Chicago Rivet & Machine (CVR) 10-K 21 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 18, 2022	Jun. 30, 2021
Details
Registrant CIK	0000019871
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-01227
Entity Registrant Name	CHICAGO RIVET & MACHINE CO
Entity Incorporation, State or Country Code	IL
Entity Tax Identification Number	36-0904920
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
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	CVR
Security Exchange Name	NYSEAMER
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 20,323,420
Entity Common Stock, Shares Outstanding		966,132
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Auditor Firm ID	173
Auditor Name	Crowe LLP
Auditor Location	Oak Brook, Illinois

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Cash and Cash Equivalents	$ 2,036,954	$ 2,567,731
Certificates of Deposit	2,741,000	4,733,000
Accounts Receivable - Less allowances of $170,000	5,647,984	5,163,450
Inventories, net	8,519,780	5,153,294
Prepaid Income Taxes	440	85,940
Other Current Assets	346,236	383,772
Total Current Assets	19,292,394	18,087,187
Property, Plant and Equipment, net	12,473,864	13,150,884
Total Assets	31,766,258	31,238,071
Current Liabilities
Accounts Payable	692,635	466,424
Accrued Wages and Salaries	509,332	482,008
Other Accrued Expenses	366,418	322,968
Unearned Revenue and Customer Deposits	302,424	249,498
Total Current Liabilities	1,870,809	1,520,898
Deferred Income Taxes, net	926,084	1,011,084
Total Liabilities	2,796,893	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	31,306,233	31,042,957
Treasury Stock, 171,964 Shares at cost	(3,922,098)	(3,922,098)
Total Shareholders' Equity	28,969,365	28,706,089
Total Liabilities and Shareholders' Equity	$ 31,766,258	$ 31,238,071

Consolidated Balance Sheets - P

Consolidated Balance Sheets - Parenthetical - USD ($)	Dec. 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

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Income
Net Sales	$ 33,974,558	$ 27,590,653
Cost of Goods Sold	27,509,466	22,675,451
Gross Profit	6,465,092	4,915,202
Selling and Administrative Expenses	5,106,177	4,998,216
Operating Profit (Loss)	1,358,915	(83,014)
Other Income	55,557	148,464
Income Before Income Taxes	1,414,472	65,450
Provision for Income Taxes	301,000	15,000
Net Income	$ 1,113,472	$ 50,450
Net Income Per Share	$ 1.15	$ 0.05

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, 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	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
Net Income	$ 1,113,472				1,113,472
Dividends Declared	(850,196)				(850,196)
Ending Balance at Dec. 31, 2021	$ 28,969,365	$ 0	$ 1,138,096	$ 447,134	$ 31,306,233	$ (3,922,098)
Common Stock Shares at Dec. 31, 2021	966,132		966,132
Treasury Stock Shares at Dec. 31, 2021						171,964

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity - Parenthetical - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Details
Common Stock, Dividends, Per Share, Declared	$ 0.88	$ 0.52

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities
Net Income	$ 1,113,472	$ 50,450
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities
Depreciation and Amortization	1,318,554	1,347,305
Loss on the Sale of Equipment	21,564	0
Deferred Income Taxes	(85,000)	68,000
Changes in Operating Assets and Liabilities
Accounts Receivable, net	(484,534)	(554,136)
Inventories, net	(3,366,486)	(202,117)
Other Current Assets	123,036	15,666
Accounts Payable	226,211	(24,156)
Accrued Wages and Salaries	27,324	(147,964)
Other Accrued Expenses	43,450	(26,101)
Unearned Revenue and Customer Deposits	52,926	96,854
Net Cash (Used in) Provided by Operating Activities	(1,009,483)	623,801
Cash Flows from Investing Activities
Capital Expenditures	(670,898)	(824,136)
Proceeds from the Sale of Equipment	7,800	0
Proceeds from Certificates of Deposit	4,484,000	6,574,000
Purchases of Certificates of Deposit	(2,492,000)	(4,733,000)
Net Cash Provided by Investing Activities	1,328,902	1,016,864
Cash Flows from Financing Activities
Cash Dividends Paid	(850,196)	(502,388)
Net Cash Used in Financing Activities	(850,196)	(502,388)
Net (Decrease) Increase in Cash and Cash Equivalents	(530,777)	1,138,277
Cash and Cash Equivalents
Beginning of Year	2,567,731	1,429,454
End of Year	2,036,954	2,567,731
Net Cash Paid (Refunds Received) for Income Taxes
Net Cash Piad for Income Taxes	$ 300,500
Refunds Received for Income Taxes		$ (25,246)

1 - Nature of Business and Sign

1 - Nature of Business and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020. 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, 2021 and 2020, 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 2021 or 2020. The Company’s federal income tax returns for the 2018 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 2018, 2019 and 2020 federal income tax returns will expire on September 15, 2022, 2023 and 2024, respectively. The Company’s state income tax returns for the 2018 through 2020 tax years are subject to examination by various state authorities with the latest closing period on October 31, 2024. 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-

2 - Balance Sheet Details

2 - Balance Sheet Details	12 Months Ended
	Dec. 31, 2021
Notes
2 - Balance Sheet Details	2 - Balance Sheet Details December 31, 2021 December 31, 2020 Inventories: Raw materials $ 4,645,923 $ 2,245,709 Work in process 2,181,457 1,410,868 Finished goods 2,304,400 2,096,717 9,131,780 5,753,294 Valuation reserves (612,000) (600,000) $ 8,519,780 $ 5,153,294 December 31, 2021 December 31, 2020 Property, Plant and Equipment, net: Land and improvements $ 1,778,819 $ 1,636,749 Buildings and improvements 8,456,983 8,534,317 Machinery and equipment 35,618,735 35,194,944 Capitalized software and other 1,060,379 1,045,027 46,914,916 46,411,037 Accumulated depreciation (34,441,052) (33,260,153) $ 12,473,864 $ 13,150,884 December 31, 2021 December 31, 2020 Other Accrued Expenses: Profit sharing plan contribution $ 145,000 $ 120,000 Property taxes 80,269 84,570 All other items 141,149 118,398 $ 366,418 $ 322,968 December 31, 2021 December 31, 2020 Allowance for Doubtful Accounts: Balance at beginning of year $ 170,000 $ 140,000 Charges to statement of income 0 35,774 Write-offs 0 (5,774) Balance at end of year $ 170,000 $ 170,000 December 31, 2021 December 31, 2020 Inventory Valuation Reserves: Balance at beginning of year $ 600,000 $ 457,000 Charges to statement of income 41,308 155,058 Write-offs (29,308) (12,058) Balance at end of year $ 612,000 $ 600,000

3 - Income Taxes

3 - Income Taxes	12 Months Ended
	Dec. 31, 2021
Notes
3 - Income Taxes	3 - Income Taxes— : 20 21 2020 Current: Federal $ 378,000 $ (53,000) State 8,000 0 Deferred (85,000) 68,000 $ 301,000 $ 15,000 The following is a reconciliation of the statutory federal income tax rate to the actual effective tax rate: 2021 2020 Amount % Amount % Expected tax at U.S. statutory rate $ 297,000 21.0 $ 14,000 21.0 Permanent differences (2,000) (0.1) 1,000 1.9 State taxes, net of federal benefit 6,000 0.4 0 0 Income tax expense $ 301,000 21.3 $ 15,000 22.9 The deferred tax assets (liabilities) consist of the following: 20 21 2020 Depreciation and amortization $ (1,196,119) $ (1,295,804) Inventory 157,600 175,739 Accrued vacation 74,037 70,787 Allowance for doubtful accounts 38,250 38,250 Other, net 148 (56) $ (926,084) $(1,011,084) 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, 2021 or 2020.

4 - Profit Sharing Plan

4 - Profit Sharing Plan	12 Months Ended
	Dec. 31, 2021
Notes
4 - Profit Sharing Plan	4 - Profit Sharing Plan-

5 - Other Income

5 - Other Income	12 Months Ended
	Dec. 31, 2021
Notes
5 - Other Income	5 - Other Income- 20 21 2020 Interest income $ 19,797 $ 94,956 Other 35,760 53,508 $ 55,557 $ 148,464

6 - Segment Information

6 - Segment Information	12 Months Ended
	Dec. 31, 2021
Notes
6 - Segment Information	6 - Segment Information- Fastener Assembly Equipment Other Consolidated Year Ended December 31, 2021: Net Sales……………………………………… $ 29,831,388 $ 4,143,170 $ 0 $ 33,974,558 Depreciation……………………………………... 1,161,596 134,957 22,001 1,318,554 Segment operating profit……………………… 2,384,486 997,048 0 3,381,534 Selling and administrative expenses………….. 0 0 (2,022,619) (2,022,619) Other income…………………………………….. 0 0 55,557 55,557 Income before income taxes…………………… 1,414,472 Capital expenditures……………………………. 493,564 0 177,334 670,898 Segment assets: Accounts receivable, net……………………... 5,302,257 345,727 0 5,647,984 Inventories, net………………………………... 7,214,050 1,305,730 0 8,519,780 Property, plant and equipment, net…………. 9,782,324 1,433,905 1,257,635 12,473,864 Other assets…………………………………… 0 0 5,124,630 5,124,630 31,766,258 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 0 148,464 148,4640 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 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, 2021 : Automotive $ 17,573,104 $ 157,652 $ 17,730,756 Non-automotive 12,258,284 3,985,518 16,243,802 Total net sales $ 29,831,388 $ 4,143,170 $ 33,974,558 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 The following table presents revenue by segment, further disaggregated by location: Fastener Assembly Equipment Consolidated Year Ended December 31, 20 21 : United States $ 24,280,114 $ 4,053,102 $ 28,333,216 Foreign 5,551,274 90,068 5,641,342 Total net sales $ 29,831,388 $ 4,143,170 $ 33,974,558 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 Sales to one customer in the fastener segment accounted for 13% of consolidated revenues during 2021 and 14% in 2020. The accounts receivable balance for this customer accounted for 16% and 17% of consolidated accounts receivable as of December 31, 2021 and 2020, respectively. Sales to a second customer in the fastener segment accounted for 11% of consolidated revenues during 2021 and 12% in 2020. The accounts receivable balance for this customer accounted for 11% and 15% of consolidated accounts receivable as of December 31, 2021 and 2020, respectively. Sales to a third customer were 12% of consolidated revenue in 2021 and 10% in 2020. The accounts receivable balance for this customer accounted for 18% and 15% of consolidated accounts receivable as of December 31, 2021 and 2020, respectively.

7 - Commitments and Contingenci

7 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
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, 2021
Notes
8 - COVID-19	8 - COVID-19 -

9 - Subsequent Events

9 - Subsequent Events	12 Months Ended
	Dec. 31, 2021
Notes
9 - Subsequent Events	9 - Subsequent Events-

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020. 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	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, 2021 and 2020, 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 2021 or 2020. The Company’s federal income tax returns for the 2018 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 2018, 2019 and 2020 federal income tax returns will expire on September 15, 2022, 2023 and 2024, respectively. The Company’s state income tax returns for the 2018 through 2020 tax years are subject to examination by various state authorities with the latest closing period on October 31, 2024. 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-

2 - Balance Sheet Details_ Inve

2 - Balance Sheet Details: Inventory (Tables)	12 Months Ended
	Dec. 31, 2021
Tables/Schedules
Inventory	December 31, 2021 December 31, 2020 Inventories: Raw materials $ 4,645,923 $ 2,245,709 Work in process 2,181,457 1,410,868 Finished goods 2,304,400 2,096,717 9,131,780 5,753,294 Valuation reserves (612,000) (600,000) $ 8,519,780 $ 5,153,294

2 - Balance Sheet Details_ Prop

2 - Balance Sheet Details: Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Tables/Schedules
Property, Plant and Equipment	December 31, 2021 December 31, 2020 Property, Plant and Equipment, net: Land and improvements $ 1,778,819 $ 1,636,749 Buildings and improvements 8,456,983 8,534,317 Machinery and equipment 35,618,735 35,194,944 Capitalized software and other 1,060,379 1,045,027 46,914,916 46,411,037 Accumulated depreciation (34,441,052) (33,260,153) $ 12,473,864 $ 13,150,884

2 - Balance Sheet Details_ Othe

2 - Balance Sheet Details: Other Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Tables/Schedules
Other Accrued Expenses	December 31, 2021 December 31, 2020 Other Accrued Expenses: Profit sharing plan contribution $ 145,000 $ 120,000 Property taxes 80,269 84,570 All other items 141,149 118,398 $ 366,418 $ 322,968

2 - Balance Sheet Details_ Sche

2 - Balance Sheet Details: Schedule of Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Dec. 31, 2021
Tables/Schedules
Schedule of Valuation and Qualifying Accounts	December 31, 2021 December 31, 2020 Allowance for Doubtful Accounts: Balance at beginning of year $ 170,000 $ 140,000 Charges to statement of income 0 35,774 Write-offs 0 (5,774) Balance at end of year $ 170,000 $ 170,000 December 31, 2021 December 31, 2020 Inventory Valuation Reserves: Balance at beginning of year $ 600,000 $ 457,000 Charges to statement of income 41,308 155,058 Write-offs (29,308) (12,058) Balance at end of year $ 612,000 $ 600,000

3 - Income Taxes_ Provision for

3 - Income Taxes: Provision for Income Tax Expense (Tables)	12 Months Ended
	Dec. 31, 2021
Tables/Schedules
Provision for Income Tax Expense	20 21 2020 Current: Federal $ 378,000 $ (53,000) State 8,000 0 Deferred (85,000) 68,000 $ 301,000 $ 15,000

3 - Income Taxes_ Schedule of E

3 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables)	12 Months Ended
	Dec. 31, 2021
Tables/Schedules
Schedule of Effective Income Tax Rate Reconciliation	2021 2020 Amount % Amount % Expected tax at U.S. statutory rate $ 297,000 21.0 $ 14,000 21.0 Permanent differences (2,000) (0.1) 1,000 1.9 State taxes, net of federal benefit 6,000 0.4 0 0 Income tax expense $ 301,000 21.3 $ 15,000 22.9

3 - Income Taxes_ Schedule of D

3 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Tables/Schedules
Schedule of Deferred Tax Assets and Liabilities	20 21 2020 Depreciation and amortization $ (1,196,119) $ (1,295,804) Inventory 157,600 175,739 Accrued vacation 74,037 70,787 Allowance for doubtful accounts 38,250 38,250 Other, net 148 (56) $ (926,084) $(1,011,084)

5 - Other Income_ Other Income

5 - Other Income: Other Income (Tables)	12 Months Ended
	Dec. 31, 2021
Tables/Schedules
Other Income	20 21 2020 Interest income $ 19,797 $ 94,956 Other 35,760 53,508 $ 55,557 $ 148,464

6 - Segment Information_ Schedu

6 - Segment Information: Schedule of Segment Reporting Information (Tables)	12 Months Ended
	Dec. 31, 2021
Tables/Schedules
Schedule of Segment Reporting Information	Fastener Assembly Equipment Other Consolidated Year Ended December 31, 2021: Net Sales……………………………………… $ 29,831,388 $ 4,143,170 $ 0 $ 33,974,558 Depreciation……………………………………... 1,161,596 134,957 22,001 1,318,554 Segment operating profit……………………… 2,384,486 997,048 0 3,381,534 Selling and administrative expenses………….. 0 0 (2,022,619) (2,022,619) Other income…………………………………….. 0 0 55,557 55,557 Income before income taxes…………………… 1,414,472 Capital expenditures……………………………. 493,564 0 177,334 670,898 Segment assets: Accounts receivable, net……………………... 5,302,257 345,727 0 5,647,984 Inventories, net………………………………... 7,214,050 1,305,730 0 8,519,780 Property, plant and equipment, net…………. 9,782,324 1,433,905 1,257,635 12,473,864 Other assets…………………………………… 0 0 5,124,630 5,124,630 31,766,258 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 0 148,464 148,4640 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

6 - Segment Information_ Disagg

6 - Segment Information: Disaggregation of Revenue (Tables)	12 Months Ended
	Dec. 31, 2021
Location
Disaggregation of Revenue	Fastener Assembly Equipment Consolidated Year Ended December 31, 20 21 : United States $ 24,280,114 $ 4,053,102 $ 28,333,216 Foreign 5,551,274 90,068 5,641,342 Total net sales $ 29,831,388 $ 4,143,170 $ 33,974,558 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
End Market
Disaggregation of Revenue	Fastener Assembly Equipment Consolidated Year Ended December 31, 2021 : Automotive $ 17,573,104 $ 157,652 $ 17,730,756 Non-automotive 12,258,284 3,985,518 16,243,802 Total net sales $ 29,831,388 $ 4,143,170 $ 33,974,558 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

Deferred Revenue Recognized (De

Deferred Revenue Recognized (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Details
Deferred Revenue Recognized	$ 248,799	$ 151,944

Estimated Useful Lives by Asset

Estimated Useful Lives by Asset Category (Details)	12 Months Ended
	Dec. 31, 2021
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, 2021	Dec. 31, 2020
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, 2021	Dec. 31, 2020
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, 2021	Dec. 31, 2020
Details
Raw materials	$ 4,645,923	$ 2,245,709
Work in process	2,181,457	1,410,868
Finished goods	2,304,400	2,096,717
Valuation reserves	(612,000)	(600,000)
Inventories, net	$ 8,519,780	$ 5,153,294

2 - Balance Sheet Details_ Pr_2

2 - Balance Sheet Details: Property, Plant and Equipment (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Details
Land and improvements	$ 1,778,819	$ 1,636,749
Buildings and improvements	8,456,983	8,534,317
Machinery and equipment	35,618,735	35,194,944
Capitalized software and other	1,060,379	1,045,027
Less: Accumulated Depreciation	(34,441,052)	(33,260,153)
Property, Plant and Equipment, Other, Net	$ 12,473,864	$ 13,150,884

2 - Balance Sheet Details_ Ot_2

2 - Balance Sheet Details: Other Accrued Expenses (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Details
Profit sharing plan contribution	$ 145,000	$ 120,000
Property taxes	80,269	84,570
All other items	141,149	118,398
Other Accrued Expenses	$ 366,418	$ 322,968

Schedule of Valuation and Quali

Schedule of Valuation and Qualifying Accounts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Allowance, Credit Loss
Balance at beginning of year	$ 170,000	$ 140,000
Charges to statement of income	0	35,774
Write-offs	0	(5,774)
Balance at end of year	170,000	170,000
SEC Schedule, 12-09, Reserve, Inventory
Balance at beginning of year	600,000	457,000
Charges to statement of income	41,308	155,058
Write-offs	(29,308)	(12,058)
Balance at end of year	$ 612,000	$ 600,000

3 - Income Taxes_ Provision f_2

3 - Income Taxes: Provision for Income Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Details
Provision for Federal income tax expense, Current	$ 378,000	$ (53,000)
Provision for State income tax expense, Current	8,000	0
Provision for income tax expense, Deferred	(85,000)	68,000
Provision for Income Taxes	$ 301,000	$ 15,000

3 - Income Taxes_ Schedule of_2

3 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Details
Expected tax at U.S. statutory rate	$ 297,000	$ 14,000
Expected tax at U.S. statutory rate, %	21.00%	21.00%
Permanent differences	$ (2,000)	$ 1,000
Permanent differences, %	(0.10%)	1.90%
State taxes, net of federal benefit	$ 6,000	$ 0
State taxes, net of federal benefit, %	0.40%	0.00%
Income tax expense	$ 301,000	$ 15,000
Income tax expense, %	21.30%	22.90%

3 - Income Taxes_ Schedule of_3

3 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Details
Depreciation and amortization	$ (1,196,119)	$ (1,295,804)
Inventory	157,600	175,739
Accrued vacation	74,037	70,787
Allowance for doubtful accounts	38,250	38,250
Other, net	148	(56)
Deferred Tax Assets and Liabilities	$ (926,084)	$ (1,011,084)

Other Income Tax Disclosures (D

Other Income Tax Disclosures (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Details
Deferred tax assets valuation allowance	$ 0	$ 0

Profit Sharing Plan (Details)

Profit Sharing Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Details
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 145,000	$ 120,000

5 - Other Income_ Other Incom_2

5 - Other Income: Other Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Details
Interest income	$ 19,797	$ 94,956
Other nonoperating income	35,760	53,508
Other Income	$ 55,557	$ 148,464

6 - Segment Information_ Sche_2

6 - Segment Information: Schedule of Segment Reporting Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net Sales	$ 33,974,558	$ 27,590,653
Depreciation and Amortization	1,318,554	1,347,305
Accounts receivable, net	5,647,984	5,163,450
Inventories, net	8,519,780	5,153,294
Property, plant and equipment, net	12,473,864	13,150,884
Fastener
Net Sales	29,831,388	24,607,863
Depreciation and Amortization	1,161,596	1,182,555
Segment operating profit	2,384,486	1,531,933
Selling and Administrative Expenses	0	0
Other Income	0	0
Capital expenditures	493,564	614,835
Accounts receivable, net	5,302,257	4,906,239
Inventories, net	7,214,050	4,024,138
Property, plant and equipment, net	9,782,324	10,479,720
Other assets	0	0
Assembly Equipment
Net Sales	4,143,170	2,982,790
Depreciation and Amortization	134,957	131,826
Segment operating profit	997,048	513,250
Selling and Administrative Expenses	0	0
Other Income	0	0
Capital expenditures	0	13,924
Accounts receivable, net	345,727	257,211
Inventories, net	1,305,730	1,129,156
Property, plant and equipment, net	1,433,905	1,568,862
Other assets	0	0
Unallocated Corporate
Net Sales	0	0
Depreciation and Amortization	22,001	32,924
Segment operating profit	0	0
Selling and Administrative Expenses	(2,022,619)	(2,128,197)
Other Income	55,557	148,464
Capital expenditures	177,334	195,377
Accounts receivable, net	0	0
Inventories, net	0	0
Property, plant and equipment, net	1,257,635	1,102,302
Other assets	$ 5,124,630	$ 7,770,443

6 - Segment Information_ Disa_2

6 - Segment Information: Disaggregation of Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue	$ 33,974,558	$ 27,590,653
United States
Revenue	28,333,216	23,547,772
Foreign
Revenue	5,641,342	4,042,881
Automotive
Revenue	17,730,756	15,749,148
Nonautomotive
Revenue	16,243,802	11,841,505
Fastener
Revenue	29,831,388	24,607,863
Fastener | United States
Revenue	24,280,114	20,743,296
Fastener | Foreign
Revenue	5,551,274	3,864,567
Fastener | Automotive
Revenue	17,573,104	15,612,249
Fastener | Nonautomotive
Revenue	12,258,284	8,995,614
Assembly Equipment
Revenue	4,143,170	2,982,790
Assembly Equipment | United States
Revenue	4,053,102	2,804,476
Assembly Equipment | Foreign
Revenue	90,068	178,314
Assembly Equipment | Automotive
Revenue	157,652	136,899
Assembly Equipment | Nonautomotive
Revenue	$ 3,985,518	$ 2,845,891

Summary of % of Revenues and A_

Summary of % of Revenues and A/R from Major Customers (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
T.I. Group Automotive Systems
Percentage of revenues from major customers	13.00%	14.00%
Percentage of accounts receivable balances	16	17
Cooper Standard Holdings Inc
Percentage of revenues from major customers	11.00%	12.00%
Percentage of accounts receivable balances	11	15
Parker Hannifin Corporation
Percentage of revenues from major customers	12.00%	10.00%
Percentage of accounts receivable balances	18	15

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Details
Rent Expense	$ 27,000	$ 23,000

Subsequent Events (Details)

Subsequent Events (Details)	12 Months Ended
	Dec. 31, 2021USD ($)$ / shares
Details
Dividend declaration date	Feb. 21, 2022
Dividends per share declared | $ / shares	$ 0.22
Dividends payable amount | $	$ 212,549
Dividends Payable, Date to be Paid	Mar. 18, 2022
Dividends Payable, Date of Record	Mar. 4, 2022