Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 05, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000722313 | |
Entity Registrant Name | NORTECH SYSTEMS INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-13257 | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 41-1681094 | |
Entity Address, Address Line One | 7550 Meridian Circle N., Suite # 150 | |
Entity Address, City or Town | Maple Grove | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55369 | |
City Area Code | 952 | |
Local Phone Number | 345-2244 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | NSYS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,683,513 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net sales | $ 32,518 | $ 30,182 | $ 63,229 | $ 52,254 |
Cost of Goods Sold | 27,514 | 26,597 | 54,181 | 47,108 |
Gross Profit | 5,004 | 3,585 | 9,048 | 5,146 |
Operating Expenses | ||||
Selling Expenses | 960 | 571 | 1,793 | 1,292 |
General and Administrative Expenses | 2,668 | 2,418 | 5,397 | 5,214 |
Research and Development Expenses | 351 | 207 | 679 | 207 |
Restructuring Charges | 0 | 77 | 0 | 296 |
Gain on Sale of Assets | 0 | (94) | (15) | (94) |
Total Operating Expenses | 3,979 | 3,179 | 7,854 | 6,915 |
Income (Loss) From Operations | 1,025 | 406 | 1,194 | (1,769) |
Other Expense | ||||
Interest Expense | (117) | (116) | (215) | (202) |
Income (Loss) Before Income Taxes | 908 | 290 | 979 | (1,971) |
Income Tax Expense (Benefit) | 189 | 111 | 122 | (596) |
Net Income (Loss) | $ 719 | $ 179 | $ 857 | $ (1,375) |
Net Income (Loss) Per Common Share: | ||||
Basic (in dollars per share) (in dollars per share) | $ 0.27 | $ 0.07 | $ 0.32 | $ (0.52) |
Weighted Average Number of Common Shares Outstanding - Basic (in shares) (in shares) | 2,683,131 | 2,658,926 | 2,681,931 | 2,659,028 |
Diluted (in dollars per share) (in dollars per share) | $ 0.25 | $ 0.06 | $ 0.30 | $ (0.52) |
Weighted Average Number of Common Shares Outstanding - Diluted (in shares) (in shares) | 2,886,755 | 2,767,991 | 2,879,216 | 2,659,028 |
Other comprehensive (loss) income | ||||
Foreign currency translation | $ (244) | $ 58 | $ (239) | $ 24 |
Comprehensive income (loss), net of tax | $ 475 | $ 237 | $ 618 | $ (1,351) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash | $ 944 | $ 643 |
Restricted Cash | 231 | 1,582 |
Accounts Receivable, less allowances of $297 and $328 | 16,468 | 14,548 |
Employee Retention Credit Receivable | 5,209 | 5,209 |
Inventories, Net | 22,970 | 19,434 |
Contract Assets | 9,070 | 8,698 |
Prepaid Expenses and Other Current Assets | 1,563 | 1,660 |
Total Current Assets | 56,455 | 51,774 |
Property and Equipment, Net | 6,144 | 5,833 |
Operating Lease Assets | 8,420 | 8,983 |
Other Intangible Assets, Net | 471 | 501 |
Total Assets | 71,490 | 67,091 |
Current Liabilities | ||
Current Portion of Finance Lease Obligations | 447 | 601 |
Current Portion of Operating Lease Obligations | 1,099 | 1,043 |
Accounts Payable | 14,108 | 12,710 |
Accrued Payroll and Commissions | 3,961 | 4,045 |
Other Accrued Liabilities | 4,675 | 3,907 |
Total Current Liabilities | 24,290 | 22,306 |
Long-Term Liabilities | ||
Long Term Line of Credit | 11,360 | 8,959 |
Long Term Finance Lease Obligations, Net | 734 | 916 |
Long-Term Operating Lease Obligations, Net | 8,103 | 8,695 |
Other Long-Term Liabilities | 100 | 104 |
Total Long-Term Liabilities | 20,297 | 18,674 |
Total Liabilities | 44,587 | 40,980 |
Commitments and Contingencies | ||
Shareholders' Equity | ||
Preferred Stock, $1 par value; 1,000,000 Shares Authorized: 250,000 Shares Issued and Outstanding | 250 | 250 |
Common Stock - $0.01 par value; 9,000,000 Shares Authorized: 2,683,513 and 2,672,064 Shares Issued and Outstanding, respectively | 27 | 27 |
Additional Paid-In Capital | 16,136 | 15,962 |
Accumulated Other Comprehensive (Income) Loss | (183) | 56 |
Retained Earnings | 10,673 | 9,816 |
Total Shareholders' Equity | 26,903 | 26,111 |
Total Liabilities and Shareholders' Equity | $ 71,490 | $ 67,091 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts receivable allowance | $ 297 | $ 328 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 250,000 | 250,000 |
Preferred stock, shares outstanding (in shares) | 250,000 | 250,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 9,000,000 | 9,000,000 |
Common stock, shares issued (in shares) | 2,683,513 | 2,672,064 |
Common stock, shares outstanding (in shares) | 2,683,513 | 2,672,064 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | $ 857 | $ (1,375) |
Adjustments to Reconcile Net Income (Loss) to Net Cash | ||
Depreciation and Amortization | 967 | 967 |
Compensation on Stock-Based Awards | 141 | 160 |
Change in Accounts Receivable Allowance | (31) | 116 |
Change in Inventory Reserves | (103) | (655) |
Gain on Sale of Assets | (15) | (94) |
Changes in Current Operating Items | ||
Accounts Receivable | (1,986) | (1,153) |
Inventories | (3,540) | (3,719) |
Contract Assets | (372) | (1,019) |
Prepaid Expenses and other Curent Assets | 89 | (286) |
Income Taxes | (63) | (757) |
Accounts Payable | 1,346 | 1,576 |
Accrued Payroll and Commissions | (84) | 686 |
Other Accrued Liabilities | 854 | 120 |
Net Cash Used In Operating Activities | (1,940) | (5,433) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from Sale of Property and Equipment | 15 | 94 |
Purchase of Intangible Asset | (41) | (77) |
Purchases of Property and Equipment | (1,182) | (659) |
Net Cash Used In Investing Activities | (1,208) | (642) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net Change in Line of Credit | 2,394 | 4,339 |
Principal Payments on Long-Term Debt | 0 | (249) |
Principal Payments on Financing Leases | (336) | (326) |
Debt Issuance Costs | 7 | 0 |
Stock Option Excercises | 33 | 0 |
Net Cash Provided By Financing Activities | 2,098 | 3,764 |
Net Change in Cash and Cash Equivalents | (1,050) | (2,311) |
Cash and Cash Equivalents - Beginning of Period | 2,225 | 3,564 |
Cash and Cash Equivalents - End of Period | 1,175 | 1,253 |
Reconciliation of cash and restricted cash reported within the consolidated balance sheets | ||
Cash | 944 | 661 |
Restricted Cash | 231 | 592 |
Total Cash and restricted cash reported in the consolidated statements of cash flows | 1,175 | 1,253 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash Paid During the Period for Interest | 198 | 81 |
Cash Paid During the Period for Income Taxes | 20 | 156 |
Supplemental Noncash Investing and Financing Activities: | ||
Property and Equipment Purchases in Accounts Payable | 52 | 0 |
Right-of-use assets obtained in exchange for lease obligations | $ 0 | $ 858 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
BALANCE at Dec. 31, 2020 | $ 250 | $ 27 | $ 15,816 | $ (37) | $ 2,662 | $ 18,718 |
Net Income (Loss) | 0 | 0 | 0 | 0 | (1,375) | (1,375) |
Foreign currency translation adjustment | 0 | 0 | 0 | 24 | 0 | 24 |
Compensation on stock-based awards | 0 | 0 | 46 | 0 | 0 | 46 |
BALANCE at Jun. 30, 2021 | 250 | 27 | 15,862 | (13) | 1,287 | 17,413 |
BALANCE at Mar. 31, 2021 | 250 | 27 | 15,837 | (71) | 1,108 | 17,151 |
Net Income (Loss) | 0 | 0 | 0 | 0 | 179 | 179 |
Foreign currency translation adjustment | 0 | 0 | 0 | 58 | 0 | 58 |
Compensation on stock-based awards | 0 | 0 | 25 | 0 | 0 | 25 |
BALANCE at Jun. 30, 2021 | 250 | 27 | 15,862 | (13) | 1,287 | 17,413 |
BALANCE at Dec. 31, 2021 | 250 | 27 | 15,962 | 56 | 9,816 | 26,111 |
Net Income (Loss) | 0 | 0 | 0 | 0 | 857 | 857 |
Foreign currency translation adjustment | 0 | 0 | 0 | (239) | 0 | (239) |
Compensation on stock-based awards | 0 | 0 | 141 | 0 | 0 | 141 |
Stock option exercises | 0 | 0 | 33 | 0 | 0 | 33 |
BALANCE at Jun. 30, 2022 | 250 | 27 | 16,136 | (183) | 10,673 | 26,903 |
BALANCE at Mar. 31, 2022 | 250 | 27 | 16,043 | 61 | 9,954 | 26,335 |
Net Income (Loss) | 0 | 0 | 0 | 0 | 719 | 719 |
Foreign currency translation adjustment | 0 | 0 | 0 | (244) | 0 | (244) |
Compensation on stock-based awards | 0 | 0 | 93 | 0 | 0 | 93 |
BALANCE at Jun. 30, 2022 | $ 250 | $ 27 | $ 16,136 | $ (183) | $ 10,673 | $ 26,903 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements for the interim periods have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not not 10 December 31, 2021. not The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In preparing these condensed consolidated financial statements, we have made our best estimates and judgments of certain amounts included in the condensed consolidated financial statements, giving due consideration to materiality. Changes in the estimates and assumptions used by us could have a significant impact on our financial results, since actual results could differ from those estimates. Principles of Consolidation The condensed consolidated financial statements include the accounts of Nortech Systems Incorporated and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Revenue Recognition Our revenue is comprised of product, engineering services and repair services. All revenue is recognized when the Company satisfies its performance obligation(s) under the contract by transferring the promised product or service to our customer either when (or as) our customer obtains control of the product or service, with the majority of our revenue being recognized over time including goods produced under contract manufacturing agreements and services revenue. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation. The majority of our contracts have a single performance obligation. Revenue is recorded net of returns, allowances and customer discounts. Our net sales for services were less than 10% Stock-Based Awards Stock Options In May 2017, 2017 March 2020 May 2022, We granted 0 and 21,000 market condition options to our Chief Executive Officer during the three six June 30, 2022, February 27, 2024 February 27, 2028. three six June 30, 2022, three six June 30, 2022 six June 30, 2021. Total compensation expense related to stock options was $64 and $106 for the three six June 30, 2022, three six June 30, 2021. June 30, 2022, Following is the status of all stock options as of June 30, 2022: Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding - January 1, 2022 387,500 $ 4.57 Granted 87,000 11.10 Exercised (12,000 ) 3.41 Cancelled (4,400 ) 3.36 Outstanding - June 30, 2022 458,100 $ 5.82 6.97 $ 3,326 Exercisable - June 30, 2022 222,700 $ 3.93 6.12 $ 2,038 Restricted Stock Units During the three six June 30, 2022, 2017 two no six June 30, 2022. three six June 30, 2022, three six June 30, 2021. six June 30, 2022 six June 30, 2022. Equity Appreciation Rights Plan In November 2010, “2010 2010 not March 11, 2015. no six June 30, 2022 June 30, 2021. The 100,000 units outstanding at December 31, 2021 March 29, 2022. June 30, 2022, three six June 30, 2021, Net Income (Loss) per Common Share Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding. Dilutive net income (loss) per common share assumes the exercise and issuance of all potential common stock equivalents in computing the weighted-average number of common shares outstanding, unless their effect is antidilutive. All stock options and restricted stock units, while outstanding, are considered common stock equivalents. For the three six June 30, 2022, three June 30, 2021, six June 30, 2021, not We had outstanding stock options totaling 45,878 and RSUs totaling 19,114 that are not three June 30, 2022. not six June 30, 2022. not three June 30, 2021. Restricted Cash Cash and cash equivalents classified as restricted cash on our consolidated balance sheets are restricted as to withdrawal or use under the terms of certain contractual agreements. As of June 30, 2022 June 30, 2022 June 30, 2022 Accounts Receivable and Allowance for Doubtful Accounts Credit is extended based upon an evaluation of the customer’s financial condition and, while collateral is not June 30, 2022 December 31, 2021. Inventories Inventories are stated at the lower of average cost (which approximates first first may Inventories are as follows: June 30, December 31, 2022 2021 Raw Materials $ 21,764 $ 18,492 Work in Process 1,793 1,678 Finished Goods 608 562 Reserves (1,195 ) (1,298 ) Total $ 22,970 $ 19,434 Other Intangible Assets Other intangible assets at June 30, 2022 December 31, 2021 Customer Relationships Trade Names Patents Total Balance at January 1, 2021 $ 507 $ 589 $ 77 $ 1,173 Additions - - 64 64 Amortization 147 29 - 176 Abandonment Loss - 560 - 560 Balance at December 31, 2021 360 - 141 501 Additions - - 41 41 Amortization 71 - - 71 Balance at June 30, 2022 $ 289 $ - $ 182 $ 471 Intangible assets are amortized on a straight-line basis over their estimated useful lives. The weighted-average remaining amortization period of our in-use intangible asset is 2.0 years. Patents are not not Amortization expense of finite life intangible assets for the three six June 30, 2022 three six June 30, 2021 Estimated future annual amortization expense ( not Year Amount Remainder of 2022 $ 72 2023 145 2024 72 Total $ 289 Accounting Pronouncements Issued But Not In June 2016, 2016 13, December 15, 2022. |
Note 2 - Concentration of Credi
Note 2 - Concentration of Credit Risk and Major Customers | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 2. Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and accounts receivable. With regard to cash, we maintain our excess cash balances in checking accounts at primarily two one one may June 30, 2022, not We have certain customers whose revenue individually represented 10% 10% One three six June 30, 2022, One three six June 30, 2021, At June 30, 2022, two December 31, 2021, one Export sales represented approximately 4% of net sales for both the three six June 30, 2022. three six June 30, 2021 |
Note 3 - Revenue
Note 3 - Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 3. Revenue recognition Our revenue is comprised of product, engineering services and repair services. All revenue is recognized when the Company satisfies its performance obligation(s) under the contract by transferring the promised product or service to our customer either when (or as) our customer obtains control of the product or service, with the majority of our revenue being recognized over time including goods produced under contract manufacturing agreements and services revenue. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation. The majority of our contracts have a single performance obligation, as the promise to transfer products or services is not not Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products or providing services. As such, revenue is recorded net of returns, allowances and customer discounts. Sales, value add, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. Shipping and handling costs are included in cost of goods sold. The majority of our revenue is derived from the transfer of goods produced under contract manufacturing agreements which have no not three six June 30, 2022 three six June 30, 2021, Accounting for contract manufacturing agreements involves the use of various techniques to estimate total revenue and costs. We estimate profit on these agreements as the difference between total estimated revenue and expected costs to complete the performance obligation within the terms of the agreement and recognize the respective profit as the goods are produced. The estimates to determine the profit earned on the performance obligation are based on anticipated selling prices and historical cost of goods sold and represent our best judgement at the time. Changes in judgements on these above estimates could impact the timing and amount of revenue recognized with a resulting impact on the timing and amount of associated profit. On occasion our customers provide materials to be used in the manufacturing process and the fair value of the materials is included in revenue as noncash consideration at the point in time when the manufacturing process commences along with the same corresponding amount recorded as cost of goods sold. The inclusion of noncash consideration has no Contract Assets Contract assets, recorded as such in the Condensed Consolidated Balance Sheets, consist of unbilled amounts related to revenue recognized over time. Significant changes in the contract assets balance during the six June 30, 2022 Balance outstanding at December 31, 2021 $ 8,698 Increase (decrease) attributed to: Transferred to receivables from beginning contract assets (8,360 ) Product transferred over time to ending contract assets 8,732 Balance outstanding at June 30, 2022 $ 9,070 We expect substantially all the remaining performance obligations for the contract assets recorded as of June 30, 2022 90 The following tables summarize our net sales by market: Three Months Ended June 30, 2022 Product/ Service Transferred Over Time Product Transferred at Point in Time Noncash Consideration Total Net Sales by Market Medical $ 13,165 $ 4,763 $ 610 $ 18,538 Industrial 6,930 2,196 328 9,454 Aerospace and Defense 3,989 336 201 4,526 Total net sales $ 24,084 $ 7,295 $ 1,139 $ 32,518 Three Months Ended June 30, 2021 Product/ Service Transferred Over Time Product Transferred at Point in Time Noncash Consideration Total Net Sales by Market Medical $ 12,776 $ 3,050 $ 244 $ 16,070 Industrial 8,287 1,738 151 10,176 Aerospace and Defense 3,738 122 76 3,936 Total net sales $ 24,801 $ 4,910 $ 471 $ 30,182 Six Months Ended June 30, 2022 Product/ Service Transferred Over Time Product Transferred at Point in Time Noncash Consideration Total Net Sales by Market Medical $ 22,972 $ 9,678 $ 1,154 $ 33,804 Industrial 13,459 3,987 675 18,121 Aerospace and Defense 10,046 761 497 11,304 Total net sales $ 46,477 $ 14,426 $ 2,326 $ 63,229 Six Months Ended June 30, 2021 Product/ Service Transferred Over Time Product Transferred at Point in Time Noncash Consideration Total Net Sales by Market Medical $ 21,735 $ 5,942 $ 734 $ 28,411 Industrial 12,917 3,075 403 16,395 Aerospace and Defense 6,802 384 262 7,448 Total net sales $ 41,454 $ 9,401 $ 1,399 $ 52,254 |
Note 4 - Financing Arrangements
Note 4 - Financing Arrangements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 4. We have a credit agreement with Bank of America which was entered into on June 15, 2017 June 15, 2026. Under the amended Bank of America credit agreement signed December 31, 2021, June 30, 2022 December 31, 2021, June 30, 2022 December 31, 2021, no June 30, 2022 December 31, 2021, The line of credit with Bank of America contains certain covenants which, among other things, require us to adhere to regular reporting requirements, abide by annual shareholder dividend limitations, maintain certain financial performance, and limit the amount of annual capital expenditures. The Bank of America Credit Agreement provides for, among other things, a Fixed Charge Coverage Ratio of not 1.0 1.0 twelve $2,000 30 June 30, 2022 At June 30, 2022, first 2022, |
Note 5 - Leases
Note 5 - Leases | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lease Disclosure [Text Block] | NOTE 5. We have operating leases for certain manufacturing sites, office space, and equipment. Most leases include the option to renew, with renewal terms that can extend the lease term from one five not June 30, 2022, not not The components of lease expense were as follows: Three Months Ended June 30, Three Months Ended June 30, Lease Cost 2022 2021 Operating lease cost $ 578 $ 589 Finance lease interest cost 17 21 Finance lease amortization expense 183 163 Total lease cost $ 778 $ 773 Six Months Ended June 30, Six Months ended June 30, Lease Cost 2022 2021 Operating lease cost $ 1,159 $ 1,120 Finance lease interest cost 36 43 Finance lease amortization expense 365 326 Total lease cost $ 1,560 $ 1,489 Supplemental balance sheet information related to leases was as follows: Balance Sheet Location June 30, 2022 December 31, 2021 Assets Operating lease assets Operating lease assets $ 8,420 $ 8,983 Finance lease assets Property, plant and equipment 1,867 2,052 Total leased assets $ 10,287 $ 11,035 Supplemental cash flow information related to leases was as follows: June 30, June 30, 2022 2021 Operating leases Cash paid for amounts included in the measurement of lease liabilities $ 862 $ 821 Right-of-use assets obtained in exchange for lease obligations $ - $ 858 Maturities of lease liabilities were as follows: Operating Leases Finance Leases Total Remaining 2022 $ 871 $ 293 $ 1,164 2023 1,789 409 2,198 2024 1,507 357 1,864 2025 1,255 103 1,358 2026 1,217 115 1,332 Thereafter 7,066 - 7,066 Total lease payments $ 13,705 $ 1,277 $ 14,982 Less: Interest (4,504 ) (96 ) (4,600 ) Present value of lease liabilities $ 9,201 $ 1,181 $ 10,382 The lease term and discount rate at June 30, 2022 Weighted-average remaining lease term (years) Operating leases 9.2 Finance leases 2.6 Weighted-average discount rate Operating leases 7.7 % Finance leases 5.2 % |
Note 6 - Income Taxes
Note 6 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 6. On a quarterly basis, we estimate what our effective tax rate will be for the full fiscal year and record a quarterly income tax provision based on the anticipated rate. As the year progresses, we refine our estimate based on the facts and circumstances, including discrete events, by each tax jurisdiction. Our effective tax rate for the three six June 30, 2022 three six June 30, 2021 |
Note 7 - Restructuring Charges
Note 7 - Restructuring Charges | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 7. During the first six 2021, six June 30, 2022 2021, no six June 30, 2022. |
Note 8 - Employee Retention Cre
Note 8 - Employee Retention Credit | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Employee Retention Credit [Text Block] | NOTE 8. On March 27, 2020, 2020 2021 At June 30, 2022 December 31, 2021, |
Note 9 - Related Party Transact
Note 9 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 9. David Kunin, our Chairman, is a minority owner of Abilitech Medical, Inc. Mr. Kunin also was a consultant to Abilitech, which relationship ended on March 1, 2021. three six June 30, 2022, three six June 30, 2021, third David Kunin, our Chairman, is a minority owner (less than 10%) of Marpe Technologies, LTD an early-stage medical device company dedicated to the early detection of skin cancer through full body scanners. Mr. Kunin is also a member of the Board of Directors of Marpe Technologies. The Company worked with Marpe Technologies to apply for a grant from the Israel-United States Binational Industrial Research and Development Foundation, a legal entity created by Agreement between the Government of the State of Israel and the Government of the United States of America (“BIRD Foundation”). The parties were successful in receiving approval for a $1,000 conditional grant. The Company and Marpe Technologies will each receive $500 $500 no not $500; June 30, 2022. 10 no not six June 30, 2022, six June 30, 2021. third |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding - January 1, 2022 387,500 $ 4.57 Granted 87,000 11.10 Exercised (12,000 ) 3.41 Cancelled (4,400 ) 3.36 Outstanding - June 30, 2022 458,100 $ 5.82 6.97 $ 3,326 Exercisable - June 30, 2022 222,700 $ 3.93 6.12 $ 2,038 |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2022 2021 Raw Materials $ 21,764 $ 18,492 Work in Process 1,793 1,678 Finished Goods 608 562 Reserves (1,195 ) (1,298 ) Total $ 22,970 $ 19,434 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Customer Relationships Trade Names Patents Total Balance at January 1, 2021 $ 507 $ 589 $ 77 $ 1,173 Additions - - 64 64 Amortization 147 29 - 176 Abandonment Loss - 560 - 560 Balance at December 31, 2021 360 - 141 501 Additions - - 41 41 Amortization 71 - - 71 Balance at June 30, 2022 $ 289 $ - $ 182 $ 471 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Amount Remainder of 2022 $ 72 2023 145 2024 72 Total $ 289 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Balance outstanding at December 31, 2021 $ 8,698 Increase (decrease) attributed to: Transferred to receivables from beginning contract assets (8,360 ) Product transferred over time to ending contract assets 8,732 Balance outstanding at June 30, 2022 $ 9,070 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2022 Product/ Service Transferred Over Time Product Transferred at Point in Time Noncash Consideration Total Net Sales by Market Medical $ 13,165 $ 4,763 $ 610 $ 18,538 Industrial 6,930 2,196 328 9,454 Aerospace and Defense 3,989 336 201 4,526 Total net sales $ 24,084 $ 7,295 $ 1,139 $ 32,518 Three Months Ended June 30, 2021 Product/ Service Transferred Over Time Product Transferred at Point in Time Noncash Consideration Total Net Sales by Market Medical $ 12,776 $ 3,050 $ 244 $ 16,070 Industrial 8,287 1,738 151 10,176 Aerospace and Defense 3,738 122 76 3,936 Total net sales $ 24,801 $ 4,910 $ 471 $ 30,182 Six Months Ended June 30, 2022 Product/ Service Transferred Over Time Product Transferred at Point in Time Noncash Consideration Total Net Sales by Market Medical $ 22,972 $ 9,678 $ 1,154 $ 33,804 Industrial 13,459 3,987 675 18,121 Aerospace and Defense 10,046 761 497 11,304 Total net sales $ 46,477 $ 14,426 $ 2,326 $ 63,229 Six Months Ended June 30, 2021 Product/ Service Transferred Over Time Product Transferred at Point in Time Noncash Consideration Total Net Sales by Market Medical $ 21,735 $ 5,942 $ 734 $ 28,411 Industrial 12,917 3,075 403 16,395 Aerospace and Defense 6,802 384 262 7,448 Total net sales $ 41,454 $ 9,401 $ 1,399 $ 52,254 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended June 30, Three Months Ended June 30, Lease Cost 2022 2021 Operating lease cost $ 578 $ 589 Finance lease interest cost 17 21 Finance lease amortization expense 183 163 Total lease cost $ 778 $ 773 Six Months Ended June 30, Six Months ended June 30, Lease Cost 2022 2021 Operating lease cost $ 1,159 $ 1,120 Finance lease interest cost 36 43 Finance lease amortization expense 365 326 Total lease cost $ 1,560 $ 1,489 June 30, June 30, 2022 2021 Operating leases Cash paid for amounts included in the measurement of lease liabilities $ 862 $ 821 Right-of-use assets obtained in exchange for lease obligations $ - $ 858 Weighted-average remaining lease term (years) Operating leases 9.2 Finance leases 2.6 Weighted-average discount rate Operating leases 7.7 % Finance leases 5.2 % |
Schedule of Supplemental Balance Sheet Information Related to Leases [Table Text Block] | Balance Sheet Location June 30, 2022 December 31, 2021 Assets Operating lease assets Operating lease assets $ 8,420 $ 8,983 Finance lease assets Property, plant and equipment 1,867 2,052 Total leased assets $ 10,287 $ 11,035 |
Schedule of Lease Liability Maturity [Table Text Block] | Operating Leases Finance Leases Total Remaining 2022 $ 871 $ 293 $ 1,164 2023 1,789 409 2,198 2024 1,507 357 1,864 2025 1,255 103 1,358 2026 1,217 115 1,332 Thereafter 7,066 - 7,066 Total lease payments $ 13,705 $ 1,277 $ 14,982 Less: Interest (4,504 ) (96 ) (4,600 ) Present value of lease liabilities $ 9,201 $ 1,181 $ 10,382 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
May 31, 2022 | Mar. 31, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | May 31, 2017 | Dec. 31, 2012 | Nov. 30, 2010 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 87,000 | |||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 11.10 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 11 months 19 days | |||||||||
Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares) | 203,625 | 109,065 | 197,285 | |||||||
Letters of Credit Outstanding, Amount | $ 400 | $ 400 | ||||||||
Restricted Cash and Cash Equivalents, Current, Total | 231 | $ 592 | 231 | $ 592 | $ 1,582 | |||||
Accounts Receivable, Allowance for Credit Loss, Current | 297 | $ 297 | 328 | |||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 2 years | |||||||||
Amortization of Intangible Assets | $ 35 | 46 | $ 71 | $ 92 | $ 176 | |||||
Employee Market Condition Options [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 21,000 | ||||||||
Employee Service-based Options [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 13,000 | 66,000 | ||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 13,000 | 108,000 | 3,000 | |||||||
Share-Based Payment Arrangement, Expense | $ 64 | $ 25 | $ 106 | $ 46 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 851 | $ 851 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 10 months 24 days | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 45,878 | 622 | 48,895 | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 19,114 | 20,057 | ||||||||
Stock Appreciation Rights (SARs) [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 0 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 0 | 0 | 100,000 | |||||||
Equity Appreciation Right Units [Member] | ||||||||||
Share-Based Payment Arrangement, Expense | $ 100 | $ 114 | ||||||||
Stock Incentive Plan 2017 [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 350,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 175,000 | 50,000 | ||||||||
Stock Incentive Plan 2017 [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-Based Payment Arrangement, Expense | $ 29 | $ 0 | $ 35 | $ 0 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 218 | $ 218 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 26 days | |||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 12 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 9 years 8 months 23 days | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 0 | |||||||||
Stock Incentive Plan 2017 [Member] | Restricted Stock Units (RSUs) [Member] | Non-employee Directors [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 3,000 | 21,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years | |||||||||
Equity Appreciation Rights Plan 2010 [Member] | Stock Appreciation Rights (SARs) [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,000,000 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2022 | |
Outstanding (in shares) | 387,500 |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.57 |
Granted (in shares) | 87,000 |
Granted, weighted average exercise price (in dollars per share) | $ 11.10 |
Exercised (in shares) | (12,000) |
Exercised, weighted average exercise price (in dollars per share) | $ 3.41 |
Cancelled (in shares) | (4,400) |
Cancelled, weighted average exercise price (in dollars per share) | $ 3.36 |
Outstanding (in shares) | 458,100 |
Outstanding, weighted average exercise price (in dollars per share) | $ 5.82 |
Outstanding, weighted average remaining contractual term (Year) | 6 years 11 months 19 days |
Outstanding, aggregate intrinsic value | $ 3,326 |
Exercisable (in shares) | 222,700 |
Exercisable, weighted average exercise price (in dollars per share) | $ 3.93 |
Exercisable, weighted average remaining contractual term (Year) | 6 years 1 month 13 days |
Exercisable, aggregate intrinsic value | $ 2,038 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Raw Materials | $ 21,764 | $ 18,492 |
Work in Process | 1,793 | 1,678 |
Finished Goods | 608 | 562 |
Reserves | (1,195) | (1,298) |
Total | $ 22,970 | $ 19,434 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Beginning balance | $ 501 | $ 1,173 | $ 1,173 | ||
Additions | 41 | 64 | |||
Amortization | $ (35) | $ (46) | (71) | (92) | (176) |
Abandonment Loss | 560 | ||||
Ending balance | 471 | 471 | 501 | ||
Customer Relationships [Member] | |||||
Beginning balance | 360 | 507 | 507 | ||
Additions | 0 | 0 | |||
Amortization | (71) | (147) | |||
Abandonment Loss | 0 | ||||
Ending balance | 289 | 289 | 360 | ||
Trade Names [Member] | |||||
Beginning balance | 0 | 589 | 589 | ||
Additions | 0 | 0 | |||
Amortization | 0 | (29) | |||
Abandonment Loss | 560 | ||||
Ending balance | 0 | 0 | 0 | ||
Patents [Member] | |||||
Beginning balance | 141 | $ 77 | 77 | ||
Additions | 41 | 64 | |||
Amortization | 0 | 0 | |||
Abandonment Loss | 0 | ||||
Ending balance | $ 182 | $ 182 | $ 141 |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Estimated Future Annual Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Total | $ 471 | $ 501 | $ 1,173 |
Finite-lived Intangible Assets, Excluding Projects in Process [Member] | |||
Remainder of 2022 | 72 | ||
2023 | 145 | ||
2024 | 72 | ||
Total | $ 289 |
Note 2 - Concentration of Cre_2
Note 2 - Concentration of Credit Risk and Major Customers (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 | Jun. 30, 2022 USD ($) | Jun. 30, 2021 | Dec. 31, 2021 | |
Excess Cash Balances, Number of High Credit Quality Financial Institutions | 2 | ||||
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | One Customer [Member] | |||||
Concentration Risk, Percentage | 28% | 25% | 26% | 27% | |
Concentration Risk Number of Customers | 1 | 1 | 1 | 1 | |
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Largest Customer [Member] | |||||
Concentration Risk, Percentage | 4% | 2% | 4% | 3% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | |||||
Concentration Risk, Percentage | 37% | 19% | |||
Concentration Risk Number of Customers | 2 | 1 | |||
UNITED STATES | |||||
Excess Cash Balances, Number of High Credit Quality Financial Institutions | 1,000 | ||||
Cash | $ 1,175 | $ 1,175 | |||
CHINA | |||||
Excess Cash Balances, Number of High Credit Quality Financial Institutions | 1 | ||||
Cash | 691 | $ 691 | |||
MEXICO | |||||
Cash | $ 54 | $ 54 |
Note 3 - Revenue 1 (Details Tex
Note 3 - Revenue 1 (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Percentage of Revenue Transferred to Customers | 74% | 82% | 74% | 79% |
Revenue Remaining Performance Obligation, Customers Upon Shipment With Payment Terms (Day) | 120 days |
Note 3 - Revenue 2 (Details Tex
Note 3 - Revenue 2 (Details Textual) | Jun. 30, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Day) | 180 days |
Note 3 - Revenue - Contract Ass
Note 3 - Revenue - Contract Assets (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Balance outstanding at December 31, 2021 | $ 8,698 |
Transferred to receivables from beginning contract assets | (8,360) |
Product transferred over time to ending contract assets | 8,732 |
Balance outstanding at June 30, 2022 | $ 9,070 |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net sales | $ 32,518 | $ 30,182 | $ 63,229 | $ 52,254 |
Medical [Member] | ||||
Net sales | 18,538 | 16,070 | 33,804 | 28,411 |
Industrial [Member] | ||||
Net sales | 9,454 | 10,176 | 18,121 | 16,395 |
Aerospace and Defense [Member] | ||||
Net sales | 4,526 | 3,936 | 11,304 | 7,448 |
Transferred over Time [Member] | ||||
Net sales | 24,084 | 24,801 | 46,477 | 41,454 |
Transferred over Time [Member] | Medical [Member] | ||||
Net sales | 13,165 | 12,776 | 22,972 | 21,735 |
Transferred over Time [Member] | Industrial [Member] | ||||
Net sales | 6,930 | 8,287 | 13,459 | 12,917 |
Transferred over Time [Member] | Aerospace and Defense [Member] | ||||
Net sales | 3,989 | 3,738 | 10,046 | 6,802 |
Transferred at Point in Time [Member] | ||||
Net sales | 7,295 | 4,910 | 14,426 | 9,401 |
Transferred at Point in Time [Member] | Medical [Member] | ||||
Net sales | 4,763 | 3,050 | 9,678 | 5,942 |
Transferred at Point in Time [Member] | Industrial [Member] | ||||
Net sales | 2,196 | 1,738 | 3,987 | 3,075 |
Transferred at Point in Time [Member] | Aerospace and Defense [Member] | ||||
Net sales | 336 | 122 | 761 | 384 |
Noncash Consideration [Member] | ||||
Net sales | 1,139 | 471 | 2,326 | 1,399 |
Noncash Consideration [Member] | Medical [Member] | ||||
Net sales | 610 | 244 | 1,154 | 734 |
Noncash Consideration [Member] | Industrial [Member] | ||||
Net sales | 328 | 151 | 675 | 403 |
Noncash Consideration [Member] | Aerospace and Defense [Member] | ||||
Net sales | $ 201 | $ 76 | $ 497 | $ 262 |
Note 4 - Financing Arrangemen_2
Note 4 - Financing Arrangements (Details Textual) - Credit Agreement [Member] | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 15, 2017 USD ($) | |
Bank of America [Member] | |||
Debt Issuance Costs, Net, Total | $ 50,000 | $ 58,000 | |
Bank of America [Member] | |||
Long-Term Line of Credit, Total | $ 11,410,000 | $ 9,016,000 | |
Line of Credit, Minimum Fixed Charge Coverage Ratio During the Period | 1 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 4,190 | ||
Bank of America [Member] | Line of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 16,000,000 | ||
Debt Instrument, Interest Rate During Period | 3.90% | 3.50% |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) | Jun. 30, 2022 |
Minimum [Member] | |
Lessee, Operating Lease, Renewal Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 5 - Leases - Lease Cost (D
Note 5 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating lease cost | $ 578 | $ 589 | $ 1,159 | $ 1,120 |
Finance lease interest cost | 17 | 21 | 36 | 43 |
Finance lease amortization expense | 183 | 163 | 365 | 326 |
Total lease cost | $ 778 | $ 773 | 1,560 | 1,489 |
Cash paid for amounts included in the measurement of lease liabilities | 862 | 821 | ||
Right-of-use assets obtained in exchange for lease obligations | $ 0 | $ 858 | ||
Operating leases (Year) | 9 years 2 months 12 days | 9 years 2 months 12 days | ||
Finance leases (Year) | 2 years 7 months 6 days | 2 years 7 months 6 days | ||
Operating leases | 7.70% | 7.70% | ||
Finance leases | 5.20% | 5.20% |
Note 5 - Leases - Supplemental
Note 5 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Operating lease assets | $ 8,420 | $ 8,983 |
Total leased assets | 10,287 | 11,035 |
Property and Equipment [Member] | ||
Finance lease assets | $ 1,867 | $ 2,052 |
Note 5 - Leases - Maturity of L
Note 5 - Leases - Maturity of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Operating leases, Remaining 2022 | $ 871 |
Finance leases, Remaining 2022 | 293 |
Total, Remaining 2022 | 1,164 |
Operating leases, 2023 | 1,789 |
Finance leases, 2023 | 409 |
Total, 2023 | 2,198 |
Operating leases, 2024 | 1,507 |
Finance leases, 2024 | 357 |
Total, 2024 | 1,864 |
Operating leases, 2025 | 1,255 |
Finance leases, 2025 | 103 |
Total, 2025 | 1,358 |
Operating leases, 2026 | 1,217 |
Finance leases, 2026 | 115 |
Total, 2026 | 1,332 |
Operating leases, Thereafter | 7,066 |
Finance leases, Thereafter | 0 |
Total, Thereafter | 7,066 |
Operating leases, total lease payments | 13,705 |
Finance leases, total lease payments | 1,277 |
Total, total lease payments | 14,982 |
Operating leases, less: Interest | (4,504) |
Finance leases, less: Interest | (96) |
Total, less: Interest | (4,600) |
Operating leases, present value of lease liabilities | 9,201 |
Finance leases, present value of lease liabilities | 1,181 |
Total, present value of lease liabilities | $ 10,382 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 21% | 38% | 12% | 30% |
Note 7 - Restructuring Charges
Note 7 - Restructuring Charges (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restructuring Charges, Total | $ 0 | $ 77 | $ 0 | $ 296 |
Consolidation of our Production Facilities and Closure of our Merrifield, Minnesota Facility [Member] | ||||
Restructuring Charges, Total | 296 | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 15 | $ 94 | ||
Restructuring Reserve, Ending Balance | $ 0 | $ 0 |
Note 8 - Employee Retention C_2
Note 8 - Employee Retention Credit (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Employee Retention Credit Benefits, CARES Act | $ 5,209 | $ 5,209 |
Note 9 - Related Party Transa_2
Note 9 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Agreement Between the BIRD Foundation, the Company, and MARPE Technologies, LTD [Member] | ||||
Agreement, Conditional Grant | $ 1,000 | $ 1,000 | ||
Agreement, Exclusive Manufacturing Rights, Term (Year) | 10 years | |||
Abilitech Medical, Inc [Member] | Payments Received for Delivery of EMS Products [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 163 | $ 472 | $ 217 | $ 740 |
David Kunin [Member] | Marpe Technologies, LTD [Member] | Maximum [Member] | ||||
Ownership, Percent | 10% | 10% | ||
Marpe Technologies, LTD [Member] | Agreement Between the BIRD Foundation, the Company, and MARPE Technologies, LTD [Member] | ||||
Agreement, Conditional Grant Matching Amount | $ 500 | $ 500 | ||
Agreement, Contribution Amount | $ 182 | 182 | ||
Revenue from Related Parties | $ 113 | $ 0 |