Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 11, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000766792 | |
Entity Registrant Name | CVD EQUIPMENT CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-16525 | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 11-2621692 | |
Entity Address, Address Line One | 355 South Technology Drive | |
Entity Address, City or Town | Central Islip | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11722 | |
City Area Code | 631 | |
Local Phone Number | 981-7081 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CVV | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,684,281 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||||||
Cash and cash equivalents | $ 5,387,896 | $ 7,699,335 | ||||
Accounts receivable, net | 1,147,451 | 1,047,728 | ||||
Contract assets | 1,066,382 | 494,281 | ||||
Inventories, net | 1,297,202 | 1,123,839 | ||||
Taxes Receivable | 715,599 | 715,599 | ||||
Other current assets | 460,260 | 709,175 | ||||
Assets held for sale | 16,181,368 | 0 | ||||
Total Current Assets | 26,256,158 | 11,789,957 | ||||
Property, plant and equipment, net | 12,405,495 | 28,843,563 | ||||
Intangible assets, net | 234,633 | 288,657 | ||||
Other assets | 23,318 | 13,748 | ||||
Total Assets | 38,919,604 | 40,935,925 | $ 48,325,000 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
Accounts payable | 910,731 | 817,933 | ||||
Accrued expenses | 1,766,245 | 1,409,039 | ||||
Current maturities of long-term debt | 1,915,508 | 690,667 | ||||
Contract Liabilities | 1,001,071 | 786,657 | ||||
Liabilities held for sale | 9,123,151 | 0 | ||||
Total Current Liabilities | 14,716,706 | 3,704,296 | ||||
Long-term debt, net of current portion | 0 | 13,106,057 | ||||
Total Liabilities | 14,716,706 | 16,810,353 | ||||
Commitments and contingencies (see note 13) | ||||||
Stockholders’ Equity: | ||||||
Common stock - $0.01 par value – 20,000,000 shares authorized; issued and outstanding 6,684,281 at June 30, 2021 and 6,678,698 at December 31, 2020 | 66,842 | 66,786 | ||||
Additional paid-in capital | 27,074,079 | 26,961,684 | ||||
Accumulated deficit | (2,938,023) | (2,902,898) | ||||
Total Stockholders’ Equity | 24,202,898 | $ 22,670,395 | 24,125,572 | $ 30,623,246 | $ 31,688,971 | $ 29,957,845 |
Total Liabilities and Stockholders’ Equity | $ 38,919,604 | $ 40,935,925 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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) | 6,684,281 | 6,678,698 |
Common stock, shares outstanding (in shares) | 6,684,281 | 6,678,698 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue | $ 4,034,408 | $ 3,718,884 | $ 7,400,268 | $ 9,755,244 |
Cost of revenue | 3,188,746 | 3,117,369 | 6,236,026 | 7,218,205 |
Gross profit | 845,662 | 601,515 | 1,164,242 | 2,537,039 |
Operating expenses | ||||
Research and development | 128,512 | 96,108 | 228,944 | 209,936 |
Selling and shipping | 217,976 | 131,263 | 353,731 | 297,040 |
General and administrative | 1,582,098 | 1,506,398 | 3,283,278 | 3,054,156 |
Total operating expenses | 1,928,586 | 1,733,769 | 3,865,953 | 3,561,132 |
Operating loss | (1,082,924) | (1,132,254) | (2,701,711) | (1,024,093) |
Other income (expense): | ||||
Interest income | 403 | 5,478 | 1,626 | 30,380 |
Interest expense | (107,000) | (114,484) | (214,221) | (230,522) |
Gain on debt extinguishment | 2,443,418 | 0 | 2,443,418 | 0 |
Other Income | 217,592 | 107,880 | 436,827 | 218,688 |
Total other income (loss), net | 2,554,413 | (1,126) | 2,667,650 | 18,546 |
Income (loss) before income tax | 1,471,489 | (1,133,380) | (34,061) | (1,005,547) |
Income tax expense (benefit) | 1,064 | 1,049 | 1,064 | (1,529,596) |
Net income (loss) | $ 1,470,425 | $ (1,134,429) | $ (35,125) | $ 524,049 |
Basic income (loss) per common share (in dollars per share) | $ 0.22 | $ (0.17) | $ (0.01) | $ 0.08 |
Diluted income (loss) per common share (in dollars per share) | $ 0.22 | $ (0.17) | $ (0.01) | $ 0.08 |
Outstanding-basic (in shares) | 6,684,281 | 6,634,746 | 6,682,347 | 6,630,391 |
Outstanding-diluted (in shares) | 6,687,229 | 6,634,746 | 6,682,347 | 6,630,391 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 6,623,793 | |||
Balance at Dec. 31, 2019 | $ 66,237 | $ 26,719,554 | $ 3,172,054 | $ 29,957,845 |
Net income (loss) | $ 0 | 0 | 524,049 | 524,049 |
Share-Based Compensation (in shares) | 15,892 | |||
Share-Based Compensation | $ 159 | 141,193 | 0 | 141,352 |
Balance (in shares) at Jun. 30, 2020 | 6,639,685 | |||
Balance at Jun. 30, 2020 | $ 66,396 | 26,860,747 | 3,696,103 | 30,623,246 |
Balance (in shares) at Mar. 31, 2020 | 6,633,355 | |||
Balance at Mar. 31, 2020 | $ 66,333 | 26,792,106 | 4,830,532 | 31,688,971 |
Net income (loss) | $ 0 | 0 | (1,134,429) | (1,134,429) |
Share-Based Compensation (in shares) | 6,330 | |||
Share-Based Compensation | $ 63 | 68,641 | 0 | 68,704 |
Balance (in shares) at Jun. 30, 2020 | 6,639,685 | |||
Balance at Jun. 30, 2020 | $ 66,396 | 26,860,747 | 3,696,103 | $ 30,623,246 |
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 |
Net income (loss) | $ 0 | 0 | (35,125) | (35,125) |
Share-Based Compensation (in shares) | 5,583 | |||
Share-Based Compensation | $ 56 | 112,395 | 0 | $ 112,451 |
Balance (in shares) at Jun. 30, 2021 | 6,684,281 | 6,684,281 | ||
Balance at Jun. 30, 2021 | $ 66,842 | 27,074,079 | (2,938,023) | $ 24,202,898 |
Balance (in shares) at Mar. 31, 2021 | 6,684,281 | |||
Balance at Mar. 31, 2021 | $ 66,842 | 27,012,001 | (4,408,448) | 22,670,395 |
Net income (loss) | $ 0 | 0 | 1,470,425 | 1,470,425 |
Share-Based Compensation (in shares) | 0 | |||
Share-Based Compensation | $ 0 | 62,078 | 0 | $ 62,078 |
Balance (in shares) at Jun. 30, 2021 | 6,684,281 | 6,684,281 | ||
Balance at Jun. 30, 2021 | $ 66,842 | $ 27,074,079 | $ (2,938,023) | $ 24,202,898 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (35,125) | $ 524,049 |
Adjustments to reconcile net (loss) income to net cash used in operating activities | ||
Gain on debt extinguishment | (2,443,418) | 0 |
Stock-based compensation | 112,451 | 141,352 |
Depreciation and amortization | 429,195 | 658,266 |
Bad debt expense | 0 | 80,205 |
(Increase)/decrease in operating assets | ||
Accounts receivable | (99,723) | 743,881 |
Contract assets | (572,101) | (427,287) |
Inventories | (173,363) | 162,477 |
Tax receivable | 0 | (1,528,305) |
Other current assets | 239,345 | 280,952 |
Increase/(decrease) in operating liabilities | ||
Accounts payable | 92,798 | (71,799) |
Accrued expenses | 384,654 | (524,896) |
Contract liabilities | 214,414 | (548,938) |
Total adjustments | (1,815,748) | (1,034,092) |
Net cash used in operating activities | (1,850,873) | (510,043) |
Cash flows from investing activities: | ||
Capital expenditures | (118,471) | (861,352) |
Net cash used in investing activities | (118,471) | (861,352) |
Cash flows from financing activities | ||
Proceeds from Payroll Protection Plan Loan | 0 | 2,415,970 |
Payments of long-term debt | (342,095) | (333,640) |
Net cash (used in) provided by financing activities | (342,095) | 2,082,330 |
Net (decrease) increase in cash and cash equivalents | (2,311,439) | 710,935 |
Cash and cash equivalents at beginning of period | 7,699,335 | 8,664,253 |
Cash and cash equivalents at end of period | 5,387,896 | 9,375,188 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | 1,064 | 1,049 |
Interest paid | $ 214,221 | $ 230,522 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1: BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements for CVD Equipment Corporation and Subsidiaries (collectively “the Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10 8 X. not not three six June 30, 2021 not December 31, 2021. The condensed consolidated balance sheet as of December 31, 2020 10 March 31, 2021, not All material intercompany balances and transactions have been eliminated in consolidation. In addition, certain reclassifications have been made to prior period consolidated financial statements to conform to the current period presentation. BUSINESS DEVELOPMENTS In January 2021, fourth December 31, 2020, During February 2021, 555 “555 555 not “355 April 2021, 355 355 March 29, 2021, 555 July 26, 2021 555 555 14 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2: 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 recognized 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, Recent Accounting Standards In June 2016, 2016 13, 326 November 15, 2019, December 15, 2022 We believe there is no not may |
Note 3 - Concentration of Credi
Note 3 - Concentration of Credit Risk | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 3: Cash and cash equivalents The Company had cash and cash equivalents of $5.4 million and $7.7 million at June 30, 2021 December 31, 2020, three June 30, 2021 December 31, 2020, The Company places most of its temporary cash investments with financial institutions, which from time to time may June 30, 2021 December 31, 2020 Sales concentration Revenue from a single customer in any one 10% three June 30, 2021, three 10%, six June 30, 2021 one 10%, three June 30, 2020, two 10%, six June 30, 2020, one 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 also maintains allowances for anticipated losses. At June 30, 2021, two 10% 20.2% December 31, 2020 two 35.0% |
Note 4 - Revenue Disaggregation
Note 4 - Revenue Disaggregation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 4: The following table represents a disaggregation of revenue for the three six June 30, 2021 2020 Three Month's Ending June 30, 2021 Over time Point in time Total Aerospace $ 197 $ 577 $ 774 Industrial $ 1,226 $ 1,293 $ 2,519 Research $ 365 $ 376 $ 741 Total $ 1,788 $ 2,246 $ 4,034 Three Month's Ending June 30, 2020 Over time Point in time Total Aerospace $ 134 $ 1,699 $ 1,833 Industrial $ 259 $ 623 $ 882 Research $ 495 $ 509 $ 1,004 Total $ 888 $ 2,831 $ 3,719 Six Month's Ending June 30, 2021 Over time Point in time Total Aerospace $ 386 $ 1,103 $ 1,489 Industrial $ 2,595 $ 1,968 $ 4,563 Research $ 552 $ 796 $ 1,348 Total $ 3,533 $ 3,867 $ 7,400 Six Month's Ending June 30, 2020 Over time Point in time Total Aerospace $ 1,299 $ 3,884 $ 5,183 Industrial $ 386 $ 1,484 $ 1,870 Research $ 1,089 $ 1,613 $ 2,702 Total $ 2,774 $ 6,981 $ 9,755 The Company has unrecognized contract revenue of approximately $3.2 million at June 30, 2021, 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. During the six June 30, 2021 2020, $.6 $.4 Contract assets and contract liabilities on input method type contracts in progress are summarized as follows: 2021 Costs incurred on contracts in progress $ 4,882,600 Estimated earnings 2,900,056 7,782,656 Billings to date (7,098,362 ) $ 684,294 Deferred revenue related to non-systems contracts (618,984 ) 65,310 Included in accompanying balance sheets Under the following captions: Contract assets $ 1,066,382 Contract liabilities $ (1,001,072 ) |
Note 5 - Inventories, Net
Note 5 - Inventories, Net | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 5: Inventories consist of: June 30, 2021 December 31, 2020 Raw materials $ 1,081,709 $ 928,221 Work-in-process 215,493 195,618 Inventories $ 1,297,202 $ 1,123,839 |
Note 6 - Accounts Receivable, N
Note 6 - Accounts Receivable, Net | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 6: Accounts receivable are presented net of an allowance for doubtful accounts of approximately $59,000 and $164,000 as of June 30, 2021 December 31, 2020, may |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 7: 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 consecutive equal monthly installments of $25,000 in principal plus interest and a final balloon payment upon maturity in March 2022. June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020, On November 30, 2017, 555 “555 555 555 November 30, 2017 ( November 30, 2017, July 26, 2021, 555 The Note was payable in 60 consecutive equal monthly installments of $62,481 including interest and a final balloon payment upon maturity which was to be in December 2022. June 30, 2021 December 31, 2020 November 30, 2017 ( June 30, 2021, 8 14 The Company is in compliance with its financial covenant under the mortgage at June 30, 2021. On April 21, 2020, March 27, 2020. The PPP loan, the obligation of which is represented by a note issued by the Company, was to mature on April 21, 2022 1% may no may first twenty-four February 15, 2020. April 2021 June 14, 2021 June 10, 2021 three six June 30, 2021 |
Note 8 - Asset and Liabilities
Note 8 - Asset and Liabilities Held for Sale | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 8: In order to increase the Company’s liquidity and to provide necessary working capital to support its on-going business and operations, the Company has decided to sell the 555 555 not 355 On March 29, 2021, 555 July 26, 2021 555 555 Building, including interest and fees, in the amount of $9.4 million, as well as various costs related to the closing of the transaction. As a result, the Company has classified the carrying value of the building of $16.2 million as Assets held for sale (which was utilized by CVD Materials) as part of current assets at June 30, 2021, December 31, 2020 In addition, the Note related to the 555 June 30, 2021, December 31, 2020 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation Expense | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 9: The Company recorded, as part of general and administrative expense, $62,000 and $113,000 during the three six June 30, 2021, three six June 30, 2020, A summary of the stock option activity related to the 2001 2007 2016 January 1, 2021 June 30, 2021 2001 Non-Qualified Stock Option Plan Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Number of shares 7,000 - - (7,000 ) - - Weighted average exercise price per share $ 7.90 - - $ 7.90 - - 2007 Share Incentive Plan Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Number of shares 345,000 - - - 345,000 325,000 Weighted average exercise price per share $ 12.33 - - - $ 12.33 $ 12.46 2016 Share Incentive Plan Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Number of shares 65,000 150,000 - - 215,000 65,000 Weighted average exercise price per share $ 5.94 $ 4.26 - - $ 4.76 $ 5.94 For the six June 30, 2021, four ten six June 30, 2021 Stock Price $ 4.26 Exercise Price $ 4.26 Dividend yield 0 % Expected volatility 67 % Risk-Free interest rate 1.35 % Expected life (in years) 6.00 The Company has a total of 560,000 outstanding stock options, of which 390,000 were exercisable under the three June 30, 2021. The following table summarizes information about the outstanding and exercisable options at June 30, 2021. 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 - 7.00 195,000 9.8 $ 4.43 $ 36,000 45,000 $ 5.00 $ 0 $7.01 - 10.00 20,000 7.0 $ 8.07 $ 0 20,000 $ 8.07 $ 0 $10.01 - 12.00 220,000 3.7 $ 10.81 $ 0 200,000 $ 10.87 $ 0 $12.01 - 15.00 125,000 1.0 $ 15.00 $ 0 125,000 $ 15.00 $ 0 No options were exercised during the six June 30, 2021. June 30, 2021, Restricted Stock Awards The following table summarizes restricted stock awards for the six June 30, 2021: Weighted Shares of Average Grant Restricted Date Fair Stock Value Unvested outstanding at December 31, 2020 0 $ 0 Granted 42,800 $ 4.65 Vested 0 $ 0 Forfeited/Cancelled (4,746 ) $ 4.65 Unvested outstanding at June 30, 2021 38,054 $ 4.65 The fair value of the outstanding restricted stock awards will be recorded as stock compensation expense over the vesting period. As of June 30, 2021, .5 Restricted Stock Units The following table summarizes activity related to outstanding restricted stock units for the six June 30, 2021: Weighted Shares of Average Grant Restricted Date Fair Stock Units Value Unvested outstanding at December 31, 2020 8,750 $ 5.00 Granted 2,333 $ 5.36 Vested (5,583 ) $ 5.32 Forfeited/Cancelled (- ) $ - - Unvested outstanding at June 30, 2021 5,500 $ 4.83 The total fair value of vested restricted stock units was $29,700 for the six June 30, 2021. The fair value of the outstanding restricted stock units will be recorded as stock compensation expense over the vesting period. As of June 30, 2021, .7 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10: As of June 30, 2021 December 31, 2020, three not may not March 27, 2020, 2018 2020 five $.7 June 30, 2021 December 31, 2020. |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 11: Basic earnings per share is computed by dividing net earnings available to common shareholders (the numerator) by the weighted average number of common shares outstanding (the denominator) for the period presented. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Basic weighted average common shares outstanding 6,684,281 6,634,746 6,682,347 6,630,391 Dilutive effect of options and unvested restricted shares 2,948 - - - Diluted weighted average shares outstanding 6,687,229 6,634,746 6,682,347 6,630,391 The following table represents common stock equivalents that were excluded from the computation of diluted earnings per share for the three six June 30, 2021 2020, Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Stock Options 557,052 417,000 560,000 417,000 557,052 417,000 560,000 417,000 Stock options to purchase 560,000 shares of common stock were outstanding and 390,000 were exercisable during the three six June 30, 2021. The dilutive potential common shares on options is calculated in accordance with the treasury stock method, which assumes that proceeds from the exercise of all options are used to repurchase common stock at market value. The number of shares remaining after the proceeds are exhausted represents the potential dilutive effect of the securities. |
Note 12 - Segment Reporting
Note 12 - Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 12: The Company operates through three 3 The Company’s corporate administration activities are reported in the Eliminations and Unallocated column. These activities primarily include intercompany profit, expenses related to certain corporate officers and support staff, expenses related to the Company’s Board of Directors, stock option expense for shares granted to corporate administration employees, certain consulting expenses, investor and shareholder relations activities, and all of the Company’s legal, auditing and professional fees, and interest expense. Three Months Ended June 30, (In thousands) Eliminations* and 2021 CVD SDC Materials Unallocated Consolidated Assets $ 28,149 $ 6,765 $ 3,940 $ 66 $ 38,920 Revenue 1,804 1,162 1,087 (19 ) 4,034 Operating (loss) income (1,220 ) 368 503 (734 ) (1,083 ) Pretax income (loss) 1,209 368 628 (734 ) 1,471 2020 Assets $ 36,509 $ 6,445 $ 5,380 $ (9 ) $ 48,325 Revenue 2,280 1,016 517 (94 ) 3,719 Operating (loss) income (299 ) 65 (137 ) (761 ) (1,132 ) Pretax (loss) income (312 ) 65 (125 ) (761 ) (1,133 ) Six Months Ended June 30, (In thousands) Eliminations* and 2021 CVD SDC Materials Unallocated Consolidated Revenue 3,811 1,987 1,716 (114 ) 7,400 Operating (loss) income (1,753 ) 363 392 (1,704 ) (2,702 ) Pretax income (loss) 661 363 646 (1,704 ) (34 ) 2020 Revenue 6,377 2,835 801 (258 ) 9,755 Operating income (loss) 293 667 (493 ) (1,491 ) (1,024 ) Pretax income (loss) 277 675 (467 ) (1,491 ) (1,006 ) *All elimination entries represent intersegment revenues eliminated in consolidation for external financial reporting. |
Note 13 - Significant Events -
Note 13 - Significant Events - Coronavirus (COVID-19) | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Effect of Covid-19 Pandemic [Text Block] | NOTE 13: 19 The Company has been actively monitoring the coronavirus (COVID- 19 March 2020, 19 19 19 first 2020, first 2021 second 2021 second 2020. first 2020 19, December 31, 2020 first six June 30, 2021 2021 19 |
Note 14 - Subsequent Events - S
Note 14 - Subsequent Events - Sale of 555 Building | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 14: 555 On March 29, 2021, 555 July 26, 2021 555 555 June 30, 2021, December 31, 2020 In addition, the Note related to the 555 June 30, 2021, December 31, 2020 Below represents the Proforma Balance Sheet with respect to the July 26, 2021 555 Proforma Proforma June 30, 2021 Adjustments June 30, 2021 ASSETS Current Assets Cash and cash equivalents $ 5,387,896 $ 13,976,766 (1) $ 19,364,662 Accounts receivable, net 1,147,451 1,147,451 Contract assets 1,066,382 1,066,382 Inventories, net 1,297,202 1,297,202 Taxes Receivable 715,599 715,599 Other current assets 460,260 (110,534 ) (2) 349,726 Assets held for sale 16,181,368 (16,181,368 ) (3) - Total Current Assets 26,256,158 (2,315,136 ) 23,941,022 - Property, plant and equipment, net 12,405,495 12,405,495 Intangible assets, net 234,633 234,633 Other assets 23,318 23,318 Total Assets $ 38,919,604 $ (2,315,136 ) $ 36,604,468 LIABILITIES AND STOCKHOLDERS EQUITY Current Liabilities Accounts payable $ 910,731 $ 910,731 Accrued expenses 1,766,245 (142,255 ) (4) 1,623,990 Current maturities of long-term debt 1,915,508 1,915,508 Contract Liabilities 1,001,071 1,001,071 Liabilities held for sale 9,123,151 (9,123,151 ) (5) - Total Current Liabilities 14,716,706 (9,265,406 ) 5,451,300 Long-term debt, net of current portion - - Total Liabilities 14,716,706 (9,265,406 ) 5,451,300 Commitments and contingencies (see note 13) Stockholders’ Equity: Common stock - $ 0.01 20,000,000 6,684,281 6,678,698 66,842 66,842 Additional paid-in capital 27,074,079 27,074,079 Retained earnings (2,938,023 ) 6,950,270 (6) 4,012,247 Total Stockholders’ Equity 24,202,898 6,950,270 31,153,168 Total Liabilities and Stockholders’ Equity $ 38,919,604 $ (2,315,136 ) $ 36,604,468 Footnotes to the above Proforma Balance Sheet. ( 1 Net proceeds from sale of building, net of full payment of 555 ( 2 Receipt of apportionment of prepaid Pilot taxes, and broker fees on rental space at 555 ( 3 Building related assets sold. ( 4 Payment of 555 555 ( 5 Mortgage at 555 ( 6 Approximate net income from sale of building net of related costs |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
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 recognized 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, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards In June 2016, 2016 13, 326 November 15, 2019, December 15, 2022 We believe there is no not may |
Note 4 - Revenue Disaggregati_2
Note 4 - Revenue Disaggregation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Month's Ending June 30, 2021 Over time Point in time Total Aerospace $ 197 $ 577 $ 774 Industrial $ 1,226 $ 1,293 $ 2,519 Research $ 365 $ 376 $ 741 Total $ 1,788 $ 2,246 $ 4,034 Three Month's Ending June 30, 2020 Over time Point in time Total Aerospace $ 134 $ 1,699 $ 1,833 Industrial $ 259 $ 623 $ 882 Research $ 495 $ 509 $ 1,004 Total $ 888 $ 2,831 $ 3,719 Six Month's Ending June 30, 2021 Over time Point in time Total Aerospace $ 386 $ 1,103 $ 1,489 Industrial $ 2,595 $ 1,968 $ 4,563 Research $ 552 $ 796 $ 1,348 Total $ 3,533 $ 3,867 $ 7,400 Six Month's Ending June 30, 2020 Over time Point in time Total Aerospace $ 1,299 $ 3,884 $ 5,183 Industrial $ 386 $ 1,484 $ 1,870 Research $ 1,089 $ 1,613 $ 2,702 Total $ 2,774 $ 6,981 $ 9,755 |
Schedule Of Cost And Estimated Earnings In Excess Of Billings [Table Text Block] | 2021 Costs incurred on contracts in progress $ 4,882,600 Estimated earnings 2,900,056 7,782,656 Billings to date (7,098,362 ) $ 684,294 Deferred revenue related to non-systems contracts (618,984 ) 65,310 Included in accompanying balance sheets Under the following captions: Contract assets $ 1,066,382 Contract liabilities $ (1,001,072 ) |
Note 5 - Inventories, Net (Tabl
Note 5 - Inventories, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of: June 30, 2021 December 31, 2020 Raw materials $ 1,081,709 $ 928,221 Work-in-process 215,493 195,618 Inventories $ 1,297,202 $ 1,123,839 |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation Expense (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 Number of shares 7,000 - - (7,000 ) - - Weighted average exercise price per share $ 7.90 - - $ 7.90 - - 2007 Share Incentive Plan Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Number of shares 345,000 - - - 345,000 325,000 Weighted average exercise price per share $ 12.33 - - - $ 12.33 $ 12.46 2016 Share Incentive Plan Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Number of shares 65,000 150,000 - - 215,000 65,000 Weighted average exercise price per share $ 5.94 $ 4.26 - - $ 4.76 $ 5.94 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Stock Price $ 4.26 Exercise Price $ 4.26 Dividend yield 0 % Expected volatility 67 % Risk-Free interest rate 1.35 % Expected life (in years) 6.00 |
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 - 7.00 195,000 9.8 $ 4.43 $ 36,000 45,000 $ 5.00 $ 0 $7.01 - 10.00 20,000 7.0 $ 8.07 $ 0 20,000 $ 8.07 $ 0 $10.01 - 12.00 220,000 3.7 $ 10.81 $ 0 200,000 $ 10.87 $ 0 $12.01 - 15.00 125,000 1.0 $ 15.00 $ 0 125,000 $ 15.00 $ 0 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Shares of Average Grant Restricted Date Fair Stock Value Unvested outstanding at December 31, 2020 0 $ 0 Granted 42,800 $ 4.65 Vested 0 $ 0 Forfeited/Cancelled (4,746 ) $ 4.65 Unvested outstanding at June 30, 2021 38,054 $ 4.65 Weighted Shares of Average Grant Restricted Date Fair Stock Units Value Unvested outstanding at December 31, 2020 8,750 $ 5.00 Granted 2,333 $ 5.36 Vested (5,583 ) $ 5.32 Forfeited/Cancelled (- ) $ - - Unvested outstanding at June 30, 2021 5,500 $ 4.83 |
Note 11 - Earnings Per Share (T
Note 11 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Basic weighted average common shares outstanding 6,684,281 6,634,746 6,682,347 6,630,391 Dilutive effect of options and unvested restricted shares 2,948 - - - Diluted weighted average shares outstanding 6,687,229 6,634,746 6,682,347 6,630,391 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Stock Options 557,052 417,000 560,000 417,000 557,052 417,000 560,000 417,000 |
Note 12 - Segment Reporting (Ta
Note 12 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Eliminations* and 2021 CVD SDC Materials Unallocated Consolidated Assets $ 28,149 $ 6,765 $ 3,940 $ 66 $ 38,920 Revenue 1,804 1,162 1,087 (19 ) 4,034 Operating (loss) income (1,220 ) 368 503 (734 ) (1,083 ) Pretax income (loss) 1,209 368 628 (734 ) 1,471 2020 Assets $ 36,509 $ 6,445 $ 5,380 $ (9 ) $ 48,325 Revenue 2,280 1,016 517 (94 ) 3,719 Operating (loss) income (299 ) 65 (137 ) (761 ) (1,132 ) Pretax (loss) income (312 ) 65 (125 ) (761 ) (1,133 ) Eliminations* and 2021 CVD SDC Materials Unallocated Consolidated Revenue 3,811 1,987 1,716 (114 ) 7,400 Operating (loss) income (1,753 ) 363 392 (1,704 ) (2,702 ) Pretax income (loss) 661 363 646 (1,704 ) (34 ) 2020 Revenue 6,377 2,835 801 (258 ) 9,755 Operating income (loss) 293 667 (493 ) (1,491 ) (1,024 ) Pretax income (loss) 277 675 (467 ) (1,491 ) (1,006 ) |
Note 14 - Subsequent Events -_2
Note 14 - Subsequent Events - Sale of 555 Building (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | Proforma Proforma June 30, 2021 Adjustments June 30, 2021 ASSETS Current Assets Cash and cash equivalents $ 5,387,896 $ 13,976,766 (1) $ 19,364,662 Accounts receivable, net 1,147,451 1,147,451 Contract assets 1,066,382 1,066,382 Inventories, net 1,297,202 1,297,202 Taxes Receivable 715,599 715,599 Other current assets 460,260 (110,534 ) (2) 349,726 Assets held for sale 16,181,368 (16,181,368 ) (3) - Total Current Assets 26,256,158 (2,315,136 ) 23,941,022 - Property, plant and equipment, net 12,405,495 12,405,495 Intangible assets, net 234,633 234,633 Other assets 23,318 23,318 Total Assets $ 38,919,604 $ (2,315,136 ) $ 36,604,468 LIABILITIES AND STOCKHOLDERS EQUITY Current Liabilities Accounts payable $ 910,731 $ 910,731 Accrued expenses 1,766,245 (142,255 ) (4) 1,623,990 Current maturities of long-term debt 1,915,508 1,915,508 Contract Liabilities 1,001,071 1,001,071 Liabilities held for sale 9,123,151 (9,123,151 ) (5) - Total Current Liabilities 14,716,706 (9,265,406 ) 5,451,300 Long-term debt, net of current portion - - Total Liabilities 14,716,706 (9,265,406 ) 5,451,300 Commitments and contingencies (see note 13) Stockholders’ Equity: Common stock - $ 0.01 20,000,000 6,684,281 6,678,698 66,842 66,842 Additional paid-in capital 27,074,079 27,074,079 Retained earnings (2,938,023 ) 6,950,270 (6) 4,012,247 Total Stockholders’ Equity 24,202,898 6,950,270 31,153,168 Total Liabilities and Stockholders’ Equity $ 38,919,604 $ (2,315,136 ) $ 36,604,468 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) | Jul. 26, 2021 | Dec. 31, 2020 |
Asset Impairment Charges, Total | $ 3,600,000 | |
The Premises at 555 N Research Place, Central Islip, NY [Member] | Subsequent Event [Member] | ||
Proceeds from Sale of Buildings | $ 24,360,000 | |
Proceeds from Sale of Buildings, Net | 14,000,000 | |
The Premises at 555 N Research Place, Central Islip, NY [Member] | Subsequent Event [Member] | HSBC Bank Second Mortgage Loan [Member] | ||
Repayments of Debt | $ 9,352,719 |
Note 3 - Concentration of Cre_2
Note 3 - Concentration of Credit Risk (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020 | Jun. 30, 2021USD ($) | Jun. 30, 2020 | Dec. 31, 2020USD ($) | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 5,387,896 | $ 5,387,896 | $ 7,699,335 | ||
Cash Equivalents, at Carrying Value, Total | 1,000,000 | 1,000,000 | 1,000,000 | ||
Cash, Uninsured Amount | $ 3,203,000 | $ 3,203,000 | $ 5,822,000 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Number Of Major Customers | 3 | 2 | 1 | 1 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer A [Member] | |||||
Concentration Risk, Percentage | 17.30% | 42.20% | 18.00% | 37.00% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer B [Member] | |||||
Concentration Risk, Percentage | 12.90% | 10.00% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer C [Member] | |||||
Concentration Risk, Percentage | 11.20% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Number Of Major Customers | 2 | 2 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | |||||
Concentration Risk, Percentage | 20.20% | 35.00% |
Note 4 - Revenue Disaggregati_3
Note 4 - Revenue Disaggregation (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Contract with Customer, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price and Input Costs | $ 3,200,000 | |
Increase (Decrease) in Contract with Customer, Asset | 572,101 | $ 427,287 |
Approximation [Member] | ||
Increase (Decrease) in Contract with Customer, Asset | $ 600,000 | $ 400,000 |
Note 4 - Revenue Disaggregati_4
Note 4 - Revenue Disaggregation - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net Revenue | $ 4,034,408 | $ 3,718,884 | $ 7,400,268 | $ 9,755,244 |
Transferred over Time [Member] | ||||
Net Revenue | 1,788,000 | 888,000 | 3,533,000 | 2,774,000 |
Transferred at Point in Time [Member] | ||||
Net Revenue | 2,246,000 | 2,831,000 | 3,867,000 | 6,981,000 |
Aerospace [Member] | ||||
Net Revenue | 774,000 | 1,833,000 | 1,489,000 | 5,183,000 |
Aerospace [Member] | Transferred over Time [Member] | ||||
Net Revenue | 197,000 | 134,000 | 386,000 | 1,299,000 |
Aerospace [Member] | Transferred at Point in Time [Member] | ||||
Net Revenue | 577,000 | 1,699,000 | 1,103,000 | 3,884,000 |
Industrial [Member] | ||||
Net Revenue | 2,519,000 | 882,000 | 4,563,000 | 1,870,000 |
Industrial [Member] | Transferred over Time [Member] | ||||
Net Revenue | 1,226,000 | 259,000 | 2,595,000 | 386,000 |
Industrial [Member] | Transferred at Point in Time [Member] | ||||
Net Revenue | 1,293,000 | 623,000 | 1,968,000 | 1,484,000 |
Research [Member] | ||||
Net Revenue | 741,000 | 1,004,000 | 1,348,000 | 2,702,000 |
Research [Member] | Transferred over Time [Member] | ||||
Net Revenue | 365,000 | 495,000 | 552,000 | 1,089,000 |
Research [Member] | Transferred at Point in Time [Member] | ||||
Net Revenue | $ 376,000 | $ 509,000 | $ 796,000 | $ 1,613,000 |
Note 4 - Revenue Disaggregati_5
Note 4 - Revenue Disaggregation - Costs, Estimated Earnings, and Billings on Uncompleted Contracts (Details) | Jun. 30, 2021USD ($) |
Costs incurred on contracts in progress | $ 4,882,600 |
Estimated earnings | 2,900,056 |
Costs and Estimated Earnings on Uncompleted Contracts | 7,782,656 |
Billings to date | (7,098,362) |
Net Cost in Excess of Billings | 684,294 |
Deferred revenue related to non-systems contracts | (618,984) |
Contract Liability In Excess of Contract Assets | 65,310 |
Included in accompanying balance sheets | |
Contract assets | 1,066,382 |
Contract liabilities | $ (1,001,072) |
Note 5 - Inventories, Net - Com
Note 5 - Inventories, Net - Components of Inventories (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Raw materials | $ 1,081,709 | $ 928,221 |
Work-in-process | 215,493 | 195,618 |
Inventories | $ 1,297,202 | $ 1,123,839 |
Note 6 - Accounts Receivable,_2
Note 6 - Accounts Receivable, Net (Details Textual) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 59,000 | $ 164,000 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) | Apr. 21, 2020USD ($) | Nov. 30, 2017USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Long-term Debt, Total | $ 1,900,000 | $ 1,900,000 | |||||
Payments to Acquire Property, Plant, and Equipment, Total | 118,471 | $ 861,352 | |||||
Proceeds from Issuance of Long-term Debt, Total | 0 | 2,415,970 | |||||
Gain (Loss) on Extinguishment of Debt, Total | $ 2,443,418 | $ 0 | $ 2,443,418 | $ 0 | |||
HSBC Bank Mortgage Loan [Member] | |||||||
Debt Instrument, Number of Payments | 120 | ||||||
Debt Instrument, Periodic Payment, Total | $ 25,000 | ||||||
Long-term Debt, Total | $ 2,100,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.82% | 1.82% | 1.89% | ||||
HSBC Bank Mortgage Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||
HSBC Bank Mortgage Loan [Member] | Prime Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 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 | $ 9,100,000 | $ 9,100,000 | $ 9,300,000 | ||||
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 | ||||||
Paycheck Protection Program CARES Act [Member] | |||||||
Proceeds from Issuance of Long-term Debt, Total | $ 2,415,970 | ||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 2,443,418 | $ 2,443,418 |
Note 8 - Asset and Liabilitie_2
Note 8 - Asset and Liabilities Held for Sale (Details Textual) - USD ($) | Jul. 26, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Disposal Group, Including Discontinued Operation, Assets, Current, Total | $ 16,181,368 | $ 0 | |
Disposal Group, Including Discontinued Operation, Liabilities, Current, Total | 9,123,151 | $ 0 | |
The Premises at 555 N Research Place, Central Islip, NY [Member] | |||
Disposal Group, Including Discontinued Operation, Assets, Current, Total | 16,200,000 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current, Total | 9,100,000 | ||
The Premises at 555 N Research Place, Central Islip, NY [Member] | |||
Disposal Group, Including Discontinued Operation, Assets, Current, Total | 16,200,000 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current, Total | $ 9,100,000 | ||
The Premises at 555 N Research Place, Central Islip, NY [Member] | Subsequent Event [Member] | |||
Proceeds from Sale of Buildings | $ 24,360,000 | ||
The Premises at 555 N Research Place, Central Islip, NY [Member] | Subsequent Event [Member] | HSBC Bank Second Mortgage Loan [Member] | |||
Repayments of Debt | $ 9,352,719 |
Note 9 - Stock-based Compensa_3
Note 9 - Stock-based Compensation Expense (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Expense, Par Value | $ 62,000 | $ 69,000 | $ 113,000 | $ 141,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 150,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 560,000 | 560,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 390,000 | 390,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | |||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 385,960 | $ 385,960 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 10 months 24 days | |||
Restricted Stock [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 89,000 | $ 89,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 6 months | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 14,000 | $ 14,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 8 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 29,700 | |||
Share-based Payment Arrangement, Tranche One [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
Share-based Payment Arrangement, Tranche Two [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
Share-based Payment Arrangement, Tranche Three [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
Share-based Payment Arrangement, Tranche Four [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% |
Note 9 - Stock-based Compensa_4
Note 9 - Stock-based Compensation Expense - Stock Option Plan (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Granted during period (in shares) | 150,000 |
Exercised during period (in shares) | 0 |
Ending balance, number outstanding (in shares) | 560,000 |
Number of shares exercisable (in shares) | 390,000 |
The 2001 Non-qualified Stock Option Plan [Member] | |
Beginning balance, number outstanding (in shares) | 7,000 |
Granted during period (in shares) | 0 |
Exercised during period (in shares) | 0 |
Canceled during period (in shares) | (7,000) |
Ending balance, number outstanding (in shares) | 0 |
Number of shares exercisable (in shares) | 0 |
Beginning balance, weighted average exercise price (in dollars per share) | $ / shares | $ 7.90 |
Granted during period, weighted average exercise price (in dollars per share) | $ / shares | 0 |
Exercised during period, weighted average exercise price (in dollars per share) | $ / shares | 0 |
Canceled during period, weighted average exercise price (in dollars per share) | $ / shares | 7.90 |
Ending balance, weighted average exercise price (in dollars per share) | $ / shares | 0 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
The 2007 Share Incentive Plan [Member] | |
Beginning balance, number outstanding (in shares) | 345,000 |
Granted during period (in shares) | 0 |
Exercised during period (in shares) | 0 |
Canceled during period (in shares) | 0 |
Ending balance, number outstanding (in shares) | 345,000 |
Number of shares exercisable (in shares) | 325,000 |
Beginning balance, weighted average exercise price (in dollars per share) | $ / shares | $ 12.33 |
Granted during period, weighted average exercise price (in dollars per share) | $ / shares | 0 |
Exercised during period, weighted average exercise price (in dollars per share) | $ / shares | 0 |
Canceled during period, weighted average exercise price (in dollars per share) | $ / shares | 0 |
Ending balance, weighted average exercise price (in dollars per share) | $ / shares | 12.33 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 12.46 |
The 2016 Share Incentive Plan [Member] | |
Beginning balance, number outstanding (in shares) | 65,000 |
Granted during period (in shares) | 150,000 |
Exercised during period (in shares) | 0 |
Canceled during period (in shares) | 0 |
Ending balance, number outstanding (in shares) | 215,000 |
Number of shares exercisable (in shares) | 65,000 |
Beginning balance, weighted average exercise price (in dollars per share) | $ / shares | $ 5.94 |
Granted during period, weighted average exercise price (in dollars per share) | $ / shares | 4.26 |
Exercised during period, weighted average exercise price (in dollars per share) | $ / shares | 0 |
Canceled during period, weighted average exercise price (in dollars per share) | $ / shares | 0 |
Ending balance, weighted average exercise price (in dollars per share) | $ / shares | 4.76 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 5.94 |
Note 9 - Stock-based Compensa_5
Note 9 - Stock-based Compensation Expense - Assumptions (Details) | 6 Months Ended |
Jun. 30, 2021$ / shares | |
Stock Price (in dollars per share) | $ 4.26 |
Exercise Price (in dollars per share) | $ 4.26 |
Dividend yield | 0.00% |
Expected volatility | 67.00% |
Risk-Free interest rate | 1.35% |
Expected life (in years) (Year) | 6 years |
Note 9 - Stock-based Compensa_6
Note 9 - Stock-based Compensation Expense - Outstanding and Exercisable Options (Details) | 6 Months Ended |
Jun. 30, 2021USD ($)$ / 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 | 195,000 |
Number of options outstanding, weighted average remaining contractual term (Year) | 9 years 9 months 18 days |
Number of options outstanding, weighted average exercise price (in dollars per share) | $ 4.43 |
Number of options outstanding, intrinsic value | $ | $ 36,000 |
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 | 20,000 |
Number of options outstanding, weighted average remaining contractual term (Year) | 7 years |
Number of options outstanding, weighted average exercise price (in dollars per share) | $ 8.07 |
Number of options outstanding, intrinsic value | $ | $ 0 |
Number of options exercisable (in shares) | shares | 20,000 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 8.07 |
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) | 3 years 8 months 12 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 | 200,000 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 10.87 |
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 |
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 9 - Stock-based Compensa_7
Note 9 - Stock-based Compensation Expense - Restricted Stock and Restricted Stock Units Activity (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Restricted Stock [Member] | |
Unvested outstanding at beginning of period (in shares) | shares | 0 |
Unvested outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Granted (in shares) | shares | 42,800 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.65 |
Vested (in shares) | shares | 0 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Forfeited/Cancelled (in shares) | shares | (4,746) |
Forfeited/Cancelled, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.65 |
Unvested outstanding at end of period (in shares) | shares | 38,054 |
Unvested outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.65 |
Restricted Stock Units (RSUs) [Member] | |
Unvested outstanding at beginning of period (in shares) | shares | 8,750 |
Unvested outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5 |
Granted (in shares) | shares | 2,333 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.36 |
Vested (in shares) | shares | (5,583) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.32 |
Unvested outstanding at end of period (in shares) | shares | 5,500 |
Unvested outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.83 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions | Mar. 27, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Income Tax Benefit, Cares Act | $ (1.5) | ||
Income Taxes Receivable | $ 0.7 | $ 0.7 |
Note 11 - Earnings Per Share (D
Note 11 - Earnings Per Share (Details Textual) | Jun. 30, 2021shares |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 560,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 390,000 |
Note 11 - Earnings Per Share -
Note 11 - Earnings Per Share - Calculation of Basic and Diluted Weighted Average Common Shares (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Basic weighted average common shares outstanding (in shares) | 6,684,281 | 6,634,746 | 6,682,347 | 6,630,391 |
Dilutive effect of options and unvested restricted shares (in shares) | 2,948 | 0 | 0 | 0 |
Diluted weighted average shares outstanding (in shares) | 6,687,229 | 6,634,746 | 6,682,347 | 6,630,391 |
Note 11 - Earnings Per Share _2
Note 11 - Earnings Per Share - Anti-dilutive Securities (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Anti-dilutive securities (in shares) | 557,052 | 417,000 | 560,000 | 417,000 |
Share-based Payment Arrangement, Option [Member] | ||||
Anti-dilutive securities (in shares) | 557,052 | 417,000 | 560,000 | 417,000 |
Note 12 - Segment Reporting (De
Note 12 - Segment Reporting (Details Textual) | 6 Months Ended |
Jun. 30, 2021 | |
Number of Operating Segments | 3 |
Note 12 - Segment Reporting - S
Note 12 - Segment Reporting - Segment Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||
Assets | $ 38,919,604 | $ 48,325,000 | $ 38,919,604 | $ 48,325,000 | $ 40,935,925 | |
Assets | (38,919,604) | (48,325,000) | (38,919,604) | (48,325,000) | $ (40,935,925) | |
Revenue | 4,034,408 | 3,718,884 | 7,400,268 | 9,755,244 | ||
Operating (loss) income | (1,082,924) | (1,132,254) | (2,701,711) | (1,024,093) | ||
Pretax income (loss) | 1,471,489 | (1,133,380) | (34,061) | (1,005,547) | ||
Intersegment Eliminations [Member] | ||||||
Assets | [1] | (66,000) | (9,000) | (66,000) | (9,000) | |
Assets | [1] | 66,000 | 9,000 | 66,000 | 9,000 | |
Revenue | [1] | (19,000) | (94,000) | (114,000) | (258,000) | |
Operating (loss) income | [1] | (734,000) | (761,000) | (1,704,000) | (1,491,000) | |
Pretax income (loss) | [1] | (734,000) | (761,000) | (1,704,000) | (1,491,000) | |
CVD [Member] | Operating Segments [Member] | ||||||
Assets | 28,149,000 | 36,509,000 | 28,149,000 | 36,509,000 | ||
Assets | (28,149,000) | (36,509,000) | (28,149,000) | (36,509,000) | ||
Revenue | 1,804,000 | 2,280,000 | 3,811,000 | 6,377,000 | ||
Operating (loss) income | (1,220,000) | (299,000) | (1,753,000) | 293,000 | ||
Pretax income (loss) | 1,209,000 | (312,000) | 661,000 | 277,000 | ||
SDC [Member] | Operating Segments [Member] | ||||||
Assets | 6,765,000 | 6,445,000 | 6,765,000 | 6,445,000 | ||
Assets | (6,765,000) | (6,445,000) | (6,765,000) | (6,445,000) | ||
Revenue | 1,162,000 | 1,016,000 | 1,987,000 | 2,835,000 | ||
Operating (loss) income | 368,000 | 65,000 | 363,000 | 667,000 | ||
Pretax income (loss) | 368,000 | 65,000 | 363,000 | 675,000 | ||
Materials [Member] | Operating Segments [Member] | ||||||
Assets | 3,940,000 | 5,380,000 | 3,940,000 | 5,380,000 | ||
Assets | (3,940,000) | (5,380,000) | (3,940,000) | (5,380,000) | ||
Revenue | 1,087,000 | 517,000 | 1,716,000 | 801,000 | ||
Operating (loss) income | 503,000 | (137,000) | 392,000 | (493,000) | ||
Pretax income (loss) | $ 628,000 | $ (125,000) | $ 646,000 | $ (467,000) | ||
[1] | All elimination entries represent intersegment revenues eliminated in consolidation for external financial reporting. |
Note 13 - Significant Events _2
Note 13 - Significant Events - Coronavirus (COVID-19) (Details Textual) $ in Millions | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Revenue, New Orders, Value | $ 6 |
Note 14 - Subsequent Events -_3
Note 14 - Subsequent Events - Sale of 555 Building (Details Textual) - USD ($) | Jul. 26, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Disposal Group, Including Discontinued Operation, Assets, Current, Total | $ 16,181,368 | $ 0 | |
Disposal Group, Including Discontinued Operation, Liabilities, Current, Total | 9,123,151 | $ 0 | |
The Premises at 555 N Research Place, Central Islip, NY [Member] | |||
Disposal Group, Including Discontinued Operation, Assets, Current, Total | 16,200,000 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current, Total | $ 9,100,000 | ||
The Premises at 555 N Research Place, Central Islip, NY [Member] | Subsequent Event [Member] | |||
Proceeds from Sale of Buildings | $ 24,360,000 | ||
Proceeds from Sale of Buildings, Net | 14,000,000 | ||
The Premises at 555 N Research Place, Central Islip, NY [Member] | Subsequent Event [Member] | HSBC Bank Second Mortgage Loan [Member] | |||
Repayments of Debt | $ 9,352,719 |
Note 14 - Subsequent Events -_4
Note 14 - Subsequent Events - Sale of 555 Building - Proforma Balance Sheet (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents | $ 5,387,896 | $ 7,699,335 | |||||
Accounts receivable, net | 1,147,451 | 1,047,728 | |||||
Contract assets | 1,066,382 | 494,281 | |||||
Inventories, net | 1,297,202 | 1,123,839 | |||||
Taxes Receivable | 715,599 | 715,599 | |||||
Other current assets | 460,260 | 709,175 | |||||
Assets held for sale | 16,181,368 | 0 | |||||
Total Current Assets | 26,256,158 | 11,789,957 | |||||
Property, plant and equipment, net | 12,405,495 | 28,843,563 | |||||
Intangible assets, net | 234,633 | 288,657 | |||||
Other assets | 23,318 | 13,748 | |||||
Total Assets | 38,919,604 | 40,935,925 | $ 48,325,000 | ||||
Accounts payable | 910,731 | 817,933 | |||||
Accrued expenses | 1,766,245 | 1,409,039 | |||||
Current maturities of long-term debt | 1,915,508 | 690,667 | |||||
Contract Liabilities | 1,001,071 | 786,657 | |||||
Liabilities held for sale | 9,123,151 | 0 | |||||
Total Current Liabilities | 14,716,706 | 3,704,296 | |||||
Long-term debt, net of current portion | 0 | 13,106,057 | |||||
Total Liabilities | 14,716,706 | 16,810,353 | |||||
Commitments and contingencies (see note 13) | |||||||
Stockholders’ Equity: | |||||||
Common stock - $0.01 par value – 20,000,000 shares authorized; issued and outstanding 6,684,281 at June 30, 2021 and 6,678,698 at December 31, 2020 | 66,842 | 66,786 | |||||
Additional paid-in capital | 27,074,079 | 26,961,684 | |||||
Retained earnings | (2,938,023) | (2,902,898) | |||||
Total Stockholders’ Equity | 24,202,898 | $ 22,670,395 | 24,125,572 | $ 30,623,246 | $ 31,688,971 | $ 29,957,845 | |
Total Liabilities and Stockholders’ Equity | 38,919,604 | $ 40,935,925 | |||||
Scenario, Adjustment [Member] | |||||||
Cash and cash equivalents | [1] | 13,976,766 | |||||
Other current assets | [2] | (110,534) | |||||
Assets held for sale | [3] | (16,181,368) | |||||
Total Current Assets | (2,315,136) | ||||||
Total Assets | (2,315,136) | ||||||
Accrued expenses | [4] | (142,255) | |||||
Liabilities held for sale | [5] | (9,123,151) | |||||
Total Current Liabilities | (9,265,406) | ||||||
Total Liabilities | (9,265,406) | ||||||
Stockholders’ Equity: | |||||||
Retained earnings | [6] | 6,950,270 | |||||
Total Stockholders’ Equity | 6,950,270 | ||||||
Total Liabilities and Stockholders’ Equity | (2,315,136) | ||||||
Pro Forma [Member] | |||||||
Cash and cash equivalents | 19,364,662 | ||||||
Accounts receivable, net | 1,147,451 | ||||||
Contract assets | 1,066,382 | ||||||
Inventories, net | 1,297,202 | ||||||
Taxes Receivable | 715,599 | ||||||
Other current assets | 349,726 | ||||||
Total Current Assets | 23,941,022 | ||||||
Property, plant and equipment, net | 12,405,495 | ||||||
Intangible assets, net | 234,633 | ||||||
Other assets | 23,318 | ||||||
Total Assets | 36,604,468 | ||||||
Accounts payable | 910,731 | ||||||
Accrued expenses | 1,623,990 | ||||||
Current maturities of long-term debt | 1,915,508 | ||||||
Contract Liabilities | 1,001,071 | ||||||
Total Current Liabilities | 5,451,300 | ||||||
Long-term debt, net of current portion | 0 | ||||||
Total Liabilities | 5,451,300 | ||||||
Commitments and contingencies (see note 13) | |||||||
Stockholders’ Equity: | |||||||
Common stock - $0.01 par value – 20,000,000 shares authorized; issued and outstanding 6,684,281 at June 30, 2021 and 6,678,698 at December 31, 2020 | 66,842 | ||||||
Additional paid-in capital | 27,074,079 | ||||||
Retained earnings | 4,012,247 | ||||||
Total Stockholders’ Equity | 31,153,168 | ||||||
Total Liabilities and Stockholders’ Equity | $ 36,604,468 | ||||||
[1] | Net proceeds from sale of building, net of full payment of 555 Building mortgage, and related closing fees. | ||||||
[2] | Receipt of apportionment of prepaid Pilot taxes, and broker fees on rental space at 555 Building. | ||||||
[3] | Building related assets sold. | ||||||
[4] | Payment of 555 Building tenant escrow deposit to buyer of 555 Building. | ||||||
[5] | Mortgage at 555 Building paid off at closing of sale of building. | ||||||
[6] | Approximate net income from sale of building net of related costs |
Note 14 - Subsequent Events -_5
Note 14 - Subsequent Events - Sale of 555 Building - Proforma Balance Sheet (Details) (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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) | 6,684,281 | 6,678,698 |
Common stock, shares outstanding (in shares) | 6,684,281 | 6,678,698 |
Pro Forma [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized (in shares) | 20,000,000 | |
Common stock, shares issued (in shares) | 6,678,698 | |
Common stock, shares outstanding (in shares) | 6,678,698 |