Chicago Rivet & Machine (CVR) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 04, 2022
Details
Registrant CIK	0000019871
Fiscal Year End	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Securities Act 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 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	2022
Document Fiscal Period Focus	Q1
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 1,315,417	$ 2,036,954
Certificates of deposit	2,741,000	2,741,000
Accounts receivable - Less allowances of $162,000 and $170,000, respectively	6,638,411	5,647,984
Inventories, net	9,613,240	8,519,780
Prepaid income taxes	0	440
Other current assets	384,198	346,236
Total current assets	20,692,266	19,292,394
Property, Plant and Equipment
Land and improvements	1,778,819	1,778,819
Buildings and improvements	8,456,983	8,456,983
Production equipment and other	36,799,708	36,679,114
Property, Plant and Equipment, Gross	47,035,510	46,914,916
Less accumulated depreciation	34,761,476	34,441,052
Net property, plant and equipment	12,274,034	12,473,864
Total assets	32,966,300	31,766,258
Current Liabilities
Accounts payable	1,446,827	692,635
Accrued wages and salaries	706,397	509,332
Other accrued expenses	273,269	366,418
Unearned revenue and customer deposits	287,034	302,424
Federal and state income taxes	146,560	0
Total current liabilities	2,860,087	1,870,809
Deferred income taxes	902,084	926,084
Total liabilities	3,762,171	2,796,893
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	31,540,997	31,306,233
Treasury stock, 171,964 shares at cost	(3,922,098)	(3,922,098)
Total shareholders' equity	29,204,129	28,969,365
Total liabilities and shareholders' equity	$ 32,966,300	$ 31,766,258

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets - Parenthetical - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Details
Accounts Receivable, Allowance for Credit Loss, Current	$ 162,000	$ 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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Income (Unaudited)
Net sales	$ 9,197,696	$ 9,304,949
Cost of goods sold	7,341,474	7,270,512
Gross profit	1,856,222	2,034,437
Selling and administrative expenses	1,295,664	1,362,201
Operating profit	560,558	672,236
Other income	9,755	17,892
Income before income taxes	570,313	690,128
Provision for income taxes	123,000	150,000
Net Income	$ 447,313	$ 540,128
Per share data
Basic net income per share	$ 0.46	$ 0.56
Diluted net income per share	$ 0.46	$ 0.56
Basic	966,132	966,132
Diluted	966,132	966,132
Cash dividends declared per share	$ 0.22	$ 0.22

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
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
Treasury Stock Shares at Dec. 31, 2020						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
Treasury Stock Shares at Mar. 31, 2021						171,964
Beginning 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
Net Income	$ 447,313				447,313
Dividends Declared	(212,549)				(212,549)
Ending Balance at Mar. 31, 2022	$ 29,204,129	$ 0	$ 1,138,096	$ 447,134	$ 31,540,997	$ (3,922,098)
Common Stock Shares at Mar. 31, 2022	966,132		966,132
Treasury Stock Shares at Mar. 31, 2022						171,964

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - Parenthetical - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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, 2022	Mar. 31, 2021
Cash flows from operating activities
Net Income	$ 447,313	$ 540,128
Adjustments to reconcile net income to net cash used in operating activities
Depreciation	320,424	330,165
Loss on disposal of equipment	0	16,081
Deferred income taxes	(24,000)	(31,000)
Changes in operating assets and liabilities
Accounts receivable	(990,427)	(1,706,441)
Inventories	(1,093,460)	(1,158,666)
Other current assets	(37,522)	84,901
Accounts payable	754,192	668,880
Accrued wages and salaries	197,065	204,563
Other accrued expenses	53,411	189,160
Unearned revenue and customer deposits	(15,390)	(43,724)
Net cash used in operating activities	(388,394)	(905,953)
Cash flows from investing activities
Capital expenditures	(120,594)	(116,463)
Proceeds from certificates of deposit	0	1,743,000
Net cash (used in) provided by investing activities	(120,594)	1,626,537
Cash flows from financing activities
Cash dividends paid	(212,549)	(212,549)
Net cash used in financing activities	(212,549)	(212,549)
Net (decrease) increase in cash and cash equivalents	(721,537)	508,035
Cash and cash equivalents at beginning of period	2,036,954	2,567,731
Cash and cash equivalents at end of period	$ 1,315,417	$ 3,075,766

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2022
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, 2022 (unaudited) and December 31, 2021 (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, 2021. 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, 2022 are not necessarily indicative of the results to be expected for the year.

Risks and Uncertainties

Risks and Uncertainties	3 Months Ended
	Mar. 31, 2022
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, 2022
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, 2022
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 2022, the Company did not realize any revenue related to such contracts. As of March 31, 2022, there are no such contracts outstanding. 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, 2022 and December 31, 2021 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, 2022: Automotive $ 4,904,183 $ 41,463 $ 4,945,646 Non-automotive 3,249,650 1,002,400 4,252,050 Total net sales $ 8,153,833 $ 1,043,863 $ 9,197,696 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 The following table presents revenue by segment, further disaggregated by location: Fastener Assembly Equipment Consolidated Three Months Ended March 31, 2022: United States $ 6,760,129 $ 1,004,151 $ 7,764,280 Foreign 1,393,704 39,712 1,433,416 Total net sales $ 8,153,833 $ 1,043,863 $ 9,197,696 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

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Notes
Income Taxes	5. The Company’s effective tax rates were approximately 21.6% and 21.7% for the first quarter of 2022 and 2021, respectively. The Company’s federal income tax returns for the 2018 through 2021 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 through 2021 federal income tax returns will expire on September 15, 2022 through 2025, respectively. The Company’s state income tax returns for the 2018 through 2021 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2025. 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, 2022
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, 2022 December 31, 2021 Raw material $ 5,246,227 $ 4,645,923 Work-in-process 2,526,418 2,181,457 Finished goods 2,482,595 2,304,400 Inventories, gross 10,255,240 9,131,780 Valuation reserves (642,000) (612,000) Inventories, net $ 9,613,240 $ 8,519,780

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
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, 2022: Net sales $ 8,153,833 $ 1,043,863 0 $ 9,197,696 Depreciation 281,841 33,363 5,220 320,424 Segment operating profit 835,507 232,379 0 1,067,886 Selling and administrative expenses 0 0 (499,328) (499,328) Interest income 0 0 1,755 1,755 Income before income taxes $ 570,313 Capital expenditures 112,864 0 7,730 120,594 Segment assets: Accounts receivable, net 6,151,706 486,705 0 6,638,411 Inventories, net 8,299,454 1,313,786 0 9,613,240 Property, plant and equipment, net 9,613,347 1,400,542 1,260,145 12,274,304 Other assets 0 0 4,440,615 4,440,615 $ 32,966,300 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

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2022 (unaudited) and December 31, 2021 (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, 2021. 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, 2022 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 2022, the Company did not realize any revenue related to such contracts. As of March 31, 2022, there are no such contracts outstanding. 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, 2022 and December 31, 2021 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 were approximately 21.6% and 21.7% for the first quarter of 2022 and 2021, respectively. The Company’s federal income tax returns for the 2018 through 2021 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 through 2021 federal income tax returns will expire on September 15, 2022 through 2025, respectively. The Company’s state income tax returns for the 2018 through 2021 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2025. 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, 2022
Location
Disaggregation of Revenue	Fastener Assembly Equipment Consolidated Three Months Ended March 31, 2022: United States $ 6,760,129 $ 1,004,151 $ 7,764,280 Foreign 1,393,704 39,712 1,433,416 Total net sales $ 8,153,833 $ 1,043,863 $ 9,197,696 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
End Market
Disaggregation of Revenue	Fastener Assembly Equipment Consolidated Three Months Ended March 31, 2022: Automotive $ 4,904,183 $ 41,463 $ 4,945,646 Non-automotive 3,249,650 1,002,400 4,252,050 Total net sales $ 8,153,833 $ 1,043,863 $ 9,197,696 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

Inventories_ Inventories (Table

Inventories: Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Tables/Schedules
Inventories	March 31, 2022 December 31, 2021 Raw material $ 5,246,227 $ 4,645,923 Work-in-process 2,526,418 2,181,457 Finished goods 2,482,595 2,304,400 Inventories, gross 10,255,240 9,131,780 Valuation reserves (642,000) (612,000) Inventories, net $ 9,613,240 $ 8,519,780

Segment Reporting_ Schedule of

Segment Reporting: Schedule of Segment Reporting by Segment (Tables)	3 Months Ended
	Mar. 31, 2022
Tables/Schedules
Schedule of Segment Reporting by Segment	Fastener Assembly Equipment Other Consolidated Three Months Ended March 31, 2022: Net sales $ 8,153,833 $ 1,043,863 0 $ 9,197,696 Depreciation 281,841 33,363 5,220 320,424 Segment operating profit 835,507 232,379 0 1,067,886 Selling and administrative expenses 0 0 (499,328) (499,328) Interest income 0 0 1,755 1,755 Income before income taxes $ 570,313 Capital expenditures 112,864 0 7,730 120,594 Segment assets: Accounts receivable, net 6,151,706 486,705 0 6,638,411 Inventories, net 8,299,454 1,313,786 0 9,613,240 Property, plant and equipment, net 9,613,347 1,400,542 1,260,145 12,274,304 Other assets 0 0 4,440,615 4,440,615 $ 32,966,300 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

Revenue_ Disaggregation of Re_2

Revenue: Disaggregation of Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue	$ 9,197,696	$ 9,304,949
United States
Revenue	7,764,280	7,568,212
Foreign
Revenue	1,433,416	1,736,737
Automotive
Revenue	4,945,646	5,092,442
Nonautomotive
Revenue	4,252,050	4,212,507
Fastener
Revenue	8,153,833	8,148,678
Fastener | United States
Revenue	6,760,129	6,437,852
Fastener | Foreign
Revenue	1,393,704	1,710,826
Fastener | Automotive
Revenue	4,904,183	5,059,469
Fastener | Nonautomotive
Revenue	3,249,650	3,089,209
Assembly Equipment
Revenue	1,043,863	1,156,271
Assembly Equipment | United States
Revenue	1,004,151	1,130,360
Assembly Equipment | Foreign
Revenue	39,712	25,911
Assembly Equipment | Automotive
Revenue	41,463	32,973
Assembly Equipment | Nonautomotive
Revenue	$ 1,002,400	$ 1,123,298

Inventories_ Inventories (Detai

Inventories: Inventories (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Details
Raw material	$ 5,246,227	$ 4,645,923
Work-in-process	2,526,418	2,181,457
Finished goods	2,482,595	2,304,400
Inventories, gross	10,255,240	9,131,780
Valuation reserves	(642,000)	(612,000)
Inventories, net	$ 9,613,240	$ 8,519,780

Segment Reporting_ Schedule o_2

Segment Reporting: Schedule of Segment Reporting by Segment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Net sales	$ 9,197,696	$ 9,304,949
Depreciation	320,424	330,165
Accounts receivable - Less allowances of $162,000 and $170,000, respectively	6,638,411		$ 5,647,984
Inventories, net	9,613,240		8,519,780
Net property, plant and equipment	12,274,034		$ 12,473,864
Fastener
Net sales	8,153,833	8,148,678
Depreciation	281,841	291,183
Segment operating profit	835,507	927,158
Selling and Administrative Expenses	0	0
Interest income	0	0
Capital expenditures	112,864	104,524
Accounts receivable - Less allowances of $162,000 and $170,000, respectively	6,151,706	6,222,588
Inventories, net	8,299,454	5,055,332
Net property, plant and equipment	9,613,347	10,276,980
Other Assets	0	0
Assembly Equipment
Net sales	1,043,863	1,156,271
Depreciation	33,363	33,533
Segment operating profit	232,379	296,700
Selling and Administrative Expenses	0	0
Interest income	0	0
Capital expenditures	0	0
Accounts receivable - Less allowances of $162,000 and $170,000, respectively	486,705	647,303
Inventories, net	1,313,786	1,256,628
Net property, plant and equipment	1,400,542	1,535,329
Other Assets	0	0
Unallocated Corporate
Net sales	0	0
Depreciation	5,220	5,449
Segment operating profit	0	0
Selling and Administrative Expenses	(499,328)	(543,772)
Interest income	1,755	10,042
Capital expenditures	7,730	11,939
Accounts receivable - Less allowances of $162,000 and $170,000, respectively	0	0
Inventories, net	0	0
Net property, plant and equipment	1,260,145	1,108,792
Other Assets	$ 4,440,615	$ 6,450,577