Uniroyal Global Engineered Products (UNIR) 10-Q 5 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 01, 2018
Entity Registrant Name	UNIROYAL GLOBAL ENGINEERED PRODUCTS, INC.
Entity Trading Symbol	UNIR
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Entity Central Index Key	1,172,706
Current Fiscal Year End Date	--12-30
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Ordinary Common Stock [Member]
Entity Common Stock, Shares Outstanding		17,070,928
Common Class B [Member]
Entity Common Stock, Shares Outstanding		1,619,102

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 1,169,302	$ 1,267,319
Accounts receivable, net	15,012,234	15,167,468
Inventories, net	19,313,479	19,769,662
Other current assets	838,643	846,362
Related party receivable	50,223	37,116
Total Current Assets	36,383,881	37,087,927
PROPERTY AND EQUIPMENT, NET	19,124,549	17,289,058
OTHER ASSETS
Intangible assets	3,280,909	3,295,896
Goodwill	1,079,175	1,079,175
Other long-term assets	3,770,255	3,902,246
Total Other Assets	8,130,339	8,277,317
TOTAL ASSETS	63,638,769	62,654,302
CURRENT LIABILITIES
Checks issued in excess of bank balance	731,076	686,640
Lines of credit	19,013,818	19,340,468
Current maturities of long-term debt	1,232,750	1,155,490
Current maturities of capital lease obligations	405,345	408,425
Accounts payable	10,733,519	10,358,761
Accrued expenses and other liabilities	3,947,831	3,594,684
Related party obligation	876,145	286,955
Current portion of postretirement benefit liability - health and life	143,287	143,287
Total Current Liabilities	37,083,771	35,974,710
LONG-TERM LIABILITIES
Long-term debt, less current portion	3,350,776	2,467,433
Capital lease obligations, less current portion	207,645	531,218
Related party lease financing obligation	2,458,028	2,153,327
Long-term debt to related parties	2,306,262	2,765,655
Postretirement benefit liability - health and life, less current portion	2,508,774	2,547,076
Other long-term liabilities	680,343	822,492
Total Long-Term Liabilities	11,511,828	11,287,201
Total Liabilities	48,595,599	47,261,911
STOCKHOLDERS' EQUITY
Preferred units, Series A UEP Holdings, LLC, 200,000 units issued and outstanding ($100 issue price)	617,571	617,571
Preferred units, Series B UEP Holdings, LLC, 150,000 units issued and outstanding ($100 issue price)	463,179	463,179
Preferred stock, Uniroyal Global (Europe) Limited, 50 shares issued and outstanding ($1.51 stated value)	75	75
Common stock, 95,000,000 shares authorized ($.001 par value) 18,690,030 shares issued and outstanding as of both September 30, 2018 and December 31, 2017	18,690	18,690
Additional paid-in capital	35,200,603	34,944,972
Accumulated deficit	(20,433,493)	(20,276,944)
Accumulated other comprehensive loss	(823,455)	(375,152)
Total Stockholders' Equity	15,043,170	15,392,391
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 63,638,769	$ 62,654,302

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Assets [Abstract]
Series A UEP Holdings LLC par value	$ 100	$ 100
Series A UEP Holdings LLC shares issued	200,000	200,000
Series A UEP Holdings LLC shares outstanding	200,000	200,000
Series B UEP Holdings LLC par value	$ 100	$ 100
Series B UEP Holdings LLC shares issued	150,000	150,000
Series B UEP Holdings LLC shares outstanding	150,000	150,000
Preferred stock, Uniroyal Global (Europe) Limited shares Par value	$ 1.51	$ 1.51
Preferred stock, Uniroyal Global (Europe) Limited shares issued	50	50
Preferred stock, Uniroyal Global (Europe) Limited shares outstanding	50	50
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	95,000,000	95,000,000
Common Stock, shares issued	18,690,030	18,690,030
Common Stock, shares outstanding	18,690,030	18,690,030

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Oct. 01, 2017
Revenues [Abstract]
NET SALES	$ 24,322,532	$ 22,498,456	$ 76,775,452	$ 74,334,434
COST OF GOODS SOLD	20,112,796	18,310,782	63,184,044	59,434,030
Gross Profit	4,209,736	4,187,674	13,591,408	14,900,404
OPERATING EXPENSES:
Selling	1,075,064	1,285,822	3,624,145	3,896,166
General and administrative	1,587,656	1,543,689	5,194,622	5,294,935
Research and development	408,256	483,221	1,260,784	1,454,179
OPERATING EXPENSES	3,070,976	3,312,732	10,079,551	10,645,280
Operating Income	1,138,760	874,942	3,511,857	4,255,124
OTHER EXPENSE:
Interest and other debt related expense	(488,905)	(418,698)	(1,418,932)	(1,217,348)
Other expense	(22,956)	(115,482)	(8,894)	(108,607)
Net Other Expense	(511,861)	(534,180)	(1,427,826)	(1,325,955)
INCOME BEFORE TAX PROVISION	626,899	340,762	2,084,031	2,929,169
TAX PROVISION (BENEFIT)	(132,670)	65,170	(89,670)	491,099
NET INCOME	759,569	275,592	2,173,701	2,438,070
Preferred stock dividend	(769,687)	(753,145)	(2,330,250)	(2,230,381)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$ (10,118)	$ (477,553)	$ (156,549)	$ 207,689
EARNINGS (LOSS) PER COMMON SHARE:
Basic	$ 0	$ (0.03)	$ (0.01)	$ 0.01
Diluted	$ 0	$ (0.03)	$ (0.01)	$ 0.01
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic	18,690,030	18,698,030	18,690,030	18,708,427
Diluted	18,690,030	18,698,030	18,690,030	18,794,087

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Oct. 01, 2017
COMPREHENSIVE INCOME
NET INCOME	$ 759,569	$ 275,592	$ 2,173,701	$ 2,438,070
OTHER COMPREHENSIVE INCOME (LOSS):
Minimum benefit liability adjustment	(29,931)		(89,393)
Foreign currency translation adjustment	(65,932)	340,329	(358,910)	882,483
OTHER COMPREHENSIVE INCOME (LOSS)	(95,863)	340,329	(448,303)	882,483
COMPREHENSIVE INCOME	663,706	615,921	1,725,398	3,320,553
Preferred stock dividend	(769,687)	(753,145)	(2,330,250)	(2,230,381)
COMPREHENSIVE INCOME (LOSS) TO COMMON SHAREHOLDERS	$ (105,981)	$ (137,224)	$ (604,852)	$ 1,090,172

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($)	UEPH Series A Units [Member]	UEPH Series B Units [Member]	UGEL Preferred Shares [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accmulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance at Dec. 31, 2017	$ 617,571	$ 463,179	$ 75	$ 18,690	$ 34,944,972	$ (20,276,944)	$ (375,152)	$ 15,392,391
Balance, shares at Dec. 31, 2017	200,000	150,000	50	18,690,030
Net Income						2,173,701		2,173,701
Other comprehensive loss							(448,303)	(448,303)
Stock-based compensation expense					255,631			255,631
Preferred stock dividend						(2,330,250)		(2,330,250)
Balance at Sep. 30, 2018	$ 617,571	$ 463,179	$ 75	$ 18,690	$ 35,200,603	$ (20,433,493)	$ (823,455)	$ 15,043,170
Balance, shares at Sep. 30, 2018	200,000	150,000	50	18,690,030

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 2,173,701	$ 2,438,070
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation	1,620,069	1,330,957
Stock-based compensation expense	255,631	308,655
Amortization of intangible assets	18,753	15,003
Loss on disposal of property and equipment	48,380	10,863
Noncash postemployment health and life benefit	(89,393)
Changes in assets and liabilities:
Accounts receivable	(164,748)	118,162
Inventories	132,267	(3,534,845)
Other current assets	(13,552)	547,933
Related party receivable	(13,107)	26,426
Other long-term assets	51,740	(35,560)
Accounts payable	625,564	1,835,573
Accrued expenses and other liabilities	431,754	490,680
Postretirement benefit liability - health and life	(38,302)	(11,193)
Other long-term liabilities	(117,935)	(207,133)
Cash provided by Operating Activities	4,920,822	3,333,591
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(3,063,256)	(1,588,485)
Payments on life insurance policies, net of proceeds from sale of life insurance policy	(122,299)	(316,671)
Cash used in Investing Activities	(3,185,555)	(1,905,156)
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in checks issued in excess of bank balance	44,436	150,079
Net advances on lines of credit	642,034	2,029,826
Payments on long-term debt	(629,743)	(418,712)
Proceeds from issuance of long-term debt	560,677
Payments on capital lease obligations	(304,383)	(289,189)
Net change in related party obligation	204,498	(278,004)
Payment of preferred stock dividends	(2,325,640)	(2,204,199)
Purchase and retirement of treasury stock		(99,840)
Cash used in Financing Activities	(1,808,121)	(1,110,039)
Net Change in Cash and Cash equivalents	(72,854)	318,396
Cash and Cash equivalents - beginning of Period	1,267,319	1,321,586
Effects of currency translation on cash and cash equivalents	(25,163)	111,147
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 1,169,302	$ 1,751,129

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared based upon U.S. Securities and Exchange Commission rules that permit reduced disclosure for interim periods. Therefore, they do not include all information and footnote disclosures necessary for a complete presentation of Uniroyal Global Engineered Products, Inc.’s financial position, results of operations and cash flows, in conformity with generally accepted accounting principles. Uniroyal Global Engineered Products, Inc. (the “Company,” “Uniroyal Global,” “we,” or “us”) filed audited consolidated financial statements as of and for the fiscal years ended December 31, 2017 and January 1, 2017 which included all information and notes necessary for such complete presentation in conjunction with its 2017 Annual Report on Form 10-K. The results of operations for the interim period ended September 30, 2018 are not necessarily indicative of the results to be expected for any future period or the entire fiscal year. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2017, which are contained in the Company’s 2017 Annual Report on Form 10-K. The Company owns all of the ownership interests in Uniroyal Engineered Products, LLC (“Uniroyal”) and its holding company UEP Holdings, LLC (“UEPH”), a U.S. manufacturer of textured coatings, and all of the ordinary common stock of Uniroyal Global (Europe) Limited (“UGEL”) formerly known as Engineered Products Acquisition Limited (“EPAL”), the holding company for Uniroyal Global Limited (“UGL”) formerly Wardle Storeys (Earby) Limited (“Wardle Storeys”), a European manufacturer of textured coatings and polymer films. The Company and its subsidiaries have adopted a 52/53-week fiscal year ending on the Sunday nearest to December 31. The current year ending December 30, 2018 and the prior year ended December 31, 2017 are 52-week years. The accompanying unaudited interim consolidated financial statements contain all adjustments (consisting of normal recurring items) which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of September 30, 2018 and the results of operations, comprehensive income and cash flows for the interim periods ended September 30, 2018 and October 1, 2017. The unaudited interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company uses the U.S. dollar as the reporting currency for financial reporting. The financial position and results of operations of the Company’s U.K.-based operations are measured using the British Pound Sterling as the functional currency. See Note 5, Foreign Currency Translation.

Noncash Transactions and Supple

Noncash Transactions and Supplemental Disclosure of Cash Flow Information	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Noncash Transactions and Supplemental Disclosure of Cash Flow Information	2. Noncash Transactions and Supplemental Disclosure of Cash Flow Information During the nine months ended September 30, 2018, the Company reduced its borrowings on its lines of credit with additional borrowings of $925,657 on its term loan with Wells Fargo Capital Finance, LLC. During the nine months ended September 30, 2018 and October 1, 2017, the Company paid down $294,639 and $295,168, respectively, of its term loans using available borrowings on its various lines of credit. During the nine months ended September 30, 2018 and October 1, 2017, the Company entered into several equipment financing obligations with fair values of $793,001 and $845,553, respectively, which are accounted for as capital assets. The fair values were added to property and equipment and a corresponding amount to capital lease or financing obligations. On April 1, 2018, the Company’s majority shareholder purchased the company owned life insurance policy on his life. The policy had a net value of $128,399 based on the cash surrender value of $578,490 and a policy loan outstanding in the amount of $450,091. After his assumption of a related party demand note payable in the amount of $125,000, the balance due of $3,399 was paid on April 17, 2018. Supplemental disclosure of cash paid for the nine months ended : September 30, 2018 October 1, 2017 Interest expense $ 1,344,520 $ 1,212,910 Income taxes $ - $ -

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2018
Derivatives
Derivatives	3. Derivatives The Company recognizes all of its derivative instruments as either assets or liabilities in the balance sheet at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, as to whether the hedge is a cash flow hedge or a fair value hedge. The Company incurs foreign currency risk on sales and purchases denominated in other currencies, primarily the British Pound Sterling and the Euro. Foreign currency exchange contracts are used by the Company principally to limit the exchange rate fluctuations of the Euro. The Euro risk is partially limited due to natural cash flow offsets. Currency exchange contracts are purchased for approximately 25% of the net risk. These contracts are not designated as cash flow hedges for accounting purposes. Changes in fair value of these contracts are reported in Other Expense in the accompanying Consolidated Statements of Operations.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2018
Fair Value Of Financial Instruments
Fair Value of Financial Instruments	4. Fair Value of Financial Instruments The Company’s short-term financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and lines of credit. The Company adjusts the carrying value of financial instruments denominated in other currencies such as cash, receivables, accounts payable and lines of credit using the appropriate exchange rates at the balance sheet date. The Company believes that the carrying values of these short-term financial instruments approximate their estimated fair values. The fair value of the Company’s long-term debt is estimated based on current rates for similar instruments with the same remaining maturities. In determining the current interest rates for similar instruments, the Company takes into account its risk of nonperformance. The Company believes that the carrying value of its long-term debt approximates its estimated fair value. The Company uses foreign currency exchange contracts which are recorded at their estimated fair values in the accompanying Consolidated Balance Sheets. The fair values of the contracts at September 30, 2018 and December 31, 2017 were a net liability of $24,462 included in other current liabilities and a net asset of $13,292 included in other current assets, respectively. The fair values of the currency exchange contracts are based upon observable market transactions of spot and forward rates. For the nine months ended September 30, 2018, there have been no changes in the application of valuation methods applied to similar assets and liabilities.

Foreign Currency Translation

Foreign Currency Translation	9 Months Ended
	Sep. 30, 2018
Foreign Currency Translation [Abstract]
Foreign Currency Translation	5. Foreign Currency Translation The financial position and results of operations of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities of operations denominated in foreign currencies are translated into U.S. dollars at exchange rates in effect at the balance sheet date, while the capital accounts are translated at the historical rate for the date they were recognized. Revenues and expenses are translated at the weighted average exchange rates during the reporting period. The resulting translation gains and losses on assets and liabilities are recorded in accumulated other comprehensive income (loss) and are excluded from net income until realized through a sale or liquidation of the investment. Transaction gains and losses generated from the remeasurement of assets and liabilities denominated in currencies other than the functional currency of our foreign operations are included in Other Expense in the accompanying Consolidated Statements of Operations.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2018
Inventory Disclosure [Abstract]
Inventories	6. Inventories Inventories consist of the following: September 30, 2018 December 31, 2017 Raw materials $ 6,210,864 $ 5,572,253 Work-in-process 4,719,018 5,342,359 Finished goods 9,855,066 10,377,480 20,784,948 21,292,092 Less: Allowance for inventory obsolescence (1,471,469 ) (1,522,430 ) Total Inventories $ 19,313,479 $ 19,769,662

Other Long-term Assets

Other Long-term Assets	9 Months Ended
	Sep. 30, 2018
Other Assets, Noncurrent [Abstract]
Other Long-term Assets	7. Other Long-term Assets Other long-term assets consist of the following: September 30, 2018 December 31, 2017 Deferred tax asset $ 3,096,173 $ 3,167,092 Other 674,082 735,154 Total Other Long-term Assets $ 3,770,255 $ 3,902,246

Other Long-term Liabilities

Other Long-term Liabilities	9 Months Ended
	Sep. 30, 2018
Other Liabilities, Noncurrent [Abstract]
Other Long-term Liabilities	8. Other Long-term Liabilities Other long-term liabilities consist of the following: September 30, 2018 December 31, 2017 Deferred tax liability $ 669,379 $ 793,145 Other 10,964 29,347 Total Other Long-term Liabilities $ 680,343 $ 822,492

Lines of Credit

Lines of Credit	9 Months Ended
	Sep. 30, 2018
Line of Credit Facility [Abstract]
Line of Credit	9. Lines of Credit The Company’s Uniroyal subsidiary has available a $30,000,000 revolving line of credit financing agreement with Wells Fargo Capital Finance, LLC (“Uniroyal Line of Credit”), which matures on October 17, 2019. Interest is payable monthly at the Eurodollar rate plus 2.25% or Wells Fargo Capital Finance, LLC's prime rate at the Company's election on outstanding balances up to $6,000,000 and prime rate on amounts in excess of $6,000,000. Borrowings on the line of credit are subject to the underlying borrowing base specified in the agreement. The underlying borrowing base is currently determined based upon eligible accounts receivable, inventories and equipment. The line of credit is secured by substantially all of Uniroyal's assets and includes certain financial and restrictive covenants. The outstanding balance on the Uniroyal Line of Credit was $9,652,050 and $10,376,881 as of September 30, 2018 and December 31, 2017, respectively. The Company has classified the outstanding balance on this line of credit within current liabilities in the accompanying Consolidated Balance Sheets. The Company’s U.K. subsidiary has available a £10,000,000 (approximately $13.0 million) revolving line of credit financing agreement with Lloyds Bank Commercial Finance Limited (“U.K. Line of Credit”), which is subject to a six-month notice by either party. The line has several tranches based on currency or underlying security. Interest is payable monthly at the base rate (U.K. LIBOR or Lloyds Bank Base Rate as published) plus 1.95% to 2.45% depending on the tranche. Borrowings on the line of credit are subject to the underlying borrowing base specified in the agreement. The underlying borrowing base is currently determined based upon eligible accounts receivable and inventories. The line of credit is secured by substantially all of the subsidiary's assets and includes certain financial and restrictive covenants. The outstanding balance on the U.K. Line of Credit was £7,175,792 and £6,631,172 ($9,361,768 and $8,963,587) as of September 30, 2018 and December 31, 2017, respectively. The Company has classified the outstanding balance on this line of credit within current liabilities in the accompanying Consolidated Balance Sheets.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2018
Long-term Debt, by Current and Noncurrent [Abstract]
Long-Term Debt	10. Long-term Debt Long-term debt consists of the following: Interest Rate September 30, 2018 December 31, 2017 Wells Fargo Capital Finance, LLC Prime $ 1,492,449 $ 792,525 Lloyds Bank Commercial Finance Limited LIBOR + 3.15% 36,965 107,238 Kennet Equipment Leasing Limited 10.90% 516,976 691,830 Balboa Capital Corporation 5.72% - 73,113 Regents Capital Corporation 7.41% 154,351 240,350 De Lage Landen Financial Services 7.35% 74,848 96,123 Ford Motor Credit 4.31% 30,112 36,662 Byline Financial Group 8.55% 11,701 28,344 Regents Capital Corporation 6.20% 238,846 284,852 Regents Capital Corporation 6.47% 260,587 306,702 Regents Capital Corporation 6.50% 129,776 152,169 BB&T Equipment Finance Corporation 4.02% 696,951 813,015 Regents Capital Corporation 6.99% 166,522 - Lloyds Bank Commercial Finance Limited LIBOR + 3.50% 460,920 - Lloyds Bank Commercial Finance Limited 4.23% 79,266 - BB&T Equipment Finance Corporation 5.12% 233,256 - 4,583,526 3,622,923 Less: Current portion (1,232,750 ) (1,155,490 ) Long-term Portion $ 3,350,776 $ 2,467,433 In January 2018, the Company signed an agreement with Lloyds Bank Commercial Finance Limited (“Lloyds”) whereby Lloyds will advance funds in three tranches to finance the construction and purchase of a regenerative thermal oxidizer to be used in the Company’s U.K. manufacturing facility. The maximum amount of this financing obligation is £1,177,650 or approximately $1,536,400. The balance of this financing obligation at September 30, 2018 was £353,295 ($460,920), which reflected the first tranche of funds advanced. The final tranche will be advanced after the completion of the equipment or approximately in November 2018. Monthly payments will begin in December 2018 and continue over a 60-month period at 3.50% above the base rate (LIBOR). The Company has entered into other financing agreements for the purchase of manufacturing equipment as reflected in the above table. Each agreement requires monthly payments at the indicated interest rate for 60-month periods.

Related Party Obligations

Related Party Obligations	9 Months Ended
	Sep. 30, 2018
Related Party Obligations
Related Party Obligations	11. Related Party Obligations Long-term debt to related parties consists of the following: Interest Rate September 30, 2018 December 31, 2017 Senior subordinated promissory note 9.25% $ 2,000,000 $ 2,000,000 Senior secured promissory note 10.00% 918,786 918,786 2,918,786 2,918,786 Less: Current portion (612,524 ) (153,131 ) Long-term Portion $ 2,306,262 $ 2,765,655 The Company has a lease financing obligation under which it leases its main U.S. manufacturing facility and certain other property from a related party lessor entity, accrues interest at 18.20% and currently requires monthly principal and interest payments of $36,964, which are adjusted annually based on the consumer price index. The balance of the related party lease financing obligation at September 30, 2018 reflected changes made to the lease agreement during the second quarter of 2018 in recognition of $355,000 of improvements to the leased facility. The lease financing obligation matures on October 31, 2033. The Company has security deposits aggregating $267,500 held by the lessor entity. The lease financing obligation is shown in the accompanying Consolidated Balance Sheets as Related Party Lease Financing Obligation which consists of the following: September 30, 2018 December 31, 2017 Related party lease financing obligation $ 2,496,649 $ 2,162,151 Less: Current portion (38,621 ) (8,824 ) Long-term Portion $ 2,458,028 $ 2,153,327 The current portions of the long-term debt to related parties and the related party lease financing obligation are combined and are shown in current liabilities as related party obligation. Also included in current liabilities as a related party obligation is a $225,000 subordinated secured promissory note issued to the Company’s majority shareholder on January 9, 2018. This promissory note, which is payable on demand, is at a rate of 8%. The $125,000 subordinated secured promissory note that was outstanding at December 31, 2017 was paid during the first quarter of 2018, while a $47,000 subordinated secured promissory note that was outstanding since February 2018 was paid during the third quarter of 2018. September 30, 2018 December 31, 2017 Current portion of long-term debt to related parties $ 612,524 $ 153,131 Current portion of related party lease financing 38,621 8,824 Related party subordinated secured promissory note 225,000 - Related party subordinated secured promissory note - 125,000 Related Party Obligation $ 876,145 $ 286,955

Capital Leases

Capital Leases	9 Months Ended
	Sep. 30, 2018
Capital Leases
Capital Leases	12. Capital Leases The Company has several capital leases on equipment which expire from October 1, 2018 through March 2021 with monthly lease payments ranging from approximately $1,563 to $27,370 per month. The capital lease obligations are secured by the related equipment. Assets recorded under capital leases are included in property and equipment in the accompanying Consolidated Balance Sheets. Amortization of items under capital lease obligations has been included with depreciation expense on owned property and equipment in the accompanying Consolidated Statements of Operations. Interest rates on these obligations range from 3.84% to 19.15%. Capital lease obligations consist of the following: September 30, 2018 December 31, 2017 Capital lease obligations $ 612,990 $ 939,643 Less: Current portion (405,345 ) (408,425 ) Long-term Portion $ 207,645 $ 531,218

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2018
AOCI Attributable to Parent [Abstract]
Accumulated Other Comprehensive Income (Loss)	13. Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) were as follows: Minimum Foreign Currency Total Balance at December 31, 2017 $ 564,757 $ (939,909 ) $ (375,152 ) Other comprehensive losses before - (358,910 ) (358,910 ) Reclassification adjustment for gains included (89,393 ) - (89,393 ) Balance at September 30, 2018 $ 475,364 $ (1,298,819 ) $ (823,455 ) The gains reclassified from accumulated other comprehensive income into income are recorded to the following income statement line items: Other Comprehensive Income (Loss) Component Income Statement Line Item Minimum Benefit Liability Adjustments General and administrative expense

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2018
Stock Options or Stock Based Compensation
Stock Based Compensation	14. Stock Based Compensation On June 25, 2015, the Company’s stockholders approved the adoption of the 2015 Stock Option Plan. This plan provides for the granting of options to purchase the Company’s common stock to employees and directors. The options granted are subject to a vesting schedule as set forth in each individual option agreement. Each option expires on the tenth anniversary of its date of grant unless an earlier termination date is provided in the grant agreement. The maximum aggregate number of shares of common stock that may be optioned and sold under the plan shall be 6% of the shares outstanding on the date of grant. The shares that may be optioned under the plan may be authorized but unissued or may be treasury shares. Compensation expense is recognized on a straight-line basis over a three-year vesting period from date of grant. Stock option activity for the nine months ended September 30, 2018 and October 1, 2017 is as follows: Stock Options Total Weighted Exercis- Weighted Non- Weighted Outstanding at January 1, 2017 997,750 $ 2.80 217,501 $ 2.37 780,249 $ 2.92 Granted - - - - - - Vested - - 330,913 2.80 (330,913 ) 2.80 Exercised - - - - - - Forfeited or cancelled (10,000 ) 2.97 (6,667 ) 2.67 (3,333 ) 3.57 Outstanding at October 1, 2017 987,750 $ 2.80 541,747 $ 2.63 446,003 $ 3.00 Outstanding at December 31, 2017 961,500 $ 2.80 527,165 $ 2.63 434,335 $ 3.00 Granted - - - - - - Vested - - 315,504 2.80 (315,504 ) 2.80 Exercised - - - - - - Forfeited or cancelled (15,000 ) 2.77 (8,334 ) 2.61 (6,666 ) 2.97 Outstanding at September 30, 2018 946,500 $ 2.80 834,335 $ 2.69 112,165 $ 3.57 Aggregate Intrinsic Value October 1, 2017 $ 51,000 $ 34,000 $ 17,000 Aggregate Intrinsic Value September 30, 2018 $ - $ - $ - Option expense recognized was $62,250 and $102,010 for the three months ended September 30, 2018 and October 1, 2017, respectively, and $255,631 and $308,655 for the nine months ended September 30, 2018 and October 1, 2017, respectively. As of September 30, 2018, there was $88,333 in unrecognized compensation cost related to the options granted under the 2015 Stock Option Plan. We expect to recognize those costs over the remaining vesting term of six months.

Recent Accounting Standards

Recent Accounting Standards	9 Months Ended
	Sep. 30, 2018
Recent Accounting Standards
Recent Accounting Standards	15. Recent Accounting Standards In May 2014, the Financial Accounting Standards Board issued a new standard, Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers." Under ASU 2014-09, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the new standard on January 1, 2018 using the modified retrospective method. This requires an adjustment to the opening balance of retained earnings to reflect the cumulative effect of initially applying the new standard to contracts that were not complete as of the adoption date. A contract that was not complete is defined as one for which all of the revenue was not recognized as of the adoption date. The Company did not record an adjustment to retained earnings since all of its contracts were considered complete before the adoption date. The adoption of this standard has not had a significant effect on the Company’s consolidated financial position, results of operations and cash flows. On February 25, 2016, the Financial Accounting Standards Board issued a new standard, ASU No. 2016-02, “Leases” and on July 30, 2018, it issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements.” Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current Generally Accepted Accounting Principles (GAAP), the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, the new ASU will require both types of leases to be recognized on the balance sheet. This standard will be effective for the Company on December 31, 2018. The Company continues its process of evaluating how significant the impact of the adoption of this standard will be as it recognizes lease assets and lease liabilities related to its operating leases. The Company anticipates that its total assets and liabilities will increase by the present value of the lease payments on its operating leases as the Company records previously unrecorded leases. However, the Company does not anticipate that there will be any significant impact on its results of operations and cash flows. On August 26, 2016, the Financial Accounting Standards Board issued a new standard, ASU No. 2016-15, “Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments.” The new standard applies to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company adopted the new standard on January 1, 2018. The adoption of this standard has not had a significant effect on the Company’s consolidated financial position, results of operations and cash flows. On January 26, 2017, the Financial Accounting Standards Board issued a new standard, ASU No. 2017-04, “Intangibles – Goodwill and Other – Simplifying the Test for Goodwill Impairment.” The new standard modifies the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. It will be effective for the Company on December 30, 2019. The Company is currently evaluating the effects this standard will have, if any, on its consolidated financial position, results of operations and cash flows together with evaluating the adoption date. On May 10, 2017, the Financial Accounting Standards Board issued a new standard, ASU No. 2017-09, “Compensation – Stock Compensation – Scope of Modification Accounting.” The new standard clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. The Company adopted this standard on January 1, 2018. The adoption of this standard has not had a significant effect on the Company’s consolidated financial position, results of operations and cash flows. On August 28, 2017, the Financial Accounting Standards Board issued a new standard, ASU No. 2017-12, “Derivatives and Hedging – Targeted Improvements to Accounting for Hedging Activities.” The objective of this new standard is to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities and to simplify the application of the hedge accounting guidance in current GAAP. It will be effective for the Company on December 31, 2018. Since the Company currently does not have any derivatives that are part of a hedging relationship, the adoption of this standard is not expected to have a significant effect on the Company’s consolidated financial position, results of operations and cash flows. On August 28, 2018, the Financial Accounting Standards Board issued a new standard, ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” The new standard modifies the disclosure requirements on fair value measurements in Topic 820, “Fair Value Measurement.” Certain requirements were removed such as the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, certain requirements were modified and certain disclosures were added such as the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period. This standard will be effective for the Company on December 30, 2019. The Company is currently evaluating the effects this standard will have, if any, on its consolidated financial position, results of operations and cash flows together with evaluating the adoption date. On August 29, 2018, the Financial Accounting Standards Board issued a new standard, ASU No. 2018-15, “Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” The new standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). This includes determining which implementation costs to capitalize as an asset related to the service contract and which costs to expense, and expensing the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The standard also provides guidance on financial statement presentation. This standard will be effective for the Company on December 30, 2019. The Company is currently evaluating the effects this standard will have, if any, on its consolidated financial position, results of operations and cash flows together with evaluating the adoption date.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2018
EARNINGS (LOSS) PER COMMON SHARE:
Earnings Per Common Share	16. Earnings per Common Share The following table sets forth the computation of earnings per common share - basic and earnings per common share – diluted Three Months Ended Nine Months Ended September 30, October 1, September 30, October 1, Numerator Net income (loss) available to $ (10,118 ) $ (477,553 ) $ (156,549 ) $ 207,689 Denominator Denominator for basic 18,690,030 18,698,030 18,690,030 18,708,427 Weighted average effect of - - - 85,660 Denominator for dilutive 18,690,030 18,698,030 18,690,030 18,794,087 Basic and Diluted Income Net income (loss) available to $ (0.00 ) $ (0.03 ) $ (0.01 ) $ 0.01 Effect of dilutive securities - - - - Net income (loss) available to $ (0.00 ) $ (0.03 ) $ (0.01 ) $ 0.01 Due to the net loss for the three and nine months ended September 30, 2018, the calculations of basic and diluted loss per share were the same since including options to purchase shares of common stock in the calculations of diluted loss per share would have been anti-dilutive. However, if diluted earnings per share had been reported for the three and nine months ended September 30, 2018, the calculations would have excluded options to purchase 946,500 shares of common stock because the options’ exercise prices of $2.37 and $3.57 per share were greater than the average market prices of the common shares. Due to the net loss for the three months ended October 1, 2017, the calculations of basic and diluted loss per share were the same since including options to purchase shares of common stock in the calculation of diluted loss per share would have been anti-dilutive. However, if diluted earnings per share had been reported for the three months ended October 1, 2017, the calculation would have excluded options to purchase 350,250 shares of common stock because the options’ exercise price of $3.57 per share was greater than the average market price of the common shares. The calculation of diluted earnings per share for the nine months ended October 1, 2017 excluded options to purchase 350,250 shares of common stock because the options’ exercise price of $3.57 per share was greater than the average market price of the common shares.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2018
Revenue Recognition and Deferred Revenue [Abstract]
Revenue	17. Revenue The Company recognizes revenue and related accounts receivable when obligations under the terms of a contract with a customer are satisfied, which includes the control of products transferring to the customer. For Uniroyal, this generally occurs when products are shipped and, for UGL, this generally occurs when the customer accepts delivery either at its U.K. facility or at a mutually agreed upon location. Revenue is measured as the amount of consideration the Company expects to receive in exchange for products transferred to the customer. A contract asset occurs when an entity transfers products to a customer before payment is due while a contract liability occurs when an entity has an obligation to transfer products to a customer for which the entity has already received payment (or payment is due) from the customer. Remaining performance obligations exist when an entity expects to record future revenue on partially completed contracts. The Company does not have contract assets or contract liabilities and has no remaining performance obligations since it does not recognize revenue until a contract is complete. The following table sets forth revenue disaggregated by the Company’s automotive and industrial sectors Three Months Ended Nine Months Ended September 30, 2018 October 1, 2017 September 30, 2018 October 1, 2017 Revenue: Automotive sector $ 15,704,983 $ 14,757,930 $ 50,779,733 $ 49,772,658 Industrial sector 8,617,549 7,740,526 25,995,719 24,561,776 Total Revenue $ 24,322,532 $ 22,498,456 $ 76,775,452 $ 74,334,434

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events The Company has evaluated subsequent events occurring through the date that the financial statements were issued for events requiring recording or disclosure in the September 30, 2018 financial statements. There were no material events or transactions occurring during this period requiring recognition or disclosure.

Noncash Transactions and Supp_2

Noncash Transactions and Supplemental Disclosure of Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of Noncash Transactions and Supplemental Disclosure of Cash Flow Information Text Block	Supplemental disclosure of cash paid for the nine months ended : September 30, 2018 October 1, 2017 Interest expense $ 1,344,520 $ 1,212,910 Income taxes $ - $ -

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2018
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: September 30, 2018 December 31, 2017 Raw materials $ 6,210,864 $ 5,572,253 Work-in-process 4,719,018 5,342,359 Finished goods 9,855,066 10,377,480 20,784,948 21,292,092 Less: Allowance for inventory obsolescence (1,471,469 ) (1,522,430 ) Total Inventories $ 19,313,479 $ 19,769,662

Other Long-term Assets (Tables)

Other Long-term Assets (Tables)	9 Months Ended
	Sep. 30, 2018
Other Assets, Noncurrent [Abstract]
Schedule of Other Long-term Assets	Other long-term assets consist of the following: September 30, 2018 December 31, 2017 Deferred tax asset $ 3,096,173 $ 3,167,092 Other 674,082 735,154 Total Other Long-term Assets $ 3,770,255 $ 3,902,246

Other Long-term Liabilities (Ta

Other Long-term Liabilities (Tables)	9 Months Ended
	Sep. 30, 2018
Other Liabilities, Noncurrent [Abstract]
Schedule of Other Long-term Liabilities	Other long-term liabilities consist of the following: September 30, 2018 December 31, 2017 Deferred tax liability $ 669,379 $ 793,145 Other 10,964 29,347 Total Other Long-term Liabilities $ 680,343 $ 822,492

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Long-term Debt, by Current and Noncurrent [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following: Interest Rate September 30, 2018 December 31, 2017 Wells Fargo Capital Finance, LLC Prime $ 1,492,449 $ 792,525 Lloyds Bank Commercial Finance Limited LIBOR + 3.15% 36,965 107,238 Kennet Equipment Leasing Limited 10.90% 516,976 691,830 Balboa Capital Corporation 5.72% - 73,113 Regents Capital Corporation 7.41% 154,351 240,350 De Lage Landen Financial Services 7.35% 74,848 96,123 Ford Motor Credit 4.31% 30,112 36,662 Byline Financial Group 8.55% 11,701 28,344 Regents Capital Corporation 6.20% 238,846 284,852 Regents Capital Corporation 6.47% 260,587 306,702 Regents Capital Corporation 6.50% 129,776 152,169 BB&T Equipment Finance Corporation 4.02% 696,951 813,015 Regents Capital Corporation 6.99% 166,522 - Lloyds Bank Commercial Finance Limited LIBOR + 3.50% 460,920 - Lloyds Bank Commercial Finance Limited 4.23% 79,266 - BB&T Equipment Finance Corporation 5.12% 233,256 - 4,583,526 3,622,923 Less: Current portion (1,232,750 ) (1,155,490 ) Long-term Portion $ 3,350,776 $ 2,467,433

Related Party Obligations (Tabl

Related Party Obligations (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Obligations Tables
Schedule of Long-term Debt to Related Parties	Long-term debt to related parties consists of the following: Interest Rate September 30, 2018 December 31, 2017 Senior subordinated promissory note 9.25% $ 2,000,000 $ 2,000,000 Senior secured promissory note 10.00% 918,786 918,786 2,918,786 2,918,786 Less: Current portion (612,524 ) (153,131 ) Long-term Portion $ 2,306,262 $ 2,765,655
Schedule of Related Party Lease Obligation	The lease financing obligation is shown in the accompanying Consolidated Balance Sheets as Related Party Lease Financing Obligation which consists of the following: September 30, 2018 December 31, 2017 Related party lease financing obligation $ 2,496,649 $ 2,162,151 Less: Current portion (38,621 ) (8,824 ) Long-term Portion $ 2,458,028 $ 2,153,327
Schedule of Related Party Obligations, Current	The $125,000 subordinated secured promissory note that was outstanding at December 31, 2017 was paid during the first quarter of 2018, while a $47,000 subordinated secured promissory note that was outstanding since February 2018 was paid during the third quarter of 2018. September 30, 2018 December 31, 2017 Current portion of long-term debt to related parties $ 612,524 $ 153,131 Current portion of related party lease financing 38,621 8,824 Related party subordinated secured promissory note 225,000 - Related party subordinated secured promissory note - 125,000 Related Party Obligation $ 876,145 $ 286,955

Capital Leases (Tables)

Capital Leases (Tables)	9 Months Ended
	Sep. 30, 2018
Capital Leases Tables
Schedule of Capital Leases Principal Requirements	Capital lease obligations consist of the following: September 30, 2018 December 31, 2017 Capital lease obligations $ 612,990 $ 939,643 Less: Current portion (405,345 ) (408,425 ) Long-term Portion $ 207,645 $ 531,218

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2018
AOCI Attributable to Parent [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) were as follows: Minimum Foreign Currency Total Balance at December 31, 2017 $ 564,757 $ (939,909 ) $ (375,152 ) Other comprehensive losses before - (358,910 ) (358,910 ) Reclassification adjustment for gains included (89,393 ) - (89,393 ) Balance at September 30, 2018 $ 475,364 $ (1,298,819 ) $ (823,455 )
Gain (Loss) Reclassified from AOCI	The gains reclassified from accumulated other comprehensive income into income are recorded to the following income statement line items: Other Comprehensive Income (Loss) Component Income Statement Line Item Minimum Benefit Liability Adjustments General and administrative expense

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2018
Schedule of Stock Option Plan:
Schedule of Stock Options Activity	Stock option activity for the nine months ended September 30, 2018 and October 1, 2017 is as follows: Stock Options Total Weighted Exercis- Weighted Non- Weighted Outstanding at January 1, 2017 997,750 $ 2.80 217,501 $ 2.37 780,249 $ 2.92 Granted - - - - - - Vested - - 330,913 2.80 (330,913 ) 2.80 Exercised - - - - - - Forfeited or cancelled (10,000 ) 2.97 (6,667 ) 2.67 (3,333 ) 3.57 Outstanding at October 1, 2017 987,750 $ 2.80 541,747 $ 2.63 446,003 $ 3.00 Outstanding at December 31, 2017 961,500 $ 2.80 527,165 $ 2.63 434,335 $ 3.00 Granted - - - - - - Vested - - 315,504 2.80 (315,504 ) 2.80 Exercised - - - - - - Forfeited or cancelled (15,000 ) 2.77 (8,334 ) 2.61 (6,666 ) 2.97 Outstanding at September 30, 2018 946,500 $ 2.80 834,335 $ 2.69 112,165 $ 3.57 Aggregate Intrinsic Value October 1, 2017 $ 51,000 $ 34,000 $ 17,000 Aggregate Intrinsic Value September 30, 2018 $ - $ - $ -

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Common Share Tables Abstract
Schedule of Earnings Per Common Share	The following table sets forth the computation of earnings per common share - basic and earnings per common share – diluted Three Months Ended Nine Months Ended September 30, October 1, September 30, October 1, Numerator Net income (loss) available to $ (10,118 ) $ (477,553 ) $ (156,549 ) $ 207,689 Denominator Denominator for basic 18,690,030 18,698,030 18,690,030 18,708,427 Weighted average effect of - - - 85,660 Denominator for dilutive 18,690,030 18,698,030 18,690,030 18,794,087 Basic and Diluted Income Net income (loss) available to $ (0.00 ) $ (0.03 ) $ (0.01 ) $ 0.01 Effect of dilutive securities - - - - Net income (loss) available to $ (0.00 ) $ (0.03 ) $ (0.01 ) $ 0.01

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2018
Revenue Recognition and Deferred Revenue [Abstract]
Schedule of Disaggregated Revenue	The following table sets forth revenue disaggregated by the Company’s automotive and industrial sectors Three Months Ended Nine Months Ended September 30, 2018 October 1, 2017 September 30, 2018 October 1, 2017 Revenue: Automotive sector $ 15,704,983 $ 14,757,930 $ 50,779,733 $ 49,772,658 Industrial sector 8,617,549 7,740,526 25,995,719 24,561,776 Total Revenue $ 24,322,532 $ 22,498,456 $ 76,775,452 $ 74,334,434

Noncash Transactions and Supp_3

Noncash Transactions and Supplemental Disclosure of Cash Flow Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017	Apr. 17, 2018	Apr. 04, 2018
Line of Credit Facility [Line Items]
Payments on term loans	$ 294,639	$ 295,168
New equipment leases during the year	793,001	845,553
Policy net value				$ 128,399
Cash surrender value of insurance policies				578,490
Insurance policy loans				450,091
Notes payable			$ 3,399	$ 125,000
Interest expense	1,344,520	1,212,910
Income taxes
Wells Fargo Capital Finance, LLC [Member]
Line of Credit Facility [Line Items]
Additional borrowings	$ 925,657

Derivatives (Details)

Derivatives (Details)	9 Months Ended
	Sep. 30, 2018
Derivatives Details Abstract
Percentage of risk on currency exchange contracts	25.00%

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Fair Value Of Financial Instruments Details Abstract
Fair value of foreign currency exchange contracts liability	$ 24,462
Fair value of foreign currency exchange contracts assets		$ 13,292

Inventories (Details)

Inventories (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 6,210,864	$ 5,572,253
Work-in-process	4,719,018	5,342,359
Finished goods	9,855,066	10,377,480
Inventories gross	20,784,948	21,292,092
Less: Allowance for inventory obsolescence	(1,471,469)	(1,522,430)
Total Inventories	$ 19,313,479	$ 19,769,662

Other Long-term Assets (Details

Other Long-term Assets (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Other Assets, Noncurrent [Abstract]
Deferred tax asset	$ 3,096,173	$ 3,167,092
Other	674,082	735,154
Total Other Long-term Assets	$ 3,770,255	$ 3,902,246

Other Long-term Liabilities (De

Other Long-term Liabilities (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Other Liabilities, Noncurrent [Abstract]
Deferred tax liability	$ 669,379	$ 793,145
Other	10,964	29,347
Total Other Long-term Liabilities	$ 680,343	$ 822,492

Lines of Credit (Details)

Lines of Credit (Details)	9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2018GBP (£)	Dec. 31, 2017USD ($)	Dec. 31, 2017GBP (£)
Wells Fargo Capital Finance, LLC [Member]
Line of credit maximum amount	$ 30,000,000
Line of credit premium over base rate	2.25%
Line of credit interest rate description	Interest is payable monthly at the Euro dollar rate plus 2.25% or Wells Fargo Capital Finance, LLC’s prime rate at the Company’s election on outstanding balances up to $6,000,000 and prime rate on amounts in excess of $6,000,000.
Line of credit amount outstanding	$ 9,652,050		$ 10,376,881
Line of credit, maturity date	Oct. 17, 2019
Lloyds Bank Commercial Finance Limited [Member] | Wardle Storeys [Member]
Line of credit maximum amount	$ 13,000,000
Line of credit interest rate description	The line has several tranches based on currency or underlying security. Interest is payable monthly at the base rate (U.K. LIBOR or Lloyds Bank Base Rate as published) plus 1.95% to 2.45% depending on the tranche.
Line of credit amount outstanding	$ 9,361,768		$ 8,963,587
Lloyds Bank Commercial Finance Limited [Member] | Wardle Storeys [Member] | British Pound Sterling [Member]
Line of credit maximum amount | £		£ 10,000,000
Line of credit amount outstanding | £		£ 7,175,792		£ 6,631,172
Lloyds Bank Commercial Finance Limited [Member] | Wardle Storeys [Member] | Minimum [Member]
Line of credit premium over base rate	1.95%
Lloyds Bank Commercial Finance Limited [Member] | Wardle Storeys [Member] | Maximum [Member]
Line of credit premium over base rate	2.45%

Long-Term Debt (Schedule of Lon

Long-Term Debt (Schedule of Long-term debt) (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt	$ 4,583,526	$ 3,622,923
Less: Current portion	(1,232,750)	(1,155,490)
Long-Term Portion	3,350,776	2,467,433
Wells Fargo Capital Finance LLC Loan [Member]
Debt Instrument [Line Items]
Long-term debt	1,492,449	792,525
Lloyds Bank Commercial Finance Limited [Member] | Wardle Storeys [Member]
Debt Instrument [Line Items]
Long-term debt	36,965	107,238
Kennet Equipment Leasing Financing Obligation [Member]
Debt Instrument [Line Items]
Long-term debt	516,976	691,830
Balboa Capital Corporation Note Payable [Member]
Debt Instrument [Line Items]
Long-term debt		73,113
Regents Capital Corporation Note Payable [Member]
Debt Instrument [Line Items]
Long-term debt	154,351	240,350
De Lage Landen Financial Services Note Payable [Member]
Debt Instrument [Line Items]
Long-term debt	74,848	96,123
Ford Motor Credit Note Payable [Member]
Debt Instrument [Line Items]
Long-term debt	30,112	36,662
Byline Financial Group Note Payable [Member]
Debt Instrument [Line Items]
Long-term debt	11,701	28,344
Regents Capital Corporation Note Payable 1 [Member]
Debt Instrument [Line Items]
Long-term debt	238,846	284,852
Regents Capital Corporation Note Payable 2 [Member]
Debt Instrument [Line Items]
Long-term debt	260,587	306,702
Regents Capital Corporation Note Payable 3 [Member]
Debt Instrument [Line Items]
Long-term debt	129,776	152,169
BB&T Equipment Finance Corporation [Member]
Debt Instrument [Line Items]
Long-term debt	696,951	813,015
Regents Capital Corporation Note Payable 4 [Member]
Debt Instrument [Line Items]
Long-term debt	166,522
Lloyds Bank Commercial Finance Limited 2 [Member] | Wardle Storeys [Member]
Debt Instrument [Line Items]
Long-term debt	460,920
Lloyds Bank Commercial Finance Limited [Member]
Debt Instrument [Line Items]
Long-term debt	79,266
BB&T Equipment Finance Corporation 2 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 233,256

Long-Term Debt (Schedule of L_2

Long-Term Debt (Schedule of Long-term debt Interest Rate) (Details)	9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2018GBP (£)
Wells Fargo Capital Finance LLC Loan [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate basis	Prime
Lloyds Bank Commercial Finance Limited [Member] | Wardle Storeys [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate above basis	3.15%
Long-term debt, interest rate basis	LIBOR
Kennet Equipment Leasing Financing Obligation [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	10.90%	10.90%
Balboa Capital Corporation Note Payable [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	5.72%	5.72%
Regents Capital Corporation Note Payable [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	7.41%	7.41%
De Lage Landen Financial Services Note Payable [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	7.35%	7.35%
Ford Motor Credit Note Payable [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	4.31%	4.31%
Byline Financial Group Note Payable [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	8.55%	8.55%
Regents Capital Corporation Note Payable 1 [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	6.20%	6.20%
Regents Capital Corporation Note Payable 2 [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	6.47%	6.47%
Regents Capital Corporation Note Payable 3 [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	6.50%	6.50%
BB&T Equipment Finance Corporation [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	4.02%	4.02%
Regents Capital Corporation Note Payable 4 [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	6.99%	6.99%
Lloyds Bank Commercial Finance Limited 2 [Member] | Wardle Storeys [Member]
Debt Instrument [Line Items]
Long-term debt, face amount | $	$ 1,536,400
Long-term debt, frequency of periodic payment	Monthly payments will begin in December 2018 and continue over a 60-month period at 3.50% above the base rate (LIBOR).
Lloyds Bank Commercial Finance Limited 2 [Member] | Wardle Storeys [Member] | First tranche [Member]
Debt Instrument [Line Items]
Long-term debt, face amount | $	$ 460,920
Lloyds Bank Commercial Finance Limited 2 [Member] | Wardle Storeys [Member] | British Pound Sterling [Member]
Debt Instrument [Line Items]
Long-term debt, face amount | £		£ 1,177,650
Lloyds Bank Commercial Finance Limited 2 [Member] | Wardle Storeys [Member] | British Pound Sterling [Member] | First tranche [Member]
Debt Instrument [Line Items]
Long-term debt, face amount | £		£ 353,295
Lloyds Bank Commercial Finance Limited 2 [Member] | Wardle Storeys [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate above basis	3.50%
Long-term debt, interest rate basis	LIBOR
Lloyds Bank Commercial Finance Limited [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	4.23%	4.23%
BB&T Equipment Finance Corporation 2 [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate above basis	5.12%

Related Party Obligations (Narr

Related Party Obligations (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Jan. 09, 2018	Dec. 31, 2017
Related party subordinated secured promissory note	$ 225,000
Related party lease financing obligation	$ 2,496,649		2,162,151
Company's Majority Owners [Member]
Long-term debt, interest rate	18.20%
Long-term debt, periodic payment	$ 36,964
Long-term debt, security deposit	$ 267,500
Long-term debt, maturity date	Oct. 31, 2033
Related party subordinated secured promissory note	$ 47,000	$ 225,000	$ 125,000
Promissory notes interest rates	8.00%
Related party lease financing obligation	$ 355,000

Related Party Obligations (Long

Related Party Obligations (Long-term debt to related parties) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Total debt to related parties	$ 2,918,786	$ 2,918,786
Less: Current portion of debt to related parties	(612,524)	(153,131)
Total Long-term Debt to Related Parties	2,306,262	2,765,655
Senior subordinated promissory note [Member]
Total debt to related parties	$ 2,000,000	2,000,000
Long-term debt, interest rate	9.25%
Senior secured promissory note [Member]
Total debt to related parties	$ 918,786	$ 918,786
Long-term debt, interest rate	10.00%

Related Party Obligations (Leas

Related Party Obligations (Lease Financing Obligation) (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Related Party Lease Financing Obligation Details
Related party lease financing obligation	$ 2,496,649	$ 2,162,151
Less: Current portion	(38,621)	(8,824)
Long-Term Portion	$ 2,458,028	$ 2,153,327

Related Party Obligations (Sche

Related Party Obligations (Schedule of Current Portions) (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Related Party Obligations Schedule Of Current Portions Details
Current portion of long-term debt to related parties	$ 612,524	$ 153,131
Current portion of related party lease financing obligation	38,621	8,824
Related party subordinated secured promissory note	225,000
Related party subordinated secured promissory note		125,000
Related Party Obligation	$ 876,145	$ 286,955

Capital Leases (Details)

Capital Leases (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Capital Leases Details
Capital Leases on equipment - Monthly lease payments minimum	$ 1,563
Capital Leases on equipment - Monthly lease payments maximum	$ 27,370
Capital Leases on equipment -Interest rates minimum	3.84%
Capital Leases on equipment -Interest rates maximum	19.15%
Capital lease obligation	$ 612,990	$ 939,643
Less: current portion	(405,345)	(408,425)
Long-term Portion	$ 207,645	$ 531,218

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details)	9 Months Ended
	Sep. 30, 2018USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ (375,152)
Other comprehensive losses before reclassifications	(358,910)
Reclassification adjustment for gains included in net income	(89,393)
Balance	(823,455)
Minimum Benefit Liability Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	564,757
Other comprehensive losses before reclassifications
Reclassification adjustment for gains included in net income	(89,393)
Balance	475,364
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(939,909)
Other comprehensive losses before reclassifications	(358,910)
Reclassification adjustment for gains included in net income
Balance	$ (1,298,819)

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Oct. 01, 2017
Stockholders' Equity Note [Abstract]
Stock-based compensation expense	$ 62,250	$ 102,010	$ 255,631	$ 308,655
Unrecognized compensation cost	$ 88,333		$ 88,333
Unrecognized compensation cost, recognition period			6 months

Stock Based Compensation (Optio

Stock Based Compensation (Option Activity) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017
Total Stock Options
Outstanding	961,500	997,750
Granted
Vested
Exercised
Forfeited or cancelled	(15,000)	(10,000)
Outstanding	946,500	987,750
Total Weighted Average Exercise Price
Outstanding	$ 2.80	$ 2.80
Granted
Vested
Exercised
Forfeited or cancelled	2.77	2.97
Outstanding	$ 2.80	$ 2.80
Exercisable
Outstanding	527,165	217,501
Granted
Vested	315,504	330,913
Exercised
Forfeited or cancelled	(8,334)	(6,667)
Outstanding	834,335	541,747
Exercisable Weighted Average Exercise Price
Outstanding	$ 2.63	$ 2.37
Granted
Vested	2.80	2.80
Exercised
Forfeited or cancelled	2.61	2.67
Outstanding	$ 2.69	$ 2.63
Nonvested
Outstanding	434,335	780,249
Granted
Vested	(315,504)	(330,913)
Forfeited or cancelled	(6,666)	(3,333)
Outstanding	112,165	446,003
Nonvested Weighted Average Exercise Price
Outstanding	$ 3	$ 2.92
Granted
Vested	2.80	2.80
Forfeited or cancelled	2.97	3.57
Outstanding	$ 3.57	$ 3
Aggregate intrinsic value
Outstanding		$ 51,000
Exercisable		34,000
Nonvested		$ 17,000

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Oct. 01, 2017
Numerator
Net income (loss) available to common shareholders	$ (10,118)	$ (477,553)	$ (156,549)	$ 207,689
Denominator
Denominator for basic earnings per share - weighted average shares outstanding	18,690,030	18,698,030	18,690,030	18,708,427
Weighted average effect of dilutive securities				85,660
Denominator for dilutive earnings per share - weighted average shares outstanding	18,690,030	18,698,030	18,690,030	18,794,087
Basic and Diluted Income (Loss) Per Share
Net income (loss) available to common shareholders	$ 0	$ (0.03)	$ (0.01)	$ 0.01
Effect of dilutive securities
Net income (loss) available to common shareholders	$ 0	$ (0.03)	$ (0.01)	$ 0.01

Earnings Per Common Share (Narr

Earnings Per Common Share (Narrative) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Oct. 01, 2017
Weighted average effect of dilutive securities				85,660
Option exercise price
Stock Option [Member]
Weighted average effect of dilutive securities	946,500	350,250	946,500	350,250
Option exercise price		$ 3.57		$ 3.57
Stock Option [Member] | Maximum [Member]
Option exercise price	$ 3.57		$ 3.57
Stock Option [Member] | Minimum [Member]
Option exercise price	$ 2.37		$ 2.37

Revenue (Schedule of Disaggrega

Revenue (Schedule of Disaggregated Revenue) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Oct. 01, 2017
Disaggregation of Revenue [Line Items]
Total revenue	$ 24,322,532	$ 22,498,456	$ 76,775,452	$ 74,334,434
Automotive Sector [Member]
Disaggregation of Revenue [Line Items]
Total revenue	15,704,983	14,757,930	50,779,733	49,772,658
Industrial Sector [Member]
Disaggregation of Revenue [Line Items]
Total revenue	$ 8,617,549	$ 7,740,526	$ 25,995,719	$ 24,561,776