Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 24, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | CVD EQUIPMENT CORP | ||
Entity Central Index Key | 0000766792 | ||
Trading Symbol | cvv | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 6,633,355 | ||
Entity Public Float | $ 19,740,810 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, Par value $0.01 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 8,664,253 | $ 11,439,361 |
Accounts receivable, net | 2,545,537 | 4,065,220 |
Contract assets | 512,952 | 1,357,797 |
Inventories | 1,709,713 | 1,861,873 |
Other current assets | 733,337 | 723,204 |
Total Current Assets | 14,165,792 | 19,447,455 |
Property, plant and equipment, net | 32,102,335 | 30,402,558 |
Deferred income taxes | 1,425,414 | |
Other assets | 13,748 | 64,583 |
Intangible assets, net | 441,177 | 495,552 |
Total Assets | 46,723,052 | 51,835,562 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 535,394 | 713,194 |
Accrued expenses | 1,902,858 | 1,503,309 |
Current maturities of long-term debt | 674,593 | 857,590 |
Contract liabilities | 845,653 | 536,524 |
Deferred revenue | 1,429,583 | 459,899 |
Total Current Liabilities | 5,388,081 | 4,070,516 |
Long-term debt, net of current portion | 11,377,126 | 12,051,720 |
Total Liabilities | 16,765,207 | 16,122,236 |
Commitments and contingencies (see Note 13) | ||
Stockholders’ Equity: | ||
Common stock - $0.01 par value – 20,000,000 shares authorized; issued and outstanding 6,623,793 at December 31, 2019 and 6,535,888 at December 31, 2018 | 66,237 | 65,358 |
Additional paid-in capital | 26,719,554 | 26,148,256 |
Retained earnings | 3,172,054 | 9,499,712 |
Total Stockholders’ Equity | 29,957,845 | 35,713,326 |
Total Liabilities and Stockholders’ Equity | $ 46,723,052 | $ 51,835,562 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 6,623,793 | 6,535,888 |
Common stock, shares outstanding (in shares) | 6,623,793 | 6,535,888 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 19,646,652 | $ 24,334,331 |
Cost of revenue | 16,850,077 | 19,156,201 |
Gross profit | 2,796,575 | 5,178,130 |
Operating expenses | ||
Research and development | 597,456 | 606,618 |
Selling and shipping | 898,338 | 1,620,089 |
General and administrative | 6,285,496 | 8,205,942 |
Total operating expenses | 7,781,290 | 10,432,649 |
Operating loss | (4,984,715) | (5,254,519) |
Other income (expense): | ||
Interest income | 142,579 | 159,953 |
Interest expense | (482,844) | (463,017) |
Other Income | 411,230 | |
Total other income (expense), net | 70,965 | (303,064) |
Loss before income tax | (4,913,750) | (5,557,583) |
Income tax expense (benefit) | 1,413,908 | (356,562) |
Net loss | $ (6,327,658) | $ (5,201,021) |
Basic loss per common share (in dollars per share) | $ (0.96) | $ (0.80) |
Diluted loss per common share (in dollars per share) | $ (0.96) | $ (0.80) |
Outstanding-basic (in shares) | 6,562,141 | 6,495,597 |
Outstanding-diluted (in shares) | 6,562,141 | 6,495,597 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 6,458,714 | |||
Balance at Dec. 31, 2017 | $ 64,587 | $ 25,209,316 | $ 14,700,733 | $ 39,974,636 |
Net loss | (5,201,021) | (5,201,021) | ||
Share-Based Compensation (in shares) | 77,174 | |||
Share-Based Compensation | $ 771 | 938,940 | $ 939,711 | |
Balance (in shares) at Dec. 31, 2018 | 6,535,888 | 6,535,888 | ||
Balance at Dec. 31, 2018 | $ 65,358 | 26,148,256 | 9,499,712 | $ 35,713,326 |
Net loss | (6,327,658) | (6,327,658) | ||
Share-Based Compensation (in shares) | 87,905 | |||
Share-Based Compensation | $ 879 | 571,298 | $ 572,177 | |
Balance (in shares) at Dec. 31, 2019 | 6,623,793 | 6,623,793 | ||
Balance at Dec. 31, 2019 | $ 66,237 | $ 26,719,554 | $ 3,172,054 | $ 29,957,845 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash flows from operating activities: | |||
Net loss | $ (6,327,658) | $ (5,201,021) | |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | |||
Stock-based compensation | 572,177 | 939,711 | |
Depreciation and amortization | [1] | 1,042,829 | 1,141,161 |
Deferred income tax expense / (benefit) | 1,425,414 | (495,228) | |
Recovery of contingent earnout | (200,000) | ||
(Increase)/decrease in operating assets | |||
Accounts receivable | 1,519,683 | (2,006,603) | |
Contract assets | 844,846 | 7,039,227 | |
Inventories | 152,160 | 1,103,750 | |
Other assets | 125,056 | (552,515) | |
Increase/(decrease) in operating liabilities | |||
Accounts payable | (177,801) | (461,774) | |
Accrued expenses | 315,195 | (1,235,064) | |
Contract liabilities | 309,129 | 70,211 | |
Deferred revenue | 969,684 | 167,946 | |
Total adjustments | 6,898,372 | 5,710,822 | |
Net cash provided by operating activities | 570,714 | 509,801 | |
Cash flows from investing activities: | |||
Capital expenditures | (2,688,231) | (2,537,652) | |
Net cash used in investing activities | (2,688,231) | (2,537,652) | |
Cash flows from financing activities | |||
Payments of long-term debt | (657,591) | (743,697) | |
Net cash used in financing activities | (657,591) | (743,697) | |
Net decrease in cash and cash equivalents | (2,775,108) | (2,771,548) | |
Cash and cash equivalents at beginning of year | 11,439,361 | 14,210,909 | |
Cash and cash equivalents at end of year | 8,664,253 | 11,439,361 | |
Supplemental disclosure of cash flow information: | |||
Income taxes paid | 2,800 | 472,542 | |
Interest paid | 365,254 | 463,850 | |
Capitalization of right to use Asset and related lease liability | $ 84,354 | ||
[1] | Includes amortization expense of $120,488 and $115,800 for the year ending December 31, 2019 and the year ended December 31, 2018, respectively. Such amortization expense relates to other capitalized and intangibles assets. |
Note 1 - Business Description
Note 1 - Business Description | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1 CVD Equipment Corporation and its subsidiaries (the “Company”), a New York corporation, was organized and commenced operations in October 1982. one |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 Principles of Consolidation The consolidated financial statements include the accounts of CVD Equipment Corporation and its wholly owned subsidiaries. The Company has five 411519R, 555 555 Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. Actual results could differ from those estimates. The Company’s significant estimates are the accounting for certain items such as revenues on long-term contracts recognized on the input method, depreciation and amortization, valuation of inventories at the lower of cost or net realizable value; allowance for doubtful accounts receivable; valuation allowances for deferred tax assets, impairment considerations of long-lived assets and valuation of stock-based compensation. Revenue Recognition The Company designs, manufactures and sells custom chemical vapor deposition equipment through contractual agreements. These system sales require the Company to deliver functioning equipment that is generally completed within three eighteen Incurred costs include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and depreciation costs. Contract material costs are included in incurred costs when the project materials have been purchased or moved to work in process, and installed, as required by the project’s engineering design. Cost based input methods of revenue recognition require the Company to make estimates of costs to complete the projects. In making such estimates, significant judgment is required to evaluate assumptions related to the costs to complete the projects, including materials, labor and other system costs. If the estimated total costs on any contract are greater than the net contract revenues, the Company recognizes the entire estimated loss in the period the loss becomes known and can be reasonably estimated. “Contract assets,” include unbilled amounts typically resulting from sales under contracts when revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. The amount may not “Contract liabilities,” include advance payments and billings in excess of revenue recognized. Contract liabilities are classified as current based on our contract operating cycle and reported on a contract-by-contract basis, net of revenue recognized, at the end of each reporting period. For outright sales of products, revenue is recognized when control of the promised products or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services (the transaction price). A performance obligation is a promise in a contract to transfer a distinct product or service to a customer and is the unit of account under ASC 606 Inventories Inventories are valued at the lower of cost (determined on the first first Income Taxes Deferred tax assets and liabilities are determined based on the estimated future tax effects of temporary differences between the financial statements and tax bases of assets and liabilities, as measured by using the future enacted tax rates. Deferred tax expense (benefit) is the result of changes in the deferred tax assets and liabilities. The Company records a valuation allowance against deferred tax assets when it is more likely than not not Investment tax credits are accounted for by the flow-through method, reducing income taxes currently payable and the provision for income taxes in the period the assets giving rise to such credits are placed in service. To the extent such credits are not The Company recognizes the tax benefit from an uncertain tax position only if it is more-likely-than- not 50% The accounting guidance on accounting for uncertainty in income taxes also addresses derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. The Company does not December 31, 2019 The Company and its subsidiaries file combined income tax returns in the U.S. Federal and New York State jurisdiction. In addition, the parent company files standalone tax returns in California, Delaware, Florida, Michigan, Minnesota, New Hampshire and Wisconsin. The Company is no 2015. Impairment of Long Lived Assets and Intangibles Long-lived assets consist primarily of property, plant, and equipment. Intangibles consist of patents, copyrights and intellectual property, licensing agreements and certifications. Long-lived assets are reviewed for impairment whenever events or circumstances indicate their carrying value may not 360 10 35, no December 31, 2019 2018. Computer Software The Company follows ASC 350 40, no December 31, 2019 December 31, 2018 three five $142,480 $144,500 December 31, 2019 2018, Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is determined on a straight-line basis for buildings and building improvements over 5 39 5 8 Intangible Assets The cost of intangible assets is being amortized on a straight-line basis over their estimated initial useful lives which ranged from 5 20 2019 2018 $120,488 $115,800, Research & Development Research and development costs are expensed as incurred. Our laboratory staff conducts research and development independent of customer orders. In 2019, $598,000 $607,000 2018. Product Warranty The Company records warranty costs as incurred and does not Earnings Per Share Basic earnings per common share is computed by dividing the net income by the weighted average number of shares of common stock outstanding during each period. When applicable, diluted earnings per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents, consisting of shares that might be adjusted upon exercise of common stock options and warrants. Potential common shares issued are calculated using the treasury stock method, which recognizes the use of proceeds that could be obtained upon the exercise of options and warrants in computing diluted earnings per share. It assumes that any proceeds would be used to purchase common stock at the average market price of the common stock during the period. Cash and Cash Equivalents The Company had cash and cash equivalents of $8.7 $11.4 December 31, 2019 2018, three $2.1 $7.5 December 31, 2019 December 31, 2018, The Company places most of its temporary cash investments with financial institutions, which from time to time may December 31, 2019 December 31, 2018 $5,198,000 $6,920,000 Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. The Company places its cash equivalents with financial institutions and invests its excess cash primarily in treasury bills, certificates of deposit or money market instruments. The Company has established guidelines relative to credit ratings and maturities that seek to maintain stability and liquidity. The Company sells products and services to various companies across several industries in the ordinary course of business. The Company routinely assesses the financial strength of its customers and maintains allowances for anticipated losses based upon historical experience. Accounts Receivable The Company sells products and services to various companies across several industries in the ordinary course of business. The Company performs ongoing credit evaluations to assess the probability of accounts receivable collection based on a number of factors, including past transaction experience, evaluation of their credit history and review of the invoicing terms of the contract to determine the financial strength of its customers. The Company has accounts receivables from certain customers that exceed 10%. December 31, 2019 2018, three 61% two 42%, Accounts receivable is presented net of an allowance for doubtful accounts of $24,000 December 31, 2019 2018, may Sales Concentrations Revenue to a single customer in any one 10.0% 39.3% one 38.2%, 2019 2018. may may Export sales to customers represented approximately 21.3% 9.9% December 31, 2019 2018, 2019 2018 not Fair V alue of Financial Instruments The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, net, accounts payable, deferred revenue and customer deposits approximate fair value due to the relatively short-term maturity of these instruments. The carrying value of long-term debt approximates fair value based on prevailing borrowing rates currently available for loans with similar terms and maturities. Stock-Based Compensation The Company records stock-based compensation in accordance with the provisions set forth in ASC 718, 718 Shipping and Handling It is the Company’s policy to include freight charges billed to customers in total revenue. The amount included in revenue was $39,000 $61,200 December 31, 2019 2018, Recently Adopted Accounting Standards In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 November 15, 2019, December 15, 2022 December 15, 2018 In February 2016 No. 2016 02, 842 2016 02 2016 02 not 12 not 2016 02 December 15, 2018 2016 02 January 1, 2019. may An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. In addition, FASB has amended Topic 842 842 2016 02. one December 31, 2020 2019 $84,000 December 31, 2019. We believe there is no not may |
Note 3 - Contracts in Progress
Note 3 - Contracts in Progress | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 3 – Contracts in Progress The following table represents a disaggregation of revenue from contracts for the years ended December 31, 2019 December 31, 2018: (In thousands) 201 9 201 8 Category Aerospace $ 4,937 $ 8,115 Industrial 4,933 7,043 Research 3,114 4,114 Point in time 6,663 5,062 Total revenue $ 19,647 $ 24,334 Contract Assets and Liabilities Contract assets consist of (i) retainage which represent the earned, but unbilled, portion for which payment is deferred by the customer until certain contractual milestones are met; and (ii) unbilled receivables which represent revenue that has been recognized in advance of billing the customer, which is common for long-term contracts. Contract liabilities consist of customer advances and billings in excess of revenue recognized. For the year ended December 31, 2019, $.8 December 31, 2019, $.3 Contract assets and contract liabilities on input method type contracts in progress are summarized as follows: 2019 2018 Costs incurred on contracts in progress $ 6,943,067 $ 24,913,254 Estimated earnings 3,370,032 26,040,219 10,313,099 50,953,473 Billings to date (10,645,800 ) (50,132,200 ) $ (332,701 ) $ 821,273 Included in accompanying balance sheets Under the following captions: Contract assets $ 512,952 $ 1,357,797 Contract liabilities $ (845,653 ) $ (536,524 ) The Company has unrecognized contract revenue of approximately $3.6 December 31, 2019, twelve |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4 - Inventories Inventories consist of: 201 9 201 8 Raw materials $ 1,281,250 $ 1,656,488 Work-in-process 428,463 205,385 Inventories $ 1,709,713 $ 1,861,873 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 – Property, Plant and Equipment Major classes of property, plant and equipment consist of the following: 201 9 201 8 Land $ 6,929,000 $ 6,929,000 Buildings 15,917,000 15,920,925 Building improvements 7,864,757 6,603,121 Machinery and equipment 3,592,351 3,385,357 Furniture and fixtures 613,765 611,190 Computer equipment 487,902 487,007 Software 438,391 441,376 Transportation equipment 114,511 65,995 Lab equipment 1,985,179 1,985,179 Construction in Progress 2,110,875 946,960 Totals at cost $ 40,053,731 $ 37,376,110 Less: Accumulated depreciation and amortization (7,951,396 ) (6,973,552 ) Property, plant and equipment, net $ 32,102,335 $ 30,402,558 Depreciation and amortization expense (1) $ 1,042,829 $ 1,141,161 ( 1 $120,488 $115,800 December 31, 2019 December 31, 2018, |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 6 Intangible assets consisted of the following: 2019 Intangible Assets Cost Accumulated Amortization Carrying Amount Patents, Copyrights and Intellectual Property $ 836,544 $ 413,957 $ 422,587 Licensing Agreement 10,000 10,000 0 Certifications 83,272 64,682 18,590 Totals $ 929,816 $ 488,639 $ 441,177 2018 Intangible Assets Cost Accumulated Amortization Carrying Amount Patents, Copyrights and Intellectual Property $ 796,080 $ 300,528 $ 495,552 Licensing Agreement 10,000 10,000 0 Certifications 58,486 58,486 0 Totals $ 864,566 $ 369,014 $ 495,552 The estimated amortization expense related to intangible assets for each of the five December 31, 2019 Year Ended 2020 $ 126,958 2021 126,958 2022 53,469 2023 53,469 2024 46,387 Thereafter 33,936 Total $ 441,177 |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 7 – Long-term Debt Long-term debt as of December 31 consists of the following: 201 9 201 8 HSBC $10,387,500 Mortgage payable secured by real property Buildings and improvements at 555 N Research Drive, Central Islip, NY payable in monthly principle installments of $62,481 including Interest at a rate of 3.9148% maturing on December 1, 2022. $ 9,686,211 $ 10,043,802 MesoScribe Technologies, Inc. $300,000 acquisition related contingent payment (1) - 200,000 HSBC $6,000,000 Mortgage payable secured by building Buildings and improvements at 355 South Technology Drive, Central Islip, NY payable in monthly principle installments of $25,000 plus interest. Interest presently accrues at our option, at the variable rate of LIBOR plus 1.75% or HSBC’s Prime rate minus 0.50% The loan matures on March 1, 2022. 2,365,508 2,665,508 Total long-term debt $ 12,051,719 $ 12,909,310 Less: Current maturities (674,593 ) (857,590 ) Long-term debt $ 11,377,126 $ 12,051,720 ( 1 For the twelve December 31, 2019 2018, not $200,000 $100,000, Future maturities of long-term debt as of December 31, 2019 2020 $ 674,593 2021 690,813 2022 10,686,313 Total long-term debt $ 12,051,719 The Company has a loan agreement with HSBC which is secured by a mortgage against our Central Islip, NY Headquarters. The loan is payable in 120 $25,000 March 2022. December 31, 2019 December 31, 2018 $2.4 $2.7 1.75% 0.5% 3.49% 2.18% December 31, 2019 2018, On November 30, 2017, 555 $13,850,000 555 $10,387,500, 555 November 30, 2017 ( November 30, 2017, The Note is payable in 60 $62,481 December 2022. December 31, 2019 December 31, 2018 $9.7 $10.0 3.9148%. November 30, 2017 ( May 31, 2019, two December 31, 2019, $411,000 June 2019. July 2019, $36,000 $67,000 $800,000 October 30, 2019, December 31, 2019 ( one June 30, 2020, $31,667 $380,000 At December 31, 2018, not one March 26, 2019 April 1, 2020. August 5, 2019, December 31, 2019. |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 8 – Earnings per Share The calculation of basic and diluted weighted average common shares outstanding is as follows: 2019 2018 Weighted average common shares outstanding basic earnings per share 6,562,141 6,495,597 Effect of potential common share issuance: Stock options - - Weighted average common shares outstanding Diluted earnings per share 6,562,141 6,495,597 At December 31, 2019, 432,930 307,930 407,930 257,930 December 31, 2018. December 31, 2019 2018, 307,930 257,930, not |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9 – Income Taxes At December 31, 2019, $588,000 not 2034 2039. December 31, 2019, $2,497,414. two not may not The expense/(benefit) for income taxes includes the following: 201 9 201 8 Current: Federal $ - $ 58,304 State (11,506 ) 80,367 Total current tax provision (11,506 ) 138,671 Deferred: Federal 1,425,414 (495,233 ) State --- --- Total deferred tax provision 1,425,414 (495,233 ) Income tax expense / (benefit) $ 1,413,908 $ (356,562 ) The tax effects of temporary differences giving rise to significant portions of the net deferred taxes are as follows: Revised 201 9 201 8 Deferred income tax assets: Allowance for doubtful accounts $ 5,293 $ 5,060 Inventory capitalization 7,107 6,197 Depreciation and amortization - - Research & development tax credits 588,096 413,680 Compensation costs 202,287 356,983 Vacation accrual 142,230 167,644 Interest expense carryforward 144,340 66,149 Net operating loss carryforward 1,798,315 832,565 Other items 52,232 16,446 Total deferred tax asset 2,939,900 1,864,724 Deferred incomes tax liability: Property and equipment - tax over book depreciation (442,486 ) (439,310 ) Less valuation allowance (2,497,414 ) --- Net long-term deferred tax asset $ - $ 1,425,414 During the Company’s review of its deferred tax assets for the year ended December 31, 2019, December 31, 2018 December 31, 2018 $679,000 $679,000. December 31, 2018 no The reconciliation of the federal statutory income tax rate to our effective tax rate is as follows: 201 9 201 8 Expected provision at federal statutory tax rate (21%) $ (1,031,888 ) $ (1,167,092 ) Provision for valuation allowance 2,497,414 - Foreign tax loss 57,856 99,215 Adjustment to 2017 tax return - 58,304 State taxes, net of federal benefit (11,506 ) 80,367 Stock-based compensation expense - 185,675 Federal research & development credit (174,416 ) (83,245 ) Other permanent differences 76,448 470,214 Income tax expense/(benefit) $ 1,413,908 $ (356,562 ) The Company’s foreign subsidiary, CVD Tantaline ApS incurred a loss of approximately $276,000, $61,000 December 31, 2019, 22% December 31, 2018 $463,000 $102,000 $102,000. |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | N ote 1 0 – Stockholders’ equity 2001 In November 2006, July 2001, may 300,000 $.01 four one July 22, 2011. December 31, 2019 22,930 2007 On December 12, 2007, 2007 750,000 may December 12, 2017. December, 2017. December 31, 2019 345,000 2016 On December 9, 2016, 2016 “2016 750,000 may 2016 December 9, 2026. December 31, 2019, 65,000 The purchase price of the common stock under each option plan shall be determined by the Committee, provided, however, that such purchase price shall not seven ten $572,000 $940,000 December 31, 2019 2018, A summary of the stock option activity related to the 2001 2007 2016 January 1, 2018 December 31, 2019 2001 Non-Qualified Stock Option Plan Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Year ended December 31, 2018 Number of shares 22,930 - - - 22,930 22,930 Weighted average exercise price per share $ 5.36 - - - $ 5.36 $ 5.36 Year ended December 31, 2019 Number of shares 22,930 - - - 22,930 22,930 Weighted average exercise price per share $ 5.36 - - - $ 5.36 $ 5.36 2007 Share Incentive Plan Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Year ended December 31, 2018 Number of shares 365,000 - - - 365,000 235,000 Weighted average exercise price per share $ 12.35 - - - $ 12.35 $ 13.15 Year ended December 31, 2018 Number of shares 365,000 - - (20,000 ) 345,000 285,000 Weighted average exercise price per share $ 12.35 - - $ 11.61 $ 12.69 $ 12.76 2016 Share Incentive Plan Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Year ended December 31, 2018 Number of shares - 20,000 - - 20,000 - Weighted average exercise price per share - $ 8.07 - - $ 8.07 - Year ended December 31, 2019 Number of shares 20,000 60,000 - (15,000 ) 65,000 - Weighted average exercise price per share $ 8.07 $ 5.00 - $ 5.00 $ 5.94 - The Company has 432,930 three December 31, 2019. The following table summarizes information about the outstanding and exercisable options at December 31, 2019. Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Exercise Number Remaining Exercise Intrinsic Number Exercise Intrinsic Price Range Outstanding Contractual Price Value Exercisable Price Value $4.00 - 7.00 60,930 .1 $ 4.80 $ 0 15,930 $ 4.25 $ 0 $7.01 - 10.00 27,000 1 $ 8.03 $ 0 7,000 $ 7.90 $ 0 $10.01 - 12.00 220,000 6.3 $ 10.81 $ 0 160,000 $ 11.05 $ 0 $12.01 - 15.00 125,000 2.5 $ 15.00 $ 0 125,000 $ 15.00 $ 0 No December 31, 2019 2018. December 31, 2019, $48,000 1.24 Restricted Stock Awards The following table summarizes restricted stock awards for the years ended December 31, 2019 2018: Weighted Average Grant Shares of Date Fair Restricted Stock Value Unvested outstanding at December 31, 2017 0 $ 0 Granted 11,000 $ 10.53 Vested (11,000 ) $ 10.53 Forfeited/Cancelled Unvested outstanding at December 31, 2018 0 $ 0 Granted 37,300 $ 3.99 Vested (35,025 ) $ 3.99 Forfeited/Cancelled (2,275 ) $ 3.99 Unvested outstanding at December 31, 2019 0 $ 0 The total fair value of shares of restricted stock awards vested for the years ended December 31, 2019 2018 $140,000 $116,000 Restricted Stock Units The following table summarizes restricted stock units for the years ended December 31, 2019 December 31, 2018: Weighted Shares of Average Grant Restricted Date Fair Stock Units Value Unvested outstanding at December 31, 2017 73,870 $ 10.05 Granted 39,260 $ 8.75 Vested (67,067 ) $ 9.26 Forfeited/Cancelled (- ) $ -- Unvested outstanding at December 31, 2018 46,063 $ 8.25 Granted 10,500 $ 4.15 Vested (33,988 ) $ 9.08 Forfeited/Cancelled (- ) $ -- Unvested outstanding at December 31, 2019 22,575 $ 4.66 The total fair value of vested restricted stock units was $309,000 $621,000 December 31, 2019 2018. The fair value of the outstanding restricted stock units will be recorded as stock compensation expense over the vesting period. As of December 31, 2019, $106,000 1.21 During the years ended December 31, 2019 2018, $572,000 $940,000 718. |
Note 11 - Defined Contribution
Note 11 - Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | N ote 1 1 – Defined Contribution Plan The Company maintains a 401 401 three Participants may No 2019 2018. |
Note 12 - Segment Reporting
Note 12 - Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 1 2 – Segment Reporting The Company operates through three 2 The following table presents certain information regarding the Company’s segments as of December 31, 2019 December 31, 2018 201 9 (In thousands) CVD SDC Materials Corporate Eliminations * Consolidated Assets $ 34,374 $ 6,003 $ 6,355 $ (9 ) $ 46,723 Revenue $ 14,065 $ 4,498 $ 1,786 $ (702 ) $ 19,647 Operating (loss)/income (1,811 ) 696 (537 ) (3,333 ) (4,985 ) Pretax (loss)/income (1,782 ) 719 (518 ) (3,333 ) (4,914 ) 201 8 (In thousands) CVD SDC Materials Corporate Eliminations * Consolidated Assets-revised $ 39,788 $ 4,870 $ 7,187 $ (9 ) $ 51,836 Revenue $ 17,860 $ 5,503 $ 1,993 $ (1,022 ) $ 24,334 Operating (loss)/income (1,754 ) 958 (1,295 ) (3,164 ) (5,255 ) Pretax (loss)/income (1,691 ) 987 (1,690 ) (3,164 ) (5,558 ) *All elimination entries represent intersegment transactions eliminated in consolidation for external reporting. |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 1 3 – Subsequent Events On November 15, 2019, O2Cure January 29, 2020, O2Cure In December 2019 third third |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of CVD Equipment Corporation and its wholly owned subsidiaries. The Company has five 411519R, 555 555 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. Actual results could differ from those estimates. The Company’s significant estimates are the accounting for certain items such as revenues on long-term contracts recognized on the input method, depreciation and amortization, valuation of inventories at the lower of cost or net realizable value; allowance for doubtful accounts receivable; valuation allowances for deferred tax assets, impairment considerations of long-lived assets and valuation of stock-based compensation. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company designs, manufactures and sells custom chemical vapor deposition equipment through contractual agreements. These system sales require the Company to deliver functioning equipment that is generally completed within three eighteen Incurred costs include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and depreciation costs. Contract material costs are included in incurred costs when the project materials have been purchased or moved to work in process, and installed, as required by the project’s engineering design. Cost based input methods of revenue recognition require the Company to make estimates of costs to complete the projects. In making such estimates, significant judgment is required to evaluate assumptions related to the costs to complete the projects, including materials, labor and other system costs. If the estimated total costs on any contract are greater than the net contract revenues, the Company recognizes the entire estimated loss in the period the loss becomes known and can be reasonably estimated. “Contract assets,” include unbilled amounts typically resulting from sales under contracts when revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. The amount may not “Contract liabilities,” include advance payments and billings in excess of revenue recognized. Contract liabilities are classified as current based on our contract operating cycle and reported on a contract-by-contract basis, net of revenue recognized, at the end of each reporting period. For outright sales of products, revenue is recognized when control of the promised products or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services (the transaction price). A performance obligation is a promise in a contract to transfer a distinct product or service to a customer and is the unit of account under ASC 606 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost (determined on the first first |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred tax assets and liabilities are determined based on the estimated future tax effects of temporary differences between the financial statements and tax bases of assets and liabilities, as measured by using the future enacted tax rates. Deferred tax expense (benefit) is the result of changes in the deferred tax assets and liabilities. The Company records a valuation allowance against deferred tax assets when it is more likely than not not Investment tax credits are accounted for by the flow-through method, reducing income taxes currently payable and the provision for income taxes in the period the assets giving rise to such credits are placed in service. To the extent such credits are not The Company recognizes the tax benefit from an uncertain tax position only if it is more-likely-than- not 50% The accounting guidance on accounting for uncertainty in income taxes also addresses derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. The Company does not December 31, 2019 The Company and its subsidiaries file combined income tax returns in the U.S. Federal and New York State jurisdiction. In addition, the parent company files standalone tax returns in California, Delaware, Florida, Michigan, Minnesota, New Hampshire and Wisconsin. The Company is no 2015. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Long Lived Assets and Intangibles Long-lived assets consist primarily of property, plant, and equipment. Intangibles consist of patents, copyrights and intellectual property, licensing agreements and certifications. Long-lived assets are reviewed for impairment whenever events or circumstances indicate their carrying value may not 360 10 35, no December 31, 2019 2018. |
Internal Use Software, Policy [Policy Text Block] | Computer Software The Company follows ASC 350 40, no December 31, 2019 December 31, 2018 three five $142,480 $144,500 December 31, 2019 2018, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is determined on a straight-line basis for buildings and building improvements over 5 39 5 8 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets The cost of intangible assets is being amortized on a straight-line basis over their estimated initial useful lives which ranged from 5 20 2019 2018 $120,488 $115,800, |
Research and Development Expense, Policy [Policy Text Block] | Research & Development Research and development costs are expensed as incurred. Our laboratory staff conducts research and development independent of customer orders. In 2019, $598,000 $607,000 2018. |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty The Company records warranty costs as incurred and does not |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per common share is computed by dividing the net income by the weighted average number of shares of common stock outstanding during each period. When applicable, diluted earnings per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents, consisting of shares that might be adjusted upon exercise of common stock options and warrants. Potential common shares issued are calculated using the treasury stock method, which recognizes the use of proceeds that could be obtained upon the exercise of options and warrants in computing diluted earnings per share. It assumes that any proceeds would be used to purchase common stock at the average market price of the common stock during the period. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company had cash and cash equivalents of $8.7 $11.4 December 31, 2019 2018, three $2.1 $7.5 December 31, 2019 December 31, 2018, The Company places most of its temporary cash investments with financial institutions, which from time to time may December 31, 2019 December 31, 2018 $5,198,000 $6,920,000 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. The Company places its cash equivalents with financial institutions and invests its excess cash primarily in treasury bills, certificates of deposit or money market instruments. The Company has established guidelines relative to credit ratings and maturities that seek to maintain stability and liquidity. The Company sells products and services to various companies across several industries in the ordinary course of business. The Company routinely assesses the financial strength of its customers and maintains allowances for anticipated losses based upon historical experience. |
Receivable [Policy Text Block] | Accounts Receivable The Company sells products and services to various companies across several industries in the ordinary course of business. The Company performs ongoing credit evaluations to assess the probability of accounts receivable collection based on a number of factors, including past transaction experience, evaluation of their credit history and review of the invoicing terms of the contract to determine the financial strength of its customers. The Company has accounts receivables from certain customers that exceed 10%. December 31, 2019 2018, three 61% two 42%, Accounts receivable is presented net of an allowance for doubtful accounts of $24,000 December 31, 2019 2018, may |
Sales Concentrations, Policy [Policy Text Block] | Sales Concentrations Revenue to a single customer in any one 10.0% 39.3% one 38.2%, 2019 2018. may may Export sales to customers represented approximately 21.3% 9.9% December 31, 2019 2018, 2019 2018 not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair V alue of Financial Instruments The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, net, accounts payable, deferred revenue and customer deposits approximate fair value due to the relatively short-term maturity of these instruments. The carrying value of long-term debt approximates fair value based on prevailing borrowing rates currently available for loans with similar terms and maturities. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company records stock-based compensation in accordance with the provisions set forth in ASC 718, 718 |
Shipping and Handling, Policy [Policy Text Block] | Shipping and Handling It is the Company’s policy to include freight charges billed to customers in total revenue. The amount included in revenue was $39,000 $61,200 December 31, 2019 2018, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 November 15, 2019, December 15, 2022 December 15, 2018 In February 2016 No. 2016 02, 842 2016 02 2016 02 not 12 not 2016 02 December 15, 2018 2016 02 January 1, 2019. may An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. In addition, FASB has amended Topic 842 842 2016 02. one December 31, 2020 2019 $84,000 December 31, 2019. We believe there is no not may |
Note 3 - Contracts in Progress
Note 3 - Contracts in Progress (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | (In thousands) 201 9 201 8 Category Aerospace $ 4,937 $ 8,115 Industrial 4,933 7,043 Research 3,114 4,114 Point in time 6,663 5,062 Total revenue $ 19,647 $ 24,334 |
Schedule Of Cost And Estimated Earnings In Excess Of Billings [Table Text Block] | 2019 2018 Costs incurred on contracts in progress $ 6,943,067 $ 24,913,254 Estimated earnings 3,370,032 26,040,219 10,313,099 50,953,473 Billings to date (10,645,800 ) (50,132,200 ) $ (332,701 ) $ 821,273 Included in accompanying balance sheets Under the following captions: Contract assets $ 512,952 $ 1,357,797 Contract liabilities $ (845,653 ) $ (536,524 ) |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of: 201 9 201 8 Raw materials $ 1,281,250 $ 1,656,488 Work-in-process 428,463 205,385 Inventories $ 1,709,713 $ 1,861,873 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 201 9 201 8 Land $ 6,929,000 $ 6,929,000 Buildings 15,917,000 15,920,925 Building improvements 7,864,757 6,603,121 Machinery and equipment 3,592,351 3,385,357 Furniture and fixtures 613,765 611,190 Computer equipment 487,902 487,007 Software 438,391 441,376 Transportation equipment 114,511 65,995 Lab equipment 1,985,179 1,985,179 Construction in Progress 2,110,875 946,960 Totals at cost $ 40,053,731 $ 37,376,110 Less: Accumulated depreciation and amortization (7,951,396 ) (6,973,552 ) Property, plant and equipment, net $ 32,102,335 $ 30,402,558 Depreciation and amortization expense (1) $ 1,042,829 $ 1,141,161 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2019 Intangible Assets Cost Accumulated Amortization Carrying Amount Patents, Copyrights and Intellectual Property $ 836,544 $ 413,957 $ 422,587 Licensing Agreement 10,000 10,000 0 Certifications 83,272 64,682 18,590 Totals $ 929,816 $ 488,639 $ 441,177 2018 Intangible Assets Cost Accumulated Amortization Carrying Amount Patents, Copyrights and Intellectual Property $ 796,080 $ 300,528 $ 495,552 Licensing Agreement 10,000 10,000 0 Certifications 58,486 58,486 0 Totals $ 864,566 $ 369,014 $ 495,552 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ended 2020 $ 126,958 2021 126,958 2022 53,469 2023 53,469 2024 46,387 Thereafter 33,936 Total $ 441,177 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt as of December 31 consists of the following: 201 9 201 8 HSBC $10,387,500 Mortgage payable secured by real property Buildings and improvements at 555 N Research Drive, Central Islip, NY payable in monthly principle installments of $62,481 including Interest at a rate of 3.9148% maturing on December 1, 2022. $ 9,686,211 $ 10,043,802 MesoScribe Technologies, Inc. $300,000 acquisition related contingent payment (1) - 200,000 HSBC $6,000,000 Mortgage payable secured by building Buildings and improvements at 355 South Technology Drive, Central Islip, NY payable in monthly principle installments of $25,000 plus interest. Interest presently accrues at our option, at the variable rate of LIBOR plus 1.75% or HSBC’s Prime rate minus 0.50% The loan matures on March 1, 2022. 2,365,508 2,665,508 Total long-term debt $ 12,051,719 $ 12,909,310 Less: Current maturities (674,593 ) (857,590 ) Long-term debt $ 11,377,126 $ 12,051,720 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2020 $ 674,593 2021 690,813 2022 10,686,313 Total long-term debt $ 12,051,719 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2019 2018 Weighted average common shares outstanding basic earnings per share 6,562,141 6,495,597 Effect of potential common share issuance: Stock options - - Weighted average common shares outstanding Diluted earnings per share 6,562,141 6,495,597 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 201 9 201 8 Current: Federal $ - $ 58,304 State (11,506 ) 80,367 Total current tax provision (11,506 ) 138,671 Deferred: Federal 1,425,414 (495,233 ) State --- --- Total deferred tax provision 1,425,414 (495,233 ) Income tax expense / (benefit) $ 1,413,908 $ (356,562 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Revised 201 9 201 8 Deferred income tax assets: Allowance for doubtful accounts $ 5,293 $ 5,060 Inventory capitalization 7,107 6,197 Depreciation and amortization - - Research & development tax credits 588,096 413,680 Compensation costs 202,287 356,983 Vacation accrual 142,230 167,644 Interest expense carryforward 144,340 66,149 Net operating loss carryforward 1,798,315 832,565 Other items 52,232 16,446 Total deferred tax asset 2,939,900 1,864,724 Deferred incomes tax liability: Property and equipment - tax over book depreciation (442,486 ) (439,310 ) Less valuation allowance (2,497,414 ) --- Net long-term deferred tax asset $ - $ 1,425,414 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 201 9 201 8 Expected provision at federal statutory tax rate (21%) $ (1,031,888 ) $ (1,167,092 ) Provision for valuation allowance 2,497,414 - Foreign tax loss 57,856 99,215 Adjustment to 2017 tax return - 58,304 State taxes, net of federal benefit (11,506 ) 80,367 Stock-based compensation expense - 185,675 Federal research & development credit (174,416 ) (83,245 ) Other permanent differences 76,448 470,214 Income tax expense/(benefit) $ 1,413,908 $ (356,562 ) |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2001 Non-Qualified Stock Option Plan Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Year ended December 31, 2018 Number of shares 22,930 - - - 22,930 22,930 Weighted average exercise price per share $ 5.36 - - - $ 5.36 $ 5.36 Year ended December 31, 2019 Number of shares 22,930 - - - 22,930 22,930 Weighted average exercise price per share $ 5.36 - - - $ 5.36 $ 5.36 2007 Share Incentive Plan Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Year ended December 31, 2018 Number of shares 365,000 - - - 365,000 235,000 Weighted average exercise price per share $ 12.35 - - - $ 12.35 $ 13.15 Year ended December 31, 2018 Number of shares 365,000 - - (20,000 ) 345,000 285,000 Weighted average exercise price per share $ 12.35 - - $ 11.61 $ 12.69 $ 12.76 2016 Share Incentive Plan Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Year ended December 31, 2018 Number of shares - 20,000 - - 20,000 - Weighted average exercise price per share - $ 8.07 - - $ 8.07 - Year ended December 31, 2019 Number of shares 20,000 60,000 - (15,000 ) 65,000 - Weighted average exercise price per share $ 8.07 $ 5.00 - $ 5.00 $ 5.94 - |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Exercise Number Remaining Exercise Intrinsic Number Exercise Intrinsic Price Range Outstanding Contractual Price Value Exercisable Price Value $4.00 - 7.00 60,930 .1 $ 4.80 $ 0 15,930 $ 4.25 $ 0 $7.01 - 10.00 27,000 1 $ 8.03 $ 0 7,000 $ 7.90 $ 0 $10.01 - 12.00 220,000 6.3 $ 10.81 $ 0 160,000 $ 11.05 $ 0 $12.01 - 15.00 125,000 2.5 $ 15.00 $ 0 125,000 $ 15.00 $ 0 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Average Grant Shares of Date Fair Restricted Stock Value Unvested outstanding at December 31, 2017 0 $ 0 Granted 11,000 $ 10.53 Vested (11,000 ) $ 10.53 Forfeited/Cancelled Unvested outstanding at December 31, 2018 0 $ 0 Granted 37,300 $ 3.99 Vested (35,025 ) $ 3.99 Forfeited/Cancelled (2,275 ) $ 3.99 Unvested outstanding at December 31, 2019 0 $ 0 Weighted Shares of Average Grant Restricted Date Fair Stock Units Value Unvested outstanding at December 31, 2017 73,870 $ 10.05 Granted 39,260 $ 8.75 Vested (67,067 ) $ 9.26 Forfeited/Cancelled (- ) $ -- Unvested outstanding at December 31, 2018 46,063 $ 8.25 Granted 10,500 $ 4.15 Vested (33,988 ) $ 9.08 Forfeited/Cancelled (- ) $ -- Unvested outstanding at December 31, 2019 22,575 $ 4.66 |
Note 12 - Segment Reporting (Ta
Note 12 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 201 9 (In thousands) CVD SDC Materials Corporate Eliminations * Consolidated Assets $ 34,374 $ 6,003 $ 6,355 $ (9 ) $ 46,723 Revenue $ 14,065 $ 4,498 $ 1,786 $ (702 ) $ 19,647 Operating (loss)/income (1,811 ) 696 (537 ) (3,333 ) (4,985 ) Pretax (loss)/income (1,782 ) 719 (518 ) (3,333 ) (4,914 ) 201 8 (In thousands) CVD SDC Materials Corporate Eliminations * Consolidated Assets-revised $ 39,788 $ 4,870 $ 7,187 $ (9 ) $ 51,836 Revenue $ 17,860 $ 5,503 $ 1,993 $ (1,022 ) $ 24,334 Operating (loss)/income (1,754 ) 958 (1,295 ) (3,164 ) (5,255 ) Pretax (loss)/income (1,691 ) 987 (1,690 ) (3,164 ) (5,558 ) |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Number of Wholly Owned Subsidiaries | 5 | ||
Capitalized Computer Software, Amortization | $ 142,480 | $ 144,500 | |
Amortization of Intangible Assets, Total | 120,488 | 115,800 | |
Research and Development Expense, Total | 597,456 | 606,618 | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 8,664,253 | 11,439,361 | $ 14,210,909 |
Cash Equivalents, at Carrying Value, Total | 2,100,000 | 7,500,000 | |
Cash, Uninsured Amount | 5,198,000 | 6,920,000 | |
Accounts Receivable, Allowance for Credit Loss, Current | 24,000 | 24,000 | |
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | 84,000 | ||
Cargo and Freight [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 39,000 | $ 61,200 | |
Customer Concentration Risk [Member] | Export Sales [Member] | |||
Concentration Risk, Percentage | 21.30% | 9.90% | |
Three Customers [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Concentration Risk, Percentage | 61.00% | ||
Two Customers [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Concentration Risk, Percentage | 42.00% | ||
Two Customers [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Concentration Risk, Percentage | 39.30% | ||
One Customer [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Concentration Risk, Percentage | 38.20% | ||
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Minimum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 39 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 8 years | ||
Computer Software, Intangible Asset [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Computer Software, Intangible Asset [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years |
Note 3 - Contracts in Progres_2
Note 3 - Contracts in Progress 1 (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Contract with Customer, Asset | $ (844,846) | $ (7,039,227) |
Increase (Decrease) in Contract with Customer, Liability | $ 309,129 | $ 70,211 |
Note 3 - Contracts in Progres_3
Note 3 - Contracts in Progress 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 $ in Millions | Dec. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 3.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Note 3 - Contracts in Progres_4
Note 3 - Contracts in Progress - Disaggregation of Revenue (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net Revenue | $ 19,646,652 | $ 24,334,331 |
Transferred at Point in Time [Member] | ||
Net Revenue | 6,663,000 | 5,062,000 |
Aerospace [Member] | ||
Net Revenue | 4,937,000 | 8,115,000 |
Industrial [Member] | ||
Net Revenue | 4,933,000 | 7,043,000 |
Research [Member] | ||
Net Revenue | $ 3,114,000 | $ 4,114,000 |
Note 3 - Contracts in Progres_5
Note 3 - Contracts in Progress - Costs, Estimated Earnings, and Billings on Uncompleted Contracts (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Costs incurred on contracts in progress | $ 6,943,067 | $ 24,913,254 |
Estimated earnings | 3,370,032 | 26,040,219 |
10,313,099 | 50,953,473 | |
Billings to date | (10,645,800) | (50,132,200) |
(332,701) | 821,273 | |
Included in accompanying balance sheets | ||
Contract assets | 512,952 | 1,357,797 |
Contract liabilities | $ (845,653) | $ (536,524) |
Note 4 - Inventories, Net - Com
Note 4 - Inventories, Net - Components of Inventories (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Raw materials | $ 1,281,250 | $ 1,656,488 |
Work-in-process | 428,463 | 205,385 |
Inventories | $ 1,709,713 | $ 1,861,873 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Amortization, Total | $ 120,488 | $ 115,800 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Major Classes of Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Property, plant and equipment, gross | $ 40,053,731 | $ 37,376,110 | |
Less: Accumulated depreciation and amortization | (7,951,396) | (6,973,552) | |
Property, plant and equipment, net | 32,102,335 | 30,402,558 | |
Depreciation and amortization | [1] | 1,042,829 | 1,141,161 |
Land [Member] | |||
Property, plant and equipment, gross | 6,929,000 | 6,929,000 | |
Building [Member] | |||
Property, plant and equipment, gross | 15,917,000 | 15,920,925 | |
Building Improvements [Member] | |||
Property, plant and equipment, gross | 7,864,757 | 6,603,121 | |
Machinery and Equipment [Member] | |||
Property, plant and equipment, gross | 3,592,351 | 3,385,357 | |
Furniture and Fixtures [Member] | |||
Property, plant and equipment, gross | 613,765 | 611,190 | |
Computer Equipment [Member] | |||
Property, plant and equipment, gross | 487,902 | 487,007 | |
Software Development [Member] | |||
Property, plant and equipment, gross | 438,391 | 441,376 | |
Transportation Equipment [Member] | |||
Property, plant and equipment, gross | 114,511 | 65,995 | |
Lab Equipment [Member] | |||
Property, plant and equipment, gross | 1,985,179 | 1,985,179 | |
Construction in Progress [Member] | |||
Property, plant and equipment, gross | $ 2,110,875 | $ 946,960 | |
[1] | Includes amortization expense of $120,488 and $115,800 for the year ending December 31, 2019 and the year ended December 31, 2018, respectively. Such amortization expense relates to other capitalized and intangibles assets. |
Note 6 - Intangible Assets - Su
Note 6 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-lived intangible assets, gross | $ 929,816 | $ 864,566 |
Finite-lived intangible assets, accumulated amortization | 488,639 | 369,014 |
Intangible assets, net | 441,177 | 495,552 |
Patents, Copyrights and Intellectual Property [Member] | ||
Finite-lived intangible assets, gross | 836,544 | 796,080 |
Finite-lived intangible assets, accumulated amortization | 413,957 | 300,528 |
Intangible assets, net | 422,587 | 495,552 |
Licensing Agreements [Member] | ||
Finite-lived intangible assets, gross | 10,000 | 10,000 |
Finite-lived intangible assets, accumulated amortization | 10,000 | 10,000 |
Intangible assets, net | 0 | 0 |
Certifications [Member] | ||
Finite-lived intangible assets, gross | 83,272 | 58,486 |
Finite-lived intangible assets, accumulated amortization | 64,682 | 58,486 |
Intangible assets, net | $ 18,590 | $ 0 |
Note 6 - Intangible Assets - Es
Note 6 - Intangible Assets - Estimated Amortization Expense Related to Intangible Assets (Details) | Dec. 31, 2019USD ($) |
2020 | $ 126,958 |
2021 | 126,958 |
2022 | 53,469 |
2023 | 53,469 |
2024 | 46,387 |
Thereafter | 33,936 |
Total | $ 441,177 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) | Oct. 30, 2019USD ($) | Nov. 30, 2017USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Long-term Debt, Total | $ 12,051,719 | $ 12,051,719 | ||||
Payments to Acquire Property, Plant, and Equipment, Total | 2,688,231 | $ 2,537,652 | ||||
Rental Income, Nonoperating | $ 411,000 | |||||
Monthly Rental Income | 67,000 | $ 36,000 | ||||
Annual Rental Income | 800,000 | |||||
Eastside [Member] | ||||||
Terminated Monthly Rental Income | $ 31,667 | |||||
Terminated Annual Rent Income | $ 380,000 | |||||
HSBC Bank Mortgage Loan [Member] | ||||||
Debt Instrument, Number of Payments | 120 | |||||
Debt Instrument, Periodic Payment, Total | $ 25,000 | 25,000 | ||||
Long-term Debt, Total | $ 2,400,000 | $ 2,400,000 | $ 2,700,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.49% | 3.49% | 2.18% | |||
Debt Instrument, Face Amount | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | |||
HSBC Bank Mortgage Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 1.75% | ||||
HSBC Bank Mortgage Loan [Member] | Prime Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | 0.50% | ||||
HSBC Bank Second Mortgage Loan [Member] | ||||||
Debt Instrument, Number of Payments | 60 | |||||
Debt Instrument, Periodic Payment, Total | $ 62,481 | |||||
Long-term Debt, Total | $ 9,700,000 | $ 9,700,000 | $ 10,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.9148% | 3.9148% | ||||
Debt Instrument, Face Amount | $ 10,387,500 | |||||
HSBC Bank Second Mortgage Loan [Member] | Premises at 555 North Research Place, Central Islip, NY [Member] | ||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 13,850,000 | |||||
Asset Purchase Agreement [Member] | MesoScribe Technologies, Inc [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (200,000) | $ (100,000) |
Note 7 - Long-term Debt - Summa
Note 7 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Total long-term debt | $ 12,051,719 | $ 12,909,310 | |
Less: Current maturities | (674,593) | (857,590) | |
Long-term debt | 11,377,126 | 12,051,720 | |
MesoScribe Technologies, Inc [Member] | |||
Contingent Liability | [1] | 200,000 | |
Loan [Member] | |||
Secured debt | 9,686,211 | 10,043,802 | |
HSBC Bank Mortgage Loan [Member] | |||
Secured debt | $ 2,365,508 | $ 2,665,508 | |
[1] | For the twelve-month measurement periods December 31, 2019 and 2018, the Company did not meet the threshold required and $200,000 and $100,000, respectively, of contingent payments was recorded into earnings. |
Note 7 - Long-term Debt - Sum_2
Note 7 - Long-term Debt - Summary of Long-term Debt (Details) (Parentheticals) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
MesoScribe Technologies, Inc [Member] | ||
Acquisition related contingent payment | $ 300,000 | $ 300,000 |
Loan [Member] | ||
Debt instrument, face amount | 10,387,500 | 10,387,500 |
Monthly installments | $ 62,481 | $ 62,481 |
Interest rate | 3.9148% | 3.9148% |
HSBC Bank Mortgage Loan [Member] | ||
Debt instrument, face amount | $ 6,000,000 | $ 6,000,000 |
Monthly installments | $ 25,000 | $ 25,000 |
Interest rate | 3.49% | 2.18% |
HSBC Bank Mortgage Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Variable rate | 1.75% | 1.75% |
HSBC Bank Mortgage Loan [Member] | Prime Rate [Member] | ||
Variable rate | 0.50% | 0.50% |
Note 7 - Long-term Debt - Futur
Note 7 - Long-term Debt - Future Maturities of Long-term Debt (Details) | Dec. 31, 2019USD ($) |
2020 | $ 674,593 |
2021 | 690,813 |
2022 | 10,686,313 |
Total long-term debt | $ 12,051,719 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 432,930 | 407,930 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 307,930 | 257,930 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 307,930 | 257,930 |
Note 8 - Earnings Per Share - C
Note 8 - Earnings Per Share - Calculation of Basic and Diluted Weighted Average Common Shares (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted average common shares outstanding basic earnings per share (in shares) | 6,562,141 | 6,495,597 |
Effect of potential common share issuance: | ||
Stock options (in shares) | ||
Weighted average common shares outstanding | ||
Diluted earnings per share (in shares) | 6,562,141 | 6,495,597 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 2,497,414 | |
Deferred Income Tax Assets, Net, Total | 1,425,414 | |
Retained Earnings (Accumulated Deficit), Ending Balance | 3,172,054 | 9,499,712 |
Net Income (Loss) Attributable to Parent, Total | (6,327,658) | (5,201,021) |
Deferred Tax Assets, Gross, Total | 2,939,900 | 1,864,724 |
CVD Tantaline ApS [Member] | DENMARK | ||
Net Income (Loss) Attributable to Parent, Total | (276,000) | (463,000) |
Deferred Tax Assets, Gross, Total | $ 61,000 | 102,000 |
CVD Tantaline ApS [Member] | DENMARK | Foreign Tax Authority [Member] | The Danish Ministry of Taxation [Member] | ||
Effective Income Tax Rate Reconciliation, at Foreign Statutory Income Tax Rate, Percent | 22.00% | |
Restatement Adjustment [Member] | ||
Deferred Income Tax Assets, Net, Total | (679,000) | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (679,000) | |
Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | $ 588,000 |
Note 9 - Income Taxes - Compone
Note 9 - Income Taxes - Components of Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | $ 58,304 | |
State | (11,506) | 80,367 |
Total current tax provision | (11,506) | 138,671 |
Federal | 1,425,414 | (495,233) |
State | ||
Total deferred tax provision | 1,425,414 | (495,228) |
Income tax expense/(benefit) | $ 1,413,908 | $ (356,562) |
Note 9 - Income Taxes - Deferre
Note 9 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred income tax assets: | ||
Allowance for doubtful accounts | $ 5,293 | $ 5,060 |
Inventory capitalization | 7,107 | 6,197 |
Depreciation and amortization | ||
Research & development tax credits | 588,096 | 413,680 |
Compensation costs | 202,287 | 356,983 |
Vacation accrual | 142,230 | 167,644 |
Interest expense carryforward | 144,340 | 66,149 |
Net operating loss carryforward | 1,798,315 | 832,565 |
Other items | 52,232 | 16,446 |
Total deferred tax asset | 2,939,900 | 1,864,724 |
Deferred incomes tax liability: | ||
Property and equipment - tax over book depreciation | (442,486) | (439,310) |
Less valuation allowance | (2,497,414) | |
Net long-term deferred tax asset | $ 1,425,414 |
Note 9 - Income Taxes - Effecti
Note 9 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Expected provision at federal statutory tax rate (21%) | $ (1,031,888) | $ (1,167,092) |
Provision for valuation allowance | 2,497,414 | |
Foreign tax loss | 57,856 | 99,215 |
Adjustment to 2017 tax return | 58,304 | |
State taxes, net of federal benefit | (11,506) | 80,367 |
Stock-based compensation expense | 185,675 | |
Federal research & development credit | (174,416) | (83,245) |
Other permanent differences | 76,448 | 470,214 |
Income tax expense/(benefit) | $ 1,413,908 | $ (356,562) |
Note 9 - Income Taxes - Effec_2
Note 9 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate | 21.00% | 21.00% |
Note 10 - Stockholders' Equit_2
Note 10 - Stockholders' Equity (Details Textual) - USD ($) | Dec. 09, 2016 | Nov. 30, 2006 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 12, 2007 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 432,930 | 407,930 | ||||
Share-based Payment Arrangement, Expense | $ 572,000 | $ 940,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 48,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 87 days | |||||
Selling, General and Administrative Expenses [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 572,000 | $ 940,000 | ||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 140,000 | 116,000 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 106,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 76 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 309,000 | $ 621,000 | ||||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
The 2001 Non-qualified Stock Option Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 300,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 22,930 | 22,930 | 22,930 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ||||||
The 2007 Share Incentive Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 750,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 345,000 | 365,000 | 365,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ||||||
The 2016 Share Incentive Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 750,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 65,000 | 20,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period |
Note 10 - Stockholders' Equit_3
Note 10 - Stockholders' Equity - Stock Option Plan (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance, number outstanding (in shares) | 407,930 | |
Exercised during period (in shares) | 0 | 0 |
Ending balance, number outstanding (in shares) | 432,930 | 407,930 |
Number of shares exercisable (in shares) | 307,930 | 257,930 |
The 2001 Non-qualified Stock Option Plan [Member] | ||
Beginning balance, number outstanding (in shares) | 22,930 | 22,930 |
Granted during period (in shares) | ||
Exercised during period (in shares) | ||
Canceled during period (in shares) | ||
Ending balance, number outstanding (in shares) | 22,930 | 22,930 |
Number of shares exercisable (in shares) | 22,930 | 22,930 |
Beginning balance, weighted average exercise price (in dollars per share) | $ 5.36 | $ 5.36 |
Granted during period, weighted average exercise price (in dollars per share) | ||
Exercised during period, weighted average exercise price (in dollars per share) | ||
Canceled during period, weighted average exercise price (in dollars per share) | ||
Ending balance, weighted average exercise price (in dollars per share) | 5.36 | 5.36 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 5.36 | $ 5.36 |
Canceled during period (in shares) | ||
The 2007 Share Incentive Plan [Member] | ||
Beginning balance, number outstanding (in shares) | 365,000 | 365,000 |
Granted during period (in shares) | ||
Exercised during period (in shares) | ||
Canceled during period (in shares) | 20,000 | |
Ending balance, number outstanding (in shares) | 345,000 | 365,000 |
Number of shares exercisable (in shares) | 285,000 | 235,000 |
Beginning balance, weighted average exercise price (in dollars per share) | $ 12.35 | $ 12.35 |
Granted during period, weighted average exercise price (in dollars per share) | ||
Exercised during period, weighted average exercise price (in dollars per share) | ||
Canceled during period, weighted average exercise price (in dollars per share) | 11.61 | |
Ending balance, weighted average exercise price (in dollars per share) | 12.69 | 12.35 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 12.76 | $ 13.15 |
Canceled during period (in shares) | (20,000) | |
The 2016 Share Incentive Plan [Member] | ||
Beginning balance, number outstanding (in shares) | 20,000 | |
Granted during period (in shares) | 60,000 | 20,000 |
Exercised during period (in shares) | ||
Canceled during period (in shares) | 15,000 | |
Ending balance, number outstanding (in shares) | 65,000 | 20,000 |
Number of shares exercisable (in shares) | ||
Beginning balance, weighted average exercise price (in dollars per share) | $ 8.07 | |
Granted during period, weighted average exercise price (in dollars per share) | 5 | 8.07 |
Exercised during period, weighted average exercise price (in dollars per share) | ||
Canceled during period, weighted average exercise price (in dollars per share) | 5 | |
Ending balance, weighted average exercise price (in dollars per share) | 5.94 | 8.07 |
Number of options exercisable, weighted average exercise price (in dollars per share) | ||
Canceled during period (in shares) | (15,000) |
Note 10 - Stockholders' Equit_4
Note 10 - Stockholders' Equity - Outstanding and Exercisable Options (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Exercise Price Range 1 [Member] | |
Exercise price range, lower limit (in dollars per share) | $ 4 |
Exercise price range, upper limit (in dollars per share) | $ 7 |
Number of options outstanding (in shares) | shares | 60,930 |
Number of options outstanding, weighted average remaining contractual term (Year) | 36 days |
Number of options outstanding, weighted average exercise price (in dollars per share) | $ 4.80 |
Number of options outstanding, intrinsic value | $ | $ 0 |
Number of options exercisable (in shares) | shares | 15,930 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 4.25 |
Number of options exercisable, intrinsic value | $ | $ 0 |
Exercise Price Range 2 [Member] | |
Exercise price range, lower limit (in dollars per share) | $ 7.01 |
Exercise price range, upper limit (in dollars per share) | $ 10 |
Number of options outstanding (in shares) | shares | 27,000 |
Number of options outstanding, weighted average remaining contractual term (Year) | 1 year |
Number of options outstanding, weighted average exercise price (in dollars per share) | $ 8.03 |
Number of options outstanding, intrinsic value | $ | $ 0 |
Number of options exercisable (in shares) | shares | 7,000 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 7.90 |
Number of options exercisable, intrinsic value | $ | $ 0 |
Exercise Price Range 3 [Member] | |
Exercise price range, lower limit (in dollars per share) | $ 10.01 |
Exercise price range, upper limit (in dollars per share) | $ 12 |
Number of options outstanding (in shares) | shares | 220,000 |
Number of options outstanding, weighted average remaining contractual term (Year) | 6 years 109 days |
Number of options outstanding, weighted average exercise price (in dollars per share) | $ 10.81 |
Number of options outstanding, intrinsic value | $ | $ 0 |
Number of options exercisable (in shares) | shares | 160,000 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 11.05 |
Number of options exercisable, intrinsic value | $ | $ 0 |
Exercise Price Range 4 [Member] | |
Exercise price range, lower limit (in dollars per share) | $ 12.01 |
Exercise price range, upper limit (in dollars per share) | $ 15 |
Number of options outstanding (in shares) | shares | 125,000 |
Number of options outstanding, weighted average remaining contractual term (Year) | 2 years 182 days |
Number of options outstanding, weighted average exercise price (in dollars per share) | $ 15 |
Number of options outstanding, intrinsic value | $ | $ 0 |
Number of options exercisable (in shares) | shares | 125,000 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 15 |
Number of options exercisable, intrinsic value | $ | $ 0 |
Note 10 - Stockholders' Equit_5
Note 10 - Stockholders' Equity - Restricted Stock and Restricted Stock Units Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Forfeited/Cancelled (in shares) | ||
Forfeited/Cancelled, weighted average grant date fair value (in dollars per share) | ||
Restricted Stock [Member] | ||
Unvested outstanding at beginning of period (in shares) | 0 | 0 |
Unvested outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 |
Granted (in shares) | 37,300 | 11,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ 3.99 | $ 10.53 |
Vested (in shares) | (35,025) | (11,000) |
Vested, weighted average grant date fair value (in dollars per share) | $ 3.99 | $ 10.53 |
Forfeited/Cancelled (in shares) | (2,275) | |
Forfeited/Cancelled, weighted average grant date fair value (in dollars per share) | $ 3.99 | |
Unvested outstanding at end of period (in shares) | 0 | 0 |
Unvested outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 |
Restricted Stock Units (RSUs) [Member] | ||
Unvested outstanding at beginning of period (in shares) | 46,063 | 73,870 |
Unvested outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 8.25 | $ 10.05 |
Granted (in shares) | 10,500 | 39,260 |
Granted, weighted average grant date fair value (in dollars per share) | $ 4.15 | $ 8.75 |
Vested (in shares) | (33,988) | (67,067) |
Vested, weighted average grant date fair value (in dollars per share) | $ 9.08 | $ 9.26 |
Forfeited/Cancelled (in shares) | ||
Forfeited/Cancelled, weighted average grant date fair value (in dollars per share) | ||
Unvested outstanding at end of period (in shares) | 22,575 | 46,063 |
Unvested outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 4.66 | $ 8.25 |
Note 11 - Defined Contributio_2
Note 11 - Defined Contribution Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 |
Note 12 - Segment Reporting (De
Note 12 - Segment Reporting (Details Textual) | 12 Months Ended |
Dec. 31, 2019 | |
Number of Operating Segments | 3 |
Note 12 - Segment Reporting - S
Note 12 - Segment Reporting - Segment Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Assets | $ 46,723,052 | $ 51,835,562 | |
Revenue | 19,646,652 | 24,334,331 | |
Operating (loss)/income | (4,984,715) | (5,254,519) | |
Pretax (loss)/income | (4,913,750) | (5,557,583) | |
Corporate, Non-Segment [Member] | |||
Assets | |||
Revenue | |||
Operating (loss)/income | (3,333,000) | (3,164,000) | |
Pretax (loss)/income | (3,333,000) | (3,164,000) | |
Intersegment Eliminations [Member] | |||
Assets | [1] | (9,000) | (9,000) |
Revenue | [1] | (702,000) | (1,022,000) |
Operating (loss)/income | [1] | ||
Pretax (loss)/income | [1] | ||
CVD [Member] | Operating Segments [Member] | |||
Assets | 34,374,000 | 39,788,000 | |
Revenue | 14,065,000 | 17,860,000 | |
Operating (loss)/income | (1,811,000) | (1,754,000) | |
Pretax (loss)/income | (1,782,000) | (1,691,000) | |
SDC [Member] | Operating Segments [Member] | |||
Assets | 6,003,000 | 4,870,000 | |
Revenue | 4,498,000 | 5,503,000 | |
Operating (loss)/income | 696,000 | 958,000 | |
Pretax (loss)/income | 719,000 | 987,000 | |
Materials [Member] | Operating Segments [Member] | |||
Assets | 6,355,000 | 7,187,000 | |
Revenue | 1,786,000 | 1,993,000 | |
Operating (loss)/income | (537,000) | (1,295,000) | |
Pretax (loss)/income | $ (518,000) | $ (1,690,000) | |
[1] | All elimination entries represent intersegment transactions eliminated in consolidation for external financial reporting. |