Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 21, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000047307 | |
Entity Registrant Name | CRAWFORD UNITED Corp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-000147 | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-0288470 | |
Entity Address, Address Line One | 10514 Dupont Avenue, Suite 200 | |
Entity Address, City or Town | Cleveland | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44108 | |
City Area Code | 216 | |
Local Phone Number | 243-2614 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 731,848 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,677,058 |
Consolidated Balance Sheet (Cur
Consolidated Balance Sheet (Current Period Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 3,437,566 | $ 6,194,276 |
Accounts receivable less allowance for doubtful accounts | 17,769,648 | 12,021,692 |
Contract assets | 2,112,091 | 3,735,557 |
Inventories-less allowance for obsolete inventory | 14,581,588 | 11,030,960 |
Investments | 1,479,259 | 1,534,400 |
Prepaid expenses and other current assets | 1,153,091 | 657,496 |
Total Current Assets | 40,533,243 | 35,174,381 |
Property, plant and equipment, net | 15,361,850 | 11,290,783 |
Operating right of use asset, net | 8,284,495 | 8,856,820 |
OTHER ASSETS: | ||
Goodwill | 14,183,954 | 11,505,852 |
Intangibles, net of accumulated amortization | 9,294,360 | 7,558,309 |
Other non-current assets | 97,617 | 106,638 |
Total Non-Current Other Assets | 23,575,931 | 19,170,799 |
Total Assets | 87,755,519 | 74,492,783 |
LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: | ||
Notes payable – current | 2,925,607 | 2,782,479 |
Bank debt – current | 1,333,333 | 1,333,333 |
Leases payable – current | 1,149,104 | 1,136,300 |
Accounts payable | 12,009,800 | 9,230,032 |
Unearned revenue | 1,496,361 | 820,002 |
Contingent liability - current | 750,000 | 0 |
Accrued expenses | 2,133,889 | 2,242,924 |
Total Current Liabilities | 21,798,094 | 17,545,070 |
LONG-TERM LIABILITIES: | ||
Notes payable – long-term | 5,754,221 | 5,455,717 |
Bank debt – long-term | 16,305,142 | 12,174,428 |
Leases payable – long-term | 7,367,122 | 7,901,357 |
Deferred income taxes | 2,429,828 | 2,429,828 |
Contingent liability – long-term | 750,000 | 0 |
Total Long-Term Liabilities | 32,606,313 | 29,415,167 |
STOCKHOLDERS' EQUITY | ||
Contributed capital | 1,741,901 | 1,741,901 |
Treasury shares | (1,979,085) | (1,938,052) |
Retained earnings | 26,757,193 | 22,366,470 |
Total Stockholders' Equity | 33,351,112 | 27,532,546 |
Total Liabilities and Stockholders' Equity | 87,755,519 | 74,492,783 |
Common Class A [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common stock | 5,365,581 | 3,896,705 |
Common Class B [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common stock | 1,465,522 | 1,465,522 |
Paycheck Protection Program CARES Act [Member] | ||
LONG-TERM LIABILITIES: | ||
Notes payable – long-term | $ 0 | $ 1,453,837 |
Consolidated Balance Sheet (C_2
Consolidated Balance Sheet (Current Period Unaudited) (Parentheticals) - shares | Jun. 30, 2021 | Dec. 31, 2020 |
Common Class A [Member] | ||
Class of common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Class of common stock, shares issued (in shares) | 2,718,787 | 2,595,087 |
Treasury shares, issued (in shares) | 41,729 | 39,467 |
Common Class B [Member] | ||
Class of common stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Class of common stock, shares issued (in shares) | 914,283 | 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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Total sales | $ 26,449,885 | $ 18,576,588 | $ 50,443,889 | $ 43,858,162 |
Cost of Sales | 20,669,595 | 15,077,549 | 38,660,678 | 34,150,980 |
Gross Profit | 5,780,290 | 3,499,039 | 11,783,211 | 9,707,182 |
Operating Expenses: | ||||
Selling, general and administrative expenses | 3,660,493 | 2,968,519 | 7,337,954 | 6,038,513 |
Operating Income | 2,119,797 | 530,520 | 4,445,257 | 3,668,669 |
Other (Income) and Expenses: | ||||
Interest charges | 238,696 | 235,289 | 457,314 | 532,710 |
Other (income) expense, net | 286,644 | (12,394) | (1,275,473) | 58,967 |
Total Other (Income) and Expenses | 525,340 | 222,895 | (818,159) | 591,677 |
Income before Provision for Income Taxes | 1,594,457 | 307,625 | 5,263,416 | 3,076,992 |
Provision for Income Taxes | 347,152 | 78,788 | 872,694 | 772,585 |
Net Income | $ 1,247,305 | $ 228,837 | $ 4,390,722 | $ 2,304,407 |
Net Income Per Common Share - Basic (in dollars per share) | $ 0.37 | $ 0.07 | $ 1.29 | $ 0.70 |
Net Income Per Common Share - Diluted (in dollars per share) | $ 0.37 | $ 0.07 | $ 1.29 | $ 0.69 |
Weighted Average Shares of Common Stock Outstanding | ||||
Basic (in shares) | 3,408,906 | 3,317,665 | 3,400,917 | 3,314,573 |
Diluted (in shares) | 3,409,800 | 3,319,264 | 3,401,805 | 3,316,217 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock Including Additional Paid in Capital [Member]Common Class A [Member] | Common Stock Including Additional Paid in Capital [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member]Common Class A [Member] | Treasury Stock [Member]Common Class B [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Common Stock Outstanding [Member]Common Class A [Member] | Common Stock Outstanding [Member]Common Class B [Member] | Total |
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 | 0 | 0 | 0 | 0 | 55,758 | ||||
Stock awards | 211,050 | 0 | 0 | 0 | 0 | 211,050 | ||||
Net Income | $ 0 | $ 0 | 0 | 0 | 2,304,407 | 2,304,407 | ||||
Balance (in shares) at Dec. 31, 2019 | 2,576,837 | 954,283 | 37,208 | 182,435 | 2,539,629 | 771,848 | ||||
Repurchase of shares | $ 0 | $ 0 | 0 | (29,032) | 0 | (29,032) | ||||
Stock awards (in shares) | 15,000 | 0 | 0 | 0 | 15,000 | 0 | ||||
Repurchase of shares (in shares) | 0 | 0 | 1,727 | 0 | (1,727) | 0 | ||||
Stock awards | $ 211,050 | $ 0 | 0 | 0 | 0 | 211,050 | ||||
Net Income | 0 | 0 | 0 | 0 | 2,304,407 | 2,304,407 | ||||
Repurchase of shares | 0 | 0 | 0 | (29,032) | 0 | (29,032) | ||||
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 | 2,591,837 | 954,283 | 38,935 | 182,435 | 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 | 0 | 0 | 0 | 0 | 19,292 | ||||
Stock awards | 211,050 | 0 | 0 | 0 | 0 | 211,050 | ||||
Net Income | $ 0 | $ 0 | 0 | 0 | 228,837 | 228,837 | ||||
Balance (in shares) at Mar. 31, 2020 | 2,576,837 | 954,283 | 37,208 | 182,435 | 2,539,629 | 771,848 | ||||
Repurchase of shares | $ 0 | $ 0 | 0 | (29,032) | 0 | (29,032) | ||||
Stock awards (in shares) | 15,000 | 0 | 0 | 0 | 15,000 | 0 | ||||
Repurchase of shares (in shares) | 0 | 0 | 1,727 | 0 | (1,727) | 0 | ||||
Stock awards | $ 211,050 | $ 0 | 0 | 0 | 0 | 211,050 | ||||
Net Income | 0 | 0 | 0 | 0 | 228,837 | 228,837 | ||||
Repurchase of shares | 0 | 0 | 0 | (29,032) | 0 | (29,032) | ||||
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 | 2,591,837 | 954,283 | 38,935 | 182,435 | 2,552,902 | 771,848 | ||||
Balance at Dec. 31, 2020 | $ 3,896,705 | $ 1,465,522 | 1,741,901 | (1,938,052) | 22,366,470 | 27,532,546 | ||||
Share-based compensation expense | 30,000 | 0 | 0 | 0 | 0 | 30,000 | ||||
Stock awards | 379,876 | 0 | 0 | 0 | 0 | 379,876 | ||||
Net Income | $ 0 | $ 0 | 0 | 0 | 4,390,722 | 4,390,722 | ||||
Balance (in shares) at Dec. 31, 2020 | 2,595,087 | 954,283 | 39,467 | 182,435 | 2,555,620 | 771,848 | ||||
Share conversion, shares issued (in shares) | 40,000 | |||||||||
Share conversion, shares converted (in shares) | (40,000) | |||||||||
Share conversion (in shares) | 0 | 0 | 40,000 | (40,000) | ||||||
Repurchase of shares | $ 0 | $ 0 | 0 | (41,033) | 0 | (41,033) | ||||
Stock awards (in shares) | 23,700 | 0 | 0 | 0 | 23,700 | 0 | ||||
Repurchase of shares (in shares) | 0 | 0 | 2,262 | 0 | (2,262) | 0 | ||||
Stock awards | $ 379,876 | $ 0 | 0 | 0 | 0 | 379,876 | ||||
Issuance for acquisition | 1,059,000 | 1,059,000 | ||||||||
Net Income | $ 0 | $ 0 | 0 | 0 | 4,390,722 | 4,390,722 | ||||
Acquisition (in shares) | 60,000 | 0 | 0 | 60,000 | 0 | |||||
Stock conversion, shares issued (in shares) | 40,000 | |||||||||
Stock conversion, shares converted (in shares) | (40,000) | |||||||||
Stock conversion (in shares) | 0 | 0 | 40,000 | (40,000) | ||||||
Repurchase of shares | $ 0 | $ 0 | 0 | (41,033) | 0 | (41,033) | ||||
Balance at Jun. 30, 2021 | $ 5,365,581 | $ 1,465,522 | 1,741,901 | (1,979,085) | 26,757,193 | 33,351,112 | ||||
Balance (in shares) at Jun. 30, 2021 | 2,718,787 | 914,283 | 41,729 | 182,435 | 2,677,058 | 731,848 | ||||
Balance at Mar. 31, 2021 | $ 5,285,333 | $ 1,465,522 | 1,741,901 | (1,979,085) | 25,509,887 | 32,023,559 | ||||
Share-based compensation expense | 14,333 | 0 | 0 | 0 | 0 | 14,333 | ||||
Stock awards | 65,915 | 0 | 0 | 0 | 0 | 65,915 | ||||
Net Income | $ 0 | $ 0 | 0 | 0 | 1,247,305 | 1,247,305 | ||||
Balance (in shares) at Mar. 31, 2021 | 2,678,787 | 954,283 | 41,729 | 182,435 | 2,637,058 | 771,848 | ||||
Share conversion, shares issued (in shares) | 40,000 | |||||||||
Share conversion, shares converted (in shares) | (40,000) | |||||||||
Share conversion (in shares) | 0 | 0 | 40,000 | (40,000) | ||||||
Stock awards | $ 65,915 | $ 0 | 0 | 0 | 0 | 65,915 | ||||
Net Income | $ 0 | $ 0 | 0 | 0 | 1,247,305 | 1,247,305 | ||||
Stock conversion, shares issued (in shares) | 40,000 | |||||||||
Stock conversion, shares converted (in shares) | (40,000) | |||||||||
Stock conversion (in shares) | 0 | 0 | 40,000 | (40,000) | ||||||
Balance at Jun. 30, 2021 | $ 5,365,581 | $ 1,465,522 | $ 1,741,901 | $ (1,979,085) | $ 26,757,193 | $ 33,351,112 | ||||
Balance (in shares) at Jun. 30, 2021 | 2,718,787 | 914,283 | 41,729 | 182,435 | 2,677,058 | 731,848 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flow (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net Income | $ 4,390,722 | $ 2,304,407 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,518,494 | 1,237,997 |
Unrealized gain on investments in equity securities | (67,928) | 0 |
Forgiveness of PPP loan | (1,453,837) | 0 |
Non-cash share-based compensation expense | 409,876 | 266,808 |
Changes in assets and liabilities: | ||
Decrease (Increase) in accounts receivable | (3,186,784) | 2,250,667 |
Decrease (Increase) in inventory | (1,781,567) | (460,092) |
Decrease (Increase) in contract assets | 1,623,466 | (2,305,374) |
Decrease (Increase) in prepaid expenses & other assets | (205,280) | 57,510 |
Increase (Decrease) in accounts payable | 1,462,832 | 2,427,507 |
Increase (Decrease) in accrued expenses | (533,593) | 1,281,168 |
Increase (Decrease) in unearned revenue | 676,359 | (1,276,516) |
Total adjustments | (1,537,962) | 3,479,675 |
Net Cash Provided by Operating Activities | 2,852,760 | 5,784,082 |
Cash Flows from Investing Activities | ||
Cash paid for acquisition | (7,089,381) | (9,400,000) |
Sale of equity securities | 123,069 | 0 |
Capital expenditures | (1,418,663) | (193,059) |
Net Cash (Used in) Investing Activities | (8,384,975) | (9,593,059) |
Cash Flows from Financing Activities | ||
Payments on notes | (1,287,456) | (808,850) |
Borrowings on notes | 0 | 1,453,837 |
Payments on bank debt | (3,630,634) | (3,427,080) |
Borrowings on bank debt | 7,734,627 | 11,315,041 |
Share repurchase | (41,033) | (29,032) |
Net Cash Provided by Financing Activities | 2,775,504 | 8,503,916 |
Net Increase (decrease) in cash and cash equivalents | (2,756,710) | 4,694,939 |
Cash and cash equivalents at beginning of period | 6,194,276 | 2,232,499 |
Cash and cash equivalents at end of period | 3,437,566 | 6,927,438 |
Supplemental disclosures of cash flow information | ||
Interest paid | 362,353 | 477,332 |
Supplemental disclosures of noncash financing activity | ||
Issuance of Class A common shares in business acquisitions | 1,059,000 | 0 |
Paycheck Protection Program CARES Act [Member] | ||
Supplemental disclosures of noncash financing activity | ||
Forgiveness of PPP loan | $ 1,453,837 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. BASIS OF PRESENTATION 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, 2021 not may December 31, 2021. 10 December 31, 2020. During the six June 30, 2021, no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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, 2020. New Accounting Standards Not In June 2016, 2016 13, December 15, 2022. Fair Value of Financial Instruments Accounting for "Financial Instruments" requires the Company to disclose estimated fair values of financial instruments. Financial instruments held by the Company include, among others, accounts receivable, accounts payable, and notes payable. The carrying amounts reported in the consolidated balance sheet for assets and liabilities qualifying as financial instruments is a reasonable estimate of fair value. Fair Value Measurements As defined in FASB ASC 820, one three * Level 1: * Level 2: * Quoted prices for identical assets or similar assets or liabilities in inactive markets; * Inputs other than quoted prices that are observable for the asset or liability; * Inputs that are derived principally from or corroborated by observable market data by correlation or other means. * Level 3: not A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. Stock: The stock market value is based on valuation of market quotes from independent active market sources, and is considered a level 1 |
Note 3 - Accounts Receivable
Note 3 - Accounts Receivable | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. ACCOUNTS RECEIVABLE 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 $17,759 and $19,973 at June 30, 2021 December 31, 2020, |
Note 4 - Inventory
Note 4 - Inventory | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. INVENTORY Inventory is valued at the lower of cost ( first first June 30, 2021 December 31, 2020 Raw materials and component parts $ 3,994,065 $ 3,897,133 Work-in-process 4,445,012 3,449,252 Finished products 6,523,181 3,999,920 Total inventory $ 14,962,258 $ 11,346,305 Less: inventory reserves 380,670 315,345 Net inventory $ 14,581,588 $ 11,030,960 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. For the identified reporting units, a Step 1 December 31, 2020 December 31, 2020, no second 2021 December 31, 2020 June 30, 2021. 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 June 30, 2021 December 31, 2020 Customer list intangibles $ 8,741,000 $ 7,700,000 Non-compete agreements 200,000 200,000 Trademarks 3,092,000 1,930,000 Total intangible assets 12,033,000 9,830,000 Less: accumulated amortization 2,738,640 2,271,691 Intangible assets, net $ 9,294,360 $ 7,558,309 Amortization of intangibles assets was: $261,025 and $179,340 for the three June 30, 2021 2020, six June 30, 2021 2020, |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. PROPERTY, PLANT AND EQUIPMENT, NET 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 30, 2021 December 31, 2020 Land $ 228,872 $ 228,872 Buildings and improvements 2,740,383 2,061,887 Machinery & equipment 20,537,353 14,329,462 Total property, plant & equipment 23,506,608 16,620,221 Less: accumulated depreciation 8,144,758 5,329,438 Property plant & equipment, net $ 15,361,850 $ 11,290,783 Depreciation expense was $661,628 and $425,769 for the three June 30, 2021 2020, six June 30, 2021 2020, |
Note 7 - Investments in Equity
Note 7 - Investments in Equity Securities | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 7. INVESTMENTS IN EQUITY SECURITIES Investments in equity securities are summarized in the table below: June 30, 2021 December 31, 2020 Fair value of equity securities $ 1,479,259 $ 1,534,400 Cost basis 826,224 949,293 Unrealized gain (loss) on equity securities $ 653,035 $ 585,107 Unrealized gains were $67,928 in the first six 2021 first six 2021 first six 2021 first six 2021 Investments by fair value level in the hierarchy as of June 30, 2021 December 31, 2020 Quoted Market Prices in Attractive Markets (Level 1) Models with Significant Observable Market Parameters (Level 2) Unobservable Inputs that are not Corroborated by Market Data (Level 3) Total Carrying Value in the Balance Sheet Common stock as of June 30, 2021 $ 1,479,259 $ - $ - $ 1,479,259 Common stock as of December 31, 2020 $ 1,534,400 $ - $ - $ 1,534,400 |
Note 8 - Bank Debt
Note 8 - Bank Debt | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 8. BANK DEBT The Company entered into a Credit Agreement on June 1, 2017 July 5, 2018 September 30, 2019, December 30, 2019 March 2, 2021 ( March 2, 2021 The revolving facility under the Credit Agreement includes a $3 million sublimit for the issuance of letters of credit thereunder. Interest for borrowings under the revolving facility accrues at a per annum rate equal to Prime Rate or LIBOR plus applicable margins of (i) (0.25%) for Prime Rate loans and (ii) 1.75% for LIBOR loans. The maturity date of the revolving facility is June 1, 2024. December 1, 2022. Bank debt balances consist of the following: June 30, 2021 December 31, 2020 Term debt $ 2,111,111 $ 2,777,778 Revolving debt 15,687,371 10,825,797 Total Bank debt 17,798,482 13,603,575 Less: current portion 1,333,333 1,333,333 Non-current bank debt 16,465,149 12,270,242 Less: unamortized debt costs 160,007 95,814 Net non-current bank debt $ 16,305,142 $ 12,174,428 The Company had $14.3 million and $9.2 million available to borrow on the revolving credit facility at June 30, 2021 December 31, 2020, |
Note 9 - Notes Payable
Note 9 - Notes Payable | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. NOTES PAYABLE Notes Payable Related Party The Company had two July 2016 July 2018 first second July 2018 In connection with the Komtek Forge acquisition, on January 15, 2021, one April 15, 2021. Notes Payable – Seller Note Effective July 1, 2018, four no June 30, 2023 ( no not second first June 30, 2023. four 4 June 30, 2020 June 30, 2023; Paycheck Protection Program Notes The Company applied for and was approved for a loan in the amount of $3,679,383 (the “PPP Loan”) on April 10, 2020 May 5, 2020, June 4, 2020, 100% January 22, 2021 January 29, 2021 Notes payable consists of the following: June 30, 2021 December 31, 2020 In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $ 2,000,000 $ - $ 1,108,829 In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $ 2,768,662 - 941,867 In connection with the Komtek Forge acquisition, the Company refinanced the outstanding First Francis promissory notes, accrued interest payable through the refinance date and the assumed First Francis promissory note into one note on January 15, 2021 for a $ 3,779,784 3,617,328 - In connection with the CARES Act, Federal Hose entered into a promissory note on June 4, 2020 for a $ 253,071 - 253,071 In connection with the CARES Act, CAD entered into a promissory note on June 4, 2020 for a $ 1,200,766 - 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 5,062,500 6,187,500 Total notes payable 8,679,828 9,692,033 Less current portion 2,925,607 2,782,479 Notes payable – non-current portion $ 5,754,221 $ 6,909,554 |
Note 10 - Leases
Note 10 - Leases | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 10. The Company has operating and finance leases for facilities, vehicles and equipment. These leases have remaining terms of 2 years to 15 years, some of which include options to extend the leases for up to 10 years. Supplemental balance sheet information related to leases: June 30, 2021 December 31, 2020 Operating leases: Operating lease right-of-use assets, net $ 8,284,495 $ 8,856,820 Other current liabilities 1,149,104 1,136,300 Operating lease liabilities 7,367,122 7,901,357 Total operating lease liabilities $ 8,516,226 $ 9,037,657 Weighted Average Remaining Lease Term Operating Leases (in years) 9.7 9.0 Weighted Average Discount Rate Operating Leases 5.0 % 5.0 % |
Note 11 - Earnings Per Common S
Note 11 - Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. The following table sets forth the computation of basic and diluted earnings per share. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Earnings Per Share - Basic Net Income $ 1,247,305 $ 228,837 $ 4,390,722 $ 2,304,407 Weighted average shares of common stock outstanding - Basic 3,408,906 3,317,665 3,400,917 3,314,573 Earnings Per Share - Basic $ 0.37 $ 0.07 $ 1.29 $ 0.70 Earnings Per Share - Diluted Weighted average shares of common stock outstanding - Basic 3,408,906 3,317,665 3,400,917 3,314,573 Warrants, Options and Convertible Notes 894 1,599 888 1,644 Weighted average shares of common stock -Diluted 3,409,800 3,319,264 3,401,805 3,316,217 Earnings Per Share - Diluted $ 0.37 $ 0.07 $ 1.29 $ 0.69 |
Note 12 - Acquisitions
Note 12 - Acquisitions | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 12. Effective January 15, 2021, January 15, 2021. Cash $ 75,701 Accounts Receivable 1,502,713 Inventory 1,595,859 Fixed Assets 434,197 Prepaid and Other Assets 280,258 Goodwill 832,306 Total Assets Acquired $ 4,721,034 Accounts Payable $ 843,817 Accrued Expense 223,909 Assumed debt 1,753,757 Total Liabilities Assumed $ 2,821,483 Equity Issuance $ 1,059,000 Net Assets Acquired $ 840,551 Acquisition transaction costs incurred were: $ 145,900 Effective March 1, 2021, March 2, 2021 March 1, 2021. two Accounts Receivable $ 1,058,459 Inventory 173,202 Fixed Assets 3,426,091 Prepaid and Other Assets 1,036 Intangibles Assets 2,203,000 Goodwill 1,813,598 Total Assets Acquired $ 8,675,386 Accounts Payable $ 473,119 Accrued Payroll and Other Expense 202,780 Contingent Liability 1,500,000 Total Liabilities Assumed $ 2,175,899 Net Assets Acquired $ 6,499,487 Acquisition transaction costs incurred were: $ 189,736 |
Note 13 - Segment and Related I
Note 13 - Segment and Related Information | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. As of January 1, 2021, two 1 2 three two Commercial Air Handling: June 1, 2017, 50 Industrial and Transportation Products: The Industrial and Transportation Products segment was added July 1, 2016, July 1, 2018. 9001:2015/AS9100D, January 2, 2020. April 19, 2019, January 15, 2021. March 2, 2021. Corporate and Other: Corporate costs not two Information by industry segment is set forth below: Three Months Ended June 30, 2021 Commercial Air Handling Industrial And Transportation Products Corporate and Other Consolidated Sales $ 9,972,545 $ 16,477,340 $ - $ 26,449,885 Gross Profit 2,030,038 3,750,252 - 5,780,290 Operating Income 845,092 1,342,966 (68,261 ) 2,119,797 Pretax Income 845,092 1,121,507 (372,142 ) 1,594,457 Net Income 633,818 893,184 (279,697 ) 1,247,305 Three Months Ended June 30, 2020 (1) Commercial Air Handling Industrial And Transportation Products Corporate and Other Consolidated Sales $ 11,848,816 $ 6,727,772 $ - $ 18,576,588 Gross Profit 2,893,541 605,498 - 3,499,039 Operating Income 1,565,482 (872,867 ) (162,095 ) 530,520 Pretax Income 1,565,482 (1,154,315 ) (103,542 ) 307,625 Net Income 1,174,113 (870,177 ) (75,099 ) 228,837 Six Months Ended June 30, 2021 Commercial Air Handling Industrial And Transportation Products Corporate and Other Consolidated Sales $ 18,737,644 $ 31,706,245 $ - $ 50,443,889 Gross Profit 4,260,858 7,522,353 - 11,783,211 Operating Income 1,890,721 3,094,411 (539,875 ) 4,445,257 Pretax Income 1,890,721 2,693,643 679,052 5,263,416 Net Income 1,418,040 2,099,368 873,314 4,390,722 Six Months Ended June 30, 2020 (1) Commercial Air Handling Industrial And Transportation Products Corporate and Other Consolidated Sales $ 23,302,590 $ 20,555,572 $ - $ 43,858,162 Gross Profit 5,941,342 3,765,841 - 9,707,182 Operating Income 3,185,251 541,737 (58,319 ) 3,668,669 Pretax Income 3,160,286 (33,088 ) (50,206 ) 3,076,992 Net Income 2,370,215 (30,679 ) (35,129 ) 2,304,407 ( 1 Segment information for the three six June 30, 2021 |
Note 14 - Uncertainties
Note 14 - Uncertainties | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Effect of Covid19 Pandemic [Text Block] | 14. The coronavirus (COVID- 19 three six June 30, 2021. 2021 may 19 19; 19 19, |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. The Company purchased the operating assets of Emergency Hydraulics LLC in Ocala, Florida on July 1, 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards Not In June 2016, 2016 13, December 15, 2022. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Accounting for "Financial Instruments" requires the Company to disclose estimated fair values of financial instruments. Financial instruments held by the Company include, among others, accounts receivable, accounts payable, and notes payable. The carrying amounts reported in the consolidated balance sheet for assets and liabilities qualifying as financial instruments is a reasonable estimate of fair value. Fair Value Measurements As defined in FASB ASC 820, one three * Level 1: * Level 2: * Quoted prices for identical assets or similar assets or liabilities in inactive markets; * Inputs other than quoted prices that are observable for the asset or liability; * Inputs that are derived principally from or corroborated by observable market data by correlation or other means. * Level 3: not A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. Stock: The stock market value is based on valuation of market quotes from independent active market sources, and is considered a level 1 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2021 December 31, 2020 Raw materials and component parts $ 3,994,065 $ 3,897,133 Work-in-process 4,445,012 3,449,252 Finished products 6,523,181 3,999,920 Total inventory $ 14,962,258 $ 11,346,305 Less: inventory reserves 380,670 315,345 Net inventory $ 14,581,588 $ 11,030,960 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 30, 2021 December 31, 2020 Customer list intangibles $ 8,741,000 $ 7,700,000 Non-compete agreements 200,000 200,000 Trademarks 3,092,000 1,930,000 Total intangible assets 12,033,000 9,830,000 Less: accumulated amortization 2,738,640 2,271,691 Intangible assets, net $ 9,294,360 $ 7,558,309 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2021 December 31, 2020 Land $ 228,872 $ 228,872 Buildings and improvements 2,740,383 2,061,887 Machinery & equipment 20,537,353 14,329,462 Total property, plant & equipment 23,506,608 16,620,221 Less: accumulated depreciation 8,144,758 5,329,438 Property plant & equipment, net $ 15,361,850 $ 11,290,783 |
Note 7 - Investments in Equit_2
Note 7 - Investments in Equity Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | June 30, 2021 December 31, 2020 Fair value of equity securities $ 1,479,259 $ 1,534,400 Cost basis 826,224 949,293 Unrealized gain (loss) on equity securities $ 653,035 $ 585,107 |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Quoted Market Prices in Attractive Markets (Level 1) Models with Significant Observable Market Parameters (Level 2) Unobservable Inputs that are not Corroborated by Market Data (Level 3) Total Carrying Value in the Balance Sheet Common stock as of June 30, 2021 $ 1,479,259 $ - $ - $ 1,479,259 Common stock as of December 31, 2020 $ 1,534,400 $ - $ - $ 1,534,400 |
Note 8 - Bank Debt (Tables)
Note 8 - Bank Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, 2021 December 31, 2020 Term debt $ 2,111,111 $ 2,777,778 Revolving debt 15,687,371 10,825,797 Total Bank debt 17,798,482 13,603,575 Less: current portion 1,333,333 1,333,333 Non-current bank debt 16,465,149 12,270,242 Less: unamortized debt costs 160,007 95,814 Net non-current bank debt $ 16,305,142 $ 12,174,428 |
Note 9 - Notes Payable (Tables)
Note 9 - Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 2021 December 31, 2020 In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $ 2,000,000 $ - $ 1,108,829 In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $ 2,768,662 - 941,867 In connection with the Komtek Forge acquisition, the Company refinanced the outstanding First Francis promissory notes, accrued interest payable through the refinance date and the assumed First Francis promissory note into one note on January 15, 2021 for a $ 3,779,784 3,617,328 - In connection with the CARES Act, Federal Hose entered into a promissory note on June 4, 2020 for a $ 253,071 - 253,071 In connection with the CARES Act, CAD entered into a promissory note on June 4, 2020 for a $ 1,200,766 - 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 5,062,500 6,187,500 Total notes payable 8,679,828 9,692,033 Less current portion 2,925,607 2,782,479 Notes payable – non-current portion $ 5,754,221 $ 6,909,554 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Lessee, Operating and Finance Lease, Assets and Liabilities [Table Text Block] | June 30, 2021 December 31, 2020 Operating leases: Operating lease right-of-use assets, net $ 8,284,495 $ 8,856,820 Other current liabilities 1,149,104 1,136,300 Operating lease liabilities 7,367,122 7,901,357 Total operating lease liabilities $ 8,516,226 $ 9,037,657 Weighted Average Remaining Lease Term Operating Leases (in years) 9.7 9.0 Weighted Average Discount Rate Operating Leases 5.0 % 5.0 % |
Note 11 - Earnings Per Common_2
Note 11 - Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Earnings Per Share - Basic Net Income $ 1,247,305 $ 228,837 $ 4,390,722 $ 2,304,407 Weighted average shares of common stock outstanding - Basic 3,408,906 3,317,665 3,400,917 3,314,573 Earnings Per Share - Basic $ 0.37 $ 0.07 $ 1.29 $ 0.70 Earnings Per Share - Diluted Weighted average shares of common stock outstanding - Basic 3,408,906 3,317,665 3,400,917 3,314,573 Warrants, Options and Convertible Notes 894 1,599 888 1,644 Weighted average shares of common stock -Diluted 3,409,800 3,319,264 3,401,805 3,316,217 Earnings Per Share - Diluted $ 0.37 $ 0.07 $ 1.29 $ 0.69 |
Note 12 - Acquisitions (Tables)
Note 12 - Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Acquisition of Global Tek Manufacturing LLC [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accounts Receivable $ 1,058,459 Inventory 173,202 Fixed Assets 3,426,091 Prepaid and Other Assets 1,036 Intangibles Assets 2,203,000 Goodwill 1,813,598 Total Assets Acquired $ 8,675,386 Accounts Payable $ 473,119 Accrued Payroll and Other Expense 202,780 Contingent Liability 1,500,000 Total Liabilities Assumed $ 2,175,899 Net Assets Acquired $ 6,499,487 Acquisition transaction costs incurred were: $ 189,736 |
Komtek Forge Acquisition [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 75,701 Accounts Receivable 1,502,713 Inventory 1,595,859 Fixed Assets 434,197 Prepaid and Other Assets 280,258 Goodwill 832,306 Total Assets Acquired $ 4,721,034 Accounts Payable $ 843,817 Accrued Expense 223,909 Assumed debt 1,753,757 Total Liabilities Assumed $ 2,821,483 Equity Issuance $ 1,059,000 Net Assets Acquired $ 840,551 Acquisition transaction costs incurred were: $ 145,900 |
Note 13 - Segment and Related_2
Note 13 - Segment and Related Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 2021 Commercial Air Handling Industrial And Transportation Products Corporate and Other Consolidated Sales $ 9,972,545 $ 16,477,340 $ - $ 26,449,885 Gross Profit 2,030,038 3,750,252 - 5,780,290 Operating Income 845,092 1,342,966 (68,261 ) 2,119,797 Pretax Income 845,092 1,121,507 (372,142 ) 1,594,457 Net Income 633,818 893,184 (279,697 ) 1,247,305 Three Months Ended June 30, 2020 (1) Commercial Air Handling Industrial And Transportation Products Corporate and Other Consolidated Sales $ 11,848,816 $ 6,727,772 $ - $ 18,576,588 Gross Profit 2,893,541 605,498 - 3,499,039 Operating Income 1,565,482 (872,867 ) (162,095 ) 530,520 Pretax Income 1,565,482 (1,154,315 ) (103,542 ) 307,625 Net Income 1,174,113 (870,177 ) (75,099 ) 228,837 Six Months Ended June 30, 2021 Commercial Air Handling Industrial And Transportation Products Corporate and Other Consolidated Sales $ 18,737,644 $ 31,706,245 $ - $ 50,443,889 Gross Profit 4,260,858 7,522,353 - 11,783,211 Operating Income 1,890,721 3,094,411 (539,875 ) 4,445,257 Pretax Income 1,890,721 2,693,643 679,052 5,263,416 Net Income 1,418,040 2,099,368 873,314 4,390,722 Six Months Ended June 30, 2020 (1) Commercial Air Handling Industrial And Transportation Products Corporate and Other Consolidated Sales $ 23,302,590 $ 20,555,572 $ - $ 43,858,162 Gross Profit 5,941,342 3,765,841 - 9,707,182 Operating Income 3,185,251 541,737 (58,319 ) 3,668,669 Pretax Income 3,160,286 (33,088 ) (50,206 ) 3,076,992 Net Income 2,370,215 (30,679 ) (35,129 ) 2,304,407 |
Note 3 - Accounts Receivable (D
Note 3 - Accounts Receivable (Details Textual) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 17,759 | $ 19,973 |
Note 4 - Inventory - Inventory
Note 4 - Inventory - Inventory (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Raw materials and component parts | $ 3,994,065 | $ 3,897,133 |
Work-in-process | 4,445,012 | 3,449,252 |
Finished products | 6,523,181 | 3,999,920 |
Total inventory | 14,962,258 | 11,346,305 |
Less: inventory reserves | 380,670 | 315,345 |
Net inventory | $ 14,581,588 | $ 11,030,960 |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Asset Impairment, Total | $ 0 | |||
Amortization of Intangible Assets, Total | $ 261,025 | $ 179,340 | $ 466,949 | $ 358,682 |
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, 2021 | Dec. 31, 2020 |
Other intangibles, gross | $ 12,033,000 | $ 9,830,000 |
Less: accumulated amortization | 2,738,640 | 2,271,691 |
Intangible assets, net | 9,294,360 | 7,558,309 |
Customer-Related Intangible Assets [Member] | ||
Other intangibles, gross | 8,741,000 | 7,700,000 |
Noncompete Agreements [Member] | ||
Other intangibles, gross | 200,000 | 200,000 |
Trademarks [Member] | ||
Other intangibles, gross | $ 3,092,000 | $ 1,930,000 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Depreciation, Total | $ 661,628 | $ 425,769 | $ 1,170,565 | $ 860,453 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment, Net - Schedule of Property, Plant, and Equipment (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Property Plant and Equipment, Gross | $ 23,506,608 | $ 16,620,221 |
Less: accumulated depreciation | 8,144,758 | 5,329,438 |
Property plant & equipment, net | 15,361,850 | 11,290,783 |
Land [Member] | ||
Property Plant and Equipment, Gross | 228,872 | 228,872 |
Building and Building Improvements [Member] | ||
Property Plant and Equipment, Gross | 2,740,383 | 2,061,887 |
Machinery and Equipment [Member] | ||
Property Plant and Equipment, Gross | $ 20,537,353 | $ 14,329,462 |
Note 7 - Investments in Equit_3
Note 7 - Investments in Equity Securities (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Equity Securities, FV-NI, Unrealized Gain | $ 67,928 | $ 0 | |
Equity Securities, FV-NI, Unrealized Loss | 0 | 0 | |
Equity Securities, FV-NI, Realized Gain | $ 152,748 | 0 | |
Equity Securities, FV-NI, Realized Loss | $ 0 | $ 0 |
Note 7 - Investments in Equit_4
Note 7 - Investments in Equity Securities - Schedule of Investments in Equity Securities (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair value of equity securities | $ 1,479,259 | $ 1,534,400 |
Cost basis | 826,224 | 949,293 |
Unrealized gain (loss) on equity securities | $ 653,035 | $ 585,107 |
Note 7 - Investments in Equit_5
Note 7 - Investments in Equity Securities - Schedule of Fair Value of Investments (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Balance | $ 1,479,259 | $ 1,534,400 |
Reported Value Measurement [Member] | ||
Balance | 1,479,259 | 1,534,400 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Balance | 1,479,259 | 1,534,400 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Balance | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Balance | $ 0 | $ 0 |
Note 8 - Bank Debt (Details Tex
Note 8 - Bank Debt (Details Textual) - USD ($) | Jul. 05, 2018 | Jun. 30, 2021 | Mar. 02, 2021 | Dec. 31, 2020 | Dec. 30, 2019 | Sep. 30, 2019 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 14,300,000 | $ 9,200,000 | ||||
J P Morgan Chase Bank [Member] | Letter of Credit [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | |||||
J P Morgan Chase Bank [Member] | Revolving Credit Facility [Member] | ||||||
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] | Term Debt [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000,000 | $ 30,000,000 | $ 20,000,000 | |||
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% |
Note 8 - Bank Debt - Summary of
Note 8 - Bank Debt - Summary of Loan Balances (Details) - Bank Debt [Member] - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Total Bank Debt | $ 17,798,482 | $ 13,603,575 |
Less: current portion | 1,333,333 | 1,333,333 |
Non-current bank debt | 16,465,149 | 12,270,242 |
Less: unamortized debt costs | 160,007 | 95,814 |
Net non-current bank debt | 16,305,142 | 12,174,428 |
Term Debt [Member] | ||
Total Bank Debt | 2,111,111 | 2,777,778 |
Line of Credit [Member] | ||
Total Bank Debt | $ 15,687,371 | $ 10,825,797 |
Note 9 - Notes Payable (Details
Note 9 - Notes Payable (Details Textual) - USD ($) | Jul. 05, 2018 | Jul. 01, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Jan. 15, 2021 | Jan. 14, 2021 | Dec. 31, 2020 | Jun. 04, 2020 | Apr. 10, 2020 | Jul. 01, 2016 |
Payments to Acquire Businesses, Gross | $ 7,089,381 | $ 9,400,000 | ||||||||
CAD Enterprises, Inc. [Member] | ||||||||||
Business Combination, Consideration Transferred, Total | $ 21,000,000 | |||||||||
Payments to Acquire Businesses, Gross | $ 12,000,000 | |||||||||
Notes Payable [Member] | ||||||||||
Notes Payable, Total | 8,679,828 | $ 9,692,033 | ||||||||
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 | ||||||||
Notes Payable, Total | 5,062,500 | 6,187,500 | ||||||||
Paycheck Protection Program CARES Act [Member] | Notes Payable [Member] | ||||||||||
Debt Instrument, Face Amount | $ 3,679,383 | |||||||||
Paycheck Protection Program CARES Act [Member] | Notes Payable [Member] | Federal Hose [Member] | ||||||||||
Debt Instrument, Face Amount | 253,071 | $ 253,071 | ||||||||
Notes Payable, Total | 0 | 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 | ||||||||
Notes Payable, Total | 0 | 1,200,766 | ||||||||
First Francis [Member] | Related Party Notes, One [Member] | Notes Payable [Member] | ||||||||||
Debt Instrument, Face Amount | 2,000,000 | $ 2,000,000 | ||||||||
Notes Payable, Total | 0 | 1,108,829 | ||||||||
First Francis [Member] | Related Party Notes, Two [Member] | Notes Payable [Member] | ||||||||||
Debt Instrument, Face Amount | 2,768,662 | $ 2,768,662 | ||||||||
Notes Payable, Total | 0 | 941,867 | ||||||||
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% | |||||||||
Notes Payable, Total | $ 2,077,384 | |||||||||
First Francis [Member] | Related Party Notes [Member] | Notes Payable [Member] | Komtek Forge [Member] | ||||||||||
Notes Payable, Total | $ 1,702,400 | |||||||||
First Francis [Member] | Related Party Notes Three [Member] | Notes Payable [Member] | ||||||||||
Debt Instrument, Face Amount | 3,779,784 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||||||
Notes Payable, Total | $ 3,617,328 | $ 3,779,784 | $ 0 |
Note 9 - Notes Payable - Notes
Note 9 - Notes Payable - Notes Payable (Details) - USD ($) | Jun. 30, 2021 | Jan. 15, 2021 | Dec. 31, 2020 |
Less current portion | $ 2,925,607 | $ 2,782,479 | |
Notes payable – non-current portion | 5,754,221 | 5,455,717 | |
Paycheck Protection Program CARES Act [Member] | |||
Notes payable – non-current portion | 0 | 1,453,837 | |
Notes Payable [Member] | |||
Notes payable | 8,679,828 | 9,692,033 | |
Less current portion | 2,925,607 | 2,782,479 | |
Notes payable – non-current portion | 5,754,221 | 6,909,554 | |
Notes Payable [Member] | Paycheck Protection Program CARES Act [Member] | Federal Hose [Member] | |||
Notes payable | 0 | 253,071 | |
Notes Payable [Member] | Paycheck Protection Program CARES Act [Member] | CAD Enterprises, Inc. [Member] | |||
Notes payable | 0 | 1,200,766 | |
Notes Payable [Member] | Seller Note [Member] | |||
Notes payable | 5,062,500 | 6,187,500 | |
Notes Payable [Member] | First Francis [Member] | Related Party Notes, One [Member] | |||
Notes payable | 0 | 1,108,829 | |
Notes Payable [Member] | First Francis [Member] | Related Party Notes, Two [Member] | |||
Notes payable | 0 | 941,867 | |
Notes Payable [Member] | First Francis [Member] | Related Party Notes Three [Member] | |||
Notes payable | $ 3,617,328 | $ 3,779,784 | $ 0 |
Note 9 - Notes Payable - Note_2
Note 9 - Notes Payable - Notes Payable (Details) (Parentheticals) - Notes Payable [Member] - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 04, 2020 | Apr. 10, 2020 | Jul. 01, 2016 |
Paycheck Protection Program CARES Act [Member] | |||||
Notes payable, face value | $ 3,679,383 | ||||
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 | |||
First Francis [Member] | Related Party Notes, One [Member] | |||||
Notes payable, face value | 2,000,000 | $ 2,000,000 | |||
First Francis [Member] | Related Party Notes, Two [Member] | |||||
Notes payable, face value | $ 2,768,662 | $ 2,768,662 | |||
First Francis [Member] | Related Party Notes Three [Member] | |||||
Notes payable, face value | $ 3,779,784 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) | 6 Months Ended |
Jun. 30, 2021 | |
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 10 - Leases - Lease Assets
Note 10 - Leases - Lease Assets and Liabilities (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Operating lease right-of-use assets, net | $ 8,284,495 | $ 8,856,820 |
Operating Leases (in years) (Year) | 9 years 8 months 12 days | 9 years |
Operating Leases | 5.00% | 5.00% |
Other Current Liabilities [Member] | ||
Other current liabilities | $ 1,149,104 | $ 1,136,300 |
Operating Lease Liabilities [Member] | ||
Operating lease liabilities | 7,367,122 | 7,901,357 |
Other Current Liabilities and Operating Lease Liabilities [Member] | ||
Total operating lease liabilities | $ 8,516,226 | $ 9,037,657 |
Note 11 - Earnings Per Common_3
Note 11 - Earnings Per Common Share - Summary of Earnings Per Share Calculation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net Income | $ 1,247,305 | $ 228,837 | $ 4,390,722 | $ 2,304,407 |
Weighted average shares of common stock outstanding - Basic (in shares) | 3,408,906 | 3,317,665 | 3,400,917 | 3,314,573 |
Earnings Per Share - Basic (in dollars per share) | $ 0.37 | $ 0.07 | $ 1.29 | $ 0.70 |
Warrants, Options and Convertible Notes (in shares) | 894 | 1,599 | 888 | 1,644 |
Weighted average shares of common stock -Diluted (in shares) | 3,409,800 | 3,319,264 | 3,401,805 | 3,316,217 |
Earnings Per Share - Diluted (in dollars per share) | $ 0.37 | $ 0.07 | $ 1.29 | $ 0.69 |
Note 12 - Acquisitions (Details
Note 12 - Acquisitions (Details Textual) - USD ($) | Mar. 01, 2021 | Jan. 15, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Payments to Acquire Businesses, Gross | $ 7,089,381 | $ 9,400,000 | ||
Komtek Forge Acquisition [Member] | ||||
Business Combination, Consideration Transferred, Total | $ 3,600,000 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,702,000 | |||
Komtek Forge Acquisition [Member] | Common Class A [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 60,000 | |||
Acquisition of Global Tek Manufacturing LLC [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 61,475 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,600,000 | |||
Payments to Acquire Businesses, Gross | 4,900,000 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 1,500,000 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Annual Value, High | $ 750,000 |
Note 12 - Acquisitions - Summar
Note 12 - Acquisitions - Summary Assets Acquired and Liabilities Assumed of Komtek Forge (Details) - USD ($) | Jan. 15, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill | $ 14,183,954 | $ 11,505,852 | |
Komtek Forge Acquisition [Member] | |||
Cash | $ 75,701 | ||
Accounts Receivable | 1,502,713 | ||
Inventory | 1,595,859 | ||
Fixed Assets | 434,197 | ||
Prepaid and Other Assets | 280,258 | ||
Goodwill | 832,306 | ||
Total Assets Acquired | 4,721,034 | ||
Accounts Payable | 843,817 | ||
Accrued Expense | 223,909 | ||
Assumed debt | 1,753,757 | ||
Total Liabilities Assumed | 2,821,483 | ||
Equity Issuance | 1,059,000 | ||
Net Assets Acquired | 840,551 | ||
Acquisition transaction costs incurred were: | $ 145,900 |
Note 12 - Acquisitions - Summ_2
Note 12 - Acquisitions - Summary Assets Acquired and Liabilities Assumed of Global-Tek-Manufacturity, LLC (Details) - USD ($) | Mar. 01, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill | $ 14,183,954 | $ 11,505,852 | |
Acquisition of Global Tek Manufacturing LLC [Member] | |||
Accounts Receivable | $ 1,058,459 | ||
Inventory | 173,202 | ||
Fixed Assets | 3,426,091 | ||
Prepaid and Other Assets | 1,036 | ||
Intangibles Assets | 2,203,000 | ||
Goodwill | 1,813,598 | ||
Total Assets Acquired | 8,675,386 | ||
Accounts Payable | 473,119 | ||
Accrued Payroll and Other Expense | 202,780 | ||
Contingent Liability | 1,500,000 | ||
Total Liabilities Assumed | 2,175,899 | ||
Net Assets Acquired | 6,499,487 | ||
Acquisition transaction costs incurred were: | $ 189,736 |
Note 13 - Segment and Related_3
Note 13 - Segment and Related Information (Details Textual) | Jan. 01, 2021 |
Number of Reportable Segments | 2 |
Note 13 - Segment and Related_4
Note 13 - Segment and Related Information - Information by Industry Segment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Sales | $ 26,449,885 | $ 18,576,588 | $ 50,443,889 | $ 43,858,162 | |
Gross Profit | 5,780,290 | 3,499,039 | 11,783,211 | 9,707,182 | |
Operating Income | 2,119,797 | 530,520 | 4,445,257 | 3,668,669 | |
Pretax Income | 1,594,457 | 307,625 | 5,263,416 | 3,076,992 | |
Net Income | 1,247,305 | 228,837 | 4,390,722 | 2,304,407 | |
Commercial Air Handling [Member] | |||||
Sales | 9,972,545 | 11,848,816 | [1] | 18,737,644 | 23,302,590 |
Gross Profit | 2,030,038 | 2,893,541 | [1] | 4,260,858 | 5,941,342 |
Operating Income | 845,092 | 1,565,482 | [1] | 1,890,721 | 3,185,251 |
Pretax Income | 845,092 | 1,565,482 | [1] | 1,890,721 | 3,160,286 |
Net Income | 633,818 | 1,174,113 | [1] | 1,418,040 | 2,370,215 |
Aerospace [Member] | |||||
Sales | 16,477,340 | 6,727,772 | [1] | 31,706,245 | 20,555,572 |
Gross Profit | 3,750,252 | 605,498 | [1] | 7,522,353 | 3,765,841 |
Operating Income | 1,342,966 | (872,867) | [1] | 3,094,411 | 541,737 |
Pretax Income | 1,121,507 | (1,154,315) | [1] | 2,693,643 | (33,088) |
Net Income | 893,184 | (870,177) | [1] | 2,099,368 | (30,679) |
Industrial Hose [Member] | |||||
Sales | 0 | 0 | [1] | 0 | 0 |
Gross Profit | 0 | 0 | [1] | 0 | 0 |
Operating Income | (68,261) | (162,095) | [1] | (539,875) | (58,319) |
Pretax Income | (372,142) | (103,542) | [1] | 679,052 | (50,206) |
Net Income | (279,697) | (75,099) | [1] | 873,314 | (35,129) |
Corporate and Other [Member] | |||||
Sales | 26,449,885 | 18,576,588 | [1] | 50,443,889 | 43,858,162 |
Gross Profit | 5,780,290 | 3,499,039 | [1] | 11,783,211 | 9,707,182 |
Operating Income | 2,119,797 | 530,520 | [1] | 4,445,257 | 3,668,669 |
Pretax Income | 1,594,457 | 307,625 | [1] | 5,263,416 | 3,076,992 |
Net Income | $ 1,247,305 | $ 228,837 | [1] | $ 4,390,722 | $ 2,304,407 |
[1] | March 31, 2020 segment information has been restated to reflect the change in reportable segments. |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Emergency Hydraulics LLC [Member] $ in Millions | Jul. 01, 2021USD ($) |
Business Combination, Consideration Transferred, Total | $ 0.3 |
Business Acquisitions, Expected Annualized Revenue | $ 2 |