Chicago Rivet & Machine (CVR) 10-K 28 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 18, 2024	Jun. 30, 2023
Details
Registrant CIK	0000019871
Fiscal Year End	--12-31
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 24,848,915
Entity Common Stock, Shares Outstanding		966,132
Amendment Flag	false
Document Fiscal Year Focus	2023
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, 2023	Dec. 31, 2022
Current Assets
Cash and Cash Equivalents	$ 1,387,075	$ 4,045,101
Short-Term Investments	1,771,120	2,691,000
Accounts Receivable - Less allowances of $160,000	4,275,882	4,975,137
Contract Assets	118,301	0
Inventories, net	7,327,653	9,121,230
Prepaid Income Taxes	580,287	509,119
Other Current Assets	380,562	422,747
Total Current Assets	15,840,880	21,764,334
Property, Plant and Equipment, net	11,665,082	11,861,793
Deferred Income Taxes, net	324,943	0
Total Assets	27,830,905	33,626,127
Current Liabilities
Accounts Payable	788,974	697,235
Accrued Wages and Salaries	514,900	462,332
Other Accrued Expenses	129,963	327,961
Unearned Revenue and Customer Deposits	430,179	203,717
Total Current Liabilities	1,864,016	1,691,245
Deferred Income Taxes, net	0	948,084
Total Liabilities	1,864,016	2,639,329
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	28,303,757	33,323,666
Treasury Stock, 171,964 Shares at cost	(3,922,098)	(3,922,098)
Total Shareholders' Equity	25,966,889	30,986,798
Total Liabilities and Shareholders' Equity	$ 27,830,905	$ 33,626,127

Consolidated Balance Sheets - P

Consolidated Balance Sheets - Parenthetical - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets
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 Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Operations
Net Sales	$ 31,507,722	$ 33,646,033
Cost of Goods Sold	32,107,312	29,830,710
Gross Profit (Loss)	(599,590)	3,815,323
Operating (Income) Expenses
Selling and Administrative Expenses	5,237,656	4,992,521
Gain on Sale of Property	0	(4,738,394)
Total Operating Expenses	5,237,656	254,127
Operating Profit (Loss)	(5,837,246)	3,561,196
Other Income	108,234	91,433
Income (Loss) Before Income Taxes	(5,729,012)	3,652,629
Provision (Benefit) for Income Taxes	(1,327,428)	785,000
Net Income (Loss)	$ (4,401,584)	$ 2,867,629
Per Share Data
Basic net income (loss) per share	$ (4.56)	$ 2.97
Diluted net income (loss) per share	$ (4.56)	$ 2.97
Basic	966,132	966,132
Diluted	966,132	966,132
Cash Dividends Declared Per Share	$ 0.64	$ 0.88

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock, Common
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
Treasury Stock Shares at Dec. 31, 2021						171,964
Net Income (Loss)	2,867,629				2,867,629
Dividends Declared	(850,196)				(850,196)
Ending Balance at Dec. 31, 2022	$ 30,986,798	0	$ 1,138,096	447,134	33,323,666	$ (3,922,098)
Common Stock Shares at Dec. 31, 2022	966,132		966,132
Net Income (Loss)	$ (4,401,584)				(4,401,584)
Dividends Declared	(618,325)				(618,325)
Ending Balance at Dec. 31, 2023	$ 25,966,889	$ 0	$ 1,138,096	$ 447,134	$ 28,303,757	$ (3,922,098)
Common Stock Shares at Dec. 31, 2023	966,132		966,132
Treasury Stock Shares at Dec. 31, 2023						171,964

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity - Parenthetical - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Shareholders' Equity
Cash Dividends Declared Per Share	$ 0.64	$ 0.88

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities
Net Income (Loss)	$ (4,401,584)	$ 2,867,629
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities
Depreciation and Amortization	1,275,078	1,279,870
Gain on the Sale of Property and Equipment	(50,422)	(4,741,096)
Deferred Income Taxes	(1,273,027)	22,000
Changes in Operating Assets and Liabilities
Accounts Receivable, net	699,255	672,847
Contract Assets	(118,301)	0
Inventories, net	1,793,577	(601,450)
Other Current Assets and Prepaid Income Taxes	(28,983)	(585,190)
Accounts Payable	91,739	4,600
Accrued Wages and Salaries	52,568	(47,000)
Other Accrued Expenses	(197,998)	(38,457)
Unearned Revenue and Customer Deposits	226,462	(98,707)
Net Cash Used in Operating Activities	(1,931,636)	(1,264,954)
Cash Flows from Investing Activities
Capital Expenditures	(1,078,367)	(969,943)
Proceeds from the Sale of Property and Equipment	50,422	5,043,240
Proceeds from Short-Term Investments	2,691,000	1,495,000
Purchases of Short-Term Investments	(1,771,120)	(1,445,000)
Net Cash Provided by (Used In) Investing Activities	(108,065)	4,123,297
Cash Flows from Financing Activities
Cash Dividends Paid	(618,325)	(850,196)
Net Cash Used in Financing Activities	(618,325)	(850,196)
Net Increase (Decrease) in Cash and Cash Equivalents	(2,658,026)	2,008,147
Cash and Cash Equivalents
Beginning of Year	4,045,101	2,036,954
End of Year	1,387,075	4,045,101
Cash Paid for Income Taxes	$ 0	$ 1,271,679

1 - Nature of Business and Sign

1 - Nature of Business and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
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- Cash received by the Company prior to shipment is recorded as unearned revenue. 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 2023, the Company realized $342,328 of revenue related to such contracts, and has $123,172 for the remaining performance obligation under such contracts which the Company expects to recognize as revenue in the first quarter of 2024. Contract assets of $118,301 was recorded relating to these contracts. Shipping and handling fees billed to customers are recognized in net sales, and related costs as cost of sales, when incurred. Credit Risk- Cash and Cash Equivalents and Short-Term Investments- 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, 2023 and 2022. 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, 2023 and 2022, 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 2023 or 2022. The Company’s federal income tax returns for the 2020 through 2022 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 2020, 2021 and 2022 federal income tax returns will expire on September 15, 2024, 2025 and 2026, respectively. The Company’s state income tax returns for the 2020 through 2022 tax years are subject to examination by various state authorities with the latest closing period on October 31, 2026. The Company is currently not under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended. Segment Information- Net Income Per Share- Use of Estimates- Recent Accounting Pronouncements- In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose its significant segment expense categories and amounts for each reportable segment. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. The Company is evaluating the impact of this ASU. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures providing investors with information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The new guidance is effective for annual periods beginning after December 31, 2024. The Company is evaluating the impact that it will have on our consolidated financial statements and disclosures.

2 - Balance Sheet Details

2 - Balance Sheet Details	12 Months Ended
	Dec. 31, 2023
Notes
2 - Balance Sheet Details	2 - Balance Sheet Details December 31, 2023 December 31, 2022 Inventories: Raw materials $ 2,878,869 $ 4,460,071 Work in process 2,374,795 2,747,427 Finished goods 2,614,989 2,534,732 7,868,653 9,742,230 Valuation reserves (541,000) (621,000) $ 7,327,653 $ 9,121,230 December 31, 2023 December 31, 2022 Property, Plant and Equipment, net: Land and improvements $ 1,510,513 $ 1,510,513 Buildings and improvements 6,835,619 6,818,066 Machinery and equipment 37,019,453 35,982,194 Capitalized software and other 933,449 1,038,768 46,299,034 45,349,541 Accumulated depreciation (34,633,952) (33,487,748) $ 11,665,082 $ 11,861,793 December 31, 2023 December 31, 2022 Other Accrued Expenses: Profit sharing plan contribution $ 0 $ 170,000 Property taxes 20,342 41,497 All other items 109,621 116,464 $ 129,963 $ 327,961 December 31, 2023 December 31, 2022 Allowance for Credit Losses: Balance at beginning of year $ 160,000 $ 170,000 Charges to statement of operations 13,804 (1,660) Write-offs, net of recoveries (13,804) (8,340) Balance at end of year $ 160,000 $ 160,000 December 31, 2023 December 31, 2022 Inventory Valuation Reserves: Balance at beginning of year $ 621,000 $ 612,000 Charges to statement of operations 143,233 17,070 Write-offs (223,233) (8,070) Balance at end of year $ 541,000 $ 621,000

3 - Income Taxes

3 - Income Taxes	12 Months Ended
	Dec. 31, 2023
Notes
3 - Income Taxes	3 - Income Taxes— : 20 23 2022 Current: Federal $ (1,569) $ 723,000 State (52,832) 40,000 Deferred (1,273,027) 22,000 $ (1,327,428) $ 785,000 The following is a reconciliation of the statutory federal income tax rate to the actual effective tax rate: 2023 2022 Amount % Amount % Expected tax at U.S. statutory rate $ (1,203,000) (21.0) $ 767,000 21.0 Permanent differences (3,428) (0.1) (14,000) (0.4) State taxes, net of federal benefit (121,000) (2.1) 32,000 0.9 Income tax expense (benefit) $ (1,327,428) (23.2) $ 785,000 21.5 The deferred tax assets (liabilites) consist of the following: 20 23 2022 Depreciation and amortization $ (1,254,472) $ (1,216,451) Inventory 157,307 157,687 Accrued vacation 66,240 71,923 Allowance for credit losses 33,600 38,250 Net operating losses 1,262,621 0 Other, net 59,647 507 $ 324,943 $ (948,084) At December 31, 2023, the Company had federal net operating loss carryforwards of approximately $6,045,000. The net operating loss carryforwards are not subject to expiration, however are subject to annual utilization limitations for U.S. federal income tax purposes. The Company believes it is more-likely-than-not that its deferred tax assets will be realized, based primarily on its expectation of future taxable income and considering future reversals of existing taxable temporary differences. The Company reviews the need for a valuation allowance on a quarterly basis for each of its tax jurisdictions.

4 - Profit Sharing Plan

4 - Profit Sharing Plan	12 Months Ended
	Dec. 31, 2023
Notes
4 - Profit Sharing Plan	4 - Profit Sharing Plan-

5 - Other Income

5 - Other Income	12 Months Ended
	Dec. 31, 2023
Notes
5 - Other Income	5 - Other Income- 20 23 2022 Interest income $ 103,230 $ 55,333 Other 5,004 36,100 $ 108,234 $ 91,433

6 - Segment Information

6 - Segment Information	12 Months Ended
	Dec. 31, 2023
Notes
6 - Segment Information	6 - Segment Information- Fastener Assembly Equipment Other Consolidated Year Ended December 31, 2023: Net Sales……………………………………… $ 28,161,362 $ 3,346,360 $ 0 $ 31,507,722 Depreciation……………………………………... 1,145,620 122,928 6,530 1,275,078 Segment operating profit (loss) ……………… (3,747,744) 549,156 0 (3,198,588) Selling and administrative expenses………….. 0 0 (2,638,658) (2,638,658) Other income…………………………………….. 0 0 108,234 108,234 Loss before income taxes…………………… (5,729,012) Capital expenditures……………………………. 1,041,896 5,235 31,236 1,078,367 Segment assets: Accounts receivable, net……………………... 3,994,372 281,510 0 4,275,882 Contract assets………………………………... 0 118,301 0 118,301 Inventories, net………………………………... 5,714,826 1,612,827 0 7,327,653 Property, plant and equipment, net…………. 9,458,605 1,185,804 1,020,673 11,665,082 Other assets…………………………………… 0 0 4,443,987 4,443,987 27,830,905 Year Ended December 31, 2022: Net Sales……………………………………… $ 30,291,547 $ 3,354,486 $ 0 $ 33,646,033 Depreciation……………………………………... 1,129,151 133,615 17,104 1,279,870 Segment operating profit……………………… 505,751 413,995 0 919,746 Selling and administrative expenses………….. 0 0 (2,096,944) (2,096,944) Gain on sale of property 4,738,394 4,738,394 Other income…………………………………….. 0 0 91,433 91,433 Income before income taxes…………………… 3,652,629 Capital expenditures……………………………. 868,654 3,207 98,082 969,943 Segment assets: Accounts receivable, net……………………... 4,683,620 291,517 0 4,975,137 Inventories, net………………………………... 7,766,703 1,354,527 0 9,121,230 Property, plant and equipment, net…………. 9,562,329 1,303,497 995,967 11,861,793 Other assets…………………………………… 0 0 7,667,967 7,667,967 33,626,127 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, 2023 : Automotive $ 19,297,188 $ 131,821 $ 19,429,009 Non-automotive 8,864,174 3,214,539 12,078,713 Total net sales $ 28,161,362 $ 3,346,360 $ 31,507,722 Year Ended December 31, 2022: Automotive $ 18,454,238 $ 209,735 $ 18,663,973 Non-automotive 11,837,309 3,144,751 14,982,060 Total net sales $ 30,291,547 $ 3,354,486 $ 33,646,033 The following table presents revenue by segment, further disaggregated by location: Fastener Assembly Equipment Consolidated Year Ended December 31, 20 23 : United States $ 22,635,244 $ 3,154,677 $ 25,789,921 Foreign 5,526,118 191,683 5,717,801 Total net sales $ 28,161,362 $ 3,346,360 $ 31,507,722 Year Ended December 31, 2022: United States $ 24,955,181 $ 3,202,729 $ 28,157,910 Foreign 5,336,366 151,757 5,488,123 Total net sales $ 30,291,547 $ 3,354,486 $ 33,646,033 Sales to one customer in the fastener segment accounted for 16% of consolidated revenues during 2023 and 15% in 2022. The accounts receivable balance for this customer accounted for 15% and 19% of consolidated accounts receivable as of December 31, 2023 and 2022, respectively. Sales to a second customer in the fastener segment accounted for 14% of consolidated revenues during 2023 and 2022. The accounts receivable balance for this customer accounted for 14% and 16% of consolidated accounts receivable as of December 31, 2023 and 2022, respectively. Sales to a third customer were 11% of consolidated revenue in 2023. The accounts receivable balance for this customer accounted for 20% of consolidated accounts receivable as of December 31, 2023.

7 - Additional Financial Inform

7 - Additional Financial Information Disclosure	12 Months Ended
	Dec. 31, 2023
Notes
7 - Additional Financial Information Disclosure	7 - Gain on Sale of Property - Concurrently with the completion of the sale of the Naperville facility, the Company and the Purchaser entered into a lease agreement pursuant to which the Company leased the office and warehouse portion of the Naperville facility from the Purchaser until December 31, 2022 and the office portion until June 30, 2023. The monthly rent payable by the Company under the lease was $12,500 for the period from the closing until December 31, 2022 and was $8,500 for the period from January 1, 2023 to June 30, 2023. For the period from July 1, 2023 through December 31, 2023 the lease was extended on a month to month basis at $8,500 per month. The Company adopted the practical expedient for short-term leases under ASC 842 which allows for leases of 12 months or less to be expensed on a straight-line basis over the lease term without reporting on the balance sheet.

8 - Commitments and Contingenci

8 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Notes
8 - Commitments and Contingencies	8 - 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.

9 - Risks and Uncertainties for

9 - Risks and Uncertainties for Health Emergencies	12 Months Ended
	Dec. 31, 2023
Notes
9 - Risks and Uncertainties for Health Emergencies	9. - Risks and Uncertainties for Health Emergencies.

10 - Subsequent Events

10 - Subsequent Events	12 Months Ended
	Dec. 31, 2023
Notes
10 - Subsequent Events	10 - Subsequent Events- On January 1, 2024, the Company entered into a one-year lease agreement for the Naperville facility that extends through December 31, 2024 at the rate of $9,400 per month.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Policies
Principles of Consolidation	Principles of Consolidation-
Revenue Recognition	Revenue Recognition- Cash received by the Company prior to shipment is recorded as unearned revenue. 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 2023, the Company realized $342,328 of revenue related to such contracts, and has $123,172 for the remaining performance obligation under such contracts which the Company expects to recognize as revenue in the first quarter of 2024. Contract assets of $118,301 was recorded relating to these contracts. Shipping and handling fees billed to customers are recognized in net sales, and related costs as cost of sales, when incurred.
Credit Risk	Credit Risk-
Cash and Cash Equivalents and Short-Term Investments	Cash and Cash Equivalents and Short-Term Investments-
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, 2023 and 2022. 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, 2023 and 2022, 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 2023 or 2022. The Company’s federal income tax returns for the 2020 through 2022 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 2020, 2021 and 2022 federal income tax returns will expire on September 15, 2024, 2025 and 2026, respectively. The Company’s state income tax returns for the 2020 through 2022 tax years are subject to examination by various state authorities with the latest closing period on October 31, 2026. The Company is currently not under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended.
Segment Information	Segment Information-
Net Income Per Share	Net Income Per Share-
Use of Estimates	Use of Estimates-
Recent Accounting Pronouncements	Recent Accounting Pronouncements- In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose its significant segment expense categories and amounts for each reportable segment. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. The Company is evaluating the impact of this ASU. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures providing investors with information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The new guidance is effective for annual periods beginning after December 31, 2024. The Company is evaluating the impact that it will have on our consolidated financial statements and disclosures.

2 - Balance Sheet Details_ Inve

2 - Balance Sheet Details: Inventory (Tables)	12 Months Ended
	Dec. 31, 2023
Tables/Schedules
Inventory	December 31, 2023 December 31, 2022 Inventories: Raw materials $ 2,878,869 $ 4,460,071 Work in process 2,374,795 2,747,427 Finished goods 2,614,989 2,534,732 7,868,653 9,742,230 Valuation reserves (541,000) (621,000) $ 7,327,653 $ 9,121,230

2 - Balance Sheet Details_ Prop

2 - Balance Sheet Details: Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Tables/Schedules
Property, Plant and Equipment	December 31, 2023 December 31, 2022 Property, Plant and Equipment, net: Land and improvements $ 1,510,513 $ 1,510,513 Buildings and improvements 6,835,619 6,818,066 Machinery and equipment 37,019,453 35,982,194 Capitalized software and other 933,449 1,038,768 46,299,034 45,349,541 Accumulated depreciation (34,633,952) (33,487,748) $ 11,665,082 $ 11,861,793

2 - Balance Sheet Details_ Othe

2 - Balance Sheet Details: Other Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Tables/Schedules
Other Accrued Expenses	December 31, 2023 December 31, 2022 Other Accrued Expenses: Profit sharing plan contribution $ 0 $ 170,000 Property taxes 20,342 41,497 All other items 109,621 116,464 $ 129,963 $ 327,961

2 - Balance Sheet Details_ Sche

2 - Balance Sheet Details: Schedule of Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Dec. 31, 2023
Tables/Schedules
Schedule of Valuation and Qualifying Accounts	December 31, 2023 December 31, 2022 Allowance for Credit Losses: Balance at beginning of year $ 160,000 $ 170,000 Charges to statement of operations 13,804 (1,660) Write-offs, net of recoveries (13,804) (8,340) Balance at end of year $ 160,000 $ 160,000 December 31, 2023 December 31, 2022 Inventory Valuation Reserves: Balance at beginning of year $ 621,000 $ 612,000 Charges to statement of operations 143,233 17,070 Write-offs (223,233) (8,070) Balance at end of year $ 541,000 $ 621,000

3 - Income Taxes_ Provision for

3 - Income Taxes: Provision for Income Tax Expense (Tables)	12 Months Ended
	Dec. 31, 2023
Tables/Schedules
Provision for Income Tax Expense	20 23 2022 Current: Federal $ (1,569) $ 723,000 State (52,832) 40,000 Deferred (1,273,027) 22,000 $ (1,327,428) $ 785,000

3 - Income Taxes_ Schedule of E

3 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables)	12 Months Ended
	Dec. 31, 2023
Tables/Schedules
Schedule of Effective Income Tax Rate Reconciliation	2023 2022 Amount % Amount % Expected tax at U.S. statutory rate $ (1,203,000) (21.0) $ 767,000 21.0 Permanent differences (3,428) (0.1) (14,000) (0.4) State taxes, net of federal benefit (121,000) (2.1) 32,000 0.9 Income tax expense (benefit) $ (1,327,428) (23.2) $ 785,000 21.5

3 - Income Taxes_ Schedule of D

3 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Tables/Schedules
Schedule of Deferred Tax Assets and Liabilities	20 23 2022 Depreciation and amortization $ (1,254,472) $ (1,216,451) Inventory 157,307 157,687 Accrued vacation 66,240 71,923 Allowance for credit losses 33,600 38,250 Net operating losses 1,262,621 0 Other, net 59,647 507 $ 324,943 $ (948,084)

5 - Other Income_ Other Income

5 - Other Income: Other Income (Tables)	12 Months Ended
	Dec. 31, 2023
Tables/Schedules
Other Income	20 23 2022 Interest income $ 103,230 $ 55,333 Other 5,004 36,100 $ 108,234 $ 91,433

6 - Segment Information_ Schedu

6 - Segment Information: Schedule of Segment Reporting Information (Tables)	12 Months Ended
	Dec. 31, 2023
Tables/Schedules
Schedule of Segment Reporting Information	Fastener Assembly Equipment Other Consolidated Year Ended December 31, 2023: Net Sales……………………………………… $ 28,161,362 $ 3,346,360 $ 0 $ 31,507,722 Depreciation……………………………………... 1,145,620 122,928 6,530 1,275,078 Segment operating profit (loss) ……………… (3,747,744) 549,156 0 (3,198,588) Selling and administrative expenses………….. 0 0 (2,638,658) (2,638,658) Other income…………………………………….. 0 0 108,234 108,234 Loss before income taxes…………………… (5,729,012) Capital expenditures……………………………. 1,041,896 5,235 31,236 1,078,367 Segment assets: Accounts receivable, net……………………... 3,994,372 281,510 0 4,275,882 Contract assets………………………………... 0 118,301 0 118,301 Inventories, net………………………………... 5,714,826 1,612,827 0 7,327,653 Property, plant and equipment, net…………. 9,458,605 1,185,804 1,020,673 11,665,082 Other assets…………………………………… 0 0 4,443,987 4,443,987 27,830,905 Year Ended December 31, 2022: Net Sales……………………………………… $ 30,291,547 $ 3,354,486 $ 0 $ 33,646,033 Depreciation……………………………………... 1,129,151 133,615 17,104 1,279,870 Segment operating profit……………………… 505,751 413,995 0 919,746 Selling and administrative expenses………….. 0 0 (2,096,944) (2,096,944) Gain on sale of property 4,738,394 4,738,394 Other income…………………………………….. 0 0 91,433 91,433 Income before income taxes…………………… 3,652,629 Capital expenditures……………………………. 868,654 3,207 98,082 969,943 Segment assets: Accounts receivable, net……………………... 4,683,620 291,517 0 4,975,137 Inventories, net………………………………... 7,766,703 1,354,527 0 9,121,230 Property, plant and equipment, net…………. 9,562,329 1,303,497 995,967 11,861,793 Other assets…………………………………… 0 0 7,667,967 7,667,967 33,626,127

Contracts with Customers Revenu

Contracts with Customers Revenue Recognized (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Details
Revenue Recognized, Performance Obligation	$ 342,328
Revenue, Remaining Performance Obligation	123,172
Contract Assets	$ 118,301	$ 0

Estimated Useful Lives by Asset

Estimated Useful Lives by Asset Category (Details)	Dec. 31, 2023
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, 2023	Dec. 31, 2022
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, 2023	Dec. 31, 2022
Details
Basic	966,132	966,132

2 - Balance Sheet Details_ In_2

2 - Balance Sheet Details: Inventory (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Details
Raw materials	$ 2,878,869	$ 4,460,071
Work in process	2,374,795	2,747,427
Finished goods	2,614,989	2,534,732
Valuation reserves	(541,000)	(621,000)
Inventories, net	$ 7,327,653	$ 9,121,230

2 - Balance Sheet Details_ Pr_2

2 - Balance Sheet Details: Property, Plant and Equipment (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Details
Land and improvements	$ 1,510,513	$ 1,510,513
Buildings and improvements	6,835,619	6,818,066
Machinery and equipment	37,019,453	35,982,194
Capitalized software and other	933,449	1,038,768
Less: Accumulated Depreciation	(34,633,952)	(33,487,748)
Property, Plant and Equipment, Other, Net	$ 11,665,082	$ 11,861,793

2 - Balance Sheet Details_ Ot_2

2 - Balance Sheet Details: Other Accrued Expenses (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Details
Profit sharing plan contribution	$ 0	$ 170,000
Property taxes	20,342	41,497
All other items	109,621	116,464
Other Accrued Expenses	$ 129,963	$ 327,961

Schedule of Valuation and Quali

Schedule of Valuation and Qualifying Accounts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Allowance, Credit Loss
Balance at beginning of year	$ 160,000	$ 170,000
Charges to statement of operations	13,804	(1,660)
Write-offs	(13,804)	(8,340)
Balance at end of year	160,000	160,000
SEC Schedule, 12-09, Reserve, Inventory
Balance at beginning of year	621,000	612,000
Charges to statement of operations	143,233	17,070
Write-offs	(223,233)	(8,070)
Balance at end of year	$ 541,000	$ 621,000

3 - Income Taxes_ Provision f_2

3 - Income Taxes: Provision for Income Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Details
Provision for Federal income tax expense, Current	$ (1,569)	$ 723,000
Provision for State income tax expense, Current	(52,832)	40,000
Provision for income tax expense, Deferred	(1,273,027)	22,000
Provision (Benefit) for Income Taxes	$ (1,327,428)	$ 785,000

3 - Income Taxes_ Schedule of_2

3 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Details
Expected tax at U.S. statutory rate	$ (1,203,000)	$ 767,000
Expected tax at U.S. statutory rate, %	21%	21%
Permanent differences	$ (3,428)	$ (14,000)
Permanent differences, %	(0.10%)	(0.40%)
State taxes, net of federal benefit	$ (121,000)	$ 32,000
State taxes, net of federal benefit, %	(2.10%)	0.90%
Provision (Benefit) for Income Taxes	$ (1,327,428)	$ 785,000
Income tax expense, %	(23.20%)	21.50%

3 - Income Taxes_ Schedule of_3

3 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Details
Deferred Tax Liabilities, Property, Plant and Equipment	$ (1,254,472)	$ (1,216,451)
Deferred Tax Assets, Inventory	157,307	157,687
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Compensated Absences	66,240	71,923
Deferred Tax Asset, Tax Deferred Expense, Reserve and Accrual, Accounts Receivable, Allowance for Credit Loss	33,600	38,250
Deferred Tax Assets, Operating Loss Carryforwards	1,262,621	0
Deferred Tax Assets, Other	59,647	507
Deferred Tax Assets, Net of Valuation Allowance	$ 324,943
Deferred Tax Liabilities, Net		$ 948,084

3 - Income Taxes (Details)

3 - Income Taxes (Details)	Dec. 31, 2023 USD ($)
Details
Operating Loss Carryforwards	$ 6,045,000

Profit Sharing Plan (Details)

Profit Sharing Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Details
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0	$ 170,000

5 - Other Income_ Other Incom_2

5 - Other Income: Other Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Details
Interest income	$ 103,230	$ 55,333
Other nonoperating income	5,004	36,100
Other Income	$ 108,234	$ 91,433

6 - Segment Information_ Sche_2

6 - Segment Information: Schedule of Segment Reporting Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net Sales	$ 31,507,722	$ 33,646,033
Depreciation and Amortization	1,275,078	1,279,870
Accounts receivable, net	4,275,882	4,975,137
Contract Assets	118,301	0
Inventories, net	7,327,653	9,121,230
Property, plant and equipment, net	11,665,082	11,861,793
Gain on sale of property	0	4,738,394
Fastener
Net Sales	28,161,362	30,291,547
Depreciation and Amortization	1,145,620	1,129,151
Segment operating profit	(3,747,744)	505,751
Selling and Administrative Expenses	0	0
Other Income	0	0
Capital expenditures	1,041,896	868,654
Accounts receivable, net	3,994,372	4,683,620
Contract Assets	0
Inventories, net	5,714,826	7,766,703
Property, plant and equipment, net	9,458,605	9,562,329
Other assets	0	0
Assembly Equipment
Net Sales	3,346,360	3,354,486
Depreciation and Amortization	122,928	133,615
Segment operating profit	549,156	413,995
Selling and Administrative Expenses	0	0
Other Income	0	0
Capital expenditures	5,235	3,207
Accounts receivable, net	281,510	291,517
Contract Assets	118,301
Inventories, net	1,612,827	1,354,527
Property, plant and equipment, net	1,185,804	1,303,497
Other assets	0	0
Corporate Segment
Net Sales	0	0
Depreciation and Amortization	6,530	17,104
Segment operating profit	0	0
Selling and Administrative Expenses	(2,638,658)	(2,096,944)
Other Income	108,234	91,433
Capital expenditures	31,236	98,082
Accounts receivable, net	0	0
Contract Assets	0
Inventories, net	0	0
Property, plant and equipment, net	1,020,673	995,967
Other assets	$ 4,443,987	7,667,967
Gain on sale of property		$ 4,738,394

6 - Segment Information (Detail

6 - Segment Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue	$ 31,507,722	$ 33,646,033
UNITED STATES
Revenue	25,789,921	28,157,910
Non-US
Revenue	5,717,801	5,488,123
Automotive
Revenue	19,429,009	18,663,973
NonAutomotive
Revenue	12,078,713	14,982,060
Fastener
Revenue	28,161,362	30,291,547
Fastener | UNITED STATES
Revenue	22,635,244	24,955,181
Fastener | Non-US
Revenue	5,526,118	5,336,366
Fastener | Automotive
Revenue	19,297,188	18,454,238
Fastener | NonAutomotive
Revenue	8,864,174	11,837,309
Assembly Equipment
Revenue	3,346,360	3,354,486
Assembly Equipment | UNITED STATES
Revenue	3,154,677	3,202,729
Assembly Equipment | Non-US
Revenue	191,683	151,757
Assembly Equipment | Automotive
Revenue	131,821	209,735
Assembly Equipment | NonAutomotive
Revenue	$ 3,214,539	$ 3,144,751

Summary of % of Revenues and A_

Summary of % of Revenues and A/R from Major Customers (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
T.I. Group Automotive Systems
Percentage of revenues from major customers	16%	15%
Percentage of accounts receivable balances	15	19
Cooper Standard Holdings Inc.
Percentage of revenues from major customers	14%	14%
Percentage of accounts receivable balances	14	16
Martinrea International Inc.
Percentage of revenues from major customers	11%
Percentage of accounts receivable balances	20

7 - Additional Financial Info_2

7 - Additional Financial Information Disclosure (Details) - USD ($)		6 Months Ended
	Jan. 01, 2024	Dec. 31, 2023	Jun. 30, 2023
Details
Sale Leaseback Transaction, Monthly Rental Payments	$ 9,400	$ 8,500	$ 8,500

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Details
Rent Expense	$ 128,000	$ 91,000
Rent Expense Future Minimum Payments	$ 112,800

Subsequent Events (Details)

Subsequent Events (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares
Details
Dividend declaration date	Feb. 19, 2024
Dividends per share declared | $ / shares	$ 0.1
Dividends payable amount | $	$ 96,613.2
Dividends Payable, Date to be Paid	Mar. 20, 2024
Dividends Payable, Date of Record	Mar. 05, 2024

10 - Subsequent Events (Details

10 - Subsequent Events (Details) - USD ($)		6 Months Ended
	Jan. 01, 2024	Dec. 31, 2023	Jun. 30, 2023
Details
Sale Leaseback Transaction, Monthly Rental Payments	$ 9,400	$ 8,500	$ 8,500