0001144204-15-061395.txt : 20151029 0001144204-15-061395.hdr.sgml : 20151029 20151029110138 ACCESSION NUMBER: 0001144204-15-061395 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151029 DATE AS OF CHANGE: 20151029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PSYCHEMEDICS CORP CENTRAL INDEX KEY: 0000806517 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MEDICAL LABORATORIES [8071] IRS NUMBER: 581701987 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-13738 FILM NUMBER: 151182583 BUSINESS ADDRESS: STREET 1: 125 NAGOG PARK CITY: ACTON STATE: MA ZIP: 01720 BUSINESS PHONE: 978-206-8220 MAIL ADDRESS: STREET 1: 125 NAGOG PARK CITY: ACTON STATE: MA ZIP: 01720 10-Q 1 v422481_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

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

For the quarterly period ended September 30, 2015

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: 1-13738

PSYCHEMEDICS CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Delaware		58-1701987
(State or Other Jurisdiction of		(I.R.S. Employer Identification No.)
Incorporation or Organization)

125 Nagog Park
Acton, MA		01720
(Address of Principal Executive Offices)		(Zip Code)

Registrant's telephone number including area code: (978) 206-8220

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).

Large accelerated filer ¨	Accelerated filer ¨	Non-accelerated filer ¨	Smaller Reporting Company x
		(Do not check if smaller reporting Company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ¨ No x

The number of shares of Common Stock of the Registrant, par value $0.005 per share, outstanding at October 23, 2015 was 5,422,541.

PSYCHEMEDICS CORPORATION

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2015

INDEX

		Page
PART I - FINANCIAL INFORMATION

Item 1 - Financial Statements (Unaudited)

	Condensed Balance Sheets as of September 30, 2015 and December 31, 2014	3
	Condensed Statements of Comprehensive Income for the Three and Nine Months ended September 30, 2015 and 2014	4
	Condensed Statements of Cash Flows for the Nine Months ended September 30, 2015 and 2014	5
	Notes to Condensed Financial Statements	6

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations

	Overview	13
	Results of Operations	13
	Liquidity and Capital Resources	15
	Critical Accounting Policies and Estimates	16

Item 3 - Quantitative and Qualitative Disclosures About Market Risk		18

Item 4 - Controls and Procedures		18

PART II - OTHER INFORMATION

Item 1A - Risk Factors		19
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds		19
Item 6 - Exhibits		19

Signatures		19

Exhibit Index		20

PSYCHEMEDICS CORPORATION

CONDENSED BALANCE SHEETS

(UNAUDITED)

	September 30,			December 31,
	2015			2014

ASSETS
Current Assets:
Cash and cash equivalents	$	1,721,894		$	3,612,153
Accounts receivable, net of allowance for doubtful accounts of $61,992 in 2015 and $95,525 in 2014		5,453,164			4,078,133
Prepaid expenses and other current assets		1,286,774			689,995
Income tax receivable		435,195			1,819,743
Deferred tax assets		601,667			376,529

Total Current Assets		9,498,694			10,576,553
Fixed Assets, net of accumulated amortization and depreciation of $6,537,560 in 2015 and $5,788,551 in 2014		13,070,787			12,740,131
Other assets		758,968			761,025

Total Assets	$	23,328,449		$	24,077,709

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:
Accounts payable	$	635,444		$	845,071
Accrued expenses		1,399,705			1,351,333
Current portion of long-term debt		1,619,633			1,399,925

Total Current Liabilities		3,654,782			3,596,329

Long-term debt		4,677,045			4,848,158
Deferred tax liabilities, long-term		2,796,666			2,796,666
Total Liabilities		11,128,493			11,241,153

Commitments and Contingencies (Notes 6 and 7)

Shareholders' Equity:
Preferred-stock, $0.005 par value, 872,521 shares authorized, no shares issued or outstanding		—			—
Common stock, $0.005 par value; 50,000,000 shares authorized 6,090,671 shares issued in 2015 and 6,043,191 shares issued in 2014		30,453			30,216
Additional paid-in capital		29,919,589			29,454,023
Accumulated deficit		(7,668,297	)		(6,565,894	)
Less - Treasury stock, at cost, 668,130 shares		(10,081,789	)		(10,081,789	)

Total Shareholders' Equity		12,199,956			12,836,556

Total Liabilities and Shareholders' Equity	$	23,328,449		$	24,077,709

See accompanying notes to condensed financial statements

PSYCHEMEDICS CORPORATION

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2015			2014			2015			2014

Revenues	$	7,084,265		$	7,704,047		$	20,841,415		$	22,443,005
Cost of revenues		3,627,582			3,734,470			10,776,122			10,786,382

Gross profit		3,456,683			3,969,577			10,065,293			11,656,623

Operating Expenses:
General & administrative		1,229,441			1,155,099			3,528,020			3,467,863
Marketing & selling		1,284,016			1,206,479			3,894,614			3,470,588
Research & development		392,042			363,788			1,284,914			986,201

Total Operating Expenses		2,905,499			2,725,366			8,707,548			7,924,652

Operating income		551,184			1,244,211			1,357,745			3,731,971
Other expense, net		(30,411	)		(33,941	)		(94,614	)		(29,157	)

Net income before provision for income taxes		520,773			1,210,270			1,263,131			3,702,814

(Benefit from) / provision for income taxes		(275,612	)		293,370			(63,106	)		1,172,836

Net income and comprehensive income	$	796,385		$	916,900		$	1,326,237		$	2,529,978

Basic net income per share	$	0.15		$	0.17		$	0.25		$	0.47

Diluted net income per share	$	0.15		$	0.17		$	0.25		$	0.47

Dividends declared per share	$	0.15		$	0.15		$	0.45		$	0.45

Weighted average common shares outstanding, basic		5,422,541			5,375,061			5,399,131			5,348,730

Weighted average common shares outstanding, diluted		5,424,989			5,389,425			5,406,053			5,375,472

See accompanying notes to condensed financial statements

PSYCHEMEDICS CORPORATION

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Nine Months Ended
	September 30,
	2015			2014

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,326,237		$	2,529,978

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,102,112			751,306
Stock-based compensation		514,422			448,417

Changes in assets and liabilities:
Accounts receivable		(1,375,031	)		(1,388,452	)
Prepaid expenses, other current assets, and income tax receivable		787,769			286,221
Accounts payable		(209,627	)		172,696
Accrued expenses		43,335			(667,621	)
Deferred income taxes		(225,138	)		(176,648	)
Net cash provided by operating activities		1,964,079			1,955,897

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of equipment and leasehold improvements		(1,091,683	)		(6,993,673	)
Cost of internally developed software		(310,981	)		(321,394	)
Other assets		(23,011	)		(202,283	)
Net cash used in investing activities		(1,425,675	)		(7,517,350	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from exercise of stock options		91,556			47,564
Proceeds from issuance of stock, net of tax withholding		(140,175	)		(36,968	)
Proceeds from equipment financing		1,098,539			6,999,626
Payments of equipment financing		(1,049,944	)		(401,562	)
Cash dividends paid		(2,428,639	)		(2,406,007	)
Net cash provided by (used in) financing activities		(2,428,663	)		4,202,653

Net decrease in cash and cash equivalents		(1,890,259	)		(1,358,800	)
Cash and cash equivalents, beginning of period		3,612,153			3,970,512
Cash and cash equivalents, end of period	$	1,721,894		$	2,611,712

Supplemental Disclosures of Cash Flow Information:
Cash paid for income taxes	$	2,870		$	461,920
Cash paid for interest	$	94,385		$	42,285
Purchases of equipment through accrued liabilities	$	5,037		$	191,566

See accompanying notes to condensed financial statements

PSYCHEMEDICS CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

Interim Financial Statements

The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for reporting on Form 10-Q. Accordingly, certain information and footnote disclosure required for complete financial statements are not included herein. It is recommended that these financial statements be read in conjunction with the financial statements and related notes of Psychemedics Corporation (“the Company,” “our Company,” “our” or “we”) as reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, filed on February 27, 2015. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented have been included. The results of operations for the three and nine months ended September 30, 2015 may not be indicative of the results that may be expected for the year ending December 31, 2015, or any other period.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents. Cash equivalents consisted exclusively of cash in the bank as of December 31, 2014 and September 30, 2015.

Stock-Based Compensation

2006 Equity Incentive Plan

The Company’s 2006 Incentive Plan provides for the grant or issuance to officers, directors, employees and consultants of options with terms of up to ten years, restricted stock, stock unit awards (SUA’s), issuances of stock bonuses or other stock-based awards, covering up to 500,000 shares of common stock. As of September 30, 2015, 70,232 shares remained available for future grant under the 2006 Incentive Plan.

On April 29, 2015 the Company granted SUAs covering 43,950 shares of common stock. On September 15, 2015 the Company granted SUAs covering 1,000 shares of common stock. The SUAs vest over a period of two years for non-employee board members and four years for employees and are convertible into an equivalent number of shares of the Company’s common. Employees are issued shares upon vesting, net of tax withholdings, unless the employee chooses to receive all shares and pay for the associated employment taxes. On September 15, 2015 the Company also granted 47,000 stock options to employees and a director. The stock options become exercisable over a five year period and have a term of 10 years. The options are valued at $1.91, assuming a $10.21 grant price, 6.5 years estimated term, 36% volatility, 2.2% interest rate and a 6% yield rate using a black-scholes model. The Company records compensation expense related to the SUAs and options on a straight-line basis over the vesting term. No other types of equity-based awards have been granted or issued under the 2006 Incentive Plan.

PSYCHEMEDICS CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

Stock-Based Compensation (continued)

2006 Incentive Plan (“2006 Plan”)

A summary of activity for SUAs under the 2006 Plan for the nine months ended September 30, 2015 is as follows:

	Number of Shares			Aggregate Intrinsic Value (1)
				(000s)
Unvested, December 31, 2014		121,625
Granted		44,950
Forfeited/expired		(15,297	)
Converted to common stock		(39,814	)
Unvested, March 31, 2015		111,464		$	0

(1)

The aggregate intrinsic value on these tables were calculated based on the closing market value of the Company’s stock on September 30, 2015 ($10.05).

As of September 30, 2015, the Company also had outstanding an aggregate of 47,000 options to acquire common stock under the 2006 Plan. A summary of stock option activity for the 2006 Plan for the nine months ended September 30, 2015 is as follows:

	Number of Shares		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value (1)
							(000s)
Outstanding, December 31, 2014		-		-
Granted		47,000	$	10.21
Exercised		-		-
Terminated/Expired		-		-
Outstanding, September 30, 2015		47,000	$	10.21		10 years	$	0
Exercisable, September 30, 2015		-		-		-		-

(2)

As of September 30, 2015, 70,232 shares of common stock were available for grant under the 2006 Plan.

PSYCHEMEDICS CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

Stock-Based Compensation (continued)

Expired Plans

As of September 30, 2015, all options to acquire common stock that had been outstanding on December 31, 2014, were either exercised or expired without having been exercised. A summary of stock option activity for the Company’s expired stock option plans for the nine months ended September 30, 2015 is as follows:

	Number of Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
								(000s)
Outstanding, December 31, 2014		136,050		$	14.40
Granted		-			-
Exercised		(134,350	)	$	14.40
Terminated/Expired		(1,700	)	$	14.40
Outstanding, September 30, 2015		-			-		-	$	-
Exercisable, September 30, 2015		-			-		-	$	-
Available for grant, September 30, 2015		-

All Stock-Based Compensation Plans

As of September 30, 2015, a total of 228,696 shares of common stock were reserved for issuance under the 2006 Incentive Plan. As of September 30, 2015, the unamortized fair value of awards relating to outstanding SUAs and options was $1.4 million, which is expected to be amortized over a weighted average period of 3.0 years.

Basic and Diluted Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted average number of common and dilutive common equivalent shares outstanding during the period. The number of dilutive common equivalent shares outstanding during the period is determined in accordance with the treasury-stock method. Common equivalent shares consist of common stock issuable upon the exercise of outstanding options and common stock issuable upon the vesting of outstanding, unvested SUAs.

PSYCHEMEDICS CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

Basic and Diluted Net Income Per Share (continued)

Basic and diluted weighted average common shares outstanding are as follows:

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2015		2014		2015		2014
	(in thousands)
Weighted average common shares outstanding, basic		5,423		5,375		5,399		5,349
Dilutive common equivalent shares		2		14		7		26
Weighted average common shares outstanding, diluted		5,425		5,389		5,406		5,375

For the three months ended September 30, 2015 and 2014, options to purchase 89 thousand and 182 thousand common shares, respectively, were outstanding but not included in the diluted weighted average common share calculation as the effect would have been antidilutive. For the nine month period ended September 30, 2015 options to purchase 73 thousand common shares were outstanding but not included in the diluted weighted average common share calculation as the effect would have been antidilutive. There were no antidilutive shares for the nine month period ended September 30, 2014.

Fair Value Measurements

ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), provides guidance for using fair value to measure assets and liabilities. It also responds to investors’ requests for expanded information about the extent to which companies’ measure assets and liabilities at fair value, the information used to measure fair value, and the effect of fair value measurements on earnings. ASC 820 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value, and does not expand the use of fair value in any new circumstances.

It establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy prioritizes the inputs in three broad levels as follows:

Level 1 inputs are unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities.

Level 2 inputs are quoted prices for similar assets and liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 inputs are prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level of any input that is significant to the fair value measurement.

PSYCHEMEDICS CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

Fair Value Measurements (continued)

The financial assets of the Company measured at fair value on a recurring basis are cash and cash equivalents. The Company’s cash and cash equivalents are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices that are accessible at the measurement date for identical assets and liabilities.

Subsequent Events

On October 13, 2015, the Company extended the lease 5 years on its facility at 5832 Uplander Way in Culver City, California to December 31, 2020. The estimated minimum lease obligation is $343 thousand, $350 thousand, $357 thousand, $364 thousand, and $371 thousand for 2016, 2017, 2018, 2019 and 2020 respectfully.

On October 28, 2015, the Company declared a quarterly dividend of $0.15 per share for a total of $813 thousand, which will be paid on November 19, 2015 to shareholders of record on November 9, 2015.

Commitments and Contingencies

The Company is subject to legal proceedings and claims which arise in the ordinary course of its business. The Company believes that based upon information available to the Company at this time, the expected outcome of these matters would not have a material impact on the Company’s results of operations or financial condition.

PSYCHEMEDICS CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

Debt and Other Financing Arrangements

On March 20, 2014, the Company entered into an equipment financing arrangement with Banc of America Leasing & Capital, LLC (the “Lender”), which it amended on August 8, 2014 and September 15, 2015, including a Master Loan and Security Agreement and related documentation (collectively the “Equipment Loan Arrangement”) which provided the Company with the ability to finance, at its option, new and used equipment purchases. The 2014 amendment allowed up to $7.5 million of borrowing through March 2015. To allow for borrowing after the initial period, the arrangement was amended in September 2015 for an additional $1.8 million. Each such purchase financed under the Equipment Loan Arrangement was documented by the execution of an equipment note. Each note has a maturity date of 60 months from the applicable loan date, and bears interest at the then current 30-day LIBOR rate + 2.00%. Principal and interest are payable over the 60-month repayment period and principal is repayable without premium or penalty. Borrowings under the Equipment Loan Arrangement are secured by a first priority security interest in the equipment acquired with the proceeds of the equipment notes. Under the Equipment Loan Arrangement, the Company is subject to a maximum quarterly funded debt to EBITDA ratio and a minimum fixed charge coverage ratio. The Company was in compliance with all loan covenants as of September 30, 2015.

Under the Equipment Loan Arrangement, the Company executed notes on March 24, 2014, May 22, 2014, June 13, 2014, August 8, 2014 and September 15, 2015 in the amounts of $1.1 million, $1.9 million, $3.0 million, $1.0 million and $1.1 million, respectively, for total borrowings of $8.1 million. The interest rate for these notes for the quarter ended September 30, 2015 was 2.19%, and represented $31,411 of interest expense as compared to a rate of 2.15% and interest expense of $33,941 for 2014. For the nine months ended September 30, 2015 the interest rate was 2.18% and represented $95,216 of interest expense as compared to a rate of 2.15% and interest expense of $46,958 for 2014. As of September 30, 2015, the interest rate was 2.20% and there was $6.3 million of outstanding debt related to these notes. As of September 30, 2015, the Company had $0.7 million of debt financing available under this loan agreement.

The annual principal repayment requirements for debt obligations as of September 30, 2015 were as follows (in 000’s):

2015	$	405
2016		1,620
2017		1,620
2018		1,620
2019		868
2020		164
Total long-term debt		6,297
Less current portion of long-term debt		(1,620	)
Total long-term debt, net of current portion	$	4,677

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FACTORS THAT MAY AFFECT FUTURE RESULTS

From time to time, information provided by the Company or statements made by its employees may contain "forward-looking" information which involves risks and uncertainties. In particular, statements contained in this report which are not historical facts (including, but not limited to, the Company's expectations regarding earnings, earnings per share, revenues, operating cash flows, dividends, future business, growth opportunities, new accounts, customer base, test volume, sales and marketing strategy, business strategy, general and administrative expenses, marketing and selling expenses, research and development expenses, anticipated operating results, foreign drug testing laws and regulations, including effective dates of such laws and regulations, required investments in plant, property and equipment, strategies with respect to governmental agencies and regulations, cost savings, capital expenditures, liquidity of investments and anticipated cash requirements) may be "forward-looking" statements. The Company's actual results may differ from those stated in any "forward-looking" statements. Factors that may cause such differences include, but are not limited to, risks associated with employee hiring practices of the Company’s principal customers, development of markets for new products and services offered by the Company, costs associated with capacity expansion, government regulation (including, but not limited to, Food and Drug Administration regulations and foreign government regulation including Brazilian commercial drivers license drug test regulations), risks associated with the delay in the implementation of new regulations, competition and general economic conditions. With respect to the continued payment of cash dividends, factors include, but are not limited to, available surplus, cash flow, capital expenditure reserves required, debt service obligations, and other factors that the Board of Directors of the Company may take into account.

Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements represent the Company’s estimates and assumptions only as of the date of this Report. The Company expressly disclaim any duty to provide updates to forward-looking statements, and the estimates and assumptions associated with them, after the date of this Report, in order to reflect changes in circumstances or expectations, or the occurrence of unanticipated events, except to the extent required by applicable securities laws. All of the forward-looking statements are qualified in their entirety by reference to the factors discussed above and under “Risk Factors” set forth in Part I Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, as well as the risks and uncertainties discussed elsewhere in this Report. The Company qualifies all of its forward-looking statements by these cautionary statements. The Company cautions you that these risks are not exhaustive. The Company operates in a continually changing business environment and new risks emerge from time to time.

OVERVIEW

Revenues for the third quarter of 2015 were $7.1 million, a decrease of 8% from third quarter 2014 revenue of $7.7 million. The Company reported net income of $0.15 per diluted share for the three months ended September 30, 2015 and $0.17 for the same period in 2014. The decrease in earnings was primarily the result of lower revenue compared to last year’s record third quarter. Earnings were positively impacted by R&D tax credits related to development of information technology projects of $.09 per diluted share, which was offset by expenses incurred to increase capacity in anticipation of an increase in expected volume from an opportunity in Brazil. The testing from the opportunity in Brazil was initially expected to begin in July 2014 by regulation. However subsequently, a law was passed on March 2, 2015 and signed by the President for testing to start in three months on June 1, 2015. Due to administrative issues in implementation by the Brazilian government, there have been delays in the start of the testing. However, given the legal mandate, we expect testing to begin in the near-term. At September 30, 2015, the Company had $1.7 million of cash. The Company has borrowed $8.1 million through an equipment financing arrangement for the purchase of additional equipment related to expanding capacity. At September 30, 2015, the balance on the notes underlying the equipment financing agreement totaled $6.3 million. The Company has $0.7 million of borrowing capacity available under this agreement. The Company distributed $813 thousand or $0.15 per share of cash dividends to its shareholders in the three months ended September 30, 2015. The Company has paid 76 consecutive quarterly cash dividends.

RESULTS OF OPERATIONS

Revenues were $7.1 million for three months ended September 30, 2015 compared to revenues of $7.7 million for the three months ended September 30, 2014, representing a decrease of 8%. The decrease in revenues for the three months ended September 30, 2015 was a result of a decrease in testing volume of 8%. The average revenue per sample remained the same as the comparative period in 2014. Revenues for the nine months ended September 30, 2015 were $20.8 million, representing a decrease of 7% in revenues from the comparable period of 2014 of $22.4 million. The decrease was primarily due to a decrease in volume, as test samples decreased 7% from the first nine months of 2014. The average revenue per sample remained the same as the comparative period in 2014.

Gross profit was $3.5 million for the three months ended September 30, 2015, compared to $4.0 million for the same period in 2014, representing a decrease of 13%. Direct costs decreased by $107 thousand or 3% for the three months ended September 30, 2015 compared to the same period in 2014, mainly due to the lower volume of samples. As a result of lower sales, the gross profit margin declined to 49% for the three months ended September 30, 2015 from 52% for the comparable period of 2014. Gross profit for the nine months ended September 30, 2015 decreased $1.6 million to $10.1 million. Direct costs were $10.8 million for the nine months ended September 30, 2015 and 2014. The gross profit margin declined to 48% for the nine months ended September 30, 2015 from 52% for the comparable period of 2014, primarily from lower sales.

General and administrative (“G&A”) expenses were $1.2 million for the three months ended September 30, 2015 and 2014. As a percentage of revenue, G&A expenses were 17% for the three months ended September 30, 2015, compared to 15% for the same period in 2014. General and administrative expenses were $3.5 million for the nine months ended September 30, 2015 and 2014. As a percentage of revenue, G&A expenses were 17% for the nine months ended September 30, 2015, compared to 15% for the same period in 2014.

Marketing and selling expenses were $1.3 million for the three months ended September 30, 2015, compared to $1.2 million for the same period in 2014. Total marketing and selling expenses represented 18% of revenue for the three months ended September 30, 2015, compared to 16% for the same period in 2014. Marketing and selling expenses were $3.9 million for the nine months ended September 30, 2015, compared to $3.5 million for the nine months ended September 30, 2014, representing an increase of 12%. Total marketing and selling expenses represented 19% of revenue for the nine months ended September 30, 2015, compared to 16% for the comparable period of 2014. The increase was driven primarily by additional support for customer related strategic information systems.

Research and development (“R&D”) expenses for the three months ended September 30, 2015 were $392 thousand compared to $364 thousand for the comparable period of 2014, an increase of 8%. R&D expenses represented 6% and 5% of revenue for the three months ended September 30, 2015 and 2014, respectively. Research and development expenses for the nine months ended September 30, 2015 were $1.3 million compared to $1.0 million in the prior year, an increase of 30%. R&D expenses represented 6% and 4% of revenue for the nine months ended 2015 and 2014, respectively. The increase in R&D expenses related to additional tests of drugs of abuse and new testing processes.

Provision for income taxes During the three months ended September 30, 2015 the Company recorded a benefit of $276 thousand which consisted of a current year tax provision of $203 thousand, offset by $479 thousand of R&D tax credits. The R&D tax credits were generated from Federal and California 2011 through 2014 amended tax returns. These credits primarily related to the development of several information technology projects. The Company recorded a tax provision of $293 thousand for the three months ended September 30, 2014. The respective benefit and provision represented effective tax rates of (53%) for the three months ended September 30, 2015 and 24% for the comparable period of 2014. The 2014 tax rate for the three months ended September 30, 2014 was also impacted by a California R&D tax credit of $134 thousand. During the nine months ended September 30, 2015, the Company recorded a benefit of $63 thousand, due to the R&D tax credits noted above. For the nine months ended September 30, 2014, the Company recorded a tax provision of $1.2 million. The respective benefit and provisions represented effective tax rates of (5%) for the nine month periods ended September 30, 2015 and 32% for the comparative period last year. The effective tax rate could change by the end of the year based on pre-tax profits and possible changes in tax laws for 2015, including R&D tax credits.

LIQUIDITY AND CAPITAL RESOURCES

At September 30, 2015, the Company had approximately $1.7 million of cash. The Company's operating activities generated net cash of $2.0 million for the nine months ended September 30, 2015. Investing activities used $1.4 million of cash while financing activities used $2.4 million of cash during the first nine months of 2015.

Cash provided by operating activities of $2.0 million reflected net income of $1.3 million adjusted for depreciation and amortization of $1.1 million and stock-based compensation of $514 thousand. This was affected by the following changes in assets and liabilities: an increase in accounts receivable of $1.4 million, a decrease in prepaid expenses, other current assets and income tax receivable of $788 thousand, a decrease in accounts payable of $210 thousand, an increase in accrued expenses of $43 thousand and an increase for deferred income taxes of $225 thousand.

Cash used in investing activities of $1.4 million included equipment and leasehold improvements of $1.1 million which were purchased during the first nine months of 2015. Additional investing activities included $311 thousand for internally developed software and $23 thousand of other assets. We anticipate spending $200 thousand to $400 thousand in additional capital purchases for the remainder of 2015.

Cash used by financing activities of $2.4 million included cash dividends to shareholders of $2.4 million. The Company paid $1.1 million for payments on long term debt and received $1.1 million of additional equipment financing. On October 27, 2015, the Company declared a quarterly dividend of $0.15 per share for an estimated total of $813 thousand, which will be paid on November 17, 2015 to shareholders of record on November 6, 2015.

Contractual obligations and other commercial commitments as of September 30, 2015 were as follows:

	Less Than One Year		1-3 Years		4-5 years		After 5 Years		Total
	(in thousands)
Debt principal	$	1,620	$	3,239	$	1,438	$	-	$	6,297
Operating leases		661		396		-		-		1,057
Total	$	2,281	$	3,635	$	1,438	$	-	$	7,354

The table above does not include the extension of the lease obligation disclosed as a subsequent event.

At September 30, 2015, the Company's principal sources of liquidity included an aggregate of approximately $1.7 million of cash and $702 thousand under the equipment financing arrangement available for future equipment purchases. The Company had $5.8 million of working capital as of September 30, 2015 and 2014. Management currently believes that such funds, together with cash generated from operations, should be adequate to fund anticipated working capital and capital equipment requirements for the next 12 months. Depending upon the Company's results of operations and capital needs, the Company may use various financing sources to raise additional funds.

CRITICAL ACCOUNTING POLICIES

Management believes the most critical accounting policies are as follows:

Revenue Recognition

The Company is in the business of performing drug and alcohol testing services and reporting the results thereof. The Company’s drug testing services include training for collection of samples and storage of positive samples for its customers for an agreed-upon fee per unit tested of samples. The revenues are recognized when the predominant deliverable, drug testing, is provided and reported to the customer.

The Company recognizes revenue under ASC 605, Revenue Recognition. In accordance with ASC 605, the Company considers testing, training and storage elements as one unit of accounting for revenue recognition purposes, as the training and storage costs are de minimis and do not have stand-alone value to the customer. The Company recognizes revenue as the service is performed and reported to the customer, since the predominant deliverable in each arrangement is the testing of the units.

The Company also provides expert testimony, when and if necessary, to support the results of the tests, which is generally billed separately and recognized as the services are provided.

Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates, including bad debts, stock compensation expense, and income taxes, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Allowance for Doubtful Accounts

The allowance for doubtful accounts is based on management's assessment of the collectability of its customer accounts. Management reviews its accounts receivable aging for doubtful accounts and specifically identifies accounts that may not be collectible. The Company routinely assesses the financial strength of its customers and, as a consequence, believes that its accounts receivable credit risk exposure is limited. The Company maintains an allowance for potential credit losses but historically has not experienced any significant losses related to individual customers or groups of customers in any particular industry or geographic area. Bad debt expense has been within management’s expectations.

Capitalized Development Costs

The Company capitalizes costs related to significant software projects developed or obtained for internal use. Costs incurred during the preliminary project work stage or conceptual stage, such as determining the performance requirements, system requirements and data conversion, are expensed as incurred. Costs incurred in the application development phase, such as coding, testing for new software and upgrades that result in additional functionality, are capitalized and are amortized using the straight-line method over the useful life of the software for 5 years. Costs incurred during the post-implementation/operation stage, including training costs and maintenance costs, are expensed as incurred. The Company capitalized internally developed software costs of $311 thousand and $321 thousand for the nine months ended September 30, 2015 and 2014, respectively. Determining whether particular costs incurred are more properly attributable to the preliminary or conceptual stage, and thus expensed, or to the application development phase, and thus capitalized and amortized, depends on subjective judgments about the nature of the development work, and our judgments in this regard may differ from those made by other companies. General and administrative costs related to developing or obtaining such software is expensed as incurred.

Income Taxes

The Company accounts for income taxes using the liability method, which requires the Company to recognize a current tax liability or asset for current taxes payable or refundable and a deferred tax liability or asset for the estimated future tax effects of temporary differences between the financial statement and tax reporting bases of assets and liabilities to the extent that they are realizable. Deferred tax expense (benefit) results from the net change in deferred tax assets and liabilities during the year. A deferred tax valuation allowance is required if it is more likely than not that all or a portion of the recorded deferred tax assets will not be realized.

The Company follows the guidance of ASC 740, Income Taxes (“ASC 740”). ASC 740 contains a two-step approach to recognizing and measuring uncertain tax positions (tax contingencies). The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on an audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes.

The Company operates within multiple taxing jurisdictions and could be subject to audit in these jurisdictions. These audits may involve complex issues, which may require an extended period of time to resolve. The Company has provided for its estimated taxes payable in the accompanying financial statements. Interest and penalties related to income tax matters are recognized as a general and administrative expense. The Company did not have any unrecognized tax benefits and did not have any interest or penalties accrued as of September 30, 2015 or December 31, 2014.

The above listing is not intended to be a comprehensive list of all of the Company’s accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by accounting principles generally accepted in the United States, with no need for management’s judgment in their application. There are also areas in which management’s judgment in selecting any available alternative would not produce a materially different result.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Interest Rate Sensitivity. The long-term debt agreement entered into in March 2014 and amended in September 2015, is subject to the 30 day Libor rate, which changes the Company’s interest rate on a monthly basis. The Company does not expect any changes in this rate to materially affect the Company’s performance.

Based on our ability to access our cash and cash equivalents, our expected operating cash flows and our other sources of cash; we do not anticipate that any lack of liquidity will materially affect our ability to operate our business.

Item 4. Controls and Procedures

As of the end of the period covered by this report, our Chief Executive Officer and our Vice President - Finance performed an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, the Chief Executive Officer and Vice President - Finance concluded that the Company’s disclosure controls and procedures were effective for ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and disclosed within the time periods specified in the SEC’s rules and forms, and that its disclosure controls and procedures were also effective to ensure that information required to be disclosed in the reports that it files or submits under the Exchange Act is accumulated and communicated to management, including the Company’s principal executive and principal financial officers, to allow timely decisions regarding required disclosure. There were no significant changes in the Company’s internal controls over financial reporting or in other factors that could significantly affect these internal controls over financial reporting subsequent to the date of the most recent evaluation.

PART II OTHER INFORMATION

Item 1A. Risk Factors

There have been no material changes in our risk factors from those disclosed in our 2014 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no purchases of treasury stock in the first nine months of 2015.

Item 6. Exhibits

See Exhibit Index included in this Report

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.

	Psychemedics Corporation

Date: October 29, 2015	By:	/s/ Raymond C. Kubacki
	Raymond C. Kubacki
	Chairman and Chief Executive Officer
	(principal executive officer)

Date: October 29, 2015	By:	/s/ Neil L. Lerner
	Neil L. Lerner
	Vice President - Finance
	(principal accounting officer)

PSYCHEMEDICS CORPORATION

FORM 10-Q

September 30, 2015

EXHIBIT INDEX

10.1	Form of Incentive Stock Option Agreement used with employees under the 2006 Incentive Plan

10.2	Form of Non Qualified Stock Option Agreement used with employees, non-employee directors and consultants under the 2006 Incentive Plan

10.3	Form of Stock Unit Award Agreement used for non-employee directors under the 2006 Incentive Plan

10.4	Letter Agreement dated September 15, 2015 with Banc of America Leasing & Capital, LLC, together with Equipment Security Note dated September 15, 2015 and Proposal Letter dated August 19, 2015

31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2	Certification of Principal Accounting Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

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

32.2	Certification of Principal Accounting Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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

EX-10.1 2 v422481_ex10-1.htm EXHIBIT 10.1

Exhibit 10.1

INCENTIVE STOCK OPTION AGREEMENT

INCENTIVE STOCK OPTION AGREEMENT made this ___ day of _________, 20__ between PSYCHEMEDICS CORPORATION, a Delaware corporation (hereinafter called the Corporation), and ____________________, an employee of the Corporation or one or more of its subsidiaries (hereinafter called the Employee).

The Corporation desires, by affording the Employee an opportunity to purchase shares of its Common Stock, $.005 par value (hereinafter called the Common Stock), as hereinafter provided, to carry out the purpose of the Corporation's 2006 Incentive Plan, as amended (the Plan).

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto have agreed, and do hereby agree as follows:

1. Grant of Option. The Corporation hereby irrevocably grants to the Employee the right and option (hereinafter called the Option) to purchase all or any part of an aggregate of __________ shares of the Common Stock (such number being subject to adjustment as provided in paragraph 7 hereof) on the terms and conditions herein set forth. The Option is intended by the parties hereto to be, and shall be treated as, an incentive stock option (as such term is defined under Section 422 of the Internal Revenue Code of 1986 (hereinafter called the Code)).

2. Purchase Price. The purchase price of the shares of the Common Stock covered by the Option shall be $_______ per share.

3. Term of Option; Exercisability. The term of the Option shall be for a period of ten (10) years from the date hereof, subject to earlier termination as provided in paragraph 6 hereof. Except as otherwise provided in paragraph 6 hereof, the Option shall become exercisable with respect to 20% of the total number of shares subject to the Option on the first anniversary date of the date hereof, and with respect to an additional 20% of such total number of shares at the end of each twelve-month period thereafter during the succeeding four years, provided however, that the Corporation may, at any time during the period in which the Option is not then exercisable in full, accelerate the exercisability of the Option subject to such terms as the Corporation deems necessary and appropriate. The purchase price of the shares as to which the Option shall be exercised shall be paid at the time of exercise as provided in paragraph 8 hereof.

4. Non-transferability. The Option shall not be transferable otherwise than by will or the laws of descent and distribution, or pursuant to a qualified domestic relations order as defined in the Code, or Title I of the Employee Retirement Income Security Act of 1974, as amended or the regulations thereunder. Subject to the foregoing, the Option may be exercised, during the lifetime of the Employee, only by him. More particularly (but without limiting the generality of the foregoing), the Option may not be assigned, transferred (except as provided above), pledged, or hypothecated in any way, shall not be assignable by operation of law and shall not be subject to execution, attachment, or similar process. Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the Option contrary to the provisions hereof, and the levy of any execution, attachment, or similar process upon the Option shall be null and void and without effect.

5. Registration of Shares. The Corporation may, in its discretion, require as conditions to the right to exercise this Option that (a) a Registration Statement under the Securities Act of 1933, as amended, shall be in effect and current with respect to the shares issuable upon exercise of this Option, or (b) the Employee has given to the Corporation prior to the purchase of any shares pursuant hereto, assurances satisfactory to it that such shares are being purchased for the purpose of investment and not with a view to or for sale in connection with any distribution thereof, including without limitation, a written agreement of the Employee that the shares will not be transferred unless registered under the Securities Act of 1933, as amended, or unless counsel for the Corporation gives a written opinion that such transfer is permissible under Federal and State law without registration.

6. Termination of Employment. Except as otherwise provided in this paragraph, the Option shall terminate and be canceled on the first to occur of the expiration date of this Option as set forth in paragraph 3 hereof or the date which is three (3) months following the date on which the Employee ceases to be an employee of the Corporation or one or more of its subsidiaries. The Option shall be exercisable during such three month period to the extent it was exercisable on the date of such termination. In the event that the employment of the Employee shall be terminated on account of the Employee's death, retirement (at the age 65 or earlier as may be permitted by the Corporation), or permanent disability (as such term is defined in Section 22(e)(3) of the Code), the Option may be exercised in full, without regard to any installments under Section 3 hereof, by the Employee or, by his heirs, legatees, or legal representatives, as the case may be, during its specified term prior to one (1) year after the date of death, permanent disability, or retirement, but in any event not later than ten (10) years from the date hereof. Notwithstanding the foregoing, the Employee hereby acknowledges that in addition to other requirements, in order to be entitled to favorable tax treatment under the Code with respect to the Option, the Employee may not exercise the Option more than three months after the date of termination of employment due to retirement. So long as the Employee shall continue to be an employee of the Corporation or one or more of its subsidiaries, the Option shall not be affected by any change of duties or position. Nothing in this Option Agreement shall confer upon the Employee any right to continue in the employ of the Corporation or of any of its subsidiaries or interfere in any way with the right of the Corporation or any such subsidiary to terminate his employment at any time.

7. Changes in Capital Structure. Adjustments and other matters relating to stock dividends, stock splits, recapitalizations, reorganizations, Corporate Events and the like shall be made and determined in accordance with Section 7 of the Plan, as in effect on the date of this Agreement.

8. Method of Exercising Option. Subject to the terms and conditions of this Option Agreement, the Option may be exercised by written notice to the Corporation at its principal business address attention of the Secretary. Such notice shall state the election to exercise the Option and the number of shares in respect of which it is being exercised, and shall be signed by the person or persons so exercising the Option. At that time, this Option Agreement shall be turned in to the Corporation for action by the Corporation to reduce the number of shares to which it applies. Such notice shall be accompanied by payment in cash or by check, or by shares of the Common Stock, or by a combination of these methods of payment. Payment may also be made by (including delivery by facsimile transmission) to the Corporation or its designated agent of an executed irrevocable option exercise form together with irrevocable instructions to a broker-dealer to sell a sufficient portion of the shares and deliver the sale proceeds directly to the Corporation to pay for the exercise price. In the event that payment is made in shares of the Common Stock, the per share value of the Common Stock shall be the Fair Market Value of such stock on the date of exercise. The certificate or certificates for the shares as to which the Option shall have been so exercised shall be registered in the name of the person or persons so exercising the Option, (or, if the Option shall be exercised by the Employee and if the Employee shall so request in the notice exercising the Option, the certificate or certificates shall be registered in the name of the Employee and another person jointly, with the right of survivorship) and shall be delivered as provided above to or upon the written order of the person or persons exercising the Option. In the event the Option shall be exercised by any person or persons other than the Employee (to the extent permitted under this Incentive Stock Option Agreement), such notice shall be accompanied by appropriate proof of the right of such person or persons to exercise the Option.

9. General. The Corporation shall at all times during the term of the Option reserve and keep available such number of shares of Common Stock as will be sufficient to satisfy the requirements of this Incentive Stock Option Agreement, shall pay all original issue taxes with respect to the issue of shares pursuant hereto and all other fees and expenses necessarily incurred by the Corporation in connection therewith, and will from time to time use its best efforts to comply with all laws and regulations which, in the opinion of counsel for the Corporation, shall be applicable thereto. The Corporation makes no representation or warranty that this Option or shares issued pursuant hereto qualify under any Federal or State law for any special tax treatment. The terms of this Option Agreement shall be construed to conform with, and shall be governed by the provisions of the Plan, as amended, and in the event of any inconsistency between the provisions of this Incentive Stock Option Agreement and the Plan, the provisions of the Plan shall control. Any term used herein and not defined in this Agreement but defined in the Plan, shall have the meaning set forth in the Plan.

10. Subsidiary. As used herein, the term "subsidiary" shall mean any present or future corporation which would be a "subsidiary corporation" of the Corporation, as the term is defined in Section 424 of the Code.

11. Section 409A of the Code. This Agreement is intended to comply with the provisions of Section 409A of the Code to the extent they are applicable, and shall be administered in a manner consistent with this intent. Without limiting the foregoing, any requirements imposed under the Treasury Regulations promulgated under said Section 409A as finally adopted, in order for the Option granted hereunder to remain in compliance with said Section 409A, are hereby incorporated by reference into this Agreement.

IN WITNESS WHEREOF, the Corporation has caused this Incentive Stock Option Agreement to be duly executed by its officer thereunto duly authorized, and the Employee has hereunto set his hand and seal all on the day and year first above written.

	PSYCHEMEDICS CORPORATION

	By:
		Name:
		Title:


	[name of Employee]


	Address

EX-10.2 3 v422481_ex10-2.htm EXHIBIT 10.2

Exhibit 10.2

NON QUALIFIED STOCK OPTION AGREEMENT

NON QUALIFIED STOCK OPTION AGREEMENT made this ___ day of ___________, 20__ between PSYCHEMEDICS CORPORATION, a Delaware corporation (hereinafter called the Corporation), and ____________________, an employee, director, or independent contractor of the Corporation or one or more of its subsidiaries (hereinafter called the Optionee).

The Corporation desires, by affording the Optionee an opportunity to purchase shares of its Common Stock, $.005 par value (hereinafter called the Common Stock), as hereinafter provided, to carry out the purpose of the Corporation's 2006 Incentive Plan, as amended (the Plan).

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto have agreed, and do hereby agree as follows:

1. Grant of Option. The Corporation hereby irrevocably grants to the Optionee the right and option (hereinafter called the Option) to purchase all or any part of an aggregate of __________ shares of the Common Stock (such number being subject to adjustment as provided in paragraph 7 hereof) on the terms and conditions herein set forth. The Option is not intended by the parties hereto to be, and shall not be treated as, an incentive stock option (as such term is defined under Section 422 of the Internal Revenue Code of 1986 (hereinafter called the Code)).

2. Purchase Price. The purchase price of the shares of the Common Stock covered by the Option shall be $_____ per share.

4. Non-transferability. The Option shall not be transferable otherwise than by will or the laws of descent and distribution, or pursuant to a qualified domestic relations order as defined in the Code, or Title I of the Employee Retirement Income Security Act of 1974, as amended or the regulations thereunder. Subject to the foregoing, the Option may be exercised, during the lifetime of the Optionee, only by him. More particularly (but without limiting the generality of the foregoing), the Option may not be assigned, transferred (except as provided above), pledged, or hypothecated in any way, shall not be assignable by operation of law and shall not be subject to execution, attachment, or similar process. Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the Option contrary to the provisions hereof, and the levy of any execution, attachment, or similar process upon the Option shall be null and void and without effect.

5. Registration of Shares. The Corporation may, in its discretion, require as conditions to the right to exercise this Option that (a) a Registration Statement under the Securities Act of 1933, as amended, shall be in effect and current with respect to the shares issuable upon exercise of this Option, or (b) the Optionee has given to the Corporation prior to the purchase of any shares pursuant hereto, assurances satisfactory to it that such shares are being purchased for the purpose of investment and not with a view to or for sale in connection with any distribution thereof, including without limitation, a written agreement of the Optionee that the shares will not be transferred unless registered under the Securities Act of 1933, as amended, or unless counsel for the Corporation gives a written opinion that such transfer is permissible under Federal and State law without registration.

6. Termination of Business Relationship. Except as otherwise provided in this paragraph, the Option shall terminate and be canceled on the first to occur of the expiration date of this Option as set forth in paragraph 3 hereof or the date which is three (3) months following the date on which the Optionee ceases to be an employee, director or independent contractor of the Corporation or one or more of its subsidiaries (the “Business Relationship”). The Option shall be exercisable during such three month period to the extent it was exercisable on the date of such termination. In the event that the Business Relationship shall be terminated on account of the Optionee's death, retirement (at the age 65 or earlier as may be permitted by the Corporation), or permanent disability (as such term is defined in Section 22(e)(3) of the Code), the Option may be exercised in full, without regard to any installments under Section 3 hereof, by the Optionee or, by his heirs, legatees, or legal representatives, as the case may be, during its specified term prior to one (1) year after the date of death, permanent disability, or retirement, but in any event not later than ten (10) years from the date hereof. For purposes of the preceding sentence, in the event the Optionee is a non-employee director of the Corporation at the time of the grant of this Option, the failure of the Optionee to be re-elected as a director of the Corporation, for any reason, at any annual or special meeting of stockholders of the Corporation, provided the Optionee continues to serve as a director of the Corporation through the date of such annual or special meeting, shall be deemed to be a termination on account of retirement. So long as the Business Relationship shall continue, the Option shall not be affected by any change of duties or position. Nothing in this Option Agreement shall confer upon the Optionee any right to continue the Business Relationship or interfere in any way with the right of the Corporation or any such subsidiary to terminate the Business Relationship at any time.

8. Method of Exercising Option. Subject to the terms and conditions of this Option Agreement, the Option may be exercised by written notice to the Corporation at its principal business address attention of the Secretary. Such notice shall state the election to exercise the Option and the number of shares in respect of which it is being exercised, and shall be signed by the person or persons so exercising the Option. At that time, this Option Agreement shall be turned in to the Corporation for action by the Corporation to reduce the number of shares to which it applies. Such notice shall be accompanied by payment in cash or by check, or by shares of the Common Stock, or by a combination of these methods of payment. Payment may also be made by delivery of a notice of “net exercise” to the Corporation, pursuant to which the Optionee shall receive the number of shares of Stock underlying the Option so exercised reduced by the number of shares of Stock equal to the aggregate exercise price of the Option divided by the Fair Market Value on the date of exercise, or by delivery (including delivery by facsimile transmission) to the Corporation or its designated agent of an executed irrevocable option exercise form together with irrevocable instructions to a broker-dealer to sell a sufficient portion of the shares and deliver the sale proceeds directly to the Corporation to pay for the exercise price. In the event that payment is made in shares of the Common Stock, the per share value of the Common Stock shall be the Fair Market Value of such stock on the date of exercise. The certificate or certificates for the shares as to which the Option shall have been so exercised shall be registered in the name of the person or persons so exercising the Option, (or, if the Option shall be exercised by the Optionee and if the Optionee shall so request in the notice exercising the Option, the certificate or certificates shall be registered in the name of the Optionee and another person jointly, with the right of survivorship) and shall be delivered as provided above to or upon the written order of the person or persons exercising the Option. In the event the Option shall be exercised by any person or persons other than the Optionee (to the extent permitted under this Non-Qualified Stock Option Agreement), such notice shall be accompanied by appropriate proof of the right of such person or persons to exercise the Option.

9. General. The Corporation shall at all times during the term of the Option reserve and keep available such number of shares of Common Stock as will be sufficient to satisfy the requirements of this Non-Qualified Stock Option Agreement, shall pay all original issue taxes with respect to the issue of shares pursuant hereto and all other fees and expenses necessarily incurred by the Corporation in connection therewith, and will from time to time use its best efforts to comply with all laws and regulations which, in the opinion of counsel for the Corporation, shall be applicable thereto. The Corporation makes no representation or warranty that this Option or shares issued pursuant hereto qualify under any Federal or State law for any special tax treatment. The terms of this Option Agreement shall be construed to conform with, and shall be governed by the provisions of the Plan, as amended, and in the event of any inconsistency between the provisions of this Non-Qualified Stock Option Agreement and the Plan, the provisions of the Plan shall control. Any term used herein and not defined in this Agreement but defined in the Plan, shall have the meaning set forth in the Plan.

12. Withholding Taxes. If the Corporation in its discretion determines that it is obligated to withhold any tax in connection with the exercise of this Option, or in connection with the transfer of, or the lapse of restrictions on, any Common Stock or other property acquired pursuant to this Option, the Optionee hereby agrees that the Corporation may withhold from the Optionee’s remuneration the appropriate amount of tax. At the discretion of the Corporation, the amount required to be withheld may be withheld in cash from such remuneration or in kind from the Common Stock or other property otherwise deliverable to the Optionee on exercise of this Option. The Optionee further agrees that, if the Corporation does not withhold an amount from the Optionee’s remuneration sufficient to satisfy the withholding obligation of the Corporation, the Optionee will make reimbursement on demand, in cash, for the amount underwithheld.

IN WITNESS WHEREOF, the Corporation has caused this Non-Qualified Stock Option Agreement to be duly executed by its officer thereunto duly authorized, and the Optionee has hereunto set his hand and seal all on the day and year first above written.

	PSYCHEMEDICS CORPORATION

	By:
		Name:
		Title:


	[name of Optionee]


	Address

EX-10.3 4 v422481_ex10-3.htm EXHIBIT 10.3

Exhibit 10.3

STOCK UNIT AWARD AGREEMENT

(For Non-employee Directors; granted under the Psychemedics Corporation 2006 Incentive Plan)

1. Award of Stock Unit Awards. Psychemedics Corporation (hereinafter the “Company”), in the exercise of its sole discretion pursuant to the Psychemedics Corporation 2006 Incentive Plan, as amended (the “Plan”), does on ______________ (the “Award Date”) hereby award to _________________ (the “Awardee”) _________ Stock Unit Awards (“SUAs”) upon the terms and subject to the conditions hereinafter contained. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Plan. SUAs represent the Company’s unfunded and unsecured promise to issue shares of Common Stock at a future date, subject to the terms of this Award Agreement and the Plan. Awardee has no rights under the SUAs other than the rights of a general unsecured creditor of the Company.

2. Vesting Schedule and Conversion of SUAs.

(a) Subject to the terms of this Award Agreement and the Plan and provided that Awardee continues to serve as a director of the Company throughout the vesting periods set out below, the SUAs shall vest and be converted into an equivalent number of shares of Common Stock that will be distributed to the Awardee as follows; provided that fractional SUAs shall be converted into shares of Common Stock as set out in Section 6 of this Award Agreement:

Vesting Date

Percentage
of SUAs

[one year from date of grant]

[two years from date of grant]

(b) Notwithstanding the vesting schedule set forth in subsection (a) above, if there is a Change in Control of the Company (as defined below), then so long as the Awardee shall have continued to serve as a director of the Company through the date which is one day prior to the actual closing date of the transaction giving rise to such Change in Control (the “Acceleration Date”), then all of the SUA’s that are unvested on the Acceleration Date shall become vested in full on the Acceleration Date, subject, however, to the provisions of Section 18 of this Award Agreement. For the purpose of this Agreement, a “Change in Control” shall mean (i) the consummation of a reorganization, merger or consolidation or sale or disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless, in each case following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners of the Common Stock of the Company immediately before the consummation of such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation that as a result of the transaction owns the Company or all or substantially all of the assets of the Company either directly or indirectly through one or more subsidiaries); and (B) no person or group (as defined in Section 13(d) or 14(d)(2) of the Securities Exchange Act of 1934) of the Company or the corporation resulting from the Business Combination) beneficially owns, directly or indirectly, more than 30% of the then outstanding shares of the common stock of the corporation resulting from the Business Combination; (ii) Individuals who, as of the date of this Agreement, constitute the Board of Directors of the Company (the "Incumbent Board") cease for any reason to constitute at least a majority of the Board of Directors of the Company, provided, however, that any individual's becoming a director after the date of this Agreement whose election, or nomination for election by the stockholders of the Company, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board will be considered as though the individual were a member of the Incumbent Board, but excluding, for this purpose, any individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or (iii) any person (as defined in Section 13(d) or 14(d)(2) of the Securities Exchange Act of 1934) shall become at any time or in any manner the beneficial owner of capital stock of the Company representing more than 30% of the voting power of the Company.

3. Termination of Awardee’s Status as a Director. Subject to the provisions of Sections 4 and 5 below, in the event of termination, for any reason, of Awardee’s status as a director of the Company, Awardee’s rights under this Award Agreement in any unvested SUAs shall terminate.

4. Disability or Retirement of Awardee. Notwithstanding the provisions of Section 3 above, in the event of termination of Awardee’s status as a director of the Company as a result of disability (within the meaning of Section 409A of the Internal Revenue Code, and hereinafter referred to as “Disability”), or retirement, all of the SUA’s that are unvested on the date of the Disability or such retirement shall become vested in full, subject, however, to the provisions of Section 18 of this Award Agreement. For purposes of the preceding sentence, the failure of the Awardee to be re-elected as a director of the Company, for any reason, at any annual or special meeting of stockholders of the Company, provided the Awardee continues to serve as a director of the Company through the date of such annual or special meeting, shall be deemed to be a termination on account of retirement.

5. Death of Awardee. Notwithstanding the provisions of Section 3 above, in the event of the death of Awardee during the time that he is serving as a member of the Board of Directors of the Company, all of the SUA’s that are unvested on the date of the death shall become vested in full, subject, however, to the provisions of Section 18 of this Award Agreement.

6. Conversion of SUAs to shares of Common Stock; Responsibility for Taxes.

(a) Provided Awardee has satisfied the requirements of Section 6(b) below, and subject, however, to the provisions of Section 18 of this Award Agreement, on the vesting of any SUAs, such vested SUAs shall be converted into an equivalent number of shares of Common Stock that will be distributed to Awardee or, in the event of Awardee’s death, to Awardee’s legal representative, as soon as practicable. An Awardee’s rights with respect to the SUA’s issued under this Award Agreement shall terminate at the time such SUAs are converted into shares of Common Stock. The distribution to the Awardee, or in the case of the Awardee’s death, to the Awardee’s legal representative, of shares of Common Stock in respect of the vested SUAs shall be evidenced by a stock certificate, appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company, or other appropriate means as determined by the Company.

(b) Prior to the issuance of shares of Common Stock upon vesting of SUAs as provided in Section 6(a) above, Awardee shall pay, or make adequate arrangements satisfactory to the Company (in its sole discretion) to satisfy all withholding obligations of the Company, to the extent applicable.

(c) In lieu of issuing fractional shares of Common Stock, on the vesting of a fraction of a SUA, the Company shall round the shares to the nearest whole share and any such share which represents a fraction of a SUA will be included in a subsequent vest date.

(d) Until the distribution to Awardee of the shares of Common Stock in respect to the vested SUAs is evidenced by a stock certificate, appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company, or other appropriate means, Awardee shall have no right to vote or receive dividends or any other rights as a shareholder with respect to such shares of Common Stock, notwithstanding the vesting of SUAs. Subject to the provisions of Section 18 of this Award Agreement, the Company shall cause such distribution to Awardee to occur promptly upon the vesting of SUAs. No adjustment will be made for a dividend or other right for which the record date is prior to the date Awardee is recorded as the owner of the shares of Common Stock, except as provided in Section 7 of the Plan.

7. Non-Transferability of SUAs. Awardee’s right in the SUAs awarded under this Award Agreement and any interest therein may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner, other than by will or by the laws of descent or distribution, prior to the distribution of the shares of Common Stock in respect of such SUAs. SUAs shall not be subject to execution, attachment or other process.

8. Agreement of Awardee. By accepting the Award, Awardee agrees to continue to serve as a director of the Company during the term for which he or she was elected. By accepting the Award of SUAs evidenced by this Award Agreement, Awardee agrees not to sell any of the shares of Common Stock received on account of vested SUAs at a time when applicable laws or Company policies prohibit a sale. This restriction shall apply so long as Awardee is a director of the Company.

9. Acknowledgment of Nature of Plan and SUAs. In accepting the Award, Awardee acknowledges that:

(a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time, as provided in the Plan;

(b) the Award of SUAs is voluntary and occasional and does not create any contractual or other right to receive future awards of SUAs, or benefits in lieu of SUAs even if SUAs have been awarded repeatedly in the past;

(d) Awardee’s participation in the Plan is voluntary;

(e) the future value of the underlying shares of Common Stock is unknown and cannot be predicted with certainty;

(f) if Awardee receives shares of Common Stock, the value of such shares of Common Stock acquired on vesting of SUAs may increase or decrease in value;

(g) Awardee acknowledges and agrees that, in the event of termination of the Awardee’s service on the Company’s Board of Directors, regardless of the reasons for such termination, Awardee has no right to, and will not bring any legal claim or action for, (a) any damages for any portion of the SUAs that have been vested and converted into Common Shares, or (b) termination of any unvested SUAs under this Award Agreement.

10. Administration. The authority to manage and control the operation and administration of this Award Agreement shall be vested in the Committee (as defined in Section 1 of the Plan), and the Committee shall have all powers and discretion with respect to this Award Agreement as it has with respect to the Plan. Any interpretation of the Award Agreement by the Committee and any decision made by the Committee with respect to the Award Agreement shall be final and binding on all parties.

11. Plan Governs. Notwithstanding anything in this Award Agreement to the contrary, the terms of this Award Agreement shall be subject to the terms of the Plan, and this Award Agreement is subject to all interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan.

12. Notices. Any written notices provided for in this Award Agreement which are sent by mail shall be deemed received three business days after mailing, but not later than the date of actual receipt. Notices shall be directed, if to Awardee, at the Awardee’s address indicated by the Company’s records and, if to the Company, at the Company’s principal executive office.

13. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to SUAs awarded under the Plan or future SUAs that may be awarded under the Plan by electronic means or request Awardee’s consent to participate in the Plan by electronic means. Awardee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

14. Acknowledgment. By Awardee’s acceptance as evidenced below, Awardee further acknowledges that Awardee has received and has read, understood and accepted all the terms, conditions and restrictions of this Award Agreement and the Plan. Awardee understands and agrees that this Award Agreement is subject to all the terms, conditions, and restrictions stated in this Award Agreement and the Plan, as the latter may be amended from time to time in the Company’s sole discretion.

15. Governing Law. This Award Agreement shall be governed by the laws of the State of Delaware, without regard to Delaware laws that might cause other law to govern under applicable principles of conflicts of law.

16. Severability. If one or more of the provisions of this Award Agreement shall be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and the invalid, illegal or unenforceable provisions shall be deemed null and void; however, to the extent permissible by law, any provisions which could be deemed null and void shall first be construed, interpreted or revised retroactively to permit this Award Agreement to be construed so as to foster the intent of this Award Agreement and the Plan.

17. Complete Award Agreement and Amendment. This Award Agreement and the Plan constitute the entire agreement between Awardee and the Company regarding SUAs. Any prior agreements, commitments or negotiations concerning these SUAs are superseded. This Award Agreement may be amended only by written agreement of Awardee and the Company, without consent of any other person. Awardee agrees not to rely on any oral information regarding this Award of SUAs or any written materials not identified in this Section 17.

18. Section 409A. This Award Agreement is intended to be in compliance with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”), and the regulations thereunder to the extent applicable. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. Solely for the purposes of Section 409A of the Code, the share increments issuable on each vesting date on Schedule A shall be considered a separate payment. The Company makes no representation or warranty and shall have no liability to the Awardee or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

[remainder of page intentionally left blank]

EXECUTED as of the day and year first above written.

	PSYCHEMEDICS CORPORATION


	By:

AWARDEE’S ACCEPTANCE:

I have read and fully understood this Award Agreement and I accept and agree to the terms, conditions and restrictions contained in this Award Agreement and the Plan.


[name of non-employee director]

EX-10.4 5 v422481_ex10-4.htm EXHIBIT 10.4

Exhibit 10.4

September 15, 2015

Psychemedics Corporation

125 Nagog Park, Ste 200

Acton, MA 01720

Attn: Neil Lerner

Re:

The proposal letter issued by Banc of America Leasing & Capital, LLC to Psychemedics Corporation dated August 19, 2015 (the “Proposal Letter”)

Dear Mr. Lerner:

Banc of America Leasing & Capital, LLC (“BALC”) is pleased to confirm its willingness to proceed with the transaction with Psychemedics Corporation (“Lessee”) as set forth in the Proposal Letter (a copy of which is attached hereto and made a part hereof) and subject to the following:

DOCUMENTATION:

Lessee shall execute and deliver all transaction documents, in form and substance satisfactory to BALC, and satisfy all conditions required by BALC.

APPROVAL AMOUNT:

An amount not to exceed $ 1.800,000.00 (“BALC’s Cost”) which may with BALC’s prior consent include soft costs such as freight, installation and taxes paid up-front by BALC not exceeding 20% of the BALC’s Cost, but may not exceed the fair market value of the Equipment. BALC’s Cost for used Equipment may be subject to verification by an independent third party appraiser at Lessee’s expense.

UTILIZATION PERIOD EXPIRATION DATE:

The latest date for any funding shall be August 31, 2016.

PREVAILING CONDITIONS:

The terms and conditions of the Proposal Letter, by reference, are incorporated herein. If there is a conflict between any terms or conditions of the Proposal Letter and this approval, the terms and conditions of this approval shall govern.

The commitment of BALC to enter into this transaction is based on the current business, management, and financial condition of Lessee and Guarantors, if any. Accordingly, this approval is further subject to the condition that there does not occur any material adverse change in the business, current management, or financial condition of Lessee or any Guarantor, in BALC’s sole determination.

This letter is subject to the internal laws of the State of Georgia, is intended solely for the benefit of Lessee, and may be amended only in a writing signed by BALC.

Please acknowledge your acceptance of the terms and conditions of this approval and return it to my attention no later than ten (10) business days after the date hereof. If BALC is not in receipt of your acceptance by that date, the approval set forth herein will terminate. My address is:

Banc of America Leasing & Capital, LLC

125 Dupont Drive

Providence, RI 02907

Mail Stop: RI1 121 01 18

Thank you for allowing Banc of America Leasing & Capital, LLC to make this transaction available to you. If you have any questions, please do not hesitate to call me at (401) 865-7556.

Sincerely,

Karen Vieira

Assistant Vice President, Senior Operations Consultant

cc: Brian Roche, Senior Vice President

Psychemedics Corporation hereby agrees to the terms and conditions set forth herein.

By:

Printed Name:

Title:

Date:

Banc of America Leasing & Capital, LLC Equipment Security Note Number 005

This Equipment Security Note No. 005, dated as September 15, 2015, (this "Equipment Note"), is entered into pursuant to and incorporates by this reference all of the terms and provisions of that certain Master Loan and Security Agreement No. 26928-70000 dated as of March 19, 2014 (the "Master Agreement"), by and between Banc of America Leasing & Capital, LLC ("Lender") Psychemedics Corporation ("Borrower"). All capitalized terms used herein and not defined herein shall have the respective meanings assigned to such terms in the Master Agreement. If any provision of this Equipment Note conflicts with any provision of the Master Agreement, the provisions contained in this Equipment Note shall prevail. Borrower hereby authorizes Lender to insert the serial numbers and other identification data of the Equipment, dates, and other omitted factual matters or descriptions in this Equipment Note.

The occurrence of an "Event of Default," as defined in the Master Agreement, shall entitle Lender to accelerate the maturity of this Equipment Note and to declare the Prepayment Amount to be immediately due and payable, and to proceed at once to exercise each and every one of the remedies provided in the Master Agreement or otherwise available at law or in equity. All of Borrower's Obligations under this Equipment Note are absolute and unconditional, and shall not be subject to any offset or deduction whatsoever. Borrower waives any right to assert, by way of counterclaim or affirmative defense in any action to enforce Borrower's Obligations hereunder, any claim whatsoever against Lender.

1. Equipment Financed; Equipment Location; Grant of Security Interest. Subject to the terms and provisions of the Master Agreement and as provided herein, Lender is providing financing in the principal amount described in Section 2 below to Borrower in connection with the acquisition or financing of the following described Equipment:

Quantity Description Serial Number Cost

See Schedule A made apart hereto

Location of Equipment. The Equipment will be located or (in the case of over-the-road vehicles) based at the following locations:

Location Address City County State ZIP

6100 Bristol PKWY Culver City Los Angeles CA 90230

Borrower has agreed and does hereby grant a security interest in and to the Equipment and the Collateral related thereto, whether now owned or hereafter acquired and wherever located, in order to secure the payment and performance of all Obligations owing to Lender, including but not limited to this Equipment Note, all as more particularly provided in the Master Agreement. Lender's agreement to provide the financing contemplated herein shall be subject to the satisfaction of all conditions established by Lender and Lender's prior receipt of all required documentation in form and substance satisfactory to Lender in its sole discretion.

2. Payments. For value received, Borrower promises to pay to the order of Lender, the principal amount of $1,098,539.10 together with interest thereon as provided herein. This Equipment Note shall be payable by Borrower to Lender in 60 consecutive monthly installments of principal and interest (the "Payments") commencing on October 16, 2015 (the “Initial Payment”) and continuing thereafter through and including the Maturity Date (as defined below) (collectively, the “Equipment Note Term”). Each Payment shall be in the amount provided below, and due and payable on the same day of the month as the Initial Payment set forth above in each succeeding payment period (each, a "Payment Date" and the final such scheduled Payment Date, the "Maturity Date") during Equipment Note Term. All interest hereunder shall be calculated on the basis of a year of 360 days comprised of 12 months of 30 days each. The final Payment due and payable on the Maturity Date shall in any event be equal to the entire outstanding and unpaid principal amount of this Equipment Note, together with all accrued and unpaid interest, charges and other amounts owing hereunder and under the Master Agreement.

(a) Interest Rate.

Interest shall accrue on the entire principal amount of this Equipment Note outstanding for any calendar month or portion thereof, at a per annum rate of interest equal to (i) 2 and 2064/1000 percent (2.2064%) plus the rate of interest equal to the “average of interbank offered rates for dollar deposits in the London Market based on quotations of sixteen (16) major banks” for a term of 30 days as published in the Wall Street Journal under a heading entitled “Money Rates, London Interbank Offered Rates (LIBOR)” or any future or substitute heading, on the first day of the month (if the Payments are due on the 1^stthrough the 15^thof the month) or the fifteenth day of the month (if the Payments are due on the 16^ththrough the 30^thday of the month) preceding the Payment Date for the applicable Payment, or (ii) if less, the highest rate of interest permitted by applicable law (the "Interest Rate") from the Advance Date set forth below until the principal amount of this Equipment Note is paid in full, and shall be due and payable on each Payment Date.

(b) Payment Amount.

The amount of each Payment shall consist of $18,308.99 of principal, plus all interest accrued at the Interest Rate.

3. Prepayment. Borrower may prepay all (but not less than all) of the outstanding principal balance of this Equipment Note on a scheduled Payment Date upon 30 days prior written notice from Borrower to Lender, provided that any such prepayment shall be made together with all accrued interest and other charges and amounts owing hereunder through the date of prepayment.

4. Borrower Acknowledgements. Upon delivery and acceptance of the Equipment, Borrower shall execute this Equipment Note evidencing the amounts financed by Lender in respect of such Equipment and the Payments of principal and interest hereunder. By its execution and delivery of this Equipment Note, Borrower:

(a) reaffirms of all of Borrower’s representations, warranties and covenants as set forth in the Master Agreement and represents and warrants that no Default or Event of Default under the Master Agreement exists as of the date hereof;

(b) represents, warrants and agrees that: (i) the Equipment has been delivered and is in an operating condition and performing the operation for which it is intended to the satisfaction of Borrower; (ii) each item of Equipment has been unconditionally accepted by Borrower for all purposes under the Master Agreement and this Equipment Note; and (iii) there has been no material adverse change in the operations, business, properties or condition, financial or otherwise, of Borrower or any Guarantor since December 31, 2013;

(c) authorizes and directs Lender (i) to advance the principal amount of this Equipment Note to reimburse Borrower or pay Vendors all or a portion of the purchase price of Equipment in accordance with Vendors’ invoices therefor, receipt and approval of which are hereby reaffirmed by Borrower, and (ii) to enter the date of such advance below Lender’s signature as the “Advance Date” for all purposes hereof; and

(d) agrees that Borrower is absolutely and unconditionally obligated to pay Lender all Payments at the times and in the manner set forth herein.

BANC OF AMERICA LEASING & CAPITAL, LLC
By:			Borrower: Psychemedics Corporation
Printed Name:			By:
Title:			Printed Name:
Advance Date:			Title:

SUMMARY OF TERMS AND CONDITIONS

	Date:	August 19, 2015.

	Borrower:	Psychemedics Corporation (“Borrower”).

	Guarantor(s):	N/A.

	Secured Party:	Banc of America Leasing & Capital, LLC (“BAL”) or its designee (”Secured Party”).

	Collateral:	New and used equipment acceptable to Secured Party (individually, an “item of Equipment” and collectively, the “Collateral”).

	Loan Amount:	$1,800,000 but in no event greater than 100% of the cost of new Collateral (the “Loan Amount”).

	Security Interest:	Secured Party shall have a first priority security interest in the Collateral.

	Base Date:	No later than August 31, 2016 (the “Base Date”).

	Loan Term:	60 months from the Base Date (the “Loan Term”).

	Terms of Payment:	Borrower shall make 60 equal monthly payments, payable in arrears.

	Interest Rate:	The Indicative Rate in effect at the time of this Proposal is 3.19% Fixed for 60 months, for new Loans funding within 3 weeks of Proposal date. After that, the actual Interest Rate for each new Loan will be (i) based on mutual agreement between Secured Party & Borrower and (ii) determined in accordance with the policies of Secured Party in effect at the time that the applicable Equipment Note is being documented. 30 day Libor + 2.00% is also available (2.20% all-in as of today).

	Prepayment:	The outstanding principal balance of the Loan may be prepaid in whole or in part at any time, together with all interest and late charges accrued through the date of prepayment. There will be no prepayment charge for a Libor Rate Loan. A Fixed Rate Loan would have a prepayment charge calculated as follows: 1% of the amount prepaid during the first two years of a Fixed Rate Loan term, and no prepayment charge during the ensuing three years of a Fixed Rate Loan term. Partial prepayments shall be applied against principal installments in their inverse order of maturity.

Market Disruption:

Notwithstanding anything contained herein to the contrary, in the event any material change shall occur in the financial markets after the date of this Proposal, including but not limited to any governmental action or other event which materially adversely affects the extension of credit by banks, leasing companies or other lending institutions, Secured Party may modify the indicative pricing described above.

Expenses:

Borrower shall be responsible for all of its own costs and expenses incurred in connection with this Proposal or the transaction contemplated hereby. Borrower shall reimburse Secured Party for all out-of-pocket costs and expenses incurred by Secured Party in connection with this Proposal or the transaction contemplated hereby, including legal fees and appraisal fees. An invoice in the amount of $250 to cover the cost of UCC filings and searches will be included in Borrower’s initial document package, and an invoice in the amount of $50 will be included on each additional funding under the loan.

Documentation:

All documentation for the Proposal must be acceptable to Secured Party, and will contain such terms, conditions, representations, warranties and indemnities as are customary for transactions of this type.

	Covenants:	1. Borrower shall maintain a Funded Debt to EBITDA Ratio of less than or equal to 3.00, measured as of each quarter end based upon the prior 12 months’ results. “Funded Debt” means all outstanding liabilities for borrowed money and other interest-bearing liabilities, including current and long term debt. “EBITDA” means net income, less income or plus loss from discontinued operations and extraordinary items, plus cash income taxes, interest expense, depreciation, depletion, amortization and other non-cash charges.


		2. Borrower shall maintain a Fixed Charge Coverage Ratio greater than or equal to 1.50, measured as of each quarter end based upon the prior 12 months’ results, and is defined as A) EBITDA plus lease/rent expense, minus cash income taxes, withdrawals, unfinanced capital expenditures and other distributions, to B) Interest expense plus lease/rent expense, plus the current portion of long term debt actually paid or scheduled to be paid during the measurement period, plus current portion of capitalized lease obligations.

	Confidentiality:	This Proposal is delivered to Borrower with the understanding that neither it nor any of its terms and conditions will be disclosed to any persons or entities, except those having a confidential relationship with Borrower in relation to the Proposal or where disclosure is required by law.

	Syndication:	The transaction contemplated by this Proposal may be syndicated or assigned in whole or in part to one or more institutions. Borrower agrees not to engage any other capital providers for the same or similar financing for a period of 90 days from the date of acceptance of the Proposal. BAL is authorized to disclose to any prospective participant or assignee any information it has or may receive regarding the Borrower, any Guarantor(s), the Equipment or the Proposal. By accepting the Proposal, each of the Borrower and any Guarantor(s) acknowledges and agrees that: (a) in connection with all aspects of the transaction contemplated by the Proposal, the Borrower and any Guarantor(s) and BAL and any affiliate through which it or they may be acting (the “BA Parties” and each a “BA Party”), have an arm’s-length business relationship that creates no fiduciary, advisory or agency duty on the part of any BA Party and each expressly disclaims any fiduciary, advisory or agency relationship; and (b) conflicts of interest may arise among any BA Party, Borrower, any Guarantor(s) and other participants in the Proposal due to their role(s) in the Proposal and the differing interests and relationships among themselves and other parties, and the BA Parties are under no duty to disclose such conflicts or interests; and (c) the BA Parties may receive compensation from other parties to the Proposal. To the fullest extent permitted by law, Borrower and any Guarantor(s) hereby waive and release any claims that they may have against the BA Parties with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated by the Proposal.

	USA Patriot Act
	Compliance:	Borrower acknowledges that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "Patriot Act"), BAL is required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow BAL to identify Borrower in accordance with the Patriot Act.

	Sharing of
	Information:	Borrower and Guarantor acknowledge and agree that any information regarding the Borrower and the Guarantor or their respective partners, members or affiliates provided to any affiliate of the Secured Party by Borrower or the Guarantor may be shared by said affiliate with the Secured Party. In addition, Borrower and Guarantor acknowledges and agrees that any information regarding the Borrower and the Guarantor or their respective partners, members or affiliates, the loan and the Collateral provided to the Secured Party by the Borrower, the Guarantor or any affiliate of Borrower may be shared by the Secured Party with its affiliates, agents and any potential or actual assignees. Borrower and Guarantor further acknowledges and agrees that the terms of this provision apply to all such information notwithstanding the fact that certain information may be confidential or subject to an agreement that would otherwise prohibit or limit the disclosure of such information in accordance with this provision.

Proposal Fee:

Fee Waived.

The undersigned, by its authorized representative below, accepts the above Proposal, agrees to furnish BAL, its successors and assigns, any information relating to the business or financial condition of Borrower or its affiliates, and authorizes BAL, Bank of America, N.A. and their affiliates to disclose to, discuss with and distribute such information (and any information they may already have) to any other affiliates or proposed assignees or successors of BAL.

Borrower
Psychemedics Corporation

BY:			DATE:

TITLE:			Federal Tax I.D. Number:

EX-31.1 6 v422481_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Raymond C. Kubacki, certify that:

I have reviewed this quarterly report on Form 10-Q of Psychemedics Corporation (“the registrant”);

Based on my knowledge, this quarterly 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 quarterly report;

Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly report;

The registrant’s other certifying officer 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 controls over financial reporting (as defined by Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

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;

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

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 that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

The registrant’s other certifying officer 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:

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

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: October 29, 2015	/s/ Raymond C. Kubacki
	Raymond C. Kubacki
	Chairman and Chief Executive Officer
	(principal executive officer)

EX-31.2 7 v422481_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Neil Lerner, certify that:

I have reviewed this quarterly report on Form 10-Q of Psychemedics Corporation (“the registrant”);

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: October 29, 2015	/s/ Neil Lerner
	Neil Lerner
	Vice President - Finance
	(principal accounting officer)

EX-32.1 8 v422481_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Raymond C. Kubacki, Chairman and Chief Executive Officer of Psychemedics Corporation (the “Company”), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as the principal executive officer of the Company that:

(1)

The Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, as filed with the Securities and Exchange Commission on October 29, 2015 (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 29, 2015	/s/ Raymond C. Kubacki
	Raymond C. Kubacki
	Chairman and Chief Executive Officer
	(principal executive officer)

EX-32.2 9 v422481_ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Neil Lerner, Vice President - Finance of Psychemedics Corporation (the “Company”), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as the principal accounting officer of the Company that:

(1)

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 29, 2015	/s/ Neil Lerner
	Neil Lerner
	Vice President - Finance
	(principal accounting officer)

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10-Q false 2015-09-30 2015 Q3 PSYCHEMEDICS CORP 0000806517 --12-31 Smaller Reporting Company PMD 5422541

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div><b>1.</b></div> </td> <td> <div><b>Interim Financial Statements</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for reporting on Form 10-Q. Accordingly, certain information and footnote disclosure required for complete financial statements are not included herein. It is recommended that these financial statements be read in conjunction with the financial statements and related notes of Psychemedics Corporation (“the Company,” “our Company,” “our” or “we”) as reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, filed on February 27, 2015. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented have been included. The results of operations for the three and nine months ended September 30, 2015 may not be indicative of the results that may be expected for the year ending December 31, 2015, or any other period.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

Each note has a maturity date of 60 months from the applicable loan date, and bears interest at the then current 30-day LIBOR rate + 2.00%. Principal and interest are payable over the 60-month repayment period and principal is repayable without premium or penalty.

1100000

0.15

813000

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div><b>7.</b></div> </td> <td> <div><b>Commitments and Contingencies</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in" align="justify">The Company is subject to legal proceedings and claims which arise in the ordinary course of its business. The Company believes that based upon information available to the Company at this time, the expected outcome of these matters would not have a material impact on the Company’s results of operations or financial condition.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="MARGIN-BOTTOM: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <div><b><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>2.</b></div> </td> <td style="TEXT-ALIGN: justify"> <div><b>Cash and Cash Equivalents</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in" align="justify">The Company considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents. Cash equivalents consisted exclusively of cash in the bank as of December 31, 2014 and September 30, 2015.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.3pt; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"></td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt"><strong><font style="FONT-SIZE: 10pt">6.</font></strong><font style="FONT-SIZE: 10pt"></font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <strong><font style="FONT-SIZE: 10pt">Subsequent Events</font></strong><font style="FONT-SIZE: 10pt"></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On October 13, 2015, the Company extended the lease 5 years on its facility at 5832 Uplander Way in Culver City, California to December 31, 2020.<font style="FONT-SIZE: 10pt"> The estimated minimum lease obligation is $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">343</font> thousand, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">350</font> thousand, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">357</font> thousand, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">364</font> thousand, and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">371</font> thousand for 2016, 2017, 2018, 2019 and 2020 respectfully.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On October 28, 2015, the Company declared a quarterly dividend of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.15</font> per share for a total of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">813</font> thousand, which will be paid on November 19, 2015 to shareholders of record on November 9, 2015.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

The aggregate intrinsic value on this table was calculated based on the amount, if any, by which the closing market value of the Company’s stock on the September 30, 2013 ($10.05) exceeded the exercise price of the underlying options, multiplied by the number of shares subject to each option. The aggregate intrinsic value on these tables were calculated based on the closing market value of the Company’s stock on September 30, 2015 ($10.05).

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Stock-Based Compensation
9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

3.

Stock-Based Compensation

2006 Equity Incentive Plan

The Company’s 2006 Incentive Plan provides for the grant or issuance to officers, directors, employees and consultants of options with terms of up to ten years, restricted stock, stock unit awards (SUA’s), issuances of stock bonuses or other stock-based awards, covering up to 500,000 shares of common stock. As of September 30, 2015, 70,232 shares remained available for future grant under the 2006 Incentive Plan.

On April 29, 2015 the Company granted SUAs covering 43,950 shares of common stock. On September 15, 2015 the Company granted SUAs covering 1,000 shares of common stock. The SUAs vest over a period of two years for non-employee board members and four years for employees and are convertible into an equivalent number of shares of the Company’s common. Employees are issued shares upon vesting, net of tax withholdings, unless the employee chooses to receive all shares and pay for the associated employment taxes. On September 15, 2015 the Company also granted 47,000 stock options to employees and a director. The stock options become exercisable over a five year period and have a term of 10 years. The options are valued at $1.91, assuming a $10.21 grant price, 6.5 years estimated term, 36% volatility, 2.2% interest rate and a 6% yield rate using a black-scholes model. The Company records compensation expense related to the SUAs and options on a straight-line basis over the vesting term. No other types of equity-based awards have been granted or issued under the 2006 Incentive Plan.

2006 Incentive Plan (“2006 Plan”)

A summary of activity for SUAs under the 2006 Plan for the nine months ended September 30, 2015 is as follows:

Aggregate

Number of

Intrinsic

Shares

Value (1)

(000s)

Unvested, December 31, 2014

121,625

Granted

44,950

Forfeited/expired

(15,297)

Converted to common stock

(39,814)

Unvested, March 31, 2015

111,464

$

0

(1)

The aggregate intrinsic value on these tables were calculated based on the closing market value of the Company’s stock on September 30, 2015 ($10.05).

As of September 30, 2015, the Company also had outstanding an aggregate of 47,000 options to acquire common stock under the 2006 Plan. A summary of stock option activity for the 2006 Plan for the nine months ended September 30, 2015 is as follows:

Weighted

Weighted

Average

Average

Exercise

Remaining

Aggregate

Number of

Price Per

Contractual

Intrinsic

Shares

Share

Life

Value (1)

(000s)

Outstanding, December 31, 2014

-

-

Granted

47,000

$

10.21

Exercised

-

-

Terminated/Expired

-

-

Outstanding, September 30, 2015

47,000

$

10.21

10 years

$

0

Exercisable, September 30, 2015

-

-

-

-

(2)

The aggregate intrinsic value on this table was calculated based on the amount, if any, by which the closing market value of the Company’s stock on the September 30, 2013 ($10.05) exceeded the exercise price of the underlying options, multiplied by the number of shares subject to each option.

As of September 30, 2015, 70,232 shares of common stock were available for grant under the 2006 Plan.

Expired Plans

As of September 30, 2015, all options to acquire common stock that had been outstanding on December 31, 2014, were either exercised or expired without having been exercised. A summary of stock option activity for the Company’s expired stock option plans for the nine months ended September 30, 2015 is as follows:

Weighted

Weighted

Average

Average

Exercise

Remaining

Aggregate

Number of

Price Per

Contractual

Intrinsic

Shares

Share

Life

Value

(000s)

Outstanding, December 31, 2014

136,050

$

14.40

Granted

-

-

Exercised

(134,350)

$

14.40

Terminated/Expired

(1,700)

$

14.40

Outstanding, September 30, 2015

-

-

-

$

-

Exercisable, September 30, 2015

-

-

-

$

-

Available for grant, September 30, 2015

-

All Stock-Based Compensation Plans

As of September 30, 2015, a total of 228,696 shares of common stock were reserved for issuance under the 2006 Incentive Plan. As of September 30, 2015, the unamortized fair value of awards relating to outstanding SUAs and options was $1.4 million, which is expected to be amortized over a weighted average period of 3.0 years.

XML 22 R2.htm IDEA: XBRL DOCUMENT v3.3.0.814

CONDENSED BALANCE SHEETS - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Current Assets:

Cash and cash equivalents $ 1,721,894 $ 3,612,153

Accounts receivable, net of allowance for doubtful accounts of $61,992 in 2015 and $95,525 in 2014 5,453,164 4,078,133

Prepaid expenses and other current assets 1,286,774 689,995

Income tax receivable 435,195 1,819,743

Deferred tax assets 601,667 376,529

Total Current Assets 9,498,694 10,576,553

Fixed Assets, net of accumulated amortization and depreciation of $6,537,560 in 2015 and $5,788,551 in 2014 13,070,787 12,740,131

Other assets 758,968 761,025

Total Assets 23,328,449 24,077,709

Current Liabilities:

Accounts payable 635,444 845,071

Accrued expenses 1,399,705 1,351,333

Current portion of long-term debt 1,619,633 1,399,925

Total Current Liabilities 3,654,782 3,596,329

Long-term debt 4,677,045 4,848,158

Deferred tax liabilities, long-term 2,796,666 2,796,666

Total Liabilities $ 11,128,493 $ 11,241,153

Commitments and Contingencies (Notes 6 and 7)

Shareholders' Equity:

Preferred-stock, $0.005 par value, 872,521 shares authorized, no shares issued or outstanding $ 0 $ 0

Common stock, $0.005 par value; 50,000,000 shares authorized 6,090,671 shares issued in 2015 and 6,043,191 shares issued in 2014 30,453 30,216

Additional paid-in capital 29,919,589 29,454,023

Accumulated deficit (7,668,297) (6,565,894)

Less - Treasury stock, at cost, 668,130 shares (10,081,789) (10,081,789)

Total Shareholders' Equity 12,199,956 12,836,556

Total Liabilities and Shareholders' Equity $ 23,328,449 $ 24,077,709

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Interim Financial Statements
9 Months Ended

Sep. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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

1.

Interim Financial Statements

The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for reporting on Form 10-Q. Accordingly, certain information and footnote disclosure required for complete financial statements are not included herein. It is recommended that these financial statements be read in conjunction with the financial statements and related notes of Psychemedics Corporation (“the Company,” “our Company,” “our” or “we”) as reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, filed on February 27, 2015. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented have been included. The results of operations for the three and nine months ended September 30, 2015 may not be indicative of the results that may be expected for the year ending December 31, 2015, or any other period.

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Subsequent Events (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended

Oct. 28, 2015

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Oct. 13, 2015

Common Stock, Dividends, Per Share, Declared $ 0.15 $ 0.15 $ 0.45 $ 0.45

Subsequent Event [Member]

Common Stock, Dividends, Per Share, Declared $ 0.15

Dividends Payable $ 813

Operating Leases, Future Minimum Payments Due, Next Twelve Months $ 343

Operating Leases, Future Minimum Payments, Due in Two Years 350

Operating Leases, Future Minimum Payments, Due in Three Years 357

Operating Leases, Future Minimum Payments, Due in Four Years 364

Operating Leases, Future Minimum Payments, Due in Five Years $ 371

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Debt and Other Financing Arrangements (Details Textual) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended

Mar. 20, 2014

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Sep. 15, 2015

Aug. 08, 2014

Jun. 13, 2014

May. 22, 2014

Mar. 24, 2014

Debt Instrument, Interest Rate, Effective Percentage 2.18% 2.15% 2.18% 2.15%

Interest Expense $ 31,411 $ 33,941 $ 95,216 $ 46,958

Proceeds from Lines of Credit 1,800,000

Equipment Loan Arrangement [Member]

Line of Credit Facility, Maximum Borrowing Capacity $ 7,500,000 $ 8,100,000 $ 8,100,000 $ 1,100,000 $ 1,000,000 $ 3,000,000 $ 1,900,000 $ 1,100,000

Long-term Debt, Description Each note has a maturity date of 60 months from the applicable loan date, and bears interest at the then current 30-day LIBOR rate + 2.00%. Principal and interest are payable over the 60-month repayment period and principal is repayable without premium or penalty.

Debt Instrument, Interest Rate, Effective Percentage 2.20% 2.20%

Long-term Debt and Capital Lease Obligations $ 6,300,000 $ 6,300,000

Line of Credit Facility, Remaining Borrowing Capacity $ 700,000 $ 700,000

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Cash and Cash Equivalents
9 Months Ended

Sep. 30, 2015

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents Disclosure [Text Block]

2.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents. Cash equivalents consisted exclusively of cash in the bank as of December 31, 2014 and September 30, 2015.

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CONDENSED BALANCE SHEETS [Parenthetical] - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Allowance for doubtful accounts $ 61,992 $ 95,525

Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment $ 6,537,560 $ 5,788,551

Preferred stock, par value (in dollars per share) $ 0.005 $ 0.005

Preferred stock, shares authorized 872,521 872,521

Preferred stock, shares issued 0 0

Preferred stock, shares outstanding 0 0

Common stock, par value (in dollars per share) $ 0.005 $ 0.005

Common stock, shares authorized 50,000,000 50,000,000

Common stock, shares issued 6,090,671 6,043,191

Treasury stock, shares 668,130 668,130

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[1] The aggregate intrinsic value on these tables were calculated based on the closing market value of the Company’s stock on September 30, 2015 ($10.05).

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Entity Registrant Name PSYCHEMEDICS CORP

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CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
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Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Revenues $ 7,084,265 $ 7,704,047 $ 20,841,415 $ 22,443,005

Cost of revenues 3,627,582 3,734,470 10,776,122 10,786,382

Gross profit 3,456,683 3,969,577 10,065,293 11,656,623

Operating Expenses:

General & administrative 1,229,441 1,155,099 3,528,020 3,467,863

Marketing & selling 1,284,016 1,206,479 3,894,614 3,470,588

Research & development 392,042 363,788 1,284,914 986,201

Total Operating Expenses 2,905,499 2,725,366 8,707,548 7,924,652

Operating income 551,184 1,244,211 1,357,745 3,731,971

Other expense, net (30,411) (33,941) (94,614) (29,157)

Net income before provision for income taxes 520,773 1,210,270 1,263,131 3,702,814

(Benefit from) / provision for income taxes (275,612) 293,370 (63,106) 1,172,836

Net income and comprehensive income $ 796,385 $ 916,900 $ 1,326,237 $ 2,529,978

Basic net income per share (in dollars per share) $ 0.15 $ 0.17 $ 0.25 $ 0.47

Diluted net income per share (in dollars per share) 0.15 0.17 0.25 0.47

Dividends declared per share (in dollars per share) $ 0.15 $ 0.15 $ 0.45 $ 0.45

Weighted average common shares outstanding, basic (in shares) 5,422,541 5,375,061 5,399,131 5,348,730

Weighted average common shares outstanding, diluted (in shares) 5,424,989 5,389,425 5,406,053 5,375,472

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Commitments and Contingencies
9 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

7.

Commitments and Contingencies

The Company is subject to legal proceedings and claims which arise in the ordinary course of its business. The Company believes that based upon information available to the Company at this time, the expected outcome of these matters would not have a material impact on the Company’s results of operations or financial condition.

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Subsequent Events
9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

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6.

Subsequent Events

On October 13, 2015, the Company extended the lease 5 years on its facility at 5832 Uplander Way in Culver City, California to December 31, 2020. The estimated minimum lease obligation is $343 thousand, $350 thousand, $357 thousand, $364 thousand, and $371 thousand for 2016, 2017, 2018, 2019 and 2020 respectfully.

On October 28, 2015, the Company declared a quarterly dividend of $0.15 per share for a total of $813 thousand, which will be paid on November 19, 2015 to shareholders of record on November 9, 2015.

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Debt and Other Financing Arrangements (Details) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

2015 $ 405,000

2016 1,620,000

2017 1,620,000

2018 1,620,000

2019 868,000

2020 164,000

Total long-term debt 6,297,000

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Stock-Based Compensation (Details Textual) - USD ($)
$ / shares in Units, $ in Millions
1 Months Ended 9 Months Ended

Sep. 15, 2015

Apr. 29, 2015

Sep. 30, 2015

Employees And Director [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures 47,000

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term 10 years 6 years 6 months

Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Expected Term 5 years

Share Price $ 1.91

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price $ 10.21

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate 36.00%

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 2.20%

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate 6.00%

Stock Unit Award [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Unamortized Fair Value (in dollars) $ 1.4

Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Unamortized Fair Value Period For Amortization 3 years

Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period 43,950

Stock Incentive Plan 2006 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common Stock, Capital Shares Reserved for Future Issuance 228,696

Stock Incentive Plan 2006 [Member] | Stock Unit Award [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized 500,000

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant 70,232

Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period 1,000 44,950

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 10.05

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Basic and Diluted Net Income Per Share (Tables)
9 Months Ended

Sep. 30, 2015

Earnings Per Share, Basic and Diluted [Abstract]

Schedule of Weighted Average Number of Shares [Table Text Block]

Basic and diluted weighted average common shares outstanding are as follows:

Three Months Ended

Nine Months Ended

September 30,

September 30,

September 30,

September 30,

2015

2014

2015

2014

(in thousands)

Weighted average common shares outstanding, basic

5,423

5,375

5,399

5,349

Dilutive common equivalent shares

2

14

7

26

Weighted average common shares outstanding, diluted

5,425

5,389

5,406

5,375

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Debt and Other Financing Arrangements
9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

8.

Debt and Other Financing Arrangements

On March 20, 2014, the Company entered into an equipment financing arrangement with Banc of America Leasing & Capital, LLC (the “Lender”), which it amended on August 8, 2014 and September 15, 2015, including a Master Loan and Security Agreement and related documentation (collectively the “Equipment Loan Arrangement”) which provided the Company with the ability to finance, at its option, new and used equipment purchases. The 2014 amendment allowed up to $7.5 million of borrowing through March 2015. To allow for borrowing after the initial period, the arrangement was amended in September 2015 for an additional $1.8 million. Each such purchase financed under the Equipment Loan Arrangement was documented by the execution of an equipment note. Each note has a maturity date of 60 months from the applicable loan date, and bears interest at the then current 30-day LIBOR rate + 2.00%. Principal and interest are payable over the 60-month repayment period and principal is repayable without premium or penalty. Borrowings under the Equipment Loan Arrangement are secured by a first priority security interest in the equipment acquired with the proceeds of the equipment notes. Under the Equipment Loan Arrangement, the Company is subject to a maximum quarterly funded debt to EBITDA ratio and a minimum fixed charge coverage ratio. The Company was in compliance with all loan covenants as of September 30, 2015.

Under the Equipment Loan Arrangement, the Company executed notes on March 24, 2014, May 22, 2014, June 13, 2014, August 8, 2014 and September 15, 2015 in the amounts of $1.1 million, $1.9 million, $3.0 million, $1.0 million and $1.1 million, respectively, for total borrowings of $8.1 million. The interest rate for these notes for the quarter ended September 30, 2015 was 2.19%, and represented $31,411 of interest expense as compared to a rate of 2.15% and interest expense of $33,941 for 2014. For the nine months ended September 30, 2015 the interest rate was 2.18% and represented $95,216 of interest expense as compared to a rate of 2.15% and interest expense of $46,958 for 2014. As of September 30, 2015, the interest rate was 2.20% and there was $6.3 million of outstanding debt related to these notes. As of September 30, 2015, the Company had $0.7 million of debt financing available under this loan agreement.

The annual principal repayment requirements for debt obligations as of September 30, 2015 were as follows (in 000’s):

2015

$

405

2016

1,620

2017

1,620

2018

1,620

2019

868

2020

164

Total long-term debt

6,297

Less current portion of long-term debt

(1,620)

Total long-term debt, net of current portion

$

4,677

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Stock-Based Compensation (Tables)
9 Months Ended

Sep. 30, 2015

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Nonvested Performance-based Units Activity [Table Text Block]

A summary of activity for SUAs under the 2006 Plan for the nine months ended September 30, 2015 is as follows:

Aggregate

Number of

Intrinsic

Shares

Value (1)

(000s)

Unvested, December 31, 2014

121,625

Granted

44,950

Forfeited/expired

(15,297)

Converted to common stock

(39,814)

Unvested, March 31, 2015

111,464

$

0

(1)

The aggregate intrinsic value on these tables were calculated based on the closing market value of the Company’s stock on September 30, 2015 ($10.05).

Stock Incentive Plan 2006 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

As of September 30, 2015, the Company also had outstanding an aggregate of 47,000 options to acquire common stock under the 2006 Plan. A summary of stock option activity for the 2006 Plan for the nine months ended September 30, 2015 is as follows:

Weighted

Weighted

Average

Average

Exercise

Remaining

Aggregate

Number of

Price Per

Contractual

Intrinsic

Shares

Share

Life

Value (1)

(000s)

Outstanding, December 31, 2014

-

-

Granted

47,000

$

10.21

Exercised

-

-

Terminated/Expired

-

-

Outstanding, September 30, 2015

47,000

$

10.21

10 years

$

0

Exercisable, September 30, 2015

-

-

-

-

(2)

The aggregate intrinsic value on this table was calculated based on the amount, if any, by which the closing market value of the Company’s stock on the September 30, 2013 ($10.05) exceeded the exercise price of the underlying options, multiplied by the number of shares subject to each option.

Expired Plans [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of stock option activity for the Company’s expired stock option plans for the nine months ended September 30, 2015 is as follows:

Weighted

Weighted

Average

Average

Exercise

Remaining

Aggregate

Number of

Price Per

Contractual

Intrinsic

Shares

Share

Life

Value

(000s)

Outstanding, December 31, 2014

136,050

$

14.40

Granted

-

-

Exercised

(134,350)

$

14.40

Terminated/Expired

(1,700)

$

14.40

Outstanding, September 30, 2015

-

-

-

$

-

Exercisable, September 30, 2015

-

-

-

$

-

Available for grant, September 30, 2015

-

X

- Definition
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Debt and Other Financing Arrangements (Tables)
9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

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

The annual principal repayment requirements for debt obligations as of September 30, 2015 were as follows (in 000’s):

2015

$

405

2016

1,620

2017

1,620

2018

1,620

2019

868

2020

164

Total long-term debt

6,297

Less current portion of long-term debt

(1,620)

Total long-term debt, net of current portion

$

4,677

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Basic and Diluted Net Income Per Share (Details Textual) - shares
shares in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Class of Stock [Line Items]

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 89 182 73

X

- Definition
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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income $ 1,326,237 $ 2,529,978

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 1,102,112 751,306

Stock-based compensation 514,422 448,417

Changes in assets and liabilities:

Accounts receivable (1,375,031) (1,388,452)

Prepaid expenses, other current assets, and income tax receivable 787,769 286,221

Accounts payable (209,627) 172,696

Accrued expenses 43,335 (667,621)

Deferred income taxes (225,138) (176,648)

Net cash provided by operating activities 1,964,079 1,955,897

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of equipment and leasehold improvements (1,091,683) (6,993,673)

Cost of internally developed software (310,981) (321,394)

Other assets (23,011) (202,283)

Net cash used in investing activities (1,425,675) (7,517,350)

CASH FLOWS FROM FINANCING ACTIVITIES:

Net proceeds from exercise of stock options 91,556 47,564

Proceeds from issuance of stock, net of tax withholding (140,175) (36,968)

Proceeds from equipment financing 1,098,539 6,999,626

Payments of equipment financing (1,049,944) (401,562)

Cash dividends paid (2,428,639) (2,406,007)

Net cash provided by (used in) financing activities (2,428,663) 4,202,653

Net decrease in cash and cash equivalents (1,890,259) (1,358,800)

Cash and cash equivalents, beginning of period 3,612,153 3,970,512

Cash and cash equivalents, end of period 1,721,894 2,611,712

Supplemental Disclosures of Cash Flow Information:

Cash paid for income taxes 2,870 461,920

Cash paid for interest 94,385 42,285

Purchases of equipment through accrued liabilities $ 5,037 $ 191,566

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Fair Value Measurements
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Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

5.

Fair Value Measurements

ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), provides guidance for using fair value to measure assets and liabilities. It also responds to investors’ requests for expanded information about the extent to which companies’ measure assets and liabilities at fair value, the information used to measure fair value, and the effect of fair value measurements on earnings. ASC 820 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value, and does not expand the use of fair value in any new circumstances.

It establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy prioritizes the inputs in three broad levels as follows:

·

Level 1 inputs are unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities.

·

Level 2 inputs are quoted prices for similar assets and liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

·

Level 3 inputs are prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level of any input that is significant to the fair value measurement.

The financial assets of the Company measured at fair value on a recurring basis are cash and cash equivalents. The Company’s cash and cash equivalents are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices that are accessible at the measurement date for identical assets and liabilities.

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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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Basic and Diluted Net Income Per Share (Details) - shares
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Weighted average common shares outstanding, basic 5,422,541 5,375,061 5,399,131 5,348,730

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-Name Accounting Standards Codification

-Glossary Weighted-Average Number of Common Shares Outstanding

-URI http://asc.fasb.org/extlink&oid=6528421

+ Details

Name: us-gaap_WeightedAverageNumberOfSharesOutstandingBasic

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

CONDENSED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 1,721,894	$ 3,612,153
Accounts receivable, net of allowance for doubtful accounts of $61,992 in 2015 and $95,525 in 2014	5,453,164	4,078,133
Prepaid expenses and other current assets	1,286,774	689,995
Income tax receivable	435,195	1,819,743
Deferred tax assets	601,667	376,529
Total Current Assets	9,498,694	10,576,553
Fixed Assets, net of accumulated amortization and depreciation of $6,537,560 in 2015 and $5,788,551 in 2014	13,070,787	12,740,131
Other assets	758,968	761,025
Total Assets	23,328,449	24,077,709
Current Liabilities:
Accounts payable	635,444	845,071
Accrued expenses	1,399,705	1,351,333
Current portion of long-term debt	1,619,633	1,399,925
Total Current Liabilities	3,654,782	3,596,329
Long-term debt	4,677,045	4,848,158
Deferred tax liabilities, long-term	2,796,666	2,796,666
Total Liabilities	$ 11,128,493	$ 11,241,153
Commitments and Contingencies (Notes 6 and 7)
Shareholders' Equity:
Preferred-stock, $0.005 par value, 872,521 shares authorized, no shares issued or outstanding	$ 0	$ 0
Common stock, $0.005 par value; 50,000,000 shares authorized 6,090,671 shares issued in 2015 and 6,043,191 shares issued in 2014	30,453	30,216
Additional paid-in capital	29,919,589	29,454,023
Accumulated deficit	(7,668,297)	(6,565,894)
Less - Treasury stock, at cost, 668,130 shares	(10,081,789)	(10,081,789)
Total Shareholders' Equity	12,199,956	12,836,556
Total Liabilities and Shareholders' Equity	$ 23,328,449	$ 24,077,709

Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 28, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Oct. 13, 2015
Common Stock, Dividends, Per Share, Declared		$ 0.15	$ 0.15	$ 0.45	$ 0.45
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.15
Dividends Payable	$ 813
Operating Leases, Future Minimum Payments Due, Next Twelve Months						$ 343
Operating Leases, Future Minimum Payments, Due in Two Years						350
Operating Leases, Future Minimum Payments, Due in Three Years						357
Operating Leases, Future Minimum Payments, Due in Four Years						364
Operating Leases, Future Minimum Payments, Due in Five Years						$ 371

Debt and Other Financing Arrangements (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 20, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 15, 2015	Aug. 08, 2014	Jun. 13, 2014	May. 22, 2014	Mar. 24, 2014
Debt Instrument, Interest Rate, Effective Percentage		2.18%	2.15%	2.18%	2.15%
Interest Expense		$ 31,411	$ 33,941	$ 95,216	$ 46,958
Proceeds from Lines of Credit				1,800,000
Equipment Loan Arrangement [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 7,500,000	$ 8,100,000		$ 8,100,000		$ 1,100,000	$ 1,000,000	$ 3,000,000	$ 1,900,000	$ 1,100,000
Long-term Debt, Description	Each note has a maturity date of 60 months from the applicable loan date, and bears interest at the then current 30-day LIBOR rate + 2.00%. Principal and interest are payable over the 60-month repayment period and principal is repayable without premium or penalty.
Debt Instrument, Interest Rate, Effective Percentage		2.20%		2.20%
Long-term Debt and Capital Lease Obligations		$ 6,300,000		$ 6,300,000
Line of Credit Facility, Remaining Borrowing Capacity		$ 700,000		$ 700,000

CONDENSED BALANCE SHEETS [Parenthetical] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Allowance for doubtful accounts	$ 61,992	$ 95,525
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 6,537,560	$ 5,788,551
Preferred stock, par value (in dollars per share)	$ 0.005	$ 0.005
Preferred stock, shares authorized	872,521	872,521
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.005	$ 0.005
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	6,090,671	6,043,191
Treasury stock, shares	668,130	668,130

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2015	Oct. 23, 2015
Document Information [Line Items]
Entity Registrant Name	PSYCHEMEDICS CORP
Entity Central Index Key	0000806517
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	PMD
Entity Common Stock, Shares Outstanding		5,422,541
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2015

Debt and Other Financing Arrangements (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
2015	$ 405,000
2016	1,620,000
2017	1,620,000
2018	1,620,000
2019	868,000
2020	164,000
Total long-term debt	6,297,000
Less current portion of long-term debt	(1,619,633)	$ (1,399,925)
Total long-term debt, net of current portion	$ 4,677,045	$ 4,848,158

Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		9 Months Ended
	Sep. 15, 2015	Apr. 29, 2015	Sep. 30, 2015
Employees And Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	47,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	10 years		6 years 6 months
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Expected Term	5 years
Share Price			$ 1.91
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price			$ 10.21
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			36.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			2.20%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate			6.00%
Stock Unit Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Unamortized Fair Value (in dollars)			$ 1.4
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Unamortized Fair Value Period For Amortization			3 years
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period		43,950
Stock Incentive Plan 2006 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance			228,696
Stock Incentive Plan 2006 [Member] \| Stock Unit Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			70,232
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period	1,000		44,950
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 10.05

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,326,237	$ 2,529,978
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,102,112	751,306
Stock-based compensation	514,422	448,417
Changes in assets and liabilities:
Accounts receivable	(1,375,031)	(1,388,452)
Prepaid expenses, other current assets, and income tax receivable	787,769	286,221
Accounts payable	(209,627)	172,696
Accrued expenses	43,335	(667,621)
Deferred income taxes	(225,138)	(176,648)
Net cash provided by operating activities	1,964,079	1,955,897
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of equipment and leasehold improvements	(1,091,683)	(6,993,673)
Cost of internally developed software	(310,981)	(321,394)
Other assets	(23,011)	(202,283)
Net cash used in investing activities	(1,425,675)	(7,517,350)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from exercise of stock options	91,556	47,564
Proceeds from issuance of stock, net of tax withholding	(140,175)	(36,968)
Proceeds from equipment financing	1,098,539	6,999,626
Payments of equipment financing	(1,049,944)	(401,562)
Cash dividends paid	(2,428,639)	(2,406,007)
Net cash provided by (used in) financing activities	(2,428,663)	4,202,653
Net decrease in cash and cash equivalents	(1,890,259)	(1,358,800)
Cash and cash equivalents, beginning of period	3,612,153	3,970,512
Cash and cash equivalents, end of period	1,721,894	2,611,712
Supplemental Disclosures of Cash Flow Information:
Cash paid for income taxes	2,870	461,920
Cash paid for interest	94,385	42,285
Purchases of equipment through accrued liabilities	$ 5,037	$ 191,566