Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 31, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Registrant Name | Table Trac INC | ||
Entity Central Index Key | 0001090396 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 4,506,788 | ||
Entity Public Float | $ 8.9 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(g) Security | Common Stock, par value $0.001 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,731,869 | $ 1,263,762 |
Accounts receivable, net of allowance for doubtful accounts of $77,623 and $42,623 at December 31, 2020 and December 31, 2019, respectively. | 1,303,724 | 2,251,619 |
Inventory, net | 1,748,414 | 1,263,589 |
Prepaid expenses | 311,170 | 379,982 |
Income tax receivable | 97,273 | 167,673 |
TOTAL CURRENT ASSETS | 5,192,450 | 5,326,625 |
LONG-TERM ASSETS | ||
Accounts receivable - Long-term | 33,783 | 90,870 |
Property and equipment, net | 30,843 | 74,149 |
Operating lease right-of-use assets | 46,810 | 77,922 |
TOTAL LONG-TERM ASSETS | 111,436 | 242,941 |
TOTAL ASSETS | 5,303,886 | 5,569,566 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 104,362 | 367,730 |
Payroll liabilities | 41,641 | 44,498 |
Customers deposits | 163,709 | 253,709 |
Current portion of operating lease liabilities | 40,742 | 53,538 |
TOTAL CURRENT LIABILITIES | 350,454 | 719,475 |
LONG-TERM LIABILITIES | ||
Operating lease liabilities | 8,939 | 27,867 |
Deferred tax liability | 251,000 | 465,000 |
TOTAL LIABILITIES | 610,393 | 1,212,342 |
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.001 par value; 25,000,000 shares authorized: 4,656,734 shares issued; and 4,506,788 shares outstanding at December 31, 2020 and 2019. | 4,507 | 4,507 |
Additional paid-in capital | 1,876,970 | 1,847,594 |
Retained earnings | 3,057,647 | 2,750,754 |
Stockholders' Equity before Treasury Stock | 4,939,124 | 4,602,855 |
Treasury stock, 149,946 shares (at cost) at December 31, 2020 and 2019. | (245,631) | (245,631) |
TOTAL STOCKHOLDERS’ EQUITY | 4,693,493 | 4,357,224 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 5,303,886 | $ 5,569,566 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for doubtful accounts | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 4,656,734 | 4,656,734 |
Common stock, shares outstanding (in shares) | 4,506,788 | 4,506,788 |
Treasury stock, shares (in shares) | 149,946 | 149,946 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 4,401,441 | $ 7,908,461 |
Cost of sales | 1,073,523 | 2,457,077 |
Gross profit | 3,327,918 | 5,451,384 |
Operating expenses: | ||
Selling, general and administrative expenses | 3,670,912 | 4,528,567 |
Income (loss) from operations | (342,994) | 922,817 |
Other income | 473,400 | 0 |
Interest income | 79,487 | 56,448 |
Income before taxes | 209,893 | 979,265 |
Income tax expense (benefit) | (97,000) | 174,000 |
Net income | $ 306,893 | $ 805,265 |
Basic (in dollars per share) | $ 0.07 | $ 0.18 |
Diluted net income per share (in dollars per share) | $ 0.07 | $ 0.18 |
Weighted-average shares outstanding - basic (in shares) | 4,486,788 | 4,491,135 |
Weighted-average shares outstanding - diluted (in shares) | 4,497,599 | 4,500,027 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
BALANCE, December 31, 2018 (As Restated) (in shares) at Dec. 31, 2018 | 4,528,669 | ||||
BALANCE, December 31, 2018 (As Restated) at Dec. 31, 2018 | $ 4,529 | $ 1,795,955 | $ 1,945,489 | $ (196,526) | $ 3,549,447 |
Stock compensation expense | 0 | 44,562 | 0 | 0 | 44,562 |
Stock issued for service | $ 0 | 9,450 | 0 | 0 | 9,450 |
2019 Shares repurchased into treasury (in shares) | (25,000) | ||||
2019 Shares repurchased into treasury | $ (25) | 0 | 0 | (51,475) | (51,500) |
Common stock issued to non-employee and employees and board member from treasury (in shares) | 3,119 | ||||
Common stock issued to non-employee and employees and board member from treasury | $ 3 | (2,373) | 0 | 2,370 | 0 |
Net income | $ 0 | 0 | 805,265 | 0 | 805,265 |
BALANCE, December 31, 2019 (As Restated) (in shares) at Dec. 31, 2019 | 4,506,788 | ||||
BALANCE, December 31, 2019 (As Restated) at Dec. 31, 2019 | $ 4,507 | 1,847,594 | 2,750,754 | (245,631) | 4,357,224 |
Net income | (10,194) | ||||
BALANCE, December 31, 2019 (As Restated) at Mar. 31, 2020 | 4,354,374 | ||||
BALANCE, December 31, 2018 (As Restated) (in shares) at Dec. 31, 2019 | 4,506,788 | ||||
BALANCE, December 31, 2018 (As Restated) at Dec. 31, 2019 | $ 4,507 | 1,847,594 | 2,750,754 | (245,631) | 4,357,224 |
Net income | 71,401 | ||||
BALANCE, December 31, 2019 (As Restated) at Jun. 30, 2020 | 4,461,312 | ||||
BALANCE, December 31, 2018 (As Restated) (in shares) at Dec. 31, 2019 | 4,506,788 | ||||
BALANCE, December 31, 2018 (As Restated) at Dec. 31, 2019 | $ 4,507 | 1,847,594 | 2,750,754 | (245,631) | 4,357,224 |
Net income | 100,914 | ||||
BALANCE, December 31, 2019 (As Restated) at Sep. 30, 2020 | 4,498,169 | ||||
BALANCE, December 31, 2018 (As Restated) (in shares) at Dec. 31, 2019 | 4,506,788 | ||||
BALANCE, December 31, 2018 (As Restated) at Dec. 31, 2019 | $ 4,507 | 1,847,594 | 2,750,754 | (245,631) | 4,357,224 |
Stock compensation expense | 0 | 29,376 | 0 | 0 | 29,376 |
Net income | $ 0 | 0 | 306,893 | 0 | 306,893 |
BALANCE, December 31, 2019 (As Restated) (in shares) at Dec. 31, 2020 | 4,506,788 | ||||
BALANCE, December 31, 2019 (As Restated) at Dec. 31, 2020 | $ 4,507 | $ 1,876,970 | $ 3,057,647 | $ (245,631) | 4,693,493 |
BALANCE, December 31, 2018 (As Restated) at Mar. 31, 2020 | 4,354,374 | ||||
Net income | 81,595 | ||||
BALANCE, December 31, 2019 (As Restated) at Jun. 30, 2020 | 4,461,312 | ||||
Net income | 29,513 | ||||
BALANCE, December 31, 2019 (As Restated) at Sep. 30, 2020 | $ 4,498,169 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | ||
Net income | $ 306,893 | $ 805,265 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 43,306 | 47,952 |
Gain on sale of asset | 0 | (25,713) |
Deferred income taxes | (214,000) | (15,000) |
Bad debt expense | 64,378 | 20,800 |
Stock issued for services | 0 | 9,450 |
Stock compensation expense | 29,376 | 44,562 |
Inventory obsolescence reserve | 45,045 | 0 |
Paycheck Protection Program (PPP) loan forgiveness income | (473,400) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 940,604 | 33,257 |
Inventory | (529,870) | (501,424) |
Prepaid expenses | 68,812 | (43,921) |
Income taxes receivable | 70,400 | (220,700) |
Accounts payable, accrued expenses and other | (263,980) | (74,304) |
Payroll liabilities | (2,857) | 10,112 |
Customer deposits | (90,000) | (35,205) |
Net cash provided by (used in) operating activities | (5,293) | 55,131 |
INVESTING ACTIVITIES | ||
Proceeds from sale of Colombian receivables | 0 | 7,000 |
Capital expenditures | 0 | (35,445) |
Net cash used in investing activities | 0 | (28,445) |
FINANCING ACTIVITIES | ||
Payments on notes payable | 0 | (2,221) |
Repurchase of common stock | 0 | (51,500) |
Proceeds from Paycheck Protection Program loan | 473,400 | 0 |
Net cash provided by (used) in financing activities | 473,400 | (53,721) |
NET INCREASE (DECREASE) IN CASH | 468,107 | (27,035) |
CASH | ||
Beginning of period | 1,263,762 | 1,290,797 |
End of period | 1,731,869 | 1,263,762 |
Non-cash investing and financing activities: | ||
Treasury stock cost related to compensation | 0 | 2,370 |
Note from sale of Colombian receivables | 0 | 800 |
Supplemental cash flow information: | ||
Operating cash outflow for operating leases | $ 62,571 | $ 65,166 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | NOTE 1. Company Table Trac was formed under the laws of the State of Nevada in June 1995. The Company provides system sales and technical support to casinos. System sales include installation, custom casino system configuration and training. In addition, license and technical support are provided under an annual license and service contract. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company's use of estimates and assumptions include: for revenue recognition, determining collectability, the nature and timing of satisfaction of performance obligations, and determining the standalone selling price (SSP) of performance obligations, and other obligations, realizability of accounts receivable, the valuation of deferred tax assets and liabilities and inventory valuation. Actual results could differ from those estimates and the difference could be significant. Concentrations of Risk Cash Deposits in Excess of Federally Insured Limits The Company maintains its cash balances at two $250,000. may Major Customers The following table summarizes major customer's information for the years ended December 31, 2020 2019 For the Years ended December 31, 2020 2019 % Revenues % AR % Revenues % AR (As Restated) (As Restated) Major 10.2 % 40.5 % 30.6 % 49.4 % All Others 89.8 % 59.5 % 69.4 % 50.6 % Total 100.0 % 100.0 % 100.0 % 100.0 % A major customer is defined as any customer that represents at least 10% Revenue Recognition The Company derives revenues from the sales of systems, licenses and maintenance fees, and services, and rental agreements. System Sales Revenue is recognized upon transfer of control of promised products and services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of any taxes collected, when applicable from customers, which are subsequently remitted to governmental authorities. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is a unit of account in ASC 606. Management's assessment of collectability at both contract inception and on an ongoing basis resulted in the determination that some of our contracts did not not not Maintenance Revenue Maintenance revenue is recognized ratably over the contract period. The SSP for maintenance is based upon the renewal rate for contracted services. Service Revenue and Other Revenue Service revenue is recognized upon completion of the services and are billed in arrears. The SSP for service revenue is established based upon actual selling prices for the services or prior similar arrangements. The Company offers qualified customers a licensing agreement. Licensing revenue is recognized after the intellectual property (CMS system), the performance obligation, is delivered and in its operational and functional state. The stand-alone selling price for licensing revenue is established based upon actual selling prices for the license. The following table summarizes disaggregated revenues by major product line for the years ended December 31, 2020 2019 Years ended December 31, 2020 2019 2020 2019 (As Restated) (As Restated) (percent of revenues) System revenue $ 1,614,594 $ 3,662,774 36.7 % 46.3 % Maintenance revenue 2,615,024 2,829,740 59.4 % 35.8 % Service and other revenue 171,823 1,415,947 3.9 % 17.9 % Total revenues $ 4,401,441 $ 7,908,461 100.0 % 100.0 % Significant Judgments Contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may Judgment is required to determine the SSP for each distinct performance obligation. We use a single amount to estimate SSP when we sell a product or service separately. In instances where SSP is not not may one The collectability assessment requires the company to use judgement and consider all relevant facts and circumstances. We evaluate the interest rates in customer contracts with extended payment terms, representing a significant financing component. These rates range from approximately 1% 6% Geographic Concentrations The Company sells its technologies and services to casinos in the United States, Australia, Japan, the Caribbean and countries in both Central and South America. For 2020 2019 94% 73% 0% 16% 1% 5% As of December 31, 2020 2019 86% 88% 9% 3% Fair Value of Financial Instruments The Company's financial instruments consist of cash, accounts receivable, accounts payable and accrued expenses and debt. Fair value estimates are at a specific point in time, based on relevant market information about the financial instrument. These estimates are subjective in nature and matters of significant judgment and therefore cannot be determined with precision. The Company considers the carrying values of its financial instruments to approximate fair value due to their short-term nature. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three Accounts Receivable / Allowance for Doubtful Accounts Accounts receivable are initially recorded at the invoiced amount and carried on the balance sheet at net realizable value as of each balance sheet date. For receivables related to contracts that contain an interest rate, interest is recorded upon receipt to interest income on the statements of operations. An allowance for doubtful accounts is recorded when the Company believes the amounts may not no may not not Inventory Inventory, consisting of finished goods, is stated at the lower of cost or net realizable value. The average cost method (which approximates the first first $45,045 $0 December 31, 2020 2019 $1,748,414 $1,263,589 December 31, 2020 2019 $140,022 $7,442 December 31, 2020 2019 December 31, 2020 2019 $0 $102,000 Property and Equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets which range from two five Long-lived Assets The Company periodically assesses the recoverability of long-lived assets and certain identifiable intangible assets by reviewing for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not Income Taxes The Company accounts for income taxes by following the asset and liability approach to accounting for income taxes. Deferred tax assets and liabilities represent the future tax consequences of the differences between the financial statement carrying amounts of assets and liabilities versus the tax basis of assets and liabilities. Under this method, deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards. Deferred tax liabilities are recognized for taxable temporary differences. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not not not The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. Based on its evaluation, the Company believes that it has no December 31, 2016 2019, December 31, 2020 not 12 The Company may Research and Development Expenditures for research and product development costs are expensed as incurred. Research and development expenses were $283,421 $272,156 December 31, 2020 2019 Stock-based Compensation The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, directors and non-employees. The compensation expense for the Company's stock-based payments is based on estimated fair values at the time of the grant. The Company estimates the fair value of restricted stock awards on the date of grant using the closing traded price on that date. The Company's restricted stock awards are subject to vesting requirements and the corresponding compensation is recorded ratably over the service period. Basic and Diluted Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted average shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share except that the weighted average shares outstanding are increased to include additional shares from the assumed exercise of stock options and restricted stock shares subject to vesting. The number of additional shares is calculated by assuming that outstanding stock options were exercised and that the proceeds from the exercise were used to acquire shares of common stock at the average market price during the reporting period. Restricted stock shares are included in dilutive shares as of the beginning of the period in which the vesting conditions are satisfied. (See Note 9 |
Note 2 - Restatement of Previou
Note 2 - Restatement of Previously Issued Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | Note 2. The Company has restated the accompanying financial statements for the year ended December 31, 2019 three March 31, 2020, June 30, 2020 September 30, 2020. The restatement reflects adjustments to correct misstatements related to the accounting treatment of the following items: ● The costs of delivered systems related to customer contracts whereby it was determined not not ● Certain customer contracts with extended payment terms were previously determined to not 606. The impact of this correction to the applicable reporting periods for the financial statement line items impacted is as follows: December 31, 2019 March 31, 2020 (unaudited) June 30, 2020 (unaudited) September 30, 2020 (unaudited) As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated Balance Sheets Accounts Receivable (including long term) $ 4,791,559 $ 2,342,489 $ 3,882,850 $ 1,615,474 $ 3,757,362 $ 1,989,344 $ 3,420,732 $ 1,669,570 Contract assets $ 1,037,364 $ 0 $ 862,624 $ 0 $ 776,373 $ 0 $ 740,774 $ 0 Contract liabilities $ 3,148,410 $ 0 $ 2,628,972 $ 0 $ 2,281,383 $ 0 $ 2,164,580 $ 0 Deferred tax liability $ 543,000 $ 465,000 $ 438,000 $ 357,000 $ 433,000 $ 373,000 $ 387,000 $ 312,000 Stockholders' Equity $ 4,617,246 $ 4,357,224 $ 4,623,402 $ 4,354,374 $ 4,664,320 $ 4,461,312 $ 4,750,525 $ 4,498,169 Year ended Three Months Ended Three Months Ended December 31, 2019 March 31, 2020 (unaudited) June 30, 2020 (unaudited) Statements of Operations As Reported As Restated As Reported As Restated As Reported As Restated Revenues $ 7,505,371 $ 7,908,461 $ 1,307,376 $ 1,125,630 $ 1,212,551 $ 1,133,071 Cost of sales $ 1,715,054 $ 2,457,077 $ 401,888 $ 227,148 $ 183,536 $ 97,285 Gross profit $ 5,790,317 $ 5,451,384 $ 905,488 $ 898,482 $ 1,029,015 $ 1,035,786 Selling, general and administrative expenses $ 4,853,767 $ 4,528,567 $ 932,790 $ 937,790 $ 1,037,504 $ 975,254 Income (loss) from operations $ 936,550 $ 922,817 $ (27,302 ) $ (39,308 ) $ (8,489 ) $ 60,532 Net income (loss) $ 815,998 $ 805,265 $ (1,188 ) $ (10,194 ) $ 33,574 $ 81,595 Earnings (loss) per Share: Basic $ 0.18 $ 0.18 $ (0.00 ) $ (0.00 ) $ 0.01 $ 0.02 Diluted $ 0.18 $ 0.18 $ (0.00 ) $ (0.00 ) $ 0.01 $ 0.02 Six Months Ended Three Months Ended Nine Months Ended June 30, 2020 (unaudited) September 30, 2020 (unaudited) September 30, 2020 (unaudited) Statements of Operations As Reported As Restated As Reported As Restated As Reported As Restated Revenues $ 2,519,927 $ 2,258,701 $ 1,288,559 $ 1,188,612 $ 3,808,486 $ 3,447,313 Cost of sales $ 585,424 $ 324,433 $ 349,998 $ 314,399 $ 935,422 $ 638,832 Gross profit $ 1,934,503 $ 1,934,268 $ 938,561 $ 874,213 $ 2,873,064 $ 2,808,481 Selling, general and administrative expenses $ 1,970,294 $ 1,913,044 $ 843,781 $ 843,781 $ 2,814,075 $ 2,756,825 Income (loss) from operations $ (35,791 ) $ 21,224 $ 94,780 $ 30,432 $ 58,989 $ 51,656 Net income (loss) $ 32,386 $ 71,401 $ 78,861 $ 29,513 $ 111,247 $ 100,914 Earnings (loss) per Share: Basic $ 0.01 $ 0.02 $ 0.02 $ 0.01 $ 0.02 $ 0.02 Diluted $ 0.01 $ 0.02 $ 0.02 $ 0.01 $ 0.02 $ 0.02 There was no no We have also corrected 2018 $249,000 December 31, 2018. |
Note 3 - Accounts Receivable
Note 3 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3. December 31, December 31, 2020 2019 (As Restated) Accounts receivable - Current $ 1,381,347 $ 2,294,242 Less allowance for doubtful accounts (77,623 ) (42,623 ) Accounts receivable current - net $ 1,303,724 $ 2,251,619 Accounts receivable - Long-term $ 33,783 $ 90,870 The allowance for accounts receivable represents management's best estimate of probable losses in our receivables as of the date of the financial statements. The allowance provides for probable losses that have been identified with specific customer relationships and for probable losses believed to be inherent in receivables, but that have not A roll-forward of the Company's allowance for doubtful accounts for the years ended is as follows: December 31, December 31, 2020 2019 (As Restated) Accounts receivable allowance, beginning of year $ 42,623 $ 104,040 Provision adjustment 64,378 20,800 Write-off (29,378 ) (82,217 ) Accounts receivable allowance, end of year $ 77,623 $ 42,623 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4. Property and equipment consists of the following at: December 31, December 31, 2020 2019 Office equipment $ 49,294 $ 49,294 Vehicles 211,465 211,465 Total 260,759 260,759 Less: accumulated depreciation (229,916 ) (186,610 ) Property and equipment, net $ 30,843 $ 74,149 Depreciation expense totaled $43,306 $47,952 December 31, 2020 2019 |
Note 5 - Debt
Note 5 - Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5. In February 2020, $500,000 February 1, 2021, February 1, 2022. no December 31, 2020. 3.75%, December 31, 2020. On April 14, 2020, $473,400 September 16, 2020. December 21, 2020, $473,400 On February 8, 2021, $473,400 2 1% 6 60 No |
Note 6 - Operating Leases
Note 6 - Operating Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 6. We lease space under non-cancelable operating leases for our two not not Our leases include one Our leases do not 5% The cost components of our operating leases were $62,271 $65,166 December 31, 2020 2019 Maturities of our lease liabilities for all operating leases are as follows as of December 31, 2020 Leased Facilities 2021 $ 42,432 2022 9,200 Total Lease Payments 51,632 Less: Interest (1,951 ) Present value of lease liabilities $ 49,681 The weighted average remaining lease terms equals 1.08 December 31, 2020 |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7. Common Stock As of December 31, 2020 2019 149,946 $245,631 2018 2014 Stock Repurchase Program On January 7, 2018, May 10, 2018, 200,000 not $600,000, December 31, 2020 The Company did not 2020 Stock Compensation On January 8, 2018, 50,000 four 20,000 one 10,000 $117,500 The Company awarded 0 3,000 $0 $9,500 2020 2019 The unvested stock compensation expense is expected to be recognized over a weighted average period of approximately one December 31, 2020 $29,400. The Company has no December 31, 2020 2019 The Company has 20,000 December 31, 2020 10,000 January 8, 2021. 30,000 December 31, 2019 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8. The income tax provision (benefit) consists of the following for the years ended December 31: 2020 2019 (As Restated) Current tax expense $ 117,000 $ 189,000 Deferred tax (benefit) (214,000 ) (15,000 ) Total income tax expense (benefit) $ (97,000 ) $ 174,000 The reconciliation between expected federal income tax rates and the Company's effective federal tax rates is as follows for the year ended December 31: 2020 2019 Amount Percent Amount Percent (As Restated) (As Restated) Expected federal tax $ 44,100 21.0 % $ 205,600 21.0 % Permanent differences 2,900 1.4 % (5,400 ) (0.6 )% State income tax, net of federal tax benefit 4,500 2.1 % 22,600 2.3 % Research and Development tax credit (48,000 ) (22.9 )% (29,000 ) 0.0 % Paycheck Protection Program loan forgiven (99,400 ) (47.4 )% 0 0.0 % Other (1,100 ) (0.5 )% (19,800 ) (2.0 )% Total $ (97,000 ) (46.3 )% $ 174,000 20.7 % The following table summarizes the Company's deferred tax assets and liabilities at December 31: 2020 2019 Current deferred tax asset (liabilities): (As Restated) Accounts payable and accrued expenses $ 20,000 $ 74,000 Accounts receivable (328,000 ) (553,000 ) Allowance for doubtful accounts 18,000 10,000 Inventory obsolescence 10,000 0 Prepaid expenses (72,000 ) (89,000 ) Customer deposits 38,000 59,000 Net current deferred tax liability (314,000 ) (499,000 ) Long-term deferred tax asset (liabilities): NOL - State 6,000 7,000 Foreign tax credit 43,000 40,000 R&D tax credit 17,000 0 Book - Tax depreciation (7,000 ) (13,000 ) Stock compensation 4,000 0 Net long-term deferred tax asset 63,000 34,000 Net deferred tax liability $ (251,000 ) $ (465,000 ) The company has various state net operating loss carryforwards of approximately $77,000 $64,000 2021 2035 not may not |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 9. Earnings per share is computed under two The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share: For the Years Ended December 31, 2020 2019 Basic and diluted earnings per share calculation: (As Restated) Net income to common stockholders $ 306,893 $ 805,265 Weighted average number of common shares outstanding - basic 4,486,788 4,491,135 Basic net income per share $ 0.07 $ 0.18 Weighted average number of common shares outstanding - diluted 4,497,599 4,500,027 Diluted net income per share $ 0.07 $ 0.18 For the year ended December 31, 2020 10,800 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Company [Policy Text Block] | Company Table Trac was formed under the laws of the State of Nevada in June 1995. The Company provides system sales and technical support to casinos. System sales include installation, custom casino system configuration and training. In addition, license and technical support are provided under an annual license and service contract. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company's use of estimates and assumptions include: for revenue recognition, determining collectability, the nature and timing of satisfaction of performance obligations, and determining the standalone selling price (SSP) of performance obligations, and other obligations, realizability of accounts receivable, the valuation of deferred tax assets and liabilities and inventory valuation. Actual results could differ from those estimates and the difference could be significant. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Risk Cash Deposits in Excess of Federally Insured Limits The Company maintains its cash balances at two $250,000. may Major Customers The following table summarizes major customer's information for the years ended December 31, 2020 2019 For the Years ended December 31, 2020 2019 % Revenues % AR % Revenues % AR (As Restated) (As Restated) Major 10.2 % 40.5 % 30.6 % 49.4 % All Others 89.8 % 59.5 % 69.4 % 50.6 % Total 100.0 % 100.0 % 100.0 % 100.0 % A major customer is defined as any customer that represents at least 10% |
Revenue [Policy Text Block] | Revenue Recognition The Company derives revenues from the sales of systems, licenses and maintenance fees, and services, and rental agreements. System Sales Revenue is recognized upon transfer of control of promised products and services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of any taxes collected, when applicable from customers, which are subsequently remitted to governmental authorities. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is a unit of account in ASC 606. Management's assessment of collectability at both contract inception and on an ongoing basis resulted in the determination that some of our contracts did not not not Maintenance Revenue Maintenance revenue is recognized ratably over the contract period. The SSP for maintenance is based upon the renewal rate for contracted services. Service Revenue and Other Revenue Service revenue is recognized upon completion of the services and are billed in arrears. The SSP for service revenue is established based upon actual selling prices for the services or prior similar arrangements. The Company offers qualified customers a licensing agreement. Licensing revenue is recognized after the intellectual property (CMS system), the performance obligation, is delivered and in its operational and functional state. The stand-alone selling price for licensing revenue is established based upon actual selling prices for the license. The following table summarizes disaggregated revenues by major product line for the years ended December 31, 2020 2019 Years ended December 31, 2020 2019 2020 2019 (As Restated) (As Restated) (percent of revenues) System revenue $ 1,614,594 $ 3,662,774 36.7 % 46.3 % Maintenance revenue 2,615,024 2,829,740 59.4 % 35.8 % Service and other revenue 171,823 1,415,947 3.9 % 17.9 % Total revenues $ 4,401,441 $ 7,908,461 100.0 % 100.0 % Significant Judgments Contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may Judgment is required to determine the SSP for each distinct performance obligation. We use a single amount to estimate SSP when we sell a product or service separately. In instances where SSP is not not may one The collectability assessment requires the company to use judgement and consider all relevant facts and circumstances. We evaluate the interest rates in customer contracts with extended payment terms, representing a significant financing component. These rates range from approximately 1% 6% Geographic Concentrations The Company sells its technologies and services to casinos in the United States, Australia, Japan, the Caribbean and countries in both Central and South America. For 2020 2019 94% 73% 0% 16% 1% 5% As of December 31, 2020 2019 86% 88% 9% 3% |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The Company's financial instruments consist of cash, accounts receivable, accounts payable and accrued expenses and debt. Fair value estimates are at a specific point in time, based on relevant market information about the financial instrument. These estimates are subjective in nature and matters of significant judgment and therefore cannot be determined with precision. The Company considers the carrying values of its financial instruments to approximate fair value due to their short-term nature. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Accounts Receivable / Allowance for Doubtful Accounts Accounts receivable are initially recorded at the invoiced amount and carried on the balance sheet at net realizable value as of each balance sheet date. For receivables related to contracts that contain an interest rate, interest is recorded upon receipt to interest income on the statements of operations. An allowance for doubtful accounts is recorded when the Company believes the amounts may not no may not not |
Inventory, Policy [Policy Text Block] | Inventory Inventory, consisting of finished goods, is stated at the lower of cost or net realizable value. The average cost method (which approximates the first first $45,045 $0 December 31, 2020 2019 $1,748,414 $1,263,589 December 31, 2020 2019 $140,022 $7,442 December 31, 2020 2019 December 31, 2020 2019 $0 $102,000 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets which range from two five |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived Assets The Company periodically assesses the recoverability of long-lived assets and certain identifiable intangible assets by reviewing for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes by following the asset and liability approach to accounting for income taxes. Deferred tax assets and liabilities represent the future tax consequences of the differences between the financial statement carrying amounts of assets and liabilities versus the tax basis of assets and liabilities. Under this method, deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards. Deferred tax liabilities are recognized for taxable temporary differences. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not not not The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. Based on its evaluation, the Company believes that it has no December 31, 2016 2019, December 31, 2020 not 12 The Company may |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenditures for research and product development costs are expensed as incurred. Research and development expenses were $283,421 $272,156 December 31, 2020 2019 |
Share-based Payment Arrangement [Policy Text Block] | Stock-based Compensation The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, directors and non-employees. The compensation expense for the Company's stock-based payments is based on estimated fair values at the time of the grant. The Company estimates the fair value of restricted stock awards on the date of grant using the closing traded price on that date. The Company's restricted stock awards are subject to vesting requirements and the corresponding compensation is recorded ratably over the service period. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted average shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share except that the weighted average shares outstanding are increased to include additional shares from the assumed exercise of stock options and restricted stock shares subject to vesting. The number of additional shares is calculated by assuming that outstanding stock options were exercised and that the proceeds from the exercise were used to acquire shares of common stock at the average market price during the reporting period. Restricted stock shares are included in dilutive shares as of the beginning of the period in which the vesting conditions are satisfied. (See Note 9 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | For the Years ended December 31, 2020 2019 % Revenues % AR % Revenues % AR (As Restated) (As Restated) Major 10.2 % 40.5 % 30.6 % 49.4 % All Others 89.8 % 59.5 % 69.4 % 50.6 % Total 100.0 % 100.0 % 100.0 % 100.0 % |
Disaggregation of Revenue [Table Text Block] | Years ended December 31, 2020 2019 2020 2019 (As Restated) (As Restated) (percent of revenues) System revenue $ 1,614,594 $ 3,662,774 36.7 % 46.3 % Maintenance revenue 2,615,024 2,829,740 59.4 % 35.8 % Service and other revenue 171,823 1,415,947 3.9 % 17.9 % Total revenues $ 4,401,441 $ 7,908,461 100.0 % 100.0 % |
Note 2 - Restatement of Previ_2
Note 2 - Restatement of Previously Issued Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | December 31, 2019 March 31, 2020 (unaudited) June 30, 2020 (unaudited) September 30, 2020 (unaudited) As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated Balance Sheets Accounts Receivable (including long term) $ 4,791,559 $ 2,342,489 $ 3,882,850 $ 1,615,474 $ 3,757,362 $ 1,989,344 $ 3,420,732 $ 1,669,570 Contract assets $ 1,037,364 $ 0 $ 862,624 $ 0 $ 776,373 $ 0 $ 740,774 $ 0 Contract liabilities $ 3,148,410 $ 0 $ 2,628,972 $ 0 $ 2,281,383 $ 0 $ 2,164,580 $ 0 Deferred tax liability $ 543,000 $ 465,000 $ 438,000 $ 357,000 $ 433,000 $ 373,000 $ 387,000 $ 312,000 Stockholders' Equity $ 4,617,246 $ 4,357,224 $ 4,623,402 $ 4,354,374 $ 4,664,320 $ 4,461,312 $ 4,750,525 $ 4,498,169 Year ended Three Months Ended Three Months Ended December 31, 2019 March 31, 2020 (unaudited) June 30, 2020 (unaudited) Statements of Operations As Reported As Restated As Reported As Restated As Reported As Restated Revenues $ 7,505,371 $ 7,908,461 $ 1,307,376 $ 1,125,630 $ 1,212,551 $ 1,133,071 Cost of sales $ 1,715,054 $ 2,457,077 $ 401,888 $ 227,148 $ 183,536 $ 97,285 Gross profit $ 5,790,317 $ 5,451,384 $ 905,488 $ 898,482 $ 1,029,015 $ 1,035,786 Selling, general and administrative expenses $ 4,853,767 $ 4,528,567 $ 932,790 $ 937,790 $ 1,037,504 $ 975,254 Income (loss) from operations $ 936,550 $ 922,817 $ (27,302 ) $ (39,308 ) $ (8,489 ) $ 60,532 Net income (loss) $ 815,998 $ 805,265 $ (1,188 ) $ (10,194 ) $ 33,574 $ 81,595 Earnings (loss) per Share: Basic $ 0.18 $ 0.18 $ (0.00 ) $ (0.00 ) $ 0.01 $ 0.02 Diluted $ 0.18 $ 0.18 $ (0.00 ) $ (0.00 ) $ 0.01 $ 0.02 Six Months Ended Three Months Ended Nine Months Ended June 30, 2020 (unaudited) September 30, 2020 (unaudited) September 30, 2020 (unaudited) Statements of Operations As Reported As Restated As Reported As Restated As Reported As Restated Revenues $ 2,519,927 $ 2,258,701 $ 1,288,559 $ 1,188,612 $ 3,808,486 $ 3,447,313 Cost of sales $ 585,424 $ 324,433 $ 349,998 $ 314,399 $ 935,422 $ 638,832 Gross profit $ 1,934,503 $ 1,934,268 $ 938,561 $ 874,213 $ 2,873,064 $ 2,808,481 Selling, general and administrative expenses $ 1,970,294 $ 1,913,044 $ 843,781 $ 843,781 $ 2,814,075 $ 2,756,825 Income (loss) from operations $ (35,791 ) $ 21,224 $ 94,780 $ 30,432 $ 58,989 $ 51,656 Net income (loss) $ 32,386 $ 71,401 $ 78,861 $ 29,513 $ 111,247 $ 100,914 Earnings (loss) per Share: Basic $ 0.01 $ 0.02 $ 0.02 $ 0.01 $ 0.02 $ 0.02 Diluted $ 0.01 $ 0.02 $ 0.02 $ 0.01 $ 0.02 $ 0.02 |
Note 3 - Accounts Receivable (T
Note 3 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, December 31, 2020 2019 (As Restated) Accounts receivable - Current $ 1,381,347 $ 2,294,242 Less allowance for doubtful accounts (77,623 ) (42,623 ) Accounts receivable current - net $ 1,303,724 $ 2,251,619 Accounts receivable - Long-term $ 33,783 $ 90,870 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | December 31, December 31, 2020 2019 (As Restated) Accounts receivable allowance, beginning of year $ 42,623 $ 104,040 Provision adjustment 64,378 20,800 Write-off (29,378 ) (82,217 ) Accounts receivable allowance, end of year $ 77,623 $ 42,623 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, December 31, 2020 2019 Office equipment $ 49,294 $ 49,294 Vehicles 211,465 211,465 Total 260,759 260,759 Less: accumulated depreciation (229,916 ) (186,610 ) Property and equipment, net $ 30,843 $ 74,149 |
Note 6 - Operating Leases (Tabl
Note 6 - Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Leased Facilities 2021 $ 42,432 2022 9,200 Total Lease Payments 51,632 Less: Interest (1,951 ) Present value of lease liabilities $ 49,681 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2020 2019 (As Restated) Current tax expense $ 117,000 $ 189,000 Deferred tax (benefit) (214,000 ) (15,000 ) Total income tax expense (benefit) $ (97,000 ) $ 174,000 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 Amount Percent Amount Percent (As Restated) (As Restated) Expected federal tax $ 44,100 21.0 % $ 205,600 21.0 % Permanent differences 2,900 1.4 % (5,400 ) (0.6 )% State income tax, net of federal tax benefit 4,500 2.1 % 22,600 2.3 % Research and Development tax credit (48,000 ) (22.9 )% (29,000 ) 0.0 % Paycheck Protection Program loan forgiven (99,400 ) (47.4 )% 0 0.0 % Other (1,100 ) (0.5 )% (19,800 ) (2.0 )% Total $ (97,000 ) (46.3 )% $ 174,000 20.7 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 Current deferred tax asset (liabilities): (As Restated) Accounts payable and accrued expenses $ 20,000 $ 74,000 Accounts receivable (328,000 ) (553,000 ) Allowance for doubtful accounts 18,000 10,000 Inventory obsolescence 10,000 0 Prepaid expenses (72,000 ) (89,000 ) Customer deposits 38,000 59,000 Net current deferred tax liability (314,000 ) (499,000 ) Long-term deferred tax asset (liabilities): NOL - State 6,000 7,000 Foreign tax credit 43,000 40,000 R&D tax credit 17,000 0 Book - Tax depreciation (7,000 ) (13,000 ) Stock compensation 4,000 0 Net long-term deferred tax asset 63,000 34,000 Net deferred tax liability $ (251,000 ) $ (465,000 ) |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Years Ended December 31, 2020 2019 Basic and diluted earnings per share calculation: (As Restated) Net income to common stockholders $ 306,893 $ 805,265 Weighted average number of common shares outstanding - basic 4,486,788 4,491,135 Basic net income per share $ 0.07 $ 0.18 Weighted average number of common shares outstanding - diluted 4,497,599 4,500,027 Diluted net income per share $ 0.07 $ 0.18 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory Valuation Reserves, Ending Balance | $ 45,045 | $ 0 |
Inventory, Net, Total | 1,748,414 | 1,263,589 |
Inventory, Work in Process, Gross | 140,022 | 7,442 |
Research and Development Expense, Total | $ 283,421 | $ 272,156 |
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | UNITED STATES | ||
Concentration Risk, Percentage | 94.00% | 73.00% |
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | JAPAN | ||
Concentration Risk, Percentage | 0.00% | 16.00% |
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | AUSTRALIA | ||
Concentration Risk, Percentage | 1.00% | 5.00% |
Geographic Concentration Risk [Member] | Accounts Receivable [Member] | UNITED STATES | ||
Concentration Risk, Percentage | 86.00% | 88.00% |
Geographic Concentration Risk [Member] | Accounts Receivable [Member] | AUSTRALIA | ||
Concentration Risk, Percentage | 9.00% | 3.00% |
Geographic Concentration Risk [Member] | Accounts Receivable [Member] | South America [Member] | ||
Concentration Risk, Percentage | 0.00% | |
Minimum [Member] | ||
Contract with Customer, Liability, Interest Rate | 1.00% | |
Property, Plant and Equipment, Useful Life (Year) | 2 years | |
Maximum [Member] | ||
Contract with Customer, Liability, Interest Rate | 6.00% | |
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Major Customers (Details) - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue Benchmark [Member] | ||
Percent of revenue | 100.00% | 100.00% |
Revenue Benchmark [Member] | Major Customers [Member] | ||
Percent of revenue | 10.20% | 30.60% |
Revenue Benchmark [Member] | Other Customer [Member] | ||
Percent of revenue | 89.80% | 69.40% |
Accounts Receivable [Member] | ||
Percent of revenue | 100.00% | 100.00% |
Accounts Receivable [Member] | Major Customers [Member] | ||
Percent of revenue | 40.50% | 49.40% |
Accounts Receivable [Member] | Other Customer [Member] | ||
Percent of revenue | 59.50% | 50.60% |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Disaggregated Revenues by Major Product Line (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total revenues | $ 1,188,612 | $ 1,133,071 | $ 1,125,630 | $ 2,258,701 | $ 3,447,313 | $ 4,401,441 | $ 7,908,461 |
Percent of revenues | 100.00% | 100.00% | |||||
System [Member] | |||||||
Total revenues | $ 1,614,594 | $ 3,662,774 | |||||
Percent of revenues | 36.70% | 46.30% | |||||
Maintenance [Member] | |||||||
Total revenues | $ 2,615,024 | $ 2,829,740 | |||||
Percent of revenues | 59.40% | 35.80% | |||||
Service and Other [Member] | |||||||
Total revenues | $ 171,823 | $ 1,415,947 | |||||
Percent of revenues | 3.90% | 17.90% |
Note 2 - Restatement of Previ_3
Note 2 - Restatement of Previously Issued Financial Statements (Details Textual) - USD ($) | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Stockholders' Equity Attributable to Parent, Ending Balance | $ 4,693,493 | $ 4,498,169 | $ 4,461,312 | $ 4,354,374 | $ 4,357,224 | $ 3,549,447 |
Revision of Prior Period, Adjustment [Member] | ||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ (249,000) |
Note 2 - Restatement of Previ_4
Note 2 - Restatement of Previously Issued Financial Statements - Schedule of Error Corrections and Prior Period Adjustments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable (including long term) | $ 1,669,570 | $ 1,989,344 | $ 1,615,474 | $ 1,989,344 | $ 1,669,570 | $ 2,342,489 | ||
Contract assets | 0 | 0 | 0 | 0 | 0 | 0 | ||
Contract liabilities | 0 | 0 | 0 | 0 | 0 | 0 | ||
Deferred tax liability | 312,000 | 373,000 | 357,000 | 373,000 | 312,000 | $ 251,000 | 465,000 | |
Stockholders' Equity | 4,498,169 | 4,461,312 | 4,354,374 | 4,461,312 | 4,498,169 | 4,693,493 | 4,357,224 | $ 3,549,447 |
Revenues | 1,188,612 | 1,133,071 | 1,125,630 | 2,258,701 | 3,447,313 | 4,401,441 | 7,908,461 | |
Cost of sales | 314,399 | 97,285 | 227,148 | 324,433 | 638,832 | 1,073,523 | 2,457,077 | |
Gross profit | 874,213 | 1,035,786 | 898,482 | 1,934,268 | 2,808,481 | 3,327,918 | 5,451,384 | |
Selling, general and administrative expenses | 843,781 | 975,254 | 937,790 | 1,913,044 | 2,756,825 | 3,670,912 | 4,528,567 | |
Income (loss) from operations | 30,432 | 60,532 | (39,308) | 21,224 | 51,656 | (342,994) | 922,817 | |
Net income | $ 29,513 | $ 81,595 | $ (10,194) | $ 71,401 | $ 100,914 | $ 306,893 | $ 805,265 | |
Basic (in dollars per share) | $ 0.01 | $ 0.02 | $ 0 | $ 0.02 | $ 0.02 | $ 0.07 | $ 0.18 | |
Diluted net income per share (in dollars per share) | $ 0.01 | $ 0.02 | $ 0 | $ 0.02 | $ 0.02 | $ 0.07 | $ 0.18 | |
Previously Reported [Member] | ||||||||
Accounts Receivable (including long term) | $ 3,420,732 | $ 3,757,362 | $ 3,882,850 | $ 3,757,362 | $ 3,420,732 | $ 4,791,559 | ||
Contract assets | 740,774 | 776,373 | 862,624 | 776,373 | 740,774 | 1,037,364 | ||
Contract liabilities | 2,164,580 | 2,281,383 | 2,628,972 | 2,281,383 | 2,164,580 | 3,148,410 | ||
Deferred tax liability | 387,000 | 433,000 | 438,000 | 433,000 | 387,000 | 543,000 | ||
Stockholders' Equity | 4,750,525 | 4,664,320 | 4,623,402 | 4,664,320 | 4,750,525 | 4,617,246 | ||
Revenues | 1,288,559 | 1,212,551 | 1,307,376 | 2,519,927 | 3,808,486 | 7,505,371 | ||
Cost of sales | 349,998 | 183,536 | 401,888 | 585,424 | 935,422 | 1,715,054 | ||
Gross profit | 938,561 | 1,029,015 | 905,488 | 1,934,503 | 2,873,064 | 5,790,317 | ||
Selling, general and administrative expenses | 843,781 | 1,037,504 | 932,790 | 1,970,294 | 2,814,075 | 4,853,767 | ||
Income (loss) from operations | 94,780 | (8,489) | (27,302) | (35,791) | 58,989 | 936,550 | ||
Net income | $ 78,861 | $ 33,574 | $ (1,188) | $ 32,386 | $ 111,247 | $ 815,998 | ||
Basic (in dollars per share) | $ 0.02 | $ 0.01 | $ 0 | $ 0.01 | $ 0.02 | $ 0.18 | ||
Diluted net income per share (in dollars per share) | $ 0.02 | $ 0.01 | $ 0 | $ 0.01 | $ 0.02 | $ 0.18 |
Note 3 - Accounts Receivable -
Note 3 - Accounts Receivable - Accounts Receivable (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable - Current | $ 1,381,347 | $ 2,294,242 | |
Less allowance for doubtful accounts | (77,623) | (42,623) | $ (104,040) |
Accounts receivable, net of allowance for doubtful accounts of $77,623 and $42,623 at December 31, 2020 and December 31, 2019, respectively. | 1,303,724 | 2,251,619 | |
Accounts receivable - Long-term | $ 33,783 | $ 90,870 |
Note 3 - Accounts Receivable _2
Note 3 - Accounts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts receivable allowance, beginning of year | $ 42,623 | $ 104,040 |
Provision adjustment | 64,378 | 20,800 |
Write-off | (29,378) | (82,217) |
Accounts receivable allowance, end of year | $ 77,623 | $ 42,623 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation, Total | $ 43,306 | $ 47,952 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Property and Equipment (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Property and equipment | $ 260,759 | $ 260,759 |
Less: accumulated depreciation | (229,916) | (186,610) |
Property and equipment, net | 30,843 | 74,149 |
Office Equipment [Member] | ||
Property and equipment | 49,294 | 49,294 |
Vehicles [Member] | ||
Property and equipment | $ 211,465 | $ 211,465 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) | Feb. 08, 2021 | Dec. 21, 2020 | Dec. 31, 2020 | Apr. 14, 2020 | Feb. 29, 2020 |
SBA CARES Act Paycheck Protection Program [Member] | |||||
Debt Instrument, Face Amount | $ 473,400 | ||||
Debt Instrument, Decrease, Forgiveness | $ 473,400 | ||||
SBA CARES Act Paycheck Protection Program [Member] | Subsequent Event [Member] | |||||
Debt Instrument, Face Amount | $ 473,400 | ||||
Debt Instrument, Term (Year) | 2 years | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||
Revolving Credit Facility [Member] | General Credit Agreement [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | ||||
Long-term Line of Credit, Total | $ 0 | ||||
Debt Instrument, Prime Rate Floor | 3.75% |
Note 6 - Operating Leases (Deta
Note 6 - Operating Leases (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.00% | |
Operating Lease, Cost | $ 62,271 | $ 65,166 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 1 year 29 days |
Note 6 - Operating Leases - Mat
Note 6 - Operating Leases - Maturities of Lease (Details) | Dec. 31, 2020USD ($) |
2021 | $ 42,432 |
2022 | 9,200 |
Total Lease Payments | 51,632 |
Less: Interest | (1,951) |
Present value of lease liabilities | $ 49,681 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Details Textual) - USD ($) | Jan. 08, 2021 | Jan. 08, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | May 10, 2018 |
Treasury Stock, Shares, Ending Balance (in shares) | 149,946 | 149,946 | |||
Treasury Stock, Value, Ending Balance | $ 245,631 | $ 245,631 | |||
Treasury Stock, Shares, Acquired (in shares) | 0 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 29,400 | ||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 0 | 3,000 | |||
Stock Issued During Period, Value, Issued for Services | $ 0 | $ 9,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 0 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 50,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 117,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 20,000 | 30,000 | |||
Restricted Stock [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 10,000 | ||||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 20,000 | ||||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 10,000 | ||||
Maximum [Member] | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 200,000 | ||||
Stock Repurchase Program, Authorized Amount | $ 600,000 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | Dec. 31, 2020USD ($) |
Operating Loss Carryforwards, Total | $ 77,000 |
Note 8 - Income Taxes - Income
Note 8 - Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax expense | $ 117,000 | $ 189,000 |
Deferred tax (benefit) | (214,000) | (15,000) |
Total income tax expense (benefit) | $ (97,000) | $ 174,000 |
Note 8 - Income Taxes - Incom_2
Note 8 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Expected federal tax | $ 44,100 | $ 205,600 |
Expected federal tax, percent | 21.00% | 21.00% |
Permanent differences | $ 2,900 | $ (5,400) |
Permanent differences, percent | 1.40% | (0.60%) |
State income tax, net of federal tax benefit | $ 4,500 | $ 22,600 |
State income tax, net of federal tax benefit, percent | 2.10% | 2.30% |
Research and Development tax credit | $ (48,000) | $ (29,000) |
Research and Development tax credit, percent | (22.90%) | 0.00% |
Paycheck Protection Program loan forgiven | $ (99,400) | $ 0 |
Paycheck Protection Program loan forgiven | (47.40%) | 0.00% |
Other | $ (1,100) | $ (19,800) |
Other, percent | (0.50%) | (2.00%) |
Total income tax expense (benefit) | $ (97,000) | $ 174,000 |
Total, percent | (46.30%) | 20.70% |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts payable and accrued expenses | $ 20,000 | $ 74,000 |
Accounts receivable | (328,000) | (553,000) |
Allowance for doubtful accounts | 18,000 | 10,000 |
Inventory obsolescence | 10,000 | 0 |
Prepaid expenses | (72,000) | (89,000) |
Customer deposits | 38,000 | 59,000 |
Net current deferred tax liability | (314,000) | (499,000) |
NOL - State | 6,000 | 7,000 |
Foreign tax credit | 43,000 | 40,000 |
R&D tax credit | 17,000 | 0 |
Book - Tax depreciation | (7,000) | (13,000) |
Stock compensation | 4,000 | 0 |
Net long-term deferred tax asset | 63,000 | 34,000 |
Net deferred tax liability | $ (251,000) | $ (465,000) |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) | 12 Months Ended |
Dec. 31, 2020shares | |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | 10,800 |
Note 9 - Earnings Per Share - B
Note 9 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic and diluted earnings per share calculation: | |||||||
Net income to common stockholders | $ 306,893 | $ 805,265 | |||||
Weighted average number of common shares outstanding - basic (in shares) | 4,486,788 | 4,491,135 | |||||
Basic net income per share (in dollars per share) | $ 0.01 | $ 0.02 | $ 0 | $ 0.02 | $ 0.02 | $ 0.07 | $ 0.18 |
Weighted average number of common shares outstanding - diluted (in shares) | 4,497,599 | 4,500,027 | |||||
Diluted net income per share (in dollars per share) | $ 0.01 | $ 0.02 | $ 0 | $ 0.02 | $ 0.02 | $ 0.07 | $ 0.18 |