0000930413-18-001746.txt : 20180509 0000930413-18-001746.hdr.sgml : 20180509 20180509060149 ACCESSION NUMBER: 0000930413-18-001746 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 73 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180509 DATE AS OF CHANGE: 20180509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WIRELESS TELECOM GROUP INC CENTRAL INDEX KEY: 0000878828 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 222582295 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11916 FILM NUMBER: 18816523 BUSINESS ADDRESS: STREET 1: EAST 64 MIDLAND AVE CITY: PARAMUS STATE: NJ ZIP: 07652 BUSINESS PHONE: 2012618797 MAIL ADDRESS: STREET 1: EAST 64 MIDLAND AVE CITY: PARAMUS STATE: NJ ZIP: 07652 FORMER COMPANY: FORMER CONFORMED NAME: NOISE COM INC/NJ DATE OF NAME CHANGE: 19930328 10-Q 1 c91154_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

(Mark One)

  x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2018

 

OR

 

  o 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: 1-11916

 

WIRELESS TELECOM GROUP, INC.

(Exact name of registrant as specified in its charter)

 

New Jersey   22-2582295
(State or Other Jurisdiction   (I.R.S. Employer
of Incorporation or Organization)   Identification No.)
     
25 Eastmans Road, Parsippany, New Jersey   07054
(Address of Principal Executive Offices)   (Zip Code)

 

(973) 386-9696

(Registrant’s Telephone Number, Including Area Code)

 

 

 

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

 

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 o

 

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

 

Large accelerated filer o Accelerated filer o Non-accelerated filer o Smaller reporting company x Emerging growth company o

 

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

 

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

 

Number of shares of Common Stock outstanding as of May 1, 2018: 20,979,651

1

WIRELESS TELECOM GROUP, INC.

Table of Contents

 

PART I – FINANCIAL INFORMATION   3
     
Item 1. FINANCIAL STATEMENTS   3
     
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS   23
     
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK   26
     
Item 4. CONTROLS AND PROCEDURES   26
     
PART II – OTHER INFORMATION   27
     
Item 1.  LEGAL PROCEEDINGS   27
     
Item 1A.  RISK FACTORS   27
     
Item 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS   27
     
Item 3.  DEFAULTS UPON SENIOR SECURITIES   27
     
Item 4.  MINE SAFETY DISCLOSURES   27
     
Item 5.  OTHER INFORMATION   27
     
Item 6.  EXHIBITS   27
     
SIGNATURES   28
2

WIRELESS TELECOM GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts and par value)

 

PART I – FINANCIAL INFORMATION

 

Item 1 – FINANCIAL STATEMENTS

 

   March 31  December 31
   2018  2017
   (Unaudited)   
CURRENT ASSETS          
Cash & cash equivalents  $2,240   $2,458 
Accounts receivable - net of reserves of $42 and $44, respectively   10,747    9,041 
Inventories - net of reserves of $1,732 and $1,856, respectively   7,053    6,526 
Prepaid expenses and other current assets   1,725    4,733 
TOTAL CURRENT ASSETS   21,765    22,758 
PROPERTY PLANT AND EQUIPMENT - NET   2,639    2,730 
OTHER ASSETS          
Goodwill   10,598    10,260 
Acquired Intangible Assets, net   4,391    4,511 
Deferred income taxes   5,958    5,939 
Other   772    723 
TOTAL OTHER ASSETS   21,719    21,433 
TOTAL ASSETS  $46,123   $46,921 
CURRENT LIABILITIES          
Short term debt  $2,747   $1,335 
Accounts payable   3,922    4,109 
Accrued expenses and other current liabilities   3,884    2,894 
Deferred Revenue   808    629 
TOTAL CURRENT LIABILITIES   11,361    8,967 
LONG TERM LIABILITIES          
Long term debt   456    494 
Other long term liabilities   100    1,590 
Deferred Tax Liability   852    767 
TOTAL LONG TERM LIABILITIES   1,408    2,851 
COMMITMENTS AND CONTINGENCIES          
SHAREHOLDERS’ EQUITY          
Preferred stock, $.01 par value, 2,000,000 shares authorized, none issued   -    - 
Common stock, $.01 par value, 75,000,000 shares authorized, 34,168,252 and 33,868,252 shares issued, 20,979,651 and 22,772,167 shares outstanding   342    339 
Additional paid in capital   47,967    47,494 
Retained earnings   7,971    7,176 
Treasury stock at cost, - 13,188,601 and 11,096,085 shares, respectively   (24,509)   (20,910)
Accumulated Other Comprehensive Income   1,583    1,004 
TOTAL SHAREHOLDERS’ EQUITY   33,354    35,103 
           
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $46,123   $46,921 

 

See accompanying notes to condensed consolidated financial statements.

3

WIRELESS TELECOM GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) (UNAUDITED)

(In thousands, except share and per share amounts)

 

   For the Three Months
Ended March 31,
   2018   2017 
NET REVENUES  $13,264   $9,549 
           
COST OF REVENUES   6,996    5,216 
           
GROSS PROFIT   6,268    4,333 
           
Operating Expenses          
Research and Development   1,157    1,087 
Sales and Marketing   1,910    1,552 
General and Administrative   2,681    3,412 
Total Operating Expenses   5,748    6,051 
           
Operating income/(loss)   520    (1,718)
           
Other income/(expense)   2    (2)
Interest Expense   (92)   (49)
           
Income/(loss) before taxes   430    (1,769)
           
Tax Provision/(Benefit)   56    (538)
           
Net Income/(Loss)  $374   $(1,231)
           
Other Comprehensive Income/(Loss):          
Foreign currency translation adjustments   579    (59)
Comprehensive Income/(Loss)  $953   $(1,290)
           
Net Income/(Loss) per common share:          
Basic  $0.02   $(0.06)
Diluted  $0.02   $(0.06)
           
Weighted average shares outstanding:          
Basic   20,644,409    20,386,678 
Diluted   21,633,117    20,386,678 

 

In periods with a net loss, the basic loss per share equals the diluted loss per share as all common stock equivalents are excluded from the per share calculation because they are anti-dilutive.

 

See accompanying notes to condensed consolidated financial statements.

4

WIRELESS TELECOM GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In thousands)

 

   For the Three Months
   Ended March 31
   2018   2017 
CASH FLOWS PROVIDED/(USED) BY OPERATING ACTIVITIES          
Net Income/(loss)  $374   $(1,231)
Adjustments to reconcile net income/(loss) to net cash (used) by operating activities:          
Depreciation and amortization   626    414 
Amortization of debt issuance fees   19    9 
Share-based compensation expense   188    301 
Deferred rent   5    8 
Deferred income taxes   37    (496)
Provision for (recovery of) doubtful accounts   (1)   1 
Inventory reserves   19    100 
Changes in assets and liabilities, net of acquisition:          
Accounts receivable   (1,574)   (231)
Inventories   (524)   (412)
Prepaid expenses and other assets   (507)   125 
Accounts payable   (255)   352 
Accrued expenses and other liabilities   635    160 
Net cash (used) by operating activities   (958)   (900)
CASH FLOWS (USED) BY INVESTING ACTIVITIES          
Capital expenditures   (199)   (192)
Acquisition of business net of cash acquired   (811)   (8,596)
Net cash (used) by investing activities   (1,010)   (8,788)
CASH FLOWS PROVIDED/(USED) BY FINANCING ACTIVITIES          
Revolver borrowings   10,603    3,399 
Revolver repayments   (9,191)   (1,494)
Term loan borrowings   -    760 
Term loan repayments   (38)   - 
Debt issuance fees   -    (215)
Proceeds from exercise of stock options   288    38 
Net cash provided/(used) by financing activities   1,662    2,488 
Effect of exchange rate changes on cash and cash equivalents   88    27 
NET (DECREASE) IN CASH AND CASH EQUIVALENTS   (218)   (7,173)
Cash and cash equivalents, at beginning of period   2,458    9,351 
CASH AND CASH EQUIVALENTS, AT END OF PERIOD  $2,240   $2,178 
SUPPLEMENTAL INFORMATION:          
Cash paid during the period for interest  $36   $5 
Cash paid during the period for income taxes  $9   $- 
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:          
Issuance of Common Shares as Consideration  $-   $5,999 

 

See accompanying notes to condensed consolidated financial statements.

5

WIRELESS TELECOM GROUP, INC.

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (UNAUDITED)

(In thousands, except share amounts)

 

      Common           Accumulated Other  Total
   Common  Stock  Additional Paid  Retained     Comprehensive  Shareholders’
   Stock Issued  Amount  In Capital  Earnings  Treasury Stock  Income  Equity
Balances at December 31, 2017   33,868,252   $339   $47,494   $7,176   $(20,910)  $1,004   $35,103 
                                    
Adoption of Accounting Standard   -    -    -    421    -    -    421 
Adjusted Opening Equity   33,868,252   $339   $47,494   $7,597   $(20,910)  $1,004   $35,524 
                                    
Net Income (loss)   -    -    -    374    -    -    374 
Issuance of shares in connection with stock options exercised   300,000    3    285    -    -    -    288 
                                    
Forfeiture of shares issued in connection with CommAgility acquisition   -    -    -    -    (3,599)   -    (3,599)
Share-based compensation expense   -    -    188    -    -    -    188 
Cumulative translation adjustment   -    -    -    -    -    579    579 
Balances at March 31, 2018   34,168,252   $342   $47,967   $7,971   $(24,509)  $1,583   $33,354 

 

See accompanying notes to condensed consolidated financial statements.

6

WIRELESS TELECOM GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(In thousands, unless otherwise noted)

 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES

 

Basis of Presentation

 

Wireless Telecom Group, Inc., a New Jersey corporation, together with its subsidiaries (“we”, “us”, “our” or the “Company”), is a global designer and manufacturer of advanced radio frequency (“RF”) and microwave components, modules, systems and instruments and currently markets its products and services worldwide under the Boonton, Microlab, Noisecom and CommAgility brands. Serving the wireless, telecommunication, satellite, military, aerospace, and semiconductor industries, Wireless Telecom Group products enable innovation across a wide range of traditional and emerging wireless technologies. With a unique set of high-performance products including peak power meters, signal analyzers, signal processing modules, long term evolution (“LTE”) physical layer (“PHY”) and stack software, power splitters and combiners, global positioning system (“GPS”) repeaters, public safety monitors, noise sources, and programmable noise generators, Wireless Telecom Group supports the development, testing, and deployment of wireless technologies around the globe.

 

The condensed consolidated balance sheet as of March 31, 2018, the condensed consolidated statements of operations and comprehensive income/(loss) for the three months ended March 31, 2018 and 2017, the condensed consolidated statements of cash flows for the three months ended March 31, 2018 and 2017 and the condensed consolidated statement of shareholders’ equity for the three months ended March 31, 2018 have been prepared by the Company without audit. The condensed consolidated financial statements include the accounts of Wireless Telecom Group, Inc., doing business as and operating under the trade name, Noisecom, and its wholly owned subsidiaries including Boonton Electronics Corporation (“Boonton”), Microlab/FXR (“Microlab”), Wireless Telecommunications Ltd. and CommAgility Limited (“CommAgility”). All intercompany transactions and balances have been eliminated in consolidation.

 

It is suggested that these interim condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements, and the notes thereto, included in the Company’s latest shareholders’ annual report (Form 10-K).

 

Condensed Consolidated Financial Statements

 

In the opinion of management, the accompanying condensed consolidated financial statements referred to above contain all necessary adjustments, consisting of normal accruals and recurring entries, which are necessary to fairly present the Company’s results for the interim periods being presented.

 

The accounting policies followed by the Company are set forth in Note 1 to the Company’s financial statements included in its annual report on Form 10-K for the year ended December 31, 2017. Specific reference is made to that report since certain information and footnote disclosures normally included in financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) have been reduced for interim periods in accordance with SEC rules.

 

The results of operations for the three month period ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year ending December 31, 2018.

 

Use of Estimates

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including inventory valuation, accounts receivable valuation, valuation of deferred tax assets, intangible assets, estimated fair values of stock options and estimated fair values of acquired assets and liabilities in business combinations) and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of net revenues and expenses during the reporting period. Actual results could differ from those estimates.

7

WIRELESS TELECOM GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(In thousands, unless otherwise noted)

 

Foreign Currency Translation

 

Assets and liabilities of non-U.S. subsidiaries that operate in a local currency environment, where the local currency is the functional currency, are translated from foreign currencies into U.S. dollars at period-end exchange rates while income and expenses are translated at the weighted average spot rate for the periods presented. Translation gains or losses related to net assets located outside the U.S. are shown as a component of accumulated other comprehensive income in the Consolidated Statements of Shareholders’ Equity. Gains and losses resulting from foreign currency transactions, which are denominated in currencies other than the Company’s functional currency, are included in the Consolidated Statements of Operations and Comprehensive Loss.

 

Concentration Risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable.

 

Credit evaluations are performed on customers requiring credit over a certain amount. Credit risk is mitigated to a lesser extent through collateral such as letters of credit, bank guarantees or payment terms like cash in advance.

 

For the three months ended March 31, 2018, one customer accounted for approximately 16% of the Company’s consolidated revenues. For the three months ended March 31, 2017, one customer accounted for approximately 11% of the Company’s consolidated revenues. At March 31, 2018, one customer exceeded 10% of consolidated gross accounts receivable at 23% of the Company’s gross accounts receivable. At December 31, 2017, two customers exceeded 10% of consolidated gross accounts receivable at 18% and 11%, respectively.

 

Fair Value of Financial Instruments

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

 

Level 1—Quoted prices in active markets for identical assets or liabilities.

 

Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 

The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement.

 

The carrying amounts of the Company’s financial instruments, including cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. The Company’s term loan and revolving credit facility bear interest at a variable interest rate plus an applicable margin and, therefore, carrying amount approximates fair value.

 

Contingent Consideration

 

Under the terms of the CommAgility Share Purchase Agreement the Company may be required to pay additional purchase price if certain financial targets are achieved for the years ending December 31, 2017 and December 31, 2018 (“CommAgility Earn-Out”). The financial targets for 2017 were not achieved therefore there was no earn-out payment made in the three months ended March 31, 2018. As of December 31, 2017, the Company estimated the fair value of the contingent consideration remaining to be paid based on the 2018 financial results to be $630. The Company is required to reassess the fair value of the contingent consideration at each reporting period.

 

The significant inputs used in this fair value estimate include gross revenues and Adjusted EBITDA, as defined, scenarios for the earn-out periods for which probabilities are assigned to each scenario to arrive at a single estimated outcome. The estimated outcome is then discounted based on individual risk analysis of the liability. Although the

8

WIRELESS TELECOM GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(In thousands, unless otherwise noted)

 

Company believes its estimates and assumptions are reasonable, different assumptions, including those regarding the operating results of CommAgility or changes in the future, may result in different estimated amounts.

 

As of March 31, 2018, the Company’s contingent consideration liability has been estimated at $678 and is recorded in other current liabilities in the accompanying condensed consolidated balance sheet. The Company will satisfy this obligation with a cash payment to the sellers of CommAgility upon the achievement of the financial targets for 2018. The contingent consideration liability is considered a Level 3 fair value measurement.

 

Subsequent Events

 

Management has evaluated subsequent events and determined that there were no subsequent events or transactions requiring recognition or disclosure in the consolidated financial statements through the date the financial statements were issued.

 

NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS

 

Adopted During The Three Months Ended March 31, 2018

 

On January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“Topic 606”) using the “modified retrospective” method, meaning the standard is applied only to the most current period presented in the financial statements.  Furthermore, we elected to apply the standard only to those contracts which were not completed as of the date of the adoption. Results for reporting periods beginning on the date of adoption are presented under Topic 606, while prior period amounts have not been adjusted and continue to be reported in accordance with accounting standards in effect for those periods (see Note 3).

 

Upon adoption, a cumulative effect adjustment of $421 was made and the impact resulted in an increase to retained earnings on the Condensed Consolidated Balance Sheet as of January 1, 2018. The adjustment was based on customer-specific contracts in effect at December 31, 2017 and reflects revenue that would have been recognized in 2018 in accordance with Accounting Standard Codification (“ASC”) 605 “Revenue Recognition” and Subtopic 985 “Software” collectively referred to as “Topic 605”. The beginning balance of deferred revenue decreased by $258 representing amounts that were invoiced to customers and not recognized and prepaid and other current assets increased by $163 representing unbilled receivables recognized under Topic 606. Further, accounts receivable increased $199 as the contra accounts receivable balance representing estimated product returns was reclassified to other current liabilities.

 

The most significant impact of Topic 606 relates to the Company’s accounting for software license agreements which have multiple deliverables. Under Topic 605 the Company could not establish vendor specific objective evidence of fair value (“VSOE”) for its undelivered elements and therefore was not able to separate its delivered software licenses from its future undelivered software license releases. Topic 606 no longer requires separability of promised goods, such as software licenses, on the basis of VSOE. Rather, Topic 606 requires the Company to identify the performance obligations in the contract — that is, those promised goods and services (or bundles of promised goods or services) that are distinct — and allocate the transaction price of the contract to those performance obligations on the basis of estimated standalone selling prices (“SSPs”). For these arrangements, the Company will recognize revenue for each deliverable at a point in time when control is transferred to the customer since each deliverable has standalone value.

 

The primary impact of adopting the new standard results in an acceleration of revenues recognized for the aforementioned multiple deliverable software license arrangements, which are primarily in the Embedded Solutions segment. These multiple deliverable arrangements represented less than 2% of total consolidated revenues for the year ended December 31, 2017.

 

The timing of revenue recognition for digital signal processing hardware in the Embedded Solutions segment, radio frequency solutions in the Network Solutions segment and noise generators and components and power meters and analyzers and related services in the Test and Measurement segment remains substantially unchanged.

 

The following line items in our Condensed Consolidated Statement of Operations and Comprehensive Income for the current reporting period and Condensed Consolidated Balance Sheet as of March 31, 2018 have been provided to reflect both the adoption of Topic 606 as well as a comparative presentation in accordance with Topic 605 previously in effect:

9

WIRELESS TELECOM GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(In thousands, unless otherwise noted)

 

   Three Months Ended March 31, 2018
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME   As Reported (in
Accordance with
ASC Topic 606)
   Balances Without
Adoption of
ASC Topic 606
   Impact of
Adoption
Higher/(Lower)
 
Net sales  $13,264   $12,958   $306 
Operating income   430    124    306 
Net income   374    68    306 
                
   As of March 31, 2018
CONDENSED CONSOLIDATED BALANCE SHEET  As Reported (in
Accordance with
ASC Topic 606)
   Balances Without
Adoption of
ASC Topic 606
   Impact of
Adoption
Higher/(Lower)
 
CURRENT ASSETS               
Prepaid expenses and other current assets  $1,725   $1,241   $484 
CURRENT LIABILITIES               
Deferred revenue   808    1,068    (260)
SHAREHOLDERS’ EQUITY               
Retained earnings   7,971    7,665    306 

 

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business Topic 805 (“ASU 2017-01”). ASU 2017-01 clarifies the definition of a business for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company adopted this standard on January 1, 2018 and will apply the standard to any future business combinations.

 

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230); Classification of Certain Cash Receipts and Cash Payments, to address some questions about the presentation and classification of certain cash receipts and payments in the statement of cash flows. The update addresses eight specific issues, including contingent consideration payments made after a business combination, distribution received from equity method investees and the classification of cash receipts and payments that have aspects of more than one class of cash flows. This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this standard on January 1, 2018, and it had no material impact on our financial statements.

 

Except for the change in accounting policies for revenue recognition as a result of adopting Topic 606, there have been no other changes to our significant accounting policies as described in the 2017 Form 10-K that had a material impact on our condensed consolidated financial statements and related notes.

10

WIRELESS TELECOM GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(In thousands, unless otherwise noted)

 

Recent Accounting Pronouncements Not Yet Adopted

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which creates new accounting and reporting guidelines for leasing arrangements. The new guidance requires organizations that lease assets to recognize assets and liabilities on the balance sheet related to the rights and obligations created by those leases, regardless of whether they are classified as finance or operating leases. Consistent with current guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease primarily will depend on its classification as a finance or operating lease. The guidance also requires new disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with early application permitted.

 

The Company is currently evaluating its population of leases and is continuing to assess all potential impacts of ASU 2016-02. The Company does anticipate recognition of additional assets and corresponding liabilities related to leases upon adoption, but has not yet quantified these at this time. The Company plans to adopt the standard effective January 1, 2019, but has not yet selected a transition method.

 

NOTE 3 – REVENUE

 

Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services. The Company’s performance obligations are satisfied either over time or at a point in time. Revenue from performance obligations that transferred at a point in time accounted for approximately 94% of the Company’s total revenue for the three months ended March 31, 2018.

 

Nature of Products and Services

 

Hardware

 

The Company generally has one performance obligation in its arrangements involving the sales of radio frequency solutions in the Network Solutions segment, digital signal processing hardware in the Embedded Solutions segment and noise generators and components and power meter and analyzers in the Test and Measurement segment. When the terms of a contract include the transfer of multiple products, each distinct product is identified as a separate performance obligation. Generally, satisfaction occurs when control of the promised goods is transferred to the customer in exchange for consideration in an amount for which we expect to be entitled.  Generally, control is transferred when legal title of the asset moves from the Company to the customer. We sell our products to a customer based on a purchase order, and the shipping terms per each individual order are primarily used to satisfy the single performance obligation. However, in order to determine control has transferred to the customer, the Company also considers:

  · when the Company has a present right to payment for the asset
  · when the Company has transferred physical possession of the asset to the customer
  · when the customer has the significant risks and rewards of ownership of the asset
  · when the customer has accepted the asset

 

Software

 

Arrangements involving licenses of software in the Embedded Solutions segment may involve multiple performance obligations, most notably subsequent releases of the software. The Company has concluded that each software release in a multiple deliverable arrangement in the Embedded Solutions segment is a distinct performance obligation and, accordingly, transaction price is allocated to each release when the customer obtains control of the software.

 

Performance obligations that are not distinct at contract inception are combined. Specifically, with the Company’s sales of software, contracts that include customization may result in the combination of the customization services with the license as one distinct performance obligation and recognized over time. The duration of these performance obligations are typically one year or less.

11

WIRELESS TELECOM GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(In thousands, unless otherwise noted)

 

Services

 

Arrangements involving calibration and repair services in the Company’s Test and Measurement segment are generally considered a single performance obligation and are recognized as the services are rendered.

 

Shipping and Handling

 

Shipping and handling activities performed after the customer obtains control are accounted for as fulfillment activities and recognized as cost of revenues.

 

Significant Judgments

 

For the Company’s more complex software and services arrangements significant judgment is required in determining whether licenses and services are distinct performance obligations that should be accounted for separately, or, are not distinct, and thus accounted for together. Further, in cases where we determine that performance obligations should be accounted for separately, judgement is required to determine the standalone selling price for each distinct performance obligation.

 

Certain of the Company shipments include a limited return right. In accordance with Topic 606 the Company recognizes revenue net of expected returns.

 

Contract Balances

 

The timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in contract assets or contract liabilities (deferred revenue) on the Company’s condensed consolidated balance sheet. The Company records a contract asset when revenue is recognized prior to invoicing, or deferred revenue when revenue is recognized subsequent to invoicing. Contract assets are recorded in prepaid expenses and other current assets and are $484 and $162 as of March 31, 2018 and December 31, 2017 (as adjusted), respectively. The increase in contract assets from December 31, 2017 is due to contract assets recognized in the current period. Deferred revenue is $808 and $371 as of March 31, 2018 and December 31, 2017 (as adjusted), respectively. Revenue recognized in the current period that was included in the opening deferred revenue balance was $163.

 

Disaggregated Revenue

 

We disaggregate our revenue from contracts with customers by product family and geographic location for each of our segments as we believe it best depicts how the nature, timing and uncertainty of our revenue and cash flows are affected by economic factors. See details in the tables below.

 

   Three Months Ended March 31, 2018 
Total Net Revenues
by Revenue Type
  Network
Solutions
   Test and
Measurement
   Embedded
Solutions
   Total 
RF Solutions  $5,511   $-   $-   $5,511 
Noise Generators and Components   -    1,499    -    1,499 
Power Meters and Analyzers   -    1,980    -    1,980 
Signal Processing Hardware   -    -    2,906    2,906 
Software Licenses   -    -    483    483 
Services   -    284    601    885 
Total Net Revenue  $5,511   $3,763   $3,990   $13,264 
12

WIRELESS TELECOM GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(In thousands, unless otherwise noted)

 

Total Net Revenues
By Geographic Areas
  Network
Solutions
   Test and
Measurement
   Embedded
Solutions
   Total 
Americas  $4,159   $2,515   $1,423   $8,097 
EMEA   941    449    2,370    3,760 
APAC   411    799    197    1,407 
Total Net Revenue  $5,511   $3,763   $3,990   $13,264 
                     
 Three Months Ended March 31, 2017
Total Net Revenues
By Revenue Type
  Network Solutions   Test and
Measurement
   Embedded
Solutions
   Total 
RF Solutions  $5,515   $-   $-   $5,515 
Noise Generators and Components   -    1,217    -    1,217 
Power Meters and Analyzers   -    1,536    -    1,536 
Signal Processing Hardware   -    -    382    382 
Software Licenses   -    -    85    85 
Services   -    284    530    814 
Total Net Revenue  $5,515   $3,037   $997   $9,549 
                     
Total Net Revenues
by Geographic Areas
  Network
Solutions
   Test and
Measurement
   Embedded
Solutions
   Total 
Americas   4,710    1,690    565    6,965 
EMEA   572    554    397    1,523 
APAC   233    793    35    1,061 
Total Net Revenue   5,515    3,037    997    9,549 

 

NOTE 4 – PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

Prepaid expenses and other current assets generally consist of income tax receivables, prepaid insurance, prepaid maintenance agreements and the short term portion of debt issuance costs. As of December 31, 2017, prepaid and other current assets included a $3,599 contingent asset representing the fair value of consideration shares issued in connection with the CommAgility acquisition. Under the claw back provision of the Share Purchase Agreement (see Note 5) the consideration shares were forfeited in March 2018 and are no longer outstanding. Accordingly, prepaid expenses and other current assets decreased by $3,599 from December 31, 2017. The forfeited shares are recorded as treasury stock in the condensed consolidated statement of shareholders’ equity as of March 31, 2018.

 

NOTE 5 – ACQUISITION OF COMMAGILITY

 

On February 17, 2017, Wireless Telecommunications, Ltd. (the “Acquisition Subsidiary”), a company incorporated in England and Wales which is a wholly owned subsidiary of Wireless Telecom Group, Inc., completed the acquisition of all the issued shares in CommAgility Limited, (“CommAgility”) a company incorporated in England and Wales (the “Acquisition”) from CommAgility’s founders. The Acquisition was completed pursuant to the terms of a Share Purchase Agreement, dated February 17, 2017, and entered into by and among the Company, the Acquisition Subsidiary and the founders. The Company paid $11,318 in cash on acquisition date and issued 3,488 shares of

13

WIRELESS TELECOM GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(In thousands, unless otherwise noted)

 

newly issued Company common stock (“Consideration Shares”) with an acquisition date fair value of $6,000. In addition to the acquisition date cash purchase price the sellers were paid an additional $2,500 in the form of deferred purchase price payable in installments beginning in March 2017 through January 2019 and were paid an additional purchase price adjustment based on working capital and cash levels of $1,400. Lastly, the sellers could have earned an additional £10,000 in purchase price if certain financial targets were met for the years ending December 31, 2017 and December 31, 2018. (See Note 1).

 

Pursuant to the Share Purchase Agreement, 2,093 of the Consideration Shares were subject to forfeiture and return to the Company if (a) 2017 Adjusted EBITDA, as defined, generated by CommAgility is less than £2,400; or (b) 2018 Adjusted EBITDA, as defined, generated by CommAgility is less than £2,400 (in each case as determined by an audit of CommAgility conducted by the accountants of the Acquisition Subsidiary in accordance with the terms of the Share Purchase Agreement). During the three months ended March 31, 2018 all consideration shares were forfeited as the 2017 EBITDA threshold was not achieved. The fair value of these shares of $3,599 is recorded in treasury stock as of March 31, 2018.

 

The following table summarizes the activity related to contingent consideration and deferred purchase price for the three months ended March 31, 2018:

 

     Contingent Consideration   Deferred Purchase
Price
 
  Balance at December 31, 2017  $630   $1,230 
  Accretion of Interest   24    - 
  Payment   -    (811)
  Foreign Currency Translation   24    48 
  Balance as of March 31, 2018  $678   $467 

 

As of March 31, 2018, contingent consideration liability and deferred purchase price are included in accrued expenses and other current liabilities on the condensed consolidated balance sheet.

 

NOTE 6 – INCOME TAXES

 

The Company records deferred taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Accounting for Income Taxes.” ASC 740 requires recognition of deferred tax assets and liabilities for temporary differences between tax basis of assets and liabilities and the amounts at which they are carried in the financial statements, based upon the enacted rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance when necessary to reduce deferred tax assets to the amount expected to be realized. The Company periodically assesses the value of its deferred tax assets and determines the necessity for a valuation allowance.

 

Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in the appropriate tax jurisdictions in future years to obtain benefit from the reversal of net deductible temporary differences and from utilization of net operating losses. The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income are changed.

 

The effective rate of income tax provision of 13% for the three months ended March 31, 2018 was lower than the statutory rates in the United States and United Kingdom primarily due to research and development deductions in the United Kingdom and non-qualified stock option deductions offset by nondeductible expenses and U.S. state income taxes.

 

NOTE 7 - INCOME (LOSS) PER COMMON SHARE

 

Basic income (loss) per share is calculated by dividing income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per share

14

WIRELESS TELECOM GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(In thousands, unless otherwise noted)

 

is calculated by dividing income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period and, when dilutive, potential shares from stock options using the treasury stock method and unvested restricted shares. In periods with a net loss, the basic loss per share equals the diluted loss per share as all common stock equivalents are excluded from the per share calculation because they are anti-dilutive. In accordance with ASC 260, “Earnings Per Share”, the following table reconciles basic shares outstanding to fully diluted shares outstanding.

 

     For the Three Months
Ended March 31,
 
     2018   2017 
             
  Weighted average common shares outstanding   20,644    20,386 
  Potentially dilutive stock options   989    780 
             
  Weighted average common shares outstanding, assuming dilution   21,633    21,166 

 

Common stock equivalents are included in the diluted income (loss) per share calculation only when option exercise prices are lower than the average market price of the common shares for the period presented.

 

The weighted average number of options to purchase common stock not included in diluted loss per share, because the effects are anti-dilutive, was 0 and 1,413 for the three months ended March 31, 2018 and 2017, respectively.

 

NOTE 8 – INVENTORIES

 

Inventory carrying value is net of inventory reserves of $1,732 and $1,856 at March 31, 2018 and December 31, 2017, respectively.

 

  Inventories consist of:  March 31,
2018
   December 31,
2017
 
  Raw materials  $3,678   $3,231 
  Work-in-process   592    631 
  Finished goods   2,783    2,664 
     $7,053   $6,526 

 

NOTE 9 – GOODWILL AND INTANGIBLE ASSETS

 

The Company’s goodwill balance of $10,598 at March 31, 2018 relates to two of the Company’s reporting units, Microlab ($1,351) and Embedded Solutions ($9,247). Management’s qualitative assessment performed in the fourth quarter of 2017 did not indicate any impairment of Microlab’s goodwill as its fair value was estimated to be in excess of its carrying value. Furthermore, no events have occurred since then that would change this assessment.

15

WIRELESS TELECOM GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(In thousands, unless otherwise noted)

 

Goodwill consists of the following:

 

     March 31, 2018 
  Beginning Balance  $10,260 
  Foreign Currency Translation   338 
  Ending Balance  $10,598 

 

Intangible assets consist of the following:

 

     March 31, 2018
     Gross Carrying
Amount
   Accumulated
Amortization
   Foreign Exchange
Translation
   Net Carrying
Amount
 
  Customer Relationships  $2,766   $(646)  $268   $2,388 
  Patents   615    (143)   59    531 
  Non Compete Agreements   1,107    (436)   100    771 
  Tradename   629    -    72    701 
  Total  $5,117   $(1,225)  $499   $4,391 

 

     December 31, 2017
     Gross Carrying
Amount
   Accumulated
Amortization
   Foreign Exchange
Translation
   Net Carrying
Amount
 
  Customer Relationships  $2,766   $(494)  $178   $2,450 
  Patents   615    (109)   39    545 
  Non Compete Agreements   1,107    (334)   69    842 
  Tradename   629    -    45    674 
  Total  $5,117   $(937)  $331   $4,511 

 

Amortization of acquired intangible assets was $287 and $200 for the three months ended March 31, 2018 and 2017, respectively. Amortization of acquired intangible assets is included as part of general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income/(loss).

 

The estimated future amortization expense related to intangible assets is as follows as of March 31, 2018:

 

  Remainder 2018  $873 
  2019   1,165 
  2020   805 
  2021   754 
  2022   94 
  Total  $3,691 
16

WIRELESS TELECOM GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(In thousands, unless otherwise noted)

 

NOTE 10 – DEBT

 

Debt consists of the following:

 

     March 31, 2018 
  Revolver at LIBOR Plus Margin  $2,595 
  Term Loan at LIBOR Plus Margin   608 
  Total Debt   3,203 
  Debt Maturing within one year   (2,747)
  Non-current portion of long term debt  $456 

 

In connection with the acquisition of CommAgility, the Company entered into a Credit Agreement with Bank of America, N.A. (the “Lender”) on February 16, 2017 (the “New Credit Facility”), which provided for a term loan in the aggregate principal amount of $760 (the “Term Loan”) and an asset based revolving loan (the “Revolver”), which is subject to a Borrowing Base Calculation (as defined in the New Credit Facility) of up to a maximum availability of $9,000 (“Revolver Commitment Amount”). The borrowing base is calculated as 85% of Eligible accounts receivable and inventory, as defined, subject to certain caps and limits. The borrowing base is calculated on a monthly basis. The proceeds of the term loan and revolver were used to finance the acquisition of CommAgility.

 

In connection with the issuance of the New Credit Facility, the Company paid lender and legal fees of $215 which were primarily related to the Revolver and are capitalized and presented as other current and non-current assets in the Consolidated Balance Sheets. These costs are recognized as additional interest expense over the term of the related debt instrument using the straight line method.

 

The Company must repay the Term Loan in installments of $38 per quarter due on the first day of each fiscal quarter beginning April 1, 2017 and continuing until the term loan maturity date, on which the remaining balance is due in a final installment. The future principal payments under the term loan are $114 in 2018 and $494 in 2019. The Term Loan and Revolver are both scheduled to mature on November 16, 2019.

 

The Term and Revolver Loans bear interest at the LIBOR rate plus a margin. The margin on the outstanding balance of the Company’s Term Loans and Revolver Loans were fixed at 3.50% and 3.00% per annum, respectively, through September 30, 2017. Thereafter, the margins were subject to increase or decrease by Lender on the first day of each of the Borrowers’ fiscal quarters based upon the Fixed Charge Coverage Ratio (as defined in the New Credit Facility) as of the most recently ended fiscal quarter falling into three levels. If the Company’s Fixed Charge Coverage Ratio is greater than or equal to 1.25 to 1.00, a margin of 3.25% and 2.75%, respectively, is added to LIBOR rate with a step up to 3.50% and 3.00%, respectively, if the ratio is greater than or equal to 1.00 to 1.00 but less than 1.25 to 1.00 and another step up to 3.75% and 3.25%, respectively, if the ratio is less than 1.00 to 1.00. The Company is also required to pay a commitment fee on the unused commitments under the Revolver at a rate equal to 0.50% per annum and early termination fee of (a) 2% of the Revolver Commitment Amount and Term Loan if termination occurs before the first anniversary of the New Credit Facility or (b) 1% of the Revolver Commitment Amount and Term Loan if termination occurs after the first anniversary of the New Credit Facility but before the second anniversary of the New Credit Facility. The Company’s interest rate plus margin as of March 31, 2018 on the New Credit Facility was 4.75% and 5.25% for the Revolver and Term Loan, respectively. The Company’s interest rate plus margin as of December 31, 2017 on the New Credit Facility was 4.38% and 4.88% for the Revolver and Term Loan, respectively.

 

The New Credit Facility is secured by liens on substantially all of the Company’s and its domestic subsidiaries’ assets including a pledge of 66 2/3% of the equity interests in the Company’s Foreign Subsidiaries (as defined in the New Credit Facility). The New Credit Facility contains customary affirmative and negative covenants for a transaction of this type, including, among others, the provision of annual, quarterly and monthly financial statements and compliance certificates, maintenance of property, insurance, compliance with laws and environmental matters, restrictions on incurrence of indebtedness, granting of liens, making investments and acquisitions, paying dividends, entering into affiliate transactions and asset sales. Events of default under the New Credit Facility include but are not limited to: failure to pay obligations when due, breach or failure of any covenant, insolvency or bankruptcy, materially misleading representations or warranties, occurrence of a Change in Control (as defined) or occurrence of conditions that have a Material Adverse Effect (as defined).

17

WIRELESS TELECOM GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(In thousands, unless otherwise noted)

 

On August 3, 2017 the Company entered into Amendment No. 1 to the New Credit Facility, effective June 30, 2017, which amended the definition of “EBITDA” to exclude the non-cash inventory adjustment of $1,930 recorded during the three months ended June 30, 2017 and to reduce the pledge of equity interests in the Company’s Foreign Subsidiaries from 66 2/3% to 66 1/3%.

 

As of March 31, 2018, and the date hereof, the Company is in compliance with the covenants of the New Credit Facility.

 

NOTE 11 - ACCOUNTING FOR SHARE BASED COMPENSATION

 

The Company’s results for the three months ended March 31, 2018 and 2017 include share-based compensation expense totaling $188 and $301, respectively. Such amounts have been included in the consolidated statement of operations and comprehensive income/loss within operating expenses. The Company accounts for forfeitures when they occur.

 

Incentive Compensation Plan:

 

In 2012, the Company’s Board of Directors and shareholders approved the 2012 Incentive Compensation Plan (the “Initial 2012 Plan”), which provides for the grant of equity, including restricted stock awards, non-qualified stock options and incentive stock options in compliance with the Internal Revenue Code of 1986, as amended, to employees, officers, directors, consultants and advisors of the Company who are expected to contribute to the Company’s future growth and success. When originally approved, the Initial 2012 Plan provided for the grant of awards relating to 2,000 shares of common stock, plus those shares subject to awards previously issued under the Company’s 2000 Stock Option Plan that expire, are canceled or are terminated after adoption of the Initial 2012 Plan without having been exercised in full and would have been available for subsequent grants under the 2000 Stock Option Plan. In June 2014, the Company’s shareholders approved the Amended and Restated 2012 Incentive Compensation Plan (the “2012 Plan”) allowing for an additional 1,658 shares of the Company’s common stock to be available for future grants under the 2012 Plan. The 2012 Plan provides that if awards are forfeited, expire or otherwise terminate without issuance of the shares underlying the awards, or if the award does not result in issuance of all or part of the shares underlying the award, the unissued shares are again available for awards under the 2012 Plan. As a result of certain award forfeitures and cancellations, as of March 31, 2018, there are approximately 2,500 shares available for issuance under the 2012 Plan.

 

All service-based (time vesting) options granted have ten-year terms from the date of grant and typically vest annually and become fully exercisable after a maximum of five years. However, vesting conditions are determined on a grant by grant basis. Performance-based options granted have ten-year terms and vest and become fully exercisable when determinable performance targets are achieved. Performance targets are approved by the Company’s compensation committee of the Board of Directors. Under the 2012 Plan, options may be granted to purchase shares of the Company’s common stock exercisable only at prices equal to or above the fair market value on the date of the grant.

 

The following summarizes the components of share-based compensation expense by equity type for the respective periods:

 

     Three Months Ended
March 31
 
     2018   2017 
  Service-based Restricted Common Stock  $63   $57 
  Performance-based Restricted Common Stock   -    5 
  Performance-based Stock Options   12    59 
  Service-based Stock Options   113    180 
     $188   $301 

 

As of March 31, 2018, $444 of unrecognized compensation costs related to unvested stock options is expected to be recognized over a remaining weighted average period of 2.6 years and $37 of unrecognized compensation costs related to unvested restricted shares is expected to be recognized over a remaining weighted average period of 0.6 years.

18

WIRELESS TELECOM GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(In thousands, unless otherwise noted)

 

Restricted Common Stock Awards:

 

A summary of the status of the Company’s non-vested restricted common stock, granted under the Company’s shareholder approved equity compensation plans, as of March 31, 2018, and changes during the three months ended March 31, 2018, are presented below:

 

   Shares   Weighted Average
Grant Date
Fair Value
 
Non-vested as of December 31, 2017   159    $1.64 
Granted   -    - 
Vested and Issued   -    $1.34 
Forfeited   -    - 
Non-vested as of March 31, 2018   159    $1.64 

 

Performance-Based Stock Option Awards:

 

A summary of performance-based stock option activity, and related information for the three months ended March 31, 2018 follows:

 

   Shares   Weighted Average
Option Exercise
Price per Share
 
Outstanding as of December 31, 2017   605    $1.21 
Granted   -    - 
Exercised   (300)   $0.96 
Forfeited   -    - 
Expired   -    - 
Outstanding as of March 31, 2018   305    $1.45 
           
Exercisable at March 31, 2018   20    $0.78 

 

The aggregate intrinsic value of performance-based stock options outstanding (regardless of whether or not such options are exercisable) as of March 31, 2018 was $303 and the weighted average remaining contractual life was 7.4 years. The aggregate intrinsic value of performance-based stock options exercisable as of March 31, 2018 was $33 and the weighted average remaining contractual life was 2.7 years. The intrinsic value of options exercised during the three months ended March 31, 2018 was $444.

 

Under the terms of the performance-based stock option agreements, the awards will fully vest and become exercisable on the date on which the Company’s Board of Directors shall have determined that specific financial performance milestones have been met, provided the employee remains in the employ of the Company at such time; provided, however, upon a Change in Control (as defined in the stock option agreements and the 2012 Plan), the stock options shall automatically vest as permitted by the 2012 Plan. As of December 31, 2017, the Company has determined that the performance conditions on 285 options granted in 2013 and later are probable of being achieved by the year ending 2021. The Company’s performance-based stock options granted prior to 2013 (consisting of 20 options) are fully amortized.

19

WIRELESS TELECOM GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(In thousands, unless otherwise noted)

 

Service-Based Stock Option Awards:

 

A summary of service-based stock option activity and related information for the three months ended March 31, 2018 follows:

 

   Shares   Weighted Average
Option Exercise
Price per Share
 
Outstanding as of December 31, 2017   1,815    $1.53 
Granted   -    - 
Exercised   -    - 
Forfeited   -    - 
Expired   -    - 
Outstanding as of March 31, 2018   1,815    $1.53 
           
Exercisable at March 31, 2018   658    $1.42 

 

The aggregate intrinsic value of service-based stock options (regardless of whether or not such options are exercisable) as of March 31, 2018 was $1,660 and the weighted average remaining contractual life was 8.6 years. The aggregate intrinsic value of service-based stock options exercisable as of March 31, 2018 was $675 and the weighted average remaining contractual life was 8.2 years.

 

NOTE 12 – SEGMENT INFORMATION

 

The operating businesses of the Company are segregated into three reportable segments: (i) Network Solutions, (ii) Test and Measurement and (iii) Embedded Solutions.

 

Network Solutions

 

The Network Solutions segment is comprised primarily of the operations of the Company’s subsidiary, Microlab. Network Solutions designs and manufactures a wide selection of RF passive components and integrated subsystems for signal conditioning and distribution in the wireless infrastructure markets, particularly for small cell deployments, DAS, the in-building wireless solutions industry and radio base-station market. Network Solutions also offers active solution sets to assist in network timing for tunnels and in-building wireless signaling. Network Solutions external customers include telecommunications service providers, systems integrators, neutral host operators and distributors.

 

Test and Measurement

 

The Test and Measurement segment is comprised primarily of the Company’s operations of the Noisecom product line and the operations of its subsidiary, Boonton. Noisecom designs and produces noise generation equipment and instruments, calibrated noise sources, noise modules and diodes. Noise components and instruments are used as a method to provide wide band signals for sophisticated telecommunication and defense applications, and as a stable reference standard for instruments and systems, including radar and satellite communications. Boonton products are also used to test terrestrial and satellite communications, radar and telemetry. Certain power meter products are designed for measuring signals based on wideband modulation formats, allowing a variety of measurements to be made, including maximum power, peak power, average power and minimum power. Customers of the Test and Measurement segment include large defense contractors and the U.S. and foreign governments.

 

Embedded Solutions

 

The Embedded Solutions segment is comprised of the operations of CommAgility Limited which was acquired on February 17, 2017. Embedded Solutions supplies signal processing technology for network validation systems supporting LTE and emerging 5G networks. Additionally, this segment licenses, implements and configures LTE PHY layer and stack software for private LTE networks supporting satellite communications, the military and

20

WIRELESS TELECOM GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(In thousands, unless otherwise noted)

 

aerospace industries. Customers include wireless communication test equipment companies, defense subcontractors and global technology and services companies.

 

The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. The Company allocates resources and evaluates the performance of segments based on income or loss from operations, excluding interest, corporate expenses and other income (expenses).

 

Financial information by reportable segment for the respective periods is set forth below:

 

   For the three months ended March 31,
   2018  2017
Net sales by segment:          
Network Solutions  $5,511   $5,515 
Test and Measurement   3,763    3,037 
Embedded Solutions   3,990    997 
Total consolidated net sales of reportable segments  $13,264   $9,549 
           
Segment income (loss):          
Network Solutions  $813   $908 
Test and Measurement   510    25 
Embedded Solutions   611    (229)
Income (loss) from reportable segments   1,934    704 
           
Other unallocated amounts:          
Corporate expenses   (1,413)   (2,422)
Other (expenses) income - net   (91)   (51)
Consolidated income/(loss) before Income tax provision/(benefit)  $430   $(1,769)
           
Depreciation and amortization by segment:          
Network Solutions  $136   $102 
Test and Measurement   175    93 
Embedded Solutions   315    219 
Total depreciation and amortization for reportable segments  $626   $414 
           
Capital expenditures by segment:          
Network Solutions  $78   $84 
Test and Measurement   102    66 
Embedded Solutions   19    42 
Total consolidated capital expenditures by reportable segment  $199   $192 
21

WIRELESS TELECOM GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(In thousands, unless otherwise noted)

 

   March 31,   December 31, 
   2018   2017 
Total assets by segment:        
Network Solutions  $11,046   $10,442 
Test and Measurement   6,559    6,163 
Embedded Solutions   19,628    21,733 
Total assets for reportable segments   37,233    38,338 
           
Corporate assets, principally cash and cash equivalents and deferred income taxes   8,890    8,583 
Total consolidated assets  $46,123   $46,921 

 

Consolidated net sales by region were as follows:

 

   Three Months Ended
March 31
   2018  2017
Sales by region          
Americas  $8,097   $6,965 
Europe, Middle East, Africa (EMEA)   3,760    1,523 
Asia Pacific (APAC)   1,407    1,061 
Total sales  $13,264   $9,549 

 

Net sales are attributable to a geographic area based on the destination of the product shipment.

 

The majority of shipments in the Americas are to customers located within the United States. For the three months ended March 31, 2018 and 2017, revenues in the United States for all reportable segments amounted to $7,946 and $6,465, respectively.

 

Shipments for the three months ended March 31, 2108 to the EMEA region for all reportable segments were largely concentrated in the UK and Luxembourg at $2,261 and $313, respectively. For the three months ended March 31, 2017 shipments were largely concentrated in United Kingdom and Germany amounting to $596 and $212 , respectively.

 

The largest concentration of shipments in the APAC region is to China. For the three month period ending March 31, 2018 and 2017, shipments to China amounted to $956 and $650, respectively.

 

NOTE 13 – COMMITMENTS AND CONTINGENCIES

 

There have been no material changes in our commitments and contingencies and risks and uncertainties as of March 31, 2018 from that as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017.

22

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion of our financial condition and results of operations should be read in conjunction with our interim condensed consolidated financial statements and the notes to those statements included in Part I, Item I of this Quarterly Report on Form 10-Q and in conjunction with the audited consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2017.

 

INTRODUCTION

 

Highlights from the First Quarter:

 

·Net revenues of $13.3 million for the three months ended March 31, 2018, a year over year increase of 38.9% reflecting the inclusion of the new Embedded Solutions segment for a full quarter.

 

·Income before taxes of $0.4 million for the three months ended March 31, 2018 compared to a loss before taxes of $1.8 million in the year ago period.

 

·New customer orders of $13.9 million for the three months ended March 31, 2018 resulting in an increase in backlog of $0.7 million from December 31, 2017.

 

·Cash used from operations of $1.0 million for the three months ended March 31, 2018 due to working capital increases.

 

RESULTS OF OPERATIONS

 

Three Months Ended March 31, 2018 Compared with Three Months Ended March 31, 2017

Net Revenues (in thousands)

 

   Three months ended March 31 
   Revenue   % of Revenue   Change 
   2018   2017   2018   2017   Amount   Pct. 
Network Solutions  $5,511   $5,515    41.5%   57.8%  $(4)   -0.1%
Test and Measurement   3,763    3,037    28.4%   31.8%   726    23.9%
Embedded Solutions   3,990    997    30.1%   10.4%   2,993    300.2%
Total net revenues  $13,264   $9,549    100.0%   100.0%  $3,715    38.9%

 

Net consolidated revenues increased $3.7 million due primarily to the inclusion of the Embedded Solutions segment for a full quarter in 2018 compared to only 43 days in 2017 as well as increased shipments of digital signal processing hardware and the favorable impact of foreign exchange. Test and Measurement segment revenue increased primarily due to higher sales to U.S. government customers as compared to the prior year period. Network Solutions revenue is flat compared to the prior year period.

 

Gross Profit (in thousands)

 

   Three months ended March 31 
   Gross Profit   Gross Profit %   Change 
   2018   2017   2018   2017   Amount   Pct. 
Network Solutions  $2,442   $2,461    44.3%   44.6%  $(19)   -0.8%
Test and Measurement   1,845    1,334    49.0%   43.9%   511    38.3%
Embedded Solutions   1,981    538    49.6%   54.0%   1,443    268.2%
Total gross profit  $6,268   $4,333    47.3%   45.4%  $1,935    44.7%
23

Consolidated gross profit for the three months ended March 31, 2018 increased $1.9 million from the prior year period on higher revenues. Gross profit margin increased from 45.4% to 47.3%. Test and Measurement gross profit margin increased from 43.9% to 49.0% as a result of favorable product mix. Network Solution gross profit margin was flat on consistent sales. Embedded Solutions gross profit margin declined from 54.0% to 49.6% due to the higher volume of hardware sales in the three months ended March 31, 2018 as compared to the prior year. Embedded Solutions hardware sales, which have a lower gross profit margin, represented approximately 73% of the Embedded Solutions net revenues in the three months ended March 31, 2018 as compared to 38% of net revenues in the prior year period.

 

Operating Expenses (in thousands)

 

   Three months ended March 31, 
   Expense   % of Revenue   Change 
   2018   2017   2018   2017   Amount   Pct. 
Research and Development  $1,157   $1,087    8.7%   11.4%  $70    6.4%
Sales and Marketing   1,910    1,552    14.4%   16.3%   358    23.1%
General and Administrative   2,681    3,412    20.2%   35.7%   (731)   -21.4%
Total Operating Expenses  $5,748   $6,051    43.3%   63.4%  $(303)   -5.0%

 

Research and development expenses increased modestly from the prior year period as decreases in third party spending in the Test and Measurement and Network Solutions segments were offset by the impact of a full quarter of research and development expense in Embedded Solutions as compared with the 43 day period in the prior year period, in addition to unfavorable foreign exchange impacts.

 

Sales and marketing expenses increased $0.4 million over the prior year period primarily due to increased sales headcount specifically in the US as well as the full quarter of sales and marketing expenses in the Embedded Solutions segment.

 

General and administrative expenses decreased $0.7 million due to acquisition and closing expenses associated with the CommAgility acquisition that were incurred in the three months ended March 31, 2017 of approximately $1.2 million. The decrease year over year of acquisitions expense was offset by a full quarter of general and administrative expenses in the Embedded Solutions segment.

 

Interest Expense

 

Interest expense increased $43 thousand as we realized a full quarter of cash interest expense associated with our new credit facility and amortization of capitalized debt issuance costs in the three months ended March 31, 2018 versus the 43 day period in 2017.

 

Taxes

 

For the three months ended March 31, 2018 the Company recorded tax expense of $56 thousand due primarily to income generated from the Company’s operations. In the prior year period the Company recorded a tax benefit of $0.5 million due to losses generated from the Company’s operations.

 

Net Income

 

For the three months ended March 31, 2018, the Company realized net income of $0.4 million or $.02 per share on a basic and diluted basis, as compared to a net loss of $1.2 million or $.06 loss per share on a basic and diluted basis for the three months ended March 31, 2017. The increase in net income year over year was due to the factors discussed above.

 

LIQUIDITY AND CAPITAL RESOURCES

 

We expect our existing cash balance, cash generated by operations and borrowings available under our New Credit Facility (as described in Note 10) to be our primary sources of short-term liquidity, and we believe these sources will be sufficient to meet our liquidity needs for at least the next twelve months. Our ability to meet our cash requirements will depend on our ability to generate cash in the future, which is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond our control.

24

The Company expects to realize tax benefits in future periods due to the available net operating loss carryforwards resulting from the disposition of a former wholly owned subsidiary in 2010. Accordingly, future taxable income is expected to be offset by the utilization of operating loss carryforwards and as a result will increase the Company’s liquidity as cash needed to pay federal income taxes will be substantially reduced.

 

Cash and cash equivalents decreased from $2.5 million at December 31, 2017 to $2.2 million primarily due to the cash used by operating activities, capital expenditures and payment of deferred purchase price related to the CommAgility acquisition, offset by cash generated by our borrowings under our New Credit Facility. As of March 31, 2018, substantially all of our cash and cash equivalents are held outside the United States. The asset based Revolver under our Credit Facility is secured by the Company’s U.S. assets. Income taxes have been provided on foreign earnings such that there would be no significant income tax expense to repatriate the portion of this cash that is not required to meet operational needs of our international subsidiary.

 

Operating Activities

 

Cash used by operating activities was $1.0 million for the three months ended March 31, 2018 which is flat with the prior year period. During the three months ended March 31, 2018 changes in our operating assets and liabilities resulted in a net decrease in cash of $2.2 million primarily due to increase in accounts receivable, inventory and prepaids and other current assets. The increase in working capital was offset by positive income from operations. During the three months ended March 31, 2017, cash used by operations was primarily due to the operating loss incurred in the period.

 

Investing Activities

 

Cash used by investing activities was $1.0 million for the three months ended March 31, 2018 and was primarily comprised of capital expenditures and payment of deferred purchase price for the CommAgility acquisition. For the three months ended March 31, 2017 cash used by investing activities was $8.8 million and was primarily related to the cash purchase price of the CommAgility acquisition.

 

Financing Activities

 

Cash provided by financing activities was $1.7 million for the three months ended March 31, 2018 as compared to cash provided of $2.5 million for the three months ended March 31, 2017. The decrease from the prior year is primarily due to the receipt of cash from the Term Loan under the New Credit Facility in the prior year period.

 

As of March 31, 2018, future minimum lease payments related to the Company’s facility lease and equipment leases are shown below (purchase obligations consist of inventory that arises in the normal course of business operations) (in thousands):

 

   Total   Remaining
2018
   2019   2020   2021   2022   Thereafter 
Facility Leases  $2,467   $409   $513   $460   $474   $488   $123 
Purchase Obligations   7,888    7,888    -    -    -    -    - 
Operating and Equipment Leases   212    41    54    54    54    9    - 
   $10,567   $8,338   $567   $514   $528   $497   $123 

 

The Company may pursue strategic opportunities, including potential acquisitions, mergers, divestitures or other activities, which may require significant use of the Company’s capital resources. The Company may incur costs as a result of such activities and such activities may affect the Company’s liquidity in future periods. In order to fund such activities, the Company may need to incur additional debt or issue additional securities if market conditions are favorable. However, there can be no certainty that such funding will be available in needed quantities on terms favorable to the Company or at all.

 

The Company believes that its financial resources from working capital and availability under the asset-based Revolver are adequate to meet its current needs. The Company expects the cash flow of CommAgility to fund the deferred purchase price and contingent consideration liabilities related to the CommAgility acquisition. However, should current global economic conditions deteriorate, additional working capital funding may be required which may be difficult to obtain due to restrictive credit markets and covenants of our New Credit Facility.

25

OFF-BALANCE SHEET ARRANGEMENTS

 

The Company does not have any off-balance sheet arrangements.

 

EFFECTS OF INFLATION AND CHANGING PRICES

 

The Company does not anticipate that inflation or other expected changes in prices will significantly impact its business.

 

Critical Accounting Policies

 

There have been no changes in our critical accounting policies or significant accounting estimates as disclosed in our 2017 Form 10-K, except for adoption of Topic 606 which is described in Note 2.

 

FORWARD LOOKING STATEMENTS

 

The statements contained in this Quarterly Report on Form 10-Q that are not historical facts, including, without limitation, some of the statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements about our sources of short-term liquidity and our belief that these sources will be sufficient to meet our liquidity needs for at least the next 12 months; that financial resources from working capital and our availability under the asset-based revolver are adequate to meet our current needs; and that cash flow from CommAgility will fund the deferred purchase price and contingent consideration. These statements involve risks and uncertainties. These statements are based on the Company’s current expectations of future events and are subject to a number of risks and uncertainties that may cause the Company’s actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the ability of our management to successfully implement our business plan and strategy, product demand and development of competitive technologies in our market sector, the impact of competitive products and pricing, the loss of any significant customers, our abilities to protect our property rights, the effects of adoption of newly announced accounting standards, the effects of economic conditions and trade, legal and other economic risks, our ability to manage risks related to our information technology and cyber security, among others. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017 and elsewhere in this Quarterly Report on Form 10-Q. The Company’s forward-looking statements speak only as of the date of this Quarterly Report. The Company undertakes no obligation to publicly update or review any forward-looking statements whether as a result of new information, future developments or otherwise.

 

ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

 

ITEM 4 – CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures

 

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, as of the end of the period covered by this report, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended. Our disclosure controls and procedures are designed to ensure that the information required to be included in our Securities and Exchange Commission (“SEC”) reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that the information relating to Wireless Telecom Group, Inc., including our consolidated subsidiaries, is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, our principal executive officer and principal financial officer concluded that, as of the period covered by this report, our disclosure controls and procedures are effective.

 

(b) Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting during the three months ended March 31, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting, as described in our 2017 Annual Report on Form 10-K.

26

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

 

There have been no material developments in the legal proceedings as previously disclosed in Part I, Item 3 of our Annual Report on Form 10-K for the year ended December 31, 2017.

 

Item 1A. Risk Factors

 

There have been no material changes to our risk factors as previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2017.

 

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

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

Exhibit
Number
Exhibit Description

 

3.1Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to our Annual Report on Form 10-K/A filed with the SEC on April 22, 2005, Commission File No. 1-11916)

 

3.2Amended and Restated By-laws (incorporated herein by reference to Exhibit 3.1 to Wireless Telecom Group, Inc.’s Current Report on Form 8-K, filed on July 1, 2016, Commission File No. 011-11916)

 

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

 

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

 

32.1Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

32.2Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

101**The following financial information from Wireless Telecom Group, Inc.’s Quarterly Report on Form 10-Q for the three months ended March 31, 2018, filed on May 9, 2018, formatted in Extensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss), (iii) Condensed Consolidated Statements of Cash Flows, (iv) Condensed Consolidated Statements of Shareholders’ Equity, and (v) the Notes to the Condensed Consolidated Financial Statements.

 

101.INS**XBRL INSTANCE DOCUMENT

 

101.SCH**XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT

 

101.CAL**XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT

 

101.DEF**XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT

 

101.LAB**XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT

 

101.PRE**XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT

 

** Furnished herewith.

27

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.

 

    WIRELESS TELECOM GROUP, INC.
       
Dated:  May 9, 2018      
    By: /s/ Timothy Whelan  
      Timothy Whelan
      Chief Executive Officer
       
Dated:  May 9, 2018      
    By: /s/ Michael Kandell  
      Michael Kandell
      Chief Financial Officer
28

EXHIBIT INDEX

 

Exhibits
Number No.
Exhibit Description
  
31.1Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

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

 

32.1Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

32.2Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

101**The following financial information from Wireless Telecom Group, Inc.’s Quarterly Report on Form 10-Q for the three months ended March 31, 2018, filed on May 9, 2018, formatted in Extensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss), (iii) Condensed Consolidated Statements of Cash Flows, (iv) Condensed Consolidated Statements of Shareholders’ Equity, and (v) the Notes to the Condensed Consolidated Financial Statements.

 

 

 

101.INS**XBRL INSTANCE DOCUMENT

 

101.SCH**XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT

 

101.CAL**XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT

 

101.DEF**XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT

 

101.LAB**XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT

 

101.PRE**XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
29
EX-31.1 2 c91154_ex31-1.htm

Exhibit 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Timothy Whelan, certify that:

 

  1. I have reviewed this Quarterly Report on Form 10-Q of Wireless Telecom Group, Inc.;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

 

  a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and to the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

 

  a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Dated: May 9, 2018

 

  By: /s/ Timothy Whelan
    Timothy Whelan
    Chief Executive Officer
 
EX-31.2 3 c91154_ex31-2.htm

Exhibit 31.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Michael Kandell, certify that:

 

  1. I have reviewed this Quarterly Report on Form 10-Q of Wireless Telecom Group, Inc.;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

 

  a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

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

 

  a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Dated: May 9, 2018

 

  By: /s/ Michael Kandell
    Michael Kandell
    Chief Financial Officer
 
EX-32.1 4 c91154_ex32-1.htm

Exhibit 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002, PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

 

I, Timothy Whelan, Chief Executive Officer of Wireless Telecom Group, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

 

The Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2018 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

 

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

 

Dated: May 9, 2018

 

  By: /s/ Timothy Whelan
    Timothy Whelan
    Chief Executive Officer

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff on request.

 
EX-32.2 5 c91154_ex32-2.htm

Exhibit 32.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002, PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

 

I, Michael Kandell, Chief Financial Officer of Wireless Telecom Group, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

 

The Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2018 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

 

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

 

Dated: May 9, 2018

 

  By: /s/ Michael Kandell
    Michael Kandell
    Chief Financial Officer

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff on request.

 
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Sans-Serif; margin: 0pt 0">NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES</p><br/><p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Basis of Presentation</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Wireless Telecom Group, Inc., a New Jersey corporation, together with its subsidiaries (&#x201c;we&#x201d;, &#x201c;us&#x201d;, &#x201c;our&#x201d; or the &#x201c;Company&#x201d;), is a global designer and manufacturer of advanced radio frequency (&#x201c;RF&#x201d;) and microwave components, modules, systems and instruments and currently markets its products and services worldwide under the Boonton, Microlab, Noisecom and CommAgility brands. Serving the wireless, telecommunication, satellite, military, aerospace, and semiconductor industries, Wireless Telecom Group products enable innovation across a wide range of traditional and emerging wireless technologies. With a unique set of high-performance products including peak power meters, signal analyzers, signal processing modules, long term evolution (&#x201c;LTE&#x201d;) physical layer (&#x201c;PHY&#x201d;) and stack software, power splitters and combiners, global positioning system (&#x201c;GPS&#x201d;) repeaters, public safety monitors, noise sources, and programmable noise generators, Wireless Telecom Group supports the development, testing, and deployment of wireless technologies around the globe.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The condensed consolidated balance sheet as of March 31, 2018, the condensed consolidated statements of operations and comprehensive income/(loss) for the three months ended March 31, 2018 and 2017, the condensed consolidated statements of cash flows for the three months ended March 31, 2018 and 2017 and the condensed consolidated statement of shareholders&#x2019; equity for the three months ended March 31, 2018 have been prepared by the Company without audit. The condensed consolidated financial statements include the accounts of Wireless Telecom Group, Inc., doing business as and operating under the trade name, Noisecom, and its wholly owned subsidiaries including Boonton Electronics Corporation (&#x201c;Boonton&#x201d;), Microlab/FXR (&#x201c;Microlab&#x201d;), Wireless Telecommunications Ltd. and CommAgility Limited (&#x201c;CommAgility&#x201d;). All intercompany transactions and balances have been eliminated in consolidation.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">It is suggested that these interim condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements, and the notes thereto, included in the Company&#x2019;s latest shareholders&#x2019; annual report (Form 10-K).</p><br/><p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Condensed Consolidated Financial Statements</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">In the opinion of management, the accompanying condensed consolidated financial statements referred to above contain all necessary adjustments, consisting of normal accruals and recurring entries, which are necessary to fairly present the Company&#x2019;s results for the interim periods being presented.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The accounting policies followed by the Company are set forth in Note 1 to the Company&#x2019;s financial statements included in its annual report on Form 10-K for the year ended December 31, 2017. Specific reference is made to that report since certain information and footnote disclosures normally included in financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) have been reduced for interim periods in accordance with SEC rules.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The results of operations for the three month period ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year ending December 31, 2018.</p><br/><p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Use of Estimates</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including inventory valuation, accounts receivable valuation, valuation of deferred tax assets, intangible assets, estimated fair values of stock options and estimated fair values of acquired assets and liabilities in business combinations) and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of net revenues and expenses during the reporting period. Actual results could differ from those estimates.</p><br/><p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: 4.5pt">Foreign Currency Translation</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Assets and liabilities of non-U.S. subsidiaries that operate in a local currency environment, where the local currency is the functional currency, are translated from foreign currencies into U.S. dollars at period-end exchange rates while income and expenses are translated at the weighted average spot rate for the periods presented. Translation gains or losses related to net assets located outside the U.S. are shown as a component of accumulated other comprehensive income in the Consolidated Statements of Shareholders&#x2019; Equity. Gains and losses resulting from foreign currency transactions, which are denominated in currencies other than the Company&#x2019;s functional currency, are included in the Consolidated Statements of Operations and Comprehensive Loss.</p><br/><p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Concentration Risk</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Credit evaluations are performed on customers requiring credit over a certain amount. Credit risk is mitigated to a lesser extent through collateral such as letters of credit, bank guarantees or payment terms like cash in advance.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">For the three months ended March 31, 2018, one customer accounted for approximately 16% of the Company&#x2019;s consolidated revenues. For the three months ended March 31, 2017, one customer accounted for approximately 11% of the Company&#x2019;s consolidated revenues. At March 31, 2018, one customer exceeded 10% of consolidated gross accounts receivable at 23% of the Company&#x2019;s gross accounts receivable. At December 31, 2017, two customers exceeded 10% of consolidated gross accounts receivable at 18% and 11%, respectively.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 36pt"><b>Fair Value of Financial Instruments</b></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Level 1&#x2014;Quoted prices in active markets for identical assets or liabilities.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Level 2&#x2014;Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Level 3&#x2014;Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The carrying amounts of the Company&#x2019;s financial instruments, including cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. The Company&#x2019;s term loan and revolving credit facility bear interest at a variable interest rate plus an applicable margin and, therefore, carrying amount approximates fair value.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><b><i>Contingent Consideration</i></b></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Under the terms of the CommAgility Share Purchase Agreement the Company may be required to pay additional purchase price if certain financial targets are achieved for the years ending December 31, 2017 and December 31, 2018 (&#x201c;CommAgility Earn-Out&#x201d;). The financial targets for 2017 were not achieved therefore there was no earn-out payment made in the three months ended March 31, 2018. As of December 31, 2017, the Company estimated the fair value of the contingent consideration remaining to be paid based on the 2018 financial results to be $630. The Company is required to reassess the fair value of the contingent consideration at each reporting period.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The significant inputs used in this fair value estimate include gross revenues and Adjusted EBITDA, as defined, scenarios for the earn-out periods for which probabilities are assigned to each scenario to arrive at a single estimated outcome. The estimated outcome is then discounted based on individual risk analysis of the liability. Although the Company believes its estimates and assumptions are reasonable, different assumptions, including those regarding the operating results of CommAgility or changes in the future, may result in different estimated amounts.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">As of March 31, 2018, the Company&#x2019;s contingent consideration liability has been estimated at $678 and is recorded in other current liabilities in the accompanying condensed consolidated balance sheet. The Company will satisfy this obligation with a cash payment to the sellers of CommAgility upon the achievement of the financial targets for 2018. The contingent consideration liability is considered a Level 3 fair value measurement.</p><br/><p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Subsequent Events</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><font style="font-weight: normal">Management has evaluated subsequent events and determined that there were no subsequent events or transactions requiring recognition or disclosure in the consolidated financial statements through the date the financial statements were issued.</font></p><br/> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Basis of Presentation</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Wireless Telecom Group, Inc., a New Jersey corporation, together with its subsidiaries (&#x201c;we&#x201d;, &#x201c;us&#x201d;, &#x201c;our&#x201d; or the &#x201c;Company&#x201d;), is a global designer and manufacturer of advanced radio frequency (&#x201c;RF&#x201d;) and microwave components, modules, systems and instruments and currently markets its products and services worldwide under the Boonton, Microlab, Noisecom and CommAgility brands. Serving the wireless, telecommunication, satellite, military, aerospace, and semiconductor industries, Wireless Telecom Group products enable innovation across a wide range of traditional and emerging wireless technologies. With a unique set of high-performance products including peak power meters, signal analyzers, signal processing modules, long term evolution (&#x201c;LTE&#x201d;) physical layer (&#x201c;PHY&#x201d;) and stack software, power splitters and combiners, global positioning system (&#x201c;GPS&#x201d;) repeaters, public safety monitors, noise sources, and programmable noise generators, Wireless Telecom Group supports the development, testing, and deployment of wireless technologies around the globe.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The condensed consolidated balance sheet as of March 31, 2018, the condensed consolidated statements of operations and comprehensive income/(loss) for the three months ended March 31, 2018 and 2017, the condensed consolidated statements of cash flows for the three months ended March 31, 2018 and 2017 and the condensed consolidated statement of shareholders&#x2019; equity for the three months ended March 31, 2018 have been prepared by the Company without audit. The condensed consolidated financial statements include the accounts of Wireless Telecom Group, Inc., doing business as and operating under the trade name, Noisecom, and its wholly owned subsidiaries including Boonton Electronics Corporation (&#x201c;Boonton&#x201d;), Microlab/FXR (&#x201c;Microlab&#x201d;), Wireless Telecommunications Ltd. and CommAgility Limited (&#x201c;CommAgility&#x201d;). All intercompany transactions and balances have been eliminated in consolidation.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">It is suggested that these interim condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements, and the notes thereto, included in the Company&#x2019;s latest shareholders&#x2019; annual report (Form 10-K).</p> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Condensed Consolidated Financial Statements</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">In the opinion of management, the accompanying condensed consolidated financial statements referred to above contain all necessary adjustments, consisting of normal accruals and recurring entries, which are necessary to fairly present the Company&#x2019;s results for the interim periods being presented.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The accounting policies followed by the Company are set forth in Note 1 to the Company&#x2019;s financial statements included in its annual report on Form 10-K for the year ended December 31, 2017. Specific reference is made to that report since certain information and footnote disclosures normally included in financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) have been reduced for interim periods in accordance with SEC rules.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The results of operations for the three month period ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year ending December 31, 2018.</p> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Use of Estimates</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including inventory valuation, accounts receivable valuation, valuation of deferred tax assets, intangible assets, estimated fair values of stock options and estimated fair values of acquired assets and liabilities in business combinations) and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of net revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: 4.5pt">Foreign Currency Translation</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Assets and liabilities of non-U.S. subsidiaries that operate in a local currency environment, where the local currency is the functional currency, are translated from foreign currencies into U.S. dollars at period-end exchange rates while income and expenses are translated at the weighted average spot rate for the periods presented. Translation gains or losses related to net assets located outside the U.S. are shown as a component of accumulated other comprehensive income in the Consolidated Statements of Shareholders&#x2019; Equity. Gains and losses resulting from foreign currency transactions, which are denominated in currencies other than the Company&#x2019;s functional currency, are included in the Consolidated Statements of Operations and Comprehensive Loss.</p> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Concentration Risk</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Credit evaluations are performed on customers requiring credit over a certain amount. Credit risk is mitigated to a lesser extent through collateral such as letters of credit, bank guarantees or payment terms like cash in advance.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">For the three months ended March 31, 2018, one customer accounted for approximately 16% of the Company&#x2019;s consolidated revenues. For the three months ended March 31, 2017, one customer accounted for approximately 11% of the Company&#x2019;s consolidated revenues. At March 31, 2018, one customer exceeded 10% of consolidated gross accounts receivable at 23% of the Company&#x2019;s gross accounts receivable. At December 31, 2017, two customers exceeded 10% of consolidated gross accounts receivable at 18% and 11%, respectively.</p> 1 0.16 1 0.11 1 0.10 0.23 2 0.10 0.18 0.11 <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 36pt"><b>Fair Value of Financial Instruments</b></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Level 1&#x2014;Quoted prices in active markets for identical assets or liabilities.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Level 2&#x2014;Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Level 3&#x2014;Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The carrying amounts of the Company&#x2019;s financial instruments, including cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. The Company&#x2019;s term loan and revolving credit facility bear interest at a variable interest rate plus an applicable margin and, therefore, carrying amount approximates fair value.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><b><i>Contingent Consideration</i></b></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Under the terms of the CommAgility Share Purchase Agreement the Company may be required to pay additional purchase price if certain financial targets are achieved for the years ending December 31, 2017 and December 31, 2018 (&#x201c;CommAgility Earn-Out&#x201d;). The financial targets for 2017 were not achieved therefore there was no earn-out payment made in the three months ended March 31, 2018. As of December 31, 2017, the Company estimated the fair value of the contingent consideration remaining to be paid based on the 2018 financial results to be $630. The Company is required to reassess the fair value of the contingent consideration at each reporting period.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The significant inputs used in this fair value estimate include gross revenues and Adjusted EBITDA, as defined, scenarios for the earn-out periods for which probabilities are assigned to each scenario to arrive at a single estimated outcome. The estimated outcome is then discounted based on individual risk analysis of the liability. Although the Company believes its estimates and assumptions are reasonable, different assumptions, including those regarding the operating results of CommAgility or changes in the future, may result in different estimated amounts.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">As of March 31, 2018, the Company&#x2019;s contingent consideration liability has been estimated at $678 and is recorded in other current liabilities in the accompanying condensed consolidated balance sheet. The Company will satisfy this obligation with a cash payment to the sellers of CommAgility upon the achievement of the financial targets for 2018. The contingent consideration liability is considered a Level 3 fair value measurement.</p> 0 630000 678000 <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Subsequent Events</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><font style="font-weight: normal">Management has evaluated subsequent events and determined that there were no subsequent events or transactions requiring recognition or disclosure in the consolidated financial statements through the date the financial statements were issued.</font></p> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NOTE 2 &#x2013; RECENT ACCOUNTING PRONOUNCEMENTS</p><br/><p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Adopted During The Three Months Ended March 31, 2018</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">On January 1, 2018, the Company adopted Accounting Standards Update (&#x201c;ASU&#x201d;) 2014-09, &#x201c;Revenue from Contracts with Customers<i> </i>(Topic 606)&#x201d; (&#x201c;Topic 606&#x201d;) using the &#x201c;modified retrospective&#x201d; method, meaning the standard is applied only to the most current period presented in the financial statements.&#xa0;&#xa0;Furthermore, we elected to apply the standard only to those contracts which were not completed as of the date of the adoption. Results for reporting periods beginning on the date of adoption are presented under Topic 606, while prior period amounts have not been adjusted and continue to be reported in accordance with accounting standards in effect for those periods (see Note 3).</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Upon adoption, a cumulative effect adjustment of $421 was made and the impact resulted in an increase to retained earnings on the Condensed Consolidated Balance Sheet as of January 1, 2018. The adjustment was based on customer-specific contracts in effect at December 31, 2017 and reflects revenue that would have been recognized in 2018 in accordance with Accounting Standard Codification (&#x201c;ASC&#x201d;) 605 &#x201c;Revenue Recognition&#x201d; and Subtopic 985 &#x201c;Software&#x201d; collectively referred to as &#x201c;Topic 605&#x201d;. The beginning balance of deferred revenue decreased by $258 representing amounts that were invoiced to customers and not recognized and prepaid and other current assets increased by $163 representing unbilled receivables recognized under Topic 606. Further, accounts receivable increased $199 as the contra accounts receivable balance representing estimated product returns was reclassified to other current liabilities.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The most significant impact of Topic 606 relates to the Company&#x2019;s accounting for software license agreements which have multiple deliverables. Under Topic 605 the Company could not establish vendor specific objective evidence of fair value (&#x201c;VSOE&#x201d;) for its undelivered elements and therefore was not able to separate its delivered software licenses from its future undelivered software license releases. Topic 606 no longer requires separability of promised goods, such as software licenses, on the basis of VSOE. Rather, Topic 606 requires the Company to identify the performance obligations in the contract &#x2014; that is, those promised goods and services (or bundles of promised goods or services) that are distinct &#x2014; and allocate the transaction price of the contract to those performance obligations on the basis of estimated standalone selling prices (&#x201c;SSPs&#x201d;). For these arrangements, the Company will recognize revenue for each deliverable at a point in time when control is transferred to the customer since each deliverable has standalone value.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The primary impact of adopting the new standard results in an acceleration of revenues recognized for the aforementioned multiple deliverable software license arrangements, which are primarily in the Embedded Solutions segment. These multiple deliverable arrangements represented less than 2% of total consolidated revenues for the year ended December 31, 2017.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The timing of revenue recognition for digital signal processing hardware in the Embedded Solutions segment, radio frequency solutions in the Network Solutions segment and noise generators and components and power meters and analyzers and related services in the Test and Measurement segment remains substantially unchanged.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The following line items in our Condensed Consolidated Statement of Operations and Comprehensive Income for the current reporting period and Condensed Consolidated Balance Sheet as of March 31, 2018 have been provided to reflect both the adoption of Topic 606 as well as a comparative presentation in accordance with Topic 605 previously in effect:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td><b>&#xa0;</b></td><td><b>&#xa0;</b></td> <td colspan="11" style="text-align: center; border-bottom: Black 1px solid"><b>Three Months Ended March 31, 2018</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1px solid"><b>CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME</b><b>&#xa0;</b></td><td style="color: black; text-align: center; border-bottom: Black 1px solid"><b>&#xa0;</b></td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1px solid"><b>As Reported (in<br /> Accordance with<br /> ASC Topic 606)</b></td><td style="color: black; text-align: center; border-bottom: Black 1px solid"><b>&#xa0;</b></td><td style="color: black; text-align: center; border-bottom: Black 1px solid"><b>&#xa0;</b></td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1px solid"><b>Balances Without <br /> Adoption of <br /> ASC Topic 606</b></td><td style="color: black; text-align: center; border-bottom: Black 1px solid"><b>&#xa0;</b></td><td style="color: black; text-align: center; border-bottom: Black 1px solid"><b>&#xa0;</b></td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1px solid"><b>Impact of<br /> Adoption<br /> Higher/(Lower)</b></td><td style="color: black; text-align: center; border-bottom: Black 1px solid"><b>&#xa0;</b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 45%; color: black; text-align: left">Net sales</td><td style="width: 1%; color: black">&#xa0;</td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 14%; color: black; text-align: right">13,264</td><td style="width: 1%; color: black; text-align: left">&#xa0;</td><td style="width: 3%; color: black">&#xa0;</td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 14%; color: black; text-align: right">12,958</td><td style="width: 1%; color: black; text-align: left">&#xa0;</td><td style="width: 3%; color: black">&#xa0;</td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 14%; color: black; text-align: right">306</td><td style="width: 1%; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; text-align: left">Operating income</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">430</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">124</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">306</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left">Net income</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">374</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">68</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">306</td><td style="color: black; text-align: left">&#xa0;</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom; "> <td><b>&#xa0;</b></td><td><b>&#xa0;</b></td> <td colspan="11" style="text-align: center; border-bottom: Black 1px solid"><font style="color: black"><b>As of March 31, 2018</b></font></td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; text-align: left; border-bottom: Black 1px solid"><b>CONDENSED CONSOLIDATED BALANCE SHEET</b></td><td style="color: black; border-bottom: Black 1px solid"><b>&#xa0;</b></td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1px solid"><font style="color: black"><b>As Reported (in</b></font><b><br /> <font style="color: black">Accordance with</font><br /> <font style="color: black">ASC Topic 606)</font></b></td><td style="color: black; text-align: left; border-bottom: Black 1px solid"><b>&#xa0;</b></td><td style="color: black; border-bottom: Black 1px solid"><b>&#xa0;</b></td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1px solid"><font style="color: black"><b>Balances Without </b></font><b><br /> <font style="color: black">Adoption of </font><br /> <font style="color: black">ASC Topic 606</font></b></td><td style="color: black; text-align: left; border-bottom: Black 1px solid"><b>&#xa0;</b></td><td style="color: black; border-bottom: Black 1px solid"><b>&#xa0;</b></td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1px solid"><font style="color: black"><b>Impact of</b></font><b><br /> <font style="color: black">Adoption</font><br /> <font style="color: black">Higher/(Lower)</font></b></td><td style="color: black; text-align: left; border-bottom: Black 1px solid"><b>&#xa0;</b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; width: 45%"><b>CURRENT ASSETS</b></td><td style="width: 1%"><b>&#xa0;</b></td> <td style="text-align: left; width: 1%"><b>&#xa0;</b></td><td style="text-align: right; width: 14%"><b>&#xa0;</b></td><td style="text-align: left; width: 1%"><b>&#xa0;</b></td><td style="width: 3%"><b>&#xa0;</b></td> <td style="text-align: left; width: 1%"><b>&#xa0;</b></td><td style="text-align: right; width: 14%"><b>&#xa0;</b></td><td style="text-align: left; width: 1%"><b>&#xa0;</b></td><td style="width: 3%"><b>&#xa0;</b></td> <td style="text-align: left; width: 1%"><b>&#xa0;</b></td><td style="text-align: right; width: 14%"><b>&#xa0;</b></td><td style="text-align: left; width: 1%"><b>&#xa0;</b></td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; text-align: left; text-indent: 10pt">Prepaid expenses and other current assets</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">1,725</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">1,241</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">484</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left"><b>CURRENT LIABILITIES</b></td><td><b>&#xa0;</b></td> <td style="text-align: left"><b>&#xa0;</b></td><td style="text-align: right"><b>&#xa0;</b></td><td style="text-align: left"><b>&#xa0;</b></td><td><b>&#xa0;</b></td> <td style="text-align: left"><b>&#xa0;</b></td><td style="text-align: right"><b>&#xa0;</b></td><td style="text-align: left"><b>&#xa0;</b></td><td><b>&#xa0;</b></td> <td style="text-align: left"><b>&#xa0;</b></td><td style="text-align: right"><b>&#xa0;</b></td><td style="text-align: left"><b>&#xa0;</b></td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; text-align: left; text-indent: 10pt">Deferred revenue</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">808</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">1,068</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">(260</td><td style="color: black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left"><b>SHAREHOLDERS&#x2019; EQUITY</b></td><td><b>&#xa0;</b></td> <td style="text-align: left"><b>&#xa0;</b></td><td style="text-align: right"><b>&#xa0;</b></td><td style="text-align: left"><b>&#xa0;</b></td><td><b>&#xa0;</b></td> <td style="text-align: left"><b>&#xa0;</b></td><td style="text-align: right"><b>&#xa0;</b></td><td style="text-align: left"><b>&#xa0;</b></td><td><b>&#xa0;</b></td> <td style="text-align: left"><b>&#xa0;</b></td><td style="text-align: right"><b>&#xa0;</b></td><td style="text-align: left"><b>&#xa0;</b></td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; text-align: left; text-indent: 10pt">Retained earnings</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">7,971</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">7,665</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">306</td><td style="color: black; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">In January 2017, the FASB issued ASU No. 2017-01,<i> Business Combinations: Clarifying the Definition of a Business Topic 805</i> (&#x201c;ASU 2017-01&#x201d;). ASU 2017-01 clarifies the definition of a business for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted.&#xa0;The Company adopted this standard on January 1, 2018 and will apply the standard to any future business combinations.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">In August 2016, the FASB issued ASU 2016-15, <i>Statement of Cash Flows (Topic 230); Classification of Certain Cash Receipts and Cash Payments</i>, to address some questions about the presentation and classification of certain cash receipts and payments in the statement of cash flows.&#xa0;The update addresses eight specific issues, including contingent consideration payments made after a business combination, distribution received from equity method investees and the classification of cash receipts and payments that have aspects of more than one class of cash flows. This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.&#xa0;Early adoption is permitted. The Company adopted this standard on January 1, 2018, and it had no material impact on our financial statements.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Except for the change in accounting policies for revenue recognition as a result of adopting Topic 606, there have been no other changes to our significant accounting policies as described in the 2017 Form 10-K that had a material impact on our condensed consolidated financial statements and related notes.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><b>Recent Accounting Pronouncements Not Yet Adopted</b></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">In February 2016, the FASB issued ASU 2016-02, <i>Leases (Topic 842)</i>, which creates new accounting and reporting guidelines for leasing arrangements. The new guidance requires organizations that lease assets to recognize assets and liabilities on the balance sheet related to the rights and obligations created by those leases, regardless of whether they are classified as finance or operating leases. Consistent with current guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease primarily will depend on its classification as a finance or operating lease. The guidance also requires new disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. 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The Company plans to adopt the standard effective January 1, 2019, but has not yet selected a transition method.</p><br/> -258000 163000 199000 0.02 The following line items in our Condensed Consolidated Statement of Operations and Comprehensive Income for the current reporting period and Condensed Consolidated Balance Sheet as of March 31, 2018 have been provided to reflect both the adoption of Topic 606 as well as a comparative presentation in accordance with Topic 605 previously in effect:<br /><br /><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td><b>&#xa0;</b></td><td><b>&#xa0;</b></td> <td colspan="11" style="text-align: center; border-bottom: Black 1px solid"><b>Three Months Ended March 31, 2018</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1px solid"><b>CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME</b><b>&#xa0;</b></td><td style="color: black; text-align: center; border-bottom: Black 1px solid"><b>&#xa0;</b></td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1px solid"><b>As Reported (in<br /> Accordance with<br /> ASC Topic 606)</b></td><td style="color: black; text-align: center; border-bottom: Black 1px solid"><b>&#xa0;</b></td><td style="color: black; text-align: center; border-bottom: Black 1px solid"><b>&#xa0;</b></td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1px solid"><b>Balances Without <br /> Adoption of <br /> ASC Topic 606</b></td><td style="color: black; text-align: center; border-bottom: Black 1px solid"><b>&#xa0;</b></td><td style="color: black; text-align: center; border-bottom: Black 1px solid"><b>&#xa0;</b></td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1px solid"><b>Impact of<br /> Adoption<br /> Higher/(Lower)</b></td><td style="color: black; text-align: center; border-bottom: Black 1px solid"><b>&#xa0;</b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 45%; color: black; text-align: left">Net sales</td><td style="width: 1%; color: black">&#xa0;</td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 14%; color: black; text-align: right">13,264</td><td style="width: 1%; color: black; text-align: left">&#xa0;</td><td style="width: 3%; color: black">&#xa0;</td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 14%; color: black; text-align: right">12,958</td><td style="width: 1%; color: black; text-align: left">&#xa0;</td><td style="width: 3%; color: black">&#xa0;</td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 14%; color: black; text-align: right">306</td><td style="width: 1%; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; text-align: left">Operating income</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; 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text-align: left; width: 45%"><b>CURRENT ASSETS</b></td><td style="width: 1%"><b>&#xa0;</b></td> <td style="text-align: left; width: 1%"><b>&#xa0;</b></td><td style="text-align: right; width: 14%"><b>&#xa0;</b></td><td style="text-align: left; width: 1%"><b>&#xa0;</b></td><td style="width: 3%"><b>&#xa0;</b></td> <td style="text-align: left; width: 1%"><b>&#xa0;</b></td><td style="text-align: right; width: 14%"><b>&#xa0;</b></td><td style="text-align: left; width: 1%"><b>&#xa0;</b></td><td style="width: 3%"><b>&#xa0;</b></td> <td style="text-align: left; width: 1%"><b>&#xa0;</b></td><td style="text-align: right; width: 14%"><b>&#xa0;</b></td><td style="text-align: left; width: 1%"><b>&#xa0;</b></td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; text-align: left; text-indent: 10pt">Prepaid expenses and other current assets</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">1,725</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">1,241</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">484</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left"><b>CURRENT LIABILITIES</b></td><td><b>&#xa0;</b></td> <td style="text-align: left"><b>&#xa0;</b></td><td style="text-align: right"><b>&#xa0;</b></td><td style="text-align: left"><b>&#xa0;</b></td><td><b>&#xa0;</b></td> <td style="text-align: left"><b>&#xa0;</b></td><td style="text-align: right"><b>&#xa0;</b></td><td style="text-align: left"><b>&#xa0;</b></td><td><b>&#xa0;</b></td> <td style="text-align: left"><b>&#xa0;</b></td><td style="text-align: right"><b>&#xa0;</b></td><td style="text-align: left"><b>&#xa0;</b></td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; text-align: left; text-indent: 10pt">Deferred revenue</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">808</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">1,068</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">(260</td><td style="color: black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left"><b>SHAREHOLDERS&#x2019; EQUITY</b></td><td><b>&#xa0;</b></td> <td style="text-align: left"><b>&#xa0;</b></td><td style="text-align: right"><b>&#xa0;</b></td><td style="text-align: left"><b>&#xa0;</b></td><td><b>&#xa0;</b></td> <td style="text-align: left"><b>&#xa0;</b></td><td style="text-align: right"><b>&#xa0;</b></td><td style="text-align: left"><b>&#xa0;</b></td><td><b>&#xa0;</b></td> <td style="text-align: left"><b>&#xa0;</b></td><td style="text-align: right"><b>&#xa0;</b></td><td style="text-align: left"><b>&#xa0;</b></td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; text-align: left; text-indent: 10pt">Retained earnings</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">7,971</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">7,665</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">306</td><td style="color: black; text-align: left">&#xa0;</td></tr> </table> 12958000 306000 124000 306000 68000 306000 1725000 1241000 484000 1068000 -260000 7665000 306000 <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>NOTE 3 &#x2013; REVENUE</b></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services. The Company&#x2019;s performance obligations are satisfied either over time or at a point in time. Revenue from performance obligations that transferred at a point in time accounted for approximately 94% of the Company&#x2019;s total revenue for the three months ended March&#xa0;31, 2018.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><b>Nature of Products and Services</b></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><i>Hardware</i></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><font style="color: black">The Company generally has one performance obligation in its arrangements involving the sales of radio frequency solutions in the Network Solutions segment, digital signal processing hardware in the Embedded Solutions segment and noise generators and components and power meter and analyzers in the Test and Measurement segment. When the terms of a contract include the transfer of multiple products, each distinct product is identified as a separate performance obligation. Generally, satisfaction occurs when control of the promised goods is transferred to the customer in exchange for consideration in an amount for which we expect to be entitled.&#xa0;&#xa0;Generally, control is transferred when legal title of the asset moves from the Company to the customer. </font>We sell our products to a customer based on a purchase order, and the shipping terms per each individual order are primarily used to satisfy the single performance obligation. However, in order to determine control has transferred to the customer, the Company also considers:</p><br/><table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 54pt">&#xa0;</td> <td style="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Symbol">&#xb7;</font></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-size: 10pt">when the Company has a present right to payment for the asset</font></td></tr> <tr style="vertical-align: top"> <td>&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Symbol">&#xb7;</font></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-size: 10pt">when the Company has transferred physical possession of the asset to the customer </font></td></tr> <tr style="vertical-align: top"> <td>&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Symbol; color: black">&#xb7;</font></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-size: 10pt; color: black">when the customer has the significant risks and rewards of ownership of the asset </font></td></tr> <tr style="vertical-align: top"> <td>&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Symbol; color: black">&#xb7;</font></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-size: 10pt; color: black">when the customer has accepted the asset </font></td></tr> </table><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><i>Software</i></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Arrangements involving licenses of software in the Embedded Solutions segment may involve multiple performance obligations, most notably subsequent releases of the software. The Company has concluded that each software release in a multiple deliverable arrangement in the Embedded Solutions segment is a distinct performance obligation and, accordingly, transaction price is allocated to each release when the customer obtains control of the software.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><font style="color: black">Performance obligations that are not distinct at contract inception are combined. Specifically, with the Company&#x2019;s sales of software, contracts that include customization may result in the combination of the customization services with the license as one distinct performance obligat</font>ion and recognized over time. The duration of these performance obligations are typically one year or less.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt"><i>Services</i></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">Arrangements involving calibration and repair services in the Company&#x2019;s Test and Measurement segment are generally considered a single performance obligation and are recognized as the services are rendered.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt"><i>Shipping and Handling</i></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">Shipping and handling activities performed after the customer obtains control are accounted for as fulfillment activities and recognized as cost of revenues.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt"><b>Significant Judgments</b></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">For the Company&#x2019;s more complex software and services arrangements significant judgment is required in determining whether licenses and services are distinct performance obligations that should be accounted for separately, or, are not distinct, and thus accounted for together. Further, in cases where we determine that performance obligations should be accounted for separately, judgement is required to determine the standalone selling price for each distinct performance obligation.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Certain of the Company shipments include a limited return right. In accordance with Topic 606 the Company recognizes revenue net of expected returns.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><b>Contract Balances</b></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in contract assets or contract liabilities (deferred revenue) on the Company&#x2019;s condensed consolidated balance sheet. The Company records a contract asset when revenue is recognized prior to invoicing, or deferred revenue when revenue is recognized subsequent to invoicing. Contract assets are recorded in prepaid expenses and other current assets and are $484 and $162 as of March 31, 2018 and December 31, 2017 (as adjusted), respectively. The increase in contract assets from December 31, 2017 is due to contract assets recognized in the current period. Deferred revenue is $808 and $371 as of March 31, 2018 and December 31, 2017 (as adjusted), respectively. Revenue recognized in the current period that was included in the opening deferred revenue balance was $163.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><b>Disaggregated Revenue</b></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">We disaggregate our revenue from contracts with customers by product family and geographic location for each of our segments as we believe it best depicts how the nature, timing and uncertainty of our revenue and cash flows are affected by economic factors. See details in the tables below.</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td colspan="14" style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: center">Three Months Ended March 31, 2018</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">Total Net Revenues<br /> by Revenue Type</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; text-align: center"><font style="text-decoration:underline">Network</font><br /> <font style="text-decoration:underline">Solutions</font></td><td style="padding-bottom: 1px; 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color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1,499</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">Power Meters and Analyzers</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1,980</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1,980</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">Signal Processing Hardware</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">2,906</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">2,906</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">Software Licenses</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">483</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">483</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Services</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">284</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">601</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">885</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">Total Net Revenue</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; border-top: Black 1px solid; border-bottom: Black 3px double">&#xa0;</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">5,511</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">&#xa0;</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; border-top: Black 1px solid; border-bottom: Black 3px double">&#xa0;</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">3,763</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">&#xa0;</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; border-top: Black 1px solid; border-bottom: Black 3px double">&#xa0;</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">3,990</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">&#xa0;</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; border-top: Black 1px solid; border-bottom: Black 3px double">&#xa0;</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">13,264</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">&#xa0;</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Total Net Revenues<br /> By Geographic Areas</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font-weight: bold; padding-bottom: 1px; text-align: center"><font style="text-decoration:underline">Network</font> <br /> <font style="text-decoration:underline">Solutions</font></td><td style="padding-bottom: 1px; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font-weight: bold; padding-bottom: 1px; text-align: center"><font style="text-decoration:underline">Test and</font><br /> <font style="text-decoration:underline">Measurement</font></td><td style="padding-bottom: 1px; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font-weight: bold; padding-bottom: 1px; text-align: center"><font style="text-decoration:underline">Embedded</font><br /> <font style="text-decoration:underline">Solutions</font></td><td style="padding-bottom: 1px; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font-weight: bold; padding-bottom: 1px; text-align: center"><font style="text-decoration:underline">Total</font></td><td style="padding-bottom: 1px; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%">Americas</td><td style="width: 3%">&#xa0;</td> <td style="width: 3%; text-align: right">$</td><td style="width: 8%; text-align: right">4,159</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="width: 4%; text-align: right">$</td><td style="width: 7%; text-align: right">2,515</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="width: 4%; text-align: right">$</td><td style="width: 7%; text-align: right">1,423</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="width: 4%; text-align: right">$</td><td style="width: 7%; text-align: right">8,097</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>EMEA</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">941</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">449</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">2,370</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">3,760</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">APAC</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">411</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">799</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">197</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">1,407</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 3px">Total Net Revenue</td><td style="font-weight: bold; padding-bottom: 3px">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">$</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">5,511</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">$</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">3,763</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">$</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">3,990</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">$</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">13,264</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom; "> <td>&#xa0;</td><td colspan="16" style="font-weight: bold; text-align: center"><font style="font-size: 10pt">Three Months Ended March 31, 2017</font></td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1px">Total Net Revenues <br /> By Revenue Type</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 10pt"><font style="text-decoration:underline">Network Solutions</font></font></td><td style="padding-bottom: 1px; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 10pt"><font style="text-decoration:underline">Test and</font></font><br /> <font style="font-size: 10pt"><font style="text-decoration:underline">Measurement</font></font></td><td style="padding-bottom: 1px; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="padding-bottom: 1px; font-weight: bold; text-align: center"><font style="font-size: 10pt"><font style="text-decoration:underline">Embedded</font></font><br /> <font style="font-size: 10pt"><font style="text-decoration:underline">Solutions</font></font></td><td style="padding-bottom: 1px; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="padding-bottom: 1px; font-weight: bold; text-align: center"><font style="font-size: 10pt"><font style="text-decoration:underline">Total</font></font></td><td style="padding-bottom: 1px; font-weight: bold; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; width: 40%">RF Solutions</td><td style="width: 3%">&#xa0;</td> <td style="text-align: right; width: 3%">$</td><td style="text-align: right; width: 8%">5,515</td><td style="text-align: left; width: 1%">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="text-align: right; width: 4%">$</td><td style="text-align: right; width: 7%">-</td><td style="text-align: left; width: 1%">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="text-align: right; width: 4%">$</td><td style="text-align: right; width: 7%">-</td><td style="text-align: left; width: 1%">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="text-align: right; width: 4%">$</td><td style="text-align: right; width: 7%">5,515</td><td style="text-align: left; width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Noise Generators and Components</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">1,217</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">1,217</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Power Meters and Analyzers</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">1,536</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">1,536</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Signal Processing Hardware</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">382</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">382</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Software Licenses</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">85</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">85</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Services</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">-</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">284</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">530</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">814</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 3px">Total Net Revenue</td><td style="font-weight: bold; padding-bottom: 3px">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">$</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">5,515</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">$</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">3,037</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">$</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">997</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">$</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">9,549</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1px">Total Net Revenues <br /> by Geographic Areas</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="padding-bottom: 1px; font-weight: bold; text-align: center"><font style="font-size: 10pt"><font style="text-decoration:underline">Network</font></font><br /> <font style="font-size: 10pt"><font style="text-decoration:underline">Solutions</font></font></td><td style="padding-bottom: 1px; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="padding-bottom: 1px; font-weight: bold; text-align: center"><font style="font-size: 10pt"><font style="text-decoration:underline">Test and</font></font><br /> <font style="font-size: 10pt"><font style="text-decoration:underline">Measurement</font></font></td><td style="padding-bottom: 1px; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="padding-bottom: 1px; font-weight: bold; text-align: center"><font style="font-size: 10pt"><font style="text-decoration:underline">Embedded</font></font><br /> <font style="font-size: 10pt"><font style="text-decoration:underline">Solutions</font></font></td><td style="padding-bottom: 1px; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="padding-bottom: 1px; font-weight: bold; text-align: center"><font style="font-size: 10pt"><font style="text-decoration:underline">Total</font></font></td><td style="padding-bottom: 1px; font-weight: bold; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%">Americas</td><td style="width: 3%">&#xa0;</td> <td style="text-align: right; width: 3%">&#xa0;</td><td style="text-align: right; width: 8%">4,710</td><td style="text-align: left; width: 1%">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="text-align: right; width: 4%">&#xa0;</td><td style="text-align: right; width: 7%">1,690</td><td style="text-align: left; width: 1%">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="text-align: right; width: 4%">&#xa0;</td><td style="text-align: right; width: 7%">565</td><td style="text-align: left; width: 1%">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="text-align: right; width: 4%">&#xa0;</td><td style="text-align: right; width: 7%">6,965</td><td style="text-align: left; width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>EMEA</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">572</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">554</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">397</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">1,523</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">APAC</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">233</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">793</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">35</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">1,061</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 3px">Total Net Revenue</td><td style="font-weight: bold; padding-bottom: 3px">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">&#xa0;</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">5,515</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">&#xa0;</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">3,037</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">&#xa0;</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">997</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">&#xa0;</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">9,549</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td></tr> </table><br/> 0.94 484000 162000 808000 371000 163000 We disaggregate our revenue from contracts with customers by product family and geographic location for each of our segments as we believe it best depicts how the nature, timing and uncertainty of our revenue and cash flows are affected by economic factors. See details in the tables below.<br /><br /><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td colspan="14" style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: center">Three Months Ended March 31, 2018</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">Total Net Revenues<br /> by Revenue Type</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; padding-bottom: 1px; text-align: center"><font style="text-decoration:underline">Network</font><br /> <font style="text-decoration:underline">Solutions</font></td><td style="padding-bottom: 1px; 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font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">$</td><td style="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">$</td><td style="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">$</td><td style="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">5,511</td><td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">Noise Generators and Components</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1,499</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1,499</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">Power Meters and Analyzers</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1,980</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">1,980</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">Signal Processing Hardware</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">2,906</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">2,906</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">Software Licenses</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">483</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">483</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Services</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">284</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">601</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&#xa0;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">&#xa0;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right">885</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left">Total Net Revenue</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; border-top: Black 1px solid; border-bottom: Black 3px double">&#xa0;</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">5,511</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">&#xa0;</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; border-top: Black 1px solid; border-bottom: Black 3px double">&#xa0;</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">3,763</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">&#xa0;</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; border-top: Black 1px solid; border-bottom: Black 3px double">&#xa0;</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">3,990</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">&#xa0;</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; border-top: Black 1px solid; border-bottom: Black 3px double">&#xa0;</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">13,264</td><td style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: black; text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">&#xa0;</td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Total Net Revenues<br /> By Geographic Areas</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font-weight: bold; padding-bottom: 1px; text-align: center"><font style="text-decoration:underline">Network</font> <br /> <font style="text-decoration:underline">Solutions</font></td><td style="padding-bottom: 1px; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font-weight: bold; padding-bottom: 1px; text-align: center"><font style="text-decoration:underline">Test and</font><br /> <font style="text-decoration:underline">Measurement</font></td><td style="padding-bottom: 1px; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font-weight: bold; padding-bottom: 1px; text-align: center"><font style="text-decoration:underline">Embedded</font><br /> <font style="text-decoration:underline">Solutions</font></td><td style="padding-bottom: 1px; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font-weight: bold; padding-bottom: 1px; text-align: center"><font style="text-decoration:underline">Total</font></td><td style="padding-bottom: 1px; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%">Americas</td><td style="width: 3%">&#xa0;</td> <td style="width: 3%; text-align: right">$</td><td style="width: 8%; text-align: right">4,159</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="width: 4%; text-align: right">$</td><td style="width: 7%; text-align: right">2,515</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="width: 4%; text-align: right">$</td><td style="width: 7%; text-align: right">1,423</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="width: 4%; text-align: right">$</td><td style="width: 7%; text-align: right">8,097</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>EMEA</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">941</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">449</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">2,370</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">3,760</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">APAC</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">411</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">799</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">197</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">1,407</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 3px">Total Net Revenue</td><td style="font-weight: bold; padding-bottom: 3px">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">$</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">5,511</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">$</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">3,763</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">$</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">3,990</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">$</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">13,264</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom; "> <td>&#xa0;</td><td colspan="16" style="font-weight: bold; text-align: center"><font style="font-size: 10pt">Three Months Ended March 31, 2017</font></td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1px">Total Net Revenues <br /> By Revenue Type</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 10pt"><font style="text-decoration:underline">Network Solutions</font></font></td><td style="padding-bottom: 1px; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 10pt"><font style="text-decoration:underline">Test and</font></font><br /> <font style="font-size: 10pt"><font style="text-decoration:underline">Measurement</font></font></td><td style="padding-bottom: 1px; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="padding-bottom: 1px; font-weight: bold; text-align: center"><font style="font-size: 10pt"><font style="text-decoration:underline">Embedded</font></font><br /> <font style="font-size: 10pt"><font style="text-decoration:underline">Solutions</font></font></td><td style="padding-bottom: 1px; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="padding-bottom: 1px; font-weight: bold; text-align: center"><font style="font-size: 10pt"><font style="text-decoration:underline">Total</font></font></td><td style="padding-bottom: 1px; font-weight: bold; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; width: 40%">RF Solutions</td><td style="width: 3%">&#xa0;</td> <td style="text-align: right; width: 3%">$</td><td style="text-align: right; width: 8%">5,515</td><td style="text-align: left; width: 1%">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="text-align: right; width: 4%">$</td><td style="text-align: right; width: 7%">-</td><td style="text-align: left; width: 1%">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="text-align: right; width: 4%">$</td><td style="text-align: right; width: 7%">-</td><td style="text-align: left; width: 1%">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="text-align: right; width: 4%">$</td><td style="text-align: right; width: 7%">5,515</td><td style="text-align: left; width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Noise Generators and Components</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">1,217</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">1,217</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Power Meters and Analyzers</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">1,536</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">1,536</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Signal Processing Hardware</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">382</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">382</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Software Licenses</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">85</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">85</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Services</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">-</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">284</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">530</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">814</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 3px">Total Net Revenue</td><td style="font-weight: bold; padding-bottom: 3px">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">$</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">5,515</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">$</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">3,037</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">$</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">997</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">$</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">9,549</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1px">Total Net Revenues <br /> by Geographic Areas</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="padding-bottom: 1px; font-weight: bold; text-align: center"><font style="font-size: 10pt"><font style="text-decoration:underline">Network</font></font><br /> <font style="font-size: 10pt"><font style="text-decoration:underline">Solutions</font></font></td><td style="padding-bottom: 1px; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="padding-bottom: 1px; font-weight: bold; text-align: center"><font style="font-size: 10pt"><font style="text-decoration:underline">Test and</font></font><br /> <font style="font-size: 10pt"><font style="text-decoration:underline">Measurement</font></font></td><td style="padding-bottom: 1px; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="padding-bottom: 1px; font-weight: bold; text-align: center"><font style="font-size: 10pt"><font style="text-decoration:underline">Embedded</font></font><br /> <font style="font-size: 10pt"><font style="text-decoration:underline">Solutions</font></font></td><td style="padding-bottom: 1px; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="padding-bottom: 1px; font-weight: bold; text-align: center"><font style="font-size: 10pt"><font style="text-decoration:underline">Total</font></font></td><td style="padding-bottom: 1px; font-weight: bold; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%">Americas</td><td style="width: 3%">&#xa0;</td> <td style="text-align: right; width: 3%">&#xa0;</td><td style="text-align: right; width: 8%">4,710</td><td style="text-align: left; width: 1%">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="text-align: right; width: 4%">&#xa0;</td><td style="text-align: right; width: 7%">1,690</td><td style="text-align: left; width: 1%">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="text-align: right; width: 4%">&#xa0;</td><td style="text-align: right; width: 7%">565</td><td style="text-align: left; width: 1%">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="text-align: right; width: 4%">&#xa0;</td><td style="text-align: right; width: 7%">6,965</td><td style="text-align: left; width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>EMEA</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">572</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">554</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">397</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">1,523</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">APAC</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">233</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">793</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">35</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="text-align: right; border-bottom: Black 1px solid">&#xa0;</td><td style="text-align: right; border-bottom: Black 1px solid">1,061</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 3px">Total Net Revenue</td><td style="font-weight: bold; padding-bottom: 3px">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">&#xa0;</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">5,515</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">&#xa0;</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">3,037</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">&#xa0;</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">997</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 3px double">&#xa0;</td> <td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">&#xa0;</td><td style="font-weight: bold; text-align: right; border-bottom: Black 3px double">9,549</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">&#xa0;</td></tr> </table> 5511000 5511000 1499000 1499000 1980000 1980000 2906000 2906000 483000 483000 284000 601000 885000 5511000 3763000 3990000 4159000 2515000 1423000 8097000 941000 449000 2370000 3760000 411000 799000 197000 1407000 5515000 5515000 1217000 1217000 1536000 1536000 382000 382000 85000 85000 284000 530000 814000 5515000 3037000 997000 4710000 1690000 565000 6965000 572000 554000 397000 1523000 233000 793000 35000 1061000 <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NOTE 4 &#x2013; PREPAID EXPENSES AND OTHER CURRENT ASSETS</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Prepaid expenses and other current assets generally consist of income tax receivables, prepaid insurance, prepaid maintenance agreements and the short term portion of debt issuance costs. As of December 31, 2017, prepaid and other current assets included a $3,599 contingent asset representing the fair value of consideration shares issued in connection with the CommAgility acquisition. Under the claw back provision of the Share Purchase Agreement (see Note 5) the consideration shares were forfeited in March 2018 and are no longer outstanding. Accordingly, prepaid expenses and other current assets decreased by $3,599 from December 31, 2017. The forfeited shares are recorded as treasury stock in the condensed consolidated statement of shareholders&#x2019; equity as of March 31, 2018.</p><br/> 3599000 -3599000 <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NOTE 5 &#x2013; ACQUISITION OF COMMAGILITY</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">On February 17, 2017, Wireless Telecommunications, Ltd. (the &#x201c;Acquisition Subsidiary&#x201d;), a company incorporated in England and Wales which is a wholly owned subsidiary of Wireless Telecom Group, Inc., completed the acquisition of all the issued shares in CommAgility Limited, (&#x201c;CommAgility&#x201d;) a company incorporated in England and Wales (the &#x201c;Acquisition&#x201d;) from CommAgility&#x2019;s founders. The Acquisition was completed pursuant to the terms of a Share Purchase Agreement, dated February 17, 2017, and entered into by and among the Company, the Acquisition Subsidiary and the founders. The Company paid $11,318 in cash on acquisition date and issued 3,488 shares of newly issued Company common stock (&#x201c;Consideration Shares&#x201d;) with an acquisition date fair value of $6,000.<font style="color: red"> </font>In addition to the acquisition date cash purchase price the sellers were paid an additional $2,500 in the form of deferred purchase price payable in installments beginning in March 2017 through January 2019 and were paid an additional purchase price adjustment based on working capital and cash levels of $1,400. Lastly, the sellers could have earned an additional &#xa3;10,000 in purchase price if certain financial targets were met for the years ending December 31, 2017 and December 31, 2018. (See Note 1).<br style="clear: ALL;" /> </p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Pursuant to the Share Purchase Agreement, 2,093 of the Consideration Shares were subject to forfeiture and return to the Company if (a) 2017 Adjusted EBITDA, as defined, generated by CommAgility is less than &#xa3;2,400; or (b) 2018 Adjusted EBITDA, as defined, generated by CommAgility is less than &#xa3;2,400 (in each case as determined by an audit of CommAgility conducted by the accountants of the Acquisition Subsidiary in accordance with the terms of the Share Purchase Agreement). During the three months ended March 31, 2018 all consideration shares were forfeited as the 2017 EBITDA threshold was not achieved. The fair value of these shares of $3,599 is recorded in treasury stock as of March 31, 2018.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The following table summarizes the activity related to contingent consideration and deferred purchase price for the three months ended March 31, 2018:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">Contingent Consideration</td><td style="font-weight: bold">&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">Deferred Purchase<br /> Price</td><td style="font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 65%">Balance at December 31, 2017</td><td style="width: 3%">&#xa0;</td> <td style="width: 1%; text-align: right">$</td><td style="width: 10%; text-align: right">630</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="width: 4%; text-align: right">$</td><td style="width: 12%; text-align: right">1,230</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Accretion of Interest</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">24</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt">Payment</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">(811</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; padding-bottom: 1px">Foreign Currency Translation</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">24</td><td style="text-align: left; border-bottom: Black 1px solid">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">48</td><td style="text-align: left; border-bottom: Black 1px solid">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">Balance as of March 31, 2018</td><td>&#xa0;</td> <td style="border-bottom: Black 2px solid; text-align: right">$</td><td style="border-bottom: Black 2px solid; text-align: right">678</td><td style="text-align: left; border-bottom: Black 2px solid">&#xa0;</td><td style="border-bottom: Black 2px solid">&#xa0;</td> <td style="border-bottom: Black 2px solid; text-align: right">$</td><td style="border-bottom: Black 2px solid; text-align: right">467</td><td style="text-align: left; border-bottom: Black 2px solid">&#xa0;</td></tr> </table><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">As of March 31, 2018, contingent consideration liability and deferred purchase price are included in accrued expenses and other current liabilities on the condensed consolidated balance sheet.</p><br/> 2017-02-17 11318000 3488000 6000000 2500000 1400000 10000000 2093000 (a) 2017 Adjusted EBITDA,as defined, generated by CommAgility is less than &#xa3;2,400; or (b) 2018 Adjusted EBITDA, as defined, generated by CommAgilityis less than &#xa3;2,400 (in each case as determined by an audit of CommAgility conducted by the accountants of the AcquisitionSubsidiary in accordance with the terms of the Share Purchase Agreement). 2400000 2400000 3599000 The following table summarizes the activity related to contingent consideration and deferred purchase price for the three months ended March 31, 2018:<br /><br /><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">Contingent Consideration</td><td style="font-weight: bold">&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">Deferred Purchase<br /> Price</td><td style="font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 65%">Balance at December 31, 2017</td><td style="width: 3%">&#xa0;</td> <td style="width: 1%; text-align: right">$</td><td style="width: 10%; text-align: right">630</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="width: 4%; text-align: right">$</td><td style="width: 12%; text-align: right">1,230</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Accretion of Interest</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">24</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt">Payment</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">(811</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; padding-bottom: 1px">Foreign Currency Translation</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">24</td><td style="text-align: left; border-bottom: Black 1px solid">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">48</td><td style="text-align: left; border-bottom: Black 1px solid">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">Balance as of March 31, 2018</td><td>&#xa0;</td> <td style="border-bottom: Black 2px solid; text-align: right">$</td><td style="border-bottom: Black 2px solid; text-align: right">678</td><td style="text-align: left; border-bottom: Black 2px solid">&#xa0;</td><td style="border-bottom: Black 2px solid">&#xa0;</td> <td style="border-bottom: Black 2px solid; text-align: right">$</td><td style="border-bottom: Black 2px solid; text-align: right">467</td><td style="text-align: left; border-bottom: Black 2px solid">&#xa0;</td></tr> </table> 630000 1230000 24000 -811000 24000 48000 678000 467000 <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NOTE 6 &#x2013; INCOME TAXES</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The Company records deferred taxes in accordance with Accounting Standards Codification (&#x201c;ASC&#x201d;) 740, &#x201c;<i>Accounting for Income Taxes</i>.&#x201d; ASC 740 requires recognition of deferred tax assets and liabilities for temporary differences between tax basis of assets and liabilities and the amounts at which they are carried in the financial statements, based upon the enacted rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance when necessary to reduce deferred tax assets to the amount expected to be realized. The Company periodically assesses the value of its deferred tax assets and determines the necessity for a valuation allowance.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Realization of the Company&#x2019;s deferred tax assets is dependent upon the Company generating sufficient taxable income in the appropriate tax jurisdictions in future years to obtain benefit from the reversal of net deductible temporary differences and from utilization of net operating losses. The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income are changed.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The effective rate of income tax provision of 13% for the three months ended March 31, 2018 was lower than the statutory rates in the United States and United Kingdom primarily due to research and development deductions in the United Kingdom and non-qualified stock option deductions offset by nondeductible expenses and U.S. state income taxes.</p><br/> 0.13 <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NOTE 7 - INCOME (LOSS) PER COMMON SHARE</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Basic income (loss) per share is calculated by dividing income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per share is calculated by dividing income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period and, when dilutive, potential shares from stock options using the treasury stock method and unvested restricted shares. In periods with a net loss, the basic loss per share equals the diluted loss per share as all common stock equivalents are excluded from the per share calculation because they are anti-dilutive. In accordance with ASC 260, &#x201c;Earnings Per Share&#x201d;, the following table reconciles basic shares outstanding to fully diluted shares outstanding.</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt">&#xa0;</td><td>&#xa0;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1px solid">For the Three Months<br /> Ended March 31,</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt">&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center; padding-bottom: 1px"><font style="text-decoration:underline">2018</font></td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center; padding-bottom: 1px"><font style="text-decoration:underline">2017</font></td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Weighted average common shares outstanding</td><td style="width: 7%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 12%; text-align: right; padding-right: 15pt">20,644</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 12%; text-align: right; padding-right: 15pt">20,386</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Potentially dilutive stock options</td><td>&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right; padding-right: 15pt">989</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right; padding-right: 15pt">780</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right; padding-right: 15pt">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right; padding-right: 15pt">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Weighted average common shares outstanding, assuming dilution</td><td>&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: left">&#xa0;</td><td style="border-bottom: Black 3px double; text-align: right; padding-right: 15pt">21,633</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: left">&#xa0;</td><td style="border-bottom: Black 3px double; text-align: right; padding-right: 15pt">21,166</td><td style="text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Common stock equivalents are included in the diluted income (loss) per share calculation only when option exercise prices are lower than the average market price of the common shares for the period presented.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The weighted average number of options to purchase common stock not included in diluted loss per share, because the effects are anti-dilutive, was 0 and 1,413 for the three months ended March 31, 2018 and 2017, respectively.</p><br/> 0 1413000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt">&#xa0;</td><td>&#xa0;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1px solid">For the Three Months<br /> Ended March 31,</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt">&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center; padding-bottom: 1px"><font style="text-decoration:underline">2018</font></td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center; padding-bottom: 1px"><font style="text-decoration:underline">2017</font></td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Weighted average common shares outstanding</td><td style="width: 7%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 12%; text-align: right; padding-right: 15pt">20,644</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 12%; text-align: right; padding-right: 15pt">20,386</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Potentially dilutive stock options</td><td>&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right; padding-right: 15pt">989</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right; padding-right: 15pt">780</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right; padding-right: 15pt">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right; padding-right: 15pt">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Weighted average common shares outstanding, assuming dilution</td><td>&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: left">&#xa0;</td><td style="border-bottom: Black 3px double; text-align: right; padding-right: 15pt">21,633</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: left">&#xa0;</td><td style="border-bottom: Black 3px double; text-align: right; padding-right: 15pt">21,166</td><td style="text-align: left">&#xa0;</td></tr> </table> 20644000 20386000 989000 780000 21633000 21166000 <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NOTE 8 &#x2013; INVENTORIES</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Inventory carrying value is net of inventory reserves of $1,732 and $1,856 at March 31, 2018 and December 31, 2017, respectively.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Inventories consist of:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top">&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">March 31,<br /> 2018</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">December 31,<br /> 2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Raw materials</td><td style="width: 3%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 11%; text-align: right; padding-right: 5pt">3,678</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 11%; text-align: right; padding-right: 5pt">3,231</td></tr> <tr style="vertical-align: bottom; "> <td>Work-in-process</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right; padding-right: 5pt">592</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right; padding-right: 5pt">631</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Finished goods</td><td>&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right; padding-right: 5pt">2,783</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right; padding-right: 5pt">2,664</td></tr> <tr style="vertical-align: bottom; "> <td>&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right; padding-right: 5pt">7,053</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right; padding-right: 5pt">6,526</td></tr> </table><br/> Inventories consist of:<br /><br /><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top">&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">March 31,<br /> 2018</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">December 31,<br /> 2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Raw materials</td><td style="width: 3%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 11%; text-align: right; padding-right: 5pt">3,678</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 11%; text-align: right; padding-right: 5pt">3,231</td></tr> <tr style="vertical-align: bottom; "> <td>Work-in-process</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right; padding-right: 5pt">592</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right; padding-right: 5pt">631</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Finished goods</td><td>&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right; padding-right: 5pt">2,783</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right; padding-right: 5pt">2,664</td></tr> <tr style="vertical-align: bottom; "> <td>&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right; padding-right: 5pt">7,053</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right; padding-right: 5pt">6,526</td></tr> </table> 3678000 3231000 592000 631000 2783000 2664000 <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NOTE 9 &#x2013; GOODWILL AND INTANGIBLE ASSETS</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The Company&#x2019;s goodwill balance of $10,598 at March 31, 2018 relates to two of the Company&#x2019;s reporting units, Microlab ($1,351) and Embedded Solutions ($9,247). Management&#x2019;s qualitative assessment performed in the fourth quarter of 2017 did not indicate any impairment of Microlab&#x2019;s goodwill as its fair value was estimated to be in excess of its carrying value. Furthermore, no events have occurred since then that would change this assessment.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Goodwill consists of the following:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">March 31, 2018</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Beginning Balance</td><td style="width: 3%">&#xa0;</td> <td style="width: 4%; text-align: right">$</td><td style="width: 10%; text-align: right; padding-right: 15pt">10,260</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Foreign Currency Translation</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right; padding-right: 15pt">338</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Ending Balance</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 2px solid; text-align: right">$</td><td style="border-bottom: Black 2px solid; text-align: right; padding-right: 15pt">10,598</td></tr> </table><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Intangible assets consist of the following:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">March 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">Gross Carrying<br /> Amount</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">Accumulated<br /> Amortization</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">Foreign Exchange<br /> Translation</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">Net Carrying<br /> Amount</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Customer Relationships</td><td style="width: 2%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 10%; text-align: right">2,766</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 2%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">(646</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 13%; text-align: right">268</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 2%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">2,388</td><td style="width: 2%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Patents</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">615</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">(143</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">59</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">531</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Non Compete Agreements</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">1,107</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">(436</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">100</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">771</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Tradename</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">629</td><td style="text-align: left; border-bottom: Black 1px solid">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="text-align: left; border-bottom: Black 1px solid">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">72</td><td style="text-align: left; border-bottom: Black 1px solid">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">701</td><td style="text-align: left; border-bottom: Black 1px solid">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; padding-bottom: 3px">Total</td><td style="padding-bottom: 3px">&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right">5,117</td><td style="text-align: left; border-bottom: Black 3px double">&#xa0;</td><td style="border-bottom: Black 3px double">&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right">(1,225</td><td style="text-align: left; border-bottom: Black 3px double">)</td><td style="border-bottom: Black 3px double">&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right">499</td><td style="text-align: left; border-bottom: Black 3px double">&#xa0;</td><td style="border-bottom: Black 3px double">&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right">4,391</td><td style="text-align: left; border-bottom: Black 3px double">&#xa0;</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">Gross Carrying<br /> Amount</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">Accumulated<br /> Amortization</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">Foreign Exchange<br /> Translation</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">Net Carrying<br /> Amount</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Customer Relationships</td><td style="width: 2%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 10%; text-align: right">2,766</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 2%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">(494</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 13%; text-align: right">178</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 2%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">2,450</td><td style="width: 2%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Patents</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">615</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">(109</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">39</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">545</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Non Compete Agreements</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">1,107</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">(334</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">69</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">842</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Tradename</td><td>&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">629</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">45</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">674</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt">Total</td><td>&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right">5,117</td><td style="border-bottom: Black 3px double; text-align: left">&#xa0;</td><td style="border-bottom: Black 3px double">&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right">(937</td><td style="border-bottom: Black 3px double; text-align: left">)</td><td style="border-bottom: Black 3px double">&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right">331</td><td style="border-bottom: Black 3px double; text-align: left">&#xa0;</td><td style="border-bottom: Black 3px double">&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right">4,511</td><td style="border-bottom: Black 3px double; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Amortization of acquired intangible assets was $287 and $200 for the three months ended March 31, 2018 and 2017, respectively. Amortization of acquired intangible assets is included as part of general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income/(loss).</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The estimated future amortization expense related to intangible assets is as follows as of March 31, 2018:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">Remainder 2018</td><td style="width: 3%">&#xa0;</td> <td style="width: 4%; text-align: center">$</td><td style="width: 10%; text-align: right; padding-right: 5pt">873</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2019</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: right; padding-right: 5pt">1,165</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2020</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: right; padding-right: 5pt">805</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2021</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: right; padding-right: 5pt">754</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">2022</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: center">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right; padding-right: 5pt">94</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt; text-align: left">Total</td><td style="padding-bottom: 3px">&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: center">$</td><td style="border-bottom: Black 3px double; text-align: right; padding-right: 5pt">3,691</td></tr> </table><br/> 2 1351000 9247000 287000 200000 Goodwill consists of the following:<br /><br /><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">March 31, 2018</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Beginning Balance</td><td style="width: 3%">&#xa0;</td> <td style="width: 4%; text-align: right">$</td><td style="width: 10%; text-align: right; padding-right: 15pt">10,260</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Foreign Currency Translation</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right; padding-right: 15pt">338</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Ending Balance</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 2px solid; text-align: right">$</td><td style="border-bottom: Black 2px solid; text-align: right; padding-right: 15pt">10,598</td></tr> </table> 338000 Intangible assets consist of the following:<br /><br /><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">March 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">Gross Carrying<br /> Amount</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">Accumulated<br /> Amortization</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">Foreign Exchange<br /> Translation</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">Net Carrying<br /> Amount</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Customer Relationships</td><td style="width: 2%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 10%; text-align: right">2,766</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 2%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">(646</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 13%; text-align: right">268</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 2%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">2,388</td><td style="width: 2%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Patents</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">615</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">(143</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">59</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">531</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Non Compete Agreements</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">1,107</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">(436</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">100</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">771</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Tradename</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">629</td><td style="text-align: left; border-bottom: Black 1px solid">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="text-align: left; border-bottom: Black 1px solid">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">72</td><td style="text-align: left; border-bottom: Black 1px solid">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">701</td><td style="text-align: left; border-bottom: Black 1px solid">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; padding-bottom: 3px">Total</td><td style="padding-bottom: 3px">&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right">5,117</td><td style="text-align: left; border-bottom: Black 3px double">&#xa0;</td><td style="border-bottom: Black 3px double">&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right">(1,225</td><td style="text-align: left; border-bottom: Black 3px double">)</td><td style="border-bottom: Black 3px double">&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right">499</td><td style="text-align: left; border-bottom: Black 3px double">&#xa0;</td><td style="border-bottom: Black 3px double">&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right">4,391</td><td style="text-align: left; border-bottom: Black 3px double">&#xa0;</td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">Gross Carrying<br /> Amount</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">Accumulated<br /> Amortization</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">Foreign Exchange<br /> Translation</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">Net Carrying<br /> Amount</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Customer Relationships</td><td style="width: 2%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 10%; text-align: right">2,766</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 2%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">(494</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 13%; text-align: right">178</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 2%">&#xa0;</td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">2,450</td><td style="width: 2%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Patents</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">615</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">(109</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">39</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">545</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Non Compete Agreements</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">1,107</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">(334</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">69</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">842</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Tradename</td><td>&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">629</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">45</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">674</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt">Total</td><td>&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right">5,117</td><td style="border-bottom: Black 3px double; text-align: left">&#xa0;</td><td style="border-bottom: Black 3px double">&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right">(937</td><td style="border-bottom: Black 3px double; text-align: left">)</td><td style="border-bottom: Black 3px double">&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right">331</td><td style="border-bottom: Black 3px double; text-align: left">&#xa0;</td><td style="border-bottom: Black 3px double">&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: right">$</td><td style="border-bottom: Black 3px double; text-align: right">4,511</td><td style="border-bottom: Black 3px double; text-align: left">&#xa0;</td></tr> </table> 2766000 -646000 268000 2388000 2766000 -494000 178000 2450000 615000 -143000 59000 531000 615000 -109000 39000 545000 1107000 -436000 100000 771000 1107000 -334000 69000 842000 629000 72000 701000 629000 45000 674000 5117000 -1225000 499000 5117000 -937000 331000 The estimated future amortization expense related to intangible assets is as follows as of March 31, 2018:<br /><br /><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">Remainder 2018</td><td style="width: 3%">&#xa0;</td> <td style="width: 4%; text-align: center">$</td><td style="width: 10%; text-align: right; padding-right: 5pt">873</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2019</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: right; padding-right: 5pt">1,165</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2020</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: right; padding-right: 5pt">805</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2021</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: right; padding-right: 5pt">754</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">2022</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: center">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right; padding-right: 5pt">94</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt; text-align: left">Total</td><td style="padding-bottom: 3px">&#xa0;</td> <td style="border-bottom: Black 3px double; text-align: center">$</td><td style="border-bottom: Black 3px double; text-align: right; padding-right: 5pt">3,691</td></tr> </table> 873000 1165000 805000 754000 94000 3691000 <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NOTE 10 &#x2013; DEBT</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Debt consists of the following:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: right; padding-right: 5pt; white-space: nowrap;">March 31, 2018</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Revolver at LIBOR Plus Margin</td><td style="width: 3%">&#xa0;</td> <td style="width: 4%; text-align: center">$</td><td style="width: 10%; text-align: right; padding-right: 5pt">2,595</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Term Loan at LIBOR Plus Margin</td><td>&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: center">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right; padding-right: 5pt">608</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Total Debt</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: right; padding-right: 5pt">3,203</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Debt Maturing within one year</td><td>&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: center">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right; padding-right: 2pt">(2,747)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Non-current portion of long term debt</td><td>&#xa0;</td> <td style="border-bottom: Black 2px solid; text-align: center">$</td><td style="border-bottom: Black 2px solid; text-align: right; padding-right: 5pt">456</td></tr> </table><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">In connection with the acquisition of CommAgility, the Company entered into a Credit Agreement with Bank of America, N.A. (the &#x201c;Lender&#x201d;) on February 16, 2017 (the &#x201c;New Credit Facility&#x201d;), which provided for a term loan in the aggregate principal amount of $760 (the &#x201c;Term Loan&#x201d;) and an asset based revolving loan (the &#x201c;Revolver&#x201d;), which is subject to a Borrowing Base Calculation (as defined in the New Credit Facility) of up to a maximum availability of $9,000 (&#x201c;Revolver Commitment Amount&#x201d;). The borrowing base is calculated as 85% of Eligible accounts receivable and inventory, as defined, subject to certain caps and limits. The borrowing base is calculated on a monthly basis. The proceeds of the term loan and revolver were used to finance the acquisition of CommAgility.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">In connection with the issuance of the New Credit Facility, the Company<font style="color: red"> </font>paid lender and legal fees of $215 which were primarily related to the Revolver and are capitalized and presented as other current and non-current assets in the Consolidated Balance Sheets. These costs are recognized as additional interest expense over the term of the related debt instrument using the straight line method.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The Company must repay the Term Loan in installments of $38 per quarter due on the first day of each fiscal quarter<font style="color: red"> </font>beginning April 1, 2017 and continuing until the term loan maturity date, on which the remaining balance is due in a final installment. <font style="color: red"> </font>The future principal payments under the term loan are $114 in 2018 and $494 in 2019.<font style="color: red"> </font>The Term Loan and Revolver are both scheduled to mature on<font style="color: red"> </font>November 16, 2019.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The Term and Revolver Loans bear interest at the LIBOR rate plus a margin. The margin on the outstanding balance of the Company&#x2019;s Term Loans and Revolver Loans were fixed at<font style="color: red"> </font>3.50% and 3.00%<font style="color: red"> </font>per annum, respectively, through September 30, 2017. Thereafter, the margins were subject to increase or decrease by Lender on the first day of each of the Borrowers&#x2019; fiscal quarters based upon the Fixed Charge Coverage Ratio (as defined in the New Credit Facility) as of the most recently ended fiscal quarter falling into three levels. If the Company&#x2019;s Fixed Charge Coverage Ratio is greater than or equal to 1.25 to 1.00, a margin of 3.25% and 2.75%, respectively, is added to LIBOR rate with a step up to 3.50% and 3.00%, respectively, if the ratio is greater than or equal to 1.00 to 1.00 but less than 1.25 to 1.00 and another step up to 3.75% and 3.25%, respectively, if the ratio is less than 1.00 to 1.00.<font style="color: red"> </font>The Company is also required to pay a commitment fee on the unused commitments under the Revolver at a rate equal to 0.50% per annum and early termination fee of (a) 2% of the Revolver Commitment Amount and Term Loan if termination occurs before the first anniversary of the New Credit Facility or (b) 1% of the Revolver Commitment Amount and Term Loan if termination occurs after the first anniversary of the New Credit Facility but before the second anniversary of the New Credit Facility. The Company&#x2019;s interest rate plus margin as of March 31, 2018 on the New Credit Facility was 4.75% and 5.25% for the Revolver and Term Loan, respectively. The Company&#x2019;s interest rate plus margin as of December 31, 2017 on the New Credit Facility was 4.38% and 4.88% for the Revolver and Term Loan, respectively.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The New Credit Facility is secured by liens on substantially all of the Company&#x2019;s and its domestic subsidiaries&#x2019; assets including a pledge of 66.66% of the equity interests in the Company&#x2019;s Foreign Subsidiaries (as defined in the New Credit Facility). The New Credit Facility contains customary affirmative and negative covenants for a transaction of this type, including, among others, the provision of annual, quarterly and monthly financial statements and compliance certificates, maintenance of property, insurance, compliance with laws and environmental matters, restrictions on incurrence of indebtedness, granting of liens, making investments and acquisitions, paying dividends, entering into affiliate transactions and asset sales. Events of default under the New Credit Facility include but are not limited to: failure to pay obligations when due, breach or failure of any covenant, insolvency or bankruptcy, materially misleading representations or warranties, occurrence of a Change in Control (as defined) or occurrence of conditions that have a Material Adverse Effect (as defined).</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">On August 3, 2017 the Company entered into Amendment No. 1 to the New Credit Facility, effective June 30, 2017, which amended the definition of &#x201c;EBITDA&#x201d; to exclude the non-cash inventory adjustment of $1,930 recorded during the three months ended June 30, 2017 and to reduce the pledge of equity interests in the Company&#x2019;s Foreign Subsidiaries from 66.66% to 66.33%.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">As of March 31, 2018, and the date hereof, the Company is in compliance with the covenants of the New Credit Facility.</p><br/> 760000 9000000 0.85 215000 38000 2017-04-01 114000 494000 2019-11-16 2019-11-16 0.0350 0.0300 If the Company&#x2019;s Fixed Charge Coverage Ratio is greater than or equal to 1.25 to 1.00,a margin of 3.25% and 2.75%, respectively, is added to LIBOR rate with a step up to 3.50% and 3.00%, respectively, if the ratiois greater than or equal to 1.00 to 1.00 but less than 1.25 to 1.00 and another step up to 3.75% and 3.25%, respectively, if the ratiois less than 1.00 to 1.00. 0.0325 0.0275 0.0350 0.0300 0.0375 0.0325 0.0050 0.02 0.01 0.0475 0.0525 0.0438 0.0488 The New Credit Facility is securedby liens on substantially all of the Company&#x2019;s and its domestic subsidiaries&#x2019; assets including a pledge of 66.66%of the equity interests in the Company&#x2019;s Foreign Subsidiaries (as defined in the New Credit Facility). 1930000 0.6666 0.6633 Debt consists of the following:<br /><br /><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: right; padding-right: 5pt; white-space: nowrap;">March 31, 2018</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Revolver at LIBOR Plus Margin</td><td style="width: 3%">&#xa0;</td> <td style="width: 4%; text-align: center">$</td><td style="width: 10%; text-align: right; padding-right: 5pt">2,595</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Term Loan at LIBOR Plus Margin</td><td>&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: center">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right; padding-right: 5pt">608</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Total Debt</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: right; padding-right: 5pt">3,203</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Debt Maturing within one year</td><td>&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: center">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right; padding-right: 2pt">(2,747)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Non-current portion of long term debt</td><td>&#xa0;</td> <td style="border-bottom: Black 2px solid; text-align: center">$</td><td style="border-bottom: Black 2px solid; text-align: right; padding-right: 5pt">456</td></tr> </table> 2595000 608000 3203000 2747000 <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NOTE 11 - ACCOUNTING FOR SHARE BASED COMPENSATION</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The Company&#x2019;s results for the three months ended March 31, 2018 and 2017 include share-based compensation expense totaling $188 and $301, respectively. Such amounts have been included in the consolidated statement of operations and comprehensive income/loss within operating expenses. The Company accounts for forfeitures when they occur.</p><br/><p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Incentive Compensation Plan:</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">In 2012, the Company&#x2019;s Board of Directors and shareholders approved the 2012 Incentive Compensation Plan (the &#x201c;Initial 2012 Plan&#x201d;), which provides for the grant of equity, including restricted stock awards, non-qualified stock options and incentive stock options in compliance with the Internal Revenue Code of 1986, as amended, to employees, officers, directors, consultants and advisors of the Company who are expected to contribute to the Company&#x2019;s future growth and success. When originally approved, the Initial 2012 Plan provided for the grant of awards relating to 2,000 shares of common stock, plus those shares subject to awards previously issued under the Company&#x2019;s 2000 Stock Option Plan that expire, are canceled or are terminated after adoption of the Initial 2012 Plan without having been exercised in full and would have been available for subsequent grants under the 2000 Stock Option Plan. In June 2014, the Company&#x2019;s shareholders approved the Amended and Restated 2012 Incentive Compensation Plan (the &#x201c;2012 Plan&#x201d;) allowing for an additional 1,658 shares of the Company&#x2019;s common stock to be available for future grants under the 2012 Plan. The 2012 Plan provides that if awards are forfeited, expire or otherwise terminate without issuance of the shares underlying the awards, or if the award does not result in issuance of all or part of the shares underlying the award, the unissued shares are again available for awards under the 2012 Plan. As a result of certain award forfeitures and cancellations, as of March 31, 2018, there are approximately 2,500 shares available for issuance under the 2012 Plan.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">All service-based (time vesting) options granted have ten-year terms from the date of grant and typically vest annually and become fully exercisable after a maximum of five years. However, vesting conditions are determined on a grant by grant basis. Performance-based options granted have ten-year terms and vest and become fully exercisable when determinable performance targets are achieved. Performance targets are approved by the Company&#x2019;s compensation committee of the Board of Directors. Under the 2012 Plan, options may be granted to purchase shares of the Company&#x2019;s common stock exercisable only at prices equal to or above the fair market value on the date of the grant.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The following summarizes the components of share-based compensation expense by equity type for the respective periods:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended<br /> March 31</td><td style="font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"><font style="text-decoration:underline">2018</font></td><td style="padding-bottom: 1px; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"><font style="text-decoration:underline">2017</font></td><td style="padding-bottom: 1px; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Service-based Restricted Common Stock</td><td style="width: 7%">&#xa0;</td> <td style="width: 4%; text-align: center">$</td><td style="width: 7%; text-align: right">63</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="width: 4%; text-align: center">$</td><td style="width: 7%; text-align: right">57</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Performance-based Restricted Common Stock</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: right">5</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Performance-based Stock Options</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: right">12</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: right">59</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Service-based Stock Options</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: center">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">113</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: center">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">180</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">&#xa0;</td><td style="padding-bottom: 3px">&#xa0;</td> <td style="border-bottom: Black 2px solid; text-align: center">$</td><td style="border-bottom: Black 2px solid; text-align: right">188</td><td style="border-bottom: Black 2px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 2px solid">&#xa0;</td> <td style="border-bottom: Black 2px solid; text-align: center">$</td><td style="border-bottom: Black 2px solid; text-align: right">301</td><td style="border-bottom: Black 2px solid; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><font style="font-weight: normal">As of March 31, 2018, $444 of unrecognized compensation costs related to unvested stock options is expected to be recognized over a remaining weighted average period of 2.6 years and $37 of unrecognized compensation costs related to unvested restricted shares is expected to be recognized over a remaining weighted average period of 0.6 years. </font></p><br/><p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Restricted Common Stock Awards:</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">A summary of the status of the Company&#x2019;s non-vested restricted common stock, granted under the Company&#x2019;s shareholder approved equity compensation plans, as of March 31, 2018, and changes during the three months ended March 31, 2018, are presented below:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap;">&#xa0;</td><td style="color: black; font-weight: bold; padding-bottom: 1px; white-space: nowrap;">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: center; white-space: nowrap;">Shares</td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; white-space: nowrap;">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; white-space: nowrap;">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: center; white-space: nowrap;">Weighted Average <br /> Grant Date<br /> Fair Value</td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; white-space: nowrap;">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 58%; color: black; font-weight: bold">Non-vested as of December 31, 2017</td><td style="width: 3%; color: black">&#xa0;</td> <td style="width: 1%; color: black; text-align: left">&#xa0;</td><td style="width: 12%; color: black; text-align: right">159</td><td style="width: 1%; color: black; text-align: left">&#xa0;</td><td style="width: 3%; color: black">&#xa0;</td> <td style="width: 1%; color: black; text-align: left">&#xa0;</td><td style="width: 20%; color: black; text-align: right">$1.64</td><td style="width: 1%; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black">Granted</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left">Vested and Issued</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">$1.34</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; padding-bottom: 1px">Forfeited</td><td style="color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right">-</td><td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right">-</td><td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; font-weight: bold; padding-bottom: 2px">Non-vested as of March 31, 2018</td><td style="color: black; padding-bottom: 2px">&#xa0;</td> <td style="border-bottom: Black 2px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 2px solid; color: black; text-align: right">159</td><td style="border-bottom: Black 2px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 2px solid; color: black">&#xa0;</td> <td style="border-bottom: Black 2px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 2px solid; color: black; text-align: right">$1.64</td><td style="border-bottom: Black 2px solid; color: black; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Performance-Based Stock Option Awards:</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">A summary of performance-based stock option activity, and related information for the three months ended March 31, 2018 follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="padding-left: 0; white-space: nowrap;">&#xa0;</td><td style="color: black; font-weight: bold; padding-bottom: 1px; padding-left: 0; white-space: nowrap;">&#xa0;</td> <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-left: 0; white-space: nowrap;">Shares</td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; padding-left: 0; white-space: nowrap;">&#xa0;</td><td style="color: black; font-weight: bold; border-bottom: Black 1px solid; padding-left: 0; white-space: nowrap;">&#xa0;</td> <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-left: 0; white-space: nowrap;">Weighted Average <br /> Option Exercise <br /> Price per Share</td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; padding-left: 0; white-space: nowrap;">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 58%; color: black; font-weight: bold; padding-left: 0">Outstanding as of December 31, 2017</td><td style="width: 3%; color: black; padding-left: 0">&#xa0;</td> <td style="width: 1%; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="width: 12%; color: black; text-align: right; padding-left: 0">605</td><td style="width: 1%; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="width: 3%; color: black; padding-left: 0">&#xa0;</td> <td style="width: 1%; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="width: 20%; color: black; text-align: right; padding-left: 0">$1.21</td><td style="width: 1%; color: black; text-align: left; padding-left: 0">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; padding-left: 0">Granted</td><td style="color: black; padding-left: 0">&#xa0;</td> <td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; text-align: right; padding-left: 0">-</td><td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; padding-left: 0">&#xa0;</td> <td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; text-align: right; padding-left: 0">-</td><td style="color: black; text-align: left; padding-left: 0">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; padding-left: 0">Exercised</td><td style="color: black; padding-left: 0">&#xa0;</td> <td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; text-align: right; padding-left: 0">(300</td><td style="color: black; text-align: left; padding-left: 0">)</td><td style="color: black; padding-left: 0">&#xa0;</td> <td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; text-align: right; padding-left: 0">$0.96</td><td style="color: black; text-align: left; padding-left: 0">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; padding-left: 0">Forfeited</td><td style="color: black; padding-left: 0">&#xa0;</td> <td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; text-align: right; padding-left: 0">-</td><td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; padding-left: 0">&#xa0;</td> <td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; text-align: right; padding-left: 0">-</td><td style="color: black; text-align: left; padding-left: 0">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; padding-bottom: 1px; padding-left: 0">Expired</td><td style="color: black; padding-bottom: 1px; padding-left: 0">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right; padding-left: 0">-</td><td style="border-bottom: Black 1px solid; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; border-bottom: Black 1px solid; padding-left: 0">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right; padding-left: 0">-</td><td style="border-bottom: Black 1px solid; color: black; text-align: left; padding-left: 0">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; font-weight: bold; padding-bottom: 2px; padding-left: 0">Outstanding as of March 31, 2018</td><td style="color: black; padding-bottom: 2px; padding-left: 0">&#xa0;</td> <td style="border-bottom: Black 2px solid; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="border-bottom: Black 2px solid; color: black; text-align: right; padding-left: 0">305</td><td style="border-bottom: Black 2px solid; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; border-bottom: Black 2px solid; padding-left: 0">&#xa0;</td> <td style="border-bottom: Black 2px solid; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="border-bottom: Black 2px solid; color: black; text-align: right; padding-left: 0">$1.45</td><td style="border-bottom: Black 2px solid; color: black; text-align: left; padding-left: 0">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0">&#xa0;</td><td style="padding-left: 0">&#xa0;</td> <td style="text-align: left; padding-left: 0">&#xa0;</td><td style="text-align: right; padding-left: 0">&#xa0;</td><td style="text-align: left; padding-left: 0">&#xa0;</td><td style="padding-left: 0">&#xa0;</td> <td style="text-align: left; padding-left: 0">&#xa0;</td><td style="text-align: right; padding-left: 0">&#xa0;</td><td style="text-align: left; padding-left: 0">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; font-weight: bold; padding-left: 0">Exercisable at March 31, 2018</td><td style="color: black; padding-left: 0">&#xa0;</td> <td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; text-align: right; padding-left: 0">20</td><td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; padding-left: 0">&#xa0;</td> <td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; text-align: right; padding-left: 0">$0.78</td><td style="color: black; text-align: left; padding-left: 0">&#xa0;</td></tr> </table><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The aggregate intrinsic value of performance-based stock options outstanding (regardless of whether or not such options are exercisable) as of March 31, 2018 was $303 and the weighted average remaining contractual life was 7.4 years. The aggregate intrinsic value of performance-based stock options exercisable as of March 31, 2018 was $33 and the weighted average remaining contractual life was 2.7 years. The intrinsic value of options exercised during the three months ended March 31, 2018 was $444.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Under the terms of the performance-based stock option agreements, the awards will fully vest and become exercisable on the date on which the Company&#x2019;s Board of Directors shall have determined that specific financial performance milestones have been met, provided the employee remains in the employ of the Company at such time; provided, however, upon a Change in Control (as defined in the stock option agreements and the 2012 Plan), the stock options shall automatically vest as permitted by the 2012 Plan. As of December 31, 2017, the Company has determined that the performance conditions on 285 options granted in 2013 and later are probable of being achieved by the year ending 2021. The Company&#x2019;s performance-based stock options granted prior to 2013 (consisting of 20 options) are fully amortized.</p><br/><p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Service-Based Stock Option Awards:</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">A summary of service-based stock option activity and related information for the three months ended March 31, 2018 follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap;">&#xa0;</td><td style="color: black; font-weight: bold; padding-bottom: 1px; white-space: nowrap;">&#xa0;</td> <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap;">Shares</td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; white-space: nowrap;">&#xa0;</td><td style="color: black; font-weight: bold; border-bottom: Black 1px solid; white-space: nowrap;">&#xa0;</td> <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap;">Weighted Average <br /> Option Exercise <br /> Price per Share</td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; white-space: nowrap;">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 58%; color: black; font-weight: bold">Outstanding as of December 31, 2017</td><td style="width: 3%; color: black">&#xa0;</td> <td style="width: 1%; color: black; text-align: left">&#xa0;</td><td style="width: 12%; color: black; text-align: right">1,815</td><td style="width: 1%; color: black; text-align: left">&#xa0;</td><td style="width: 3%; color: black">&#xa0;</td> <td style="width: 1%; color: black; text-align: left">&#xa0;</td><td style="width: 20%; color: black; text-align: right">$1.53</td><td style="width: 1%; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black">Granted</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black">Exercised</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black">Forfeited</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; padding-bottom: 1px">Expired</td><td style="color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right">-</td><td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td><td style="color: black; border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right">-</td><td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; font-weight: bold; padding-bottom: 2px">Outstanding as of March 31, 2018</td><td style="color: black; padding-bottom: 2px">&#xa0;</td> <td style="border-bottom: Black 2px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 2px solid; color: black; text-align: right">1,815</td><td style="border-bottom: Black 2px solid; color: black; text-align: left">&#xa0;</td><td style="color: black; border-bottom: Black 2px solid">&#xa0;</td> <td style="border-bottom: Black 2px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 2px solid; color: black; text-align: right">$1.53</td><td style="border-bottom: Black 2px solid; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; font-weight: bold">Exercisable at March 31, 2018</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">658</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">$1.42</td><td style="color: black; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The aggregate intrinsic value of service-based stock options (regardless of whether or not such options are exercisable) as of March 31, 2018 was $1,660 and the weighted average remaining contractual life was 8.6 years. The aggregate intrinsic value of service-based stock options exercisable as of March 31, 2018 was $675 and the weighted average remaining contractual life was 8.2 years.</p><br/> 2000000 1658000 2500000 P10Y P5Y P10Y 444000 P2Y219D 37000 P219D 303000 P7Y146D 33000 P2Y255D 444000 285000 20000 1660000 P8Y219D 675000 P8Y73D The following summarizes the components of share-based compensation expense by equity type for the respective periods:<br /><br /><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended<br /> March 31</td><td style="font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"><font style="text-decoration:underline">2018</font></td><td style="padding-bottom: 1px; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1px"><font style="text-decoration:underline">2017</font></td><td style="padding-bottom: 1px; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Service-based Restricted Common Stock</td><td style="width: 7%">&#xa0;</td> <td style="width: 4%; text-align: center">$</td><td style="width: 7%; text-align: right">63</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 3%">&#xa0;</td> <td style="width: 4%; text-align: center">$</td><td style="width: 7%; text-align: right">57</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Performance-based Restricted Common Stock</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: right">5</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Performance-based Stock Options</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: right">12</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: right">59</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Service-based Stock Options</td><td style="padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: center">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">113</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; text-align: center">&#xa0;</td><td style="border-bottom: Black 1px solid; text-align: right">180</td><td style="border-bottom: Black 1px solid; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">&#xa0;</td><td style="padding-bottom: 3px">&#xa0;</td> <td style="border-bottom: Black 2px solid; text-align: center">$</td><td style="border-bottom: Black 2px solid; text-align: right">188</td><td style="border-bottom: Black 2px solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 2px solid">&#xa0;</td> <td style="border-bottom: Black 2px solid; text-align: center">$</td><td style="border-bottom: Black 2px solid; text-align: right">301</td><td style="border-bottom: Black 2px solid; text-align: left">&#xa0;</td></tr> </table> 63000 57000 5000 12000 59000 113000 180000 188000 301000 A summary of the status of the Company&#x2019;s non-vested restricted common stock, granted under the Company&#x2019;s shareholder approved equity compensation plans, as of March 31, 2018, and changes during the three months ended March 31, 2018, are presented below:<br /><br /><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap;">&#xa0;</td><td style="color: black; font-weight: bold; padding-bottom: 1px; white-space: nowrap;">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: center; white-space: nowrap;">Shares</td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; white-space: nowrap;">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; white-space: nowrap;">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: center; white-space: nowrap;">Weighted Average <br /> Grant Date<br /> Fair Value</td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; white-space: nowrap;">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 58%; color: black; font-weight: bold">Non-vested as of December 31, 2017</td><td style="width: 3%; color: black">&#xa0;</td> <td style="width: 1%; color: black; text-align: left">&#xa0;</td><td style="width: 12%; color: black; text-align: right">159</td><td style="width: 1%; color: black; text-align: left">&#xa0;</td><td style="width: 3%; color: black">&#xa0;</td> <td style="width: 1%; color: black; text-align: left">&#xa0;</td><td style="width: 20%; color: black; text-align: right">$1.64</td><td style="width: 1%; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black">Granted</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left">Vested and Issued</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">$1.34</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; padding-bottom: 1px">Forfeited</td><td style="color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right">-</td><td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right">-</td><td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; font-weight: bold; padding-bottom: 2px">Non-vested as of March 31, 2018</td><td style="color: black; padding-bottom: 2px">&#xa0;</td> <td style="border-bottom: Black 2px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 2px solid; color: black; text-align: right">159</td><td style="border-bottom: Black 2px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 2px solid; color: black">&#xa0;</td> <td style="border-bottom: Black 2px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 2px solid; color: black; text-align: right">$1.64</td><td style="border-bottom: Black 2px solid; color: black; text-align: left">&#xa0;</td></tr> </table> 159000 1.64 1.34 159000 1.64 A summary of performance-based stock option activity, and related information for the three months ended March 31, 2018 follows:<br /><br /><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="padding-left: 0; white-space: nowrap;">&#xa0;</td><td style="color: black; font-weight: bold; padding-bottom: 1px; padding-left: 0; white-space: nowrap;">&#xa0;</td> <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-left: 0; white-space: nowrap;">Shares</td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; padding-left: 0; white-space: nowrap;">&#xa0;</td><td style="color: black; font-weight: bold; border-bottom: Black 1px solid; padding-left: 0; white-space: nowrap;">&#xa0;</td> <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-left: 0; white-space: nowrap;">Weighted Average <br /> Option Exercise <br /> Price per Share</td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; padding-left: 0; white-space: nowrap;">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 58%; color: black; font-weight: bold; padding-left: 0">Outstanding as of December 31, 2017</td><td style="width: 3%; color: black; padding-left: 0">&#xa0;</td> <td style="width: 1%; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="width: 12%; color: black; text-align: right; padding-left: 0">605</td><td style="width: 1%; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="width: 3%; color: black; padding-left: 0">&#xa0;</td> <td style="width: 1%; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="width: 20%; color: black; text-align: right; padding-left: 0">$1.21</td><td style="width: 1%; color: black; text-align: left; padding-left: 0">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; padding-left: 0">Granted</td><td style="color: black; padding-left: 0">&#xa0;</td> <td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; text-align: right; padding-left: 0">-</td><td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; padding-left: 0">&#xa0;</td> <td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; text-align: right; padding-left: 0">-</td><td style="color: black; text-align: left; padding-left: 0">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; padding-left: 0">Exercised</td><td style="color: black; padding-left: 0">&#xa0;</td> <td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; text-align: right; padding-left: 0">(300</td><td style="color: black; text-align: left; padding-left: 0">)</td><td style="color: black; padding-left: 0">&#xa0;</td> <td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; text-align: right; padding-left: 0">$0.96</td><td style="color: black; text-align: left; padding-left: 0">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; padding-left: 0">Forfeited</td><td style="color: black; padding-left: 0">&#xa0;</td> <td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; text-align: right; padding-left: 0">-</td><td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; padding-left: 0">&#xa0;</td> <td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; text-align: right; padding-left: 0">-</td><td style="color: black; text-align: left; padding-left: 0">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; padding-bottom: 1px; padding-left: 0">Expired</td><td style="color: black; padding-bottom: 1px; padding-left: 0">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right; padding-left: 0">-</td><td style="border-bottom: Black 1px solid; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; border-bottom: Black 1px solid; padding-left: 0">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right; padding-left: 0">-</td><td style="border-bottom: Black 1px solid; color: black; text-align: left; padding-left: 0">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; font-weight: bold; padding-bottom: 2px; padding-left: 0">Outstanding as of March 31, 2018</td><td style="color: black; padding-bottom: 2px; padding-left: 0">&#xa0;</td> <td style="border-bottom: Black 2px solid; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="border-bottom: Black 2px solid; color: black; text-align: right; padding-left: 0">305</td><td style="border-bottom: Black 2px solid; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; border-bottom: Black 2px solid; padding-left: 0">&#xa0;</td> <td style="border-bottom: Black 2px solid; color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="border-bottom: Black 2px solid; color: black; text-align: right; padding-left: 0">$1.45</td><td style="border-bottom: Black 2px solid; color: black; text-align: left; padding-left: 0">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0">&#xa0;</td><td style="padding-left: 0">&#xa0;</td> <td style="text-align: left; padding-left: 0">&#xa0;</td><td style="text-align: right; padding-left: 0">&#xa0;</td><td style="text-align: left; padding-left: 0">&#xa0;</td><td style="padding-left: 0">&#xa0;</td> <td style="text-align: left; padding-left: 0">&#xa0;</td><td style="text-align: right; padding-left: 0">&#xa0;</td><td style="text-align: left; padding-left: 0">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; font-weight: bold; padding-left: 0">Exercisable at March 31, 2018</td><td style="color: black; padding-left: 0">&#xa0;</td> <td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; text-align: right; padding-left: 0">20</td><td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; padding-left: 0">&#xa0;</td> <td style="color: black; text-align: left; padding-left: 0">&#xa0;</td><td style="color: black; text-align: right; padding-left: 0">$0.78</td><td style="color: black; text-align: left; padding-left: 0">&#xa0;</td></tr> </table> 605000 1.21 300000 0.96 305000 1.45 20000 0.78 A summary of service-based stock option activity and related information for the three months ended March 31, 2018 follows:<br /><br /><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap;">&#xa0;</td><td style="color: black; font-weight: bold; padding-bottom: 1px; white-space: nowrap;">&#xa0;</td> <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap;">Shares</td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; white-space: nowrap;">&#xa0;</td><td style="color: black; font-weight: bold; border-bottom: Black 1px solid; white-space: nowrap;">&#xa0;</td> <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap;">Weighted Average <br /> Option Exercise <br /> Price per Share</td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; white-space: nowrap;">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 58%; color: black; font-weight: bold">Outstanding as of December 31, 2017</td><td style="width: 3%; color: black">&#xa0;</td> <td style="width: 1%; color: black; text-align: left">&#xa0;</td><td style="width: 12%; color: black; text-align: right">1,815</td><td style="width: 1%; color: black; text-align: left">&#xa0;</td><td style="width: 3%; color: black">&#xa0;</td> <td style="width: 1%; color: black; text-align: left">&#xa0;</td><td style="width: 20%; color: black; text-align: right">$1.53</td><td style="width: 1%; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black">Granted</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black">Exercised</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black">Forfeited</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">-</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; padding-bottom: 1px">Expired</td><td style="color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right">-</td><td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td><td style="color: black; border-bottom: Black 1px solid">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right">-</td><td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; font-weight: bold; padding-bottom: 2px">Outstanding as of March 31, 2018</td><td style="color: black; padding-bottom: 2px">&#xa0;</td> <td style="border-bottom: Black 2px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 2px solid; color: black; text-align: right">1,815</td><td style="border-bottom: Black 2px solid; color: black; text-align: left">&#xa0;</td><td style="color: black; border-bottom: Black 2px solid">&#xa0;</td> <td style="border-bottom: Black 2px solid; color: black; text-align: left">&#xa0;</td><td style="border-bottom: Black 2px solid; color: black; text-align: right">$1.53</td><td style="border-bottom: Black 2px solid; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; font-weight: bold">Exercisable at March 31, 2018</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">658</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: left">&#xa0;</td><td style="color: black; text-align: right">$1.42</td><td style="color: black; text-align: left">&#xa0;</td></tr> </table> 1815000 1.53 1815000 1.53 658000 1.42 <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NOTE 12 &#x2013; SEGMENT INFORMATION</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The operating businesses of the Company are segregated into three reportable segments: (i) Network Solutions, (ii) Test and Measurement and (iii) Embedded Solutions.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><b>Network Solutions</b></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The Network Solutions segment is comprised primarily of the operations of the Company&#x2019;s subsidiary, Microlab. Network Solutions designs and manufactures a wide selection of RF passive components and integrated subsystems for signal conditioning and distribution in the wireless infrastructure markets, particularly for small cell deployments, DAS, the in-building wireless solutions industry and radio base-station market. Network Solutions also offers active solution sets to assist in network timing for tunnels and in-building wireless signaling. Network Solutions external customers include telecommunications service providers, systems integrators, neutral host operators and distributors.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><b>Test and Measurement</b></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The Test and Measurement segment is comprised primarily of the Company&#x2019;s operations of the Noisecom product line and the operations of its subsidiary, Boonton. Noisecom designs and produces noise generation equipment and instruments, calibrated noise sources, noise modules and diodes. Noise components and instruments are used as a method to provide wide band signals for sophisticated telecommunication and defense applications, and as a stable reference standard for instruments and systems, including radar and satellite communications. Boonton products are also used to test terrestrial and satellite communications, radar and telemetry. Certain power meter products are designed for measuring signals based on wideband modulation formats, allowing a variety of measurements to be made, including maximum power, peak power, average power and minimum power. Customers of the Test and Measurement segment include large defense contractors and the U.S. and foreign governments.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><b>Embedded Solutions</b></p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The Embedded Solutions segment is comprised of the operations of CommAgility Limited which was acquired on February 17, 2017. Embedded Solutions supplies signal processing technology for network validation systems supporting LTE and emerging 5G networks. Additionally, this segment licenses, implements and configures LTE PHY layer and stack software for private LTE networks supporting satellite communications, the military and aerospace industries. Customers include wireless communication test equipment companies, defense subcontractors and global technology and services companies.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. The Company allocates resources and evaluates the performance of segments based on income or loss from operations, excluding interest, corporate expenses and other income (expenses).</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Financial information by reportable segment for the respective periods is set forth below:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="font-size: 9pt">&#xa0;</td><td style="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="7" style="font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid">For the three months ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-size: 10pt; color: black; font-weight: bold">&#xa0;</td> <td colspan="3" style="font-size: 10pt; color: black; font-weight: bold; text-align: center"><font style="text-decoration:underline">2018</font></td><td style="font-size: 10pt; color: black; font-weight: bold">&#xa0;</td> <td colspan="3" style="font-size: 10pt; color: black; font-weight: bold; text-align: center"><font style="text-decoration:underline">2017</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left">Net sales by segment:</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="width: 58%; font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Network Solutions</td><td style="width: 3%; font-size: 10pt; color: black">&#xa0;</td> <td style="width: 2%; font-size: 10pt; color: black; text-align: right">$</td><td style="width: 12%; font-size: 10pt; color: black; text-align: right">5,511</td><td style="width: 4%; font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="width: 3%; font-size: 10pt; color: black">&#xa0;</td> <td style="width: 2%; font-size: 10pt; color: black; text-align: right">$</td><td style="width: 12%; font-size: 10pt; color: black; text-align: right">5,515</td><td style="width: 4%; font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Test and Measurement</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">3,763</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">3,037</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left; padding-bottom: 1px; padding-left: 20pt">Embedded Solutions</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">3,990</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">997</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-bottom: 3px">Total consolidated net sales of reportable segments</td><td style="font-size: 10pt; color: black; padding-bottom: 3px">&#xa0;</td> <td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">$</td><td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">13,264</td><td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black; padding-bottom: 3px">&#xa0;</td> <td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">$</td><td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">9,549</td><td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left">Segment income (loss):</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Network Solutions</td><td style="font-size: 10pt">&#xa0;</td> <td style="font-size: 10pt; text-align: right">$</td><td style="font-size: 10pt; text-align: right">813</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">908</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Test and Measurement</td><td style="font-size: 10pt">&#xa0;</td> <td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: right">510</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">25</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-bottom: 1px; padding-left: 20pt">Embedded Solutions</td><td style="font-size: 10pt; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; text-align: right">611</td><td style="border-bottom: Black 1px solid; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">(229</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left">Income (loss) from reportable segments</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">1,934</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">704</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left">Other unallocated amounts:</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Corporate expenses</td><td style="font-size: 10pt">&#xa0;</td> <td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: right">(1,413</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">(2,422</td><td style="font-size: 10pt; color: black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Other (expenses) income - net</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">(91</td><td style="font-size: 10pt; color: black; text-align: left">)</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">(51</td><td style="font-size: 10pt; color: black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left">Consolidated income/(loss) before Income tax provision/(benefit)</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right; border-top: Black 1px solid">$</td><td style="font-size: 10pt; color: black; text-align: right; border-top: Black 1px solid">430</td><td style="font-size: 10pt; color: black; text-align: left; border-top: Black 1px solid">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right; border-top: Black 1px solid">$</td><td style="font-size: 10pt; color: black; text-align: right; border-top: Black 1px solid">(1,769</td><td style="font-size: 10pt; color: black; text-align: left; border-top: Black 1px solid">)</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left">Depreciation and amortization by segment:</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Network Solutions</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">136</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">102</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Test and Measurement</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">175</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">93</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left; padding-bottom: 1px; padding-left: 20pt">Embedded Solutions</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">315</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">219</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left">Total depreciation and amortization for reportable segments</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">626</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">414</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left">Capital expenditures by segment:</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Network Solutions</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">78</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">84</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Test and Measurement</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">102</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">66</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-bottom: 1px; padding-left: 20pt">Embedded Solutions</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">19</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">42</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left">Total consolidated capital expenditures by reportable segment</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">199</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">192</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="color: black; text-align: center"><b>&#xa0;</b></td><td style="text-align: center"><b>&#xa0;</b></td> <td colspan="2" style="text-align: center"><b><font style="text-decoration:underline">March 31,</font></b></td><td style="text-align: center"><b>&#xa0;</b></td><td style="text-align: center"><b>&#xa0;</b></td> <td colspan="2" style="text-align: center"><b><font style="text-decoration:underline">December 31,</font></b></td><td style="text-align: center"><b>&#xa0;</b></td></tr> <tr style="vertical-align: bottom"> <td style="color: black; text-align: center"><b>&#xa0;</b></td><td style="text-align: center"><b>&#xa0;</b></td> <td colspan="2" style="text-align: center"><b><font style="text-decoration:underline">2018</font></b></td><td style="text-align: center"><b>&#xa0;</b></td><td style="text-align: center"><b>&#xa0;</b></td> <td colspan="2" style="text-align: center"><b><font style="text-decoration:underline">2017</font></b></td><td style="text-align: center"><b>&#xa0;</b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black">Total assets by segment:</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="width: 58%; color: black; text-align: left; padding-left: 20pt">Network Solutions</td><td style="width: 3%; color: black">&#xa0;</td> <td style="width: 2%; color: black; text-align: right">$</td><td style="width: 12%; color: black; text-align: right">11,046</td><td style="width: 4%; color: black; text-align: left">&#xa0;</td><td style="width: 3%; color: black">&#xa0;</td> <td style="width: 2%; color: black; text-align: right">$</td> <td style="width: 12%; color: black; text-align: right">10,442</td><td style="width: 4%; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-left: 20pt">Test and Measurement</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: right">&#xa0;</td><td style="color: black; text-align: right">6,559</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: right">&#xa0;</td><td style="color: black; text-align: right">6,163</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; text-align: left; padding-bottom: 1px; padding-left: 20pt">Embedded Solutions</td><td style="padding-bottom: 1px; color: black">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right">19,628</td><td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td><td style="padding-bottom: 1px; color: black">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: right">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: right">21,733</td><td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left">Total assets for reportable segments</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: right">&#xa0;</td><td style="color: black; text-align: right">37,233</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: right">&#xa0;</td> <td style="color: black; text-align: right">38,338</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">Corporate assets, principally cash and cash equivalents and deferred income taxes</td><td style="padding-bottom: 1px; color: black">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right">8,890</td><td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td><td style="padding-bottom: 1px; color: black">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right">8,583</td><td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-bottom: 3px">Total consolidated assets</td><td style="padding-bottom: 3px; color: black">&#xa0;</td> <td style="border-bottom: Black 3px double; color: black; text-align: right">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">46,123</td><td style="border-bottom: Black 3px double; color: black; text-align: left">&#xa0;</td><td style="padding-bottom: 3px; color: black">&#xa0;</td> <td style="border-bottom: Black 3px double; color: black; text-align: right">$</td> <td style="border-bottom: Black 3px double; color: black; text-align: right">46,921</td><td style="border-bottom: Black 3px double; color: black; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Consolidated net sales by region were as follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td colspan="7" style="font-size: 10pt; color: black; text-align: center; border-bottom: Black 1px solid">Three Months Ended <br /> March 31</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td colspan="3" style="font-size: 10pt; color: black; text-align: center; border-bottom: Black 1px solid">2018</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td colspan="3" style="font-size: 10pt; color: black; text-align: center; border-bottom: Black 1px solid">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-decoration: underline; text-align: left; text-indent: -10pt; padding-left: 10pt">Sales by region</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="width: 56%; font-size: 10pt; color: black; text-indent: -10pt; padding-left: 10pt">Americas</td><td style="width: 3%; font-size: 10pt; color: black">&#xa0;</td> <td style="width: 2%; font-size: 10pt; color: black; text-align: right">$</td><td style="width: 12%; font-size: 10pt; color: black; text-align: right">8,097</td><td style="width: 4%; font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="width: 5%; font-size: 10pt; color: black">&#xa0;</td> <td style="width: 2%; font-size: 10pt; color: black; text-align: right">$</td><td style="width: 12%; font-size: 10pt; color: black; text-align: right">6,965</td><td style="width: 4%; font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; text-indent: -10pt; padding-left: 10pt">Europe, Middle East, Africa (EMEA)</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">3,760</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">1,523</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Asia Pacific (APAC)</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">1,407</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">1,061</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total sales</td><td style="font-size: 10pt; color: black; padding-bottom: 3px">&#xa0;</td> <td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">$</td><td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">13,264</td><td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black; padding-bottom: 3px">&#xa0;</td> <td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">$</td><td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">9,549</td><td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Net sales are attributable to a geographic area based on the destination of the product shipment.</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The majority of shipments in the Americas are to customers located within the United States. 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For the three month period ending March 31, 2018 and 2017, shipments to China amounted to $956 and $650, respectively.</p><br/> 3 7946000 6465000 2261000 313000 596000 212000 956000 650000 Financial information by reportable segment for the respective periods is set forth below:<br /><br /><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="font-size: 9pt">&#xa0;</td><td style="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1px">&#xa0;</td> <td colspan="7" style="font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid">For the three months ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-size: 10pt; color: black; font-weight: bold">&#xa0;</td> <td colspan="3" style="font-size: 10pt; color: black; font-weight: bold; text-align: center"><font style="text-decoration:underline">2018</font></td><td style="font-size: 10pt; color: black; font-weight: bold">&#xa0;</td> <td colspan="3" style="font-size: 10pt; color: black; font-weight: bold; text-align: center"><font style="text-decoration:underline">2017</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left">Net sales by segment:</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="width: 58%; font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Network Solutions</td><td style="width: 3%; font-size: 10pt; color: black">&#xa0;</td> <td style="width: 2%; font-size: 10pt; color: black; text-align: right">$</td><td style="width: 12%; font-size: 10pt; color: black; text-align: right">5,511</td><td style="width: 4%; font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="width: 3%; font-size: 10pt; color: black">&#xa0;</td> <td style="width: 2%; font-size: 10pt; color: black; text-align: right">$</td><td style="width: 12%; font-size: 10pt; color: black; text-align: right">5,515</td><td style="width: 4%; font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Test and Measurement</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">3,763</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">3,037</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left; padding-bottom: 1px; padding-left: 20pt">Embedded Solutions</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">3,990</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">997</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-bottom: 3px">Total consolidated net sales of reportable segments</td><td style="font-size: 10pt; color: black; padding-bottom: 3px">&#xa0;</td> <td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">$</td><td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">13,264</td><td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black; padding-bottom: 3px">&#xa0;</td> <td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">$</td><td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">9,549</td><td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left">Segment income (loss):</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Network Solutions</td><td style="font-size: 10pt">&#xa0;</td> <td style="font-size: 10pt; text-align: right">$</td><td style="font-size: 10pt; text-align: right">813</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">908</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Test and Measurement</td><td style="font-size: 10pt">&#xa0;</td> <td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: right">510</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">25</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-bottom: 1px; padding-left: 20pt">Embedded Solutions</td><td style="font-size: 10pt; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; text-align: right">611</td><td style="border-bottom: Black 1px solid; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">(229</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left">Income (loss) from reportable segments</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">1,934</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">704</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left">Other unallocated amounts:</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Corporate expenses</td><td style="font-size: 10pt">&#xa0;</td> <td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: right">(1,413</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">(2,422</td><td style="font-size: 10pt; color: black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Other (expenses) income - net</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">(91</td><td style="font-size: 10pt; color: black; text-align: left">)</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">(51</td><td style="font-size: 10pt; color: black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left">Consolidated income/(loss) before Income tax provision/(benefit)</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right; border-top: Black 1px solid">$</td><td style="font-size: 10pt; color: black; text-align: right; border-top: Black 1px solid">430</td><td style="font-size: 10pt; color: black; text-align: left; border-top: Black 1px solid">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right; border-top: Black 1px solid">$</td><td style="font-size: 10pt; color: black; text-align: right; border-top: Black 1px solid">(1,769</td><td style="font-size: 10pt; color: black; text-align: left; border-top: Black 1px solid">)</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left">Depreciation and amortization by segment:</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Network Solutions</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">136</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">102</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Test and Measurement</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">175</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">93</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left; padding-bottom: 1px; padding-left: 20pt">Embedded Solutions</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">315</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">219</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left">Total depreciation and amortization for reportable segments</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">626</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">414</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left">Capital expenditures by segment:</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Network Solutions</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">78</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">84</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left; padding-left: 20pt">Test and Measurement</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">102</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">66</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-bottom: 1px; padding-left: 20pt">Embedded Solutions</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">19</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">42</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left">Total consolidated capital expenditures by reportable segment</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">199</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">$</td><td style="font-size: 10pt; color: black; text-align: right">192</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> </table> 813000 908000 510000 25000 611000 -229000 1934000 704000 -1413000 -2422000 91000 51000 136000 102000 175000 93000 315000 219000 78000 84000 102000 66000 19000 42000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="color: black; text-align: center"><b>&#xa0;</b></td><td style="text-align: center"><b>&#xa0;</b></td> <td colspan="2" style="text-align: center"><b><font style="text-decoration:underline">March 31,</font></b></td><td style="text-align: center"><b>&#xa0;</b></td><td style="text-align: center"><b>&#xa0;</b></td> <td colspan="2" style="text-align: center"><b><font style="text-decoration:underline">December 31,</font></b></td><td style="text-align: center"><b>&#xa0;</b></td></tr> <tr style="vertical-align: bottom"> <td style="color: black; text-align: center"><b>&#xa0;</b></td><td style="text-align: center"><b>&#xa0;</b></td> <td colspan="2" style="text-align: center"><b><font style="text-decoration:underline">2018</font></b></td><td style="text-align: center"><b>&#xa0;</b></td><td style="text-align: center"><b>&#xa0;</b></td> <td colspan="2" style="text-align: center"><b><font style="text-decoration:underline">2017</font></b></td><td style="text-align: center"><b>&#xa0;</b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black">Total assets by segment:</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="width: 58%; color: black; text-align: left; padding-left: 20pt">Network Solutions</td><td style="width: 3%; color: black">&#xa0;</td> <td style="width: 2%; color: black; text-align: right">$</td><td style="width: 12%; color: black; text-align: right">11,046</td><td style="width: 4%; color: black; text-align: left">&#xa0;</td><td style="width: 3%; color: black">&#xa0;</td> <td style="width: 2%; color: black; text-align: right">$</td> <td style="width: 12%; color: black; text-align: right">10,442</td><td style="width: 4%; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-left: 20pt">Test and Measurement</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: right">&#xa0;</td><td style="color: black; text-align: right">6,559</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: right">&#xa0;</td><td style="color: black; text-align: right">6,163</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; text-align: left; padding-bottom: 1px; padding-left: 20pt">Embedded Solutions</td><td style="padding-bottom: 1px; color: black">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right">19,628</td><td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td><td style="padding-bottom: 1px; color: black">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: right">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: right">21,733</td><td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left">Total assets for reportable segments</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: right">&#xa0;</td><td style="color: black; text-align: right">37,233</td><td style="color: black; text-align: left">&#xa0;</td><td style="color: black">&#xa0;</td> <td style="color: black; text-align: right">&#xa0;</td> <td style="color: black; text-align: right">38,338</td><td style="color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">Corporate assets, principally cash and cash equivalents and deferred income taxes</td><td style="padding-bottom: 1px; color: black">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right">8,890</td><td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td><td style="padding-bottom: 1px; color: black">&#xa0;</td> <td style="border-bottom: Black 1px solid; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; color: black; text-align: right">8,583</td><td style="border-bottom: Black 1px solid; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-bottom: 3px">Total consolidated assets</td><td style="padding-bottom: 3px; color: black">&#xa0;</td> <td style="border-bottom: Black 3px double; color: black; text-align: right">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">46,123</td><td style="border-bottom: Black 3px double; color: black; text-align: left">&#xa0;</td><td style="padding-bottom: 3px; color: black">&#xa0;</td> <td style="border-bottom: Black 3px double; color: black; text-align: right">$</td> <td style="border-bottom: Black 3px double; color: black; text-align: right">46,921</td><td style="border-bottom: Black 3px double; color: black; text-align: left">&#xa0;</td></tr> </table> 11046000 10442000 6559000 6163000 19628000 21733000 37233000 38338000 8890000 8583000 Consolidated net sales by region were as follows:<br /><br /><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td colspan="7" style="font-size: 10pt; color: black; text-align: center; border-bottom: Black 1px solid">Three Months Ended <br /> March 31</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td colspan="3" style="font-size: 10pt; color: black; text-align: center; border-bottom: Black 1px solid">2018</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td colspan="3" style="font-size: 10pt; color: black; text-align: center; border-bottom: Black 1px solid">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-decoration: underline; text-align: left; text-indent: -10pt; padding-left: 10pt">Sales by region</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: right">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="width: 56%; font-size: 10pt; color: black; text-indent: -10pt; padding-left: 10pt">Americas</td><td style="width: 3%; font-size: 10pt; color: black">&#xa0;</td> <td style="width: 2%; font-size: 10pt; color: black; text-align: right">$</td><td style="width: 12%; font-size: 10pt; color: black; text-align: right">8,097</td><td style="width: 4%; font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="width: 5%; font-size: 10pt; color: black">&#xa0;</td> <td style="width: 2%; font-size: 10pt; color: black; text-align: right">$</td><td style="width: 12%; font-size: 10pt; color: black; text-align: right">6,965</td><td style="width: 4%; font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; text-indent: -10pt; padding-left: 10pt">Europe, Middle East, Africa (EMEA)</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">3,760</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black">&#xa0;</td> <td style="font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="font-size: 10pt; color: black; text-align: right">1,523</td><td style="font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; color: black; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Asia Pacific (APAC)</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">1,407</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black; padding-bottom: 1px">&#xa0;</td> <td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">&#xa0;</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: right">1,061</td><td style="border-bottom: Black 1px solid; font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 10pt; color: black; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total sales</td><td style="font-size: 10pt; color: black; padding-bottom: 3px">&#xa0;</td> <td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">$</td><td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">13,264</td><td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: left">&#xa0;</td><td style="font-size: 10pt; color: black; padding-bottom: 3px">&#xa0;</td> <td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">$</td><td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">9,549</td><td style="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: left">&#xa0;</td></tr> </table> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NOTE 13 &#x2013; COMMITMENTS AND CONTINGENCIES</p><br/><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">There have been no material changes in our commitments and contingencies and risks and 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Document And Entity Information - shares
3 Months Ended
Mar. 31, 2018
May 01, 2018
Document and Entity Information [Abstract]    
Entity Registrant Name WIRELESS TELECOM GROUP INC  
Document Type 10-Q  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   20,979,651
Amendment Flag false  
Entity Central Index Key 0000878828  
Entity Filer Category Smaller Reporting Company  
Document Period End Date Mar. 31, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q1  
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash & cash equivalents $ 2,240 $ 2,458
Accounts receivable - net of reserves of $42 and $44, respectively 10,747 9,041
Inventories - net of reserves of $1,732 and $1,856, respectively 7,053 6,526
Prepaid expenses and other current assets 1,725 4,733
TOTAL CURRENT ASSETS 21,765 22,758
PROPERTY PLANT AND EQUIPMENT - NET 2,639 2,730
OTHER ASSETS    
Goodwill 10,598 10,260
Acquired Intangible Assets, net 4,391 4,511
Deferred income taxes 5,958 5,939
Other 772 723
TOTAL OTHER ASSETS 21,719 21,433
TOTAL ASSETS 46,123 46,921
CURRENT LIABILITIES    
Short term debt 2,747 1,335
Accounts payable 3,922 4,109
Accrued expenses and other current liabilities 3,884 2,894
Deferred Revenue 808 629
TOTAL CURRENT LIABILITIES 11,361 8,967
LONG TERM LIABILITIES    
Long term debt 456 494
Other long term liabilities 100 1,590
Deferred Tax Liability 852 767
TOTAL LONG TERM LIABILITIES 1,408 2,851
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY    
Preferred stock, $.01 par value, 2,000,000 shares authorized, none issued
Common stock, $.01 par value, 75,000,000 shares authorized, 34,168,252 and 33,868,252 shares issued, 20,979,651 and 22,772,167 shares outstanding 342 339
Additional paid in capital 47,967 47,494
Retained earnings 7,971 7,176
Treasury stock at cost, - 13,188,601 and 11,096,085 shares, respectively (24,509) (20,910)
Accumulated Other Comprehensive Income 1,583 1,004
TOTAL SHAREHOLDERS’ EQUITY 33,354 35,103
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 46,123 $ 46,921
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Accounts receivable, net of reserves (in Dollars) $ 42 $ 44
Inventories, net of reserves (in Dollars) $ 1,732 $ 1,856
Preferred stock, par value (in Dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized 2,000,000 2,000,000
Preferred stock, shares issued 0 0
Common stock, par value (in Dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized, 75,000,000 75,000,000
Common stock, shares issued 34,168,252 33,868,252
Common stock, shares outstanding 20,979,651 22,772,167
Treasury stock, shares 13,188,601 11,096,085
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
NET REVENUES $ 13,264 $ 9,549
COST OF REVENUES 6,996 5,216
GROSS PROFIT 6,268 4,333
Operating Expenses    
Research and Development 1,157 1,087
Sales and Marketing 1,910 1,552
General and Administrative 2,681 3,412
Total Operating Expenses 5,748 6,051
Operating income/(loss) 520 (1,718)
Other income/(expense) 2 (2)
Interest Expense (92) (49)
Income/(loss) before taxes 430 (1,769)
Tax Provision/(Benefit) 56 (538)
Net Income/(Loss) 374 (1,231)
Other Comprehensive Income/(Loss):    
Foreign currency translation adjustments 579 (59)
Comprehensive Income/(Loss) $ 953 $ (1,290)
Net Income/(Loss) per common share:    
Basic (in Dollars per share) $ 0.02 $ (0.06)
Diluted (in Dollars per share) $ 0.02 $ (0.06)
Weighted average shares outstanding:    
Basic (in Shares) 20,644,409 20,386,678
Diluted (in Shares) 21,633,117 20,386,678
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS PROVIDED/(USED) BY OPERATING ACTIVITIES    
Net Income/(loss) $ 374 $ (1,231)
Adjustments to reconcile net income/(loss) to net cash (used) by operating activities:    
Depreciation and amortization 626 414
Amortization of debt issuance fees 19 9
Share-based compensation expense 188 301
Deferred rent 5 8
Deferred income taxes 37 (496)
Provision for (recovery of) doubtful accounts (1) 1
Inventory reserves 19 100
Changes in assets and liabilities, net of acquisition:    
Accounts receivable (1,574) (231)
Inventories (524) (412)
Prepaid expenses and other assets (507) 125
Accounts payable (255) 352
Accrued expenses and other liabilities 635 160
Net cash (used) by operating activities (958) (900)
CASH FLOWS (USED) BY INVESTING ACTIVITIES    
Capital expenditures (199) (192)
Acquisition of business net of cash acquired (811) (8,596)
Net cash (used) by investing activities (1,010) (8,788)
CASH FLOWS PROVIDED/(USED) BY FINANCING ACTIVITIES    
Revolver borrowings 10,603 3,399
Revolver repayments (9,191) (1,494)
Term loan borrowings   760
Term loan repayments (38)  
Debt issuance fees   (215)
Proceeds from exercise of stock options 288 38
Net cash provided/(used) by financing activities 1,662 2,488
Effect of exchange rate changes on cash and cash equivalents 88 27
NET (DECREASE) IN CASH AND CASH EQUIVALENTS (218) (7,173)
Cash and cash equivalents, at beginning of period 2,458 9,351
CASH AND CASH EQUIVALENTS, AT END OF PERIOD 2,240 2,178
SUPPLEMENTAL INFORMATION:    
Cash paid during the period for interest 36 5
Cash paid during the period for income taxes $ 9  
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Issuance of Common Shares as Consideration   $ 5,999
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CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (UNAUDITED) - 3 months ended Mar. 31, 2018 - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Treasury Stock [Member]
AOCI Attributable to Parent [Member]
Total
Balances at Dec. 31, 2017 $ 339 $ 47,494 $ 7,176 $ (20,910) $ 1,004 $ 35,103
Balances, shares (in Shares) at Dec. 31, 2017 33,868,252         33,868,252
Adoption of Accounting Standard     421     $ 421
Adjusted Opening Equity at Dec. 31, 2017 $ 339 47,494 7,597 (20,910) 1,004 35,524
Adjusted Opening Equity, shares (in Shares) at Dec. 31, 2017 33,868,252          
Net Income (loss)     374     374
Issuance of shares in connection with stock options exercised $ 3 285       288
Issuance of shares in connection with stock options exercised (in Shares) 300,000          
Forfeiture of shares issued in connection with CommAgility acquisition       (3,599)   (3,599)
Share-based compensation expense   188       188
Cumulative translation adjustment         579 579
Balances at Mar. 31, 2018 $ 342 $ 47,967 $ 7,971 $ (24,509) $ 1,583 $ 33,354
Balances, shares (in Shares) at Mar. 31, 2018 34,168,252         34,168,252
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SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES
3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES


Basis of Presentation


Wireless Telecom Group, Inc., a New Jersey corporation, together with its subsidiaries (“we”, “us”, “our” or the “Company”), is a global designer and manufacturer of advanced radio frequency (“RF”) and microwave components, modules, systems and instruments and currently markets its products and services worldwide under the Boonton, Microlab, Noisecom and CommAgility brands. Serving the wireless, telecommunication, satellite, military, aerospace, and semiconductor industries, Wireless Telecom Group products enable innovation across a wide range of traditional and emerging wireless technologies. With a unique set of high-performance products including peak power meters, signal analyzers, signal processing modules, long term evolution (“LTE”) physical layer (“PHY”) and stack software, power splitters and combiners, global positioning system (“GPS”) repeaters, public safety monitors, noise sources, and programmable noise generators, Wireless Telecom Group supports the development, testing, and deployment of wireless technologies around the globe.


The condensed consolidated balance sheet as of March 31, 2018, the condensed consolidated statements of operations and comprehensive income/(loss) for the three months ended March 31, 2018 and 2017, the condensed consolidated statements of cash flows for the three months ended March 31, 2018 and 2017 and the condensed consolidated statement of shareholders’ equity for the three months ended March 31, 2018 have been prepared by the Company without audit. The condensed consolidated financial statements include the accounts of Wireless Telecom Group, Inc., doing business as and operating under the trade name, Noisecom, and its wholly owned subsidiaries including Boonton Electronics Corporation (“Boonton”), Microlab/FXR (“Microlab”), Wireless Telecommunications Ltd. and CommAgility Limited (“CommAgility”). All intercompany transactions and balances have been eliminated in consolidation.


It is suggested that these interim condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements, and the notes thereto, included in the Company’s latest shareholders’ annual report (Form 10-K).


Condensed Consolidated Financial Statements


In the opinion of management, the accompanying condensed consolidated financial statements referred to above contain all necessary adjustments, consisting of normal accruals and recurring entries, which are necessary to fairly present the Company’s results for the interim periods being presented.


The accounting policies followed by the Company are set forth in Note 1 to the Company’s financial statements included in its annual report on Form 10-K for the year ended December 31, 2017. Specific reference is made to that report since certain information and footnote disclosures normally included in financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) have been reduced for interim periods in accordance with SEC rules.


The results of operations for the three month period ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year ending December 31, 2018.


Use of Estimates


The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including inventory valuation, accounts receivable valuation, valuation of deferred tax assets, intangible assets, estimated fair values of stock options and estimated fair values of acquired assets and liabilities in business combinations) and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of net revenues and expenses during the reporting period. Actual results could differ from those estimates.


Foreign Currency Translation


Assets and liabilities of non-U.S. subsidiaries that operate in a local currency environment, where the local currency is the functional currency, are translated from foreign currencies into U.S. dollars at period-end exchange rates while income and expenses are translated at the weighted average spot rate for the periods presented. Translation gains or losses related to net assets located outside the U.S. are shown as a component of accumulated other comprehensive income in the Consolidated Statements of Shareholders’ Equity. Gains and losses resulting from foreign currency transactions, which are denominated in currencies other than the Company’s functional currency, are included in the Consolidated Statements of Operations and Comprehensive Loss.


Concentration Risk


Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable.


Credit evaluations are performed on customers requiring credit over a certain amount. Credit risk is mitigated to a lesser extent through collateral such as letters of credit, bank guarantees or payment terms like cash in advance.


For the three months ended March 31, 2018, one customer accounted for approximately 16% of the Company’s consolidated revenues. For the three months ended March 31, 2017, one customer accounted for approximately 11% of the Company’s consolidated revenues. At March 31, 2018, one customer exceeded 10% of consolidated gross accounts receivable at 23% of the Company’s gross accounts receivable. At December 31, 2017, two customers exceeded 10% of consolidated gross accounts receivable at 18% and 11%, respectively.


Fair Value of Financial Instruments


Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:


Level 1—Quoted prices in active markets for identical assets or liabilities.


Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.


Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.


The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement.


The carrying amounts of the Company’s financial instruments, including cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. The Company’s term loan and revolving credit facility bear interest at a variable interest rate plus an applicable margin and, therefore, carrying amount approximates fair value.


Contingent Consideration


Under the terms of the CommAgility Share Purchase Agreement the Company may be required to pay additional purchase price if certain financial targets are achieved for the years ending December 31, 2017 and December 31, 2018 (“CommAgility Earn-Out”). The financial targets for 2017 were not achieved therefore there was no earn-out payment made in the three months ended March 31, 2018. As of December 31, 2017, the Company estimated the fair value of the contingent consideration remaining to be paid based on the 2018 financial results to be $630. The Company is required to reassess the fair value of the contingent consideration at each reporting period.


The significant inputs used in this fair value estimate include gross revenues and Adjusted EBITDA, as defined, scenarios for the earn-out periods for which probabilities are assigned to each scenario to arrive at a single estimated outcome. The estimated outcome is then discounted based on individual risk analysis of the liability. Although the Company believes its estimates and assumptions are reasonable, different assumptions, including those regarding the operating results of CommAgility or changes in the future, may result in different estimated amounts.


As of March 31, 2018, the Company’s contingent consideration liability has been estimated at $678 and is recorded in other current liabilities in the accompanying condensed consolidated balance sheet. The Company will satisfy this obligation with a cash payment to the sellers of CommAgility upon the achievement of the financial targets for 2018. The contingent consideration liability is considered a Level 3 fair value measurement.


Subsequent Events


Management has evaluated subsequent events and determined that there were no subsequent events or transactions requiring recognition or disclosure in the consolidated financial statements through the date the financial statements were issued.


XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
RECENT ACCOUNTING PRONOUNCEMENTS
3 Months Ended
Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes and Error Corrections [Text Block]

NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS


Adopted During The Three Months Ended March 31, 2018


On January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“Topic 606”) using the “modified retrospective” method, meaning the standard is applied only to the most current period presented in the financial statements.  Furthermore, we elected to apply the standard only to those contracts which were not completed as of the date of the adoption. Results for reporting periods beginning on the date of adoption are presented under Topic 606, while prior period amounts have not been adjusted and continue to be reported in accordance with accounting standards in effect for those periods (see Note 3).


Upon adoption, a cumulative effect adjustment of $421 was made and the impact resulted in an increase to retained earnings on the Condensed Consolidated Balance Sheet as of January 1, 2018. The adjustment was based on customer-specific contracts in effect at December 31, 2017 and reflects revenue that would have been recognized in 2018 in accordance with Accounting Standard Codification (“ASC”) 605 “Revenue Recognition” and Subtopic 985 “Software” collectively referred to as “Topic 605”. The beginning balance of deferred revenue decreased by $258 representing amounts that were invoiced to customers and not recognized and prepaid and other current assets increased by $163 representing unbilled receivables recognized under Topic 606. Further, accounts receivable increased $199 as the contra accounts receivable balance representing estimated product returns was reclassified to other current liabilities.


The most significant impact of Topic 606 relates to the Company’s accounting for software license agreements which have multiple deliverables. Under Topic 605 the Company could not establish vendor specific objective evidence of fair value (“VSOE”) for its undelivered elements and therefore was not able to separate its delivered software licenses from its future undelivered software license releases. Topic 606 no longer requires separability of promised goods, such as software licenses, on the basis of VSOE. Rather, Topic 606 requires the Company to identify the performance obligations in the contract — that is, those promised goods and services (or bundles of promised goods or services) that are distinct — and allocate the transaction price of the contract to those performance obligations on the basis of estimated standalone selling prices (“SSPs”). For these arrangements, the Company will recognize revenue for each deliverable at a point in time when control is transferred to the customer since each deliverable has standalone value.


The primary impact of adopting the new standard results in an acceleration of revenues recognized for the aforementioned multiple deliverable software license arrangements, which are primarily in the Embedded Solutions segment. These multiple deliverable arrangements represented less than 2% of total consolidated revenues for the year ended December 31, 2017.


The timing of revenue recognition for digital signal processing hardware in the Embedded Solutions segment, radio frequency solutions in the Network Solutions segment and noise generators and components and power meters and analyzers and related services in the Test and Measurement segment remains substantially unchanged.


The following line items in our Condensed Consolidated Statement of Operations and Comprehensive Income for the current reporting period and Condensed Consolidated Balance Sheet as of March 31, 2018 have been provided to reflect both the adoption of Topic 606 as well as a comparative presentation in accordance with Topic 605 previously in effect:


   Three Months Ended March 31, 2018
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME   As Reported (in
Accordance with
ASC Topic 606)
   Balances Without
Adoption of
ASC Topic 606
   Impact of
Adoption
Higher/(Lower)
 
Net sales  $13,264   $12,958   $306 
Operating income   430    124    306 
Net income   374    68    306 

   As of March 31, 2018
CONDENSED CONSOLIDATED BALANCE SHEET  As Reported (in
Accordance with
ASC Topic 606)
   Balances Without
Adoption of
ASC Topic 606
   Impact of
Adoption
Higher/(Lower)
 
CURRENT ASSETS               
Prepaid expenses and other current assets  $1,725   $1,241   $484 
CURRENT LIABILITIES               
Deferred revenue   808    1,068    (260)
SHAREHOLDERS’ EQUITY               
Retained earnings   7,971    7,665    306 

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business Topic 805 (“ASU 2017-01”). ASU 2017-01 clarifies the definition of a business for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company adopted this standard on January 1, 2018 and will apply the standard to any future business combinations.


In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230); Classification of Certain Cash Receipts and Cash Payments, to address some questions about the presentation and classification of certain cash receipts and payments in the statement of cash flows. The update addresses eight specific issues, including contingent consideration payments made after a business combination, distribution received from equity method investees and the classification of cash receipts and payments that have aspects of more than one class of cash flows. This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this standard on January 1, 2018, and it had no material impact on our financial statements.


Except for the change in accounting policies for revenue recognition as a result of adopting Topic 606, there have been no other changes to our significant accounting policies as described in the 2017 Form 10-K that had a material impact on our condensed consolidated financial statements and related notes.


Recent Accounting Pronouncements Not Yet Adopted


In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which creates new accounting and reporting guidelines for leasing arrangements. The new guidance requires organizations that lease assets to recognize assets and liabilities on the balance sheet related to the rights and obligations created by those leases, regardless of whether they are classified as finance or operating leases. Consistent with current guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease primarily will depend on its classification as a finance or operating lease. The guidance also requires new disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with early application permitted.


The Company is currently evaluating its population of leases and is continuing to assess all potential impacts of ASU 2016-02. The Company does anticipate recognition of additional assets and corresponding liabilities related to leases upon adoption, but has not yet quantified these at this time. The Company plans to adopt the standard effective January 1, 2019, but has not yet selected a transition method.


XML 20 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
REVENUE
3 Months Ended
Mar. 31, 2018
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]

NOTE 3 – REVENUE


Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services. The Company’s performance obligations are satisfied either over time or at a point in time. Revenue from performance obligations that transferred at a point in time accounted for approximately 94% of the Company’s total revenue for the three months ended March 31, 2018.


Nature of Products and Services


Hardware


The Company generally has one performance obligation in its arrangements involving the sales of radio frequency solutions in the Network Solutions segment, digital signal processing hardware in the Embedded Solutions segment and noise generators and components and power meter and analyzers in the Test and Measurement segment. When the terms of a contract include the transfer of multiple products, each distinct product is identified as a separate performance obligation. Generally, satisfaction occurs when control of the promised goods is transferred to the customer in exchange for consideration in an amount for which we expect to be entitled.  Generally, control is transferred when legal title of the asset moves from the Company to the customer. We sell our products to a customer based on a purchase order, and the shipping terms per each individual order are primarily used to satisfy the single performance obligation. However, in order to determine control has transferred to the customer, the Company also considers:


  · when the Company has a present right to payment for the asset
  · when the Company has transferred physical possession of the asset to the customer
  · when the customer has the significant risks and rewards of ownership of the asset
  · when the customer has accepted the asset

Software


Arrangements involving licenses of software in the Embedded Solutions segment may involve multiple performance obligations, most notably subsequent releases of the software. The Company has concluded that each software release in a multiple deliverable arrangement in the Embedded Solutions segment is a distinct performance obligation and, accordingly, transaction price is allocated to each release when the customer obtains control of the software.


Performance obligations that are not distinct at contract inception are combined. Specifically, with the Company’s sales of software, contracts that include customization may result in the combination of the customization services with the license as one distinct performance obligation and recognized over time. The duration of these performance obligations are typically one year or less.


Services


Arrangements involving calibration and repair services in the Company’s Test and Measurement segment are generally considered a single performance obligation and are recognized as the services are rendered.


Shipping and Handling


Shipping and handling activities performed after the customer obtains control are accounted for as fulfillment activities and recognized as cost of revenues.


Significant Judgments


For the Company’s more complex software and services arrangements significant judgment is required in determining whether licenses and services are distinct performance obligations that should be accounted for separately, or, are not distinct, and thus accounted for together. Further, in cases where we determine that performance obligations should be accounted for separately, judgement is required to determine the standalone selling price for each distinct performance obligation.


Certain of the Company shipments include a limited return right. In accordance with Topic 606 the Company recognizes revenue net of expected returns.


Contract Balances


The timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in contract assets or contract liabilities (deferred revenue) on the Company’s condensed consolidated balance sheet. The Company records a contract asset when revenue is recognized prior to invoicing, or deferred revenue when revenue is recognized subsequent to invoicing. Contract assets are recorded in prepaid expenses and other current assets and are $484 and $162 as of March 31, 2018 and December 31, 2017 (as adjusted), respectively. The increase in contract assets from December 31, 2017 is due to contract assets recognized in the current period. Deferred revenue is $808 and $371 as of March 31, 2018 and December 31, 2017 (as adjusted), respectively. Revenue recognized in the current period that was included in the opening deferred revenue balance was $163.


Disaggregated Revenue


We disaggregate our revenue from contracts with customers by product family and geographic location for each of our segments as we believe it best depicts how the nature, timing and uncertainty of our revenue and cash flows are affected by economic factors. See details in the tables below.


   Three Months Ended March 31, 2018 
Total Net Revenues
by Revenue Type
  Network
Solutions
   Test and
Measurement
   Embedded
Solutions
   Total 
RF Solutions  $5,511   $-   $-   $5,511 
Noise Generators and Components   -    1,499    -    1,499 
Power Meters and Analyzers   -    1,980    -    1,980 
Signal Processing Hardware   -    -    2,906    2,906 
Software Licenses   -    -    483    483 
Services   -    284    601    885 
Total Net Revenue  $5,511   $3,763   $3,990   $13,264 

Total Net Revenues
By Geographic Areas
  Network
Solutions
   Test and
Measurement
   Embedded
Solutions
   Total 
Americas  $4,159   $2,515   $1,423   $8,097 
EMEA   941    449    2,370    3,760 
APAC   411    799    197    1,407 
Total Net Revenue  $5,511   $3,763   $3,990   $13,264 

 Three Months Ended March 31, 2017
Total Net Revenues
By Revenue Type
  Network Solutions   Test and
Measurement
   Embedded
Solutions
   Total 
RF Solutions  $5,515   $-   $-   $5,515 
Noise Generators and Components   -    1,217    -    1,217 
Power Meters and Analyzers   -    1,536    -    1,536 
Signal Processing Hardware   -    -    382    382 
Software Licenses   -    -    85    85 
Services   -    284    530    814 
Total Net Revenue  $5,515   $3,037   $997   $9,549 

Total Net Revenues
by Geographic Areas
  Network
Solutions
   Test and
Measurement
   Embedded
Solutions
   Total 
Americas   4,710    1,690    565    6,965 
EMEA   572    554    397    1,523 
APAC   233    793    35    1,061 
Total Net Revenue   5,515    3,037    997    9,549 

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS
3 Months Ended
Mar. 31, 2018
Prepaid Expenses and Other Current Assets [Abstract]  
Prepaid Expenses and Other Current Assets [Text Block]

NOTE 4 – PREPAID EXPENSES AND OTHER CURRENT ASSETS


Prepaid expenses and other current assets generally consist of income tax receivables, prepaid insurance, prepaid maintenance agreements and the short term portion of debt issuance costs. As of December 31, 2017, prepaid and other current assets included a $3,599 contingent asset representing the fair value of consideration shares issued in connection with the CommAgility acquisition. Under the claw back provision of the Share Purchase Agreement (see Note 5) the consideration shares were forfeited in March 2018 and are no longer outstanding. Accordingly, prepaid expenses and other current assets decreased by $3,599 from December 31, 2017. The forfeited shares are recorded as treasury stock in the condensed consolidated statement of shareholders’ equity as of March 31, 2018.


XML 22 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACQUISITION OF COMMAGILITY
3 Months Ended
Mar. 31, 2018
Business Combinations [Abstract]  
Business Combination Disclosure [Text Block]

NOTE 5 – ACQUISITION OF COMMAGILITY


On February 17, 2017, Wireless Telecommunications, Ltd. (the “Acquisition Subsidiary”), a company incorporated in England and Wales which is a wholly owned subsidiary of Wireless Telecom Group, Inc., completed the acquisition of all the issued shares in CommAgility Limited, (“CommAgility”) a company incorporated in England and Wales (the “Acquisition”) from CommAgility’s founders. The Acquisition was completed pursuant to the terms of a Share Purchase Agreement, dated February 17, 2017, and entered into by and among the Company, the Acquisition Subsidiary and the founders. The Company paid $11,318 in cash on acquisition date and issued 3,488 shares of newly issued Company common stock (“Consideration Shares”) with an acquisition date fair value of $6,000. In addition to the acquisition date cash purchase price the sellers were paid an additional $2,500 in the form of deferred purchase price payable in installments beginning in March 2017 through January 2019 and were paid an additional purchase price adjustment based on working capital and cash levels of $1,400. Lastly, the sellers could have earned an additional £10,000 in purchase price if certain financial targets were met for the years ending December 31, 2017 and December 31, 2018. (See Note 1).


Pursuant to the Share Purchase Agreement, 2,093 of the Consideration Shares were subject to forfeiture and return to the Company if (a) 2017 Adjusted EBITDA, as defined, generated by CommAgility is less than £2,400; or (b) 2018 Adjusted EBITDA, as defined, generated by CommAgility is less than £2,400 (in each case as determined by an audit of CommAgility conducted by the accountants of the Acquisition Subsidiary in accordance with the terms of the Share Purchase Agreement). During the three months ended March 31, 2018 all consideration shares were forfeited as the 2017 EBITDA threshold was not achieved. The fair value of these shares of $3,599 is recorded in treasury stock as of March 31, 2018.


The following table summarizes the activity related to contingent consideration and deferred purchase price for the three months ended March 31, 2018:


   Contingent Consideration   Deferred Purchase
Price
 
Balance at December 31, 2017  $630   $1,230 
Accretion of Interest   24    - 
Payment   -    (811)
Foreign Currency Translation   24    48 
Balance as of March 31, 2018  $678   $467 

As of March 31, 2018, contingent consideration liability and deferred purchase price are included in accrued expenses and other current liabilities on the condensed consolidated balance sheet.


XML 23 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
INCOME TAXES
3 Months Ended
Mar. 31, 2018
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]

NOTE 6 – INCOME TAXES


The Company records deferred taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Accounting for Income Taxes.” ASC 740 requires recognition of deferred tax assets and liabilities for temporary differences between tax basis of assets and liabilities and the amounts at which they are carried in the financial statements, based upon the enacted rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance when necessary to reduce deferred tax assets to the amount expected to be realized. The Company periodically assesses the value of its deferred tax assets and determines the necessity for a valuation allowance.


Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in the appropriate tax jurisdictions in future years to obtain benefit from the reversal of net deductible temporary differences and from utilization of net operating losses. The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income are changed.


The effective rate of income tax provision of 13% for the three months ended March 31, 2018 was lower than the statutory rates in the United States and United Kingdom primarily due to research and development deductions in the United Kingdom and non-qualified stock option deductions offset by nondeductible expenses and U.S. state income taxes.


XML 24 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
INCOME (LOSS) PER COMMON SHARE
3 Months Ended
Mar. 31, 2018
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

NOTE 7 - INCOME (LOSS) PER COMMON SHARE


Basic income (loss) per share is calculated by dividing income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per share is calculated by dividing income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period and, when dilutive, potential shares from stock options using the treasury stock method and unvested restricted shares. In periods with a net loss, the basic loss per share equals the diluted loss per share as all common stock equivalents are excluded from the per share calculation because they are anti-dilutive. In accordance with ASC 260, “Earnings Per Share”, the following table reconciles basic shares outstanding to fully diluted shares outstanding.


   For the Three Months
Ended March 31,
 
   2018   2017 
           
Weighted average common shares outstanding   20,644    20,386 
Potentially dilutive stock options   989    780 
           
Weighted average common shares outstanding, assuming dilution   21,633    21,166 

Common stock equivalents are included in the diluted income (loss) per share calculation only when option exercise prices are lower than the average market price of the common shares for the period presented.


The weighted average number of options to purchase common stock not included in diluted loss per share, because the effects are anti-dilutive, was 0 and 1,413 for the three months ended March 31, 2018 and 2017, respectively.


XML 25 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
INVENTORIES
3 Months Ended
Mar. 31, 2018
Inventory Disclosure [Abstract]  
Inventory Disclosure [Text Block]

NOTE 8 – INVENTORIES


Inventory carrying value is net of inventory reserves of $1,732 and $1,856 at March 31, 2018 and December 31, 2017, respectively.


Inventories consist of:


   March 31,
2018
   December 31,
2017
Raw materials  $3,678   $3,231
Work-in-process   592    631
Finished goods   2,783    2,664
   $7,053   $6,526

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 9 – GOODWILL AND INTANGIBLE ASSETS


The Company’s goodwill balance of $10,598 at March 31, 2018 relates to two of the Company’s reporting units, Microlab ($1,351) and Embedded Solutions ($9,247). Management’s qualitative assessment performed in the fourth quarter of 2017 did not indicate any impairment of Microlab’s goodwill as its fair value was estimated to be in excess of its carrying value. Furthermore, no events have occurred since then that would change this assessment.


Goodwill consists of the following:


   March 31, 2018
Beginning Balance  $10,260
Foreign Currency Translation   338
Ending Balance  $10,598

Intangible assets consist of the following:


   March 31, 2018
   Gross Carrying
Amount
   Accumulated
Amortization
   Foreign Exchange
Translation
   Net Carrying
Amount
 
Customer Relationships  $2,766   $(646)  $268   $2,388 
Patents   615    (143)   59    531 
Non Compete Agreements   1,107    (436)   100    771 
Tradename   629    -    72    701 
Total  $5,117   $(1,225)  $499   $4,391 

   December 31, 2017
   Gross Carrying
Amount
   Accumulated
Amortization
   Foreign Exchange
Translation
   Net Carrying
Amount
 
Customer Relationships  $2,766   $(494)  $178   $2,450 
Patents   615    (109)   39    545 
Non Compete Agreements   1,107    (334)   69    842 
Tradename   629    -    45    674 
Total  $5,117   $(937)  $331   $4,511 

Amortization of acquired intangible assets was $287 and $200 for the three months ended March 31, 2018 and 2017, respectively. Amortization of acquired intangible assets is included as part of general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income/(loss).


The estimated future amortization expense related to intangible assets is as follows as of March 31, 2018:


Remainder 2018  $873
2019   1,165
2020   805
2021   754
2022   94
Total  $3,691

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
DEBT
3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

NOTE 10 – DEBT


Debt consists of the following:


   March 31, 2018
Revolver at LIBOR Plus Margin  $2,595
Term Loan at LIBOR Plus Margin   608
Total Debt   3,203
Debt Maturing within one year   (2,747)
Non-current portion of long term debt  $456

In connection with the acquisition of CommAgility, the Company entered into a Credit Agreement with Bank of America, N.A. (the “Lender”) on February 16, 2017 (the “New Credit Facility”), which provided for a term loan in the aggregate principal amount of $760 (the “Term Loan”) and an asset based revolving loan (the “Revolver”), which is subject to a Borrowing Base Calculation (as defined in the New Credit Facility) of up to a maximum availability of $9,000 (“Revolver Commitment Amount”). The borrowing base is calculated as 85% of Eligible accounts receivable and inventory, as defined, subject to certain caps and limits. The borrowing base is calculated on a monthly basis. The proceeds of the term loan and revolver were used to finance the acquisition of CommAgility.


In connection with the issuance of the New Credit Facility, the Company paid lender and legal fees of $215 which were primarily related to the Revolver and are capitalized and presented as other current and non-current assets in the Consolidated Balance Sheets. These costs are recognized as additional interest expense over the term of the related debt instrument using the straight line method.


The Company must repay the Term Loan in installments of $38 per quarter due on the first day of each fiscal quarter beginning April 1, 2017 and continuing until the term loan maturity date, on which the remaining balance is due in a final installment. The future principal payments under the term loan are $114 in 2018 and $494 in 2019. The Term Loan and Revolver are both scheduled to mature on November 16, 2019.


The Term and Revolver Loans bear interest at the LIBOR rate plus a margin. The margin on the outstanding balance of the Company’s Term Loans and Revolver Loans were fixed at 3.50% and 3.00% per annum, respectively, through September 30, 2017. Thereafter, the margins were subject to increase or decrease by Lender on the first day of each of the Borrowers’ fiscal quarters based upon the Fixed Charge Coverage Ratio (as defined in the New Credit Facility) as of the most recently ended fiscal quarter falling into three levels. If the Company’s Fixed Charge Coverage Ratio is greater than or equal to 1.25 to 1.00, a margin of 3.25% and 2.75%, respectively, is added to LIBOR rate with a step up to 3.50% and 3.00%, respectively, if the ratio is greater than or equal to 1.00 to 1.00 but less than 1.25 to 1.00 and another step up to 3.75% and 3.25%, respectively, if the ratio is less than 1.00 to 1.00. The Company is also required to pay a commitment fee on the unused commitments under the Revolver at a rate equal to 0.50% per annum and early termination fee of (a) 2% of the Revolver Commitment Amount and Term Loan if termination occurs before the first anniversary of the New Credit Facility or (b) 1% of the Revolver Commitment Amount and Term Loan if termination occurs after the first anniversary of the New Credit Facility but before the second anniversary of the New Credit Facility. The Company’s interest rate plus margin as of March 31, 2018 on the New Credit Facility was 4.75% and 5.25% for the Revolver and Term Loan, respectively. The Company’s interest rate plus margin as of December 31, 2017 on the New Credit Facility was 4.38% and 4.88% for the Revolver and Term Loan, respectively.


The New Credit Facility is secured by liens on substantially all of the Company’s and its domestic subsidiaries’ assets including a pledge of 66.66% of the equity interests in the Company’s Foreign Subsidiaries (as defined in the New Credit Facility). The New Credit Facility contains customary affirmative and negative covenants for a transaction of this type, including, among others, the provision of annual, quarterly and monthly financial statements and compliance certificates, maintenance of property, insurance, compliance with laws and environmental matters, restrictions on incurrence of indebtedness, granting of liens, making investments and acquisitions, paying dividends, entering into affiliate transactions and asset sales. Events of default under the New Credit Facility include but are not limited to: failure to pay obligations when due, breach or failure of any covenant, insolvency or bankruptcy, materially misleading representations or warranties, occurrence of a Change in Control (as defined) or occurrence of conditions that have a Material Adverse Effect (as defined).


On August 3, 2017 the Company entered into Amendment No. 1 to the New Credit Facility, effective June 30, 2017, which amended the definition of “EBITDA” to exclude the non-cash inventory adjustment of $1,930 recorded during the three months ended June 30, 2017 and to reduce the pledge of equity interests in the Company’s Foreign Subsidiaries from 66.66% to 66.33%.


As of March 31, 2018, and the date hereof, the Company is in compliance with the covenants of the New Credit Facility.


XML 28 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTING FOR SHARE BASED COMPENSATION
3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE 11 - ACCOUNTING FOR SHARE BASED COMPENSATION


The Company’s results for the three months ended March 31, 2018 and 2017 include share-based compensation expense totaling $188 and $301, respectively. Such amounts have been included in the consolidated statement of operations and comprehensive income/loss within operating expenses. The Company accounts for forfeitures when they occur.


Incentive Compensation Plan:


In 2012, the Company’s Board of Directors and shareholders approved the 2012 Incentive Compensation Plan (the “Initial 2012 Plan”), which provides for the grant of equity, including restricted stock awards, non-qualified stock options and incentive stock options in compliance with the Internal Revenue Code of 1986, as amended, to employees, officers, directors, consultants and advisors of the Company who are expected to contribute to the Company’s future growth and success. When originally approved, the Initial 2012 Plan provided for the grant of awards relating to 2,000 shares of common stock, plus those shares subject to awards previously issued under the Company’s 2000 Stock Option Plan that expire, are canceled or are terminated after adoption of the Initial 2012 Plan without having been exercised in full and would have been available for subsequent grants under the 2000 Stock Option Plan. In June 2014, the Company’s shareholders approved the Amended and Restated 2012 Incentive Compensation Plan (the “2012 Plan”) allowing for an additional 1,658 shares of the Company’s common stock to be available for future grants under the 2012 Plan. The 2012 Plan provides that if awards are forfeited, expire or otherwise terminate without issuance of the shares underlying the awards, or if the award does not result in issuance of all or part of the shares underlying the award, the unissued shares are again available for awards under the 2012 Plan. As a result of certain award forfeitures and cancellations, as of March 31, 2018, there are approximately 2,500 shares available for issuance under the 2012 Plan.


All service-based (time vesting) options granted have ten-year terms from the date of grant and typically vest annually and become fully exercisable after a maximum of five years. However, vesting conditions are determined on a grant by grant basis. Performance-based options granted have ten-year terms and vest and become fully exercisable when determinable performance targets are achieved. Performance targets are approved by the Company’s compensation committee of the Board of Directors. Under the 2012 Plan, options may be granted to purchase shares of the Company’s common stock exercisable only at prices equal to or above the fair market value on the date of the grant.


The following summarizes the components of share-based compensation expense by equity type for the respective periods:


   Three Months Ended
March 31
 
   2018   2017 
Service-based Restricted Common Stock  $63   $57 
Performance-based Restricted Common Stock   -    5 
Performance-based Stock Options   12    59 
Service-based Stock Options   113    180 
   $188   $301 

As of March 31, 2018, $444 of unrecognized compensation costs related to unvested stock options is expected to be recognized over a remaining weighted average period of 2.6 years and $37 of unrecognized compensation costs related to unvested restricted shares is expected to be recognized over a remaining weighted average period of 0.6 years.


Restricted Common Stock Awards:


A summary of the status of the Company’s non-vested restricted common stock, granted under the Company’s shareholder approved equity compensation plans, as of March 31, 2018, and changes during the three months ended March 31, 2018, are presented below:


   Shares   Weighted Average
Grant Date
Fair Value
 
Non-vested as of December 31, 2017   159    $1.64 
Granted   -    - 
Vested and Issued   -    $1.34 
Forfeited   -    - 
Non-vested as of March 31, 2018   159    $1.64 

Performance-Based Stock Option Awards:


A summary of performance-based stock option activity, and related information for the three months ended March 31, 2018 follows:


   Shares   Weighted Average
Option Exercise
Price per Share
 
Outstanding as of December 31, 2017   605    $1.21 
Granted   -    - 
Exercised   (300)   $0.96 
Forfeited   -    - 
Expired   -    - 
Outstanding as of March 31, 2018   305    $1.45 
           
Exercisable at March 31, 2018   20    $0.78 

The aggregate intrinsic value of performance-based stock options outstanding (regardless of whether or not such options are exercisable) as of March 31, 2018 was $303 and the weighted average remaining contractual life was 7.4 years. The aggregate intrinsic value of performance-based stock options exercisable as of March 31, 2018 was $33 and the weighted average remaining contractual life was 2.7 years. The intrinsic value of options exercised during the three months ended March 31, 2018 was $444.


Under the terms of the performance-based stock option agreements, the awards will fully vest and become exercisable on the date on which the Company’s Board of Directors shall have determined that specific financial performance milestones have been met, provided the employee remains in the employ of the Company at such time; provided, however, upon a Change in Control (as defined in the stock option agreements and the 2012 Plan), the stock options shall automatically vest as permitted by the 2012 Plan. As of December 31, 2017, the Company has determined that the performance conditions on 285 options granted in 2013 and later are probable of being achieved by the year ending 2021. The Company’s performance-based stock options granted prior to 2013 (consisting of 20 options) are fully amortized.


Service-Based Stock Option Awards:


A summary of service-based stock option activity and related information for the three months ended March 31, 2018 follows:


   Shares   Weighted Average
Option Exercise
Price per Share
 
Outstanding as of December 31, 2017   1,815    $1.53 
Granted   -    - 
Exercised   -    - 
Forfeited   -    - 
Expired   -    - 
Outstanding as of March 31, 2018   1,815    $1.53 
           
Exercisable at March 31, 2018   658    $1.42 

The aggregate intrinsic value of service-based stock options (regardless of whether or not such options are exercisable) as of March 31, 2018 was $1,660 and the weighted average remaining contractual life was 8.6 years. The aggregate intrinsic value of service-based stock options exercisable as of March 31, 2018 was $675 and the weighted average remaining contractual life was 8.2 years.


XML 29 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENT INFORMATION
3 Months Ended
Mar. 31, 2018
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

NOTE 12 – SEGMENT INFORMATION


The operating businesses of the Company are segregated into three reportable segments: (i) Network Solutions, (ii) Test and Measurement and (iii) Embedded Solutions.


Network Solutions


The Network Solutions segment is comprised primarily of the operations of the Company’s subsidiary, Microlab. Network Solutions designs and manufactures a wide selection of RF passive components and integrated subsystems for signal conditioning and distribution in the wireless infrastructure markets, particularly for small cell deployments, DAS, the in-building wireless solutions industry and radio base-station market. Network Solutions also offers active solution sets to assist in network timing for tunnels and in-building wireless signaling. Network Solutions external customers include telecommunications service providers, systems integrators, neutral host operators and distributors.


Test and Measurement


The Test and Measurement segment is comprised primarily of the Company’s operations of the Noisecom product line and the operations of its subsidiary, Boonton. Noisecom designs and produces noise generation equipment and instruments, calibrated noise sources, noise modules and diodes. Noise components and instruments are used as a method to provide wide band signals for sophisticated telecommunication and defense applications, and as a stable reference standard for instruments and systems, including radar and satellite communications. Boonton products are also used to test terrestrial and satellite communications, radar and telemetry. Certain power meter products are designed for measuring signals based on wideband modulation formats, allowing a variety of measurements to be made, including maximum power, peak power, average power and minimum power. Customers of the Test and Measurement segment include large defense contractors and the U.S. and foreign governments.


Embedded Solutions


The Embedded Solutions segment is comprised of the operations of CommAgility Limited which was acquired on February 17, 2017. Embedded Solutions supplies signal processing technology for network validation systems supporting LTE and emerging 5G networks. Additionally, this segment licenses, implements and configures LTE PHY layer and stack software for private LTE networks supporting satellite communications, the military and aerospace industries. Customers include wireless communication test equipment companies, defense subcontractors and global technology and services companies.


The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. The Company allocates resources and evaluates the performance of segments based on income or loss from operations, excluding interest, corporate expenses and other income (expenses).


Financial information by reportable segment for the respective periods is set forth below:


   For the three months ended March 31,
   2018  2017
Net sales by segment:          
Network Solutions  $5,511   $5,515 
Test and Measurement   3,763    3,037 
Embedded Solutions   3,990    997 
Total consolidated net sales of reportable segments  $13,264   $9,549 
           
Segment income (loss):          
Network Solutions  $813   $908 
Test and Measurement   510    25 
Embedded Solutions   611    (229)
Income (loss) from reportable segments   1,934    704 
           
Other unallocated amounts:          
Corporate expenses   (1,413)   (2,422)
Other (expenses) income - net   (91)   (51)
Consolidated income/(loss) before Income tax provision/(benefit)  $430   $(1,769)
           
Depreciation and amortization by segment:          
Network Solutions  $136   $102 
Test and Measurement   175    93 
Embedded Solutions   315    219 
Total depreciation and amortization for reportable segments  $626   $414 
           
Capital expenditures by segment:          
Network Solutions  $78   $84 
Test and Measurement   102    66 
Embedded Solutions   19    42 
Total consolidated capital expenditures by reportable segment  $199   $192 

   March 31,   December 31, 
   2018   2017 
Total assets by segment:        
Network Solutions  $11,046   $ 10,442 
Test and Measurement   6,559    6,163 
Embedded Solutions   19,628     21,733 
Total assets for reportable segments   37,233     38,338 
           
Corporate assets, principally cash and cash equivalents and deferred income taxes   8,890    8,583 
Total consolidated assets  $46,123   $ 46,921 

Consolidated net sales by region were as follows:


   Three Months Ended
March 31
   2018  2017
Sales by region          
Americas  $8,097   $6,965 
Europe, Middle East, Africa (EMEA)   3,760    1,523 
Asia Pacific (APAC)   1,407    1,061 
Total sales  $13,264   $9,549 

Net sales are attributable to a geographic area based on the destination of the product shipment.


The majority of shipments in the Americas are to customers located within the United States. For the three months ended March 31, 2018 and 2017, revenues in the United States for all reportable segments amounted to $7,946 and $6,465, respectively.


Shipments for the three months ended March 31, 2108 to the EMEA region for all reportable segments were largely concentrated in the UK and Luxembourg at $2,261 and $313, respectively. For the three months ended March 31, 2017 shipments were largely concentrated in United Kingdom and Germany amounting to $596 and $212 , respectively.


The largest concentration of shipments in the APAC region is to China. For the three month period ending March 31, 2018 and 2017, shipments to China amounted to $956 and $650, respectively.


XML 30 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENCIES
3 Months Ended
Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]

NOTE 13 – COMMITMENTS AND CONTINGENCIES


There have been no material changes in our commitments and contingencies and risks and uncertainties as of March 31, 2018 from that as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017.


XML 31 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accounting Policies, by Policy (Policies)
3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation


Wireless Telecom Group, Inc., a New Jersey corporation, together with its subsidiaries (“we”, “us”, “our” or the “Company”), is a global designer and manufacturer of advanced radio frequency (“RF”) and microwave components, modules, systems and instruments and currently markets its products and services worldwide under the Boonton, Microlab, Noisecom and CommAgility brands. Serving the wireless, telecommunication, satellite, military, aerospace, and semiconductor industries, Wireless Telecom Group products enable innovation across a wide range of traditional and emerging wireless technologies. With a unique set of high-performance products including peak power meters, signal analyzers, signal processing modules, long term evolution (“LTE”) physical layer (“PHY”) and stack software, power splitters and combiners, global positioning system (“GPS”) repeaters, public safety monitors, noise sources, and programmable noise generators, Wireless Telecom Group supports the development, testing, and deployment of wireless technologies around the globe.


The condensed consolidated balance sheet as of March 31, 2018, the condensed consolidated statements of operations and comprehensive income/(loss) for the three months ended March 31, 2018 and 2017, the condensed consolidated statements of cash flows for the three months ended March 31, 2018 and 2017 and the condensed consolidated statement of shareholders’ equity for the three months ended March 31, 2018 have been prepared by the Company without audit. The condensed consolidated financial statements include the accounts of Wireless Telecom Group, Inc., doing business as and operating under the trade name, Noisecom, and its wholly owned subsidiaries including Boonton Electronics Corporation (“Boonton”), Microlab/FXR (“Microlab”), Wireless Telecommunications Ltd. and CommAgility Limited (“CommAgility”). All intercompany transactions and balances have been eliminated in consolidation.


It is suggested that these interim condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements, and the notes thereto, included in the Company’s latest shareholders’ annual report (Form 10-K).

Consolidation, Policy [Policy Text Block]

Condensed Consolidated Financial Statements


In the opinion of management, the accompanying condensed consolidated financial statements referred to above contain all necessary adjustments, consisting of normal accruals and recurring entries, which are necessary to fairly present the Company’s results for the interim periods being presented.


The accounting policies followed by the Company are set forth in Note 1 to the Company’s financial statements included in its annual report on Form 10-K for the year ended December 31, 2017. Specific reference is made to that report since certain information and footnote disclosures normally included in financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) have been reduced for interim periods in accordance with SEC rules.


The results of operations for the three month period ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year ending December 31, 2018.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates


The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including inventory valuation, accounts receivable valuation, valuation of deferred tax assets, intangible assets, estimated fair values of stock options and estimated fair values of acquired assets and liabilities in business combinations) and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of net revenues and expenses during the reporting period. Actual results could differ from those estimates.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Translation


Assets and liabilities of non-U.S. subsidiaries that operate in a local currency environment, where the local currency is the functional currency, are translated from foreign currencies into U.S. dollars at period-end exchange rates while income and expenses are translated at the weighted average spot rate for the periods presented. Translation gains or losses related to net assets located outside the U.S. are shown as a component of accumulated other comprehensive income in the Consolidated Statements of Shareholders’ Equity. Gains and losses resulting from foreign currency transactions, which are denominated in currencies other than the Company’s functional currency, are included in the Consolidated Statements of Operations and Comprehensive Loss.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration Risk


Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable.


Credit evaluations are performed on customers requiring credit over a certain amount. Credit risk is mitigated to a lesser extent through collateral such as letters of credit, bank guarantees or payment terms like cash in advance.


For the three months ended March 31, 2018, one customer accounted for approximately 16% of the Company’s consolidated revenues. For the three months ended March 31, 2017, one customer accounted for approximately 11% of the Company’s consolidated revenues. At March 31, 2018, one customer exceeded 10% of consolidated gross accounts receivable at 23% of the Company’s gross accounts receivable. At December 31, 2017, two customers exceeded 10% of consolidated gross accounts receivable at 18% and 11%, respectively.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments


Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:


Level 1—Quoted prices in active markets for identical assets or liabilities.


Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.


Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.


The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement.


The carrying amounts of the Company’s financial instruments, including cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. The Company’s term loan and revolving credit facility bear interest at a variable interest rate plus an applicable margin and, therefore, carrying amount approximates fair value.

Contingent Liability Reserve Estimate, Policy [Policy Text Block]

Contingent Consideration


Under the terms of the CommAgility Share Purchase Agreement the Company may be required to pay additional purchase price if certain financial targets are achieved for the years ending December 31, 2017 and December 31, 2018 (“CommAgility Earn-Out”). The financial targets for 2017 were not achieved therefore there was no earn-out payment made in the three months ended March 31, 2018. As of December 31, 2017, the Company estimated the fair value of the contingent consideration remaining to be paid based on the 2018 financial results to be $630. The Company is required to reassess the fair value of the contingent consideration at each reporting period.


The significant inputs used in this fair value estimate include gross revenues and Adjusted EBITDA, as defined, scenarios for the earn-out periods for which probabilities are assigned to each scenario to arrive at a single estimated outcome. The estimated outcome is then discounted based on individual risk analysis of the liability. Although the Company believes its estimates and assumptions are reasonable, different assumptions, including those regarding the operating results of CommAgility or changes in the future, may result in different estimated amounts.


As of March 31, 2018, the Company’s contingent consideration liability has been estimated at $678 and is recorded in other current liabilities in the accompanying condensed consolidated balance sheet. The Company will satisfy this obligation with a cash payment to the sellers of CommAgility upon the achievement of the financial targets for 2018. The contingent consideration liability is considered a Level 3 fair value measurement.

Subsequent Events, Policy [Policy Text Block]

Subsequent Events


Management has evaluated subsequent events and determined that there were no subsequent events or transactions requiring recognition or disclosure in the consolidated financial statements through the date the financial statements were issued.

XML 32 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
RECENT ACCOUNTING PRONOUNCEMENTS (Tables)
3 Months Ended
Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] The following line items in our Condensed Consolidated Statement of Operations and Comprehensive Income for the current reporting period and Condensed Consolidated Balance Sheet as of March 31, 2018 have been provided to reflect both the adoption of Topic 606 as well as a comparative presentation in accordance with Topic 605 previously in effect:

   Three Months Ended March 31, 2018
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME   As Reported (in
Accordance with
ASC Topic 606)
   Balances Without
Adoption of
ASC Topic 606
   Impact of
Adoption
Higher/(Lower)
 
Net sales  $13,264   $12,958   $306 
Operating income   430    124    306 
Net income   374    68    306 
   As of March 31, 2018
CONDENSED CONSOLIDATED BALANCE SHEET  As Reported (in
Accordance with
ASC Topic 606)
   Balances Without
Adoption of
ASC Topic 606
   Impact of
Adoption
Higher/(Lower)
 
CURRENT ASSETS               
Prepaid expenses and other current assets  $1,725   $1,241   $484 
CURRENT LIABILITIES               
Deferred revenue   808    1,068    (260)
SHAREHOLDERS’ EQUITY               
Retained earnings   7,971    7,665    306 
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
REVENUE (Tables)
3 Months Ended
Mar. 31, 2018
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue [Table Text Block] We disaggregate our revenue from contracts with customers by product family and geographic location for each of our segments as we believe it best depicts how the nature, timing and uncertainty of our revenue and cash flows are affected by economic factors. See details in the tables below.

   Three Months Ended March 31, 2018 
Total Net Revenues
by Revenue Type
  Network
Solutions
   Test and
Measurement
   Embedded
Solutions
   Total 
RF Solutions  $5,511   $-   $-   $5,511 
Noise Generators and Components   -    1,499    -    1,499 
Power Meters and Analyzers   -    1,980    -    1,980 
Signal Processing Hardware   -    -    2,906    2,906 
Software Licenses   -    -    483    483 
Services   -    284    601    885 
Total Net Revenue  $5,511   $3,763   $3,990   $13,264 
Total Net Revenues
By Geographic Areas
  Network
Solutions
   Test and
Measurement
   Embedded
Solutions
   Total 
Americas  $4,159   $2,515   $1,423   $8,097 
EMEA   941    449    2,370    3,760 
APAC   411    799    197    1,407 
Total Net Revenue  $5,511   $3,763   $3,990   $13,264 
 Three Months Ended March 31, 2017
Total Net Revenues
By Revenue Type
  Network Solutions   Test and
Measurement
   Embedded
Solutions
   Total 
RF Solutions  $5,515   $-   $-   $5,515 
Noise Generators and Components   -    1,217    -    1,217 
Power Meters and Analyzers   -    1,536    -    1,536 
Signal Processing Hardware   -    -    382    382 
Software Licenses   -    -    85    85 
Services   -    284    530    814 
Total Net Revenue  $5,515   $3,037   $997   $9,549 
Total Net Revenues
by Geographic Areas
  Network
Solutions
   Test and
Measurement
   Embedded
Solutions
   Total 
Americas   4,710    1,690    565    6,965 
EMEA   572    554    397    1,523 
APAC   233    793    35    1,061 
Total Net Revenue   5,515    3,037    997    9,549 
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACQUISITION OF COMMAGILITY (Tables)
3 Months Ended
Mar. 31, 2018
Business Combinations [Abstract]  
Schedule of Business Acquisitions by Acquisition Contingent Consideration and Deferred Purchase Price [Table Text Block] The following table summarizes the activity related to contingent consideration and deferred purchase price for the three months ended March 31, 2018:

   Contingent Consideration   Deferred Purchase
Price
 
Balance at December 31, 2017  $630   $1,230 
Accretion of Interest   24    - 
Payment   -    (811)
Foreign Currency Translation   24    48 
Balance as of March 31, 2018  $678   $467 
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
INCOME (LOSS) PER COMMON SHARE (Tables)
3 Months Ended
Mar. 31, 2018
Earnings Per Share [Abstract]  
Schedule of Weighted Average Number of Shares [Table Text Block]
   For the Three Months
Ended March 31,
 
   2018   2017 
           
Weighted average common shares outstanding   20,644    20,386 
Potentially dilutive stock options   989    780 
           
Weighted average common shares outstanding, assuming dilution   21,633    21,166 
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
INVENTORIES (Tables)
3 Months Ended
Mar. 31, 2018
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current [Table Text Block] Inventories consist of:

   March 31,
2018
   December 31,
2017
Raw materials  $3,678   $3,231
Work-in-process   592    631
Finished goods   2,783    2,664
   $7,053   $6,526
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
3 Months Ended
Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill [Table Text Block] Goodwill consists of the following:

   March 31, 2018
Beginning Balance  $10,260
Foreign Currency Translation   338
Ending Balance  $10,598
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] Intangible assets consist of the following:

   March 31, 2018
   Gross Carrying
Amount
   Accumulated
Amortization
   Foreign Exchange
Translation
   Net Carrying
Amount
 
Customer Relationships  $2,766   $(646)  $268   $2,388 
Patents   615    (143)   59    531 
Non Compete Agreements   1,107    (436)   100    771 
Tradename   629    -    72    701 
Total  $5,117   $(1,225)  $499   $4,391 
   December 31, 2017
   Gross Carrying
Amount
   Accumulated
Amortization
   Foreign Exchange
Translation
   Net Carrying
Amount
 
Customer Relationships  $2,766   $(494)  $178   $2,450 
Patents   615    (109)   39    545 
Non Compete Agreements   1,107    (334)   69    842 
Tradename   629    -    45    674 
Total  $5,117   $(937)  $331   $4,511 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] The estimated future amortization expense related to intangible assets is as follows as of March 31, 2018:

Remainder 2018  $873
2019   1,165
2020   805
2021   754
2022   94
Total  $3,691
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
DEBT (Tables)
3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block] Debt consists of the following:

   March 31, 2018
Revolver at LIBOR Plus Margin  $2,595
Term Loan at LIBOR Plus Margin   608
Total Debt   3,203
Debt Maturing within one year   (2,747)
Non-current portion of long term debt  $456
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTING FOR SHARE BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2018
ACCOUNTING FOR SHARE BASED COMPENSATION (Tables) [Line Items]  
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] The following summarizes the components of share-based compensation expense by equity type for the respective periods:

   Three Months Ended
March 31
 
   2018   2017 
Service-based Restricted Common Stock  $63   $57 
Performance-based Restricted Common Stock   -    5 
Performance-based Stock Options   12    59 
Service-based Stock Options   113    180 
   $188   $301 
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] A summary of the status of the Company’s non-vested restricted common stock, granted under the Company’s shareholder approved equity compensation plans, as of March 31, 2018, and changes during the three months ended March 31, 2018, are presented below:

   Shares   Weighted Average
Grant Date
Fair Value
 
Non-vested as of December 31, 2017   159    $1.64 
Granted   -    - 
Vested and Issued   -    $1.34 
Forfeited   -    - 
Non-vested as of March 31, 2018   159    $1.64 
Performance Shares [Member]  
ACCOUNTING FOR SHARE BASED COMPENSATION (Tables) [Line Items]  
Share-based Compensation, Stock Options, Activity [Table Text Block] A summary of performance-based stock option activity, and related information for the three months ended March 31, 2018 follows:

   Shares   Weighted Average
Option Exercise
Price per Share
 
Outstanding as of December 31, 2017   605    $1.21 
Granted   -    - 
Exercised   (300)   $0.96 
Forfeited   -    - 
Expired   -    - 
Outstanding as of March 31, 2018   305    $1.45 
           
Exercisable at March 31, 2018   20    $0.78 
Service Based Stock Options [Member]  
ACCOUNTING FOR SHARE BASED COMPENSATION (Tables) [Line Items]  
Share-based Compensation, Stock Options, Activity [Table Text Block] A summary of service-based stock option activity and related information for the three months ended March 31, 2018 follows:

   Shares   Weighted Average
Option Exercise
Price per Share
 
Outstanding as of December 31, 2017   1,815    $1.53 
Granted   -    - 
Exercised   -    - 
Forfeited   -    - 
Expired   -    - 
Outstanding as of March 31, 2018   1,815    $1.53 
           
Exercisable at March 31, 2018   658    $1.42 
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENT INFORMATION (Tables)
3 Months Ended
Mar. 31, 2018
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Financial Information Including Total Assets By Segment [Table Text Block] Financial information by reportable segment for the respective periods is set forth below:

   For the three months ended March 31,
   2018  2017
Net sales by segment:          
Network Solutions  $5,511   $5,515 
Test and Measurement   3,763    3,037 
Embedded Solutions   3,990    997 
Total consolidated net sales of reportable segments  $13,264   $9,549 
           
Segment income (loss):          
Network Solutions  $813   $908 
Test and Measurement   510    25 
Embedded Solutions   611    (229)
Income (loss) from reportable segments   1,934    704 
           
Other unallocated amounts:          
Corporate expenses   (1,413)   (2,422)
Other (expenses) income - net   (91)   (51)
Consolidated income/(loss) before Income tax provision/(benefit)  $430   $(1,769)
           
Depreciation and amortization by segment:          
Network Solutions  $136   $102 
Test and Measurement   175    93 
Embedded Solutions   315    219 
Total depreciation and amortization for reportable segments  $626   $414 
           
Capital expenditures by segment:          
Network Solutions  $78   $84 
Test and Measurement   102    66 
Embedded Solutions   19    42 
Total consolidated capital expenditures by reportable segment  $199   $192 
Schedule Of Segment Reporting Information Total Assets By Segment [Table Text Block]
   March 31,   December 31, 
   2018   2017 
Total assets by segment:        
Network Solutions  $11,046   $ 10,442 
Test and Measurement   6,559    6,163 
Embedded Solutions   19,628     21,733 
Total assets for reportable segments   37,233     38,338 
           
Corporate assets, principally cash and cash equivalents and deferred income taxes   8,890    8,583 
Total consolidated assets  $46,123   $ 46,921 
Revenue from External Customers by Geographic Areas [Table Text Block] Consolidated net sales by region were as follows:

   Three Months Ended
March 31
   2018  2017
Sales by region          
Americas  $8,097   $6,965 
Europe, Middle East, Africa (EMEA)   3,760    1,523 
Asia Pacific (APAC)   1,407    1,061 
Total sales  $13,264   $9,549 
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2018
USD ($)
Mar. 31, 2017
Dec. 31, 2017
USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES (Details) [Line Items]      
Number of Significant Customer Respect to Accounts Receivable 1   2
Percentage Of Accounts Receivable Attributable To Significant Customer 10.00%   10.00%
Earn Out Payment (in Dollars) $ 0    
Business combination contingent consideration fair value (in Dollars)     $ 630
Customer One [Member]      
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES (Details) [Line Items]      
Number of significant customer respect to revenue 1 1  
Concentration Risk, Percentage 16.00% 11.00%  
Percentage Of Accounts Receivable Attributable To Significant Customer 23.00%   18.00%
Customer Two [Member]      
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES (Details) [Line Items]      
Percentage Of Accounts Receivable Attributable To Significant Customer     11.00%
Other Current Liabilities [Member] | CommAgility [Member]      
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES (Details) [Line Items]      
Business Combination, Contingent Consideration, Liability (in Dollars) $ 678    
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2018
Dec. 31, 2017
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items]    
Cumulative Effect on Retained Earnings, Net of Tax $ 421  
Maximum [Member]    
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items]    
Revenue Recognition Multiple Deliverable Arrangements, Percentage of Consolidated revenues   2.00%
Retained Earnings [Member]    
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items]    
Cumulative Effect on Retained Earnings, Net of Tax 421  
Deferred Revenue [Member] | Accounting Standards Update 2014-09 [Member]    
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items]    
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets (258)  
Prepaid Expenses and Other Current Assets [Member] | Accounting Standards Update 2014-09 [Member]    
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items]    
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets 163  
Accounts Receivable [Member] | Accounting Standards Update 2014-09 [Member]    
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items]    
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets $ 199  
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
RECENT ACCOUNTING PRONOUNCEMENTS (Details) - Condensed Consolidated Financial Statements - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Net sales $ 13,264 $ 9,549  
Operating income 430 (1,769)  
Net income 374 $ (1,231)  
CURRENT ASSETS      
Prepaid expenses and other current assets 1,725    
CURRENT LIABILITIES      
Deferred revenue 808   $ 629
SHAREHOLDERS’ EQUITY      
Retained earnings 7,971   7,176
Accounting Standards Update 2014-09 [Member]      
CURRENT LIABILITIES      
Deferred revenue 808   $ 371
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Net sales 12,958    
Operating income 124    
Net income 68    
CURRENT ASSETS      
Prepaid expenses and other current assets 1,241    
CURRENT LIABILITIES      
Deferred revenue 1,068    
SHAREHOLDERS’ EQUITY      
Retained earnings 7,665    
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Net sales 306    
Operating income 306    
Net income 306    
CURRENT ASSETS      
Prepaid expenses and other current assets 484    
CURRENT LIABILITIES      
Deferred revenue (260)    
SHAREHOLDERS’ EQUITY      
Retained earnings $ 306    
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
REVENUE (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Dec. 31, 2017
REVENUE (Details) [Line Items]    
Prepaid Expense and Other Assets, Current $ 1,725 $ 4,733
Deferred Revenue, Current 808 629
Deferred Revenue, Revenue Recognized $ 163  
Sales Revenue, Goods, Net [Member]    
REVENUE (Details) [Line Items]    
Revenue Performance Obligation, Percentage 94.00%  
Accounting Standards Update 2014-09 [Member]    
REVENUE (Details) [Line Items]    
Deferred Revenue, Current $ 808 371
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]    
REVENUE (Details) [Line Items]    
Prepaid Expense and Other Assets, Current 484 $ 162
Deferred Revenue, Current $ (260)  
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
REVENUE (Details) - Schedule of Disaggregated Revenue - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Disaggregation of Revenue [Line Items]    
Revenues $ 13,264 $ 9,549
Americas [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 8,097 6,965
EMEA [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 3,760 1,523
Asia Pacific [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 1,407 1,061
Network Solutions [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 5,511 5,515
Network Solutions [Member] | Americas [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 4,159 4,710
Network Solutions [Member] | EMEA [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 941 572
Network Solutions [Member] | Asia Pacific [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 411 233
Test and Measurement [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 3,763 3,037
Test and Measurement [Member] | Americas [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 2,515 1,690
Test and Measurement [Member] | EMEA [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 449 554
Test and Measurement [Member] | Asia Pacific [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 799 793
Embedded Solution [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 3,990 997
Embedded Solution [Member] | Americas [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 1,423 565
Embedded Solution [Member] | EMEA [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 2,370 397
Embedded Solution [Member] | Asia Pacific [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 197 35
RF Solutions [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 5,511 5,515
RF Solutions [Member] | Network Solutions [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 5,511 5,515
Noise Generators and Components [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 1,499 1,217
Noise Generators and Components [Member] | Test and Measurement [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 1,499 1,217
Power Meters and Analyzers [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 1,980 1,536
Power Meters and Analyzers [Member] | Test and Measurement [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 1,980 1,536
Signal Processing Hardware [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 2,906 382
Signal Processing Hardware [Member] | Embedded Solution [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 2,906 382
Software Licenses [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 483 85
Software Licenses [Member] | Embedded Solution [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 483 85
Services [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 885 814
Services [Member] | Test and Measurement [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 284 284
Services [Member] | Embedded Solution [Member]    
Disaggregation of Revenue [Line Items]    
Revenues $ 601 $ 530
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - CommAgility [Member] - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Dec. 31, 2017
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) [Line Items]    
Business Combination, Contingent Consideration, Asset $ 3,599 $ 3,599
Restatement Adjustment [Member]    
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) [Line Items]    
Business Combination Contingent Consideration Asset Adjustments $ (3,599)  
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACQUISITION OF COMMAGILITY (Details)
£ in Thousands, shares in Thousands, $ in Thousands
1 Months Ended 3 Months Ended
Feb. 17, 2017
USD ($)
shares
Feb. 17, 2017
GBP (£)
shares
Mar. 31, 2018
USD ($)
Mar. 31, 2017
USD ($)
Dec. 31, 2017
USD ($)
Feb. 17, 2017
GBP (£)
ACQUISITION OF COMMAGILITY (Details) [Line Items]            
Business Acquisition, Date of Acquisition Agreement     Feb. 17, 2017      
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest (in Pounds)     $ 430 $ (1,769)    
CommAgility [Member]            
ACQUISITION OF COMMAGILITY (Details) [Line Items]            
Payments to Acquire Businesses, Gross $ 11,318          
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | shares 3,488 3,488        
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned $ 6,000          
Business Combination Deferred Purchase Price Payable 2,500          
Business Combination Working Capital Additional Purchase Price Adjustment $ 1,400          
Business Combination Contingent Milestone Payment (in Pounds) | £           £ 10,000
Business Acquisition Equity Interests Issued or Issuable Number of Shares Forfeited (in Shares) | shares 2,093 2,093        
Business Acquisition Equity Interests Issued or Issuable Number of Shares Forfeited Condition (a) 2017 Adjusted EBITDA,as defined, generated by CommAgility is less than £2,400; or (b) 2018 Adjusted EBITDA, as defined, generated by CommAgilityis less than £2,400 (in each case as determined by an audit of CommAgility conducted by the accountants of the AcquisitionSubsidiary in accordance with the terms of the Share Purchase Agreement). (a) 2017 Adjusted EBITDA,as defined, generated by CommAgility is less than £2,400; or (b) 2018 Adjusted EBITDA, as defined, generated by CommAgilityis less than £2,400 (in each case as determined by an audit of CommAgility conducted by the accountants of the AcquisitionSubsidiary in accordance with the terms of the Share Purchase Agreement).        
Business Combination, Contingent Consideration, Asset     $ 3,599   $ 3,599  
Maximum [Member] | Two Thousand Seventeen Adjusted EBITDA [Member] | CommAgility [Member]            
ACQUISITION OF COMMAGILITY (Details) [Line Items]            
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest (in Pounds) | £   £ 2,400        
Maximum [Member] | Two Thousand Eighteen Adjusted EBITDA [Member] | CommAgility [Member]            
ACQUISITION OF COMMAGILITY (Details) [Line Items]            
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest (in Pounds) | £   £ 2,400        
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACQUISITION OF COMMAGILITY (Details) - Schedule of activity related to contingent consideration and deferred purchase price - CommAgility [Member]
$ in Thousands
3 Months Ended
Mar. 31, 2018
USD ($)
ACQUISITION OF COMMAGILITY (Details) - Schedule of activity related to contingent consideration and deferred purchase price [Line Items]  
Balance, Contingent Consideration $ 630
Balance, Deferred Purchase Price 1,230
Accretion of Interest, Contingent Consideration 24
Payment, Deferred Purchase Price (811)
Foreign Currency Translation, Contingent Consideration 24
Foreign Currency Translation, Deferred Purchase Price 48
Balance, Contingent Consideration 678
Balance, Deferred Purchase Price $ 467
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
INCOME TAXES (Details)
3 Months Ended
Mar. 31, 2018
Income Tax Disclosure [Abstract]  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 13.00%
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
INCOME (LOSS) PER COMMON SHARE (Details) - shares
shares in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Earnings Per Share [Abstract]    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 0 1,413
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
INCOME (LOSS) PER COMMON SHARE (Details) - Schedule of weighted average number of shares - shares
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
INCOME (LOSS) PER COMMON SHARE (Details) - Schedule of weighted average number of shares [Line Items]    
Weighted average common shares outstanding 20,644,409 20,386,678
Weighted average common shares outstanding, assuming dilution 21,633,117 20,386,678
Weighted Average Common Share Oustanding Calculation [Member]    
INCOME (LOSS) PER COMMON SHARE (Details) - Schedule of weighted average number of shares [Line Items]    
Weighted average common shares outstanding 20,644,000 20,386,000
Potentially dilutive stock options 989,000 780,000
Weighted average common shares outstanding, assuming dilution 21,633,000 21,166,000
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
INVENTORIES (Details) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Inventory Disclosure [Abstract]    
Inventory Valuation Reserves $ 1,732 $ 1,856
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
INVENTORIES (Details) - Schedule of inventory, Current - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Schedule of inventory, Current [Abstract]    
Raw materials $ 3,678 $ 3,231
Work-in-process 592 631
Finished goods 2,783 2,664
$ 7,053 $ 6,526
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND INTANGIBLE ASSETS (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2018
USD ($)
Mar. 31, 2017
USD ($)
Dec. 31, 2017
USD ($)
GOODWILL AND INTANGIBLE ASSETS (Details) [Line Items]      
Goodwill $ 10,598   $ 10,260
Number of Reporting Units 2    
Amortization of Intangible Assets $ 287 $ 200  
Microlab [Member]      
GOODWILL AND INTANGIBLE ASSETS (Details) [Line Items]      
Goodwill 1,351    
Embedded Solution [Member]      
GOODWILL AND INTANGIBLE ASSETS (Details) [Line Items]      
Goodwill $ 9,247    
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND INTANGIBLE ASSETS (Details) - Schedule of goodwill
$ in Thousands
3 Months Ended
Mar. 31, 2018
USD ($)
Schedule of goodwill [Abstract]  
Beginning Balance $ 10,260
Foreign Currency Translation 338
Ending Balance $ 10,598
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND INTANGIBLE ASSETS (Details) - Schedule of intangible assets - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 5,117 $ 5,117
Accumulated Amortization (1,225) (937)
Foreign Exchange Translation 499 331
Net Carrying Amount 4,391 4,511
Customer Relationships [Member]    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,766 2,766
Accumulated Amortization (646) (494)
Foreign Exchange Translation 268 178
Net Carrying Amount 2,388 2,450
Patents [Member]    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 615 615
Accumulated Amortization (143) (109)
Foreign Exchange Translation 59 39
Net Carrying Amount 531 545
Noncompete Agreements [Member]    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,107 1,107
Accumulated Amortization (436) (334)
Foreign Exchange Translation 100 69
Net Carrying Amount 771 842
Trade Names [Member]    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 629 629
Foreign Exchange Translation 72 45
Net Carrying Amount $ 701 $ 674
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND INTANGIBLE ASSETS (Details) - Schedule of estimated future amortization expense
$ in Thousands
Mar. 31, 2018
USD ($)
Schedule of estimated future amortization expense [Abstract]  
Remainder 2018 $ 873
2019 1,165
2020 805
2021 754
2022 94
Total $ 3,691
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.8.0.1
DEBT (Details) - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2017
Mar. 31, 2017
Mar. 31, 2018
Dec. 31, 2017
Feb. 16, 2017
DEBT (Details) [Line Items]          
Debt Instrument, Basis Spread on Variable Rate     85.00%    
Payment of Legal Fees (in Dollars)     $ 215    
Debt Instrument, Covenant Description     If the Company’s Fixed Charge Coverage Ratio is greater than or equal to 1.25 to 1.00,a margin of 3.25% and 2.75%, respectively, is added to LIBOR rate with a step up to 3.50% and 3.00%, respectively, if the ratiois greater than or equal to 1.00 to 1.00 but less than 1.25 to 1.00 and another step up to 3.75% and 3.25%, respectively, if the ratiois less than 1.00 to 1.00.    
Line of Credit Facility, Collateral     The New Credit Facility is securedby liens on substantially all of the Company’s and its domestic subsidiaries’ assets including a pledge of 66.66%of the equity interests in the Company’s Foreign Subsidiaries (as defined in the New Credit Facility).    
Inventory Adjustments (in Dollars) $ 1,930        
Foreign Subsidiary Holding Pledged For New Credit Facility Percentage 66.33% 66.66%      
Term Loan [Member]          
DEBT (Details) [Line Items]          
Debt Instrument, Face Amount (in Dollars)         $ 760
Debt Instrument, Basis Spread on Variable Rate     3.50%    
Debt Instrument, Periodic Payment (in Dollars)     $ 38    
Debt Instrument, Date of First Required Payment     Apr. 01, 2017    
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year (in Dollars)     $ 114    
Long-term Debt, Maturities, Repayments of Principal in Year Two (in Dollars)     $ 494    
Debt Instrument, Maturity Date     Nov. 16, 2019    
Debt Instrument, Interest Rate, Effective Percentage     5.25% 4.88%  
Revolving Loan [Member]          
DEBT (Details) [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars)         $ 9,000
Debt Instrument, Basis Spread on Variable Rate     3.00%    
Debt Instrument, Maturity Date     Nov. 16, 2019    
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage     0.50%    
Debt Instrument, Interest Rate, Effective Percentage     4.75% 4.38%  
Penalty for Earlier Contractual Termination In One Year [Member]          
DEBT (Details) [Line Items]          
Line of Credit Facility Early Termination Fee Percentage     2.00%    
Penalty for Earlier Contractual Termination in Year Two [Member]          
DEBT (Details) [Line Items]          
Line of Credit Facility Early Termination Fee Percentage     1.00%    
Coverage Ratio Greater Than 1.25 to 1.00 [Member] | Term Loan [Member]          
DEBT (Details) [Line Items]          
Debt Instrument, Basis Spread on Variable Rate     3.25%    
Coverage Ratio Greater Than 1.25 to 1.00 [Member] | Revolving Loan [Member]          
DEBT (Details) [Line Items]          
Debt Instrument, Basis Spread on Variable Rate     2.75%    
Coverage Ratio Greater Than 1.00 to 1.00 Less Than 1.25 to 1.00 [Member] | Term Loan [Member]          
DEBT (Details) [Line Items]          
Debt Instrument, Basis Spread on Variable Rate     3.50%    
Coverage Ratio Greater Than 1.00 to 1.00 Less Than 1.25 to 1.00 [Member] | Revolving Loan [Member]          
DEBT (Details) [Line Items]          
Debt Instrument, Basis Spread on Variable Rate     3.00%    
Coverage Ratio Less Than 1.00 to 1.00 [Member] | Term Loan [Member]          
DEBT (Details) [Line Items]          
Debt Instrument, Basis Spread on Variable Rate     3.75%    
Coverage Ratio Less Than 1.00 to 1.00 [Member] | Revolving Loan [Member]          
DEBT (Details) [Line Items]          
Debt Instrument, Basis Spread on Variable Rate     3.25%    
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.8.0.1
DEBT (Details) - Schedule of Debt - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
DEBT (Details) - Schedule of Debt [Line Items]    
Total Debt $ 3,203  
Debt Maturing within one year (2,747)  
Non-current portion of long term debt 456 $ 494
Revolving Loan [Member]    
DEBT (Details) - Schedule of Debt [Line Items]    
Total Debt 2,595  
Term Loan [Member]    
DEBT (Details) - Schedule of Debt [Line Items]    
Total Debt $ 608  
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Dec. 31, 2013
Dec. 31, 2012
Jun. 30, 2014
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) [Line Items]            
Share-based Compensation $ 188 $ 301        
Share Based Compensation Arrangement By Share Based Payment Award Additional Number of Share Available for Grant (in Shares)           1,658
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) 2,500          
Service Based Stock Options [Member]            
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) [Line Items]            
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period 10 years          
Share Based Compensation Arrangement by Share Based Payment Award Maximum Period Consider for Option Fully Exercisable 5 years          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value $ 1,660          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value $ 675          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term 8 years 73 days          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term 8 years 219 days          
Performance Shares [Member]            
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) [Line Items]            
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period 10 years          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value $ 303          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term 7 years 146 days          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value $ 33          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term 2 years 255 days          
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercised Aggregate Intrinsic Value $ 444          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares)     285 20    
Employee Stock Option [Member]            
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) [Line Items]            
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options $ 444          
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition 2 years 219 days          
Restricted Stock [Member]            
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) [Line Items]            
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition 219 days          
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options $ 37          
Incentive Compensation Plan 2012 [Member]            
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) [Line Items]            
Stock Issued         $ 2,000  
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity [Line Items]    
Share Based Compensation $ 188 $ 301
Restricted Stock [Member]    
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity [Line Items]    
Share Based Compensation 63 57
Performance Based Restricted Common Stock [Member]    
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity [Line Items]    
Share Based Compensation   5
Performance Shares [Member]    
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity [Line Items]    
Share Based Compensation 12 59
Service Based Stock Options [Member]    
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity [Line Items]    
Share Based Compensation $ 113 $ 180
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of non-vested restricted stock activity - Restricted Stock [Member]
shares in Thousands
3 Months Ended
Mar. 31, 2018
$ / shares
shares
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of non-vested restricted stock activity [Line Items]  
Non-vested as of December 31, 2017 (in Shares) | shares 159
Non-vested as of December 31, 2017 $ 1.64
Vested and Issued $ 1.34
Non-vested as of March 31, 2018 (in Shares) | shares 159
Non-vested as of March 31, 2018 $ 1.64
XML 63 R52.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of performance-based stock option activity, and related Information - Performance Shares [Member]
shares in Thousands
3 Months Ended
Mar. 31, 2018
$ / shares
shares
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of performance-based stock option activity, and related Information [Line Items]  
Outstanding as of December 31, 2017 | shares 605
Outstanding as of December 31, 2017 | $ / shares $ 1.21
Exercised | shares (300)
Exercised | $ / shares $ 0.96
Outstanding as of March 31, 2018 | shares 305
Outstanding as of March 31, 2018 | $ / shares $ 1.45
Exercisable at March 31, 2018 | shares 20
Exercisable at March 31, 2018 | $ / shares $ 0.78
XML 64 R53.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of service-based stock option activity, and related Information - Service Based Stock Options [Member]
shares in Thousands
Mar. 31, 2018
$ / shares
shares
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of service-based stock option activity, and related Information [Line Items]  
Outstanding as of December 31, 2017 | shares 1,815
Outstanding as of December 31, 2017 | $ / shares $ 1.53
Outstanding as of March 31, 2018 | shares 1,815
Outstanding as of March 31, 2018 | $ / shares $ 1.53
Exercisable at March 31, 2018 | shares 658
Exercisable at March 31, 2018 | $ / shares $ 1.42
XML 65 R54.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENT INFORMATION (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2018
USD ($)
Mar. 31, 2017
USD ($)
SEGMENT INFORMATION (Details) [Line Items]    
Number of Reportable Segments 3  
Revenues $ 13,264 $ 9,549
UNITED STATES    
SEGMENT INFORMATION (Details) [Line Items]    
Revenues 7,946 6,465
UNITED KINGDOM    
SEGMENT INFORMATION (Details) [Line Items]    
Revenues 2,261 596
LUXEMBOURG    
SEGMENT INFORMATION (Details) [Line Items]    
Revenues 313  
GERMANY    
SEGMENT INFORMATION (Details) [Line Items]    
Revenues   212
CHINA    
SEGMENT INFORMATION (Details) [Line Items]    
Revenues $ 956 $ 650
XML 66 R55.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENT INFORMATION (Details) - Schedule of segment reporting financial information including total assets by segment - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Net sales by segment:    
Net sales by segment $ 13,264 $ 9,549
Segment income (loss):    
Segment income (loss) 1,934 704
Other unallocated amounts:    
Corporate expenses (1,413) (2,422)
Other (expenses) income - net (91) (51)
Consolidated income/(loss) before Income tax provision/(benefit) 430 (1,769)
Depreciation and amortization by segment:    
Depreciation and amortization by segment 626 414
Capital expenditures by segment:    
Capital expenditures by segment 199 192
Network Solutions [Member]    
Net sales by segment:    
Net sales by segment 5,511 5,515
Segment income (loss):    
Segment income (loss) 813 908
Depreciation and amortization by segment:    
Depreciation and amortization by segment 136 102
Capital expenditures by segment:    
Capital expenditures by segment 78 84
Test and Measurement [Member]    
Net sales by segment:    
Net sales by segment 3,763 3,037
Segment income (loss):    
Segment income (loss) 510 25
Depreciation and amortization by segment:    
Depreciation and amortization by segment 175 93
Capital expenditures by segment:    
Capital expenditures by segment 102 66
Embedded Solution [Member]    
Net sales by segment:    
Net sales by segment 3,990 997
Segment income (loss):    
Segment income (loss) 611 (229)
Depreciation and amortization by segment:    
Depreciation and amortization by segment 315 219
Capital expenditures by segment:    
Capital expenditures by segment $ 19 $ 42
XML 67 R56.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENT INFORMATION (Details) - Schedule of segment reporting information total assets by segment - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Total assets by segment:    
Total assets by segments $ 37,233 $ 38,338
Corporate assets, principally cash and cash equivalents and deferred income taxes 8,890 8,583
Total consolidated assets 46,123 46,921
Network Solutions [Member]    
Total assets by segment:    
Total assets by segments 11,046 10,442
Test and Measurement [Member]    
Total assets by segment:    
Total assets by segments 6,559 6,163
Embedded Solution [Member]    
Total assets by segment:    
Total assets by segments $ 19,628 $ 21,733
XML 68 R57.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENT INFORMATION (Details) - Schedule of net consolidated sales by region - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
SEGMENT INFORMATION (Details) - Schedule of net consolidated sales by region [Line Items]    
Sales $ 13,264 $ 9,549
Americas [Member]    
SEGMENT INFORMATION (Details) - Schedule of net consolidated sales by region [Line Items]    
Sales 8,097 6,965
EMEA [Member]    
SEGMENT INFORMATION (Details) - Schedule of net consolidated sales by region [Line Items]    
Sales 3,760 1,523
Asia Pacific [Member]    
SEGMENT INFORMATION (Details) - Schedule of net consolidated sales by region [Line Items]    
Sales $ 1,407 $ 1,061
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