Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 04, 2024 | Jun. 30, 2023 | |
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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 | ||
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 | ||
Title of 12(g) Security | Class A Common Shares, without par value | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 19,600,825 | ||
Auditor Name | Meaden & Moore, Ltd. | ||
Auditor Location | Cleveland, Ohio | ||
Auditor Firm ID | 314 | ||
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 | 2,809,219 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 1,647,175 | $ 1,247,627 |
Accounts receivable less allowance for doubtful accounts | 19,671,833 | 21,884,807 |
Contract assets | 4,822,347 | 3,284,301 |
Inventories less allowance for obsolete inventory | 17,672,622 | 20,176,142 |
Investments | 665,301 | 657,971 |
Prepaid expenses and other current assets | 1,303,780 | 1,522,516 |
Total Current Assets | 45,783,058 | 48,773,364 |
Property, plant and equipment, net | 14,686,190 | 15,213,443 |
Operating right of use asset, net | 8,356,903 | 9,524,280 |
OTHER ASSETS: | ||
Goodwill | 16,453,049 | 16,231,938 |
Intangibles, net of accumulated amortization | 8,252,600 | 9,492,560 |
Other non-current assets | 107,798 | 362,489 |
Total Non-Current Assets | 24,813,447 | 26,086,987 |
Total Assets | 93,639,598 | 99,598,074 |
CURRENT LIABILITIES: | ||
Notes payable – current | 824,226 | 1,303,972 |
Bank debt – current | 0 | 222,222 |
Operating lease liabilities - current | 1,714,174 | 1,705,224 |
Accounts payable | 11,168,308 | 14,017,973 |
Unearned revenue | 5,596,706 | 4,354,868 |
Accrued income taxes | 539,876 | 1,239,289 |
Accrued expenses | 3,292,787 | 3,224,188 |
Total Current Liabilities | 23,136,077 | 26,067,736 |
LONG-TERM LIABILITIES: | ||
Bank debt | 5,096,672 | 19,224,318 |
Operating lease liabilities - noncurrent | 6,901,043 | 8,060,152 |
Deferred income taxes | 310,250 | 1,384,558 |
Total Long-Term Liabilities | 12,778,174 | 30,515,433 |
STOCKHOLDERS' EQUITY | ||
Contributed capital | 1,741,901 | 1,741,901 |
Treasury shares | (2,237,026) | (2,125,252) |
Retained earnings | 47,875,964 | 34,581,171 |
Total Stockholders' Equity | 57,725,347 | 43,014,905 |
Total Liabilities and Stockholders' Equity | 93,639,598 | 99,598,074 |
Common Class A [Member] | ||
STOCKHOLDERS' EQUITY | ||
Class A common shares - 10,000,000 shares authorized, 2,832,966 issued at December 31, 2023 and 2,791,449 issued at December 31, 2022 | 8,878,986 | 7,351,563 |
Common Class B [Member] | ||
STOCKHOLDERS' EQUITY | ||
Class A common shares - 10,000,000 shares authorized, 2,832,966 issued at December 31, 2023 and 2,791,449 issued at December 31, 2022 | 1,465,522 | 1,465,522 |
Notes Payable Excluding Paycheck Protection Program Cares Act [Member] | ||
LONG-TERM LIABILITIES: | ||
Notes Payable, Noncurrent | $ 470,209 | $ 1,846,405 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Common Class A [Member] | ||
Common Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 |
Common Stock, Shares, Issued (in shares) | 2,832,966 | 2,791,449 |
Treasury Stock, issued (in shares) | 54,074 | 47,412 |
Common Class B [Member] | ||
Common Stock, Shares Authorized (in shares) | 2,500,000 | 2,500,000 |
Common Stock, Shares, Issued (in shares) | 914,283 | 914,283 |
Treasury Stock, issued (in shares) | 182,435 | 182,435 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total sales | $ 143,885,934 | $ 127,754,927 |
Cost of Sales | 106,239,852 | 100,722,146 |
Gross Profit | 37,646,082 | 27,032,781 |
Operating Expenses: | ||
Selling, general and administrative expenses | 19,713,611 | 18,499,309 |
Operating Income | 17,932,471 | 8,533,472 |
Other (Income) and Expenses: | ||
Interest charges | 1,255,984 | 1,138,224 |
Loss (Gain) on investments in equity securities | (7,330) | 860,273 |
Other (income) expense, net | (480,331) | (1,197,218) |
Total Other (Income) and Expenses | 768,323 | 801,279 |
Income before Provision for Income Taxes | 17,164,148 | 7,732,194 |
Income tax expense | 3,869,355 | 1,170,791 |
Net Income | $ 13,294,793 | $ 6,561,403 |
Net Income Per Common Share - Basic (in dollars per share) | $ 3.79 | $ 1.89 |
Net Income Per Common Share - Diluted (in dollars per share) | $ 3.77 | $ 1.89 |
Basic (in shares) | 3,507,883 | 3,462,868 |
Diluted (in shares) | 3,526,836 | 3,462,868 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] Common Class A [Member] | Treasury Stock, Common [Member] Common Class B [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 5,393,823 | $ 1,465,522 | $ 1,741,901 | $ (1,981,113) | $ 28,019,768 | $ 34,639,901 | ||
Stock Awards to Directors and Officers | 957,728 | 0 | 0 | 0 | 0 | 957,728 | ||
Acquisition | 1,000,012 | 0 | 0 | 0 | 0 | 1,000,012 | ||
Share repurchase | 0 | 0 | 0 | (144,139) | 0 | (144,139) | ||
Net income | 0 | 0 | 0 | 0 | 6,561,403 | 6,561,403 | ||
Balance at Dec. 31, 2022 | $ 7,351,563 | $ 1,465,522 | $ 1,741,901 | $ (2,125,252) | $ 34,581,171 | $ 43,014,905 | ||
Balance (in shares) at Dec. 31, 2021 | 2,720,787 | 914,283 | 41,844 | 182,435 | 2,678,943 | 731,848 | ||
Class A shares issued to Directors and employees related to stock compensation plans (in shares) | 32,200 | 0 | 0 | 0 | 32,200 | 0 | ||
Acquisition (in shares) | 38,462 | 0 | 0 | 0 | 38,462 | 0 | ||
Share repurchase (in shares) | 0 | 0 | 5,568 | 5,568 | 0 | 0 | 5,568 | 0 |
Share repurchase (in shares) | 0 | 0 | (5,568) | (5,568) | 0 | 0 | (5,568) | 0 |
Balance (in shares) at Dec. 31, 2022 | 2,791,449 | 914,283 | 47,412 | 182,435 | 2,744,037 | 731,848 | ||
Stock Awards to Directors and Officers | $ 1,377,423 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,377,423 | ||
Share repurchase | 0 | 0 | 0 | (111,774) | 0 | (111,774) | ||
Net income | 0 | 0 | 0 | 0 | 13,294,793 | 13,294,793 | ||
Stock issuance (see note 6) | 150,000 | 0 | 0 | 0 | 0 | 150,000 | ||
Balance at Dec. 31, 2023 | $ 8,878,986 | $ 1,465,522 | $ 1,741,901 | $ (2,237,026) | $ 47,875,964 | $ 57,725,347 | ||
Class A shares issued to Directors and employees related to stock compensation plans (in shares) | 34,700 | 0 | 0 | 0 | 34,700 | 0 | ||
Share repurchase (in shares) | 0 | 0 | 6,662 | 6,662 | 0 | 0 | 6,662 | 0 |
Share repurchase (in shares) | 0 | 0 | (6,662) | (6,662) | 0 | 0 | (6,662) | 0 |
Stock issuance (see note 6) (in shares) | 7,317 | 0 | 0 | 0 | 7,317 | 0 | ||
Stock forfeit (in shares) | (500) | 0 | 0 | 0 | (500) | 0 | ||
Balance (in shares) at Dec. 31, 2023 | 2,832,966 | 914,283 | 54,074 | 182,435 | 2,778,892 | 731,848 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flows from Operating Activities | ||
Net Income | $ 13,294,793 | $ 6,561,403 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,921,740 | 3,750,805 |
Loss (Gain) on investments in equity securities | (7,330) | 860,273 |
Reduction in carrying amount of RoU assets | 1,720,844 | 1,706,810 |
Loss (Gain) on disposal of assets | (3,988) | 16,930 |
Write off of contingent liability | 0 | (750,000) |
Share-based compensation expense | 1,377,423 | 957,728 |
Deferred income taxes | (1,074,308) | (1,872,770) |
Changes in assets and liabilities: | ||
Accounts receivable | 2,212,974 | (2,745,949) |
Inventories | 2,355,929 | (2,772,375) |
Contract assets | (1,538,046) | (1,173,244) |
Prepaid expenses & other current assets | 218,736 | (373,139) |
Right of use assets | (457,317) | (2,232,314) |
Other noncurrent assets | 254,691 | (265,166) |
Accounts payable | (2,849,665) | 1,981,556 |
Lease liabilities | (1,150,159) | 538,067 |
Accrued income taxes | (699,413) | 2,555,884 |
Other current liabilities | (27,551) | 204,050 |
Unearned revenue | 1,241,838 | 1,097,850 |
Total adjustments | 5,496,398 | 1,484,996 |
Net Cash Provided by Operating Activities | 18,791,191 | 8,046,399 |
Cash Flows from Investing Activities | ||
Cash paid for business acquisitions | 0 | (4,331,739) |
Capital expenditures | (2,032,773) | (742,828) |
Net Cash Used in Investing Activities | (2,032,773) | (5,074,567) |
Cash Flows from Financing Activities | ||
Payments on related party notes | (1,855,942) | (4,071,885) |
Payments on bank debt | (21,667,362) | (7,120,834) |
Borrowings on bank debt | 7,276,208 | 8,868,238 |
Payments on contingent liability | 0 | (750,000) |
Share repurchase | (111,774) | (144,139) |
Net Cash Used in Financing Activities | (16,358,870) | (3,218,620) |
Net Increase (Decrease) in cash and cash equivalents | 399,548 | (246,788) |
Cash and cash equivalents at beginning of period | 1,247,627 | 1,494,415 |
Cash and cash equivalents at end of period | 1,647,175 | 1,247,627 |
Supplemental disclosures of cash flow information | ||
Interest paid | 1,220,439 | 1,060,483 |
Income taxes paid | 5,599,745 | 582,883 |
Supplemental disclosures of noncash financing and investing activity | ||
Additions to ROU assets obtained from new operating lease liabilities | 457,317 | 2,232,314 |
Purchase accounting adjustment to Goodwill for a change in inventory | 147,591 | 0 |
Purchase accounting adjustment to Goodwill for a change in fixed assets | 73,520 | 0 |
Issuance of Class A common shares in business acquisition | 0 | 1,000,012 |
Issuance of Class A common shares for capital expenditures | $ 150,000 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. BASIS OF PRESENTATION The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) and with the instructions to Form 10 8 X. During the year ended December 31, 2023 no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In June 2016, 2016 13, December 15, 2022. no In November 2023, 2023 07, 280 280 December 15, 2023, December 15, 2024, In December 2023, 2023 09, 740 December 15, 2024. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that may 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 similar assets or liabilities in active markets; - 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. The 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. Investments in stock: The stock market value is based on valuation of market quotes from independent active market sources, and is considered a level 1 Concentration of Credit Risk The Company sells its products and services primarily to customers in the United States of America and to a lesser extent overseas. All sales are made in U.S. dollars. The Company extends normal credit terms to its customers. For the year ended December 31, 2023 , sales to nine December 31, 2022 , sales to nine customers in the Commercial Air Handling Equipment segment were 17.0% of consolidated sales of the Company, while nine customers in the Industrial and Transportation Products segment accounted for 22.5% of consolidated sales. Revenue Recognition The Company recognizes revenue under ASC 606, five 1 2 3 4 5 not Contract Performance Obligations: To determine proper revenue recognition, the Company evaluates whether two one not not not Construction Contracts The Company recognizes revenue on construction contracts over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer. The customer typically controls the work in process, as evidenced by the contract. The Company’s construction contracts are generally accounted for as a single performance obligation, since the Company is providing a significant service of integrating components into a single project. The Company recognizes revenue using a cost-based input method, by which actual costs incurred relative to total estimated contract costs determine, as a percentage, progress toward contract completion. This percentage is applied to the transaction price to determine the amount of revenue to recognize. The Company believes the cost-based input method is the best depiction of performance, because it directly measures the value of the services transferred to the customer. Revenues on uninstalled materials are recognized when control is transferred to the customer, which does not If based on a lack of reliable information, progress cannot be reasonably measured, recognition of revenues (but not no December 31, 2023 2022 Revenues on uninstalled materials are recognized when control is transferred to the customer, which does not no third Because the Company almost always acts as a principal in contracts, revenues are recognized gross. The Company is considered the principal because the Company controls the contractually specified goods and services before they are transferred to the customer. The payment terms of the Company’s construction contracts from time to time require the customer to make advance payments as well as interim payments as work progresses. The advance payment generally is not The payment terms of the Company’s construction contracts from time to time require the customer to make advance payments as well as interim payments as work progresses. The advance payment generally is not Contract Assets Contract assets are related to the Commercial Air Handling segment. A contract asset is recorded when revenue is recognized in advance of the right to receive consideration (i.e., the Company must perform additional services in order to receive consideration). Amounts are recorded as receivables when the right to consideration is unconditional. When consideration is received, or the Company has an unconditional right to consideration in advance of delivery of goods or services, a contract liability would be recorded. Contract Estimates Due to the nature of the Company’s performance obligations, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Since a significant change in one The Company recognizes adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, a provision for the entire loss is recognized in the period it is identified. Contract Modifications Contract modifications are routine in the performance of the Company’s contracts. Contracts are often modified to account for changes in the contract specifications or requirements. In most instances, contract modifications are for goods or services that are not Variable Consideration The nature of the Company’s contracts can, but typically do not, not Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on assessment of legal enforceability, past performance, and all information (historical, current, and forecasted) that is reasonably available to the Company. Cost and Expense Recognition Contract costs include all direct labor, materials, subcontractor, and equipment costs, and those indirect costs related to contract performance, such as indirect labor, tools and supplies. For construction contracts, costs are generally recognized as incurred. Under certain circumstances, costs incurred in the period related to future activity on contracts may Costs incurred that do not not For construction contracts, when it is probable that the total contract costs will exceed total contract revenues, a provision for the estimated expected loss is recorded. As long-term contracts extend over one Unearned Revenue Unearned revenue consists of customer deposits and contract liabilities related to the Commercial Air Handling Equipment segment. Unearned revenue for the year ended December 31, 2022 2023 Disaggregation of Revenue Revenue earned over time compared to at a point in time is as follows for the years ended December 31, 2023 2022 December 31, 2023 2022 Earned over time $ 59,572,611 $ 50,236,873 Point in time 84,313,323 77,518,054 Total revenue $ 143,885,934 $ 127,754,927 Deferred Commissions Commissions are earned based on the status of the contract. Commissions are paid upon receipt of payment for units shipped. Product Warranties The Company provides a warranty for its custom air handling business covering parts for 12 18 may no Cash and Cash Equivalents three Accounts Receivable The Company recognizes an allowance for losses on accounts receivable in an amount equal to the current expected credit losses. The estimation of the allowance is based on an analysis of historical loss experience, current receivables aging, and management’s assessment of current conditions and reasonable and supportable expectation of future conditions, as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible. The expense associated with the allowance for expected credit losses is recognized in selling, general and administrative expenses Inventory first first Property, Plant and Equipment Estimated Useful Class Method Lives (years) Buildings and Improvements Straight-line 10 40 Machinery and Equipment Straight-line 3 20 Valuation of Long-Lived Assets may not Shipping and Handling Costs Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus any change in deferred taxes during the year. Deferred taxes result from differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not not 2018 February 3, 2023 no Income per Common Share Goodwill Indefinite-lived intangible assets and Goodwill are tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not 50% Reclassifications 2022 2023 |
Note 3 - Accounts Receivable
Note 3 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. ACCOUNTS RECEIVABLE The balance of accounts receivable, net was $19.7 million, $21.9 million, and $18.4 million at December 31, 2023, 2022 2021 , The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information relevant to estimating expected credit losses. The reserve for doubtful accounts was $105,223, $143,631 December 31, 2023, 2022 2021 , |
Note 4 - Inventory
Note 4 - Inventory | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. INVENTORY Inventory is valued at the lower of cost ( first first December 31, December 31, 2023 2022 Raw materials and component parts $ 3,989,444 $ 2,892,820 Work-in-process 4,514,263 5,158,252 Finished products 9,846,694 13,483,017 Total inventory $ 18,350,401 $ 21,534,089 Less: inventory reserves 677,779 1,357,947 Net inventory $ 17,672,622 $ 20,176,142 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. GOODWILL AND OTHER INTANGIBLE ASSETS Impairment testing U.S. GAAP requires that both indefinite-lived intangible assets and Goodwill are tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not 50% 350 The Company performed its annual impairment test for Goodwill and intangible assets as of the last day of the fourth first not 2023, not 2022 No The Goodwill values are presented below: December 31, December 31, 2023 2022 Commercial Air Handling Equipment Segment: Beginning Balance $ 478,256 $ 478,256 Acquisitions - - Adjustments - - Ending Balance $ 478,256 $ 478,256 Industrial and Transportation Products Segment: Beginning Balance $ 15,753,682 $ 13,926,362 Acquisitions - 1,997,174 Adjustments 221,111 (169,854 ) Ending Balance $ 15,974,793 $ 15,753,682 Total Company: Beginning Balance $ 16,231,938 $ 14,404,618 Acquisitions - 1,997,174 Adjustments 221,111 (169,854 ) Ending Balance $ 16,453,049 $ 16,231,938 Goodwill increased by $0.2 million from $16.2 million at December 31, 2022 December 31, 2023. second 2023, December 31, 2021 December 31, 2022. first second 2022, 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 December 31, 2023 December 31, 2022 Customer list intangibles $ 9,316,000 $ 9,316,000 Non-compete agreements 200,000 200,000 Trademarks 4,466,899 4,445,649 Total intangible assets 13,982,899 13,961,649 Less: accumulated amortization 5,730,299 4,469,089 Intangible assets, net $ 8,252,600 $ 9,492,560 Intangible amortization expense was as follows: December 31, 2023 December 31, 2022 Accumulated amortization at the beginning of the period $ 4,469,089 $ 3,203,585 Amortization expense 1,261,210 1,265,504 Accumulated amortization at end of period $ 5,730,299 $ 4,469,089 Intangible amortization for the next five Amortization in future periods 2024 1,261,210 2025 1,261,210 2026 933,345 2027 817,298 2028 759,117 |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
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: December 31, December 31, 2023 2022 Land $ 231,034 $ 231,034 Buildings and improvements 3,760,203 3,222,243 Machinery & equipment 24,851,703 23,301,660 Total property, plant & equipment 28,842,940 26,754,937 Less: accumulated depreciation 14,156,750 11,541,494 Property plant & equipment, net $ 14,686,190 $ 15,213,443 During the second 2023 , Depreciation expense for the years ended December 31, 2023 2022 |
Note 7 - Investments in Equity
Note 7 - Investments in Equity Securities | 12 Months Ended |
Dec. 31, 2023 | |
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 as of December 31, 2023 2022 UNREALIZED REALIZED BALANCE ACQUISITIONS, GAINS GAINS BALANCE AT DISPOSITIONS (LOSSES) (LOSSES) AT END BEGINNING AND INCLUDED INCLUDED OF OF YEAR SETTLEMENTS IN EARNINGS IN EARNINGS PERIOD December 31, 2022 $ 1,518,244 $ - $ (860,273 ) $ - $ 657,971 Year-to-date December 31, 2023 657,971 - 53,614 (46,284 ) 665,301 Investments by fair value level in the hierarchy as of December 31, 2023 December 31, 2022 Unobservable Quoted Models with Inputs that Market Significant are not Total Prices in Observable Corroborated Carrying Attractive Market by Market Value in the Markets Parameters Data Balance (Level 1) (Level 2) (Level 3) Sheet Common stock as of December 31, 2023 $ 665,301 $ - $ - $ 665,301 Common stock as of December 31, 2022 $ 657,971 $ - $ - $ 657,971 |
Note 8 - Bank Debt and Notes Pa
Note 8 - Bank Debt and Notes Payable | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 8. BANK DEBT and NOTES PAYABLE The Company is party to a Credit Agreement with JPMorgan Chase Bank, N.A. as lender (as amended, the “Credit Agreement”). The Company entered into a sixth June 12, 2023. June 30, 2023. The Company entered into a seventh November 27, 2023. June 1, 2024 June 1, 2027, ( may June 30, 2024, A Term Loan A matured December 1, 2022, January 4, 2023. 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 SOFR (previously LIBOR) plus applicable margins of (i) (0.25%) for Prime Rate loans and (ii) 1.75% for SOFR (previously LIBOR) loans. The Credit Agreement includes a commitment fee on the unused portion of the revolving facility of 0.25% per annum payable quarterly. The obligations of the Company and other borrowers under the Credit Agreement are secured by a blanket lien on all the assets of the Company and its subsidiaries. The Credit Agreement also includes customary representations and warranties and applicable reporting requirements and covenants. The financial covenants under the Credit Agreement include a minimum fixed charge coverage ratio, a maximum senior funded debt to EBITDA ratio and a maximum total funded debt to EBITDA ratio. Bank debt balances consist of the following: December 31, December 31, 2023 2022 Term debt $ - $ 222,222 Revolving debt 5,112,187 19,281,119 Total Bank debt 5,112,187 19,503,341 Less: current portion - 222,222 Non-current bank debt 5,112,187 19,281,119 Less: unamortized debt costs 15,515 56,801 Net non-current bank debt $ 5,096,672 $ 19,224,318 The Company had $24.9 million and $10.7 million available to borrow on the revolving credit facility at December 31, 2023 2022 Notes Payable – Related Party In connection with the Komtek Forge acquisition, on January 15, 2021, one April 15, 2021. Notes Payable – Seller Note Effective July 1, 2018, four March 31, 2023. Notes Payable Notes payable consists of the following: December 31, December 31, 2023 2022 In connection with the Komtek Forge acquisition, the Company refinanced its previously 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 $ 1,294,435 $ 2,587,877 In connection with the CAD acquisition, the Company entered into a promissory note on July 1, 2018 for a $ 9,000,000 - 562,500 Total notes payable 1,294,435 3,150,377 Less current portion 824,226 1,303,972 Notes payable – non-current portion $ 470,209 $ 1,846,405 Principal payments on the notes payable are as follows for the years ended December 31: Related Party Total Principal Notes Payments 2024 824,226 824,226 2025 470,209 470,209 2026 - - 2027 - - Total principal payments $ 1,294,435 $ 1,294,435 |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 9. LEASES The Company has operating leases for facilities, vehicles and equipment. These leases have remaining terms of 2 years to 10 years, some of which include options to extend the leases for up to 10 years. Lease expense for the years ended December 31, 2023 2022 Supplemental balance sheet information related to leases: December 31, December 31, 2023 2022 Operating leases: Operating lease right-of-use assets, net $ 8,356,903 $ 9,524,280 Other current liabilities 1,714,174 1,705,224 Operating lease liabilities 6,901,043 8,060,152 Total operating lease liabilities $ 8,615,217 $ 9,765,376 Weighted Average Remaining Lease Term Operating Leases (in years) 7.1 7.7 Weighted Average Discount Rate Operating Leases 5.0 % 5.0 % Future minimum lease payments at December 31, 2023 Operating Leases Year Ending December 31, 2024 $ 2,105,239 2025 2,061,125 2026 1,521,090 2027 845,957 2028 636,577 Thereafter 3,059,965 Total future minimum lease payments $ 10,229,953 Less: imputed interest (1,614,736 ) Total $ 8,615,217 Commitments and Contingencies not no not |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 10. EQUITY There are 10,000,000 Class A Shares and 2,500,000 Class B Shares authorized, as well as 1,000,000 Serial Preferred Shares. Unissued shares of Class A common stock (1,002,848 and 1,002,848 shares at December 31, 2023 2022 |
Note 11 - Stock Compensation
Note 11 - Stock Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 11. On November 20, 2023, 2023 “2023 2023 2013 2023 2024 The 2023 2023 2023 may may 2023 The aggregate number of Class A common shares of the Company (“Class A Common Shares”) reserved for issuance pursuant to the 2023 may 2023 Awards may 2023 ten 2023 No stock options are outstanding. Non-cash compensation expense, all related to restricted share awards, was $1,377,423 and $957,728 for the years ended December 31, 2023 2022, no December 31, 2023 2022 Class A shares issued to Directors and employees related to stock compensation plans 34,700 32,200 Non-cash stock compensation expense $ 1,377,423 $ 957,728 A summary of the Company’s Treasury stock acquired for the years ended December 31, 2022 December 31, 2023 TREASURY SHARES CLASS A CLASS B Balance at December 31, 2021 41,844 182,435 Share repurchase 5,568 - Balance at December 31, 2022 47,412 182,435 Share repurchase 6,662 - Balance at December 31, 2023 54,074 182,435 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income tax expense for 2023 2022 A reconciliation of the provision of income taxes to the statutory federal income tax rate is as follows: Year Year December 31, December 31, 2023 2022 Income Before Provision for Income Taxes $ 17,164,148 $ 7,732,194 Statutory rate 21 % 21 % Tax at statutory rate 3,604,471 1,623,761 State taxes, net of federal benefit 302,484 20,438 Release of FIN 48 reserve (121,000 ) (414,000 ) Deferred Adjustments 125,935 - Permanent differences (299,103 ) (17,334 ) Return to provision adjustments 262,552 (22,681 ) Other (5,984 ) (19,393 ) Provision for income taxes $ 3,869,355 $ 1,170,791 Deferred tax assets (liabilities) consist of the following: December 31, December 31, 2023 2022 Inventories $ 176,022 $ 221,441 Bad debts 23,197 5,757 Accrued liabilities 527,320 677,728 Prepaid expense (103,037 ) (136,419 ) Depreciation and amortization (2,464,503 ) (3,111,224 ) Capitalized Costs 496,897 629,085 Research and development and other credit carryforwards 1,067,816 443,689 Right of use lease accounting (149,876 ) (80,376 ) Directors stock option plan 203,914 180,761 Total deferred tax liability (222,250 ) (1,169,558 ) Valuation allowance (33,000 ) (39,000 ) Reserve for uncertain tax positions (55,000 ) (176,000 ) Total reserves & allowances (88,000 ) (215,000 ) Net deferred tax liability, net of reserves $ (310,250 ) $ (1,384,558 ) Valuation Allowance may not December 31, 2023 December 31, 2022 Reserve for Uncertain Tax Positions 740. December 31, 2023 December 31, 2022 may Tax Credits and Net Operating losses: At December 31, 2023 Tax Year R& D & Other Expires State NOLs Credits 2024 $ - $ 3,000 2025 - 3,000 2026 - 3,000 2027 - 3,000 2028 - 3,000 2029 - 3,000 2030 - 3,000 2031 - 3,000 2032 - 3,000 2033 - 3,000 2034 - 3,000 2035 - - 2036 - - 2037 - - 2038 and beyond - - $ - $ 33,000 |
Note 13 - Earnings Per Common S
Note 13 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per share and is inclusive of A and B Common Shares. Years Ended 2023 2022 Net Income Per Common Share - Basic Income available to common stockholders $ 13,294,793 $ 6,561,403 Weighted Average Shares of Common Stock Outstanding 3,507,883 3,462,868 Net Income Per Common Share - Basic $ 3.79 $ 1.89 Effect of Dilutive Securities Weighted Average Shares of Common Stock Outstanding - Basic 3,507,883 3,462,868 Unvested Restricted Stock Awards 18,953 - Weighted Average Shares of Common Stock Outstanding - Diluted 3,526,836 3,462,868 Net Income Per Common Share – Diluted Income available to common stockholders $ 13,294,793 $ 6,561,403 Weighted Average Shares of Common Stock Outstanding - Diluted 3,526,836 3,462,868 Net Income Per Common Share - Diluted $ 3.77 $ 1.89 There were no options included in the computation of diluted earnings for the year ended December 31, 2023 December 31, 2022 |
Note 14 - Employee Benefit Plan
Note 14 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 14. EMPLOYEE BENEFIT PLANS The Company has a 401 For t he years ended December 31, 2023 2022 , the Company made matching contributions to the plans in the amount of $389,179 and $359,965 respectively. Komtek Forge makes pension contributions to the United Steelworkers pension fund on behalf of its employees. For the years ended December 31, 2023 and December 31, 2022 , these contributions amounted to $66,362 and $55,914 respectively. The Company does not |
Note 15 - Acquisitions
Note 15 - Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 15. ACQUISITIONS Effective January 10, 2022, January 10, 2022 Additionally, effective on January 10, 2022, SEP Cash Consideration Transferred $ 3,951,392 Seller Transaction Costs 230,359 Total Consideration $ 4,181,751 Accounts Receivable 466,887 Inventory 1,308,822 Fixed Assets 64,710 Prepaid and Other Assets 64,080 Intangible Assets: Customer List & Trademarks 1,300,000 Goodwill 1,572,913 Total Assets Acquired $ 4,777,412 Accounts Payable $ 542,359 Accrued Expense 53,302 Total Liabilities Assumed $ 595,661 Total Fair Value $ 4,181,751 Acquisition transaction costs incurred were: $ 124,825 Goodwill Goodwill has an assigned value of $1.6 million and represents the expected synergies generated by combining the operations of Reverso, Separ, and the Company. The Company sells marine hoses and related products and the acquisition of Reverso Pumps and Separ America will allow the Company to expand its offerings to customers in the strategically important marine and defense markets. Intangible assets, customer list has an assigned value of $0.5 million which represents the expected value of the list of the customers of Reverso Pumps and Separ America. Intangible assets, trademarks has an assigned value of $0.8 million which represents the expected value of the trademarks of Reverso Pumps and Separ America. Effective May 1, 2022, May 1, 2022. Cash Consideration Transferred $ 250,000 Fair Value of Stock Consideration 1,000,012 Total Consideration $ 1,250,012 Cash $ 100,000 Accounts Receivable 155,932 Inventory 517,270 Fixed Assets 90,603 Intangible Assets 150,000 Goodwill 645,372 Total Assets Acquired $ 1,659,177 Accounts Payable $ 33,694 Deferred Revenue 375,471 Total Liabilities Assumed $ 409,165 Total Fair Value 1,250,012 Acquisition transaction costs incurred were: $ 30,479 Goodwill and Intangible Assets Goodwill has an assigned value of $0.6 million and represents the expected synergies generated by combining the operations of KMC and the Company. Goodwill increased by $0.2 million from $0.4 million at December 31, 2022 December 31, 2023. second 2023 Sales and Net Income for the Acquired Companies Sales and net income information for the acquired companies, Reverso Pumps LLC (“Reverso Pumps”), Separ America LLC (“Separ America”) and Knitting Machinery Company of America LLC (“Knitting Machinery”) since the respective acquisition dates for years ended December 31, 2023 2022 Year ended Year ended December 31, 2023 December 31, 2022 Sales Net Income Sales Net Income Acquired Companies: Reverso Pumps (acquired January 10, 2022) $ 6,527,485 $ 1,141,472 $ 5,467,426 $ 876,558 Separ America (acquired January 10, 2022) 2,339,485 744,663 1,746,551 353,239 Knitting Machinery (acquired May 1, 2022) 633,573 33,579 1,022,603 82,830 Subtotal Acquired Companies $ 9,500,543 $ 1,919,714 8,236,580 1,312,627 All Other Companies 134,385,391 11,375,079 119,518,347 5,248,776 Total $ 143,885,934 $ 13,294,793 $ 127,754,927 $ 6,561,403 |
Note 16 - Segment and Related I
Note 16 - Segment and Related Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16. The Company reports operations for two business segments: ( 1 2 280 10 50 1. not Both the Commercial Air Handling Equipment segment and the Industrial and Transportation Products segment engage in business activities from which they may Commercial Air Handling Equipment: The Commercial Air Handling Equipment segment was added 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. July 1, 2021. January 10, 2022. The company purchased substantially all of the assets of Crawford SEP January 10, 2022. May 1, 2022. The factors used to determine the Company’s reportable segments follow the guidance of ASC 280 10 50 21 50 10 22 not three eighteen 30 Corporate: Corporate costs not Information by industry segment is set forth below: Twelve Months ended 2023 Industrial Commercial And Air Transportation Handling Products Corporate Consolidated Sales $ 58,378,593 $ 85,507,341 $ - $ 143,885,934 Gross Profit 19,123,207 18,522,875 - 37,646,082 Operating Income 15,367,247 7,594,668 (5,029,444 ) 17,932,471 Pretax Income 15,367,247 8,173,742 (6,376,841 ) 17,164,148 Net Income 10,987,581 6,090,530 (3,783,318 ) 13,294,793 Twelve Months ended 2022 Industrial Commercial And Air Transportation Handling Products Corporate Consolidated Sales $ 47,649,695 $ 80,105,232 $ - $ 127,754,927 Gross Profit 10,751,822 16,280,959 - 27,032,781 Operating Income 6,670,069 5,955,820 (4,092,417 ) 8,533,472 Pretax Income 6,670,069 5,951,335 (4,889,210 ) 7,732,194 Net Income 4,769,099 4,253,978 (2,461,674 ) 6,561,403 Year Ended Year Ended December 31, December 31, 2023 2022 Capital Expenditures: Commercial Air Handling Equipment Segment $ 250,685 $ 53,591 Industrial and Transportation Products Segment 1,290,742 534,563 Corporate 491,346 154,674 Total Capital Expenditures $ 2,032,773 $ 742,828 Depreciation and Amortization: Commercial Air Handling Equipment Segment $ 432,038 $ 431,752 Industrial and Transportation Products Segment 3,344,898 3,151,898 Corporate 144,804 167,155 Total Depreciation and Amortization $ 3,921,740 $ 3,750,805 Identifiable Assets: Commercial Air Handling Equipment Segment $ 20,252,946 $ 20,681,082 Industrial and Transportation Products Segment 70,808,054 76,701,530 Corporate 2,578,598 2,215,461 Total Identifiable Assets $ 93,639,598 $ 99,598,074 Geographical Information Included in the consolidated financial statements are the following amounts related to geographic locations: Year Ended Year Ended December 31, December 31, 2023 2022 United States of America $ 140,583,071 $ 125,097,522 Puerto Rico 1,665,770 413,684 Canada 975,866 1,175,246 Other 661,227 1,068,475 $ 143,885,934 $ 127,754,927 All export sales to foreign countries are made in US Dollars. |
Note 17 - Quarterly Data (Unaud
Note 17 - Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 17. The following table presents the Company’s unaudited quarterly consolidated income statement data for the years ended December 31, 2023 2022 not Year Ended December 31, 2023 March 31, June 30, September 30, December 31, 2023 2023 2023 2023 Sales $ 39,484,356 $ 36,933,015 $ 33,641,513 $ 33,827,050 Gross Profit 10,516,552 10,474,878 8,909,332 7,745,321 Operating Income 5,119,267 5,152,364 4,296,968 3,363,871 Net Income 3,391,473 3,851,342 2,814,736 3,237,242 Net Income per Common Share: Basic $ 0.97 $ 1.10 $ 0.80 $ 0.92 Diluted $ 0.97 $ 1.09 $ 0.80 $ 0.91 Year Ended December 31, 2022 March 31, June 30, September 30, December 31, 2022 2022 2022 2022 Sales $ 31,002,746 $ 31,902,027 $ 32,189,623 $ 32,660,531 Gross Profit 6,366,405 6,768,491 6,309,803 7,588,082 Operating Income 1,397,321 2,375,527 1,999,678 2,760,946 Net Income 1,065,875 1,171,264 1,254,545 3,069,719 Net Income per Common Share: Basic $ 0.31 $ 0.34 $ 0.36 $ 0.88 Diluted $ 0.31 $ 0.34 $ 0.36 $ 0.88 |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18. Effective January 2, 2024, |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 9B. During the quarter ended December 31, 2023, no 10b5 1 10b5 1 408 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS Additions Balance at Charged to Beginning Costs and Balance at Description of Period Expenses Deductions End of Period Year Ended December 31, 2022 Reserve for doubtful accounts $ 75,390 $ 68,241 $ - $ 143,631 Reserve for inventory obsolescence 452,607 905,340 - 1,357,947 Reserve for product warranty 30,383 432,906 (398,289 ) 65,000 Valuation allowance for deferred taxes 47,319 - (8,319 ) 39,000 Reserve for uncertain tax positions $ 590,000 $ - $ (414,000 ) $ 176,000 Year Ended December 31, 2023 Reserve for doubtful accounts $ 143,631 $ - $ (38,408 ) $ 105,223 Reserve for inventory obsolescence 1,357,947 58,000 (738,167 ) 677,780 Reserve for product warranty 65,000 709,409 (571,796 ) 202,613 Valuation allowance for deferred taxes 39,000 - (6,000 ) 33,000 Reserve for uncertain tax positions $ 176,000 $ - $ (121,000 ) $ 55,000 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, December 15, 2022. no In November 2023, 2023 07, 280 280 December 15, 2023, December 15, 2024, In December 2023, 2023 09, 740 December 15, 2024. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that may |
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 Measurement, Policy [Policy Text Block] | Fair Value Measurements As defined in FASB ASC 820, one three * Level 1: * Level 2: - Quoted prices for similar assets or liabilities in active markets; - 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. The 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. Investments in stock: The stock market value is based on valuation of market quotes from independent active market sources, and is considered a level 1 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company sells its products and services primarily to customers in the United States of America and to a lesser extent overseas. All sales are made in U.S. dollars. The Company extends normal credit terms to its customers. For the year ended December 31, 2023 , sales to nine December 31, 2022 , sales to nine customers in the Commercial Air Handling Equipment segment were 17.0% of consolidated sales of the Company, while nine customers in the Industrial and Transportation Products segment accounted for 22.5% of consolidated sales. |
Revenue [Policy Text Block] | Revenue Recognition The Company recognizes revenue under ASC 606, five 1 2 3 4 5 not |
Contract Performance Obligation [Policy Text Block] | Contract Performance Obligations: To determine proper revenue recognition, the Company evaluates whether two one not not not |
Construction Contractor [Policy Text Block] | Construction Contracts The Company recognizes revenue on construction contracts over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer. The customer typically controls the work in process, as evidenced by the contract. The Company’s construction contracts are generally accounted for as a single performance obligation, since the Company is providing a significant service of integrating components into a single project. The Company recognizes revenue using a cost-based input method, by which actual costs incurred relative to total estimated contract costs determine, as a percentage, progress toward contract completion. This percentage is applied to the transaction price to determine the amount of revenue to recognize. The Company believes the cost-based input method is the best depiction of performance, because it directly measures the value of the services transferred to the customer. Revenues on uninstalled materials are recognized when control is transferred to the customer, which does not If based on a lack of reliable information, progress cannot be reasonably measured, recognition of revenues (but not no December 31, 2023 2022 Revenues on uninstalled materials are recognized when control is transferred to the customer, which does not no third Because the Company almost always acts as a principal in contracts, revenues are recognized gross. The Company is considered the principal because the Company controls the contractually specified goods and services before they are transferred to the customer. The payment terms of the Company’s construction contracts from time to time require the customer to make advance payments as well as interim payments as work progresses. The advance payment generally is not The payment terms of the Company’s construction contracts from time to time require the customer to make advance payments as well as interim payments as work progresses. The advance payment generally is not |
Contract Assets [Policy Text Block[ | Contract Assets Contract assets are related to the Commercial Air Handling segment. A contract asset is recorded when revenue is recognized in advance of the right to receive consideration (i.e., the Company must perform additional services in order to receive consideration). Amounts are recorded as receivables when the right to consideration is unconditional. When consideration is received, or the Company has an unconditional right to consideration in advance of delivery of goods or services, a contract liability would be recorded. |
Contract Estimates [Policy Text Block] | Contract Estimates Due to the nature of the Company’s performance obligations, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Since a significant change in one The Company recognizes adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, a provision for the entire loss is recognized in the period it is identified. |
Contract Modifications, Policy [Policy Text Block] | Contract Modifications Contract modifications are routine in the performance of the Company’s contracts. Contracts are often modified to account for changes in the contract specifications or requirements. In most instances, contract modifications are for goods or services that are not |
Variable Consideration, Policy [Policy Text Blcok] | Variable Consideration The nature of the Company’s contracts can, but typically do not, not Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on assessment of legal enforceability, past performance, and all information (historical, current, and forecasted) that is reasonably available to the Company. |
Cost of Goods and Service [Policy Text Block] | Cost and Expense Recognition Contract costs include all direct labor, materials, subcontractor, and equipment costs, and those indirect costs related to contract performance, such as indirect labor, tools and supplies. For construction contracts, costs are generally recognized as incurred. Under certain circumstances, costs incurred in the period related to future activity on contracts may Costs incurred that do not not For construction contracts, when it is probable that the total contract costs will exceed total contract revenues, a provision for the estimated expected loss is recorded. As long-term contracts extend over one |
Revenue from Contract with Customer [Policy Text Block] | Unearned Revenue Unearned revenue consists of customer deposits and contract liabilities related to the Commercial Air Handling Equipment segment. Unearned revenue for the year ended December 31, 2022 2023 |
Disaggregation of Revenue [Policy Text Block] | Disaggregation of Revenue Revenue earned over time compared to at a point in time is as follows for the years ended December 31, 2023 2022 December 31, 2023 2022 Earned over time $ 59,572,611 $ 50,236,873 Point in time 84,313,323 77,518,054 Total revenue $ 143,885,934 $ 127,754,927 |
Revenue Recogniztion, Deferred Commissions, Policy [Policy Text Block] | Deferred Commissions Commissions are earned based on the status of the contract. Commissions are paid upon receipt of payment for units shipped. |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties The Company provides a warranty for its custom air handling business covering parts for 12 18 may no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three |
Receivable [Policy Text Block] | Accounts Receivable The Company recognizes an allowance for losses on accounts receivable in an amount equal to the current expected credit losses. The estimation of the allowance is based on an analysis of historical loss experience, current receivables aging, and management’s assessment of current conditions and reasonable and supportable expectation of future conditions, as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible. The expense associated with the allowance for expected credit losses is recognized in selling, general and administrative expenses |
Inventory, Policy [Policy Text Block] | Inventory first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Estimated Useful Class Method Lives (years) Buildings and Improvements Straight-line 10 40 Machinery and Equipment Straight-line 3 20 |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Valuation of Long-Lived Assets may not |
Cost of Goods and Service Sold, Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs |
Income Tax, Policy [Policy Text Block] | Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus any change in deferred taxes during the year. Deferred taxes result from differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not not 2018 February 3, 2023 no |
Earnings Per Share, Policy [Policy Text Block] | Income per Common Share |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Indefinite-lived intangible assets and Goodwill are tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not 50% |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications 2022 2023 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | December 31, 2023 2022 Earned over time $ 59,572,611 $ 50,236,873 Point in time 84,313,323 77,518,054 Total revenue $ 143,885,934 $ 127,754,927 |
Property, Plant and Equipment Estimated Useful Lives [Table Text Block] | Estimated Useful Class Method Lives (years) Buildings and Improvements Straight-line 10 40 Machinery and Equipment Straight-line 3 20 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, December 31, 2023 2022 Raw materials and component parts $ 3,989,444 $ 2,892,820 Work-in-process 4,514,263 5,158,252 Finished products 9,846,694 13,483,017 Total inventory $ 18,350,401 $ 21,534,089 Less: inventory reserves 677,779 1,357,947 Net inventory $ 17,672,622 $ 20,176,142 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | December 31, December 31, 2023 2022 Commercial Air Handling Equipment Segment: Beginning Balance $ 478,256 $ 478,256 Acquisitions - - Adjustments - - Ending Balance $ 478,256 $ 478,256 Industrial and Transportation Products Segment: Beginning Balance $ 15,753,682 $ 13,926,362 Acquisitions - 1,997,174 Adjustments 221,111 (169,854 ) Ending Balance $ 15,974,793 $ 15,753,682 Total Company: Beginning Balance $ 16,231,938 $ 14,404,618 Acquisitions - 1,997,174 Adjustments 221,111 (169,854 ) Ending Balance $ 16,453,049 $ 16,231,938 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2023 December 31, 2022 Customer list intangibles $ 9,316,000 $ 9,316,000 Non-compete agreements 200,000 200,000 Trademarks 4,466,899 4,445,649 Total intangible assets 13,982,899 13,961,649 Less: accumulated amortization 5,730,299 4,469,089 Intangible assets, net $ 8,252,600 $ 9,492,560 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | December 31, 2023 December 31, 2022 Accumulated amortization at the beginning of the period $ 4,469,089 $ 3,203,585 Amortization expense 1,261,210 1,265,504 Accumulated amortization at end of period $ 5,730,299 $ 4,469,089 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization in future periods 2024 1,261,210 2025 1,261,210 2026 933,345 2027 817,298 2028 759,117 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, December 31, 2023 2022 Land $ 231,034 $ 231,034 Buildings and improvements 3,760,203 3,222,243 Machinery & equipment 24,851,703 23,301,660 Total property, plant & equipment 28,842,940 26,754,937 Less: accumulated depreciation 14,156,750 11,541,494 Property plant & equipment, net $ 14,686,190 $ 15,213,443 |
Note 7 - Investments in Equit_2
Note 7 - Investments in Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Gain (Loss) on Securities [Table Text Block] | UNREALIZED REALIZED BALANCE ACQUISITIONS, GAINS GAINS BALANCE AT DISPOSITIONS (LOSSES) (LOSSES) AT END BEGINNING AND INCLUDED INCLUDED OF OF YEAR SETTLEMENTS IN EARNINGS IN EARNINGS PERIOD December 31, 2022 $ 1,518,244 $ - $ (860,273 ) $ - $ 657,971 Year-to-date December 31, 2023 657,971 - 53,614 (46,284 ) 665,301 |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Unobservable Quoted Models with Inputs that Market Significant are not Total Prices in Observable Corroborated Carrying Attractive Market by Market Value in the Markets Parameters Data Balance (Level 1) (Level 2) (Level 3) Sheet Common stock as of December 31, 2023 $ 665,301 $ - $ - $ 665,301 Common stock as of December 31, 2022 $ 657,971 $ - $ - $ 657,971 |
Note 8 - Bank Debt and Notes _2
Note 8 - Bank Debt and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, December 31, 2023 2022 Term debt $ - $ 222,222 Revolving debt 5,112,187 19,281,119 Total Bank debt 5,112,187 19,503,341 Less: current portion - 222,222 Non-current bank debt 5,112,187 19,281,119 Less: unamortized debt costs 15,515 56,801 Net non-current bank debt $ 5,096,672 $ 19,224,318 |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 31, December 31, 2023 2022 In connection with the Komtek Forge acquisition, the Company refinanced its previously 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 $ 1,294,435 $ 2,587,877 In connection with the CAD acquisition, the Company entered into a promissory note on July 1, 2018 for a $ 9,000,000 - 562,500 Total notes payable 1,294,435 3,150,377 Less current portion 824,226 1,303,972 Notes payable – non-current portion $ 470,209 $ 1,846,405 |
Notes Payable [Member] | |
Notes Tables | |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Related Party Total Principal Notes Payments 2024 824,226 824,226 2025 470,209 470,209 2026 - - 2027 - - Total principal payments $ 1,294,435 $ 1,294,435 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lessee, Operating and Finance Lease, Assets and Liabilities [Table Text Block] | December 31, December 31, 2023 2022 Operating leases: Operating lease right-of-use assets, net $ 8,356,903 $ 9,524,280 Other current liabilities 1,714,174 1,705,224 Operating lease liabilities 6,901,043 8,060,152 Total operating lease liabilities $ 8,615,217 $ 9,765,376 Weighted Average Remaining Lease Term Operating Leases (in years) 7.1 7.7 Weighted Average Discount Rate Operating Leases 5.0 % 5.0 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Operating Leases Year Ending December 31, 2024 $ 2,105,239 2025 2,061,125 2026 1,521,090 2027 845,957 2028 636,577 Thereafter 3,059,965 Total future minimum lease payments $ 10,229,953 Less: imputed interest (1,614,736 ) Total $ 8,615,217 |
Note 11 - Stock Compensation (T
Note 11 - Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | December 31, 2023 2022 Class A shares issued to Directors and employees related to stock compensation plans 34,700 32,200 Non-cash stock compensation expense $ 1,377,423 $ 957,728 |
Class of Treasury Stock [Table Text Block] | TREASURY SHARES CLASS A CLASS B Balance at December 31, 2021 41,844 182,435 Share repurchase 5,568 - Balance at December 31, 2022 47,412 182,435 Share repurchase 6,662 - Balance at December 31, 2023 54,074 182,435 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Year December 31, December 31, 2023 2022 Income Before Provision for Income Taxes $ 17,164,148 $ 7,732,194 Statutory rate 21 % 21 % Tax at statutory rate 3,604,471 1,623,761 State taxes, net of federal benefit 302,484 20,438 Release of FIN 48 reserve (121,000 ) (414,000 ) Deferred Adjustments 125,935 - Permanent differences (299,103 ) (17,334 ) Return to provision adjustments 262,552 (22,681 ) Other (5,984 ) (19,393 ) Provision for income taxes $ 3,869,355 $ 1,170,791 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, December 31, 2023 2022 Inventories $ 176,022 $ 221,441 Bad debts 23,197 5,757 Accrued liabilities 527,320 677,728 Prepaid expense (103,037 ) (136,419 ) Depreciation and amortization (2,464,503 ) (3,111,224 ) Capitalized Costs 496,897 629,085 Research and development and other credit carryforwards 1,067,816 443,689 Right of use lease accounting (149,876 ) (80,376 ) Directors stock option plan 203,914 180,761 Total deferred tax liability (222,250 ) (1,169,558 ) Valuation allowance (33,000 ) (39,000 ) Reserve for uncertain tax positions (55,000 ) (176,000 ) Total reserves & allowances (88,000 ) (215,000 ) Net deferred tax liability, net of reserves $ (310,250 ) $ (1,384,558 ) |
Summary of Operating Loss Carryforwards [Table Text Block] | Tax Year R& D & Other Expires State NOLs Credits 2024 $ - $ 3,000 2025 - 3,000 2026 - 3,000 2027 - 3,000 2028 - 3,000 2029 - 3,000 2030 - 3,000 2031 - 3,000 2032 - 3,000 2033 - 3,000 2034 - 3,000 2035 - - 2036 - - 2037 - - 2038 and beyond - - $ - $ 33,000 |
Note 13 - Earnings Per Common_2
Note 13 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended 2023 2022 Net Income Per Common Share - Basic Income available to common stockholders $ 13,294,793 $ 6,561,403 Weighted Average Shares of Common Stock Outstanding 3,507,883 3,462,868 Net Income Per Common Share - Basic $ 3.79 $ 1.89 Effect of Dilutive Securities Weighted Average Shares of Common Stock Outstanding - Basic 3,507,883 3,462,868 Unvested Restricted Stock Awards 18,953 - Weighted Average Shares of Common Stock Outstanding - Diluted 3,526,836 3,462,868 Net Income Per Common Share – Diluted Income available to common stockholders $ 13,294,793 $ 6,561,403 Weighted Average Shares of Common Stock Outstanding - Diluted 3,526,836 3,462,868 Net Income Per Common Share - Diluted $ 3.77 $ 1.89 |
Note 15 - Acquisitions (Tables)
Note 15 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | Year ended Year ended December 31, 2023 December 31, 2022 Sales Net Income Sales Net Income Acquired Companies: Reverso Pumps (acquired January 10, 2022) $ 6,527,485 $ 1,141,472 $ 5,467,426 $ 876,558 Separ America (acquired January 10, 2022) 2,339,485 744,663 1,746,551 353,239 Knitting Machinery (acquired May 1, 2022) 633,573 33,579 1,022,603 82,830 Subtotal Acquired Companies $ 9,500,543 $ 1,919,714 8,236,580 1,312,627 All Other Companies 134,385,391 11,375,079 119,518,347 5,248,776 Total $ 143,885,934 $ 13,294,793 $ 127,754,927 $ 6,561,403 |
Knitting Machinery Company of America LLC [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash Consideration Transferred $ 250,000 Fair Value of Stock Consideration 1,000,012 Total Consideration $ 1,250,012 Cash $ 100,000 Accounts Receivable 155,932 Inventory 517,270 Fixed Assets 90,603 Intangible Assets 150,000 Goodwill 645,372 Total Assets Acquired $ 1,659,177 Accounts Payable $ 33,694 Deferred Revenue 375,471 Total Liabilities Assumed $ 409,165 Total Fair Value 1,250,012 Acquisition transaction costs incurred were: $ 30,479 |
Reverso Pumps, Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash Consideration Transferred $ 3,951,392 Seller Transaction Costs 230,359 Total Consideration $ 4,181,751 Accounts Receivable 466,887 Inventory 1,308,822 Fixed Assets 64,710 Prepaid and Other Assets 64,080 Intangible Assets: Customer List & Trademarks 1,300,000 Goodwill 1,572,913 Total Assets Acquired $ 4,777,412 Accounts Payable $ 542,359 Accrued Expense 53,302 Total Liabilities Assumed $ 595,661 Total Fair Value $ 4,181,751 Acquisition transaction costs incurred were: $ 124,825 |
Note 16 - Segment and Related_2
Note 16 - Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Twelve Months ended 2023 Industrial Commercial And Air Transportation Handling Products Corporate Consolidated Sales $ 58,378,593 $ 85,507,341 $ - $ 143,885,934 Gross Profit 19,123,207 18,522,875 - 37,646,082 Operating Income 15,367,247 7,594,668 (5,029,444 ) 17,932,471 Pretax Income 15,367,247 8,173,742 (6,376,841 ) 17,164,148 Net Income 10,987,581 6,090,530 (3,783,318 ) 13,294,793 Twelve Months ended 2022 Industrial Commercial And Air Transportation Handling Products Corporate Consolidated Sales $ 47,649,695 $ 80,105,232 $ - $ 127,754,927 Gross Profit 10,751,822 16,280,959 - 27,032,781 Operating Income 6,670,069 5,955,820 (4,092,417 ) 8,533,472 Pretax Income 6,670,069 5,951,335 (4,889,210 ) 7,732,194 Net Income 4,769,099 4,253,978 (2,461,674 ) 6,561,403 Year Ended Year Ended December 31, December 31, 2023 2022 Capital Expenditures: Commercial Air Handling Equipment Segment $ 250,685 $ 53,591 Industrial and Transportation Products Segment 1,290,742 534,563 Corporate 491,346 154,674 Total Capital Expenditures $ 2,032,773 $ 742,828 Depreciation and Amortization: Commercial Air Handling Equipment Segment $ 432,038 $ 431,752 Industrial and Transportation Products Segment 3,344,898 3,151,898 Corporate 144,804 167,155 Total Depreciation and Amortization $ 3,921,740 $ 3,750,805 Identifiable Assets: Commercial Air Handling Equipment Segment $ 20,252,946 $ 20,681,082 Industrial and Transportation Products Segment 70,808,054 76,701,530 Corporate 2,578,598 2,215,461 Total Identifiable Assets $ 93,639,598 $ 99,598,074 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended Year Ended December 31, December 31, 2023 2022 United States of America $ 140,583,071 $ 125,097,522 Puerto Rico 1,665,770 413,684 Canada 975,866 1,175,246 Other 661,227 1,068,475 $ 143,885,934 $ 127,754,927 |
Note 17 - Quarterly Data (Una_2
Note 17 - Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Year Ended December 31, 2023 March 31, June 30, September 30, December 31, 2023 2023 2023 2023 Sales $ 39,484,356 $ 36,933,015 $ 33,641,513 $ 33,827,050 Gross Profit 10,516,552 10,474,878 8,909,332 7,745,321 Operating Income 5,119,267 5,152,364 4,296,968 3,363,871 Net Income 3,391,473 3,851,342 2,814,736 3,237,242 Net Income per Common Share: Basic $ 0.97 $ 1.10 $ 0.80 $ 0.92 Diluted $ 0.97 $ 1.09 $ 0.80 $ 0.91 Year Ended December 31, 2022 March 31, June 30, September 30, December 31, 2022 2022 2022 2022 Sales $ 31,002,746 $ 31,902,027 $ 32,189,623 $ 32,660,531 Gross Profit 6,366,405 6,768,491 6,309,803 7,588,082 Operating Income 1,397,321 2,375,527 1,999,678 2,760,946 Net Income 1,065,875 1,171,264 1,254,545 3,069,719 Net Income per Common Share: Basic $ 0.31 $ 0.34 $ 0.36 $ 0.88 Diluted $ 0.31 $ 0.34 $ 0.36 $ 0.88 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Valuation And Qualifying Accounts Disclosure Table [Table Text Block] | Additions Balance at Charged to Beginning Costs and Balance at Description of Period Expenses Deductions End of Period Year Ended December 31, 2022 Reserve for doubtful accounts $ 75,390 $ 68,241 $ - $ 143,631 Reserve for inventory obsolescence 452,607 905,340 - 1,357,947 Reserve for product warranty 30,383 432,906 (398,289 ) 65,000 Valuation allowance for deferred taxes 47,319 - (8,319 ) 39,000 Reserve for uncertain tax positions $ 590,000 $ - $ (414,000 ) $ 176,000 Year Ended December 31, 2023 Reserve for doubtful accounts $ 143,631 $ - $ (38,408 ) $ 105,223 Reserve for inventory obsolescence 1,357,947 58,000 (738,167 ) 677,780 Reserve for product warranty 65,000 709,409 (571,796 ) 202,613 Valuation allowance for deferred taxes 39,000 - (6,000 ) 33,000 Reserve for uncertain tax positions $ 176,000 $ - $ (121,000 ) $ 55,000 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 | |
Contract with Customer, Liability, Current | $ 4,354,868 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Commercial Air Handling [Member] | ||
Number of Customers | 9 | 9 |
Concentration Risk, Percentage | 18.90% | 17% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Industrial and Transportation Products [Member] | ||
Number of Customers | 9 | 9 |
Concentration Risk, Percentage | 23.20% | 22.50% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 33,827,050 | $ 33,641,513 | $ 36,933,015 | $ 39,484,356 | $ 32,660,531 | $ 32,189,623 | $ 31,902,027 | $ 31,002,746 | $ 143,885,934 | $ 127,754,927 |
Transferred over Time [Member] | ||||||||||
Revenue | 59,572,611 | 50,236,873 | ||||||||
Transferred at Point in Time [Member] | ||||||||||
Revenue | $ 84,313,323 | $ 77,518,054 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Lives (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment Useful Lives (Year) | 10 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment Useful Lives (Year) | 40 years | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment Useful Lives (Year) | 3 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment Useful Lives (Year) | 20 years |
Note 3 - Accounts Receivable (D
Note 3 - Accounts Receivable (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable, after Allowance for Credit Loss | $ 19,700,000 | $ 21,900,000 | $ 18,400,000 |
Accounts Receivable, Allowance for Credit Loss | $ 105,223 | $ 143,631 | $ 75,930 |
Note 4 - Inventory - Inventory
Note 4 - Inventory - Inventory (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Raw materials and component parts | $ 3,989,444 | $ 2,892,820 |
Work-in-process | 4,514,263 | 5,158,252 |
Finished products | 9,846,694 | 13,483,017 |
Total inventory | 18,350,401 | 21,534,089 |
Less: inventory reserves | 677,779 | 1,357,947 |
Net inventory | $ 17,672,622 | $ 20,176,142 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | |
Goodwill, Period Increase (Decrease) | 200,000 | 1,800,000 | |
Goodwill | 16,453,049 | 16,231,938 | $ 14,404,618 |
Goodwill, Acquired During Period | 0 | 1,997,174 | |
Goodwill, Purchase Accounting Adjustments | 221,111 | $ (169,854) | |
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||
Acquisition of Global Tek Manufacturing LLC [Member] | |||
Goodwill, Purchase Accounting Adjustments | $ (200,000) | ||
Goodwill Approximation [Member] | |||
Goodwill | $ 16,500,000 | $ 16,200,000 | $ 14,400,000 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets - Goodwill By Reportable Segment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Beginning Balance | $ 16,231,938 | $ 14,404,618 |
Acquisitions | 0 | 1,997,174 |
Adjustments | 221,111 | (169,854) |
Ending Balance | 16,453,049 | 16,231,938 |
Commercial Air Handling [Member] | ||
Beginning Balance | 478,256 | 478,256 |
Acquisitions | 0 | 0 |
Adjustments | 0 | 0 |
Ending Balance | 478,256 | 478,256 |
Industrial and Transportation Products [Member] | ||
Beginning Balance | 15,753,682 | 13,926,362 |
Acquisitions | 0 | 1,997,174 |
Adjustments | 221,111 | (169,854) |
Ending Balance | $ 15,974,793 | $ 15,753,682 |
Note 5 - Goodwill and Other I_5
Note 5 - Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Other intangibles, gross | $ 13,982,899 | $ 13,961,649 | |
Less: accumulated amortization | 5,730,299 | 4,469,089 | $ 3,203,585 |
Intangible assets, net | 8,252,600 | 9,492,560 | |
Customer Lists [Member] | |||
Other intangibles, gross | 9,316,000 | 9,316,000 | |
Noncompete Agreements [Member] | |||
Other intangibles, gross | 200,000 | 200,000 | |
Trademarks [Member] | |||
Other intangibles, gross | $ 4,466,899 | $ 4,445,649 |
Note 5 - Goodwill and Other I_6
Note 5 - Goodwill and Other Intangible Assets - Accumulated Amortization (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated amortization at the beginning of the period | $ 4,469,089 | $ 3,203,585 |
Amortization expense | 1,261,210 | 1,265,504 |
Accumulated amortization at end of period | $ 5,730,299 | $ 4,469,089 |
Note 5 - Goodwill and Other I_7
Note 5 - Goodwill and Other Intangible Assets - Future Amortization Expense (Details) | Dec. 31, 2023 USD ($) |
2024 | $ 1,261,210 |
2025 | 1,261,210 |
2026 | 933,345 |
2027 | 817,298 |
2028 | $ 759,117 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation, Total | $ 2,619,244 | $ 2,398,445 | |
Common Class A [Member] | Aerospace Tooling Machine [Member] | Air Power Dynamics, LLC [Member] | |||
Stock Issued During Period, Shares, Purchase of Assets (in shares) | 7,317 | ||
Stock Issued During Period, Value, Purchase of Assets | $ 150,000 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment, Net - Schedule of Property, Plant, and Equipment (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property Plant and Equipment, Gross | $ 28,842,940 | $ 26,754,937 |
Less: accumulated depreciation | 14,156,750 | 11,541,494 |
Property plant & equipment, net | 14,686,190 | 15,213,443 |
Land [Member] | ||
Property Plant and Equipment, Gross | 231,034 | 231,034 |
Building and Building Improvements [Member] | ||
Property Plant and Equipment, Gross | 3,760,203 | 3,222,243 |
Machinery and Equipment [Member] | ||
Property Plant and Equipment, Gross | $ 24,851,703 | $ 23,301,660 |
Note 7 - Investments in Equit_3
Note 7 - Investments in Equity Securities - Summary of Investment in Equity Securities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 657,971 | $ 1,518,244 |
Acquisitions, Dispositions and Settlements | 0 | 0 |
Unrealized Gains Included in Earnings | 53,614 | (860,273) |
Realized Gains Included in Earnings | 0 | |
Balance | 665,301 | $ 657,971 |
Realized Gains (Losses) Included in Earnings | $ (46,284) |
Note 7 - Investments in Equit_4
Note 7 - Investments in Equity Securities - Schedule of Fair Value of Investments (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Balance | $ 665,301 | $ 657,971 | $ 1,518,244 |
Reported Value Measurement [Member] | |||
Balance | 665,301 | 657,971 | |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |||
Balance | 665,301 | 657,971 | |
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 and Notes _3
Note 8 - Bank Debt and Notes Payable (Details Textual) - USD ($) | 12 Months Ended | |||||||
Mar. 02, 2021 | Jul. 01, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 27, 2023 | Nov. 26, 2023 | Jan. 15, 2021 | Jan. 14, 2021 | |
Payments to Acquire Businesses, Gross | $ 0 | $ 4,331,739 | ||||||
CAD Enterprises, Inc. [Member] | ||||||||
Business Combination, Consideration Transferred, Total | $ 21,000,000 | |||||||
Payments to Acquire Businesses, Gross | $ 12,000,000 | |||||||
Seller Note [Member] | CAD Enterprises, Inc. [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | |||||||
Notes Payable [Member] | ||||||||
Notes Payable, Total | $ 1,294,435 | 3,150,377 | ||||||
Notes Payable [Member] | Seller Note [Member] | ||||||||
Notes Payable, Total | 0 | 562,500 | ||||||
J P Morgan Chase Bank [Member] | ||||||||
Line of Credit Facility, Covenant, Maximum Annual Amount Payable in Dividends or Other Restricted Payments | $ 2,000,000 | $ 1,250,000 | ||||||
Line of Credit, Covenant, Repurchase of Company Equity | $ 7,000,000 | |||||||
J P Morgan Chase Bank [Member] | Prime Rate [Member] | Term Debt [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||
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, Remaining Borrowing Capacity | 24,900,000 | 10,700,000 | ||||||
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] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||
First Francis [Member] | Notes Payable [Member] | Related Party Notes [Member] | ||||||||
Notes Payable, Total | $ 2,077,384 | |||||||
First Francis [Member] | Notes Payable [Member] | Related Party Notes [Member] | Komtek Forge [Member] | ||||||||
Notes Payable, Total | $ 1,702,400 | |||||||
First Francis [Member] | Notes Payable [Member] | Related Party Notes Three [Member] | ||||||||
Notes Payable, Total | $ 1,294,435 | $ 2,587,877 | $ 3,779,784 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% |
Note 8 - Bank Debt - Summary of
Note 8 - Bank Debt - Summary of Loan Balances (Details) - Bank Debt [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Total Bank Debt | $ 5,112,187 | $ 19,503,341 |
Less: current portion | 0 | 222,222 |
Non-current bank debt | 5,112,187 | 19,281,119 |
Less: unamortized debt costs | 15,515 | 56,801 |
Net non-current bank debt | 5,096,672 | 19,224,318 |
Term Debt [Member] | ||
Total Bank Debt | 0 | 222,222 |
Line of Credit [Member] | ||
Total Bank Debt | $ 5,112,187 | $ 19,281,119 |
Note 8 - Bank Debt and Notes _4
Note 8 - Bank Debt and Notes Payable - Notes Payable (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 15, 2021 |
Less current portion | $ 824,226 | $ 1,303,972 | |
Notes Payable [Member] | |||
Notes payable | 1,294,435 | 3,150,377 | |
Less current portion | 824,226 | 1,303,972 | |
Notes payable – non-current portion | 470,209 | 1,846,405 | |
Notes Payable [Member] | Related Party Notes Three [Member] | First Francis [Member] | |||
Notes payable | 1,294,435 | 2,587,877 | $ 3,779,784 |
Notes Payable [Member] | Seller Note [Member] | |||
Notes payable | $ 0 | $ 562,500 |
Note 8 - Bank Debt and Notes _5
Note 8 - Bank Debt and Notes Payable - Notes Payable (Details) (Parentheticals) - Notes Payable [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Notes Three [Member] | First Francis [Member] | ||
Notes payable, face value | $ 3,779,784 | $ 3,779,784 |
Seller Note [Member] | ||
Notes payable, face value | $ 9,000,000 | $ 9,000,000 |
Note 8 - Bank Debt and Notes _6
Note 8 - Bank Debt and Notes Payable - Principal Payments on Notes Payable (Details) - Notes Payable [Member] | Dec. 31, 2023 USD ($) |
2027 | $ 0 |
Related Party Notes [Member] | |
2024 | 824,226 |
2025 | 470,209 |
2026 | 0 |
Total principal payments | 1,294,435 |
Seller Note [Member] | |
2024 | 824,226 |
2025 | 470,209 |
2026 | 0 |
Total principal payments | $ 1,294,435 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lessee, Operating and Finance Lease, Renewal Term (Year) | 10 years | |
Operating Lease, Expense | $ 2.2 | $ 2 |
Minimum [Member] | ||
Operating and Finance Lease, Remaining Term (Year) | 2 years | |
Maximum [Member] | ||
Lessee, Operating and Finance Lease, Renewal Term (Year) | 10 years |
Note 9 - Leases - Lease Assets
Note 9 - Leases - Lease Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Operating lease right-of-use assets, net | $ 8,356,903 | $ 9,524,280 |
Other current liabilities | 1,714,174 | 1,705,224 |
Operating lease liabilities | $ 6,901,043 | $ 8,060,152 |
Operating Leases (in years) (Year) | 7 years 1 month 6 days | 7 years 8 months 12 days |
Operating Leases | 5% | 5% |
Other Current Liabilities [Member] | ||
Other current liabilities | $ 1,714,174 | $ 1,705,224 |
Operating Lease Liabilities [Member] | ||
Operating lease liabilities | 6,901,043 | 8,060,152 |
Other Current Liabilities and Operating Lease Liabilities [Member] | ||
Total operating lease liabilities | $ 8,615,217 | $ 9,765,376 |
Note 9 - Leases - Schedule of F
Note 9 - Leases - Schedule of Future Minimum Lease Payments (Details) | Dec. 31, 2023 USD ($) |
2024, operating lease | $ 2,105,239 |
2025, operating lease | 2,061,125 |
2026, operating lease | 1,521,090 |
2027, operating lease | 845,957 |
2028, operating lease | 636,577 |
Thereafter | 3,059,965 |
Total future minimum lease payments | 10,229,953 |
Less: imputed interest | (1,614,736) |
Other Current Liabilities and Operating Lease Liabilities [Member] | |
Total | $ 8,615,217 |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity (Details Textual) | Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 shares | Dec. 31, 2019 shares |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | ||
Common Class A [Member] | |||
Common Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,002,848 | 1,002,848 | |
Common Stock, Voting Rights, per Share | 1 | ||
Common Class A [Member] | Minimum [Member] | |||
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 0.1 | ||
Common Class B [Member] | |||
Common Stock, Shares Authorized (in shares) | 2,500,000 | 2,500,000 | 2,500,000 |
Common Stock, Voting Rights, per Share | 3 |
Note 11 - Stock Compensation (D
Note 11 - Stock Compensation (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 20, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 0 | 0 | ||
Share-Based Payment Arrangement, Expense | $ 1,377,423 | $ 957,728 | ||
Omnibus 2023 Equity Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 10 years | |||
Common Class A [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,002,848 | 1,002,848 | 1,002,848 | |
Common Class A [Member] | Omnibus 2023 Equity Plan [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 350,000 |
Note 11 - Stock Compensation -
Note 11 - Stock Compensation - Compensation Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Class A shares issued to Directors and employees related to stock compensation plans (in shares) | 0 | 0 |
Non-cash stock compensation expense | $ 1,377,423 | $ 957,728 |
Common Class A [Member] | Common Stock [Member] | ||
Class A shares issued to Directors and employees related to stock compensation plans (in shares) | 34,700 | 32,200 |
Note 11 - Stock Compensation _2
Note 11 - Stock Compensation - Treasury Stock (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share repurchase (in shares) | 0 | 0 |
Treasury Stock, Common [Member] | ||
Share repurchase (in shares) | 0 | 0 |
Common Class A [Member] | ||
Balance at December 31, 2021 (in shares) | 47,412 | |
Balance at December 31, 2022 (in shares) | 54,074 | 47,412 |
Common Class A [Member] | Treasury Stock, Common [Member] | ||
Balance at December 31, 2021 (in shares) | 47,412 | 41,844 |
Share repurchase (in shares) | 6,662 | 5,568 |
Balance at December 31, 2022 (in shares) | 54,074 | 47,412 |
Common Class B [Member] | ||
Balance at December 31, 2021 (in shares) | 182,435 | |
Balance at December 31, 2022 (in shares) | 182,435 | 182,435 |
Common Class B [Member] | Treasury Stock, Common [Member] | ||
Balance at December 31, 2021 (in shares) | 182,435 | 182,435 |
Share repurchase (in shares) | 0 | 0 |
Balance at December 31, 2022 (in shares) | 182,435 | 182,435 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Expense (Benefit) | $ 3,869,355 | $ 1,170,791 |
Current Income Tax Expense (Benefit) | 4,817,023 | 2,629,560 |
Deferred Income Tax Expense (Benefit) | $ 947,668 | $ 1,458,769 |
Effective Income Tax Rate Reconciliation, Percent | 22.50% | 15.10% |
SEC Schedule, 12-09, Valuation Allowance, Operating Loss Carryforward [Member] | ||
Tax Credit Carryforward, Valuation Allowance | $ 33,000,000,000 | $ 39,000,000,000 |
Valuation Allowance, Reserve for Uncertain Tax Position [Member] | ||
Tax Credit Carryforward, Valuation Allowance | $ 55,000,000,000 | $ 176,000,000,000 |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Before Provision for Income Taxes | $ 17,164,148 | $ 7,732,194 |
Statutory rate | 21% | 21% |
Tax at statutory rate | $ 3,604,471 | $ 1,623,761 |
State taxes, net of federal benefit | 302,484 | 20,438 |
Release of FIN 48 reserve | (121,000) | (414,000) |
Deferred Adjustments | 125,935 | 0 |
Permanent differences | (299,103) | (17,334) |
Return to provision adjustments | 262,552 | (22,681) |
Other | (5,984) | (19,393) |
Provision for income taxes | $ 3,869,355 | $ 1,170,791 |
Note 12 - Income Taxes - Deferr
Note 12 - Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Inventories | $ 176,022 | $ 221,441 |
Bad debts | 23,197 | 5,757 |
Accrued liabilities | 527,320 | 677,728 |
Prepaid expense | (103,037) | (136,419) |
Depreciation and amortization | (2,464,503) | (3,111,224) |
Capitalized Costs | 496,897 | 629,085 |
Research and development and other credit carryforwards | 1,067,816 | 443,689 |
Right of use lease accounting | (149,876) | (80,376) |
Directors stock option plan | 203,914 | 180,761 |
Total deferred tax liability | (222,250) | (1,169,558) |
Valuation allowance | (33,000) | (39,000) |
Reserve for uncertain tax positions | (55,000) | (176,000) |
Total reserves & allowances | (88,000) | (215,000) |
Net deferred tax liability, net of reserves | $ (310,250) | $ (1,384,558) |
Note 12 - Income Taxes - Net Op
Note 12 - Income Taxes - Net Operating Loss and Tax Credit Carryforwards (Details) | Dec. 31, 2023 USD ($) |
State and Local Jurisdiction [Member] | |
Net Operating Loss | $ 0 |
State and Local Jurisdiction [Member] | Research & Development & Other Tax Credits [Member] | |
Net Operating Loss | 33,000 |
Expires in Tax Year 2024 [Member] | Research & Development & Other Tax Credits [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2024 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 0 |
Expires in Tax Year 2025 [Member] | Research & Development & Other Tax Credits [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2025 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 0 |
Expires in Tax Year 2026 [Member] | Research & Development & Other Tax Credits [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2026 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 0 |
Expires in Tax Year 2027 [Member] | Research & Development & Other Tax Credits [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2027 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 0 |
Expires in Tax Year 2028 [Member] | Research & Development & Other Tax Credits [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2028 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 0 |
Expires in Tax Year 2029 [Member] | Research & Development & Other Tax Credits [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2029 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 0 |
Expires in Tax Year 2030 [Member] | Research & Development & Other Tax Credits [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2030 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 0 |
Expires in Tax Year 2031 [Member] | Research & Development & Other Tax Credits [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2031 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 0 |
Expires in Tax Year 2032 [Member] | Research & Development & Other Tax Credits [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2032 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 0 |
Expires in Tax Year 2033 [Member] | Research & Development & Other Tax Credits [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2033 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 0 |
Expires in Tax Year 2034 [Member] | Research & Development & Other Tax Credits [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2034 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 0 |
Expires in Tax Year 2035 [Member] | Research & Development & Other Tax Credits [Member] | |
Net Operating Loss | 0 |
Expires in Tax Year 2035 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 0 |
Expires in Tax Year 2036 [Member] | Research & Development & Other Tax Credits [Member] | |
Net Operating Loss | 0 |
Expires in Tax Year 2036 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 0 |
Expires in Tax Year 2037 [Member] | |
Net Operating Loss | 0 |
Expires in 2038 and Beyond [Member] | Research & Development & Other Tax Credits [Member] | |
Net Operating Loss | 0 |
Expires in 2038 and Beyond [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | $ 0 |
Note 13 - Earnings Per Common_3
Note 13 - Earnings Per Common Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 18,953 | 0 |
Share-Based Payment Arrangement, Option [Member] | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 0 | 0 |
Note 13 - Earnings Per Common_4
Note 13 - Earnings Per Common Share - Summary of Earnings Per Share Calculation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income available to common stockholders | $ 13,294,793 | $ 6,561,403 | ||||||||
Weighted Average Shares of Common Stock Outstanding (in shares) | 3,507,883 | 3,462,868 | ||||||||
Net Income Per Common Share - Basic (in dollars per share) | $ 0.92 | $ 0.8 | $ 1.1 | $ 0.97 | $ 0.88 | $ 0.36 | $ 0.34 | $ 0.31 | $ 3.79 | $ 1.89 |
Unvested Restricted Stock Awards (in shares) | 18,953 | 0 | ||||||||
Weighted Average Shares of Common Stock Outstanding - Diluted (in shares) | 3,526,836 | 3,462,868 | ||||||||
Income available to common stockholders | $ 13,294,793 | $ 6,561,403 | ||||||||
Net Income Per Common Share - Diluted (in dollars per share) | $ 0.91 | $ 0.8 | $ 1.09 | $ 0.97 | $ 0.88 | $ 0.36 | $ 0.34 | $ 0.31 | $ 3.77 | $ 1.89 |
Note 14 - Employee Benefit Pl_2
Note 14 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 389,179 | $ 359,965 |
United Steelworkers Pension Fund [Member] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 66,362 | $ 55,914 |
Note 15 - Acquisitions (Details
Note 15 - Acquisitions (Details Textual) - USD ($) | 12 Months Ended | ||||
May 01, 2022 | Jan. 10, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Payments to Acquire Businesses, Gross | $ 0 | $ 4,331,739 | |||
Goodwill | 16,453,049 | 16,231,938 | $ 14,404,618 | ||
Goodwill, Purchase Accounting Adjustments | 221,111 | (169,854) | |||
Reverso Pumps, Inc. [Member] | |||||
Payments to Acquire Businesses, Gross | $ 3,951,392 | ||||
Goodwill | 1,572,913 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,300,000 | ||||
Reverso Pumps, Inc. [Member] | Customer Lists [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 500,000 | ||||
Reverso Pumps, Inc. [Member] | Trademarks [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 800,000 | ||||
Knitting Machinery Company of America LLC [Member] | |||||
Payments to Acquire Businesses, Gross | $ 250,000 | ||||
Goodwill | 600,000 | 600,000 | $ 400,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 150,000 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 38,462 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 1,000,012 | ||||
Goodwill, Purchase Accounting Adjustments | $ 200,000 | ||||
Knitting Machinery Company of America LLC [Member] | Customer Lists [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 75,000 | ||||
Knitting Machinery Company of America LLC [Member] | Trademarks [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 75,000 | ||||
Separ America [Member] | Reverso Pumps, Inc. [Member] | |||||
Payments to Acquire Businesses, Gross | 1,600,000 | ||||
Goodwill | 1,600,000 | ||||
Reverso Asset Purchase Agreement [Member] | Reverso Pumps, Inc. [Member] | |||||
Asset Acquisition, Consideration Transferred, Total | $ 2,600,000 |
Note 15 - Acquisitions - Summar
Note 15 - Acquisitions - Summary Assets Acquired and Liabilities Assumed of Reverso Pumps LLC (Details) - USD ($) | 12 Months Ended | |||
Jan. 10, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Consideration Transferred | $ 0 | $ 4,331,739 | ||
Goodwill | $ 16,453,049 | $ 16,231,938 | $ 14,404,618 | |
Reverso Pumps, Inc. [Member] | ||||
Cash Consideration Transferred | $ 3,951,392 | |||
Seller Transaction Costs | 230,359 | |||
Total Consideration | 4,181,751 | |||
Accounts Receivable | 466,887 | |||
Inventory | 1,308,822 | |||
Fixed Assets | 64,710 | |||
Prepaid and Other Assets | 64,080 | |||
Intangible Assets: Customer List & Trademarks | 1,300,000 | |||
Goodwill | 1,572,913 | |||
Total Assets Acquired | 4,777,412 | |||
Accounts Payable | 542,359 | |||
Accrued Expense | 53,302 | |||
Total Liabilities Assumed | 595,661 | |||
Total Fair Value | 4,181,751 | |||
Acquisition transaction costs incurred were: | $ 124,825 |
Note 15 - Acquisitions - Summ_2
Note 15 - Acquisitions - Summary Assets Acquired and Liabilities Assumed of Knitting Machinery (Details) - USD ($) | 12 Months Ended | ||
May 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Consideration Transferred | $ 0 | $ 4,331,739 | |
Knitting Machinery Company of America LLC [Member] | |||
Cash Consideration Transferred | $ 250,000 | ||
Fair Value of Stock Consideration | 1,000,012 | ||
Total Consideration | 1,250,012 | ||
Cash | 100,000 | ||
Accounts Receivable | 155,932 | ||
Inventory | 517,270 | ||
Fixed Assets | 90,603 | ||
Intangible Assets | 150,000 | ||
Goodwill | 645,372 | ||
Total Assets Acquired | 1,659,177 | ||
Accounts Payable | 33,694 | ||
Deferred Revenue | 375,471 | ||
Total Liabilities Assumed | 409,165 | ||
Total Fair Value | 1,250,012 | ||
Acquisition transaction costs incurred were: | $ 30,479 |
Note 15 - Acquisitions - Revenu
Note 15 - Acquisitions - Revenue and Net Income of Acquired Entities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 143,885,934 | $ 127,754,927 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 13,294,793 | 6,561,403 |
Reverso Pumps, Inc. [Member] | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 6,527,485 | 5,467,426 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 1,141,472 | 876,558 |
Separ America [Member] | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 2,339,485 | 1,746,551 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 744,663 | 353,239 |
Knitting Machinery Company of America LLC [Member] | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 633,573 | 1,022,603 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 33,579 | 82,830 |
Acquired Entities [Member] | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 9,500,543 | 8,236,580 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 1,919,714 | 1,312,627 |
All Other Entities [Member] | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 134,385,391 | 119,518,347 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 11,375,079 | $ 5,248,776 |
Note 16 - Segment and Related_3
Note 16 - Segment and Related Information (Details Textual) | 12 Months Ended |
Dec. 31, 2023 | |
Number of Reportable Segments | 2 |
Note 16 - Segment and Related_4
Note 16 - Segment and Related Information - Information by Industry Segment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 33,827,050 | $ 33,641,513 | $ 36,933,015 | $ 39,484,356 | $ 32,660,531 | $ 32,189,623 | $ 31,902,027 | $ 31,002,746 | $ 143,885,934 | $ 127,754,927 |
Gross Profit | 7,745,321 | 8,909,332 | 10,474,878 | 10,516,552 | 7,588,082 | 6,309,803 | 6,768,491 | 6,366,405 | 37,646,082 | 27,032,781 |
Operating Income | 3,363,871 | 4,296,968 | 5,152,364 | 5,119,267 | 2,760,946 | 1,999,678 | 2,375,527 | 1,397,321 | 17,932,471 | 8,533,472 |
Pretax Income | 17,164,148 | 7,732,194 | ||||||||
Net Income | 3,237,242 | $ 2,814,736 | $ 3,851,342 | $ 3,391,473 | 3,069,719 | $ 1,254,545 | $ 1,171,264 | $ 1,065,875 | 13,294,793 | 6,561,403 |
Capital Expenditures | 2,032,773 | 742,828 | ||||||||
Depreciation and Amortization | 3,921,740 | 3,750,805 | ||||||||
Identifiable Assets | 93,639,598 | 99,598,074 | 93,639,598 | 99,598,074 | ||||||
Corporate, Non-Segment [Member] | ||||||||||
Capital Expenditures | 491,346 | 154,674 | ||||||||
Depreciation and Amortization | 144,804 | 167,155 | ||||||||
Identifiable Assets | 2,578,598 | 2,215,461 | 2,578,598 | 2,215,461 | ||||||
Commercial Air Handling Equipment [Member] | Operating Segments [Member] | ||||||||||
Capital Expenditures | 250,685 | 53,591 | ||||||||
Depreciation and Amortization | 432,038 | 431,752 | ||||||||
Identifiable Assets | 20,252,946 | 20,681,082 | 20,252,946 | 20,681,082 | ||||||
Industrial and Transportation Products Segment [Member] | Operating Segments [Member] | ||||||||||
Capital Expenditures | 1,290,742 | 534,563 | ||||||||
Depreciation and Amortization | 3,344,898 | 3,151,898 | ||||||||
Identifiable Assets | $ 70,808,054 | $ 76,701,530 | 70,808,054 | 76,701,530 | ||||||
Commercial Air Handling [Member] | ||||||||||
Revenue | 58,378,593 | 47,649,695 | ||||||||
Gross Profit | 19,123,207 | 10,751,822 | ||||||||
Operating Income | 15,367,247 | 6,670,069 | ||||||||
Pretax Income | 15,367,247 | 6,670,069 | ||||||||
Net Income | 10,987,581 | 4,769,099 | ||||||||
Industrial and Transportation Products [Member] | ||||||||||
Revenue | 85,507,341 | 80,105,232 | ||||||||
Gross Profit | 18,522,875 | 16,280,959 | ||||||||
Operating Income | 7,594,668 | 5,955,820 | ||||||||
Pretax Income | 8,173,742 | 5,951,335 | ||||||||
Net Income | 6,090,530 | 4,253,978 | ||||||||
Corporate and Other [Member] | ||||||||||
Revenue | 0 | |||||||||
Gross Profit | 0 | 0 | ||||||||
Operating Income | (5,029,444) | (4,092,417) | ||||||||
Pretax Income | (6,376,841) | (4,889,210) | ||||||||
Net Income | $ (3,783,318) | $ (2,461,674) |
Note 16 - Segment and Related_5
Note 16 - Segment and Related Information - Geographical Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 33,827,050 | $ 33,641,513 | $ 36,933,015 | $ 39,484,356 | $ 32,660,531 | $ 32,189,623 | $ 31,902,027 | $ 31,002,746 | $ 143,885,934 | $ 127,754,927 |
UNITED STATES | ||||||||||
Revenue | 140,583,071 | 125,097,522 | ||||||||
PUERTO RICO | ||||||||||
Revenue | 1,665,770 | 413,684 | ||||||||
CANADA | ||||||||||
Revenue | 975,866 | 1,175,246 | ||||||||
Other Foreign Countries [Member] | ||||||||||
Revenue | $ 661,227 | $ 1,068,475 |
Note 17 - Quarterly Data (Una_3
Note 17 - Quarterly Data (Unaudited) - Summary of Quarterly Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 33,827,050 | $ 33,641,513 | $ 36,933,015 | $ 39,484,356 | $ 32,660,531 | $ 32,189,623 | $ 31,902,027 | $ 31,002,746 | $ 143,885,934 | $ 127,754,927 |
Gross Profit | 7,745,321 | 8,909,332 | 10,474,878 | 10,516,552 | 7,588,082 | 6,309,803 | 6,768,491 | 6,366,405 | 37,646,082 | 27,032,781 |
Operating Income | 3,363,871 | 4,296,968 | 5,152,364 | 5,119,267 | 2,760,946 | 1,999,678 | 2,375,527 | 1,397,321 | 17,932,471 | 8,533,472 |
Net Income | $ 3,237,242 | $ 2,814,736 | $ 3,851,342 | $ 3,391,473 | $ 3,069,719 | $ 1,254,545 | $ 1,171,264 | $ 1,065,875 | $ 13,294,793 | $ 6,561,403 |
Net Income Per Common Share - Basic (in dollars per share) | $ 0.92 | $ 0.8 | $ 1.1 | $ 0.97 | $ 0.88 | $ 0.36 | $ 0.34 | $ 0.31 | $ 3.79 | $ 1.89 |
Net Income Per Common Share - Diluted (in dollars per share) | $ 0.91 | $ 0.8 | $ 1.09 | $ 0.97 | $ 0.88 | $ 0.36 | $ 0.34 | $ 0.31 | $ 3.77 | $ 1.89 |
Note 18 - Subsequent Events (De
Note 18 - Subsequent Events (Details Textual) $ in Millions | Jan. 02, 2024 USD ($) |
Subsequent Event [Member] | |
Payments to Acquire Productive Assets | $ 7 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Schedule (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||
Balance at Beginning of Period | $ 143,631 | $ 75,390 |
Charged to Costs and Expenses | 0 | 68,241 |
Deductions | (38,408) | 0 |
Balance at End of Period | 105,223 | 143,631 |
SEC Schedule, 12-09, Reserve, Inventory [Member] | ||
Balance at Beginning of Period | 1,357,947 | 452,607 |
Charged to Costs and Expenses | 58,000 | 905,340 |
Deductions | (738,167) | 0 |
Balance at End of Period | 677,780 | 1,357,947 |
SEC Schedule, 12-09, Reserve, Warranty [Member] | ||
Balance at Beginning of Period | 65,000 | 30,383 |
Charged to Costs and Expenses | 709,409 | 432,906 |
Deductions | (571,796) | (398,289) |
Balance at End of Period | 202,613 | 65,000 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||
Balance at Beginning of Period | 39,000 | 47,319 |
Charged to Costs and Expenses | 0 | 0 |
Deductions | (6,000) | (8,319) |
Balance at End of Period | 33,000 | 39,000 |
Reserve for Uncertain Tax Positions [Member] | ||
Balance at Beginning of Period | 176,000 | 590,000 |
Charged to Costs and Expenses | 0 | 0 |
Deductions | (121,000) | (414,000) |
Balance at End of Period | $ 55,000 | $ 176,000 |