Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 24, 2021 | Jun. 30, 2020 | |
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) | 6,681,781 | ||
Entity Public Float | $ 20,045,343 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
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, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 7,699,335 | $ 8,664,253 |
Accounts receivable, net | 1,047,728 | 2,545,537 |
Contract assets | 494,281 | 512,952 |
Inventories, net | 1,123,839 | 1,709,713 |
Taxes receivable | 715,599 | |
Other current assets | 709,175 | 733,337 |
Total Current Assets | 11,789,957 | 14,165,792 |
Property, plant and equipment, net | 28,843,563 | 32,102,335 |
Other assets | 13,748 | 13,748 |
Intangible assets, net | 288,657 | 441,177 |
Total Assets | 40,935,925 | 46,723,052 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 817,933 | 535,394 |
Accrued expenses | 1,409,039 | 1,902,858 |
Current maturities of long-term debt | 690,667 | 674,593 |
Contract liabilities | 786,657 | 2,275,236 |
Total Current Liabilities | 3,704,296 | 5,388,081 |
Long-term debt, net of current portion | 13,106,057 | 11,377,126 |
Total Liabilities | 16,810,353 | 16,765,207 |
Commitments and contingencies (see note 14) | ||
Stockholders’ Equity: | ||
Common stock - $0.01 par value – 20,000,000 shares authorized; issued and outstanding 6,678,698 at December 31, 2020 and 6,623,793 at December 31, 2019 | 66,786 | 66,237 |
Additional paid-in capital | 26,961,684 | 26,719,554 |
(Accumulated deficit) / Retained earnings | (2,902,898) | 3,172,054 |
Total Stockholders’ Equity | 24,125,572 | 29,957,845 |
Total Liabilities and Stockholders’ Equity | $ 40,935,925 | $ 46,723,052 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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) | 6,678,698 | 6,623,793 |
Common stock, shares outstanding (in shares) | 6,678,698 | 6,623,793 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 16,920,219 | $ 19,646,652 |
Cost of revenue | 14,037,813 | 16,850,077 |
Gross profit | 2,882,406 | 2,796,575 |
Operating expenses | ||
Research and development | 372,648 | 597,456 |
Selling and shipping | 580,468 | 898,338 |
Impairment charge | 3,599,322 | |
General and administrative | 6,153,925 | 6,285,496 |
Total operating expenses | 10,706,363 | 7,781,290 |
Operating loss | (7,823,957) | (4,984,715) |
Other income (expense): | ||
Interest income | 62,667 | 142,579 |
Interest expense | (444,337) | (482,844) |
Other income | 603,320 | 411,230 |
Total other income, net | 221,650 | 70,965 |
Loss before income tax | (7,602,307) | (4,913,750) |
Income tax (benefit) expense | (1,527,355) | 1,413,908 |
Net loss | $ (6,074,952) | $ (6,327,658) |
Basic loss per common share (in dollars per share) | $ (0.91) | $ (0.96) |
Diluted loss per common share (in dollars per share) | $ (0.91) | $ (0.96) |
Outstanding-basic (in shares) | 6,640,272 | 6,562,141 |
Outstanding-diluted (in shares) | 6,640,272 | 6,562,141 |
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, 2018 | 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 |
Net loss | (6,074,952) | (6,074,952) | ||
Share-Based Compensation (in shares) | 54,905 | |||
Share-Based Compensation | $ 549 | 242,130 | $ 242,679 | |
Balance (in shares) at Dec. 31, 2020 | 6,678,698 | 6,678,698 | ||
Balance at Dec. 31, 2020 | $ 66,786 | $ 26,961,684 | $ (2,902,898) | $ 24,125,572 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash flows from operating activities: | |||
Net loss | $ (6,074,952) | $ (6,327,658) | |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | |||
Impairment charge | 3,599,322 | ||
Stock-based compensation | 242,679 | 572,177 | |
Depreciation and amortization | [1] | 1,389,145 | 1,042,829 |
Deferred income tax benefit | 1,425,414 | ||
Recovery on contingent earnout | (200,000) | ||
Bad debt expense | 140,044 | ||
(Increase)/decrease in operating assets | |||
Accounts receivable | 1,357,765 | 1,519,683 | |
Contract assets | 18,671 | 844,846 | |
Inventories | 585,874 | 152,160 | |
Tax receivable | (715,599) | ||
Other current assets | 24,162 | ||
Other assets | 125,056 | ||
Increase/(decrease) in operating liabilities | |||
Accounts payable | 282,539 | (177,801) | |
Accrued expenses | (493,819) | 315,195 | |
Contract liabilities | (1,488,579) | 1,278,813 | |
Total adjustments | 4,942,204 | 6,898,372 | |
Net cash (used in) provided by operating activities | (1,132,748) | 570,714 | |
Cash flows from investing activities: | |||
Capital expenditures | (1,577,175) | (2,688,231) | |
Net cash used in investing activities | (1,577,175) | (2,688,231) | |
Cash flows from financing activities | |||
Proceeds from Payroll Protection Plan Loan | 2,415,970 | ||
Payments of long-term debt | (670,965) | (657,591) | |
Net cash provided by (used) in financing activities | 1,745,005 | (657,591) | |
Net decrease in cash and cash equivalents | (964,918) | (2,775,108) | |
Cash and cash equivalents at beginning of period | 8,664,253 | 11,439,361 | |
Cash and cash equivalents at end of period | 7,699,335 | 8,664,253 | |
Supplemental disclosure of cash flow information: | |||
Income taxes paid | 3,040 | 2,800 | |
Interest paid | 445,109 | 365,254 | |
Supplemental disclosure of non-cash investing and financing activities: | |||
Capitalization of right to use Asset | $ 84,354 | ||
[1] | Includes amortization expense of $124,550 and $120,488 for the year ending December 31, 2020 and the year ended December 31, 2019, respectively. Such amortization expense relates to other capitalized and intangibles assets. |
Note 1 - Business Description
Note 1 - Business Description | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1 Business Description 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, 2020 | |
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. Reclassification Certain reclassifications have been made to prior year amounts to conform with the current year presentation. 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 three eighteen Incurred costs include all direct material and labor costs and those indirect costs related to contract performance, such as 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 system sales under contracts and revenue recognition exceeds the amount billed to the customer. The amount may not “Contract liabilities,” include advance payments and billings in excess of revenue recognized. The Company typically receives down payments upon receipt of order and progress payments during the manufacturing cycle. 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 tax return, deferred tax assets, subject to considerations about the need for a valuation allowance, are recognized for the carryforward amount. The Company recognizes the tax benefit from an uncertain tax position only if it is more-likely-than- not positions are measured based on the largest benefit that has a greater than 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, 2020 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 2016. 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, $3.6 fourth December 31, 2020. no December 31, 2019. 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 2020 2019 $124,550 $120,488, Research & Development Research and development costs are expensed as incurred. Our laboratory staff conducts research and development independent of customer orders. For the year ended December 31 2020 2019, $373,000 $598,000, 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 $7.7 $8.7 December 31, 2020 2019, three $1.0 $2.1 December 31, 2020 December 31, 2019, The Company places most of its temporary cash investments with financial institutions, which from time to time may December 31, 2020 December 31, 2019 $5,822,000 $5,198,000 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, 2020, 2019, two 35% three 61%, Accounts receivable is presented net of an allowance for doubtful accounts of $164,000 $24,000 December 31, 2020 2019, may Sales Concentrations Revenue to a single customer in any one 10.0% 30.5% two 39.3%, 2020 2019. may may Export sales to customers represented approximately 16.8% 21.3% December 31, 2020 2019, 2020 2019 not Fair Value of Financial Instruments The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, net, accounts payable, contract liabilities 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 $6,000 $39,000 December 31, 2020 2019, Liquidity and Management's Plan The Company has incurred recurring losses since 2018, $2.9 December 31, 2020. December 31, 2020, $6.1 $3.6 December 31, 2020, $7.7 $8.1 The Company's current capital resources include cash and cash equivalents ( $7.7 $1.0 $.5 $1.1 $.7 In February 2021, 555 355 14 Based upon all the above factors, including the Board approved management plan, utilizing our current operating assets and reducing other operating expenses, the Company estimates that it will have sufficient cash and cash equivalents to fund our operations for the next twelve Recently Issued Accounting Standards In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 November 15, 2019, December 15, 2022 December 15, 2018 In December 2019, 2019 12, 740 740 2019 12 2019 12 December 15, 2020, 2019 12 first 2021 not We believe there is no not may |
Note 3 - Revenue
Note 3 - Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 3 Revenue The following table represents a disaggregation of revenue from contracts for the years ended December 31, 2020 December 31, 2019: Year Ending December 31, 2020 Over time Point in time Total Aerospace $ 1,607 $ 6,013 $ 7,620 Industrial $ 1,849 $ 3,565 $ 5,414 Research $ 3,208 $ 678 $ 3,886 Total $ 6,664 $ 10,256 $ 16,920 Year ending December 31, 2019 Over time Point in time Total Aerospace $ 3,224 $ 5,948 $ 9,172 Industrial $ 3,199 $ 3,994 $ 7,193 Research $ 2,609 $ 673 $ 3,282 Total $ 9,032 $ 10,615 $ 19,647 The Company has unrecognized contract revenue of approximately $2.1 December 31, 2020, twelve Judgment is required to evaluate assumptions including the amount of net contract revenues and the total estimated costs to determine our progress towards contract completion and to calculate the corresponding amount of revenue to recognize. Changes in estimates for sales of systems occur for a variety of reasons, including but not may 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. As of December 31, 2020, 2019 January 1 2019, $.5 $.5 $1.4 December 31, 2020, 2019 January 1, 2019, $.2 $.8 $.5 Contract assets and contract liabilities on input method type contracts in progress are summarized as follows: 2020 2019 Costs incurred on contracts in progress $ 4,464,471 $ 6,943,066 Estimated earnings 2,087,396 3,370,032 6,551,867 10,313,098 Billings to date (6,212,229 ) (10,645,800 ) $ 339,638 $ (332,702 ) Deferred revenue related to non-systems contracts (632,014 ) (1,429,582 ) (292,376 ) $ (1,762,284 ) Included in accompanying balance sheets Under the following captions: Contract assets $ 494,281 $ 512,952 Contract liabilities $ (786,657 ) $ (2,275,236 ) |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4 Inventories consist of: 2020 2019 Raw materials $ 928,221 $ 1,281,250 Work-in-process 195,618 428,463 Inventories $ 1,123,839 $ 1,709,713 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
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: 2020 2019 Land $ 6,929,000 $ 6,929,000 Buildings 15,917,000 15,917,000 Building improvements 8,141,791 7,864,757 Machinery and equipment 3,340,005 3,592,351 Furniture and fixtures 613,765 613,765 Computer equipment 493,349 487,902 Software 435,593 438,391 Transportation equipment 114,511 114,511 Lab equipment 1,992,179 1,985,179 Construction in Progress 93,936 2,110,875 Totals at cost $ 38,071,129 $ 40,053,731 Less: Accumulated depreciation and amortization (9,227,566 ) (7,951,396 ) Property, plant and equipment, net $ 28,843,563 $ 32,102,335 Depreciation and amortization expense (1) $ 1,389,145 $ 1,042,829 ( 1 $124,550 $120,488 December 31, 2020 December 31, 2019, |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 6 Intangible Assets Intangible assets consisted of the following: 2020 Intangible Assets Cost Accumulated Amortization Carrying Amount Patents, Copyrights and Intellectual Property $ 792,821 $ 515,665 $ 277,156 Licensing Agreement 10,000 10,000 0 Certifications 85,032 73,531 11,501 Totals $ 887,853 $ 599,196 $ 288,657 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 The estimated amortization expense related to intangible assets for each of the five December 31, 2020 Year Ended 2021 $ 108,344 2022 16,852 2023 14,199 2024 10,658 2025 10,658 Thereafter 127,946 Total $ 288,657 |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 12 Months Ended |
Dec. 31, 2020 | |
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: 2020 2019 HSBC $10,387,500 Mortgage payable secured by real property Buildings and improvements at 555 N Research Drive, Central Islip, NY payable in monthly principal installments of $62,481 including Interest at a rate of 3.9148% maturing on December 1, 2022. $ 9,315,246 $ 9,686,211 PPP Loan $2,415,970, maturing on April 21, 2022, with interest accruing at 1% per annum 2,415,970 - HSBC $6,000,000 Mortgage payable secured by building Buildings and improvements at 355 South Technology Drive, Central Islip, NY payable in monthly principal 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. 2,065,508 2,365,508 Total long-term debt $ 13,796,724 $ 12,051,719 Less: Current maturities (690,667 ) (674,593 ) Long-term debt $ 13,106,057 $ 11,377,126 Future maturities of long-term debt as of December 31, 2020 2021 $ 690,667 2022 13,106,057 Total long-term debt $ 13,796,724 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, 2020 December 31, 2019 $2.1 $2.4 1.75% 0.5% 1.89% 3.49% December 31, 2020 2019, 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, 2020 December 31, 2019 $9.3 $9.7 3.9148%. November 30, 2017 ( On August 5, 2019, October 22, 2020, December 31, 2020. On April 21, 2020, $2,415,970, March 27, 2020. The PPP loan, the obligation of which is represented by a note issued by the Company, matures on April 21, 2022 1% may no may first twenty-four February 15, 2020. |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
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: 2020 2019 Weighted average common shares outstanding basic earnings per share 6,640,272 6,562,141 Effect of potential common share issuance: Stock options - - Weighted average common shares outstanding Diluted earnings per share 6,640,272 6,562,141 At December 31, 2020, 417,000 377,000 432,930 307,930 December 31, 2019. December 31, 2020 2019, 417,000 307,930, not |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9 Income Taxes At December 31, 2020, $1,719,598 not 2028 2040. December 31, 2020 2019, $3,381,133 $2,497,414, two not may not On March 27, 2020, 2018 2020 five $1.5 $.7 December 31, 2020. The expense/(benefit) for income taxes includes the following: 2020 2019 Current: Federal $ (1,528,305 ) $ - State 950 (11,506 ) Total current tax provision (1,527,355 ) (11,506 ) Deferred: Federal - 1,425,414 State --- --- Total deferred tax provision - 1,425,414 Income tax expense / (benefit) $ (1,527,355 ) $ 1,413,908 The tax effects of temporary differences giving rise to significant portions of the net deferred taxes are as follows: 2020 2019 Deferred income tax assets: Allowance for doubtful accounts $ 35,442 $ 5,293 Inventory capitalization 6,969 7,107 Impairment Charge 712,683 - Research & development tax credits 1,719,598 588,096 Compensation costs 211,363 202,287 Vacation accrual 89,626 142,230 Interest expense carryforward 223,768 144,340 Net operating loss carryforward 925,912 1,798,315 Other items 12,248 52,232 Total deferred tax asset 3,937,609 2,939,900 Deferred incomes tax liability: Property and equipment - tax over book depreciation (556,476 ) (442,486 ) Less valuation allowance (3,381,133 ) (2,497,414 Net long-term deferred tax asset $ - $ - The reconciliation of the federal statutory income tax rate to our effective tax rate is as follows: 2020 2019 Expected provision at federal statutory tax rate (21%) $ (1,596,485 ) $ (1,031,888 ) Provision for valuation allowance 883,796 2,497,414 Foreign tax loss 70,492 57,856 Net operating loss carryback (1,527,355 ) - State taxes, net of federal benefit (36,832 ) (11,506 ) Federal research & development credit (64,266 ) (174,416 ) Other permanent differences 743,295 76,448 Income (benefit) / tax expense $ (1,527,355 ) $ 1,413,908 The Company's foreign subsidiary, CVD Tantaline ApS incurred a loss of approximately $336,000, $74,000 December 31, 2020, 22% December 31, 2019 $276,000 $61,000 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | Note 10 Stockholders equity 2001 In November 2006, July 2001, may 300,000 $.01 four one July 22, 2011. December 31, 2020 7,000 2007 On December 12, 2007, 2007 750,000 may December 12, 2017. December, 2017. December 31, 2020 345,000 2016 On December 9, 2016, 2016 “2016 750,000 may 2016 December 9, 2026. December 31, 2020, 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 $255,000 $572,000 December 31, 2020 2019, A summary of the stock option activity related to the 2001 2007 2016 January 1, 2019 December 31, 2020 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, 2019 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, 2020 Number of shares 22,930 - - (15,930 ) 7,000 7,000 Weighted average exercise price per share $ 5.36 - - $ 4.25 $ 7.90 $ 7.90 2007 Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Year ended December 31, 2019 Number of shares 365,000 - - (20,000 ) 345,000 285,000 Weighted average exercise price per share $ 12.35 - - $ 11.61 $ 12.33 $ 12.76 Year ended December 31, 2020 Number of shares 345,000 - - - 345,000 305,000 Weighted average exercise price per share $ 12.33 - - - $ 12.33 $ 12.60 2016 Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Year ended December 31, 2019 Number of shares 20,000 60,000 - (15,000 ) 65,000 - Weighted average exercise price per share - $ 5.00 - $ 5.00 $ 5.94 - Year ended December 31, 2020 Number of shares 65,000 - - - 65,000 - Weighted average exercise price per share $ 5.94 - - - $ 5.94 - The Company has 417,000 three December 31, 2020. The following table summarizes information about the outstanding and exercisable options at December 31, 2020. 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 45,000 .0 $ 5.00 $ 0 45,000 $ 5.00 $ 0 $7.01 - 10.00 27,000 .0 $ 8.03 $ 0 27,000 $ 8.03 $ 0 $10.01 - 12.00 220,000 .3 $ 10.81 $ 0 180,000 $ 11.05 $ 0 $12.01 - 15.00 125,000 1.5 $ 15.00 $ 0 125,000 $ 15.00 $ 0 No December 31, 2020 2019. December 31, 2020, $12,000 1.00 Restricted Stock Awards The following table summarizes restricted stock awards for the years ended December 31, 2020 2019: Weighted Average Grant Shares of Date Fair Restricted Stock Value 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 Granted 30,200 $ 3.74 Vested (30,200 ) $ 3.74 Forfeited/Cancelled - - Unvested outstanding at December 31, 2020 0 $ 0 The total fair value of shares of restricted stock awards vested for the years ended December 31, 2020 2019 $113,000 $140,000 Restricted Stock Units The following table summarizes restricted stock units for the years ended December 31, 2020 December 31, 2019: Weighted Shares of Average Grant Restricted Date Fair Stock Units Value 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 Granted - - Vested (12,825 ) $ 8.81 Forfeited/Cancelled (1,000 ) $ 5.45 - Unvested outstanding at December 31, 2020 8,750 $ 5.00 The total fair value of vested restricted stock units was $91,000 $309,000 December 31, 2020 2019. The fair value of the outstanding restricted stock units will be recorded as stock compensation expense over the vesting period. As of December 31, 2020, $25,000 1.0 During the years ended December 31, 2020 2019, $255,000 $572,000 718. |
Note 11 - Defined Contribution
Note 11 - Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 11 Defined Contribution Plan The Company maintains a 401 401 three Participants may No 2020 2019. |
Note 12 - Segment Reporting
Note 12 - Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 12 Segment Reporting The Company operates through three 2 The following table presents certain information regarding the Company's segments as of December 31, 2020 December 31, 2019 2020 (In thousands) CVD SDC Materials Corporate Eliminations * Consolidated Assets $ 31,284 $ 6,068 $ 3,593 $ (9 ) $ 40,936 Revenue $ 10,385 $ 4,429 $ 2,556 $ (450 ) $ 16,920 Operating (loss)/income (863 ) 473 (4,283 ) (3,151 ) (7,824 ) Pretax (loss)/income (878 ) 481 (4,054 ) (3,151 ) (7,602 ) 2019 (In thousands) CVD SDC Materials Corporate Eliminations * Consolidated Assets-revised $ 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 ) *All elimination entries represent intersegment transactions eliminated in consolidation for external reporting. 2020 $3.6 |
Note 13 - Significant Events -
Note 13 - Significant Events - Coronavirus (COVID-19) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Effect of Covid-19 Pandemic [Text Block] | NOTE 13: Significant Events- COVID- 19 The Company has been actively monitoring the coronavirus (COVID- 19 March 2020, 19 19 19 December 31, 2020 first 2021 second 2020, 2021. first 2020 19, twelve December 31, 2020 2021 19 |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 14 Subsequent Events In January 2021, $3.6 fourth December 31, 2020. In order to increase our liquidity and to provide necessary working capital to support our on-going business and operations, we have decided to sell the 555 February 2021. 555 not 355 On March 29, 2021, 555 $24,360,000, 555 $9.3 December 31, 2020, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification Certain reclassifications have been made to prior year amounts to conform with the current year presentation. |
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 three eighteen Incurred costs include all direct material and labor costs and those indirect costs related to contract performance, such as 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 system sales under contracts and revenue recognition exceeds the amount billed to the customer. The amount may not “Contract liabilities,” include advance payments and billings in excess of revenue recognized. The Company typically receives down payments upon receipt of order and progress payments during the manufacturing cycle. 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 tax return, deferred tax assets, subject to considerations about the need for a valuation allowance, are recognized for the carryforward amount. The Company recognizes the tax benefit from an uncertain tax position only if it is more-likely-than- not positions are measured based on the largest benefit that has a greater than 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, 2020 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 2016. |
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, $3.6 fourth December 31, 2020. no December 31, 2019. |
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 2020 2019 $124,550 $120,488, |
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. For the year ended December 31 2020 2019, $373,000 $598,000, |
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 $7.7 $8.7 December 31, 2020 2019, three $1.0 $2.1 December 31, 2020 December 31, 2019, The Company places most of its temporary cash investments with financial institutions, which from time to time may December 31, 2020 December 31, 2019 $5,822,000 $5,198,000 |
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, 2020, 2019, two 35% three 61%, Accounts receivable is presented net of an allowance for doubtful accounts of $164,000 $24,000 December 31, 2020 2019, may |
Sales Concentrations, Policy [Policy Text Block] | Sales Concentrations Revenue to a single customer in any one 10.0% 30.5% two 39.3%, 2020 2019. may may Export sales to customers represented approximately 16.8% 21.3% December 31, 2020 2019, 2020 2019 not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, net, accounts payable, contract liabilities 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 $6,000 $39,000 December 31, 2020 2019, |
Liquidity Policy [Policy Text Block] | Liquidity and Management's Plan The Company has incurred recurring losses since 2018, $2.9 December 31, 2020. December 31, 2020, $6.1 $3.6 December 31, 2020, $7.7 $8.1 The Company's current capital resources include cash and cash equivalents ( $7.7 $1.0 $.5 $1.1 $.7 In February 2021, 555 355 14 Based upon all the above factors, including the Board approved management plan, utilizing our current operating assets and reducing other operating expenses, the Company estimates that it will have sufficient cash and cash equivalents to fund our operations for the next twelve |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 November 15, 2019, December 15, 2022 December 15, 2018 In December 2019, 2019 12, 740 740 2019 12 2019 12 December 15, 2020, 2019 12 first 2021 not We believe there is no not may |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ending December 31, 2020 Over time Point in time Total Aerospace $ 1,607 $ 6,013 $ 7,620 Industrial $ 1,849 $ 3,565 $ 5,414 Research $ 3,208 $ 678 $ 3,886 Total $ 6,664 $ 10,256 $ 16,920 Year ending December 31, 2019 Over time Point in time Total Aerospace $ 3,224 $ 5,948 $ 9,172 Industrial $ 3,199 $ 3,994 $ 7,193 Research $ 2,609 $ 673 $ 3,282 Total $ 9,032 $ 10,615 $ 19,647 |
Schedule Of Cost And Estimated Earnings In Excess Of Billings [Table Text Block] | 2020 2019 Costs incurred on contracts in progress $ 4,464,471 $ 6,943,066 Estimated earnings 2,087,396 3,370,032 6,551,867 10,313,098 Billings to date (6,212,229 ) (10,645,800 ) $ 339,638 $ (332,702 ) Deferred revenue related to non-systems contracts (632,014 ) (1,429,582 ) (292,376 ) $ (1,762,284 ) Included in accompanying balance sheets Under the following captions: Contract assets $ 494,281 $ 512,952 Contract liabilities $ (786,657 ) $ (2,275,236 ) |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of: 2020 2019 Raw materials $ 928,221 $ 1,281,250 Work-in-process 195,618 428,463 Inventories $ 1,123,839 $ 1,709,713 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2020 2019 Land $ 6,929,000 $ 6,929,000 Buildings 15,917,000 15,917,000 Building improvements 8,141,791 7,864,757 Machinery and equipment 3,340,005 3,592,351 Furniture and fixtures 613,765 613,765 Computer equipment 493,349 487,902 Software 435,593 438,391 Transportation equipment 114,511 114,511 Lab equipment 1,992,179 1,985,179 Construction in Progress 93,936 2,110,875 Totals at cost $ 38,071,129 $ 40,053,731 Less: Accumulated depreciation and amortization (9,227,566 ) (7,951,396 ) Property, plant and equipment, net $ 28,843,563 $ 32,102,335 Depreciation and amortization expense (1) $ 1,389,145 $ 1,042,829 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2020 Intangible Assets Cost Accumulated Amortization Carrying Amount Patents, Copyrights and Intellectual Property $ 792,821 $ 515,665 $ 277,156 Licensing Agreement 10,000 10,000 0 Certifications 85,032 73,531 11,501 Totals $ 887,853 $ 599,196 $ 288,657 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 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ended 2021 $ 108,344 2022 16,852 2023 14,199 2024 10,658 2025 10,658 Thereafter 127,946 Total $ 288,657 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt as of December 31 consists of the following: 2020 2019 HSBC $10,387,500 Mortgage payable secured by real property Buildings and improvements at 555 N Research Drive, Central Islip, NY payable in monthly principal installments of $62,481 including Interest at a rate of 3.9148% maturing on December 1, 2022. $ 9,315,246 $ 9,686,211 PPP Loan $2,415,970, maturing on April 21, 2022, with interest accruing at 1% per annum 2,415,970 - HSBC $6,000,000 Mortgage payable secured by building Buildings and improvements at 355 South Technology Drive, Central Islip, NY payable in monthly principal 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. 2,065,508 2,365,508 Total long-term debt $ 13,796,724 $ 12,051,719 Less: Current maturities (690,667 ) (674,593 ) Long-term debt $ 13,106,057 $ 11,377,126 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2021 $ 690,667 2022 13,106,057 Total long-term debt $ 13,796,724 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2020 2019 Weighted average common shares outstanding basic earnings per share 6,640,272 6,562,141 Effect of potential common share issuance: Stock options - - Weighted average common shares outstanding Diluted earnings per share 6,640,272 6,562,141 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2020 2019 Current: Federal $ (1,528,305 ) $ - State 950 (11,506 ) Total current tax provision (1,527,355 ) (11,506 ) Deferred: Federal - 1,425,414 State --- --- Total deferred tax provision - 1,425,414 Income tax expense / (benefit) $ (1,527,355 ) $ 1,413,908 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 Deferred income tax assets: Allowance for doubtful accounts $ 35,442 $ 5,293 Inventory capitalization 6,969 7,107 Impairment Charge 712,683 - Research & development tax credits 1,719,598 588,096 Compensation costs 211,363 202,287 Vacation accrual 89,626 142,230 Interest expense carryforward 223,768 144,340 Net operating loss carryforward 925,912 1,798,315 Other items 12,248 52,232 Total deferred tax asset 3,937,609 2,939,900 Deferred incomes tax liability: Property and equipment - tax over book depreciation (556,476 ) (442,486 ) Less valuation allowance (3,381,133 ) (2,497,414 Net long-term deferred tax asset $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 Expected provision at federal statutory tax rate (21%) $ (1,596,485 ) $ (1,031,888 ) Provision for valuation allowance 883,796 2,497,414 Foreign tax loss 70,492 57,856 Net operating loss carryback (1,527,355 ) - State taxes, net of federal benefit (36,832 ) (11,506 ) Federal research & development credit (64,266 ) (174,416 ) Other permanent differences 743,295 76,448 Income (benefit) / tax expense $ (1,527,355 ) $ 1,413,908 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2019 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, 2020 Number of shares 22,930 - - (15,930 ) 7,000 7,000 Weighted average exercise price per share $ 5.36 - - $ 4.25 $ 7.90 $ 7.90 Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Year ended December 31, 2019 Number of shares 365,000 - - (20,000 ) 345,000 285,000 Weighted average exercise price per share $ 12.35 - - $ 11.61 $ 12.33 $ 12.76 Year ended December 31, 2020 Number of shares 345,000 - - - 345,000 305,000 Weighted average exercise price per share $ 12.33 - - - $ 12.33 $ 12.60 Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Year ended December 31, 2019 Number of shares 20,000 60,000 - (15,000 ) 65,000 - Weighted average exercise price per share - $ 5.00 - $ 5.00 $ 5.94 - Year ended December 31, 2020 Number of shares 65,000 - - - 65,000 - Weighted average exercise price per share $ 5.94 - - - $ 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 45,000 .0 $ 5.00 $ 0 45,000 $ 5.00 $ 0 $7.01 - 10.00 27,000 .0 $ 8.03 $ 0 27,000 $ 8.03 $ 0 $10.01 - 12.00 220,000 .3 $ 10.81 $ 0 180,000 $ 11.05 $ 0 $12.01 - 15.00 125,000 1.5 $ 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, 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 Granted 30,200 $ 3.74 Vested (30,200 ) $ 3.74 Forfeited/Cancelled - - Unvested outstanding at December 31, 2020 0 $ 0 Weighted Shares of Average Grant Restricted Date Fair Stock Units Value 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 Granted - - Vested (12,825 ) $ 8.81 Forfeited/Cancelled (1,000 ) $ 5.45 - Unvested outstanding at December 31, 2020 8,750 $ 5.00 |
Note 12 - Segment Reporting (Ta
Note 12 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2020 (In thousands) CVD SDC Materials Corporate Eliminations * Consolidated Assets $ 31,284 $ 6,068 $ 3,593 $ (9 ) $ 40,936 Revenue $ 10,385 $ 4,429 $ 2,556 $ (450 ) $ 16,920 Operating (loss)/income (863 ) 473 (4,283 ) (3,151 ) (7,824 ) Pretax (loss)/income (878 ) 481 (4,054 ) (3,151 ) (7,602 ) 2019 (In thousands) CVD SDC Materials Corporate Eliminations * Consolidated Assets-revised $ 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 ) |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Wholly Owned Subsidiaries | 5 | 5 | |
Asset Impairment Charges, Total | $ 3,600,000 | $ 3,599,322 | |
Amortization of Intangible Assets, Total | 124,550 | 120,488 | |
Research and Development Expense, Total | 372,648 | 597,456 | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 7,699,335 | 7,699,335 | 8,664,253 |
Cash Equivalents, at Carrying Value, Total | 1,000,000 | 1,000,000 | 2,100,000 |
Cash, Uninsured Amount | 5,822,000 | 5,822,000 | 5,198,000 |
Accounts Receivable, Allowance for Credit Loss, Current | 164,000 | 164,000 | 24,000 |
Retained Earnings (Accumulated Deficit), Ending Balance | (2,902,898) | (2,902,898) | 3,172,054 |
Net Income (Loss) Attributable to Parent, Total | (6,074,952) | (6,327,658) | |
Working Capital (Deficit) | 8,100,000 | 8,100,000 | |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 1,047,728 | 1,047,728 | 2,545,537 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | 494,281 | 494,281 | 512,952 |
Inventory, Net, Total | 1,123,839 | 1,123,839 | 1,709,713 |
Income Taxes Receivable, Current | $ 715,599 | 715,599 | |
Cargo and Freight [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 6,000 | $ 39,000 | |
Customer Concentration Risk [Member] | Export Sales [Member] | |||
Concentration Risk, Percentage | 16.80% | 21.30% | |
One Customer [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Concentration Risk, Percentage | 35.00% | ||
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 | 30.50% | ||
Two Customers [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Concentration Risk, Percentage | 39.30% | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 39 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 8 years | ||
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Computer Software, Intangible Asset [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Contract with Customer, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price and Input Costs | $ 2,100,000 | ||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 494,281 | $ 512,952 | $ 1,400,000 |
Contract with Customer, Liability, Total | $ 786,657 | $ 2,275,236 | $ 500,000 |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net Revenue | $ 16,920,219 | $ 19,646,652 |
Transferred over Time [Member] | ||
Net Revenue | 6,664,000 | 9,032,000 |
Transferred at Point in Time [Member] | ||
Net Revenue | 10,256,000 | 10,615,000 |
Aerospace [Member] | ||
Net Revenue | 7,620,000 | 9,172,000 |
Aerospace [Member] | Transferred over Time [Member] | ||
Net Revenue | 1,607,000 | 3,224,000 |
Aerospace [Member] | Transferred at Point in Time [Member] | ||
Net Revenue | 6,013,000 | 5,948,000 |
Industrial [Member] | ||
Net Revenue | 5,414,000 | 7,193,000 |
Industrial [Member] | Transferred over Time [Member] | ||
Net Revenue | 1,849,000 | 3,199,000 |
Industrial [Member] | Transferred at Point in Time [Member] | ||
Net Revenue | 3,565,000 | 3,994,000 |
Research [Member] | ||
Net Revenue | 3,886,000 | 3,282,000 |
Research [Member] | Transferred over Time [Member] | ||
Net Revenue | 3,208,000 | 2,609,000 |
Research [Member] | Transferred at Point in Time [Member] | ||
Net Revenue | $ 678,000 | $ 673,000 |
Note 3 - Revenue - Costs, Estim
Note 3 - Revenue - Costs, Estimated Earnings, and Billings on Uncompleted Contracts (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Costs incurred on contracts in progress | $ 4,464,471 | $ 6,943,066 | |
Estimated earnings | 2,087,396 | 3,370,032 | |
Costs and Estimated Earnings on Uncompleted Contracts | 6,551,867 | 10,313,098 | |
Billings to date | (6,212,229) | (10,645,800) | |
Net Cost in Excess of Billings | 339,638 | (332,702) | |
Deferred revenue related to non-systems contracts | (632,014) | (1,429,582) | |
Contract Liability In Excess of Contract Assets | (292,376) | (1,762,284) | |
Included in accompanying balance sheets | |||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 494,281 | 512,952 | $ 1,400,000 |
Contract liabilities | $ (786,657) | $ (2,275,236) | $ (500,000) |
Note 4 - Inventories, Net - Com
Note 4 - Inventories, Net - Components of Inventories (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Raw materials | $ 928,221 | $ 1,281,250 |
Work-in-process | 195,618 | 428,463 |
Inventories | $ 1,123,839 | $ 1,709,713 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization, Total | $ 124,550 | $ 120,488 |
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, 2020 | Dec. 31, 2019 | ||
Property, plant and equipment, gross | $ 38,071,129 | $ 40,053,731 | |
Less: Accumulated depreciation and amortization | (9,227,566) | (7,951,396) | |
Property, plant and equipment, net | 28,843,563 | 32,102,335 | |
Depreciation and amortization | [1] | 1,389,145 | 1,042,829 |
Land [Member] | |||
Property, plant and equipment, gross | 6,929,000 | 6,929,000 | |
Building [Member] | |||
Property, plant and equipment, gross | 15,917,000 | 15,917,000 | |
Building Improvements [Member] | |||
Property, plant and equipment, gross | 8,141,791 | 7,864,757 | |
Machinery and Equipment [Member] | |||
Property, plant and equipment, gross | 3,340,005 | 3,592,351 | |
Furniture and Fixtures [Member] | |||
Property, plant and equipment, gross | 613,765 | 613,765 | |
Computer Equipment [Member] | |||
Property, plant and equipment, gross | 493,349 | 487,902 | |
Software Development [Member] | |||
Property, plant and equipment, gross | 435,593 | 438,391 | |
Transportation Equipment [Member] | |||
Property, plant and equipment, gross | 114,511 | 114,511 | |
Lab Equipment [Member] | |||
Property, plant and equipment, gross | 1,992,179 | 1,985,179 | |
Construction in Progress [Member] | |||
Property, plant and equipment, gross | $ 93,936 | $ 2,110,875 | |
[1] | Includes amortization expense of $124,550 and $120,488 for the year ending December 31, 2020 and the year ended December 31, 2019, respectively. Such amortization expense relates to other capitalized and intangibles assets. |
Note 6 - Intangible Assets - Su
Note 6 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-lived intangible assets, gross | $ 887,853 | $ 929,816 |
Finite-lived intangible assets, accumulated amortization | 599,196 | 488,639 |
Intangible assets, net | 288,657 | 441,177 |
Patents, Copyrights and Intellectual Property [Member] | ||
Finite-lived intangible assets, gross | 792,821 | 836,544 |
Finite-lived intangible assets, accumulated amortization | 515,665 | 413,957 |
Intangible assets, net | 277,156 | 422,587 |
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 | 85,032 | 83,272 |
Finite-lived intangible assets, accumulated amortization | 73,531 | 64,682 |
Intangible assets, net | $ 11,501 | $ 18,590 |
Note 6 - Intangible Assets - Es
Note 6 - Intangible Assets - Estimated Amortization Expense Related to Intangible Assets (Details) | Dec. 31, 2020USD ($) |
2021 | $ 108,344 |
2022 | 16,852 |
2023 | 14,199 |
2024 | 10,658 |
2025 | 10,658 |
Thereafter | 127,946 |
Total | $ 288,657 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) | Apr. 21, 2020USD ($) | Nov. 30, 2017USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Long-term Debt, Total | $ 13,796,724 | |||
Payments to Acquire Property, Plant, and Equipment, Total | 1,577,175 | $ 2,688,231 | ||
Proceeds from Issuance of Long-term Debt, Total | $ 2,415,970 | |||
HSBC Bank Mortgage Loan [Member] | ||||
Debt Instrument, Number of Payments | 120 | |||
Debt Instrument, Periodic Payment, Total | $ 25,000 | 25,000 | ||
Long-term Debt, Total | $ 2,100,000 | $ 2,400,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.89% | 3.49% | ||
Debt Instrument, Face Amount | $ 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% | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | 1.75% | ||
HSBC Bank Mortgage Loan [Member] | Prime Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Debt Instrument, Interest Rate, Stated Percentage | 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 | $ 9,300,000 | $ 9,700,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 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 | |||
Paycheck Protection Program CARES Act [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||
Debt Instrument, Face Amount | $ 2,415,970 | |||
Proceeds from Issuance of Long-term Debt, Total | $ 2,415,970 |
Note 7 - Long-term Debt - Summa
Note 7 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Total long-term debt | $ 13,796,724 | $ 12,051,719 |
Less: Current maturities | (690,667) | (674,593) |
Long-term debt | 13,106,057 | 11,377,126 |
Loan [Member] | ||
Secured Debt | 9,315,246 | 9,686,211 |
Debt Instrument, face amount | 10,387,500 | 10,387,500 |
Paycheck Protection Program CARES Act [Member] | ||
Debt Instrument, face amount | 2,415,970 | |
HSBC Bank Mortgage Loan [Member] | ||
Secured Debt | 2,065,508 | 2,365,508 |
Debt Instrument, face amount | $ 6,000,000 | $ 6,000,000 |
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, 2020 | Dec. 31, 2019 | |
Loan [Member] | ||
Debt Instrument, face amount | $ 10,387,500 | $ 10,387,500 |
Monthly Installments | $ 62,481 | $ 62,481 |
Interest Rate | 3.9148% | 3.9148% |
Paycheck Protection Program CARES Act [Member] | ||
Debt Instrument, face amount | $ 2,415,970 | |
Interest Rate | 1.00% | |
HSBC Bank Mortgage Loan [Member] | ||
Debt Instrument, face amount | $ 6,000,000 | $ 6,000,000 |
Monthly Installments | $ 25,000 | $ 25,000 |
Interest Rate | 1.89% | 3.49% |
HSBC Bank Mortgage Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Interest Rate | 1.75% | 1.75% |
HSBC Bank Mortgage Loan [Member] | Prime Rate [Member] | ||
Interest 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, 2020USD ($) |
2021 | $ 690,667 |
2022 | 13,106,057 |
Total long-term debt | $ 13,796,724 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 417,000 | 432,930 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 377,000 | 307,930 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 417,000 | 307,930 |
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, 2020 | Dec. 31, 2019 | |
Weighted average common shares outstanding basic earnings per share (in shares) | 6,640,272 | 6,562,141 |
Effect of potential common share issuance: | ||
Stock options (in shares) | ||
Weighted average common shares outstanding | ||
Diluted earnings per share (in shares) | 6,640,272 | 6,562,141 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 27, 2020 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 3,381,133 | $ 2,497,414 | |
Income Taxes Receivable | 700,000 | $ 1,500,000 | |
Net Income (Loss) Attributable to Parent, Total | (6,074,952) | (6,327,658) | |
Deferred Tax Assets, Gross, Total | 3,937,609 | 2,939,900 | |
CVD Tantaline ApS [Member] | DENMARK | |||
Net Income (Loss) Attributable to Parent, Total | 336,000 | (276,000) | |
Deferred Tax Assets, Gross, Total | $ 74,000 | $ 61,000 | |
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% | ||
Research [Member] | |||
Tax Credit Carryforward, Amount | $ 1,719,598 |
Note 9 - Income Taxes - Compone
Note 9 - Income Taxes - Components of Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal | $ (1,528,305) | |
State | 950 | (11,506) |
Total current tax provision | (1,527,355) | (11,506) |
Federal | 1,425,414 | |
State | ||
Total deferred tax provision | 1,425,414 | |
Income (benefit) / tax expense | $ (1,527,355) | $ 1,413,908 |
Note 9 - Income Taxes - Deferre
Note 9 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred income tax assets: | ||
Allowance for doubtful accounts | $ 35,442 | $ 5,293 |
Inventory capitalization | 6,969 | 7,107 |
Impairment Charge | 712,683 | |
Research & development tax credits | 1,719,598 | 588,096 |
Compensation costs | 211,363 | 202,287 |
Vacation accrual | 89,626 | 142,230 |
Interest expense carryforward | 223,768 | 144,340 |
Net operating loss carryforward | 925,912 | 1,798,315 |
Other items | 12,248 | 52,232 |
Total deferred tax asset | 3,937,609 | 2,939,900 |
Deferred incomes tax liability: | ||
Property and equipment - tax over book depreciation | (556,476) | (442,486) |
Less valuation allowance | (3,381,133) | (2,497,414) |
Net long-term deferred tax asset |
Note 9 - Income Taxes - Effecti
Note 9 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Expected provision at federal statutory tax rate (21%) | $ (1,596,485) | $ (1,031,888) |
Provision for valuation allowance | 883,796 | 2,497,414 |
Foreign tax loss | 70,492 | 57,856 |
Net operating loss carryback | (1,527,355) | |
State taxes, net of federal benefit | (36,832) | (11,506) |
Federal research & development credit | (64,266) | (174,416) |
Other permanent differences | 743,295 | 76,448 |
Income (benefit) / tax expense | $ (1,527,355) | $ 1,413,908 |
Note 9 - Income Taxes - Effec_2
Note 9 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 12, 2007 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 417,000 | 432,930 | ||||
Share-based Payment Arrangement, Expense | $ 255,000 | $ 572,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | 0 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 12,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year | |||||
Selling, General and Administrative Expenses [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 255,000 | $ 572,000 | ||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 113,000 | 140,000 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 25,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 91,000 | $ 309,000 | ||||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 7 years | |||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
The 2001 Non-qualified Stock Option Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 300,000 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 7,000 | 22,930 | 22,930 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | ||||||
The 2007 Share Incentive Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 750,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 345,000 | 345,000 | 365,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | ||||||
The 2016 Share Incentive Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 750,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 65,000 | 65,000 | 20,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) |
Note 10 - Stockholders' Equit_3
Note 10 - Stockholders' Equity - Stock Option Plan (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning balance, number outstanding (in shares) | 432,930 | |
Exercised during period (in shares) | 0 | 0 |
Ending balance, number outstanding (in shares) | 417,000 | 432,930 |
Number of shares exercisable (in shares) | 377,000 | 307,930 |
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) | 15,930 | |
Ending balance, number outstanding (in shares) | 7,000 | 22,930 |
Number of shares exercisable (in shares) | 7,000 | 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) | 4.25 | |
Ending balance, weighted average exercise price (in dollars per share) | 7.90 | 5.36 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 7.90 | $ 5.36 |
Canceled during period (in shares) | (15,930) | |
The 2007 Share Incentive Plan [Member] | ||
Beginning balance, number outstanding (in shares) | 345,000 | 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 | 345,000 |
Number of shares exercisable (in shares) | 305,000 | 285,000 |
Beginning balance, weighted average exercise price (in dollars per share) | $ 12.33 | $ 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) | 12.33 | 12.33 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 12.60 | $ 12.76 |
Canceled during period (in shares) | (20,000) | |
The 2016 Share Incentive Plan [Member] | ||
Beginning balance, number outstanding (in shares) | 65,000 | 20,000 |
Granted during period (in shares) | 60,000 | |
Exercised during period (in shares) | ||
Canceled during period (in shares) | 15,000 | |
Ending balance, number outstanding (in shares) | 65,000 | 65,000 |
Number of shares exercisable (in shares) | ||
Beginning balance, weighted average exercise price (in dollars per share) | $ 5.94 | |
Granted during period, weighted average exercise price (in dollars per share) | 5 | |
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 | 5.94 |
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, 2020USD ($)$ / 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 | 45,000 |
Number of options outstanding, weighted average remaining contractual term (Year) | 0 years |
Number of options outstanding, weighted average exercise price (in dollars per share) | $ 5 |
Number of options outstanding, intrinsic value | $ | $ 0 |
Number of options exercisable (in shares) | shares | 45,000 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 5 |
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) | 0 years |
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 | 27,000 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 8.03 |
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) | 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 | 180,000 |
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) | 1 year 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, 2020 | Dec. 31, 2019 | |
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) | 30,200 | 37,300 |
Granted, weighted average grant date fair value (in dollars per share) | $ 3.74 | $ 3.99 |
Vested (in shares) | (30,200) | (35,025) |
Vested, weighted average grant date fair value (in dollars per share) | $ 3.74 | $ 3.99 |
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) | 22,575 | 46,063 |
Unvested outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 4.66 | $ 8.25 |
Granted (in shares) | 10,500 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 4.15 | |
Vested (in shares) | (12,825) | (33,988) |
Vested, weighted average grant date fair value (in dollars per share) | $ 8.81 | $ 9.08 |
Forfeited/Cancelled (in shares) | (1,000) | |
Forfeited/Cancelled, weighted average grant date fair value (in dollars per share) | $ 5.45 | |
Unvested outstanding at end of period (in shares) | 8,750 | 22,575 |
Unvested outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 5 | $ 4.66 |
Note 11 - Defined Contributio_2
Note 11 - Defined Contribution Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 |
Note 12 - Segment Reporting (De
Note 12 - Segment Reporting (Details Textual) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Operating Segments | 3 | ||
Asset Impairment Charges, Total | $ 3,600,000 | $ 3,599,322 | |
Materials [Member] | |||
Asset Impairment Charges, Total | $ 3,600,000 |
Note 12 - Segment Reporting - S
Note 12 - Segment Reporting - Segment Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Assets | $ 40,935,925 | $ 46,723,052 | |
Revenue | 16,920,219 | 19,646,652 | |
Operating (loss)/income | (7,823,957) | (4,984,715) | |
Pretax (loss)/income | (7,602,307) | (4,913,750) | |
Corporate, Non-Segment [Member] | |||
Assets | |||
Revenue | |||
Operating (loss)/income | (3,151,000) | (3,333,000) | |
Pretax (loss)/income | (3,151,000) | (3,333,000) | |
Intersegment Eliminations [Member] | |||
Assets | [1] | (9,000) | (9,000) |
Revenue | [1] | (450,000) | (702,000) |
Operating (loss)/income | [1] | ||
Pretax (loss)/income | [1] | ||
CVD [Member] | Operating Segments [Member] | |||
Assets | 31,284,000 | 34,374,000 | |
Revenue | 10,385,000 | 14,065,000 | |
Operating (loss)/income | (863,000) | (1,811,000) | |
Pretax (loss)/income | (878,000) | (1,782,000) | |
SDC [Member] | Operating Segments [Member] | |||
Assets | 6,068,000 | 6,003,000 | |
Revenue | 4,429,000 | 4,498,000 | |
Operating (loss)/income | 473,000 | 696,000 | |
Pretax (loss)/income | 481,000 | 719,000 | |
Materials [Member] | Operating Segments [Member] | |||
Assets | 3,593,000 | 6,355,000 | |
Revenue | 2,556,000 | 1,786,000 | |
Operating (loss)/income | (4,283,000) | (537,000) | |
Pretax (loss)/income | $ (4,054,000) | $ (518,000) | |
[1] | All elimination entries represent intersegment transactions eliminated in consolidation for external reporting. 2020 Materials segment includes an impairment charge of $3.6 million related to the Tantaline product line |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Impairment Charges, Total | $ 3,600,000 | $ 3,599,322 | ||
HSBC Bank Second Mortgage Loan [Member] | ||||
Secured Debt, Total | $ 9,300,000 | $ 9,300,000 | ||
Forecast [Member] | The Premises at 555 N Research Place, Central Islip, NY [Member] | ||||
Proceeds from Sale of Buildings | $ 24,360,000 |