Chicago Rivet & Machine (CVR) 10-K 19 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 15, 2021	Jun. 30, 2020
Details
Registrant CIK	0000019871
Fiscal Year End	--12-31
Registrant Name	Chicago Rivet & Machine Co.
SEC Form	10-K
Period End date	Dec. 31, 2020
Number of common stock shares outstanding		966,132
Public Float			$ 16,269,718
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Interactive Data Current	Yes
Voluntary filer	No
Well-known Seasoned Issuer	No
Shell Company	false
Small Business	true
Emerging Growth Company	false
Entity File Number	000-01227
Entity Incorporation, State or Country Code	IL
Entity Address, Address Line One	901 Frontenac Road
Entity Address, City or Town	Naperville
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60563
City Area Code	630
Local Phone Number	357-8500
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Document Annual Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash and Cash Equivalents	$ 2,567,731	$ 1,429,454
Certificates of Deposit	4,733,000	6,574,000
Accounts Receivable - Less allowances of $170,000 and $140,000 in 2020 and 2019, respectively	5,163,450	4,609,314
Inventories, net	5,153,294	4,951,177
Prepaid Income Taxes	85,940	58,186
Other Current Assets	383,772	427,192
Total Current Assets	18,087,187	18,049,323
Property, Plant and Equipment, net	13,150,884	13,674,053
Total Assets	31,238,071	31,723,376
Current Liabilities
Accounts Payable	466,424	490,580
Accrued Wages and Salaries	482,008	629,972
Other Accrued Expenses	322,968	349,069
Unearned Revenue and Customer Deposits	249,498	152,644
Total Current Liabilities	1,520,898	1,622,265
Deferred Income Taxes, net	1,011,084	943,084
Total Liabilities	2,531,982	2,565,349
Shareholders' Equity
Preferred Stock, No Par Value, 500,000 Shares Authorized: None Outstanding	0	0
Common Stock, $1.00 Par Value, 4,000,000 Shares Authorized: 1,138,096 Shares Issued, 966,132 Shares Outstanding	1,138,096	1,138,096
Additional Paid-in Capital	447,134	447,134
Retained Earnings	31,042,957	31,494,895
Treasury Stock, 171,964 Shares at cost	(3,922,098)	(3,922,098)
Total Shareholders' Equity	28,706,089	29,158,027
Total Liabilities and Shareholders' Equity	$ 31,238,071	$ 31,723,376

Consolidated Balance Sheets - P

Consolidated Balance Sheets - Parenthetical - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Details
Accounts Receivable, Allowance for Credit Loss, Current	$ 170,000	$ 140,000
Preferred Stock, Par or Stated Value Per Share	$ 0	$ 0
Preferred Stock, Shares Authorized	500,000	500,000
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 1	$ 1
Common Stock, Shares Authorized	4,000,000	4,000,000
Common Stock, Shares, Issued	1,138,096	1,138,096
Common Stock, Shares, Outstanding	966,132	966,132
Treasury Stock, Shares	171,964	171,964

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Income
Net Sales	$ 27,590,653	$ 32,873,002
Cost of Goods Sold	22,675,451	27,128,472
Gross Profit	4,915,202	5,744,530
Selling and Administrative Expenses	4,998,216	5,252,946
Operating Profit (Loss)	(83,014)	491,584
Other Income	148,464	191,730
Income Before Income Taxes	65,450	683,314
Provision for Income Taxes	15,000	145,000
Net Income	$ 50,450	$ 538,314
Net Income Per Share	$ 0.05	$ 0.56

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Beginning Balance at Dec. 31, 2018	$ 29,759,749	$ 0	$ 1,138,096	$ 447,134	$ 32,096,617	$ (3,922,098)
Common Stock Shares at Dec. 31, 2018			966,132
Treasury Stock Shares at Dec. 31, 2018						171,964
Net Income	538,314				538,314
Dividends Declared	(1,140,036)				(1,140,036)
Ending Balance at Dec. 31, 2019	$ 29,158,027	0	$ 1,138,096	447,134	31,494,895	$ (3,922,098)
Common Stock Shares at Dec. 31, 2019	966,132		966,132
Treasury Stock Shares at Dec. 31, 2019	171,964					171,964
Net Income	$ 50,450				50,450
Dividends Declared	(502,388)				(502,388)
Ending Balance at Dec. 31, 2020	$ 28,706,089	$ 0	$ 1,138,096	$ 447,134	$ 31,042,957	$ (3,922,098)
Common Stock Shares at Dec. 31, 2020	966,132		966,132
Treasury Stock Shares at Dec. 31, 2020	171,964					171,964

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity - Parenthetical - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Details
Common Stock, Dividends, Per Share, Declared	$ 0.52	$ 1.18

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net Income	$ 50,450	$ 538,314
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	1,347,305	1,382,235
Gain on the Sale of Equipment	0	(228)
Deferred Income Taxes	68,000	22,000
Changes in Operating Assets and Liabilities:
Accounts Receivable, net	(554,136)	919,993
Inventories, net	(202,117)	1,149,214
Other Current Assets	15,666	103,530
Accounts Payable	(24,156)	(569,651)
Accrued Wages and Salaries	(147,964)	(71,462)
Other Accrued Expenses	(26,101)	(126,904)
Unearned Revenue and Customer Deposits	96,854	(175,510)
Net Cash Provided by Operating Activities	623,801	3,171,531
Cash Flows from Investing Activities:
Capital Expenditures	(824,136)	(1,802,914)
Proceeds from the Sale of Equipment	0	5,000
Proceeds from Certificates of Deposit	6,574,000	7,312,000
Purchases of Certificates of Deposit	(4,733,000)	(6,823,000)
Net Cash Provided by (Used in) Investing Activities	1,016,864	(1,308,914)
Cash Flows from Financing Activities:
Cash Dividends Paid	(502,388)	(1,140,036)
Net Cash Used in Financing Activities	(502,388)	(1,140,036)
Net Increase in Cash and Cash Equivalents	1,138,277	722,581
Beginning of Year	1,429,454	706,873
End of Year	2,567,731	1,429,454
Net Cash Paid (Refunds Received) for Income Taxes
Refunds Received for Income Taxes	$ (25,246)
Net Cash Paid for Income Taxes		$ 30,500

1 - Nature of Business and Sign

1 - Nature of Business and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Notes
1 - Nature of Business and Significant Accounting Policies	1-Nature of Business and Significant Accounting Policies Nature of Business- A summary of the Company’s significant accounting policies follows: Principles of Consolidation- Revenue Recognition- Credit Risk- Cash and Cash Equivalents and Certificates of Deposit- Fair Value of Financial Instruments- Inventories- Property, Plant and Equipment- Asset Category Estimated Useful Life Land improvements .. 15 to 40 years Buildings and improvements 10 to 40 years Machinery and equipment 5 to 18 years Capitalized software costs 3 to 5 years Other equipment 3 to 10 years The Company reviews the carrying value of property, plant and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. There were no triggering events requiring assessment of impairment as of December 31, 2020 and 2019. When properties are retired or sold, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss on disposition is recognized in current operations. Maintenance, repairs and minor betterments that do not improve the related asset or extend its useful life are charged to operations as incurred. Income Taxes— The Company applies a comprehensive model for the financial statement recognition, measurement, classification and disclosure of uncertain tax positions. In the first step of the two-step process, the Company evaluates the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. In the second step, the Company measures the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. As of December 31, 2020 and 2019, the Company determined that there are no uncertain tax positions with a more than 50% likelihood of being realized upon settlement. The Company classifies interest and penalties related to unrecognized tax benefits as a component of income tax expense. There were no such expenses in 2020 or 2019. The Company’s federal income tax returns for the 2017 through 2019 tax years are subject to examination by the Internal Revenue Service (“IRS”). While it may be possible that a reduction could occur with respect to the Company’s unrecognized tax benefits as an outcome of an IRS examination, management does not anticipate any adjustments that would result in a material change to the results of operations or financial condition of the Company. No statutes have been extended on any of the Company’s federal income tax filings. The statute of limitations on the Company’s 2017, 2018 and 2019 federal income tax returns will expire on September 15, 2021, 2022 and 2023, respectively. The Company’s state income tax returns for the 2017 through 2019 tax years are subject to examination by various state authorities with the latest closing period on October 31, 2023. The Company is currently not under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended. Segment Information- Net Income Per Share- Use of Estimates- Recent Accounting Pronouncements- In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued an amendment, ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. ASU 2016-13 amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 and ASU 2018-19 should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. ASU 2016-13 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company believes that the most notable impact of this ASU relates to its processes around the assessment of the adequacy of its allowance for doubtful accounts on trade accounts receivable and is not expected to have a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard addresses several specific areas of accounting for income taxes. The standard is effective for annual periods beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. Portions of the standard are required to be adopted prospectively and certain aspects will be adopted using the modified retrospective approach. The impact of the standard on our consolidated financial statements and disclosures will depend on the transactions that occur subsequent to adoption, but is not expected to be material. In October 2020, the FASB issued ASU 2020-10, Codification Improvements, which updates various codification topics by clarifying or improving disclosure requirements for technical corrections and other minor improvements to generally accepted accounting principles. This guidance will be effective for annual periods beginning after December 15, 2020 for public business entities. The Company will adopt the ASU as of the reporting period beginning January 1, 2021. The Company does not expect the adoption of the standard to have a significant impact on the consolidated financial statements and disclosures.

2 - Balance Sheet Details

2 - Balance Sheet Details	12 Months Ended
	Dec. 31, 2020
Notes
2 - Balance Sheet Details	2-Balance Sheet Details December 31, 2020 December 31, 2019 Inventories: Raw materials $ 2,245,709 $ 2,337,278 Work in process 1,410,868 1,201,099 Finished goods 2,096,717 1,869,800 5,753,294 5,408,177 Valuation reserves (600,000) (457,000) $ 5,153,294 $ 4,951,177 December 31, 2020 December 31, 2019 Property, Plant and Equipment, net: Land and improvements $ 1,636,749 $ 1,636,749 Buildings and improvements 8,534,317 8,331,804 Machinery and equipment 35,194,944 35,037,010 Capitalized software and other 1,045,027 1,371,736 46,411,037 46,377,299 Accumulated depreciation (33,260,153) (32,703,246) $ 13,150,884 $ 13,674,053 December 31, 2020 December 31, 2019 Other Accrued Expenses: Profit sharing plan contribution $ 120,000 $ 175,000 Property taxes 84,570 83,475 All other items 118,398 90,594 $ 322,968 $ 349,069 December 31, 2020 December 31, 2019 Allowance for Doubtful Accounts: Balance at beginning of year . $ 140,000 $ 140,000 Charges to statement of income ... 35,774 4,895 Write-offs ... (5,774) (4,895) Balance at end of year $ 170,000 $ 140,000 December 31, 2020 December 31, 2019 Inventory Valuation Reserves: Balance at beginning of year . $ 457,000 $ 579,000 Charges to statement of income ... 155,058 (15,477) Write-offs ... (12,058) (106,523) Balance at end of year $ 600,000 $ 457,000

3 - Income Taxes

3 - Income Taxes	12 Months Ended
	Dec. 31, 2020
Notes
3 - Income Taxes	3-Income Taxes— 20 20 2019 Current: Federal .. $ (53,000) $ 113,000 State 0 10,000 Deferred 68,000 22,000 $ 15,000 $ 145,000 The following is a reconciliation of the statutory federal income tax rate to the actual effective tax rate: 2020 2019 Amount % Amount % Expected tax at U.S. statutory rate $ 14,000 21.0 $ 143,000 21.0 Permanent differences 1,000 1.9 (6,000) (1.0) State taxes, net of federal benefit . 0 0 8,000 1.2 Income tax expense $ 15,000 22.9 $ 145,000 21.2 The deferred tax assets (liabilities) consist of the following: 20 20 2019 Depreciation and amortization $ (1,295,804) $ (1,171,948) Inventory 175,739 122,629 Accrued vacation 70,787 74,385 Allowance for doubtful accounts 38,250 31,500 Other, net (56) 350 $ (1,011,084) $ (943,084) Valuation allowances related to deferred taxes are recorded based on the “more likely than not” realization criteria. The Company reviews the need for a valuation allowance on a quarterly basis for each of its tax jurisdictions. A deferred tax valuation allowance was not required at December 31, 2020 or 2019.

4 - Profit Sharing Plan

4 - Profit Sharing Plan	12 Months Ended
	Dec. 31, 2020
Notes
4 - Profit Sharing Plan	4-Profit Sharing Plan-

5 - Other Income

5 - Other Income	12 Months Ended
	Dec. 31, 2020
Notes
5 - Other Income	5-Other Income- 20 20 2019 Interest income . $ 94,956 $ 144,730 Other 53,508 47,000 $ 148,464 $ 191,730

6 - Segment Information

6 - Segment Information	12 Months Ended
	Dec. 31, 2020
Notes
6 - Segment Information	6-Segment Information- Fastener Assembly Equipment Other Consolidated Year Ended December 31, 2020: Net Sales $ 24,607,863 $ 2,982,790 $ 0 $ 27,590,653 Depreciation ... 1,182,555 131,826 32,924 1,347,305 Segment operating profit 1,531,933 513,250 0 2,045,183 Selling and administrative expenses .. 0 0 (2,128,197) (2,128,197) Other income .. 0 0 148,464 148,464 Income before income taxes 65,450 Capital expenditures . 614,835 13,924 195,377 824,136 Segment assets: Accounts receivable, net ... 4,906,239 257,211 0 5,163,450 Inventories, net ... 4,024,138 1,129,156 0 5,153,294 Property, plant and equipment, net . 10,479,720 1,568,862 1,102,302 13,150,884 Other assets 0 0 7,770,443 7,770,443 31,238,071 Year Ended December 31, 2019: Net Sales $ 28,989,667 $ 3,883,335 $ 0 $ 32,873,002 Depreciation ... 1,217,174 126,430 38,631 1,382,235 Segment operating profit 1,762,835 1,083,548 0 2,846,383 Selling and administrative expenses .. 0 0 (2,354,799) (2,354,799) Other income .. 0 0 191,730 191,730 Income before income taxes 683,314 Capital expenditures . 1,522,541 233,697 46,676 1,802,914 Segment assets: Accounts receivable, net ... 4,313,185 296,129 0 4,609,314 Inventories, net ... 3,985,883 965,294 0 4,951,177 Property, plant and equipment, net . 11,047,439 1,686,764 939,850 13,674,053 Other assets 0 0 8,488,832 8,488,832 31,723,376 The Company does not allocate certain selling and administrative expenses for internal reporting, thus, no allocation was made for these expenses for segment disclosure purposes. Segment assets reported internally are limited to accounts receivable, inventory and long-lived assets. Certain long-lived assets of one plant location are allocated between the two segments based on estimated plant utilization, as this plant serves both fastener and assembly equipment activities. Other assets are not allocated to segments internally and to do so would be impracticable. The following table presents revenue by segment, further disaggregated by end-market: Fastener Assembly Equipment Consolidated Year Ended December 31, 2020: Automotive $ 15,612,249 $ 136,899 $ 15,749,148 Non-automotive 8,995,614 2,845,891 11,841,505 Total net sales $ 24,607,863 $ 2,982,790 $ 27,590,653 Year Ended December 31, 2019: Automotive $ 18,518,987 $ 193,517 $ 18,712,504 Non-automotive 10,470,680 3,689,818 14,160,498 Total net sales $ 28,989,667 $ 3,883,335 $ 32,873,002 The following table presents revenue by segment, further disaggregated by location: Fastener Assembly Equipment Consolidated Year Ended December 31, 2020: United States $ 20,743,296 $ 2,804,476 $ 23,547,772 Foreign 3,864,567 178,314 4,042,881 Total net sales $ 24,607,863 $ 2,982,790 $ 27,590,653 Year Ended December 31, 2019: United States $ 24,626,317 $ 3,599,855 $ 28,226,172 Foreign 4,363,350 283,480 4,646,830 Total net sales $ 28,989,667 $ 3,883,335 $ 32,873,002 Sales to one customer in the fastener segment accounted for 14 percent of consolidated revenues during 2020 and 16 percent in 2019. The accounts receivable balance for this customer accounted for 17 and 18 percent of consolidated accounts receivable as of December 31, 2020 and 2019, respectively. Sales to a second customer in the fastener segment accounted for 12 percent of consolidated revenues during 2020 and 10 percent in 2019. The accounts receivable balance for this customer accounted for 15 and 13 percent of consolidated accounts receivable as of December 31, 2020 and 2019, respectively. Sales to a third customer were 10 percent of consolidated revenue in both 2020 and 2019. The accounts receivable balance for this customer accounted for 15 and 12 percent of consolidated accounts receivable as of December 31, 2020 and 2019, respectively.

7 - Commitments and Contingenci

7 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Notes
7 - Commitments and Contingencies	7-Commitments and Contingencies- The Company is, from time to time involved in litigation, including environmental claims, in the normal course of business. While it is not possible at this time to establish the ultimate amount of liability with respect to contingent liabilities, including those related to legal proceedings, management is of the opinion that the aggregate amount of any such liabilities, for which provision has not been made, will not have a material adverse effect on the Company's financial position.

8 - COVID-19

8 - COVID-19	12 Months Ended
	Dec. 31, 2020
Notes
8 - COVID-19	8-COVID-19-

9 - Subsequent Events

9 - Subsequent Events	12 Months Ended
	Dec. 31, 2020
Notes
9 - Subsequent Events	9-Subsequent Events-

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Policies
Principles of Consolidation	Principles of Consolidation-
Revenue Recognition	Revenue Recognition-
Credit Risk	Credit Risk-
Cash and Cash Equivalents and Certificates of Deposit	Cash and Cash Equivalents and Certificates of Deposit-
Fair Value of Financial Instruments	Fair Value of Financial Instruments-
Inventories	Inventories-
Property, Plant and Equipment	Property, Plant and Equipment- Asset Category Estimated Useful Life Land improvements .. 15 to 40 years Buildings and improvements 10 to 40 years Machinery and equipment 5 to 18 years Capitalized software costs 3 to 5 years Other equipment 3 to 10 years The Company reviews the carrying value of property, plant and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. There were no triggering events requiring assessment of impairment as of December 31, 2020 and 2019. When properties are retired or sold, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss on disposition is recognized in current operations. Maintenance, repairs and minor betterments that do not improve the related asset or extend its useful life are charged to operations as incurred.
IncomeTaxes	Income Taxes— The Company applies a comprehensive model for the financial statement recognition, measurement, classification and disclosure of uncertain tax positions. In the first step of the two-step process, the Company evaluates the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. In the second step, the Company measures the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. As of December 31, 2020 and 2019, the Company determined that there are no uncertain tax positions with a more than 50% likelihood of being realized upon settlement. The Company classifies interest and penalties related to unrecognized tax benefits as a component of income tax expense. There were no such expenses in 2020 or 2019. The Company’s federal income tax returns for the 2017 through 2019 tax years are subject to examination by the Internal Revenue Service (“IRS”). While it may be possible that a reduction could occur with respect to the Company’s unrecognized tax benefits as an outcome of an IRS examination, management does not anticipate any adjustments that would result in a material change to the results of operations or financial condition of the Company. No statutes have been extended on any of the Company’s federal income tax filings. The statute of limitations on the Company’s 2017, 2018 and 2019 federal income tax returns will expire on September 15, 2021, 2022 and 2023, respectively. The Company’s state income tax returns for the 2017 through 2019 tax years are subject to examination by various state authorities with the latest closing period on October 31, 2023. The Company is currently not under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended.
Segment Information	Segment Information-
Net Income Per Share	Net Income Per Share-
Use of Estimates	Use of Estimates-
Recent Accounting Pronouncements	Recent Accounting Pronouncements- In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued an amendment, ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. ASU 2016-13 amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 and ASU 2018-19 should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. ASU 2016-13 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company believes that the most notable impact of this ASU relates to its processes around the assessment of the adequacy of its allowance for doubtful accounts on trade accounts receivable and is not expected to have a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard addresses several specific areas of accounting for income taxes. The standard is effective for annual periods beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. Portions of the standard are required to be adopted prospectively and certain aspects will be adopted using the modified retrospective approach. The impact of the standard on our consolidated financial statements and disclosures will depend on the transactions that occur subsequent to adoption, but is not expected to be material. In October 2020, the FASB issued ASU 2020-10, Codification Improvements, which updates various codification topics by clarifying or improving disclosure requirements for technical corrections and other minor improvements to generally accepted accounting principles. This guidance will be effective for annual periods beginning after December 15, 2020 for public business entities. The Company will adopt the ASU as of the reporting period beginning January 1, 2021. The Company does not expect the adoption of the standard to have a significant impact on the consolidated financial statements and disclosures.

2 - Balance Sheet Details_ Inve

2 - Balance Sheet Details: Inventory (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Inventory	December 31, 2020 December 31, 2019 Inventories: Raw materials $ 2,245,709 $ 2,337,278 Work in process 1,410,868 1,201,099 Finished goods 2,096,717 1,869,800 5,753,294 5,408,177 Valuation reserves (600,000) (457,000) $ 5,153,294 $ 4,951,177

2 - Balance Sheet Details_ Prop

2 - Balance Sheet Details: Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Property, Plant and Equipment	December 31, 2020 December 31, 2019 Property, Plant and Equipment, net: Land and improvements $ 1,636,749 $ 1,636,749 Buildings and improvements 8,534,317 8,331,804 Machinery and equipment 35,194,944 35,037,010 Capitalized software and other 1,045,027 1,371,736 46,411,037 46,377,299 Accumulated depreciation (33,260,153) (32,703,246) $ 13,150,884 $ 13,674,053

2 - Balance Sheet Details_ Othe

2 - Balance Sheet Details: Other Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Other Accrued Expenses	December 31, 2020 December 31, 2019 Other Accrued Expenses: Profit sharing plan contribution $ 120,000 $ 175,000 Property taxes 84,570 83,475 All other items 118,398 90,594 $ 322,968 $ 349,069

2 - Balance Sheet Details_ Sche

2 - Balance Sheet Details: Schedule of Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Valuation and Qualifying Accounts	December 31, 2020 December 31, 2019 Allowance for Doubtful Accounts: Balance at beginning of year . $ 140,000 $ 140,000 Charges to statement of income ... 35,774 4,895 Write-offs ... (5,774) (4,895) Balance at end of year $ 170,000 $ 140,000 December 31, 2020 December 31, 2019 Inventory Valuation Reserves: Balance at beginning of year . $ 457,000 $ 579,000 Charges to statement of income ... 155,058 (15,477) Write-offs ... (12,058) (106,523) Balance at end of year $ 600,000 $ 457,000

3 - Income Taxes_ Provision for

3 - Income Taxes: Provision for Income Tax Expense (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Provision for Income Tax Expense	20 20 2019 Current: Federal .. $ (53,000) $ 113,000 State 0 10,000 Deferred 68,000 22,000 $ 15,000 $ 145,000

3 - Income Taxes_ Schedule of E

3 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Effective Income Tax Rate Reconciliation	2020 2019 Amount % Amount % Expected tax at U.S. statutory rate $ 14,000 21.0 $ 143,000 21.0 Permanent differences 1,000 1.9 (6,000) (1.0) State taxes, net of federal benefit . 0 0 8,000 1.2 Income tax expense $ 15,000 22.9 $ 145,000 21.2

3 - Income Taxes_ Schedule of D

3 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Deferred Tax Assets and Liabilities	20 20 2019 Depreciation and amortization $ (1,295,804) $ (1,171,948) Inventory 175,739 122,629 Accrued vacation 70,787 74,385 Allowance for doubtful accounts 38,250 31,500 Other, net (56) 350 $ (1,011,084) $ (943,084)

5 - Other Income_ Other Income

5 - Other Income: Other Income (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Other Income	20 20 2019 Interest income . $ 94,956 $ 144,730 Other 53,508 47,000 $ 148,464 $ 191,730

6 - Segment Information_ Schedu

6 - Segment Information: Schedule of Segment Reporting Information (Tables)	12 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Segment Reporting Information	Fastener Assembly Equipment Other Consolidated Year Ended December 31, 2020: Net Sales $ 24,607,863 $ 2,982,790 $ 0 $ 27,590,653 Depreciation ... 1,182,555 131,826 32,924 1,347,305 Segment operating profit 1,531,933 513,250 0 2,045,183 Selling and administrative expenses .. 0 0 (2,128,197) (2,128,197) Other income .. 0 0 148,464 148,464 Income before income taxes 65,450 Capital expenditures . 614,835 13,924 195,377 824,136 Segment assets: Accounts receivable, net ... 4,906,239 257,211 0 5,163,450 Inventories, net ... 4,024,138 1,129,156 0 5,153,294 Property, plant and equipment, net . 10,479,720 1,568,862 1,102,302 13,150,884 Other assets 0 0 7,770,443 7,770,443 31,238,071 Year Ended December 31, 2019: Net Sales $ 28,989,667 $ 3,883,335 $ 0 $ 32,873,002 Depreciation ... 1,217,174 126,430 38,631 1,382,235 Segment operating profit 1,762,835 1,083,548 0 2,846,383 Selling and administrative expenses .. 0 0 (2,354,799) (2,354,799) Other income .. 0 0 191,730 191,730 Income before income taxes 683,314 Capital expenditures . 1,522,541 233,697 46,676 1,802,914 Segment assets: Accounts receivable, net ... 4,313,185 296,129 0 4,609,314 Inventories, net ... 3,985,883 965,294 0 4,951,177 Property, plant and equipment, net . 11,047,439 1,686,764 939,850 13,674,053 Other assets 0 0 8,488,832 8,488,832 31,723,376

6 - Segment Information_ Disagg

6 - Segment Information: Disaggregation of Revenue (Tables)	12 Months Ended
	Dec. 31, 2020
Location
Disaggregation of Revenue	Fastener Assembly Equipment Consolidated Year Ended December 31, 2020: United States $ 20,743,296 $ 2,804,476 $ 23,547,772 Foreign 3,864,567 178,314 4,042,881 Total net sales $ 24,607,863 $ 2,982,790 $ 27,590,653 Year Ended December 31, 2019: United States $ 24,626,317 $ 3,599,855 $ 28,226,172 Foreign 4,363,350 283,480 4,646,830 Total net sales $ 28,989,667 $ 3,883,335 $ 32,873,002
End Market
Disaggregation of Revenue	Fastener Assembly Equipment Consolidated Year Ended December 31, 2020: Automotive $ 15,612,249 $ 136,899 $ 15,749,148 Non-automotive 8,995,614 2,845,891 11,841,505 Total net sales $ 24,607,863 $ 2,982,790 $ 27,590,653 Year Ended December 31, 2019: Automotive $ 18,518,987 $ 193,517 $ 18,712,504 Non-automotive 10,470,680 3,689,818 14,160,498 Total net sales $ 28,989,667 $ 3,883,335 $ 32,873,002

Deferred Revenue Recognized (De

Deferred Revenue Recognized (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Details
Deferred Revenue Recognized	$ 151,944	$ 327,454

Estimated Useful Lives by Asset

Estimated Useful Lives by Asset Category (Details)	12 Months Ended
	Dec. 31, 2020
Land Improvements | Minimum
Property, Plant and Equipment, Useful Life	15 years
Land Improvements | Maximum
Property, Plant and Equipment, Useful Life	40 years
Building Improvements | Minimum
Property, Plant and Equipment, Useful Life	10 years
Building Improvements | Maximum
Property, Plant and Equipment, Useful Life	40 years
Machinery and Equipment | Minimum
Property, Plant and Equipment, Useful Life	5 years
Machinery and Equipment | Maximum
Property, Plant and Equipment, Useful Life	18 years
Software and Software Development Costs | Minimum
Property, Plant and Equipment, Useful Life	3 years
Software and Software Development Costs | Maximum
Property, Plant and Equipment, Useful Life	5 years
Other Capitalized Property Plant and Equipment | Minimum
Property, Plant and Equipment, Useful Life	3 years
Other Capitalized Property Plant and Equipment | Maximum
Property, Plant and Equipment, Useful Life	10 years

Uncertain Tax Positions and Unr

Uncertain Tax Positions and Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Details
Liability for Uncertain Tax Positions	$ 0	$ 0
Unrecognized Tax Benefits	$ 0	$ 0

Weighted Avg. Number of Shares

Weighted Avg. Number of Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Details
Weighted Average Common Shares Outstanding	966,132	966,132

2 - Balance Sheet Details_ In_2

2 - Balance Sheet Details: Inventory (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Details
Raw Materials	$ 2,245,709	$ 2,337,278
Work in Process	1,410,868	1,201,099
Finished goods	2,096,717	1,869,800
Valuation reserves	(600,000)	(457,000)
Inventories, net	$ 5,153,294	$ 4,951,177

2 - Balance Sheet Details_ Pr_2

2 - Balance Sheet Details: Property, Plant and Equipment (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Details
Land and improvements	$ 1,636,749	$ 1,636,749
Buildings and improvements	8,534,317	8,331,804
Machinery and equipment	35,194,944	35,037,010
Capitalized software and other	1,045,027	1,371,736
Less: Accumulated Depreciation	(33,260,153)	(32,703,246)
Property, Plant and Equipment, Other, Net	$ 13,150,884	$ 13,674,053

2 - Balance Sheet Details_ Ot_2

2 - Balance Sheet Details: Other Accrued Expenses (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Details
Profit sharing plan contribution	$ 120,000	$ 175,000
Property taxes	84,570	83,475
All other items	118,398	90,594
Other Accrued Expenses	$ 322,968	$ 349,069

Schedule of Valuation and Quali

Schedule of Valuation and Qualifying Accounts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Allowance, Credit Loss
Balance at beginning of year	$ 140,000	$ 140,000
Charges to statement of income	35,774	4,895
Write-offs	(5,774)	(4,895)
Balance at end of year	170,000	140,000
SEC Schedule, 12-09, Reserve, Inventory
Balance at beginning of year	457,000	579,000
Charges to statement of income	155,058	(15,477)
Write-offs	(12,058)	(106,523)
Balance at end of year	$ 600,000	$ 457,000

3 - Income Taxes_ Provision f_2

3 - Income Taxes: Provision for Income Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Details
Provision for Federal income tax expense, Current	$ (53,000)	$ 113,000
Provision for State income tax expense, Current	0	10,000
Provision for income tax expense, Deferred	68,000	22,000
Provision for Income Taxes	$ 15,000	$ 145,000

3 - Income Taxes_ Schedule of_2

3 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Details
Expected tax at U.S. statutory rate	$ 14,000	$ 143,000
Expected tax at U.S. statutory rate, %	21.00%	21.00%
Permanent differences	$ 1,000
Permanent differences, %	1.90%
Permanent differences		$ (6,000)
Permanent differences		(1.00%)
State taxes, net of federal benefit	$ 0	$ 8,000
State taxes, net of federal benefit, %	0.00%	1.20%
Income tax expense	$ 15,000	$ 145,000
Income tax expense, %	22.90%	21.20%

3 - Income Taxes_ Schedule of_3

3 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Details
Depreciation and amortization	$ (1,295,804)	$ (1,171,948)
Inventory	175,739	122,629
Accrued vacation	70,787	74,385
Allowance for doubtful accounts	38,250	31,500
Other, net	(56)	350
Deferred Tax Assets and Liabilities	$ (1,011,084)	$ (943,084)

Other Income Tax Disclosures (D

Other Income Tax Disclosures (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Details
Deferred tax assets valuation allowance	$ 0	$ 0

Profit Sharing Plan (Details)

Profit Sharing Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Details
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 120,000	$ 175,000

5 - Other Income_ Other Incom_2

5 - Other Income: Other Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Details
Interest income	$ 94,956	$ 144,730
Other nonoperating income	53,508	47,000
Other Income	$ 148,464	$ 191,730

6 - Segment Information_ Sche_2

6 - Segment Information: Schedule of Segment Reporting Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net Sales	$ 27,590,653	$ 32,873,002
Depreciation and Amortization	1,347,305	1,382,235
Accounts receivable, net	5,163,450	4,609,314
Inventories, net	5,153,294	4,951,177
Property, plant and equipment, net	13,150,884	13,674,053
Fastener
Net Sales	24,607,863	28,989,667
Depreciation and Amortization	1,182,555	1,217,174
Segment operating profit	1,531,933	1,762,835
Selling and Administrative Expenses	0	0
Other Income	0	0
Capital expenditures	614,835	1,522,541
Accounts receivable, net	4,906,239	4,313,185
Inventories, net	4,024,138	3,985,883
Property, plant and equipment, net	10,479,720	11,047,439
Other assets	0	0
Assembly Equipment
Net Sales	2,982,790	3,883,335
Depreciation and Amortization	131,826	126,430
Segment operating profit	513,250	1,083,548
Selling and Administrative Expenses	0	0
Other Income	0	0
Capital expenditures	13,924	233,697
Accounts receivable, net	257,211	296,129
Inventories, net	1,129,156	965,294
Property, plant and equipment, net	1,568,862	1,686,764
Other assets	0	0
Unallocated Corporate
Net Sales	0	0
Depreciation and Amortization	32,924	38,631
Segment operating profit	0	0
Selling and Administrative Expenses	(2,128,197)	(2,354,799)
Other Income	148,464	191,730
Capital expenditures	195,377	46,676
Accounts receivable, net	0	0
Inventories, net	0	0
Property, plant and equipment, net	1,102,302	939,850
Other assets	$ 7,770,443	$ 8,488,832

6 - Segment Information_ Disa_2

6 - Segment Information: Disaggregation of Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue	$ 27,590,653	$ 32,873,002
United States
Revenue	23,547,772	28,226,172
Foreign
Revenue	4,042,881	4,646,830
Automotive
Revenue	15,749,148	18,712,504
Nonautomotive
Revenue	11,841,505	14,160,498
Fastener
Revenue	24,607,863	28,989,667
Fastener | United States
Revenue	20,743,296	24,626,317
Fastener | Foreign
Revenue	3,864,567	4,363,350
Fastener | Automotive
Revenue	15,612,249	18,518,987
Fastener | Nonautomotive
Revenue	8,995,614	10,470,680
Assembly Equipment
Revenue	2,982,790	3,883,335
Assembly Equipment | United States
Revenue	2,804,476	3,599,855
Assembly Equipment | Foreign
Revenue	178,314	283,480
Assembly Equipment | Automotive
Revenue	136,899	193,517
Assembly Equipment | Nonautomotive
Revenue	$ 2,845,891	$ 3,689,818

Summary of % of Revenues and A_

Summary of % of Revenues and A/R from Major Customers (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
TI Group Automotive Systems, LLC
Percentage of revenues from major customers	14.00%	16.00%
Percentage of accounts receivable balances	17	18
Cooper-Standard Holdings Inc.
Percentage of revenues from major customers	12.00%	10.00%
Percentage of accounts receivable balances	15	13
Parker-Hannifin Corporation
Percentage of revenues from major customers	10.00%	10.00%
Percentage of accounts receivable balances	15	12

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Details
Rent Expense	$ 23,000	$ 39,000

Subsequent Events (Details)

Subsequent Events (Details)	12 Months Ended
	Dec. 31, 2020USD ($)$ / shares
Details
Dividend declaration date	Feb. 22, 2021
Dividends per share declared | $ / shares	$ 0.22
Dividends payable amount | $	$ 212,549
Dividends Payable, Date to be Paid	Mar. 19, 2021
Dividends Payable, Date of Record	Mar. 5, 2021