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Note 1 - Summary of Significant Accounting Policies | 12 Months Ended
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Dec. 31, 2012
Accounting Policies [Abstract] |
Summary of Significant Accounting Policies | NOTE 1 — Summary of Significant Accounting Policies Organization and Business Socket Mobile, Inc. (the “Company”), produces barcode scanning and mobile handheld computer products serving the business mobility market and designed for the mobile worker. The Company offers a family of cordless barcode scanning products that connect over Bluetooth with smartphones, tablets and computers. The Company also offers wearable cordless ring scanners for hands free barcode scanning. The Company offers a family of general purpose handheld computer products running the Windows Mobile operating system and a wide range of accessories including plug-in two dimensional (2D) and linear (1D) bar code scanners, cradles, Radio Frequency Identification (RFID) readers, and magnetic stripe readers. The Company also offers customized versions of its handheld computers, embedded wireless LAN cards and Bluetooth modules as OEM products to third-party companies. The Company’s plug-in data collection products work with the Company’s handheld computers and the Company’s cordless hand scanners work with many third-party mobile handheld devices including smartphones, tablets and computers running operating systems from Apple (iOS), Google (Android), Blackberry and Microsoft (Windows/Windows Mobile). For a complete description of the Company’s products see “Products” in “Item 1. Business.” The Company works closely with software application developers offering or developing software applications for use with the Company’s family of barcode scanners and mobile handheld computers. The Company offers software developers kits to enable developers to easily integrate the Company’s barcode scanning products into their applications, and to enable greater hardware control in applications using the Company’s mobile handheld computers. The Company’s family of barcode scanners are designed to work with a wide range of smartphones and tablets running Apple iOS4, Google Android, RIM BlackBerry and Microsoft Windows/Windows Mobile operating systems. The market segments with the highest level of adoption of the Company’s mobile barcode scanners are retail point of sale, healthcare, and commercial services. Healthcare and hospitality are two of the primary areas of focus for software application developers who have developed applications for use on the Company’s handheld computers, and a significant portion of the Company’s handheld computer sales now come from organizations within these two market segments. Other vertical markets benefiting from mobile solutions include inspections, automotive, government and education. These mobile application solutions are designed to improve the productivity of business enterprises and service providers. The Company subcontracts the manufacturing of substantially all of its products to independent third-party contract manufacturers who are located in the U.S., China and Taiwan and who have the equipment, know-how and capacity to manufacture products to the Company’s specifications. The Company markets its products through a worldwide network of distributors and resellers, as well as through original equipment manufacturers and value added resellers. The geographic regions served by the Company include the Americas, Europe, the Middle East, Africa and Asia Pacific. The Company’s total employee headcount on December 31, 2012 was 50 people. The Company was founded in March 1992 as Socket Communications, Inc. and reincorporated in Delaware in 1995 prior to the Company’s initial public offering in June 1995. The Company began doing business as Socket Mobile, Inc. in January 2007 to better reflect its market focus on the mobile business market, and changed its legal name to Socket Mobile, Inc. in April 2008. The Company’s common stock trades on the OTC Marketplace under the symbol “SCKT.” The Company’s principal executive offices are located at 39700 Eureka Drive, Newark, CA 94560. Liquidity and Going Concern During the years ended December 31, 2012, 2011, and 2010, the Company incurred net losses of $3,298,082, $2,422,361, and $3,975,837, respectively. As of December 31, 2012, the Company has an accumulated deficit of $60,502,181. The Company’s cash balance at December 31, 2012 was $390,513. At December 31, 2012, the Company had additional unused borrowing capacity of approximately $297,000 on its bank lines of credit (approximately $164,000 and $133,000, respectively, on the domestic and international credit lines). The Company’s balance sheet at December 31, 2012 has a current ratio (current assets divided by current liabilities) of 0.4 to 1.0, and a working capital deficit of $4,021,810 (current assets less current liabilities). These circumstances raise substantial doubt about the Company's ability to continue as a going concern. In the last three years the Company has taken actions to reduce its expenses and to align its cost structure with economic conditions. The Company has the ability to further reduce expenses if necessary. Steps by management intended to reduce operating losses and achieve profitability include reduction of headcount to manage payroll costs, the introduction of new products, and continued close support of the Company’s distributors and its application development partners as they establish their mobile applications in key vertical markets. The Company has completed additional financing in the first quarter of 2013 (see “NOTE 15 — Subsequent Event” for more information). Management believes that it will be able to further improve the Company's liquidity and secure additional sources of financing by managing its working capital balances, use of its bank lines of credit, and raising additional capital as needed including development funding from development partners and the issuance of additional equity securities. However, there can be no assurance that additional capital will be available on acceptable terms, if at all, and any such terms may be dilutive to existing stockholders. The Company’s bank line of credit may be terminated by the bank or the Company at any time, and expires on October 11, 2013 unless renewed (see “NOTE 5 – Bank Financing Arrangements”). If the Company cannot attain profitability, the Company will not be able to support its operations from positive cash flows, and the Company would use its existing cash to support operating losses. If the Company is unable to secure the necessary capital for its business, the Company may need to suspend some or all of its current operations. If the Company can return to revenue growth and attain profitability, the Company anticipates requirements for cash will include funding of higher receivable and inventory balances, and increased expenses, including an increase of costs relating to new employees to support the Company’s growth and increases in salaries, benefits, and related support costs for employees. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the Company’s inability to continue as a going concern. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates, and such differences may be material to the financial statements. Cash Equivalents The Company considers all highly liquid investments purchased with a maturity date of 90 days or less at date of purchase to be cash equivalents. As of December 31, 2012 and 2011, all of the Company’s cash and cash equivalents consisted of demand and money market deposits held in banks. Fair Value of Financial Instruments The carrying value of the Company’s cash and cash equivalents, accounts receivable, accounts payable, debt and foreign exchange contracts approximate fair value due to the relatively short period of time to maturity. Derivative Financial Instruments The Company's primary objective for holding derivative financial instruments is to manage foreign currency risks. The Company's derivative financial instruments are recorded at fair value and are included in other current assets, other assets, other accrued liabilities or long-term debt depending on the contractual maturity and whether the Company has a gain or loss. The Company's accounting policies for these instruments are based on whether they meet the Company's criteria for designation as hedging transactions, either as cash flow or fair value hedges. A hedge of the exposure to variability in the cash flows of an asset or a liability, or of a forecasted transaction, is referred to as a cash flow hedge. A hedge of the exposure to changes in fair value of an asset or a liability, or of an unrecognized firm commitment, is referred to as a fair value hedge. The criteria for designating a derivative as a hedge include the instrument's effectiveness in risk reduction and, in most cases, a one-to-one matching of the derivative instrument to its underlying transaction. Gains and losses on derivatives that are not designated as hedges for accounting purposes are recognized currently in earnings. The Company regularly enters into forward foreign currency contracts to reduce exposures related to rate changes in certain foreign currencies. The Company's forward foreign currency contracts are recorded at fair value at December 31, 2012. At December 31, 2012, these derivative instruments were not designated as hedges, and accordingly, changes in the fair value of the forward foreign currency contracts were recorded in earnings. At December 31, 2012 contracts with a notional amount of $264,400 to hedge Euros and $185,185 to hedge Yen had fair values of an immaterial amount for each currency based on quotations from financial institutions, and had maturity dates in January 2013. At December 31, 2011, contracts with a notional amount of $323,000 to hedge Euros and $277,000 to hedge Yen had fair values of an immaterial amount for each currency based on quotations from financial institutions, and had maturity dates in January 2012. Foreign Currency The functional currency for the Company is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated using the exchange rates on the balance sheet dates. Revenues and expenses are translated using the average exchange rates prevailing during the year. Any translation adjustments resulting from this process are shown separately as a component of accumulated other comprehensive income (loss) within shareholders’ equity in the balance sheets. Foreign currency transaction gains and losses are reported in other income and expense, net, in the statements of income. Accounts Receivable Allowances The Company estimates the amount of uncollectible accounts receivable at the end of each reporting period based on the aging of the receivable balance, current and historical customer trends, and communications with its customers. Amounts are written off only after considerable collection efforts have been made and the amounts are determined to be uncollectible. The following describes activity in the allowance for doubtful accounts for the years ended December 31, 2012, 2011, and 2010:
Year |  | Balance at Beginning of Year |  | Charged to Costs and Expenses |  | Amounts Written Off |  | Balance at End of Year
| 2012 |  |  | $ | 89,058 |  |  | $ | — |  |  | $ | — |  |  | $ | 89,058 |
| 2011 |  |  | $ | 89,058 |  |  | $ | — |  |  | $ | — |  |  | $ | 89,058 |
| 2010 |  |  | $ | 121,713 |  |  | $ | — |  |  | $ | 32,655 |  |  | $ | 89,058 |
Inventories Inventories consist principally of raw materials and sub-assemblies stated at the lower of standard cost, which approximates actual costs (first-in, first-out method), or market. Market is defined as replacement cost, but not in excess of estimated net realizable value or less than estimated net realizable value less a normal margin. At the end of each reporting period, the Company compares its inventory on hand to its forecasted requirements for the next nine month period and the Company writes-off the cost of any inventory that is surplus, less any amounts that the Company believes it can recover from the disposal of goods that it specifically believes will be saleable past a nine month horizon. The Company’s sales forecasts are based upon historical trends, communications from customers, and marketing data regarding market trends and dynamics. Changes in the amounts recorded for surplus or obsolete inventory are included in cost of revenue. Inventory components at year-end, net of write-downs, are presented in the following table:
|  | December 31,
|  | 2012 |  | 2011
Raw materials and sub-assemblies |  | $ | 921,677 |  |  | $ | 1,432,696 |
Finished goods |  |  | 19,390 |  |  |  | 28,356 |
|  | $ | 941,067 |  |  | $ | 1,461,052 |
Property and Equipment Property and equipment are stated at cost. Depreciation and amortization are computed using the straight-line method, over the estimated useful lives of the assets ranging from one to five years. Assets under capital leases are amortized in a manner consistent with the Company’s normal depreciation policy for owned assets, or the remaining lease term as applicable. Depreciation expense in the years ended December 31, 2012, 2011, and 2010, was $264,512, $336,996, and $459,686, respectively. Goodwill Goodwill is tested for impairment annually as of September 30th or more frequently when events or circumstances indicate that the carrying value of the Company's single reporting unit more likely than not exceeds its fair value. The Company performed its annual goodwill impairment analysis as of September 30, 2012. The Company used the two-step test as required to assess goodwill for impairment. The first step of the goodwill impairment test consisted of comparing the carrying value of the reporting unit to its fair value. Management estimated the fair value of the Company's reporting unit using various methods and compared the fair value to the carrying amount (net book value) to ascertain if potential goodwill impairment existed. The Company utilized methods that focused on its ability to produce income ("Income Approach") and the Company’s market capitalization ("Market Capitalization Approach"). Key assumptions utilized in the determination of fair value in step one of the test included the following: the Company's market capitalization; revenue and expense forecasts used in the evaluation were based on trends of historical performance and management's estimate of future performance; cash flows utilized in the discounted cash flow analysis were estimated using a weighted average cost of capital determined to be appropriate for the Company. No impairment of goodwill was recorded in the three years ended December 31, 2012. Deferred Rent The Company operates its headquarters under a non-cancelable operating lease. The Company recognizes rent expense under its lease on a straight line basis measured over the term of the lease. The excess of accumulated rental expense measured on a straight lined basis over actual accumulated rent paid is capitalized as a liability on the Company’s balance sheet in its short and long term components. Deferred rent at December 31, 2012 was $179,527, and was classified as long term. The short term and long term components of deferred rent at December 31, 2011 were $3,853 and $179,527, respectively. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents and accounts receivable. The Company invests its cash in demand and money market deposit accounts in banks. To the extent of the amounts recorded on the balance sheet, cash is concentrated at the Company’s bank to the extent needed to comply with the minimum liquidity ratio of the bank line agreement. To date, the Company has not experienced losses on these investments. The Company’s trade accounts receivables are primarily with distributors and original equipment manufacturers (OEMs). The Company performs ongoing credit evaluations of its customers’ financial conditions but the Company generally requires no collateral. Reserves are maintained for potential credit losses, and such losses have been within management’s expectations. Customers who accounted for at least 10% of the Company’s accounts receivable balances at December 31, 2012 and 2011 were as follows:
|  | December 31, |  | December 31,
|  | 2012 |  | 2011
Company A |  |  | 16 | % |  |  | 33 | %
Company B |  |  | 28 | % |  |  | 11 | %
Company C |  |  | 12 | % |  |  | 10 | %
Company D |  |  | 12 | % |  |  | * |
Company E |  |  | 11 | % |  |  | * |
Concentration of Suppliers Several of the Company’s component parts are produced by a sole or limited number of suppliers. Shortages could occur in these essential materials due to an interruption of supply or increased demand in the industry, such as the Company experienced in the fourth quarter 2010 and to a progressively lesser extent over the first, second, and third quarters of 2011 with the delays in availability of LCD touch screens used in the manufacture of the Company’s mobile handheld computer. If the Company were unable to procure certain of such materials, it would be required to reduce its operations, which could have a material adverse effect upon its results. At December 31, 2012 and 2011, 32% and 56%, respectively, of the Company’s accounts payable balances were concentrated in a single supplier. For the years ended December 31, 2012, 2011, and 2010, this and another supplier accounted for 64%, 70%, and 63%, respectively, of the inventory purchases in each of these years. Revenue Recognition and Deferred Income Revenue on sales to customers other than distributors is recognized upon shipment provided that persuasive evidence of a sales arrangement exists, the price is fixed or determinable, title has transferred, collection of resulting receivables is reasonably assured, there are no customer acceptance requirements, and there are no remaining significant obligations. Revenue on sales to distributors where a right of return exists is recognized upon “sell-through,” when products are shipped from the distributor to the distributor’s customer. Revenue related to those products in the Company’s distribution channel at the end of each reporting period which has not sold-through is deferred. The amount of deferred revenue net of related cost of revenue is classified as deferred income on shipments to distributors on the Company’s balance sheet. At December 31, 2012 and 2011, deferred income on shipments to distributors represented deferred revenues totaling $1,804,367 and $3,448,021, respectively, net of related costs of those revenues of $950,208 and $1,876,477, respectively. The Company defers revenue and income on advance payments from customers when performance obligations have yet to be completed and/or services performed. Such deferred revenue does not include amounts related to products delivered to distributors which have not sold-through to the distributors’ end customers as described above. The Company also earns revenue from its SocketCare services program which provides for extended warranty and accidental breakage coverage for selected products. Service purchased at the time of product purchase provides for coverage in two-year and three-year terms. We additionally offer comprehensive coverage and program term extensions. Revenues from the SocketCare services program are recognized ratably over the life of the extended warranty contract. The amount of unrecognized warranty service revenue is classified as deferred service revenue and presented on the Company’s balance sheet in its short and long term components. The Company also earns revenue from services performed in connection with consulting arrangements. For those contracts that include contract milestones or acceptance criteria the Company recognizes revenue as such milestones are achieved or as such acceptance occurs. In some instances the acceptance criteria in the contract requires acceptance after all services are complete and all other elements have been delivered. Revenue recognition is deferred until those requirements are met. Revenues related to these services in the years presented were not material. Warranty The Company’s products typically carry a one year warranty. The Company reserves for estimated product warranty costs at the time revenue is recognized based upon the Company’s historical warranty experience, and additionally for any known product warranty issues. If actual costs differ from initial estimates, the Company records the difference in the period they are identified. Actual claims are charged against the warranty reserve Research and Development Research and development expenditures are charged to operations as incurred. The major components of research and development costs include salaries and employee benefits, stock-based compensation expense, third party development costs including consultants and outside services, and allocations of overhead and occupancy costs. The accounting for the costs of computer software to be sold, leased or otherwise marketed, requires the capitalization of certain software development costs subsequent to the establishment of technological feasibility. Based on the Company’s product development process, technological feasibility is established upon the completion of a working model. Costs incurred by the Company between the completion of the working model and the point at which the product is ready for general release have been insignificant. Accordingly, the Company has charged all such costs to research and development expenses in the accompanying statements of operations. Advertising Costs Advertising costs are charged to sales and marketing as incurred. The Company incurred $332,594, $296,346, and $188,600, in advertising costs during 2012, 2011, and 2010, respectively. Income Taxes The Company uses the asset and liability method to account for income taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance against deferred tax assets when it is more likely than not that such assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the tax benefit from uncertain tax positions if it is more likely than not that the tax positions will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Shipping and handling costs Shipping and handling costs are included in the cost of revenues in the statement of operations. Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share:
|  | Years Ended December 31,
|  | 2012 |  | 2011 |  | 2010
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (3,298,082 | ) |  | $ | (2,422,361 | ) |  | $ | (3,975,837 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding used in computing net loss per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic and diluted |  |  | 4,853,630 |  |  |  | 4,360,217 |  |  |  | 3,795,673 |
Net loss per share applicable to common stockholders: |  |  |  |  |  |  |  |  |  |  |  |
Basic and diluted |  | $ | (0.68 | ) |  | $ | (0.56 | ) |  | $ | (1.05 | )
For the 2012, 2011, and 2010 periods presented, the diluted net loss per share is equivalent to the basic net loss per share because the Company experienced losses in these years and thus no potential common shares underlying stock options or warrants in the three years presented, and in 2012 shares underlying conversion of convertible notes, have been included in the net loss per share calculation as their effect is anti-dilutive. Options and warrants to purchase, and shares issuable for convertible notes totaled 2,853,177 shares of common stock in 2012, and options and warrants to purchase 2,034,532, and 1,829,375 shares of common stock in, 2011, and 2010, respectively, have been omitted from the loss per share calculation. Stock-Based Compensation The Company accounts for stock-based compensation of stock options granted to employees and directors and of employee stock purchase plan shares by estimating the fair value of stock-based awards using the binomial lattice model. The fair value is amortized as compensation expense over the requisite service period of the award on a straight-line basis. The binomial lattice model incorporates calculations for expected volatility, risk-free interest rates, employee exercise patterns and post-vesting employment termination behavior, and these factors affect the estimate of the fair value of the Company's stock option grants. The weighted average assumptions and grant date fair values for options granted are as follows:
|  | Years Ended December 31,
|  | 2012 |  | 2011 |  | 2010
Risk-free interest rate (%) |  |  | 1.77 | % |  |  | 3.30 | % |  |  | 3.03 | %
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |
Volatility factor |  |  | 0.7 |  |  |  | 0.6 |  |  |  | 0.9 |
Expected option life (years) |  |  | 4.9 |  |  |  | 5.7 |  |  |  | 4.0 |
Weighted average grant date fair value |  | $ | 0.98 |  |  | $ | 1.08 |  |  | $ | 1.92 |
Stock-based compensation expenses included in the Company’s statement of operations is as follows:
|  | Years Ended December 31,
Income Statement Classification |  | 2012 |  | 2011 |  | 2010
Cost of revenues |  | $ | 50,660 |  |  | $ | 61,994 |  |  | $ | 55,607 |
Research and development |  |  | 136,618 |  |  |  | 165,028 |  |  |  | 151,978 |
Sales and marketing |  |  | 128,759 |  |  |  | 177,065 |  |  |  | 196,368 |
General and administrative |  |  | 281,631 |  |  |  | 319,112 |  |  |  | 272,601 |
|  | $ | 597,668 |  |  | $ | 723,199 |  |  | $ | 676,554 |
At December 31, 2012, the fair value of unamortized stock-based compensation expense was $400,741, and will be amortized over a weighted average period of 2.12 years. Segment Information Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief executive officer in deciding how to allocate resources and in assessing performance. The Company operates in one segment—mobile systems solutions for businesses. Mobile systems solutions typically consist of a handheld computer or other mobile device such as a smartphone or tablet, some with data collection peripherals, and third-party vertical applications software. The Company markets its products in the United States and foreign countries through its sales personnel and distributors. Revenues for the geographic areas for the years ended December 31, 2012, 2011, and 2010 are as follows:
|  | Years Ended December 31,
Revenues: (in thousands) |  | 2012 |  | 2011 |  | 2010
United States |  | $ | 8,078 |  |  | $ | 11,624 |  |  | $ | 10,205 |
Europe |  |  | 3,554 |  |  |  | 4,092 |  |  |  | 2,742 |
Asia and rest of world |  |  | 1,933 |  |  |  | 1,795 |  |  |  | 551 |
|  | $ | 13,565 |  |  | $ | 17,511 |  |  | $ | 13,498 |
Export revenues are attributable to countries based on the location of the Company’s customers. The Company does not hold long-lived assets in foreign locations. Information regarding product families for the years ended December 31, 2012, 2011, and 2010 is as follows:
|  | Years Ended December 31,
Revenues: (in thousands) |  | 2012 |  | 2011 |  | 2010
Mobile handheld computer and related product and service |  | $ | 7,186 |  |  | $ | 11,345 |  |  | $ | 9,840 |
Cordless barcode scanning and related product and service |  |  | 5,983 |  |  |  | 5,371 |  |  |  | 2,038 |
Other |  |  | 396 |  |  |  | 795 |  |  |  | 1,620 |
|  | $ | 13,565 |  |  | $ | 17,511 |  |  | $ | 13,498 |
Major Customers Customers who accounted for at least 10% of total revenues for the years ended December 31, 2012, 2011, and 2010 were as follows:
|  | Years Ended December 31,
|  | 2012 |  | 2011 |  | 2010
Ingram Micro Inc. |  |  | 17 | % |  |  | 13 | % |  |  | 14 | %
Scansource, Inc. |  |  | 21 | % |  |  | 16 | % |  |  | * |
BlueStar, Inc. |  |  | 10 | % |  |  | * |  |  |  | 11 | %
Epocal, Inc. |  |  | * |  |  |  | 11 | % |  |  | 10 | %
Tech Data Corporation |  |  | * |  |  |  | * |  |  |  | 13 | %
* Customer accounted for less than 10% of total revenues for the period
Recent Accounting Pronouncements Testing Indefinite-Lived Intangible Assets for Impairment: In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2012-02, “Intangibles—Goodwill and Other (Topic 350)—Testing Indefinite-Lived Intangible Assets for Impairment,” (“ASU 2012-02”), to allow entities to use a qualitative approach to test indefinite-lived intangible assets for impairment. ASU 2012-02 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed quantitative impairment test by comparing the fair value of the indefinite-lived intangible asset with its carrying value. Otherwise, the quantitative impairment test is not required. ASU 2012-02 is effective for the Company in fiscal 2014, and earlier adoption is permitted. The Company is currently evaluating the impact of the pending adoption of ASU 2012-02 on its financial statements. Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income: In February 2013, the FASB issued ASU No. 2013-02, “Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” (“ASU 2013-02”), to improve the reporting of reclassifications out of accumulated other comprehensive income. ASU 2013-02 requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety from accumulated other comprehensive income to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. ASU 2013-02 is effective for the Company in the first quarter of fiscal 2014 with earlier adoption permitted, which should be applied prospectively. The Company is currently evaluating the impact of the pending adoption of ASU 2013-02 on its financial statements.

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- Definition The entire disclosure for all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18861-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18743-107790 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18854-107790 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 22 -Paragraph 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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