Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 10, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001090396 | |
Entity Registrant Name | Table Trac INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-32987 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 88-0336568 | |
Entity Address, Address Line One | 6101 Baker Road, Suite 206 | |
Entity Address, City or Town | Minnetonka | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55345 | |
City Area Code | 952 | |
Local Phone Number | 548-8877 | |
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 | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,654,365 |
Condensed Balance Sheets (Curre
Condensed Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 4,496,840 | $ 3,489,771 |
Short-term investments | 1,522,654 | 1,502,805 |
Accounts receivable, net | 1,350,301 | 2,109,193 |
Inventory, net | 2,836,837 | 2,904,158 |
Prepaid expenses | 547,475 | 364,886 |
Net investment in sales type leases - current | 65,280 | 64,310 |
TOTAL CURRENT ASSETS | 10,819,387 | 10,435,123 |
LONG-TERM ASSETS | ||
Accounts receivable - long-term | 681,480 | 891,351 |
Property and equipment, net | 54,652 | 38,357 |
Net investment in sales type leases - long term | 97,319 | 113,621 |
Software development cost | 15,857 | 16,691 |
Operating lease right-of-use assets | 215,421 | 243,171 |
TOTAL LONG-TERM ASSETS | 1,064,729 | 1,303,191 |
TOTAL ASSETS | 11,884,116 | 11,738,314 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 361,648 | 305,664 |
Customer deposits | 849,630 | 785,805 |
Current portion of operating lease liabilities | 116,842 | 114,294 |
Income tax payable | 400,226 | 165,226 |
TOTAL CURRENT LIABILITIES | 1,728,346 | 1,370,989 |
LONG-TERM LIABILITIES | ||
Operating lease liabilities | 96,668 | 126,760 |
Deferred tax liability | 169,000 | 341,000 |
TOTAL LIABILITIES | 1,994,014 | 1,838,749 |
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.001 par value; 25,000,000 shares authorized: 4,756,734 shares issued; and 4,634,865 shares outstanding at March 31, 2024 and December 31, 2023. | 4,635 | 4,635 |
Additional paid-in capital | 2,371,706 | 2,346,483 |
Retained earnings | 7,736,969 | 7,771,655 |
Stockholders' Equity before Treasury Stock | 10,113,310 | 10,122,773 |
Treasury stock, 121,869 shares (at cost) at March 31, 2024 and December 31, 2023. | (223,208) | (223,208) |
TOTAL STOCKHOLDERS’ EQUITY | 9,890,102 | 9,899,565 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 11,884,116 | $ 11,738,314 |
Condensed Balance Sheets (Cur_2
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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) | 4,756,734 | 4,756,734 |
Common stock, shares outstanding (in shares) | 4,634,865 | 4,634,865 |
Treasury stock, shares (in shares) | 121,869 | 121,869 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 2,020,795 | $ 2,302,410 |
Cost of sales | 544,201 | 421,841 |
Gross profit | 1,476,594 | 1,880,569 |
Operating expenses: | ||
Selling, general and administrative | 1,489,022 | 1,543,786 |
Income (loss) from operations | (12,428) | 336,783 |
Other income | 1,006 | 0 |
Interest income | 86,083 | 88,478 |
Income before taxes | 74,661 | 425,261 |
Income tax expense | 63,000 | 89,400 |
Net income | $ 11,661 | $ 335,861 |
Net income per share - basic (in dollars per share) | $ 0 | $ 0.07 |
Diluted net income per share (in dollars per share) | $ 0 | $ 0.07 |
Weighted-average shares outstanding - basic (in shares) | 4,574,365 | 4,551,988 |
Weighted-average shares outstanding - diluted (in shares) | 4,601,471 | 4,626,930 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 4,621,988 | ||||
Balance at Dec. 31, 2022 | $ 4,622 | $ 2,207,030 | $ 6,297,639 | $ (233,599) | $ 8,275,692 |
Stock compensation expense (in shares) | 0 | ||||
Stock compensation expense | $ 0 | 25,224 | 0 | 0 | 25,224 |
Stock issued to employee from treasury (in shares) | 10,000 | ||||
Stock issued to employee from treasury | $ 10 | (7,552) | 0 | 7,542 | 0 |
Net income (loss) | $ 0 | 0 | 335,861 | 0 | 335,861 |
Cash dividend declared | 0 | ||||
Balance (in shares) at Mar. 31, 2023 | 4,631,988 | ||||
Balance at Mar. 31, 2023 | $ 4,632 | 2,224,702 | 6,633,500 | (226,057) | 8,636,777 |
Balance (in shares) at Dec. 31, 2023 | 4,634,865 | ||||
Balance at Dec. 31, 2023 | $ 4,635 | 2,346,483 | 7,771,655 | (223,208) | 9,899,565 |
Stock compensation expense (in shares) | 0 | ||||
Stock compensation expense | $ 0 | 25,223 | 0 | 0 | 25,223 |
Net income (loss) | $ 0 | 0 | 11,661 | 0 | 11,661 |
Cash dividend declared | 0 | (46,347) | 0 | (46,347) | |
Balance (in shares) at Mar. 31, 2024 | 4,634,865 | ||||
Balance at Mar. 31, 2024 | $ 4,635 | $ 2,371,706 | $ 7,736,969 | $ (223,208) | $ 9,890,102 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING ACTIVITIES | ||
Net income | $ 11,661 | $ 335,861 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,105 | 0 |
Deferred income taxes | (172,000) | (43,000) |
Provision for credit losses | (16,723) | 0 |
Stock compensation expense | 25,223 | 25,224 |
Accrued interest on short-term investment | (19,849) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 985,485 | 528,445 |
Inventory | 67,321 | (163,814) |
Prepaid expenses | (182,589) | (36,658) |
Net investment in sales type leases | 15,332 | 11,041 |
Accounts payable, accrued expenses and other | 9,843 | 10,056 |
Payroll liabilities | 0 | 40,387 |
Customer deposits | 63,825 | (407,924) |
Income tax receivable and payable | 235,000 | 132,400 |
Net cash provided by in operating activities | 1,025,634 | 432,017 |
INVESTING ACTIVITIES | ||
Capital expenditures | (18,565) | 0 |
Net cash used in investing activities | (18,565) | 0 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,007,069 | 432,017 |
CASH AND CASH EQUIVALENTS | ||
Beginning of period | 3,489,771 | 4,786,923 |
End of period | 4,496,840 | 5,218,940 |
Non-cash investing and financing activities: | ||
Treasury stock cost related to compensation | 0 | 7,542 |
Accrual of cash dividend declared | $ 46,347 | $ 0 |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Nature of Business and Summary of Significant Accounting Policies – Basis of Presentation The accompanying unaudited condensed financial statements of Table Trac, Inc. (the “Company,” or “Table Trac”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10 10 X. March 31, 2024 and the condensed statements of operations, stockholders’ equity and cash flows for the three March 31, 2024 2023 are unaudited but include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial position at such date and the operating results and cash flows for those periods. Certain information normally included in financial statements and related footnotes prepared in accordance with generally accepted accounting principles has been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The accompanying financial statements should be read in conjunction with the financial statements and notes included in the Table Trac, Inc. Annual Report on Form 10 December 31, 2023 Nature of Business Table Trac was formed under the laws of the State of Nevada in June 1995. Table Trac provides system sales and technical support to casinos. System sales include installation, custom casino system configurations, and training. In addition, license, technical support and other services are provided under separate license and service contracts. 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 collectibility, the nature and timing of satisfaction of performance obligations, and determining the standalone selling price (“SSP”) of performance obligations, realizability of accounts receivable, and the valuation of allowance for credit losses, deferred tax assets and liabilities, and inventory. Actual results could differ from those estimates, and the difference could be significant. For further information about our critical accounting estimates, see the discussion in Item 7, 10 December 31, 2023. There were no three March 31, 2024 The Company’s significant accounting policies are described in Note 1 10 December 31, 2023 Concentrations of Risk The Company maintains its cash balances at two $250,000 . At times throughout the year, the Company’s cash balances exceeded amounts insured by the FDIC. The Company doesn’t believe it is exposed to any significant credit risk on its cash balances. Cash equivalents represent money market funds or short-term investments with original maturities of three Stock-Based Compensation The Company's stock-based compensation consists of stock options and restricted stock issued to certain company employees, directors and non-employees. 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. For stock options, the Company recognizes compensation expense based on an estimated grant date fair value using the Black-Scholes option-pricing model. The Company has elected to account for forfeitures as they occur and to use the simplified method to determine the expected life of stock options. Revenue The Company derives revenues from the sale or leasing of systems, license and maintenance fees and other services. 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. Lease Revenue The Company derives a portion of its revenue from a sales type leasing arrangement in accordance with ASC 842. Service Revenue and Other Revenue Service revenue is recognized upon completion of the services and is billed in arrears. The SSP for service revenue is established based upon actual selling prices for the services or prior similar arrangements. Other revenue includes DataTrac, kiosks and related promotional programs and miscellaneous sales of equipment. Revenue is recognized upon completion of services or delivery of equipment and is billed in arrears. 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 SSP 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 three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 2024 2023 (percent of revenues) System revenue $ 304,709 $ 815,580 15.1 % 35.4 % Maintenance revenue 1,281,138 1,206,996 63.4 % 52.5 % Service and other revenue 434,948 279,834 21.5 % 12.1 % Total revenues $ 2,020,795 $ 2,302,410 100.0 % 100.0 % See Major Customers for disaggregated revenue information about primary geographical markets. 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, including lease and non-lease components. 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 We recognize a contract asset when our performance under a contract precedes our receipt of consideration from a customer, or before payment is due, and our receipt of consideration is conditional upon factors other than the passage of time. A contract asset is recognized when we have an unconditional right to payment for our performance. Our contract asset consists of our in-process installations, for which we have an enforceable right to collect consideration (including a reasonable profit) in the event the services are cancelled by customers. As of March 31, 2024 December 31, 2023, no As of January 1, 2023, The collectability assessment requires the company to use judgement and consider all relevant facts and circumstances. Management exercises judgment in its assessment of collectability of customer funds by considering payment history, current credit status, and available information about the financial condition of the customer, among other factors. As of March 31, 2024 December 31, 2023, imately $2,275,285 and $ 2,392,560 for systems installed under contract have not may 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 approxim ately 1% to 6% and we b Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses. 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 Short-term Investments The Company currently has one seven three may nt was $1,522,654 and $0 as of March 31, 2024 2023, Accounts Receivable / Allowance for credit losses 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 income is recorded upon receipt on the statements of operations. We maintain an allowance for credit losses for accounts receivable, which is recorded as an offset to accounts receivable, and changes in such are classified as general and administrative expense in the Condensed Statements of Operations. We assess collectibility by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when we identify specific customers with known disputes or collectibility issues. In determining the amount of the allowance for credit losses, we consider historical collectibility based on past due status and make judgments about the creditworthiness of customers based on ongoing credit evaluations. We also consider customer-specific information, current market conditions, and reasonable and supportable forecasts of future economic conditions. Management believes that receivables, net of the allowance for credit losses, are fully collectable. Accounts receivable are written off when management determines collection is no may not not Major Customers The following table summarizes the Company's major customers' information for the three March 31, 2024 2023 For the Three Months Ended March 31, 2024 2023 % Revenues % AR % Revenues % AR Major 31.4 % 11.6 % 42.9 % 41.7 % All Others 68.6 % 88.4 % 57.1 % 58.3 % Total 100.0 % 100.0 % 100.0 % 100.0 % For the three March 31, 2024 2023 States repr esen t 84.6 % and 93.1%, of to tal revenue A major customer is defined as any customer that represents at least 10% 10% 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 March 31, 2024 December 31, 2023, value was and March 31, 2024 December 31, 2023, of $447,897 and $117,218 as March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 any had $68,090 and $2,348 of prep Net Investment in Sales Type Lease Net investment in leases are recognized when the Company's leases qualify as sales-type leases. The net investment in leases is initially measured at the present value of the fixed lease payments, discounted at the rate implicit in the lease. 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 Leases The Company determines if an arrangement is a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The right to control the use of an asset includes the right to obtain substantially all of the economic benefits of the underlying asset and the right to direct how and for what purpose the asset is used. Right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s 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. As most of the Company’s leases do not not 842 twelve Rent expense, including the effects of lease incentives, is recognized on a straight-line basis over the term of the lease. Research and Development Expenditures for research and development costs are expensed as incurred. Research and development expense we re $17,430 and $16,275 for the three months ended March 31, 2024 and 2023 , respectively, and are included in selling, general and administrative expenses on the condensed statements of operations. Software Development Costs We expense software development costs, including cost to develop software products to be sold, licensed or marketed to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products. As a result, $0 of development costs met these criteria, no three months ended March 31, 2024 and 2023 five 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 basic shares as of the beginning of the period in which the vesting conditions are satisfied. (See Note 8 |
Note 2 - Accounts Receivable
Note 2 - Accounts Receivable | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 2. Accounts Receivable – Accounts receivable consisted of the following at: March 31, December 31, 2024 2023 Accounts receivable - current $ 1,402,198 $ 2,177,813 Less allowance for credit losses (51,897 ) (68,620 ) Accounts receivable current - net $ 1,350,301 $ 2,109,193 Accounts receivable - long-term $ 681,480 $ 891,351 A roll-forward of the Company’s allowance for credit losses for the three March 31, 2024 March 31, March 31, 2024 2023 Allowance for credit losses, beginning of period $ 68,620 $ 62,000 Additions(reductions) (16,723 ) 15,430 Write-off 0 0 Accounts receivable allowance for credit losses, end of period 51,897 77,430 |
Note 3 - Net Investment in Sale
Note 3 - Net Investment in Sales Type Lease | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessor, Sales-type Leases [Text Block] | 3. Net Investment in Sales Type Lease – In January 2021, five At inception, the Company recorded $210,782 in "Net investment in sales type leases" and derecognized $139,521 from “Inventory" on its condensed balance sheet. As a result of this transaction the Company recognized $10,846 and $6,794 in profit from sales type leases in its condensed statements of operations for the three months ended March 31, 2024 and 2023, three March 31, 2024 and 2023 In December 2022, five At inception, the Company recorded a total $98,279 in "Net investment in sales type leases" and derecognized $46,533 from “Inventory" on its balance sheet. As a result of this transaction the Company recognized $4,487 and $4,247 in profit from sales type leases in its condensed statements of operations for the three months ended March 31, 2024 and 2023 three March 31, 2024 and 2023 The future minimum lease payments receivable for sales type leases are as follows: Amount 2024 (remainder) 53,775 2025 71,700 2026 26,875 2027 22,800 Total undiscounted cash flows 175,150 Present value discount 12,551 Net investment in lease as of March 31, 2024 $ 162,599 The current portion of $65,280 and $64,310 are included in Current Assets on the condensed balance sheet as of March 31, 2024 and December 31, 2023, March 31, 2024 and December 31, 2023, not not |
Note 4 - Operating Leases
Note 4 - Operating Leases | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 4. Operating Leases – We lease space under non-cancelable operating leases for our three not not Our leases include one On May 18, 2021, July 31, 2025. September 20, 2022, August 31, 2025. August 24, 2023, 36 August 31, 2026. Our leases do not For the three months ended March 31, 2024 and 2023, re and , respectively Maturities of our lease liabilities for all operating leases are as follows as of March 31, 2024 Leased Facilities 2024 (remainder) 91,557 2025 95,030 2026 40,496 Total Lease Payments 227,083 Less: Interest 13,573 Present value of lease liabilities $ 213,510 The weighted average remaining lease t erm equals 2.0 years March 31, 2024 |
Note 5 - Bank Financing
Note 5 - Bank Financing | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. Bank Financing – Revolving Credit Line The Company has a revolving credit line of up to $500,000 that expires on February 1, 2025. no three months ended March 31, 2024 . Interest on outstanding borrowings is payable monthly and charged at the Prime Rate, which was 8.25%, subject to a floor of 3.75% during the three March 31, 2024 . |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 6. Stockholders’ Equity – Cash Dividend On March 14, 2024, March 31, 2024 April 19, 2024, April 5, 2024. Stock Compensation On May 14, 2021, 2021 not ten On May 14, 2021, On March 25, 2022, five March 25, 2023. On December 15, 2022, March 25, 2022 May 14, 2021. March 31, 2024. 718 2022 selling, general and administrative expenses . Lastly, Mr. Siqveland will receive twelve two April 15, 2023 $33,500 January 15, 2024. September 30, 2023 December 31, 2022, On December 16, 2022, 2022 On March 12, 2023, three On September 30 2023, not On December 19, 2023, 2023 The Company has 60,500 shares of restricted stock outstanding as of March 31, 2024. March 31, 2023. For the three ending March 31, 2024 2023, For the three ending March 31, 2024 2023, The fair value of the Company’s stock options issued was estimated using a Black-Scholes option pricing model with the following weighted-average assumptions: The unvested stock compensation expense is expected to be recognized over a weighted average period of approximately three March 31 , 2024 2023, oximately $218,430 and $319,000, respectively. The following table summarizes additional information about stock options outstanding and exercisable at March 31, 2024 : Options Outstanding Options Exercisable Options Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value Options Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value 99,750 5.48 $ 3.25 $ 64,700 87,250 $ 3.36 $ 50,450 The following table summarizes the activity of all stock options outstanding for the three March 31, 2024 2023 2024 2023 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding at beginning of year 119,750 $ 2.97 101,500 $ 2.97 Granted 0 0 - 0 Exercised 0 0 0 0 Forfeited (20,000 ) 2.42 0 0 Balance at March 31: 99,750 $ 3.25 101,500 $ 2.97 Options Exercisable at March 31: 87,250 $ 3.36 76,500 $ 3.15 |
Note 7 - Income Tax
Note 7 - Income Tax | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. Income Tax – 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, 2020 2022, March 31, 2024 not twelve The Company may |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. Earnings Per Share – The Company computes earnings per share under two The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the three March 31, 2024 2023 For the Three Months Ended March 31, 2024 2023 Basic and diluted earnings per share calculation: Net income to common stockholders $ 11,661 $ 335,861 Weighted average number of common shares outstanding - basic 4,574,365 4,551,988 Basic net income per share $ 0.00 $ 0.07 Weighted average number of common shares outstanding - diluted 4,601,471 4,626,930 Diluted net income per share $ 0.00 $ 0.07 For the three month period ended March 31, 2024 and 2023, |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Item 5. None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed financial statements of Table Trac, Inc. (the “Company,” or “Table Trac”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10 10 X. March 31, 2024 and the condensed statements of operations, stockholders’ equity and cash flows for the three March 31, 2024 2023 are unaudited but include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial position at such date and the operating results and cash flows for those periods. Certain information normally included in financial statements and related footnotes prepared in accordance with generally accepted accounting principles has been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The accompanying financial statements should be read in conjunction with the financial statements and notes included in the Table Trac, Inc. Annual Report on Form 10 December 31, 2023 |
Nature of Business [Policy Text Block] | Nature of Business Table Trac was formed under the laws of the State of Nevada in June 1995. Table Trac provides system sales and technical support to casinos. System sales include installation, custom casino system configurations, and training. In addition, license, technical support and other services are provided under separate license and service contracts. |
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 collectibility, the nature and timing of satisfaction of performance obligations, and determining the standalone selling price (“SSP”) of performance obligations, realizability of accounts receivable, and the valuation of allowance for credit losses, deferred tax assets and liabilities, and inventory. Actual results could differ from those estimates, and the difference could be significant. For further information about our critical accounting estimates, see the discussion in Item 7, 10 December 31, 2023. There were no three March 31, 2024 The Company’s significant accounting policies are described in Note 1 10 December 31, 2023 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Risk The Company maintains its cash balances at two $250,000 . At times throughout the year, the Company’s cash balances exceeded amounts insured by the FDIC. The Company doesn’t believe it is exposed to any significant credit risk on its cash balances. Cash equivalents represent money market funds or short-term investments with original maturities of three |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company's stock-based compensation consists of stock options and restricted stock issued to certain company employees, directors and non-employees. 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. For stock options, the Company recognizes compensation expense based on an estimated grant date fair value using the Black-Scholes option-pricing model. The Company has elected to account for forfeitures as they occur and to use the simplified method to determine the expected life of stock options. |
Revenue [Policy Text Block] | Revenue The Company derives revenues from the sale or leasing of systems, license and maintenance fees and other services. 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. Lease Revenue The Company derives a portion of its revenue from a sales type leasing arrangement in accordance with ASC 842. Service Revenue and Other Revenue Service revenue is recognized upon completion of the services and is billed in arrears. The SSP for service revenue is established based upon actual selling prices for the services or prior similar arrangements. Other revenue includes DataTrac, kiosks and related promotional programs and miscellaneous sales of equipment. Revenue is recognized upon completion of services or delivery of equipment and is billed in arrears. 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 SSP 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 three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 2024 2023 (percent of revenues) System revenue $ 304,709 $ 815,580 15.1 % 35.4 % Maintenance revenue 1,281,138 1,206,996 63.4 % 52.5 % Service and other revenue 434,948 279,834 21.5 % 12.1 % Total revenues $ 2,020,795 $ 2,302,410 100.0 % 100.0 % See Major Customers for disaggregated revenue information about primary geographical markets. 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, including lease and non-lease components. 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 We recognize a contract asset when our performance under a contract precedes our receipt of consideration from a customer, or before payment is due, and our receipt of consideration is conditional upon factors other than the passage of time. A contract asset is recognized when we have an unconditional right to payment for our performance. Our contract asset consists of our in-process installations, for which we have an enforceable right to collect consideration (including a reasonable profit) in the event the services are cancelled by customers. As of March 31, 2024 December 31, 2023, no As of January 1, 2023, The collectability assessment requires the company to use judgement and consider all relevant facts and circumstances. Management exercises judgment in its assessment of collectability of customer funds by considering payment history, current credit status, and available information about the financial condition of the customer, among other factors. As of March 31, 2024 December 31, 2023, imately $2,275,285 and $ 2,392,560 for systems installed under contract have not may 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 approxim ately 1% to 6% and we b |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses. 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 |
Investment, Policy [Policy Text Block] | Short-term Investments The Company currently has one seven three may nt was $1,522,654 and $0 as of March 31, 2024 2023, |
Receivable [Policy Text Block] | Accounts Receivable / Allowance for credit losses 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 income is recorded upon receipt on the statements of operations. We maintain an allowance for credit losses for accounts receivable, which is recorded as an offset to accounts receivable, and changes in such are classified as general and administrative expense in the Condensed Statements of Operations. We assess collectibility by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when we identify specific customers with known disputes or collectibility issues. In determining the amount of the allowance for credit losses, we consider historical collectibility based on past due status and make judgments about the creditworthiness of customers based on ongoing credit evaluations. We also consider customer-specific information, current market conditions, and reasonable and supportable forecasts of future economic conditions. Management believes that receivables, net of the allowance for credit losses, are fully collectable. Accounts receivable are written off when management determines collection is no may not not |
Major Customers [Policy Text Block] | Major Customers The following table summarizes the Company's major customers' information for the three March 31, 2024 2023 For the Three Months Ended March 31, 2024 2023 % Revenues % AR % Revenues % AR Major 31.4 % 11.6 % 42.9 % 41.7 % All Others 68.6 % 88.4 % 57.1 % 58.3 % Total 100.0 % 100.0 % 100.0 % 100.0 % For the three March 31, 2024 2023 States repr esen t 84.6 % and 93.1%, of to tal revenue A major customer is defined as any customer that represents at least 10% 10% |
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 March 31, 2024 December 31, 2023, value was and March 31, 2024 December 31, 2023, of $447,897 and $117,218 as March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 any had $68,090 and $2,348 of prep |
Lessor, Leases [Policy Text Block] | Net Investment in Sales Type Lease Net investment in leases are recognized when the Company's leases qualify as sales-type leases. The net investment in leases is initially measured at the present value of the fixed lease payments, discounted at the rate implicit in the lease. |
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 |
Lessee, Leases [Policy Text Block] | Leases The Company determines if an arrangement is a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The right to control the use of an asset includes the right to obtain substantially all of the economic benefits of the underlying asset and the right to direct how and for what purpose the asset is used. Right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s 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. As most of the Company’s leases do not not 842 twelve Rent expense, including the effects of lease incentives, is recognized on a straight-line basis over the term of the lease. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenditures for research and development costs are expensed as incurred. Research and development expense we re $17,430 and $16,275 for the three months ended March 31, 2024 and 2023 , respectively, and are included in selling, general and administrative expenses on the condensed statements of operations. |
Software to be Sold, Leased, or Otherwise Marketed, Policy [Policy Text Block] | Software Development Costs We expense software development costs, including cost to develop software products to be sold, licensed or marketed to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products. As a result, $0 of development costs met these criteria, no three months ended March 31, 2024 and 2023 five |
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 basic shares as of the beginning of the period in which the vesting conditions are satisfied. (See Note 8 |
Note 1 - Nature of Business a_2
Note 1 - Nature of Business and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2024 2023 2024 2023 (percent of revenues) System revenue $ 304,709 $ 815,580 15.1 % 35.4 % Maintenance revenue 1,281,138 1,206,996 63.4 % 52.5 % Service and other revenue 434,948 279,834 21.5 % 12.1 % Total revenues $ 2,020,795 $ 2,302,410 100.0 % 100.0 % |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | For the Three Months Ended March 31, 2024 2023 % Revenues % AR % Revenues % AR Major 31.4 % 11.6 % 42.9 % 41.7 % All Others 68.6 % 88.4 % 57.1 % 58.3 % Total 100.0 % 100.0 % 100.0 % 100.0 % |
Note 2 - Accounts Receivable (T
Note 2 - Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2024 2023 Accounts receivable - current $ 1,402,198 $ 2,177,813 Less allowance for credit losses (51,897 ) (68,620 ) Accounts receivable current - net $ 1,350,301 $ 2,109,193 Accounts receivable - long-term $ 681,480 $ 891,351 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | March 31, March 31, 2024 2023 Allowance for credit losses, beginning of period $ 68,620 $ 62,000 Additions(reductions) (16,723 ) 15,430 Write-off 0 0 Accounts receivable allowance for credit losses, end of period 51,897 77,430 |
Note 3 - Net Investment in Sa_2
Note 3 - Net Investment in Sales Type Lease (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Sales-Type and Direct Financing Leases, Payment to be Received, Maturity [Table Text Block] | Amount 2024 (remainder) 53,775 2025 71,700 2026 26,875 2027 22,800 Total undiscounted cash flows 175,150 Present value discount 12,551 Net investment in lease as of March 31, 2024 $ 162,599 |
Note 4 - Operating Leases (Tabl
Note 4 - Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Leased Facilities 2024 (remainder) 91,557 2025 95,030 2026 40,496 Total Lease Payments 227,083 Less: Interest 13,573 Present value of lease liabilities $ 213,510 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Options Outstanding Options Exercisable Options Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value Options Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value 99,750 5.48 $ 3.25 $ 64,700 87,250 $ 3.36 $ 50,450 |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | 2024 2023 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding at beginning of year 119,750 $ 2.97 101,500 $ 2.97 Granted 0 0 - 0 Exercised 0 0 0 0 Forfeited (20,000 ) 2.42 0 0 Balance at March 31: 99,750 $ 3.25 101,500 $ 2.97 Options Exercisable at March 31: 87,250 $ 3.36 76,500 $ 3.15 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, 2024 2023 Basic and diluted earnings per share calculation: Net income to common stockholders $ 11,661 $ 335,861 Weighted average number of common shares outstanding - basic 4,574,365 4,551,988 Basic net income per share $ 0.00 $ 0.07 Weighted average number of common shares outstanding - diluted 4,601,471 4,626,930 Diluted net income per share $ 0.00 $ 0.07 |
Note 1 - Nature of Business a_3
Note 1 - Nature of Business and Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | |||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Jan. 01, 2023 USD ($) | |
Accounts Receivable, after Allowance for Credit Loss | $ 3,392,281 | |||
Contract with Customer, Asset, Allowance for Credit Loss | $ 2,275,285 | $ 2,392,560 | ||
Number of Certificates of Deposit | 1 | |||
Certificates of Deposit, Term (Month) | 7 months | |||
Certificates of Deposit, Interest Rate | 5.25% | |||
Short-Term Investments | $ 1,522,654 | 0 | $ 1,502,805 | |
Inventory Valuation Reserves | 8,752 | 8,768 | ||
Inventory, Net | 2,836,837 | 2,904,158 | ||
Inventory, Work in Process, Gross | 447,897 | 117,218 | ||
Prepaid Supplies | 68,090 | |||
Research and Development Expense | 17,430 | 16,275 | ||
Capitalized Contract Cost, Gross | $ 0 | $ 0 | ||
Capitalized Contract Cost, Amortization Period (Year) | 5 years | |||
Prepaid Expenses and Other Current Assets [Member] | ||||
Prepaid Supplies | $ 2,348 | |||
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | UNITED STATES | ||||
Concentration Risk, Percentage | 84.60% | 93.10% | ||
Minimum [Member] | ||||
Contract with Customer, Liability, Interest Rate | 1% | |||
Property, Plant and Equipment, Useful Life (Year) | 2 years | |||
Maximum [Member] | ||||
Contract with Customer, Liability, Interest Rate | 6% | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||
Customer Deposits [Member] | ||||
Contract with Customer, Liability | $ 1,485,622 |
Note 1 - Nature of Business a_4
Note 1 - Nature of Business and Summary of Significant Accounting Policies - Disaggregated Revenues by Major Product Line (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total revenues | $ 2,020,795 | $ 2,302,410 |
Percent of revenues | 100% | 100% |
System [Member] | ||
Total revenues | $ 304,709 | $ 815,580 |
Percent of revenues | 15.10% | 35.40% |
Maintenance [Member] | ||
Total revenues | $ 1,281,138 | $ 1,206,996 |
Percent of revenues | 63.40% | 52.50% |
Service and Other [Member] | ||
Total revenues | $ 434,948 | $ 279,834 |
Percent of revenues | 21.50% | 12.10% |
Note 1 - Nature of Business a_5
Note 1 - Nature of Business and Summary of Significant Accounting Policies - Major Customers (Details) - Customer Concentration Risk [Member] | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue Benchmark [Member] | ||
Percent of revenue | 100% | 100% |
Revenue Benchmark [Member] | Major Customers [Member] | ||
Percent of revenue | 31.40% | 42.90% |
Revenue Benchmark [Member] | Other Customer [Member] | ||
Percent of revenue | 68.60% | 57.10% |
Accounts Receivable [Member] | ||
Percent of revenue | 100% | 100% |
Accounts Receivable [Member] | Major Customers [Member] | ||
Percent of revenue | 11.60% | 41.70% |
Accounts Receivable [Member] | Other Customer [Member] | ||
Percent of revenue | 88.40% | 58.30% |
Note 2 - Accounts Receivable -
Note 2 - Accounts Receivable - Accounts Receivable (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts receivable - current | $ 1,402,198 | $ 2,177,813 |
Less allowance for credit losses | (51,897) | (68,620) |
Accounts receivable current - net | 1,350,301 | 2,109,193 |
Accounts receivable - long-term | $ 681,480 | $ 891,351 |
Note 2 - Accounts Receivable _2
Note 2 - Accounts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Allowance for credit losses, beginning of period | $ 68,620 | $ 62,000 |
Additions(reductions) | (16,723) | 15,430 |
Write-off | 0 | 0 |
Accounts receivable allowance for credit losses, end of period | $ 51,897 | $ 77,430 |
Note 3 - Net Investment in Sa_3
Note 3 - Net Investment in Sales Type Lease (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | |
Sales-Type Lease, Net Investment in Lease, after Allowance for Credit Loss, Current | $ 65,280 | $ 64,310 | |||
Sales-Type Lease, Net Investment in Lease, after Allowance for Credit Loss, Noncurrent | 97,319 | $ 113,621 | |||
January 2021 [Member] | |||||
Lessor, Sales-type Lease, Term of Contract (Year) | 5 years | ||||
Lessor, Sales-type Lease, Implied Interest Rate | 6% | ||||
Sales-Type Lease, Net Investment in Lease, after Allowance for Credit Loss | $ 210,782 | ||||
Inventory Derecognized for Sales-type Leases | $ 139,521 | ||||
Sales-type Lease, Lease Income | 10,846 | $ 6,794 | |||
Sales-type Lease, Interest Income | 1,379 | 2,809 | |||
December 2022 [Member] | |||||
Lessor, Sales-type Lease, Term of Contract (Year) | 5 years | ||||
Lessor, Sales-type Lease, Implied Interest Rate | 6% | ||||
Sales-Type Lease, Net Investment in Lease, after Allowance for Credit Loss | $ 98,279 | ||||
Inventory Derecognized for Sales-type Leases | $ 46,533 | ||||
Sales-type Lease, Lease Income | 4,487 | 4,247 | |||
Sales-type Lease, Interest Income | $ 1,191 | $ 1,453 |
Note 3 - Net Investment in Sa_4
Note 3 - Net Investment in Sales Type Lease - Future Minimum Lease Payments Receivable (Details) | Mar. 31, 2024 USD ($) |
2024 (remainder) | $ 53,775 |
2025 | 71,700 |
2026 | 26,875 |
2027 | 22,800 |
Total undiscounted cash flows | 175,150 |
Present value discount | 12,551 |
Net investment in lease as of March 31, 2024 | $ 162,599 |
Note 4 - Operating Leases (Deta
Note 4 - Operating Leases (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Sep. 20, 2022 | May 18, 2021 | |
Lessee, Operating Lease, Discount Rate | 8.25% | |||
Operating Lease, Cost | $ 27,750 | $ 14,508 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years | |||
MINNESOTA | ||||
Lessee, Operating Lease, Term of Contract (Month) | 48 months | |||
OKLAHOMA | ||||
Lessee, Operating Lease, Term of Contract (Month) | 36 months |
Note 4 - Operating Leases - Mat
Note 4 - Operating Leases - Maturities of Lease (Details) | Mar. 31, 2024 USD ($) |
2024 (remainder) | $ 91,557 |
2025 | 95,030 |
2026 | 40,496 |
Total Lease Payments | 227,083 |
Less: Interest | 13,573 |
Present value of lease liabilities | $ 213,510 |
Note 5 - Bank Financing (Detail
Note 5 - Bank Financing (Details Textual) - Revolving Credit Facility [Member] - General Credit Agreement [Member] | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 |
Long-term Line of Credit, Total | $ 0 |
Debt Instrument, Basis Spread on Variable Rate | 8.25% |
Debt Instrument, Prime Rate Floor | 3.75% |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Apr. 19, 2024 | Jan. 15, 2024 | Dec. 19, 2023 | Sep. 30, 2023 | Apr. 15, 2023 | Mar. 12, 2023 | Dec. 16, 2022 | Dec. 15, 2022 | Mar. 25, 2022 | May 14, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Mar. 14, 2024 | |
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.01 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 19,500 | 16,500 | 70,000 | 0 | 0 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ 128,726 | ||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 218,430 | $ 319,000 | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 38,331 | $ 37,969 | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 60,500 | 80,000 | |||||||||||||
Subsequent Event [Member] | |||||||||||||||
Payments of Ordinary Dividends, Common Stock | $ 46,437 | ||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 20,000 | ||||||||||||||
Robert Siqveland [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 20,000 | 20,000 | |||||||||||||
Severance Costs | $ 33,500 | $ 100,500 | |||||||||||||
Robert Siqveland [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||||||
Severance Costs | $ 34,750 | $ 141,500 | |||||||||||||
Chief Financial Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 30,000 | ||||||||||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||||||||
Share-Based Payment Arrangement, Expense | $ 5,746 | $ 5,746 | |||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | ||||||||||||||
Share-Based Payment Arrangement, Option [Member] | Vesting Immediately [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||||||
Share-Based Payment Arrangement, Option [Member] | Vesting Each Subsequent Year [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||||||
Share-Based Payment Arrangement, Option [Member] | Robert Siqveland [Member] | |||||||||||||||
Share-Based Payment Arrangement, Expense | $ 37,000 | ||||||||||||||
Restricted Stock [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,877 | 10,000 | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 7,620 | $ 50,500 | $ 7,620 | ||||||||||||
Share-Based Payment Arrangement, Expense | $ 19,477 | $ 19,477 | |||||||||||||
Restricted Stock [Member] | Robert Siqveland [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 12,500 | 12,500 | |||||||||||||
Share-Based Payment Arrangement, Expense | $ 39,000 | ||||||||||||||
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) | 87,500 | ||||||||||||||
Restricted Stock [Member] | Chief Financial Officer and Corporate Secretary [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | ||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 349,000 | ||||||||||||||
Restricted Stock [Member] | Chief Financial Officer and Corporate Secretary [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,000 | ||||||||||||||
The 2021 Stock Incentive Plan [Member] | 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, Number of Shares Authorized (in shares) | 500,000 | ||||||||||||||
Accounts Payable and Accrued Liabilities [Member] | |||||||||||||||
Dividends Payable, Current | $ 46,437 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Summary of Additional Information About Stock Options Outstanding and Exercisable (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 99,750 | 119,750 | 101,500 | 101,500 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 5 years 5 months 23 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 3.25 | $ 2.97 | $ 2.97 | $ 2.97 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 64,700 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 87,250 | 76,500 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 3.36 | $ 3.15 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ 50,450 |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity - Share-based Compensation by Award (Details) - $ / shares | 3 Months Ended | ||||
Dec. 19, 2023 | Dec. 16, 2022 | May 14, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | |
Options outstanding (in shares) | 119,750 | 101,500 | |||
Options outstanding, weighted average exercise price (in dollars per share) | $ 2.97 | $ 2.97 | |||
Granted (in shares) | 19,500 | 16,500 | 70,000 | 0 | 0 |
Granted, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | |||
Exercised (in shares) | 0 | 0 | |||
Exercised, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | |||
Forfeited (in shares) | (20,000) | 0 | |||
Forfeited, weighted average exercise price (in dollars per share) | $ 2.42 | $ 0 | |||
Options outstanding (in shares) | 99,750 | 101,500 | |||
Options outstanding, weighted average exercise price (in dollars per share) | $ 3.25 | $ 2.97 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 87,250 | 76,500 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 3.36 | $ 3.15 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment (in shares) | 27,106 | 74,942 |
Note 8 - Earnings Per Share - B
Note 8 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic and diluted earnings per share calculation: | ||
Net income to common stockholders | $ 11,661 | $ 335,861 |
Weighted average number of common shares outstanding - basic (in shares) | 4,574,365 | 4,551,988 |
Basic net income per share (in dollars per share) | $ 0 | $ 0.07 |
Weighted average number of common shares outstanding - diluted (in shares) | 4,601,471 | 4,626,930 |
Diluted net income per share (in dollars per share) | $ 0 | $ 0.07 |