CPS Technologies (CPSH) 10-Q 10 Nov 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 26, 2020	Nov. 06, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 26, 2020
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-26
Entity File Number	0-16088
Entity Registrant Name	CPS TECHNOLOGIES CORP/DE/
Entity Central Index Key	0000814676
Entity Incorporation, State or Country Code	DE
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		13,296,168

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Sep. 26, 2020	Dec. 28, 2019
Current assets:
Cash and cash equivalents	$ 112,575	$ 133,965
Accounts receivable-trade, net	3,961,606	4,086,945
Inventories, net	4,187,272	3,099,824
Prepaid expenses and other current assets	173,583	147,786
Total current assets	8,435,036	7,468,520
Property and equipment:
Production equipment	10,282,980	9,649,169
Furniture and office equipment	508,423	508,423
Leasehold improvements	934,195	934,195
Total cost	11,725,598	11,091,787
Accumulated depreciation and amortization	(10,478,054)	(10,110,663)
Construction in progress	127,408	255,754
Net property and equipment	1,374,952	1,236,878
Right-of-use lease asset	63,000	171,000
Deferred taxes, net	114,253	147,873
Total assets	9,987,241	9,024,271
Current liabilities:
Borrowings against line of credit	835,123	1,249,588
Note payable, current portion	55,795
Accounts payable	1,221,642	1,436,417
Accrued expenses	720,182	815,166
Deferred revenue	358,000	21,110
Lease liability, current portion	63,000	148,000
Total current liabilities	3,253,742	3,670,281
Note payable less current portion	169,388
Long term lease liability		23,000
Total liabilities	3,423,130	3,693,281
Stockholders` equity:
Common stock, $0.01 par value, authorized 20,000,000 shares; issued 13,716,242 and 13,427,492, respectively; outstanding 13,296,168 and 13,207,436, respectively; at September 26, 2020 and December 28, 2019;	137,162	134,275
Additional paid-in capital	36,633,553	36,094,201
Accumulated deficit	(29,248,532)	(30,380,433)
Less cost of 420,074 and 220,056 common shares repurchased, respectively; at September 26, 2020 and December 28, 2019	(958,072)	(517,053)
Total stockholders` equity	6,564,111	5,330,990
Total liabilities and stockholders` equity	$ 9,987,241	$ 9,024,271

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Sep. 26, 2020	Dec. 28, 2019
Statement of Financial Position [Abstract]
Common stock, authorized shares	20,000,000	20,000,000
Common stock, issued shares	13,716,242	13,427,492
Common stock, outstanding shares	13,296,168	13,207,436
Common stock, par value	$ .01	$ .01

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Income Statement [Abstract]
Product sales	$ 4,452,387	$ 4,387,125	$ 16,721,973	$ 16,023,615
Total Revenues	4,452,387	4,387,125	16,721,973	16,023,615
Cost of product sales	3,514,813	4,164,187	13,050,860	14,466,266
Gross Margin	937,574	222,938	3,671,113	1,557,349
Selling, general and administrative expense	684,836	702,413	2,466,198	2,523,178
Operating income (loss)	252,738	(479,475)	1,204,915	(965,829)
Interest income (expense), net	(21,263)	(16,495)	(87,004)	(23,757)
Other income (expense), net	(3)		14,446
Net income (loss) before income tax expense	231,472	(495,970)	1,132,357	(989,586)
Income tax provision	456		456
Net income (loss)	$ 231,016	$ (495,970)	$ 1,131,901	$ (989,586)
Net income (loss) per basic common share	$ 0.02	$ (0.04)	$ 0.09	$ (0.07)
Weighted average number of basic common shares outstanding	13,288,652	13,206,069	13,234,508	13,206,984
Net income (loss) per diluted common share	$ 0.02	$ (0.04)	$ 0.09	$ (0.07)
Weighted average number of diluted common shares outstanding	13,456,486	13,206,069	13,320,915	13,206,984

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Cash flows from operating activities:
Net income	$ 1,131,901	$ (989,586)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities
Depreciation & amortization	382,121	391,156
Share-based compensation	100,452	115,647
Deferred taxes	33,620
Gain on sale of property and equipment	(5,000)
Changes in:
Accounts receivable-trade	125,339	257,348
Inventories	(1,087,448)	401,822
Prepaid expenses	(25,797)	(16,982)
Accounts payable	(214,775)	(206,204)
Deferred revenue	336,890
Accrued expenses	(94,984)	(274,325)
Net cash provided by (used in) operating activities	682,319	(321,124)
Cash flows from investing activities:
Purchases of property and equipment	(285,909)	(250,128)
Proceeds from sale of property and equipment	5,000
Net cash provided by (used in) investing activities	(280,909)	(250,128)
Cash flows from financing activities:
Net borrowings on line of credit	(414,465)	412,732
Net proceeds from employee stock options
Payments on note payable	(9,103)
Net cash provided by (used in) financing activities	(422,800)	412,732
Net increase (decrease) in cash and cash equivalents	(21,390)	(158,520)
Cash and cash equivalents at beginning of period	133,965	628,804
Cash and cash equivalents at end of period	112,575	470,284
Supplemental disclosures of cash flows information:
Cash paid for income taxes		485
Cash paid for interest	87,004
Supplemental disclosures of non-cash activity:
Net exercise of stock options	441,022
Issuance of long term debt to finance equipment purchases	$ 247,807

Shareholders Equity (Unaudited)

Shareholders Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings / Accumulated Deficit	Total
Beginning balance, stockholders equity at Dec. 29, 2018			$ 5,835,521
Beginning balance, shares at Dec. 29, 2018	13,425,992
Beginning balance, par value of shares issued at Dec. 29, 2018	$ 134,260
Share-based compensation expense		$ 113,397
Issuance of common stock pursuant to exercise of stock options		2,235
Issuance of common stock pursuant to exercise of stock options, number of shares issued	1,500
Issuance of common stock pursuant to exercise of stock options, par value	$ 15
Net income(loss)			989,586	(989,586)
Ending balance, stockholders equity at Sep. 28, 2019				4,961,582
Ending balance, shares at Sep. 28, 2019	13,427,492
Ending balance, par value shares issued at Sep. 28, 2019	$ 134,275
Beginning balance, stockholders equity at Dec. 28, 2019			5,330,990	$ 5,330,990
Beginning balance, shares at Dec. 28, 2019	13,427,492			13,427,492
Beginning balance, par value of shares issued at Dec. 28, 2019	$ 134,275
Share-based compensation expense		100,452
Issuance of common stock pursuant to exercise of stock options		$ 438,903
Issuance of common stock pursuant to exercise of stock options, number of shares issued	288,750
Issuance of common stock pursuant to exercise of stock options, par value	$ 2,887
Net income(loss)			$ 1,131,901	$ 1,131,901
Ending balance, stockholders equity at Sep. 26, 2020				$ 6,564,111
Ending balance, shares at Sep. 26, 2020	13,716,242			13,716,242
Ending balance, par value shares issued at Sep. 26, 2020	$ 137,162

(1) Nature of Business

(1) Nature of Business	9 Months Ended
	Sep. 26, 2020
Accounting Policies [Abstract]
(1) Nature of Business	(1) Nature of Business CPS Technologies Corporation (the “Company” or “CPS”) provides advanced material solutions to the electronics, power generation, automotive and other industries. The Company’s primary advanced material solution is metal-matrix composites (MMC’s) which are a combination of metal and ceramic. CPS also assembles housings and packages for hybrid circuits. These housings and packages may include components made of metal-matrix composites or they may include components made of more traditional materials such as aluminum, copper-tungsten, etc. The Company sells into several end markets including the wireless communications infrastructure market, high-performance microprocessor market, motor controller market, and other microelectronic and structural markets.

(2) Summary of Significant Acco

(2) Summary of Significant Accounting Policies	9 Months Ended
	Sep. 26, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
(2) Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies As permitted by the rules of the Securities and Exchange Commission applicable to quarterly reports on Form 10-Q, these notes are condensed and do not contain all disclosures required by generally accepted accounting principles. The accompanying financial statements are unaudited. In the opinion of management, the unaudited financial statements of CPS reflect all normal recurring adjustments which are necessary to present fairly the financial position and results of operations for such periods. The Company’s balance sheet at December 28, 2019 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Registrant’s Annual Report on Form 10-K for the year ended December 28, 2019 and in CPS’s other SEC reports, which are accessible on the SEC’s website at www.sec.gov and the Company’s website at www.alsic.com. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

(3) Net Income (loss) Per Commo

(3) Net Income (loss) Per Common and Common Equivalent Share	9 Months Ended
	Sep. 26, 2020
Earnings Per Share [Abstract]
(3) Net Income (loss) Per Common and Common Equivalent Share	(3) Net Income (loss) Per Common and Common Equivalent Share Basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is calculated by dividing net income (loss) by the sum of the weighted average number of common shares plus additional common shares that would have been outstanding if potential dilutive common shares had been issued for granted stock options and stock purchase rights. Common stock equivalents are excluded from the diluted calculations when a net loss is incurred as they would be anti-dilutive. The following table presents the calculation of both basic and diluted EPS: Three Months Ended Nine Months Ended September 26, September 28, September 26, September 28, 2020 2019 2020 2019 Basic EPS Computation: Numerator: Net income (loss) $ 231,016 $ (495,970) $ 1,131,901 $ (989,586) Denominator: Weighted average Common shares Outstanding 13,288,652 13,206,069 13,234,508 13,206,984 Basic EPS $ 0.02 $ (0.04) $ 0.09 $ (0.07) Diluted EPS Computation: Numerator: Net income (loss) $ 231,016 $ (495,970) $ 1,131,901 $ (989,586) Denominator: Weighted average Common shares Outstanding 13,288,652 13,206,069 13,234,508 13,206,984 Dilutive effect of stock options 167,834 — 87,217 — Total Shares 13,456,486 13,206,069 13,320,915 13,206,984 Diluted EPS $ 0.02 $ (0.04) $ 0.09 $ (0.07)

(4) Commitments & Contingencies

(4) Commitments & Contingencies	9 Months Ended
	Sep. 26, 2020
Commitments (note 4)
(4) Commitments & Contingencies	(4) Commitments & Contingencies Commitments Leases The Company has two real estate leases—one expiring in February 2021 and one with an 11 month duration expiring December 2020. The latter is not expected to be renewed and has not been recorded on the balance sheet in accordance with Accounting Standards Codification (ASC) 842 for leases. CPS also has a few other leases for equipment which are minor in nature and are generally short-term in duration. None of these have been capitalized. The lease expiring in 2021 (the “Norton facility lease’) is included as a right-of-use lease asset and corresponding lease liability on the balance sheet. This asset and liability was recognized on December 30, 2018 based on the present value of remaining lease payments over the remaining lease term using the Company’s incremental borrowing rate at date of adoption. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating Leases Lease expense for operating leases is recognized on a straight-line basis over the lease term. Lease expense is allocated between Cost of Product Sales and Selling, General and Administrative Expense in the income statement The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s capitalized operating leases as of September 26, 2020 (Dollars in Thousands) Sept 26, 2020 Maturity of capitalized lease liabilities Lease payments 2020 (remaining) 39 2021 26 Total undiscounted operating lease payments $ 65 Less: Imputed interest (2) Present value of operating lease liability $ 63 Balance Sheet Classification Current lease liability $ 63 Long-term lease liability — Total operating lease liability $ 63 Other Information Weighted-average remaining lease term for capitalized operating leases 5 months Weighted-average discount rate for capitalized operating leases 6.5% Cash Flows An initial right-of-use asset of $310 thousand was recognized as a non-cash asset addition with the adoption of the new lease accounting standard on December 30, 2018. Cash paid for the amounts included in the present value of operating lease liabilities was $114 thousand during the first nine months of 2020 and is included in operating cash flows. Operating Lease Costs Operating lease cost was $114 thousand during the first nine months of 2020. This cost is related to its long-term operating lease. All other short-term leases were immaterial.

(5) Share-Based Payments

(5) Share-Based Payments	9 Months Ended
	Sep. 26, 2020
Share-based Payment Arrangement [Abstract]
(5) Share-Based Payments	(5) Share-Based Payments The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is recognized over the period during which an employee is required to provide services in exchange for the award, the requisite service period (usually the vesting period). The Company provides an estimate of forfeitures at initial grant date. Reductions in compensation expense associated with the forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted periodically based on actual forfeiture experience. The company uses the Black-Scholes option pricing model to determine the fair value of the stock options granted. There were no stock options granted or issued under the Plan during the quarters ended September 26, 2020 and September 28, 2019. During the quarter ended September 26, 2020, 288,250 options were exercised and 261,355 options expired. Also, during the quarter 500 shares were gifted to an employee for completing 20 years of service to the company. During the quarter ended September 28, 2019, 24,000 options were forfeited and 16,000 options expired. During the quarter ended September 26, 2020 the Company repurchased 200,018 shares for employees to facilitate their exercise of stock options. During the quarter ended September 28, 2019 there were no shares repurchased. During the three and nine months ended September 26, 2020 the Company recognized approximately $17 thousand and $100 thousand, respectively as share-based compensation expense related to share and option grants. These amounts are included as a component of selling, general and administrative expenses in the statement of operations. During the three and nine months ended September 28, 2019 the Company recognized approximately $28 thousand and $113 thousand, respectively as share-based compensation expense related to share and option grants. These amounts are included as a component of selling, general and administrative expenses in the statement of operations.

(6) Inventories

(6) Inventories	9 Months Ended
	Sep. 26, 2020
Inventory Disclosure [Abstract]
(6) Inventories	(6) Inventories Inventories consist of the following: September 26, December 28, 2020 2019 Raw materials $ 968,182 $ 778,409 Work in process 1,865,505 1,898,916 Finished goods 1,789,740 871,861 Total inventory 4,623,427 3,549,186 Reserve for obsolescence (436,155) (449,362) Inventories, net $ 4,187,272 $ 3,099,824

(7) Accrued Expenses

(7) Accrued Expenses	9 Months Ended
	Sep. 26, 2020
Payables and Accruals [Abstract]
(7) Accrued Expenses	(7) Accrued Expenses Accrued expenses consist of the following: September 26, December 28, 2020 2019 Accrued legal and accounting $ 73,171 $ 62,725 Accrued payroll 552,272 518,015 Accrued other 94,737 234,426 $ 720,182 $ 815,166

(8) Line of Credit

(8) Line of Credit	9 Months Ended
	Sep. 26, 2020
Commitments (note 4)
(8) Line of Credit	(8) Line of Credit In September 2019, the Company entered into revolving line of credit with The Massachusetts Business Development Corporation (BDC) in the amount of $2.5 million. In May of 2020 this credit line was increased to $3.0 million. The agreement includes a demand note allowing the Lender to call the loan at any time. CPS may terminate the agreement without a termination fee after 3 years. The LOC is secured by the accounts receivable and other assets of the Company and has an interest rate of LIBOR plus 650 basis points. At September 26, 2020 the Company had $835 thousand of borrowings under this LOC and its borrowing base at the time would have permitted an additional $1.835 million to have been borrowed. The line of credit is subject to certain financial covenants.

(9) Note Payable

(9) Note Payable	9 Months Ended
	Sep. 26, 2020
Debt Disclosure [Abstract]
(9) Note Payable	(9) Note Payable In March 2020, the company acquired a Sonoscan ultrasound microscope for a price of $208 thousand. The full amount was financed through a 5 year note payable with Crest Capital Corporation. The note is collateralized by the microscope and is being paid in monthly installments of $4 thousand, consisting of principal plus interest at a rate of 6.47%. In July 2020 CPS placed into service a piece of manufacturing equipment which it financed with the machine’s vendor. The equipment cost of $40 thousand will be paid at the rate of $2 thousand per month over 2 years, resulting in an implied interest rate of 1.90%. The Company’s obligations including interest at September 26, 2020 consist of the following: Remaining in: Payments due by period FY 2020 $ 17,250 FY 2021 $ 69,000 FY 2022 $ 63,984 FY 2023 $ 48,934 FY 2024 and thereafter $ 57,089 Total $ 256,257

(10) Income Taxes

(10) Income Taxes	9 Months Ended
	Sep. 26, 2020
Income Tax Disclosure [Abstract]
(10) Income Taxes	(10) Income Taxes A valuation allowance against deferred tax assets is required to be established or maintained when it is "more likely than not" that all or a portion of deferred tax assets will not be realized. In December 2018, the Company established a valuation allowance reserve, as it is judged more likely than not that all or a portion of its deferred tax assets will not be utilized before they expire. This decision was reached after giving greater weight to the Company’s losses in recent years as compared to its forecasts. No provision for income taxes was provided during the quarter and nine months ended September 26, 2020, as the Company continues to maintain a full valuation allowance against the majority of its deferred tax assets and no current tax is forecasted for the year.

(3) Net Income (loss) Per Com_2

(3) Net Income (loss) Per Common and Common Equivalent Share (Tables)	9 Months Ended
	Sep. 26, 2020
Earnings Per Share [Abstract]
Calculation of both basic and diluted EPS	Three Months Ended Nine Months Ended September 26, September 28, September 26, September 28, 2020 2019 2020 2019 Basic EPS Computation: Numerator: Net income (loss) $ 231,016 $ (495,970) $ 1,131,901 $ (989,586) Denominator: Weighted average Common shares Outstanding 13,288,652 13,206,069 13,234,508 13,206,984 Basic EPS $ 0.02 $ (0.04) $ 0.09 $ (0.07) Diluted EPS Computation: Numerator: Net income (loss) $ 231,016 $ (495,970) $ 1,131,901 $ (989,586) Denominator: Weighted average Common shares Outstanding 13,288,652 13,206,069 13,234,508 13,206,984 Dilutive effect of stock options 167,834 — 87,217 — Total Shares 13,456,486 13,206,069 13,320,915 13,206,984 Diluted EPS $ 0.02 $ (0.04) $ 0.09 $ (0.07)

(4) Commitments & Contingenci_2

(4) Commitments & Contingencies (Tables)	9 Months Ended
	Sep. 26, 2020
Commitments (note 4)
Table	(Dollars in Thousands) Sept 26, 2020 Maturity of capitalized lease liabilities Lease payments 2020 (remaining) 39 2021 26 Total undiscounted operating lease payments $ 65 Less: Imputed interest (2) Present value of operating lease liability $ 63 Balance Sheet Classification Current lease liability $ 63 Long-term lease liability — Total operating lease liability $ 63 Other Information Weighted-average remaining lease term for capitalized operating leases 5 months Weighted-average discount rate for capitalized operating leases 6.5%

(6) Inventories (Tables)

(6) Inventories (Tables)	9 Months Ended
	Sep. 26, 2020
Inventory Disclosure [Abstract]
Inventories consist of the following	September 26, December 28, 2020 2019 Raw materials $ 968,182 $ 778,409 Work in process 1,865,505 1,898,916 Finished goods 1,789,740 871,861 Total inventory 4,623,427 3,549,186 Reserve for obsolescence (436,155) (449,362) Inventories, net $ 4,187,272 $ 3,099,824

(7) Accrued Expenses (Tables)

(7) Accrued Expenses (Tables)	9 Months Ended
	Sep. 26, 2020
Payables and Accruals [Abstract]
Accrued expenses consist of the following	September 26, December 28, 2020 2019 Accrued legal and accounting $ 73,171 $ 62,725 Accrued payroll 552,272 518,015 Accrued other 94738 234,426 $ 720,182 $ 815,166

(9) Note Payable (Tables)

(9) Note Payable (Tables)	9 Months Ended
	Sep. 26, 2020
Debt Disclosure [Abstract]
Schedule of remaining obligations	Remaining in: Payments due by period FY 2020 $ 17,250 FY 2021 $ 69,000 FY 2022 $ 63,984 FY 2023 $ 48,934 FY 2024 and thereafter $ 57,089 Total $ 256,257

(3) Net Income (loss) Per Com_3

(3) Net Income (loss) Per Common and Common Equivalent Share - Calculation of both basic and diluted EPS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Basic EPS Computation:
Net income (loss)	$ 231,016	$ (495,970)	$ 1,131,901	$ (989,586)
Weighted average Common shares Outstanding	13,288,652	13,206,069	13,234,508	13,206,984
Basic EPS	$ 0.02	$ (0.04)	$ 0.09	$ (0.07)
Diluted EPS Computation:
Net income (loss)	$ 231,016	$ (495,970)	$ 1,131,901	$ (989,586)
Weighted average Common shares Outstanding	13,288,652	13,206,069	13,234,508	13,206,984
Dilutive effect of stock options	$ 167,834		$ 87,217
Total Shares	13,456,486	13,206,069	13,320,915	13,206,984
Diluted EPS	$ 0.02	$ (0.04)	$ 0.09	$ (0.07)

(4) Commitments & Contingenci_3

(4) Commitments & Contingencies - Table (Details)	Sep. 26, 2020USD ($)
Commitments (note 4)
2020 (remaining)	$ 39
2021	26
Total undiscounted operating lease payments	65
Less: Imputed interest	(2)
Present value of operating lease liability	63
Current lease liability	63
Total operating lease liability	$ 63
Weighted-average remaining lease term for capitalized operating leases	5 months
Weighted-average discount rate for capitalized operating leases	650.00%

(5) Share-Based Payments (Detai

(5) Share-Based Payments (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Share-based Payment Arrangement [Abstract]
Stock options exercised in the period	288,250		288,250
Stock options expired in the period	261,355	16,000	261,355
Stock options forfeited in the period	24,000		24,000
Repurchased shares	200,018		200,018
Share-based compensation expense recognized (in thousands)	$ 17	$ 100	$ 28	$ 113

(6) Inventories - Inventories c

(6) Inventories - Inventories consist of the following (Details) - USD ($)	Sep. 26, 2020	Dec. 28, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 968,182	$ 778,409
Work in process	1,865,505	1,898,916
Finished goods	1,789,740	871,861
Total inventory	4,623,427	3,549,186
Reserve for obsolescence	(436,155)	(449,362)
Inventories, net	$ 4,187,272	$ 3,099,824

(7) Accrued Expenses - Accrued

(7) Accrued Expenses - Accrued expenses consist of the following (Details) - USD ($)	Sep. 26, 2020	Dec. 28, 2019
Payables and Accruals [Abstract]
Accrued legal and accounting	$ 73,171	$ 62,725
Accrued payroll	552,272	518,015
Accrued other	94,739	234,426
Total Accrued Expenses	$ 720,182	$ 815,166

(8) Line of Credit (Details Nar

(8) Line of Credit (Details Narrative)	9 Months Ended
	Sep. 26, 2020USD ($)
Massachusetts Business Development Corporation (BDC)
Revolving line of credit maximum borrowing capacity	$ 3,000,000
Line of credit agreement length (terms in years)	3 years
Borrowing base available	$ 1,835,000