XML 67 R24.htm IDEA: XBRL DOCUMENT v2.4.1.9
Note 18 - Restructuring
12 Months Ended
Dec. 31, 2014
Restructuring and Related Activities [Abstract]  
Restructuring and Related Activities Disclosure [Text Block]
18. Restructuring

 On December 28, 2012 the Company announced the closure of its tissue engineering facility in Abano Terme, Italy due to the inability to meet strict regulatory standards established by the EMA, which became effective January 1, 2013. As a result of the plan, the Company recorded restructuring and associated impairment charges in the fourth quarter 2012 of approximately $2.5 million. Of the total restructuring and associated impairment charges, approximately $1.6 million related to the abandonment and noncash impairment of assets. The remaining $0.9 million related to cash payments anticipated to occur primarily in 2013 and to employee termination costs.

The Company completed the restructuring plan in 2013. Settlements for employee dismissals were lower than anticipated and certain previously impaired and written-off assets were sold, resulting in a restructuring credit of $286,843 for the twelve months ended December 31, 2013. The carrying value of the restructuring accrual approximated fair value at December 31, 2014 and 2013.

The following table summarizes restructuring accrual activity for the twelve months ended December 31, 2014 and 2013:

   
Restructuring Accrual
 
   
Employee Severance and Related Benefits
   
Activity Termination and Facility Closure Costs
   
Total
 
December 31, 2012
  $ 801,453     $ 132,279     $ 933,732  
Cash Disbursements
    (724,064 )     (46,776 )     (770,840 )
Write Offs and Abandonments
    (56,549 )     (82,691 )     (139,240 )
Foreign Exchange Impact
    869       117       986  
December 31, 2013
  $ 21,709     $ 2,929     $ 24,638  
Cash Disbursements
    (13,240 )     (1,425 )     (14,665 )
Foreign Exchange Impact
    (1,407 )     (182 )     (1,589 )
December 31, 2014
  $ 7,062     $ 1,322     $ 8,384