CVD Equipment (CVV) 10-Q 13 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - $ / shares	6 Months Ended
	Jun. 30, 2024	Aug. 13, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	1-16525
Entity Registrant Name	CVD EQUIPMENT CORPORATION
Entity Central Index Key	0000766792
Entity Tax Identification Number	11-2621692
Entity Incorporation, State or Country Code	NY
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		6,881,838
Entity Listing, Par Value Per Share	$ 0.01

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 10,031	$ 14,025
Accounts receivable, net of allowance for credit losses	4,951	1,906
Contract assets	1,554	1,604
Inventories	4,658	4,454
Other current assets	592	852
Total current assets	21,786	22,841
Property, plant and equipment, net	12,041	12,166
Other assets	18	18
Total assets	33,845	35,025
Current liabilities
Accounts payable	1,601	1,203
Accrued expenses	1,736	1,765
Current maturities of long-term debt	84	81
Contract liabilities	5,098	4,908
Deposit from purchaser of MesoScribe assets-Note 11	597	597
Total current liabilities	9,116	8,554
Long-term debt, net of current portion	225	268
Total liabilities	9,341	8,822
Stockholders’ equity:
Common stock - $0.01 par value – 20,000,000 shares authorized; issued and outstanding 6,825,338 at June 30, 2024 and 6,824,511 at December 31, 2023	68	68
Additional paid-in capital	29,229	28,695
Accumulated deficit	(4,793)	(2,560)
Total stockholders’ equity	24,504	26,203
Total liabilities and stockholders’ equity	$ 33,845	$ 35,025

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	6,825,338	6,824,511
Common stock, shares outstanding	6,825,338	6,824,511

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 6,345	$ 5,069	$ 11,267	$ 13,764
Cost of revenue	4,736	3,681	8,799	9,943
Gross profit	1,609	1,388	2,468	3,821
Operating expenses
Research and development	665	559	1,410	1,161
Selling and shipping	426	428	845	847
General and administrative	1,416	1,360	2,739	2,960
Loss on disposition of Tantaline		162		162
Impairment charge		111		111
Total operating expenses	2,507	2,620	4,994	5,241
Operating loss	(898)	(1,232)	(2,526)	(1,420)
Other income (expense):
Interest income	145	107	302	227
Interest expense	(4)	(6)	(10)	(12)
Foreign exchange income		15		43
Other income (expense)	(4)	13	1	20
Total other income, net	137	129	293	278
Loss before income tax	(761)	(1,103)	(2,233)	(1,142)
Income tax expense		10		11
Net loss	$ (761)	$ (1,113)	$ (2,233)	$ (1,153)
Loss per common share - basic	$ (0.11)	$ (0.16)	$ (0.33)	$ (0.17)
Loss per common share - diluted	$ (0.11)	$ (0.16)	$ (0.33)	$ (0.17)
Weighted average common shares
Basic	6,816,956	6,778,754	6,813,127	6,776,035
Diluted	6,816,956	6,778,754	6,813,127	6,776,035

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2022	$ 67	$ 27,712	$ 1,620	$ 29,399
Balance, shares at Dec. 31, 2022	6,760,938
Net loss			(1,153)	(1,153)
Stock-based compensation		397		397
Exercise of stock options and issuance of shares		76		76
Exercise of stock options and issuance of shares, shares	18,125
Balance at Jun. 30, 2023	$ 67	28,185	467	28,719
Balance, shares at Jun. 30, 2023	6,779,063
Balance at Mar. 31, 2023	$ 67	27,920	1,580	29,567
Balance, shares at Mar. 31, 2023	6,778,438
Net loss			(1,113)	(1,113)
Stock-based compensation		262		262
Exercise of stock options and issuance of shares		3		3
Exercise of stock options and issuance of shares, shares	625
Balance at Jun. 30, 2023	$ 67	28,185	467	28,719
Balance, shares at Jun. 30, 2023	6,779,063
Balance at Dec. 31, 2023	$ 68	28,695	(2,560)	26,203
Balance, shares at Dec. 31, 2023	6,824,511
Net loss			(2,233)	(2,233)
Stock-based compensation		534		534
Stock-based compensation, shares	827
Balance at Jun. 30, 2024	$ 68	29,229	(4,793)	24,504
Balance, shares at Jun. 30, 2024	6,825,338
Balance at Mar. 31, 2024	$ 68	28,962	(4,032)	24,998
Balance, shares at Mar. 31, 2024	6,824,511
Net loss			(761)	(761)
Stock-based compensation		267		267
Stock-based compensation, shares	827
Balance at Jun. 30, 2024	$ 68	$ 29,229	$ (4,793)	$ 24,504
Balance, shares at Jun. 30, 2024	6,825,338

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (2,233)	$ (1,153)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	534	397
Depreciation and amortization	307	392
Loss on disposition of Tantaline		162
Impairment charge		111
Changes in assets and liabilities, net of effects of disposition of Tantaline:
Accounts receivable	(3,045)	1,592
Contract assets	50	(781)
Inventories	(204)	(1,616)
Other current assets	260	231
Accounts payable	398	(57)
Accrued expenses	(29)	(770)
Contract liabilities	190	659
Net cash used in operating activities	(3,772)	(833)
Cash flows from investing activities:
Purchases of property and equipment	(182)	(225)
Net cash used in connection with disposition of Tantaline		(312)
Net cash used in investing activities	(182)	(537)
Cash flows from financing activities
Payments of long-term debt	(40)	(38)
Proceeds from exercise of stock options		76
Net cash (used in) provided by financing activities	(40)	38
Net decrease in cash and cash equivalents	(3,994)	(1,332)
Cash and cash equivalents at beginning of period	14,025	14,365
Cash and cash equivalents at end of period	10,031	13,033
Supplemental disclosure of cash flow information:
Income taxes paid	3	11
Interest paid	$ 10	$ 12

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION	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-Q and Article 8 of Regulation S-X. They do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary in order to make the interim financials not misleading have been included and all such adjustments are of a normal recurring nature. The operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that can be expected for the year ending December 31, 2024. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at such date, as filed on Form 10-K with the SEC on March 28, 2024, but does not contain all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with that report. All material intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain reclassifications have been made to the prior period condensed consolidated financial statements to conform to the current period presentation. These reclassifications had no effect on net loss. Liquidity At June 30, 2024, the Company had $ 10.0 Notes to Condensed Consolidated Financial Statements (Unaudited)

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition In accordance with FASB ASC 606 - Revenue from Contracts with Customers (“ASC 606”), the Company records revenue in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services promised to its customers. Under ASC 606, the Company follows a five-step model to: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price for the contract; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue using one of the following two methods: Over time 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 two to eighteen months from commencement of order acceptance. For systems sales that meet the criteria to recognize revenue over time, the Company recognizes revenue over time by using an input method based on costs incurred as it depicts the Company’s progress toward satisfaction of the performance obligation. For system sales that do not meet the criteria to recognize revenue over time based on the contract provisions, the Company recognizes revenue based on point in time as discussed below. Under this method, revenue arising from fixed price contracts is recognized as work is performed based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligations. 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. There were no . The timing of revenue recognition, billings and collections results in accounts receivables, unbilled receivables or contract assets and contract liabilities on our consolidated balance sheet. Under typical payment terms for our contracts accounted for over time, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or upon achievement of contractual milestones. Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Under ASC 606, payments received from customers in excess of revenue recognized to-date results in a contract liability. These contract liabilities are not considered to represent a significant financing component of the contract because we believe these cash advances and deposits are generally used to meet working capital demands which can be higher in the earlier stages of a contract. Also, advanced payments and deposits provide us with some measure of assurance that the customer will perform on its obligations under the contract. Contract assets include unbilled amounts typically resulting from system sales under contracts and represents revenue recognized that exceeds the amount billed to the customer. Contract liabilities include advance payments and billings in excess of revenue recognized. The Company typically receives down payments upon receipt of orders and progress payments as the system is manufactured. Contract assets and contract liabilities are classified as current as these contracts in progress are expected to be substantially completed within the next twelve months. Point in time For non-system sales of products and services, revenue is recognized at the point in time when control of the promised products or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects 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, “Revenue from Contracts with Customers”. For any system equipment sales where the equipment would have an alternative use or where the contract provisions of the contract preclude the use of over time revenue recognition, revenue is recognized at the point in time when control of the equipment is transferred to the customer. For the three and six months ended June 30, 2024 and 2023, all system equipment sales were recorded over time by using an input method except for one system equipment contract in the second quarter of 2023 where the revenue was to be recognized at the point in time when the equipment was transferred to the customer. Subsequent to June 30, 2023, this one system equipment contract was modified such that the revenue under this contract would be recognized over time using an input method based on the revised contract provisions and the fact that the equipment does not have an alternative use. Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Inventories Inventories (raw materials, work-in-process and finished goods) are valued at the lower of cost (determined on the first-in, first-out method) or net realizable value. Work-in-process and finished goods inventory reflect all accumulated production costs, which are comprised of direct production costs and overhead, and is reduced by amounts recorded in cost of sales as the related revenue is recognized. Indirect costs relating to long-term contracts, which include expenses such as general and administrative, are charged to expense as incurred and are not included in our cost of sales or work-in-process and finished goods inventory. Product Warranty The Company typically provides standard warranty coverage on its systems for one year from the date of final acceptance or fifteen months from the date of shipment by providing labor and parts necessary to repair the systems during the warranty period. The Company records the estimated warranty cost when revenue is recognized on the related system. Warranty cost is included in “Cost of revenue” in the condensed consolidated statements of operations. The estimated warranty cost is based on the Company’s historical cost. The Company updates its warranty estimates based on actual costs incurred. Recent Accounting Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes Improvement to Income Tax Disclosures Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Company believes there is no additional new accounting guidance adopted, but not yet effective, that is relevant to the readers of our financial statements. However, there are numerous new proposals under development which, if and when enacted, may have a significant impact on our financial reporting.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	6 Months Ended
	Jun. 30, 2024
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3: CONCENTRATION OF CREDIT RISK Cash and cash equivalents The Company had cash and cash equivalents of $ 10.0 14.0 9.8 12.1 The Company places most of its temporary cash investments in the United States with financial institutions, which from time to time may exceed the Federal Deposit Insurance Corporation limit. The amount at risk at June 30, 2024 and December 31, 2023 was $ 0.1 1.5 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. Accounts receivable are presented net of an allowance for credit losses of approximately $ 36,000 Measurement of credit losses requires consideration of historical loss experience, including the need to adjust for changing business conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates and the financial health of specific customers. Future changes to the estimated allowance for credit losses could be material to our results of operations and financial condition. Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 3: CONCENTRATION OF CREDIT RISK (continued) At June 30, 2024, the accounts receivable balance included amounts from two customers that represented 35.7 10.5 37.6 13.0 12.8 Sales concentration Revenue from a single customer in any one period can exceed 10% of our total revenues. During the three months ended June 30, 2024, one customer exceeded 10% of revenues, representing 35.2 32.8 During the three months ended June 30, 2023, four customers exceeded 10% of revenues, representing 16.1 15.6 11.0 10.2 21.0 15.8

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	NOTE 4: REVENUE RECOGNITION The following table represents a disaggregation of revenue for the three and six months ended June 30, 2024, and 2023 (in thousands): SCHEDULE OF DISAGGREGATION OF REVENUE Over time Point in time Total Three months ended June 30, 2024 Over time Point in time Total Energy $ 239 $ 12 $ 251 Aerospace 2,694 179 2,873 Industrial 1,542 300 1,842 Research 1,174 205 1,379 Total $ 5,649 $ 696 $ 6,345 Over time Point in time Total Three months ended June 30, 2023 Over time Point in time Total Energy $ 760 $ 38 $ 798 Aerospace - 604 604 Industrial 1,085 915 2,000 Research 1,184 483 1,667 Total $ 3,029 $ 2,040 $ 5,069 Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 4: REVENUE RECOGNITION (continued) Over time Point in time Total Six months ended June 30, 2024 Over time Point in time Total Energy $ 239 $ 30 $ 269 Aerospace 4,496 494 4,990 Industrial 2,801 774 3,575 Research 2,035 398 2,433 Total $ 9,571 $ 1,696 $ 11,267 Over time Point in time Total Six months ended June 30, 2023 Over time Point in time Total Energy $ 3,276 $ 52 $ 3,328 Aerospace 264 855 1,119 Industrial 4,756 1,127 5,883 Research 2,456 978 3,434 Total $ 10,752 $ 3,012 $ 13,764 The energy market includes customers involved in the manufacture of silicon carbide wafers and batteries. Aerospace market includes customers that manufacture aircraft engines. Industrial end market consists of various end customers in diverse industries. Research market principally represents customers such as universities and other research institutions. The Company has unrecognized contract revenue of approximately $ 21.6 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 may occur for a variety of reasons, including but not limited to (i) build accelerations or delays, (ii) product cost forecast changes, (iii) cost related change orders or add-ons, or (iv) changes in other information used to estimate costs. Changes in estimates may have a material effect on the Company’s condensed consolidated statements of operations. Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 4: REVENUE RECOGNITION (continued) Contract assets and liabilities Contract assets and contract liabilities on input method type contracts in progress are summarized as follows as of June 30, 2024 (in thousands): SCHEDULE OF COST AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS Costs incurred on contracts in progress $ 11,009 Estimated earnings 5,609 Costs and estimated earnings on uncompleted contracts 16,618 Billings to date (19,589 ) Net cost in excess of billings (2,971 ) Deferred revenue related to non-system contracts (573 ) Contract liability in excess of contract assets $ (3,544 ) Included in accompanying condensed consolidated balance sheet as of June 30, 2024 under the following captions (in thousands): Contract assets $ 1,554 Contract liabilities $ 5,098 Of the contract liability balances at December 31, 2023 and 2022 of $ 4.6 4.1 2.7 2.6

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 5: INVENTORIES SCHEDULE OF INVENTORIES Inventories consist of: June 30, 2024 December 31, 2023 Raw materials $ 2,231 $ 2,351 Work-in-process 1,612 1,248 Finished goods 815 855 Total $ 4,658 $ 4,454 Included in our inventories (raw materials, work-in-process and finished goods) are approximately $ 1.8 Notes to Condensed Consolidated Financial Statements (Unaudited)

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	NOTE 6: LONG-TERM DEBT In September 2022, the Company entered into a loan agreement to fund the acquisition of machinery. The loan amount of $ 432,000 60 8,352 6

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 7: EARNINGS PER SHARE The calculation of basic and diluted weighted average common shares outstanding for the three and six months ended June 30, 2024 and 2023 is as follows: SCHEDULE OF BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 2024 2023 2024 2023 Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Basic weighted average common shares 6,816,956 6,778,754 6,813,127 6,776,035 Dilutive effect of options and unvested - - - - Diluted weighted average shares outstanding 6,816,956 6,778,754 6,813,127 6,776,035 At June 30, 2024, stock options to purchase 838,125 416,875 599,500 297,500 For the three and six months ended June 30, 2024 and 2023, all stock options were excluded in the computation of diluted earnings per share because their effect was antidilutive.

STOCK-BASED COMPENSATION EXPENS

STOCK-BASED COMPENSATION EXPENSE	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION EXPENSE	NOTE 8: STOCK-BASED COMPENSATION EXPENSE The Company recorded stock-based compensation for the three and six months ended June 30, 2024 and 2023, respectively, that were included in the following line items in our condensed consolidated statements of operations (in thousands): SCHEDULE OF STOCK BASED COMPENSATION EXPENSE 2024 2023 2024 2023 Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Cost of revenue $ 38 $ 41 $ 76 $ 60 Research and development 47 45 94 65 Selling 27 31 54 42 General and administrative 155 145 310 230 Total $ 267 $ 262 $ 534 $ 397 Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 8: STOCK-BASED COMPENSATION EXPENSE (continued) Stock-based compensation expense for three months ended June 30, 2024 and 2023 included $ 57,423 40,000 103,736 80,000 to the Director Compensation Plan. Under this plan each of the Company’s independent directors is entitled to an Annual Equity Retainer in the amount of $ 40,000 For the six months ended June 30, 2024, the Company granted 5,000 25 four years ten-year 3.30 SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS Stock price $ 4.75 Exercise price $ 4.75 Dividend yield 0 % Expected volatility 77 % Risk-free interest rate 4.12 % Expected life (in years) 6.00 The following table summarizes stock options awards through June 30, 2024: SCHEDULE OF STOCK OPTIONS AWARDS Weighted Stock Option Average Awards Exercise (in shares) Price Outstanding at January 1, 2024 846,875 8.20 Granted 5,000 4.75 Forfeited (13,750 ) 7.94 Outstanding at June 30, 2024 838,125 $ 8.18 The following table summarizes information about the outstanding and exercisable options at June 30, 2024 by ranges of exercise prices: SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS RANGES OF EXERCISE PRICES Options Outstanding Options Exercisable Weighted Weighted Weighted Exercise Average Average Average Price Number Remaining Exercise Intrinsic Number Exercise Intrinsic Range Outstanding Contractual Price Value Exercisable Price Value $ 4.00 7.00 459,625 7.4 $ 4.55 $ - 217,250 $ 4.45 $ - $ 7.01 10.00 20,000 3.8 $ 8.07 $ - 20,000 $ 8.07 $ - $ 10.01 13.00 130,000 3.2 $ 10.62 $ - 122,500 $ 10.55 $ - $ 13.01 16.00 228,500 8.7 $ 14.11 $ - 57,125 $ 14.11 $ - Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 8: STOCK-BASED COMPENSATION EXPENSE (continued) As of June 30, 2024, there was $ 2.0 1.8

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 9: INCOME TAXES As of June 30, 2024 and December 31, 2023, the Company has provided a full valuation allowance against its net deferred tax assets. This was based on management’s assessment, including the last four years of operating losses, that it is more likely than not that the net deferred tax assets may not be realized in the future. Management continues to evaluate for potential utilization of the Company’s net deferred tax asset, which has been fully reserved for, on a quarterly basis, reviewing our economic models, including projections of future operating results.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 10: SEGMENT REPORTING The Company operates through three The Company’s corporate administration activities are reported in the “Corporate” column. These activities primarily include expenses related to certain corporate officers and support staff, expenses related to the Company’s Board of Directors, stock option expense for options and shares of restricted stock granted to corporate administration employees and board members, certain consulting expenses, investor and shareholder relations activities, and all of the Company’s legal, auditing and professional fees. Elimination entries included in the “Eliminations” column represent intersegment revenues and cost of revenues that are eliminated in consolidation. Intersegment sales by the SDC segment to the CVD Equipment segment for the three months ended June 30, 2024 and 2023 were $ 132,000 138,000 147,000 266,000 no 64,000 Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 10: SEGMENT REPORTING (continued) The following table presents certain information regarding the Company’s segments as of and for the three months ended June 30, 2024 and 2023 (in thousands): SCHEDULE OF SEGMENTS 2024 CVD SDC CVD Materials Eliminations Corporate Consolidated Assets $ 29,368 $ 4,310 $ 222 $ (55 ) $ - $ 33,845 Revenue $ 4,107 $ 2,315 $ 55 $ (132 ) $ - $ 6,345 Operating (loss) income (729 ) 714 (45 ) (8 ) (830 ) (898 ) Pretax (loss) income (743 ) 714 (45 ) (8 ) (679 ) (761 ) Depreciation and amortization $ 141 $ 13 $ - $ - $ - $ 154 Purchase of property, plant & equipment $ 101 $ 4 $ - $ - $ - $ 105 2023 CVD Equipment SDC CVD Materials Eliminations Corporate Consolidated Assets $ 32,139 $ 4,189 $ 483 $ (28 ) $ - $ 36,783 Revenue $ 3,134 $ 1,795 $ 342 $ (202 ) $ - $ 5,069 Operating (loss) income (445 ) 363 *(224) (28 ) (898 ) (1,232 ) Pretax (loss) income (445 ) 364 *(203) (28 ) (791 ) (1,103 ) Depreciation and amortization $ 136 $ 12 $ 79 $ - $ - $ 227 Purchase of property, plant & equipment $ 78 $ - $ - $ - $ - $ 78 * Includes loss on sale of Tantaline of $ 0.2 0.1 Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 10: SEGMENT REPORTING (continued) The following table presents certain information regarding the Company’s segments as of and for the six months ended June 30, 2024 and 2023 (in thousands): 2024 CVD SDC CVD Materials Eliminations Corporate Consolidated Revenue $ 7,054 $ 4,246 $ 114 $ (147 ) $ - $ 11,267 Operating (loss) income (2,173 ) 1,346 (71 ) 10 (1,638 ) (2,526 ) Pretax (loss) (2,188 ) 1,346 (71 ) 10 (1,330 ) (2,233 ) Depreciation and amortization $ 283 $ 24 $ - $ - $ - $ 307 Purchase of property, plant & equipment $ 178 $ 4 $ - $ - $ - $ 182 2023 CVD SDC CVD Materials Eliminations Corporate Consolidated Revenue $ 8,979 $ 4,107 $ 1,009 $ (331 ) $ - $ 13,764 Operating (loss) income (267 ) 994 (143 )* (28 ) (1,976 ) (1,420 ) Pretax (loss) (265 ) 996 (95 )* (28 ) (1750 ) (1,142 ) Depreciation and amortization $ 267 $ 24 $ 101 $ - $ - $ 392 Purchase of property, plant & equipment $ 215 $ 10 $ - $ - $ - $ 225 * Includes loss on sale of Tantaline of $ 0.2 0.1

MESOSCRIBE SUBSIDIARY

MESOSCRIBE SUBSIDIARY	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
MESOSCRIBE SUBSIDIARY	NOTE 11: MESOSCRIBE SUBSIDIARY On August 8, 2023, the Company entered into a Purchase and License Agreement (the “Agreement”) with a third-party. Pursuant to the Agreement, the Company will sell certain proprietary assets relating to its plasma spray technology and material deposition system and grant a non-exclusive license to use certain of the Company’s related intellectual property as more fully described in the Agreement, for an aggregate purchase price of $ 0.9 The Company will continue to fulfill remaining orders for MesoScribe products through the end of 2024 at which time it plans to cease the remaining operations of MesoScribe and dispose of any remaining equipment. During the three and six months ended June 30, 2023, the Company recorded an impairment charge of $ 0.1 The Company received payments under the Agreement in the amount of $ 0.6 The revenue and net loss were $ 55,000 ($45,000) 0.1 ($0.1) The total assets and total liabilities of the MesoScribe subsidiary were $ 0.2 0.7

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Revenue Recognition	Revenue Recognition In accordance with FASB ASC 606 - Revenue from Contracts with Customers (“ASC 606”), the Company records revenue in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services promised to its customers. Under ASC 606, the Company follows a five-step model to: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price for the contract; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue using one of the following two methods: Over time 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 two to eighteen months from commencement of order acceptance. For systems sales that meet the criteria to recognize revenue over time, the Company recognizes revenue over time by using an input method based on costs incurred as it depicts the Company’s progress toward satisfaction of the performance obligation. For system sales that do not meet the criteria to recognize revenue over time based on the contract provisions, the Company recognizes revenue based on point in time as discussed below. Under this method, revenue arising from fixed price contracts is recognized as work is performed based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligations. 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. There were no . The timing of revenue recognition, billings and collections results in accounts receivables, unbilled receivables or contract assets and contract liabilities on our consolidated balance sheet. Under typical payment terms for our contracts accounted for over time, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or upon achievement of contractual milestones. Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Under ASC 606, payments received from customers in excess of revenue recognized to-date results in a contract liability. These contract liabilities are not considered to represent a significant financing component of the contract because we believe these cash advances and deposits are generally used to meet working capital demands which can be higher in the earlier stages of a contract. Also, advanced payments and deposits provide us with some measure of assurance that the customer will perform on its obligations under the contract. Contract assets include unbilled amounts typically resulting from system sales under contracts and represents revenue recognized that exceeds the amount billed to the customer. Contract liabilities include advance payments and billings in excess of revenue recognized. The Company typically receives down payments upon receipt of orders and progress payments as the system is manufactured. Contract assets and contract liabilities are classified as current as these contracts in progress are expected to be substantially completed within the next twelve months. Point in time For non-system sales of products and services, revenue is recognized at the point in time when control of the promised products or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects 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, “Revenue from Contracts with Customers”. For any system equipment sales where the equipment would have an alternative use or where the contract provisions of the contract preclude the use of over time revenue recognition, revenue is recognized at the point in time when control of the equipment is transferred to the customer. For the three and six months ended June 30, 2024 and 2023, all system equipment sales were recorded over time by using an input method except for one system equipment contract in the second quarter of 2023 where the revenue was to be recognized at the point in time when the equipment was transferred to the customer. Subsequent to June 30, 2023, this one system equipment contract was modified such that the revenue under this contract would be recognized over time using an input method based on the revised contract provisions and the fact that the equipment does not have an alternative use. Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Inventories	Inventories Inventories (raw materials, work-in-process and finished goods) are valued at the lower of cost (determined on the first-in, first-out method) or net realizable value. Work-in-process and finished goods inventory reflect all accumulated production costs, which are comprised of direct production costs and overhead, and is reduced by amounts recorded in cost of sales as the related revenue is recognized. Indirect costs relating to long-term contracts, which include expenses such as general and administrative, are charged to expense as incurred and are not included in our cost of sales or work-in-process and finished goods inventory.
Product Warranty	Product Warranty The Company typically provides standard warranty coverage on its systems for one year from the date of final acceptance or fifteen months from the date of shipment by providing labor and parts necessary to repair the systems during the warranty period. The Company records the estimated warranty cost when revenue is recognized on the related system. Warranty cost is included in “Cost of revenue” in the condensed consolidated statements of operations. The estimated warranty cost is based on the Company’s historical cost. The Company updates its warranty estimates based on actual costs incurred.
Recent Accounting Standards	Recent Accounting Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes Improvement to Income Tax Disclosures Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Company believes there is no additional new accounting guidance adopted, but not yet effective, that is relevant to the readers of our financial statements. However, there are numerous new proposals under development which, if and when enacted, may have a significant impact on our financial reporting.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
SCHEDULE OF DISAGGREGATION OF REVENUE	The following table represents a disaggregation of revenue for the three and six months ended June 30, 2024, and 2023 (in thousands): SCHEDULE OF DISAGGREGATION OF REVENUE Over time Point in time Total Three months ended June 30, 2024 Over time Point in time Total Energy $ 239 $ 12 $ 251 Aerospace 2,694 179 2,873 Industrial 1,542 300 1,842 Research 1,174 205 1,379 Total $ 5,649 $ 696 $ 6,345 Over time Point in time Total Three months ended June 30, 2023 Over time Point in time Total Energy $ 760 $ 38 $ 798 Aerospace - 604 604 Industrial 1,085 915 2,000 Research 1,184 483 1,667 Total $ 3,029 $ 2,040 $ 5,069 Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 4: REVENUE RECOGNITION (continued) Over time Point in time Total Six months ended June 30, 2024 Over time Point in time Total Energy $ 239 $ 30 $ 269 Aerospace 4,496 494 4,990 Industrial 2,801 774 3,575 Research 2,035 398 2,433 Total $ 9,571 $ 1,696 $ 11,267 Over time Point in time Total Six months ended June 30, 2023 Over time Point in time Total Energy $ 3,276 $ 52 $ 3,328 Aerospace 264 855 1,119 Industrial 4,756 1,127 5,883 Research 2,456 978 3,434 Total $ 10,752 $ 3,012 $ 13,764
SCHEDULE OF COST AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS	Contract assets and contract liabilities on input method type contracts in progress are summarized as follows as of June 30, 2024 (in thousands): SCHEDULE OF COST AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS Costs incurred on contracts in progress $ 11,009 Estimated earnings 5,609 Costs and estimated earnings on uncompleted contracts 16,618 Billings to date (19,589 ) Net cost in excess of billings (2,971 ) Deferred revenue related to non-system contracts (573 ) Contract liability in excess of contract assets $ (3,544 ) Included in accompanying condensed consolidated balance sheet as of June 30, 2024 under the following captions (in thousands): Contract assets $ 1,554 Contract liabilities $ 5,098 Of the contract liability balances at December 31, 2023 and 2022 of $ 4.6 4.1 2.7 2.6

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
SCHEDULE OF INVENTORIES	SCHEDULE OF INVENTORIES Inventories consist of: June 30, 2024 December 31, 2023 Raw materials $ 2,231 $ 2,351 Work-in-process 1,612 1,248 Finished goods 815 855 Total $ 4,658 $ 4,454

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
SCHEDULE OF BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	The calculation of basic and diluted weighted average common shares outstanding for the three and six months ended June 30, 2024 and 2023 is as follows: SCHEDULE OF BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 2024 2023 2024 2023 Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Basic weighted average common shares 6,816,956 6,778,754 6,813,127 6,776,035 Dilutive effect of options and unvested - - - - Diluted weighted average shares outstanding 6,816,956 6,778,754 6,813,127 6,776,035

STOCK-BASED COMPENSATION EXPE_2

STOCK-BASED COMPENSATION EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
SCHEDULE OF STOCK BASED COMPENSATION EXPENSE	SCHEDULE OF STOCK BASED COMPENSATION EXPENSE 2024 2023 2024 2023 Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Cost of revenue $ 38 $ 41 $ 76 $ 60 Research and development 47 45 94 65 Selling 27 31 54 42 General and administrative 155 145 310 230 Total $ 267 $ 262 $ 534 $ 397
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS	SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS Stock price $ 4.75 Exercise price $ 4.75 Dividend yield 0 % Expected volatility 77 % Risk-free interest rate 4.12 % Expected life (in years) 6.00
SCHEDULE OF STOCK OPTIONS AWARDS	The following table summarizes stock options awards through June 30, 2024: SCHEDULE OF STOCK OPTIONS AWARDS Weighted Stock Option Average Awards Exercise (in shares) Price Outstanding at January 1, 2024 846,875 8.20 Granted 5,000 4.75 Forfeited (13,750 ) 7.94 Outstanding at June 30, 2024 838,125 $ 8.18
SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS RANGES OF EXERCISE PRICES	The following table summarizes information about the outstanding and exercisable options at June 30, 2024 by ranges of exercise prices: SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS RANGES OF EXERCISE PRICES Options Outstanding Options Exercisable Weighted Weighted Weighted Exercise Average Average Average Price Number Remaining Exercise Intrinsic Number Exercise Intrinsic Range Outstanding Contractual Price Value Exercisable Price Value $ 4.00 7.00 459,625 7.4 $ 4.55 $ - 217,250 $ 4.45 $ - $ 7.01 10.00 20,000 3.8 $ 8.07 $ - 20,000 $ 8.07 $ - $ 10.01 13.00 130,000 3.2 $ 10.62 $ - 122,500 $ 10.55 $ - $ 13.01 16.00 228,500 8.7 $ 14.11 $ - 57,125 $ 14.11 $ -

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
SCHEDULE OF SEGMENTS	The following table presents certain information regarding the Company’s segments as of and for the three months ended June 30, 2024 and 2023 (in thousands): SCHEDULE OF SEGMENTS 2024 CVD SDC CVD Materials Eliminations Corporate Consolidated Assets $ 29,368 $ 4,310 $ 222 $ (55 ) $ - $ 33,845 Revenue $ 4,107 $ 2,315 $ 55 $ (132 ) $ - $ 6,345 Operating (loss) income (729 ) 714 (45 ) (8 ) (830 ) (898 ) Pretax (loss) income (743 ) 714 (45 ) (8 ) (679 ) (761 ) Depreciation and amortization $ 141 $ 13 $ - $ - $ - $ 154 Purchase of property, plant & equipment $ 101 $ 4 $ - $ - $ - $ 105 2023 CVD Equipment SDC CVD Materials Eliminations Corporate Consolidated Assets $ 32,139 $ 4,189 $ 483 $ (28 ) $ - $ 36,783 Revenue $ 3,134 $ 1,795 $ 342 $ (202 ) $ - $ 5,069 Operating (loss) income (445 ) 363 *(224) (28 ) (898 ) (1,232 ) Pretax (loss) income (445 ) 364 *(203) (28 ) (791 ) (1,103 ) Depreciation and amortization $ 136 $ 12 $ 79 $ - $ - $ 227 Purchase of property, plant & equipment $ 78 $ - $ - $ - $ - $ 78 * Includes loss on sale of Tantaline of $ 0.2 0.1 Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 10: SEGMENT REPORTING (continued) The following table presents certain information regarding the Company’s segments as of and for the six months ended June 30, 2024 and 2023 (in thousands): 2024 CVD SDC CVD Materials Eliminations Corporate Consolidated Revenue $ 7,054 $ 4,246 $ 114 $ (147 ) $ - $ 11,267 Operating (loss) income (2,173 ) 1,346 (71 ) 10 (1,638 ) (2,526 ) Pretax (loss) (2,188 ) 1,346 (71 ) 10 (1,330 ) (2,233 ) Depreciation and amortization $ 283 $ 24 $ - $ - $ - $ 307 Purchase of property, plant & equipment $ 178 $ 4 $ - $ - $ - $ 182 2023 CVD SDC CVD Materials Eliminations Corporate Consolidated Revenue $ 8,979 $ 4,107 $ 1,009 $ (331 ) $ - $ 13,764 Operating (loss) income (267 ) 994 (143 )* (28 ) (1,976 ) (1,420 ) Pretax (loss) (265 ) 996 (95 )* (28 ) (1750 ) (1,142 ) Depreciation and amortization $ 267 $ 24 $ 101 $ - $ - $ 392 Purchase of property, plant & equipment $ 215 $ 10 $ - $ - $ - $ 225 * Includes loss on sale of Tantaline of $ 0.2 0.1

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 10,031	$ 14,025

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Contract assets, impairment loss	$ 0	$ 0	$ 0	$ 0
Standard product warranty description			The Company typically provides standard warranty coverage on its systems for one year from the date of final acceptance or fifteen months from the date of shipment by providing labor and parts necessary to repair the systems during the warranty period. The Company records the estimated warranty cost when revenue is recognized on the related system. Warranty cost is included in “Cost of revenue” in the condensed consolidated statements of operations. The estimated warranty cost is based on the Company’s historical cost. The Company updates its warranty estimates based on actual costs incurred.

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Cash and cash equivalents	$ 10,031,000		$ 10,031,000		$ 14,025,000
Uninsured amount	100,000		100,000		1,500,000
Allowance for doubtful accounts	$ 36,000		$ 36,000		$ 36,000
Accounts Receivable [Member] | One Customer [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage			35.70%		37.60%
Accounts Receivable [Member] | Two Customers [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage			10.50%		13%
Accounts Receivable [Member] | Three Customers [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage					12.80%
Revenue Benchmark [Member] | One Customer [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	35.20%	16.10%	32.80%	21%
Revenue Benchmark [Member] | Two Customers [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage		15.60%		15.80%
Revenue Benchmark [Member] | Three Customers [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage		11%
Revenue Benchmark [Member] | Four Customers [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage		10.20%
US Treasury Bill Securities [Member]
Concentration Risk [Line Items]
Cash equivalents	$ 9,800,000		$ 9,800,000		$ 12,100,000

SCHEDULE OF DISAGGREGATION OF R

SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total	$ 6,345	$ 5,069	$ 11,267	$ 13,764
Energy [Member]
Disaggregation of Revenue [Line Items]
Total	251	798	269	3,328
Aerospace [Member]
Disaggregation of Revenue [Line Items]
Total	2,873	604	4,990	1,119
Industrial [Member]
Disaggregation of Revenue [Line Items]
Total	1,842	2,000	3,575	5,883
Research [Member]
Disaggregation of Revenue [Line Items]
Total	1,379	1,667	2,433	3,434
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Total	5,649	3,029	9,571	10,752
Transferred over Time [Member] | Energy [Member]
Disaggregation of Revenue [Line Items]
Total	239	760	239	3,276
Transferred over Time [Member] | Aerospace [Member]
Disaggregation of Revenue [Line Items]
Total	2,694		4,496	264
Transferred over Time [Member] | Industrial [Member]
Disaggregation of Revenue [Line Items]
Total	1,542	1,085	2,801	4,756
Transferred over Time [Member] | Research [Member]
Disaggregation of Revenue [Line Items]
Total	1,174	1,184	2,035	2,456
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Total	696	2,040	1,696	3,012
Transferred at Point in Time [Member] | Energy [Member]
Disaggregation of Revenue [Line Items]
Total	12	38	30	52
Transferred at Point in Time [Member] | Aerospace [Member]
Disaggregation of Revenue [Line Items]
Total	179	604	494	855
Transferred at Point in Time [Member] | Industrial [Member]
Disaggregation of Revenue [Line Items]
Total	300	915	774	1,127
Transferred at Point in Time [Member] | Research [Member]
Disaggregation of Revenue [Line Items]
Total	$ 205	$ 483	$ 398	$ 978

SCHEDULE OF COST AND ESTIMATED

SCHEDULE OF COST AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Costs incurred on contracts in progress	$ 11,009
Estimated earnings	5,609
Costs and estimated earnings on uncompleted contracts	16,618
Billings to date	(19,589)
Net cost in excess of billings	(2,971)
Deferred revenue related to non-system contracts	(573)
Contract liability in excess of contract assets	(3,544)
Contract assets	1,554	$ 1,604
Contract liabilities	$ 5,098	$ 4,908

REVENUE RECOGNITION (Details Na

REVENUE RECOGNITION (Details Narrative) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Unrecognized contract revenue	$ 21.6
Contract liability	$ 2.7	$ 2.6	$ 4.6	$ 4.1

SCHEDULE OF INVENTORIES (Detail

SCHEDULE OF INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 2,231	$ 2,351
Work-in-process	1,612	1,248
Finished goods	815	855
Total	$ 4,658	$ 4,454

INVENTORIES (Details Narrative)

INVENTORIES (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Inventories	$ 4,658	$ 4,454
PVT 150 Systems [Member]
Inventory [Line Items]
Inventories	$ 1,800

LONG-TERM DEBT (Details Narrati

LONG-TERM DEBT (Details Narrative) - Loan Agreement to Fund Machinery Acquisition [Member]	1 Months Ended
	Sep. 30, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Loan principal amount	$ 432,000
Loan payment term	60
Loan, monthly installment amount	$ 8,352
Loan interest rate	6%

SCHEDULE OF BASIC AND DILUTED W

SCHEDULE OF BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding	6,816,956	6,778,754	6,813,127	6,776,035
Dilutive effect of options and unvested restricted stock
Diluted weighted average shares outstanding	6,816,956	6,778,754	6,813,127	6,776,035

EARNINGS PER SHARE (Details Nar

EARNINGS PER SHARE (Details Narrative) - shares	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Earnings Per Share [Abstract]
Stock option outstanding	838,125	846,875	599,500
Stock option exercisable	416,875		297,500

SCHEDULE OF STOCK BASED COMPENS

SCHEDULE OF STOCK BASED COMPENSATION EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 267	$ 262	$ 534	$ 397
Cost of Revenue [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	38	41	76	60
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	47	45	94	65
Selling Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	27	31	54	42
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 155	$ 145	$ 310	$ 230

SCHEDULE OF WEIGHTED AVERAGE AS

SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares
Share-Based Payment Arrangement [Abstract]
Stock price	$ 4.75
Exercise price	$ 4.75
Dividend yield	0%
Expected volatility	77%
Risk-free interest rate	4.12%
Expected life (in years)	6 years

SCHEDULE OF STOCK OPTIONS AWARD

SCHEDULE OF STOCK OPTIONS AWARDS (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Stock option awards outstanding, beginning balance | shares	846,875
Stock option awards, granted | shares	5,000
Stock option awards, forfeited | shares	(13,750)
Stock option awards outstanding, ending balance | shares	838,125
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price outstanding, beginning balance | $ / shares	$ 8.20
Weighted average exercise price, granted | $ / shares	4.75
Weighted average exercise price, forfeited | $ / shares	7.94
Weighted average exercise price outstanding, ending balance | $ / shares	$ 8.18

SCHEDULE OF OUTSTANDING AND EXE

SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS RANGES OF EXERCISE PRICES (Details)	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Exercise Price Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit	$ 4
Exercise price range, upper limit	$ 7
Number of options outstanding | shares	459,625
Number of options outstanding, weighted average remaining contractual term	7 years 4 months 24 days
Number of options outstanding, weighted average exercise price	$ 4.55
Number of options outstanding, intrinsic value | $
Number of options exercisable | shares	217,250
Number of options exercisable, weighted average exercise price	$ 4.45
Number of options exercisable, intrinsic value | $
Exercise Price Range Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit	$ 7.01
Exercise price range, upper limit	$ 10
Number of options outstanding | shares	20,000
Number of options outstanding, weighted average remaining contractual term	3 years 9 months 18 days
Number of options outstanding, weighted average exercise price	$ 8.07
Number of options outstanding, intrinsic value | $
Number of options exercisable | shares	20,000
Number of options exercisable, weighted average exercise price	$ 8.07
Number of options exercisable, intrinsic value | $
Exercise Price Range Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit	$ 10.01
Exercise price range, upper limit	$ 13
Number of options outstanding | shares	130,000
Number of options outstanding, weighted average remaining contractual term	3 years 2 months 12 days
Number of options outstanding, weighted average exercise price	$ 10.62
Number of options outstanding, intrinsic value | $
Number of options exercisable | shares	122,500
Number of options exercisable, weighted average exercise price	$ 10.55
Number of options exercisable, intrinsic value | $
Exercise Price Range Four [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit	$ 13.01
Exercise price range, upper limit	$ 16
Number of options outstanding | shares	228,500
Number of options outstanding, weighted average remaining contractual term	8 years 8 months 12 days
Number of options outstanding, weighted average exercise price	$ 14.11
Number of options outstanding, intrinsic value | $
Number of options exercisable | shares	57,125
Number of options exercisable, weighted average exercise price	$ 14.11
Number of options exercisable, intrinsic value | $

STOCK-BASED COMPENSATION EXPE_3

STOCK-BASED COMPENSATION EXPENSE (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expenses	$ 267,000	$ 262,000	$ 534,000	$ 397,000
Stock option granted			5,000
Weighted average fair value of stock options granted			$ 4.75
Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Annual equity retainer amount	40,000		$ 40,000
Restricted Stock [Member] | Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expenses	57,423	$ 40,000	$ 103,736	$ 80,000
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option granted			5,000
Stock option vesting percentage			25%
Vesting period			4 years
Expiration period			10 years
Weighted average fair value of stock options granted			$ 3.30
Unrecognized compensation costs	$ 2,000,000		$ 2,000,000
Unrecognized compensation costs, recoginition period			1 year 9 months 18 days

SCHEDULE OF SEGMENTS (Details)

SCHEDULE OF SEGMENTS (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023		Jun. 30, 2024	Jun. 30, 2023		Dec. 31, 2023
Segment Reporting Information [Line Items]
Assets	$ 33,845,000	$ 36,783,000		$ 33,845,000	$ 36,783,000		$ 35,025,000
Revenue	6,345,000	5,069,000		11,267,000	13,764,000
Operating (loss) income	(898,000)	(1,232,000)		(2,526,000)	(1,420,000)
Pretax (loss) income	(761,000)	(1,103,000)		(2,233,000)	(1,142,000)
Depreciation and amortization	154,000	227,000		307,000	392,000
Purchase of property, plant & equipment	105,000	78,000		182,000	225,000
Operating Segments [Member] | CVD Equipment [Member]
Segment Reporting Information [Line Items]
Assets	29,368,000	32,139,000		29,368,000	32,139,000
Revenue	4,107,000	3,134,000		7,054,000	8,979,000
Operating (loss) income	(729,000)	(445,000)		(2,173,000)	(267,000)
Pretax (loss) income	(743,000)	(445,000)		(2,188,000)	(265,000)
Depreciation and amortization	141,000	136,000		283,000	267,000
Purchase of property, plant & equipment	101,000	78,000		178,000	215,000
Operating Segments [Member] | SDC [Member]
Segment Reporting Information [Line Items]
Assets	4,310,000	4,189,000		4,310,000	4,189,000
Revenue	2,315,000	1,795,000		4,246,000	4,107,000
Operating (loss) income	714,000	363,000		1,346,000	994,000
Pretax (loss) income	714,000	364,000		1,346,000	996,000
Depreciation and amortization	13,000	12,000		24,000	24,000
Purchase of property, plant & equipment	4,000			4,000	10,000
Operating Segments [Member] | CVD Materials [Member]
Segment Reporting Information [Line Items]
Assets	222,000	483,000		222,000	483,000
Revenue	55,000	342,000		114,000	1,009,000
Operating (loss) income	(45,000)	(224,000)	[1]	(71,000)	(143,000)	[2]
Pretax (loss) income	(45,000)	(203,000)	[1]	(71,000)	(95,000)	[2]
Depreciation and amortization		79,000			101,000
Purchase of property, plant & equipment
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Assets	(55,000)	(28,000)		(55,000)	(28,000)
Revenue	(132,000)	(202,000)		(147,000)	(331,000)
Operating (loss) income	(8,000)	(28,000)		10,000	(28,000)
Pretax (loss) income	(8,000)	(28,000)		10,000	(28,000)
Depreciation and amortization
Purchase of property, plant & equipment
Intersegment Eliminations [Member] | CVD Equipment [Member]
Segment Reporting Information [Line Items]
Revenue	(132,000)	(138,000)		(147,000)	(266,000)
Intersegment Eliminations [Member] | SDC [Member]
Segment Reporting Information [Line Items]
Revenue	0	64,000		0	64,000
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Segment Reporting Information [Line Items]
Assets
Revenue
Operating (loss) income	(830,000)	(898,000)		(1,638,000)	(1,976,000)
Pretax (loss) income	(679,000)	(791,000)		(1,330,000)	(1,750,000)
Depreciation and amortization
Purchase of property, plant & equipment
[1]Includes loss on sale of Tantaline of $ 0.2 0.1 0.2 0.1

SCHEDULE OF SEGMENTS (Details)

SCHEDULE OF SEGMENTS (Details) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Asset impairment charges		$ 111		$ 111
Meso Scribe Technologies Inc [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset impairment charges		100		100
Tantaline Subsidiary [Member]
Defined Benefit Plan Disclosure [Line Items]
Loss on sale of assets		$ 200		$ 200

SEGMENT REPORTING (Details Narr

SEGMENT REPORTING (Details Narrative)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Segment	Jun. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | Segment			3
Revenue from contract with customer, including assessed tax	$ 6,345,000	$ 5,069,000	$ 11,267,000	$ 13,764,000
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue from contract with customer, including assessed tax	(132,000)	(202,000)	(147,000)	(331,000)
Intersegment Eliminations [Member] | CVD Equipment [Member]
Segment Reporting Information [Line Items]
Revenue from contract with customer, including assessed tax	(132,000)	(138,000)	(147,000)	(266,000)
Intersegment Eliminations [Member] | SDC [Member]
Segment Reporting Information [Line Items]
Revenue from contract with customer, including assessed tax	$ 0	$ 64,000	$ 0	$ 64,000

MESOSCRIBE SUBSIDIARY (Details

MESOSCRIBE SUBSIDIARY (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Aug. 08, 2023
Asset impairment charges		$ 111,000		$ 111,000
Deposits from purchaser of equipment	597,000		597,000			$ 597,000
Revenues	6,345,000	5,069,000	11,267,000	13,764,000
Net loss	(761,000)	(1,113,000)	(2,233,000)	(1,153,000)
Assets	33,845,000	36,783,000	33,845,000	36,783,000		35,025,000
Liabilities	9,341,000		9,341,000			8,822,000
Meso Scribe Technologies Inc [Member]
Aggregate purchase price							$ 900,000
Asset impairment charges		$ 100,000		$ 100,000
Deposits from purchaser of equipment					$ 600,000	600,000
Revenues	55,000		100,000
Net loss	(45,000)		(100,000)
Assets	200,000		200,000			200,000
Liabilities	$ 700,000		$ 700,000			$ 700,000