Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 30, 2023 | Mar. 13, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000700841 | ||
Entity Registrant Name | RCM TECHNOLOGIES, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 30, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 1-10245 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 95-1480559 | ||
Entity Address, Address Line One | 2500 McClellan Avenue, Suite 350 | ||
Entity Address, City or Town | Pennsauken | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 08109-4613 | ||
City Area Code | 856 | ||
Local Phone Number | 356-4500 | ||
Title of 12(b) Security | Common Stock, par value $0.05 per share | ||
Trading Symbol | RCMT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 81.9 | ||
Entity Common Stock, Shares Outstanding | 7,939,419 | ||
Auditor Name | WithumSmith+Brown, PC | ||
Auditor Location | Red Bank, New Jersey | ||
Auditor Firm ID | 100 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Current assets: | |||
Cash and cash equivalents | $ 6,284 | $ 339 | $ 235 |
Accounts receivable, net | 70,690 | 50,762 | 48,240 |
Transit accounts receivable | 8,891 | 3,280 | 1,010 |
Prepaid expenses and other current assets | 4,637 | 4,636 | 2,486 |
Total current assets | 90,502 | 59,017 | 51,971 |
Property and equipment, net | 4,005 | 2,098 | 1,939 |
Other assets: | |||
Deposits | 313 | 173 | 176 |
Goodwill | 22,147 | 22,147 | 16,354 |
Operating right of use asset | 2,779 | 3,665 | 1,877 |
Intangible assets, net | 683 | 864 | 0 |
Total other assets | 25,977 | 26,849 | 18,942 |
Total assets | 120,484 | 87,964 | 72,852 |
Accounts payable and accrued expenses | 12,454 | 14,147 | 9,306 |
Transit accounts payable | 31,102 | 9,767 | 2,064 |
Accrued payroll and related costs | 11,203 | 13,023 | 13,027 |
Finance lease payable | 233 | 462 | 437 |
Income taxes payable | 330 | 85 | 0 |
Operating right of use liability | 693 | 1,349 | 1,502 |
Contingent consideration from acquisitions | 300 | 472 | 103 |
Deferred liabilities | 1,881 | 1,119 | 3,418 |
Total current liabilities | 58,196 | 40,424 | 29,857 |
Finance lease payable | 0 | 232 | 502 |
Contingent consideration from acquisitions, net of current portion | 1,671 | 1,970 | 600 |
Operating right of use liability, net of current portion | 2,268 | 2,932 | 1,631 |
Borrowings under line of credit | 30,804 | 8,783 | 14,151 |
Total liabilities | 94,694 | 56,002 | 46,883 |
Contingencies (note 16) and Commitments (note 18) | |||
Stockholders’ equity: | |||
Preferred stock, $1.00 par value; 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 | 0 |
Common stock, $0.05 par value; 40,000,000 shares authorized; 17,673,427 shares issued and 7,844,821 shares outstanding at December 30, 2023, 17,287,967 shares issued and 9,285,318 shares outstanding at December 31, 2022 and 16,903,157 shares issued and 10,290,935 shares outstanding at January 1, 2022 | 882 | 863 | 845 |
Additional paid-in capital | 116,579 | 113,878 | 111,068 |
Accumulated other comprehensive loss | (2,813) | (2,863) | (2,699) |
Accumulated deficit | (19,265) | (36,096) | (56,985) |
Treasury stock, 9,828,606 shares at December 30, 2023, 8,002,649 shares at December 31, 2022 and 6,612,222 shares at January 1, 2022 | (69,593) | (43,820) | (26,260) |
Stockholders’ equity | 25,790 | 31,962 | 25,969 |
Total liabilities and stockholders’ equity | 120,484 | 87,964 | 72,852 |
Domestic Tax Authority [Member] | |||
Other assets: | |||
Deferred tax assets, net | 0 | 0 | 535 |
Deferred income taxes, net | 1,568 | 1,495 | 0 |
Foreign Tax Authority [Member] | |||
Other assets: | |||
Deferred tax assets, net | 55 | 0 | 0 |
Deferred income taxes, net | $ 187 | $ 166 | $ 142 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Preferred stock par value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 |
Common stock, authorized (in shares) | 40,000,000 | 40,000,000 | 40,000,000 |
Common stock, issued (in shares) | 17,673,427 | 17,287,967 | 16,903,157 |
Common stock, outstanding (in shares) | 7,844,821 | 9,285,318 | 10,290,935 |
Treasury stock, shares (in shares) | 9,828,606 | 8,002,649 | 6,612,222 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Revenue | $ 263,237 | $ 284,680 | $ 203,875 |
Cost of services | 186,541 | 201,753 | 150,751 |
Gross profit | 76,696 | 82,927 | 53,124 |
Operating costs and expenses | |||
Selling, general and administrative | 52,185 | 53,395 | 42,019 |
Depreciation and amortization of property and equipment | 1,032 | 995 | 1,007 |
Amortization of acquired intangible assets | 182 | 46 | 95 |
Gain on sale of assets | (395) | (219) | (2,420) |
Remeasurement of acquisition-related contingent consideration | 0 | (88) | (1,713) |
Operating costs and expenses | 53,004 | 54,129 | 38,988 |
Operating income | 23,692 | 28,798 | 14,136 |
Other expense (income) | |||
Interest expense and other, net | 1,399 | 370 | 365 |
Change in fair value of contingent consideration | 0 | 0 | 52 |
Loss (gain) on foreign currency transactions | 98 | (52) | (195) |
Other expense, net | 1,497 | 318 | 222 |
Income before income taxes | 22,195 | 28,480 | 13,914 |
Income tax expense | 5,364 | 7,591 | 2,925 |
Net income | $ 16,831 | $ 20,889 | $ 10,989 |
Basic net earnings per share (in dollars per share) | $ 2.03 | $ 2.08 | $ 1 |
Diluted net earnings per share (in dollars per share) | $ 1.96 | $ 2 | $ 0.95 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Net income | $ 16,831 | $ 20,889 | $ 10,989 |
Other comprehensive income (loss) | 50 | (164) | (149) |
Total comprehensive income | $ 16,881 | $ 20,725 | $ 10,840 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Stock Subscriptions Receivable [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Jan. 02, 2021 | 16,224,191 | 4,681,311 | |||||
Balance at Jan. 02, 2021 | $ 811 | $ (420) | $ 109,588 | $ (2,550) | $ (67,974) | $ (17,217) | $ 22,238 |
Issuance of stock under employee stock purchase plan (in shares) | 101,784 | 0 | |||||
Issuance of stock under employee stock purchase plan | $ 5 | 0 | 131 | 0 | 0 | $ 0 | 136 |
Stock subscription receivable (in shares) | 250,000 | 0 | |||||
Stock subscription receivable | $ 13 | 420 | (13) | 0 | 0 | $ 0 | 420 |
Equity compensation expense from awards issued | $ 0 | 0 | 1,358 | 0 | 0 | $ 0 | 1,358 |
Issuance of stock upon vesting of restricted share awards (in shares) | 327,182 | 0 | |||||
Issuance of stock upon vesting of restricted share awards | $ 16 | 0 | (16) | 0 | 0 | $ 0 | 0 |
Effect of excess tax deduction over book expense associated with exercise of equity awards | $ 0 | 0 | 20 | 0 | 0 | $ 0 | $ 20 |
Purchase of treasury stock (in shares) | 0 | 1,930,911 | 1,930,911 | ||||
Purchase of treasury stock | $ 0 | 0 | 0 | 0 | 0 | $ (9,043) | $ (9,043) |
Foreign currency translation adjustment | 0 | 0 | 0 | (149) | 0 | 0 | (149) |
Net income (loss) | $ 0 | 0 | 0 | 0 | 10,989 | $ 0 | 10,989 |
Issuance of stock under employee stock purchase plan (in shares) | 101,784 | 0 | |||||
Issuance of stock under employee stock purchase plan | $ 5 | 0 | 131 | 0 | 0 | $ 0 | 136 |
Balance (in shares) at Jan. 01, 2022 | 16,903,157 | 6,612,222 | |||||
Balance at Jan. 01, 2022 | $ 845 | 0 | 111,068 | (2,699) | (56,985) | $ (26,260) | 25,969 |
Issuance of stock under employee stock purchase plan (in shares) | 83,879 | 0 | |||||
Issuance of stock under employee stock purchase plan | $ 4 | 0 | 404 | 0 | 0 | $ 0 | 408 |
Equity compensation expense from awards issued | $ 0 | 0 | 1,582 | 0 | 0 | $ 0 | 1,582 |
Issuance of stock upon vesting of restricted share awards (in shares) | 262,931 | 0 | |||||
Issuance of stock upon vesting of restricted share awards | $ 12 | 0 | (12) | 0 | 0 | $ 0 | 0 |
Effect of excess tax deduction over book expense associated with exercise of equity awards | $ 0 | 0 | 206 | 0 | 0 | $ 0 | $ 206 |
Purchase of treasury stock (in shares) | 0 | 1,390,427 | 1,309,427 | ||||
Purchase of treasury stock | $ 0 | 0 | 0 | 0 | 0 | $ (17,560) | $ (17,560) |
Foreign currency translation adjustment | 0 | 0 | 0 | (164) | 0 | 0 | (164) |
Net income (loss) | $ 0 | 0 | 0 | 0 | 20,889 | $ 0 | 20,889 |
Common stock issued for acquisition (in shares) | 38,000 | 0 | |||||
Common stock issued for acquisition | $ 2 | 0 | 630 | 0 | 0 | $ 0 | 632 |
Issuance of stock under employee stock purchase plan (in shares) | 83,879 | 0 | |||||
Issuance of stock under employee stock purchase plan | $ 4 | 0 | 404 | 0 | 0 | $ 0 | 408 |
Balance (in shares) at Dec. 31, 2022 | 17,287,967 | 8,002,649 | |||||
Balance at Dec. 31, 2022 | $ 863 | 0 | 113,878 | (2,863) | (36,096) | $ (43,820) | 31,962 |
Issuance of stock under employee stock purchase plan (in shares) | 66,501 | 0 | |||||
Issuance of stock under employee stock purchase plan | $ 3 | 0 | 699 | 0 | 0 | $ 0 | 702 |
Equity compensation expense from awards issued | $ 0 | 0 | 2,092 | 0 | 0 | $ 0 | 2,092 |
Issuance of stock upon vesting of restricted share awards (in shares) | 310,959 | 0 | |||||
Issuance of stock upon vesting of restricted share awards | $ 16 | 0 | (16) | 0 | 0 | $ 0 | 0 |
Effect of excess tax deduction over book expense associated with exercise of equity awards | 0 | (206) | 0 | 0 | $ 0 | $ (206) | |
Purchase of treasury stock (in shares) | 0 | 1,825,957 | 1,825,957 | ||||
Purchase of treasury stock | $ 0 | 0 | 0 | 0 | 0 | $ (25,773) | $ (25,773) |
Foreign currency translation adjustment | 0 | 0 | 0 | 50 | 0 | 0 | 50 |
Net income (loss) | $ 0 | 0 | 0 | 0 | 16,831 | $ 0 | 16,831 |
Common stock issued for acquisition (in shares) | 8,000 | 0 | |||||
Common stock issued for acquisition | $ 0 | 0 | 132 | 0 | 0 | $ 0 | 132 |
Issuance of stock under employee stock purchase plan (in shares) | 66,501 | 0 | |||||
Issuance of stock under employee stock purchase plan | $ 3 | 0 | 699 | 0 | 0 | $ 0 | 702 |
Balance (in shares) at Dec. 30, 2023 | 17,673,427 | 9,828,606 | |||||
Balance at Dec. 30, 2023 | $ 882 | $ 0 | $ 116,579 | $ (2,813) | $ (19,265) | $ (69,593) | $ 25,790 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Cash flows from operating activities: | |||
Net income | $ 16,831 | $ 20,889 | $ 10,989 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 1,214 | 1,041 | 1,102 |
Gain on sale of assets | (395) | (219) | (2,420) |
Remeasurement of contingent consideration | 0 | (88) | (1,713) |
Change in fair value of contingent consideration | 0 | 0 | 52 |
Equity compensation expense from awards issued | 2,092 | 1,582 | 1,358 |
Effect of excess tax deduction on equity awards | (206) | 206 | 20 |
Provision for losses on accounts receivable | 656 | (1,038) | (208) |
Deferred income tax expense | 41 | 2,054 | 2,542 |
Change in operating right of use assets | 919 | 1,001 | 1,057 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (20,576) | (1,509) | (14,710) |
Prepaid expenses and other current assets | 3 | (2,350) | 1,838 |
Net of transit accounts receivable and payable | 15,724 | 5,433 | (1,317) |
Accounts payable and accrued expenses | (1,506) | 4,919 | 1,518 |
Accrued payroll and related costs | (1,825) | 24 | 149 |
Right of use liabilities | (1,353) | (1,642) | (1,919) |
Income taxes payable | (242) | (276) | 436 |
Deferred revenue | 762 | (2,299) | 3,020 |
Deposits | (141) | 3 | (7) |
Total adjustments and changes in operating assets and liabilities | (4,349) | 7,394 | (10,074) |
Net cash provided by operating activities | 12,482 | 28,283 | 915 |
Cash flows from investing activities: | |||
Property and equipment acquired | (2,931) | (889) | (568) |
Payments for business acquired | 0 | (4,150) | 0 |
Proceeds from sale of assets | 395 | 219 | 6,859 |
Net cash (used in) provided by investing activities | (2,536) | (4,820) | 6,291 |
Cash flows from financing activities: | |||
Borrowings under line of credit | 148,957 | 105,184 | 110,481 |
Repayments under line of credit | (126,936) | (110,552) | (108,220) |
Issuance of stock for employee stock purchase plan | 702 | 408 | 137 |
Changes in finance lease obligations | (463) | (508) | (415) |
Contingent consideration paid | (339) | (99) | (494) |
Common stock repurchase | (25,773) | (17,560) | (9,043) |
Net cash used in financing activities | (3,852) | (23,127) | (7,554) |
Effect of exchange rate changes on cash and cash equivalents | (149) | (232) | (151) |
Increase (decrease) in cash and cash equivalents | 5,945 | 104 | (499) |
Cash and cash equivalents at beginning of period | 339 | 235 | 734 |
Cash and cash equivalents at end of period | 6,284 | 339 | 235 |
Supplemental cash flow information: | |||
Interest | 1,192 | 297 | 417 |
Income taxes | 4,447 | 5,095 | 1,010 |
Non-cash investing activities: | |||
Contingent consideration relating to acquisitions | 0 | 1,927 | 0 |
Fixed assets acquired in acquisitions | 0 | 5 | 0 |
Non-cash financing activities: | |||
Issuance of accrued share-based compensation | 0 | 0 | 580 |
Right of use assets obtained in exchange for lease obligations | 33 | 3,047 | 1,832 |
Value of shares issued as contingent consideration | 132 | 0 | 0 |
TalentHerder LLC [Member] | |||
Non-cash investing activities: | |||
Value of shares issued pursuant to acquisitions | $ 0 | $ 631 | $ 0 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 30, 2023 shares | |
ecd_TradingArrByIndTable | |
Material Terms of Trading Arrangement [Text Block] | ITEM 9B. OTHER INFORMATION Rule 10b5 1 Pursuant to Item 408 16a 1 10b5 1 December 30, 2023 Name Position Action Adoption Date Expiration Date Aggregate Numbers of Common Stock to be Purchased/Sold Bradley S. Vizi Executive Chairman & President Adopted December 7, 2023 March 7, 2026 650,000 ( 1 Michael Saks Division President, Health Care Services Adopted December 5, 2023 December 1, 2024 18,000 ___________________ ( 1 Other than as disclosed above, no terminated 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | true |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Bradley S. Vizi [Member] | |
ecd_TradingArrByIndTable | |
Trading Arrangement, Individual Name | Bradley S. Vizi |
Trading Arrangement, Individual Title | Executive Chairman & President |
Trading Arrangement Adoption Date | December 7, 2023 |
Trading Arrangement Termination Date | March 7, 2026 |
Trading Arrangement, Securities Aggregate Available Amount | 650,000 |
Michael Saks [Member] | |
ecd_TradingArrByIndTable | |
Trading Arrangement, Individual Name | Michael Saks |
Trading Arrangement, Individual Title | Division President, Health Care Services |
Trading Arrangement Adoption Date | December 5, 2023 |
Trading Arrangement Termination Date | December 1, 2024 |
Trading Arrangement, Securities Aggregate Available Amount | 18,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business and Basis of Presentation RCM Technologies, Inc. (the “Company” or “RCM”) is a premier provider of business and technology solutions designed to enhance and maximize the operational performance of its customers through the adaptation and deployment of advanced engineering, life sciences and information technology services. Additionally, the Company provides specialty health care staffing services through its Specialty Health Care Services group. RCM’s offices are primarily located in major metropolitan centers throughout North America, with additional offices in the Netherlands, Serbia and Germany. The consolidated financial statements are comprised of the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents The Company considers its holdings of highly liquid money-market instruments and certificates of deposit to be cash equivalents if the securities mature within 90 $250. The Company held $103, $79 and $21 of cash and cash equivalents in Canadian banks as of December 30, 2023, December 31, 2022 January 1, 2022, December 30, 2023, December 31, 2022 January 1, 2022, December 30, 2023, April 2023. December 30, 2023, December 31, 2022 January 1, 2022, Fair Value of Financial Instruments The Company’s carrying value of financial instruments, consisting primarily of accounts receivable, transit accounts receivable, accounts payable and accrued expenses, transit accounts payable and borrowings under line of credit approximates fair value due to their liquidity or their short-term nature and the line of credit’s variable interest rate. The Company does not Accounts Receivable and Allowance for Doubtful Accounts The Company’s accounts receivable are primarily due from trade customers. Credit is extended based on evaluation of customers’ financial condition and, generally, collateral is not 2016 13 first 2023. no Unbilled Accounts Receivable and Work-in-Process Unbilled receivables primarily represent revenue earned whereby those services are ready to be billed as of the balance sheet ending date. Work-in-process primarily represents revenue earned under contracts which the Company is contractually precluded from invoicing until future dates as project milestones are realized. The Company follows Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers 4 Transit Accounts Receivable and Transit Accounts Payable From time to time, the Company’s Engineering segment enters into agreements to provide, among other things, construction management and engineering services. Pursuant to these agreements, the Company a) may no 606 Under the terms of the agreements, the Company is typically not not not Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization, and are depreciated or amortized on the straight-line method at rates calculated to provide for retirement of assets at the end of their estimated useful lives. Computer hardware and software, and furniture and office equipment are typically depreciated over five Intangible Assets The Company’s intangible assets have been generated through acquisitions. The Company maintains responsibility for valuing and determining the useful life of intangible assets. As a general rule, the Company amortizes restricted covenants over four six may third Canadian Sales Tax The Company is required to charge and collect sales tax for all Canadian clients and remits invoiced sales tax monthly to the Canadian taxing authorities whether collected or not. not Goodwill Goodwill is not 350 Intangibles - Goodwill and Other. December may three 2017 04, 350 December 30, 2017 2 0 no The Company did not December 30, 2023, December 31, 2022 January 1, 2022. no not Long-Lived and Intangible Assets The Company evaluates long-lived assets and intangible assets with definite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not Software In accordance with FASB ASC 350 40 December 30, 2023, December 31, 2022 January 1, 2022, December 30, 2023, December 31, 2022 January 1, 2022 Income Taxes The Company makes judgments and interpretations based on enacted tax laws, published tax guidance, as well as estimates of future earnings. These judgments and interpretations affect the provision for income taxes, deferred tax assets and liabilities and the valuation allowance. The Company evaluated the deferred tax assets and determined on the basis of objective factors that the net assets will be realized through future years’ taxable income. In the event that actual results differ from these estimates and assessments, additional valuation allowances may not December 30, 2023, December 31, 2022 January 1, 2022. The Company accounts for income taxes in accordance with FASB ACS 740 740 740 The Company also follows the provisions of FASB ASC 740 Revenue Recognition The Company records revenue under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers We evaluate our revenue contracts with customers based on the five 606: 1 2 3 4 5 The Company derives its revenue from several sources. The Company’s Engineering Services, Life Sciences and Information Technology segments perform consulting and project solution services. The Healthcare segment specializes in long-term and short-term staffing and placement services to hospitals, schools and long-term care facilities amongst others. All of the Company’s segments perform staff augmentation services and derive revenue from permanent placement fees. The majority of the Company’s revenue is invoiced on a time and materials basis. The following table presents our revenue disaggregated by revenue source for the fiscal years ended December 30, 2023, December 31, 2022 January 1, 2022: December 30, 2023 December 31, 2022 January 1, 2022 Specialty Health Care: Time and Material $ 134,941 $ 158,001 $ 97,363 Permanent Placement Services 1,300 1,447 1,132 Total Specialty Health Care $ 136,241 $ 159,448 $ 98,495 Engineering: Time and Material $ 42,443 $ 44,915 $ 33,937 Fixed Fee 42,232 41,021 32,168 Permanent Placement Services - 1 67 Total Engineering $ 84,675 $ 85,937 $ 66,172 Life Sciences and Information Technology: Time and Material $ 35,368 $ 35,473 $ 37,181 Fixed Fee 6,551 3,022 1,390 Permanent Placement Services 402 800 637 Total Life Sciences and Information Technology $ 42,321 $ 39,295 $ 39,208 $ 263,237 $ 284,680 $ 203,875 Time and Material The Company’s Health Care segment predominantly recognizes revenue through time and material work while its Engineering and Life Sciences and Information Technology segments recognize revenue through both time and material and fixed fee work. The Company’s time and material contracts are typically based on the number of hours worked at contractually agreed upon rates, therefore revenue associated with these time and materials contracts are recognized based on hours worked at contracted rates. Fixed Fee From time to time and predominantly in our Engineering segment, the Company enters into contracts requiring the completion of specific deliverables. The Company has master services agreements with many of its customers that broadly define terms and conditions. Actual services performed under fixed fee arrangements are typically delivered under purchase orders that more specifically define terms and conditions related to that fixed fee project. While these master services agreements can often span several years, the Company’s fixed fee purchase orders are typically performed over six nine not not Permanent Placement Services The Company earns permanent placement fees from providing permanent placement services. These fees are typically based on a percentage of the compensation paid to the person placed with the Company’s client. The Company guarantees its permanent placements on a prorated basis for 90 not 90 December 30, 2023, December 31, 2022 January 1, 2022, The deferred revenue balance as of December 30, 2023, December 31, 2022 January 1, 2022 may one December 30, 2023, December 31, 2022 January 1, 2022, Transit Receivables and Transit Payables From time to time, the Company’s Engineering segment enters into agreements to provide, among other things, construction management and engineering services. Pursuant to these agreements, the Company a) may no not not not December 30, 2023. December 31, 2022. January 1, 2022. Concentrations During the fiscal year ended December 30, 2023, two 10% December 31, 2022, two 10% January 1, 2022, no 10% 10% The Company’s five, ten twenty December 30, 2023. ten twenty December 31, 2022. ten twenty 65.1%, January 1, 2022. As of December 30, 2023, two 10% December 31, 2022, two 10% January 1, 2022, two 10% Foreign Currency Translation The functional currency of the Company’s Canadian, Serbian and German subsidiaries is the local currency. Assets and liabilities are translated at period-end exchange rates. Income and expense items are translated at weighted average rates of exchange prevailing during the year. Any translation adjustments are included in the accumulated other comprehensive income account in stockholders’ equity. Transactions executed in different currencies resulting in exchange adjustments are translated at spot rates and resulting foreign exchange transaction gains and losses are included in the results of operations. Comprehensive Income Comprehensive income consists of net income and foreign currency translation adjustments. Per Share Data Basic net income per share is calculated using the weighted-average number of common shares outstanding during the period. Diluted net income per share is calculated using the weighted-average number of common shares plus dilutive potential common shares outstanding during the period. Potential dilutive common shares consist of stock options and other stock-based awards under the Company’s stock compensation plans, when their impact is dilutive. Because of the Company’s capital structure, all reported earnings pertain to common shareholders and no Share - Based Compensation The Company recognizes share-based compensation over the vesting period of an award based on fair value at the grant date determined using the Black-Scholes option pricing model. Certain assumptions are used to determine the fair value of stock-based payment awards on the date of grant and require subjective judgment. Because employee stock options have characteristics significantly different from those of traded options, and because changes in the input assumptions can materially affect the fair value estimate, the existing models may not may may 11 Restricted share and share unit awards are recognized at their fair value. The amount of compensation cost is measured on the grant date fair value of the equity instrument issued. The compensation cost of the restricted share and share unit awards is recognized over the vesting period of the restricted share and share unit awards on a straight-line basis. Restricted share and share unit awards typically include dividend accrual equivalents, which means that any dividends paid by the Company during the vesting period become due and payable after the vesting period assuming the grantee’s restricted share or share unit award fully vests. Dividends for these grants are accrued on the dividend payment dates and included in accounts payable and accrued expenses on the accompanying consolidated balance sheet. Dividends for restricted share and share unit awards that ultimately do not Advertising Costs Advertising costs are expensed as incurred. Total advertising expense was $781, $925 and $914 for the fiscal years ended December 30, 2023, December 31, 2022 January 1, 2022, Fair Value Measurements The Company values its financial assets and liabilities based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy was established that prioritizes observable and unobservable inputs used to measure fair value into three Level 1: 1 Level 2: 1 Level 3: no 3 In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Reclassification Certain prior year amounts have been reclassified to conform with the current year presentation. These classifications had no |
Note 2 - Fiscal Year
Note 2 - Fiscal Year | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 2. FISCAL YEAR The Company follows a 52/53 December 31. December 30, 2023 ( 2023 December 31, 2022 ( 2022 January 1, 2022 ( 2021 fifty-two |
Note 3 - Use of Estimates and U
Note 3 - Use of Estimates and Uncertainties | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 3. USE OF ESTIMATES AND UNCERTAINTIES The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. The Company uses estimates to determine an allowance for doubtful accounts on its accounts receivable, litigation, medical claims, vacation, goodwill impairment, if any, equity compensation, the tax rate applied and the valuation of certain assets and liability accounts. In addition, the Company reviews its estimated costs to complete a contract and adjusts those costs when necessary. These estimates can be significant to the operating results and financial position of the Company. The estimates are based upon various factors including current and historical trends, as well as other pertinent industry and regulatory authority information. Management regularly evaluates this information to determine if it is necessary to update the basis for its estimates and to adjust for known changes. The Company has risk participation arrangements with respect to workers compensation and health care insurance. The amounts included in the Company’s costs related to this risk participation are estimated and can vary based on changes in assumptions, the Company’s claims experience or the providers included in the associated insurance programs. The Company can be affected by a variety of factors including uncertainty relating to the performance of the general economy, competition, demand for the Company’s services, adverse litigation and claims and the hiring, training and retention of key employees. Fair Value of Financial Instruments The Company’s carrying value of financial instruments, consisting primarily of accounts receivable, transit accounts receivable, accounts payable and accrued expenses, transit accounts payable and borrowings under line of credit approximates fair value due to their liquidity or their short-term nature and the line of credit’s variable interest rate. The Company does not The Company re-measures the fair value of the contingent consideration at each reporting period and any change in the fair value from either the passage of time or events occurring after the acquisition date, is recorded in earnings in the accompanying consolidated statement of operations. |
Note 4 - Accounts Receivable, T
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. ACCOUNTS RECEIVABLE, TRANSIT ACCOUNTS RECEIVABLE AND TRANSIT ACCOUNTS PAYABLE The Company’s accounts receivable are comprised as follows: December 30, 2023 December 31, 2022 January 1, 2022 Billed $ 51,111 $ 40,256 $ 37,396 Unbilled 14,737 6,615 10,231 Work-in-progress 6,442 4,991 1,810 Allowance for sales discounts and doubtful accounts (1,600 ) (1,100 ) (1,197 ) Accounts receivable, net $ 70,690 $ 50,762 $ 48,240 Unbilled receivables primarily represent revenue earned whereby those services are ready to be billed as of the balance sheet ending date. Work-in-progress primarily represents revenue earned under contracts which the Company contractually invoices at future dates. |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. PROPERTY AND EQUIPMENT Property and equipment are comprised of the following: December 30, 2023 December 31, 2022 January 1, 2022 Computers and systems $ 5,513 $ 4,077 $ 4,133 Equipment and furniture 262 220 86 Leasehold improvements 413 267 159 Laboratory equipment 173 67 - 6,360 4,630 4,378 Less: accumulated depreciation and amortization 2,355 2,532 2,439 Property and equipment, net $ 4,005 $ 2,098 $ 1,939 The Company periodically writes off fully depreciated and amortized assets. The Company wrote off fully depreciated and amortized assets of $1,201, $901 and $1,671 during the fiscal years ended December 30, 2023, December 31, 2022 January 1, 2022, December 30, 2023, December 31, 2022 January 1, 2022, |
Note 6 - Acquisitions and Dives
Note 6 - Acquisitions and Divestitures | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 6. ACQUISITIONS AND DIVESTITURES The purchase method of accounting in accordance with FASB ASC 805, TalentHerder Acquisition Effective October 2, 2022, The consideration and estimated fair value of assets acquired and liabilities assumed is as follows: Cash $ 4,150 Common stock of the Company 631 Contingent consideration, at fair value 1,927 Total consideration $ 6,708 The seller of TalentHerder is eligible to receive post-closing contingent consideration upon the business exceeding certain base levels of operating income, potentially earned over five five Property and equipment, net $ 5 Customer relationships 910 Goodwill (a) 5,793 Total consideration $ 6,708 (a) The goodwill is expected to be fully deductible for tax purposes over a period of 15 In the fourth 2021, not first 19 two second 2022 2023. 2022, 2022. Potential future contingent payments to be made to all active acquisitions after December 30, 2023 December 30, 2023, December 31, 2022 January 1, 2022, The changes in the liability for contingent consideration from acquisitions for the fiscal years ended December 30, 2023, December 31, 2022 January 1, 2022 Balance as of January 2, 2021 $ 2,858 Contingent payments made (494 ) Changes in fair value of contingent consideration 52 Remeasurement of contingent consideration (1,713 ) Balance as of January 1, 2022 $ 703 Contingent payments made (99 ) Remeasurement of contingent consideration (88 ) Acquisition of TalentHerder 1,926 Balance as of December 31, 2022 $ 2,442 Contingent payments - cash (339 ) Contingent payments - stock (132 ) Balance as of December 30, 2023 $ 1,971 Future Contingent Payments As of December 30, 2023, two may 1 September 30, 2018, 2 October 2, 2022, December 30, 2023 Total The four quarters following December 30, 2023 $ 300 Thereafter 1,671 Estimated future contingent consideration payments $ 1,971 For acquisitions that involve contingent consideration, the Company records a liability equal to the fair value of the estimated contingent consideration obligation as of the acquisition date. The Company determines the acquisition date fair value of the contingent consideration based on the likelihood of paying the additional consideration. The fair value is estimated using projected future operating results and the corresponding future earn-out payments that can be earned upon the achievement of specified operating objectives and financial results by acquired companies using Level 3 may one Estimates of future contingent payments are subject to significant judgment and actual payments may December 30, 2023. 3 Divestiture of Assets On July 30, 2021, two two two 205 20, not January 1, 2022. December 30, 2023, December 31, 2022, January 1, 2022, two |
Note 7 - Goodwill
Note 7 - Goodwill | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 7. GOODWILL Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired in business combinations. The Company tests goodwill for impairment on an annual basis as of the last day of the Company's fiscal year or more frequently if events occur or circumstances change indicating that the fair value of goodwill may no December 30, 2023, December 31, 2022 January 1, 2022. December 30, 2023, December 31, 2022 January 1, 2022 The changes in the carrying amount of goodwill for the fiscal years ended December 30, 2023, December 31, 2022 January 1, 2022 Engineering Specialty Health Care Information Technology Total Balance as of January 2, 2021 $ 11,918 $ 2,398 $ 2,038 $ 16,354 No change in fiscal 2021 - - - - Balance as of January 1, 2022 $ 11,918 $ 2,398 $ 2,038 $ 16,354 Acquisition of TalentHerder - - 5,793 5,793 Balance as of December 31, 2022 $ 11,918 $ 2,398 $ 7,831 $ 22,147 No change in fiscal 2023 - - - - Balance as of December 30, 2023 $ 11,918 $ 2,398 $ 7,831 $ 22,147 |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 8. INTANGIBLE ASSETS The Company evaluates long-lived assets and intangible assets with definite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not no All of the Company’s intangible assets are associated with the Engineering segment. Intangible assets other than goodwill are amortized over their useful lives. Intangible assets are carried at cost, less accumulated amortization. Details of intangible assets by class at December 30, 2023, December 31, 2022 January 1, 2022: December 30, 2023 December 31, 2022 January 1, 2022 Customer relationships $ 683 $ 864 $ - Total intangible assets $ 683 $ 864 $ - Amortization of acquired intangible assets for the fiscal years ended December 30, 2023, December 31, 2022 January 1, 2022 2027. Estimated future amortization expense, by fiscal years, for these intangibles assets are as follows: 2024 $ 182 2025 182 2026 182 2027 137 Total $ 683 |
Note 9 - Line of Credit
Note 9 - Line of Credit | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. LINE OF CREDIT On April 24, 2023, August 9, 2018 ( The Fourth Amended and Restated Loan Agreement provides for a $45.0 million revolving credit facility (the “Revolving Credit Facility”), has no April 24, 2026. Borrowings under the Revolving Credit Facility bear interest at one two not December 30, 2023, December 31, 2022 January 1, 2022 All borrowings under the Fourth Amended and Restated Loan Agreement remain collateralized with substantially all of the Company’s assets, as well as the capital stock of its subsidiaries. The Revolving Credit Facility also contains various financial and non-financial covenants, such as a covenant that restricts the Company’s ability to borrow in order to pay dividends. As of December 30, 2023, . Borrowings under the line of credit as of December 30, 2023, December 31, 2022 January 1, 2022 December 30, 2023, December 31, 2022 January 1, 2022, $1.9 December 30, 2023, |
Note 10 - Per Share Data
Note 10 - Per Share Data | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. The Company uses the treasury stock method to calculate the weighted-average shares outstanding used for diluted earnings per share. The number of weighted-average shares used to calculate basic and diluted earnings per share for the fiscal years ended December 30, 2023, December 31, 2022 January 1, 2022 Fiscal Years Ended December 30, 2023 December 31, 2022 January 1, 2022 Basic weighted average shares outstanding 8,308,867 10,051,688 11,035,361 Dilutive effect of outstanding restricted share awards 283,705 390,488 589,740 Diluted weighted average shares outstanding 8,592,572 10,442,176 11,625,101 For the fiscal years ended December 30, 2023, December 31, 2022 January 1, 2022, no Unissued shares of common stock were reserved for the following purposes: December 30, 2023 December 31, 2022 January 1, 2022 Time-based restricted stock awards outstanding 376,618 274,939 420,628 Performance-based restricted stock awards outstanding 100,000 225,000 125,000 Future grants of options or shares 603,044 890,682 107,924 Shares reserved for employee stock purchase plan 297,730 364,231 448,110 Total 1,377,392 1,754,852 1,101,662 |
Note 11 - Share Based Compensat
Note 11 - Share Based Compensation | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 11. SHARE BASED COMPENSATION At December 30, 2023, two 2014 The Company measures the fair value of share-based awards, if and when granted, based on the Black-Scholes method and using the closing market price of the Company’s common stock on the date of grant. Awards typically vest over periods ranging from one five may may Share-based compensation expense of $2.1 million, $1.6 million, and $1.4 million was recognized for the fiscal years ended December 30, 2023, December 31, 2022 January 1, 2022, December 30, 2023, December 31, 2022 January 1, 2022, December 30, 2023, As of December 30, 2023, 2027. not December 30, 2023 Incentive Share-Based Plans Employee Stock Purchase Plan The Company implemented the 2001 January 1, 2001. one In fiscal 2015, December 31, 2025. 2018, 2021, December 31, 2030. The Company has two first two two first December 30, 2023, December 31, 2022 January 1, 2022, December 30, 2023, December 30, 2023, December 31, 2022 January 1, 2022 2014 2014 The 2014 December 2014, 2016, 2020 2022, 2014 December 17, 2030, 2014 All stock awards typically include dividend accrual equivalents, which means that any dividends paid by the Company during the vesting period become due and payable after the vesting period assuming the grantee’s stock award fully vests. Dividends for these grants are accrued on the dividend payment dates and included in accounts payable and accrued expenses on the accompanying consolidated balance sheet. As of December 30, 2023, not As of December 30, 2023, 2014 The intrinsic value of all equity grants for the fiscal years ended December 30, 2023, December 31, 2022 January 1, 2022 Time-Based Restricted Stock Awards From time-to-time the Company issues time-based restricted stock awards. The following summarizes the activity in the time-based restricted stock awards under the 2014 December 30, 2023: Number of Time-Based Restricted Stock Awards Weighted Average Grant Date Fair Value per Share Outstanding non-vested at January 1, 2022 420,628 $ 2.69 Granted 56,500 $ 8.07 Vested (136,931 ) $ 3.46 Forfeited or expired (65,258 ) $ 1.95 Outstanding non-vested at December 31, 2022 274,939 $ 3.59 Granted 293,978 $ 13.23 Vested (181,197 ) $ 2.83 Forfeited or expired (11,102 ) $ 2.23 Outstanding non-vested at December 30, 2023 376,618 $ 11.53 Based on the closing price of the Company’s common stock of $29.04 per share on December 29, 2023 ( December 30, 2023), December 30, 2023 December 30, 2023, 2028. Performance-Based Restricted Stock Awards From time-to-time the Company issues performance-based restricted stock awards to its executives. Performance-based restricted stock awards are typically vested based on certain multi-year performance metrics as determined by the Board of Directors Compensation Committee. The following summarizes the activity in the performance-based restricted stock awards during the fiscal year ended December 30, 2023: Number of Performance-Based Restricted Stock Awards Weighted Average Grant Date Fair Value per Share Outstanding non-vested at January 1, 2022 125,000 $ 3.26 Granted 225,000 $ 8.73 Vested (125,000 ) $ 3.26 Forfeited or expired - - Outstanding non-vested at December 31, 2022 225,000 $ 8.73 Granted - - Vested (125,000 ) $ 6.15 Forfeited or expired - - Outstanding non-vested at December 30, 2023 100,000 $ 11.96 As of December 30, 2023, one December 2022, 2023 “2023 not 2023 The Company assesses at each reporting date whether achievement of any performance condition is probable and recognizes the expense when achievement of the performance condition becomes probable. The Company will then recognize the appropriate expense cumulatively in the year performance becomes probable and recognize the remaining compensation cost over the remaining requisite service period. If at a later measurement date, the Company determines that performance-based restricted stock awards deemed as likely to vest are deemed as unlikely to vest, the expense recognized will be reversed. Share-based compensation for performance-based equity agreement was $0.7 million, $0.8 million and $0.4 million for the fiscal years ended December 30, 2023, December 31, 2022 January 1, 2022, During the fiscal year ended December 30, 2023, December 31, 2022, January 1, 2022, Number of Restricted Stock Awards Weighted Average Grant Date Fair Value per Share Outstanding non-vested at January 2, 2021 709,805 $ 1.92 Granted – time-based vesting 163,005 $ 3.81 Granted – performance-based vesting 125,000 $ 3.26 Vested (452,182 ) $ 1.89 Forfeited or expired - - Outstanding non-vested at January 1, 2022 545,628 $ 2.82 Granted – time-based vesting 56,500 $ 8.07 Granted – performance-based vesting 100,000 $ 11.96 Vested (136,931 ) $ 3.46 Forfeited or expired (65,258 ) $ 1.95 Outstanding non-vested at December 31, 2022 499,939 $ 5.91 Granted – time-based vesting 293,978 $ 13.23 Granted – performance-based vesting - - Vested (306,197 ) $ 4.18 Forfeited or expired (11,102 ) $ 2.23 Outstanding non-vested at December 30, 2023 476,618 $ 11.62 Based on the closing price of the Company’s common stock of $29.04 per share on December 29, 2023, December 30, 2023 |
Note 12 - Treasury Stock Transa
Note 12 - Treasury Stock Transactions | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 12. TREASURY STOCK TRANSACTIONS On April 25, 2023, not November 2021, April 2023. may may may 10b5 1 not On April 24, 2023, During the fiscal year ended December 30, 2023, December 31, 2022, January 1, 2022, December 30, 2023, The Company accrued $0.2 million in excise tax associated with its Treasury Stock Repurchase Plan during the fiscal year ended December 30, 2023. |
Note 13 - New Accounting Standa
Note 13 - New Accounting Standards | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 13. NEW ACCOUNTING STANDARDS In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 February 2020, 2020 02, Financial Instruments-Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 2016 13 December 15, 2022. first 2023. no In March 2020, No. 2020 04, Reference Rate Reform (Topic 848 December 2022, No. 2022 06, Deferral of the sunset date of Topic 848. December 31, 2022 December 31, 2024. may December 31, 2024. In November 2023, 2023 07, 280 one December 15, 2023, December 15, 2024. December 28, 2024. In December 2023, 2023 09, 740 2023 09 December 15, 2024, 2023 09 |
Note 14 - Segment Information
Note 14 - Segment Information | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. SEGMENT INFORMATION The Company follows ASC280, 1 Segment operating income (loss) includes selling, general and administrative expenses directly attributable to that segment as well as charges for allocating corporate costs to each of the operating segments. The following tables reflect the results of the reportable segments consistent with the Company’s management system: Fiscal Year Ended December 30, 2023 Specialty Health Care Engineering Life Sciences and IT Corporate Total Revenue $ 136,241 $ 84,675 $ 42,321 $ - $ 263,237 Cost of services 96,309 64,071 26,161 - 186,541 Gross profit 39,932 20,604 16,160 - 76,696 Selling, general and administrative 26,010 16,964 9,211 - 52,185 Depreciation and amortization of property and equipment 383 504 145 - 1,032 Amortization of acquired intangible assets - - 182 - 182 Gain on sale of assets - (395 ) - - (395 ) Operating income $ 13,539 $ 3,531 $ 6,622 $ - $ 23,692 Total assets as of December 30, 2023 $ 43,769 $ 46,425 $ 18,586 $ 11,704 $ 120,484 Property and equipment acquired $ 141 $ 724 $ 123 $ 1,943 $ 2,931 Fiscal Year Ended December 31, 2022 Specialty Health Care Engineering Life Sciences and IT Corporate Total Revenue $ 159,448 $ 85,937 $ 39,295 $ - $ 284,680 Cost of services 111,543 64,218 25,992 - 201,753 Gross profit 47,905 21,719 13,303 - 82,927 Selling, general and administrative 27,661 17,272 8,462 - 53,395 Depreciation and amortization of property and equipment 426 455 114 - 995 Amortization of acquired intangible assets - - 46 - 46 Remeasurement of acquisition-related contingent consideration - (88 ) - - (88 ) Gain on sale of assets - (219 ) - - (219 ) Operating income $ 19,818 $ 4,299 $ 4,681 $ - $ 28,798 Total assets as of December 31, 2022 $ 34,062 $ 33,447 $ 15,778 $ 4,677 $ 87,964 Property and equipment acquired $ 75 $ 657 $ 124 $ 296 $ 1,152 Fiscal Year Ended January 1, 2022 Specialty Health Care Engineering Life Sciences and IT Corporate Total Revenue $ 98,495 $ 66,172 $ 39,208 $ - $ 203,875 Cost of services 73,177 50,109 27,465 - 150,751 Gross profit 25,318 16,063 11,743 - 53,124 Selling, general and administrative 19,491 14,210 8,318 - 42,019 Depreciation and amortization of property and equipment 373 521 113 - 1,007 Amortization of acquired intangible assets - 95 - - 95 Remeasurement of acquisition-related contingent consideration - (1,713 ) - - (1,713 ) Gain on sale of assets - (2,420 ) - - (2,420 ) Operating income $ 5,454 $ 5,370 $ 3,312 $ - $ 14,136 Total assets as of January 1, 2022 $ 32,809 $ 28,343 $ 8,676 $ 3,024 $ 72,852 Property and equipment acquired $ 563 $ 481 $ 173 $ 359 $ 1,576 The Company derives a majority of its revenue from offices in the United States. Revenue reported for each operating segment are all from external customers. The Company is domiciled in the United States and its segments operate in the United States, Canada, Germany, Puerto Rico and Serbia. Revenue by geographic area for the fiscal years ended December 30, 2023, December 31, 2022 January 1, 2022 Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Revenue United States $ 246,578 $ 272,342 $ 186,169 Canada 6,480 4,708 9,578 Puerto Rico 6,515 5,180 5,237 Europe 3,664 2,630 2,891 $ 263,237 $ 284,680 $ 203,875 Total assets by geographic area as of the reported periods are as follows: Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Total Assets United States $ 110,781 $ 81,558 $ 67,296 Canada 1,880 1,640 1,327 Puerto Rico 3,476 1,401 963 Europe 4,347 3,365 3,266 $ 120,484 $ 87,964 $ 72,852 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. INCOME TAXES Generally, the Company’s relative income or loss generated in each of its jurisdictions can materially impact the consolidated effective income tax rate of the Company, particularly the ratio of Canadian and Serbian pretax income, versus United States pretax income. The consolidated effective income tax rate for fiscal years ended December 30, 2023, December 31, 2022 January 1, 2022 December 30, 2023, December 31, 2022 January 1, 2022, 21.0%. 2023, 2022 2021 December 30, 2023 December 31, 2022 January 1, 2022 Federal statutory rate 21.0 % 21.0 % 21.0 % Tax expense on taxable income at federal statutory rate $ 4,661 $ 5,981 $ 2,922 State and Puerto Rico income taxes, net of Federal income tax benefit 1,082 1,373 519 Permanent differences domestic and foreign (269 ) 109 (771 ) Foreign income tax rates 25 15 89 Other (135 ) 113 (166 ) Total income tax expense $ 5,364 $ 7,591 $ 2,925 The components of income tax expense (benefit) are as follows: Fiscal Years Ended December 30, 2023 December 31, 2022 January 1, 2022 Current Federal $ 3,055 $ 2,962 $ 47 State and local 1,608 1,020 45 Foreign 660 359 292 5,323 4,341 384 Deferred Federal 217 2,507 2,152 State (143 ) 718 612 Foreign (33 ) 25 (223 ) 41 3,250 2,541 Total $ 5,364 $ 7,591 $ 2,925 The components of earnings before income taxes by United States and foreign jurisdictions were as follows: Fiscal Years Ended December 30, 2023 December 31, 2022 January 1, 2022 United States and Puerto Rico $ 19,333 $ 26,722 $ 10,880 Foreign jurisdictions 2,862 1,758 3,034 $ 22,195 $ 28,480 $ 13,914 A reconciliation of the unrecognized tax benefits for the year December 30, 2023: Unrecognized Tax Benefits Balance as of January 2, 2021 $ - Gross increases: tax positions in prior period - Gross increases: tax positions in current period 1,196 Balance as of January 1, 2022 $ 1,196 Gross increases: tax positions in prior period - Gross increases: tax positions in current period - Balance as of December 31, 2022 $ 1,196 Gross increases: tax positions in prior period - Gross increases: tax positions in current period - Balance as of December 30, 2023 $ 1,196 The total amount of unrecognized tax benefits relating to the Company’s tax positions is subject to change based on future events including, but not not 12 The Company accounts for penalties or interest related to uncertain tax positions as part of its provision for income taxes and records such amounts to tax expense. The Company recorded no December 30, 2023, December 31, 2022 January 1, 2022. At December 30, 2023, December 31, 2022 January 1, 2022, December 30, 2023 December 31, 2022 January 1, 2022 Deferred tax assets: Allowance for doubtful accounts $ 421 $ 270 $ 297 Federal and state net operating loss carryforward 48 - 1,153 Compensation 747 775 693 Reserves, accruals, and other 760 296 421 Lease liability 777 1,118 844 Net operating loss carryforward, Germany 55 - - Total deferred tax assets 2,808 2,459 3,408 Deferred tax liabilities: Intangible assets, net of amortization (1,860 ) (1,696 ) (1,428 ) Prepaid expense deferral (1,044 ) (872 ) (552 ) Fixed assets, net of depreciation (689 ) (433 ) (392 ) Right of use assets (728 ) (953 ) (501 ) Deferred tax liability, net, Canada (187 ) (166 ) (142 ) Total deferred tax liabilities (4,508 ) (4,120 ) (3,015 ) Total deferred tax (liabilities) assets, net $ (1,700 ) $ (1,661 ) $ 393 The Company has gross state net operating losses of $0.6 million and foreign net operating losses of $0.1 million to be applied to the net income of future tax returns, respectively. The state net operating losses are subject to various expiration periods. The foreign net operating losses have an indefinite carryforward period. The Company conducts its operations in multiple tax jurisdictions in the United States, Canada, Germany, Puerto Rico and Serbia. The Company and its subsidiaries file a consolidated United States Federal income tax return and file in various states. The Company has no December 30, 2023. no 2019. no 2019. no 2018. Differences between the effective tax rate and the applicable U.S. federal statutory rate may 2023 may Under APB 23, not December 30, 2023, no |
Note 16 - Contingencies
Note 16 - Contingencies | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 16. CONTINGENCIES From time to time, the Company is a defendant in various legal actions that arise in the ordinary business course. These matters may may may As such, the Company is required to assess the likelihood of any adverse outcomes to these matters as well as potential ranges of losses and possible recoveries. The Company may not not may The Company is exposed to various asserted claims as of December 30, 2023, not not, December 30, 2023, In April 2022, not not no $0.5 no $3.3 $0.5 The Company is also subject to other pending legal proceedings and claims that arise from time to time in the ordinary course of its business, which may not |
Note 17 - Retirement Plans
Note 17 - Retirement Plans | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 17. RETIREMENT PLANS Profit Sharing Plans The Company maintains a 401 401 401 401 may December 30, 2023, December 31, 2022 January 1, 2022 |
Note 18 - Commitments
Note 18 - Commitments | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 18. COMMITMENTS Executive Severance Agreements The Company is a party to an Executive Severance Agreement (the “Executive Severance Agreement”) with each of Bradley S. Vizi, the Company's Executive Chairman and President (dated as of June 1, 2018), February 28, 2014, three not Leases Leases are recorded in accordance with FASB ASC 842, 12 The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not . The components of lease expense were as follows: Fiscal Years Ended December 30, 2023 December 31, 2022 January 1, 2022 Operating lease cost $ 1,428 $ 1,598 $ 1,891 Finance lease cost Amortization of right of use assets $ 484 $ 487 $ 401 Interest on lease liabilities 4 7 9 Total finance lease cost $ 488 $ 494 $ 410 Supplemental Cash Flow information related to leases was as follows: December 30, 2023 December 31, 2022 January 1, 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,464 $ 1,633 $ 1,957 Operating cash flows from finance leases $ 5 $ 8 $ 9 Financing cash flows from finance leases $ 462 $ 508 $ 415 Right of use assets obtained in exchange for lease obligations Operating leases $ 33 $ 2,790 $ 830 Finance leases - $ 257 $ 1,002 Supplemental Balance Sheet information as of December 30, 2023, December 31, 2022 January 1, 2022 December 30, 2023 December 31, 2022 January 1, 2022 Operating leases Operating lease right of use assets $ 2,779 $ 3,665 $ 1,877 Operating right of use liability - current $ (693 ) $ (1,349 ) $ (1,502 ) Operating right of use liability - non-current (2,268 ) (2,932 ) (1,631 ) Total operating lease liabilities $ (2,961 ) $ (4,281 ) $ (3,133 ) Finance leases Property and equipment - (right of use assets) $ 926 $ 1,177 $ 1,367 Accumulated depreciation (695 ) (461 ) (375 ) Property and equipment, net $ 231 $ 716 $ 992 Finance lease liability - current $ (233 ) $ (462 ) $ (437 ) Finance lease liability - non-current - (232 ) (502 ) Total finance lease liabilities $ (233 ) $ (694 ) $ (939 ) Weighted average remaining lease term in years Operating leases 8.61 6.78 1.80 Finance leases .50 1.50 2.34 Weighted average discount rate Operating leases 3.15 % 3.10 % 3.32 % Finance leases 0.87 % 0.87 % 1.15 % Maturities of lease liabilities are as follows: Fiscal Year Operating Leases Finance Leases 2024 $ 771 $ 233 2025 506 - 2026 409 - 2027 302 - 2028 144 - Thereafter 1,311 - Total lease payments $ 3,443 $ 233 Less: imputed interest (482 ) - Total $ 2,961 $ 233 |
Note 19 - Related Party Transac
Note 19 - Related Party Transactions | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 19. RELATED PARTY TRANSACTIONS There have been no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Description of Business and Basis of Presentation RCM Technologies, Inc. (the “Company” or “RCM”) is a premier provider of business and technology solutions designed to enhance and maximize the operational performance of its customers through the adaptation and deployment of advanced engineering, life sciences and information technology services. Additionally, the Company provides specialty health care staffing services through its Specialty Health Care Services group. RCM’s offices are primarily located in major metropolitan centers throughout North America, with additional offices in the Netherlands, Serbia and Germany. The consolidated financial statements are comprised of the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers its holdings of highly liquid money-market instruments and certificates of deposit to be cash equivalents if the securities mature within 90 $250. The Company held $103, $79 and $21 of cash and cash equivalents in Canadian banks as of December 30, 2023, December 31, 2022 January 1, 2022, December 30, 2023, December 31, 2022 January 1, 2022, December 30, 2023, April 2023. December 30, 2023, December 31, 2022 January 1, 2022, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The Company’s carrying value of financial instruments, consisting primarily of accounts receivable, transit accounts receivable, accounts payable and accrued expenses, transit accounts payable and borrowings under line of credit approximates fair value due to their liquidity or their short-term nature and the line of credit’s variable interest rate. The Company does not |
Receivable [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts The Company’s accounts receivable are primarily due from trade customers. Credit is extended based on evaluation of customers’ financial condition and, generally, collateral is not 2016 13 first 2023. no |
Unbilled Accounts Receivable And Work In Process [Policy Text Block] | Unbilled Accounts Receivable and Work-in-Process Unbilled receivables primarily represent revenue earned whereby those services are ready to be billed as of the balance sheet ending date. Work-in-process primarily represents revenue earned under contracts which the Company is contractually precluded from invoicing until future dates as project milestones are realized. The Company follows Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers 4 |
Transit Receivable and Transit Payable [Policy Text Block] | Transit Accounts Receivable and Transit Accounts Payable From time to time, the Company’s Engineering segment enters into agreements to provide, among other things, construction management and engineering services. Pursuant to these agreements, the Company a) may no 606 Under the terms of the agreements, the Company is typically not not not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization, and are depreciated or amortized on the straight-line method at rates calculated to provide for retirement of assets at the end of their estimated useful lives. Computer hardware and software, and furniture and office equipment are typically depreciated over five |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Assets The Company’s intangible assets have been generated through acquisitions. The Company maintains responsibility for valuing and determining the useful life of intangible assets. As a general rule, the Company amortizes restricted covenants over four six may third |
Canadian Sales Tax [Policy Text Block] | Canadian Sales Tax The Company is required to charge and collect sales tax for all Canadian clients and remits invoiced sales tax monthly to the Canadian taxing authorities whether collected or not. not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill is not 350 Intangibles - Goodwill and Other. December may three 2017 04, 350 December 30, 2017 2 0 no The Company did not December 30, 2023, December 31, 2022 January 1, 2022. no not |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Long-Lived and Intangible Assets The Company evaluates long-lived assets and intangible assets with definite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not |
Research, Development, and Computer Software, Policy [Policy Text Block] | Software In accordance with FASB ASC 350 40 December 30, 2023, December 31, 2022 January 1, 2022, December 30, 2023, December 31, 2022 January 1, 2022 |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company makes judgments and interpretations based on enacted tax laws, published tax guidance, as well as estimates of future earnings. These judgments and interpretations affect the provision for income taxes, deferred tax assets and liabilities and the valuation allowance. The Company evaluated the deferred tax assets and determined on the basis of objective factors that the net assets will be realized through future years’ taxable income. In the event that actual results differ from these estimates and assessments, additional valuation allowances may not December 30, 2023, December 31, 2022 January 1, 2022. The Company accounts for income taxes in accordance with FASB ACS 740 740 740 The Company also follows the provisions of FASB ASC 740 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company records revenue under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers We evaluate our revenue contracts with customers based on the five 606: 1 2 3 4 5 The Company derives its revenue from several sources. The Company’s Engineering Services, Life Sciences and Information Technology segments perform consulting and project solution services. The Healthcare segment specializes in long-term and short-term staffing and placement services to hospitals, schools and long-term care facilities amongst others. All of the Company’s segments perform staff augmentation services and derive revenue from permanent placement fees. The majority of the Company’s revenue is invoiced on a time and materials basis. The following table presents our revenue disaggregated by revenue source for the fiscal years ended December 30, 2023, December 31, 2022 January 1, 2022: December 30, 2023 December 31, 2022 January 1, 2022 Specialty Health Care: Time and Material $ 134,941 $ 158,001 $ 97,363 Permanent Placement Services 1,300 1,447 1,132 Total Specialty Health Care $ 136,241 $ 159,448 $ 98,495 Engineering: Time and Material $ 42,443 $ 44,915 $ 33,937 Fixed Fee 42,232 41,021 32,168 Permanent Placement Services - 1 67 Total Engineering $ 84,675 $ 85,937 $ 66,172 Life Sciences and Information Technology: Time and Material $ 35,368 $ 35,473 $ 37,181 Fixed Fee 6,551 3,022 1,390 Permanent Placement Services 402 800 637 Total Life Sciences and Information Technology $ 42,321 $ 39,295 $ 39,208 $ 263,237 $ 284,680 $ 203,875 Time and Material The Company’s Health Care segment predominantly recognizes revenue through time and material work while its Engineering and Life Sciences and Information Technology segments recognize revenue through both time and material and fixed fee work. The Company’s time and material contracts are typically based on the number of hours worked at contractually agreed upon rates, therefore revenue associated with these time and materials contracts are recognized based on hours worked at contracted rates. Fixed Fee From time to time and predominantly in our Engineering segment, the Company enters into contracts requiring the completion of specific deliverables. The Company has master services agreements with many of its customers that broadly define terms and conditions. Actual services performed under fixed fee arrangements are typically delivered under purchase orders that more specifically define terms and conditions related to that fixed fee project. While these master services agreements can often span several years, the Company’s fixed fee purchase orders are typically performed over six nine not not Permanent Placement Services The Company earns permanent placement fees from providing permanent placement services. These fees are typically based on a percentage of the compensation paid to the person placed with the Company’s client. The Company guarantees its permanent placements on a prorated basis for 90 not 90 December 30, 2023, December 31, 2022 January 1, 2022, The deferred revenue balance as of December 30, 2023, December 31, 2022 January 1, 2022 may one December 30, 2023, December 31, 2022 January 1, 2022, Transit Receivables and Transit Payables From time to time, the Company’s Engineering segment enters into agreements to provide, among other things, construction management and engineering services. Pursuant to these agreements, the Company a) may no not not not December 30, 2023. December 31, 2022. January 1, 2022. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations During the fiscal year ended December 30, 2023, two 10% December 31, 2022, two 10% January 1, 2022, no 10% 10% The Company’s five, ten twenty December 30, 2023. ten twenty December 31, 2022. ten twenty 65.1%, January 1, 2022. As of December 30, 2023, two 10% December 31, 2022, two 10% January 1, 2022, two 10% |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional currency of the Company’s Canadian, Serbian and German subsidiaries is the local currency. Assets and liabilities are translated at period-end exchange rates. Income and expense items are translated at weighted average rates of exchange prevailing during the year. Any translation adjustments are included in the accumulated other comprehensive income account in stockholders’ equity. Transactions executed in different currencies resulting in exchange adjustments are translated at spot rates and resulting foreign exchange transaction gains and losses are included in the results of operations. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income consists of net income and foreign currency translation adjustments. |
Earnings Per Share, Policy [Policy Text Block] | Per Share Data Basic net income per share is calculated using the weighted-average number of common shares outstanding during the period. Diluted net income per share is calculated using the weighted-average number of common shares plus dilutive potential common shares outstanding during the period. Potential dilutive common shares consist of stock options and other stock-based awards under the Company’s stock compensation plans, when their impact is dilutive. Because of the Company’s capital structure, all reported earnings pertain to common shareholders and no |
Share-Based Payment Arrangement [Policy Text Block] | Share - Based Compensation The Company recognizes share-based compensation over the vesting period of an award based on fair value at the grant date determined using the Black-Scholes option pricing model. Certain assumptions are used to determine the fair value of stock-based payment awards on the date of grant and require subjective judgment. Because employee stock options have characteristics significantly different from those of traded options, and because changes in the input assumptions can materially affect the fair value estimate, the existing models may not may may 11 Restricted share and share unit awards are recognized at their fair value. The amount of compensation cost is measured on the grant date fair value of the equity instrument issued. The compensation cost of the restricted share and share unit awards is recognized over the vesting period of the restricted share and share unit awards on a straight-line basis. Restricted share and share unit awards typically include dividend accrual equivalents, which means that any dividends paid by the Company during the vesting period become due and payable after the vesting period assuming the grantee’s restricted share or share unit award fully vests. Dividends for these grants are accrued on the dividend payment dates and included in accounts payable and accrued expenses on the accompanying consolidated balance sheet. Dividends for restricted share and share unit awards that ultimately do not |
Advertising Cost [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred. Total advertising expense was $781, $925 and $914 for the fiscal years ended December 30, 2023, December 31, 2022 January 1, 2022, |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company values its financial assets and liabilities based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy was established that prioritizes observable and unobservable inputs used to measure fair value into three Level 1: 1 Level 2: 1 Level 3: no 3 In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification Certain prior year amounts have been reclassified to conform with the current year presentation. These classifications had no |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | December 30, 2023 December 31, 2022 January 1, 2022 Specialty Health Care: Time and Material $ 134,941 $ 158,001 $ 97,363 Permanent Placement Services 1,300 1,447 1,132 Total Specialty Health Care $ 136,241 $ 159,448 $ 98,495 Engineering: Time and Material $ 42,443 $ 44,915 $ 33,937 Fixed Fee 42,232 41,021 32,168 Permanent Placement Services - 1 67 Total Engineering $ 84,675 $ 85,937 $ 66,172 Life Sciences and Information Technology: Time and Material $ 35,368 $ 35,473 $ 37,181 Fixed Fee 6,551 3,022 1,390 Permanent Placement Services 402 800 637 Total Life Sciences and Information Technology $ 42,321 $ 39,295 $ 39,208 $ 263,237 $ 284,680 $ 203,875 |
Note 4 - Accounts Receivable,_2
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 30, 2023 December 31, 2022 January 1, 2022 Billed $ 51,111 $ 40,256 $ 37,396 Unbilled 14,737 6,615 10,231 Work-in-progress 6,442 4,991 1,810 Allowance for sales discounts and doubtful accounts (1,600 ) (1,100 ) (1,197 ) Accounts receivable, net $ 70,690 $ 50,762 $ 48,240 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 30, 2023 December 31, 2022 January 1, 2022 Computers and systems $ 5,513 $ 4,077 $ 4,133 Equipment and furniture 262 220 86 Leasehold improvements 413 267 159 Laboratory equipment 173 67 - 6,360 4,630 4,378 Less: accumulated depreciation and amortization 2,355 2,532 2,439 Property and equipment, net $ 4,005 $ 2,098 $ 1,939 |
Note 6 - Acquisitions and Div_2
Note 6 - Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash $ 4,150 Common stock of the Company 631 Contingent consideration, at fair value 1,927 Total consideration $ 6,708 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Property and equipment, net $ 5 Customer relationships 910 Goodwill (a) 5,793 Total consideration $ 6,708 |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Balance as of January 2, 2021 $ 2,858 Contingent payments made (494 ) Changes in fair value of contingent consideration 52 Remeasurement of contingent consideration (1,713 ) Balance as of January 1, 2022 $ 703 Contingent payments made (99 ) Remeasurement of contingent consideration (88 ) Acquisition of TalentHerder 1,926 Balance as of December 31, 2022 $ 2,442 Contingent payments - cash (339 ) Contingent payments - stock (132 ) Balance as of December 30, 2023 $ 1,971 Total The four quarters following December 30, 2023 $ 300 Thereafter 1,671 Estimated future contingent consideration payments $ 1,971 |
Note 7 - Goodwill (Tables)
Note 7 - Goodwill (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Engineering Specialty Health Care Information Technology Total Balance as of January 2, 2021 $ 11,918 $ 2,398 $ 2,038 $ 16,354 No change in fiscal 2021 - - - - Balance as of January 1, 2022 $ 11,918 $ 2,398 $ 2,038 $ 16,354 Acquisition of TalentHerder - - 5,793 5,793 Balance as of December 31, 2022 $ 11,918 $ 2,398 $ 7,831 $ 22,147 No change in fiscal 2023 - - - - Balance as of December 30, 2023 $ 11,918 $ 2,398 $ 7,831 $ 22,147 |
Note 8 - Intangible Assets (Tab
Note 8 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | December 30, 2023 December 31, 2022 January 1, 2022 Customer relationships $ 683 $ 864 $ - Total intangible assets $ 683 $ 864 $ - |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2024 $ 182 2025 182 2026 182 2027 137 Total $ 683 |
Note 10 - Per Share Data (Table
Note 10 - Per Share Data (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Fiscal Years Ended December 30, 2023 December 31, 2022 January 1, 2022 Basic weighted average shares outstanding 8,308,867 10,051,688 11,035,361 Dilutive effect of outstanding restricted share awards 283,705 390,488 589,740 Diluted weighted average shares outstanding 8,592,572 10,442,176 11,625,101 |
Unissued Shares of Common Stock [Table Text Block] | December 30, 2023 December 31, 2022 January 1, 2022 Time-based restricted stock awards outstanding 376,618 274,939 420,628 Performance-based restricted stock awards outstanding 100,000 225,000 125,000 Future grants of options or shares 603,044 890,682 107,924 Shares reserved for employee stock purchase plan 297,730 364,231 448,110 Total 1,377,392 1,754,852 1,101,662 |
Note 11 - Share Based Compens_2
Note 11 - Share Based Compensation (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Time-Based Restricted Stock Awards Weighted Average Grant Date Fair Value per Share Outstanding non-vested at January 1, 2022 420,628 $ 2.69 Granted 56,500 $ 8.07 Vested (136,931 ) $ 3.46 Forfeited or expired (65,258 ) $ 1.95 Outstanding non-vested at December 31, 2022 274,939 $ 3.59 Granted 293,978 $ 13.23 Vested (181,197 ) $ 2.83 Forfeited or expired (11,102 ) $ 2.23 Outstanding non-vested at December 30, 2023 376,618 $ 11.53 Number of Performance-Based Restricted Stock Awards Weighted Average Grant Date Fair Value per Share Outstanding non-vested at January 1, 2022 125,000 $ 3.26 Granted 225,000 $ 8.73 Vested (125,000 ) $ 3.26 Forfeited or expired - - Outstanding non-vested at December 31, 2022 225,000 $ 8.73 Granted - - Vested (125,000 ) $ 6.15 Forfeited or expired - - Outstanding non-vested at December 30, 2023 100,000 $ 11.96 Number of Restricted Stock Awards Weighted Average Grant Date Fair Value per Share Outstanding non-vested at January 2, 2021 709,805 $ 1.92 Granted – time-based vesting 163,005 $ 3.81 Granted – performance-based vesting 125,000 $ 3.26 Vested (452,182 ) $ 1.89 Forfeited or expired - - Outstanding non-vested at January 1, 2022 545,628 $ 2.82 Granted – time-based vesting 56,500 $ 8.07 Granted – performance-based vesting 100,000 $ 11.96 Vested (136,931 ) $ 3.46 Forfeited or expired (65,258 ) $ 1.95 Outstanding non-vested at December 31, 2022 499,939 $ 5.91 Granted – time-based vesting 293,978 $ 13.23 Granted – performance-based vesting - - Vested (306,197 ) $ 4.18 Forfeited or expired (11,102 ) $ 2.23 Outstanding non-vested at December 30, 2023 476,618 $ 11.62 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fiscal Year Ended December 30, 2023 Specialty Health Care Engineering Life Sciences and IT Corporate Total Revenue $ 136,241 $ 84,675 $ 42,321 $ - $ 263,237 Cost of services 96,309 64,071 26,161 - 186,541 Gross profit 39,932 20,604 16,160 - 76,696 Selling, general and administrative 26,010 16,964 9,211 - 52,185 Depreciation and amortization of property and equipment 383 504 145 - 1,032 Amortization of acquired intangible assets - - 182 - 182 Gain on sale of assets - (395 ) - - (395 ) Operating income $ 13,539 $ 3,531 $ 6,622 $ - $ 23,692 Total assets as of December 30, 2023 $ 43,769 $ 46,425 $ 18,586 $ 11,704 $ 120,484 Property and equipment acquired $ 141 $ 724 $ 123 $ 1,943 $ 2,931 Fiscal Year Ended December 31, 2022 Specialty Health Care Engineering Life Sciences and IT Corporate Total Revenue $ 159,448 $ 85,937 $ 39,295 $ - $ 284,680 Cost of services 111,543 64,218 25,992 - 201,753 Gross profit 47,905 21,719 13,303 - 82,927 Selling, general and administrative 27,661 17,272 8,462 - 53,395 Depreciation and amortization of property and equipment 426 455 114 - 995 Amortization of acquired intangible assets - - 46 - 46 Remeasurement of acquisition-related contingent consideration - (88 ) - - (88 ) Gain on sale of assets - (219 ) - - (219 ) Operating income $ 19,818 $ 4,299 $ 4,681 $ - $ 28,798 Total assets as of December 31, 2022 $ 34,062 $ 33,447 $ 15,778 $ 4,677 $ 87,964 Property and equipment acquired $ 75 $ 657 $ 124 $ 296 $ 1,152 Fiscal Year Ended January 1, 2022 Specialty Health Care Engineering Life Sciences and IT Corporate Total Revenue $ 98,495 $ 66,172 $ 39,208 $ - $ 203,875 Cost of services 73,177 50,109 27,465 - 150,751 Gross profit 25,318 16,063 11,743 - 53,124 Selling, general and administrative 19,491 14,210 8,318 - 42,019 Depreciation and amortization of property and equipment 373 521 113 - 1,007 Amortization of acquired intangible assets - 95 - - 95 Remeasurement of acquisition-related contingent consideration - (1,713 ) - - (1,713 ) Gain on sale of assets - (2,420 ) - - (2,420 ) Operating income $ 5,454 $ 5,370 $ 3,312 $ - $ 14,136 Total assets as of January 1, 2022 $ 32,809 $ 28,343 $ 8,676 $ 3,024 $ 72,852 Property and equipment acquired $ 563 $ 481 $ 173 $ 359 $ 1,576 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Revenue United States $ 246,578 $ 272,342 $ 186,169 Canada 6,480 4,708 9,578 Puerto Rico 6,515 5,180 5,237 Europe 3,664 2,630 2,891 $ 263,237 $ 284,680 $ 203,875 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Total Assets United States $ 110,781 $ 81,558 $ 67,296 Canada 1,880 1,640 1,327 Puerto Rico 3,476 1,401 963 Europe 4,347 3,365 3,266 $ 120,484 $ 87,964 $ 72,852 |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | December 30, 2023 December 31, 2022 January 1, 2022 Federal statutory rate 21.0 % 21.0 % 21.0 % Tax expense on taxable income at federal statutory rate $ 4,661 $ 5,981 $ 2,922 State and Puerto Rico income taxes, net of Federal income tax benefit 1,082 1,373 519 Permanent differences domestic and foreign (269 ) 109 (771 ) Foreign income tax rates 25 15 89 Other (135 ) 113 (166 ) Total income tax expense $ 5,364 $ 7,591 $ 2,925 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal Years Ended December 30, 2023 December 31, 2022 January 1, 2022 Current Federal $ 3,055 $ 2,962 $ 47 State and local 1,608 1,020 45 Foreign 660 359 292 5,323 4,341 384 Deferred Federal 217 2,507 2,152 State (143 ) 718 612 Foreign (33 ) 25 (223 ) 41 3,250 2,541 Total $ 5,364 $ 7,591 $ 2,925 Fiscal Years Ended December 30, 2023 December 31, 2022 January 1, 2022 United States and Puerto Rico $ 19,333 $ 26,722 $ 10,880 Foreign jurisdictions 2,862 1,758 3,034 $ 22,195 $ 28,480 $ 13,914 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Unrecognized Tax Benefits Balance as of January 2, 2021 $ - Gross increases: tax positions in prior period - Gross increases: tax positions in current period 1,196 Balance as of January 1, 2022 $ 1,196 Gross increases: tax positions in prior period - Gross increases: tax positions in current period - Balance as of December 31, 2022 $ 1,196 Gross increases: tax positions in prior period - Gross increases: tax positions in current period - Balance as of December 30, 2023 $ 1,196 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 30, 2023 December 31, 2022 January 1, 2022 Deferred tax assets: Allowance for doubtful accounts $ 421 $ 270 $ 297 Federal and state net operating loss carryforward 48 - 1,153 Compensation 747 775 693 Reserves, accruals, and other 760 296 421 Lease liability 777 1,118 844 Net operating loss carryforward, Germany 55 - - Total deferred tax assets 2,808 2,459 3,408 Deferred tax liabilities: Intangible assets, net of amortization (1,860 ) (1,696 ) (1,428 ) Prepaid expense deferral (1,044 ) (872 ) (552 ) Fixed assets, net of depreciation (689 ) (433 ) (392 ) Right of use assets (728 ) (953 ) (501 ) Deferred tax liability, net, Canada (187 ) (166 ) (142 ) Total deferred tax liabilities (4,508 ) (4,120 ) (3,015 ) Total deferred tax (liabilities) assets, net $ (1,700 ) $ (1,661 ) $ 393 |
Note 18 - Commitments (Tables)
Note 18 - Commitments (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Fiscal Years Ended December 30, 2023 December 31, 2022 January 1, 2022 Operating lease cost $ 1,428 $ 1,598 $ 1,891 Finance lease cost Amortization of right of use assets $ 484 $ 487 $ 401 Interest on lease liabilities 4 7 9 Total finance lease cost $ 488 $ 494 $ 410 |
Lease, Cash Flow Information [Table Text Block] | December 30, 2023 December 31, 2022 January 1, 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,464 $ 1,633 $ 1,957 Operating cash flows from finance leases $ 5 $ 8 $ 9 Financing cash flows from finance leases $ 462 $ 508 $ 415 Right of use assets obtained in exchange for lease obligations Operating leases $ 33 $ 2,790 $ 830 Finance leases - $ 257 $ 1,002 |
Lease, Balance Sheet Information [Table Text Block] | December 30, 2023 December 31, 2022 January 1, 2022 Operating leases Operating lease right of use assets $ 2,779 $ 3,665 $ 1,877 Operating right of use liability - current $ (693 ) $ (1,349 ) $ (1,502 ) Operating right of use liability - non-current (2,268 ) (2,932 ) (1,631 ) Total operating lease liabilities $ (2,961 ) $ (4,281 ) $ (3,133 ) Finance leases Property and equipment - (right of use assets) $ 926 $ 1,177 $ 1,367 Accumulated depreciation (695 ) (461 ) (375 ) Property and equipment, net $ 231 $ 716 $ 992 Finance lease liability - current $ (233 ) $ (462 ) $ (437 ) Finance lease liability - non-current - (232 ) (502 ) Total finance lease liabilities $ (233 ) $ (694 ) $ (939 ) Weighted average remaining lease term in years Operating leases 8.61 6.78 1.80 Finance leases .50 1.50 2.34 Weighted average discount rate Operating leases 3.15 % 3.10 % 3.32 % Finance leases 0.87 % 0.87 % 1.15 % |
Lease, Liability, Maturity [Table Text Block] | Fiscal Year Operating Leases Finance Leases 2024 $ 771 $ 233 2025 506 - 2026 409 - 2027 302 - 2028 144 - Thereafter 1,311 - Total lease payments $ 3,443 $ 233 Less: imputed interest (482 ) - Total $ 2,961 $ 233 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | |
Cash and Cash Equivalents, at Carrying Value | $ 6,284 | $ 339 | $ 235 |
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Number of Reporting Units | 3 | ||
Goodwill, Impairment Loss | $ 0 | 0 | 0 |
Capitalized Computer Software, Additions | 1,947 | 282 | 1,256 |
Capitalized Computer Software, Net | 2,325 | 977 | 1,350 |
Deferred Tax Assets, Valuation Allowance | 0 | 0 | 0 |
Revenue from Contract with Customer, Including Assessed Tax | 263,237 | 284,680 | 203,875 |
Contract with Customer, Liability | 1,900 | 1,100 | 3,400 |
Contract with Customer, Liability, Revenue Recognized | 1,100 | 3,400 | 400 |
Advertising Expense | $ 781 | $ 925 | $ 914 |
Revenue, Segment Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | |||
Number of Customers | 2 | 2 | |
Revenue, Segment Benchmark [Member] | Customer Concentration Risk [Member] | Customer 1 [Member] | |||
Concentration Risk, Percentage | 17.10% | 13.20% | |
Revenue, Segment Benchmark [Member] | Customer Concentration Risk [Member] | Customer 2 [Member] | |||
Concentration Risk, Percentage | 10.10% | 12.70% | |
Revenue, Segment Benchmark [Member] | Customer Concentration Risk [Member] | Ten Largest Customers [Member] | |||
Number of Customers | 10 | 10 | 10 |
Concentration Risk, Percentage | 50.40% | 53.70% | 52.50% |
Revenue, Segment Benchmark [Member] | Customer Concentration Risk [Member] | Twenty Largest Customers [Member] | |||
Number of Customers | 20 | 20 | 20 |
Concentration Risk, Percentage | 62.70% | 67% | 65.10% |
Revenue, Segment Benchmark [Member] | Customer Concentration Risk [Member] | Five Largest Customers [Member] | |||
Concentration Risk, Percentage | 39.10% | 43% | 35.80% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | |||
Number of Customers | 2 | 2 | 2 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer 1 [Member] | |||
Concentration Risk, Percentage | 21.20% | 16.10% | 15.30% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer 2 [Member] | |||
Concentration Risk, Percentage | 14.70% | 12.50% | 14.20% |
Transit Accounts Payable [Member] | |||
Accounts Payable, Current | $ 31,100 | $ 9,800 | $ 2,100 |
Accounts Payable, Net | 22,200 | 6,500 | 1,100 |
Transit Accounts Receivable [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 8,900 | 3,300 | 1,000 |
Service, Other [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,700 | 2,200 | 1,800 |
Restricted Covenants [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 6 years | ||
CANADA | |||
Cash and Cash Equivalents, at Carrying Value | $ 103 | 79 | 21 |
Revenue from Contract with Customer, Including Assessed Tax | 6,480 | 4,708 | 9,578 |
SERBIA | |||
Cash and Cash Equivalents, at Carrying Value | 638 | 203 | 169 |
GERMANY | |||
Cash and Cash Equivalents, at Carrying Value | 54 | ||
NETHERLANDS | |||
Cash and Cash Equivalents, at Carrying Value | $ 4 | $ 16 | $ 2 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Revenue | $ 263,237 | $ 284,680 | $ 203,875 |
Health Care [Member] | |||
Revenue | 136,241 | 159,448 | 98,495 |
Health Care [Member] | Time-and-Materials Contract [Member] | |||
Revenue | 134,941 | 158,001 | 97,363 |
Health Care [Member] | Permanent Placement Services [Member] | |||
Revenue | 1,300 | 1,447 | 1,132 |
Engineering Services [Member] | |||
Revenue | 84,675 | 85,937 | 66,172 |
Engineering Services [Member] | Time-and-Materials Contract [Member] | |||
Revenue | 42,443 | 44,915 | 33,937 |
Engineering Services [Member] | Permanent Placement Services [Member] | |||
Revenue | 0 | 1 | 67 |
Engineering Services [Member] | Fixed-Price Contract [Member] | |||
Revenue | 42,232 | 41,021 | 32,168 |
Technology Service [Member] | |||
Revenue | 42,321 | 39,295 | 39,208 |
Technology Service [Member] | Time-and-Materials Contract [Member] | |||
Revenue | 35,368 | 35,473 | 37,181 |
Technology Service [Member] | Permanent Placement Services [Member] | |||
Revenue | 402 | 800 | 637 |
Technology Service [Member] | Fixed-Price Contract [Member] | |||
Revenue | $ 6,551 | $ 3,022 | $ 1,390 |
Note 4 - Accounts Receivable,_3
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Allowance for sales discounts and doubtful accounts | $ (1,600) | $ (1,100) | $ (1,197) |
Accounts receivable, net | 70,690 | 50,762 | 48,240 |
Billed Revenues [Member] | |||
Accounts receivable, current | 51,111 | 40,256 | 37,396 |
Unbilled Revenues [Member] | |||
Accounts receivable, current | 14,737 | 6,615 | 10,231 |
Work In Progress [Member] | |||
Accounts receivable, current | $ 6,442 | $ 4,991 | $ 1,810 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Write Off of Fully Depreciated Property and Equipment | $ 1,201 | $ 901 | $ 1,671 |
Depreciation | $ 1,052 | $ 995 | $ 1,007 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Property and equipment | $ 6,360 | $ 4,630 | $ 4,378 |
Less: accumulated depreciation and amortization | 2,355 | 2,532 | 2,439 |
Property and equipment, net | 4,005 | 2,098 | 1,939 |
Computers and Systems [Member] | |||
Property and equipment | 5,513 | 4,077 | 4,133 |
Equipment and Furniture [Member] | |||
Property and equipment | 262 | 220 | 86 |
Leasehold Improvements [Member] | |||
Property and equipment | 413 | 267 | 159 |
Laboratory Equipment [Member] | |||
Property and equipment | $ 173 | $ 67 | $ 0 |
Note 6 - Acquisitions and Div_3
Note 6 - Acquisitions and Divestitures (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 0 | $ 0 | $ 52 |
Payment for Contingent Consideration Liability, Financing Activities | 339 | 99 | 494 |
Gain (Loss) on Disposition of Business | 395 | 219 | 2,420 |
Revenue from Contract with Customer, Including Assessed Tax | 263,237 | 284,680 | 203,875 |
Engineering [Member] | |||
Gain (Loss) on Disposition of Business | 395 | 219 | 2,420 |
Revenue from Contract with Customer, Including Assessed Tax | 84,675 | 85,937 | 66,172 |
Engineering [Member] | Pickering and Kincardine Offices [Member] | |||
Gain (Loss) on Disposition of Business | 2,400 | ||
Gain (Loss) on Disposition of Assets | 400 | 200 | |
Revenue from Contract with Customer, Including Assessed Tax | 4,900 | ||
TKE [Member] | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 100 | 1,700 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 300 | 400 | |
Payment for Contingent Consideration Liability, Financing Activities | 300 | ||
PSR & TKE Acquisitions [Member] | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 9,600 | ||
Payment for Contingent Consideration Liability, Financing Activities | $ 300 | $ 100 | $ 500 |
Note 6 - Acquisitions - Prelimi
Note 6 - Acquisitions - Preliminary Consideration and Estimated Fair Value Assets Acquired and Liabilities Assumed (Details) - TalentHerder LLC [Member] $ in Thousands | 12 Months Ended |
Dec. 30, 2023 USD ($) | |
Cash | $ 4,150 |
Common stock of the Company | 631 |
Contingent consideration, at fair value | 1,927 |
Total consideration | $ 6,708 |
Note 6 - Acquisitions - Preli_2
Note 6 - Acquisitions - Preliminary Estimated Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Goodwill | $ 22,147 | $ 22,147 | $ 16,354 | $ 16,354 | |
TalentHerder LLC [Member] | |||||
Property and equipment, net | 5 | ||||
Goodwill | [1] | 5,793 | |||
Total consideration | 6,708 | ||||
TalentHerder LLC [Member] | Customer Relationships [Member] | |||||
Customer relationships | $ 910 | ||||
[1]The goodwill is expected to be fully deductible for tax purposes, except for the portion of contingent consideration which is deductible only when paid. |
Note 6 - Acquisitions - Maximum
Note 6 - Acquisitions - Maximum Deferred Consideration Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Balance | $ 2,442 | $ 703 | $ 2,858 |
Contingent payments made | (339) | (99) | (494) |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | 0 | 52 |
Remeasurement of contingent consideration | 0 | 88 | 1,713 |
Remeasurement of contingent consideration | 0 | (88) | (1,713) |
Acquisition of TalentHerder | 1,926 | ||
Balance | 1,971 | $ 2,442 | $ 703 |
December 30, 2023 | 300 | ||
Thereafter | 1,671 | ||
Estimated future contingent consideration payments | 1,971 | ||
Cash [Member] | |||
Contingent payments made | (339) | ||
Stock [Member] | |||
Contingent payments made | $ (132) |
Note 7 - Goodwill (Details Text
Note 7 - Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Note 7 - Goodwill - Changes in
Note 7 - Goodwill - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Balance | $ 22,147 | $ 16,354 | $ 16,354 |
No change | 0 | 0 | |
Acquisition of TalentHerder | 5,793 | ||
Balance | 22,147 | 22,147 | 16,354 |
Engineering [Member] | |||
Balance | 11,918 | 11,918 | 11,918 |
No change | 0 | 0 | |
Acquisition of TalentHerder | 0 | ||
Balance | 11,918 | 11,918 | 11,918 |
Specialty Health Care [Member] | |||
Balance | 2,398 | 2,398 | 2,398 |
No change | 0 | 0 | |
Acquisition of TalentHerder | 0 | ||
Balance | 2,398 | 2,398 | 2,398 |
Information Technology [Member] | |||
Balance | 7,831 | 2,038 | 2,038 |
No change | 0 | 0 | |
Acquisition of TalentHerder | 5,793 | ||
Balance | $ 7,831 | $ 7,831 | $ 2,038 |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Amortization of Intangible Assets | $ 182 | $ 46 | $ 95 |
Note 8 - Intangible Assets - In
Note 8 - Intangible Assets - Intangible Assets by Class (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Intangible assets, net | $ 683 | $ 864 | $ 0 |
Customer Relationships [Member] | |||
Intangible assets, net | $ 683 | $ 864 | $ 0 |
Note 8 - Intangible Assets - Es
Note 8 - Intangible Assets - Estimated Future Amortization Expense (Details) $ in Thousands | Dec. 30, 2023 USD ($) |
2024 | $ 182 |
2025 | 182 |
2026 | 182 |
2027 | 137 |
Total | $ 683 |
Note 9 - Line of Credit (Detail
Note 9 - Line of Credit (Details Textual) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Oct. 18, 2019 |
Long-Term Line of Credit, Noncurrent | $ 30,804 | $ 8,783 | $ 14,151 | |
Citizens Bank of Pennsylvania [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.50% | 2.20% | 2% | |
Long-Term Line of Credit, Noncurrent | $ 30,800 | $ 8,800 | $ 14,200 | |
Letters of Credit Outstanding, Amount | 2,000 | $ 1,900 | $ 1,900 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 12,100 |
Note 10 - Per Share Data (Detai
Note 10 - Per Share Data (Details Textual) - shares shares in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 | 0 |
Note 10 - Per Share Data - Weig
Note 10 - Per Share Data - Weighted Average Number of Common Shares (Details) - shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Basic weighted average shares outstanding (in shares) | 8,308,867 | 10,051,688 | 11,035,361 |
Dilutive effect of outstanding restricted share awards (in shares) | 283,705 | 390,488 | 589,740 |
Diluted weighted average shares outstanding (in shares) | 8,592,572 | 10,442,176 | 11,625,101 |
Note 10 - Per Share Data - Unis
Note 10 - Per Share Data - Unissued Shares of Common Stock Were Reserved for the Following Purposes (Details) - shares | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Future grants of options or shares (in shares) | 603,044 | 890,682 | 107,924 |
Shares reserved for employee stock purchase plan (in shares) | 297,730 | 364,231 | 448,110 |
Total (in shares) | 1,377,392 | 1,754,852 | 1,101,662 |
Time-based Restricted Stock Units [Member] | |||
Restricted stock units outstanding (in shares) | 376,618 | 274,939 | 420,628 |
Performance-based Restricted Stock Units [Member] | |||
Restricted stock units outstanding (in shares) | 100,000 | 225,000 | 125,000 |
Note 11 - Share Based Compens_3
Note 11 - Share Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | Dec. 29, 2018 | Dec. 31, 2016 | Dec. 27, 2015 | Dec. 29, 2023 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||||
Share-Based Payment Arrangement, Expense | $ 2,100 | $ 1,600 | $ 1,400 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,200 | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,754,852 | 1,377,392 | 1,754,852 | 1,101,662 | ||||||
Dividends Payable | $ 0 | |||||||||
Share Price (in dollars per share) | $ 29.04 | |||||||||
Employee Stock Purchase Plan [Member] | ||||||||||
Share-Based Payment Arrangement, Expense | $ 300 | $ 100 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 85% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee (in shares) | 3,000 | |||||||||
Additional Shares of Common Stock Reserved for Future Issuance (in shares) | 400,000 | 300,000 | 300,000 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,800,000 | 1,400,000 | 1,100,000 | |||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 66,501 | 83,879 | 101,784 | |||||||
Proceeds, Issuance of Shares, Share-Based Payment Arrangement, Including Option Exercised | $ 700 | $ 400 | $ 100 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 297,730 | |||||||||
The 2014 Plan [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 603,044 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,975,000 | 2,975,000 | 625,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 1,000,000 | 850,000 | 500,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 3,500 | $ 13,800 | $ 3,500 | 2,900 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | 13,800 | |||||||||
Performance-based Restricted Stock Units [Member] | ||||||||||
Share-Based Payment Arrangement, Expense | $ 700 | $ 800 | $ 400 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 100,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 100,000 | 125,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0 | $ 11.96 | $ 3.26 | |||||||
Performance-based Restricted Stock Units [Member] | The 2014 Plan [Member] | ||||||||||
Share-Based Payment Arrangement, Expense | $ 700 | $ 800 | $ 400 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 225,000 | 100,000 | 225,000 | 125,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 100,000 | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options, Maximum Shares Upon Adjustment (in shares) | 125,000 | 125,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 225,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0 | $ 8.73 | ||||||||
Time-based Restricted Stock Units [Member] | ||||||||||
Share Price (in dollars per share) | $ 29.04 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 293,978 | 56,500 | 163,005 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 13.23 | $ 8.07 | $ 3.81 | |||||||
Time-based Restricted Stock Units [Member] | Immediately Vested [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 4,762 | 1,000 | 125,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 10.5 | $ 18.48 | $ 2.17 | |||||||
Time-based Restricted Stock Units [Member] | The 2014 Plan [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 274,939 | 376,618 | 274,939 | 420,628 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,200 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 10,900 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 293,978 | 56,500 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 13.23 | $ 8.07 | ||||||||
Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||||
Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years |
Note 11 - Share Based Compens_4
Note 11 - Share Based Compensation - Restricted Stock Units Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Time-based Restricted Stock Units [Member] | |||
Granted (in shares) | 293,978 | 56,500 | 163,005 |
Granted, weighted average grant date fair value (in dollars per share) | $ 13.23 | $ 8.07 | $ 3.81 |
Time-based Restricted Stock Units [Member] | The 2014 Plan [Member] | |||
Outstanding non-vested (in shares) | 274,939 | 420,628 | |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ 3.59 | $ 2.69 | |
Granted (in shares) | 293,978 | 56,500 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 13.23 | $ 8.07 | |
Vested (in shares) | (181,197) | (136,931) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 2.83 | $ 3.46 | |
Forfeited or expired (in shares) | (11,102) | (65,258) | |
Forfeited or expired, weighted average grant date fair value (in dollars per share) | $ 2.23 | $ 1.95 | |
Outstanding non-vested (in shares) | 376,618 | 274,939 | 420,628 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ 11.53 | $ 3.59 | $ 2.69 |
Performance-based Restricted Stock Units [Member] | |||
Granted (in shares) | 0 | 100,000 | 125,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ 0 | $ 11.96 | $ 3.26 |
Outstanding non-vested (in shares) | 100,000 | ||
Performance-based Restricted Stock Units [Member] | The 2014 Plan [Member] | |||
Outstanding non-vested (in shares) | 225,000 | 125,000 | |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ 8.73 | $ 3.26 | |
Granted (in shares) | 0 | 225,000 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 0 | $ 8.73 | |
Vested (in shares) | (125,000) | (125,000) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 6.15 | $ 3.26 | |
Forfeited or expired (in shares) | 0 | 0 | |
Forfeited or expired, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | |
Outstanding non-vested (in shares) | 100,000 | 225,000 | 125,000 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ 11.96 | $ 8.73 | $ 3.26 |
Restricted Stock Units (RSUs) [Member] | |||
Outstanding non-vested (in shares) | 499,939 | 545,628 | 709,805 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ 5.91 | $ 2.82 | $ 1.92 |
Vested (in shares) | (306,197) | (136,931) | (452,182) |
Vested, weighted average grant date fair value (in dollars per share) | $ 4.18 | $ 3.46 | $ 1.89 |
Forfeited or expired (in shares) | (11,102) | (65,258) | 0 |
Forfeited or expired, weighted average grant date fair value (in dollars per share) | $ 2.23 | $ 1.95 | $ 0 |
Outstanding non-vested (in shares) | 476,618 | 499,939 | 545,628 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ 11.62 | $ 5.91 | $ 2.82 |
Note 12 - Treasury Stock Tran_2
Note 12 - Treasury Stock Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Apr. 25, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Treasury Stock, Shares, Acquired (in shares) | 333,686 | 1,825,957 | 1,309,427 | 1,930,911 |
Shares Acquired, Average Cost Per Share (in dollars per share) | $ 11.91 | $ 14 | $ 12.63 | $ 4.68 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 13.6 | |||
Treasury Stock Repurchase Plan [Member] | ||||
Sales and Excise Tax Payable | $ 0.2 | |||
Maximum [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 25 |
Note 14 - Segment Information -
Note 14 - Segment Information - Results of the Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Revenues | $ 263,237 | $ 284,680 | $ 203,875 |
Cost of services | 186,541 | 201,753 | 150,751 |
Gross profit | 76,696 | 82,927 | 53,124 |
Selling, general and administrative | 52,185 | 53,395 | 42,019 |
Depreciation and amortization of property and equipment | 1,032 | 995 | 1,007 |
Amortization of acquired intangible assets | 182 | 46 | 95 |
Gain on sale of assets | (395) | (219) | (2,420) |
Operating income | 23,692 | 28,798 | 14,136 |
Total assets | 120,484 | 87,964 | 72,852 |
Property and equipment acquired | 2,931 | 1,152 | 1,576 |
Remeasurement of acquisition-related contingent consideration | 0 | (88) | (1,713) |
Operating income | 28,798 | 14,136 | |
Specialty Health Care [Member] | |||
Revenues | 136,241 | 159,448 | 98,495 |
Cost of services | 96,309 | 111,543 | 73,177 |
Gross profit | 39,932 | 47,905 | 25,318 |
Selling, general and administrative | 26,010 | 27,661 | 19,491 |
Depreciation and amortization of property and equipment | 383 | 426 | 373 |
Amortization of acquired intangible assets | 0 | 0 | 0 |
Gain on sale of assets | 0 | 0 | 0 |
Operating income | 13,539 | ||
Total assets | 43,769 | 34,062 | 32,809 |
Property and equipment acquired | 141 | 75 | 563 |
Remeasurement of acquisition-related contingent consideration | 0 | 0 | |
Operating income | 19,818 | 5,454 | |
Engineering [Member] | |||
Revenues | 84,675 | 85,937 | 66,172 |
Cost of services | 64,071 | 64,218 | 50,109 |
Gross profit | 20,604 | 21,719 | 16,063 |
Selling, general and administrative | 16,964 | 17,272 | 14,210 |
Depreciation and amortization of property and equipment | 504 | 455 | 521 |
Amortization of acquired intangible assets | 0 | 0 | 95 |
Gain on sale of assets | (395) | (219) | (2,420) |
Operating income | 3,531 | ||
Total assets | 46,425 | 33,447 | 28,343 |
Property and equipment acquired | 724 | 657 | 481 |
Remeasurement of acquisition-related contingent consideration | (88) | (1,713) | |
Operating income | 4,299 | 5,370 | |
Life Sciences and IT [Member] | |||
Revenues | 42,321 | 39,295 | 39,208 |
Cost of services | 26,161 | 25,992 | 27,465 |
Gross profit | 16,160 | 13,303 | 11,743 |
Selling, general and administrative | 9,211 | 8,462 | 8,318 |
Depreciation and amortization of property and equipment | 145 | 114 | 113 |
Amortization of acquired intangible assets | 182 | 46 | 0 |
Gain on sale of assets | 0 | 0 | 0 |
Operating income | 6,622 | ||
Total assets | 18,586 | 15,778 | 8,676 |
Property and equipment acquired | 123 | 124 | 173 |
Remeasurement of acquisition-related contingent consideration | 0 | 0 | |
Operating income | 4,681 | 3,312 | |
Corporate Segment [Member] | |||
Revenues | 0 | 0 | 0 |
Cost of services | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 |
Selling, general and administrative | 0 | 0 | 0 |
Depreciation and amortization of property and equipment | 0 | 0 | 0 |
Amortization of acquired intangible assets | 0 | 0 | 0 |
Gain on sale of assets | 0 | 0 | 0 |
Operating income | 0 | ||
Total assets | 11,704 | 4,677 | 3,024 |
Property and equipment acquired | $ 1,943 | 296 | 359 |
Remeasurement of acquisition-related contingent consideration | 0 | 0 | |
Operating income | $ 0 | $ 0 |
Note 14 - Segment Information_2
Note 14 - Segment Information - Revenues by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Revenue | $ 263,237 | $ 284,680 | $ 203,875 |
UNITED STATES | |||
Revenue | 246,578 | 272,342 | 186,169 |
CANADA | |||
Revenue | 6,480 | 4,708 | 9,578 |
PUERTO RICO | |||
Revenue | 6,515 | 5,180 | 5,237 |
Europe [Member] | |||
Revenue | $ 3,664 | $ 2,630 | $ 2,891 |
Note 14 - Segment Information_3
Note 14 - Segment Information - Total Assets by Geographic Area (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Total assets | $ 120,484 | $ 87,964 | $ 72,852 |
UNITED STATES | |||
Total assets | 110,781 | 81,558 | 67,296 |
CANADA | |||
Total assets | 1,880 | 1,640 | 1,327 |
PUERTO RICO | |||
Total assets | 3,476 | 1,401 | 963 |
Europe [Member] | |||
Total assets | $ 4,347 | $ 3,365 | $ 3,266 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2023 | |
Effective Income Tax Rate Reconciliation, Percent (Rate) | 24.20% | 26.70% | 21% | |
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards | $ 0.6 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards | $ 0.1 |
Note 15 - Income Taxes - Income
Note 15 - Income Taxes - Income Tax Provision Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Federal statutory rate | 21% | 21% | 21% |
Tax expense on taxable income at federal statutory rate | $ 4,661 | $ 5,981 | $ 2,922 |
State and Puerto Rico income taxes, net of Federal income tax benefit | 1,082 | 1,373 | 519 |
Permanent differences domestic and foreign | (269) | 109 | (771) |
Foreign income tax rates | 25 | 15 | 89 |
Other | (135) | 113 | (166) |
Total income tax expense | $ 5,364 | $ 7,591 | $ 2,925 |
Note 15 - Income Taxes - Compon
Note 15 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Federal | $ 3,055 | $ 2,962 | $ 47 |
State and local | 1,608 | 1,020 | 45 |
Foreign | 660 | 359 | 292 |
Current Income Tax Expense (Benefit) | 5,323 | 4,341 | 384 |
Deferred federal | 217 | 2,507 | 2,152 |
Deferred state | (143) | 718 | 612 |
Deferred foreign | (33) | 25 | (223) |
Deferred Income Tax Expense (Benefit) | 41 | 3,250 | 2,541 |
Total income tax expense | 5,364 | 7,591 | 2,925 |
United States and Puerto Rico | 19,333 | 26,722 | 10,880 |
Foreign jurisdictions | 2,862 | 1,758 | 3,034 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 22,195 | $ 28,480 | $ 13,914 |
Note 15 - Income Taxes - Unreco
Note 15 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Balance | $ 1,196 | $ 1,196 | $ 0 |
Gross increases: tax positions in prior period | 0 | 0 | 0 |
Gross increases: tax positions in current period | 0 | 0 | 1,196 |
Balance | $ 1,196 | $ 1,196 | $ 1,196 |
Note 15 - Income Taxes - Deferr
Note 15 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Deferred tax assets: | |||
Allowance for doubtful accounts | $ 421 | $ 270 | $ 297 |
Federal and state net operating loss carryforward | 48 | 0 | 1,153 |
Compensation | 747 | 775 | 693 |
Reserves, accruals, and other | 760 | 296 | 421 |
Lease liability | 777 | 1,118 | 844 |
Net operating loss carryforward, Germany | 55 | 0 | 0 |
Total deferred tax assets | 2,808 | 2,459 | 3,408 |
Deferred tax liabilities: | |||
Intangible assets, net of amortization | (1,860) | (1,696) | (1,428) |
Prepaid expense deferral | (1,044) | (872) | (552) |
Fixed assets, net of depreciation | (689) | (433) | (392) |
Right of use assets | (728) | (953) | (501) |
Deferred tax liability, net, Canada | (187) | (166) | (142) |
Total deferred tax liabilities | (4,508) | (4,120) | (3,015) |
Total deferred tax liabilities, net | $ (1,700) | $ (1,661) | |
Total deferred tax assets, net | $ 393 |
Note 16 - Contingencies (Detail
Note 16 - Contingencies (Details Textual) $ in Millions | 12 Months Ended |
Dec. 30, 2023 USD ($) | |
Estimated Litigation Liability | $ 2.9 |
System Partially Designed Not Operating As Intended [Member] | |
Loss Contingency, Estimated Maximum Damages, Value | 3.3 |
Litigation Insurance Deductible | 0.5 |
Litigation Insurance, Maximum Coverage | $ 5 |
Note 17 - Retirement Plans (Det
Note 17 - Retirement Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 698 | $ 626 | $ 721 |
Note 18 - Commitments - Lease E
Note 18 - Commitments - Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Operating lease cost | $ 1,428 | $ 1,598 | $ 1,891 |
Amortization of right of use assets | 484 | 487 | 401 |
Finance lease cost, Interest on lease liabilities | 4 | 7 | 9 |
Total finance lease cost | $ 488 | $ 494 | $ 410 |
Note 18 - Commitments - Cash Fl
Note 18 - Commitments - Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Operating cash flows from operating leases | $ 1,464 | $ 1,633 | $ 1,957 |
Operating cash flows from finance leases | 5 | 8 | 9 |
Financing cash flows from finance leases | 462 | 508 | 415 |
Operating leases | 33 | 2,790 | 830 |
Finance leases | $ 0 | $ 257 | $ 1,002 |
Note 18 - Commitments - Balance
Note 18 - Commitments - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Operating lease right of use assets | $ 2,779 | $ 3,665 | $ 1,877 |
Operating right of use liability - current | (693) | (1,349) | (1,502) |
Operating right of use liability - non-current | (2,268) | (2,932) | (1,631) |
Total operating lease liabilities | (2,961) | (4,281) | (3,133) |
Property and equipment - (right of use assets) | 926 | 1,177 | 1,367 |
Accumulated depreciation | (695) | (461) | (375) |
Finance lease liability - current | (233) | (462) | (437) |
Finance lease liability - non-current | 0 | (232) | (502) |
Total finance lease liabilities | $ (233) | $ (694) | $ (939) |
Operating leases (Year) | 8 years 7 months 9 days | 6 years 9 months 10 days | 1 year 9 months 18 days |
Finance leases (Year) | 6 months | 1 year 6 months | 2 years 4 months 2 days |
Operating leases | 3.15% | 3.10% | 3.32% |
Finance leases | 0.87% | 0.87% | 1.15% |
Other Current Assets [Member] | |||
Operating right of use liability - current | $ (693) | $ (1,349) | $ (1,502) |
Property and equipment, net | 231 | 716 | 992 |
Other Current Liabilities [Member] | |||
Finance lease liability - current | $ (233) | $ (462) | $ (437) |
Note 18 - Commitments - Maturit
Note 18 - Commitments - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
2024, operating leases | $ 771 | ||
2024, finance leases | 233 | ||
2025, operating leases | 506 | ||
2025, finance leases | 0 | ||
2026, operating leases | 409 | ||
2026, finance leases | 0 | ||
2027, operating leases | 302 | ||
2027, finance leases | 0 | ||
2028, operating leases | 144 | ||
2028, finance leases | 0 | ||
Thereafter, operating leases | 1,311 | ||
Thereafter, finance leases | 0 | ||
Total lease payments, operating leases | 3,443 | ||
Total lease payments, finance leases | 233 | ||
Less: imputed interest, operating leases | (482) | ||
Less: imputed interest, finance leases | 0 | ||
Total, operating leases | 2,961 | $ 4,281 | $ 3,133 |
Total, finance leases | $ 233 | $ 694 | $ 939 |