, respectively, of interest related to this loan, which are included in accrued liabilities in the Condensed Consolidated Balance Sheets.  Marco Elser, a former director of the Company, exercises voting and dispositive power as investment manager of Carlisle.

The Company has an additional $500,000 loan from Carlisle at a fixed interest rate of 12.00%, which matured on December 10, 2017 with a bullet payment of all principal due at such time (the “Second Carlisle Agreement”).  Interest is payable monthly.  Carlisle has agreed to not demand payment on the loan through at least December 31, 2020.  As of March 31, 2020, the entire amount was outstanding and is included in current portion of long-term debt Consolidated Balance Sheets.  As of March 31, 2020 and December 31, 2019, the Company had accrued $135,000 and $120,000, respectively, of interest related to this loan, which are included in accrued liabilities in the Condensed Consolidated Balance Sheets.  Under the Second Carlisle Agreement, the Company granted a security interest to Carlisle in accounts receivable, materials and intangibles relating to a certain purchase order for equipment issued in April 2017.

As of March 31, 2020 and December 31, 2019, the Company had outstanding $352,000 of Notes.  The Notes matured as of March 1, 2012 and are currently in default.  As of March 31, 2020 and December 31, 2019, the Company had accrued $307,000 and $300,000, respectively, of interest related to the Notes, which is included in Accrued liabilities in the Consolidated Balance Sheets.  The trustee, by notice to the Company, or the holders of 25% of the principal amount of the Notes outstanding, by notice to the Company and the trustee, may declare the outstanding principal plus interest due and payable immediately. On February 15, 2019, holders of $35,000 of the Notes accepted the Company’s offer to exchange each $1,000 of principal, forgiving any related interest, for $200 in cash, for an aggregate payment by the Company of $7,000.  As a result of the transaction, the Company recorded a gain on the extinguishment of debt, net of expenses, of $52,000 in the three months ended March 31, 2019.

As of March 31, 2020 and December 31, 2019, the Company had outstanding $220,000 of Debentures.  The Debentures matured as of December 1, 2012 and are currently in default.  As of March 31, 2020 and December 31, 2019, the Company had accrued $216,000 and $211,000, respectively, of interest related to the Debentures, which is included in Accrued liabilities in the Consolidated Balance Sheets.  The trustee, by notice to the Company, or the holders of 25% of the principal amount of the Debentures outstanding, by notice to the Company and the trustee, may declare the outstanding principal plus interest due and payable immediately.

The Company has a $650,000 forgivable loan from the City of Hazelwood, Missouri.  The loan will be forgiven on a pro-rata basis if predetermined employment levels are attained and would expire on April 1, 2025.  If the Company attains the employment levels required by the forgivable loan, there is no interest due, otherwise interest accrues at a rate of prime plus 2.00% (5.25% at March 31, 2020).  As of March 31, 2020 and December 31, 2019, the Company had accrued $129,000 and $118,000, respectively, of interest related to this loan, which is included in accrued liabilities in the Consolidated Balance Sheets.  On July 2, 2020, the Company and the City of Hazelwood agreed to a termination of the loan and a forgiveness of all accrued interest.  The principal balance of $650,000 was repaid on that date and the forgivable loan was satisfied in full.

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Pension Plan

3 Months Ended

Mar. 31, 2020

Pension Plan [Line Items]

Retirement Benefits [Text Block]

Note 8 – Pension Plan

As of December 31, 2003, the benefit service under the pension plan had been frozen and, accordingly, there is no service cost.  As of April 30, 2009, the compensation increments had been frozen and, accordingly, no additional benefits are being accrued under the pension plan.

The following table presents the components of net periodic pension cost:

	Three months ended March 31
In thousands	2020		2019
Interest cost	$	97	$	125
Expected return on plan assets		(203)		(172)
Amortization of net actuarial loss		70		65
Net periodic pension (benefit) expense	$	(36)	$	18

As of March 31, 2020 and December 31, 2019, the Company had recorded a current pension liability of $640,000 and $641,000, respectively, which is included in accrued liabilities in the Condensed Consolidated Balance Sheets, and a long-term pension liability of $3.3 million and $3.5 million, respectively, which is included in deferred pension liability and other in the Condensed Consolidated Balance Sheets.  The minimum required contribution in 2020 is expected to be $641,000, of which the Company has already contributed $85,000 as of March 31, 2020.  As allowed by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Company has elected to defer the payment of the $556,000 of remaining minimum required contributions due in 2020 until January 1, 2021.

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Leases

3 Months Ended

Mar. 31, 2020

Leases [Line Items]

Lessee, Operating Leases [Text Block]

Note 9 – Leases

The Company leases administrative and manufacturing facilities through operating lease agreements. The Company has no finance leases as of March 31, 2020.  Our leases include both lease (e.g., fixed payments including rent) and non-lease components (e.g., common area or other maintenance costs). The facility leases include one or more options to renew.  The exercise of lease renewal options is typically at our sole discretion, therefore, the renewals to extend the lease terms are not included in our right of use (“ROU”) assets or lease liabilities as they are not reasonably certain of exercise.  We regularly evaluate the renewal options and, when they are reasonably certain of exercise, we include the renewal period in our lease term.

Operating leases result in the recognition of ROU assets and lease liabilities on the Condensed Consolidated Balance Sheets.  ROU assets represent our right to use the leased asset for the lease term and lease liabilities represent our obligation to make lease payments.  Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term.  As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate at the commencement date to determine the present value of lease payments.  Most real estate leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years or more.  Lease expense is recognized on a straight-line basis over the lease term.  Leases with an initial term of 12 months or less are not recorded on the Condensed Consolidated Balance Sheets.  The primary leases we enter into with initial terms of 12 months or less are for equipment.

Supplemental information regarding leases:

	March 31 2020
In thousands, unless otherwise noted
Balance Sheet:
ROU assets	$	1,062
Current lease liabilities – operating		279
Non-current lease liabilities - operating		820
Total lease liabilities		1,099
Weighted average remaining lease term (years)		3.4
Weighted average discount rate		9.0%
Future minimum lease payments:
Remainder of 2020	$	274
2021		370
2022		348
2023		295
Thereafter		-
Total		1,287
Less: Imputed interest		188
Total lease liabilities		1,099
Less: Current lease liabilities		279
Long-term lease liabilities	$	820

Supplemental cash flow information regarding leases:

	For the three months ended March 31, 2020
In thousands
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	104
Non-cash activity:
ROU assets obtained in exchange for lease liabilities		-

Total operating lease expense and short-term lease expense was $101,000 and $18,000, respectively, for the three months ended March 31, 2020.  Total operating lease expense and short-term lease expense was $125,000 and $32,000, respectively, for the three months ended March 31, 2019.

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Stockholders` Deficit and Loss Per Share

3 Months Ended

Mar. 31, 2020

Stockholders` Deficit and Loss Per Share [Line Items]

Earnings Per Share [Text Block]

Note 10 – Stockholders’ Deficit and Loss Per Share

The following table presents the calculation of loss per share for the three months ended March 31, 2020 and 2019:

	Three months ended March 31
In thousands, except per share data	2020		2019
Numerator:
Net loss, as reported	$	(1,043)	$	(523)
Change in dividends accumulated on preferred shares		-		(35)
Net loss attributable to common shares	$	(1,043)	$	(558)
Denominator:
Weighted average shares outstanding		13,696		4,975
Basic and diluted loss per share	$	(0.08)	$	(0.11)

Basic loss per common share is computed by dividing net loss attributable to common shares by the weighted average number of common shares outstanding for the period.  Diluted loss per common share is computed by dividing net loss attributable to common shares, by the weighted average number of common shares outstanding, adjusted for shares that would be assumed outstanding after warrants and stock options vested under the treasury stock method.

At March 31, 2020, the Company had no accumulated unpaid dividends related to the Series B Convertible Preferred Stock (“SBCPS”).  At March 31, 2019, the Company had accumulated unpaid dividends of $84,000 related to the SBCPS.

As of March 31, 2020, the Company had no shares of SBCPS outstanding.  As of March 31, 2019, the Company had 648 shares of SBCPS outstanding, which were convertible into 64,800 shares of Common Stock, none of which were used in the calculation of diluted loss per share because their conversion price was greater than the average share price for the period and their inclusion would have been anti-dilutive.  For each holder of the 15,864 shares of SBCPS that converted their shares into Common Stock in March 2019, the Company declared a dividend of $4.60 per share of SBCPS on March 29, 2019, aggregating $73,000, which was distributed to these former holders of the SBCPS on April 2, 2019.

As of March 31, 2020 and 2019, the Company had warrants to purchase 250,000 shares of Common Stock outstanding which were included in the calculation of diluted loss per share because their exercise price was less than the average stock price for the period so their inclusion was dilutive.  As of March 31, 2020 and 2019, the Company had other warrants to purchase 10,000 and 3,618,247 shares, respectively, of Common Stock outstanding, which were excluded from the calculation of diluted loss per share because their exercise price was greater than the average stock price for the period and their inclusion would have been anti-dilutive.  The remaining warrants to purchase 10,000 shares could be dilutive in the future if the average share price increases and is greater than the exercise price of these warrants.

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Contingencies

3 Months Ended

Mar. 31, 2020

Contingencies [Line Items]

Commitments and Contingencies Disclosure [Text Block]

Note 11 – Contingencies

The Company is subject to legal proceedings and claims which arise in the ordinary course of its business and/or which are covered by insurance.  The Company has accrued reserves individually and in the aggregate for such legal proceedings.  Should actual litigation results differ from the Company’s estimates, revisions to increase or decrease the accrued reserves may be required.  There are no open matters that the Company deems material.

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Restructuring

3 Months Ended

Mar. 31, 2020

Restructuring [Line Items]

Restructuring and Related Activities Disclosure [Text Block]

Note 12 – Restructuring

The Company records restructuring liabilities that represent charges in connection with consolidations of certain operations as well as headcount reduction programs.  In the third quarter of 2019, the Company approved restructuring plans to consolidate the manufacturing facilities.  The Company recorded restructuring costs of $306,000 for the year ended December 31, 2019, which mainly consisted of costs to relocate equipment and inventory and other costs to consolidate the manufacturing facilities.  This restructuring relates to the digital product sales segment.  Through December 31, 2019, the Company paid $51,000 of costs so far to relocate equipment and inventory.  Therefore, the remaining $253,000 was included in accrued liabilities in the Condensed Consolidated Balance Sheet at December 31, 2019.  In the three months ended March 31, 2020, the Company paid $214,000 to complete the consolidation of the manufacturing facilities and as a result, the Company reduced the accrual and recognized a gain of $39,000.  There were no restructuring costs in the three months ended March 31, 2019.

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Related Party Transactions

3 Months Ended

Mar. 31, 2020

Related Party Transactions [Line Items]

Related Party Transactions Disclosure [Text Block]

Note 13 – Related Party Transactions

The Company has the following related party transactions:

On March 4, 2019, the Unilumin exercised $2.0 million of the Unilumin Warrant, and on April 5, 2019, Unilumin exercised the remaining $3.5 million of the Unilumin Warrant, raising an aggregate of $5.5 million for the Company.  Unilumin owns 52.0% of the Company’s outstanding Common Stock.  Nicholas J. Fazio, Yang Liu and Yantao Yu, each directors of the Company, are each directors and/or officers of Unilumin.The Company purchased $32,000 and $21,000 of product from Unilumin in the three months ended March 31, 2020 and 2019, respectively.  The amounts payable by the Company to Unilumin were $1,000 and $0 as of March 31, 2020 and December 31, 2019, respectively.

In connection with the Company’s agreement with Unilumin in 2018, the Company paid $175,000 to Durkin Law, LLC in early 2019.  In connection with Durkin Law, LLC’s representation of the Company in regards to the Loan Agreement and certain other general corporate matters later in 2019, the Company paid $26,000 to Durkin Law, LLC.  Thomas E. Durkin, principal of Durkin Law, LLC, was appointed the Company’s Executive Vice President, General Counsel & Corporate Secretary on July 30, 2019.

On April 5, 2019, the Rights Offering terminated.  At the closing of the Rights Offering on April 9, 2019, the Company received gross proceeds of $2.5 million in exchange for 2,500,000 shares of Common Stock.  Participants in the Rights Offering included (a) Gabelli Funds, LLC, a greater than 5% stockholder, (b) Salvatore Zizza and George Schiele, both directors of the Company, and (c) Todd Dupee, an executive officer of the Company, and (d) Alberto Shaio, a former director and former executive officer of the Company.

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Business Segment Data

3 Months Ended

Mar. 31, 2020

Business Segment Data [Line Items]

Segment Reporting Disclosure [Text Block]

Note 14 – Business Segment Data

Operating segments are based on the Company’s business components about which separate financial information is available and are evaluated regularly by the Company’s chief operating decision makers in deciding how to allocate resources and in assessing performance of the business.

The Company evaluates segment performance and allocates resources based upon operating income (loss). The Company’s operations are managed in two reportable business segments: Digital product sales and Digital product lease and maintenance.  Both design and produce large-scale, multi-color, real-time digital displays.  Both operating segments are conducted on a global basis, primarily through operations in the United States.  The Company also has operations in Canada.  The Digital product sales segment sells equipment and the Digital product lease and maintenance segment leases and maintains equipment.  Corporate general and administrative items relate to costs that are not directly identifiable with a segment.  There are no intersegment sales.

Foreign revenues represent less than 10% of the Company’s revenues in 2020 and 2019.  The Company’s foreign operation does not manufacture its own equipment; the domestic operation provides the equipment that the foreign operation leases or sells.  The foreign operation operates similarly to the domestic operation and has similar profit margins.  Foreign assets are immaterial.

Information about the Company’s operations in its two business segments for the three months ended March 31, 2020 and 2019 is as follows:

	Three Months Ended March 31
In thousands	2020		2019
Revenues:
Digital product sales	$	1,334	$	3,091
Digital product lease and maintenance		579		508
Total revenues	$	1,913	$	3,599
Operating (loss) income:
Digital product sales	$	(982)	$	116
Digital product lease and maintenance		362		258
Corporate general and administrative expenses		(547)		(613)
Total operating (loss) income		(1,167)		(239)
Interest expense, net		(108)		(255)
Gain (loss) on foreign currency remeasurement		202		(57)
Gain on extinguishment of debt		-		52
Pension benefit (expense)		36		(18)
Loss before income taxes		(1,037)		(517)
Income tax expense		(6)		(6)
Net loss	$	(1,043)	$	(523)

	March 31 2020		December 31 2019
Assets
Digital product sales	$	7,614	$	8,204
Digital product lease and maintenance		3,476		3,515
Total identifiable assets		11,090		11,719
General corporate		580		535
Total assets	$	11,670	$	12,254

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Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Line Items]

Subsequent Events [Text Block]

Note 15 – Subsequent Events

The Company has evaluated events and transactions subsequent to March 31, 2020 and through the date these Condensed Consolidated Financial Statements were included in this Form 10-Q and filed with the SEC.

On April 23, 2020, the Company entered into a loan note (the “Loan Note”) with Enterprise Bank and Trust (“Lender”) as lender under the CARES Act of the Small Business Administration of the United States of America (“SBA”), dated as of April 20, 2020.  Under the Loan Note, the Company borrowed $810,800 from Lender under the Payment Protection Program (“PPP”) included in the SBA’s CARES Act.  The Loan Note proceeds are forgivable after eight weeks as long as the Company uses the loan proceeds for eligible purposes including payroll costs, including salaries, commissions, and similar compensation, group health care benefits, and paid leave; rent; utilities; and maintains its payroll levels.  The amount of the loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the eight week period.  The unforgiven portion of the PPP loan is payable over two years at an interest rate of 1.00%, with a deferral of payments for the first six months.  While the Company believes that its use of the loan proceeds will meet the conditions of forgiveness of the loan, we cannot assure you that we will not take actions that could cause the Company to be ineligible for forgiveness of the loan, in whole or in part.

On April 14, 2020, the Company accepted the resignation of Alberto Shaio, the Company’s President and Chief Executive Officer.  In connection with Mr. Shaio’s departure, the Company appointed Nicholas J. Fazio to be the Company’s Interim Chief Executive Officer.

On June 3, 2020, the Company and MidCap entered into a modification agreement to the Loan Agreement.  See Note 7 – Long-Term Debt for further details.

On June 4, 2020, the Company entered into a Contract Manufacturing Agreement (the “CMA”) with Craftsmen Industries Inc. (“Craftsmen”).  The CMA commenced June 15, 2020 and the initial term terminates December 31, 2020.  The CMA allows for renewal terms of 180 days each.  Under the CMA, Craftsmen shall manufacture and supply goods and provide all necessary labor, materials, management expertise, and oversight necessary to manufacture the goods at the Company’s manufacturing facility located in Hazelwood, Missouri.  The Company shall provide Craftsmen assistance to the manufacturing process, the technical details as well as the amount of goods to be produced.  The CMA provides that all payments owed by the Company to Craftsmen under the CMA are secured by a second lien on company assets and have been guaranteed by Unilumin USA LLC (“Unilumin USA”).  Unilumin USA is wholly owned by Unilumin North America, who owns 52% of the Company’s outstanding Common Stock.

In connection with the Unilumin Guarantee in the CMA, the Company issued warrants (the “Warrants”) to purchase 4,000,000 shares of the Company’s Common Stock to Unilumin USA at an exercise price of $1.00 per share.  The Warrants are exercisable until June 4, 2024.

On July 2, 2020, the Company and the City of Hazelwood agreed to a termination of the loan and a forgiveness of all accrued interest.  See Note 7 – Long-Term Debt for further details.

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Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2020

Revenue Recognition (Tables) [Line Items]

Disaggregation of Revenue [Table Text Block]

	For the Three Months Ended
In thousands	March 31, 2020		March 31, 2019
Digital product sales:
Catalog and small customized products	$	1,334	$	3,091
Large customized products		-		-
Subtotal		1,334		3,091
Digital product lease and maintenance:
Operating leases		279		292
Maintenance agreements		300		216
Subtotal		579		508
Total	$	1,913	$	3,599

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

In thousands	March 31, 2020		December 31, 2019
Gross receivables	$	2,780	$	3,124
Allowance for bad debts		860		743
Net receivables		1,920		2,381
Contract liabilities		869		230

Schedule Of Changes In Contract Asset and Contract Liability [Table Text Block]

	For the Three Months Ended
In thousands	March 31, 2020		March 31, 2019
Revenue recognized in the period from:
Amounts included in the contract liability at the beginning of the period	$	69	$	263
Performance obligations satisfied in previous periods   (for example, due to changes in transaction price)	$	-	$	-

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Inventories (Tables)

3 Months Ended

Mar. 31, 2020

Inventories (Tables) [Line Items]

Schedule of Inventory, Current [Table Text Block]

	March 31 2020		December 31 2019
In thousands
Raw materials	$	1,422	$	1,393
Work-in-progress		537		512
Finished goods		301		277
	$	2,260	$	2,182

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Rental Equipment, net (Tables)

3 Months Ended

Mar. 31, 2020

Rental Equipment, net (Tables) [Line Items]

Rental Equipment [Table Text Block]

	March 31 2020		December 31 2019
In thousands
Rental equipment	$	4,298	$	4,291
Less accumulated depreciation		3,436		3,364
Net rental equipment	$	862	$	927

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Property, Plant and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment, net (Tables) [Line Items]

Property, Plant and Equipment [Table Text Block]

	March 31 2020		December 31 2019
In thousands
Machinery, fixtures and equipment	$	3,039	$	2,884
Leaseholds and improvements		23		23
		3,062		2,907
Less accumulated depreciation		687		623
Net property, plant and equipment	$	2,375	$	2,284

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Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2020

Long-Term Debt (Tables) [Line Items]

Schedule of Long-term Debt Instruments [Table Text Block]

	March 31 2020		December 31 2019
In thousands
8¼% Limited convertible senior subordinated notes due 2012	$	352	$	352
9½% Subordinated debentures due 2012		220		220
Revolving credit line		977		-
Term loans		1,000		1,000
Forgivable loan		650		650
Total debt		3,199		2,222
Less deferred financing costs		214		-
Net debt		2,985		2,222
Less portion due within one year		2,335		1,572
Net long-term debt	$	650	$	650

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Pension Plan (Tables)

3 Months Ended

Mar. 31, 2020

Pension Plan (Tables) [Line Items]

Schedule of Net Benefit Costs [Table Text Block]

	Three months ended March 31
In thousands	2020		2019
Interest cost	$	97	$	125
Expected return on plan assets		(203)		(172)
Amortization of net actuarial loss		70		65
Net periodic pension (benefit) expense	$	(36)	$	18

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Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases (Tables) [Line Items]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

	March 31 2020
In thousands, unless otherwise noted
Balance Sheet:
ROU assets	$	1,062
Current lease liabilities – operating		279
Non-current lease liabilities - operating		820
Total lease liabilities		1,099
Weighted average remaining lease term (years)		3.4
Weighted average discount rate		9.0%
Future minimum lease payments:
Remainder of 2020	$	274
2021		370
2022		348
2023		295
Thereafter		-
Total		1,287
Less: Imputed interest		188
Total lease liabilities		1,099
Less: Current lease liabilities		279
Long-term lease liabilities	$	820

Schedule Of Cash Flow Supplemental Disclosures Leases [Table Text Block]

	For the three months ended March 31, 2020
In thousands
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	104
Non-cash activity:
ROU assets obtained in exchange for lease liabilities		-

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Stockholders` Deficit and Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Stockholders` Deficit and Loss Per Share (Tables) [Line Items]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three months ended March 31
In thousands, except per share data	2020		2019
Numerator:
Net loss, as reported	$	(1,043)	$	(523)
Change in dividends accumulated on preferred shares		-		(35)
Net loss attributable to common shares	$	(1,043)	$	(558)
Denominator:
Weighted average shares outstanding		13,696		4,975
Basic and diluted loss per share	$	(0.08)	$	(0.11)

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Business Segment Data (Tables)

3 Months Ended

Mar. 31, 2020

Business Segment Data (Tables) [Line Items]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three Months Ended March 31
In thousands	2020		2019
Revenues:
Digital product sales	$	1,334	$	3,091
Digital product lease and maintenance		579		508
Total revenues	$	1,913	$	3,599
Operating (loss) income:
Digital product sales	$	(982)	$	116
Digital product lease and maintenance		362		258
Corporate general and administrative expenses		(547)		(613)
Total operating (loss) income		(1,167)		(239)
Interest expense, net		(108)		(255)
Gain (loss) on foreign currency remeasurement		202		(57)
Gain on extinguishment of debt		-		52
Pension benefit (expense)		36		(18)
Loss before income taxes		(1,037)		(517)
Income tax expense		(6)		(6)
Net loss	$	(1,043)	$	(523)

	March 31 2020		December 31 2019
Assets
Digital product sales	$	7,614	$	8,204
Digital product lease and maintenance		3,476		3,515
Total identifiable assets		11,090		11,719
General corporate		580		535
Total assets	$	11,670	$	12,254

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Going Concern (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Going Concern (Details) [Line Items]
Net Income (Loss) Attributable to Parent	$ (1,043,000)	$ (523,000)
Working Capital Deficit	4,400,000
Maximum [Member]
Going Concern (Details) [Line Items]
Other Additional Capital	$ 2,000,000

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Revenue Recognition (Details) - Performance Obligations	3 Months Ended
	Mar. 31, 2020 USD ($)
Revenue Recognition (Details) - Performance Obligations [Line Items]
Segment Reporting Information, Description of Products and Services	The Company has two primary revenue streams which are Digital product sales and Digital product lease and maintenance
Lessor, Operating Lease, Payments to be Received	$ 2,204,000
Lessor, Operating Lease, Payment to be Received, Remainder of Fiscal Year	518,000
Lessor, Operating Lease, Payment to be Received, Year One	496,000
Lessor, Operating Lease, Payment to be Received, Year Two	320,000
Lessor, Operating Lease, Payment to be Received, Year Three	249,000
Lessor, Operating Lease, Payment to be Received, Year Four	177,000
Lessor, Operating Lease, Payment to be Received, Year Five	$ 444,000
Minimum [Member]
Revenue Recognition (Details) - Performance Obligations [Line Items]
Lease And Maintenance Term Of Contract	1 month
Maximum [Member]
Revenue Recognition (Details) - Performance Obligations [Line Items]
Lease And Maintenance Term Of Contract	10 years

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Revenue Recognition (Details) - Remaining Performance Obligations $ in Millions	Mar. 31, 2020 USD ($)
Digital Product Sales [Member]
Revenue Recognition (Details) - Remaining Performance Obligations [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1.6
Digital Product Lease And Maintenance [Member]
Revenue Recognition (Details) - Remaining Performance Obligations [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 2.2

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Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition	Mar. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition [Line Items]
Revenue, Remaining Performance Obligation, Percentage	63.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition [Line Items]
Revenue, Remaining Performance Obligation, Percentage	18.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Minimum [Member]
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	13 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Maximum [Member]
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	36 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue Recognition (Details) - Remaining Performance Obligations, Expected Timing of recognition [Line Items]
Revenue, Remaining Performance Obligation, Percentage	19.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	37 months

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Revenue Recognition (Details) - Disaggregation of revenue from contracts with customers - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Digital product sales:
Revenue from contracts with customers	$ 1,913	$ 3,599
Digital Product Sales [Member]
Digital product sales:
Revenue from contracts with customers	1,334	3,091
Digital Product Lease And Maintenance [Member]
Digital product sales:
Revenue from contracts with customers	579	508
Catalog And Small Customized Products [Member] | Digital Product Sales [Member]
Digital product sales:
Revenue from contracts with customers	1,334	3,091
Large Customized Products [Member] | Digital Product Sales [Member]
Digital product sales:
Revenue from contracts with customers
Operating Leases [Member] | Digital Product Lease And Maintenance [Member]
Digital product sales:
Revenue from contracts with customers	279	292
Maintenance Agreements [Member] | Digital Product Lease And Maintenance [Member]
Digital product sales:
Revenue from contracts with customers	$ 300	$ 216

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Revenue Recognition (Details) - Company`s receivables and contract liabilities with customers - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Revenue Recognition (Details) - Company`s receivables and contract liabilities with customers [Line Items]
Gross receivables	$ 2,780	$ 3,124
Allowance for bad debts	860	743
Net receivables	1,920	2,381
Contract liabilities	$ 869	$ 230

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Revenue Recognition (Details) - Revenues as a result of changes in the contract asset and the contract liability - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue Recognition (Details) - Revenues as a result of changes in the contract asset and the contract liability [Line Items]
Amounts included in the contract liability at the beginning of the period	$ 69	$ 263
Performance obligations satisfied in previous periods (for example, due to changes in transaction price)

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Inventories (Details) - Inventories - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Inventory [Line Items]
Raw materials	$ 1,422,000	$ 1,393,000
Work-in-progress	537,000	512,000
Finished goods	301,000	277,000
Total inventory	$ 2,260,000	$ 2,182,000

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Rental Equipment, net (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Rental Equipment [Member]
Rental Equipment, net (Details) [Line Items]
Depreciation	$ 72,000	$ 106,000

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Rental Equipment, net (Details) - Schedule Of Rental Equipment - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Rental Equipment, net (Details) - Schedule Of Rental Equipment [Line Items]
Rental equipment	$ 4,298,000	$ 4,291,000
Less accumulated depreciation	3,436,000	3,364,000
Net rental equipment	$ 862,000	$ 927,000

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Property, Plant and Equipment, net (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Property, Plant and Equipment, net (Details) [Line Items]
Depreciation	$ 76,000	$ 54,000
Equipment [Member]
Property, Plant and Equipment, net (Details) [Line Items]
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position	$ 2,400,000		$ 2,300,000

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Property, Plant and Equipment, net (Details) - Property, plant and equipment - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	$ 3,062,000	$ 2,907,000
Less accumulated depreciation	687,000	623,000
Net property, plant and equipment	2,375,000	2,284,000
Machinery Fixture And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	3,039,000	2,884,000
Leaseholds and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	$ 23,000	$ 23,000

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Long-Term Debt (Details) - Line of Credit [Member] - USD ($)	Sep. 16, 2016	Mar. 31, 2020
Long-Term Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 4,000,000
Debt Instrument, Description of Variable Rate Basis	3-month LIBOR interest rate plus 4.75%
Debt Instrument, Basis Spread on Variable Rate	4.75%
Debt Instrument, Interest Rate, Effective Percentage		6.51%
Long-term Line of Credit		$ 977,000

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Long-Term Debt (Details) - Carlisle - USD ($)	Apr. 27, 2019	Dec. 10, 2017	Mar. 31, 2020	Dec. 31, 2019
First Carlisle Agreement [Member]
Long-Term Debt (Details) - Carlisle [Line Items]
Proceeds from Loans	$ 500,000
Debt Instrument, Interest Rate, Stated Percentage	12.00%
Debt Instrument, Maturity Date	Apr. 27, 2019
Interest Payable, Current			$ 135,000	$ 120,000
Second Carlisle Agreement [Member]
Long-Term Debt (Details) - Carlisle [Line Items]
Proceeds from Loans		$ 500,000
Debt Instrument, Interest Rate, Stated Percentage		12.00%
Debt Instrument, Maturity Date		Dec. 10, 2017
Interest Payable, Current			$ 135,000	$ 120,000

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Long-Term Debt (Details) - 2012 Note - 8¼% Limited Convertible Senior Subordinated Notes Due 2012 [Member] - USD ($)		3 Months Ended
	Feb. 15, 2019	Mar. 31, 2020	Dec. 31, 2019
Long-Term Debt (Details) - 2012 Note [Line Items]
Long-term Debt		$ 352,000	$ 352,000
Debt Instrument, Maturity Date		Mar. 01, 2012
Interest Payable, Current		$ 307,000	$ 300,000
Debt Instrument, Face Amount	$ 35,000
Debt Exchange Each Principal Amount Of Original Debt Exchanged	1,000
Repayment Of Convertible Debt Principal	200
Debt Exchanged Aggregate Payment	$ 7,000
Gain (Loss) on Extinguishment of Debt		$ 52,000

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Long-Term Debt (Details) - 2012 Debentures - 9½% Subordinated Debentures Due 2012 [Member] - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Long-Term Debt (Details) - 2012 Debentures [Line Items]
Long-term Debt	$ 220,000	$ 220,000
Debentures, Matured Date	Dec. 01, 2012
Interest Payable, Current	$ 216,000	$ 211,000

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Long-Term Debt (Details) - Forgivable Loan - Forgivable Loan [Member] - USD ($)		3 Months Ended
	Jul. 02, 2020	Mar. 31, 2020	Dec. 31, 2019
Long-Term Debt (Details) - Forgivable Loan [Line Items]
Proceeds from Loans		$ 650,000
Debt Instrument, Description of Variable Rate Basis		prime plus 2.00%
Debt Instrument, Basis Spread on Variable Rate		2.00%
Debt Instrument, Interest Rate, Effective Percentage		5.25%
Interest Payable, Current		$ 129,000	$ 118,000
Subsequent Event [Member]
Long-Term Debt (Details) - Forgivable Loan [Line Items]
Repayments of Debt	$ 650,000

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Long-Term Debt (Details) - Long-term debt - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt, including current portion	$ 2,985,000	$ 2,222,000
Less portion due within one year	2,335,000	1,572,000
Net long-term debt	650,000	650,000
Total debt	3,199,000	2,222,000
Less deferred financing costs	214,000
8¼% Limited Convertible Senior Subordinated Notes Due 2012 [Member]
Debt Instrument [Line Items]
Long-term debt, including current portion	352,000	352,000
9½% Subordinated Debentures Due 2012 [Member]
Debt Instrument [Line Items]
Long-term debt, including current portion	220,000	220,000
Revolving Credit Line [Member]
Debt Instrument [Line Items]
Long-term debt, including current portion	977,000
Term Loan [Member]
Debt Instrument [Line Items]
Long-term debt, including current portion	1,000,000	1,000,000
Forgivable Loan [Member]
Debt Instrument [Line Items]
Long-term debt, including current portion	$ 650,000	$ 650,000

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Pension Plan (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Pension Plan (Details) [Line Items]
Liability, Defined Benefit Pension Plan, Current	$ 640,000	$ 641,000
Liability, Defined Benefit Pension Plan, Noncurrent	3,300,000	3,500,000
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	641,000
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 85,000
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year		$ 556,000

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Pension Plan (Details) - Components of net periodic pension cost - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Pension Plan (Details) - Components of net periodic pension cost [Line Items]
Interest cost	$ 97,000	$ 125,000
Expected return on plan assets	(203,000)	(172,000)
Amortization of net actuarial loss	70,000	65,000
Net periodic pension (benefit) expense	$ (36,000)	$ 18,000

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Leases (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases (Details) [Line Items]
Operating Lease, Expense	$ 101,000	$ 125,000
Short-term Lease Payments	$ 18,000	$ 32,000
Minimum [Member]
Leases (Details) [Line Items]
Lessee, Operating Lease, Renewal Term	1 year
Maximum [Member]
Leases (Details) [Line Items]
Lessee, Operating Lease, Renewal Term	5 years

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Leases (Details) - Supplemental information regarding leases - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Balance Sheet:
ROU assets	$ 1,062,000	$ 1,141,000
Current lease liabilities – operating	279,000	284,000
Non-current lease liabilities - operating	820,000	893,000
Total lease liabilities	$ 1,099,000
Weighted average remaining lease term (years)	3 years 146 days
Weighted average discount rate	9.00%
Future minimum lease payments:
Remainder of 2020	$ 274,000
2021	370,000
2022	348,000
2023	295,000
Thereafter
Total	1,287,000
Less: Imputed interest	188,000
Total lease liabilities	1,099,000
Less: Current lease liabilities	279,000	284,000
Long-term lease liabilities	$ 820,000	$ 893,000

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Leases (Details) - Supplemental cash flow information regarding leases	3 Months Ended
	Mar. 31, 2020 USD ($)
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 104,000
Non-cash activity:
ROU assets obtained in exchange for lease liabilities

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Stockholders` Deficit and Loss Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Warrant [Member]
Stockholders` Deficit and Loss Per Share (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10,000	3,618,247
Class of Warrant or Right, Outstanding	10,000
Convertible Preferred Stock [Member] | Series B Preferred Stock [Member]
Stockholders` Deficit and Loss Per Share (Details) [Line Items]
Dividends, Preferred Stock, Cash (in Dollars)	$ 84,000
Preferred Stock, Shares Outstanding	0	648	0
Convertible Preferred Stock [Member] | Series B Preferred Stock [Member] | Common Stock [Member]
Stockholders` Deficit and Loss Per Share (Details) [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion		64,800
Conversion of Stock, Shares Converted		15,864
Preferred Stock, Dividends Per Share, Declared (in Dollars per share)		$ 4.60
Conversion of Stock, Amount Issued (in Dollars)		$ 73,000
Warrant [Member] | Common Stock [Member]
Stockholders` Deficit and Loss Per Share (Details) [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants	250,000	250,000

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Stockholders` Deficit and Loss Per Share (Details) - Calculation of loss per share - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net loss, as reported	$ (1,043,000)	$ (523,000)
Change in dividends accumulated on preferred shares		(35,000)
Net loss attributable to common shares	$ (1,043,000)	$ (558,000)
Denominator:
Weighted average shares outstanding (in Shares)	13,696	4,975
Basic and diluted loss per share (in Dollars per share)	$ (0.08)	$ (0.11)

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Restructuring (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Restructuring (Details) [Line Items]
Restructuring Costs	$ (39,000)		$ 306,000
Restructuring Charges	214,000		51,000
Accrued Liabilities, Current	5,755,000		6,046,000
Gains (Losses) on Restructuring of Debt	$ 39,000
Relocate Equipment And Inventory [Member]
Restructuring (Details) [Line Items]
Accrued Liabilities, Current			$ 253,000

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Related Party Transactions (Details) - USD ($)				1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 05, 2019	Mar. 04, 2019	Jan. 01, 2019	Apr. 05, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transactions (Details) [Line Items]
Proceeds from Warrant Exercises						$ 2,000,000
Gross Proceeds From Rights Offering	$ 2,500,000
Stock Issued During Period Shares Rights Offering (in Shares)	2,500,000
Unilumin [Member]
Related Party Transactions (Details) [Line Items]
Proceeds from Warrant Exercises	$ 3,500,000	$ 2,000,000		$ 5,500,000
Equity Method Investment, Ownership Percentage	52.00%			52.00%
Related Party Transaction, Purchases from Related Party					32,000	21,000
Accounts Payable, Related Parties					$ 1,000	$ 0
Related Party Transaction, Amounts of Transaction							$ 175,000
Durkin Law [Member]
Related Party Transactions (Details) [Line Items]
Related Party Transaction, Amounts of Transaction			$ 26,000

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Business Segment Data (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Segment Data (Details) [Line Items]
Number of Reportable Segments	2
Foreign [Member] | Revenue Benchmark [Member]
Business Segment Data (Details) [Line Items]
Concentration Risk, Percentage	10.00%	10.00%

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Business Segment Data (Details) - Business Segment Data - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Revenues:
Revenues	$ 1,913,000	$ 3,599,000
Operating (loss) income:
Operating (loss) income	(1,167,000)	(239,000)
Interest expense, net	(108,000)	(255,000)
Gain (loss) on foreign currency remeasurement	202,000	(57,000)
Gain on extinguishment of debt		52,000
Pension benefit (expense)	36,000	(18,000)
Loss before income taxes	(1,037,000)	(517,000)
Income tax expense	(6,000)	(6,000)
Net loss	(1,043,000)	(523,000)
Assets
Assets	11,670,000	12,254,000	$ 12,254,000
Operating Segments [Member]
Assets
Assets	11,090,000	11,719,000
Corporate, Non-Segment [Member]
Operating (loss) income:
Operating (loss) income	(547,000)	(613,000)
Assets
Assets	580,000	535,000
Digital Product Sales [Member]
Revenues:
Revenues	1,334,000	3,091,000
Digital Product Sales [Member] | Operating Segments [Member]
Revenues:
Revenues	1,334,000	3,091,000
Operating (loss) income:
Operating (loss) income	(982,000)	116,000
Assets
Assets	7,614,000	8,204,000
Digital Product Lease And Maintenance [Member]
Revenues:
Revenues	579,000	508,000
Digital Product Lease And Maintenance [Member] | Operating Segments [Member]
Revenues:
Revenues	579,000	508,000
Operating (loss) income:
Operating (loss) income	362,000	258,000
Assets
Assets	$ 3,476,000	$ 3,515,000

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Subsequent Events (Details) - Subsequent Event [Member] - USD ($)	Apr. 23, 2020	Jun. 04, 2020
Unilumin [Member]
Subsequent Events (Details) [Line Items]
Equity Method Investment, Ownership Percentage		52.00%
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		4,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 1.00
Payment Protection Program [Member]
Subsequent Events (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 810,800
Line of Credit Facility, Frequency of Payment and Payment Terms	The unforgiven portion of the PPP loan is payable over two years at an interest rate of 1.00%, with a deferral of payments for the first six months