金融界首页>行情中心>洲明科技>个股公告> 正文

-

-
(-%)
当前价  
当前价  
当前价  

个股公告正文

洲明科技:关于海外上市子公司Trans-Lux Corporation发布2019年半年度报告的公告

日期:2019-08-15附件下载

    证券代码:300232 证券简称:洲明科技 公告编号:2019-114
    
    债券代码:123016 债券简称:洲明转债
    
    深圳市洲明科技股份有限公司
    
    关于海外上市子公司Trans-Lux Corporation
    
    发布2019年半年度报告的公告
    
    本公司及董事会全体成员保证信息披露内容真实、准确和完整,没有虚假记载、误导性陈述或者重大遗漏。
    
    深圳市洲明科技股份有限公司的子公司Trans-Lux Corporation(美国纳斯达克上市公司)于美国时间2019年8月14日公布了2019年半年度报告。
    
    Trans-Lux Corporation 2019年半年度报告的内容详见附录,并可于美国证券交易委员会网站(https://www.sec.gov/)查询。
    
    特此公告,敬请投资者关注。
    
    深圳市洲明科技股份有限公司董事会
    
    2019年8月15日
    
    UNITED STATES SECWUaRshIiTnIgEtoSnA, DN.DC.E2X0C5H49ANGE COMMISSION
    
    FORM 10-Q
    
    [X] QUOAFRTTHEERLSYECRUERPIOTRIETSPEUXRCSHUAANNGTETAOCSTECOTFI1O9N3413 or 15(d)
    
    For the quarterly period ended June 30, 2019
    
    Commission file number 1-2257
    
    TRANS-LUX CORPORATION(Exact name of registrant as specified in its charter)Delaware 13-1394750(State or other jurisdiction of (I.R.S. Employerincorporation or organization) Identification No.)135 East 57th Street, 14th Floor, New York, New York 10022
    
    (Address of principal executive offices) (Zip code)
    
    (800) 243-5544
    
    (Registrant's telephone number, including area code)
    
    mInodnicthatse(boyr fcohrescukcmh asrhkorwtehreptheerirotdhethRategthisetrRanegt:is(t1r)anhtaswfaislerdeqaullirreedpotortsfilreeqsuuicrhedretopobrets)f,ilaenddb(y2)Sehcatsiobnee1n3 sourb1je5c(td)toosfutchhe fSileicnugrirteieqsuiErexmcheanntsgefoAr ctht eofp1as9t3940dduariynsg. tYheesprecXedingN1o2
    
    Ithnidsiccahtaepbteyr)chdeucriknmg athrek pwrheceethdeinr gth1e2Rmegoinstthrasn(tohrafsorsusbumchitsthedoretelercptreorinoicdatlhlyatetvheeryReIngtiesrtraacntitvweaDsarteaqFuiilreedretqoufiirleedsutochbefisleusb)m. iYtteesd puXrsuanNt too Rule 405 of Regulation S-T (§232.405 of
    
    Icnodmicpaatneyb. ySecehethcek dmefairnkitiwonhsetohfer“lathrgeeRaecgcieslterraanttedisfialerl,a”rg“eacaccecleerlaetreadtefdilefril,e”r“, samnalalcecrerleeproatretidngficleorm, paannoyn”-aancdce“leemraeterdginfiglegrr,oawtshmcaollmerparnepyo”ritninRgucleom12pba-n2yo, fotrheanExecmhearnggiengAcgtr.owth
    
    Large accelerated filer ___ Accelerated filer ___
    
    Non-accelerated filer X Emerging growth company ___ Smaller reporting company X
    
    aIfccaonuenmtinegrgsitnagndgarrodwstphrocvoimdepdanpyu,rsiunadnictattoeSbeyctciohnec1k3(ma)arokf tihfethEexcrehgainsgtreanAtcht.as elected not to use the extended transition period for complying with any new or revised financial
    
    Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No X
    
    Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.
    
    Date Class Shares Outstanding
    
    8/13/19 Common Stock - $0.001 Par Value 13,381,476
    
    TRANS-LUX CORPORATION AND SUBSIDIARIES
    
    Table of Contents
    
    Page No.
    
    Part I - Financial Information (unaudited)
    
    Item 1. Condensed Consolidated Balance Sheets – June 30, 2019 and December 31, 2018 (see Note 1) 1
    
    Condensed Consolidated Statements of Operations – Three and Six Months Ended June 30, 2019 and 2018 2
    
    Condensed Consolidated Statements of Comprehensive Loss – Three and Six Months Ended June 30, 2019 and 2018 2
    
    C20o1n8densed Consolidated Statements of Changes in Stockholders’ Deficit – Three and Six Months Ended June 30, 2019 and 3
    
    Condensed Consolidated Statements of Cash Flows – Six Months Ended June 30, 2019 and 2018 4
    
    Notes to Condensed Consolidated Financial Statements 5Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 21Item 3. Quantitative and Qualitative Disclosures about Market Risk 28Item 4. Controls and Procedures 28Part II - Other Information
    
    Item 1. Legal Proceedings 28
    
    Item 1A. Risk Factors 29
    
    Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29
    
    Item 3. Defaults upon Senior Securities 29
    
    Item 4. Mine Safety Disclosures 29
    
    Item 5. Other Information 30
    
    Item 6. Exhibits 30Signatures 31Exhibits
    
     TableofContents
                                     Part I-FinancialInformation(unaudited)
       Item 1.
                                 CTORANNDSE-NLSUEXDCCOORNPSOORLAIDTIAOTNEDANBDALSAUNBCSIEDSIAHREIEETSS
                                             (unaudited)
                                                                    June 30        December31
       In thousands,exceptsharedata                                                2019         (see2N01o8te1)
       ACuSrSreEnTtSassets:
        CReacsheiavnadblceas,shneetquivalents                                    $        12,,451532$        2,277213
        IPnrveepnatiodrsieasndotherassets                                                   2,578337        2,420171
       LongT-otetarlmcuarsrseentst:assets                                               7,285          5,612
        PRreonptearlteyq,upilpamnteannt,dneeqtuipment,net                                              21,,019032       12,,318100
        RGiogohdtwoiflluseassets                                                       1,278441         744-
        ROethsetrricatsesdetcsash                                                    792000         790200
       TOTTAotLalAloSnSgE-tTerSmassets                                           $       146,,184205$       115,,846546
       CLuIArrBenItLlIiaTbIiEliStieAs:NDSTOCKHOLDERS'DEFICIT
        AAccccoruuendtslipaabyilaibtilees                                      $        5,765532$        63,,373228
        CCuurrrreennttppoorrttiioonnoofflloonngg--tteerrmmddeebbtt-relatedparty                                        572-          21,,508040
        CCuursrteonmtelreadseeploisaibtsilities                                             832120         432-
       LongT-otetarmlculirarbeinltitliieasb:ilities                                              8,109         14,076
        LLoonngg--tteerrmmldeeabste,lleiasbsicliutirersentportion                                             1,965904        1,446-
        DeTfoetrareldlopnegn-steiormnlliiaabbiilliittyieasndother                                              46,,927173       35,,715048
       StockhTooldtaelrsli'adbeifliitciiets:                                               15,026         19,230
        PresfhearrreesdiSsstuoecdkaSnedrieosutAsta-n$d2i0ngs:ta0teidnv2a0l1u9ea-n4d1260,51080sharesauthorized;                             -             -
        PresfhearrreesdiSsstuoeckdSanedrieosutBst-an$d2i0n0g:st6a4te8dinva2l0u1e9-a5n1d,01060,5s1h2arines2a0u1t8horized;
        Co(mliqmuoidnaStitoonckpr-e$fe0r.e0n0c1ep$a1r3v5a,l0u0e0-)30,000,000sharesauthorized;                              130          3,302
          sshhaarreessoisustusetadn:d1i3n,g4:0193,3,31861i,n472601in92a0n1d93a,6n5d23,8,61234i,n972301in8;2018                      13            4
        AAdccduitmiounlaaltepdaidde-finic-ictapital                                        (3420,,694538)     (3310,,608629)
        TArcecausmuruylastteodckot-haetrccoosmt-pr2e7h,e8n4s0ivceomlomssonsharesin2019and2018                             ((36,,206936))     ((63,,039634))
       TOTATLotLalIAstoBcIkLhIoTldIEerSs'AdeNfiDciStTOCKHOLDERS'DEFICIT                        $       14(,910215)$       1(71,,746646)
                      The accompanyingnotesareanintegralpartofthesecondensedconsolidatedfinancialstatements.
     TableofContents
                             CONDETNRSAENDSC-LOUNXSOCLOIRDPAOTREADTSIOTANTAENMDESNUTBSSOIDFIOAPREIRESATIONS
                                             (unaudited)
                                                   3 MoJnutnhes3E0nded           6MoJnutnhes3E0nded
       IRnethvoeunsuanedss:,exceptpersharedata                          2019         2018         2019         2018
        DDiiggiittaallpprroodduuccttlseaalesesandmaintenance                 $      3,613143$      2,730593$      16,,124024$      16,,239061
         Total revenues                                  3,747         3,062         7,346         7,597
       CoCsotsotforfedviegnituaelsp:roductsales                            2,219         2,093         4,741         4,880
        CoTsottoafldcoigsittaolfprreovdeuncutelseaseandmaintenance                   2,138990       2,541230       5,133809       5,567566
       GGernoesrsaplraonfditadministrativeexpenses                        (11,,331438)     (1,454439)      (22,,422106)     (22,,709461)
       OInpteerreasttienxgpienncsoem,neet(loss)                               (8305)       ((829148))      ((230345))      ((745154))
       (LLoosssso)ngaeixntionngufoisrhemigennctuorfrednecbytremeasurement                    (2(4550))        50-        ((119037))      122-
       GPeaninsioonn(seaxlep/elenassee)bbaecnketfriatnsaction                           (19-)         34-         (37-)         6181
       LInocsosmbeeftoaxreeixnpceonmseetaxes                               (35(69))      (1,028-)        (8(1726))      (968-)
       Net loss                                 $      (365)  $     (1,028)  $      (888)  $      (968)
       Loss pershare-basicanddiluted                    $      (0.03)  $      (0.48)  $      (0.10)  $      (0.48)
                      The accompanyingnotesareanintegralpartofthesecondensedconsolidatedfinancialstatements.
                          CONDENSEDTRCAONNSS-OLLUIXDACTOERDPOSRTAATTEIOMNEANNTSDOSFUCBOSIMDPIARREIHEESNSIVELOSS
                                             (unaudited)
                                                   3 MoJnutnhes3E0nded           6MoJnutnhes3E0nded
       In thousands                                    2019         2018         2019         2018
       NOtehtelroscsomprehensiveincome(loss):                   $      (365)  $     (1,028)  $      (888)  $      (968)
       ToUtanlroeathliezrecdofmorperieghnecnusirvreenicnycotrmanes(llaotsios)n,gnaeitno(flotasxs)              4466        ((4477))        9988        ((111144))
       Comprehensive loss                           $      (319)  $     (1,075)  $      (790)  $     (1,082)
                      The accompanyingnotesareanintegralpartofthesecondensedconsolidatedfinancialstatements.
     TableofContents
                     CONDENSED CONSOTLRIADNAST-ELDUXSTCAOTREPMOERNATTSIOONFACHNADNSGUEBSSIIDNISATROIECSKHOLDERS'DEFICIT
                                             (unaudited)
                                  PreferredStock                 Add'l           AccOumthuelrated     STtooctakl-
                              Series A    SeriesB    CommonStock  Paid-in  Accumulated  Comprehensive Treasury holders'
     Inthousands,exceptsharedata           Shares Amt Shares  Amt   Shares  Amt  Capital   Deficit      Loss     Stock  Deficit
     FBoarltahnec6emJaonntuhasreynd1e,d2J0un1e930,2019           - $  - 16,512 $ 3,302  3,652,813$  4 $ 30,069$   (31,682) $     (6,394) $(3,063)  (7,764)
     Netloss                       -    -    -     -      -   -     -      (888)         -     -   (888)
     PErxeefrecrirseedosftowcakrrcaonntvs,ernteetdotfocCosotmsmonStock    --   --(15,864-) (3,172-) 15,,568760,,41000316  35,,127912     --         --     --  5,298-
     RDiigvhidtsenOdfsfeprainidg,onneptroeffecrorsetdsstock          --   --    --    -- 2,500,000-  2-  2,426-      (73-)         --     --  2,4(7238)
     OtUhenrrecaolmizpedrefhoernesiigvneciunrcroemncey,ntreatnosflattaixo:ngain   -    -    -     -      -   -     -        -        98     -    98
     BalanceJune30,2019               - $  -   648 $  130 13,409,316$ 13 $ 40,958$   (32,643) $     (6,296) $(3,063) $ (901)
     BFoarltahnec3emAopnrthils1en,d2e0d1J9une30,2019           - $  -   648 $  130  7,301,069$  7 $ 35,238$   (32,278) $     (6,342) $(3,063)  (6,308)
     NExeetrlcoissseofwarrants,netofcosts          --   --    --    -- 3,608,247-  4-  3,294-     (365-)         --     --  3(,326958)
     ROitghhertscOomffeprrienhge,nnseivteofinccoosmtse,netoftax:      -    -    -     -  2,500,000   2   2,426        -         -     -   2,428
     BaUlannrceealJizuendef3o0r,e2ig0n19currencytranslationgain   --$  --  648-$  130- 13,409,316-$ 13-$ 40,958-$   (32,643-)$     (6,29466)$(3,063-)$ (90416)
     FBoarltahnec6emJaonntuhasreynd1e,d2J0un1e830,2018           - $  - 16,512 $ 3,302  2,190,011$  2 $ 28,273$   (26,889) $     (5,536) $(3,063)  (3,911)
     Netloss                       -    -    -     -      -   -     -      (968)         -     -   (968)
     WDiavrirdaenntdssispsauieddofnorpfrienfaenrrceidngstock--   --    --    --  127,013-   --   287-       --         --     --   287-
     OtUhenrrecaolmizpedrefhoernesiigvnecluorsrse,nnceyttorfantasxla:tionloss   -    -    -     -      -   -     -        -       (114)     -   (114)
     BalanceJune30,2018               - $  - 16,512 $ 3,302  2,317,024$  2 $ 28,560$   (27,857) $     (5,650) $(3,063) $(4,706)
     FBoarltahnec3emAopnrthils1en,d2e0d1J8une30,2018           - $  - 16,512 $ 3,302  2,190,011$  2 $ 28,273$   (26,829) $     (5,603) $(3,063)  (3,918)
     NDeivtildoesnsdspaidonpreferredstock          --   --    --    --  127,013-   --     --    (1,028-)         --     --  (1,028-)
     OWtahrerrancotsmispsrueehdenfsoirvfeinloasnsc,inngetoftax:        -    -    -     -      -   -    287        -         -     -    287
     BaUlannrceealJizuendef3o0r,e2ig0n18currencytranslationloss   --$  -- 16,512-$ 3,302- 2,317,024-$  2-$ 28,560-$   (27,857-)$     (5,6(4570))$(3,063-)$(4,7(4076))
                      The accompanyingnotesareanintegralpartofthesecondensedconsolidatedfinancialstatements.
     TableofContents
                             CONDETNRSAENDSC-LOUNXSOCLOIRDPAOTREADTSIOTANTAENMDENSUTBSSOIDFICAARSIHESFLOWS
                                             (unaudited)
                                                                         6MoJnutnhes3E0nded
       ICnathsohusfalondwssfromoperatingactivities                                          2019          2018
       ANdetjulostsmsenttoreconcilenetlosstonetcash(usedin)providedby                       $        (888)  $        (968)
        Dopeperraetciinagtioacntiavnidtieasm:ortization                                                 320           497
        AAmmoorrttiizzaattiioonnooffgriagihntoonfsuaslee/alsesaestesbacktransaction                                       182-           (11-)
        ALomsosrotinzaetxitoinngoufisdhemfeerrnetdoffindaenbctingfeesanddebtdiscount                                   19731          81-
        BLoadssd(egbatine)xopnenfsoereigncurrencyremeasurement                                        116027         (122222)
        ChAacncgoeusnitnsorepceeraivtianbglea,snseettsandliabilities:                                           (445)           205
         IPnrveepnatiodrsieasndotherassets                                                   ((333702))        77260
         AAccccoruuendtslipaabyilaibtilees                                             (2(,947851))        19631
         COupsetroamtinegrdleeapsoesiltisabilities                                               (137798)        (567-)
         DeNfeertrceadsphe(nussieodnilnia)bpirloitvyidaenddboythoepreratingactivities                                   (3,844107)         3(6234)
       PCuarschhaflsoewssoffrroenmtailnevqeusitpinmgenatctainvditipersoperty,plantandequipment                                (25)          (133)
       Cash fNloewtcsafsrhomusefdiniannicnivnegstaicntgivaicttiievsities                                (25)          (133)
       PPrroocceeeeddssffrroommlwoanrgr-atnetrmexdeercbitse,netofcosts                                          5,298-          1,000-
       PPraoycmeeednstsforofmlonrigg-htetsrmoffdeerbintg,netofcosts                                           (32,,043278)      (1,885-)
       PPaayymmeennttssofofrdfieveisdeonndesxotninpgrueifsehrmreednsttoofckdebt                              ((6732))          --
       EffectNofetecxacshhanpgroevriadteedchbayn(guessedin)financingactivities                                    4,5541          (88(51))
       CNaesthin,ccraesahseeq(udievcarleeanstes)ainndcraessht,riccatsehdecqaushivaatlebnetgsinanndinrgesotfriyceteadrcash                              1,662930        1(,699059)
       SCuapsphl,ecmaeshntaelqduiisvcalloesnutrseaonfdcarsehstfrloicwteidnfcoarsmhaatitoenn:dofperiod                         $        2,313  $        1,214
       IInncteormesetptaaxidespaid                                                $         22627 $         22963
       PSurepfpelrermedeSnttaolcnkoSne-rciaesshBficnoannvceinrtgedacttoivCitoiems:monStock                             $        3,172  $          -
       Warrants issuedtoSMIandSMII                                                  -           287
       RerceopnocritleidatiionnthoefCcaosnhd,ecnassehdeCquoinvsaolleindtasteadndBraelastnrciceteSdheceatsshattoeanmdooufnptesriod:
       CuCrraesnhtaansdsectasshequivalents                                          $        1,413  $         264
       LoRnegs-ttreircmtedascsaesths                                                  900           950
       Cash, cashequivalentsandrestrictedcashatendofperiod                           $        2,313  $        1,214
                      The accompanyingnotesareanintegralpartofthesecondensedconsolidatedfinancialstatements.
    
    
    Table of Contents
    
    NOTES TOTCROANNDS-ELNUSXEDCOCROPNOSROALTIDIOANTEADNDFISNUABNSCIDIAIALRSITEASTEMENTS
    
    Ju(unnea3u0d,it2e0d1)9
    
    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.
    
    Fmiannaangceiaml einnfto, rnmecaetisosnariyncfolurdtehdehfearireipnreisseunntaautidointeodf, hthoewCevoenrd,esnuscehdinCfoonrmsoalitdioanterdefFleincatsnaclilaladSjtuastetmmeennttss (foofrathneorinmtearliamndperericoudrsr.inTghnearteusrue)lt,swfhoircthhearien,tienritmhepoepriiondiosnaoref
    
    nporetpnaerecdesisnarailcycoinrddaicnacteivweitohf rtuhlee r1e0su-0lt1s otof RbeegeuxlapteicotnedS-fXorptrhoemfuullglayteedarb. yTthhee aSceccoumriptiaensyainndg Eunxacuhdanitgeed CCoomndmeinssseiodnC(othneso“lSidEaCte”d) Fanindanthceiarel fSotraetedmoennotst ihnacvluedbeeaelnl
    
    CinofonrsmolaidtiaotnedaFnidnafnocoitanloStetatdeimscelnotssurinescluredqeudirheedreiunndsheroualdccboeunrteiandg inprcinocnijpulnecstigoennweriathllytheacCceopntseodlidinatetdheFiUnannitceidal SSttaatteesmeonftsAamnedrincoate(s“GinAclAudPe”d).inTthhee CCoomndpeannsye’ds
    
    DAencneumalbeRre3p1o,rt20o1n8Faourdmite1d0f-iKnanfocriatlhsetayteemarenetnsd. ed December 31, 2018. The Condensed Consolidated Balance Sheet at December 31, 2018 is derived from the
    
    The following new accounting pronouncements were adopted in 2019:
    
    2In01F6e-b0r2u,aaryco2m01p6a,ntyhemFusintarneccioaglnAizcecofournatilnlgleSastaensd(awrditsh Bthoearedxc(e“pFtAioSnBo”f) liesassueesdwAitchcoteurnmtisngofS1t2anmdaorndtshsUoprdlaetses)(“aAlSeaUs”e)li2a0b1il6i-ty02r,epLreeasseensti(nTgoapilces8s4e2e)'s. oUblnidgeartioAnStUo
    
    tmeramke. lAealseesspeaeysmheonutlsdarreicsionggnifzreominathleeassteateamndenatroigfhftinoafnucisael (p“oRsOitiUon”)aalsisaebtilrietyprteosemnatikneglethaeselepsasyeme'senrtisgh(tthteoluesaes,eoliracboilnittyro)latnhdeaunseRoOfU, aasspseetcirfeiperdesaesnsetitnfgoritsthreiglhetastoe
    
    uunsedetrhleyiunngdaesrslyetinngotastosertefcoorgnthizeeleleaasseetearsmse.tsFaonrdlleeaassees lwiaibthiliatietse.rmIn otrfan1s2itmioonn, tlhesssoeresleasnsd, alelsessosreseairse preeqrmuiirteteddtotoremcoagkneizaen aancdcomuneatisnugreploelaicsyesealet ctthieonbebgyincnliansgs ooff
    
    twhheiceharlpireosvt ipdeerdioadnpardesdeitnitoendalus(ainngd aopmtioodniafile)dtrraentsriotsiopnecmtiveethaopdptrooaacdho.pItnthJeulnye2w01le8a,stehsesFtaAnSdaBrdiswsuheedreAbSyUan20e1n8ti-t1y1i,nLiteiaalsleysa(pTpolpieisc t8h4e2)n:ewTarlegaesteesd sItmanpdroarvdemaet nthtse,
    
    satdaonpdtaiordn edfafteectaivned Jraencuoagrnyiz1e,s2a01c9umusuilnagtivteh-eefmfeocdtifaidejdusrtemtreonspt etcotitvhee mopetehnoindginbathlaencpeeroiofdreotfaiandeodpteiaornn.inTghseinadtohpetipoenrioofd tohfe asdtaonpdtiaornd.haTdhea Cmoamtepriaanlyimadpoapcttetdo tohuisr
    
    $C1o,n1d2e7n,0s0ed0 Canodnscoulrirdeantet dleBasaelalniacbeilSithieesetosff$o3r 6t8h,e00re0c,obguntitdioidn nooftchearvtaeina ompaetreartiianlgimlepaasecst oans RouOrUCoanssdeetnssoedf aCpopnrsooxliimdaatteedlyS$ta1t,e4m63e,n0t0s0o,floOnpge-rtaetrimonlse,aCseomliapbreilhiteinessivoef
    
    oLuorssa,cCcohuanntgiensg ipnoSlitcoicekshtooldceorms’pDlyefwicitiht otrheCastsahndFalordw'ss.adWopetihoanvereaqnuailryezmeednotsu.r TlehaeseCs,oimmppalnemy'senrteendtaslyrsetevmensu,edeavgereloepmeednptsrowceesreseascacnodunintetdernfoarl cuonndterrolpsreavnidouuspdleaatesde
    
    ancoctosuignntiinfigcasntatlnydaafrfdesctthtrhoeutgimh iDngecoefmrbeceor g3n1i,ti2o0n1o8rapnrdesaernetaatciocnouonftreedvfeonruewfitohrinoutrheresnctoalpceoonftrTacotpsi.cS8e4e2Nfooltleow9 i–ngLeoausresadfoorpftiuornthoenr dJeatnauilasr.y 1, 2019. Topic 842 does
    
    Table of Contents
    
    ImnoJduenlefo2r01n8o,nethmepFloAySeBe sihssauree-dbaAsSedUp2a0y1m8e-0n7t ,aIwmaprrdosvaenmdengtesnteoraNlloynreemqpulioreyseecoSmhapraen-iBesasteodaPccaoyumnetnftoAr cschoauren-tbinags.edApSaUym2e0n1t8t-r0a7nsealcimtioinnastewsitthhensoenpeamraptleoyaceceosuinntitnhge
    
    csaomsteiswraeycoagsniszheadreo-vbearsetdhepvaeysmtienngt ptrearniosda,ctainodnsawcoitnhtreamctpulaolyteeerms. eTlehcetiaocncofournvtianlguirnegmnaoinnsemdipflfoeyreenetefqouritayttrsihbaurteioonp,tiwonhsic.hArseprreeqsueinretsdhboywthtihsesteaqnudiatyrd-b,atsheedCpoamympaennyt
    
    aodfooppteerdatAioSnUs. 2018-07 on January 1, 2019. The adoption of this standard did not have a material effect on the Company’s consolidated financial position and results
    
    Osigthneifricthaannt athcecofuonretignoginpgolcichiaensgdees,scthriebreedhianveoubreAennnnuoaml Rateeproiarlt cohnanFgoersmin10o-uKr sfoigrntihfiecaynetaracecnoduendtiDngecpeomlibceiers3d1u, r2in0g18t,hewshiixchmwonasthfsileenddwedithJutnhee 3S0E,C20o1n9 Afrpormil 1th5e,
    
    2019.
    
    The following new accounting pronouncements, and related impacts on adoption, are being evaluated by the Company:
    
    IbnusJianneusasreyn2ti0ti1e7s, sthheouFldASapBpilsysutheed aAmSeUnd2m01e7n-ts04i,nIAntSaUngi2b0l1es7-–04GofoordwfisilclaalnydeaOrsthbeerg(iTnonpinicg3a5f0te)r. DAeScUem2b0e1r71-054, 2si0m19p,lifiniecsluthdeintgesitntfeorrimgopoedrwioildlsimwpitahiirnmtehnots. ePfuisbclaicl
    
    ycoenarssol(iid.ea.t,eJdafniunaarnyci1a,l 2p0o2si0t)io, neaarnlyd arepspulilctsatoifonopiesrpaetiromnist.ted. The Company does not expect the adoption of this standard to have a material effect on the Company’s
    
    tIhneAduisgculsots2u0re18re, qthueireFmAeSnBtsisfosureedmApSloUye2r0s1th8a-1t 4s,pConosmopr ednesfaintieodnb–enReeftiitrepmenesnitoBneonreofitthse–r DpoesfitnreetdireBmeneenftitpPlalnasn.s P–uGbelincebraulsi(nSeusbstoepnitciti7e1s5s-h2o0u)l.dAaSppUly20th1e8-a1m4emndomdiefnietss
    
    pinerAmSitUted2.01T8h-1e4Cfoomr fpiascnayl dyoeeasrsnboetgeinxnpiencgt tahfeteradDoepcteiomnboefr 1th5i,s2s0ta2n0d, ainrdcltuodihnagveintaermimatepreiariloedfsfewcitthoinn tthheosCeofmiscpaalnyye’sarcso(nis.eo.l,idJaanteudarfyin1a,n2ci0a2l1p).osEitaiorlny aanpdplriecsautilotsn oisf
    
    operations.
    
    Table of Contents
    
    Note 2 – Liquidity
    
    T20h1e9Caonmd phaandyahwasoriknicnugrrceadpirteacludrerfinicgielnocsyseosfa$n8d24h,a0s0a0 wasoorkfiJnugneca3p0i,ta2l0d1e9f.iciency. The Company incurred a net loss of $888,000 in the six months ended June 30,
    
    TpehrefoCrmomanpcaenyisisdedpeepnednednetntonongfeunteurrael oepceornaotimngicpceornfodrimtioannsc,eaisn woredllerastofigneannecriaatle, scuofmfipcieetnittivceasahndfloowthserinfaocrdtoerrs tobecyoonntdinuoeurtocornutnroilt.s bInusoinredsesresto. mFuotruereefofpeecrtaivtienlgy
    
    mdealnivaegreieistsfrocamshourersvoeunrdcoerss,,twhehiCchominptaunryn dhealda,yefrdomcerttiaminedteolivtiemriee,sitnocroeuarsceudsttohme etirms.etable of its payment of some of its payables, which delayed certain product
    
    pInurAchparsile 2sh0a1r9e,stohfeoCuromCopmanmyornecSetiovcekdaatgagnreegxaetrecipseropcreiecdesoof f$1$.60.00 pmerilslihoanref,rroemsul(tii)nga irnigghrtosssofpfreorcinegedtsoocfu$r2re.5ntmsihllairoenho(tlhdeer“sRuignhdtesrOwfhfeicrihngt”h)easnhdar(eiih)otlhdeeresxecrocuislde
    
    osafttihsfeyreomutastiannindgin$g3.o5blmigialltiioonnswianrcrlaundti(ntghece“rUtaniinlulmoning-Wteramrradnetb”)t,iscseurteadintopUaynaiblulems,inceNrotaritnh aAcmcreureicdaliIanbci.li(t“iUesnailnudmpine”n)s.ioOnfotbhleisgeatpioroncse. eCdse,rtaaipnordtiiroencthoarss bdeeefneruresdedthtoe
    
    ctiomminmgitotefdptaoympreonvtisdionwgeadddtoititohneaml craeplaittaeldutpo tdoir$e2c.t0orms’ilfleioens,atnodthceuerrxetnetntpnoertcieosnsaorfyltoongfu-tnedrmopdeerabttiobnesy.onMdaonnaegeymeaern.t bIneliaedvdeistitohna,taitsstcoucrkrheonltdcearshofrethsoeuCrcoems paanndycahsahs
    
    pTrhoevCidoemd pbaynoypceoranttiionnusalwlyilelvbaelusautfefsictiheentnteoedfuanndditasvaaniltaicbiipliatyteodfcluornrgen-ttearmndcnaepaitra-tle, rimnclcuadsihngrerqeupilraecminegnttshewCithreindiot nAegyreeeamr fernotm(htehreeidnaatfeteorfdisesfuinaendc)ewohf itchhisteFromrmina1t0e-dQi.n
    
    April 2019, in order to meet its cash requirements and fund potential new opportunities.
    
    Note 3 – Revenue Recognition
    
    Uamndoeurntththearterveeflneucetsrtehceocgonnitsiiodnergautiiodnanwcheicphrotvhiedeendtibtyy eAxSpeUct2s0to14r-e0c9e,ivreevineneuxechisanrgeecofgonr itzheodsewghoeondsaocrussetorvmiceers.obTtaoindsetceormntirnoel roefvepnroume irseecdoggnoiotidosn oforrsaerrrvaincgeseminenatns
    
    tthheatpaenrfeonrtmitayndceeteorbmliignaetsioanrse iwnitthhienctohnetrsaccotp;e(ioiif) tdheistesrtmanindeartdh,ethtreanCsoamctpioannyprpiecref;o(rimv)satlhleocfaotlelotwheintgrafnivsaecsttieopnsp: r(iic)eidtoentthifeyptehrefocromnatrnaccet(os)bwligitahtiaoncsusintotmheerc;o(niit)raidcet;natinfyd
    
    (thve) reenctoitgynwiziellrecvoellneucet twhehecnon(osirdaesr)attihoeneint tiistyensatittilsefdietsoainpeerxfocrhmanagnecefoorbtlhigeagtiooond. sTohresCerovmicpeasniyt torannlysfaeprspltioesththeecufisvteo-msteerp. mAotdceolnttoraccotnitnrcaecptstiwonh,eonnicteisthperocboanbtlreactthaist
    
    dpeetreformrminaendcetoobbleigawtiiothnisn atnhde asscsoepseseosfwthheisthsetranedacahrdp, rtohme iCseodmgpoaondy oarssseesrsveicsethise dgiostoidnsct.orTsheervCicoems pparnoymtihseend rwecitohginnizeeaschascorenvtreancuteatnhde dameteorumntinoefs tthheostreanthsaact tiaorne
    
    pcorilcleecttehdatoins baelhloaclfatoefdthtoirdthpearrteiespseacrteiveexcpleurdfeodrmfraonmcereovbelniguaet.ion when (or as) the performance obligation is satisfied. Sales tax, value added tax and other taxes
    
    Table of Contents
    
    Cbaosnetdraocnts twheithesctiumstaotmederrselmataivyecsotnatnadinalomnueltsiepllleinpgerpfroircmesanocfethoeblpigroamtioisnesd. pFroordsuucctsh oarrrsaenrgveicmeesnutsn,dtehrelytirnagnseaaccthionpeprfroicremiasnacelloocbaltiegdattioone.acThhpeeCrfoomrmpaanncyedoebtelirgmaitnioens
    
    tsrtaannsdaacltoinoenss,etlhliengCopmripceasnybaessetidmoantesthteheprsitcaendaatlownheicshelltihnegpperrifcoermtakanincge ionbtoligaactcioounnitsasvoalidlasbelepairnaftoerlmy.atIifonthseucshtanasdamloanrkeesteclloinndgitpiorincseainsdniontteorbnsaelrlyvaabplpertohvreodugphricpiansgt
    
    guidelines related to the performance obligations.
    
    pWerhfeonrmdaentecrem, irneisnugltitnhge itnraanssaicgtnioifnicapnritcfeinoafnacincgonctoramctp,oannenatd. juAsptmpleynint gisthmeapdreacifticpaalyemxepnetdiferonmt inapcaursatgormapehr o6c0c6u-1rs0-e3i2th-e1r8,sitghneifCicoamntplaynbyedfoorees onrotsiagsnsiefsiscawnhtleythaefrtear
    
    soirglneisfsic. aNntofnienaonfctihnegCcoommppaonnye’nst ceoxnistrtsacitfstchoenptaeirnioedd baestiwgneiefnicwanhtefnintahnecCinogmcpoamnpyopneernftorams osfitJsuonbel3ig0a,t2io0n1s9.under the contract and when the customer pays is one year
    
    2In01M9.arTchop2i0c1864,2thies aFnAuSpBdaitsesutoedTuoppdicat8e4d0l,ewasheicahccwoausnttihneglegausiedaanccceou(n"Ttionpgicsta8n4d2a"r)d, ains epxlapcleaitnherdoufguhrthDeercienmNboetre391,–20L1e8a.seTs.heWreewaedroepnteodsiTgonpifiicca8n4t2cohnanJgaensutaoryou1r,
    
    revenue accounting upon adoption of Topic 842.
    
    cWuestormeceorgsniiszemreeavseunreude binaseadccoonrdtahnecceownsiitdhertwatoiondisfpfeerceinfitedacicnouthneticnognstrtaacntdawridtsh: t1h)e Tcuosptiocm6e0r,6aannddex2c)luTdoepsican8y42sa. leUs nindceernTtiovpeisca6n0d6a,mreovuenntsuecoflrloemctecdoonntrabcethsawlfiothf
    
    cthoinrdtrapcatrstiwesi.thAcupsetrofmoremrsangceeneorballilgyadtioonnoits iancplruodmeismeuilntipalceopnetrrfaocrtmtoantrcaenosfbelrigaadtiiosntisn.ctWgeoordecoorgsneizrveicreevteonauecuwshtoemn ewr,easnadtisisfythaepuenrfitoromf aancccoeuonbtliugnadtieornTboypitcra6n0s6fe. rrOinugr
    
    coornsterrovlicoevse.r 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
    
     TableofContents
     DisaggregatedRevenues
     rTehpeorftoalblolewsienggmtaebnltefroerperaecshenctastaegdoirsya:ggregationofrevenuefromcontractswithcustomersforthethreeandsixmonthsendedJune30,2019and2018,alongwiththe
                                   Threemonthsended        Sixmonthsended
     Inthousands                      June30,2019  June30,2018  June30,2019  June30,2018
     Digitalproductsales:
      Catalogandsmallcustomizedproducts        $    3,113 $    2,353 $    6,204 $    5,301
      Largecustomizedproducts                    -        -        -      1,000
       Subtotal                          3,113      2,353      6,204      6,301
     Digitalproductleaseandmaintenance:
      Operatingleases                        338       439       630       766
      Maintenanceagreements                    296       270       512       530
       Subtotal                           634       709      1,142      1,296
     Total                         $    3,747 $    3,062 $    7,346 $    7,597
     PerformanceObligations
     TheCompanyhastwoprimaryrevenuestreamswhichareDigitalproductsalesandDigitalproductleaseandmaintenance.
     DigitalProductSales
     sTchoereCbooamrdpsa.nyForrecthoegnCizoemspnaenty’rsevceantauleogonproddiguictatsl,prerovdenuuctesisalgeesnteorailtlsydreisctorgibnuiztieodnwphaertnnethrsecaunsdtotmoeernodbtuasienrsscroenltartoeldotfothdeigCitoamlpdaisnpyl’asypsroolduutciot,nwshaincdhoficxceudrsdaigtiat
     peiotihnetrinretciomgen,izaenddamtaaypboeinutpionntsimhiepmorenotvoerrutipmoenddeeplievnedryinbgaosendtohnetshizeecoofnttrhaectcuoanltsrhaicpt.pinFgortetrhmosseocfuastcoomntirzaecdt.pFroodrutchtecCoonmtrapcatnsyt’hsactuasrteomsmizaeldlerpriondsuicztes,,rreevveennuueeiiss
     ogenntehrealcloynrtercaoctgunailzeshdipwphienngttheermcussotfomaceornotbrtaacitn.sFcoorntthroolsoefctuhsetoCmoimzepdanpyro’sdupcrotdcuocntt,rawchtsicthhaotcacruerslaargtearpioninsitzien,triemvee,naunedismreacyobgeniuzpeodnosvheirptmimenetboarsuedpoonndienlciuvrerreydbcaossetds
     aTshceomCopmarpeadntyompraoyjeacltseodccoonsttrsacutsiwnigththaeciunsptuotmmeretthoopde,rafsortmhisinbsetastllraetfiolenctssertvhieceCsoomfpdaingyit’aslpdriospglraeysspirnodtruacntssf.erSriimngilacrontotrothleolfatrhgeercucustsotommiziezdedpprorodduuctcttso,tthheecCuosmtopmaenry.
     erexcpoegcnteizdecsotshtesrtoevbeenuinecausrsreodc.iatedwithinstallationservicesusingtheinputmethod,wherebythebasisisthetotalcontractcostsincurredtodatecomparedtothetotal
    
    
    Table of Contents
    
    Rvaerviaebnlueecoonnssiadleersattioond,isthtreibCuotimonpapnayrtensetrismaarteesrethceoradmedounnettooffvparroiambplet-cpoanysdidisecraotuionnts,thiaftosfhfeorueldd, baendincoltuhdeerddeinduthcetiotrnasn.saTcotiothneperixcteenuttitlhizeintrganthseacmtioonst plirkiceelyinamcluoduenst
    
    mdoeetshondott.o VwhariicahbtlheecConosmidpearnaytioenxpiescitnsctloudbeedenintittlheed.trIannstahceticoanseporifcperoifm, ipnt-tphaeyCdoismcopuanntys’,sthjuerdegmareenotn, liyt itswporpoobsasbilbelethoauttcaosmigens:ifeicitahnetr ftuhteurceusrteovmeresrapl aoyfscounm-tuimlaetivoer
    
    rCeovmenpuaenyu’nsdaenr ttihceipcaotendtrapcetrfworimll annocteoacncudr.allDientfeorrmmiantaitoinon(hoifstworhiectahl,ercutorreinnctluandde efostriemcaastetedda)mthoautnitssrienastohneatbralynsaavcatiiolanblper.icTe haereCboamsepdanlayrgbeellyieovnesatnhaatsstehsesmesetinmt aotfesthiet
    
    ehsatsimesattaebdliasmheodunatrse troeavsaornya. bTlehebaCseodmuppanoyn ocfufrerresnat nfaacstssuaranndccei-rtcyupme swtaanrrcaenst.y Athpaptltyhiengdidgiiftfaelrednistpjluadygpmroednutscttsowthilel scaomnfeorfmacttso atnhde pcuirbcluismhsetdanscpeescicfoicualtdiorness.ulRt eintutrhnes
    
    may only be made subject to this warranty and not for convenience.
    
    Digital Product Lease and Maintenance
    
    Deqiugiiptaml epnrot dautctthleeaesnedroevfetnhueelsearesperaensedntdorevneont ugeesnferroamte lmeaastienrgialeqreuvipemnueentfrtohmat wsaeleoswonf. eWqueipdmoennot tugnedneerraslulcyhporopvtiiodnesa.nOouprtiolenasfeorrethveenleusesseedotonpoutricnhcalsuedethme aretenrtieadl
    
    ammaionutnetnsaonfcevacroianbtrlaecptsaygmeneenrtas.llyDriguintafloprropderuicotdms aoifntoenneanmcoenrtehvetonu1e0s ryeeparress.enAt rceovnetnruaecst fernotmeremdaiinnttoenbayncteheagCreoemmpeanntys fwoirtheqauicpumsteonmt tehramt waye dcoonntoaitnowbont.hLleeaassee aanndd
    
    pmaaritnsteannadnscoefstweravriecems a(einittheenranocreboasthmsearyvibceesremqauyirebde atogrmeeadinutpaionn tbhaesecdusotnomtheer’isndeiqvuiidpumalencut sitnompreorpceornotrpaecrta)t.inMg acionntedniatinocneastertvhiececsusmtoamy ecro’nsssisetrvoifceprloovciadtiinogn.labTohre,
    
    Csaotimsfpyainngy cthoencpleurdfeodrmthaencleeaosbeliagnadtiomnaionftetnhaensecesesrevrivciecsesisretphreesinepnut tamseertiheosdo. fAddisdtiinticotnsaellryv,icmesaianntedntahnecemsoesrtvriceepsrerseeqnutairteivtehemCetohmodpafnoyr mtoea“ssutarnindgrpearodgyr”estos tporwovairddes
    
    sreucpopgonrtizteortehveencuusetostmraeirghwth-leinneaonvdeirftnheeeldeeadse. aAnsdtmhearientiesnnaoncdeistceermrnsabolfesperavttiecren. of efforts other than evenly over the lease and maintenance terms, the Company will
    
    TofhseeCrvoimcepsa. nLyeahsaesaanndemnfaoirncteeanbalnecreigshertvtiocepaaymmoeunnttsfobrilpleedrfoarhmeaadncoef creovmepnlueeterdectoogdnaitteio,nasareevirdeecnocrdeeddbiyntdheefererrqeudirreemveennut ethaantdthaerecuinstcolumdeerdpianyaucpcfrruoendt lfioarbielaitciehsminonththe
    
    Condensed Consolidated Financial Statements.
    
    pRaeyvmeneunetss fdruoemtoeqtuhiepmCeonmtpleaansyeuannddemr aoipnetreantainngcelecaosnetsratchtastaerxeprierceoagtnivzaerdyidnugridnagtethsethterormugohf2th0e28refsoprecittsivreeangtarleeemqueinptms.enAtt aJnudnem3a0i,n2te0n1a9n,ctehecofuntturarectms, iansimsuumminlgeansoe
    
    –re2n0ew22a,ls$7o1f,e0x0i0st–in2g0l2e3asaensdo$r 6a8n,y00n0ewthleeraesaefste, ra.ggregating $2,100,000, are as follows: $470,000 – remainder of 2019, $1,025,000 – 2020, $329,000 – 2021, $137,000
    
     TableofContents
     ContractBalanceswithCustomers
     Cpaosnstargaectoafsstiemtsep.riTmhaericlyonrterlaactetatossreitgshatsretotrcaonnsfseidrreerdatitoonthfoerrgeoceoidvsabolressewrvhiceenstthreanrsifgehrtrsedbetocotmheecuunsctoomndeirtiwonhaeln.tAhesroigfhJtuinseco3n0d,i2ti0o1n9alaonndsDoemceetmhibnegro3t1h,er20th1a8n,tthhee
     cCoonmtrpoalntoythhaedcnuostcoomnetrraacntdasthseetrse.foTreherecvoennturaecitslrieacboilgitnieizsepdroimnacroilmyprleeltaitoentoofthdeelaivdevrayn.cCeocnotnrsaicdtelriaatbioilnitireesceairveecdlafsrsoimfiecduasstodmefeerrsrefodrrceovnentruaectbsyptrhioerCtoomthpeantryanasnfderaoref
     includedincustomerdepositsandaccruedliabilitiesintheCondensedConsolidatedBalanceSheets.
     ThefollowingtablepresentsthebalancesintheCompany’sreceivablesandcontractliabilitieswithcustomers:
     Inthousands                                     June30,2019  December31,2018
     Grossreceivables                                 $     3,196 $      4,067
     Allowanceforbaddebts                                    644        1,796
     Netreceivables                                        2,552        2,271
     Contractliabilities                                      1,325        465
     DcounrtirnagctthlieabthilrietyebaanldanscixesminonththesreesnpdeecdtiJvuenpee3ri0o,d2s0:19and2018,theCompanyrecognizedthefollowingrevenuesasaresultofchangesinthecontractassetandthe
                                  Threemonthsended         Sixmonthsended
     Inthousands                     June30,2019  June30,2018  June30,2019   June30,2018
     Revenuerecognizedintheperiodfrom:
     Amboeugnintsniinncgluodfethdeinpethrieodcontractliabilityatthe   $     149  $     205  $     350  $     753
     TransactionPriceAllocatedtoFuturePerformanceObligations–alternativemorequalitativepresentation
     gRueimdaaninciengprpoevrifdoersmcaenrcteainobplirgaacttiiocnalserexppreedsieennttsstthheattrlainmsiatcttihoinsprerqicueiroemfceonnttarancdt,stfhoerrewfohriec,htwheorCkohmaspannoytdboeeensnpoertfodrimscelodse(otrhheavsablueeenopfaurtnisaalltyisfpieedrfopremrfeodr)m.aTnhcee
     Cobolmigpaatinoynshafosrth(ei)rcigohnttrtaoctisnvwoiitcheafnorosreigrvinicaelsepxeprefcotremdelde.ngAthsooffJounneey3e0a,r2o0r1l9e,stsheanadgg(irie)gcaotentarmacotsunftorofwthhiechtrarnesvaecntuioenisprriecceoaglnloizceadtedattotheremamaionuinntgtpoerwfohrimchanthcee
     obligationsfordigitalproductsaleswas$2.4millionanddigitalproductleaseandmaintenancewas$2.1million.
     Tanhde3C7oomrpmanoyreemxpoenctthsst,orersepceocgtnivizeelyr.evenueonapproximately83%,13%and4%oftheremainingperformanceobligationsoverthenext12months,13to36months
     TableofContents
     CoststoObtainorFulfillaCustomerContract
     P20ri1o4r-t0o9,ththeeadCoopmtipoannoyfcAurSrUent2l0y1c4a-p0i9ta,ltihzeesCthoemspeainnycreexmpeenntsaeldcoinsctsreomfeonbttaalincionmgmcuissstoiomnesrpcaoidnttroacstasl.esCraeppirtaelsieznetdatcivoemsmfoisrsoiobntasianriengamcuosrttoizmeedrbcaosnetdraocntst.heUtnrdanersfAerSoUf
     tohbetapinroindgucctosnotrracsetsrvaisceasnteoxpwehniscehwthheenaisnsceutsrrreedlaitfet.heAapmployritnizgattihoenpprearciotidcaolfetxhpeeadsiseenttsitnhaptathraegCraopmhp3a4n0y-4o0th-2er5w-4is,ethweoCulodmhpaavneyrerceocoggnniziezdesisthoeneinyceraermoernlteaslsc.oTsthsesoef
     costsareincludedinGeneralandadministrativeexpenses.
     TWheheCnosmhippapniyngacacnoduhnatsndfloirngshciopsptisnagreanindchuarrneddlianfgtearcaticvuitsiteosmreerlaotebdtaitnosccoonntrtraocltsofwtihthepcurosdtoumctesr,sthaesCcoosmtspatonyfuallfsiollhtahseeplerocmtedisetotoactcroanusnftefrotrhteheassesoacsiactoesdtsptroodfuulcftisll.
     tihnecopsrotsmoifsegoaonddsnsootldasaandseapraerraetecopgenrifzoerdmwanhceenotbhleigraetliaotend.fSinhiisphpeindgparondduhcatnisdlsihnigppceodststoatshseocciuastetodmweirt.hthedistributionoffinishedproductstocustomersarerecorded
     Note4–Inventories
     Inventoriesconsistofthefollowing:
     Inthousands                                     June30,2019 December31,2018
     Rawmaterials                                   $     1,396 $      1,178
     Work-in-progress                                       840        626
     Finishedgoods                                         297        397
                                               $    2,533 $      2,201
     Note5–RentalEquipment,net
     Rentalequipmentconsistsofthefollowing:
     Inthousands                                     June30,2019  December31,2018
     Rentalequipment                                 $     7,104 $      7,109
     Lessaccumulateddepreciation                                6,011        5,799
     Netrentalequipment                                $     1,093 $      1,310
     DreenptarelceiqautiiopnmeexnptefonrsethfeotrhrreenetamloenqtuhispemnednetdfJourntehe30s,ix20m19onatnhds2e0n1d8edwJausn$e13006,,020001a9nadn$d17270,10800w,arses$p2e1c2ti,v0e0l0y.and$353,000,respectively. Depreciationexpensefor
     TableofContents
     Note6–Property,PlantandEquipment,net
     Property,plantandequipmentconsistsofthefollowing:
     Inthousands                                     June30,2019  December31,2018
     Machinery,fixturesandequipment                         $    2,721 $      2,691
     Leaseholdsandimprovements                                  12         12
                                                   2,733        2,703
     Lessaccumulateddepreciation                                 631         523
     Netproperty,plantandequipment                         $    2,102 $      2,180
     Machinery,fixturesandequipmenthavinganetbookvalueof$2.2millionatDecember31,2018werepledgedascollateralundervariousfinancingagreements.
     Dexeppernesceiaftoiornpreoxppeerntyse,pfloarntpraonpdeertqyu,ippmlanenttafnodrethqeuitphmreeenmtofonrththseensdixedmJounntehs30e,n2d0e1d9Jaunnde23001,820w1a9sa$n5d4,2000108anwdas$7$21,0080,00,0r0esapnedct$iv1e4l4y,.000,respectively. Depreciation
     Note7–Long-TermDebt
     Long-termdebtconsistsofthefollowing:
     Inthousands                                     June30,2019  December31,2018
     8?%Limitedconvertibleseniorsubordinatednotesdue2012            $     352 $       387
     9?%Subordinateddebenturesdue2012                            220         220
     Revolvingcreditline                                       -        1,440
     Termloans                                            -        1,590
     Termloans-relatedparty                                  1,000        1,000
     Forgivableloan                                        650         650
     Totaldebt                                          2,222        5,287
     Lessdeferredfinancingcosts                                   -         257
     Netdebt                                           2,222        5,030
     Lessportionduewithinoneyear                                572        3,584
     Netlong-termdebt                                 $    1,650 $      1,446
     OanndJTurlyan1s2-L,2u0x1E6n,ethrgeyCComorppaonraytiaonndeintstewrehdolilnyt-oowancereddsiutbasgirdeieamrieesntT,raasnss-uLbusexqDueisnptllyayaCmoernpdoerdatoionn,vaFraiioruPsladyaCteos,rpthoeraltaiotenst(fboerminegrloynTMraanrsc-hLu1x,2M01id9w(ecsotllCecotripvoerlayt,iothne)
     m“Cilrleidoint,Awghriecehminencltu”)dewdit(hi)CuNpHtoF$i3n.a0nmceilFliuonndoIf,aLr.Pev.o(“lvCiNngHl”o)aans,aletnadnerin.teUrnesdterrattheeoCfrperdimiteApglruesem9.e0n%t,(t1h1e.5C0o%mpaatnDyewceamsbaebrle31to,2b0o1rr8o)w,aunpdt(oii)anaa$g1g.0remgailtleioonft$e4rm.0
     leoliagni,baletarnecienitvearebsletsraatendofinpvriemnteoprylu.sO11n.0N%ov(e1m1.b5e0r%6,at2D01e8ce,mthbeerC3o1m,p2a0n1y8)a.nTdhCeNavHaialagbreileitdytuondaefrotrhbeeareravnoclveinaggrleoeamnewnatswchailcchulawtaesdebfafseecdtiovnectherrotauignhpeFrecbernutaargyes2o8f,
     2th0r1o9u,gahsAlopnrigl1a5s,th2e0r1e9.weOrnenAopraidld1i0ti,o2n0a1l9d,etfhaeulCtsoumnpdaenrythseatiCsfrieedditthAegCrereemdietnAt.grOeenmMenatrcihn1fu,l2l0a1n9d,tthheeCerfefedcittiAvegnreesesmoefntthweafsortebremariannacteeda.gTreheemteenrmtwinaastioenxtefenedeodf
     O$6p0e,r0a0ti0onans.dtheremainingdebtdiscountof$23,000werewrittenoffandincludedinlossonextinguishmentofdebtontheCondensedConsolidatedStatementsof
    
    
    Table of Contents
    
    OConmJpuanney11b,or2r0o1w8e,dth$e3C30o,m00p0anfyroemnteSrMedI ianttoana iSnutebroersdtinraatteedofSe1c2u.r0e0d%P.roTmhiessmoraytuNriotyted(athtee o“fSMtheI NSMoteI”N) owtiethwSaMs thIneveeasrtloiresr, oLf.PJ.u(n“eSM11I,”2),0p2u0rsouranthtetoCwomhipcahntyh’es
    
    acot manpelexteiorcnisoef parnicaedodfiti$o0n.0al1fpinearnschianrge.paTchkeagCeoomfpaatnlyeausttil$iz1emd itlhleioBn.lacTkh-eScChoomlepsamnyetahlosod itsosucaeldcuSlMateI athtehrfeaeir-yveaalur ewoafrrtahnist twoaprruarncht aasteth8e2t,5im00e sohfairsessuaonfcteh,ewChoicmhpwanays
    
    t$h9e5r,0e0m0a,inanindgwdaesbtbdeiisncgoturnetatoefd$a5s3,a0d0e0bwt adsiswcoriutntetnamofofratnizdedinocvluedretdheintwloos-syoenaretxetrimngoufisthhme elonat no.f dOenbtAopnritlhe17C,o2n0d1e9n,stehdeCCoonmsoplaindyatesadtiSstfaietedmthenetSs MofIONpoetreatiinonfus.ll and
    
    OwhnicJhuntehe11C,o2m01p8an, ytheboCrroomwpeadny$6e7n0t,e0r0ed0 ifnrotomanSoMthIeIraSt uabnoirndtienraetsetdrSateecuorfed12P.0ro0m%i.ssoTrhyeNmoatteur(itthye d“aStMe IoIf NthoeteS”)MwIIithNoStMe wInavsetshteoresaIrIl,ieLr.Po.f (J“uSnMe I1I1”),,2p0u2r0suoarntthtoe
    
    CthoemCpoamnyp’asncyomatpalentieoxneorcfisaen pardidcietioonf a$l0f.i0n1anpceinr gshpaarcek.agTeheofCaot mlepaastny$1umtiliilzleiodn.thTe hBelaCcokm-Spcahnoyleaslsmo eisthsuoeddtoSMcaIlIcaultahtreeeth-yeefaarirwvararlaunet otof pthuirschwaasrera1n6t7a,5t0t0heshtaimrees ooff
    
    iSsMsuIaInNceo,twe hinichfuwllaasn$d19th2e,0r0e0m, aainndinwgadsebbetindgistcroeuatnetdoafs$a1d0e9b,0t0d0iscwoausntwarmittoerntizoefdf aonvderitnhcelutdweod-yienalrotsesrmonofexthtienglouainsh. mOenntAopfridl e1b7t, o2n01t9h,ethCeoCndoemnpseadnyCsoantissofliieddattehde
    
    Statements of Operations.
    
    pTahyemCeonmt opfanalyl phraisncaip$a5l0d0u,0e0a0t slouacnh tfirmome. CInatrelirselset Iisnvpeasytambelentms oInncth. l(y“.CCaralrislilsel”e)haatsaagfirxeeedd itnotenroetsdt ermataenodfp1a2y.m00e%nt,ownhtihcehlmoaantutrherdouognh Aatplreilas2t7D, e2c0e1m9bwerit3h1a, 2b0u2ll0e.t
    
    JAusnoef3J0u,n2e03109, 2a0n1d9D, tehceemenbtierre3a1m, o2u0n1t8w, athseouCtostmanpdainnyg haandd aisccinruceludde$d90in,0l0o0nga-ntderm$6d0e,0b0t,0,lersesscpuercrteivnetlpyo, rotifoninitnertehset CreolantdeednstoedthCisonlosoalni.daCteadrlBisalelanhcaes Sahgereeetsd. tAo snooft
    
    Sdehmeeatns.d Tphayemreemntaionnin$g6$03,000,0000ofofthaeccinruteerdesint taesreosft aJsunoef J3u0n,e23001,92,0s1o9iatnids tihnecl$u6d0ed,00in0 doeffaecrcrerudepdeinnsteiorenstliaasbioliftyDeacnedmobtehrer31in, 2t0h1e9CaorendinenclsueddedCoinnsaoclcidruaeteddliBabaillainticees
    
    CinatrhlieslCe.ondensed Consolidated Balance Sheets. Marco Elser, a former director of the Company, exercises voting and dispositive power as investment manager of
    
    TprhinecCipoaml pdauneyathasuscahntaimddeit(itohnea“lS$e5c0o0n,d00C0alroliasnlefrAogmreCemarelinstl”e).atInatefirxeesdt iisnptearyeasbt lreatme oonfth1l2y.0. 0C%a,rlwishleichhasmaagturereedd oton nDoetcdeemmbaenrd1p0a,y2m01e7ntwoinththaebluolalnetthpraoyumgehnattolfeaasllt
    
    DBaelcaenmcebeSrh3e1e,ts2.0A20s.oAf JsuonfeJ3u0n,e23001,92a0n1d9,Dtehceeemnbtierre 3a1m, o2u0n1t8w, tahseoCuotsmtapnadniynghaadndaciscriunecdlu$d9e0d,0in00loanngd-t$e6rm0,0d0e0b,t,relesspsecctuivrreelnyt, poof ritniotenreisnt trheelaCteodntdoenthsiesdloCaonn.soCliadralitselde
    
    ChaosnsaoglriedeadtedtoBnaoltandceemSahnedetpsa. yTmheentreomna$in6i0n,g00$030o,f00th0eoifnatecrcersutedasinotferJeusnteas30o,f 2J0u1n9e, 3s0o, i2t0i1s9inancldudtheed $in60d,0e0fe0rroefd apcecnrusieodn ilnitaebrielsittyasanodf oDtehceerminbetrhe31C, o2n0d1e9nsaerde
    
    Cinacrlluisdleedininacaccocurunetsdrleicaebiivliatbielse,imn athteeriCalosnadnednsinetdanCgoibnlseoslirdealatetidngBtaolaancceertSahineeptsu.rcUhansdeeorrtdheer fSoerceoqnudipCmaerlnistliessAuegdreienmAepnrti,lt2h0e1C7.ompany granted a security interest to
    
    Table of Contents
    
    AnosteosfdJuuene203102, 2(t0h1e9“NanodteDs”e)cwemhibcehr a3r1e,n2o01lo8n,gtehrecCoonmvepratinbylehiandtoocuotsmtamnodninsgh$ar3e5s2. ,0T0h0eaNnodte$s3m87a,t0u0r0ed, raesspoefcMtivaerclyh, 1o,f280?12%anLdimairteedcucrorennvtelyrtiibnledesfeanuilot.r sOunboFredbinruaaterdy
    
    1ag5g, r2e0g1a9te, hpoalydmeresnotfb$y35th,0e0C0oomf tphaenyNootfes$7a,c0c0e0p.tedAtshae Creosmulpt aonfy’thseoftfrearnstoacetxiocnh,anthgee Ceaocmhp$a1n,y00r0ecoofrdperidncaipgaal,infoorngivthinegeaxntiyngreuliasthemd einntteorefstd,efbotr, $n2e0t 0ofinecxapsehn,sfeosr, aonf
    
    $is5i2n,c0l0u0deind 2in01a9cc. rAuesdolfiaJbuinlieti3e0s,in20th1e9 CanodndDeencseemd bCeorn3s1o,li2d0a1te8d, tBhaelaCnocmepSahneyethsa. d accrued $286,000 and $298,000, respectively, of interest related to the Notes, which
    
    DAesboefntJuurense m30at,u2re0d19asaonfdDDeecceemmbbeerr13, 12,012201a8n,dthaere Ccoumrrepnatnlyy ihnaddefoauutlstt.anAdsinogf $J2u2n0e,03000, 2o0f199?an%d SDuebcoermdbinearte3d1,d2e0b1e8n,tuthreesCdoume p2a0n1y2h(atdheac“cDrueebden$t2u0re0s,”0)0.0 Tanhde
    
    $190,000, respectively, of interest related to the Debentures, which is included in accrued liabilities in the Condensed Consolidated Balance Sheets.
    
    ObansiMs iafypr2e3d,e2te0r1m7i,ntehde eCmopmlopyamnyenret cleeviveelsd a$r6e5a0t,t0a0in0edstrauncdtuwreoduladseaxpfoirregiovnabAleprliola1n, 2fr0o2m4.thIef tChietyCoofmHpaanzyelwatotaoidn,sMthiesseomupril.oyTmheenltolaenvewlsillrebqeuifroerdgibvyenthoenagarpeerom-reantta,
    
    hthaedreaciscrnuoedin$te9r5e,s0t0d0uaen, dot$h7e1rw,0i0s0e,inretespreescttiavceclryu,eosfaitnaterraetset oreflaptreimd etoptlhuiss2lo.0a0n%, w(h7i.c5h0%is iantcJluundeed30in, 2a0c1cr9u)e. dAlisaobfilJituiense i3n0t,h2e0C19onadnednDseedceCmonbseorl3id1a,t2e0d1B8a, ltahnecCe oSmhepeatns.y
    
    IHnaFzeelbwruoaordyi2n0M18a,rcinh a2c0c1o8r,dasonctehewaitghretehme eangtreneomwentet,rmthienaCteosmopnanAyprrielq1u,es2t0e2d5a. 1A-yseoafr tehxeteMnsairocnh o3f1,th2e01te9rmmseaosfutrheemaegnrtedematee,ntt,hewhCiocmh pwaansyahpapsronvoetdybetyatthtaeinCeidtythoef
    
    appropriate employment levels and has requested an additional extension from the City of Hazelwood.
    
    Note 8 – Pension Plan
    
    cAosmopfenDseactieomnbinecrre3m1,en2t0s0h3a,dthbeeebnefnreofziet nsearnvdi,ceacuconrddeirngthlye, npoenasdiodnitiopnlaanl bheandefbiteseanrefrboezineng aacncdr,ueadccuonrddeinrgthlye,ptehnesrieonisplnaon.service cost. As of April 30, 2009, the
    
     TableofContents
     ThefollowingtablepresentsthecomponentsofnetperiodicpensioncostforthethreeandsixmonthsendedJune30,2019and2018:
                                 ThreemonthsendedJune30    SixmonthsendedJune30
     Inthousands                        2019      2018      2019      2018
     Interestcost                      $     126  $     114  $    251  $    227
     Expectedreturnonplanassets                  (173)      (203)      (345)      (406)
     Amortizationofnetactuarialloss                 66       56       131       112
     Netperiodicpensionexpense(benefit)         $     19 $     (33) $     37 $     (67)
     AacscroufedJulniaeb3il0it,ie2s01in9tahnedCDonecdeemnsbeedrC3o1n,s2o0l1id8a,tethdeBCaolamnpceanSyheheatds,raencdoradeldonag-ctuerrrmenptepnesniosniolnialbiailbitiylitoyfo$f3$.547m5i,l0li0o0naanndd$$632.73,m00il0l,iorne,spreescptievcetliyv,elwy,hwichhicishiinscilnucdleuddeidn
     winhdicehfetrhreedCpoemnpsiaonnylcioabnitlriitbyutaendd$o3t9h1e,r0i0n0tihnethCeofnidrsetnhseadlfCofotnhseolyideaarteadndBa$l8a5n,c0e00Shsueebtsse.quTehnetmtoiJnuimneu3m0,re2q0u1i9re.dcontributionin2019isexpectedtobe$629,000,of
     Note9–Leases
     lTehaeseCsoinmcpluadneybleoathselseaasdem(ien.igs.t,rafitxiveedapnadymmeanntusfiancctulurdininggfarceinlti)tieasndthnrooung-lheaospeecroatminpgonleeanstesa(eg.rge.e,mcoemntms.oTnhaereCaoomrpoatnhyerhmasaninotefninaanncceecloesatsse).sTahseoffaJcuilnitey3l0e,as2e0s1i9n.clOuduer
     ionnceluodredmionreouorpRtioOnUsatossreetsneowr.leaTsheelieaxbeilrictiiesesaosftlheeaysearreenneowtraelaosopntiaobnlsyicserttyapiincaolflyexaetrcoiuser.soWleedreisgcurleatriolyn,evthaelureaftoerteh,ethreenreewnaelwoapltsiotonseaxntedn,dwhtheenltehaesyeatreermresasaorneanbolyt
     certainofexercise,weincludetherenewalperiodinourleaseterm.
     tOhpeelreaatsinegdlaesasseetsforerstuhletlienatsheeterermcogannidtiloenasoeflRiaObiUlitaiesssertesparensdenletaosuerlioabbliilgitaiteisonontothmeaCkeonledaesnesepdayCmoennsotsl.idOatpeedraBtianlagnlceeasSehReeOtsU.aRsOseUtsaasnsdetlsiarbepilrietiseesnatroeurrecriogghntitzoedusaet
     cinocmremmeenncteamlbenotrrdoawteinbgasraetdeoanttthheepcroemsemntenvcaelumeeonftldeaatseetpoadyemteernmtsinoevethrethperelesaesnettvearlmue.oAfslemaosestpoafyomuernltesa.seMsodsotnreoatlperostvaitdeelaenasiemspinliccliutdreateo,nweeorusmeoorueroepsttiiomnastetod
     rweintehwa,nwinitihtiarelnteerwmalotfer1m2smthoantthcsanorexletsesndartehenoletarseecoterdrmedfroonmth1etCoo5nydeeanrssedorCmonosreo.lidLaetaesdeBeaxlpaenncseeSishereetcso.gnTihzeedproinmaarsytrlaeiagshets-lwineeebnatseirsionvteorwthitehleinaisteiatletremrm.sLoeafs1e2s
     monthsorlessareforequipment.
     TableofContents
     Supplementalinformationregardingleases:
     Inthousands,unlessotherwisenoted                                      Ju2n0e1930
     BalanceSheet:
      ROUassets                                             $     1,281
      Currentleaseliabilities                                              322
      Non-currentleaseliabilities                                            994
      Totalleaseliabilities                                              1,316
     Weightedaverageremainingleaseterm(years)                                    3.0
     Weightedaveragediscountrate                                          8.9%
     Futureminimumleasepayments:
      2019                                                $      245
      2020                                                      349
      2021                                                      342
      2022                                                      348
      2023                                                      295
      Thereafter                                                     -
     Total                                                      1,579
     Less:Imputedinterest                                                263
     Totalleaseliabilities                                               1,316
     Less:Currentleaseliabilities                                            322
     Long-termleaseliabilities                                       $      994
     Supplementalcashflowinformationregardingleases:
                                               mFoonrtthhseethnrdeeedmFoonrthtsheensdixed
     Inthousands                                       Ju2n0e1390,    Ju2n0e1390,
     Operatingcashflowinformation:
      Cashpaidforamountsincludedinthemeasurementofleaseliabilities       $      121 $      243
     Non-cashactivity:
      ROUassetsobtainedinexchangeforleaseliabilities                        -        162
     Texoptaelnsoepearnadtisnhgolret-atseermexlpeeanseseexanpdenssheowrta-tse$rm12l4e,a0s0e0eaxnpden$s3e2,w00as0,$r2e4sp9e,0c0ti0vealnyd,f$o6r4t,h0e0t0h,rreeespmeocntitvheslyen,dfoerdtJhuenseix30m,2o0n1th9s.endedJune30,2019. Totaloperatinglease
     TableofContents
     Note10–Stockholders’DeficitandLossPerShare
     ThefollowingtablepresentsthecalculationoflosspershareforthethreeandsixmonthsendedJune30,2019and2018:
                                 ThreemonthsendedJune30    SixmonthsendedJune30
     Inthousands,exceptpersharedata               2019      2018      2019      2018
     Numerator:
      Netloss,asreported                 $    (365) $   (1,028) $    (888) $    (968)
      Changeindividendsaccumulatedonpreferredshares       (3)      (50)      (38)      (99)
       Netlossattributabletocommonshares       $    (368) $   (1,078)      (926) $   (1,067)
     Denominator:
      Weightedaveragesharesoutstanding            13,226      2,243      9,123      2,203
     Basicanddilutedlosspershare            $    (0.03) $    (0.48) $    (0.10) $    (0.48)
     Bpearsiiocdl.osDsipluetrecdomlomssonpesrhacroemismcoonmsphuatreedibsycdoimvipduintegdnbeytlodsivsiadtitnrigbunteatblleostoscaottmribmuotanbslheatroescboymtmheonwesihgahrteesd,abvyertahgeewnueimghbteerdofavceormagmeonnusmhabreersoofutcsotamndminognfsohratrhees
     outstanding,adjustedforsharesthatwouldbeassumedoutstandingafterwarrantsandstockoptionsvestedunderthetreasurystockmethod.
     (A“tSJBuCnePS3”0),.2019and2018,theCompanyhadaccumulatedunpaiddividendsof$5,000and$41,000,respectively,relatedtotheSeriesBConvertiblePreferredStock
     F29o,r2e0a1c9h,haoglgdreergoaftinSgBC$7P3S,0t0h0a,twcohnicvherwteadstdhiesitrrisbhuatreedstionttoheCseomfomrmonerShtoolcdkerisnoMfathrcehS2B0C1P9S,tohneACopmrilp2a,n2y0d1e9c.laredadividendof$4.60pershareofSBCPSonMarch
     sAhsaroefbJuecnaeu3s0e,t2h0ei1r9e,xtehreciCseomprpiacneywhaasdlewssartrhaanntsthtoepauvrecrhagasees2h5ar0e,0p0r0icsehoafreosuorfCCoommmmoonnSStotocckkfooruttshteanpdeirniogd,,wshoicthhewireirnecliunsciloundewdaisndtihleutcivaelc.uAlastioonfJoufndeil3u0te,d20lo1s9sapnedr
     o2f01d8il,uttheedCloosmsppaenryshhaardeobtehcearuwseartrhaenitrsetoxeprucirscehapsreic1e0w,0a0s0garnedat5er2,t0h0a0nsthhaereasv,erreasgpeeschtiavreelyp,riocfeCfoomrtmheonpeSrtioocdkaonudtstthaenidriinngc,luwshioicnhwwoeurledehxacvluedbeedefnroamntit-hdeilcuatilvceu.laTtiohne
     prermiceaionfintghewsearwraanrtrsantots.purchase10,000sharesasofJune30,2019couldbedilutiveinthefutureiftheaveragesharepriceincreasesandisgreaterthantheexercise
     oAfsCoofmJumnoen30S,to2c0k1,9naonnde2o0f1w8h,itchhewCeormepuasendyihnadth6e4c8alacnudla1ti6o,n51o2fdshilaurteesd,rloesspsepcetrivsehlayr,eobfeScBauCsPeSthoeuirtsctaonndvienrgs,iownhpicrihcewweraescgornevateerrtitbhlaeninthtoe6a4v,e8r0a0geanshda3re30p,r2ic4e0fsohratrhees
     pinecrrioeadseasndantdheisirgirnecaltuesriothnanwtohueldpuhracvheasbeepernicaenotif-dthileusteivseh.arTehseosfeSsBhCarPeSs.ofSBCPScouldbedilutiveinthefutureiftheaveragesharepriceofourCommonStock
     OatnanFeebxreuracriyse5p,r2ic0e19o,ft$h1e.0C0ompeprasnhyarceo.mOmneAncperdila5,R2ig0h1t9s,OthfefeCrionmgptoancyurcroemntpslhetaerdehiotsldReirgshutsndOefrfewrihnigchanthdeaschcaerpetheodldseurbssccroiupltdiopnusrfcohraasetosthaalroefs2o,f5o0u0r,0C0o0mshmaorensSotfoictks
     CommonStock,representingapproximatelyallofthesharesoffered,foraggregategrossproceedstotheCompanyof$2.5million,lessissuancecostsof$72,000.
    
    
    Table of Contents
    
    Note 11 – Contingencies
    
    TachceruCeodmrpesaenryveiss siunbdjievcitdutoallleygaalnpdroincetehdeinaggsgraengdatcelafiomrsswuchhichlegarailseprioncteheedoinrgdsin. arSyhocouuldrsaecotufailtslibtuigsaintieosns arensdu/lotrs wdihfifcehr afrroemcotvheereCdobmypiannsuyr’asnecset.imTahteesC, oremvpisainoynshatos
    
    increase or decrease the accrued reserves may be required. There are no open matters that the Company deems material.
    
    Note 12 – Related Party Transactions
    
    In addition to the Company’s loans from Carlisle described in Note 7, the Company has the following related party transactions:
    
    YCoaomzphaonnyg pSuhric,haasfeodrm$4er16d,i0r0ec0toarndof$t1h2e7,C0o0m0 poafnpyr,oidsutchtefrCohmaiTrmraannstoefchTrinantshteecshixLmEDonCthosmepnadneyd LJuimneite3d0,(2“T01ra9nsatnedch2”0)1, 8w,hriecshpeisctiovneelyo.f Tohuer LCEomDpsaunpyplpieurrsc.haTshede
    
    w$4e0re6,$0000anadnd$3$0654,,000000aosfopfrJoudnuect3f0r,o2m01T9raannsdteDcehcienmtbheert3h1re,e20m1o8n, trhesspeencdteivdeJlyu.ne 30, 2019 and 2018, respectively. Amounts payable by the Company to Transtech
    
    sOhnarMesaorcfhSB4,C2P0S1h9e, l9d6b.1y%a gorfeaotuerr itshsauned5%ansdtoocukthsotaldnedrinogf tShBeCCPoSmhpoanldyerasndcocnevrtearitnedditrheecitrorSsBoCf PthSe iCntoom1p,a5n8y6.,400 shares of Common Stock. Such amount included
    
    OUnnilMumaricnhe4x,er2c0i1se9d, Uthneilruemmianineixnegrc$i3s.e5dm$2il.l0iomn iollfiothneoUf nthileumUinnilWumairnraWntaarnradntthaenCdotmhepaCnoymipssauneydis3s,u6e0d8,224,076,1r,a8i5si6ngshaanreasgogfreCgoamtemoof n$5S.t5ocmki,llaionnd foonr AthperiCl o5m, 2p0a1n9y,,
    
    cleosnstrisoslueavnecnet.coTsthseoCf o$m20p2a,n0y00d.idAnsoat reelesuctlttoofatphpeleyxpeurcsihsdeos,wUnnailcucmouinntninogw. hNoilcdhso5l2as.2F%azoifo,thYeaCnogmLpiuanayn’ds oYuatnsttaanodYinug, CeaocmhmdoirnecSttoorcsko,fwthhiechCoremsuplatnedy,inarae cahlsaongeeacihn
    
    directors and/or officers of other subsidiaries of Unilumin’s parent company Unilumin Group Co. Ltd.
    
    As of June 30, 2019 and December 31, 2018, the Company had outstanding payables to certain executive officers aggregating $0 and $427,000, respectively.
    
     TableofContents
     Note13–BusinessSegmentData
     OCopmerpatainnyg’ssecghmieefnotpseararetinbgasdeedciosnionthmeaCkoemrspianndye’csidbiunsginheosswctoomalplooncaetnetsreasboouurctewshaincdhisneapsasreastesinfignapnecrfioarlminafnocremoaftitohneibsusaivnaeislas.bleandareevaluatedregularlybythe
     bTuhseinCeosmsspeagnmyeenvtasl:uDatiegsitsaelgpmroendtucptersfaolremsaanncdeDanigditaalllopcraotdeuscrtesleoausreceasnbdasmeadinutpeonnanocpee.raBtiontghindceosimgne(alnodssp).roTdhuecCeolamrgpea-nsyc’asleo,pmerualttiio-ncsolaorre,mreaanl-atgimedeidnigtwitaolrdepisoprltaaybsl.e
     DBoigthitaolpperroadtiuncgtsseaglemsesnetsgmareentcosneldlusceteqduiopnmeangtlaonbdaltbhaesiDs,igpirtaimlaprriolydutchtroleuagsheoapnedramtioaninsteinnatnhceeUsengitmedenSttaleteass.esTahnedCmomainptaaniynsalesqouihpamseonpt.eraCtioornpsorianteCganenaderaa.lTanhde
     administrativeitemsrelatetocoststhatarenotdirectlyidentifiablewithasegment. Therearenointersegmentsales.
     Fthoerediogmnerestviecnoupeesrraetipornespernotvliedsessththaene1q0u%ipomfetnhtethCaotmthpeanfoyr’esirgenveonpueerastiinon20le1a9seasndor2s0e1l8ls..TThheeCfoormeipgannyo’psefroatrieoingnopoepreartaetsiosnimdoileasrlnyottomthaenudfoamcteusrteicitospoewrantieoqnuaipnmdehnats;
     Jsiumneila3r0,p2ro0f1it9manadrg2in0s1.8Fisoraesigfonllaoswsest:sareimmaterial.InformationabouttheCompany’soperationsinitstwobusinesssegmentsforthethreeandsixmonthsended
                                 Three monthsendedJune30    SixmonthsendedJune30
     Inthousands                        2019      2018      2019      2018
     Revenues:
      Digitalproductsales                 $   3,113 $    2,353 $   6,204 $   6,301
      Digitalproductleaseandmaintenance             634       709     1,142      1,296
     Totalrevenues                    $   3,747 $    3,062 $   7,346 $   7,597
     Operating(loss)income:
      Digitalproductsales                 $    248 $     (442) $    364 $    118
      Digitalproductleaseandmaintenance             415       258      673      548
      Corporategeneralandadministrativeexpenses        (628)      (710)     (1,241)     (1,421)
     Totaloperatingincome(loss)                   35      (894)      (204)      (755)
     Interestexpense,net                       (80)      (218)      (335)      (414)
     (Loss)gainonforeigncurrencyremeasurement          (50)       50      (107)      122
     Lossondebtextinguishment                  (245)        -      (193)        -
     Gainonsaleleasebacktransaction                 -         -        -       11
     Pension(expense)benefit                    (19)        34      (37)       68
     Lossbeforeincometaxes                    (359)      (1,028)      (876)      (968)
     Incometaxexpense                        (6)        -      (12)        -
     Netloss                        $    (365) $    (1,028) $    (888) $    (968)
                                  Ju2n0e1930 Dece2m01b8er31
     Assets
      Digitalproductsales                 $   8,466 $    7,689
      Digitalproductleaseandmaintenance            4,246      3,054
      Totalidentifiableassets                   12,712      10,743
      Generalcorporate                      1,413       723
      Totalassets                     $   14,125 $    11,466
    
    
    Table of Contents
    
    Note 14 – Subsequent Events
    
    TinhceluCdeodmipnatnhyishFaosrmeva1l0u-aQteadnedvfeilnetds wanitdhttrhaensSaEcCtio. ns subsequent to June 30, 2019 and through the date these Condensed Consolidated Financial Statements were
    
    Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
    
    Overview
    
    Tthraatnws-eLudxesiisgna,lmeaadninugfascutuprpel,iedrisotfriLbuEtDe atencdhsneorlvoigcye.foDredsiisgpnleady taoppmlieceattitohnesd. igTihtaelessisgennatgiaelseolelumtieonntss foofrtahneysessizyestvemensuaer’es tihnedoroearla-tnidmoe,uptdrooogrranmeemdasb, ltehedsiegidtaislpplraoydsuacrtes
    
    utwseodreppriomrtaarbillye sinegamppenlitcsa:tDioingsitfaolrptrhoeduficntasnacleiasl,anbdanDkiignigt,algpamroidnugc,tcloerapseoraanted, madavinetretinsainngc,e.transportation, entertainment and sports markets. The Company operates in
    
    TinhceluDdeigsittahleprfoindauncctisaal,legsosveegrmnmenetnitn/pcrliuvdaetse,wgoarmldiwngid,esrceovreenbuoeasrdasndanrdelaotuetddoexopr eandsveesrftrisoimngthmeasrakleetss.ofTbhoethDinigdiotoalr apnroddouucttdoleoarsdeigaintadl mpraoidnutecntasnigcneasgeeg.mTehnits sinecglmudeenst
    
    mwoarinldtewniadnecreeovfenduigeistaalnpdrordeluacttedsigenxapgeensaecsrofrsosmallthmealrekaestes.and maintenance of both indoor and outdoor digital product signage. This segment includes the lease and
    
     TableofContents
     ResultsofOperations
     SixMonthsEndedJune30,2019ComparedtoSixMonthsEndedJune30,2018
     ThefollowingtablepresentsourStatementsofOperationsdata,expressedasapercentageofrevenueforthesixmonthsendedJune30,2019and2018:
                                          SixmonthsendedJune30
           In thousands,exceptpercentages             2019              2018
     Revenues:
      Digitalproductsales                 $    6,204     84.5% $    6,301     82.9%
      Digitalproductleaseandmaintenance            1,142     15.5%      1,296     17.1%
       Totalrevenues                       7,346     100.0%      7,597     100.0%
     Costofrevenues:
      Costofdigitalproductsales                 4,741     64.5%      4,880     64.2%
      Costofdigitalproductleaseandmaintenance          389      5.3%      676      8.9%
       Totalcostofrevenues                   5,130     69.8%      5,556     73.1%
     Grossprofit                          2,216     30.2%      2,041     26.9%
     Generalandadministrativeexpenses              (2,420)    (33.0)%     (2,796)    (36.8)%
     Operatingincome(loss)                     (204)     (2.8)%      (755)     (9.9)%
     Interestexpense,net                      (335)     (4.5)%      (414)     (5.4)%
     (Loss)gainonforeigncurrencyremeasurement         (107)     (1.5)%       122      1.6%
     Lossonextinguishmentofdebt                 (193)     (2.6)%        -       -%
     Gainonsale/leasebacktransaction                  -       -%       11      0.1%
     Pension(expense)benefit                    (37)     (0.5)%       68      0.9%
     (Loss)incomebeforeincometaxes               (876)    (11.9)%      (968)    (12.7)%
     Incometaxexpense                       (12)     (0.2)%        -       -%
     Netloss                        $    (888)    (18.0)% $    (968)    (12.7)%
     TproimtalarrielyvednuueestofdoerctrheeasseisxinmcoonnthsuslteinndgesderJvuincees3a0n,d2D01ig9itdaelcprreoadsuecdt$le2a5s1e,0an0d0morai3n.t3e%nantoce$,7p.a3rtimalillylioonffsferotmby$a7n.6inmcrielalisoeninfoorththereDsiixgitmalopnrtohdsuecntdseadlesJ.une30,2018,
     dDeicgrietaalsepriondcuocntssuallteisngresveernvuiceessd,epcarretiaaslelydo$f9f7s,e0t0b0yoirnc1r.5ea%sefsoirnththeesisxpomrtosnmthasreknedt.edCJounnseul3ti0n,g2s0e1r9viccoemsrpeaprreedsetonttehde$s1ix.0mmoinltlhiosneonfderedvJeunnuee3f0ro,m20o1n8e,pcruismtoamrileyrdinue20to18a
     forplanningservicesrelatedtoapotentiallargerprojectwhichhasnotyetcommenced. Therewerenosuchprojectsinthesameperiodin2019.
     D20i1g8it,alprpirmoadruiclytldeuaesetoanthdemcoanintitneuneadnceexpreevcetenduersevdeencureeadseecdli$n1e5i4n,0th0e0oolrde1r1o.9u%tdofoorrdthisepslaixymeqounitphmseenntdreedntJaulnaend30m,a2i0n1te9ncaonmcepbaaresedstoactqhueirseidximnothnethesaerlnyd1ed99J0usn.eT3h0e,
     ffilnata-npcainaellssecrrveiecnessfmorarskmetalcleornatipnpuleicsattoiobnes.negativelyimpactedbythecurrentinvestmentclimateresultinginconsolidationwithinthatindustryandthewideruseof
     TtooatarleodpuecrtaiotinnginlogsesneforarltahnedsiaxdmmionnitshtrsaetinvdeeedxJpuennese3s0,,p2a0rt1ia9lldyeocrfefsaestebdy$t5h5e1d,0e0c0retaose$2in04re,0v0e0nuferos.mW$7it5h5o,u0t0t0hefocrotnhseusltiixngmroenvtehnsueensdiend2J0u1n8e,t3h0e,t2o0ta1l8o,pperirnactiinpgallloysdsuine
     2019wouldhavedecreased$1.6millionascomparedtothesameperiodin2018.
    
    
    Table of Contents
    
    D30i,gi2t0al18p,ropdriumctarsiallyesduoepetoraatindgecirnecaosme einingcerneearsaeldan$d24a6d,m00in0istotra$t3iv6e4,e0x0p0efnosresth, epasritxiamllyonotfhfsseetnbdyedthJeundeec3r0ea, s2e0i1n9rceovmenpuaerse.dTtohe$1c1o8st,0o0f0DfiogrittahlepsrioxdmucotnstahlsesenddeecdreJausnede
    
    2$103198,.00W0itohro2u.t8t%he, pcroinmsaurlitliyngdureevteontuhees dinec2re0a1s8e, iDnigreitvaelnpureosd.uTcthseacleosstoopferDatiignigtalinpcroomduec(tlsoaslse)swreopurledsehnatveedb7e6e.n4%a loofssreolaft$e8d8r2e,v0e0n0ueins tihne2s0i1x9mcoonmthpsareenddteod7J7u.n4e%3i0n,
    
    e2x0p1e8nasensdftohreDciogsittaol fprDoidguitcatlspalreosdudcetcrseaalseesdw$o2u0l4d,0h0a0veorre1p5r.7es%en, tperdim9a2r.i1ly%doufe rtoeladteecdreraesveesniunems ainrktehteinsgixexmpeonnsthess,ebnaddeddeJbutneexp3e0n,s2e0s1a8n.d Gemenpelorayleeanedxpaednmseins.istrative
    
    3D0ig, i2ta0l1p8r,opdruimctalreialyseaasnadrmesauinltteonfaancdeecorpeearsaetining tihnecocmoset ionfcrDeaigseitdal$p1r2o5d,0u0ct0loeras2e2.a8n%d mfoaritnhteensaixncme,onptahrstiaelnldyeodffJsuenteb3y0t,h2e01d9eccroeamspeairnedretvoetnhueessi.x TmhoentchosstenodfeDdiJguitnael
    
    rpervoednuucetsleraespereasnednmtedain3t4e.n1a%nceofdereclraetaesdedre$v2e8n7u,e0s00inor204129.5%co,mppriamreadriltyod5u2e.2to%aidnec2r0e1a8s.e iTnhdeepcroesctiaotfioDniegxitpaelnpsreo.dTuchte lceoassteoafnDdigmitaailnpterondanuccet lienacsleudanesd fmiealidntseenravniccee
    
    expenses, plant repair costs, maintenance and depreciation. General and administrative expenses for Digital product lease and maintenance increased slightly.
    
    2C0o1r8p,oprartiemgareinlyerdaul eantoddaedcmreiansiestsraintivpeayerxopllenansedsbdeencerfeitasseadnd$e1m80p,l0o0y0eeorex1p2e.n7s%esf.or the six months ended June 30, 2019 compared to the six months ended June 30,
    
    Ndeectreinatseereinsttheexpaevnesraegdeeocuretsatsaenddi$n7g9l,o0n0g0-toerrm19d.e1b%t, fdouretthoethseixtemrmoninthastioenndoefdthJeuCneN3H0a, n2d01S9McIonmvepsatroerds ltooatnhse. six months ended June 30, 2018, primarily due to a
    
    TrehlaetelodstsootnheeCxtNinHguainshdmSeMntInovf edsetbotrsfoloratnhse, psiaxrtmialolnythosffseentdbeyd tJhuengea3in0,o2n0t1h9e erexptirnegseunistehdmtehnet owfr$it3e5-o,0ff00ofotfhNeorteems.aining debt discount costs and the termination fees
    
    TvahleuaetfifoenctaivlleowtaaxnrcaeteonfotrhtehCe osmixpmanoyn’tshsdeefnedrereddJtuanxea3s0se, t2s0a1s9aarnedsu2l0t 1o8f rwepaosr1ti.n4g%paren-dta0x.0l%os,seress. pectively. Both the 2019 and 2018 tax rates are being affected by the
    
     TableofContents
     ThreeMonthsEndedJune30,2019ComparedtoThreeMonthsEndedJune30,2018
     ThefollowingtablepresentsourStatementsofOperationsdata,expressedasapercentageofrevenueforthethreemonthsendedJune30,2019and2018:
                                         Three monthsendedJune30
     Inthousands,exceptpercentages                    2019              2018
     Revenues:
      Digitalproductsales                 $    3,113     83.1% $    2,353     76.8%
      Digitalproductleaseandmaintenance             634     16.9%      709     23.2%
       Totalrevenues                      3,747    100.0%      3,062    100.0%
     Costofrevenues:
      Costofdigitalproductsales                 2,219     59.2%      2,093     68.4%
      Costofdigitalproductleaseandmaintenance          180      4.8%      420     13.7%
       Totalcostofrevenues                   2,399     64.0%      2,513     82.1%
     Grossprofit                          1,348     36.0%      549     17.9%
     Generalandadministrativeexpenses              (1,313)    (35.1)%     (1,443)    (47.1)%
     Operatingincome(loss)                      35     0.9%      (894)    (29.2)%
     Interestexpense,net                       (80)     (2.1)%      (218)     (7.1)%
     (Loss)gainonforeigncurrencyremeasurement          (50)     (1.3)%       50      1.6%
     Lossonextinguishmentofdebt                 (245)     (6.6)%        -       -%
     Pension(expense)benefit                    (19)     (0.5)%       34      1.1%
     (Loss)incomebeforeincometaxes               (359)     (9.6)%     (1,028)    (33.6)%
     Incometaxexpense                        (6)     (0.1)%        -       -%
     Net(loss)income                   $    (365)     (9.7)% $   (1,028)    (33.6)%
     TproimtalarrielvyednuueestofoarntihnecrteharseeeimnoDnitghistaelnpdreodduJcutnseal3e0s,,2p0ar1t9iailnlycroefafsseedtb$y68a5d,e0c0r0eaosre2in2.D4%igittoal$p3r.o7dmucitlllieoansefraonmd$m3a.1inmtenilalinocne.forthethreemonthsendedJune30,2018,
     dDuiegittoalapnroindcurcetassealienstrheevespnouretssimncarrekaeste.d$760,000or32.3%forthethreemonthsendedJune30,2019comparedtothethreemonthsendedJune30,2018,primarily
     2D0i1g8it,alprpirmodaruiclytldeuaesetoanthdemcaoinnttiennuaendceexrpeevcetneudersedveecnrueeasdeedcl$in7e5,i0n0t0heoro1ld0e.6r%ouftdoorothreditshprleaeymeqounitphmseenndterdenJtuanlean3d0,m2a0i1n9tecnoamncpeabreadsetsoatchqeutihreredeinmtohnethesarelnyd1e9d9J0usn.eT3h0e,
     ffilnata-npcainaellssecrrveiecnessfmorarskmetalcleornatipnpuleicsattoiobnes.negativelyimpactedbythecurrentinvestmentclimateresultinginconsolidationwithinthatindustryandthewideruseof
     JTuonteal3o0p,e2r0a1ti8n,gpirnincocimpaell(ylodssu)eftoortthheeitnhcrreeeasmeoinnthresveenndueedsJaunndea3d0e,c2r0ea1s9eiinncrtheaesceods$t9o2f9re,0v0e0nutoesinacsoampeerocfe$n3ta5g,e00o0ffrreovmenauelso.ssof$894,000forthethreemonthsended
     tDhiegtihtarleeprmodouncthtssaelnedseodpeJurantein3g0i,n2c0o1m8e,p(lroimssa)riinlycrdeuaesetdo$th6e90in,0c0re0astoeiinncroemveenoufes$2a4n8d,0a0d0ecforeratsheeitnhrtheeemcoosnttohfsreenvdeendueJuansea3p0e,r2ce0n1t9agceomofpraerveedntuoeas,lpoassrtioafll$y4o4f2f,s0e0t0byfoar
     Ddeicgrietaalseprinodguecntesraalleasndreapdremseinnitsetdrat7i1v.e3e%xpoefnsreelsa.teTdherecvoesntuoefsDinig2it0a1l9prcoodmucptasraeldestoin8cr9e.a0s%edin$122061,080.0Tohri6s.0d%ec,reparsimeaarsilaydpuerecteonttahgeeinocfreraesveeninuerseviesnpureism.aTrihlyecdousetotof
     minacrrkeaestiendgmexapneunfsaecst,uprianrgtiaelflfyicoifefnsceyt.byGinecnreeraasleasnidnbaaddmdinebisttreaxtpiveenseexspaenndseesmfpolroyDeeigeitxaplepnrsoeds.uctsales decreased $56,000 or 8.0%, primarily due to a decrease in
    
    
    Table of Contents
    
    DJuingeita3l0p, r2o0d1u8c,tplreiamsearailnydams aainretesunlatnocfeaodpeecraretiansge iinnctohme ecoinstcroefaDseidgi$ta1l5p7r,o0d0u0cot rle6a0s.e9%andfomr athinetethnraenecme,opnatrhtisaellnydoefdfsJeutnbey3t0h,e2d0e1c9recaosme pinarreedvetonutehse. thTrheee cmoostnothfsDeingditeadl
    
    rpervoednuucetsleraespereasnednmtedain2t8e.n4a%nceofdereclraetaesdedre$v2e4n0u,e0s00inor205179.1%co,mppriamreadriltyod5u9e.2to%aidnec2r0e1a8s.e iTnhdeepcroesctiaotfioDniegxitpaelnpsreo.dTuchte lceoassteoafnDdigmitaailnpterondanuccet lienacsleudanesd fmiealidntseenravniccee
    
    2ex5p.8e%ns,epsr,implaarnitlyredpuaeirtocaonstsin, cmreaaisneteinnabnacde daenbdt edxepperencsiea.tion. General and administrative expenses for Digital product lease and maintenance increased $8,000 or
    
    2C0o1r8p,oprartiemgaerinlyerdalueantod aaddmecirneiastsreatiinvepaeyxrpoellnsaensddbeecnreefaistsedan$d82em,00p0looyree11ex.5p%enfsoers.the three months ended June 30, 2019 compared to the three months ended June 30,
    
    Ndeectreinatseersesint ethxepeanvseeradgeecoreuatssetadnd$i1n3g8,l0o0n0g-oterrm63d.3e%bt,fdourethtoe tthhereteermmoinnathtisonenodfetdheJuCnNeH30a,n2d0S1M9 cIonmvepsatorerds ltooanthse. three months ended June 30, 2018, primarily due to
    
    TrehlaetelodstsootnheexCtNinHguaisnhdmSeMntIonfvdesetbotrsfolroathnes.three months ended June 30, 2019 represented the write-off of the remaining debt discount costs and the termination fees
    
    tThheeveaflfueacttiiovneatlalxowraatnecfeoor nthtehethCreoemmpaonnyth’ss deenfdeerdreJdutnaex3a0ss,e2t0s1a9s aanrdes2u0lt1o8fwreapso1rt.i7n%g parned-t0ax.0l%os,sreess.pectively. Both the 2019 and 2018 tax rates are being affected by
    
    Liquidity and Capital Resources
    
    Current Liquidity
    
    TenhdeedCoJumnpea3n0y, h2a0s19inacnudrrhedadreacwurorriknignglocsaspesitaalnddefciocnietinncuyesofto$8h2a4v,e00a0wasorokfinJugncea3p0it,a2l0d1e9f.iciAenscoyf.DTehceemCboemr 3p1an, y20i1n8c,utrhreedCaomneptalnoysshaodf a$8w8o8r,k0i0n0g icnapthitealsdixefmicioenntchys
    
    Wofa$r8ra.5ntmainldliothne. $T2h.e5 dmeiclrlieoanserainisethdefrwoomrktihnegRciagphittsalOdfeffeirciinegn,cwyhaischcoamllopwareedd utos tDoedceecmrebaesre3t1h,e2c0u1r8reinst pproimrtiaornilyofdluoengto-tethrme $d5e.b5tmanildlioacncoofunextserpcaiysaebs loef, athsewUelnlilausmthine
    
    deferral of the timing of payments owed to certain directors related to $1.0 million of long-term debt and $771,000 of accrued liabilities directors.
    
    Table of Contents
    
    TpehrefoCrmomanpcaenyisisdedpeepnednednetntonongfeunteurrael oepceornaotimngicpceornfodrimtioannsc,eaisn woredllerastofigneannecriaatle, scuofmfipcieetnittivceasahndfloowthserinfaocrdtoerrs tobecyoonntdinuoeurtocornutnroilt.s bInusoinredsesresto. mFuotruereefofpeecrtaivtienlgy
    
    mdealnaaygeed ictserctaaisnh prreosdouucrctedse,litvheeriCesomfrpoamnyouhradv,enfrdoomrs,tiwmheictho itnimtuer,ninhcarde,asferodmthteimtiemteotatbimlee,odf eiltasypeadycmeertnatinofdesloimveerieosf tiotsopuarycaubsletosm, werhsi.chThheadr,ecfreonmt ctaismheintofustiimones,
    
    have resolved these previous issues.
    
    sCtoerctkahinolddierrecotfotrhsedCefoemrrpedantyhehatsimcionmgmoifttpedaytmo epnrtosviodwinegd atdodtihtieomnalreclaapteidtaltoupditroec$t2o.r0s’mfielelisona,ntdoctuhrereenxttepnotrntieocnesosfarlyontog-ftuernmd odpeebrtatbieoynos.ndMoanneagyeemare.ntInbealdiedviteisonth,aat
    
    iotpsecrautrirnegntplcaans.h TrehseoCurocmespaannyd ccoansthinpuraollvyideevdalbuyateosptehreatnioenesd wanildl abveaisluabffiilcitiyenotftloonfgu-ntdermitscaanptiitcailp, aintecdlucduinrrgenretpalancdinngeathr-eteCrmredcitasAhgrreeqemuierenmt,einntosradnedr totomeexeetciuttsecaosuhr
    
    requirements and fund potential new opportunities.
    
    CThoemCpaonmyphaansyiumspedlecmaesnhteodf $s3ev.8ermalililnioitniaatinvdesgetoneirmatperdovceasohpoefra$t3io2n4a,0l 0re0sufrlotsmanodpecraastihngfloawctsivoitvieers ffuotrutrheepseirxiomdos,nitnhcsleunddinegd rJeudnuec3in0g, 2h0e1a9d acnodun2t0, 1re8o, rrgeaspneizcitnivgeiltys. sTalhees
    
    dpeerpiaordtmicaelnltyatankdesousttseopusrtcoinrgedcuecretatihne acdomstitnoismtraaitnivtaeinfutnhcetidoingsit.alTphreodCuocmtspoannlyeacsoenatinnduemsationteenxapnlocreeawgraeyesmteontrse.duce operational and overhead costs. The Company
    
    C31a,sh2,0c1a8s.hTehqiusivinalcernetasseanids prerismtriacrtielyd actatsrhibiuntcarbelaesteod t$h6e9g0r,o0s0s0pinrotcheeedsisxfmroomntthhseeenxdeerdciJsuenseof30th, e20U1n9iltuom$i2n.3Wmairlrlaionnt oaft J$u5n.5e 3m0i,ll2io0n19anfrdomthe$1g.r6osms ipllrioocneeadt sDfercoemmbtheer
    
    oRfig$h1ts.6Omffielrliinogn otof $t2e.r5mminialtleionte,rpmartlioaallnys oafnfsdetpbayymcaesnhtsusoefd$i1n.4opmerialltiionng atoctitveirtmieisnoafte$3th.8e mreivlloiolvni,npgrilmoaanri.lyTtoherecduurcreenAt ceccoounnotsmPicayeanbvleirobnym$e3n.0t mhaislliionnc,repaasyemdetnhtes
    
    Company’s trade receivables collection cycle, and its allowances for uncollectible accounts receivable, but collections continue to be favorable.
    
    Ulonndge-trervmaridoeubstaaggrereeemmeenntst,s,thpeenCsoiomnpapnlaynismoinbilmiguamtedretoqumiraekdecfountutrriebuctaioshnsp,aeymmpelnotysminenftixaegdreaemmoeunnttsp.ayTmheesnetsinacnldudreenptaypmayemntesnutsndreeqrutihreedCuonmdpearnoyp’sercautirnregntleaansde
    
    augnrdeeermlyeinngts.deTbhtsemCaotmurpea.ny has both variable and fixed interest rate debt. Interest payments are projected based on actual interest payments incurred in 2019 until the
    
     TableofContents
     ThefollowingtablesummarizestheCompany’sfixedcashobligationsasofJune30,2019fortheremainderof2019andoverthenextfourfiscalyears:
     Inthousands              Remaind2e0r1o9f  2020      2021      2022      2023
     Long-termdebt,includinginterest   $    1,151 $    1,240 $      - $      - $      -
     Pensionplanpayments              238       845       658       655       459
     Employmentagreementobligations       225       338        -        -        -
     Estimatedwarrantyliability            58       91       68       49       23
     Operatingleasepayments            309       350       342       348       309
     Total                $    1,981 $    2,864 $    1,068 $    1,052 $     791
     ADseboefnJtuunrees3w0h,i2c0h1m9,atthuereCdoomnpDaneycesmtilblehra1d,o2u0t1s2ta.nOdinngFe$b3r5u2a,r0y0015o,f2N0o1t9e,shwolhdiecrhsmofat$u3r5ed,00as0ooffMthaercNho1te,s2a0c1c2e.ptTehdethCeoCmopmanpyanayls’osostfiflelrhtaodeoxucthsatanngdeinegac$h2$210,,000000ooff
     porfinthceip$a3l,5f2o,0rg0i0vionfgraenmyarineliantgedNiontteesreasnt,df$o2r2$02,00000inocfarsehm,faoinrianngaDgegbreegnatuterepsa,ybmutenhtasbynothaegCreoemmpeanntsy,ocfom$7m,0i0tm0.enTtsheorCuonmdpearsntyancdoinntginsuwesithtorceospnescidtetrofauntuyrefuerxthcehrasnugcehs
     exchanges.
     cTahpeitCalo.mHpoawnyevmear,ytshteilrlesceaenkbaeddniotioansasulrfainnacnecainsgtointhoerdaemrotounptrso,viifdaeneyn,otuhgehCcoamshpatonycowviellrroeucrerivemeaininainngycsuurcrhenftinfaixnecdincgasohrtohbelitgeartmiosnsthaesrewoef.llTasheprCoovmidpinagnywhoarksinngo
     aegxriseteimngenshtsa,rceohmolmdeirtsm.entsorunderstandingswithrespecttoanysuchfinancings. TotheextenttheCompanyissuesadditionalequitysecurities,itcouldbedilutiveto
     ForafurtherdescriptionoftheCompany’slong-termdebt,seeNote7totheCondensedConsolidatedFinancialStatements–Long-TermDebt.
     PensionPlanContributions
     cTohnetrmibiuntiemdu$m85r,e0q0u0irseudbpseeqnusieonnttpolaJnunceon3t0ri,b2u0t1io9n.fAortt2h0i1s9timisee,xwpeecetexdpetcotbtoem$6a2k9e,0th0e0,reomfawinhiincghmthieniCmoummparneqyuciroendtrcibountteridbu$t3i9o1n,s0o0f0$t1h5ro3u,0g0h0t;ohJouwneev3er0,,t2h0e1re9,isanndo
     afusrstuhrearndceetathilast.wewillbeabletomakeanyorallofsuchremainingpayments. SeeNote8totheCondensedConsolidatedFinancialStatements–PensionPlanfor
     SafeHarborStatementunderthePrivateSecuritiesLitigationReformActof1995
     TrehaelizCeodmbpyatnhyemCoamy,pfarnoym.tTimheeCtoomtipmaen,ypurnodveidrteakeesstimnoatdeustyastotoupfudtauteresupcehrfoformrwaanrcde-.looTkhiensgesftoartewmaredn-tlso.oMkinagnystfaatcetmoresnctsouwldillcabueseesatcimtuaatlersesaunldtsmtoaydifofrermfraoymnothtebsee
     pfourrwchaardse-lrosookfinthgesCtaotemmpeanntys’,sinpcrloudduicntgs,loinstseorefsmtraartkeeatnsdhafroerethigrnouegxhchcaonmgpeeftliuticotnu,atiinotnrosd,utecrtrioornisotfaccotsmapnedtiwngarp.roductsbyothers,pressureonpricesfromcompetitionor
    
    
    Table of Contents
    
    Item 3. Quantitative and Qualitative Disclosures about Market Risk
    
    TinhteereCsotmrapteandyebist. suTbhjeecfat itrovianltueereosft trhaeteCroismkpoannyit’ss lfoixnegd-treartme ldoenbgt-.teTrmhedCebotmispadnisyclmosaendaginesNitosteex7ptoostuhree Ctoonchdaenngseeds CinoinnstoelriedsatteradteFsinbayncthiael uSsteatoemf veanrtisa–blLeoanngd-Tfiexremd
    
    eDxepbot.seEdvteoryfo1re-pigenrcceunrtaregnec-pyoeixnct hcahnagnegeraitneirnitsekremstarinatleysaws oaurldesruelstuolft iintsainnvaensntumaelnitntienreitsst Cexapneandsieanflsuucbtusiadtiioarnyo. fAap1p0r%oxcimhaantegleyi$n7t,h0e00C.anInadaidadnitdioonll,atrhreelCaotimvepatonythies
    
    UTh.Se.Cdoomllapranwyoduoldesrensoutltenintera icnutorrdenerciyvarteimveesafsourretmradenintgexopr esnpseecufllautcivtueaptiuornpoosfeaspapnrdoxdiimd antoetlyho$l2d6a1n,0y0d0e,rbivaasteidveofnindaenacliearl qinusottreusm, ecnotnssaidteJruinneg 3c0u,rr2e0n1t9e.xchange rates.
    
    Item 4. Controls and Procedures
    
    tEhvias lureaptoiornt, owfeDhisacvleoscuarreriCedonotruotlsananedvaPluroatcieodnu,ruens.deAr sthreeqsuuipreedrvbisyioRnulaend13wa-i1th5 tuhnedeprartthieciSpaetciuornitioefs oEuxrchmaanngaegAemctenotf, 1i9n3cl4u,daisngofotuhreCehnidefofEtxheecupteirvieodOcfofivceerred(obuyr
    
    cporinntcrioplaslaenxdecpurtoicveedoufrfeisc.erO) uanr dCohuierfCEhxieecfuAticvceouOnftfiincgerOafnfdiceCrh(ioeuf rApcrcinocuinptainl gacOcoffuincetirnghaovfeficceorn)c, loufdethdetheaffteoctuirvednisecslsoosufrtehecodnetsrioglns aanndd opproecraetdiuornesofaroeurefdfiescctliovseutroe
    
    wenisthuirne tthheattiimnfeorpmearitoiodns rsepqeuciirfeieddtoinbtehedirsuclleosseadndbyfourms isnotfhethreepSoErCts athnadt twhaetfsiluechorinsufobrmmiattuionndeisr tahcecuEmxcuhlaatnegdeaAndctciosmremcuonrdiceadt,epdrotoceosusredm, asnuamgmemareinzted(inacnldudreinpgoroteudr
    
    OChffiiecfeEr xanecduCtihvieefOAffcicceorunatnidngouOrffCicheierfhAavcecocounntcilnugdeOdffthicaetrt)hteosealdloiswclotismuerelycodnectriosilosnasrereegffaercdtiinvge raesqoufirJeudndei3sc0l,o2s0u1re9s.. Based on such evaluation, our Chief Executive
    
    qCuhaarntegreesnidneIdnJteurnnea3l0C, o2n0t1r9olthoavtehraFs imnaantecriiaalllRyeapfoferctitnegd., oTrhiserreeahsaosnabbeleynlinkoelcyhtaonmgeatienritahlelyCaoffmecpta,nthye’sCionmterpnaanlyc’sonintrtoelrnoavlecronfitnroanl coivaelrrfeipnoarntciniagl trheaptorotcincgu.rred in the
    
    Part II – Other Information
    
    Item 1. Legal Proceedings
    
    TachceruCeodmrpesaenryveiss siunbdjievcitdutoallleygaalnpdroincetehdeinaggsgraengdatcelafiomrsswuchhichlegarailseprioncteheedoinrgdsin. arSyhocouuldrsaecotufailtslibtuigsaintieosns arensdu/lotrs wdihfifcehr afrroemcotvheereCdobmypiannsuyr’asnecset.imTahteesC, oremvpisainoynshatos
    
    increase or decrease the accrued reserves may be required. There are no open matters that the Company deems material.
    
    Table of Contents
    
    Item 1A. Risk Factors
    
    TthheebCuosimnepsasn,yfiinsasnucbiajelcctotnodaitniounmobrerreosfurltisskosfinocpleurdaitniogngseonferthalebCuosimnepsasnyan. dYfoinuanshcioaullrdisckarfeafcutollrys.coAnnsyidoerr athlleorfisskucfhacftaocrtsoridsecnotuiflidedhaivneoaurmAatnenriuaallaRdveperosret eofnfeFcot romn
    
    10-K for the year ended December 31, 2018. There have been no material changes to those previously disclosed risk factors.
    
    Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    CDoumrinmgotnhSettohcrkeeissmuoendthtos UenndileudmJinunwea3s0is, s2u0e1d9p,utrhseuaCnot mtoptahneyexisesmuepdtio3n,6f0r8o,m24r7egsihsatrraetsioonfcConotmaimneodninStSoeccktipounrs4u(2an) toftothteheSeecxuerrictiiesse Aocf ttohfe1U9n3i3l,uamsianmWenadrreadn.t. The
    
    Item 3. Defaults upon Senior Securities
    
    Aoustsdtaisncdloinsged$3in52N,0o0te0 7antdo $th3e87C,0o0n0d,ernessepdecCtiovnesloyl,idoafteNdotFeisnawnhciicahl Sarteatenmo elonntsge–r Lcoonngv-eTrteibrmle Dinetobtc, oams mofonJusnhear3e0s,. 2T0h1e9 NanodtesDmecaetmurbeedr a3s1o, f20M1a8r,cthhe1,C2o0m12paannydhaarde
    
    cwuhrircehntilsyininclduedfeadulitn. aAccsruoefdJulinaebi3li0ti,e2s0i1n9thaendCoDnedceenmsebderC3o1n,so2l0i1d8at,etdheBCaloanmcpeaSnhyeheatsd. accrued $286,000 and $298,000, respectively, of interest related to the Notes,
    
    ADesbdeinstculroessedmainturNeodteas7oftoDtehceemCboenrde1n, s2e0d12CoannsdolairdeatceudrrFenintlayncinialdeSftaauteltm. eAnstso–f JLuonneg3-T0,er2m01D9 eabntd, tDheecCemombepran3y1, h2a0s18o,utthsteanCdoinmgpa$n2y20h,a0d00acocfruDedeb$e2n0tu0r,e0s0.0 Tanhde
    
    n$o1t9i0c,e00to0,threespCeocmtivpealnyy,,oofrinthteerehsotldreelrasteodf t2o5t%heoDf etbheenpturirnecs,ipwalhiacmhoisunint colfudtheed Dineabcecnrtuuerdeslioaubtisltiatinedsiinng,thbeyCnoontidceenstoedthCeoCnsoomlipdaanteydaBnadlatnhceetrSuhseteeets,.mTahyedterucslateree,tbhye
    
    outstanding principal plus interest due and payable immediately.
    
    Item 4. Mine Safety Disclosures
    
    Not applicable.
    
    Table of Contents
    
    Item 5. Other Information
    
    None.
    
    Item 6. Exhibits
    
    31.1 SCaerrbtiafniceast-iOonxleoyf AAlcbteorfto20S0h2a,iofi,lePdrehseidreewntitahn.d Chief Executive Officer, pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the
    
    31.2 3C0e2rtoiffictahteioSnarobfaTneosd-dODxluepyeAe,cSt oenf i2o0r0V2i,cfeilePdrehseidreewntitahn.d Chief Accounting Officer, pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section
    
    32.1 SCaerrbtaifniecsa-tOioxnleoyf AAcltboefrt2o00S2h,afioil,edPrheesriedwenitth.and Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
    
    32.2 tCheertSifaircbaatnioens-oOfxTleoyddADctuopfe2e0, 0S2e,nfiiolredVhiceerePwreitshid. ent and Chief Accounting Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
    
    Table of Contents
    
    SIGNATURES
    
    tPhuerrseuuanntto tdoultyheaurtehqouriirzeemd.ents of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
    
    TRANS-LU(XReCgOistRraPnOt)RATION
    
    by /s/ Alberto Shaio
    
    APrlebseirdteonSt haanido
    
    Chief Executive Officer
    
    by /s/ Todd Dupee
    
    TSeondidorDVuipceeePresident and
    
    Chief Accounting Officer
    
    Date: August 14, 2019

关闭