Electro-Sensors (ELSE) 10-Q 14 Nov 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 13, 2023
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Filer Category	Non-accelerated Filer
Entity Registrant Name	ELECTRO SENSORS INC
Entity Central Index Key	0000351789
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Small Business	true
Entity Common Stock, Shares Outstanding		3,428,021
Trading Symbol	ELSE
Entity Emerging Growth Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-09587
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-0943459
Entity Address, Address Line One	6111 Blue Circle Drive
Entity Address, City or Town	Minnetonka
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55343-9108
City Area Code	952
Local Phone Number	930-0100
Title of 12(b) Security	Common stock, $0.10 par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Shell Company	false

CONDENSED BALANCE SHEETS (unaud

CONDENSED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 3,902	$ 7,646
Investments	6,026	2,036
Trade receivables, less allowance for credit losses of $11	1,066	1,161
Inventories	1,836	1,745
Other current assets	279	214
Income tax receivable	136	11
Total current assets	13,245	12,813
Deferred income tax asset, net	198	256
Property and equipment, net	907	975
Total assets	14,350	14,044
Current liabilities
Current maturities of financing lease	1	6
Accounts payable	261	274
Accrued expenses	559	350
Total current liabilities	821	630
Commitments and contingencies
Stockholders' equity
Common stock par value $0.10 per share; authorized 10,000,000 shares; 3,428,021 shares issued and outstanding	342	342
Additional paid-in capital	2,201	2,163
Retained earnings	10,988	10,908
Accumulated other comprehensive income (loss) (unrealized income (loss) on available-for-sale securities, net of income tax)	(2)	1
Total stockholders' equity	13,529	13,414
Total liabilities and stockholders' equity	$ 14,350	$ 14,044

CONDENSED BALANCE SHEETS (una_2

CONDENSED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Balance Sheets [Abstract]
Trade receivables, allowance for credit losses	$ 11	$ 11
Common stock, par value	$ 0.1	$ 0.1
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	3,428,021	3,428,021
Common stock, shares outstanding	3,428,021	3,428,021

CONDENSED STATEMENTS OF COMPREH

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statements of Comprehensive Income (Loss) [Abstract]
Net sales	$ 2,057	$ 2,216	$ 6,239	$ 6,915
Cost of goods sold	1,064	1,053	3,156	3,178
Gross profit	993	1,163	3,083	3,737
Operating expenses
Selling and marketing	307	357	1,021	1,230
General and administrative	494	497	1,458	2,125
Research and development	218	190	724	642
Total operating expenses	1,019	1,044	3,203	3,997
Operating income (loss)	(26)	119	(120)	(260)
Non-operating income
Interest expense	0	(1)	(1)	(1)
Interest income	109	36	297	44
Total non-operating income, net	109	35	296	43
Income (loss) before income tax expense (benefit)	83	154	176	(217)
Income tax expense (benefit)	75	32	96	(46)
Net income (loss)	8	122	80	(171)
Other comprehensive loss
Change in unrealized value of available-for-sale securities, net of income tax	(1)	(2)	(3)	0
Other comprehensive loss	(1)	(2)	(3)	0
Net comprehensive income (loss)	$ 7	$ 120	$ 77	$ (171)
Basic
Net income (loss) per share	$ 0	$ 0.04	$ 0.02	$ (0.05)
Weighted average shares	3,428,021	3,401,880	3,428,021	3,397,664
Diluted
Net income (loss) per share	$ 0	$ 0.04	$ 0.02	$ (0.05)
Weighted average shares	3,428,021	3,482,996	3,428,021	3,397,664

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock Issued [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]
Beginning Balance at Dec. 31, 2021	$ 13,188	$ 339	$ 2,041	$ 10,808	$ 0
Beginning Balance, Shares at Dec. 31, 2021		3,395,521
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options	$ 31	$ 1	30
Exercise of common stock options, shares	7,500	7,500
Other comprehensive income (loss)	$ 0
Stock-based compensation expense	4		4
Net income (loss)	(171)			(171)
Ending Balance at Sep. 30, 2022	13,052	$ 340	2,075	10,637	0
Ending Balance, Shares at Sep. 30, 2022		3,403,021
Beginning Balance at Jun. 30, 2022	12,899	$ 339	2,043	10,515	2
Beginning Balance, Shares at Jun. 30, 2022		3,395,521
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options	31	$ 1	30
Exercise of common stock options, shares		7,500
Other comprehensive income (loss)	(2)				(2)
Stock-based compensation expense	2		2
Net income (loss)	122			122
Ending Balance at Sep. 30, 2022	13,052	$ 340	2,075	10,637	0
Ending Balance, Shares at Sep. 30, 2022		3,403,021
Beginning Balance at Dec. 31, 2022	$ 13,414	$ 342	2,163	10,908	1
Beginning Balance, Shares at Dec. 31, 2022		3,428,021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options, shares	0
Other comprehensive income (loss)	$ (3)				(3)
Stock-based compensation expense	38		38
Net income (loss)	80			80
Ending Balance at Sep. 30, 2023	13,529	$ 342	2,201	10,988	(2)
Ending Balance, Shares at Sep. 30, 2023		3,428,021
Beginning Balance at Jun. 30, 2023	13,484	$ 342	2,163	10,980	(1)
Beginning Balance, Shares at Jun. 30, 2023		3,428,021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(1)				(1)
Stock-based compensation expense	38		38
Net income (loss)	8			8
Ending Balance at Sep. 30, 2023	$ 13,529	$ 342	$ 2,201	$ 10,988	$ (2)
Ending Balance, Shares at Sep. 30, 2023		3,428,021

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from (used in) operating activities
Net income (loss)	$ 80	$ (171)
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Depreciation and amortization	69	117
Deferred income taxes	58	(15)
Stock-based compensation expense	38	4
Interest accrued on Treasury Bills	(163)	(8)
Change in:
Trade receivables	95	(175)
Inventories	(91)	(127)
Other current assets	(65)	13
Accounts payable	(13)	(48)
Accrued expenses	209	250
Income tax receivable/payable	(125)	(53)
Net cash from (used in) operating activities	92	(213)
Cash flows from (used in) investing activities
Purchases of Treasury Bills	(13,830)	(4,992)
Proceeds from the maturity of Treasury Bills	10,000	8,000
Purchase of property and equipment	(1)	(17)
Net cash from (used in) investing activities	(3,831)	2,991
Cash flows from (used in) financing activities
Proceeds from the exercise of common stock options	0	31
Payments on financing lease	(5)	(4)
Net cash from (used in) financing activities	(5)	27
Net increase (decrease) in cash and cash equivalents	(3,744)	2,805
Cash and cash equivalents, beginning	7,646	6,713
Cash and cash equivalents, ending	3,902	9,518
Supplemental cash flow information
Cash paid for income taxes	164	22
Cash paid for interest	$ 1	$ 1

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Basis of Presentation [Abstract]
Basis of Presentation	Note 1 asi s of Pr ese tio The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions and regulations of the Securities and Exchange Commission to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. This report should be read together with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 Management believes that the unaudited financial statements include all adjustments, consisting of normal recurring accruals, necessary to fairly state the financial position and results of operations as of September 30, 2023 three and nine September 30, 2023 2022 Nature of Business Electro-Sensors, Inc. (the "Company") manufactures and markets a complete line of monitoring and control systems for a wide range of industrial machine applications. The Company uses leading-edge technology to continuously improve its products, with the goal of manufacturing the industry-preferred product for each of our served markets. The Company sells these products through an internal sales staff and distributors to a wide range of industries that use the products in a variety of applications to monitor process machinery operations. The Company markets its products to customers located throughout the United States, Canada, Latin America, Europe, and Asia. Note 5 nformation regarding the Merger Agreement that we entered into on June 10, 2022 and that was terminated January 30, 2023. Trade receivables and credit policies Trade receivables are uncollateralized customer obligations due under normal trade terms generally requiring payment within 30 90 Payments of trade receivables are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices. The carrying amount of trade receivables is reduced by an allowance for credit losses that reflects management’s best estimate of the amounts that will not be collected. Management assesses collectability by reviewing trade receivables on a collective and individual basis. In determining the amount of the allowance for credit losses, we consider historical collectability and past due status and make judgements about the creditworthiness of customers based on ongoing credit evaluations. We also consider customer-specific information and current market conditions. Re venue Rec At contract inception, the Company assesses the goods and services to be provided to a customer and identifies a performance obligation for each distinct good or service. We also determine the transaction price for each performance obligation at contract inception. Our contracts, generally in the form of a purchase order, specify the product or service that is to be provided to the customer. The typical contract life is less than one TM Fair Value Measurements The carrying value of trade receivables, accounts payable, and other financial working capital items approximates fair value at September 30, 2023 December 31, 2022 Stock-Based Compensation The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton (“BSM”) option pricing model. The Company uses historical data, among other factors, to estimate the expected price volatility, the expected option life, and the expected forfeiture rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Current significant estimates, including the underlying assumptions, consist of economic lives of long-lived assets, realizability of trade receivables, valuation of deferred tax assets/liabilities, inventory, investments, and stock compensation expense. It is at least reasonably possible that these estimates may change in the near term Net Income (Loss) per Common Share Basic income (loss) per share excludes dilution and is determined by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities such as options or restricted stock units were exercised or converted into common stock. Diluted earnings per share ("Diluted EPS") considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential shares would have an anti-dilutive effect. Diluted EPS also excludes the impact of common shares issuable upon the exercise of outstanding stock options in periods in which the option exercise price is greater than the average market price of our common stock during the period. For the three period September 30, 2023 2022 nine ended September 30, 2023 2022 In addition, for the three and nine month periods e nded Septe 30 2023 105,000 restricted stock units have been excluded from the calculation because their effect would be anti-dilutive. New Accounting Stan Accounting Standard Update (“ASU”) No. 2016 13 Financial Instruments-Credit Losses (Topic 326 2016 13

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Investments [Abstract]
Investments	N ote 2 . Investments The Company has investments in commercial paper, money market savings, Treasury Bills, and common equity securities of two private U.S. companies. The commercial paper investment is in U.S. debt with ratings of A-1+, P-1, and F1+. The Treasury Bills have remaining terms rang ing from September 30, 2023 The Company classifies its investments in commercial paper and Treasury Bills as available-for-sale, accounted for at fair value with unrealized income and losses recognized in accumulated other comprehensive income (loss) on the balance sheet. Equity securities are stated at fair value and unrealized gains and losses, if any, are reported in our statements of comprehensive income (loss) in non-operating income. The cost and estimated fair value of the Company’s investments are as follows: Cost Gross unrealized gain Gross u nrealize loss Fair value September 30, 2023 Money Market $ 1,694 $ 0 $ 0 $ 1,694 Treasury Bills 7,898 47 0 7,945 E q uity Secu 54 2 0 56 9,646 49 0 9,695 Less Cash Equivalents 3,668 1 0 3,669 Total Investments, September 30, 2023 $ 5,978 $ 48 $ 0 $ 6,026 December 31, 2022 Commercial Paper $ 1,377 $ 0 $ 0 $ 1,377 Treasury Bills 7,922 32 0 7,954 Equity Securities 54 2 0 56 9,353 34 0 9,387 Less Cash Equivalents 7,319 32 0 7,351 Total Investments, December 31, 2022 $ 2,034 $ 2 $ 0 $ 2,036

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 3 The following ta ble provides info September 30, 2023 Carrying amount Fair Value Measurement Using in balance sheet Fair Value Level 1 Level 2 Level 3 Assets: Cash equivalents Money Market Savings $ 1,694 $ 1,694 $ 1,694 $ 0 $ 0 Treasury Bills 1,975 1,975 1,975 0 0 Treasury Bills - maturity date greater than three months 5,970 5,970 5,970 0 0 Equity Securities 56 56 0 0 56 December 31, 2022 Carrying amount Fair Value Measurement Using in balance sheet Fair Value Level 1 Level 2 Level 3 Assets: Cash equivalents Commercial paper $ 1,377 $ 1,377 $ 1,377 $ 0 $ 0 Treasury Bills 5,974 5,974 5,974 0 0 Treasury Bills - maturity date greater than three months 1,980 1,980 1,980 0 0 Equity Securities 56 56 0 0 56 The fair value of the commercial paper and Treasury Bills is based on quoted market prices in an active market. The equity securities owned by the Company are investments in two non-publicly traded companies. There is an undeterminable market for each of these two companies and the Company has determined the fair value based on financial and other factors that are considered level 3 The changes 3 measured at ue on a recur ring sis are Nine September 30 2023 2022 Beginning Balance $ 56 $ 56 Change in Fair Value 0 0 E nding B $ 56 $ 56

Inventories

Inventories	9 Months Ended
	Sep. 30, 2023
Inventories [Abstract]
Inventories	Note 4 Inven tories use tion of cost of go September 30 2023 December 31 2022 Raw Materials $ 1,210 $ 1,162 Work In Process 317 278 Finished Goods 319 315 Reserve for Obsolescence (10 ) (10 ) Total Inventories, net $ 1,836 $ 1,745

Merger Agreement with Mobile X

Merger Agreement with Mobile X Global, Inc.	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Merger Agreement with Mobile X Global, Inc.	Note 5 ger Agreem On June 10, 2022 , the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Mobile X Newco, Inc., a Delaware corporation, a wholly owned subsidiary of the Company (the “Merger Sub”), and Mobile X Global, Inc., a Delaware corporation (“Mobile X”). On January 30, 2023, the Company and Mobile X terminated the Merger Agreement. A condition to the closing of the merger transaction was the consummation of an equity financing that the parties anticipated would be a PIPE investment (private investment in public entity). The financing necessary to consummate the merger was pursued but was not available due to difficult con ditions in the fina

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Stock-Based Compensation
Stock-Based Compensation	Note 6 ck-B ased Compensation Stock options The 2013 2013 2013 100 10 During the 2023 vest 20% on the grant date, with an additional 20% vesting annually thereafter. The assumptions made in estimating the fair value of the options on the grant date based upon the BSM option-pricing model for the three September 30, 2023 Dividend Yield 0.00% Expected Volatility 25.56% Risk Free Interest Rate 4.35% Expected Life 6 Years The Company calculates expected volatility for stock options and other awards using historical volatility as the Company believes the expected volatility will approximate historical volatility. The Company had 225,000 in options that expired during the quarter. There were no options exercised during the nine September 30, 2023 There was 7,500 options exercised during the nine-months ended September 30, 2022 The following t able summari nine September 30 2023 2022 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding at beginning of year 300,000 $ 4.36 332,500 $ 4.25 Granted 100,000 4.11 0 Exercised 0 (7,500 ) 4.15 Expired (225,000 ) 4.57 0 Options outstanding at September 30 175,000 $ 4.03 325,000 $ 4.30 Options exercisable at September 30 50,000 $ 4.21 320,000 $ 4.31 Weighted average grant date fair for options exercised during the period 0 7,500 $ 4.15 As of September 30, 2023 three and nine September 30, 2023 Restricted stock units The 2013 In September 2023, the Company granted 35,000 restricted stock units to its C hief Execu The following table summarizes restricted stock unit activity for the nine September 30, 2023 Unvested Restricted Stock Units Number of Shares Weighted-Average Grant-Date Fair Value Unvested as of December 31, 2022 0 $ 0 Granted 105,000 4.11 Vested 0 0 Forfeited/canceled 0 0 Unvested as of September 30, 2023 105,000 $ 4.11 As of September 30, 2023 The Company recognized compensation expense in connection with the vesting of restricted stock units of approximately $8 for the three and nine September 30, 2023

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2023
Contingencies [Abstract]
Contingencies	Note 7. Contingencies The Company sometimes becomes subject to claims against it in the ordinary course of business. There are currently no

Basis of Presentation (Policy)

Basis of Presentation (Policy)	9 Months Ended
	Sep. 30, 2023
Basis of Presentation [Abstract]
Nature of Business	Nature of Business Electro-Sensors, Inc. (the "Company") manufactures and markets a complete line of monitoring and control systems for a wide range of industrial machine applications. The Company uses leading-edge technology to continuously improve its products, with the goal of manufacturing the industry-preferred product for each of our served markets. The Company sells these products through an internal sales staff and distributors to a wide range of industries that use the products in a variety of applications to monitor process machinery operations. The Company markets its products to customers located throughout the United States, Canada, Latin America, Europe, and Asia. Note 5 nformation regarding the Merger Agreement that we entered into on June 10, 2022 and that was terminated January 30, 2023.
Trade receivables and credit policies	Trade receivables and credit policies Trade receivables are uncollateralized customer obligations due under normal trade terms generally requiring payment within 30 90 Payments of trade receivables are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices. The carrying amount of trade receivables is reduced by an allowance for credit losses that reflects management’s best estimate of the amounts that will not be collected. Management assesses collectability by reviewing trade receivables on a collective and individual basis. In determining the amount of the allowance for credit losses, we consider historical collectability and past due status and make judgements about the creditworthiness of customers based on ongoing credit evaluations. We also consider customer-specific information and current market conditions.
Revenue Recognition	Re venue Rec At contract inception, the Company assesses the goods and services to be provided to a customer and identifies a performance obligation for each distinct good or service. We also determine the transaction price for each performance obligation at contract inception. Our contracts, generally in the form of a purchase order, specify the product or service that is to be provided to the customer. The typical contract life is less than one TM
Fair Value Measurements	Fair Value Measurements The carrying value of trade receivables, accounts payable, and other financial working capital items approximates fair value at September 30, 2023 December 31, 2022
Stock-Based Compensation	Stock-Based Compensation The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton (“BSM”) option pricing model. The Company uses historical data, among other factors, to estimate the expected price volatility, the expected option life, and the expected forfeiture rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Current significant estimates, including the underlying assumptions, consist of economic lives of long-lived assets, realizability of trade receivables, valuation of deferred tax assets/liabilities, inventory, investments, and stock compensation expense. It is at least reasonably possible that these estimates may change in the near term
Net Income (Loss) per Common Share	Net Income (Loss) per Common Share Basic income (loss) per share excludes dilution and is determined by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities such as options or restricted stock units were exercised or converted into common stock. Diluted earnings per share ("Diluted EPS") considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential shares would have an anti-dilutive effect. Diluted EPS also excludes the impact of common shares issuable upon the exercise of outstanding stock options in periods in which the option exercise price is greater than the average market price of our common stock during the period. For the three period September 30, 2023 2022 nine ended September 30, 2023 2022 In addition, for the three and nine month periods e nded Septe 30 2023 105,000 restricted stock units have been excluded from the calculation because their effect would be anti-dilutive.
New Accounting Standard Adopted	New Accounting Stan Accounting Standard Update (“ASU”) No. 2016 13 Financial Instruments-Credit Losses (Topic 326 2016 13

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments [Abstract]
Cost And Estimated Fair Value Of Investments	Cost Gross unrealized gain Gross u nrealize loss Fair value September 30, 2023 Money Market $ 1,694 $ 0 $ 0 $ 1,694 Treasury Bills 7,898 47 0 7,945 E q uity Secu 54 2 0 56 9,646 49 0 9,695 Less Cash Equivalents 3,668 1 0 3,669 Total Investments, September 30, 2023 $ 5,978 $ 48 $ 0 $ 6,026 December 31, 2022 Commercial Paper $ 1,377 $ 0 $ 0 $ 1,377 Treasury Bills 7,922 32 0 7,954 Equity Securities 54 2 0 56 9,353 34 0 9,387 Less Cash Equivalents 7,319 32 0 7,351 Total Investments, December 31, 2022 $ 2,034 $ 2 $ 0 $ 2,036

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Measurements [Abstract]
Schedule of fair value measurement on a recurring basis	September 30, 2023 Carrying amount Fair Value Measurement Using in balance sheet Fair Value Level 1 Level 2 Level 3 Assets: Cash equivalents Money Market Savings $ 1,694 $ 1,694 $ 1,694 $ 0 $ 0 Treasury Bills 1,975 1,975 1,975 0 0 Treasury Bills - maturity date greater than three months 5,970 5,970 5,970 0 0 Equity Securities 56 56 0 0 56 December 31, 2022 Carrying amount Fair Value Measurement Using in balance sheet Fair Value Level 1 Level 2 Level 3 Assets: Cash equivalents Commercial paper $ 1,377 $ 1,377 $ 1,377 $ 0 $ 0 Treasury Bills 5,974 5,974 5,974 0 0 Treasury Bills - maturity date greater than three months 1,980 1,980 1,980 0 0 Equity Securities 56 56 0 0 56
Summary of change in level 3 assets at fair value on a recurring basis	Nine September 30 2023 2022 Beginning Balance $ 56 $ 56 Change in Fair Value 0 0 E nding B $ 56 $ 56

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Inventories [Abstract]
Schedule of Inventories used in the determination of cost of goods sold	September 30 2023 December 31 2022 Raw Materials $ 1,210 $ 1,162 Work In Process 317 278 Finished Goods 319 315 Reserve for Obsolescence (10 ) (10 ) Total Inventories, net $ 1,836 $ 1,745

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Stock-Based Compensation
Schedule of assumptions made in estimating the fair value of the options on the grant date based upon the BSM option-pricing model	Dividend Yield 0.00% Expected Volatility 25.56% Risk Free Interest Rate 4.35% Expected Life 6 Years
Summary of stock options activity	2023 2022 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding at beginning of year 300,000 $ 4.36 332,500 $ 4.25 Granted 100,000 4.11 0 Exercised 0 (7,500 ) 4.15 Expired (225,000 ) 4.57 0 Options outstanding at September 30 175,000 $ 4.03 325,000 $ 4.30 Options exercisable at September 30 50,000 $ 4.21 320,000 $ 4.31 Weighted average grant date fair for options exercised during the period 0 7,500 $ 4.15
Summary of restricted stock units activity	Unvested Restricted Stock Units Number of Shares Weighted-Average Grant-Date Fair Value Unvested as of December 31, 2022 0 $ 0 Granted 105,000 4.11 Vested 0 0 Forfeited/canceled 0 0 Unvested as of September 30, 2023 105,000 $ 4.11

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock Options [Member]
Basis of Presentation
Securities excluded from the computations of diluted weighted-average shares outstanding	175,000	243,884	175,000	325,000
Unvested Restricted Stock Units [Member]
Basis of Presentation
Securities excluded from the computations of diluted weighted-average shares outstanding	105,000		105,000

Investments (Narrative) (Detail

Investments (Narrative) (Details)	9 Months Ended
	Sep. 30, 2023 Number
Marketable Securities [Line Items]
Number of private companies which entity has investments in common equity securities	2
Minimum [Member]
Marketable Securities [Line Items]
Treasury Bills, term	1 month
Maximum [Member]
Marketable Securities [Line Items]
Treasury Bills, term	3 months

Investments (Cost And Estimated

Investments (Cost And Estimated Fair Value Of Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments
Cost	$ 5,978	$ 2,034
Cash equivalents, Carrying amount	3,902	7,646
Gross unrealized gain	48	2
Gross unrealized loss	0	0
Fair value, investments	6,026	2,036
Money Market Savings [Member]
Investments
Cost	1,694
Gross unrealized gain	0
Gross unrealized loss	0
Fair value, investments	1,694
Commercial Paper [Member]
Investments
Cost		1,377
Gross unrealized gain		0
Gross unrealized loss		0
Fair value, investments		1,377
Treasury Bills [Member]
Investments
Cost	7,898	7,922
Gross unrealized gain	47	32
Gross unrealized loss	0	0
Fair value, investments	7,945	7,954
Equity Securities [Member]
Investments
Cost	54	54
Gross unrealized gain	2	2
Gross unrealized loss	0	0
Fair value, investments	56	56
Debt and Equity Securities [Member]
Investments
Cost	9,646	9,353
Gross unrealized gain	49	34
Gross unrealized loss	0	0
Fair value, investments	9,695	9,387
Less Cash Equivalents [Member]
Investments
Cash equivalents, Carrying amount	3,668	7,319
Gross unrealized gain	1	32
Gross unrealized loss	0	0
Cash equivalents, Fair value	$ 3,669	$ 7,351

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Measurements On A Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Carrying amount	$ 3,902	$ 7,646
Money Market Savings [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Carrying amount	1,694
Cash equivalents, Fair Value	1,694
Money Market Savings [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Fair Value	1,694
Money Market Savings [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Fair Value	0
Money Market Savings [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Fair Value	0
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Carrying amount		1,377
Cash equivalents, Fair Value		1,377
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Fair Value		1,377
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Fair Value		0
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Fair Value		0
Treasury Bills [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Carrying amount	1,975	5,974
Cash equivalents, Fair Value	1,975	5,974
Treasury bills, Carrying amount	5,970	1,980
Treasury bills, Fair Value	5,970	1,980
Treasury Bills [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Fair Value	1,975	5,974
Treasury bills, Fair Value	5,970	1,980
Treasury Bills [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Fair Value	0	0
Treasury bills, Fair Value	0	0
Treasury Bills [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Fair Value	0	0
Treasury bills, Fair Value	0	0
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, Carrying amount	56	56
Equity Securities, Fair Value	56	56
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, Fair Value	0	0
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, Fair Value	0	0
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, Fair Value	$ 56	$ 56

Fair Value Measurements (Fair_2

Fair Value Measurements (Fair Value Assets Measured on Recurring Basis Unobservable Inputs Reconciliation) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Assets measured at fair value on a recurring basis
Beginning Balance	$ 56	$ 56
Change in Fair Value	0	0
Ending Balance	$ 56	$ 56

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventories [Abstract]
Raw Materials	$ 1,210	$ 1,162
Work In Process	317	278
Finished Goods	319	315
Reserve for Obsolescence	(10)	(10)
Total Inventories, net	$ 1,836	$ 1,745

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Valuation Assumptions (Details)	3 Months Ended
	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Dividend Yield	0%
Expected Volatility	25.56%
Risk Free Interest Rate	4.35%
Expected Life	6 years

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Stock Options Activity (Details 1) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Stock Options Activity
Beginning balance, Number of Shares	300,000	332,500
Granted, Number of Shares	100,000	0
Exercised, Number of Shares	0	(7,500)
Expired, Number of Shares	(225,000)	0
Ending balance, Number of Shares	175,000	325,000
Ending balance, Options Exercisable, Number of Shares	50,000	320,000
Beginning balance, Weighted-Average Exercise Price	$ 4.36	$ 4.25
Granted, Weighted-Average Exercise Price	4.11
Exercised, Weighted-Average Exercise Price		4.15
Expired, Weighted-Average Exercise Price	4.57
Ending balance, Weighted-Average Exercise Price	4.03	4.3
Ending balance, Options Exercisable, Weighted-Average Exercise Price	$ 4.21	$ 4.31
Weighted average grant date fair for options exercised during the period	0	7,500
Weighted average grant date fair for options exercised during the period (in dollars per share)		$ 4.15

Stock Based Compensation - Su_2

Stock Based Compensation - Summary of Restricted Stock Units Activity (Details 2) - Unvested Restricted Stock Units [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options Activity
Beginning balance, Unvested Number of Shares | shares	0
Granted, Number of Shares | shares	105,000
Vested, Number of Shares | shares	0
Forfeited/canceled, Number of Shares | shares	0
Ending balance, Unvested Number of Shares | shares	105,000
Beginning balance, Unvested, Weighted-Average Grant-Date Fair Value | $ / shares	$ 0
Granted, Weighted-Average Grant-Date Fair Value | $ / shares	4.11
Vested, Weighted-Average Grant-Date Fair Value | $ / shares	0
Forfeited/canceled, Weighted-Average Grant-Date Fair Value | $ / shares	0
Ending balance, Unvested, Weighted-Average Grant-Date Fair Value | $ / shares	$ 4.11

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details 3) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($) Number shares	Sep. 30, 2023 USD ($) Number shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted during the period (in shares)			100,000	0
Number of shares expired during the period (in shares)			225,000	0
Number of shares exercised during the period (in shares)			0	7,500
Non-Qualified Stock Options [Member] | Chief Executive Officer and Three Non-Employee Board of Directors [Member] | Vesting on the first four anniversaries of the grant date
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting Percentage		20%
Unvested Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted during the period (in shares)			105,000
2013 Equity Incentive Plan [Member] | Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options expiration from date of grant			10 years
Options expiration from termination of employment or service due to death, disability, or termination other than for cause			12 months
Number of shares expired during the period (in shares)		225,000
Number of shares exercised during the period (in shares)				7,500
Unrecognized compensation expense related to outstanding stock options | $	$ 119	$ 119	$ 119
Recognition period expected for unrecognized compensation expense			5 years
Recognized compensation expense | $		$ 30	$ 30
2013 Equity Incentive Plan [Member] | Stock Options [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options fair market value (as a percent)			100%
2013 Equity Incentive Plan [Member] | Non-Qualified Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of directors | Number		4
2013 Equity Incentive Plan [Member] | Non-Qualified Stock Options [Member] | Chief Executive Officer and Three Non-Employee Board of Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted during the period (in shares)		25,000
Number of directors who have stock options granted in replacement of expired options | Number		3
2013 Equity Incentive Plan [Member] | Non-Qualified Stock Options [Member] | Chief Executive Officer and Three Non-Employee Board of Directors [Member] | Vested on grant date
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting Percentage		20%
2013 Equity Incentive Plan [Member] | Unvested Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of directors | Number	4
Recognition period expected for unrecognized compensation expense			5 years
Recognized compensation expense | $		$ 8	$ 8
Unrecognized compensation expense related to outstanding restricted stock units | $	$ 424	$ 424	$ 424
2013 Equity Incentive Plan [Member] | Unvested Restricted Stock Units [Member] | Vesting on the first anniversary of the grant date
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting Percentage	20%
2013 Equity Incentive Plan [Member] | Unvested Restricted Stock Units [Member] | Vesting on the second anniversary to fifth anniversary of the grant date
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting Percentage	20%
2013 Equity Incentive Plan [Member] | Unvested Restricted Stock Units [Member] | Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted during the period (in shares)	35,000
2013 Equity Incentive Plan [Member] | Unvested Restricted Stock Units [Member] | Non-Employee Board of Director, One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted during the period (in shares)	17,500
2013 Equity Incentive Plan [Member] | Unvested Restricted Stock Units [Member] | Non-Employee Board of Director, Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted during the period (in shares)	17,500
2013 Equity Incentive Plan [Member] | Unvested Restricted Stock Units [Member] | Non-Employee Board of Director, Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted during the period (in shares)	17,500
2013 Equity Incentive Plan [Member] | Unvested Restricted Stock Units [Member] | Non-Employee Board of Director, Four [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted during the period (in shares)	17,500