Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 13, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | MIKROS SYSTEMS CORP | |
Entity Central Index Key | 0000317340 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 35,588,775 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(g) Security | Common Stock, $.01 par value |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 2,052,425 | $ 1,621,309 |
Receivables on government contracts | 697,254 | 587,848 |
Prepaid expenses and other current assets | 288,712 | 273,004 |
Total current assets | 3,038,391 | 2,482,161 |
Property and equipment: | ||
Operating lease-right to use asset | 262,083 | 353,685 |
Equipment | 435,469 | 404,091 |
Leasehold improvements | 21,306 | 21,306 |
Furniture & fixtures | 43,174 | 43,174 |
Less: accumulated depreciation | (288,980) | (171,956) |
Property and equipment, net | 473,052 | 650,300 |
Intangible assets | 142,775 | 141,158 |
Less: accumulated amortization | (112,259) | (96,394) |
Intangible assets, net | 30,516 | 44,764 |
Deferred tax assets | 682 | |
Total assets | 3,541,959 | 3,177,907 |
Liabilities and shareholders' equity | ||
Line of credit-bank | 260,000 | |
Accrued payroll and payroll taxes | 382,673 | 327,246 |
Accounts payable and accrued expenses | 101,950 | 41,299 |
Lease obligation, current portion | 133,646 | 126,633 |
Deferred revenue | 25,250 | 17,000 |
Total current liabilities | 903,519 | 512,178 |
Lease obligation, net of current portion | 144,430 | 244,655 |
Deferred tax liability | 2,239 | |
Total liabilities | 1,050,188 | 756,833 |
Shareholders' equity: | ||
Preferred stock, convertible, par value $.01 per share, authorized 5,000,000 shares, none issued and outstanding | ||
Common stock, par value $.01 per share, authorized 60,000,000 shares, issued and outstanding 35,588,775 shares | 355,889 | 355,889 |
Capital in excess of par value | 10,139,418 | 10,129,020 |
Accumulated deficit | (8,003,536) | (8,063,835) |
Total shareholders' equity | 2,491,771 | 2,421,074 |
Total liabilities and shareholders' equity | $ 3,541,959 | $ 3,177,907 |
Balance Sheets (Current Perio_2
Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 35,588,775 | 35,588,775 |
Common stock, shares outstanding (in shares) | 35,588,775 | 35,588,775 |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Contract revenues | $ 1,804,800 | $ 1,017,121 | $ 4,730,886 | $ 4,890,889 |
Cost of sales | 690,901 | 317,015 | 1,782,597 | 1,887,708 |
Gross margin | 1,113,899 | 700,106 | 2,948,289 | 3,003,181 |
Expenses: | ||||
Engineering | 577,722 | 691,337 | 1,719,499 | 2,049,425 |
General and administrative | 355,844 | 349,230 | 1,145,449 | 1,182,537 |
Total expenses | 933,566 | 1,040,567 | 2,864,948 | 3,231,962 |
Income (loss) from operations | 180,333 | (340,461) | 83,341 | (228,781) |
Other income: | ||||
Interest (expense) income, net | (1,514) | 898 | (117) | 3,569 |
Income (loss) before income taxes | 178,819 | (339,563) | 83,224 | (225,212) |
Income tax (expense) benefit | (56,265) | 130,031 | (22,925) | 92,764 |
Net income (loss) available to common shareholders | $ 122,554 | $ (209,532) | $ 60,299 | $ (132,448) |
Income (loss) per common share - basic (in dollars per share) | $ (0.01) | |||
Basic weighted average number of shares outstanding (in shares) | 35,588,775 | 35,588,775 | 35,588,775 | 35,578,519 |
Income (loss) per common share - diluted (in dollars per share) | $ (0.01) | |||
Diluted weighted average number of shares outstanding (in shares) | 35,588,775 | 35,588,775 | 35,588,775 | 35,578,519 |
Statements of Shareholders' Equ
Statements of Shareholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 35,568,775 | ||||
Balance at Dec. 31, 2018 | $ 355,689 | $ 10,106,344 | $ (8,094,367) | $ 2,367,666 | |
Stock compensation | 14,577 | 14,577 | |||
Net income (loss) | (132,448) | (132,448) | |||
Exercise of stock options (in shares) | 20,000 | ||||
Exercise of stock options | $ 200 | 3,800 | 4,000 | ||
Balance (in shares) at Sep. 30, 2019 | 35,588,775 | ||||
Balance at Sep. 30, 2019 | $ 355,889 | 10,124,721 | (8,226,815) | 2,253,795 | |
Balance (in shares) at Jun. 30, 2019 | 35,588,775 | ||||
Balance at Jun. 30, 2019 | $ 355,889 | 10,119,222 | (8,017,283) | 2,457,828 | |
Stock compensation | 5,499 | 5,499 | |||
Net income (loss) | (209,532) | (209,532) | |||
Balance (in shares) at Sep. 30, 2019 | 35,588,775 | ||||
Balance at Sep. 30, 2019 | $ 355,889 | 10,124,721 | (8,226,815) | 2,253,795 | |
Balance (in shares) at Dec. 31, 2019 | 35,588,775 | ||||
Balance at Dec. 31, 2019 | $ 355,889 | 10,129,020 | (8,063,835) | 2,421,074 | |
Stock compensation | 10,398 | 10,398 | |||
Net income (loss) | 60,299 | 60,299 | |||
Balance (in shares) at Sep. 30, 2020 | 35,588,775 | ||||
Balance at Sep. 30, 2020 | $ 355,889 | 10,139,418 | (8,003,536) | 2,491,771 | |
Balance (in shares) at Jun. 30, 2020 | 35,588,775 | ||||
Balance at Jun. 30, 2020 | $ 355,889 | 10,136,343 | (8,126,090) | 2,366,142 | |
Stock compensation | 3,075 | 3,075 | |||
Net income (loss) | 122,554 | 122,554 | |||
Balance (in shares) at Sep. 30, 2020 | 35,588,775 | ||||
Balance at Sep. 30, 2020 | $ 355,889 | $ 10,139,418 | $ (8,003,536) | $ 2,491,771 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 60,299 | $ (132,448) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 107,626 | 61,584 |
Deferred tax expense | 2,921 | 2,170 |
Share-based compensation expense | 10,398 | 14,577 |
Changes in assets and liabilities: | ||
(Increase) decrease in receivables on government contracts | (109,406) | 691,051 |
(Increase) in prepaid expenses and other current assets | (15,708) | (239,356) |
Increase (decrease) in accrued payroll and payroll taxes | 55,427 | (366,859) |
Increase (decrease) in accounts payable and accrued expenses | 60,651 | (265,904) |
(Decrease) in accrued warranty expense | (52,888) | |
Increase (decrease) in deferred revenue | 8,250 | (4,651) |
(Decrease) in long-term liabilities | (1,610) | (1,542) |
Net cash provided by (used in) operating activities | 178,848 | (294,266) |
Cash flows from investing activities: | ||
Payments related to intangible assets | (1,617) | (233) |
Purchase of property and equipment | (6,115) | (32,127) |
Net cash used in investing activities: | (7,732) | (32,360) |
Cash flows from financing activities: | ||
Proceeds from term loan | 753,300 | |
Repayment of term loan | (753,300) | |
Borrowings from line of credit-bank | 260,000 | |
Exercise of stock options | 4,000 | |
Net cash provided by financing activities: | 260,000 | 4,000 |
Net increase (decrease) in cash and cash equivalents | 431,116 | (322,626) |
Cash and cash equivalents, beginning of period | 1,621,309 | 2,206,749 |
Cash and cash equivalents, end of period | 2,052,425 | 1,884,123 |
Cash paid for income taxes | $ 56,289 | $ 121,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 The financial statements included herein have been prepared by Mikros Systems Corporation (the “Company” or “we”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10 December 31, 2019. In the opinion of the Company's management, the accompanying unaudited interim condensed financial statements contain all adjustments, consisting solely of those which are of a normal recurring nature, necessary to present fairly the Company's financial position as of September 30, 2020, three nine September 30, 2020 2019, three nine September 30, 2020 2019 nine September 30, 2020 2019. Because COVID- 19 19. may The ultimate impact of the COVID- 19 19 may 19 may may may In light of the COVID- 19 |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 2 The Company reviewed all recently issued but not 2020 not may |
Note 3 - Significant Accounting
Note 3 - Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 3 Revenue Recognition We provide our products and services under fixed-price and cost-reimbursable contracts. Under fixed-price contracts we agree to perform the specified work for a pre-determined price. To the extent our actual costs vary from the estimates upon which the price was negotiated, we will generate more or less profit or could incur a loss. Cost-reimbursable contracts provide for the payment of allowable costs incurred during performance of the contract. We also enter into cost-plus-fixed-fee contracts. The fixed-fee in a cost-plus-fixed-fee contract is negotiated at the inception of the contract and that fixed-fee does not We assess each contract at its inception to determine whether it should be combined with other contracts. When making this determination, we consider factors such as whether two We evaluate the products or services promised in each contract at inception to determine whether the contract should be accounted for as having one not one one We determine the transaction price for each contract based on the consideration we expect to receive for the products or services being provided under the contract. Our contracts do not not may We recognize revenue as performance obligations are satisfied and the customer obtains control of the products and services. In determining when performance obligations are satisfied, we consider factors such as contract terms, payment terms and whether there is an alternative future use of the product or service. Substantially all our revenue is recognized over a period of time as we perform under the contract because control of the work in process transfers continuously to the customer. This continuous transfer of control of the work in process to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit, and take control of any work in process. For performance obligations to deliver products with continuous transfer of control to the customer, revenue is recognized based on the extent of progress towards completion of the performance obligation, generally using the cost-to-cost measure of progress for our contracts because it best depicts the transfer of control to the customer as we incur costs on our contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs to complete the performance obligation. For performance obligations to provide services to the customer, revenue is recognized over a period of time based on costs incurred as our customer receives and consumes the benefits. Backlog (i.e., unfulfilled or remaining performance obligations) represents the sales we expect to recognize for our products and services for which control has not may may September 30, 2020, $4.8 not Research and Development Expense Research and development expenditures for research and development of the Company's products are expensed when incurred and are included in general and administrative expenses. The Company recognized research and development costs as follows: Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Salaries $ 3,383 $ 15,841 $ 6,568 $ 33,482 Other costs 280 4,584 716 17,038 $ 3,663 $ 20,425 $ 7,284 $ 50,520 Intangible Assets The Company's intangible assets include a license acquired during 2015. July 2015, six three nine September 30, 2020 2019, $5,250 $5,250 $15,570 $15,750, |
Note 4 - Income Tax Matters
Note 4 - Income Tax Matters | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 4 At September 30, 2020, 2020 2019 28% 41%, 22,925 $92,764 nine September 30, 2020, September 30, 2020, The Company conducts an on-going analysis to review its net deferred tax asset and the need for a related valuation allowance. As a result of this analysis and the actual results of operations, the Company has decreased its net deferred tax assets by $2,921 $2,170 nine September 30, 2020 2019, |
Note 5 - Income Per Share
Note 5 - Income Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 5 Net income (loss) per common share information is as follows: Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Basic earnings per common share: Net income (loss) $ 122,554 $ (209,532 ) $ 60,299 $ (132,448 ) Weighted average basic shares outstanding 35,588,775 35,588,775 35,588,775 35,578,519 Basic income (loss) per common share $ - $ (0.01 ) $ - $ - Dilutive earnings per common share: Net income (loss) allocable to common shareholders $ 122,554 $ (209,532 ) $ 60,299 $ (132,448 ) Weighted average shares outstanding - basic 35,588,775 35,588,775 35,588,775 35,578,519 Diluted effect: Unvested restricted stock - - - - Weighted average dilutive shares outstanding 35,588,775 35,588,775 35,588,775 35,578,519 Dilutive income (loss) per common share $ - $ (0.01 ) $ - $ - Diluted net income (loss) per share for the three nine September 30, 2020 2019 not Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Unvested restricted stock 429,000 449,000 429,000 449,000 |
Note 6 - Operating Leases
Note 6 - Operating Leases | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 6 A right-of-use asset is measured at the amount of the lease liability adjusted for deferred straight-line rent, prepaid rent and lease incentive allowances previously recognized. The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date and requires an assessment of whether the fulfillment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset. A reassessment is made after inception of the lease only if one a. there is a change in contractual terms, other than a renewal or extension of the arrangement; b. a renewal option is exercised or extension granted, unless the term of the renewal or extension was initially included in the lease term; c. there is a change in the determination of whether fulfillment is dependent on a specified asset; or d. there is a substantial change to the asset. Whenever a reassessment is made, lease accounting shall commence or cease from the date when the change in circumstances gave rise to the reassessment for scenarios (a), (c) or (d) and at the date of renewal or extension period for scenario (b). Leases where the lessor retains substantially all the risks and rewards of ownership are classified as operating leases. Operating lease payments are recognized as an operating expense on a straight-line basis over the lease term. The Company has operating lease agreements for each of its offices. The Company has determined that the risks and benefits related to the leased properties are retained by the lessors. Accordingly, these are accounted for as operating leases. These lease agreements are for terms ranging from 5.25 5.33 2.1%. Additional information regarding the Company's office operating leases is as follows: Nine months ended September 30, 2020 Rent expense for long-term operating leases $ 91,611 Rent expense for short-term leases 81,179 Total rent expense $ 172,790 The following table presents the maturity profile of the Company's operating lease liabilities based on the contractual undiscounted payments with a reconciliation of these amounts to the remaining net present value of the operating lease liability reported in the balance sheet as of September 30, 2020. Year Amount Remainder of 2020 35,619 2021 144,976 2022 110,857 Total lease payments 291,452 Less: Interest (13,376 ) Net present value of lease liabilities $ 278,076 The weighted average remaining lease terms and discount rates for all the Company's operating leases as of September 30, 2020 Weighted average lease term (months) 24 Weighted average discount rate 4.89 % |
Note 7 - Loan and Line of Credi
Note 7 - Loan and Line of Credit | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7 – Loan and Line of Credit On January 31, 2018, $550,000 January 31, 2021 250 2.67% September 30, 2020. three nine September 30, 2020 $1,514 $2,661, may September 30, 2020, $260,000 On April 14, 2020, $753,300 May 12, 2020, |
Note 8 - Subsequent Event
Note 8 - Subsequent Event | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 8 On November 12, 2020, $0.13 first 2021 8 November 13, 2020. |
Note 3 - Significant Accounti_2
Note 3 - Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Research and Development Expense [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Salaries $ 3,383 $ 15,841 $ 6,568 $ 33,482 Other costs 280 4,584 716 17,038 $ 3,663 $ 20,425 $ 7,284 $ 50,520 |
Note 5 - Income Per Share (Tabl
Note 5 - Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Basic earnings per common share: Net income (loss) $ 122,554 $ (209,532 ) $ 60,299 $ (132,448 ) Weighted average basic shares outstanding 35,588,775 35,588,775 35,588,775 35,578,519 Basic income (loss) per common share $ - $ (0.01 ) $ - $ - Dilutive earnings per common share: Net income (loss) allocable to common shareholders $ 122,554 $ (209,532 ) $ 60,299 $ (132,448 ) Weighted average shares outstanding - basic 35,588,775 35,588,775 35,588,775 35,578,519 Diluted effect: Unvested restricted stock - - - - Weighted average dilutive shares outstanding 35,588,775 35,588,775 35,588,775 35,578,519 Dilutive income (loss) per common share $ - $ (0.01 ) $ - $ - |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Unvested restricted stock 429,000 449,000 429,000 449,000 |
Note 6 - Operating Leases (Tabl
Note 6 - Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Nine months ended September 30, 2020 Rent expense for long-term operating leases $ 91,611 Rent expense for short-term leases 81,179 Total rent expense $ 172,790 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Amount Remainder of 2020 35,619 2021 144,976 2022 110,857 Total lease payments 291,452 Less: Interest (13,376 ) Net present value of lease liabilities $ 278,076 |
Operating Lease, Weighted Average Remaining Lease Terms and Discount Rates [Table Text Block] | Weighted average lease term (months) 24 Weighted average discount rate 4.89 % |
Note 3 - Significant Accounti_3
Note 3 - Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 4,800,000 | $ 4,800,000 | ||
Licensing Agreements [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 6 years | |||
Amortization of Intangible Assets, Total | $ 5,250 | $ 5,250 | $ 15,570 | $ 15,750 |
Note 3 - Significant Accounti_4
Note 3 - Significant Accounting Policies - Research and Development Expense (Details) - General and Administrative Expense [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Research and development cost | $ 3,663 | $ 20,425 | $ 7,284 | $ 50,520 |
Research and Development, Salaries [Member] | ||||
Research and development cost | 3,383 | 15,841 | 6,568 | 33,482 |
Research and Development, Other Costs [Member] | ||||
Research and development cost | $ 280 | $ 4,584 | $ 716 | $ 17,038 |
Note 4 - Income Tax Matters (De
Note 4 - Income Tax Matters (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 28.00% | 41.00% | ||
Income Tax Expense (Benefit), Total | $ 56,265 | $ (130,031) | $ 22,925 | $ (92,764) |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 2,921 | $ 2,170 |
Note 5 - Income Per Share - Wei
Note 5 - Income Per Share - Weighted Average Shares Outstanding (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Basic earnings per common share: | ||||
Net income (loss) | $ 122,554 | $ (209,532) | $ 60,299 | $ (132,448) |
Weighted average basic shares outstanding (in shares) | 35,588,775 | 35,588,775 | 35,588,775 | 35,578,519 |
Basic income (loss) per common share (in dollars per share) | $ (0.01) | |||
us-gaap_EarningsPerShareDilutedAbstract | ||||
Net income (loss) allocable to common shareholders | $ 122,554 | $ (209,532) | $ 60,299 | $ (132,448) |
Weighted average basic shares outstanding (in shares) | 35,588,775 | 35,588,775 | 35,588,775 | 35,578,519 |
Diluted effect: | ||||
Weighted average dilutive shares outstanding (in shares) | 35,588,775 | 35,588,775 | 35,588,775 | 35,578,519 |
Dilutive income (loss) per common share (in dollars per share) | $ (0.01) | |||
Restricted Stock [Member] | ||||
Diluted effect: | ||||
Unvested restricted stock (in shares) |
Note 5 - Income Per Share - Dil
Note 5 - Income Per Share - Diluted Net Earnings (Loss) Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restricted Stock [Member] | ||||
Antidilutive shares (in shares) | 429,000 | 449,000 | 429,000 | 449,000 |
Note 6 - Operating Leases (Deta
Note 6 - Operating Leases (Details Textual) | Sep. 30, 2020Rate |
Operating Lease, Provided, Rental Escalations (Rate) | 2.10% |
Minimum [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 5 years 91 days |
Maximum [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 5 years 120 days |
Note 6 - Operating Leases - Lea
Note 6 - Operating Leases - Lease Cost (Details) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Rent expense for long-term operating leases | $ 91,611 |
Rent expense for short-term leases | 81,179 |
Total rent expense | $ 172,790 |
Note 6 - Operating Leases - Mat
Note 6 - Operating Leases - Maturity Based on the Contractual Undiscounted Payments (Details) | Sep. 30, 2020USD ($) |
Remainder of 2020 | $ 35,619 |
2021 | 144,976 |
2022 | 110,857 |
Total lease payments | 291,452 |
Less: Interest | (13,376) |
Net present value of lease liabilities | $ 278,076 |
Note 6 - Operating Leases - Wei
Note 6 - Operating Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details) | Sep. 30, 2020 |
Weighted average lease term (Month) | 2 years |
Weighted average discount rate | 4.89% |
Note 7 - Loan and Line of Cre_2
Note 7 - Loan and Line of Credit (Details Textual) - USD ($) | May 12, 2020 | Apr. 14, 2020 | Jan. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 |
Proceeds from Issuance of Unsecured Debt | $ 753,300 | |||||
Repayments of Unsecured Debt | $ 753,300 | |||||
Paycheck Protection Program CARES Act [Member] | ||||||
Proceeds from Issuance of Unsecured Debt | $ 753,300 | |||||
Repayments of Unsecured Debt | $ 753,300 | |||||
PNC Bank [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 550,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.67% | 2.67% | ||||
Interest Expense, Debt, Total | $ 1,514 | $ 2,661 | ||||
Long-term Line of Credit, Total | $ 260,000 | $ 260,000 | ||||
PNC Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% |
Note 8 - Subsequent Event (Deta
Note 8 - Subsequent Event (Details Textual) | Mar. 31, 2021$ / shares |
McKean [Member] | Forecast [Member] | |
Business Acquisition, Equity Interest Issued or Issuable, Per Share (in dollars per share) | $ 0.13 |