0001493152-18-011754.txt : 20180814 0001493152-18-011754.hdr.sgml : 20180814 20180814152853 ACCESSION NUMBER: 0001493152-18-011754 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 47 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180814 DATE AS OF CHANGE: 20180814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIERRA MONITOR CORP /CA/ CENTRAL INDEX KEY: 0000100625 STANDARD INDUSTRIAL CLASSIFICATION: MEASURING & CONTROLLING DEVICES, NEC [3829] IRS NUMBER: 952481914 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-07441 FILM NUMBER: 181016879 BUSINESS ADDRESS: STREET 1: 1991 TAROB CT CITY: MILPITAS STATE: CA ZIP: 95035 BUSINESS PHONE: 4082626611 MAIL ADDRESS: STREET 1: 1991 TAROB COURT CITY: MILPITAS STATE: CA ZIP: 95035 FORMER COMPANY: FORMER CONFORMED NAME: UMF SYSTEMS INC DATE OF NAME CHANGE: 19890928 FORMER COMPANY: FORMER CONFORMED NAME: IMAGES ENTERPRISES INC DATE OF NAME CHANGE: 19731011 10-Q 1 form10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X]	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the quarterly period ended June 30, 2018

[ ]	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the transition period from _____to _____

Commission file number 000-07441

SIERRA MONITOR CORPORATION

(Exact name of registrant as specified in its charter)

California

95-2481914

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

1991 Tarob Court

Milpitas, California 95035

(Address and zip code of principal executive offices)

(408) 262-6611

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer [ ]	Accelerated filer [ ]
Non-accelerated filer [ ] (Do not check if a smaller reporting company)	Smaller reporting company [X]
Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

The number of shares outstanding of the issuer’s common stock, as of August 14, 2018 was 10,203,995.

PART I: FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SIERRA MONITOR CORPORATION

Condensed Balance Sheets

	June 30, 2018		December 31, 2017
		(unaudited)
Assets
Current assets:
Cash	$	2,730,511	$	3,191,722
Trade receivables, less allowance for doubtful accounts of approx. $70,000 and $75,000 at June 30, 2018 and December 31, 2017		2,957,167		3,254,681
Inventories, net		3,584,264		3,138,261
Prepaid expenses		585,563		559,368
Income tax deposit		49,214		44,771
Total current assets		9,906,719		10,188,803

Property and equipment, net		276,061		252,143
Deferred income taxes		126,323		126,323
Other assets		89,421		83,153
Total assets	$	10,398,524	$	10,650,422
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	679,439	$	976,092
Accrued compensation expenses		669,452		555,714
Other current liabilities		143,603		199,397
Total current liabilities		1,492,494		1,731,203

Commitments and contingencies
Shareholders’ equity:
Common stock, $0.001 par value; 20,000,000 shares authorized; 10,203,995 shares issued and outstanding, at June 30, 2018 and December 31, 2017.		10,204		10,204
Additional paid-in capital		4,576,169		4,482,403
Retained earnings		4,319,657		4,426,612
Total shareholders’ equity		8,906,030		8,919,219
Total liabilities and shareholders’ equity	$	10,398,524	$	10,650,422

See accompanying notes to the unaudited interim condensed financial statements.

Page 2 of 20

SIERRA MONITOR CORPORATION

Condensed Statements of Operations

(Unaudited)

	Three months ended June 30,					Six months ended June 30,
	2018		2017			2018		2017
Net sales	$	5,550,598	$	4,835,420		$	10,701,614	$	9,362,610
Cost of goods sold		2,340,709		2,048,474			4,325,271		3,841,280
Gross profit		3,209,889		2,786,946			6,376,343		5,521,330
Operating expenses
Research and development		791,387		768,212			1,565,815		1,528,508
Selling and marketing		1,343,392		1,260,339			2,729,756		2,615,550
General and administrative		988,794		824,726			1,903,506		1,612,538
Non-recurring restructuring expense		-		580,425			-		580,425
		3,123,573		3,433,702			6,199,077		6,337,021
Income (loss) from operations		86,316		(646,756	)		177,266		(815,691	)
Other income		316		-			316		-
Interest income		174		-			482		-
Income (loss) before income taxes		86,806		(646,756	)		178,064		(815,691	)
Income tax provision (benefit)		40,942		(221,292	)		80,939		(256,385	)
Net income (loss)	$	45,864	$	(425,464	)	$	97,125	$	(559,306	)
Net income (loss) available to common shareholders per common share
Basic:	$	0.00	$	(0.04	)	$	0.01	$	(0.05	)
Diluted:	$	0.00	$	(0.04	)	$	0.01	$	(0.05	)
Weighted average number of common shares used in per share computations
Basic:		10,203,995		10,181,553			10,203,995		10,179,053
Diluted:		10,328,108		10,181,553			10,328,108		10,179,053

See accompanying notes to the unaudited interim condensed financial statements.

Page 3 of 20

SIERRA MONITOR CORPORATION

Condensed Statements of Cash Flows

(Unaudited)

	Six months ended
	June 30,
	2018			2017
Cash flows from operating activities:
Net income (loss)	$	97,125		$	(559,306	)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization		114,128			140,507
Provision for bad debt expense		(4,689	)		-
Provision for inventory losses		60,000			-
Stock-based compensation expense		93,766			165,792
Change in operating assets and liabilities:
Trade receivables		302,203			(136,828	)
Inventories		(506,003	)		(80,524	)
Prepaid expenses		(26,195	)		289,292
Income tax deposit		(4,443	)		(236,870	)
Accounts payable		(296,653	)		28,758
Accrued compensation expenses		113,738			72,586
Other current liabilities		(55,794	)		500,250
Net cash (used in) provided by operating activities	$	(112,817	)	$	183,657
Cash flows from investing activities:
Purchases of property and equipment		(144,314	)		(49,964	)
Net cash used in investing activities	$	(144,314	)	$	(49,964	)
Cash flows from financing activities:
Dividend payout		(204,080	)		(203,532	)
Proceeds from exercise of stock options		-			16,298
Net cash used in financing activities	$	(204,080	)	$	(187,234	)
Net decrease in cash and cash equivalents:		(461,211	)		(53,541	)
Cash and cash equivalents at beginning of period:	$	3,191,722		$	4,692,999
Cash and cash equivalents at end of period:	$	2,730,511		$	4,639,458

See accompanying notes to the unaudited interim condensed financial statements.

Page 4 of 20

SIERRA MONITOR CORPORATION

Notes to the Interim Condensed Financial Statements

(Unaudited)

June 30, 2018

Basis of Presentation

The accompanying unaudited interim condensed financial statements have been prepared by Sierra Monitor Corporation (the “Company,” “we,” or “us”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted pursuant to such SEC rules and regulations; nevertheless, the Company believes that the disclosures are adequate to make the information presented not misleading. Amounts related to disclosure of December 31, 2017 balances within these interim condensed financial statements were derived from the audited 2017 financial statements and notes thereto. These financial statements and the notes hereto should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on April 2, 2018. In the opinion of the Company, all adjustments, including normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows of the Company for the interim period have been included. The results of operations for the interim period are not necessarily indicative of the results for any subsequent interim period or for the full year.

Summary of Business

Founded in 1978, Sierra Monitor Corporation (OTCQB:SRMC), is a provider of Industrial Internet of Things (IIoT) solutions that address the industrial and commercial facilities management targeting facility automation and facility safety requirements, also referred to as “Connect” and “Protect”.

The Company’s FieldServer family of protocol gateways, routers, and network explorers targets facility automation requirements, and is used by original equipment manufacturers (“OEMs”) and system integrators to enable local and remote monitoring and control of assets and facilities. The FieldServer family of products works with the SMC Cloud portal; a cloud-based service that registers and manages FieldServer products, provides secure remote access to the local web-based applications that run on FieldServer products, and integrates with third-party applications over REST APIs. With more than 200,000 installed gateways supporting over 140 protocols such as BACnet, LonWorks, MODBUS, and XML in commercial and industrial facilities, FieldServer is the industry’s leading multi-protocol gateway brand and is delivered in a variety of form factors appropriate to the asset being interfaced. The intellectual property in FieldServer products is embodied in the proprietary embedded software that runs on a variety of customized hardware platforms with different connectivity options such as Serial, Ethernet, Wi-Fi, or cellular. In addition to bridging data protocols between various assets or devices within a facility, the embedded software includes value-added “fog” or “local application” software for monitoring, logging, alarming, and trending local field data. Additionally, the embedded software enables the assets or devices in the facility to securely connect to third-party clouds and to the Company’s own SMC Cloud portal. The SMC Cloud portal is a proprietary, secure, and scalable Software-as-a-Service product and is developed and deployed using the same core technologies and providers that are used by many of the world’s leading web sites and Internet-based services.

The Company’s Flame and Gas (F&G) detection solutions target facility safety requirements and are used by industrial and commercial facilities managers to protect their personnel and assets. The motivation for installing gas detection systems is driven, in part, by industrial safety professionals guided by the United States Occupational Safety and Health Administration, state and local governing bodies, insurance companies and various industry rule-making bodies. The solution consists of proprietary system hardware that runs embedded controller and gateway software, detector modules that sense the presence of various toxic and combustible gases and flames, connectivity between the modules and the controller, and a user interface and applications that a facility manager can interact with, either locally on site or remotely over the Internet. The complex software embedded in the various products facilitates system-wide functions such as calibration, alarm detection, notification, and mitigation. The controller software also includes local web-based applications that simplify management of the complete solution and a gateway to integrate the flame and gas detection solution with the facility’s local supervisory system or to the Company’s SMC Cloud portal. With more than 100,000 detector modules sold, our flame and gas detection solutions are deployed in a variety of facilities, such as oil, gas and chemical processing plants, wastewater treatment facilities, alternate fuel vehicle maintenance garages and other sites where hazardous gases are used or produced.

Page 5 of 20

The Company’s solutions are also sold to telecommunication companies and their suppliers to manage environmental and security conditions such as temperature, gas, and smoke in remote structures such as local DSL distribution nodes and buildings at cell tower sites.

Accounting Policies

a) Revenue Recognition

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, “Revenue from Contracts with Customers” (Topic 606). ASC 606 requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the considerations to which the entity expects to be entitled to in exchange for those goods or services. On January 1, 2018, the Company adopted ASC 606 by using the modified retrospective method. The comparative information has not been recast and continues to be reported under the accounting standards in effect for those periods. The adoption did not have a material impact to the nature and timing of its revenues, condensed statements of operations, condensed statements cash flows and condensed balance sheets. The majority of the impact has been on sales returns and the impact has been deemed immaterial.

The Company’s revenues are derived from the sale of FieldServer products, FieldServer products services, Gas Detection and Environment Control products, and Gas Detection and Environment Control products services. The Company accounts for a contract with a customer when there’s approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.

The Company’s revenue arrangements consist of multiple performance obligations including hardware, software, and services. Determining the stand-alone selling price (“SSP”) and allocation of consideration from an arrangement to the individual performance obligations, and the appropriate timing of revenue recognition are significant judgments with respect to these arrangements.

The Company does not provide credits, incentives or retroactive discounts, which may be required to be accounted for as variable consideration when estimating the amount of revenue to be recognized. The Company from time to time provides a right of return to its customers and the Company uses expected value method to estimate the potential value of the customer returns to reduce the transaction price. The impact has been deemed to be immaterial, thus there is no disclosure related to sales returns, return on assets and refund liability.

When the Company’s products and services are sold in bundled arrangements (e.g., hardware, software, and/or services), for bundled arrangements, the Company accounts for individual products and services separately if they are distinct, that is, if a product or service is separately identifiable from other items in the bundled package and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration (including any discounts) is allocated between separate products or services in a bundle based on their individual SSP. The SSP is determined based on observable prices at which the Company separately sells the products and services. If an SSP is not directly observable, then the Company will estimate the SSP considering marketing conditions, entity-specific factors, and information about the customer or class of customer that is reasonably available.

The following is a description of the principal activities from which the Company generates its revenues:

Gas Detection and Environment Control Products

Gas Detection and Environment Control Products are sold as off-the-shelf products with prices fixed at the time of order. Orders delivered to the Company by phone, fax, mail or email are considered valid purchase orders and once accepted by the Company are deemed to be the final understanding between us and our customer as to the specific nature and terms of the agreed-upon sale transaction. The creditworthiness of customers is assessed prior to the Company accepting a customer’s first order. Additionally, international customers and customers who have developed a history of payment problems are generally required to prepay or pay through a letter-of-credit. Revenue is recognized at a point in time when control of the product is transferred to the customer, generally occurring upon the shipment or delivery dependent upon the terms of the underlying contract when (a) for FOB factory orders they leave our shipping dock or (b) for FOB customer dock orders upon confirmation of delivery.

Gas Detection and Environment Control Services

Gas detection and environment control services consist of field service orders (technical support) and training, which are provided separately from product orders. Orders are accepted in the same forms as discussed for Gas Detection and Environment Control Products above with hourly prices fixed at the time of order. Revenue recognition occurs only when the service activity is completed. Such services are provided to current and prior customers, and, as noted above, creditworthiness has generally already been assessed. In cases where the probability of receiving payment is low, a credit card number is collected for immediate processing. Revenue is recognized in the period the technical support and training are performed.

FieldServer Products

FieldServer products are sold in the same manner as Gas Detection and Environment Control Products (as discussed above) except that the products contain embedded software, which is integral to the operation of the device. The software embedded in FieldServer products includes two items: (a) a compiled program containing (i) the basic operating system for FieldServer products, which is common to every unit, and (ii) the correct set of protocol drivers based on the customer order (see FieldServer Services below for more information); and (b) a configuration file that identifies and links each data point as identified by the customer. The Company determined that the hardware, and the embedded software as defined above represent one performance obligation because the hardware is dependent upon and highly interrelated with the embedded software, and without which the hardware can’t operate. Generally, the software included in each sale does not require significant production, modification or customization and, therefore, the Company recognizes revenues at a point in time when control of the product is transferred to the customer generally occurring upon the shipment or delivery of products (depending on shipping terms), as described in Gas Detection and Environment Control Products above. If the software requires modification, refer to FieldServer Services for details.

FieldServer Services

FieldServer services consist of orders for custom development of protocol drivers. Generally, customers place orders for FieldServer products concurrently with their order for protocol drivers. However, if custom development of the protocol driver is required, the product order is not processed until development of the protocol driver is complete. The driver development involves further research after receipt of order, preparation of a scope document to be approved by the customer and then engineering time to write, test and release the driver program. When development of the driver is complete the customer is notified and can proceed with a FieldServer product. Revenues for protocol driver development are recognized at a point in time when the control of the product is transferred to the customer generally occurring upon shipment or delivery of the related product that includes the developed protocol drivers (as noted in FieldServer Products above).

Discounts and Allowances

Discounts are applied at time of order entry and sales are processed at net pricing. No allowances are offered to customers.

b) Recent Accounting Pronouncements

Recent accounting pronouncements discussed in the notes to the December 31, 2017 audited financial statements, filed previously with the SEC in our Annual Report on Form 10-K on April 2, 2018, that are required to be adopted during the year ended December 31, 2018, did not have or are not expected to have a significant impact on the Company’s 2018 financial statements.

Page 6 of 20

In February 2016, the FASB issued ASU 2016-2, “Leases” (Topic 842), which is intended to improve financial reporting for lease transactions. This ASU will require organizations that lease assets, such as real estate, airplanes and manufacturing equipment, to recognize on their balance sheet the assets and liabilities for the rights to use those assets for the lease term and obligations to make lease payments created by those leases that have terms of greater than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as finance or operating lease. This ASU will also require disclosures to help investors and other financial statement users better understand the amount and timing of cash flows arising from leases. These disclosures will include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. The ASU is effective for the Company for the year ending December 31, 2019 and interim reporting periods within that year, and early adoption is permitted. Management has not yet determined the effect of this ASU on the Company’s financial statements.

c) Employee Stock-Based Compensation

In April 2016 and in May 2016, the Company’s Board of Directors and the Company’s shareholders, respectively, approved the Company’s 2016 Equity Incentive Plan (the “2016 Stock Plan”) and reserved a total of (i) 279,680 shares, plus (ii) 2,550,320 shares that remained available for issuance under the 2006 Stock Plan immediately prior to its expiration, plus (iii) any shares subject to stock options or restricted stock granted under the 2006 Stock Plan that, on or after the date the 2016 Stock Plan became effective, expired or otherwise terminated without having been exercised in full, or were forfeited to or repurchased by the Company, with the maximum number of shares to be added to the 2016 Stock Plan pursuant to clauses (ii) and (iii) equal to 2,668,320. Options granted under our 2006 Stock Plan and 2016 Stock Plan are at the fair market value of our common stock at the grant date, typically vest ratably over four years, and expire ten years from the grant date. As of June 30, 2018, a total of 1,154,000 shares were issued under the 2016 Stock Plan.

All share-based payments to employees (incentive stock options) are recognized in the financial statements based on their fair values at the date of grant. The calculated fair value is recognized as expense (net of any capitalization) over the requisite service period, net of estimated forfeitures, using the straight-line method. The Company considers many factors when estimating expected forfeitures, including types of awards, employee class and historical experience. The modified prospective method of application requires compensation expense to be recognized in the financial statements for all unvested stock options beginning in the quarter of award. The cost is based on the grant date fair value of the stock option. Compensation expense recognized in future periods for share-based compensation will be adjusted for the effects of estimated forfeitures.

For the six-month periods ended June 30, 2018 and 2017, general and administrative expenses included stock-based compensation expense of $93,766 and $165,792, respectively, decreasing the Company’s income and increasing loss before provision for income taxes and resulting from the recognition of compensation expense associated with employee stock options. There was no material impact on the Company’s basic and diluted net loss per share as a result of recognizing the employee stock-based compensation expense. The Company did not modify the terms of any previously granted stock options during the six-month periods ended June 30, 2018 and 2017.

d) Subsequent Events

Management has evaluated events subsequent to June 30, 2018 through the date that the accompanying condensed financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustment of and/or disclosure in such financial statements. In that regard, management has identified the following subsequent events:

The Company appointed Ross DeMont as a member of the Company’s Board of Directors effective July 25, 2018.

Page 7 of 20

Further, the Company amended the Bylaws of the Company (the “Amended Bylaws”), in order to increase the size of the board of directors from five directors to six directors effective immediately in connection with the appointment of Mr. DeMont.

Inventories

Summary of inventories:

	June 30, 2018			December 31, 2017
Raw materials	$	1,725,806		$	1,517,932
Work-in-process		1,704,738			1,415,763
Finished goods		313,720			304,566
Less: Allowance for obsolescence reserve		(160,000	)		(100,000	)
	$	3,584,264		$	3,138,261

Net Loss Per Share

Basic loss per share (“EPS”) is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common and dilutive potential common shares outstanding during the period. Dilutive potential common shares consist of common stock issuable upon exercise of stock options using the treasury stock method. No adjustments to losses were made for purposes of per share calculations.

At June 30, 2018, outstanding options to acquire 808,000 shares of common stock were not considered potentially dilutive common shares due to the exercise price of such options being higher than the stock price used in the EPS calculation. At June 30, 2017, there were no options to acquire shares of common stock that were considered potentially dilutive due to the net loss for the year-to-date periods

The following is a reconciliation of the shares used in the computation of basic and diluted EPS for the three and six-month periods ended June 30, 2018 and 2017, respectively:

	Three months ended				Six months ended
	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Basic EPS – weighted-average number of common shares outstanding		10,203,995		10,181,553		10,203,995		10,179,053
Effect of dilutive potential common shares – stock options outstanding		124,113		-		124,113		-
Diluted EPS – weighted-average number of common shares and potential common shares outstanding		10,328,108		10,181,553		10,328,108		10,179,053

Concentrations

No customer made up more than 10% of accounts receivable at June 30, 2018 and two customers made up more than 10% of accounts receivable at December 31, 2017. Additionally, no customers made up more than 10% of net sales for each of the three or six-month periods ended June 30, 2018 or June 30, 2017.

The Company currently maintains substantially all of its day to day operating cash with a major financial institution. At times, cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation. Cash balances of approximately $2,301,000 and $2,830,000 were in excess of such insured amounts at June 30, 2018 and December 31, 2017, respectively

Page 8 of 20

Segment Information

The Company operates in a single business segment, industrial instrumentation. The Company’s chief operating decision maker, the Chief Executive Officer (“CEO”), evaluates the performance of the Company and makes operating decisions based on financial data consistent with the presentation in the accompanying unaudited condensed financial statements.

In addition, the CEO reviewed the following information on revenues by product category for the following periods:

	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018		2017
Instrumentation	$	2,809,646	$	2,291,828	$	5,301,112	$	4,369,427
FieldServers		2,740,952		2,543,592		5,400,502		4,993,183
	$	5,550,598	$	4,835,420	$	10,701,614	$	9,362,610

Line of Credit

The Company maintains a line of credit with its commercial bank in the maximum amount of $2,000,000. No borrowings have been made under the Company’s line of credit during the first six months of fiscal year 2018 and there were no outstanding balances at June 30, 2018 or December 31, 2017. As of June 30, 2018, the Company was in compliance with the financial covenants of the line of credit.

Stock Option Grants

No options were granted during the three-month period ending June 30, 2018 and 41,000 options with a fair value of $27,224 were granted during the six-month period ended June 30, 2018. A total of 238,000 options with a fair value of $162,554 were granted during the three month and six-month periods ended June 30, 2017.

Stock Option Exercise and Expiration

No stock options were exercised in the six-month period ended June 30, 2018 and 1,000 options expired during the three-month period ended June 30, 2018.

A total of 135,000 stock options were exercised in the six-month period ended June 30, 2017 for total proceeds of $16,298. During the same period, 1,500 options expired.

Commitments and Contingencies

From time to time, the Company is subject to legal proceedings and claims that arise in the normal course of business. While the outcome of these proceedings and claims cannot be predicted, we currently are not a party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, is expected to have a material adverse effect on the Company’s financial position or results of operations.

Page 9 of 20

ITEM 2:

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that are not statements of historical fact may be deemed to be forward-looking statements. The words “believe,” “anticipate,” “expect,” “intend,” “plan,” “project,” “will,” and similar words and phrases as they relate to us also identify forward-looking statements. Such forward-looking statements include, among others, any expectations of operating and non-operating expense, including research and development expense, potential litigation expense, sufficiency of resources, including cash and accounts receivable, estimates of allowances for doubtful accounts, credit lines or other financial items, our internal control environment and critical accounting policies; any statements concerning future sales levels and timing and demand for our products; any statements of the plans, strategies and objectives of management for future operations and identified opportunities; any statements concerning proposed new products, services, developments and related research and development activities; any statements related to our positioning to support current and near term levels of business; any statements of belief; and any statement of assumptions underlying any of the foregoing. Such statements reflect our current views and assumptions and are not guarantees of future performance. These statements are subject to various risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, without limitation, general economic conditions in both foreign and domestic markets, changes in the economy and the credit market, investment and research and development plans and success, market position and penetration, strategic plans and objectives, operating margins, government and regulatory approvals or certifications, cyclical factors affecting our industry, our ability to identify, attract, motivate and retain qualified personnel, lack of growth in our end-markets, our ability to develop and manufacture, seasonality in our products, availability of components and materials used in our products, and our ability to sell both new and existing products at a profitable yet competitive price and those issues described under the heading “Critical Accounting Policies,” below, and those risk factors identified in Item1A, Risk Factors, of our Annual Report on Form 10-K for our fiscal year ended December 31, 2017, which was filed with the SEC on April 2, 2018, as such section may be updated in our subsequent Forms 10-K, 10-Q and 8-K filed with, or furnished to, the SEC. We urge you to review and consider the various disclosures made by us from time to time in our filings with the SEC that attempt to advise you of the risks and factors that may affect our future results. All forward-looking statements in this document are made as of the date hereof, based on information available to us as of the date hereof, and we assume no obligation to update any forward-looking statement.

Results of Operations

For the three-month period ended June 30, 2018, Sierra Monitor Corporation (“we” or the “Company”) reported net sales of $5,550,598 compared to $4,835,420 for the three-month period ended June 30, 2017. For the six-month period ended June 30, 2018, net sales were $10,701,614 compared with $9,362,610 for the six-month period ended June 30, 2017.

Sales of gas detection products, including industrial accounts, military sales and environment controllers for telephone company applications, increased by approximately 23% in the second quarter of 2018 compared to the same period in 2017. As of the second quarter of 2018, sales of gas detection products were 21% higher compared to the same period in 2017. Increased shipments in our military segment were a significant contributor to our increases in the second quarter of 2018 and year-to-date revenue for 2018.

Page 10 of 20

Sales of our FieldServer product line increased by 8% in the second quarter of 2018 compared to the second quarter of 2017. As of the second quarter of 2018, sales of FieldServer products increased by 8% compared to the same period in 2017. FieldServer units include box products and original equipment manufacturer (“OEM”) modules. Box products provide a platform for delivery and operation of our software for building automation projects and are generally sold to integrators. OEM modules are sold to companies that integrate our products into their commercial offerings. Our OEM module sales increased by 11% as of the second quarter of 2018 compared to the same period in 2017.

Gross profit for the three-month period ended June 30, 2018 was approximately $3,210,000, or 58% of net sales, compared to approximately $2,787,000, or 58% of net sales, in the same period in 2017. Gross profit for the six-month period ended June 30, 2018 was approximately $6,376,000, or 60% of net sales, compared to approximately $5,521,000, or 59% of net sales, in the same period in 2017. The margins in each of the first half and second quarter of 2018 are generally consistent with our historical results.

Expenses for research and development, which include new product development and engineering to sustain existing products, were approximately $791,000, or 14% of net sales, for the three-month period ended June 30, 2018 compared to approximately $768,000, or 16% of net sales, in the comparable period in 2017. In the six-month periods ended June 30, 2018 and June 30, 2017, research and development expenses were approximately $1,566,000, or 15% of net sales, and approximately $1,529,000, or 16% of net sales, respectively. Our slightly increased research and development spending is consistent with our strategy of developing products that we anticipate will have a positive impact on revenues in future periods.

Selling and marketing expenses, which consist primarily of salaries, commissions and promotional expenses were approximately $1,343,000, or 24% of net sales, for the three-month period ended June 30, 2018, compared to approximately $1,260,000, or 26% of net sales, in the comparable period in the prior year. For the six-month periods ended June 30, 2018 and June 30, 2017, selling and marketing expenses were approximately $2,730,000, or 26% of net sales, and approximately $2,616,000, or 28% of net sales, respectively. Selling expenses have increased in the three and six-month periods ending June 30, 2018 primarily because we added a Regional Sales Manager for Asia and Canada as well as a Regional Sales Manager for Latin America.

General and administrative expenses, which consist primarily of salaries, building rent, insurance expenses, information technology expenses and fees for professional services, were approximately $989,000, or 18% of net sales, for the three-month period ended June 30, 2018 compared to approximately $825,000, or 17% of net sales, in the three-month period ended June 30, 2017. For the six-month periods ended June 30, 2018 and June 30, 2017, general and administrative expenses were approximately $1,904,000, or 18% of net sales, and approximately $1,613,000, or 17% of net sales, respectively. Our general and administrative expenses have acclimated to a higher run-rate in 2018 primarily due to technology upgrades to key customer and delivery focused systems.

There were no non-recurring costs for the three-month and six-month period of 2018. In the second quarter of 2017, costs of approximately $580,000 related to compensation expense were incurred as a result of the departure of Varun Nagaraj as CEO and President and Anders Axelsson as Vice President of Sales and Marketing.

In the three-month period ended June 30, 2018, our income from operations was approximately $86,000, representing an increase of approximately $733,000 compared to our loss from operations of approximately $647,000 in the three-month period ended June 30, 2017. In the six-month period ended June 30, 2018, our income from operations was approximately $177,000 representing an increase of approximately $993,000 compared to our loss from operations of $816,000 in the six-month period ended June 30, 2017. The increase in income in both the second quarter and first half of 2018 compared to the same periods in 2017 is due primarily to the non-recurring expense for separation packages for our two former senior executives.

Page 11 of 20

After interest and tax provisions, our net income for the three-month period ended June 30, 2018 was approximately $46,000 compared to a net loss of approximately $425,000 in the same period of 2017. For the six-month period ended June 30, 2018, our net income was approximately $97,000 compared to a net loss of approximately $559,000 in the same period of 2017.

In July 2018, the Board of Directors also increased the size of the Board of Directors from five to six members and appointed Ross DeMont as a member of the Board of Directors.

Liquidity and Capital Resources

During the six months ended June 30, 2018, net cash used by operating activities was approximately $113,000 compared to net cash provided by operating activities of approximately $184,000 for the same period in 2017. As summarized below, the cash provided during the six months ended June 30, 2017 was due primarily to cash received by a potential strategic partner offset by changes in income. Working capital was approximately $8,414,000 at June 30, 2018, a decrease of approximately $43,000 from December 31, 2017. At June 30, 2018, our balance sheet reflected approximately $2,731,000 of cash and approximately $2,957,000 of net trade receivables. At December 31, 2017, our total cash on hand was approximately $3,192,000 and our net trade receivables were approximately $3,255,000.

In connection with the Company’s discussions regarding potential alternative strategic transactions, on April 10, 2017, the Company received $1,000,000 in cash from a potential strategic partner. Of the total cash received, $500,000 was an expense reimbursement for some of the out-of-pocket costs the Company had incurred in connection with its consideration of strategic alternatives. The other $500,000 was a fully refundable amount which the Company returned to the payer in August 2017.

At June 30, 2018 and 2017, we had no long-term liabilities.

We maintain a line of credit with our commercial bank in the maximum amount of $2,000,000. No borrowings have been made under our line of credit during the first six months of fiscal year 2018 and there were no outstanding balances at June 30, 2018 or December 31, 2017. As of June 30, 2018, we were in compliance with the financial covenants of the line of credit.

We believe that our present resources, including cash and accounts receivable, are sufficient to fund our anticipated level of operations through at least September 2019. There are no current plans for significant capital equipment expenditures and no other known demands, commitments, events or uncertainties that will result in or that are reasonably likely to result in our liquidity increasing or decreasing in any material way.

Critical Accounting Policies

The preparation of financial statements and related disclosures in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make judgments, assumptions and estimates that affect the amounts reported in the Company’s condensed financial statements and the accompanying notes. The amounts of assets and liabilities reported on our balance sheets and the amounts of revenues and expenses reported for each of our fiscal periods are affected by estimates and assumptions, which are used for, but not limited to, the accounting for revenue recognition, accounts receivable, doubtful accounts receivable and inventories and inventory obsolescence. Actual results could differ from these estimates. The following critical accounting policies are significantly affected by judgments, assumptions and estimates used in the preparation of the condensed financial statements:

Page 12 of 20

a) Revenue Recognition

The following is a description of the principal activities from which the Company generates its revenues:

Gas Detection and Environment Control Products

Page 13 of 20

Gas Detection and Environment Control Services

FieldServer Products

FieldServer Services

Discounts and Allowances

Discounts are applied at time of order entry and sales are processed at net pricing. No allowances are offered to customers.

b) Contract Costs

Applying the practical expedient, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that otherwise would have been recognized is one year or less. These costs mainly include the Company’s internal sales force compensation program and are included in sales and marketing expenses at the time the revenue is recognized.

Page 14 of 20

c) Warranty

The Company provides a warranty on all products sold for a period of two years after the date of shipment. Warranty issues are usually resolved with repair or replacement of the product. This standard warranty is assurance type warranty and does not offer any services in addition to the assurance that the product will continue working as specified. Therefore, warranties are not considered separate performance obligations in the arrangement. Instead, estimated future warranty obligations related to products are provided by charges to condensed statements of operations in the period in which the related revenue is recognized.

d) Contract Balances

The Company records accounts receivable when it has an unconditional right to consideration. Contract liabilities are recorded when cash payments are received or due in advance of performance. Contract liabilities consist of only advance payments, where the Company has unsatisfied performance obligations. Contract liabilities are classified as deferred revenue and included within “Other current liabilities” on the condensed balance sheets. At times, billing may occur subsequent to revenue recognition, resulting in an unbilled receivable which represents a contract asset. The Company does not have any unbilled receivable on the condensed balance sheets.

Deferred Revenue for the quarter ending	June 30, 2018			March 31, 2018			December 31, 2017
		(unaudited)			(unaudited)
Beginning balance	$	62,031		$	61,673		$	64,673
Deferred revenues added		1,300			800			-
Previously deferred revenues recognized		(692	)		(442	)		(3,000	)
Total, net	$	62,639		$	62,031		$	61,673

Payment terms vary by customer. The time between invoicing and when payment is due is not significant. For certain products or services and customer types, payment is required before the products or services are delivered to the customer.

There were no significant changes in estimates during the period that would affect the contract balances. The amounts of revenue recognized during the six months ended June 30, 2018 and June 30, 2017 from the opening deferred revenue balances were $1,133 and $2,708, respectively. For the periods ended June 30, 2018, and June 30, 2017 no impairment losses related to contract balances were recognized in the condensed statement of operations.

e) Disaggregation of Revenue

In the following table, net sales are disaggregated by geographic region. The Company conducts business across 5 geographic regions: United States & Canada, Latin America, Europe, Middle East and Asia.

	FieldServer Products				Flame & Gas Products
	Six Months Ended June 30				Six Months Ended June 30
	2018		2017		2018		2017
United States & Canada	$	4,480,000	$	4,049,000	$	4,376,000	$	3,735,000
Latin America		115,000		98,000		142,000		75,000
Europe		437,000		380,000		41,000		17,000
Middle East		221,000		286,000		483,000		110,000
Asia		148,000		181,000		259,000		432,000
	$	5,401,000	$	4,994,000	$	5,301,000	$	4,369,000

Page 15 of 20

f) Shipping and Handling

The Company has elected to account for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products.

g) Remaining Performance Obligations

Remaining performance obligations represent the transaction price allocated to performances obligations that are unsatisfied or partially unsatisfied as of the end of the reporting period. Unsatisfied and partially unsatisfied performance obligations consist of contract liabilities and non-cancellable backlog. Non-cancellable backlog includes goods and services for which customer purchase orders have been accepted that are scheduled or in the process of being scheduled for shipment. As of June 30, 2018, the remaining performance obligation is approximately $4,386,000, 60% or $2,617,000 of which is expected to be recognized in 3 months and 80% or $3,497,000 of which is expected to be recognized within six months. The remainder is expected to be recognized after fiscal year 2018.

h) Accounts Receivable and Related Allowances

Our domestic sales are generally made on an open account basis unless specific experience or knowledge of the customer’s potential inability or unwillingness to meet the payment terms dictates secured payments. Our international sales are generally made based on secure payments, including cash wire advance payments and letters of credit. International sales are made on open account terms where sufficient historical experience justifies the credit risks involved. In many of our larger sales, the customers are construction contractors who are in need of our field services to complete their work and obtain payment. Management’s ability to manage the credit terms and utilize the leverage provided by the clients’ need for our services is critical to the effective application of credit terms and minimization of accounts receivable losses.

We maintain an allowance for doubtful accounts which is analyzed on a periodic basis to determine whether it is adequate. We believe that we have demonstrated the ability to make reasonable and reliable estimates of allowances for doubtful accounts based on significant historical experience.

i) Inventories

Inventories are stated at the lower of cost or net realizable value, cost being determined on the first-in, first-out method. The Company uses an Enterprise Requirements Planning (“ERP”) software system which provides data upon which management relies to determine inventory trends and identify excesses. The carrying value of inventory is reduced to net realizable value for slow moving and obsolete items based on historical experience and current product demand. We evaluate the carrying value of inventory quarterly. The adequacy of carrying amounts is dependent upon management’s ability to forecast demands accurately, manage product changes efficiently, and interpret the data provided by the ERP system.

Off-Balance Sheet Arrangements.

None.

Contractual Obligations

Not applicable.

ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

Page 16 of 20

ITEM 4: CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q, our management, with the participation of Jeffrey Brown, our principle executive officer, and Tamara S. Allen, our principal financial officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, pursuant to Exchange Act Rules 13a-15(e) and 15d-15(e), which includes inquiries made to certain other employees. Based upon that evaluation, Mr. Brown and Ms. Allen concluded that, as of June 30, 2018, our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) were effective.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the period covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting..

Page 17 of 20

PART II: OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

ITEM 1A. RISK FACTORS

Please see those risk factors identified in Item1A, Risk Factors, of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017. The Company’s risk factors have not changed materially since December 31, 2017.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

A list of exhibits to this Quarterly Report on Form 10-Q is set forth on the Index to Exhibits immediately preceding such exhibits and is incorporated herein by reference.

Page 18 of 20

Index to Exhibits

		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	Exhibit Number	Date Filed
3.1	Articles of Incorporation of the Registrant.	10-K	3.1	March 23, 1990

3.2	Bylaws of the Registrant.	Filed herewith

31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	Filed herewith

31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	Filed herewith

32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	Furnished herewith

32.2	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	Furnished herewith

101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase.
101.DEF	XBRL Taxonomy Extension Definition Linkbase.
101.LAB	XBRL Taxonomy Extension Label Linkbase.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase.

Page 19 of 20

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SIERRA MONITOR CORPORATION
	Registrant

Date: August 14, 2018	By:	/s/ Jeffrey Brown
		Jeffrey Brown
		Chief Executive Officer

Date: August 14, 2018	By:	/s/ Tamara S. Allen
		Tamara S. Allen
		Chief Financial Officer
		(Principal Financial Officer)

Page 20 of 20

EX-3.2 2 ex3-2.htm

Exhibit 3.2

BYLAWS OF SIERRA MONITOR CORPORATION

(restated as of September 30, 2014; amended as of July 25, 2018)

TABLE OF CONTENTS

ARTICLE I	1
1.1 PRINCIPAL OFFICE	1
1.2 OTHER OFFICES	1
ARTICLE II	1
2.1 PLACE OF MEETINGS	1
2.2 ANNUAL MEETING	1
2.3 SPECIAL MEETING	1
2.4 NOTICE OF SHAREHOLDERS’ MEETINGS	2
2.5 MANNER OF GIVING NOTICE; AFFIDAVIT OF NOTICE	2
2.6 QUORUM	3
2.7 ADJOURNED MEETING; NOTICE	3
2.8 VOTING	3
2.9 VALIDATION OF MEETINGS; WAIVER OF NOTICE; CONSENT	4
2.10 SHAREHOLDER ACTION BY WRITTEN CONSENT WITHOUT A MEETING	4
2.11 RECORD DATE FOR SHAREHOLDER NOTICE; VOTING; GIVING CONSENTS	5
2.12 PROXIES	6
2.13 INSPECTORS OF ELECTION	6
ARTICLE III	7
3.1 POWERS	7
3.2 NUMBER OF DIRECTORS	7
3.3 ELECTION AND TERM OF OFFICE OF DIRECTORS	7
3.4 RESIGNATION AND VACANCIES	7
3.5 PLACE OF MEETINGS; MEETINGS BY TELEPHONE	8
3.6 REGULAR MEETINGS	8
3.7 SPECIAL MEETINGS; NOTICE	8
3.8 QUORUM	9
3.9 WAIVER OF NOTICE	9
3.10 ADJOURNMENT	9
3.11 NOTICE OF ADJOURNMENT	9
3.12 BOARD ACTION BY WRITTEN CONSENT WITHOUT A MEETING	9
3.13 FEES AND COMPENSATION OF DIRECTORS	9
ARTICLE IV	10
4.1 COMMITTEES OF DIRECTORS	10
4.2 MEETINGS AND ACTION OF COMMITTEES	10
ARTICLE V	11
5.1 OFFICERS	11
5.2 ELECTION OF OFFICERS	11

5.3 SUBORDINATE OFFICERS	11
5.4 REMOVAL AND RESIGNATION OF OFFICERS	11
5.5 VACANCIES IN OFFICES	11
5.6 CHAIRMAN OF THE BOARD	11
5.7 PRESIDENT	12
5.8 VICE PRESIDENTS	12
5.9 SECRETARY	12
5.10 CHIEF FINANCIAL OFFICER	12
ARTICLE VI	13
6.1 INDEMNIFICATION OF DIRECTORS AND OFFICERS	13
6.2 INDEMNIFICATION OF OTHERS	13
6.3 PAYMENT OF EXPENSES IN ADVANCE	13
6.4 INDEMNITY NOT EXCLUSIVE	13
6.5 INSURANCE INDEMNIFICATION	14
6.6 CONFLICTS	14
ARTICLE VII	14
7.1 MAINTENANCE AND INSPECTION OF SHARE REGISTER	14
7.2 MAINTENANCE AND INSPECTION OF BYLAWS	15
7.3 MAINTENANCE AND INSPECTION OF OTHER CORPORATE RECORDS	15
7.4 INSPECTION BY DIRECTORS	15
7.5 ANNUAL REPORT TO SHAREHOLDERS; WAIVER	15
7.6 FINANCIAL STATEMENTS	16
7.7 REPRESENTATION OF SHARES OF OTHER CORPORATIONS	16
ARTICLE VIII	17
8.1 RECORD DATE FOR PURPOSES OTHER THAN NOTICE AND VOTING	17
8.2 CHECKS; DRAFTS; EVIDENCES OF INDEBTEDNESS	17
8.3 CORPORATE CONTRACTS AND INSTRUMENTS: HOW EXECUTED	17
8.4 CERTIFICATES FOR SHARES	17
8.5 LOST CERTIFICATES	18
8.6 CONSTRUCTION; DEFINITIONS	18
ARTICLE IX	18
9.1 AMENDMENT BY SHAREHOLDERS	18
9.2 AMENDMENT BY DIRECTORS	18

ARTICLE I

CORPORATE OFFICES

1.1

PRINCIPAL OFFICE

The board of directors shall fix the location of the principal executive office of the corporation at any place within or outside the State of California. If the principal executive office is located outside such state and the corporation has one or more business offices in such state, then the board of directors shall fix and designate a principal business office in the State of California.

1.2

OTHER OFFICES

The board of directors may at any time establish branch or subordinate offices at any place or places where the corporation is qualified to do business.

ARTICLE II

MEETINGS OF SHAREHOLDERS

2.1

PLACE OF MEETINGS

Meetings of shareholders shall be held at any place within or outside the State of California designated by the board of directors. In the absence of any such designation, shareholders’ meetings shall be held at the principal executive office of the corporation.

2.2

ANNUAL MEETING

The annual meeting of shareholders shall be held each year on a date and at a time designated by the board of directors. In the absence of such designation, the annual meeting of shareholders shall be held on the second Tuesday of April in each year at 9:00 a.m. However, if such day falls on a legal holiday, then the meeting shall be held at the same time and place on the next succeeding full business day. At the meeting, directors shall be elected, and any other proper business may be transacted.

2.3

SPECIAL MEETING

A special meeting of the shareholders may be called at any time by the board of directors, or by the chairman of the board, or by the president, or by one or more shareholders holding shares in the aggregate entitled to cast not less than ten percent (10%) of the votes at that meeting.

If a special meeting is called by any person or persons other than the board of directors or the president or the chairman of the board, then the request shall be in writing, specifying the time of such meeting and the general nature of the business proposed to be transacted, and shall be delivered personally or sent by registered mail or by telegraphic or other facsimile transmission to the chairman of the board, the president, any vice president or the secretary of the corporation. The officer receiving the request shall cause notice to be promptly given to the shareholders entitled to vote, in accordance with the provisions of Sections 2.4 and 2.5 of these bylaws, that a meeting will be held at the time requested by the person or persons calling the meeting, so long as that time is not less than thirty-five (35) nor more than sixty (60) days after the receipt of the request. If the notice is not given within twenty (20) days after receipt of the request, then the person or persons requesting the meeting may give the notice. Nothing contained in this paragraph of this Section 2.3 shall be construed as limiting, fixing or affecting the time when a meeting of shareholders called by action of the board of directors may be held.

Page 1 of 18

2.4

NOTICE OF SHAREHOLDERS’ MEETINGS

All notices of meetings of shareholders shall be sent or otherwise given in accordance with Section 2.5 of these bylaws not less than ten (10) (or, if sent by third-class mail pursuant to Section 2.5 of these bylaws, thirty (30)) nor more than sixty (60) days before the date of the meeting. The notice shall specify the place, date, and hour of the meeting and (i) in the case of a special meeting, the general nature of the business to be transacted (no business other than that specified in the notice may be transacted) or (ii) in the case of the annual meeting, those matters which the board of directors, at the time of giving the notice, intends to present for action by the shareholders (but subject to the provisions of the next paragraph of this Section 2.4 any proper matter may be presented at the meeting for such action). The notice of any meeting at which directors are to be elected shall include the name of any nominee or nominees who, at the time of the notice, the board intends to present for election.

If action is proposed to be taken at any meeting for approval of (i) a contract or transaction in which a director has a direct or indirect financial interest, pursuant to Section 310 of the Corporations Code of California (the “Code”), (ii) an amendment of the articles of incorporation, pursuant to Section 902 of the Code, (iii) a reorganization of the corporation, pursuant to Section 1201 of the Code, (iv) a voluntary dissolution of the corporation, pursuant to Section 1900 of the Code, or (v) a distribution in dissolution other than in accordance with the rights of outstanding preferred shares, pursuant to Section 2007 of the Code, then the notice shall also state the general nature of that proposal.

2.5

MANNER OF GIVING NOTICE; AFFIDAVIT OF NOTICE

Written notice of any meeting of shareholders shall be given either (i) personally or (ii) by first-class mail or (iii) by third-class mail but only if the corporation has outstanding shares held of record by five hundred (500) or more persons (determined as provided in Section 605 of the Code) on the record date for the shareholders’ meeting, or (iv) by telegraphic or other written communication. Notices not personally delivered shall be sent charges prepaid and shall be addressed to the shareholder at the address of that shareholder appearing on the books of the corporation or given by the shareholder to the corporation for the purpose of notice. If no such address appears on the corporation’s books or is given, notice shall be deemed to have been given if sent to that shareholder by mail or telegraphic or other written communication to the corporation’s principal executive office, or if published at least once in a newspaper of general circulation in the county where that office is located. Notice shall be deemed to have been given at the time when delivered personally or deposited in the mail or sent by telegram or other means of written communication.

If any notice addressed to a shareholder at the address of that shareholder appearing on the books of the corporation is returned to the corporation by the United States Postal Service marked to indicate that the United States Postal Service is unable to deliver the notice to the shareholder at that address, then all future notices or reports shall be deemed to have been duly given without further mailing if the same shall be available to the shareholder on written demand of the shareholder at the principal executive office of the corporation for a period of one (1) year from the date of the giving of the notice.

Page 2 of 18

An affidavit of the mailing or other means of giving any notice of any shareholders’ meeting, executed by the secretary, assistant secretary or any transfer agent of the corporation giving the notice, shall be prima facie evidence of the giving of such notice.

2.6

QUORUM

The presence in person or by proxy of the holders of a majority of the shares entitled to vote thereat constitutes a quorum for the transaction of business at all meetings of shareholders. The shareholders present at a duly called or held meeting at which a quorum is present may continue to do business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum, if any action taken (other than adjournment) is approved by at least a majority of the shares required to constitute a quorum.

2.7

ADJOURNED MEETING; NOTICE

Any shareholders’ meeting, annual or special, whether or not a quorum is present, may be adjourned from time to time by the vote of the majority of the shares represented at that meeting, either in person or by proxy. In the absence of a quorum, no other business may be transacted at that meeting except as provided in Section 2.6 of these bylaws.

When any meeting of shareholders, either annual or special, is adjourned to another time or place, notice need not be given of the adjourned meeting if the time and place are announced at the meeting at which the adjournment is taken. However, if a new record date for the adjourned meeting is fixed or if the adjournment is for more than forty-five (45) days from the date set for the original meeting, then notice of the adjourned meeting shall be given. Notice of any such adjourned meeting shall be given to each shareholder of record entitled to vote at the adjourned meeting in accordance with the provisions of Sections 2.4 and 2.5 of these bylaws. At any adjourned meeting the corporation may transact any business which might have been transacted at the original meeting.

2.8

VOTING

The shareholders entitled to vote at any meeting of shareholders shall be determined in accordance with the provisions of Section 2.11 of these bylaws, subject to the provisions of Sections 702 through 704 of the Code (relating to voting shares held by a fiduciary, in the name of a corporation or in joint ownership).

The shareholders’ vote may be by voice vote or by ballot; provided, however, that any election for directors must be by ballot if demanded by any shareholder at the meeting and before the voting has begun.

Except as provided in the last paragraph of this Section 2.8, or as may be otherwise provided in the articles of incorporation, each outstanding share, regardless of class, shall be entitled to one vote on each matter submitted to a vote of the shareholders. Any shareholder entitled to vote on any matter may vote part of the shares in favor of the proposal and refrain from voting the remaining shares or, except when the matter is the election of directors, may vote them against the proposal; but, if the shareholder fails to specify the number of shares which the shareholder is voting affirmatively, it will be conclusively presumed that the shareholder’s approving vote is with respect to all shares which the shareholder is entitled to vote.

If a quorum is present, the affirmative vote of the majority of the shares represented and voting at a duly held meeting (which shares voting affirmatively also constitute at least a majority of the required quorum) shall be the act of the shareholders, unless the vote of a greater number or a vote by classes is required by the Code or by the articles of incorporation.

Page 3 of 18

At a shareholders’ meeting at which directors are to be elected, a shareholder shall be entitled to cumulate votes (i.e., cast for any candidate a number of votes greater than the number of votes which such shareholder normally is entitled to cast) if the candidates’ names have been placed in nomination prior to commencement of the voting and the shareholder has given notice prior to commencement of the voting of the shareholder’s intention to cumulate votes. If any shareholder has given such a notice, then every shareholder entitled to vote may cumulate votes for candidates in nomination either (i) by giving one candidate a number of votes equal to the number of directors to be elected multiplied by the number of votes to which that shareholder’s shares are normally entitled or (ii) by distributing the shareholder’s votes on the same principle among any or all of the candidates, as the shareholder thinks fit. The candidates receiving the highest number of affirmative votes, up to the number of directors to be elected, shall be elected; votes against any candidate and votes withheld shall have no legal effect.

2.9

VALIDATION OF MEETINGS; WAIVER OF NOTICE; CONSENT

The transactions of any meeting of shareholders, either annual or special, however called and noticed, and wherever held, shall be as valid as though they had been taken at a meeting duly held after regular call and notice, if a quorum be present either in person or by proxy, and if, either before or after the meeting, each person entitled to vote, who was not present in person or by proxy, signs a written waiver of notice or a consent to the holding of the meeting or an approval of the minutes thereof. The waiver of notice or consent or approval need not specify either the business to be transacted or the purpose of any annual or special meeting of shareholders, except that if action is taken or proposed to be taken for approval of any of those matters specified in the second paragraph of Section 2.4 of these bylaws, the waiver of notice or consent or approval shall state the general nature of the proposal. All such waivers, consents, and approvals shall be filed with the corporate records or made a part of the minutes of the meeting.

Attendance by a person at a meeting shall also constitute a waiver of notice of and presence at that meeting, except when the person objects at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened. Attendance at a meeting is not a waiver of any right to object to the consideration of matters required by the Code to be included in the notice of the meeting but not so included, if that objection is expressly made at the meeting.

2.10

SHAREHOLDER ACTION BY WRITTEN CONSENT WITHOUT A MEETING

Any action which may be taken at any annual or special meeting of shareholders may be taken without a meeting and without prior notice, if a consent in writing, setting forth the action so taken, is signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take that action at a meeting at which all shares entitled to vote on that action were present and voted.

In the case of election of directors, such consent shall be effective only if signed by the holders of all outstanding shares entitled to vote for the election of directors. However, a director may be elected at any time to fill any vacancy on the board of directors, provided that it was not created by removal of a director and that it has not been filled by the directors, by the written consent of the holders of a majority of the outstanding shares entitled to vote for the election of directors.

Page 4 of 18

All such consents shall be maintained in the corporate records. Any shareholder giving a written consent, or the shareholder’s proxy holders, or a transferee of the shares, or a personal representative of the shareholder, or their respective proxy holders, may revoke the consent by a writing received by the secretary of the corporation before written consents of the number of shares required to authorize the proposed action have been filed with the secretary.

If the consents of all shareholders entitled to vote have not been solicited in writing and if the unanimous written consent of all such shareholders has not been received, then the secretary shall give prompt notice of the corporate action approved by the shareholders without a meeting. Such notice shall be given to those shareholders entitled to vote who have not consented in writing and shall be given in the manner specified in Section 2.5 of these bylaws. In the case of approval of (i) a contract or transaction in which a director has a direct or indirect financial interest, pursuant to Section 310 of the Code, (ii) indemnification of a corporate “agent,”pursuant to Section 317 of the Code, (iii) a reorganization of the corporation, pursuant to Section 1201 of the Code, and (iv) a distribution in dissolution other than in accordance with the rights of outstanding preferred shares, pursuant to Section 2007 of the Code, the notice shall be given at least ten (10) days before the consummation of any action authorized by that approval.

2.11

RECORD DATE FOR SHAREHOLDER NOTICE; VOTING; GIVING CONSENTS

For purposes of determining the shareholders entitled to notice of any meeting or to vote thereat or entitled to give consent to corporate action without a meeting, the board of directors may fix, in advance, a record date, which shall not be more than sixty (60) days nor less than ten (10) days before the date of any such meeting nor more than sixty (60) days before any such action without a meeting, and in such event only shareholders of record on the date so fixed are entitled to notice and to vote or to give consents, as the case may be, notwithstanding any transfer of any shares on the books of the corporation after the record date, except as otherwise provided in the Code. If the board of directors does not so fix a record date:

(a) the record date for determining shareholders entitled to notice of or to vote at a meeting of shareholders shall be at the close of business on the business day next preceding the day on which notice is given or, if notice is waived, at the close of business on the business day next preceding the day on which the meeting is held; and

(b) the record date for determining shareholders entitled to give consent to corporate action in writing without a meeting, (i) when no prior action by the board has been taken, shall be the day on which the first written consent is given, or (ii) when prior action by the board has been taken, shall be at the close of business on the day on which the board adopts the resolution relating to that action, or the sixtieth (60th) day before the date of such other action, whichever is later.

The record date for any other purpose shall be as provided in Article VIII of these bylaws.

Page 5 of 18

2.12

PROXIES

Every person entitled to vote for directors, or on any other matter, shall have the right to do so either in person or by one or more agents authorized by a written proxy signed by the person and filed with the secretary of the corporation. A proxy shall be deemed signed if the shareholder’s name is placed on the proxy (whether by manual signature, typewriting, telegraphic transmission or otherwise) by the shareholder or the shareholder’s attorney-in-fact. A validly executed proxy which does not state that it is irrevocable shall continue in full force and effect unless (i) the person who executed the proxy revokes it prior to the time of voting by delivering a writing to the corporation stating that the proxy is revoked or by executing a subsequent proxy and presenting it to the meeting or by voting in person at the meeting, or (ii) written notice of the death or incapacity of the maker of that proxy is received by the corporation before the vote pursuant to that proxy is counted; provided, however, that no proxy shall be valid after the expiration of eleven (11) months from the date of the proxy, unless otherwise provided in the proxy. The dates contained on the forms of proxy presumptively determine the order of execution, regardless of the postmark dates on the envelopes in which they are mailed. The revocability of a proxy that states on its face that it is irrevocable shall be governed by the provisions of Sections 705(e) and 705(f) of the Code.

2.13

INSPECTORS OF ELECTION

Before any meeting of shareholders, the board of directors may appoint an inspector or inspectors of election to act at the meeting or its adjournment. If no inspector of election is so appointed, then the chairman of the meeting may, and on the request of any shareholder or a shareholder’s proxy shall, appoint an inspector or inspectors of election to act at the meeting. The number of inspectors shall be either one (l) or three (3). If inspectors are appointed at a meeting pursuant to the request of one (l) or more shareholders or proxies, then the holders of a majority of shares or their proxies present at the meeting shall determine whether one (l) or three (3) inspectors are to be appointed. If any person appointed as inspector fails to appear or fails or refuses to act, then the chairman of the meeting may, and upon the request of any shareholder or a shareholder’s proxy shall, appoint a person to fill that vacancy.

Such inspectors shall:

(a) determine the number of shares outstanding and the voting power of each, the number of shares represented at the meeting, the existence of a quorum, and the authenticity, validity, and effect of proxies;

(b) receive votes, ballots or consents;

(d) count and tabulate all votes or consents;

(e) determine when the polls shall close;

(f) determine the result; and

(g) do any other acts that may be proper to conduct the election or vote with fairness to all shareholders.

Page 6 of 18

ARTICLE III

DIRECTORS

3.1

POWERS

Subject to the provisions of the Code and any limitations in the articles of incorporation and these bylaws relating to action required to be approved by the shareholders or by the outstanding shares, the business and affairs of the corporation shall be managed and all corporate powers shall be exercised by or under the direction of the board of directors.

3.2

NUMBER OF DIRECTORS

The number of directors of the corporation shall be not less than three (3) nor more than six (6). The exact number of directors shall be six (6) until changed, within the limits specified above, by (i) a bylaw amending this Section 3.2, duly adopted by the board of directors or by the shareholders or (ii) a resolution setting forth such number duly adopted by the board of directors. The indefinite number of directors may be changed, or a definite number may be fixed without provision for an indefinite number, by a duly adopted amendment to the articles of incorporation or by an amendment to this bylaw duly adopted by the vote or written consent of holders of a majority of the outstanding shares entitled to vote; provided, however, that an amendment reducing the fixed number or the minimum number of directors to a number less than six (6) cannot be adopted if the votes cast against its adoption at a meeting, or the shares not consenting in the case of an action by written consent, are equal to more than sixteen and two-thirds percent (16-2/3%) of the outstanding shares entitled to vote thereon. No amendment may change the stated maximum number of authorized directors to a number greater than two (2) times the stated minimum number of directors minus one (1).

No reduction of the authorized number of directors shall have the effect of removing any director before that director’s term of office expires.

3.3

ELECTION AND TERM OF OFFICE OF DIRECTORS

Directors shall be elected at each annual meeting of shareholders to hold office until the next annual meeting. Each director, including a director elected to fill a vacancy, shall hold office until the expiration of the term for which elected and until a successor has been elected and qualified.

3.4

RESIGNATION AND VACANCIES

Any director may resign effective on giving written notice to the chairman of the board, the president, the secretary or the board of directors, unless the notice specifies a later time for that resignation to become effective. If the resignation of a director is effective at a future time, the board of directors may elect a successor to take office when the resignation becomes effective.

Vacancies in the board of directors may be filled by a majority of the remaining directors, even if less than a quorum, or by a sole remaining director; however, a vacancy created by the removal of a director by the vote or written consent of the shareholders or by court order may be filled only by the affirmative vote of a majority of the shares represented and voting at a duly held meeting at which a quorum is present (which shares voting affirmatively also constitute a majority of the required quorum), or by the unanimous written consent of all shares entitled to vote thereon. Each director so elected shall hold office until the next annual meeting of the shareholders and until a successor has been elected and qualified.

Page 7 of 18

A vacancy or vacancies in the board of directors shall be deemed to exist (i) in the event of the death, resignation or removal of any director, (ii) if the board of directors by resolution declares vacant the office of a director who has been declared of unsound mind by an order of court or convicted of a felony, (iii) if the authorized number of directors is increased, or (iv) if the shareholders fail, at any meeting of shareholders at which any director or directors are elected, to elect the number of directors to be elected at that meeting.

The shareholders may elect a director or directors at any time to fill any vacancy or vacancies not filled by the directors, but any such election other than to fill a vacancy created by removal, if by written consent, shall require the consent of the holders of a majority of the outstanding shares entitled to vote thereon.

3.5

PLACE OF MEETINGS; MEETINGS BY TELEPHONE

Regular meetings of the board of directors may be held at any place within or outside the State of California that has been designated from time to time by resolution of the board. In the absence of such a designation, regular meetings shall be held at the principal executive office of the corporation. Special meetings of the board may be held at any place within or outside the State of California that has been designated in the notice of the meeting or, if not stated in the notice or if there is no notice, at the principal executive office of the corporation.

Any meeting, regular or special, may be held by conference telephone or similar communication equipment, so long as all directors participating in the meeting can hear one another; and all such directors shall be deemed to be present in person at the meeting.

3.6

REGULAR MEETINGS

Regular meetings of the board of directors may be held without notice if the times of such meetings are fixed by the board of directors.

3.7

SPECIAL MEETINGS; NOTICE

Special meetings of the board of directors for any purpose or purposes may be called at any time by the chairman of the board, the president, any vice president, the secretary or any two directors.

Notice of the time and place of special meetings shall be delivered personally or by telephone to each director or sent by first-class mail or telegram, charges prepaid, addressed to each director at that director’s address as it is shown on the records of the corporation. If the notice is mailed, it shall be deposited in the United States mail at least four (4) days before the time of the holding of the meeting. If the notice is delivered personally or by telephone or telegram, it shall be delivered personally or by telephone or to the telegraph company at least forty-eight (48) hours before the time of the holding of the meeting. Any oral notice given personally or by telephone may be communicated either to the director or to a person at the office of the director who the person giving the notice has reason to believe will promptly communicate it to the director. The notice need not specify the purpose or the place of the meeting, if the meeting is to be held at the principal executive office of the corporation.

Page 8 of 18

3.8

QUORUM

A majority of the authorized number of directors shall constitute a quorum for the transaction of business, except to adjourn as provided in Section 3.10 of these bylaws. Every act or decision done or made by a majority of the directors present at a duly held meeting at which a quorum is present shall be regarded as the act of the board of directors, subject to the provisions of Section 310 of the Code (as to approval of contracts or transactions in which a director has a direct or indirect material financial interest), Section 311 of the Code (as to appointment of committees), Section 317(e) of the Code (as to indemnification of directors), the articles of incorporation, and other applicable law.

A meeting at which a quorum is initially present may continue to transact business notwithstanding the withdrawal of directors, if any action taken is approved by at least a majority of the required quorum for that meeting.

3.9

WAIVER OF NOTICE

Notice of a meeting need not be given to any director (i) who signs a waiver of notice or a consent to holding the meeting or an approval of the minutes thereof, whether before or after the meeting, or (ii) who attends the meeting without protesting, prior thereto or at its commencement, the lack of notice to such directors. All such waivers, consents, and approvals shall be filed with the corporate records or made part of the minutes of the meeting. A waiver of notice need not specify the purpose of any regular or special meeting of the board of directors.

3.10

ADJOURNMENT

A majority of the directors present, whether or not constituting a quorum, may adjourn any meeting to another time and place.

3.11

NOTICE OF ADJOURNMENT

Notice of the time and place of holding an adjourned meeting need not be given unless the meeting is adjourned for more than twenty-four (24) hours. If the meeting is adjourned for more than twenty-four (24) hours, then notice of the time and place of the adjourned meeting shall be given before the adjourned meeting takes place, in the manner specified in Section 3.7 of these bylaws, to the directors who were not present at the time of the adjournment.

3.12

BOARD ACTION BY WRITTEN CONSENT WITHOUT A MEETING

Any action required or permitted to be taken by the board of directors may be taken without a meeting, provided that all members of the board individually or collectively consent in writing to that action. Such action by written consent shall have the same force and effect as a unanimous vote of the board of directors. Such written consent and any counterparts thereof shall be filed with the minutes of the proceedings of the board.

3.13

FEES AND COMPENSATION OF DIRECTORS

Directors and members of committees may receive such compensation, if any, for their services and such reimbursement of expenses as may be fixed or determined by resolution of the board of directors. This Section 3.13 shall not be construed to preclude any director from serving the corporation in any other capacity as an officer, agent, employee or otherwise and receiving compensation for those services.

Page 9 of 18

ARTICLE IV

COMMITTEES

4.1

COMMITTEES OF DIRECTORS

The board of directors may, by resolution adopted by a majority of the authorized number of directors, designate one (l) or more committees, each consisting of two or more directors, to serve at the pleasure of the board. The board may designate one (l) or more directors as alternate members of any committee, who may replace any absent member at any meeting of the committee. The appointment of members or alternate members of a committee requires the vote of a majority of the authorized number of directors. Any committee, to the extent provided in the resolution of the board, shall have all the authority of the board, except with respect to:

(a)

the approval of any action which, under the Code, also requires shareholders’ approval or approval of the outstanding shares;

(b)

the filling of vacancies on the board of directors or in any committee;

(c)

the fixing of compensation of the directors for serving on the board or any committee;

(d)

the amendment or repeal of these bylaws or the adoption of new bylaws;

(e)

the amendment or repeal of any resolution of the board of directors which by its express terms is not so amendable or repealable;

(f)

a distribution to the shareholders of the corporation, except at a rate or in a periodic amount or within a price range determined by the board of directors; or

(g)

the appointment of any other committees of the board of directors or the members of such committees.

4.2

MEETINGS AND ACTION OF COMMITTEES

Meetings and actions of committees shall be governed by, and held and taken in accordance with, the provisions of Article III of these bylaws, Section 3.5 (place of meetings), Section 3.6 (regular meetings), Section 3.7 (special meetings and notice), Section 3.8 (quorum), Section 3.9 (waiver of notice), Section 3.10 (adjournment), Section 3.11 (notice of adjournment), and Section 3.12 (action without meeting), with such changes in the context of those bylaws as are necessary to substitute the committee and its members for the board of directors and its members; provided, however, that the time of regular meetings of committees may be determined either by resolution of the board of directors or by resolution of the committee, that special meetings of committees may also be called by resolution of the board of directors, and that notice of special meetings of committees shall also be given to all alternate members, who shall have the right to attend all meetings of the committee. The board of directors may adopt rules for the government of any committee not inconsistent with the provisions of these bylaws.

Page 10 of 18

ARTICLE V

OFFICERS

5.1

OFFICERS

The officers of the corporation shall be a president, a secretary, and a chief financial officer. The corporation may also have, at the discretion of the board of directors, a chairman of the board, one or more vice presidents, one or more assistant secretaries, one or more assistant treasurers, and such other officers as may be appointed in accordance with the provisions of Section 5.3 of these bylaws. Any number of offices may be held by the same person.

5.2

ELECTION OF OFFICERS

The officers of the corporation, except such officers as may be appointed in accordance with the provisions of Section 5.3 or Section 5.5 of these bylaws shall be chosen by the board, subject to the rights, if any, of an officer under any contract of employment.

5.3

SUBORDINATE OFFICERS

The board of directors may appoint, or may empower the president to appoint, such other officers as the business of the corporation may require, each of whom shall hold office for such period, have such authority, and perform such duties as are provided in these bylaws or as the board of directors may from time to time determine.

5.4

REMOVAL AND RESIGNATION OF OFFICERS

Subject to the rights, if any, of an officer under any contract of employment, any officer may be removed, either with or without cause, by the board of directors at any regular or special meeting of the board or, except in case of an officer chosen by the board of directors, by any officer upon whom such power of removal may be conferred by the board of directors.

Any officer may resign at any time by giving written notice to the corporation. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice; and, unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the corporation under any contract to which the officer is a party.

5.5

VACANCIES IN OFFICES

A vacancy in any office because of death, resignation, removal, disqualification or any other cause shall be filled in the manner prescribed in these bylaws for regular appointments to that office.

5.6

CHAIRMAN OF THE BOARD

The chairman of the board, if such an officer be elected, shall, if present, preside at meetings of the board of directors and exercise and perform such other powers and duties as may from time to time be assigned to him by the board of directors or as may be prescribed by these bylaws. If there is no president, then the chairman of the board shall also be the chief executive officer of the corporation and shall have the powers and duties prescribed in Section 5.7 of these bylaws.

Page 11 of 18

5.7

PRESIDENT

Subject to such supervisory powers, if any, as may be given by the board of directors to the chairman of the board, if there be such an officer, the president shall be the chief executive officer of the corporation and shall, subject to the control of the board of directors, have general supervision, direction, and control of the business and the officers of the corporation. He shall preside at all meetings of the shareholders and, in the absence or nonexistence of a chairman of the board, at all meetings of the board of directors. He shall have the general powers and duties of management usually vested in the office of president of a corporation, and shall have such other powers and duties as may be prescribed by the board of directors or these bylaws.

5.8

VICE PRESIDENTS

In the absence or disability of the president, the vice presidents, if any, in order of their rank as fixed by the board of directors or, if not ranked, a vice president designated by the board of directors, shall perform all the duties of the president and when so acting shall have all the powers of, and be subject to all the restrictions upon, the president. The vice presidents shall have such other powers and perform such other duties as from time to time may be prescribed for them respectively by the board of directors, these bylaws, the president or the chairman of the board.

5.9

SECRETARY

The secretary shall keep or cause to be kept, at the principal executive office of the corporation or such other place as the board of directors may direct, a book of minutes of all meetings and actions of directors, committees of directors and shareholders. The minutes shall show the time and place of each meeting, whether regular or special (and, if special, how authorized and the notice given), the names of those present at directors’ meetings or committee meetings, the number of shares present or represented at shareholders’ meetings, and the proceedings thereof.

The secretary shall keep, or cause to be kept, at the principal executive office of the corporation or at the office of the corporation’s transfer agent or registrar, as determined by resolution of the board of directors, a share register, or a duplicate share register, showing the names of all shareholders and their addresses, the number and classes of shares held by each, the number and date of certificates evidencing such shares, and the number and date of cancellation of every certificate surrendered for cancellation.

The secretary shall give, or cause to be given, notice of all meetings of the shareholders and of the board of directors required to be given by law or by these bylaws. He shall keep the seal of the corporation, if one be adopted, in safe custody and shall have such other powers and perform such other duties as may be prescribed by the board of directors or by these bylaws.

5.10

CHIEF FINANCIAL OFFICER

The chief financial officer shall keep and maintain, or cause to be kept and maintained, adequate and correct books and records of accounts of the properties and business transactions of the corporation, including accounts of its assets, liabilities, receipts, disbursements, gains, losses, capital, retained earnings, and shares. The books of account shall at all reasonable times be open to inspection by any director.

Page 12 of 18

The chief financial officer shall deposit all money and other valuables in the name and to the credit of the corporation with such depositaries as may be designated by the board of directors. He shall disburse the funds of the corporation as may be ordered by the board of directors, shall render to the president and directors, whenever they request it, an account of all of his transactions as chief financial officer and of the financial condition of the corporation, and shall have such other powers and perform such other duties as may be prescribed by the board of directors or these bylaws.

ARTICLE VI

INDEMNIFICATION OF DIRECTORS, OFFICERS, EMPLOYEES, AND OTHER AGENTS

6.1

INDEMNIFICATION OF DIRECTORS AND OFFICERS

The corporation shall, to the maximum extent and in the manner permitted by the Code, indemnify each of its directors and officers against expenses (as defined in Section 317(a) of the Code), judgments, fines, settlements, and other amounts actually and reasonably incurred in connection with any proceeding (as defined in Section 317(a) of the Code), arising by reason of the fact that such person is or was an agent of the corporation. For purposes of this Article VI, a “director” or “officer” of the corporation includes any person (i) who is or was a director or officer of the corporation, (ii) who is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, or (iii) who was a director or officer of a corporation which was a predecessor corporation of the corporation or of another enterprise at the request of such predecessor corporation.

6.2

INDEMNIFICATION OF OTHERS

The corporation shall have the power, to the extent and in the manner permitted by the Code, to indemnify each of its employees and agents (other than directors and officers) against expenses (as defined in Section 317(a) of the Code), judgments, fines, settlements, and other amounts actually and reasonably incurred in connection with any proceeding (as defined in Section 317(a) of the Code), arising by reason of the fact that such person is or was an agent of the corporation. For purposes of this Article VI, an “employee” or “agent” of the corporation (other than a director or officer) includes any person (i) who is or was an employee or agent of the corporation, (ii) who is or was serving at the request of the corporation as an employee or agent of another corporation, partnership, joint venture, trust or other enterprise, or (iii) who was an employee or agent of a corporation which was a predecessor corporation of the corporation or of another enterprise at the request of such predecessor corporation.

6.3

PAYMENT OF EXPENSES IN ADVANCE

Expenses incurred in defending any civil or criminal action or proceeding for which indemnification is required pursuant to Section 6.1 or for which indemnification is permitted pursuant to Section 6.2 following authorization thereof by the Board of Directors shall be paid by the corporation in advance of the final disposition of such action or proceeding upon receipt of an undertaking by or on behalf of the indemnified party to repay such amount if it shall ultimately be determined that the indemnified party is not entitled to be indemnified as authorized in this Article VI.

6.4

INDEMNITY NOT EXCLUSIVE

The indemnification provided by this Article VI shall not be deemed exclusive of any other rights to which those seeking indemnification may be entitled under any bylaw, agreement, vote of shareholders or disinterested directors or otherwise, both as to action in an official capacity and as to action in another capacity while holding such office, to the extent that such additional rights to indemnification are authorized in the Articles of Incorporation.

Page 13 of 18

6.5

INSURANCE INDEMNIFICATION

The corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation against any liability asserted against or incurred by such person in such capacity or arising out of such person’s status as such, whether or not the corporation would have the power to indemnify him against such liability under the provisions of this Article VI.

6.6

CONFLICTS

No indemnification or advance shall be made under this Article VI, except where such indemnification or advance is mandated by law or the order, judgment or decree of any court of competent jurisdiction, in any circumstance where it appears:

(1) That it would be inconsistent with a provision of the Articles of Incorporation, these bylaws, a resolution of the shareholders or an agreement in effect at the time of the accrual of the alleged cause of the action asserted in the proceeding in which the expenses were incurred or other amounts were paid, which prohibits or otherwise limits indemnification; or

(2) That it would be inconsistent with any condition expressly imposed by a court in approving a settlement.

ARTICLE VII

RECORDS AND REPORTS

7.1

MAINTENANCE AND INSPECTION OF SHARE REGISTER

The corporation shall keep either at its principal executive office or at the office of its transfer agent or registrar (if either be appointed), as determined by resolution of the board of directors, a record of its shareholders listing the names and addresses of all shareholders and the number and class of shares held by each shareholder.

A shareholder or shareholders of the corporation who holds at least five percent (5%) in the aggregate of the outstanding voting shares of the corporation or who holds at least one percent (l%) of such voting shares and has filed a Schedule 14B with the Securities and Exchange Commission relating to the election of directors, may (i) inspect and copy the records of shareholders’ names, addresses, and shareholdings during usual business hours on five (5) days’ prior written demand on the corporation, (ii) obtain from the transfer agent of the corporation, on written demand and on the tender of such transfer agent’s usual charges for such list, a list of the names and addresses of the shareholders who are entitled to vote for the election of directors, and their shareholdings, as of the most recent record date for which that list has been compiled or as of a date specified by the shareholder after the date of demand. Such list shall be made available to any such shareholder by the transfer agent on or before the later of five (5) days after the demand is received or five (5) days after the date specified in the demand as the date as of which the list is to be compiled.

Page 14 of 18

The record of shareholders shall also be open to inspection on the written demand of any shareholder or holder of a voting trust certificate, at any time during usual business hours, for a purpose reasonably related to the holder’s interests as a shareholder or as the holder of a voting trust certificate.

Any inspection and copying under this Section 7.1 may be made in person or by an agent or attorney of the shareholder or holder of a voting trust certificate making the demand.

7.2

MAINTENANCE AND INSPECTION OF BYLAWS

The corporation shall keep at its principal executive office or, if its principal executive office is not in the State of California, at its principal business office in California the original or a copy of these bylaws as amended to date, which bylaws shall be open to inspection by the shareholders at all reasonable times during office hours. If the principal executive office of the corporation is outside the State of California and the corporation has no principal business office in such state, then the secretary shall, upon the written request of any shareholder, furnish to that shareholder a copy of these bylaws as amended to date.

7.3

MAINTENANCE AND INSPECTION OF OTHER CORPORATE RECORDS

The accounting books and records and the minutes of proceedings of the shareholders, of the board of directors, and of any committee or committees of the board of directors shall be kept at such place or places as are designated by the board of directors or, in absence of such designation, at the principal executive office of the corporation. The minutes shall be kept in written form, and the accounting books and records shall be kept either in written form or in any other form capable of being converted into written form.

The minutes and accounting books and records shall be open to inspection upon the written demand of any shareholder or holder of a voting trust certificate, at any reasonable time during usual business hours, for a purpose reasonably related to the holder’s interests as a shareholder or as the holder of a voting trust certificate. The inspection may be made in person or by an agent or attorney and shall include the right to copy and make extracts. Such rights of inspection shall extend to the records of each subsidiary corporation of the corporation.

7.4

INSPECTION BY DIRECTORS

Every director shall have the absolute right at any reasonable time to inspect all books, records, and documents of every kind as well as the physical properties of the corporation and each of its subsidiary corporations. Such inspection by a director may be made in person or by an agent or attorney. The right of inspection includes the right to copy and make extracts of documents.

7.5

ANNUAL REPORT TO SHAREHOLDERS; WAIVER

The board of directors shall cause an annual report to be sent to the shareholders not later than one hundred twenty (120) days after the close of the fiscal year adopted by the corporation. Such report shall be sent at least fifteen (15) days (or, if sent by third-class mail, thirty-five (35) days) before the annual meeting of shareholders to be held during the next fiscal year and in the manner specified in Section 2.5 of these bylaws for giving notice to shareholders of the corporation.

The annual report shall contain (i) a balance sheet as of the end of the fiscal year, (ii) an income statement, (iii) a statement of changes in financial position for the fiscal year, and (iv) any report of independent accountants or, if there is no such report, the certificate of an authorized officer of the corporation that the statements were prepared without audit from the books and records of the corporation.

Page 15 of 18

The foregoing requirement of an annual report shall be waived so long as the shares of the corporation are held by fewer than one hundred (100) holders of record.

7.6

FINANCIAL STATEMENTS

If no annual report for the fiscal year has been sent to shareholders, then the corporation shall, upon the written request of any shareholder made more than one hundred twenty (120) days after the close of such fiscal year, deliver or mail to the person making the request, within thirty (30) days thereafter, a copy of a balance sheet as of the end of such fiscal year and an income statement and statement of changes in financial position for such fiscal year.

If a shareholder or shareholders holding at least five percent (5%) of the outstanding shares of any class of stock of the corporation makes a written request to the corporation for an income statement of the corporation for the three-month, six-month or nine-month period of the then current fiscal year ended more than thirty (30) days before the date of the request, and for a balance sheet of the corporation as of the end of that period, then the chief financial officer shall cause that statement to be prepared, if not already prepared, and shall deliver personally or mail that statement or statements to the person making the request within thirty (30) days after the receipt of the request. If the corporation has not sent to the shareholders its annual report for the last fiscal year, the statements referred to in the first paragraph of this Section 7.6 shall likewise be delivered or mailed to the shareholder or shareholders within thirty (30) days after the request.

The quarterly income statements and balance sheets referred to in this Section shall be accompanied by the report, if any, of any independent accountants engaged by the corporation or by the certificate of an authorized officer of the corporation that the financial statements were prepared without audit from the books and records of the corporation.

7.7

REPRESENTATION OF SHARES OF OTHER CORPORATIONS

The chairman of the board, the president, any vice president, the chief financial officer, the secretary or assistant secretary of this corporation, or any other person authorized by the board of directors or the president or a vice president, is authorized to vote, represent, and exercise on behalf of this corporation all rights incident to any and all shares of any other corporation or corporations standing in the name of this corporation. The authority herein granted may be exercised either by such person directly or by any other person authorized to do so by proxy or power of attorney duly executed by such person having the authority.

Page 16 of 18

ARTICLE VIII

GENERAL MATTERS

8.1

RECORD DATE FOR PURPOSES OTHER THAN NOTICE AND VOTING

For purposes of determining the shareholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the shareholders entitled to exercise any rights in respect of any other lawful action (other than action by shareholders by written consent without a meeting), the board of directors may fix, in advance, a record date, which shall not be more than sixty (60) days before any such action. In that case, only shareholders of record at the close of business on the date so fixed are entitled to receive the dividend, distribution or allotment of rights, or to exercise such rights, as the case may be, notwithstanding any transfer of any shares on the books of the corporation after the record date so fixed, except as otherwise provided in the Code.

If the board of directors does not so fix a record date, then the record date for determining shareholders for any such purpose shall be at the close of business on the day on which the board adopts the applicable resolution or the sixtieth (60th) day before the date of that action, whichever is later.

8.2

CHECKS; DRAFTS; EVIDENCES OF INDEBTEDNESS

From time to time, the board of directors shall determine by resolution which person or persons may sign or endorse all checks, drafts, other orders for payment of money, notes or other evidences of indebtedness that are issued in the name of or payable to the corporation, and only the persons so authorized shall sign or endorse those instruments.

8.3

CORPORATE CONTRACTS AND INSTRUMENTS: HOW EXECUTED

The board of directors, except as otherwise provided in these bylaws, may authorize any officer or officers, or agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of the corporation; such authority may be general or confined to specific instances. Unless so authorized or ratified by the board of directors or within the agency power of an officer, no officer, agent or employee shall have any power or authority to bind the corporation by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount.

8.4

CERTIFICATES FOR SHARES

A certificate or certificates for shares of the corporation shall be issued to each shareholder when any of such shares are fully paid. The board of directors may authorize the issuance of certificates for shares partly paid provided that these certificates shall state the total amount of the consideration to be paid for them and the amount actually paid. All certificates shall be signed in the name of the corporation by the chairman of the board or the vice chairman of the board or the president or a vice president and by the chief financial officer or an assistant treasurer or the secretary or an assistant secretary, certifying the number of shares and the class or series of shares owned by the shareholder. Any or all of the signatures on the certificate may be facsimile.

In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed on a certificate ceases to be that officer, transfer agent or registrar before that certificate is issued, it may be issued by the corporation with the same effect as if that person were an officer, transfer agent or registrar at the date of issue.

Page 17 of 18

8.5

LOST CERTIFICATES

Except as provided in this Section 8.5, no new certificates for shares shall be issued to replace a previously issued certificate unless the latter is surrendered to the corporation and cancelled at the same time. The board of directors may, in case any share certificate or certificate for any other security is lost, stolen or destroyed, authorize the issuance of replacement certificates on such terms and conditions as the board may require; the board may require indemnification of the corporation secured by a bond or other adequate security sufficient to protect the corporation against any claim that may be made against it, including any expense or liability, on account of the alleged loss, theft or destruction of the certificate or the issuance of the replacement certificate.

8.6

CONSTRUCTION; DEFINITIONS

Unless the context requires otherwise, the general provisions, rules of construction, and definitions in the Code shall govern the construction of these bylaws. Without limiting the generality of this provision, the singular number includes the plural, the plural number includes the singular, and the term “person” includes both a corporation and a natural person.

ARTICLE IX

AMENDMENTS

9.1

AMENDMENT BY SHAREHOLDERS

New bylaws may be adopted or these bylaws may be amended or repealed by the vote or written consent of holders of a majority of the outstanding shares entitled to vote; provided, however, that if the articles of incorporation of the corporation set forth the number of authorized directors of the corporation, then the authorized number of directors may be changed only by an amendment of the articles of incorporation.

9.2

AMENDMENT BY DIRECTORS

Subject to the rights of the shareholders as provided in Section 9.1 of these bylaws, bylaws, other than a bylaw or an amendment of a bylaw changing the authorized number of directors (except to fix the authorized number of directors pursuant to a bylaw providing for a variable number of directors), may be adopted, amended or repealed by the board of directors.

Certificate by Secretary

The undersigned hereby certifies that he is the duly elected, qualified, and acting Secretary of Sierra Monitor Corporation and that the foregoing Bylaws, comprising twenty-one (21) pages, constitute the Bylaws of the corporation as originally adopted on September 13, 1989 pursuant to the Agreement of Merger filed with the California Secretary of State on September 13, 1989 and as subsequently amended and restated by the board of directors and/or the shareholders of the corporation through the date hereof.

IN WITNESS WHEREOF, the undersigned has hereunto set his hand and affixed the corporate seal this 25th day of July 2018.

	/s/ Jeffrey Brown
	Jeffrey Brown, President

Page 18 of 18

EX-31.1 3 ex31-1.htm

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

I, Jeffrey Brown, certify that:

	1.	I have reviewed this quarterly report on Form 10-Q of Sierra Monitor Corporation;

	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.	The registrant’s other certifying officer(s) and I are 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 our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us 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 our 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 our 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

The registrant’s other certifying officer(s) and I have disclosed, based on our 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.

Date: August 14, 2018	By:	/s/ Jeffrey Brown
		Jeffrey Brown
		Chief Executive Officer

EX-31.2 4 ex31-2.htm

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

I, Tamara S. Allen, certify that:

	1.	I have reviewed this quarterly report on Form 10-Q of Sierra Monitor Corporation;

	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.	The registrant’s other certifying officer(s) and I are 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 our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us 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 our 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 our 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

	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.

Date: August 14, 2018	By:	/s/ Tamara S. Allen
		Tamara S. Allen
		Chief Financial Officer
		(Principal Financial Officer)

EX-32.1 5 ex32-1.htm

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

I, Jeffrey Brown, certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002, that:

i. The Quarterly Report on Form 10-Q of Sierra Monitor Corporation for the quarterly period ended June 30, 2018 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and;

ii. The information contained in such Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Sierra Monitor Corporation.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Sierra Monitor Corporation and will be retained by Sierra Monitor Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

Date: August 14, 2018	By:	/s/ Jeffrey Brown
		Jeffrey Brown
		Chief Executive Officer

EX-32.2 6 ex32-2.htm

Exhibit 32.2

Certification of Chief Financial Officer Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes Oxley Act of 2002

I, Tamara S. Allen, certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002, that:

ii. The information contained in such Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Sierra Monitor Corporation.

Date: August 14, 2018	By:	/s/ Tamara S. Allen
		Tamara S. Allen
		Chief Financial Officer

EX-101.INS 7 srmc-20180630.xml XBRL INSTANCE FILE 0000100625 2018-01-01 2018-06-30 0000100625 2017-12-31 0000100625 2016-12-31 0000100625 2017-01-01 2017-06-30 0000100625 SRMC:TwoThousandAndSixteenEquityIncentivePlanMember 2016-04-30 0000100625 SRMC:TwoThousandAndSixteenEquityIncentivePlanMember 2016-04-01 2016-04-30 0000100625 SRMC:TwoThousandSixStockPlanMember 2016-04-01 2016-04-30 0000100625 SRMC:TwoCustomersMember us-gaap:AccountsReceivableMember 2017-01-01 2017-12-31 0000100625 2018-06-30 0000100625 SRMC:TwoThousandAndSixteenEquityIncentivePlanMember 2018-06-30 0000100625 SRMC:NoCustomersMember us-gaap:SalesMember 2018-01-01 2018-06-30 0000100625 SRMC:NoCustomersMember us-gaap:SalesMember 2017-01-01 2017-06-30 0000100625 2017-06-30 0000100625 SRMC:InstrumentationMember 2018-01-01 2018-06-30 0000100625 SRMC:FieldServersMember 2018-01-01 2018-06-30 0000100625 SRMC:InstrumentationMember 2017-01-01 2017-06-30 0000100625 SRMC:FieldServersMember 2017-01-01 2017-06-30 0000100625 SRMC:TwoThousandAndSixteenEquityIncentivePlanMember 2016-05-31 0000100625 SRMC:TwoThousandSixStockPlanMember 2016-05-30 2016-05-31 0000100625 SRMC:TwoThousandAndSixteenEquityIncentivePlanMember 2016-05-30 2016-05-31 0000100625 2018-08-14 0000100625 2018-04-01 2018-06-30 0000100625 2017-04-01 2017-06-30 0000100625 SRMC:NoCustomersMember us-gaap:AccountsReceivableMember 2018-01-01 2018-06-30 0000100625 SRMC:NoCustomersMember us-gaap:SalesMember 2018-04-01 2018-06-30 0000100625 SRMC:NoCustomersMember us-gaap:SalesMember 2017-04-01 2017-06-30 0000100625 SRMC:InstrumentationMember 2018-04-01 2018-06-30 0000100625 SRMC:FieldServersMember 2018-04-01 2018-06-30 0000100625 SRMC:InstrumentationMember 2017-04-01 2017-06-30 0000100625 SRMC:FieldServersMember 2017-04-01 2017-06-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure SRMC:Segment SIERRA MONITOR CORP /CA/ 0000100625 10-Q 2018-06-30 false Smaller Reporting Company Q2

75000

70000

0.001

20000000

10203995

SRMC

4325271

3841280

2340709

2048474

6376343

5521330

3209889

2786946

1565815

1528508

791387

768212

2729756

2615550

1343392

1260339

1903506

1612538

988794

824726

6199077

6337021

3123573

3433702

177266

-815691

86316

-646756

482

174

178064

-815691

86806

-646756

80939

-256385

40942

-221292

97125

-559306

45864

-425464

0.01

-0.05

-0.04

0.01

-0.05

-0.04

10203995

10179053

10203995

10181553

10328108

10179053

10328108

10181553

3191722

4692999

2730511

4639458

279680

2668320

1517932

1725806

1415763

1704738

304566

313720

100000

160000

124113

0.10

135000

2550320

1154000

2550320

2018

Accounting Policies   a) Revenue Recognition   In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, “Revenue from Contracts with Customers” (Topic 606). ASC 606 requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the considerations to which the entity expects to be entitled to in exchange for those goods or services. On January 1, 2018, the Company adopted ASC 606 by using the modified retrospective method. The comparative information has not been recast and continues to be reported under the accounting standards in effect for those periods. The adoption did not have a material impact to the nature and timing of its revenues, condensed statements of operations, condensed statements cash flows and condensed balance sheets. The majority of the impact has been on sales returns and the impact has been deemed immaterial.   The Company’s revenues are derived from the sale of FieldServer products, FieldServer products services, Gas Detection and Environment Control products, and Gas Detection and Environment Control products services. The Company accounts for a contract with a customer when there’s approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.   The Company’s revenue arrangements consist of multiple performance obligations including hardware, software, and services. Determining the stand-alone selling price (“SSP”) and allocation of consideration from an arrangement to the individual performance obligations, and the appropriate timing of revenue recognition are significant judgments with respect to these arrangements.   The Company does not provide credits, incentives or retroactive discounts, which may be required to be accounted for as variable consideration when estimating the amount of revenue to be recognized. The Company from time to time provides a right of return to its customers and the Company uses expected value method to estimate the potential value of the customer returns to reduce the transaction price. The impact has been deemed to be immaterial, thus there is no disclosure related to sales returns, return on assets and refund liability.   When the Company’s products and services are sold in bundled arrangements (e.g., hardware, software, and/or services), for bundled arrangements, the Company accounts for individual products and services separately if they are distinct, that is, if a product or service is separately identifiable from other items in the bundled package and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration (including any discounts) is allocated between separate products or services in a bundle based on their individual SSP. The SSP is determined based on observable prices at which the Company separately sells the products and services. If an SSP is not directly observable, then the Company will estimate the SSP considering marketing conditions, entity-specific factors, and information about the customer or class of customer that is reasonably available.   The following is a description of the principal activities from which the Company generates its revenues:   Gas Detection and Environment Control Products   Gas Detection and Environment Control Products are sold as off-the-shelf products with prices fixed at the time of order. Orders delivered to the Company by phone, fax, mail or email are considered valid purchase orders and once accepted by the Company are deemed to be the final understanding between us and our customer as to the specific nature and terms of the agreed-upon sale transaction. The creditworthiness of customers is assessed prior to the Company accepting a customer’s first order. Additionally, international customers and customers who have developed a history of payment problems are generally required to prepay or pay through a letter-of-credit. Revenue is recognized at a point in time when control of the product is transferred to the customer, generally occurring upon the shipment or delivery dependent upon the terms of the underlying contract when (a) for FOB factory orders they leave our shipping dock or (b) for FOB customer dock orders upon confirmation of delivery.   Gas Detection and Environment Control Services   Gas detection and environment control services consist of field service orders (technical support) and training, which are provided separately from product orders. Orders are accepted in the same forms as discussed for Gas Detection and Environment Control Products above with hourly prices fixed at the time of order. Revenue recognition occurs only when the service activity is completed. Such services are provided to current and prior customers, and, as noted above, creditworthiness has generally already been assessed. In cases where the probability of receiving payment is low, a credit card number is collected for immediate processing. Revenue is recognized in the period the technical support and training are performed.   FieldServer Products   FieldServer products are sold in the same manner as Gas Detection and Environment Control Products (as discussed above) except that the products contain embedded software, which is integral to the operation of the device. The software embedded in FieldServer products includes two items: (a) a compiled program containing (i) the basic operating system for FieldServer products, which is common to every unit, and (ii) the correct set of protocol drivers based on the customer order (see FieldServer Services below for more information); and (b) a configuration file that identifies and links each data point as identified by the customer. The Company determined that the hardware, and the embedded software as defined above represent one performance obligation because the hardware is dependent upon and highly interrelated with the embedded software, and without which the hardware can’t operate. Generally, the software included in each sale does not require significant production, modification or customization and, therefore, the Company recognizes revenues at a point in time when control of the product is transferred to the customer generally occurring upon the shipment or delivery of products (depending on shipping terms), as described in Gas Detection and Environment Control Products above. If the software requires modification, refer to FieldServer Services for details.   FieldServer Services   FieldServer services consist of orders for custom development of protocol drivers. Generally, customers place orders for FieldServer products concurrently with their order for protocol drivers. However, if custom development of the protocol driver is required, the product order is not processed until development of the protocol driver is complete. The driver development involves further research after receipt of order, preparation of a scope document to be approved by the customer and then engineering time to write, test and release the driver program. When development of the driver is complete the customer is notified and can proceed with a FieldServer product. Revenues for protocol driver development are recognized at a point in time when the control of the product is transferred to the customer generally occurring upon shipment or delivery of the related product that includes the developed protocol drivers (as noted in FieldServer Products above).   Discounts and Allowances   Discounts are applied at time of order entry and sales are processed at net pricing. No allowances are offered to customers.   b) Recent Accounting Pronouncements   Recent accounting pronouncements discussed in the notes to the December 31, 2017 audited financial statements, filed previously with the SEC in our Annual Report on Form 10-K on April 2, 2018, that are required to be adopted during the year ended December 31, 2018, did not have or are not expected to have a significant impact on the Company’s 2018 financial statements.   In February 2016, the FASB issued ASU 2016-2, “Leases” (Topic 842), which is intended to improve financial reporting for lease transactions. This ASU will require organizations that lease assets, such as real estate, airplanes and manufacturing equipment, to recognize on their balance sheet the assets and liabilities for the rights to use those assets for the lease term and obligations to make lease payments created by those leases that have terms of greater than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as finance or operating lease. This ASU will also require disclosures to help investors and other financial statement users better understand the amount and timing of cash flows arising from leases. These disclosures will include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. The ASU is effective for the Company for the year ending December 31, 2019 and interim reporting periods within that year, and early adoption is permitted. Management has not yet determined the effect of this ASU on the Company’s financial statements.   c) Employee Stock-Based Compensation   In April 2016 and in May 2016, the Company’s Board of Directors and the Company’s shareholders, respectively, approved the Company’s 2016 Equity Incentive Plan (the “2016 Stock Plan”) and reserved a total of (i) 279,680 shares, plus (ii) 2,550,320 shares that remained available for issuance under the 2006 Stock Plan immediately prior to its expiration, plus (iii) any shares subject to stock options or restricted stock granted under the 2006 Stock Plan that, on or after the date the 2016 Stock Plan became effective, expired or otherwise terminated without having been exercised in full, or were forfeited to or repurchased by the Company, with the maximum number of shares to be added to the 2016 Stock Plan pursuant to clauses (ii) and (iii) equal to 2,668,320. Options granted under our 2006 Stock Plan and 2016 Stock Plan are at the fair market value of our common stock at the grant date, typically vest ratably over four years, and expire ten years from the grant date. As of June 30, 2018, a total of 1,154,000 shares were issued under the 2016 Stock Plan.   All share-based payments to employees (incentive stock options) are recognized in the financial statements based on their fair values at the date of grant. The calculated fair value is recognized as expense (net of any capitalization) over the requisite service period, net of estimated forfeitures, using the straight-line method. The Company considers many factors when estimating expected forfeitures, including types of awards, employee class and historical experience. The modified prospective method of application requires compensation expense to be recognized in the financial statements for all unvested stock options beginning in the quarter of award. The cost is based on the grant date fair value of the stock option. Compensation expense recognized in future periods for share-based compensation will be adjusted for the effects of estimated forfeitures.   For the six-month periods ended June 30, 2018 and 2017, general and administrative expenses included stock-based compensation expense of $93,766 and $165,792, respectively, decreasing the Company’s income and increasing loss before provision for income taxes and resulting from the recognition of compensation expense associated with employee stock options. There was no material impact on the Company’s basic and diluted net loss per share as a result of recognizing the employee stock-based compensation expense. The Company did not modify the terms of any previously granted stock options during the six-month periods ended June 30, 2018 and 2017.   d) Subsequent Events   Management has evaluated events subsequent to June 30, 2018 through the date that the accompanying condensed financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustment of and/or disclosure in such financial statements. In that regard, management has identified the following subsequent events:   The Company appointed Ross DeMont as a member of the Company’s Board of Directors effective July 25, 2018.   Further, the Company amended the Bylaws of the Company (the “Amended Bylaws”), in order to increase the size of the board of directors from five directors to six directors effective immediately in connection with the appointment of Mr. DeMont.

Inventories   Summary of inventories:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; text-align: justify">Raw materials</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,725,806</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,517,932</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Work-in-process</td> <td> </td> <td> </td> <td style="text-align: right">1,704,738</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,415,763</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Finished goods</td> <td> </td> <td> </td> <td style="text-align: right">313,720</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">304,566</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify">Less: Allowance for obsolescence reserve</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(160,000</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(100,000</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,584,264</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,138,261</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Segment Information   The Company operates in a single business segment, industrial instrumentation. The Company’s chief operating decision maker, the Chief Executive Officer (“CEO”), evaluates the performance of the Company and makes operating decisions based on financial data consistent with the presentation in the accompanying unaudited condensed financial statements.   In addition, the CEO reviewed the following information on revenues by product category for the following periods:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three months ended June 30,</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Six months ended June 30,</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">Instrumentation</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">2,809,646</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">2,291,828</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">5,301,112</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">4,369,427</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">FieldServers</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,740,952</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,543,592</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">5,400,502</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,993,183</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,550,598</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,835,420</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">10,701,614</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">9,362,610</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Line of Credit   The Company maintains a line of credit with its commercial bank in the maximum amount of $2,000,000. No borrowings have been made under the Company’s line of credit during the first six months of fiscal year 2018 and there were no outstanding balances at June 30, 2018 or December 31, 2017. As of June 30, 2018, the Company was in compliance with the financial covenants of the line of credit.

Commitments and Contingencies   From time to time, the Company is subject to legal proceedings and claims that arise in the normal course of business. While the outcome of these proceedings and claims cannot be predicted, we currently are not a party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, is expected to have a material adverse effect on the Company’s financial position or results of operations.

Summary of inventories:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; text-align: justify">Raw materials</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,725,806</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,517,932</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Work-in-process</td> <td> </td> <td> </td> <td style="text-align: right">1,704,738</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,415,763</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Finished goods</td> <td> </td> <td> </td> <td style="text-align: right">313,720</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">304,566</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify">Less: Allowance for obsolescence reserve</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(160,000</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(100,000</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,584,264</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,138,261</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The following is a reconciliation of the shares used in the computation of basic and diluted EPS for the three and six-month periods ended June 30, 2018 and 2017, respectively:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three months ended</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Six months ended</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">Basic EPS – weighted-average number of common shares outstanding</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">10,203,995</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">10,181,553</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">10,203,995</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">10,179,053</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Effect of dilutive potential common shares – stock options outstanding</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">124,113</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">124,113</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Diluted EPS – weighted-average number of common shares and potential common shares outstanding</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">10,328,108</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">10,181,553</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">10,328,108</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">10,179,053</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

In addition, the CEO reviewed the following information on revenues by product category for the following periods:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three months ended June 30,</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Six months ended June 30,</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">Instrumentation</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">2,809,646</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">2,291,828</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">5,301,112</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">4,369,427</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">FieldServers</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,740,952</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,543,592</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">5,400,502</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,993,183</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,550,598</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,835,420</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">10,701,614</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">9,362,610</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

3254681

2957167

3138261

3584264

44771

49214

10188803

9906719

252143

276061

126323

83153

89421

10650422

10398524

976092

679939

555714

669452

199397

143603

1731203

1492494

10204

4482403

4576169

4426612

4319657

8919219

8906030

10650422

10398524

114128

140507

60000

93766

165792

-302203

136828

506003

80524

26195

-289292

-296653

28758

-55794

500250

144314

49964

204080

203532

16298

-461211

-53541

-4689

559368

585563

113738

72586

Basis of Presentation   The accompanying unaudited interim condensed financial statements have been prepared by Sierra Monitor Corporation (the “Company,” “we,” or “us”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted pursuant to such SEC rules and regulations; nevertheless, the Company believes that the disclosures are adequate to make the information presented not misleading. Amounts related to disclosure of December 31, 2017 balances within these interim condensed financial statements were derived from the audited 2017 financial statements and notes thereto. These financial statements and the notes hereto should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on April 2, 2018. In the opinion of the Company, all adjustments, including normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows of the Company for the interim period have been included. The results of operations for the interim period are not necessarily indicative of the results for any subsequent interim period or for the full year.

Summary of Business   Founded in 1978, Sierra Monitor Corporation (OTCQB:SRMC), is a provider of Industrial Internet of Things (IIoT) solutions that address the industrial and commercial facilities management targeting facility automation and facility safety requirements, also referred to as “Connect” and “Protect”.   The Company’s FieldServer family of protocol gateways, routers, and network explorers targets facility automation requirements, and is used by original equipment manufacturers (“OEMs”) and system integrators to enable local and remote monitoring and control of assets and facilities. The FieldServer family of products works with the SMC Cloud portal; a cloud-based service that registers and manages FieldServer products, provides secure remote access to the local web-based applications that run on FieldServer products, and integrates with third-party applications over REST APIs. With more than 200,000 installed gateways supporting over 140 protocols such as BACnet, LonWorks, MODBUS, and XML in commercial and industrial facilities, FieldServer is the industry’s leading multi-protocol gateway brand and is delivered in a variety of form factors appropriate to the asset being interfaced. The intellectual property in FieldServer products is embodied in the proprietary embedded software that runs on a variety of customized hardware platforms with different connectivity options such as Serial, Ethernet, Wi-Fi, or cellular. In addition to bridging data protocols between various assets or devices within a facility, the embedded software includes value-added “fog” or “local application” software for monitoring, logging, alarming, and trending local field data. Additionally, the embedded software enables the assets or devices in the facility to securely connect to third-party clouds and to the Company’s own SMC Cloud portal. The SMC Cloud portal is a proprietary, secure, and scalable Software-as-a-Service product and is developed and deployed using the same core technologies and providers that are used by many of the world’s leading web sites and Internet-based services.   The Company’s Flame and Gas (F&G) detection solutions target facility safety requirements and are used by industrial and commercial facilities managers to protect their personnel and assets. The motivation for installing gas detection systems is driven, in part, by industrial safety professionals guided by the United States Occupational Safety and Health Administration, state and local governing bodies, insurance companies and various industry rule-making bodies. The solution consists of proprietary system hardware that runs embedded controller and gateway software, detector modules that sense the presence of various toxic and combustible gases and flames, connectivity between the modules and the controller, and a user interface and applications that a facility manager can interact with, either locally on site or remotely over the Internet. The complex software embedded in the various products facilitates system-wide functions such as calibration, alarm detection, notification, and mitigation. The controller software also includes local web-based applications that simplify management of the complete solution and a gateway to integrate the flame and gas detection solution with the facility’s local supervisory system or to the Company’s SMC Cloud portal. With more than 100,000 detector modules sold, our flame and gas detection solutions are deployed in a variety of facilities, such as oil, gas and chemical processing plants, wastewater treatment facilities, alternate fuel vehicle maintenance garages and other sites where hazardous gases are used or produced.   The Company’s solutions are also sold to telecommunication companies and their suppliers to manage environmental and security conditions such as temperature, gas, and smoke in remote structures such as local DSL distribution nodes and buildings at cell tower sites.

Net Loss Per Share   Basic loss per share (“EPS”) is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common and dilutive potential common shares outstanding during the period. Dilutive potential common shares consist of common stock issuable upon exercise of stock options using the treasury stock method. No adjustments to losses were made for purposes of per share calculations.   At June 30, 2018, outstanding options to acquire 808,000 shares of common stock were not considered potentially dilutive common shares due to the exercise price of such options being higher than the stock price used in the EPS calculation. At June 30, 2017, there were no options to acquire shares of common stock that were considered potentially dilutive due to the net loss for the year-to-date periods   The following is a reconciliation of the shares used in the computation of basic and diluted EPS for the three and six-month periods ended June 30, 2018 and 2017, respectively:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three months ended</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Six months ended</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%">Basic EPS – weighted-average number of common shares outstanding</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">10,203,995</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">10,181,553</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">10,203,995</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">10,179,053</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Effect of dilutive potential common shares – stock options outstanding</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">124,113</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">124,113</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Diluted EPS – weighted-average number of common shares and potential common shares outstanding</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">10,328,108</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">10,181,553</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">10,328,108</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">10,179,053</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Concentrations   No customer made up more than 10% of accounts receivable at June 30, 2018 and two customers made up more than 10% of accounts receivable at December 31, 2017. Additionally, no customers made up more than 10% of net sales for each of the three or six-month periods ended June 30, 2018 or June 30, 2017.   The Company currently maintains substantially all of its day to day operating cash with a major financial institution. At times, cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation. Cash balances of approximately $2,301,000 and $2,830,000 were in excess of such insured amounts at June 30, 2018 and December 31, 2017, respectively

Stock Option Grants   No options were granted during the three-month period ending June 30, 2018 and 41,000 options with a fair value of $27,224 were granted during the six-month period ended June 30, 2018. A total of 238,000 options with a fair value of $162,554 were granted during the three month and six-month periods ended June 30, 2017. Stock Option Exercise and Expiration   No stock options were exercised in the six-month period ended June 30, 2018 and 1,000 options expired during the three-month period ended June 30, 2018.   A total of 135,000 stock options were exercised in the six-month period ended June 30, 2017 for total proceeds of $16,298. During the same period, 1,500 options expired. --12-31

P10Y

808000

2830000

2301000

2000000

1500

1000

a) Revenue Recognition   In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, “Revenue from Contracts with Customers” (Topic 606). ASC 606 requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the considerations to which the entity expects to be entitled to in exchange for those goods or services. On January 1, 2018, the Company adopted ASC 606 by using the modified retrospective method. The comparative information has not been recast and continues to be reported under the accounting standards in effect for those periods. The adoption did not have a material impact to the nature and timing of its revenues, condensed statements of operations, condensed statements cash flows and condensed balance sheets. The majority of the impact has been on sales returns and the impact has been deemed immaterial.   The Company’s revenues are derived from the sale of FieldServer products, FieldServer products services, Gas Detection and Environment Control products, and Gas Detection and Environment Control products services. The Company accounts for a contract with a customer when there’s approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.   The Company’s revenue arrangements consist of multiple performance obligations including hardware, software, and services. Determining the stand-alone selling price (“SSP”) and allocation of consideration from an arrangement to the individual performance obligations, and the appropriate timing of revenue recognition are significant judgments with respect to these arrangements.   The Company does not provide credits, incentives or retroactive discounts, which may be required to be accounted for as variable consideration when estimating the amount of revenue to be recognized. The Company from time to time provides a right of return to its customers and the Company uses expected value method to estimate the potential value of the customer returns to reduce the transaction price. The impact has been deemed to be immaterial, thus there is no disclosure related to sales returns, return on assets and refund liability.   When the Company’s products and services are sold in bundled arrangements (e.g., hardware, software, and/or services), for bundled arrangements, the Company accounts for individual products and services separately if they are distinct, that is, if a product or service is separately identifiable from other items in the bundled package and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration (including any discounts) is allocated between separate products or services in a bundle based on their individual SSP. The SSP is determined based on observable prices at which the Company separately sells the products and services. If an SSP is not directly observable, then the Company will estimate the SSP considering marketing conditions, entity-specific factors, and information about the customer or class of customer that is reasonably available.   The following is a description of the principal activities from which the Company generates its revenues:   Gas Detection and Environment Control Products   Gas Detection and Environment Control Products are sold as off-the-shelf products with prices fixed at the time of order. Orders delivered to the Company by phone, fax, mail or email are considered valid purchase orders and once accepted by the Company are deemed to be the final understanding between us and our customer as to the specific nature and terms of the agreed-upon sale transaction. The creditworthiness of customers is assessed prior to the Company accepting a customer’s first order. Additionally, international customers and customers who have developed a history of payment problems are generally required to prepay or pay through a letter-of-credit. Revenue is recognized at a point in time when control of the product is transferred to the customer, generally occurring upon the shipment or delivery dependent upon the terms of the underlying contract when (a) for FOB factory orders they leave our shipping dock or (b) for FOB customer dock orders upon confirmation of delivery.   Gas Detection and Environment Control Services   Gas detection and environment control services consist of field service orders (technical support) and training, which are provided separately from product orders. Orders are accepted in the same forms as discussed for Gas Detection and Environment Control Products above with hourly prices fixed at the time of order. Revenue recognition occurs only when the service activity is completed. Such services are provided to current and prior customers, and, as noted above, creditworthiness has generally already been assessed. In cases where the probability of receiving payment is low, a credit card number is collected for immediate processing. Revenue is recognized in the period the technical support and training are performed.   FieldServer Products   FieldServer products are sold in the same manner as Gas Detection and Environment Control Products (as discussed above) except that the products contain embedded software, which is integral to the operation of the device. The software embedded in FieldServer products includes two items: (a) a compiled program containing (i) the basic operating system for FieldServer products, which is common to every unit, and (ii) the correct set of protocol drivers based on the customer order (see FieldServer Services below for more information); and (b) a configuration file that identifies and links each data point as identified by the customer. The Company determined that the hardware, and the embedded software as defined above represent one performance obligation because the hardware is dependent upon and highly interrelated with the embedded software, and without which the hardware can’t operate. Generally, the software included in each sale does not require significant production, modification or customization and, therefore, the Company recognizes revenues at a point in time when control of the product is transferred to the customer generally occurring upon the shipment or delivery of products (depending on shipping terms), as described in Gas Detection and Environment Control Products above. If the software requires modification, refer to FieldServer Services for details.   FieldServer Services   FieldServer services consist of orders for custom development of protocol drivers. Generally, customers place orders for FieldServer products concurrently with their order for protocol drivers. However, if custom development of the protocol driver is required, the product order is not processed until development of the protocol driver is complete. The driver development involves further research after receipt of order, preparation of a scope document to be approved by the customer and then engineering time to write, test and release the driver program. When development of the driver is complete the customer is notified and can proceed with a FieldServer product. Revenues for protocol driver development are recognized at a point in time when the control of the product is transferred to the customer generally occurring upon shipment or delivery of the related product that includes the developed protocol drivers (as noted in FieldServer Products above).   Discounts and Allowances   Discounts are applied at time of order entry and sales are processed at net pricing. No allowances are offered to customers.

b) Recent Accounting Pronouncements   Recent accounting pronouncements discussed in the notes to the December 31, 2017 audited financial statements, filed previously with the SEC in our Annual Report on Form 10-K on April 2, 2018, that are required to be adopted during the year ended December 31, 2018, did not have or are not expected to have a significant impact on the Company’s 2018 financial statements.   In February 2016, the FASB issued ASU 2016-2, “Leases” (Topic 842), which is intended to improve financial reporting for lease transactions. This ASU will require organizations that lease assets, such as real estate, airplanes and manufacturing equipment, to recognize on their balance sheet the assets and liabilities for the rights to use those assets for the lease term and obligations to make lease payments created by those leases that have terms of greater than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as finance or operating lease. This ASU will also require disclosures to help investors and other financial statement users better understand the amount and timing of cash flows arising from leases. These disclosures will include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. The ASU is effective for the Company for the year ending December 31, 2019 and interim reporting periods within that year, and early adoption is permitted. Management has not yet determined the effect of this ASU on the Company’s financial statements.

c) Employee Stock-Based Compensation   In April 2016 and in May 2016, the Company’s Board of Directors and the Company’s shareholders, respectively, approved the Company’s 2016 Equity Incentive Plan (the “2016 Stock Plan”) and reserved a total of (i) 279,680 shares, plus (ii) 2,550,320 shares that remained available for issuance under the 2006 Stock Plan immediately prior to its expiration, plus (iii) any shares subject to stock options or restricted stock granted under the 2006 Stock Plan that, on or after the date the 2016 Stock Plan became effective, expired or otherwise terminated without having been exercised in full, or were forfeited to or repurchased by the Company, with the maximum number of shares to be added to the 2016 Stock Plan pursuant to clauses (ii) and (iii) equal to 2,668,320. Options granted under our 2006 Stock Plan and 2016 Stock Plan are at the fair market value of our common stock at the grant date, typically vest ratably over four years, and expire ten years from the grant date. As of June 30, 2018, a total of 1,154,000 shares were issued under the 2016 Stock Plan.   All share-based payments to employees (incentive stock options) are recognized in the financial statements based on their fair values at the date of grant. The calculated fair value is recognized as expense (net of any capitalization) over the requisite service period, net of estimated forfeitures, using the straight-line method. The Company considers many factors when estimating expected forfeitures, including types of awards, employee class and historical experience. The modified prospective method of application requires compensation expense to be recognized in the financial statements for all unvested stock options beginning in the quarter of award. The cost is based on the grant date fair value of the stock option. Compensation expense recognized in future periods for share-based compensation will be adjusted for the effects of estimated forfeitures.   For the six-month periods ended June 30, 2018 and 2017, general and administrative expenses included stock-based compensation expense of $93,766 and $165,792, respectively, decreasing the Company’s income and increasing loss before provision for income taxes and resulting from the recognition of compensation expense associated with employee stock options. There was no material impact on the Company’s basic and diluted net loss per share as a result of recognizing the employee stock-based compensation expense. The Company did not modify the terms of any previously granted stock options during the six-month periods ended June 30, 2018 and 2017.

d) Subsequent Events   Management has evaluated events subsequent to June 30, 2018 through the date that the accompanying condensed financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustment of and/or disclosure in such financial statements. In that regard, management has identified the following subsequent events:   The Company appointed Ross DeMont as a member of the Company’s Board of Directors effective July 25, 2018.   Further, the Company amended the Bylaws of the Company (the “Amended Bylaws”), in order to increase the size of the board of directors from five directors to six directors effective immediately in connection with the appointment of Mr. DeMont.

P4Y

41000

238000

4443 236870

10203995

10701614

9362610

5301112

5400502

4369427

4993183

5550598

4835420

2809646

2740952

2291828

2543592

-204080

-187234

-144314

-49964

-112817

183657

580425

316

27224

162554

93766

165792

EX-101.SCH 8 srmc-20180630.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Condensed Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Condensed Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Disclosure - Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Summary of Business link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Inventories link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Net Loss Per Share link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Concentrations link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Segment Information link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Line of Credit link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Stock Option Grants link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Stock Option Exercise and Expiration link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Inventories (Tables) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Net Loss Per Share (Tables) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Segment Information (Tables) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Inventories - Schedule of Inventories (Details) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Net Loss Per Share (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Concentrations (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Segment Information (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Segment Information - Schedule of Product Information (Details) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Line of Credit (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Stock Option Grants (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Stock Option Exercises and Expirations (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 9 srmc-20180630_cal.xml XBRL CALCULATION FILE EX-101.DEF 10 srmc-20180630_def.xml XBRL DEFINITION FILE EX-101.LAB 11 srmc-20180630_lab.xml XBRL LABEL FILE Plan Name [Axis] 2016 Equity Incentive Plan [Member] 2006 Stock Plan [Member] Customer [Axis] Two Customers [Member] Concentration Risk Benchmark [Axis] Accounts Receivable [Member] No Customers [Member] Sales [Member] Property, Plant and Equipment, Type [Axis] Instrumentation [Member] Field Servers [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Trading Symbol Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Current assets: Cash Trade receivables, less allowance for doubtful accounts of approx. $70,000 and $75,000 at June 30, 2018 and December 31, 2017 Inventories, net Prepaid expenses Income tax deposit Total current assets Property and equipment, net Deferred income taxes Other assets Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Accrued compensation expenses Other current liabilities Total current liabilities Commitments and contingencies Shareholders' equity: Common stock, $0.001 par value; 20,000,000 shares authorized; 10,203,995 shares issued and outstanding, at June 30, 2018 and December 31, 2017. Additional paid-in capital Retained earnings Total shareholders' equity Total liabilities and shareholders' equity Allowance for doubtful accounts Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Net sales Cost of goods sold Gross profit Operating expenses Research and development Selling and marketing General and administrative Non-recurring restructuring expense Total operating expenses Income (loss) from operations Other income Interest income Income (loss) before income taxes Income tax provision (benefit) Net income (loss) Net income (loss) available to common shareholders per common share Basic: Diluted: Weighted average number of common shares used in per share computations Basic: Diluted: Statement of Cash Flows [Abstract] Cash flows from operating activities: Net income (loss) Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation and amortization Provision for bad debt expense Provision for inventory losses Stock-based compensation expense Change in operating assets and liabilities: Trade receivables Inventories Prepaid expenses Income tax deposit Accounts payable Accrued compensation expenses Other current liabilities Net cash (used in) provided by operating activities Cash flows from investing activities: Purchases of property and equipment Net cash used in investing activities Cash flows from financing activities: Dividend payout Proceeds from exercise of stock options Net cash used in financing activities Net decrease in cash and cash equivalents: Cash and cash equivalents at beginning of period: Cash and cash equivalents at end of period: Organization, Consolidation and Presentation of Financial Statements [Abstract] Basis of Presentation Summary of Business Accounting Policies [Abstract] Accounting Policies Inventory Disclosure [Abstract] Inventories Earnings Per Share [Abstract] Net Loss Per Share Risks and Uncertainties [Abstract] Concentrations Segment Reporting [Abstract] Segment Information Debt Disclosure [Abstract] Line of Credit Stock Option Grants Stock Option Grants Stock Option Exercise And Expiration Stock Option Exercise and Expiration Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Revenue Recognition Recent Accounting Pronouncements Employee Stock-Based Compensation Subsequent Events Schedule of Inventories Schedule of Earnings Per Share, Basic and Diluted Schedule of Product Information Statement [Table] Statement [Line Items] Adjustments for New Accounting Pronouncements [Axis] Number of capital shares reserved for future issuance Number of shares available for grant Maximum number of shares authorized Share-based compensation vesting period Share-based compensation expiration period Share-based compensation Raw materials Work-in-process Finished goods Less: Allowance for obsolescence reserve Inventories, net Number of outstanding options to acquire common stock Basic EPS - weighted-average number of common shares outstanding Effect of dilutive potential common shares - stock options outstanding Diluted EPS - weighted-average number of common shares and potential common shares outstanding Concentrations risk percentage Cash uninsured amount Number of business segment Line of credit facility, maximum borrowing capacity Long-term line of credit Share-based compensation arrangement by share-based payment award, options, granted Share-based compensation option granted, fair value Stock Option Exercises And Expirations Number of share options exercised during period Number of share options expiration during period Proceeds from stock option exercise Environmental Controllers [Member] Excercise Price 1.30 - 2.65 [Member] Excercise Price 1.45-2.65 [Member] Excercise Price 1.20-1.48 [Member] Executive Administrative Manufacturing and Engineering Operations [Member] Excercise Price 1.20-1.48 [Member] Excercise Price 1.45-2.65 [Member] Field Servers [Member] Gas Detection Devices [Member] Income tax deposit. Instrumentation [Member] International Customers [Member] No Customer [Member] No Customers [Member] Non-vested Restricted Stock [Member] Number of outstanding options to acquire common stock. One Customer [Member] Operation [Axis] Amount of expense (recoveries) related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. Amount of expense (recoveries) related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. The entire disclosure for quantity of stock option exercised and expired during the reporting period. Net number of share options (or share units) granted during the period. Stock Options [Member] Two Customers [Member] 2006 Equity Incentive Plan [Member] 2016 Equity Incentive Plan [Member] 2016 Stock Plan [Member] 2006 Stock Plan [Member] Warehouse Office and Expansion Space [Member] Assets, Current Assets [Default Label] Liabilities, Current Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses Operating Income (Loss) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Weighted Average Number of Shares Outstanding, Diluted Increase (Decrease) in Accounts Receivable Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expense IncomeTaxDeposit Increase (Decrease) in Accounts Payable Increase (Decrease) in Employee Related Liabilities Increase (Decrease) in Other Operating Liabilities Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Payments of Dividends Cash and Cash Equivalents, Period Increase (Decrease) StockOptionGrantsDisclosureTextBlock EX-101.PRE 12 srmc-20180630_pre.xml XBRL PRESENTATION FILE XML 13 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Aug. 14, 2018
Document And Entity Information
Entity Registrant Name	SIERRA MONITOR CORP /CA/
Entity Central Index Key	0000100625
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		10,203,995
Trading Symbol	SRMC
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2018

XML 14 R2.htm IDEA: XBRL DOCUMENT

Condensed Balance Sheets - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash	$ 2,730,511	$ 3,191,722
Trade receivables, less allowance for doubtful accounts of approx. $70,000 and $75,000 at June 30, 2018 and December 31, 2017	2,957,167	3,254,681
Inventories, net	3,584,264	3,138,261
Prepaid expenses	585,563	559,368
Income tax deposit	49,214	44,771
Total current assets	9,906,719	10,188,803
Property and equipment, net	276,061	252,143
Deferred income taxes	126,323	126,323
Other assets	89,421	83,153
Total assets	10,398,524	10,650,422
Current liabilities:
Accounts payable	679,939	976,092
Accrued compensation expenses	669,452	555,714
Other current liabilities	143,603	199,397
Total current liabilities	1,492,494	1,731,203
Commitments and contingencies
Shareholders' equity:
Common stock, $0.001 par value; 20,000,000 shares authorized; 10,203,995 shares issued and outstanding, at June 30, 2018 and December 31, 2017.	10,204	10,204
Additional paid-in capital	4,576,169	4,482,403
Retained earnings	4,319,657	4,426,612
Total shareholders' equity	8,906,030	8,919,219
Total liabilities and shareholders' equity	$ 10,398,524	$ 10,650,422

XML 15 R3.htm IDEA: XBRL DOCUMENT

Condensed Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 70,000	$ 75,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	10,203,995	10,203,995
Common stock, shares outstanding	10,203,995	10,203,995

XML 16 R4.htm IDEA: XBRL DOCUMENT

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Net sales	$ 5,550,598	$ 4,835,420	$ 10,701,614	$ 9,362,610
Cost of goods sold	2,340,709	2,048,474	4,325,271	3,841,280
Gross profit	3,209,889	2,786,946	6,376,343	5,521,330
Operating expenses
Research and development	791,387	768,212	1,565,815	1,528,508
Selling and marketing	1,343,392	1,260,339	2,729,756	2,615,550
General and administrative	988,794	824,726	1,903,506	1,612,538
Non-recurring restructuring expense		580,425		580,425
Total operating expenses	3,123,573	3,433,702	6,199,077	6,337,021
Income (loss) from operations	86,316	(646,756)	177,266	(815,691)
Other income	316		316
Interest income	174		482
Income (loss) before income taxes	86,806	(646,756)	178,064	(815,691)
Income tax provision (benefit)	40,942	(221,292)	80,939	(256,385)
Net income (loss)	$ 45,864	$ (425,464)	$ 97,125	$ (559,306)
Net income (loss) available to common shareholders per common share
Basic:	$ 0	$ (0.04)	$ 0.01	$ (0.05)
Diluted:	$ 0	$ (0.04)	$ 0.01	$ (0.05)
Weighted average number of common shares used in per share computations
Basic:	10,203,995	10,181,553	10,203,995	10,179,053
Diluted:	10,328,108	10,181,553	10,328,108	10,179,053

XML 17 R5.htm IDEA: XBRL DOCUMENT

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income (loss)	$ 97,125	$ (559,306)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	114,128	140,507
Provision for bad debt expense	(4,689)
Provision for inventory losses	60,000
Stock-based compensation expense	93,766	165,792
Change in operating assets and liabilities:
Trade receivables	302,203	(136,828)
Inventories	(506,003)	(80,524)
Prepaid expenses	(26,195)	289,292
Income tax deposit	(4,443)	(236,870)
Accounts payable	(296,653)	28,758
Accrued compensation expenses	113,738	72,586
Other current liabilities	(55,794)	500,250
Net cash (used in) provided by operating activities	(112,817)	183,657
Cash flows from investing activities:
Purchases of property and equipment	(144,314)	(49,964)
Net cash used in investing activities	(144,314)	(49,964)
Cash flows from financing activities:
Dividend payout	(204,080)	(203,532)
Proceeds from exercise of stock options		16,298
Net cash used in financing activities	(204,080)	(187,234)
Net decrease in cash and cash equivalents:	(461,211)	(53,541)
Cash and cash equivalents at beginning of period:	3,191,722	4,692,999
Cash and cash equivalents at end of period:	$ 2,730,511	$ 4,639,458

XML 18 R6.htm IDEA: XBRL DOCUMENT

Basis of Presentation

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

XML 19 R7.htm IDEA: XBRL DOCUMENT

Summary of Business

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Business

Summary of Business

XML 20 R8.htm IDEA: XBRL DOCUMENT

Accounting Policies

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Accounting Policies

Accounting Policies

a) Revenue Recognition

The following is a description of the principal activities from which the Company generates its revenues:

Gas Detection and Environment Control Products

Gas Detection and Environment Control Services

FieldServer Products

FieldServer Services

Discounts and Allowances

Discounts are applied at time of order entry and sales are processed at net pricing. No allowances are offered to customers.

b) Recent Accounting Pronouncements

c) Employee Stock-Based Compensation

d) Subsequent Events

The Company appointed Ross DeMont as a member of the Company’s Board of Directors effective July 25, 2018.

XML 21 R9.htm IDEA: XBRL DOCUMENT

Inventories

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Inventories

Inventories

Summary of inventories:

	June 30, 2018			December 31, 2017
Raw materials	$	1,725,806		$	1,517,932
Work-in-process		1,704,738			1,415,763
Finished goods		313,720			304,566
Less: Allowance for obsolescence reserve		(160,000	)		(100,000	)
	$	3,584,264		$	3,138,261

XML 22 R10.htm IDEA: XBRL DOCUMENT

Net Loss Per Share

6 Months Ended

Jun. 30, 2018

Net income (loss) available to common shareholders per common share

Net Loss Per Share

Net Loss Per Share

The following is a reconciliation of the shares used in the computation of basic and diluted EPS for the three and six-month periods ended June 30, 2018 and 2017, respectively:

	Three months ended				Six months ended
	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Basic EPS – weighted-average number of common shares outstanding		10,203,995		10,181,553		10,203,995		10,179,053
Effect of dilutive potential common shares – stock options outstanding		124,113		-		124,113		-
Diluted EPS – weighted-average number of common shares and potential common shares outstanding		10,328,108		10,181,553		10,328,108		10,179,053

XML 23 R11.htm IDEA: XBRL DOCUMENT

Concentrations

6 Months Ended

Jun. 30, 2018

Risks and Uncertainties [Abstract]

Concentrations

Concentrations

XML 24 R12.htm IDEA: XBRL DOCUMENT

Segment Information

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Segment Information

Segment Information

In addition, the CEO reviewed the following information on revenues by product category for the following periods:

	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018		2017
Instrumentation	$	2,809,646	$	2,291,828	$	5,301,112	$	4,369,427
FieldServers		2,740,952		2,543,592		5,400,502		4,993,183
	$	5,550,598	$	4,835,420	$	10,701,614	$	9,362,610

XML 25 R13.htm IDEA: XBRL DOCUMENT

Line of Credit

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Line of Credit

Line of Credit

XML 26 R14.htm IDEA: XBRL DOCUMENT

Stock Option Grants

6 Months Ended

Jun. 30, 2018

Stock Option Grants

Stock Option Grants

Stock Option Grants

XML 27 R15.htm IDEA: XBRL DOCUMENT

Stock Option Exercise and Expiration

6 Months Ended

Jun. 30, 2018

Stock Option Exercise And Expiration

Stock Option Exercise and Expiration

Stock Option Exercise and Expiration

No stock options were exercised in the six-month period ended June 30, 2018 and 1,000 options expired during the three-month period ended June 30, 2018.

A total of 135,000 stock options were exercised in the six-month period ended June 30, 2017 for total proceeds of $16,298. During the same period, 1,500 options expired.

XML 28 R16.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

XML 29 R17.htm IDEA: XBRL DOCUMENT

Accounting Policies (Policies)	6 Months Ended
Accounting Policies (Policies)	Jun. 30, 2018
Accounting Policies [Abstract]
Revenue Recognition	a) Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, “Revenue from Contracts with Customers” (Topic 606). ASC 606 requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the considerations to which the entity expects to be entitled to in exchange for those goods or services. On January 1, 2018, the Company adopted ASC 606 by using the modified retrospective method. The comparative information has not been recast and continues to be reported under the accounting standards in effect for those periods. The adoption did not have a material impact to the nature and timing of its revenues, condensed statements of operations, condensed statements cash flows and condensed balance sheets. The majority of the impact has been on sales returns and the impact has been deemed immaterial. The Company’s revenues are derived from the sale of FieldServer products, FieldServer products services, Gas Detection and Environment Control products, and Gas Detection and Environment Control products services. The Company accounts for a contract with a customer when there’s approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company’s revenue arrangements consist of multiple performance obligations including hardware, software, and services. Determining the stand-alone selling price (“SSP”) and allocation of consideration from an arrangement to the individual performance obligations, and the appropriate timing of revenue recognition are significant judgments with respect to these arrangements. The Company does not provide credits, incentives or retroactive discounts, which may be required to be accounted for as variable consideration when estimating the amount of revenue to be recognized. The Company from time to time provides a right of return to its customers and the Company uses expected value method to estimate the potential value of the customer returns to reduce the transaction price. The impact has been deemed to be immaterial, thus there is no disclosure related to sales returns, return on assets and refund liability. When the Company’s products and services are sold in bundled arrangements (e.g., hardware, software, and/or services), for bundled arrangements, the Company accounts for individual products and services separately if they are distinct, that is, if a product or service is separately identifiable from other items in the bundled package and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration (including any discounts) is allocated between separate products or services in a bundle based on their individual SSP. The SSP is determined based on observable prices at which the Company separately sells the products and services. If an SSP is not directly observable, then the Company will estimate the SSP considering marketing conditions, entity-specific factors, and information about the customer or class of customer that is reasonably available. The following is a description of the principal activities from which the Company generates its revenues: Gas Detection and Environment Control Products Gas Detection and Environment Control Products are sold as off-the-shelf products with prices fixed at the time of order. Orders delivered to the Company by phone, fax, mail or email are considered valid purchase orders and once accepted by the Company are deemed to be the final understanding between us and our customer as to the specific nature and terms of the agreed-upon sale transaction. The creditworthiness of customers is assessed prior to the Company accepting a customer’s first order. Additionally, international customers and customers who have developed a history of payment problems are generally required to prepay or pay through a letter-of-credit. Revenue is recognized at a point in time when control of the product is transferred to the customer, generally occurring upon the shipment or delivery dependent upon the terms of the underlying contract when (a) for FOB factory orders they leave our shipping dock or (b) for FOB customer dock orders upon confirmation of delivery. Gas Detection and Environment Control Services Gas detection and environment control services consist of field service orders (technical support) and training, which are provided separately from product orders. Orders are accepted in the same forms as discussed for Gas Detection and Environment Control Products above with hourly prices fixed at the time of order. Revenue recognition occurs only when the service activity is completed. Such services are provided to current and prior customers, and, as noted above, creditworthiness has generally already been assessed. In cases where the probability of receiving payment is low, a credit card number is collected for immediate processing. Revenue is recognized in the period the technical support and training are performed. FieldServer Products FieldServer products are sold in the same manner as Gas Detection and Environment Control Products (as discussed above) except that the products contain embedded software, which is integral to the operation of the device. The software embedded in FieldServer products includes two items: (a) a compiled program containing (i) the basic operating system for FieldServer products, which is common to every unit, and (ii) the correct set of protocol drivers based on the customer order (see FieldServer Services below for more information); and (b) a configuration file that identifies and links each data point as identified by the customer. The Company determined that the hardware, and the embedded software as defined above represent one performance obligation because the hardware is dependent upon and highly interrelated with the embedded software, and without which the hardware can’t operate. Generally, the software included in each sale does not require significant production, modification or customization and, therefore, the Company recognizes revenues at a point in time when control of the product is transferred to the customer generally occurring upon the shipment or delivery of products (depending on shipping terms), as described in Gas Detection and Environment Control Products above. If the software requires modification, refer to FieldServer Services for details. FieldServer Services FieldServer services consist of orders for custom development of protocol drivers. Generally, customers place orders for FieldServer products concurrently with their order for protocol drivers. However, if custom development of the protocol driver is required, the product order is not processed until development of the protocol driver is complete. The driver development involves further research after receipt of order, preparation of a scope document to be approved by the customer and then engineering time to write, test and release the driver program. When development of the driver is complete the customer is notified and can proceed with a FieldServer product. Revenues for protocol driver development are recognized at a point in time when the control of the product is transferred to the customer generally occurring upon shipment or delivery of the related product that includes the developed protocol drivers (as noted in FieldServer Products above). Discounts and Allowances Discounts are applied at time of order entry and sales are processed at net pricing. No allowances are offered to customers.
Recent Accounting Pronouncements	b) Recent Accounting Pronouncements Recent accounting pronouncements discussed in the notes to the December 31, 2017 audited financial statements, filed previously with the SEC in our Annual Report on Form 10-K on April 2, 2018, that are required to be adopted during the year ended December 31, 2018, did not have or are not expected to have a significant impact on the Company’s 2018 financial statements. In February 2016, the FASB issued ASU 2016-2, “Leases” (Topic 842), which is intended to improve financial reporting for lease transactions. This ASU will require organizations that lease assets, such as real estate, airplanes and manufacturing equipment, to recognize on their balance sheet the assets and liabilities for the rights to use those assets for the lease term and obligations to make lease payments created by those leases that have terms of greater than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as finance or operating lease. This ASU will also require disclosures to help investors and other financial statement users better understand the amount and timing of cash flows arising from leases. These disclosures will include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. The ASU is effective for the Company for the year ending December 31, 2019 and interim reporting periods within that year, and early adoption is permitted. Management has not yet determined the effect of this ASU on the Company’s financial statements.
Employee Stock-Based Compensation	c) Employee Stock-Based Compensation In April 2016 and in May 2016, the Company’s Board of Directors and the Company’s shareholders, respectively, approved the Company’s 2016 Equity Incentive Plan (the “2016 Stock Plan”) and reserved a total of (i) 279,680 shares, plus (ii) 2,550,320 shares that remained available for issuance under the 2006 Stock Plan immediately prior to its expiration, plus (iii) any shares subject to stock options or restricted stock granted under the 2006 Stock Plan that, on or after the date the 2016 Stock Plan became effective, expired or otherwise terminated without having been exercised in full, or were forfeited to or repurchased by the Company, with the maximum number of shares to be added to the 2016 Stock Plan pursuant to clauses (ii) and (iii) equal to 2,668,320. Options granted under our 2006 Stock Plan and 2016 Stock Plan are at the fair market value of our common stock at the grant date, typically vest ratably over four years, and expire ten years from the grant date. As of June 30, 2018, a total of 1,154,000 shares were issued under the 2016 Stock Plan. All share-based payments to employees (incentive stock options) are recognized in the financial statements based on their fair values at the date of grant. The calculated fair value is recognized as expense (net of any capitalization) over the requisite service period, net of estimated forfeitures, using the straight-line method. The Company considers many factors when estimating expected forfeitures, including types of awards, employee class and historical experience. The modified prospective method of application requires compensation expense to be recognized in the financial statements for all unvested stock options beginning in the quarter of award. The cost is based on the grant date fair value of the stock option. Compensation expense recognized in future periods for share-based compensation will be adjusted for the effects of estimated forfeitures. For the six-month periods ended June 30, 2018 and 2017, general and administrative expenses included stock-based compensation expense of $93,766 and $165,792, respectively, decreasing the Company’s income and increasing loss before provision for income taxes and resulting from the recognition of compensation expense associated with employee stock options. There was no material impact on the Company’s basic and diluted net loss per share as a result of recognizing the employee stock-based compensation expense. The Company did not modify the terms of any previously granted stock options during the six-month periods ended June 30, 2018 and 2017.
Subsequent Events	d) Subsequent Events Management has evaluated events subsequent to June 30, 2018 through the date that the accompanying condensed financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustment of and/or disclosure in such financial statements. In that regard, management has identified the following subsequent events: The Company appointed Ross DeMont as a member of the Company’s Board of Directors effective July 25, 2018. Further, the Company amended the Bylaws of the Company (the “Amended Bylaws”), in order to increase the size of the board of directors from five directors to six directors effective immediately in connection with the appointment of Mr. DeMont.

XML 30 R18.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Schedule of Inventories

Summary of inventories:

	June 30, 2018			December 31, 2017
Raw materials	$	1,725,806		$	1,517,932
Work-in-process		1,704,738			1,415,763
Finished goods		313,720			304,566
Less: Allowance for obsolescence reserve		(160,000	)		(100,000	)
	$	3,584,264		$	3,138,261

XML 31 R19.htm IDEA: XBRL DOCUMENT

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2018

Net income (loss) available to common shareholders per common share

Schedule of Earnings Per Share, Basic and Diluted

The following is a reconciliation of the shares used in the computation of basic and diluted EPS for the three and six-month periods ended June 30, 2018 and 2017, respectively:

	Three months ended				Six months ended
	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Basic EPS – weighted-average number of common shares outstanding		10,203,995		10,181,553		10,203,995		10,179,053
Effect of dilutive potential common shares – stock options outstanding		124,113		-		124,113		-
Diluted EPS – weighted-average number of common shares and potential common shares outstanding		10,328,108		10,181,553		10,328,108		10,179,053

XML 32 R20.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Schedule of Product Information

In addition, the CEO reviewed the following information on revenues by product category for the following periods:

	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018		2017
Instrumentation	$	2,809,646	$	2,291,828	$	5,301,112	$	4,369,427
FieldServers		2,740,952		2,543,592		5,400,502		4,993,183
	$	5,550,598	$	4,835,420	$	10,701,614	$	9,362,610

XML 33 R21.htm IDEA: XBRL DOCUMENT

Accounting Policies (Details Narrative) - USD ($)		1 Months Ended	6 Months Ended
Accounting Policies (Details Narrative) - USD ($)	May 31, 2016	Apr. 30, 2016	Jun. 30, 2018	Jun. 30, 2017
Share-based compensation			$ 93,766	$ 165,792
2016 Equity Incentive Plan [Member]
Number of capital shares reserved for future issuance	279,680	279,680
Number of shares available for grant	2,550,320	2,550,320	1,154,000
Maximum number of shares authorized	2,668,320	2,668,320
Share-based compensation expiration period	10 years	10 years
2006 Stock Plan [Member]
Share-based compensation vesting period	4 years	4 years

XML 34 R22.htm IDEA: XBRL DOCUMENT

Inventories - Schedule of Inventories (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 1,725,806	$ 1,517,932
Work-in-process	1,704,738	1,415,763
Finished goods	313,720	304,566
Less: Allowance for obsolescence reserve	(160,000)	(100,000)
Inventories, net	$ 3,584,264	$ 3,138,261

XML 35 R23.htm IDEA: XBRL DOCUMENT

Net Loss Per Share (Details Narrative)	6 Months Ended
Net Loss Per Share (Details Narrative)	Jun. 30, 2018 shares
Net income (loss) available to common shareholders per common share
Number of outstanding options to acquire common stock	808,000

XML 36 R24.htm IDEA: XBRL DOCUMENT

Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income (loss) available to common shareholders per common share
Basic EPS - weighted-average number of common shares outstanding	10,203,995	10,181,553	10,203,995	10,179,053
Effect of dilutive potential common shares - stock options outstanding	124,113		124,113
Diluted EPS - weighted-average number of common shares and potential common shares outstanding	10,328,108	10,181,553	10,328,108	10,179,053

XML 37 R25.htm IDEA: XBRL DOCUMENT

Concentrations (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
Concentrations (Details Narrative) - USD ($)	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Cash uninsured amount	$ 2,301,000		$ 2,301,000		$ 2,830,000
No Customers [Member] \| Accounts Receivable [Member]
Concentrations risk percentage			10.00%
No Customers [Member] \| Sales [Member]
Concentrations risk percentage	10.00%	10.00%	10.00%	10.00%
Two Customers [Member] \| Accounts Receivable [Member]
Concentrations risk percentage					10.00%

XML 38 R26.htm IDEA: XBRL DOCUMENT

Segment Information (Details Narrative)	6 Months Ended
Segment Information (Details Narrative)	Jun. 30, 2018 Segment
Segment Reporting [Abstract]
Number of business segment	1

XML 39 R27.htm IDEA: XBRL DOCUMENT

Segment Information - Schedule of Product Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net sales	$ 5,550,598	$ 4,835,420	$ 10,701,614	$ 9,362,610
Instrumentation [Member]
Net sales	2,809,646	2,291,828	5,301,112	4,369,427
Field Servers [Member]
Net sales	$ 2,740,952	$ 2,543,592	$ 5,400,502	$ 4,993,183

XML 40 R28.htm IDEA: XBRL DOCUMENT

Line of Credit (Details Narrative) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Line of credit facility, maximum borrowing capacity	$ 2,000,000
Long-term line of credit

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

XML 41 R29.htm IDEA: XBRL DOCUMENT

Stock Option Grants (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
Stock Option Grants (Details Narrative) - USD ($)	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Stock Option Grants
Share-based compensation arrangement by share-based payment award, options, granted		238,000	41,000	238,000
Share-based compensation option granted, fair value		$ 162,554	$ 27,224	$ 162,554

XML 42 R30.htm IDEA: XBRL DOCUMENT

Stock Option Exercises and Expirations (Details Narrative) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Stock Option Exercise And Expiration
Number of share options exercised during period			135,000
Number of share options expiration during period	1,000		1,500
Proceeds from stock option exercise			$ 16,298

EXCEL 43 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 44 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 45 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 47 FilingSummary.xml IDEA: XBRL DOCUMENT 3.10.0.1 html 30 111 1 false 8 0 false 5 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://sierramonitor.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Condensed Balance Sheets Sheet http://sierramonitor.com/role/BalanceSheets Condensed Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Condensed Balance Sheets (Parenthetical) Sheet http://sierramonitor.com/role/BalanceSheetsParenthetical Condensed Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Condensed Statements of Operations (Unaudited) Sheet http://sierramonitor.com/role/StatementsOfOperations Condensed Statements of Operations (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Condensed Statements of Cash Flows (Unaudited) Sheet http://sierramonitor.com/role/StatementsOfCashFlows Condensed Statements of Cash Flows (Unaudited) Statements 5 false false R6.htm 00000006 - Disclosure - Basis of Presentation Sheet http://sierramonitor.com/role/BasisOfPresentation Basis of Presentation Notes 6 false false R7.htm 00000007 - Disclosure - Summary of Business Sheet http://sierramonitor.com/role/SummaryOfBusiness Summary of Business Notes 7 false false R8.htm 00000008 - Disclosure - Accounting Policies Sheet http://sierramonitor.com/role/AccountingPolicies Accounting Policies Notes 8 false false R9.htm 00000009 - Disclosure - Inventories Sheet http://sierramonitor.com/role/Inventories Inventories Notes 9 false false R10.htm 00000010 - Disclosure - Net Loss Per Share Sheet http://sierramonitor.com/role/NetLossPerShare Net Loss Per Share Notes 10 false false R11.htm 00000011 - Disclosure - Concentrations Sheet http://sierramonitor.com/role/Concentrations Concentrations Notes 11 false false R12.htm 00000012 - Disclosure - Segment Information Sheet http://sierramonitor.com/role/SegmentInformation Segment Information Notes 12 false false R13.htm 00000013 - Disclosure - Line of Credit Sheet http://sierramonitor.com/role/LineOfCredit Line of Credit Notes 13 false false R14.htm 00000014 - Disclosure - Stock Option Grants Sheet http://sierramonitor.com/role/StockOptionGrants Stock Option Grants Notes 14 false false R15.htm 00000015 - Disclosure - Stock Option Exercise and Expiration Sheet http://sierramonitor.com/role/StockOptionExerciseAndExpiration Stock Option Exercise and Expiration Notes 15 false false R16.htm 00000016 - Disclosure - Commitments and Contingencies Sheet http://sierramonitor.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 16 false false R17.htm 00000017 - Disclosure - Accounting Policies (Policies) Sheet http://sierramonitor.com/role/AccountingPoliciesPolicies Accounting Policies (Policies) Policies http://sierramonitor.com/role/AccountingPolicies 17 false false R18.htm 00000018 - Disclosure - Inventories (Tables) Sheet http://sierramonitor.com/role/InventoriesTables Inventories (Tables) Tables http://sierramonitor.com/role/Inventories 18 false false R19.htm 00000019 - Disclosure - Net Loss Per Share (Tables) Sheet http://sierramonitor.com/role/NetLossPerShareTables Net Loss Per Share (Tables) Tables http://sierramonitor.com/role/NetLossPerShare 19 false false R20.htm 00000020 - Disclosure - Segment Information (Tables) Sheet http://sierramonitor.com/role/SegmentInformationTables Segment Information (Tables) Tables http://sierramonitor.com/role/SegmentInformation 20 false false R21.htm 00000021 - Disclosure - Accounting Policies (Details Narrative) Sheet http://sierramonitor.com/role/AccountingPoliciesDetailsNarrative Accounting Policies (Details Narrative) Details http://sierramonitor.com/role/AccountingPoliciesPolicies 21 false false R22.htm 00000022 - Disclosure - Inventories - Schedule of Inventories (Details) Sheet http://sierramonitor.com/role/Inventories-ScheduleOfInventoriesDetails Inventories - Schedule of Inventories (Details) Details 22 false false R23.htm 00000023 - Disclosure - Net Loss Per Share (Details Narrative) Sheet http://sierramonitor.com/role/NetLossPerShareDetailsNarrative Net Loss Per Share (Details Narrative) Details http://sierramonitor.com/role/NetLossPerShareTables 23 false false R24.htm 00000024 - Disclosure - Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) Sheet http://sierramonitor.com/role/NetLossPerShare-ScheduleOfEarningsPerShareBasicAndDilutedDetails Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) Details 24 false false R25.htm 00000025 - Disclosure - Concentrations (Details Narrative) Sheet http://sierramonitor.com/role/ConcentrationsDetailsNarrative Concentrations (Details Narrative) Details http://sierramonitor.com/role/Concentrations 25 false false R26.htm 00000026 - Disclosure - Segment Information (Details Narrative) Sheet http://sierramonitor.com/role/SegmentInformationDetailsNarrative Segment Information (Details Narrative) Details http://sierramonitor.com/role/SegmentInformationTables 26 false false R27.htm 00000027 - Disclosure - Segment Information - Schedule of Product Information (Details) Sheet http://sierramonitor.com/role/SegmentInformation-ScheduleOfProductInformationDetails Segment Information - Schedule of Product Information (Details) Details 27 false false R28.htm 00000028 - Disclosure - Line of Credit (Details Narrative) Sheet http://sierramonitor.com/role/LineOfCreditDetailsNarrative Line of Credit (Details Narrative) Details http://sierramonitor.com/role/LineOfCredit 28 false false R29.htm 00000029 - Disclosure - Stock Option Grants (Details Narrative) Sheet http://sierramonitor.com/role/StockOptionGrantsDetailsNarrative Stock Option Grants (Details Narrative) Details http://sierramonitor.com/role/StockOptionGrants 29 false false R30.htm 00000030 - Disclosure - Stock Option Exercises and Expirations (Details Narrative) Sheet http://sierramonitor.com/role/StockOptionExercisesAndExpirationsDetailsNarrative Stock Option Exercises and Expirations (Details Narrative) Details 30 false false All Reports Book All Reports srmc-20180630.xml srmc-20180630.xsd srmc-20180630_cal.xml srmc-20180630_def.xml srmc-20180630_lab.xml srmc-20180630_pre.xml http://fasb.org/us-gaap/2018-01-31 http://fasb.org/srt/2018-01-31 http://xbrl.sec.gov/dei/2018-01-31 true true ZIP 49 0001493152-18-011754-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001493152-18-011754-xbrl.zip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�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