Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | CRAWFORD UNITED Corp | |
Entity Central Index Key | 0000047307 | |
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 Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 771,848 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 2,552,902 |
Consolidated Balance Sheet (Cur
Consolidated Balance Sheet (Current Period Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 6,927,438 | $ 2,232,499 |
Accounts receivable less allowance for doubtful accounts | 12,522,216 | 14,001,795 |
Contract assets | 4,727,753 | 2,422,379 |
Inventory, net of reserves | 11,057,037 | 7,678,690 |
Prepaid expenses and other current assets | 680,131 | 703,002 |
Total Current Assets | 35,914,575 | 27,038,365 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land and improvements | 228,872 | 228,872 |
Buildings and leasehold improvements | 1,949,370 | 1,837,009 |
Machinery and equipment | 14,060,723 | 13,950,444 |
Total property, plant and equipment | 16,238,965 | 16,016,325 |
Less accumulated depreciation | 4,482,606 | 3,622,153 |
Property, Plant and Equipment, Net | 11,756,359 | 12,394,172 |
Operating right of use asset, net | 8,778,901 | 9,224,840 |
OTHER ASSETS: | ||
Goodwill | 11,505,852 | 9,791,745 |
Intangibles, net of accumulated amortization | 7,912,156 | 3,950,838 |
Other non-current assets | 106,804 | 88,046 |
Total Non-Current Other Assets | 19,524,812 | 13,830,629 |
Total Assets | 75,974,647 | 62,488,006 |
CURRENT LIABILITIES: | ||
Notes payable – current | 2,766,221 | 2,749,459 |
Bank debt – current | 1,333,333 | 1,333,333 |
Leases payable - current | 826,936 | 850,664 |
Accounts payable | 9,311,886 | 6,071,522 |
Unearned revenue | 722,062 | 1,998,578 |
Accrued expenses | 4,136,392 | 3,281,445 |
Total Current Liabilities | 19,096,830 | 16,285,001 |
LONG-TERM LIABILITIES: | ||
Notes payable – long-term | 8,306,832 | 7,676,697 |
Bank debt – long-term | 14,283,417 | 6,376,594 |
Leases payable – long term | 8,109,118 | 8,513,448 |
Deferred income taxes | 2,207,735 | 2,207,734 |
Total Long-Term Liabilities | 32,907,102 | 24,774,473 |
STOCKHOLDERS' EQUITY | ||
Preferred shares, no par value - 1,000,000 shares authorized, no shares issued and outstanding | ||
Contributed capital | 1,741,901 | 1,741,901 |
Treasury shares | (1,934,812) | (1,905,780) |
Retained earnings | 18,831,490 | 16,527,083 |
Total Stockholders' Equity | 23,970,715 | 21,428,532 |
Total Liabilities and Stockholders' Equity | 75,974,647 | 62,488,006 |
Common Class A [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common stock | 3,866,614 | 3,599,806 |
Common Class B [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common stock | $ 1,465,522 | $ 1,465,522 |
Consolidated Balance Sheet (C_2
Consolidated Balance Sheet (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Common Class A [Member] | ||
Class of common stock, par value (in dollars per share) | $ 0 | $ 0 |
Class of common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Class of common stock, shares issued (in shares) | 2,591,837 | 2,576,837 |
Treasury shares, issued (in shares) | 38,935 | 37,208 |
Common Class B [Member] | ||
Class of common stock, par value (in dollars per share) | $ 0 | $ 0 |
Class of common stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Class of common stock, shares issued (in shares) | 954,283 | 954,283 |
Treasury shares, issued (in shares) | 182,435 | 182,435 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Total sales | $ 18,576,588 | $ 24,514,636 | $ 43,858,162 | $ 46,350,723 |
Cost of Sales | 15,077,549 | 19,287,703 | 34,150,980 | 36,293,902 |
Gross Profit | 3,499,039 | 5,226,933 | 9,707,182 | 10,056,821 |
Operating Expenses: | ||||
Selling, general and administrative expenses | 2,968,519 | 2,435,380 | 6,038,513 | 4,694,197 |
Operating Income | 530,520 | 2,791,553 | 3,668,669 | 5,362,624 |
Other (Income) and Expenses: | ||||
Interest charges | 235,289 | 284,579 | 532,710 | 550,652 |
Other (income) expense, net | (12,394) | 25,535 | 58,967 | 1,661 |
Total Other (Income) and Expenses | 222,895 | 310,114 | 591,677 | 552,313 |
Income before Provision for Income Taxes | 307,625 | 2,481,439 | 3,076,992 | 4,810,311 |
Provision for Income Taxes | 78,788 | 649,960 | 772,585 | 1,233,374 |
Net Income | $ 228,837 | $ 1,831,479 | $ 2,304,407 | $ 3,576,937 |
Net Income Per Common Share - Basic (in dollars per share) | $ 0.07 | $ 0.66 | $ 0.70 | $ 1.30 |
Net Income Per Common Share - Diluted (in dollars per share) | $ 0.07 | $ 0.57 | $ 0.69 | $ 1.12 |
Weighted Average Shares of Common Stock Outstanding | ||||
Basic (in shares) | 3,317,665 | 2,755,916 | 3,314,573 | 2,755,764 |
Diluted (in shares) | 3,319,264 | 3,212,798 | 3,316,217 | 3,196,151 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member]Common Class A [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member]Common Class A [Member] | Treasury Stock [Member]Common Class B [Member] | Treasury Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | Common Stock Including Additional Paid in Capital [Member]Common Class A [Member] | Common Stock Including Additional Paid in Capital [Member]Common Class B [Member] | Common Stock Outstanding [Member]Common Class A [Member] | Common Stock Outstanding [Member]Common Class B [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total |
Balance at Dec. 31, 2018 | $ 2,641,300 | $ 710,272 | $ 1,741,901 | $ (1,905,780) | $ (73,126) | $ 9,577,792 | $ (73,126) | $ 12,765,485 | ||||||||||
Share-based compensation expense | 61,342 | 61,342 | ||||||||||||||||
Stock awards | 204,700 | 204,700 | ||||||||||||||||
Net Income | 3,576,937 | 3,576,937 | ||||||||||||||||
Balance (in shares) at Dec. 31, 2018 | 37,208 | 182,435 | 2,161,014 | 779,283 | 2,123,806 | 596,848 | ||||||||||||
Stock awards (in shares) | 39,000 | 39,000 | ||||||||||||||||
Repurchase of shares (in shares) | ||||||||||||||||||
Balance at Jun. 30, 2019 | 2,907,342 | 710,272 | 1,741,901 | (1,905,780) | 13,081,603 | 16,535,338 | ||||||||||||
Balance (in shares) at Jun. 30, 2019 | 37,208 | 182,435 | 2,200,014 | 779,283 | 2,162,806 | 596,848 | ||||||||||||
Balance at Mar. 31, 2019 | 2,865,159 | 710,272 | 1,741,901 | (1,905,780) | 11,250,124 | 14,661,676 | ||||||||||||
Share-based compensation expense | 42,183 | 42,183 | ||||||||||||||||
Stock awards | ||||||||||||||||||
Repurchase of shares | ||||||||||||||||||
Net Income | 1,831,479 | 1,831,479 | ||||||||||||||||
Balance (in shares) at Mar. 31, 2019 | 37,208 | 182,435 | 2,196,014 | 779,283 | 2,158,806 | 596,848 | ||||||||||||
Stock awards (in shares) | 4,000 | 4,000 | ||||||||||||||||
Repurchase of shares (in shares) | ||||||||||||||||||
Balance at Jun. 30, 2019 | 2,907,342 | 710,272 | 1,741,901 | (1,905,780) | 13,081,603 | 16,535,338 | ||||||||||||
Balance (in shares) at Jun. 30, 2019 | 37,208 | 182,435 | 2,200,014 | 779,283 | 2,162,806 | 596,848 | ||||||||||||
Balance at Dec. 31, 2019 | 3,599,806 | 1,465,522 | 1,741,901 | (1,905,780) | 16,527,083 | 21,428,532 | ||||||||||||
Share-based compensation expense | 55,758 | 55,758 | ||||||||||||||||
Stock awards | 211,050 | 211,050 | ||||||||||||||||
Repurchase of shares | (29,032) | (29,032) | ||||||||||||||||
Net Income | 2,304,407 | 2,304,407 | ||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 37,208 | 182,435 | 2,576,837 | 954,283 | 2,539,629 | 771,848 | ||||||||||||
Stock awards (in shares) | 15,000 | 15,000 | ||||||||||||||||
Repurchase of shares (in shares) | 1,727 | (1,727) | ||||||||||||||||
Balance at Jun. 30, 2020 | 3,866,614 | 1,465,522 | 1,741,901 | (1,934,812) | 18,831,490 | 23,970,715 | ||||||||||||
Balance (in shares) at Jun. 30, 2020 | 38,935 | 182,435 | 2,591,837 | 954,283 | 2,552,902 | 771,848 | ||||||||||||
Balance at Mar. 31, 2020 | 3,636,272 | 1,465,522 | 1,741,901 | (1,905,780) | 18,602,653 | 23,540,568 | ||||||||||||
Share-based compensation expense | 19,292 | 19,292 | ||||||||||||||||
Stock awards | 211,050 | 211,050 | ||||||||||||||||
Repurchase of shares | (29,032) | (29,032) | ||||||||||||||||
Net Income | 228,837 | 228,837 | ||||||||||||||||
Balance (in shares) at Mar. 31, 2020 | 37,208 | 182,435 | 2,576,837 | 954,283 | 2,539,629 | 771,848 | ||||||||||||
Stock awards (in shares) | 15,000 | 15,000 | ||||||||||||||||
Repurchase of shares (in shares) | 1,727 | (1,727) | ||||||||||||||||
Balance at Jun. 30, 2020 | $ 3,866,614 | $ 1,465,522 | $ 1,741,901 | $ (1,934,812) | $ 18,831,490 | $ 23,970,715 | ||||||||||||
Balance (in shares) at Jun. 30, 2020 | 38,935 | 182,435 | 2,591,837 | 954,283 | 2,552,902 | 771,848 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flow (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows from Operating Activities | ||
Net Income | $ 2,304,407 | $ 3,576,937 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,237,997 | 976,612 |
Loss (gain) on sale of assets | 4,294 | |
Non-cash share-based compensation expense | 266,808 | 266,042 |
Changes in assets and liabilities: | ||
Decrease (Increase) in accounts receivable | 2,250,667 | (6,130,441) |
Decrease (Increase) in inventory | (460,092) | (666,130) |
Decrease (Increase) in contract assets | (2,305,374) | (782,054) |
Decrease (Increase) in prepaid expenses & other assets | 57,510 | 148,599 |
Increase (Decrease) in accounts payable | 2,427,507 | 1,997,175 |
Increase (Decrease) in accrued expenses | 1,281,168 | 773,854 |
Increase (Decrease) in unearned revenue | (1,276,516) | (2,688,679) |
Total adjustments | 3,479,675 | (6,100,728) |
Net Cash Provided by (Used in) Operating Activities | 5,784,082 | (2,523,791) |
Cash Flows from Investing Activities | ||
Cash paid for acquisition | (9,400,000) | (50,001) |
Capital expenditures | (193,059) | (418,934) |
Net Cash (Used in) Investing Activities | (9,593,059) | (468,935) |
Cash Flows from Financing Activities | ||
Payments on notes | (808,850) | (223,993) |
Borrowings on notes | 1,453,837 | |
Payments on bank debt | (3,427,080) | (2,537,663) |
Borrowings on bank debt | 11,315,041 | 1,442,445 |
Share repurchase | (29,032) | |
Payments on finance lease | (6,011) | |
Net Cash Provided by (Used in) Financing Activities | 8,503,916 | (1,325,222) |
Net Increase (decrease) in cash and cash equivalents | 4,694,939 | (4,317,948) |
Cash and cash equivalents at beginning of period | 2,232,499 | 5,057,626 |
Cash and cash equivalents at end of period | 6,927,438 | 739,678 |
Supplemental disclosures of cash flow information | ||
Interest paid | 477,332 | 439,572 |
Income Taxes paid | $ 1,161,400 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10 8 X. not three six June 30, 2020 not may December 31, 2020. 10 December 31, 2019. During the three six June 30, 2020, no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. The Company's Summary of Significant Accounting Policies is provided with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10 December 31, 2019. Recently Adopted Accounting Standards In January 2017, 2017 04, 350 2017 04 second not December 15, 2019. not In June 2016, 2016 13, December 15, 2019 not |
Note 3 - Accounts Receivable
Note 3 - Accounts Receivable | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. The reserve for doubtful accounts was $16,875 $18,325 June 30, 2020 December 31, 2019, |
Note 4 - Inventory
Note 4 - Inventory | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. first first June 3 0 , 2020 December 31, 2019 Raw materials and component parts $ 3,351,443 $ 2,945,427 Work-in-process 3,366,209 2,800,699 Finished products 4,589,223 2,183,170 Total inventory $ 11,306,875 7,929,296 Less: inventory reserves 249,838 250,606 Net inventory $ 11,057,037 $ 7,678,690 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. Intangible assets relate to the purchase of businesses. Goodwill represents the excess of cost over the fair value of identifiable assets acquired. Goodwill is not one 15 June 3 0 , 2020 December 31, 2019 Customer list intangibles $ 7,700,000 $ 4,970,000 Non-compete agreements 200,000 200,000 Trademarks 1,930,000 340,000 Total intangible assets 9,830,000 5,510,000 Less: accumulated amortization 1,917,844 1,559,162 Intangible assets, net $ 7,912,156 $ 3,950,838 Amortization of intangibles assets was: $179,342 $93,592 three June 30, 2020 2019, $358,682 $187,183 six June 30, 2020 2019, |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property, plant and equipment are recorded at cost and depreciated over their useful lives. Maintenance and repair costs are expenses as incurred. Property, plant and equipment are as follows: June 3 0 , 2020 December 31, 2019 Land $ 228,872 $ 228,872 Buildings and improvements 1,949,370 1,837,009 Machinery & equipment 14,060,723 13,950,444 Total property, plant & equipment 16,238,965 16,016,325 Less: accumulated depreciation 4,482,606 3,622,153 Property plant & equipment, net $ 11,756,359 $ 12,394,172 Depreciation expense was $425,769 $375,987 three June 30, 2020 2019, $860,453 $804,765 six June 30, 2020 2019, |
Note 7 - Bank Debt
Note 7 - Bank Debt | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 7. The Company entered into a Credit Agreement on June 1, 2017 July 5, 2018 ( September 30, 2019 $12,000,000 $20,000,000, June 1, 2021 June 1, 2024. December 30, 2019 $20,000,000 $6,000,000. $111,111 The revolving facility under the Credit Agreement includes a $3 0.25% 1.75% June 1, 2024. 0.25% 2.25% December 1, 2022. 0.25% Bank debt balances consist of the following: June 3 0 , 2020 December 31, 2019 Term debt $ 3,444,444 $ 4,111,111 Revolving debt 12,288,036 3,722,995 Total Bank debt 15,732,480 7,834,106 Less: current portion 1,333,333 1,333,333 Non-current bank debt 14,399,147 6,500,773 Less: unamortized debt costs 115,730 124,179 Net non-current bank debt $ 14,283,417 $ 6,376,594 The Company had $7.7 $16.3 June 30, 2020 December 31, 2019, |
Note 8 - Notes Payable
Note 8 - Notes Payable | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Convertible Notes Payable The Company converted all of the convertible notes payable in fiscal year 2019 no Notes Payable – Related Party The Company has two July 2016 July 2018 first $2,000,000, second $2,768,662. 6.25% 4.0% July 2018 $2,768,662 July 2018 July 5, 2019 $648,000, $6.48 May 10, 2019. July 9, 2019, $648,000 100,000 June 17, 2019. Notes Payable – Seller Note Effective July 1, 2018, $21 $12 four 4% no June 30, 2023 ( no not second September 30, 2018, first June 30, 2019. four 4 September 30, 2019 June 30, 2020; Paycheck Protection Program Notes On June 4, 2020, $253,071 $1,200,766, The PPP Loans each have a two 1.00% seven January 4, 2021, may no may may June 30,2020 no Notes payable consists of the following: June 3 0 , 2020 December 31, 2019 In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $2,000,000 loan due to First Francis Company, payable in quarterly installments beginning October 31, 2016 $ 1,208,046 $ 1,302,776 In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $2,768,662 loan due to First Francis Company, payable in quarterly installments beginning October 31, 2016. 1,098,670 1,248,380 In connection with the CARES Act, Federal Hose entered into a promissory note on June 4, 2020 for a $253,071 loan due to First Federal Savings and Loan Association of Lakewood, with monthly principal and interest installments to begin January 4, 2021. Any unforgiven portion of the note is payable on or before June 4, 2022. 253,071 - In connection with the CARES Act, CAD entered into a promissory note on June 4, 2020 for a $1,200,766 loan due to First Federal Savings and Loan Association of Lakewood, with monthly principal and interest installment to begin January 4, 2021. Any unforgiven portion of the note is payable on or before June 4, 2022. 1,200,766 - In connection with the CAD acquisition, the Company entered into a promissory note on July 1, 2018 for a $9,000,000 loan due to the Loudermilks, payable in quarterly installments beginning September 30, 2018. 7,312,500 7,875,000 Total notes payable 11,073,053 10,426,156 Less current portion 2,766,221 2,749,459 Notes payable – non-current portion $ 8,306,832 $ 7,676,697 |
Note 9 - Leases
Note 9 - Leases | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 9. On January 1, 2019, 2016 02 842 The Company has operating and finance leases for facilities, vehicles and equipment. These leases have remaining terms of 2 15 10 Supplemental balance sheet information related to leases: June 3 0 , 2020 December 31, 2019 Operating leases: Operating lease right-of-use assets, net $ 8,778,901 $ 9,224,840 Other current liabilities 826,936 850,664 Operating lease liabilities 8,109,118 8,513,448 Total operating lease liabilities $ 8,936,054 $ 9,364,112 Weighted Average Remaining Lease Term Operating Leases (in years) 11.0 11.0 Weighted Average Discount Rate Operating Leases 5.0 % 5.0 % |
Note 10 - Earnings Per Common S
Note 10 - Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. The following table sets forth the computation of basic and diluted earnings per share. Three Months Ended June 30, Six Months Ended June 30, 20 20 201 9 20 20 201 9 Earnings Per Share - Basic Net Income $ 228,837 $ 1,831,479 $ 2,304,407 $ 3,576,937 Weighted average shares of common stock outstanding - Basic 3,317,665 2,755,916 3,314,573 2,755,764 Earnings Per Share - Basic $ 0.07 $ 0.66 $ 0.70 $ 1.30 Earnings Per Share - Diluted Weighted average shares of common stock outstanding - Basic 3,317,665 2,755,916 3,314,573 2,755,764 Warrants, Options and Convertible Notes 1,599 456,882 1,644 440,387 Weighted average shares of common stock -Diluted 3,319,264 3,212,798 3,316,217 3,196,151 Earnings Per Share - Diluted $ 0.07 $ 0.57 $ 0.69 $ 1.12 |
Note 11 - Acquisitions
Note 11 - Acquisitions | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 11. Effective January 2, 2020, $9.4 MPI manufactures and distributes industrial hoses used by the recreational boating industry and has one Accounts Receivable $ 771,088 Inventory 2,918,255 Fixed Assets 29,581 Prepaid and Other Assets 53,397 Intangibles Assets 4,320,000 Goodwill 1,714,108 Total Assets Acquired $ 9,806,429 Accrued Expense 406,429 Total Liabilities Assumed $ 406,429 Net Assets Acquired $ 9,400,000 On April 19, 2019, |
Note 12 - Segment and Related I
Note 12 - Segment and Related Information | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. The Company operates three 1 2 3 Aerospace Components: July 1, 2018, 9001:2015/AS9100D, Commercial Air Handling: June 1, 2017, 50 Industrial Hose: The Industrial Hose segment was added July 1, 2016, January 2, 2020. Corporate and Other: Corporate costs not three April 2019. Information by industry segment is set forth below: Three Months Ended June 3 0 , 2020 Commercial Air Handling Aerospace Components Industrial Hose Corporate and Other Consolidated Sales $ 11,848,816 $ 2,587,421 $ 4,046,814 $ 93,537 $ 18,576,588 Gross Profit 2,893,541 (499,569 ) 1,088,811 16,256 3,499,039 Operating Income 1,565,482 (991,953 ) 227,498 (270,507 ) 530,520 Pretax Income 1,565,482 (1,134,193 ) 88,290 (211,954 ) 307,625 Net Income 1,174,113 (850,645 ) 62,082 (156,713 ) 228,837 Three Months Ended June 3 0 , 2019 Commercial Air Handling Aerospace Components Industrial Hose Corporate and Other Consolidated Sales $ 14,880,504 $ 7,457,377 $ 1,933,725 $ 243,030 $ 24,514,636 Gross Profit 3,549,109 1,038,395 592,245 47,184 5,226,933 Operating Income 2,244,680 414,464 295,701 (163,292 ) 2,791,553 Pretax Income 2,244,481 231,296 214,536 (208,874 ) 2,481,439 Net Income 1,683,361 169,377 159,385 (180,644 ) 1,831,479 Six Months Ended June 30, 2020 Commercial Air Handling Aerospace Components Industrial Hose Corporate and Other Consolidated Sales $ 23,302,590 $ 9,843,247 $ 10,296,535 $ 415,790 $ 43,858,162 Gross Profit 5,941,342 771,191 2,851,178 143,471 9,707,182 Operating Income 3,185,251 (251,705 ) 893,081 (157,958 ) 3,668,669 Pretax Income 3,160,286 (548,265 ) 614,816 (149,845 ) 3,076,992 Net Income 2,370,215 (411,199 ) 455,552 (110,161 ) 2,304,407 Six Months Ended June 30, 2019 Commercial Air Handling Aerospace Components Industrial Hose Corporate and Other Consolidated Sales $ 26,625,065 $ 15,477,780 $ 3,730,816 $ 517,062 $ 46,350,723 Gross Profit 6,551,042 2,295,400 1,117,979 92,400 10,056,821 Operating Income 4,027,667 1,174,074 543,989 (383,106 ) 5,362,624 Pretax Income 4,027,177 794,253 407,013 (418,132 ) 4,810,311 Net Income 3,020,384 593,097 302,456 (339,000 ) 3,576,937 |
Note 13 - Uncertainties
Note 13 - Uncertainties | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Effect of Covid19 Pandemic [Text Block] | 13. The coronavirus (COVID- 19 three six June 30, 2020. 2020 may |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. None |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In January 2017, 2017 04, 350 2017 04 second not December 15, 2019. not In June 2016, 2016 13, December 15, 2019 not |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 3 0 , 2020 December 31, 2019 Raw materials and component parts $ 3,351,443 $ 2,945,427 Work-in-process 3,366,209 2,800,699 Finished products 4,589,223 2,183,170 Total inventory $ 11,306,875 7,929,296 Less: inventory reserves 249,838 250,606 Net inventory $ 11,057,037 $ 7,678,690 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 3 0 , 2020 December 31, 2019 Customer list intangibles $ 7,700,000 $ 4,970,000 Non-compete agreements 200,000 200,000 Trademarks 1,930,000 340,000 Total intangible assets 9,830,000 5,510,000 Less: accumulated amortization 1,917,844 1,559,162 Intangible assets, net $ 7,912,156 $ 3,950,838 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 3 0 , 2020 December 31, 2019 Land $ 228,872 $ 228,872 Buildings and improvements 1,949,370 1,837,009 Machinery & equipment 14,060,723 13,950,444 Total property, plant & equipment 16,238,965 16,016,325 Less: accumulated depreciation 4,482,606 3,622,153 Property plant & equipment, net $ 11,756,359 $ 12,394,172 |
Note 7 - Bank Debt (Tables)
Note 7 - Bank Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 3 0 , 2020 December 31, 2019 Term debt $ 3,444,444 $ 4,111,111 Revolving debt 12,288,036 3,722,995 Total Bank debt 15,732,480 7,834,106 Less: current portion 1,333,333 1,333,333 Non-current bank debt 14,399,147 6,500,773 Less: unamortized debt costs 115,730 124,179 Net non-current bank debt $ 14,283,417 $ 6,376,594 |
Note 8 - Notes Payable (Tables)
Note 8 - Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 3 0 , 2020 December 31, 2019 In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $2,000,000 loan due to First Francis Company, payable in quarterly installments beginning October 31, 2016 $ 1,208,046 $ 1,302,776 In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $2,768,662 loan due to First Francis Company, payable in quarterly installments beginning October 31, 2016. 1,098,670 1,248,380 In connection with the CARES Act, Federal Hose entered into a promissory note on June 4, 2020 for a $253,071 loan due to First Federal Savings and Loan Association of Lakewood, with monthly principal and interest installments to begin January 4, 2021. Any unforgiven portion of the note is payable on or before June 4, 2022. 253,071 - In connection with the CARES Act, CAD entered into a promissory note on June 4, 2020 for a $1,200,766 loan due to First Federal Savings and Loan Association of Lakewood, with monthly principal and interest installment to begin January 4, 2021. Any unforgiven portion of the note is payable on or before June 4, 2022. 1,200,766 - In connection with the CAD acquisition, the Company entered into a promissory note on July 1, 2018 for a $9,000,000 loan due to the Loudermilks, payable in quarterly installments beginning September 30, 2018. 7,312,500 7,875,000 Total notes payable 11,073,053 10,426,156 Less current portion 2,766,221 2,749,459 Notes payable – non-current portion $ 8,306,832 $ 7,676,697 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Lessee, Operating and Finance Lease, Assets and Liabilities [Table Text Block] | June 3 0 , 2020 December 31, 2019 Operating leases: Operating lease right-of-use assets, net $ 8,778,901 $ 9,224,840 Other current liabilities 826,936 850,664 Operating lease liabilities 8,109,118 8,513,448 Total operating lease liabilities $ 8,936,054 $ 9,364,112 Weighted Average Remaining Lease Term Operating Leases (in years) 11.0 11.0 Weighted Average Discount Rate Operating Leases 5.0 % 5.0 % |
Note 10 - Earnings Per Common_2
Note 10 - Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 20 20 201 9 20 20 201 9 Earnings Per Share - Basic Net Income $ 228,837 $ 1,831,479 $ 2,304,407 $ 3,576,937 Weighted average shares of common stock outstanding - Basic 3,317,665 2,755,916 3,314,573 2,755,764 Earnings Per Share - Basic $ 0.07 $ 0.66 $ 0.70 $ 1.30 Earnings Per Share - Diluted Weighted average shares of common stock outstanding - Basic 3,317,665 2,755,916 3,314,573 2,755,764 Warrants, Options and Convertible Notes 1,599 456,882 1,644 440,387 Weighted average shares of common stock -Diluted 3,319,264 3,212,798 3,316,217 3,196,151 Earnings Per Share - Diluted $ 0.07 $ 0.57 $ 0.69 $ 1.12 |
Note 11 - Acquisitions (Tables)
Note 11 - Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accounts Receivable $ 771,088 Inventory 2,918,255 Fixed Assets 29,581 Prepaid and Other Assets 53,397 Intangibles Assets 4,320,000 Goodwill 1,714,108 Total Assets Acquired $ 9,806,429 Accrued Expense 406,429 Total Liabilities Assumed $ 406,429 Net Assets Acquired $ 9,400,000 |
Note 12 - Segment and Related_2
Note 12 - Segment and Related Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 3 0 , 2020 Commercial Air Handling Aerospace Components Industrial Hose Corporate and Other Consolidated Sales $ 11,848,816 $ 2,587,421 $ 4,046,814 $ 93,537 $ 18,576,588 Gross Profit 2,893,541 (499,569 ) 1,088,811 16,256 3,499,039 Operating Income 1,565,482 (991,953 ) 227,498 (270,507 ) 530,520 Pretax Income 1,565,482 (1,134,193 ) 88,290 (211,954 ) 307,625 Net Income 1,174,113 (850,645 ) 62,082 (156,713 ) 228,837 Three Months Ended June 3 0 , 2019 Commercial Air Handling Aerospace Components Industrial Hose Corporate and Other Consolidated Sales $ 14,880,504 $ 7,457,377 $ 1,933,725 $ 243,030 $ 24,514,636 Gross Profit 3,549,109 1,038,395 592,245 47,184 5,226,933 Operating Income 2,244,680 414,464 295,701 (163,292 ) 2,791,553 Pretax Income 2,244,481 231,296 214,536 (208,874 ) 2,481,439 Net Income 1,683,361 169,377 159,385 (180,644 ) 1,831,479 Six Months Ended June 30, 2020 Commercial Air Handling Aerospace Components Industrial Hose Corporate and Other Consolidated Sales $ 23,302,590 $ 9,843,247 $ 10,296,535 $ 415,790 $ 43,858,162 Gross Profit 5,941,342 771,191 2,851,178 143,471 9,707,182 Operating Income 3,185,251 (251,705 ) 893,081 (157,958 ) 3,668,669 Pretax Income 3,160,286 (548,265 ) 614,816 (149,845 ) 3,076,992 Net Income 2,370,215 (411,199 ) 455,552 (110,161 ) 2,304,407 Six Months Ended June 30, 2019 Commercial Air Handling Aerospace Components Industrial Hose Corporate and Other Consolidated Sales $ 26,625,065 $ 15,477,780 $ 3,730,816 $ 517,062 $ 46,350,723 Gross Profit 6,551,042 2,295,400 1,117,979 92,400 10,056,821 Operating Income 4,027,667 1,174,074 543,989 (383,106 ) 5,362,624 Pretax Income 4,027,177 794,253 407,013 (418,132 ) 4,810,311 Net Income 3,020,384 593,097 302,456 (339,000 ) 3,576,937 |
Note 3 - Accounts Receivable (D
Note 3 - Accounts Receivable (Details Textual) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 16,875 | $ 18,325 |
Note 4 - Inventory - Inventory
Note 4 - Inventory - Inventory (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Raw materials and component parts | $ 3,351,443 | $ 2,945,427 |
Work-in-process | 3,366,209 | 2,800,699 |
Finished products | 4,589,223 | 2,183,170 |
Total inventory | 11,306,875 | 7,929,296 |
Less: inventory reserves | 249,838 | 250,606 |
Net inventory | $ 11,057,037 | $ 7,678,690 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets, Net (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Amortization of Intangible Assets, Total | $ 179,342 | $ 93,592 | $ 358,682 | $ 187,183 |
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Other intangibles, gross | $ 9,830,000 | $ 5,510,000 |
Less: accumulated amortization | 1,917,844 | 1,559,162 |
Intangible assets, net | 7,912,156 | 3,950,838 |
Customer-Related Intangible Assets [Member] | ||
Other intangibles, gross | 7,700,000 | 4,970,000 |
Noncompete Agreements [Member] | ||
Other intangibles, gross | 200,000 | 200,000 |
Trademarks [Member] | ||
Other intangibles, gross | $ 1,930,000 | $ 340,000 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Depreciation, Total | $ 425,769 | $ 375,987 | $ 860,453 | $ 804,765 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment, Net - Schedule of Property, Plant, and Equipment (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Property Plant and Equipment, Gross | $ 16,238,965 | $ 16,016,325 |
Less: accumulated depreciation | 4,482,606 | 3,622,153 |
Property plant & equipment, net | 11,756,359 | 12,394,172 |
Land [Member] | ||
Property Plant and Equipment, Gross | 228,872 | 228,872 |
Building and Building Improvements [Member] | ||
Property Plant and Equipment, Gross | 1,949,370 | 1,837,009 |
Machinery and Equipment [Member] | ||
Property Plant and Equipment, Gross | $ 14,060,723 | $ 13,950,444 |
Note 7 - Bank Debt (Details Tex
Note 7 - Bank Debt (Details Textual) - USD ($) | Dec. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jul. 05, 2018 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 7,700,000 | $ 16,300,000 | |||
J P Morgan Chase Bank [Member] | Term Debt [Member] | |||||
Long-term Debt, Total | $ 6,000,000 | ||||
Debt Instrument, Periodic Payment, Total | $ 111,111 | ||||
J P Morgan Chase Bank [Member] | Term Debt [Member] | Prime Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||
J P Morgan Chase Bank [Member] | Term Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||
J P Morgan Chase Bank [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | $ 20,000,000 | $ 12,000,000 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||||
J P Morgan Chase Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||
J P Morgan Chase Bank [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||
J P Morgan Chase Bank [Member] | Letter of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 |
Note 7 - Bank Debt - Summary of
Note 7 - Bank Debt - Summary of Loan Balances (Details) - Bank Debt [Member] - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Total Bank Debt | $ 15,732,480 | $ 7,834,106 |
Less: current portion | 1,333,333 | 1,333,333 |
Non-current bank debt | 14,399,147 | 6,500,773 |
Less: unamortized debt costs | 115,730 | 124,179 |
Net non-current bank debt | 14,283,417 | 6,376,594 |
Term Debt [Member] | ||
Total Bank Debt | 3,444,444 | 4,111,111 |
Line of Credit [Member] | ||
Total Bank Debt | $ 12,288,036 | $ 3,722,995 |
Note 8 - Notes Payable (Details
Note 8 - Notes Payable (Details Textual) - USD ($) | Jul. 09, 2019 | Jul. 05, 2018 | Jul. 01, 2018 | Jun. 03, 2016 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 04, 2020 | Dec. 31, 2019 | Jul. 01, 2016 |
Payments to Acquire Businesses, Gross | $ 9,400,000 | $ 50,001 | |||||||
CAD Enterprises, Inc. [Member] | |||||||||
Business Combination, Consideration Transferred, Total | $ 21,000,000 | ||||||||
Payments to Acquire Businesses, Gross | $ 12,000,000 | ||||||||
Conversion of Promissory Note 2 Due to First Francis into Class B Common Stock [Member] | |||||||||
Debt Conversion, Original Debt, Amount | $ 648,000 | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 100,000 | ||||||||
Seller Note [Member] | CAD Enterprises, Inc. [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||||
Seller Note [Member] | Notes Payable [Member] | |||||||||
Debt Instrument, Face Amount | 9,000,000 | $ 9,000,000 | |||||||
Paycheck Protection Program CARES Act [Member] | Notes Payable [Member] | Federal Hose [Member] | |||||||||
Debt Instrument, Face Amount | 253,071 | $ 253,071 | |||||||
Paycheck Protection Program CARES Act [Member] | Notes Payable [Member] | CAD Enterprises, Inc. [Member] | |||||||||
Debt Instrument, Face Amount | 1,200,766 | $ 1,200,766 | |||||||
First Francis [Member] | Related Party Notes, One [Member] | Notes Payable [Member] | |||||||||
Debt Instrument, Face Amount | 2,000,000 | 2,000,000 | $ 2,000,000 | ||||||
First Francis [Member] | Related Party Notes, Two [Member] | Notes Payable [Member] | |||||||||
Debt Instrument, Face Amount | $ 2,768,662 | $ 2,768,662 | $ 2,768,662 | ||||||
First Francis [Member] | Related Party Notes [Member] | Notes Payable [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ||||||||
Line of Credit Facility, Interest Rate During Period | 4.00% | ||||||||
Debt Instrument, Convertible Option, Maximum Debt Convertible | $ 648,000 | ||||||||
Debt Instrument, Convertible, Stock Price Trigger (in dollars per share) | $ 6.48 |
Note 8 - Notes Payable - Notes
Note 8 - Notes Payable - Notes Payable (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Less current portion | $ 2,766,221 | $ 2,749,459 |
Notes payable – non-current portion | 8,306,832 | 7,676,697 |
Notes Payable [Member] | ||
Notes payable | 11,073,053 | 10,426,156 |
Notes payable | 11,073,053 | 10,426,156 |
Less current portion | 2,766,221 | 2,749,459 |
Notes payable – non-current portion | 8,306,832 | 7,676,697 |
Notes Payable [Member] | Related Party Notes, One [Member] | First Francis [Member] | ||
Notes payable | 1,208,046 | 1,302,776 |
Notes payable | 1,208,046 | 1,302,776 |
Notes Payable [Member] | Related Party Notes, Two [Member] | First Francis [Member] | ||
Notes payable | 1,098,670 | 1,248,380 |
Notes payable | 1,098,670 | 1,248,380 |
Notes Payable [Member] | Paycheck Protection Program CARES Act [Member] | Federal Hose [Member] | ||
Notes payable | 253,071 | |
Notes payable | 253,071 | |
Notes Payable [Member] | Paycheck Protection Program CARES Act [Member] | CAD Enterprises, Inc. [Member] | ||
Notes payable | 1,200,766 | |
Notes payable | 1,200,766 | |
Notes Payable [Member] | Seller Note [Member] | ||
Notes payable | 7,312,500 | 7,875,000 |
Notes payable | $ 7,312,500 | $ 7,875,000 |
Note 8 - Notes Payable - Note_2
Note 8 - Notes Payable - Notes Payable (Details) (Parentheticals) - Notes Payable [Member] - USD ($) | Jun. 30, 2020 | Jun. 04, 2020 | Dec. 31, 2019 | Jul. 01, 2016 |
Related Party Notes, One [Member] | First Francis [Member] | ||||
Notes payable, face value | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | |
Related Party Notes, Two [Member] | First Francis [Member] | ||||
Notes payable, face value | 2,768,662 | 2,768,662 | $ 2,768,662 | |
Paycheck Protection Program CARES Act [Member] | Federal Hose [Member] | ||||
Notes payable, face value | 253,071 | $ 253,071 | ||
Paycheck Protection Program CARES Act [Member] | CAD Enterprises, Inc. [Member] | ||||
Notes payable, face value | 1,200,766 | $ 1,200,766 | ||
Seller Note [Member] | ||||
Notes payable, face value | $ 9,000,000 | $ 9,000,000 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Lessee, Operating and Finance Lease, Renewal Term (Year) | 10 years |
Minimum [Member] | |
Operating and Finance Lease, Remaining Term (Year) | 2 years |
Maximum [Member] | |
Operating and Finance Lease, Remaining Term (Year) | 15 years |
Note 9 - Leases - Lease Assets
Note 9 - Leases - Lease Assets and Liabilities (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Operating lease right-of-use assets, net | $ 8,778,901 | $ 9,224,840 |
Operating Leases (in years) (Year) | 11 years | 11 years |
Operating Leases | 5.00% | 5.00% |
Other Current Liabilities [Member] | ||
Other current liabilities | $ 826,936 | $ 850,664 |
Operating Lease Liabilities [Member] | ||
Operating lease liabilities | 8,109,118 | 8,513,448 |
Other Current Liabilities and Operating Lease Liabilities [Member] | ||
Total operating lease liabilities | $ 8,936,054 | $ 9,364,112 |
Note 10 - Earnings Per Common_3
Note 10 - Earnings Per Common Share - Summary of Earnings Per Share Calculation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net Income | $ 228,837 | $ 1,831,479 | $ 2,304,407 | $ 3,576,937 |
Weighted average shares of common stock outstanding - Basic (in shares) | 3,317,665 | 2,755,916 | 3,314,573 | 2,755,764 |
Earnings Per Share - Basic (in dollars per share) | $ 0.07 | $ 0.66 | $ 0.70 | $ 1.30 |
Warrants, Options and Convertible Notes (in shares) | 1,599 | 456,882 | 1,644 | 440,387 |
Weighted average shares of common stock -Diluted (in shares) | 3,319,264 | 3,212,798 | 3,316,217 | 3,196,151 |
Earnings Per Share - Diluted (in dollars per share) | $ 0.07 | $ 0.57 | $ 0.69 | $ 1.12 |
Note 11 - Acquisitions (Details
Note 11 - Acquisitions (Details Textual) $ in Millions | Jan. 02, 2020USD ($) |
Assets Acquisition of MPI Products, Inc. [Member] | |
Business Combination, Consideration Transferred, Total | $ 9.4 |
Note 11 - Acquisitions - Summar
Note 11 - Acquisitions - Summary Assets Acquired and Liabilities Assumed of MPI Products (Details) - USD ($) | Jun. 30, 2020 | Jan. 02, 2020 | Dec. 31, 2019 |
Goodwill | $ 11,505,852 | $ 9,791,745 | |
Assets Acquisition of MPI Products, Inc. [Member] | |||
Accounts Receivable | $ 771,088 | ||
Inventory | 2,918,255 | ||
Fixed Assets | 29,581 | ||
Prepaid and Other Assets | 53,397 | ||
Intangibles Assets | 4,320,000 | ||
Goodwill | 1,714,108 | ||
Total Assets Acquired | 9,806,429 | ||
Accrued Expense | 406,429 | ||
Total Liabilities Assumed | 406,429 | ||
Net Assets Acquired | $ 9,400,000 |
Note 12 - Segment and Related_3
Note 12 - Segment and Related Information (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Number of Reportable Segments | 3 |
Note 12 - Segment and Related_4
Note 12 - Segment and Related Information - Information by Industry Segment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Sales | $ 18,576,588 | $ 24,514,636 | $ 43,858,162 | $ 46,350,723 |
Gross Profit | 3,499,039 | 5,226,933 | 9,707,182 | 10,056,821 |
Operating Income | 530,520 | 2,791,553 | 3,668,669 | 5,362,624 |
Pretax Income | 307,625 | 2,481,439 | 3,076,992 | 4,810,311 |
Net Income | 228,837 | 1,831,479 | 2,304,407 | 3,576,937 |
Commercial Air Handling [Member] | ||||
Sales | 11,848,816 | 14,880,504 | 23,302,590 | 26,625,065 |
Gross Profit | 2,893,541 | 3,549,109 | 5,941,342 | 6,551,042 |
Operating Income | 1,565,482 | 2,244,680 | 3,185,251 | 4,027,667 |
Pretax Income | 1,565,482 | 2,244,481 | 3,160,286 | 4,027,177 |
Net Income | 1,174,113 | 1,683,361 | 2,370,215 | 3,020,384 |
Aerospace [Member] | ||||
Sales | 2,587,421 | 7,457,377 | 9,843,247 | 15,477,780 |
Gross Profit | (499,569) | 1,038,395 | 771,191 | 2,295,400 |
Operating Income | (991,953) | 414,464 | (251,705) | 1,174,074 |
Pretax Income | (1,134,193) | 231,296 | (548,265) | 794,253 |
Net Income | (850,645) | 169,377 | (411,199) | 593,097 |
Industrial Hose [Member] | ||||
Sales | 4,046,814 | 1,933,725 | 10,296,535 | 3,730,816 |
Gross Profit | 1,088,811 | 592,245 | 2,851,178 | 1,117,979 |
Operating Income | 227,498 | 295,701 | 893,081 | 543,989 |
Pretax Income | 88,290 | 214,536 | 614,816 | 407,013 |
Net Income | 62,082 | 159,385 | 455,552 | 302,456 |
Corporate and Other [Member] | ||||
Sales | 93,537 | 243,030 | 415,790 | 517,062 |
Gross Profit | 16,256 | 47,184 | 143,471 | 92,400 |
Operating Income | (270,507) | (163,292) | (157,958) | (383,106) |
Pretax Income | (211,954) | (208,874) | (149,845) | (418,132) |
Net Income | $ (156,713) | $ (180,644) | $ (110,161) | $ (339,000) |