those estimates are based on historical operations , future business plans and projected financial results , the terms of existing contracts , the observance of trends in the industry , information provided by customers and information available from other outside sources , as appropriate . the following discusses the company 's critical accounting policies and estimates : estimates . operating results may be affected by certain accounting estimates . the most sensitive and significant accounting estimates in the financial statements relate to customer rebates , valuation allowances for deferred income tax assets , obsolete and slow moving inventories , potentially uncollectible accounts receivable , pension liability and accruals for income taxes . although the company 's management has used available information to make judgments on the appropriate estimates to account for the above matters , there can be no assurance that future events will not significantly affect the estimated amounts related to these areas where estimates are required . however , historically , actual results have not been materially different than original estimates . revenue recognition . the company recognizes revenue from the sales of its products when ownership transfers to the customers , which occurs either at the time of shipment or upon delivery based upon contractual terms with the customer . the company recognizes customer program costs , including rebates , cooperative advertising , slotting fees and other sales related discounts , as a reduction to sales . allowance for doubtful accounts . the company provides an allowance for doubtful accounts based upon a review of outstanding accounts receivable , historical collection information and existing economic conditions . the allowance for doubtful accounts represents estimated uncollectible accounts receivables associated with potential customer defaults on contractual obligations , usually due to potential insolvencies . the allowance includes amounts for certain customers where a risk of default has been specifically identified . in addition , the allowance includes a provision for customer defaults based on historical experience . the company actively monitors its accounts receivable balances , and its historical experience of annual accounts receivable write offs has been negligible . customer rebates . customer rebates and incentives are a common practice in the office products industry . we incur customer rebate costs to obtain favorable product placement , to promote sell-through of products and to maintain competitive pricing . customer rebate costs and incentives , including volume rebates , promotional funds , catalog allowances and slotting fees , are accounted for as a reduction to gross sales . these costs are recorded at the time of sale and are based on individual customer contracts . management periodically reviews accruals for these rebates and allowances , and adjusts accruals when appropriate . 17 obsolete and slow moving inventory . inventories are stated at the lower of cost , determined on the first-in , first-out method , or market . an allowance is established to adjust the cost of inventory to its net realizable value . inventory allowances are recorded for obsolete or slow moving inventory based on assumptions about future demand and marketability of products , the impact of new product introductions and specific identification of items , such as discontinued products . these estimates could vary significantly from actual requirements if future economic conditions , customer inventory levels or competitive conditions differ from expectations . income taxes . deferred income tax liabilities or assets are established for temporary differences between financial and tax reporting bases and are subsequently adjusted to reflect changes in tax rates expected to be in effect when the temporary differences reverse . a valuation allowance is recorded to reduce deferred income tax assets to an amount that is more likely than not to be realized . intangible assets and goodwill . intangible assets with finite useful lives are recorded at cost upon acquisition and amortized over the term of the related contract , if any , or useful life , as applicable . intangible assets held by the company with finite useful lives include patents and trademarks . the weighted average amortization period for intangible assets at december 31 , 2015 was 8 years . the company periodically reviews the values recorded for intangible assets and goodwill to assess recoverability from future operations whenever events or changes in circumstances indicate that its carrying amount may not be recoverable . at december 31 , 2015 and 2014 , the company assessed the recoverability of its long-lived assets and goodwill and believed that there were no events or circumstances present that would that would require a test of recoverability on those assets . as a result , there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives . the net book value of the company 's intangible assets was $ 11,950,991 as of december 31 , 2015 , compared to $ 12,554,611 as of december 31 , 2014 , and the net book value of the company 's goodwill was $ 1,406,000 at december 31 , 2015 and $ 1,375,000 at december 31 , 2014. pension obligation . the pension benefit obligation is based on various assumptions used by third-party actuaries in calculating this amount . these assumptions include discount rates , expected return on plan assets , mortality rates and other factors . revisions in assumptions and actual results that differ from the assumptions affect future expenses , cash funding requirements and obligations . our funding policy is to fund the plan in accordance with applicable requirements of the internal revenue code and regulations . these assumptions are reviewed annually and updated as required . the company has a frozen defined benefit pension plan . two assumptions , the discount rate and the expected return on plan assets , are important elements of expense and liability measurement . story_separator_special_tag we determine the discount rate used to measure plan liabilities as of the december 31 measurement date . the discount rate reflects the current rate at which the associated liabilities could be effectively settled at the end of the year . in estimating this rate , we look at rates of return on fixed-income investments of similar duration to the liabilities in the plan that receive high , investment grade ratings by recognized ratings agencies . using these methodologies , we determined a discount rate of 3.50 % to be appropriate as of december 31 , 2015 , which is an increase of .27 percentage points from the rate used as of december 31 , 2014. the expected long-term rate of return on assets considers the company 's historical results and projected returns for similar allocations among asset classes . in accordance with generally accepted accounting principles , actual results that differ from the company 's assumptions are accumulated and amortized over future periods and , therefore , affect expense and obligation in future periods . for the u.s. pension plan , our assumption for the expected return on plan assets was 6.0 % for 2015. for more information concerning these costs and obligations , see the discussion in note 6 – pension and profit sharing , in the notes to the company 's consolidated financial statements in this report . 18 accounting for stock-based compensation . stock based compensation cost is measured at the grant date fair value of the award and is recognized as expense over the requisite service period . the company uses the black-scholes option - pricing model to determine fair value of the awards , which involves certain subjective assumptions . these assumptions include estimating the length of time employees will retain their vested stock options before exercising them ( “ expected term ” ) , the estimated volatility of the company 's common stock price over the expected term ( “ volatility ” ) and the number of options for which vesting requirements will not be completed ( “ forfeitures ” ) . changes in the subjective assumptions can materially affect estimates of fair value stock-based compensation , and the related amount recognized on the consolidated statements of operations . refer to note 11 - stock option plans - in the notes to consolidated financial statements in this report for a more detailed discussion . results of operations 2015 compared with 2014 on april 7 , 2014 , the company sold its fremont , nc distribution facility for $ 850,000 in cash . the facility originally served as a manufacturing site for the company 's scissors and rulers . in conjunction with the sale of the property , the company recorded a liability of $ 300,000 in the second quarter of 2014 , related to environmental remediation of the property . the accrual included the total estimated costs of remedial activities and post-remediation operating and maintenance costs . the balance remaining in the accrual at december 31 , 2015 was approximately $ 80,000. additional information concerning the sale of the property is set forth in note 16 – sale of property , in the notes to condensed consolidated financial statements . on june 2 , 2014 , the company purchased certain assets of first aid only , located in vancouver , wa , a supplier of smart compliance® first aid kits , refills , and safety products that meet regulatory requirements for a broad range of industries . the company purchased inventory , accounts receivable , equipment , patents , trademarks and other intellectual property for approximately $ 13.8 million using funds borrowed under its revolving credit facility with hsbc . additional information concerning the acquisition of first aid only assets is set forth in note 17 – business combinations , in the notes to condensed consolidated financial statements . net sales in 2015 , sales increased by $ 2,590,000 or 2 % to $ 109,812,000 compared to $ 107,222,000 in 2014 ( 5 % in constant currency ) . the u.s. segment sales increased by $ 5,324,000 or 6 % in 2015 compared to 2014. sales in canada decreased by $ 2,034,000 or 23 % in u.s. dollars and 11 % in local currency in 2015 compared to 2014. european sales decreased by $ 698,000 or 10 % in u.s. dollars but increased 7 % local currency in 2015 compared to 2014. the increase in net sales for the twelve months ended december 31 , 2015 in the u.s. segment was primarily due to increased sales of first aid products , including the additional sales from the acquisition of the assets of first aid only , inc. in june 2014. the decrease in net sales in local currency in canada for the twelve months ended december 31 , 2015 was primarily due to weak economic conditions and the exiting of a large retailer from the canadian market . the increase in sales in local currency in europe in 2015 was primarily due to higher sales and increased market share in the office products channel . gross profit gross profit was 36.0 % of net sales in 2015 compared to 35.6 % in 2014. the company spent approximately $ 400,000 in one-time severance , moving and production start-up costs associated with consolidating its first aid manufacturing facilities . excluding these costs gross profit would have been 36.4 % in 2015 . 19 selling , general and administrative selling , general and administrative expenses were $ 32,214,000 in 2015 compared with $ 30,791,000 in 2014 , an increase of $ 1,423,000 or 5 % . sg & a expenses were 29 % of net sales in 2015 and 2014 , respectively . the increase in sg & a expenses was primarily the result of incremental expenses resulting from the addition of first aid only ( $ .7 million ) , higher delivery costs and sales commissions ( $ .2 million ) as a result of

liquidity and capital resources during 2015 , working capital increased by approximately $ 5.5 million compared to december 31 , 2014. inventory increased by approximately $ 1.8 million , or 5 % , which corresponds to the increase in sales . the company expects that changes in inventory levels will continue to be consistent with changes in sales , including the seasonal impact on the company 's revenue stream . inventory turnover , calculated using a twelve month average inventory balance , decreased to 2.0 from 2.2 at december 31 , 2014. the reserve for slow moving and obsolete inventory was $ 698,592 at december 31 , 2015 compare to $ 825,087 at december 31 , 2014. further , we do not anticipate significant increases in the allowance for slow moving and obsolete inventory in the ordinary course of business . receivables increased by approximately $ 65,000. the average number of days sales outstanding in accounts receivable was 64 days in 2015 compared to 63 days in 2014. accounts payable and other current liabilities decreased by approximately $ 3.4 million . 20 at december 31 , 2015 , total debt outstanding under the company 's revolving credit facility ( referred to below ) increased by approximately $ 1.8 million compared to total debt at december 31 , 2014. the change in debt was primarily due to the increase in inventory . as of december 31 , 2015 , $ 25,912,652 was outstanding and $ 14,087,348 was available for borrowing under the company 's revolving credit facility . under its revolving credit facility with hsbc bank , n.a.


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources during 2015 , working capital increased by approximately $ 5.5 million compared to december 31 , 2014. inventory increased by approximately $ 1.8 million , or 5 % , which corresponds to the increase in sales . the company expects that changes in inventory levels will continue to be consistent with changes in sales , including the seasonal impact on the company 's revenue stream . inventory turnover , calculated using a twelve month average inventory balance , decreased to 2.0 from 2.2 at december 31 , 2014. the reserve for slow moving and obsolete inventory was $ 698,592 at december 31 , 2015 compare to $ 825,087 at december 31 , 2014. further , we do not anticipate significant increases in the allowance for slow moving and obsolete inventory in the ordinary course of business . receivables increased by approximately $ 65,000. the average number of days sales outstanding in accounts receivable was 64 days in 2015 compared to 63 days in 2014. accounts payable and other current liabilities decreased by approximately $ 3.4 million . 20 at december 31 , 2015 , total debt outstanding under the company 's revolving credit facility ( referred to below ) increased by approximately $ 1.8 million compared to total debt at december 31 , 2014. the change in debt was primarily due to the increase in inventory . as of december 31 , 2015 , $ 25,912,652 was outstanding and $ 14,087,348 was available for borrowing under the company 's revolving credit facility . under its revolving credit facility with hsbc bank , n.a.
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 Suspicious Activity Report : those estimates are based on historical operations , future business plans and projected financial results , the terms of existing contracts , the observance of trends in the industry , information provided by customers and information available from other outside sources , as appropriate . the following discusses the company 's critical accounting policies and estimates : estimates . operating results may be affected by certain accounting estimates . the most sensitive and significant accounting estimates in the financial statements relate to customer rebates , valuation allowances for deferred income tax assets , obsolete and slow moving inventories , potentially uncollectible accounts receivable , pension liability and accruals for income taxes . although the company 's management has used available information to make judgments on the appropriate estimates to account for the above matters , there can be no assurance that future events will not significantly affect the estimated amounts related to these areas where estimates are required . however , historically , actual results have not been materially different than original estimates . revenue recognition . the company recognizes revenue from the sales of its products when ownership transfers to the customers , which occurs either at the time of shipment or upon delivery based upon contractual terms with the customer . the company recognizes customer program costs , including rebates , cooperative advertising , slotting fees and other sales related discounts , as a reduction to sales . allowance for doubtful accounts . the company provides an allowance for doubtful accounts based upon a review of outstanding accounts receivable , historical collection information and existing economic conditions . the allowance for doubtful accounts represents estimated uncollectible accounts receivables associated with potential customer defaults on contractual obligations , usually due to potential insolvencies . the allowance includes amounts for certain customers where a risk of default has been specifically identified . in addition , the allowance includes a provision for customer defaults based on historical experience . the company actively monitors its accounts receivable balances , and its historical experience of annual accounts receivable write offs has been negligible . customer rebates . customer rebates and incentives are a common practice in the office products industry . we incur customer rebate costs to obtain favorable product placement , to promote sell-through of products and to maintain competitive pricing . customer rebate costs and incentives , including volume rebates , promotional funds , catalog allowances and slotting fees , are accounted for as a reduction to gross sales . these costs are recorded at the time of sale and are based on individual customer contracts . management periodically reviews accruals for these rebates and allowances , and adjusts accruals when appropriate . 17 obsolete and slow moving inventory . inventories are stated at the lower of cost , determined on the first-in , first-out method , or market . an allowance is established to adjust the cost of inventory to its net realizable value . inventory allowances are recorded for obsolete or slow moving inventory based on assumptions about future demand and marketability of products , the impact of new product introductions and specific identification of items , such as discontinued products . these estimates could vary significantly from actual requirements if future economic conditions , customer inventory levels or competitive conditions differ from expectations . income taxes . deferred income tax liabilities or assets are established for temporary differences between financial and tax reporting bases and are subsequently adjusted to reflect changes in tax rates expected to be in effect when the temporary differences reverse . a valuation allowance is recorded to reduce deferred income tax assets to an amount that is more likely than not to be realized . intangible assets and goodwill . intangible assets with finite useful lives are recorded at cost upon acquisition and amortized over the term of the related contract , if any , or useful life , as applicable . intangible assets held by the company with finite useful lives include patents and trademarks . the weighted average amortization period for intangible assets at december 31 , 2015 was 8 years . the company periodically reviews the values recorded for intangible assets and goodwill to assess recoverability from future operations whenever events or changes in circumstances indicate that its carrying amount may not be recoverable . at december 31 , 2015 and 2014 , the company assessed the recoverability of its long-lived assets and goodwill and believed that there were no events or circumstances present that would that would require a test of recoverability on those assets . as a result , there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives . the net book value of the company 's intangible assets was $ 11,950,991 as of december 31 , 2015 , compared to $ 12,554,611 as of december 31 , 2014 , and the net book value of the company 's goodwill was $ 1,406,000 at december 31 , 2015 and $ 1,375,000 at december 31 , 2014. pension obligation . the pension benefit obligation is based on various assumptions used by third-party actuaries in calculating this amount . these assumptions include discount rates , expected return on plan assets , mortality rates and other factors . revisions in assumptions and actual results that differ from the assumptions affect future expenses , cash funding requirements and obligations . our funding policy is to fund the plan in accordance with applicable requirements of the internal revenue code and regulations . these assumptions are reviewed annually and updated as required . the company has a frozen defined benefit pension plan . two assumptions , the discount rate and the expected return on plan assets , are important elements of expense and liability measurement . story_separator_special_tag we determine the discount rate used to measure plan liabilities as of the december 31 measurement date . the discount rate reflects the current rate at which the associated liabilities could be effectively settled at the end of the year . in estimating this rate , we look at rates of return on fixed-income investments of similar duration to the liabilities in the plan that receive high , investment grade ratings by recognized ratings agencies . using these methodologies , we determined a discount rate of 3.50 % to be appropriate as of december 31 , 2015 , which is an increase of .27 percentage points from the rate used as of december 31 , 2014. the expected long-term rate of return on assets considers the company 's historical results and projected returns for similar allocations among asset classes . in accordance with generally accepted accounting principles , actual results that differ from the company 's assumptions are accumulated and amortized over future periods and , therefore , affect expense and obligation in future periods . for the u.s. pension plan , our assumption for the expected return on plan assets was 6.0 % for 2015. for more information concerning these costs and obligations , see the discussion in note 6 – pension and profit sharing , in the notes to the company 's consolidated financial statements in this report . 18 accounting for stock-based compensation . stock based compensation cost is measured at the grant date fair value of the award and is recognized as expense over the requisite service period . the company uses the black-scholes option - pricing model to determine fair value of the awards , which involves certain subjective assumptions . these assumptions include estimating the length of time employees will retain their vested stock options before exercising them ( “ expected term ” ) , the estimated volatility of the company 's common stock price over the expected term ( “ volatility ” ) and the number of options for which vesting requirements will not be completed ( “ forfeitures ” ) . changes in the subjective assumptions can materially affect estimates of fair value stock-based compensation , and the related amount recognized on the consolidated statements of operations . refer to note 11 - stock option plans - in the notes to consolidated financial statements in this report for a more detailed discussion . results of operations 2015 compared with 2014 on april 7 , 2014 , the company sold its fremont , nc distribution facility for $ 850,000 in cash . the facility originally served as a manufacturing site for the company 's scissors and rulers . in conjunction with the sale of the property , the company recorded a liability of $ 300,000 in the second quarter of 2014 , related to environmental remediation of the property . the accrual included the total estimated costs of remedial activities and post-remediation operating and maintenance costs . the balance remaining in the accrual at december 31 , 2015 was approximately $ 80,000. additional information concerning the sale of the property is set forth in note 16 – sale of property , in the notes to condensed consolidated financial statements . on june 2 , 2014 , the company purchased certain assets of first aid only , located in vancouver , wa , a supplier of smart compliance® first aid kits , refills , and safety products that meet regulatory requirements for a broad range of industries . the company purchased inventory , accounts receivable , equipment , patents , trademarks and other intellectual property for approximately $ 13.8 million using funds borrowed under its revolving credit facility with hsbc . additional information concerning the acquisition of first aid only assets is set forth in note 17 – business combinations , in the notes to condensed consolidated financial statements . net sales in 2015 , sales increased by $ 2,590,000 or 2 % to $ 109,812,000 compared to $ 107,222,000 in 2014 ( 5 % in constant currency ) . the u.s. segment sales increased by $ 5,324,000 or 6 % in 2015 compared to 2014. sales in canada decreased by $ 2,034,000 or 23 % in u.s. dollars and 11 % in local currency in 2015 compared to 2014. european sales decreased by $ 698,000 or 10 % in u.s. dollars but increased 7 % local currency in 2015 compared to 2014. the increase in net sales for the twelve months ended december 31 , 2015 in the u.s. segment was primarily due to increased sales of first aid products , including the additional sales from the acquisition of the assets of first aid only , inc. in june 2014. the decrease in net sales in local currency in canada for the twelve months ended december 31 , 2015 was primarily due to weak economic conditions and the exiting of a large retailer from the canadian market . the increase in sales in local currency in europe in 2015 was primarily due to higher sales and increased market share in the office products channel . gross profit gross profit was 36.0 % of net sales in 2015 compared to 35.6 % in 2014. the company spent approximately $ 400,000 in one-time severance , moving and production start-up costs associated with consolidating its first aid manufacturing facilities . excluding these costs gross profit would have been 36.4 % in 2015 . 19 selling , general and administrative selling , general and administrative expenses were $ 32,214,000 in 2015 compared with $ 30,791,000 in 2014 , an increase of $ 1,423,000 or 5 % . sg & a expenses were 29 % of net sales in 2015 and 2014 , respectively . the increase in sg & a expenses was primarily the result of incremental expenses resulting from the addition of first aid only ( $ .7 million ) , higher delivery costs and sales commissions ( $ .2 million ) as a result of

