Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 15, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001036262 | ||
Entity Registrant Name | INTEST CORP | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-36117 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 22-2370659 | ||
Entity Address, Address Line One | 804 East Gate Drive, Suite 200 | ||
Entity Address, City or Town | Mt. Laurel | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 08054 | ||
City Area Code | 856 | ||
Local Phone Number | 505-8800 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | INTT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 174,755,944 | ||
Entity Common Stock, Shares Outstanding | 10,956,872 | ||
Auditor Name | RSM US LLP | ||
Auditor Location | Blue Bell, Pennsylvania | ||
Auditor Firm ID | 49 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 21,195 | $ 10,277 |
Trade accounts receivable, net of allowance for doubtful accounts of $213 and $212, respectively | 16,536 | 8,435 |
Inventories | 12,863 | 7,476 |
Prepaid expenses and other current assets | 1,483 | 776 |
Total current assets | 52,077 | 26,964 |
Property and equipment: | ||
Machinery and equipment | 5,733 | 5,356 |
Leasehold improvements | 3,001 | 2,636 |
Gross property and equipment | 8,734 | 7,992 |
Less: accumulated depreciation | (6,046) | (5,642) |
Net property and equipment | 2,688 | 2,350 |
Right-of-use assets, net | 5,919 | 6,387 |
Goodwill | 21,448 | 13,738 |
Intangible assets, net | 21,634 | 12,421 |
Restricted certificates of deposit | 100 | 140 |
Other assets | 39 | 30 |
Total assets | 103,905 | 62,030 |
Current liabilities: | ||
Current portion of Term Note | 4,100 | 0 |
Current portion of operating lease liabilities | 1,371 | 1,215 |
Accounts payable | 4,281 | 2,424 |
Accrued wages and benefits | 4,080 | 1,944 |
Accrued professional fees | 1,048 | 776 |
Customer deposits and deferred revenue | 6,038 | 396 |
Accrued sales commission | 863 | 472 |
Domestic and foreign income taxes payable | 2,024 | 825 |
Other current liabilities | 1,267 | 804 |
Total current liabilities | 25,072 | 8,856 |
Operating lease liabilities, net of current portion | 5,248 | 6,050 |
Term Note, net of current portion | 16,000 | 0 |
Deferred tax liabilities | 1,379 | 1,922 |
Contingent consideration | 930 | 0 |
Other liabilities | 453 | 450 |
Total liabilities | 49,082 | 17,278 |
Commitments and Contingencies (Note 14) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; 20,000,000 shares authorized; 10,910,460 and 10,562,200 shares issued, respectively | 109 | 106 |
Additional paid-in capital | 29,931 | 26,851 |
Retained earnings | 24,393 | 17,110 |
Accumulated other comprehensive earnings | 594 | 889 |
Treasury stock, at cost; 33,077 shares | (204) | (204) |
Total stockholders' equity | 54,823 | 44,752 |
Total liabilities and stockholders' equity | $ 103,905 | $ 62,030 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance for doubtful accounts | $ 213 | $ 212 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 10,910,460 | 10,562,200 |
Treasury stock, shares (in shares) | 33,077 | 33,077 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 84,878 | $ 53,823 |
Cost of revenue | 43,654 | 29,719 |
Gross margin | 41,224 | 24,104 |
Operating expenses: | ||
Selling expense | 11,083 | 7,522 |
Engineering and product development expense | 5,531 | 5,070 |
General and administrative expense | 15,865 | 11,444 |
Restructuring and other charges | 286 | 1,285 |
Total operating expenses | 32,765 | 25,321 |
Operating income (loss) | 8,459 | (1,217) |
Other expense | (57) | (14) |
Earnings (loss) before income tax expense (benefit) | 8,402 | (1,231) |
Income tax expense (benefit) | 1,119 | (336) |
Net earnings (loss) | $ 7,283 | $ (895) |
Net earnings (loss) per common share – basic (in dollars per share) | $ 0.70 | $ (0.09) |
Weighted average common shares outstanding – basic (in shares) | 10,462,246 | 10,256,560 |
Net earnings (loss) per common share – diluted (in dollars per share) | $ 0.68 | $ (0.09) |
Weighted average common shares and common share equivalents outstanding – diluted (in shares) | 10,729,862 | 10,256,560 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net earnings (loss) | $ 7,283 | $ (895) |
Unrealized loss on interest rate swap agreement | (21) | 0 |
Foreign currency translation adjustments | (274) | 216 |
Comprehensive earnings (loss) | $ 6,988 | $ (679) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 10,413,982 | |||||
Balance at Dec. 31, 2019 | $ 104 | $ 26,256 | $ 18,005 | $ 673 | $ (204) | $ 44,834 |
Net earnings (loss) | 0 | 0 | (895) | 0 | 0 | (895) |
Other comprehensive earnings (loss) | 0 | 0 | 0 | 216 | 0 | 216 |
Amortization of deferred compensation related to stock-based awards | $ 0 | 671 | 0 | 0 | 0 | 671 |
Issuance of unvested shares of restricted stock (in shares) | 229,110 | |||||
Issuance of unvested shares of restricted stock | $ 2 | (2) | 0 | 0 | 0 | 0 |
Forfeiture of unvested shares of restricted stock (in shares) | (67,125) | |||||
Forfeiture of unvested shares of restricted stock | $ 0 | 0 | 0 | 0 | 0 | |
Forfeiture of unvested shares of restricted stock | 0 | |||||
Repurchase and retirement of common stock (in shares) | (13,767) | |||||
Repurchase and retirement of common stock | $ 0 | (74) | 0 | 0 | 0 | $ (74) |
Stock options exercised (in shares) | 0 | |||||
Balance (in shares) at Dec. 31, 2020 | 10,562,200 | |||||
Balance at Dec. 31, 2020 | $ 106 | 26,851 | 17,110 | 889 | (204) | $ 44,752 |
Net earnings (loss) | 0 | 0 | 7,283 | 0 | 0 | 7,283 |
Other comprehensive earnings (loss) | 0 | 0 | 0 | (295) | 0 | (295) |
Amortization of deferred compensation related to stock-based awards | $ 0 | 1,450 | 0 | 0 | 0 | 1,450 |
Issuance of unvested shares of restricted stock (in shares) | 131,209 | |||||
Issuance of unvested shares of restricted stock | $ 1 | (1) | 0 | 0 | 0 | 0 |
Forfeiture of unvested shares of restricted stock (in shares) | (18,125) | |||||
Forfeiture of unvested shares of restricted stock | $ 0 | 0 | 0 | 0 | $ 0 | |
Forfeiture of unvested shares of restricted stock | 0 | |||||
Stock options exercised (in shares) | 231,185 | 231,185 | ||||
Stock options exercised | $ 2 | 1,581 | 0 | 0 | 0 | $ 1,583 |
Shares issued under Employee Stock Purchase Plan (in shares) | 3,991 | |||||
Shares issued under Employee Stock Purchase Plan | $ 0 | 50 | 0 | 0 | 0 | 50 |
Balance (in shares) at Dec. 31, 2021 | 10,910,460 | |||||
Balance at Dec. 31, 2021 | $ 109 | $ 29,931 | $ 24,393 | $ 594 | $ (204) | $ 54,823 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings (loss) | $ 7,283 | $ (895) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 3,145 | 3,174 |
Impairment of right-of-use assets | 0 | 612 |
Provision for excess and obsolete inventory | 203 | 444 |
Foreign exchange loss | 34 | 26 |
Amortization of deferred compensation related to stock-based awards | 1,450 | 671 |
Proceeds from sale of demonstration equipment, net of gain | 145 | 82 |
Loss on disposal of property and equipment | 50 | 22 |
Deferred income tax benefit | (489) | (341) |
Changes in assets and liabilities: | ||
Trade accounts receivable | (4,775) | 887 |
Inventories | (2,544) | (717) |
Prepaid expenses and other current assets | (416) | 35 |
Restricted certificates of deposit | 40 | 0 |
Other assets | (9) | (4) |
Accounts payable | 1,177 | 430 |
Accrued wages and benefits | 1,220 | (70) |
Accrued professional fees | 267 | (31) |
Customer deposits and deferred revenue | 4,755 | (62) |
Accrued sales commission | 280 | 29 |
Operating lease liabilities | (1,218) | (1,297) |
Domestic and foreign income taxes payable | 301 | (48) |
Other current liabilities | (59) | 301 |
Other liabilities | (6) | 0 |
Net cash provided by operating activities | 10,834 | 3,248 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisitions of businesses, net of cash acquired | (20,378) | 0 |
Purchase of property and equipment | (994) | (658) |
Proceeds from sale of property and equipment | 0 | 10 |
Net cash used in investing activities | (21,372) | (648) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from stock options exercised and shares sold through Employee Stock Purchase Plan | 1,633 | 0 |
Proceeds from Paycheck Protection Program loans | 0 | 2,829 |
Repayments of Paycheck Protection Program loans | 0 | (2,829) |
Proceeds from revolving credit facility | 0 | 2,800 |
Repayments of revolving credit facility | 0 | (2,800) |
Repurchases of common stock | 0 | (74) |
Net cash provided by (used in) financing activities | 21,733 | (74) |
Effects of exchange rates on cash | (277) | 139 |
Net cash provided by all activities | 10,918 | 2,665 |
Cash and cash equivalents at beginning of period | 10,277 | 7,612 |
Cash and cash equivalents at end of period | 21,195 | 10,277 |
Cash payments for: | ||
Domestic and foreign income taxes | 1,322 | 54 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Issuance of unvested shares of restricted stock | 1,541 | 971 |
Forfeiture of unvested shares of restricted stock | (164) | (405) |
Details of acquisitions: | ||
Fair value of assets acquired, net of cash | 17,717 | |
Liabilities assumed | (3,849) | |
Contingent consideration | (1,109) | |
Goodwill resulting from acquisitions | 7,619 | |
Net cash paid for acquisitions | 20,378 | |
Term Note [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Term Note | 20,500 | 0 |
Repayments of Term Note | $ (400) | $ 0 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | ( 1 NATURE OF OPERATIONS We are a global supplier of innovative test and process solutions for use in manufacturing and testing across a wide range of markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We manage our business as two operating segments which are also our reportable segments and reporting units: Thermal Products ("Thermal") and Electromechanical Solutions ("EMS"). As discussed further in Note 3, fourth 2021, Our Thermal segment designs, manufactures and sells our thermal test and thermal process products, ultra-cold storage solutions and digital streaming and image capturing solutions. Our EMS segment designs, manufactures and sells our semiconductor test products and our robotics-based electronic production test equipment. We manufacture our products in the U.S, Canada and the Netherlands. Marketing and support activities are conducted worldwide from our facilities in the U.S., Canada, Germany, Singapore, the Netherlands and the U.K. The consolidated entity is comprised of inTEST Corporation and our wholly-owned subsidiaries. Both of our operating segments have multiple products that we design, manufacture and market to our customers. Due to a number of factors, our products have varying levels of gross margin. The mix of products we sell in any period is ultimately determined by our customers' needs. Therefore, the mix of products sold in any given period can change significantly from the prior period. As a result, our consolidated gross margin can be significantly impacted in any given period by a change in the mix of products sold in that period. Our markets include the semiconductor market (“Semi Market”) which includes both the broader semiconductor market as well as the more specialized ATE and wafer processing sectors within the broader semiconductor market. All other markets are designated as “Multimarket.” The Semi Market, which has historically been the largest single market in which we operate, is characterized by rapid technological change, competitive pricing pressures and cyclical as well as seasonal market patterns. This market is subject to significant economic downturns at various times. Our EMS segment sells its products to semiconductor manufacturers and third third Our financial results are affected by a wide variety of factors, including, but not may may may not may not may not may COVID- 19 We are following the guidance of the Centers for Disease Control and Prevention and the local regulatory authorities in regions outside the U.S. While we are no 19 19 2021, one |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Use of Estimates Reclassification Subsequent Events no December 31, 2021. Business Combinations third Restructuring and Other Charges In accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 420 may may may 842 360 350 Cash and Cash Equivalents three may not Trade Accounts Receivable and Allowance for Doubtful Accounts not no not December 31, 2021 2020. Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, our credit facility, interest rate swaps and our liabilities for contingent consideration. Our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at cost which approximates fair value, due to the short maturities of the accounts. Our credit facility and our interest rate swap are discussed further below and in Note 12. 820 820 3 4 Goodwill, Intangible and Long-Lived Assets 350 fourth may not not not not not The quantitative goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not Indefinite-lived intangible assets are assessed for impairment annually at the beginning of the fourth not not no Long-lived assets, which consist of finite-lived intangible assets, property and equipment and right-of-use (“ROU”) assets, are assessed for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not no Revenue Recognition 606 may Revenue is recorded in an amount that reflects the consideration we expect to receive in exchange for those products or services. We do not 30 90 not Nature of Products and Services We are a global supplier of innovative test and process solutions for use in manufacturing and testing in targeted markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We sell thermal management products including ThermoStreams, ThermoChambers, process chillers, refrigerators and freezers, which we sell under our Temptronic, Sigma, Thermonics and North Sciences (formerly Z-Sciences) product lines, and Ambrell Corporation’s (“Ambrell”) precision induction heating systems, including EKOHEAT and EASYHEAT products. As a result of the acquisition of Videology, we sell industrial-grade circuit board mounted video digital cameras and related devices, systems and software. We sell semiconductor ATE interface solutions which include manipulators, docking hardware and electrical interface products. As a result of the acquisition of Acculogic, we sell robotics-based electronic production test equipment. We provide post-warranty service and support for the equipment we sell. We sell semiconductor ATE interface solutions and certain thermal management products to the Semi Market. We also sell many of our products to various other markets including the automotive, defense/aerospace, industrial, life sciences and security markets. We lease certain of our equipment under short-term leasing agreements with original lease terms of six not Types of Contracts with Customers Our contracts with customers are generally structured as individual purchase orders which specify the exact products or services being sold or equipment being leased along with the selling price, service fee or monthly lease amount for each individual item on the purchase order. Payment terms and any other customer-specific acceptance criteria are also specified on the purchase order. We generally do not Contract Balances We record accounts receivable at the time of invoicing. Accounts receivable, net of the allowance for doubtful accounts, is included in current assets on our balance sheet. To the extent that we do not The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, if any, historical experience, and other currently available evidence. Costs to Obtain a Contract with a Customer The only costs we incur associated with obtaining contracts with customers are sales commissions that we pay to our internal sales personnel or third third not Product Warranties In connection with the sale of our products, we generally provide standard one two not not See Notes 7 19 Inventories Inventories are valued at cost on a first first not three January 1, 2021, not twenty-four January 1, 2021, not twelve December 31, 2021 2020, Property and Equipment one ten December 31, 2021 2020, Leases We account for leases in accordance with ASC Topic 842 may not not 842. not ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. None may not We have lease agreements which contain both lease and non-lease components, which are generally accounted for separately. In addition to the monthly rental payments due, most of our leases for our offices and warehouse facilities include non-lease components representing our portion of the common area maintenance, property taxes and insurance charges incurred by the landlord for the facilities which we occupy. These amounts are not Operating lease payments are included in cash outflows from operating activities on our consolidated statements of cash flows. Amortization of right-of-use assets is presented separately from the change in operating lease liabilities and is included in Depreciation and Amortization on our consolidated statements of cash flows. We have made an accounting policy election not 842 one See Note 10 Interest Rate Swap Agreement We are exposed to interest rate risk on our floating-rate debt. We have entered into an interest rate swap agreement to effectively convert our floating-rate debt to a fixed-rate basis for a portion of our floating rate debt, as discussed further in Note 12. December 31, 2021 815 Contingent Liability for Repayment of State and Local Grant Funds Received In connection with leasing a new facility in Rochester, New York, which our subsidiary, Ambrell, occupied in May 2018, 2023. may December 31, 2021, not no December 31, 2021. December 31, 2021, Stock-Based Compensation 718 15. Engineering and Product Development Engineering and product development costs, which consist primarily of the salary and related benefits costs of our technical staff, as well as the cost of materials used in product development, are expensed as incurred. Foreign Currency not December 31, 2021 2020, Income Taxes not not 13 Net Earnings (Loss) Per Common Share Years Ended December 31, 2021 2020 Weighted average common shares outstanding–basic 10,462,246 10,256,560 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 267,616 - Weighted average common shares and common share equivalents outstanding–diluted 10,729,862 10,256,560 Average number of potentially dilutive securities excluded from calculation 231,938 717,015 Effect of Recently Issued Amendments to Authoritative Accounting Guidance In June 2016, November 2019, December 15, 2022. first January 1, 2023. |
Note 3 - Acquisitions
Note 3 - Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 3 ACQUISITIONS Z-Sciences On October 6, 2021, 2004. 2022. one December 31, 2021 October 2022. December 31, 2021 2022 2026. The acquisition of Z-Sciences has been accounted for as a business combination using purchase accounting, and, accordingly, the results of Z-Sciences have been included in our consolidated results of operations from the date of acquisition. The allocation of the Z-Sciences’ purchase price was based on estimated fair values as of October 6, 2021. The excess of the purchase price over the identifiable intangible and net tangible assets was allocated to goodwill and is deductible for tax purposes. Goodwill is attributed to synergies that are expected to result from the operations of the combined businesses. The total purchase price of $479, which includes $179 for the estimated fair value of contingent consideration, has been allocated as follows: Goodwill $ 111 Identifiable intangible asset – Customer Relationships 389 Tangible assets acquired and liabilities assumed: Trade accounts receivable 24 Inventories 4 Accounts payable (21 ) Accrued expenses (28 ) Total purchase price $ 479 We estimated the fair value of Z-Sciences identifiable intangible asset, which represents customer relationships, using an income approach. The weighted average estimated useful life of this asset is fourteen For the period from October 6, 2021 December 31, 2021, not Unaudited pro forma information which would give effect to the acquisition of Z-Sciences as if the acquisition occurred on January 1, 2020 not Videology On October 28, 2021, The acquisition of Videology has been accounted for as a business combination using purchase accounting, and, accordingly, the results of Videology have been included in our consolidated results of operations from the date of acquisition. The allocation of the Videology purchase price was based on estimated fair values as of October 27, 2021. The excess of the purchase price over the identifiable intangible and net tangible assets was allocated to goodwill and is deductible for tax purposes. Goodwill is attributed to synergies that are expected to result from the operations of the combined businesses. The total purchase price of $12,094 has been allocated as follows: Goodwill $ 4,596 Identifiable intangible assets 5,246 Tangible assets acquired and liabilities assumed: Cash 71 Trade accounts receivable 771 Inventories 1,726 Other current assets 57 Property and equipment 70 Accounts payable (281 ) Accrued expenses (162 ) Total purchase price $ 12,094 We estimated the fair value of identifiable intangible assets acquired using the income approach. Identifiable intangible assets acquired include customer relationships, customer backlog, technology and a tradename. We are amortizing the finite-lived intangible assets acquired over their estimated useful lives based on the pattern in which the economic benefits of the intangible asset are expected to be consumed. The following table summarizes the estimated fair value of Videology’s identifiable intangible assets and their estimated useful lives as of the acquisition date: Fair Value Weighted Average Estimated Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 2,960 14.0 Technology 1,050 9.0 Customer backlog 386 0.8 Total finite-lived intangible assets 4,396 11.6 Indefinite-lived intangible assets: Tradename 850 Total intangible assets $ 5,246 For the period from October 27, 2021 December 31, 2021, The following unaudited pro forma information gives effect to the acquisition of Videology as if the acquisition occurred on January 1, 2020. not may not Years Ended December 31, 2021 2020 Revenue $ 92,591 $ 63,422 Net earnings $ 9,024 $ 1,167 Diluted earnings per share $ 0.84 $ 0.11 The pro forma results shown above do not Acculogic On December 21, 2021, may five 2022 2026. five $5,000, December 31, 2021. The acquisition of Acculogic has been accounted for as a business combination using purchase accounting, and, accordingly, the results of Acculogic have been included in our consolidated results of operations from the date of acquisition. The allocation of the purchase price for Acculogic is not December 21, 2021. third not may may not second 2022. The excess of the purchase price over the identifiable intangible and net tangible assets was allocated to goodwill and is not The total purchase price of $9,297, which includes $930 for the estimated fair value of contingent consideration, has been allocated as follows: Goodwill $ 2,912 Identifiable intangible assets 5,074 Tangible assets acquired and liabilities assumed: Cash 312 Trade accounts receivable 2,630 Inventories 1,329 Other current assets 240 Property and equipment 156 Accounts payable (406 ) Accrued expenses (2,950 ) Total purchase price $ 9,297 We estimated the fair value of identifiable intangible assets acquired using the income approach. Identifiable intangible assets acquired include customer relationships, customer backlog, technology and a tradename. We are amortizing the finite-lived intangible assets acquired over their estimated useful lives based on the pattern in which the economic benefits of the intangible asset are expected to be consumed. The following table summarizes the estimated fair value of Acculogic’s identifiable intangible assets and their estimated useful lives as of the acquisition date: Fair Value Weighted Average Estimated Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 2,761 14.0 Technology 1,300 9.0 Customer backlog 135 0.5 Total finite-lived intangible assets 4,196 12.0 Indefinite-lived intangible assets: Tradename 878 Total intangible assets $ 5,074 For the period from December 21, 2021 December 31, 2021, The following unaudited pro forma information gives effect to the acquisition of Acculogic as if the acquisition occurred on January 1, 2020. not may not Years Ended December 31, 2021 2020 Revenue $ 95,490 $ 66,484 Net earnings $ 7,180 $ 842 Diluted earnings per share $ 0.67 $ 0.08 The pro forma results shown above do not |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 4 FAIR VALUE MEASUREMENTS ASC Topic 820 ASC 820 820 three Level 1 Level 2 not Level 3 To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Recurring Fair Value Measurements The interest rate swap agreement we entered into in connection with our Term Note, as discussed further in Notes 2 12 2 3 October 6, 2021 December 21, 2021. 3. December 31, 2021, 3. December 31, 2021, not 3, The following fair value hierarchy table presents information about liabilities measured at fair value on a recurring basis: Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of December 31, 2021 Contingent consideration liability – Z-Sciences $ 179 $ - $ - $ 179 Contingent consideration liability – Acculogic $ 930 $ - $ - $ 930 Interest rate swap $ 21 $ - $ 21 $ - Changes in the fair value of our Level 3 December 31, 2021 Year Ended December 31, 2021 Balance at beginning of period $ - Contingent consideration liability established in connection with the acquisition of Z-Sciences 179 Contingent consideration liability established in connection with the acquisition of Acculogic 930 Balance at end of period $ 1,109 |
Note 5 - Restructuring and Othe
Note 5 - Restructuring and Other Charges | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | ( 5 RESTRUCTURING AND OTHER CHARGES EMS Segment Restructuring and Facility Consolidation On September 21, 2020, one 2020 2021, first 2021 third 2021. At the time of the consolidation of manufacturing operations, we intended to try to sublease the facility in Fremont, but we did not July 19, 2021, August 2021 November 30, 2025, 14 December 2020. December 2020. Executive Management Changes Chief Financial Officer On June 10, 2021, June 11, 2021 three three not three March 2020 one On June 10, 2021, June 14, 2021, June 10, 2021, June 10, 2021 June 14, 2021. Total costs incurred during 2021 March 2020 Chief Executive Officer On August 6, 2020, August 6, 2020 three three not three On August 6, 2020, August 24, 2020, August 6, 2020 August 24, 2020. Total costs incurred during the year ended December 31, 2020 one one December 31. 2020. December 31, 2020. In addition, in connection with these actions, we reduced the administrative footprint in our Mansfield, Massachusetts corporate office associated with the reestablishment of the Mt. Laurel, New Jersey office as our corporate headquarters. We recorded a non-cash impairment charge of $90 during the fourth 2020 December 31. 2020. Other Charges In addition to the charges discussed above, during 2020, one December 31. 2020. Accrued Restructuring The liability for accrued restructuring charges is included in other current liabilities on our consolidated balance sheet. Changes in the amount of the liability for accrued restructuring for the years ended December 31, 2021 2020 EMS Facility Consolidation Executive Management Changes Other Charges Total Balance - January 1, 2020 $ - $ - $ - $ - Accruals for severance and other one-time termination benefits 69 133 46 248 Accruals for other associated costs 159 - 14 173 Accruals for costs related to subletting the Fremont, CA facility 153 - - 153 Accruals for costs related to subletting the Mansfield, MA facility - 99 - 99 Cash payments (148 ) (125 ) (60 ) (333 ) Balance - December 31, 2020 233 107 - 340 Accruals for severance and other one-time termination benefits - 120 - 120 Accruals for other associated costs 183 - - 183 Cash payments (416 ) (157 ) - (573 ) Balance - December 31, 2021 $ - $ 70 $ - $ 70 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | ( 6 GOODWILL AND INTANGIBLE ASSETS We have two operating segments which are also our reporting units: Thermal and EMS. Goodwill and intangible assets on our balance sheets are the result of our acquisitions. Goodwill December 31, 2020. December 31, 2021 Balance - January 1, 2021 $ 13,738 Acquisition of Z-Sciences 111 Acquisition of Videology 4,596 Acquisition of Acculogic 2,912 Impact of foreign currency translation adjustments 91 Balance - December 31, 2021 $ 21,448 Goodwill was comprised of the following at December 31, 2021 2020: December 31, 2021 2020 Thermal Segment: Sigma $ 1,656 $ 1,656 Thermonics 50 50 Ambrell 12,032 12,032 Z-Sciences 111 - Videology 4,544 - Total Thermal Segment 18,393 13,738 EMS Segment: Acculogic 3,055 - Total Goodwill $ 21,448 $ 13,738 Intangible Assets December 31, 2020. December 31, 2021 Balance - January 1, 2021 6,710 Acquisition of Videology 850 Acquisition of Acculogic 878 Impact of foreign currency translation adjustments (10 ) Balance - December 31, 2021 $ 8,428 Changes in the amount of the carrying value of finite-lived intangible assets for the years ended December 31, 2021 2020 Balance - January 1, 2020 $ 6,944 Amortization (1,233 ) Balance - December 31, 2020 5,711 Acquisition of Z-Sciences 389 Acquisition of Videology 4,396 Acquisition of Acculogic 4,196 Impact of foreign currency translation adjustments (46 ) Amortization (1,440 ) Balance - December 31, 2021 $ 13,206 The following tables provide further detail about our intangible assets as of December 31, 2021 2020: December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 16,544 $ 6,160 $ 10,384 Technology 2,950 569 2,381 Patents 590 585 5 Backlog 521 85 436 Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 21,015 7,809 13,206 Indefinite-lived intangible assets: Trademarks 8,428 - 8,428 Total intangible assets $ 29,443 $ 7,809 $ 21,634 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 10,480 $ 4,912 $ 5,568 Technology 600 477 123 Patents 590 570 20 Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 12,080 6,369 5,711 Indefinite-lived intangible assets: Trademarks 6,710 - 6,710 Total intangible assets $ 18,790 $ 6,369 $ 12,421 We generally amortize our finite-lived intangible assets over their estimated useful lives based on the pattern in which the economic benefits of the intangible assets are expected to be consumed, or on a straight-line basis, if an alternate amortization method cannot be reliably determined. Any such alternate amortization method would. None The following table sets forth the estimated annual amortization expense for each of the next five 2022 $ 2,720 2023 $ 2,132 2024 $ 2,007 2025 $ 1,793 2026 $ 1,182 Impairment of Goodwill and Indefinite Life Intangible Assets October 2021 December 2020, 350 2021 2020 During the goodwill impairment assessment in both 2021 2020, 2021 2020. 2021 2020, 2021 2020. Impairment of Long-Lived Assets and Finite-lived Intangible Assets 2021 2020, not 5 10. no 3 |
Note 7 - Revenue From Contracts
Note 7 - Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 7 REVENUE FROM CONTRACTS WITH CUSTOMERS The following tables provide additional information about our revenue from contracts with customers, including revenue by customer and product type and revenue by market. See also Note 19 Years Ended December 31, 2021 2020 Revenue by customer type: End user $ 72,738 $ 48,041 OEM/Integrator 12,140 5,782 $ 84,878 $ 53,823 Revenue by product type: Thermal test $ 19,156 $ 15,768 Thermal process 26,260 18,966 Semiconductor test 31,825 13,112 Service/other 7,637 5,977 $ 84,878 $ 53,823 Revenue by market: Semi Market $ 54,937 $ 26,870 Industrial 17,257 15,370 Defense/aerospace 4,125 6,314 Automotive 4,325 1,930 Other Multimarket 4,234 3,339 $ 84,878 $ 53,823 There were no December 31, 2021 2020. |
Note 8 - Major Customers
Note 8 - Major Customers | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 8 MAJOR CUSTOMERS During the year ended December 31, 2021, December 31, 2021, 10% December 31, 2020, 10% |
Note 9 - Inventories
Note 9 - Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 9 INVENTORIES Inventories held at December 31 2021 2020 Raw materials $ 10,403 $ 5,371 Work in process 1,250 1,085 Inventory consigned to others 44 45 Finished goods 1,166 975 Total inventories $ 12,863 $ 7,476 |
Note 10 - Leases
Note 10 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 10 LEASES As previously discussed in Note 2, 842. 2031. December 31, 2021 2020, Years Ended December 31, 2021 2020 Operating lease cost $ 1,191 $ 1,583 Short-term lease cost $ 82 $ 47 The following is additional information about our leases as of December 31, 2021: Range of remaining lease terms (in years) 0.3 to 9.3 Weighted average remaining lease term (in years) 5.7 Weighted average discount rate 4.2% Maturities of lease liabilities as of December 31, 2021 2022 $ 1,620 2023 1,613 2024 1,568 2025 735 2026 467 Thereafter 1,378 Total lease payments $ 7,381 Less imputed interest (762 ) Total $ 6,619 Cash Flow Information Total amortization of ROU assets for the years ended December 31, 2021 2020 $1,294, ROU Asset Impairment Charges During the fourth 2020, 5. not 2021. 5, July 19, 2021, one 2020. August 2021 November 30, 2025, 14 December 2020. December 2020. Lease Modifications and Additions Supplemental cash flow information related to leases for the years ended December 31, 2021 2020 Year ended December 31, 2021 Non-cash increases in operating lease liabilities and ROU assets as a result of acquisitions and the execution of new leases: Operating Lease Liabilities ROU Assets Addition to facility leases – Fremont, CA $ 202 $ 202 Addition to facility leases – Videology $ 252 $ 252 Addition to automobile leases – Videology $ 54 $ 54 Addition to facility leases – Acquisition of Acculogic $ 78 $ 76 In August 2021, On October 27, 2021, 3. November 2021, December 2021, On December 21, 2021, 3. Year ended December 31, 2020 Non-cash increases in operating lease liabilities and ROU assets as a result of lease modifications and the execution of new leases: Operating Lease Liabilities ROU Assets Modification to lease for facility in Fremont, California $ 1,176 $ 1,176 Modification to lease for facility in Mt. Laurel, New Jersey $ 2,051 $ 2,051 Modification to lease for Ambrell’s Netherlands facility $ 133 $ 133 Additions to automobile leases $ 91 $ 91 On January 23, 2020, November 1, 2020 November 30, 2025. On September 22, 2020, May 1, 2021. August 1, 2021, On October 1, 2020, three During the fourth 2020, 2020 |
Note 11 - Other Current Liabili
Note 11 - Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | ( 11 OTHER CURRENT LIABILITIES Other current liabilities at December 31 2021 2020 Accrued warranty $ 531 $ 235 Contingent consideration – Z-Sciences acquisition 179 - Accrued taxes 113 67 Accrued restructuring 70 340 Other 374 162 Total other current liabilities $ 1,267 $ 804 |
Note 12 - Debt
Note 12 - Debt | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 12 DEBT Letters of Credit 30 not one December 31, 2021 2020 L/C Lease Letters of Credit Amount Outstanding Facility Original L/C Issue Date Expiration Date Expiration Date Dec. 31 2021 Dec. 31 2020 Mt. Laurel, NJ 3/29/2010 4/30/2022 4/30/2031 $ 50 $ 90 Mansfield, MA 10/27/2010 12/31/2024 12/31/2024 50 50 $ 100 $ 140 Credit Facility On October 15, 2021 ( “October 2021 October 2021 April 10, 2020, December 16, 2020, April 10, 2021. October 2021 October 2021 five October 15, 2026 ( two The principal balance of the revolving credit facility and the principal balance of any amount drawn under the Term Note will accrue interest based on the secured overnight financing rate for U.S. government securities (“SOFR”) or a bank-defined base rate plus an applicable margin, depending on leverage. Each draw under the Term Note will have an option for us of either (i) up to a five five seven five October 2021 The October 2021 not October 2021 October 2021 October 2021 On October 28, 2021, five October 28, 2021, October 2021 On December 29, 2021, not December 31, 2021 December 29, 2021, October 2021 The following table sets forth the maturities of long-term debt for each of the next five 2022 $ 4,100 2023 4,100 2024 4,100 2025 4,100 2026 3,700 $ 20,100 Paycheck Protection Program Loans As discussed more fully in Note 13 10 three March 31, 2020 May 13, 2020 April 2020 May 5, 2020 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 13 INCOME TAXES We are subject to Federal and certain state income taxes. In addition, we are taxed in certain foreign countries. Years Ended December 31, 2021 2020 Domestic $ 7,372 $ (2,017 ) Foreign 1,030 786 Total $ 8,402 $ (1,231 ) Income tax expense (benefit) was as follows: Years Ended December 31, 2021 2020 Current Domestic – Federal $ 1,208 $ (182 ) Domestic – state 140 53 Foreign 259 135 Total $ 1,607 $ 6 Deferred Domestic – Federal $ (387 ) $ (299 ) Domestic – state (31 ) (7 ) Foreign (70 ) (36 ) Total (488 ) (342 ) Income tax expense $ 1,119 $ (336 ) Deferred income taxes reflect the net tax effect of net operating loss and tax credit carryforwards as well as temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following is a summary of the significant components of our deferred tax assets and liabilities as of December 31, 2021 2020: December 31, 2021 2020 Deferred tax assets: Operating lease liabilities $ 1,407 $ 1,601 Inventories 387 321 Accrued vacation pay and stock-based compensation 354 252 Net operating loss (state and foreign) 205 241 Allowance for doubtful accounts 45 44 Accrued warranty 31 13 Acquisition costs 9 10 Tax credit carryforwards 17 5 Other 49 71 Total 2,504 2,558 Valuation allowance (64 ) (169 ) Deferred tax assets 2,440 2,389 Deferred tax liabilities: Net intangible assets (2,381 ) (2,697 ) Right-of-use assets (1,245 ) (1,400 ) Depreciation of property and equipment (193 ) (214 ) Deferred tax liabilities (3,819 ) (4,311 ) Net deferred tax liabilities $ (1,379 ) $ (1,922 ) The net change in the valuation allowance for the years ended December 31, 2021 2020 not not 2040. An analysis of the effective tax rate for the years ended December 31, 2021 2020 21% Years Ended December 31, 2021 2020 Expected income tax expense (benefit) at U.S. statutory rate $ 1,764 $ (259 ) Increase (decrease) in tax from: Acquisition costs 163 - Dividend from foreign subsidiaries 146 83 NOL carryforwards utilized 56 64 Restricted stock compensation (126 ) 62 Global intangible low taxed income 28 35 Nondeductible expenses 8 8 Current year tax credits (foreign and research) (386 ) (82 ) Domestic tax benefit, net of Federal benefit 153 (68 ) Changes in valuation allowance (105 ) (65 ) Foreign income tax rate differences 9 (34 ) Section 250 foreign derived intangible income deduction (599 ) (9 ) Other 8 (71 ) Income tax expense (benefit) $ 1,119 $ (336 ) In accounting for income taxes, we follow the guidance in ASC Topic 740 not December 31, 2021 2020, not We file U.S. income tax returns and multiple state and foreign income tax returns. With few exceptions, the U.S. and state income tax returns filed for the tax years ended December 31, 2017 |
Note 14 - Legal Proceedings
Note 14 - Legal Proceedings | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | ( 14 LEGAL PROCEEDINGS From time to time we may not |
Note 15 - Stock-based Compensat
Note 15 - Stock-based Compensation Plan | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 15 STOCK-BASED COMPENSATION PLAN As of December 31, 2021, 2014 "2014 2014 June 25, 2014 June 27, 2018, 2014 may 2014 June 19, 2019, 2014 may 2014 December 31, 2021, 2014 December 31, 2021, The following table summarizes the compensation expense we recorded during 2021 2020 Years Ended December 31, 2021 2020 Cost of revenues $ 26 $ - Selling expense 22 12 Engineering and product development expense 62 42 General and administrative expense 1,340 617 $ 1,450 $ 671 There was no compensation expense capitalized in 2021 2020. Stock Options No may ten four 2021 2020 2021 2020 Risk-free interest rate 1.03 % 0.46 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .50 .44 Weighted average expected life of stock options (years) 6.25 6.25 The per share weighted average fair value of stock options issued during 2021 2020 The following table summarizes the activity related to stock options for the two December 31, 2021: Number of Shares Weighted Average Exercise Price Options outstanding, January 1, 2020 506,810 6.89 Granted 113,980 3.49 Exercised - - Canceled (182,590 ) 6.31 Options outstanding, December 31, 2020 (204,630 exercisable) 438,200 6.25 Granted 282,404 11.77 Exercised (231,185 ) 6.85 Canceled (80,550 ) 9.55 Options outstanding, December 31, 2021 (59,195 exercisable) 408,869 9.07 Restricted Stock Awards four one March 31, June 30, September 30, December 31 Since August 2020, On August 24, 2020, two third August 24, 2020. December 31, 2021, On March 10, 2021, third March 10, 2021. December 31, 2021, On June 14, 2021, two August 24, 2023 June 14, 2021. December 31, 2021, On October 1, 2021, January 1, 2025 October 1, 2021. December 31, 2021, The following table summarizes the activity related to unvested restricted stock awards for the two December 31, 2021: Number of Shares Weighted Average Grant Date Fair Value Unvested shares outstanding, January 1, 2020 165,031 6.55 Granted 229,110 4.24 Vested (89,861 ) 5.32 Forfeited (67,125 ) 6.03 Unvested shares outstanding, December 31, 2020 237,155 4.93 Granted 131,209 11.74 Vested (87,706 ) 7.59 Forfeited (18,125 ) 9.02 Unvested shares outstanding, December 31, 2021 262,533 7.16 The total fair value of the restricted stock awards that vested during the years ended December 31, 2021 2020 |
Note 16 - Stock Repurchase Plan
Note 16 - Stock Repurchase Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stock Repurchase Plan [Text Block] | ( 16 STOCK REPURCHASE PLANS On July 31, 2019, 10b 18 1934, “2019 10b5 1 2019 not 2019 September 18, 2019 March 2, 2020, 2019 2019 |
Note 17 - Employee Stock Purcha
Note 17 - Employee Stock Purchase Plan | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Employee Stock Purchase Plan [Text Block] | ( 17 EMPLOYEE STOCK PURCHASE PLAN The inTEST Corporation Employee Stock Purchase Plan (the “ESPP”) was adopted by the Board in April 2021 June 23, 2021 October 1, 2021. The ESPP provides that an aggregate of up to 250,000 shares of our common stock will be available for issuance under the ESPP. The shares of our common stock purchasable under the ESPP will be shares of authorized but unissued or reacquired shares, including shares repurchased by us on the open market. On December 31, 2021, |
Note 18 - Employee Benefit Plan
Note 18 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 18 EMPLOYEE BENEFIT PLANS We have defined contribution 401 18 four December 31, 2021 2020 All permanent employees of Ambrell are immediately eligible to participate in the Ambrell Corporation Savings & Profit Sharing Plan (the "Ambrell Plan") upon employment and are eligible for employer matching contributions after completing six December 31, 2021 2020 Videology has a Savings Incentive Match plan (the “Videology Plan”) for its employees who work in the U.S., which qualifies as a SIMPLE-IRA plan under Section 401 may 50 may December 31, 2021. January 1, 2022, |
Note 19 - Segment Information
Note 19 - Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 19 SEGMENT INFORMATION We have two reportable segments, Thermal and EMS, which are also our reporting units. Thermal includes the operations of Temptronic, Thermonics, Sigma, inTEST Thermal Solutions GmbH (Germany), inTEST Pte, Limited (Singapore), Ambrell, Z-Sciences and Videology, both of which we acquired in October 2021 3. EMS includes the operations of our manufacturing facility in Mt. Laurel, New Jersey and Acculogic, which we acquired in December 2021 3. We operate our business worldwide and sell our products both domestically and internationally. Both of our segments sell to semiconductor manufacturers, third Years Ended December 31, 2021 2020 Revenue from unaffiliated customers: Thermal $ 52,369 $ 40,209 EMS 32,509 13,614 $ 84,878 $ 53,823 Depreciation/amortization: Thermal $ 1,931 $ 1,727 EMS 135 109 Corporate 40 27 $ 2,106 $ 1,863 Operating income (loss): Thermal $ 2,759 $ 325 EMS 9,431 (1,113 ) Corporate (3,731 ) (429 ) $ 8,459 $ (1,217 ) Earnings (loss) before income tax expense (benefit): Thermal $ 2,698 $ 306 EMS 9,432 (1,077 ) Corporate (3,728 ) (460 ) $ 8,402 $ (1,231 ) Income tax expense (benefit): Thermal $ 359 $ 84 EMS 1,257 (294 ) Corporate (497 ) (126 ) $ 1,119 $ (336 ) Net earnings (loss): Thermal $ 2,339 $ 222 EMS 8,175 (783 ) Corporate (3,231 ) (334 ) $ 7,283 $ (895 ) Capital expenditures: Thermal $ 518 $ 371 EMS 423 284 Corporate 53 3 $ 994 $ 658 December 31, 2021 2020 Identifiable assets: Thermal $ 67,531 $ 50,782 EMS 26,251 9,667 Corporate 10,123 1,581 $ 103,905 $ 62,030 The following table provides information about our geographic areas of operation. Revenue from unaffiliated customers are based on the location to which the goods are shipped. Years Ended December 31, 2021 2020 Revenue from unaffiliated customers: U.S. $ 26,802 $ 22,211 Foreign 58,076 31,612 $ 84,878 $ 53,823 December 31, 2021 2020 Property and equipment: U.S. $ 2,346 $ 2,053 Foreign 342 297 $ 2,688 $ 2,350 |
Note 20 - Quarterly Consolidate
Note 20 - Quarterly Consolidated Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | ( 20 QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited) The following tables present certain unaudited consolidated quarterly financial information for each of the eight December 31, 2021. not Year-over-year quarterly comparisons of our results of operations may not may Quarters Ended 3/31/21 (1) 6/30/21 (2) 9/30/21 (3) 12/31/21 (4) Total Revenue $ 19,556 $ 21,820 $ 21,144 $ 22,358 $ 84,878 Gross margin 9,521 10,962 10,395 10,346 41,224 Earnings before income tax expense (benefit) 2,578 3,056 2,532 236 8,402 Income tax expense (benefit) 366 447 357 (51 ) 1,119 Net earnings (loss) 2,212 2,609 2,175 287 7,283 Net earnings per common share – basic $ 0.21 $ 0.25 $ 0.21 $ 0.03 $ 0.70 Weighted average common shares outstanding – basic 10,329,449 10,442,916 10,496,188 10,580,431 10,462,246 Net earnings per common share – diluted $ 0.21 $ 0.24 $ 0.20 $ 0.03 $ 0.68 Weighted average common shares outstanding – diluted 10,525,826 10,764,936 10,792,290 10,836,396 10,729,862 Quarters Ended 3/31/20 (5) 6/30/20 (6) 9/30/20 (7) 12/31/20 (8) Total Revenue $ 11,230 $ 13,275 $ 14,443 $ 14,875 $ 53,823 Gross margin 4,867 6,067 6,450 6,720 24,104 Earnings (loss) before income tax expense (benefit) (1,393 ) 183 433 (454 ) (1,231 ) Income tax expense (benefit) (250 ) 13 (25 ) (74 ) (336 ) Net earnings (loss) (1,143 ) 170 458 (380 ) (895 ) Net earnings (loss) per common share – basic $ (0.11 ) $ 0.02 $ 0.04 $ (0.04 ) $ (0.09 ) Weighted average common shares outstanding – basic 10,220,853 10,252,490 10,269,995 10,282,903 10,256,560 Net earnings (loss) per common share – diluted $ (0.11 ) $ 0.02 $ 0.04 $ (0.04 ) $ (0.09 ) Weighted average common shares outstanding – diluted 10,220,853 10,258,917 10,287,562 10,282,903 10,256,560 ( 1 The quarter ended March 31, 2021 5. ( 2 The quarter ended June 30, 2021 5. ( 3 The quarter ended September 30, 2021 5. ( 4 The quarter ended December 31, 2021 5. ( 5 The quarter ended March 31, 2020 5. ( 6 The quarter ended June 30, 2020 5. ( 7 The quarter ended September 30, 2020 5. ( 8 The quarter ended December 31, 2020 5. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | inTEST CORPORATION SCHEDULE II -- VALUATION AND QUALIFYING ACCOUNTS Balance at Beginning of Period Expense (Recovery) Deductions Reserve Amounts Acquired through Business Combinations Foreign Currency Translation Adjustments Balance at End of Period Year Ended December 31, 2021 Allowance for doubtful accounts $ 212 $ - $ - $ - $ 1 $ 213 Warranty reserve 235 249 (156 ) 203 - 531 Year Ended December 31, 2020 Allowance for doubtful accounts $ 211 $ - $ - $ - 1 $ 212 Warranty reserve 334 32 (131 ) - - 235 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis Of Presentation And Use Of Estimates [Policy Text Block] | Basis of Presentation and Use of Estimates |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events no December 31, 2021. |
Business Combinations Policy [Policy Text Block] | Business Combinations third |
Restructuring And Other Charges [Policy Text Block] | Restructuring and Other Charges In accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 420 may may may 842 360 350 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three may not |
Receivable [Policy Text Block] | Trade Accounts Receivable and Allowance for Doubtful Accounts not no not December 31, 2021 2020. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, our credit facility, interest rate swaps and our liabilities for contingent consideration. Our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at cost which approximates fair value, due to the short maturities of the accounts. Our credit facility and our interest rate swap are discussed further below and in Note 12. 820 820 3 4 |
Goodwill Intangible And Long Lived Assets [Policy Text Block] | Goodwill, Intangible and Long-Lived Assets 350 fourth may not not not not not The quantitative goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not Indefinite-lived intangible assets are assessed for impairment annually at the beginning of the fourth not not no Long-lived assets, which consist of finite-lived intangible assets, property and equipment and right-of-use (“ROU”) assets, are assessed for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not no |
Revenue [Policy Text Block] | Revenue Recognition 606 may Revenue is recorded in an amount that reflects the consideration we expect to receive in exchange for those products or services. We do not 30 90 not Nature of Products and Services We are a global supplier of innovative test and process solutions for use in manufacturing and testing in targeted markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We sell thermal management products including ThermoStreams, ThermoChambers, process chillers, refrigerators and freezers, which we sell under our Temptronic, Sigma, Thermonics and North Sciences (formerly Z-Sciences) product lines, and Ambrell Corporation’s (“Ambrell”) precision induction heating systems, including EKOHEAT and EASYHEAT products. As a result of the acquisition of Videology, we sell industrial-grade circuit board mounted video digital cameras and related devices, systems and software. We sell semiconductor ATE interface solutions which include manipulators, docking hardware and electrical interface products. As a result of the acquisition of Acculogic, we sell robotics-based electronic production test equipment. We provide post-warranty service and support for the equipment we sell. We sell semiconductor ATE interface solutions and certain thermal management products to the Semi Market. We also sell many of our products to various other markets including the automotive, defense/aerospace, industrial, life sciences and security markets. We lease certain of our equipment under short-term leasing agreements with original lease terms of six not Types of Contracts with Customers Our contracts with customers are generally structured as individual purchase orders which specify the exact products or services being sold or equipment being leased along with the selling price, service fee or monthly lease amount for each individual item on the purchase order. Payment terms and any other customer-specific acceptance criteria are also specified on the purchase order. We generally do not Contract Balances We record accounts receivable at the time of invoicing. Accounts receivable, net of the allowance for doubtful accounts, is included in current assets on our balance sheet. To the extent that we do not The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, if any, historical experience, and other currently available evidence. Costs to Obtain a Contract with a Customer The only costs we incur associated with obtaining contracts with customers are sales commissions that we pay to our internal sales personnel or third third not Product Warranties In connection with the sale of our products, we generally provide standard one two not not See Notes 7 19 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at cost on a first first not three January 1, 2021, not twenty-four January 1, 2021, not twelve December 31, 2021 2020, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment one ten December 31, 2021 2020, |
Lessee, Leases [Policy Text Block] | Leases We account for leases in accordance with ASC Topic 842 may not not 842. not ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. None may not We have lease agreements which contain both lease and non-lease components, which are generally accounted for separately. In addition to the monthly rental payments due, most of our leases for our offices and warehouse facilities include non-lease components representing our portion of the common area maintenance, property taxes and insurance charges incurred by the landlord for the facilities which we occupy. These amounts are not Operating lease payments are included in cash outflows from operating activities on our consolidated statements of cash flows. Amortization of right-of-use assets is presented separately from the change in operating lease liabilities and is included in Depreciation and Amortization on our consolidated statements of cash flows. We have made an accounting policy election not 842 one See Note 10 |
Derivatives, Policy [Policy Text Block] | Interest Rate Swap Agreement We are exposed to interest rate risk on our floating-rate debt. We have entered into an interest rate swap agreement to effectively convert our floating-rate debt to a fixed-rate basis for a portion of our floating rate debt, as discussed further in Note 12. December 31, 2021 815 |
Contingent Liability, Repayment of State and Local Grant Funds Received, Policy [Policy Text Block] | Contingent Liability for Repayment of State and Local Grant Funds Received In connection with leasing a new facility in Rochester, New York, which our subsidiary, Ambrell, occupied in May 2018, 2023. may December 31, 2021, not no December 31, 2021. December 31, 2021, |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation 718 15. |
Research and Development Expense, Policy [Policy Text Block] | Engineering and Product Development Engineering and product development costs, which consist primarily of the salary and related benefits costs of our technical staff, as well as the cost of materials used in product development, are expensed as incurred. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency not December 31, 2021 2020, |
Income Tax, Policy [Policy Text Block] | Income Taxes not not 13 |
Earnings Per Share, Policy [Policy Text Block] | Net Earnings (Loss) Per Common Share Years Ended December 31, 2021 2020 Weighted average common shares outstanding–basic 10,462,246 10,256,560 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 267,616 - Weighted average common shares and common share equivalents outstanding–diluted 10,729,862 10,256,560 Average number of potentially dilutive securities excluded from calculation 231,938 717,015 |
New Accounting Pronouncements, Policy [Policy Text Block] | Effect of Recently Issued Amendments to Authoritative Accounting Guidance In June 2016, November 2019, December 15, 2022. first January 1, 2023. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Years Ended December 31, 2021 2020 Weighted average common shares outstanding–basic 10,462,246 10,256,560 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 267,616 - Weighted average common shares and common share equivalents outstanding–diluted 10,729,862 10,256,560 Average number of potentially dilutive securities excluded from calculation 231,938 717,015 |
Note 3 - Acquisitions (Tables)
Note 3 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Videology [Member] | |
Notes Tables | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Fair Value Weighted Average Estimated Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 2,960 14.0 Technology 1,050 9.0 Customer backlog 386 0.8 Total finite-lived intangible assets 4,396 11.6 Indefinite-lived intangible assets: Tradename 850 Total intangible assets $ 5,246 Fair Value Weighted Average Estimated Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 2,761 14.0 Technology 1,300 9.0 Customer backlog 135 0.5 Total finite-lived intangible assets 4,196 12.0 Indefinite-lived intangible assets: Tradename 878 Total intangible assets $ 5,074 |
Business Acquisition, Pro Forma Information [Table Text Block] | Years Ended December 31, 2021 2020 Revenue $ 92,591 $ 63,422 Net earnings $ 9,024 $ 1,167 Diluted earnings per share $ 0.84 $ 0.11 Years Ended December 31, 2021 2020 Revenue $ 95,490 $ 66,484 Net earnings $ 7,180 $ 842 Diluted earnings per share $ 0.67 $ 0.08 |
Z-Sciences [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Goodwill $ 111 Identifiable intangible asset – Customer Relationships 389 Tangible assets acquired and liabilities assumed: Trade accounts receivable 24 Inventories 4 Accounts payable (21 ) Accrued expenses (28 ) Total purchase price $ 479 Goodwill $ 4,596 Identifiable intangible assets 5,246 Tangible assets acquired and liabilities assumed: Cash 71 Trade accounts receivable 771 Inventories 1,726 Other current assets 57 Property and equipment 70 Accounts payable (281 ) Accrued expenses (162 ) Total purchase price $ 12,094 Goodwill $ 2,912 Identifiable intangible assets 5,074 Tangible assets acquired and liabilities assumed: Cash 312 Trade accounts receivable 2,630 Inventories 1,329 Other current assets 240 Property and equipment 156 Accounts payable (406 ) Accrued expenses (2,950 ) Total purchase price $ 9,297 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of December 31, 2021 Contingent consideration liability – Z-Sciences $ 179 $ - $ - $ 179 Contingent consideration liability – Acculogic $ 930 $ - $ - $ 930 Interest rate swap $ 21 $ - $ 21 $ - |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Year Ended December 31, 2021 Balance at beginning of period $ - Contingent consideration liability established in connection with the acquisition of Z-Sciences 179 Contingent consideration liability established in connection with the acquisition of Acculogic 930 Balance at end of period $ 1,109 |
Note 5 - Restructuring and Ot_2
Note 5 - Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | EMS Facility Consolidation Executive Management Changes Other Charges Total Balance - January 1, 2020 $ - $ - $ - $ - Accruals for severance and other one-time termination benefits 69 133 46 248 Accruals for other associated costs 159 - 14 173 Accruals for costs related to subletting the Fremont, CA facility 153 - - 153 Accruals for costs related to subletting the Mansfield, MA facility - 99 - 99 Cash payments (148 ) (125 ) (60 ) (333 ) Balance - December 31, 2020 233 107 - 340 Accruals for severance and other one-time termination benefits - 120 - 120 Accruals for other associated costs 183 - - 183 Cash payments (416 ) (157 ) - (573 ) Balance - December 31, 2021 $ - $ 70 $ - $ 70 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Changes in Goodwill [Table Text Block] | Balance - January 1, 2021 $ 13,738 Acquisition of Z-Sciences 111 Acquisition of Videology 4,596 Acquisition of Acculogic 2,912 Impact of foreign currency translation adjustments 91 Balance - December 31, 2021 $ 21,448 |
Schedule of Goodwill [Table Text Block] | December 31, 2021 2020 Thermal Segment: Sigma $ 1,656 $ 1,656 Thermonics 50 50 Ambrell 12,032 12,032 Z-Sciences 111 - Videology 4,544 - Total Thermal Segment 18,393 13,738 EMS Segment: Acculogic 3,055 - Total Goodwill $ 21,448 $ 13,738 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Balance - January 1, 2021 6,710 Acquisition of Videology 850 Acquisition of Acculogic 878 Impact of foreign currency translation adjustments (10 ) Balance - December 31, 2021 $ 8,428 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Balance - January 1, 2020 $ 6,944 Amortization (1,233 ) Balance - December 31, 2020 5,711 Acquisition of Z-Sciences 389 Acquisition of Videology 4,396 Acquisition of Acculogic 4,196 Impact of foreign currency translation adjustments (46 ) Amortization (1,440 ) Balance - December 31, 2021 $ 13,206 |
Schedule Of Intangible Assets [Table Text Block] | December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 16,544 $ 6,160 $ 10,384 Technology 2,950 569 2,381 Patents 590 585 5 Backlog 521 85 436 Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 21,015 7,809 13,206 Indefinite-lived intangible assets: Trademarks 8,428 - 8,428 Total intangible assets $ 29,443 $ 7,809 $ 21,634 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 10,480 $ 4,912 $ 5,568 Technology 600 477 123 Patents 590 570 20 Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 12,080 6,369 5,711 Indefinite-lived intangible assets: Trademarks 6,710 - 6,710 Total intangible assets $ 18,790 $ 6,369 $ 12,421 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2022 $ 2,720 2023 $ 2,132 2024 $ 2,007 2025 $ 1,793 2026 $ 1,182 |
Note 7 - Revenue From Contrac_2
Note 7 - Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Years Ended December 31, 2021 2020 Revenue by customer type: End user $ 72,738 $ 48,041 OEM/Integrator 12,140 5,782 $ 84,878 $ 53,823 Revenue by product type: Thermal test $ 19,156 $ 15,768 Thermal process 26,260 18,966 Semiconductor test 31,825 13,112 Service/other 7,637 5,977 $ 84,878 $ 53,823 Revenue by market: Semi Market $ 54,937 $ 26,870 Industrial 17,257 15,370 Defense/aerospace 4,125 6,314 Automotive 4,325 1,930 Other Multimarket 4,234 3,339 $ 84,878 $ 53,823 |
Note 9 - Inventories (Tables)
Note 9 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2021 2020 Raw materials $ 10,403 $ 5,371 Work in process 1,250 1,085 Inventory consigned to others 44 45 Finished goods 1,166 975 Total inventories $ 12,863 $ 7,476 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Years Ended December 31, 2021 2020 Operating lease cost $ 1,191 $ 1,583 Short-term lease cost $ 82 $ 47 Range of remaining lease terms (in years) 0.3 to 9.3 Weighted average remaining lease term (in years) 5.7 Weighted average discount rate 4.2% |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 $ 1,620 2023 1,613 2024 1,568 2025 735 2026 467 Thereafter 1,378 Total lease payments $ 7,381 Less imputed interest (762 ) Total $ 6,619 |
Supplemental Cash Flow Infomation, Lessee [Table Text Block] | Operating Lease Liabilities ROU Assets Addition to facility leases – Fremont, CA $ 202 $ 202 Addition to facility leases – Videology $ 252 $ 252 Addition to automobile leases – Videology $ 54 $ 54 Addition to facility leases – Acquisition of Acculogic $ 78 $ 76 Operating Lease Liabilities ROU Assets Modification to lease for facility in Fremont, California $ 1,176 $ 1,176 Modification to lease for facility in Mt. Laurel, New Jersey $ 2,051 $ 2,051 Modification to lease for Ambrell’s Netherlands facility $ 133 $ 133 Additions to automobile leases $ 91 $ 91 |
Note 11 - Other Current Liabi_2
Note 11 - Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Other Current Liabilities [Table Text Block] | 2021 2020 Accrued warranty $ 531 $ 235 Contingent consideration – Z-Sciences acquisition 179 - Accrued taxes 113 67 Accrued restructuring 70 340 Other 374 162 Total other current liabilities $ 1,267 $ 804 |
Note 12 - Debt (Tables)
Note 12 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule Of Outstanding Letters Of Credit [Table Text Block] | L/C Lease Letters of Credit Amount Outstanding Facility Original L/C Issue Date Expiration Date Expiration Date Dec. 31 2021 Dec. 31 2020 Mt. Laurel, NJ 3/29/2010 4/30/2022 4/30/2031 $ 50 $ 90 Mansfield, MA 10/27/2010 12/31/2024 12/31/2024 50 50 $ 100 $ 140 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2022 $ 4,100 2023 4,100 2024 4,100 2025 4,100 2026 3,700 $ 20,100 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended December 31, 2021 2020 Domestic $ 7,372 $ (2,017 ) Foreign 1,030 786 Total $ 8,402 $ (1,231 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2021 2020 Current Domestic – Federal $ 1,208 $ (182 ) Domestic – state 140 53 Foreign 259 135 Total $ 1,607 $ 6 Deferred Domestic – Federal $ (387 ) $ (299 ) Domestic – state (31 ) (7 ) Foreign (70 ) (36 ) Total (488 ) (342 ) Income tax expense $ 1,119 $ (336 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2021 2020 Deferred tax assets: Operating lease liabilities $ 1,407 $ 1,601 Inventories 387 321 Accrued vacation pay and stock-based compensation 354 252 Net operating loss (state and foreign) 205 241 Allowance for doubtful accounts 45 44 Accrued warranty 31 13 Acquisition costs 9 10 Tax credit carryforwards 17 5 Other 49 71 Total 2,504 2,558 Valuation allowance (64 ) (169 ) Deferred tax assets 2,440 2,389 Deferred tax liabilities: Net intangible assets (2,381 ) (2,697 ) Right-of-use assets (1,245 ) (1,400 ) Depreciation of property and equipment (193 ) (214 ) Deferred tax liabilities (3,819 ) (4,311 ) Net deferred tax liabilities $ (1,379 ) $ (1,922 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2021 2020 Expected income tax expense (benefit) at U.S. statutory rate $ 1,764 $ (259 ) Increase (decrease) in tax from: Acquisition costs 163 - Dividend from foreign subsidiaries 146 83 NOL carryforwards utilized 56 64 Restricted stock compensation (126 ) 62 Global intangible low taxed income 28 35 Nondeductible expenses 8 8 Current year tax credits (foreign and research) (386 ) (82 ) Domestic tax benefit, net of Federal benefit 153 (68 ) Changes in valuation allowance (105 ) (65 ) Foreign income tax rate differences 9 (34 ) Section 250 foreign derived intangible income deduction (599 ) (9 ) Other 8 (71 ) Income tax expense (benefit) $ 1,119 $ (336 ) |
Note 15 - Stock-based Compens_2
Note 15 - Stock-based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Years Ended December 31, 2021 2020 Cost of revenues $ 26 $ - Selling expense 22 12 Engineering and product development expense 62 42 General and administrative expense 1,340 617 $ 1,450 $ 671 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2021 2020 Risk-free interest rate 1.03 % 0.46 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .50 .44 Weighted average expected life of stock options (years) 6.25 6.25 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Options outstanding, January 1, 2020 506,810 6.89 Granted 113,980 3.49 Exercised - - Canceled (182,590 ) 6.31 Options outstanding, December 31, 2020 (204,630 exercisable) 438,200 6.25 Granted 282,404 11.77 Exercised (231,185 ) 6.85 Canceled (80,550 ) 9.55 Options outstanding, December 31, 2021 (59,195 exercisable) 408,869 9.07 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Unvested shares outstanding, January 1, 2020 165,031 6.55 Granted 229,110 4.24 Vested (89,861 ) 5.32 Forfeited (67,125 ) 6.03 Unvested shares outstanding, December 31, 2020 237,155 4.93 Granted 131,209 11.74 Vested (87,706 ) 7.59 Forfeited (18,125 ) 9.02 Unvested shares outstanding, December 31, 2021 262,533 7.16 |
Note 19 - Segment Information (
Note 19 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended December 31, 2021 2020 Revenue from unaffiliated customers: Thermal $ 52,369 $ 40,209 EMS 32,509 13,614 $ 84,878 $ 53,823 Depreciation/amortization: Thermal $ 1,931 $ 1,727 EMS 135 109 Corporate 40 27 $ 2,106 $ 1,863 Operating income (loss): Thermal $ 2,759 $ 325 EMS 9,431 (1,113 ) Corporate (3,731 ) (429 ) $ 8,459 $ (1,217 ) Earnings (loss) before income tax expense (benefit): Thermal $ 2,698 $ 306 EMS 9,432 (1,077 ) Corporate (3,728 ) (460 ) $ 8,402 $ (1,231 ) Income tax expense (benefit): Thermal $ 359 $ 84 EMS 1,257 (294 ) Corporate (497 ) (126 ) $ 1,119 $ (336 ) Net earnings (loss): Thermal $ 2,339 $ 222 EMS 8,175 (783 ) Corporate (3,231 ) (334 ) $ 7,283 $ (895 ) Capital expenditures: Thermal $ 518 $ 371 EMS 423 284 Corporate 53 3 $ 994 $ 658 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Years Ended December 31, 2021 2020 Revenue from unaffiliated customers: U.S. $ 26,802 $ 22,211 Foreign 58,076 31,612 $ 84,878 $ 53,823 |
Long-lived Assets by Geographic Areas [Table Text Block] | December 31, 2021 2020 Property and equipment: U.S. $ 2,346 $ 2,053 Foreign 342 297 $ 2,688 $ 2,350 |
Asset [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | December 31, 2021 2020 Identifiable assets: Thermal $ 67,531 $ 50,782 EMS 26,251 9,667 Corporate 10,123 1,581 $ 103,905 $ 62,030 |
Note 20 - Quarterly Consolida_2
Note 20 - Quarterly Consolidated Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarters Ended 3/31/21 (1) 6/30/21 (2) 9/30/21 (3) 12/31/21 (4) Total Revenue $ 19,556 $ 21,820 $ 21,144 $ 22,358 $ 84,878 Gross margin 9,521 10,962 10,395 10,346 41,224 Earnings before income tax expense (benefit) 2,578 3,056 2,532 236 8,402 Income tax expense (benefit) 366 447 357 (51 ) 1,119 Net earnings (loss) 2,212 2,609 2,175 287 7,283 Net earnings per common share – basic $ 0.21 $ 0.25 $ 0.21 $ 0.03 $ 0.70 Weighted average common shares outstanding – basic 10,329,449 10,442,916 10,496,188 10,580,431 10,462,246 Net earnings per common share – diluted $ 0.21 $ 0.24 $ 0.20 $ 0.03 $ 0.68 Weighted average common shares outstanding – diluted 10,525,826 10,764,936 10,792,290 10,836,396 10,729,862 Quarters Ended 3/31/20 (5) 6/30/20 (6) 9/30/20 (7) 12/31/20 (8) Total Revenue $ 11,230 $ 13,275 $ 14,443 $ 14,875 $ 53,823 Gross margin 4,867 6,067 6,450 6,720 24,104 Earnings (loss) before income tax expense (benefit) (1,393 ) 183 433 (454 ) (1,231 ) Income tax expense (benefit) (250 ) 13 (25 ) (74 ) (336 ) Net earnings (loss) (1,143 ) 170 458 (380 ) (895 ) Net earnings (loss) per common share – basic $ (0.11 ) $ 0.02 $ 0.04 $ (0.04 ) $ (0.09 ) Weighted average common shares outstanding – basic 10,220,853 10,252,490 10,269,995 10,282,903 10,256,560 Net earnings (loss) per common share – diluted $ (0.11 ) $ 0.02 $ 0.04 $ (0.04 ) $ (0.09 ) Weighted average common shares outstanding – diluted 10,220,853 10,258,917 10,287,562 10,282,903 10,256,560 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Balance at Beginning of Period Expense (Recovery) Deductions Reserve Amounts Acquired through Business Combinations Foreign Currency Translation Adjustments Balance at End of Period Year Ended December 31, 2021 Allowance for doubtful accounts $ 212 $ - $ - $ - $ 1 $ 213 Warranty reserve 235 249 (156 ) 203 - 531 Year Ended December 31, 2020 Allowance for doubtful accounts $ 211 $ - $ - $ - 1 $ 212 Warranty reserve 334 32 (131 ) - - 235 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Number of Operating Segments | 2 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 0 | $ 0 |
Number of Operating Segments | 2 | |
Number of Reportable Segments | 2 | |
Inventory Write-down | $ 203 | 444 |
Depreciation, Total | 666 | 630 |
Deferred Grant Proceeds | 73 | |
Foreign Currency Transaction Gain (Loss), before Tax, Total | (34) | $ (26) |
City of Rochester and State of New York [Member] | ||
Contingent Liability, Repayment of State and Local Grant Funds Received | 463 | |
Covenant, Future Amount Receivable | 370 | |
Interest Rate Swap [Member] | ||
Derivative Liability, Total | $ 21 | |
Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 1 year | |
Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2021 | [1] | Sep. 30, 2021 | [2] | Jun. 30, 2021 | [3] | Mar. 31, 2021 | [4] | Dec. 31, 2020 | [5] | Sep. 30, 2020 | [6] | Jun. 30, 2020 | [7] | Mar. 31, 2020 | [8] | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted average common shares outstanding–basic (in shares) | 10,580,431 | 10,496,188 | 10,442,916 | 10,329,449 | 10,282,903 | 10,269,995 | 10,252,490 | 10,220,853 | 10,462,246 | 10,256,560 | ||||||||
Unvested shares of restricted stock and employee stock options (in shares) | 267,616 | 0 | ||||||||||||||||
Weighted average common shares and common share equivalents outstanding – diluted (in shares) | 10,836,396 | 10,792,290 | 10,764,936 | 10,525,826 | 10,282,903 | 10,287,562 | 10,258,917 | 10,220,853 | 10,729,862 | 10,256,560 | ||||||||
Average number of potentially dilutive securities excluded from calculation (in shares) | 231,938 | 717,015 | ||||||||||||||||
[1] | The quarter ended December 31, 2021 includes a recovery of $17 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[2] | The quarter ended September 30, 2021 includes $51 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[3] | The quarter ended June 30, 2021 includes $197 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[4] | The quarter ended March 31, 2021 includes $55 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[5] | The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[6] | The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[7] | The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[8] | The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 5. |
Note 3 - Acquisitions (Details
Note 3 - Acquisitions (Details Textual) $ in Millions | Dec. 31, 2021USD ($) | Dec. 21, 2021USD ($) | Dec. 21, 2021CAD ($) | Oct. 28, 2021USD ($) | Oct. 21, 2021 | Oct. 06, 2021USD ($)shares | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | [2] | Jun. 30, 2021USD ($) | [3] | Mar. 31, 2021USD ($) | [4] | Dec. 31, 2020USD ($) | [5] | Sep. 30, 2020USD ($) | [6] | Jun. 30, 2020USD ($) | [7] | Mar. 31, 2020USD ($) | [8] | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 21, 2021CAD ($) | |
Revenue from Contract with Customer, Including Assessed Tax | $ 22,358,000 | [1] | $ 21,144,000 | $ 21,820,000 | $ 19,556,000 | $ 14,875,000 | $ 14,443,000 | $ 13,275,000 | $ 11,230,000 | $ 84,878,000 | $ 53,823,000 | ||||||||||||||||
Net Income (Loss) Attributable to Parent, Total | 287,000 | [1] | $ 2,175,000 | $ 2,609,000 | $ 2,212,000 | $ (380,000) | $ 458,000 | $ 170,000 | $ (1,143,000) | 7,283,000 | $ (895,000) | ||||||||||||||||
Z-Sciences [Member] | |||||||||||||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 479,000 | ||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 300,000 | ||||||||||||||||||||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 179,000 | 179,000 | $ 179,000 | $ 179,000 | 179,000 | 179,000 | |||||||||||||||||||||
Business Combination, Acquisition Related Costs | $ 82,000 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 14 years | ||||||||||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 15,000 | ||||||||||||||||||||||||||
Z-Sciences [Member] | Restricted Stock Award [Member] | Achieving Future Performance Milestones [Member] | |||||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Vesting Percentage | 100.00% | ||||||||||||||||||||||||||
Z-Sciences [Member] | Maximum [Member] | Restricted Stock Award [Member] | Achieving Future Performance Milestones [Member] | |||||||||||||||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 1,800,000 | ||||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 200,000 | ||||||||||||||||||||||||||
Videology [Member] | |||||||||||||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 12,094 | ||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 12,000,000 | ||||||||||||||||||||||||||
Business Combination, Acquisition Related Costs | $ 288,000 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 11 years 7 months 6 days | ||||||||||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,434,000 | ||||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent, Total | (146,000) | ||||||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 288,000 | ||||||||||||||||||||||||||
Acculogic [Member] | |||||||||||||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 9,297,000 | ||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 9,000,000 | ||||||||||||||||||||||||||
Business Combination, Contingent Consideration, Liability, Total | 930,000 | 930,000 | 930,000 | 930,000 | 930,000 | 930,000 | |||||||||||||||||||||
Business Combination, Acquisition Related Costs | 1,297,000 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 14 years | ||||||||||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 48,000 | ||||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent, Total | (131,000) | ||||||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 1,297,000 | ||||||||||||||||||||||||||
Acculogic [Member] | Payments Based on Performance Metrics [Member] | |||||||||||||||||||||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 4,000,000 | $ 4,000,000 | $ 4,000,000 | $ 4,000,000 | $ 4,000,000 | $ 5 | |||||||||||||||||||||
Minimum Amount Required for Invoices Received | $ 2.5 | ||||||||||||||||||||||||||
[1] | The quarter ended December 31, 2021 includes a recovery of $17 of restructuring and other charges which are discussed in Note 5. | ||||||||||||||||||||||||||
[2] | The quarter ended September 30, 2021 includes $51 of restructuring and other charges which are discussed in Note 5. | ||||||||||||||||||||||||||
[3] | The quarter ended June 30, 2021 includes $197 of restructuring and other charges which are discussed in Note 5. | ||||||||||||||||||||||||||
[4] | The quarter ended March 31, 2021 includes $55 of restructuring and other charges which are discussed in Note 5. | ||||||||||||||||||||||||||
[5] | The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 5. | ||||||||||||||||||||||||||
[6] | The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 5. | ||||||||||||||||||||||||||
[7] | The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 5. | ||||||||||||||||||||||||||
[8] | The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 5. |
Note 3 - Acquisition - Total Pu
Note 3 - Acquisition - Total Purchase Consideration (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 21, 2021 | Oct. 28, 2021 | Oct. 21, 2021 | Oct. 06, 2021 | Dec. 31, 2020 |
Goodwill | $ 21,448 | $ 13,738 | ||||
Z-Sciences [Member] | ||||||
Goodwill | $ 111 | |||||
Trade accounts receivable | 24 | |||||
Inventories | 4 | |||||
Accounts payable | (21) | |||||
Accrued expenses | (28) | |||||
Total purchase price | 479 | |||||
Z-Sciences [Member] | Customer Relationships [Member] | ||||||
Identifiable intangible asset – Customer Relationships | $ 389 | |||||
Videology [Member] | ||||||
Goodwill | $ 4,596 | |||||
Identifiable intangible asset – Customer Relationships | 5,246 | |||||
Trade accounts receivable | 771 | |||||
Inventories | 1,726 | |||||
Accounts payable | (281) | |||||
Accrued expenses | (162) | |||||
Total purchase price | 12,094 | |||||
Cash | 71 | |||||
Other current assets | 57 | |||||
Property and equipment | $ 70 | |||||
Acculogic [Member] | ||||||
Goodwill | $ 2,912 | |||||
Identifiable intangible asset – Customer Relationships | 5,074 | $ 5,074 | ||||
Trade accounts receivable | 2,630 | |||||
Inventories | 1,329 | |||||
Accounts payable | (406) | |||||
Accrued expenses | (2,950) | |||||
Total purchase price | 9,297 | |||||
Cash | 312 | |||||
Other current assets | 240 | |||||
Property and equipment | $ 156 |
Note 3 - Acquisition - Identifi
Note 3 - Acquisition - Identifiable Intangible Assets and Estimated Useful Lives (Details) - USD ($) $ in Thousands | Oct. 28, 2021 | Oct. 21, 2021 | Dec. 21, 2021 |
Videology [Member] | |||
Finite-lived intangible assets, fair value | $ 4,396 | ||
Finite-lived intangible assets, weighted average useful life (Year) | 11 years 7 months 6 days | ||
Identifiable intangible asset – Customer Relationships | $ 5,246 | ||
Videology [Member] | Trade Names [Member] | |||
Indefinite-lived intangible assets, fair value | 850 | ||
Videology [Member] | Customer Relationships [Member] | |||
Finite-lived intangible assets, fair value | $ 2,960 | ||
Finite-lived intangible assets, weighted average useful life (Year) | 14 years | ||
Videology [Member] | Technology-Based Intangible Assets [Member] | |||
Finite-lived intangible assets, fair value | $ 1,050 | ||
Finite-lived intangible assets, weighted average useful life (Year) | 9 years | ||
Videology [Member] | Customer Backlog [Member] | |||
Finite-lived intangible assets, fair value | $ 386 | ||
Finite-lived intangible assets, weighted average useful life (Year) | 9 months 18 days | ||
Acculogic [Member] | |||
Finite-lived intangible assets, fair value | $ 2,761 | ||
Finite-lived intangible assets, weighted average useful life (Year) | 14 years | ||
Identifiable intangible asset – Customer Relationships | $ 5,074 | $ 5,074 | |
Acculogic [Member] | Trade Names [Member] | |||
Indefinite-lived intangible assets, fair value | 878 | ||
Acculogic [Member] | Technology-Based Intangible Assets [Member] | |||
Finite-lived intangible assets, fair value | $ 135 | ||
Finite-lived intangible assets, weighted average useful life (Year) | 6 months | ||
Acculogic [Member] | Customer Contracts [Member] | |||
Finite-lived intangible assets, fair value | $ 1,300 | ||
Finite-lived intangible assets, weighted average useful life (Year) | 9 years | ||
Acculogic [Member] | Customer Backlog [Member] | |||
Finite-lived intangible assets, fair value | $ 4,196 | ||
Finite-lived intangible assets, weighted average useful life (Year) | 12 years |
Note 3 - Acquisitions - Pro For
Note 3 - Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Videology [Member] | ||
Revenue | $ 92,591 | $ 63,422 |
Net earnings | $ 9,024 | $ 1,167 |
Diluted earnings per share (in dollars per share) | $ 0.84 | $ 0.11 |
Acculogic [Member] | ||
Revenue | $ 95,490 | $ 66,484 |
Net earnings | $ 7,180 | $ 842 |
Diluted earnings per share (in dollars per share) | $ 0.67 | $ 0.08 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements - Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 21, 2021 | Oct. 06, 2021 |
Interest Rate Swap [Member] | |||
Interest rate swap | $ 21 | ||
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | |||
Interest rate swap | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Interest rate swap | 21 | ||
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | |||
Interest rate swap | 0 | ||
Z-Sciences [Member] | |||
Contingent consideration liability | 179 | $ 179 | |
Z-Sciences [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Contingent consideration liability | 0 | ||
Z-Sciences [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Contingent consideration liability | 0 | ||
Z-Sciences [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Contingent consideration liability | 179 | ||
Acculogic [Member] | |||
Contingent consideration liability | 930 | $ 930 | |
Acculogic [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Contingent consideration liability | 0 | ||
Acculogic [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Contingent consideration liability | 0 | ||
Acculogic [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Contingent consideration liability | $ 930 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Changes in the Fair Value of Level 3 Contingent Consideration Liabilities (Details) - Contingent Consideration Liabilities [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Balance | $ 0 |
Balance | 1,109 |
Z-Sciences [Member] | |
Contingent consideration liability established in connection with the acquisition | 179 |
Acculogic [Member] | |
Contingent consideration liability established in connection with the acquisition | $ 930 |
Note 5 - Restructuring and Ot_3
Note 5 - Restructuring and Other Charges (Details Textual) - USD ($) $ in Thousands | Jul. 19, 2021 | Jun. 10, 2021 | Jul. 19, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Lease, Impairment Loss | $ 612 | $ 0 | $ 612 | |||||||||
Incremental Sublease Income Above Impairment Charge | $ 350 | $ 350 | ||||||||||
Restructuring Charges, Total | $ 51 | $ 197 | $ 55 | 1,078 | $ 161 | $ 38 | $ 8 | |||||
Severance and Other One-Time Termination Benefits [Member] | ||||||||||||
Restructuring Charges, Total | 120 | 248 | ||||||||||
Other Restructuring [Member] | ||||||||||||
Restructuring Charges, Total | 183 | 173 | ||||||||||
EMS Segment Restructuring and Facility Consolidation [Member] | ||||||||||||
Restructuring and Related Costs, Incurred Cost, Total | 903 | |||||||||||
Operating Lease, Impairment Loss | 522 | |||||||||||
EMS Segment Restructuring and Facility Consolidation [Member] | Severance and Other One-Time Termination Benefits [Member] | ||||||||||||
Restructuring and Related Costs, Incurred Cost, Total | 69 | |||||||||||
Restructuring Charges, Total | 0 | 69 | ||||||||||
EMS Segment Restructuring and Facility Consolidation [Member] | Other Restructuring [Member] | ||||||||||||
Restructuring and Related Costs, Incurred Cost, Total | 159 | |||||||||||
Restructuring Charges, Total | 183 | 159 | ||||||||||
EMS Segment Restructuring and Facility Consolidation [Member] | Facility Closing [Member] | ||||||||||||
Restructuring and Related Costs, Incurred Cost, Total | 675 | |||||||||||
EMS Segment Restructuring and Facility Consolidation [Member] | Integration of Manufacturing Operations [Member] | ||||||||||||
Restructuring and Related Costs, Incurred Cost, Total | 183 | |||||||||||
Executive Management Changes [Member] | ||||||||||||
Restructuring and Related Costs, Incurred Cost, Total | 370 | |||||||||||
Operating Lease, Impairment Loss | $ 90 | |||||||||||
Restructuring Charges, Total | 514 | |||||||||||
Share-based Payment Arrangement, Reversal of Expense | 117 | |||||||||||
Executive Management Changes [Member] | Severance and Other One-Time Termination Benefits [Member] | ||||||||||||
Restructuring Charges, Total | 120 | 133 | ||||||||||
Executive Management Changes [Member] | Other Restructuring [Member] | ||||||||||||
Restructuring Charges, Total | 0 | 0 | ||||||||||
Executive Management Changes [Member] | Employee Severance [Member] | ||||||||||||
Restructuring and Related Costs, Incurred Cost, Total | $ 120 | 120 | 133 | |||||||||
Executive Management Changes [Member] | Employee Severance [Member] | Restructuring and Other Charges [Member] | ||||||||||||
Restructuring and Related Costs, Incurred Cost, Total | 120 | |||||||||||
Executive Management Changes [Member] | Legal Fees [Member] | ||||||||||||
Restructuring and Related Costs, Incurred Cost, Total | 159 | 381 | ||||||||||
Executive Management Changes [Member] | Facility Size Reduction [Member] | ||||||||||||
Other Restructuring Costs | 99 | |||||||||||
Stock-based Compensation Expense [Member] | Modification Cost [Member] | ||||||||||||
Restructuring and Related Costs, Incurred Cost, Total | $ 91 | |||||||||||
Other Restructuring Actions [Member] | Headcount Reductions and Employee Relocation [Member] | ||||||||||||
Other Restructuring Costs | 46 | |||||||||||
Other Restructuring Actions [Member] | Employee Relocation [Member] | ||||||||||||
Other Restructuring Costs | $ 14 |
Note 5 - Restructuring and Ot_4
Note 5 - Restructuring and Other Charges - Changes in Accrued Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning balance | $ 340 | $ 0 | $ 340 | $ 0 | |||||
Restructuring Charges, Total | $ 51 | $ 197 | 55 | $ 1,078 | $ 161 | $ 38 | 8 | ||
Cash payments | (573) | (333) | |||||||
Balance | 340 | 70 | 340 | ||||||
Severance and Other One-Time Termination Benefits [Member] | |||||||||
Restructuring Charges, Total | 120 | 248 | |||||||
Other Restructuring [Member] | |||||||||
Restructuring Charges, Total | 183 | 173 | |||||||
Subletting Costs of the Fremont CA Facility [Member] | |||||||||
Restructuring Charges, Total | 153 | ||||||||
Subletting Costs of the Mansfield MA Facility [Member] | |||||||||
Restructuring Charges, Total | 99 | ||||||||
EMS Segment Restructuring and Facility Consolidation [Member] | |||||||||
Beginning balance | 233 | 0 | 233 | 0 | |||||
Cash payments | (416) | (148) | |||||||
Balance | 233 | 0 | 233 | ||||||
EMS Segment Restructuring and Facility Consolidation [Member] | Severance and Other One-Time Termination Benefits [Member] | |||||||||
Restructuring Charges, Total | 0 | 69 | |||||||
EMS Segment Restructuring and Facility Consolidation [Member] | Other Restructuring [Member] | |||||||||
Restructuring Charges, Total | 183 | 159 | |||||||
EMS Segment Restructuring and Facility Consolidation [Member] | Subletting Costs of the Fremont CA Facility [Member] | |||||||||
Restructuring Charges, Total | 153 | ||||||||
EMS Segment Restructuring and Facility Consolidation [Member] | Subletting Costs of the Mansfield MA Facility [Member] | |||||||||
Restructuring Charges, Total | 0 | ||||||||
Executive Management Changes [Member] | |||||||||
Beginning balance | 107 | 0 | 107 | 0 | |||||
Restructuring Charges, Total | 514 | ||||||||
Cash payments | (157) | (125) | |||||||
Balance | 107 | 70 | 107 | ||||||
Executive Management Changes [Member] | Severance and Other One-Time Termination Benefits [Member] | |||||||||
Restructuring Charges, Total | 120 | 133 | |||||||
Executive Management Changes [Member] | Other Restructuring [Member] | |||||||||
Restructuring Charges, Total | 0 | 0 | |||||||
Executive Management Changes [Member] | Subletting Costs of the Fremont CA Facility [Member] | |||||||||
Restructuring Charges, Total | 0 | ||||||||
Executive Management Changes [Member] | Subletting Costs of the Mansfield MA Facility [Member] | |||||||||
Restructuring Charges, Total | 99 | ||||||||
Other Charges [Member] | |||||||||
Beginning balance | $ 0 | $ 0 | 0 | 0 | |||||
Cash payments | 0 | (60) | |||||||
Balance | $ 0 | 0 | 0 | ||||||
Other Charges [Member] | Severance and Other One-Time Termination Benefits [Member] | |||||||||
Restructuring Charges, Total | 0 | 46 | |||||||
Other Charges [Member] | Other Restructuring [Member] | |||||||||
Restructuring Charges, Total | $ 0 | 14 | |||||||
Other Charges [Member] | Subletting Costs of the Fremont CA Facility [Member] | |||||||||
Restructuring Charges, Total | 0 | ||||||||
Other Charges [Member] | Subletting Costs of the Mansfield MA Facility [Member] | |||||||||
Restructuring Charges, Total | $ 0 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Number of Operating Segments | 2 | |
Number of Reportable Segments | 2 | |
Goodwill, Period Increase (Decrease), Total | $ 0 | |
Indefinite-lived Intangible Assets, Period Increase (Decrease), Total | $ 0 | |
Discounted Cash Flows, Discount Rate | 16.00% | 20.00% |
Goodwill and Intangible Asset Impairment, Total | $ 0 | $ 0 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Changes in Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Balance | $ 13,738 |
Impact of foreign currency translation adjustments | 91 |
Balance | 21,448 |
Z-Sciences [Member] | |
Goodwill, Acquired During Period | 111 |
Videology [Member] | |
Goodwill, Acquired During Period | 4,596 |
Acculogic [Member] | |
Goodwill, Acquired During Period | $ 2,912 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Component of Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 21, 2021 | Oct. 28, 2021 | Oct. 06, 2021 | Dec. 31, 2020 |
Goodwill | $ 21,448 | $ 13,738 | |||
Thermal [Member] | |||||
Goodwill | 18,393 | 13,738 | |||
EMS [Member] | |||||
Goodwill | 21,448 | 13,738 | |||
Sigma [Member] | Thermal [Member] | |||||
Goodwill | 1,656 | 1,656 | |||
Thermonics [Member] | Thermal [Member] | |||||
Goodwill | 50 | 50 | |||
Ambrell [Member] | Thermal [Member] | |||||
Goodwill | 12,032 | 12,032 | |||
Z-Sciences [Member] | |||||
Goodwill | $ 111 | ||||
Z-Sciences [Member] | Thermal [Member] | |||||
Goodwill | 111 | 0 | |||
Videology [Member] | |||||
Goodwill | $ 4,596 | ||||
Videology [Member] | Thermal [Member] | |||||
Goodwill | 4,544 | 0 | |||
Acculogic [Member] | |||||
Goodwill | $ 2,912 | ||||
Acculogic [Member] | EMS [Member] | |||||
Goodwill | $ 3,055 | $ 0 |
Note 6 - Goodwill and Intangi_6
Note 6 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Indefinite-lived Intangible Assets (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Balance | $ 6,710 |
Impact of foreign currency translation adjustments | (10) |
Balance | 8,428 |
Videology [Member] | |
Indefinite-lived Intangible Assets Acquired | 850 |
Acculogic [Member] | |
Indefinite-lived Intangible Assets Acquired | $ 878 |
Note 6 - Goodwill and Intangi_7
Note 6 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 5,711 | $ 6,944 |
Amortization | (1,440) | (1,233) |
Impact of foreign currency translation adjustments | (46) | |
Balance | 13,206 | $ 5,711 |
Z-Sciences [Member] | ||
Finite-lived Intangible Assets Acquired | 389 | |
Videology [Member] | ||
Finite-lived Intangible Assets Acquired | 4,396 | |
Acculogic [Member] | ||
Finite-lived Intangible Assets Acquired | $ 4,196 |
Note 6 - Goodwill and Intangi_8
Note 6 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-lived, Gross Carrying Amount | $ 21,015 | $ 12,080 | |
Finite-lived, Accumulated Amortization | 7,809 | 6,369 | |
Net Carrying Amount, finite-lived | 13,206 | 5,711 | $ 6,944 |
Indefinite-lived, Gross Carrying Amount | 8,428 | 6,710 | |
Net Carrying Amount, indefinite-lived | 8,428 | 6,710 | |
Intangible Assets, Gross Carrying Amount | 29,443 | 18,790 | |
Net Carrying Amount | 21,634 | 12,421 | |
Trademarks [Member] | |||
Indefinite-lived, Gross Carrying Amount | 8,428 | 6,710 | |
Net Carrying Amount, indefinite-lived | 8,428 | 6,710 | |
Customer Relationships [Member] | |||
Finite-lived, Gross Carrying Amount | 16,544 | 10,480 | |
Finite-lived, Accumulated Amortization | 6,160 | 4,912 | |
Net Carrying Amount, finite-lived | 10,384 | 5,568 | |
Patented Technology [Member] | |||
Finite-lived, Gross Carrying Amount | 2,950 | 600 | |
Finite-lived, Accumulated Amortization | 569 | 477 | |
Net Carrying Amount, finite-lived | 2,381 | 123 | |
Patents [Member] | |||
Finite-lived, Gross Carrying Amount | 590 | 590 | |
Finite-lived, Accumulated Amortization | 585 | 570 | |
Net Carrying Amount, finite-lived | 5 | 20 | |
Customer Backlog [Member] | |||
Finite-lived, Gross Carrying Amount | 521 | ||
Finite-lived, Accumulated Amortization | 85 | ||
Net Carrying Amount, finite-lived | 436 | ||
Computer Software, Intangible Asset [Member] | |||
Finite-lived, Gross Carrying Amount | 270 | 270 | |
Finite-lived, Accumulated Amortization | 270 | 270 | |
Net Carrying Amount, finite-lived | 0 | 0 | |
Trade Names [Member] | |||
Finite-lived, Gross Carrying Amount | 140 | 140 | |
Finite-lived, Accumulated Amortization | 140 | 140 | |
Net Carrying Amount, finite-lived | $ 0 | $ 0 |
Note 6 - Goodwill and Intangi_9
Note 6 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 2,720 |
2023 | 2,132 |
2024 | 2,007 |
2025 | 1,793 |
2026 | $ 1,182 |
Note 7 - Revenue From Contrac_3
Note 7 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total | $ 0 | $ 0 |
Note 7 - Revenue From Contrac_4
Note 7 - Revenue From Contracts With Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2021 | [1] | Sep. 30, 2021 | [2] | Jun. 30, 2021 | [3] | Mar. 31, 2021 | [4] | Dec. 31, 2020 | [5] | Sep. 30, 2020 | [6] | Jun. 30, 2020 | [7] | Mar. 31, 2020 | [8] | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 22,358 | $ 21,144 | $ 21,820 | $ 19,556 | $ 14,875 | $ 14,443 | $ 13,275 | $ 11,230 | $ 84,878 | $ 53,823 | ||||||||
Semiconductor Market [Member] | ||||||||||||||||||
Revenue | 54,937 | 26,870 | ||||||||||||||||
Industrial Market [Member] | ||||||||||||||||||
Revenue | 17,257 | 15,370 | ||||||||||||||||
Defense/ Aerospace [Member] | ||||||||||||||||||
Revenue | 4,125 | 6,314 | ||||||||||||||||
Automotive [Member] | ||||||||||||||||||
Revenue | 4,325 | 1,930 | ||||||||||||||||
Other Multi Markets [Member] | ||||||||||||||||||
Revenue | 4,234 | 3,339 | ||||||||||||||||
Thermal Testing Products [Member] | ||||||||||||||||||
Revenue | 19,156 | 15,768 | ||||||||||||||||
Thermal Process [Member] | ||||||||||||||||||
Revenue | 26,260 | 18,966 | ||||||||||||||||
Semiconductor Production Test Products [Member] | ||||||||||||||||||
Revenue | 31,825 | 13,112 | ||||||||||||||||
Service and Other Products [Member] | ||||||||||||||||||
Revenue | 7,637 | 5,977 | ||||||||||||||||
End User [Member] | ||||||||||||||||||
Revenue | 72,738 | 48,041 | ||||||||||||||||
OEM and Integrators [Member] | ||||||||||||||||||
Revenue | $ 12,140 | $ 5,782 | ||||||||||||||||
[1] | The quarter ended December 31, 2021 includes a recovery of $17 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[2] | The quarter ended September 30, 2021 includes $51 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[3] | The quarter ended June 30, 2021 includes $197 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[4] | The quarter ended March 31, 2021 includes $55 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[5] | The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[6] | The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[7] | The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[8] | The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 5. |
Note 8 - Major Customers (Detai
Note 8 - Major Customers (Details Textual) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Major Customers | 0 | 0 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Texas Instruments Incorporated [Member] | ||
Concentration Risk, Percentage | 13.00% |
Note 9 - Inventories - Inventor
Note 9 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Raw materials | $ 10,403 | $ 5,371 |
Work in process | 1,250 | 1,085 |
Inventory consigned to others | 44 | 45 |
Finished goods | 1,166 | 975 |
Total inventories | $ 12,863 | $ 7,476 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) $ in Thousands | Aug. 16, 2021USD ($) | Jul. 19, 2021USD ($) | Oct. 01, 2020USD ($) | Sep. 22, 2020USD ($)ft² | Jul. 19, 2020USD ($) | Jan. 23, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 21, 2021USD ($) | Nov. 30, 2021USD ($) |
Operating Lease, Right-of-Use Asset, Amortization Expense | $ 1,039 | $ 1,294 | |||||||||
Operating Lease, Impairment Loss | $ 612 | 0 | 612 | ||||||||
Incremental Sublease Income Above Impairment Charge | $ 350 | $ 350 | |||||||||
Operating Lease, Right-of-Use Asset | 6,387 | 5,919 | 6,387 | ||||||||
Operating Lease, Liability, Total | $ 6,619 | ||||||||||
Lease Facility in Fremont, California [Member] | |||||||||||
Lessee, Operating Lease, Term of Contract (Month) | 38 months 15 days | ||||||||||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 202 | ||||||||||
Lease Facility in Netherlands [Member] | |||||||||||
Lessee, Operating Lease, Term of Contract (Month) | 37 months | ||||||||||
Operating Lease, Right-of-Use Asset | $ 252 | ||||||||||
Operating Lease, Liability, Total | $ 252 | ||||||||||
Automobile Leases [Member] | |||||||||||
Lessee, Operating Lease, Term of Contract (Month) | 48 months | ||||||||||
Operating Lease, Right-of-Use Asset | 91 | $ 54 | 91 | ||||||||
Operating Lease, Liability, Total | 91 | 54 | 91 | ||||||||
Increase in Operating Lease Liabilities and Right-of-Use Assets, Non-cash | 91 | ||||||||||
Facility Lease From Acquisition of Acculogic [Member] | |||||||||||
Operating Lease, Right-of-Use Asset | 76 | $ 76,000 | |||||||||
Operating Lease, Liability, Total | 78 | $ 78,000 | |||||||||
Lease Agreement, EMS Facility in Fremont, California [Member] | |||||||||||
Operating Lease, Right-of-Use Asset | 1,176 | 202 | 1,176 | ||||||||
Operating Lease, Liability, Total | 1,176 | $ 202 | 1,176 | ||||||||
Lessee, Operating Lease, Renewal Term (Month) | 61 months | ||||||||||
Increase in Operating Lease Liabilities and Right-of-Use Assets, Non-cash | $ 1,176 | ||||||||||
Lease Agreement, EMS Facility in Mt. Laurel, New Jersey [Member] | |||||||||||
Operating Lease, Right-of-Use Asset | 2,051 | 2,051 | |||||||||
Operating Lease, Liability, Total | 2,051 | 2,051 | |||||||||
Lessee, Operating Lease, Renewal Term (Month) | 120 months | ||||||||||
Increase in Operating Lease Liabilities and Right-of-Use Assets, Non-cash | $ 2,051 | ||||||||||
Area of Real Estate Property (Square Foot) | ft² | 33,650 | ||||||||||
Lease Agreement, Ambrell’s Netherlands Facility [Member] | |||||||||||
Operating Lease, Right-of-Use Asset | 133 | 133 | |||||||||
Operating Lease, Liability, Total | $ 133 | $ 133 | |||||||||
Lessee, Operating Lease, Renewal Term (Month) | 3 years | ||||||||||
Increase in Operating Lease Liabilities and Right-of-Use Assets, Non-cash | $ 133 |
Note 10 - Leases - Lease Costs
Note 10 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease cost | $ 1,191 | $ 1,583 |
Short-term lease cost | $ 82 | $ 47 |
Weighted average remaining lease term (in years) (Year) | 5 years 8 months 12 days | |
Weighted average discount rate | 4.20% | |
Minimum [Member] | ||
Range of remaining lease terms (in years) (Year) | 3 months 18 days | |
Maximum [Member] | ||
Range of remaining lease terms (in years) (Year) | 9 years 3 months 18 days |
Note 10 - Leases - Maturities o
Note 10 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 1,620 |
2023 | 1,613 |
2024 | 1,568 |
2025 | 735 |
2026 | 467 |
Thereafter | 1,378 |
Total lease payments | 7,381 |
Less imputed interest | (762) |
Total | $ 6,619 |
Note 10 - Leases - Lease Modifi
Note 10 - Leases - Lease Modifications (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 21, 2021 | Dec. 31, 2020 |
Total | $ 6,619 | ||
Operating Lease, Right-of-Use Asset | 5,919 | $ 6,387 | |
Lease Agreement, EMS Facility in Fremont, California [Member] | |||
Total | 202 | 1,176 | |
Operating Lease, Right-of-Use Asset | 202 | 1,176 | |
Lease Agreement, Facility for Videology [Member] | |||
Total | 252 | ||
Operating Lease, Right-of-Use Asset | 252 | ||
Lease Agreement, EMS Facility in Mt. Laurel, New Jersey [Member] | |||
Total | 2,051 | ||
Operating Lease, Right-of-Use Asset | 2,051 | ||
Automobile Lease for Videology [Member] | |||
Total | 54 | ||
Operating Lease, Right-of-Use Asset | 54 | ||
Lease Agreement, Ambrell’s Netherlands Facility [Member] | |||
Total | 133 | ||
Operating Lease, Right-of-Use Asset | 133 | ||
Facility Lease From Acquisition of Acculogic [Member] | |||
Total | 78 | $ 78,000 | |
Operating Lease, Right-of-Use Asset | 76 | $ 76,000 | |
Automobile Leases [Member] | |||
Total | 54 | 91 | |
Operating Lease, Right-of-Use Asset | $ 54 | $ 91 |
Note 11 - Other Current Liabi_3
Note 11 - Other Current Liabilities - Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued warranty | $ 531 | $ 235 |
Accrued taxes | 113 | 67 |
Accrued restructuring | 70 | 340 |
Other | 374 | 162 |
Total other current liabilities | 1,267 | 804 |
Z-Sciences [Member] | ||
Contingent consideration – Z-Sciences acquisition | $ 179 | $ 0 |
Note 12 - Debt (Details Textual
Note 12 - Debt (Details Textual) - USD ($) $ in Thousands | Dec. 29, 2021 | Oct. 28, 2021 | Oct. 15, 2021 | Apr. 30, 2020 |
Proceeds from Paycheck Protection Program Under CARES Act | $ 2,829 | |||
October 2021 Agreement [Member] | M&T Bank [Member] | ||||
Debt Instrument, Term (Year) | 5 years | |||
Debt Instrument, Interest Rate in Event of Default | 2.00% | |||
October 2021 Agreement [Member] | M&T Bank [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | |||
October 2021 Agreement [Member] | M&T Bank [Member] | Term Note [Member] | ||||
Debt Instrument, Face Amount | $ 25,000 | |||
Debt Instrument, Draw Period (Year) | 2 years | |||
Proceeds from Issuance of Long-term Debt, Total | $ 8,500 | $ 12,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.10% | 3.20% |
Note 12 - Debt - Outstanding Le
Note 12 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Letters of Credit Amount Outstanding | $ 100 | $ 140 |
Mt Laurel [Member] | ||
Line of Credit, Issue Date | Mar. 29, 2010 | |
Line of Credit, Expiration Date | Apr. 30, 2022 | |
Lease Expiration Date | Apr. 30, 2031 | |
Letters of Credit Amount Outstanding | $ 50 | 90 |
Mansfield [Member] | ||
Line of Credit, Issue Date | Oct. 27, 2010 | |
Line of Credit, Expiration Date | Dec. 31, 2024 | |
Lease Expiration Date | Dec. 31, 2024 | |
Letters of Credit Amount Outstanding | $ 50 | $ 50 |
Note 12 - Debt - Future Maturit
Note 12 - Debt - Future Maturities of Long-term Debt (Details) $ in Millions | Dec. 31, 2021USD ($) |
2022 | $ 4.1 |
2023 | 4.1 |
2024 | 4.1 |
2025 | 4.1 |
2026 | 3.7 |
Long-term Debt, Total | $ 20.1 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (105) | $ (65) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Note 13 - Income Taxes - Earnin
Note 13 - Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2021 | [1] | Sep. 30, 2021 | [2] | Jun. 30, 2021 | [3] | Mar. 31, 2021 | [4] | Dec. 31, 2020 | [5] | Sep. 30, 2020 | [6] | Jun. 30, 2020 | [7] | Mar. 31, 2020 | [8] | Dec. 31, 2021 | Dec. 31, 2020 | |
Domestic | $ 7,372 | $ (2,017) | ||||||||||||||||
Foreign | 1,030 | 786 | ||||||||||||||||
Earnings (loss) before income tax expense (benefit) | $ 236 | $ 2,532 | $ 3,056 | $ 2,578 | $ (454) | $ 433 | $ 183 | $ (1,393) | $ 8,402 | $ (1,231) | ||||||||
[1] | The quarter ended December 31, 2021 includes a recovery of $17 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[2] | The quarter ended September 30, 2021 includes $51 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[3] | The quarter ended June 30, 2021 includes $197 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[4] | The quarter ended March 31, 2021 includes $55 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[5] | The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[6] | The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[7] | The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[8] | The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 5. |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2021 | [1] | Sep. 30, 2021 | [2] | Jun. 30, 2021 | [3] | Mar. 31, 2021 | [4] | Dec. 31, 2020 | [5] | Sep. 30, 2020 | [6] | Jun. 30, 2020 | [7] | Mar. 31, 2020 | [8] | Dec. 31, 2021 | Dec. 31, 2020 | |
Domestic – Federal | $ 1,208 | $ (182) | ||||||||||||||||
Domestic – state | 140 | 53 | ||||||||||||||||
Foreign | 259 | 135 | ||||||||||||||||
Total | 1,607 | 6 | ||||||||||||||||
Domestic – Federal | (387) | (299) | ||||||||||||||||
Domestic – state | (31) | (7) | ||||||||||||||||
Foreign | (70) | (36) | ||||||||||||||||
Total | (488) | (342) | ||||||||||||||||
Income tax expense (benefit) | $ (51) | $ 357 | $ 447 | $ 366 | $ (74) | $ (25) | $ 13 | $ (250) | $ 1,119 | $ (336) | ||||||||
[1] | The quarter ended December 31, 2021 includes a recovery of $17 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[2] | The quarter ended September 30, 2021 includes $51 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[3] | The quarter ended June 30, 2021 includes $197 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[4] | The quarter ended March 31, 2021 includes $55 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[5] | The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[6] | The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[7] | The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[8] | The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 5. |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Operating lease liabilities | $ 1,407 | $ 1,601 |
Inventories | 387 | 321 |
Accrued vacation pay and stock-based compensation | 354 | 252 |
Net operating loss (state and foreign) | 205 | 241 |
Allowance for doubtful accounts | 45 | 44 |
Accrued warranty | 31 | 13 |
Acquisition costs | 9 | 10 |
Tax credit carryforwards | 17 | 5 |
Other | 49 | 71 |
Total | 2,504 | 2,558 |
Valuation allowance | (64) | (169) |
Deferred tax assets | 2,440 | 2,389 |
Deferred tax liabilities: | ||
Net intangible assets | (2,381) | (2,697) |
Right-of-use assets | (1,245) | (1,400) |
Depreciation of property and equipment | (193) | (214) |
Deferred tax liabilities | (3,819) | (4,311) |
Net deferred tax liabilities | $ (1,379) | $ (1,922) |
Note 13 - Income Taxes - Effect
Note 13 - Income Taxes - Effective Tax Rate Analysis and Reconciliation of Expected Statutory Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2021 | [1] | Sep. 30, 2021 | [2] | Jun. 30, 2021 | [3] | Mar. 31, 2021 | [4] | Dec. 31, 2020 | [5] | Sep. 30, 2020 | [6] | Jun. 30, 2020 | [7] | Mar. 31, 2020 | [8] | Dec. 31, 2021 | Dec. 31, 2020 | |
Expected income tax expense (benefit) at U.S. statutory rate | $ 1,764 | $ (259) | ||||||||||||||||
Acquisition costs | 163 | 0 | ||||||||||||||||
Dividend from foreign subsidiaries | 146 | 83 | ||||||||||||||||
NOL carryforwards utilized | 56 | 64 | ||||||||||||||||
Restricted stock compensation | (126) | 62 | ||||||||||||||||
Global intangible low taxed income | 28 | 35 | ||||||||||||||||
Nondeductible expenses | 8 | 8 | ||||||||||||||||
Current year tax credits (foreign and research) | (386) | (82) | ||||||||||||||||
Domestic tax benefit, net of Federal benefit | 153 | (68) | ||||||||||||||||
Changes in valuation allowance | (105) | (65) | ||||||||||||||||
Foreign income tax rate differences | 9 | (34) | ||||||||||||||||
Section 250 foreign derived intangible income deduction | (599) | (9) | ||||||||||||||||
Other | 8 | (71) | ||||||||||||||||
Income tax expense (benefit) | $ (51) | $ 357 | $ 447 | $ 366 | $ (74) | $ (25) | $ 13 | $ (250) | $ 1,119 | $ (336) | ||||||||
[1] | The quarter ended December 31, 2021 includes a recovery of $17 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[2] | The quarter ended September 30, 2021 includes $51 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[3] | The quarter ended June 30, 2021 includes $197 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[4] | The quarter ended March 31, 2021 includes $55 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[5] | The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[6] | The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[7] | The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[8] | The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 5. |
Note 15 - Stock-based Compens_3
Note 15 - Stock-based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Oct. 01, 2021 | Jun. 14, 2021 | Mar. 10, 2021 | Aug. 24, 2020 | Aug. 31, 2020 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 19, 2019 | Jun. 27, 2018 | Jun. 25, 2014 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,618 | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 4 months 24 days | ||||||||||
Share-based Payment Arrangement, Amount Capitalized | $ 0 | $ 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,101 | $ 357 | |||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.70 | $ 1.48 | |||||||||
Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 131,209 | 229,110 | |||||||||
Restricted Stock [Member] | Employees [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||
Restricted Stock [Member] | Independent Directors [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||
Restricted Stock [Member] | Independent Directors [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||
Restricted Stock [Member] | Independent Directors [Member] | Share-based Compensation Award, Tranche Four [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||
Restricted Stock [Member] | Independent Directors [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||
Restricted Stock [Member] | Independent Directors [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||
Restricted Stock [Member] | President [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 141,610 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value | $ 650 | ||||||||||
Restricted Stock [Member] | Members of The Senior Management [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 5,000 | 18,000 | |||||||||
Restricted Stock [Member] | Members of The Senior Management [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0.00% | ||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150.00% | ||||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 7,941 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value | $ 133 | ||||||||||
Stock Plan 2014 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,000,000 | 1,000,000 | 500,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 738,565 | ||||||||||
Restricted Stock Vesting in Three Years [Member] | Restricted Stock [Member] | Vesting Based On Performance Metrics [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0.00% | ||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150.00% | ||||||||||
Restricted Stock Vesting in Three Years [Member] | Restricted Stock [Member] | President [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 75,162 | ||||||||||
Restricted Stock Vesting in Three Years [Member] | Restricted Stock [Member] | President [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0.00% | ||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150.00% | ||||||||||
Restricted Stock Vesting in Four Years [Member] | Restricted Stock [Member] | President [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 66,448 | ||||||||||
Restricted Stock Vesting in Four Years [Member] | Restricted Stock [Member] | President [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||
Restricted Stock Vesting in Four Years [Member] | Restricted Stock [Member] | Chief Financial Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,988 | ||||||||||
Restricted Stock Vesting in Four Years [Member] | Restricted Stock [Member] | Chief Financial Officer [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||
Restricted Stock Vesting on August 24, 2023 [Member] | Restricted Stock [Member] | Chief Financial Officer [Member] | |||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0.00% | ||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150.00% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 5,953 | ||||||||||
Restricted Stock Vesting on August 24, 2023 [Member] | Restricted Stock [Member] | Chief Financial Officer [Member] | Vesting Based On Performance Metrics [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||||||||
Restricted Stock Vesting on January 1, 2025 [Member] | Restricted Stock [Member] | Members of The Senior Management [Member] | Vesting Based On Performance Metrics [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0.00% | ||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150.00% |
Note 15 - Stock-based Compens_4
Note 15 - Stock-based Compensation Plan - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Allocation of Share-based Compensation Expense | $ 1,450 | $ 671 |
Cost of Sales [Member] | ||
Allocation of Share-based Compensation Expense | 26 | 0 |
Selling and Marketing Expense [Member] | ||
Allocation of Share-based Compensation Expense | 22 | 12 |
Research and Development Expense [Member] | ||
Allocation of Share-based Compensation Expense | 62 | 42 |
General and Administrative Expense [Member] | ||
Allocation of Share-based Compensation Expense | $ 1,340 | $ 617 |
Note 15 - Stock-based Compens_5
Note 15 - Stock-based Compensation Plan - Stock Options Valuation Assumptions (Details) - Share-based Payment Arrangement, Option [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Risk-free interest rate | 1.03% | 0.46% |
Dividend yield | 0.00% | 0.00% |
Expected common stock market price volatility factor | 50.00% | 44.00% |
Weighted average expected life of stock options (years) (Year) | 6 years 3 months | 6 years 3 months |
Note 15 - Stock-based Compens_6
Note 15 - Stock-based Compensation Plan - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Options outstanding, number of shares (in shares) | 438,200 | 506,810 |
Options outstanding, weighted average exercise price (in dollars per share) | $ 6.25 | $ 6.89 |
Granted, number of shares (in shares) | 282,404 | 113,980 |
Granted, weighted average exercise price (in dollars per share) | $ 11.77 | $ 3.49 |
Exercised, number of shares (in shares) | 231,185 | 0 |
Canceled, number of shares (in shares) | 80,550 | 182,590 |
Canceled, weighted average exercise price (in dollars per share) | $ 9.55 | $ 6.31 |
Exercised, weighted average exercise price (in dollars per share) | $ 6.85 | |
Options outstanding, number of shares (in shares) | 408,869 | 438,200 |
Options outstanding, weighted average exercise price (in dollars per share) | $ 9.07 | $ 6.25 |
Note 15 - Stock-based Compens_7
Note 15 - Stock-based Compensation Plan - Unvested Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Unvested shares outstanding (in shares) | 237,155 | 165,031 |
Unvested shares outstanding, weighted average exercise price (in dollars per share) | $ 4.93 | $ 6.55 |
Granted, number of shares (in shares) | 131,209 | 229,110 |
Granted, weighted average exercise price (in dollars per share) | $ 11.74 | $ 4.24 |
Vested, number of shares (in shares) | (87,706) | (89,861) |
Vested, weighted average exercise price (in dollars per share) | $ 7.59 | $ 5.32 |
Forfeited, number of shares (in shares) | (18,125) | (67,125) |
Forfeited, weighted average exercise price (in dollars per share) | $ 9.02 | $ 6.03 |
Unvested shares outstanding (in shares) | 262,533 | 237,155 |
Unvested shares outstanding, weighted average exercise price (in dollars per share) | $ 7.16 | $ 4.93 |
Note 16 - Stock Repurchase Pl_2
Note 16 - Stock Repurchase Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | 52 Months Ended | |
Dec. 31, 2020 | Mar. 02, 2020 | Jul. 31, 2019 | |
Stock Repurchase Program, Authorized Amount | $ 3,000 | ||
Stock Repurchased and Retired During Period, Shares (in shares) | 243,075 | ||
Stock Repurchased and Retired During Period, Value | $ 74 | $ 1,216 | |
Payments for Stock Repurchased Broker Fees | $ 6 |
Note 17 - Employee Stock Purc_2
Note 17 - Employee Stock Purchase Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2021 | Dec. 31, 2021 | Jun. 23, 2021 |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 50 | ||
Share Price (in dollars per share) | $ 12.72 | $ 12.72 | |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 250,000 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 3,991 | ||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 43 | ||
Shares Issued, Price Per Share (in dollars per share) | $ 10.81 | $ 10.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 15.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Discount Amount | $ 8 |
Note 18 - Employee Benefit Pl_2
Note 18 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
401(k) Plan [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10.00% | ||
Defined Contribution Plan Maximum Annual Employer Matching Contribution Per Emplyee Amount | $ 5 | ||
Defined Contribution Plan Employer Matching Contribution Vesting Period (Year) | 4 years | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 347 | $ 331 | |
The Ambrell Plan [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 165 | $ 62 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 5 | ||
Videology Plan [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 3 | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 2.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 13 | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Catch Up Amount | $ 3 |
Note 19 - Segment Information_2
Note 19 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Number of Reportable Segments | 2 |
Note 19 - Segment Information -
Note 19 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2021 | [1] | Sep. 30, 2021 | [2] | Jun. 30, 2021 | [3] | Mar. 31, 2021 | [4] | Dec. 31, 2020 | [5] | Sep. 30, 2020 | [6] | Jun. 30, 2020 | [7] | Mar. 31, 2020 | [8] | Dec. 31, 2021 | Dec. 31, 2020 | |
Net revenues | $ 22,358 | $ 21,144 | $ 21,820 | $ 19,556 | $ 14,875 | $ 14,443 | $ 13,275 | $ 11,230 | $ 84,878 | $ 53,823 | ||||||||
Depreciation/amortization | 2,106 | 1,863 | ||||||||||||||||
Operating income (loss) | 8,459 | (1,217) | ||||||||||||||||
Earnings (loss) before income tax expense (benefit) | 236 | 2,532 | 3,056 | 2,578 | (454) | 433 | 183 | (1,393) | 8,402 | (1,231) | ||||||||
Income tax expense (benefit) | (51) | 357 | 447 | 366 | (74) | (25) | 13 | (250) | 1,119 | (336) | ||||||||
Net earnings (loss) | $ 287 | $ 2,175 | $ 2,609 | $ 2,212 | $ (380) | $ 458 | $ 170 | $ (1,143) | 7,283 | (895) | ||||||||
Capital expenditures | 994 | 658 | ||||||||||||||||
Corporate, Non-Segment [Member] | ||||||||||||||||||
Depreciation/amortization | 40 | 27 | ||||||||||||||||
Operating income (loss) | (3,731) | (429) | ||||||||||||||||
Earnings (loss) before income tax expense (benefit) | (3,728) | (460) | ||||||||||||||||
Income tax expense (benefit) | (497) | (126) | ||||||||||||||||
Net earnings (loss) | (3,231) | (334) | ||||||||||||||||
Capital expenditures | 53 | 3 | ||||||||||||||||
Thermal Testing Products [Member] | Operating Segments [Member] | ||||||||||||||||||
Net revenues | 52,369 | 40,209 | ||||||||||||||||
Depreciation/amortization | 1,931 | 1,727 | ||||||||||||||||
Operating income (loss) | 2,759 | 325 | ||||||||||||||||
Earnings (loss) before income tax expense (benefit) | 2,698 | 306 | ||||||||||||||||
Income tax expense (benefit) | 359 | 84 | ||||||||||||||||
Net earnings (loss) | 2,339 | 222 | ||||||||||||||||
Capital expenditures | 518 | 371 | ||||||||||||||||
EMS [Member] | Operating Segments [Member] | ||||||||||||||||||
Net revenues | 32,509 | 13,614 | ||||||||||||||||
Depreciation/amortization | 135 | 109 | ||||||||||||||||
Operating income (loss) | 9,431 | (1,113) | ||||||||||||||||
Earnings (loss) before income tax expense (benefit) | 9,432 | (1,077) | ||||||||||||||||
Income tax expense (benefit) | 1,257 | (294) | ||||||||||||||||
Net earnings (loss) | 8,175 | (783) | ||||||||||||||||
Capital expenditures | $ 423 | $ 284 | ||||||||||||||||
[1] | The quarter ended December 31, 2021 includes a recovery of $17 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[2] | The quarter ended September 30, 2021 includes $51 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[3] | The quarter ended June 30, 2021 includes $197 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[4] | The quarter ended March 31, 2021 includes $55 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[5] | The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[6] | The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[7] | The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[8] | The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 5. |
Note 19 - Segment Information_3
Note 19 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Identifiable Assets | $ 103,905 | $ 62,030 |
Corporate, Non-Segment [Member] | ||
Identifiable Assets | 10,123 | 1,581 |
Thermal Testing Products [Member] | ||
Identifiable Assets | 67,531 | 50,782 |
EMS [Member] | ||
Identifiable Assets | $ 26,251 | $ 9,667 |
Note 19 - Segment Information_4
Note 19 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2021 | [1] | Sep. 30, 2021 | [2] | Jun. 30, 2021 | [3] | Mar. 31, 2021 | [4] | Dec. 31, 2020 | [5] | Sep. 30, 2020 | [6] | Jun. 30, 2020 | [7] | Mar. 31, 2020 | [8] | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 22,358 | $ 21,144 | $ 21,820 | $ 19,556 | $ 14,875 | $ 14,443 | $ 13,275 | $ 11,230 | $ 84,878 | $ 53,823 | ||||||||
UNITED STATES | ||||||||||||||||||
Revenue | 26,802 | 22,211 | ||||||||||||||||
Non-US [Member] | ||||||||||||||||||
Revenue | $ 58,076 | $ 31,612 | ||||||||||||||||
[1] | The quarter ended December 31, 2021 includes a recovery of $17 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[2] | The quarter ended September 30, 2021 includes $51 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[3] | The quarter ended June 30, 2021 includes $197 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[4] | The quarter ended March 31, 2021 includes $55 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[5] | The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[6] | The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[7] | The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[8] | The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 5. |
Note 19 - Segment Information_5
Note 19 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property and Equipment | $ 2,688 | $ 2,350 |
UNITED STATES | ||
Property and Equipment | 2,346 | 2,053 |
Non-US [Member] | ||
Property and Equipment | $ 342 | $ 297 |
Note 20 - Quarterly Consolida_3
Note 20 - Quarterly Consolidated Financial Data (Unaudited) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Restructuring Charges, Total | $ 51 | $ 197 | $ 55 | $ 1,078 | $ 161 | $ 38 | $ 8 | |
Recovery of Restructuring Charges | $ 17 |
Note 20 - Quarterly Consolida_4
Note 20 - Quarterly Consolidated Financial Data (Unaudited) - Quarterly Consolidated Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2021 | [1] | Sep. 30, 2021 | [2] | Jun. 30, 2021 | [3] | Mar. 31, 2021 | [4] | Dec. 31, 2020 | [5] | Sep. 30, 2020 | [6] | Jun. 30, 2020 | [7] | Mar. 31, 2020 | [8] | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 22,358 | $ 21,144 | $ 21,820 | $ 19,556 | $ 14,875 | $ 14,443 | $ 13,275 | $ 11,230 | $ 84,878 | $ 53,823 | ||||||||
Gross margin | 10,346 | 10,395 | 10,962 | 9,521 | 6,720 | 6,450 | 6,067 | 4,867 | 41,224 | 24,104 | ||||||||
Earnings before income tax expense (benefit) | 236 | 2,532 | 3,056 | 2,578 | (454) | 433 | 183 | (1,393) | 8,402 | (1,231) | ||||||||
Income tax expense (benefit) | (51) | 357 | 447 | 366 | (74) | (25) | 13 | (250) | 1,119 | (336) | ||||||||
Net Income (Loss) Attributable to Parent, Total | $ 287 | $ 2,175 | $ 2,609 | $ 2,212 | $ (380) | $ 458 | $ 170 | $ (1,143) | $ 7,283 | $ (895) | ||||||||
Net earnings per common share – basic (in dollars per share) | $ 0.03 | $ 0.21 | $ 0.25 | $ 0.21 | $ (0.04) | $ 0.04 | $ 0.02 | $ (0.11) | $ 0.70 | $ (0.09) | ||||||||
Weighted average common shares outstanding – basic (in shares) | 10,580,431 | 10,496,188 | 10,442,916 | 10,329,449 | 10,282,903 | 10,269,995 | 10,252,490 | 10,220,853 | 10,462,246 | 10,256,560 | ||||||||
Net earnings per common share – diluted (in dollars per share) | $ 0.03 | $ 0.20 | $ 0.24 | $ 0.21 | $ (0.04) | $ 0.04 | $ 0.02 | $ (0.11) | $ 0.68 | $ (0.09) | ||||||||
Weighted average common shares outstanding – diluted (in shares) | 10,836,396 | 10,792,290 | 10,764,936 | 10,525,826 | 10,282,903 | 10,287,562 | 10,258,917 | 10,220,853 | 10,729,862 | 10,256,560 | ||||||||
[1] | The quarter ended December 31, 2021 includes a recovery of $17 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[2] | The quarter ended September 30, 2021 includes $51 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[3] | The quarter ended June 30, 2021 includes $197 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[4] | The quarter ended March 31, 2021 includes $55 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[5] | The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[6] | The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[7] | The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 5. | |||||||||||||||||
[8] | The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 5. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||
Balance at Beginning of Period | $ 212 | $ 211 |
Expense (Recovery) | 0 | 0 |
Deductions | 0 | 0 |
Reserve amounts acquired | 0 | 0 |
Foreign Currency Adjustment | 1 | 1 |
Balance at End of Period | 213 | 212 |
SEC Schedule, 12-09, Reserve, Warranty [Member] | ||
Balance at Beginning of Period | 235 | 334 |
Expense (Recovery) | 249 | 32 |
Deductions | (156) | (131) |
Reserve amounts acquired | 203 | 0 |
Foreign Currency Adjustment | 0 | 0 |
Balance at End of Period | $ 531 | $ 235 |