Significant Accounting Policies [Text Block] | ( 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Use of Estimates In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Form 10 December 31, 2022 ( “2022 10 March 22, 2023 Reclassification Subsequent Events no six June 30, 2023. Business Combinations third Cash, Cash Equivalents and Restricted Cash Short-term investments that have maturities of three may not Restricted cash at December 31, 2022 one 2022. June 30, 2023 December 31, 2022, The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets and the consolidated statements of cash flows: June 30, 2023 December 31, 2022 Cash and cash equivalents $ 37,435 $ 13,434 Restricted cash - 1,142 Total cash, cash equivalents and restricted cash $ 37,435 $ 14,576 Trade Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are recorded at the invoiced amount and do not no January 1, 2023, 326 may Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not For the six June 30, 2023, no six June 30, 2023, no six June 30, 2022. Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, restricted cash, short-term investments, 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 short-term investments are classified as held-to-maturity and carried at amortized cost. Our credit facility and our interest rate swap are discussed further below and in Note 9. 820 820 3 3 Goodwill, Intangible and Long-Lived Assets three We account for goodwill and intangible assets in accordance with ASC Topic 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 technology 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 product lines, and Ambrell Corporation’s (“Ambrell”) precision induction heating systems, including EKOHEAT® and EASYHEAT TM 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 credit losses, is included in current assets on our balance sheet. To the extent that we do not As discussed above, we follow the guidance in ASC Topic 326 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 5 13 Inventories Inventories are valued at cost on a first first not three not twenty-four six June 30, 2023 2022, 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 ROU 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 8 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 Notes 3 9. 815 Contingent Liability for Repayment of State and Local Grant Funds Received In connection with leasing a facility in Rochester, New York, which our subsidiary, Ambrell, occupied in May 2018, three March 31, 2022. 2024. may June 30, 2023, not no June 30, 2023. June 30, 2023, Stock-Based Compensation 718 10. Income Taxes not not Earnings Per Common Share The table below sets forth, for the periods indicated, a reconciliation of weighted average common shares outstanding - basic to weighted average common shares and common share equivalents outstanding - diluted and the average number of potentially dilutive securities that were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Weighted average common shares outstanding - basic 11,241,183 10,653,268 10,998,456 10,635,270 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 455,386 161,531 394,161 193,426 Weighted average common shares and common share equivalents outstanding - diluted 11,696,569 10,814,799 11,392,617 10,828,696 Average number of potentially dilutive securities excluded from calculation because their effect was anti-dilutive during the period 96,661 608,322 125,545 477,448 Effect of Recently Adopted Amendments to Authoritative Accounting Guidance In June 2016, November 2019, December 15, 2022. first January 1, 2023. not |