Chicago Rivet & Machine (CVR) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 03, 2021
Details
Registrant CIK	0000019871
Fiscal Year End	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Entity File Number	000-01227
Entity Registrant Name	Chicago Rivet & Machine Co.
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		966,132
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 3,075,766	$ 2,567,731
Certificates of deposit	2,990,000	4,733,000
Accounts receivable - Less allowances of $170,000	6,869,891	5,163,450
Inventories, net	6,311,960	5,153,294
Prepaid income taxes	0	85,940
Other current assets	384,811	383,772
Total current assets	19,632,428	18,087,187
Property, Plant and Equipment:
Land and improvements	1,636,749	1,636,749
Buildings and improvements	8,449,768	8,440,738
Production equipment and other	36,344,494	36,333,550
Property, Plant and Equipment, Gross	46,431,011	46,411,037
Less accumulated depreciation	33,509,910	33,260,153
Net property, plant and equipment	12,921,101	13,150,884
Total assets	32,553,529	31,238,071
Current Liabilities:
Accounts payable	1,135,304	466,424
Accrued wages and salaries	686,571	482,008
Other accrued expenses	317,568	322,968
Unearned revenue and customer deposits	205,774	249,498
Federal and state income taxes	194,560	0
Total current liabilities	2,539,777	1,520,898
Deferred income taxes	980,084	1,011,084
Total liabilities	3,519,861	2,531,982
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	31,370,536	31,042,957
Treasury stock, 171,964 shares at cost	(3,922,098)	(3,922,098)
Total shareholders' equity	29,033,668	28,706,089
Total liabilities and shareholders' equity	$ 32,553,529	$ 31,238,071

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) - Parenthetical - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Details
Accounts Receivable, Allowance for Credit Loss, Current	$ 170,000	$ 170,000
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Condensed Consolidated Statements of Income (Unaudited)
Net sales	$ 9,304,949	$ 7,576,455
Cost of goods sold	7,270,512	6,266,028
Gross profit	2,034,437	1,310,427
Selling and administrative expenses	1,362,201	1,285,334
Operating profit	672,236	25,093
Other income	17,892	46,475
Income before income taxes	690,128	71,568
Provision for income taxes	150,000	15,000
Net Income	$ 540,128	$ 56,568
Per share data, basic and diluted:
Net income per share	$ 0.56	$ 0.06
Average common shares outstanding	966,132	966,132
Cash dividends declared per share	$ 0.22	$ 0.22

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Beginning 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
Treasury Stock Shares at Dec. 31, 2019						171,964
Net Income	56,568				56,568
Dividends Declared	(212,549)				(212,549)
Ending Balance at Mar. 31, 2020	29,002,046	0	$ 1,138,096	447,134	31,338,914	$ (3,922,098)
Common Stock Shares at Mar. 31, 2020			966,132
Treasury Stock Shares at Mar. 31, 2020						171,964
Beginning 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
Net Income	$ 540,128				540,128
Dividends Declared	(212,549)				(212,549)
Ending Balance at Mar. 31, 2021	$ 29,033,668	$ 0	$ 1,138,096	$ 447,134	$ 31,370,536	$ (3,922,098)
Common Stock Shares at Mar. 31, 2021	966,132		966,132
Treasury Stock Shares at Mar. 31, 2021	171,964					171,964

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity - Parenthetical - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Details
Cash dividends declared per share	$ 0.22	$ 0.22

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net Income	$ 540,128	$ 56,568
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	330,165	337,356
Loss on disposal of equipment	16,081	0
Deferred income taxes	(31,000)	(24,000)
Changes in operating assets and liabilities:
Accounts receivable	(1,706,441)	(894,369)
Inventories	(1,158,666)	(227,204)
Other current assets	84,901	(225)
Accounts payable	668,880	437,728
Accrued wages and salaries	204,563	(15,892)
Other accrued expenses	189,160	(115,663)
Unearned revenue and customer deposits	(43,724)	(44,338)
Net cash used in operating activities	(905,953)	(490,039)
Cash flows from investing activities:
Capital expenditures	(116,463)	(166,667)
Proceeds from certificates of deposit	1,743,000	2,241,000
Purchases of certificates of deposit	0	(1,743,000)
Net cash provided by investing activities	1,626,537	331,333
Cash flows from financing activities:
Cash dividends paid	(212,549)	(212,549)
Net cash used in financing activities	(212,549)	(212,549)
Net increase (decrease) in cash and cash equivalents	508,035	(371,255)
Cash and cash equivalents at beginning of period	2,567,731	1,429,454
Cash and cash equivalents at end of period	3,075,766	1,058,199
Supplemental schedule of non-cash investing activities:
Capital expenditures in accounts payable	$ 0	$ 1,330

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2021
Notes
Accounting Policies	1. In the opinion of the Company, the accompanying unaudited interim financial statements contain all adjustments necessary to present fairly the financial position of the Company as of March 31, 2021 (unaudited) and December 31, 2020 (audited) and the results of operations and changes in cash flows for the indicated periods. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted from these unaudited financial statements in accordance with applicable rules. Please refer to the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the three month period ended March 31, 2021 are not necessarily indicative of the results to be expected for the year.

Risks and Uncertainties

Risks and Uncertainties	3 Months Ended
	Mar. 31, 2021
Notes
Risks and Uncertainties	2. The Company extends credit on the basis of terms that are customary within our markets to various companies doing business primarily in the automotive industry. The Company has a concentration of credit risk primarily within the automotive industry and in the Midwestern United States.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Notes
Commitments and Contingencies	3. The Company is, from time to time, involved in litigation, including environmental claims and contract disputes, 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.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2021
Notes
Revenue	4. Revenue—The Company operates in the fastener industry and is in the business of manufacturing and selling rivets, cold-formed fasteners and parts, screw machine products, automatic rivet setting machines and parts and tools for such machines. Revenue is recognized when control of the promised goods or services is transferred to our customers, generally upon shipment of goods or completion of services, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. For certain assembly equipment segment transactions, revenue is recognized based on progress toward completion of the performance obligation using a labor-based measure. Labor incurred and specific material costs are compared to milestone payments per sales contract. Based on our experience, this method most accurately reflects the transfer of goods under such contracts. During the first quarter of 2021, the Company realized $235,210 related to such contracts and $120,879 is the remaining performance obligation under such contracts which the Company expects to recognize as revenue in the second quarter. Sales taxes we may collect concurrent with revenue producing activities are excluded from revenue. Revenue is recognized net of certain sales adjustments to arrive at net sales as reported on the statement of income. These adjustments primarily relate to customer returns and allowances. The Company records a liability and reduction in sales for estimated product returns based upon historical experience. If we determine that our obligation under warranty claims is probable and subject to reasonable determination, an estimate of that liability is recorded as an offset against revenue at that time. As of March 31, 2021 and December 31, 2020 reserves for warranty claims were not material. Cash received by the Company prior to shipment is recorded as unearned revenue. Shipping and handling fees billed to customers are recognized in net sales, and related costs as cost of sales, when incurred. Sales commissions are expensed when incurred because the amortization period is less than one year. These costs are recorded within selling and administrative expenses in the statement of income. The following table presents revenue by segment, further disaggregated by end-market: Fastener Assembly Equipment Consolidated Three Months Ended March 31, 2021: Automotive $ 5,059,469 $ 32,973 $ 5,092,442 Non-automotive 3,089,209 1,123,298 4,212,507 Total net sales $ 8,148,678 $ 1,156,271 $ 9,304,949 Three Months Ended March 31, 2020: Automotive $ 4,413,737 $ 33,459 $ 4,447,196 Non-automotive 2,323,660 805,599 3,129,259 Total net sales $ 6,737,397 $ 839,058 $ 7,576,455 The following table presents revenue by segment, further disaggregated by location: Fastener Assembly Equipment Consolidated Three Months Ended March 31, 2021: United States $ 6,437,852 $ 1,130,360 $ 7,568,212 Foreign 1,710,826 25,911 1,736,737 Total net sales $ 8,148,678 $ 1,156,271 $ 9,304,949 Three Months Ended March 31, 2020: United States $ 5,740,925 $ 748,486 $ 6,489,411 Foreign 996,472 90,572 1,087,044 Total net sales $ 6,737,397 $ 839,058 $ 7,576,455

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Notes
Income Taxes	5. The Company’s effective tax rates rates were approximately 21.7% and 21.0% for the first quarter of 2021 and 2020, respectively. The Company’s federal income tax returns for the 2017 through 2020 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 through 2020 federal income tax returns will expire on September 15, 2021 through 2024, respectively. The Company’s state income tax returns for the 2017 through 2020 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2024. The Company is not currently under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
Notes
Inventories	6. Inventories are stated at the lower of cost or net realizable value, cost being determined by the first-in, first-out method. A summary of inventories is as follows: March 31, 2021 December 31, 2020 Raw material $ 2,734,512 $ 2,245,709 Work-in-process 2,081,169 1,410,868 Finished goods 2,095,279 2,096,717 Inventory, gross 6,910,960 5,753,294 Valuation reserves (599,000) (600,000) Inventories, net $ 6,311,960 $ 5,153,294

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2021
Notes
Segment Reporting	7. Segment Information—The Company operates in two business segments as determined by its products. The fastener segment includes rivets, cold-formed fasteners and parts and screw machine products. The assembly equipment segment includes automatic rivet setting machines and parts and tools for such machines. Information by segment is as follows: Fastener Assembly Equipment Other Consolidated Three Months Ended March 31, 2021: Net sales $ 8,148,678 $ 1,156,271 0 $ 9,304,949 Depreciation 291,183 33,533 5,449 330,165 Segment operating profit 927,158 296,700 0 1,223,858 Selling and administrative expenses 0 0 (543,772) (543,772) Interest income 0 0 10,042 10,042 Income before income taxes $ 690,128 Capital expenditures 104,524 0 11,939 116,463 Segment assets: Accounts receivable, net 6,222,588 647,303 0 6,869,891 Inventories, net 5,055,332 1,256,628 0 6,311,960 Property, plant and equipment, net 10,276,980 1,535,329 1,108,792 12,921,101 Other assets 0 0 6,450,577 6,450,577 $ 32,553,529 Three Months Ended March 31, 2020: Net sales $ 6,737,397 $ 839,058 0 $ 7,576,455 Depreciation 296,110 32,869 8,377 337,356 Segment operating profit 404,018 184,571 0 588,589 Selling and administrative expenses 0 0 (550,896) (550,896) Interest income 0 0 33,875 33,875 Income before income taxes $ 71,568 Capital expenditures 167,997 0 0 167,997 Segment assets: Accounts receivable, net 5,106,941 396,742 0 5,503,683 Inventories, net 4,195,183 983,198 0 5,178,381 Property, plant and equipment, net 10,919,327 1,653,895 931,472 13,504,694 Other assets 0 0 7,619,802 7,619,802 $ 31,806,560

COVID-19

COVID-19	3 Months Ended
	Mar. 31, 2021
Notes
COVID-19	8. COVID-19—In March 2020, the World Health Organization characterized the novel coronavirus (“COVID-19”) a pandemic and the President of the United States declared the COVID-19 outbreak a national emergency. The rapid spread of the virus and the response domestically and internationally to combat it has had a significant negative impact on the global economy, including the automotive industry upon which we rely for sales. Beginning in March 2020, most states issued executive orders which temporarily closed businesses deemed non-essential in an effort to limit the spread of the coronavirus. Similar measures also took place in foreign markets we serve. As a result, our operations and the operations of our customers and suppliers were adversely affected. Since some of our customers are classified as essential businesses and were allowed to continue to operate during this period, we were able to continue our operations, but at a significantly reduced level, in order to service those customers. Our automotive customers were particularly affected, as much of the industry was idled for an extended period of time during the second quarter of 2020 due to employee safety concerns. While most shut-down orders were lifted late in that quarter, various work-related restrictions remained in place and the economic fallout lingers. Due to the rapidly changing business environment and heightened degree of uncertainty resulting from COVID-19, we took measures to reduce expenses and conserve capital during this period, including reduced work schedules, delayed capital expenditures and a reduction in dividend payments. In the second half of 2020, we experienced improved demand as government-imposed restrictions were relaxed. However, the timing and sustainability of any broad economic recovery is uncertain and will likely be tied to the course of the pandemic. As we cannot predict the duration or scope of the COVID-19 pandemic, or its broader impact on the global economy, including the demand for automobiles, it is unknown what the impact of COVID-19 and its related effects will be on our business, results of operations or financial condition, but the impact could be material and last for an extended period of time.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Policies
Accounting Policies	1. In the opinion of the Company, the accompanying unaudited interim financial statements contain all adjustments necessary to present fairly the financial position of the Company as of March 31, 2021 (unaudited) and December 31, 2020 (audited) and the results of operations and changes in cash flows for the indicated periods. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted from these unaudited financial statements in accordance with applicable rules. Please refer to the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the three month period ended March 31, 2021 are not necessarily indicative of the results to be expected for the year.
Risks and Uncertainties	2. The Company extends credit on the basis of terms that are customary within our markets to various companies doing business primarily in the automotive industry. The Company has a concentration of credit risk primarily within the automotive industry and in the Midwestern United States.
Commitments and Contingencies	3. The Company is, from time to time, involved in litigation, including environmental claims and contract disputes, 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.
Revenue	4. Revenue—The Company operates in the fastener industry and is in the business of manufacturing and selling rivets, cold-formed fasteners and parts, screw machine products, automatic rivet setting machines and parts and tools for such machines. Revenue is recognized when control of the promised goods or services is transferred to our customers, generally upon shipment of goods or completion of services, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. For certain assembly equipment segment transactions, revenue is recognized based on progress toward completion of the performance obligation using a labor-based measure. Labor incurred and specific material costs are compared to milestone payments per sales contract. Based on our experience, this method most accurately reflects the transfer of goods under such contracts. During the first quarter of 2021, the Company realized $235,210 related to such contracts and $120,879 is the remaining performance obligation under such contracts which the Company expects to recognize as revenue in the second quarter. Sales taxes we may collect concurrent with revenue producing activities are excluded from revenue. Revenue is recognized net of certain sales adjustments to arrive at net sales as reported on the statement of income. These adjustments primarily relate to customer returns and allowances. The Company records a liability and reduction in sales for estimated product returns based upon historical experience. If we determine that our obligation under warranty claims is probable and subject to reasonable determination, an estimate of that liability is recorded as an offset against revenue at that time. As of March 31, 2021 and December 31, 2020 reserves for warranty claims were not material. Cash received by the Company prior to shipment is recorded as unearned revenue. Shipping and handling fees billed to customers are recognized in net sales, and related costs as cost of sales, when incurred. Sales commissions are expensed when incurred because the amortization period is less than one year. These costs are recorded within selling and administrative expenses in the statement of income.
Income Taxes	5. The Company’s effective tax rates rates were approximately 21.7% and 21.0% for the first quarter of 2021 and 2020, respectively. The Company’s federal income tax returns for the 2017 through 2020 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 through 2020 federal income tax returns will expire on September 15, 2021 through 2024, respectively. The Company’s state income tax returns for the 2017 through 2020 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2024. The Company is not currently under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended.
Inventories	6. Inventories are stated at the lower of cost or net realizable value, cost being determined by the first-in, first-out method.
Segment Reporting	7. Segment Information—The Company operates in two business segments as determined by its products. The fastener segment includes rivets, cold-formed fasteners and parts and screw machine products. The assembly equipment segment includes automatic rivet setting machines and parts and tools for such machines.

Revenue_ Disaggregation of Reve

Revenue: Disaggregation of Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Location
Disaggregation of Revenue	Fastener Assembly Equipment Consolidated Three Months Ended March 31, 2021: United States $ 6,437,852 $ 1,130,360 $ 7,568,212 Foreign 1,710,826 25,911 1,736,737 Total net sales $ 8,148,678 $ 1,156,271 $ 9,304,949 Three Months Ended March 31, 2020: United States $ 5,740,925 $ 748,486 $ 6,489,411 Foreign 996,472 90,572 1,087,044 Total net sales $ 6,737,397 $ 839,058 $ 7,576,455
End Market
Disaggregation of Revenue	Fastener Assembly Equipment Consolidated Three Months Ended March 31, 2021: Automotive $ 5,059,469 $ 32,973 $ 5,092,442 Non-automotive 3,089,209 1,123,298 4,212,507 Total net sales $ 8,148,678 $ 1,156,271 $ 9,304,949 Three Months Ended March 31, 2020: Automotive $ 4,413,737 $ 33,459 $ 4,447,196 Non-automotive 2,323,660 805,599 3,129,259 Total net sales $ 6,737,397 $ 839,058 $ 7,576,455

Inventories_ Inventories (Table

Inventories: Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Tables/Schedules
Inventories	March 31, 2021 December 31, 2020 Raw material $ 2,734,512 $ 2,245,709 Work-in-process 2,081,169 1,410,868 Finished goods 2,095,279 2,096,717 Inventory, gross 6,910,960 5,753,294 Valuation reserves (599,000) (600,000) Inventories, net $ 6,311,960 $ 5,153,294

Segment Reporting_ Schedule of

Segment Reporting: Schedule of Segment Reporting by Segment (Tables)	3 Months Ended
	Mar. 31, 2021
Tables/Schedules
Schedule of Segment Reporting by Segment	Fastener Assembly Equipment Other Consolidated Three Months Ended March 31, 2021: Net sales $ 8,148,678 $ 1,156,271 0 $ 9,304,949 Depreciation 291,183 33,533 5,449 330,165 Segment operating profit 927,158 296,700 0 1,223,858 Selling and administrative expenses 0 0 (543,772) (543,772) Interest income 0 0 10,042 10,042 Income before income taxes $ 690,128 Capital expenditures 104,524 0 11,939 116,463 Segment assets: Accounts receivable, net 6,222,588 647,303 0 6,869,891 Inventories, net 5,055,332 1,256,628 0 6,311,960 Property, plant and equipment, net 10,276,980 1,535,329 1,108,792 12,921,101 Other assets 0 0 6,450,577 6,450,577 $ 32,553,529 Three Months Ended March 31, 2020: Net sales $ 6,737,397 $ 839,058 0 $ 7,576,455 Depreciation 296,110 32,869 8,377 337,356 Segment operating profit 404,018 184,571 0 588,589 Selling and administrative expenses 0 0 (550,896) (550,896) Interest income 0 0 33,875 33,875 Income before income taxes $ 71,568 Capital expenditures 167,997 0 0 167,997 Segment assets: Accounts receivable, net 5,106,941 396,742 0 5,503,683 Inventories, net 4,195,183 983,198 0 5,178,381 Property, plant and equipment, net 10,919,327 1,653,895 931,472 13,504,694 Other assets 0 0 7,619,802 7,619,802 $ 31,806,560

Revenue_ Revenue (Details)

Revenue: Revenue (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Details
Revenue Recognized, Performance Obligation		$ 235,210
Revenue, Remaining Performance Obligation		$ 120,879
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation	second quarter

Revenue_ Disaggregation of Re_2

Revenue: Disaggregation of Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue	$ 9,304,949	$ 7,576,455
United Sates
Revenue	7,568,212	6,489,411
Foreign
Revenue	1,736,737	1,087,044
Automotive
Revenue	5,092,442	4,447,196
Nonautomotive
Revenue	4,212,507	3,129,259
Fastener
Revenue	8,148,678	6,737,397
Fastener | United Sates
Revenue	6,437,852	5,740,925
Fastener | Foreign
Revenue	1,710,826	996,472
Fastener | Automotive
Revenue	5,059,469	4,413,737
Fastener | Nonautomotive
Revenue	3,089,209	2,323,660
Assemby Equipment
Revenue	1,156,271	839,058
Assemby Equipment | United Sates
Revenue	1,130,360	748,486
Assemby Equipment | Foreign
Revenue	25,911	90,572
Assemby Equipment | Automotive
Revenue	32,973	33,459
Assemby Equipment | Nonautomotive
Revenue	$ 1,123,298	$ 805,599

Inventories_ Inventories (Detai

Inventories: Inventories (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Details
Raw material	$ 2,734,512	$ 2,245,709
Work-in-process	2,081,169	1,410,868
Finished goods	2,095,279	2,096,717
Inventory, gross	6,910,960	5,753,294
Valuation reserves	(599,000)	(600,000)
Inventories, net	$ 6,311,960	$ 5,153,294

Segment Reporting_ Schedule o_2

Segment Reporting: Schedule of Segment Reporting by Segment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Net sales	$ 9,304,949	$ 7,576,455
Depreciation	330,165	337,356
Accounts receivable - Less allowances of $170,000	6,869,891		$ 5,163,450
Inventories, net	6,311,960		5,153,294
Net property, plant and equipment	12,921,101		$ 13,150,884
Fastener
Net sales	8,148,678	6,737,397
Depreciation	291,183	296,110
Segment operating profit	927,158	404,018
Selling and Administrative Expenses	0	0
Interest income	0	0
Capital expenditures	104,524	167,997
Accounts receivable - Less allowances of $170,000	6,222,588	5,106,941
Inventories, net	5,055,332	4,195,183
Net property, plant and equipment	10,276,980	10,919,327
Other Assets	0	0
Assemby Equipment
Net sales	1,156,271	839,058
Depreciation	33,533	32,869
Segment operating profit	296,700	184,571
Selling and Administrative Expenses	0	0
Interest income	0	0
Capital expenditures	0	0
Accounts receivable - Less allowances of $170,000	647,303	396,742
Inventories, net	1,256,628	983,198
Net property, plant and equipment	1,535,329	1,653,895
Other Assets	0	0
Unallocated Corporate
Net sales	0	0
Depreciation	5,449	8,377
Segment operating profit	0	0
Selling and Administrative Expenses	(543,772)	(550,896)
Interest income	10,042	33,875
Capital expenditures	11,939	0
Accounts receivable - Less allowances of $170,000	0	0
Inventories, net	0	0
Net property, plant and equipment	1,108,792	931,472
Other Assets	$ 6,450,577	$ 7,619,802