Cover
Cover - shares | 3 Months Ended | |
Mar. 27, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 27, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-25 | |
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 | 14,374,542 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Mar. 27, 2021 | Dec. 26, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 167,918 | $ 195,203 |
Accounts receivable-trade, net | 3,778,203 | 2,914,800 |
Inventories, net | 3,631,152 | 3,709,471 |
Prepaid expenses and other current assets | 293,275 | 71,506 |
Total current assets | 7,870,548 | 6,890,980 |
Property and equipment: | ||
Production equipment | 10,326,614 | 10,265,471 |
Furniture and office equipment | 568,846 | 568,846 |
Leasehold improvements | 951,384 | 951,384 |
Total cost | 11,846,844 | 11,785,701 |
Accumulated depreciation and amortization | (10,698,338) | (10,558,816) |
Construction in progress | 36,172 | 61,062 |
Net property and equipment | 1,184,678 | 1,287,947 |
Right-of-use lease asset (note 4, leases) | 664,000 | 25,000 |
Deferred taxes, net | 117,000 | 117,000 |
Total Assets | 9,836,226 | 8,320,927 |
Current liabilities: | ||
Borrowings against line of credit | 193,395 | |
Note payable, current portion | 58,833 | 58,134 |
Accounts payable | 1,503,327 | 909,291 |
Accrued expenses | 531,548 | 804,091 |
Deferred revenue | 319,216 | 12,177 |
Lease liability, current portion | 148,000 | 25,000 |
Total current liabilities | 2,754,319 | 1,808,693 |
Note payable less current portion | 139,608 | 154,570 |
Long term lease liability | 516,000 | |
Total liabilities | 3,409,927 | 1,963,263 |
Stockholders’ equity: | ||
Common stock, $0.01 par value, authorized 20,000,000 shares; issued 14,360,042 and 13,746,242 shares; outstanding 13,807,394 and 13,313,790 shares; at March 27, 2021 and December 26, 2020, respectively | 143,600 | 137,462 |
Additional paid-in capital | 37,925,674 | 36,688,894 |
Accumulated deficit | (29,441,466) | (29,472,369) |
Less cost of 552,648 and 432,452 common shares repurchased at March 27, 2021 and December 26, 2020, respectively | (2,201,509) | (996,323) |
Total stockholders’ equity | 6,426,299 | 6,357,664 |
Total liabilities and stockholders’ equity | $ 9,836,226 | $ 8,320,927 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 27, 2021 | Dec. 26, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, authorized shares | 20,000,000 | 20,000,000 |
Common stock, issued shares | 14,360,042 | 13,746,242 |
Common stock, outstanding shares | 13,807,394 | 13,313,790 |
Common stock, par value | $ .01 | $ .01 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Income Statement [Abstract] | ||
Product sales | $ 4,865,708 | $ 6,511,571 |
Cost of product sales | 3,921,568 | 4,961,361 |
Gross Margin | 944,140 | 1,550,210 |
Selling, general, and administrative expense | 908,471 | 928,590 |
Income from operations | 35,669 | 621,620 |
Other income (expense), net | (4,310) | (19,966) |
Income before taxes | 31,359 | 601,654 |
Income tax provision | 456 | |
Net income | $ 30,903 | $ 601,654 |
Net income per basic common share | $ 0 | $ 0.05 |
Weighted average number of basic common shares outstanding | 13,584,376 | 13,207,436 |
Net income per diluted common share | $ 0 | $ 0.05 |
Weighted average number of diluted common shares outstanding | 14,264,890 | 13,247,131 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 30,903 | $ 601,654 |
Adjustments to reconcile net income to cash used in operating activities: | ||
Depreciation and amortization | 148,743 | 128,759 |
Share-based compensation | 27,422 | 65,673 |
Gain on sale of property and equipment | (12,000) | (5,000) |
Changes in: | ||
Accounts receivable-trade | (863,403) | (1,872,279) |
Inventories | 78,319 | (495,514) |
Prepaid expenses and other current assets | (221,769) | (79,673) |
Accounts payable | 594,037 | 1,185,445 |
Accrued expenses | (272,543) | (123,245) |
Deferred revenue | 307,039 | 360,106 |
Net cash used in operating activities | (183,252) | (234,074) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (42,488) | (107,600) |
Proceeds from sale of property and equipment | 12,000 | 5,000 |
Net cash used in investing activities | (30,488) | (102,600) |
Cash flows from financing activities: | ||
Net borrowings on line of credit | 193,395 | 327,918 |
Proceeds from exercise of employee stock options | 10,310 | |
Payments on note payable | (17,250) | (2,954) |
Net cash provided by financing activities | 186,455 | 324,964 |
Net decrease in cash and cash equivalents | (27,285) | (11,710) |
Cash and cash equivalents at beginning of period | 195,203 | 133,965 |
Cash and cash equivalents at end of period | 167,918 | 122,255 |
Supplemental disclosures of cash flows information: | ||
Cash paid for interest | 14,831 | 33,216 |
Supplemental disclosures of non-cash activity: | ||
Net exercise of stock options | 1,205,186 | |
Issuance of note payable to finance equipment purchase | $ 208,583 |
Shareholders Equity (Unaudited)
Shareholders Equity (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Retained Earnings / Accumulated Deficit | Treasury Stock | Total |
Beginning balance, stockholders equity at Dec. 28, 2019 | $ 5,330,990 | ||||
Beginning balance, shares at Dec. 28, 2019 | 13,427,492 | 517,053 | |||
Beginning balance, par value of shares issued at Dec. 28, 2019 | $ 134,275 | ||||
Share-based compensation expense | $ 65,673 | ||||
Repurchase of common stock, number of shares repurchased | |||||
Net income(loss) | 601,654 | $ 601,654 | |||
Ending balance, stockholders equity at Mar. 28, 2020 | 5,998,317 | ||||
Ending balance, shares at Mar. 28, 2020 | 13,427,492 | ||||
Ending balance, par value shares issued at Mar. 28, 2020 | $ 134,275 | ||||
Beginning balance, stockholders equity at Dec. 26, 2020 | 6,357,664 | $ 6,357,664 | |||
Beginning balance, shares at Dec. 26, 2020 | 13,746,242 | 996,323 | 13,746,242 | ||
Beginning balance, par value of shares issued at Dec. 26, 2020 | $ 137,462 | ||||
Share-based compensation expense | 27,422 | ||||
Repurchase of common stock | $ 1,201,509 | ||||
Repurchase of common stock, number of shares repurchased | 120,196 | ||||
Issuance of common stock pursuant to exercise of stock options | $ 1,209,358 | ||||
Issuance of common stock pursuant to exercise of stock options, number of shares issued | 613,800 | ||||
Issuance of common stock pursuant to exercise of stock options, par value | $ 6,138 | ||||
Net income(loss) | $ 30,903 | $ 30,903 | |||
Ending balance, stockholders equity at Mar. 27, 2021 | $ 6,426,299 | ||||
Ending balance, shares at Mar. 27, 2021 | 14,360,042 | 14,360,042 | |||
Ending balance, par value shares issued at Mar. 27, 2021 | $ 143,600 |
(1) Nature of Business
(1) Nature of Business | 3 Months Ended |
Mar. 27, 2021 | |
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 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. Using its proprietary MMC technology, the Company also produces light-weight armor, particularly for extreme environments and heavy threat levels. 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 | 3 Months Ended |
Mar. 27, 2021 | |
Accounting Policies [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 26, 2020 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 26, 2020 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 Per Common and C
(3) Net Income Per Common and Common Equivalent Share | 3 Months Ended |
Mar. 27, 2021 | |
Earnings Per Share [Abstract] | |
(3) Net Income Per Common and Common Equivalent Share | (3) Net Income Per Common and Common Equivalent Share Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is calculated by dividing net income 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 March 27, March 28, 2021 2020 Basic EPS Computation: Numerator: Net income $ 30,903 $ 601,654 Denominator: Weighted average Common shares Outstanding 13,584,376 13,206,436 Basic EPS $ 0.00 $ 0.05 Diluted EPS Computation: Numerator: Net income (loss) $ 30,903 $ 601,654 Denominator: Weighted average Common shares Outstanding 13,584,376 13,207,436 Dilutive effect of stock options 680,514 39,395 Total Shares 14,264,890 13,247,131 Diluted EPS $ 0.00 $ 0.05 |
(4) Commitments & Contingencies
(4) Commitments & Contingencies | 3 Months Ended |
Mar. 27, 2021 | |
Commitments & Contingencies | |
(4) Commitments & Contingencies | (4) Commitments & Contingencies Commitments Leases The Company has one real estate lease expiring in February 2026. CPS also has a few other leases for equipment which are minor in nature and are generally short-term in duration. None of these equipment leases have been capitalized as the Company elected an accounting policy for short-term leases, which allows lessees to avoid recognizing right-of-use assets and liabilities for leases with terms of 12 months or fewer. The real estate lease expiring in 2026 (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 March 27, 2021 based on the present value of lease payments over the lease term using the Company’s incremental borrowing rate at commencement date. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating Leases The Norton facility lease comprises approximately 38 thousand square feet. The lease is triple net lease wherein the Company is responsible for payment of all real estate taxes, operating costs and utilities. The Company also has an option to renew the lease starting in March 2026 through February 2032. Annual rental payments range from $152 thousand to $165 thousand through maturity. The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s capitalized operating leases as of March 27, 2021 (Dollars in Thousands) March 27, 2021 Maturity of capitalized lease liabilities Lease payments 2021 114 2022 160 162 165 165 28 Total undiscounted operating lease payments $ 794 Less: Imputed interest (130) Present value of operating lease liability $ 664 Balance Sheet Classification Current lease liability $ 148 Long-term lease liability 516 Total operating lease liability $ 664 Other Information Weighted-average remaining lease term for capitalized operating leases 59 months Weighted-average discount rate for capitalized operating leases 6.6% Operating Lease Costs and Cash Flows Operating lease cost and cash paid was $38 thousand during the first quarter of 2021. This cost is related to its long-term operating lease. All other short-term leases were immaterial. Finance Leases The company does not have any finance leases. |
(5) Share-Based Payments
(5) Share-Based Payments | 3 Months Ended |
Mar. 27, 2021 | |
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. During the quarters ended March 27, 2021 and March 28, 2020 a total of 200,000 and 59,000 stock options, respectively, were granted to employees under the Company’s 2020 Equity Incentive Plan (the “Plan”) and a total of 0 and 60,000 stock options, respectively, were granted to outside directors during the quarters ended March 27, 2021 and March 28, 2020. During the quarter ended March 27, 2021 there were 613,800 options exercised and corresponding shares During the quarter ended March 27, 2021, the Company repurchased 120,196 shares There were also 837,700 shares outstanding at a weighted average price of $1.92 with a weighted average remaining term of 6.74 years as of March 27, 2021, and there were 450,100 shares exercisable at a weighted average price of $1.74 with a weighted average remaining term of 4.92 years as of March 28, 2020. The Plan, as amended, is authorized to issue 1,500,000 shares of common stock. As of March 27, 2021, there were 1,186,000 shares available for future grants. As of March 27, 2021, there was $391 thousand of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan; that cost is expected to be recognized over a weighted average period of 1.79 years. During the quarters ended March 27, 2021 and March 28, 2020, the Company recognized approximately $27 thousand and $66 thousand, respectively, as shared-based compensation expense related to previously granted shares under the Plan. |
(6) Inventories
(6) Inventories | 3 Months Ended |
Mar. 27, 2021 | |
Inventory Disclosure [Abstract] | |
(6) Inventories | (6) Inventories Inventories consist of the following: March 27, December 26, 2021 2020 Raw materials $ 831,480 $ 752,760 Work in process 2,539,880 2,800,226 Finished goods 695,947 592,640 Gross inventory 4,067,307 4,145,626 Reserve for obsolescence (436,155) (436,155) Inventories, net $ 3,631,152 $ 3,709,471 |
(7) Accrued Expenses
(7) Accrued Expenses | 3 Months Ended |
Mar. 27, 2021 | |
Payables and Accruals [Abstract] | |
(7) Accrued Expenses | (7) Accrued Expenses Accrued expenses consist of the following: March 27, December 26, 2021 2020 Accrued legal and accounting $ 42,219 $ 71,671 Accrued payroll and related expenses 412,923 626,063 Accrued other 76,406 106,357 Total Accrued Expenses $ 531,548 $ 804,091 |
(8) Line of Credit
(8) Line of Credit | 3 Months Ended |
Mar. 27, 2021 | |
Debt Disclosure [Abstract] | |
(8) Line of Credit | (8) Line of Credit In September 2019, the Company entered into a revolving line of credit (LOC) with Massachusetts Business Development Corporation (BDC) in the amount of $2.5 million. The agreement includes a demand note allowing the Lender to call the loan at any time. The Company may terminate the agreement without a termination fee after 3 years. In May of 2020 this credit line was increased to $3.0 million. The LOC is secured by the accounts receivable and other assets of the Company and has an interest rate of LIBOR plus The line of credit is subject to certain financial covenants, all of which have been met. |
(9) Note Payable
(9) Note Payable | 3 Months Ended |
Mar. 27, 2021 | |
Debt Disclosure [Abstract] | |
(9) Note Payable | (9) Note Payable In March 2020, the Company acquired inspection equipment for a price of $208 thousand. The full amount was financed through a 5 year note payable with a third party equipment finance company. 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 aggregate maturities of the notes payable based on the payment terms of the agreement are as follows: Remaining in: Payments due by period FY 2021 $ 43,851 FY 2022 $ 55,906 FY 2023 $ 43,837 FY 2024 $ 46,757 FY 2025 $ 8,090 Total 198,441 Total interest expense on notes payable during 2021 was $2,986. |
(10) Income Taxes
(10) Income Taxes | 3 Months Ended |
Mar. 27, 2021 | |
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. The Coronavirus Aid, Relief and Economic Security Act (“Act”) became law on March 27, 2020. The Act contains two provisions that provide a tax benefit to the Company. The Act suspends the current 80% limitation on the utilization of net operating losses for taxable years beginning in 2018, 2019 and 2020. The Act also allows net operating losses arising in 2018, 2019 and 2020 to be carried back five years. The Act also accelerates the ability of the Company to recover Federal alternative minimum tax credits. The Company recorded a reduction of the valuation allowance reserve of $8 thousand during the quarter ended March 27, 2021 to account for the utilization of deferred tax assets to reduce the current tax liability for the quarter ended March 27, 2021. As a result of the utilization of deferred tax assets, the Company did not record a provision for income taxes for the quarter ended March 27, 2021. |
(3) Net Income Per Common and_2
(3) Net Income Per Common and Common Equivalent Share (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Earnings Per Share [Abstract] | |
Table presents the calculation of both basic and diluted EPS: | Three Months Ended March 27, March 28, 2021 2020 Basic EPS Computation: Numerator: Net income $ 30,903 $ 601,654 Denominator: Weighted average Common shares Outstanding 13,584,376 13,206,436 Basic EPS $ 0.00 $ 0.05 Diluted EPS Computation: Numerator: Net income (loss) $ 30,903 $ 601,654 Denominator: Weighted average Common shares Outstanding 13,584,376 13,207,436 Dilutive effect of stock options 680,514 39,395 Total Shares 14,264,890 13,247,131 Diluted EPS $ 0.00 $ 0.05 |
(4) Commitments & Contingenci_2
(4) Commitments & Contingencies (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Commitments & Contingencies | |
Table | (Dollars in Thousands) March 27, 2021 Maturity of capitalized lease liabilities Lease payments 2021 114 2022 160 162 165 165 28 Total undiscounted operating lease payments $ 794 Less: Imputed interest (130) Present value of operating lease liability $ 664 Balance Sheet Classification Current lease liability $ 148 Long-term lease liability 516 Total operating lease liability $ 664 Other Information Weighted-average remaining lease term for capitalized operating leases 59 months Weighted-average discount rate for capitalized operating leases 6.6% |
(6) Inventories (Tables)
(6) Inventories (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | March 27, December 26, 2021 2020 Raw materials $ 831,480 $ 752,760 Work in process 2,539,880 2,800,226 Finished goods 695,947 592,640 Gross inventory 4,067,307 4,145,626 Reserve for obsolescence (436,155) (436,155) Inventories, net $ 3,631,152 $ 3,709,471 |
(7) Accrued Expenses (Tables)
(7) Accrued Expenses (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Payables and Accruals [Abstract] | |
Accrued expenses | March 27, December 26, 2021 2020 Accrued legal and accounting $ 42,219 $ 71,671 Accrued payroll and related expenses 412,923 626,063 Accrued other 76,406 106,357 Total Accrued Expenses $ 531,548 $ 804,091 |
(9) Note Payable (Tables)
(9) Note Payable (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Debt Disclosure [Abstract] | |
Payment due by period: | Remaining in: Payments due by period FY 2021 $ 43,851 FY 2022 $ 55,906 FY 2023 $ 43,837 FY 2024 $ 46,757 FY 2025 $ 8,090 Total 198,441 |
(3) Net Income Per Common and_3
(3) Net Income Per Common and Common Equivalent Share - Table presents the calculation of both basic and diluted EPS: (Details) - USD ($) | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Basic EPS Computation: | ||
Net income | $ 30,903 | $ 601,654 |
Weighted average Common shares Outstanding | 13,584,376 | 13,207,436 |
Basic EPS | $ 0 | $ 0.05 |
Diluted EPS Computation: | ||
Net income (loss) | $ 30,903 | $ 601,654 |
Weighted average Common shares Outstanding | 13,584,376 | 13,207,436 |
Dilutive effect of stock options | $ 680,514 | $ 39,395 |
Total Shares | 14,264,890 | 13,247,131 |
Diluted EPS | $ 0 | $ 0.05 |
(4) Commitments & Contingenci_3
(4) Commitments & Contingencies - Table (Details) | Mar. 27, 2021USD ($) |
Commitments & Contingencies | |
2021 | $ 114 |
2022 | 160 |
2023 | 162 |
2024 | 165 |
2025 | 165 |
2026 | 28 |
Total undiscounted operating lease payments | 794 |
Less: Imputed interest | (130) |
Present value of operating lease liability | 664 |
Current lease liability | 148 |
Long-term lease liability | 516 |
Total operating lease liability | $ 664 |
Weighted-average remaining lease term for capitalized operating leases | 4 years 11 months |
Weighted-average discount rate for capitalized operating leases | 660.00% |
(6) Inventories - Inventories (
(6) Inventories - Inventories (Details) - USD ($) | Mar. 27, 2021 | Dec. 26, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 831,480 | $ 752,760 |
Work in process | 2,539,880 | 2,800,226 |
Finished goods | 695,947 | 592,640 |
Gross inventory | 4,067,307 | 4,145,626 |
Reserve for obsolescence | (436,155) | (436,155) |
Inventories, net | $ 3,631,152 | $ 3,709,471 |
(7) Accrued Expenses - Accrued
(7) Accrued Expenses - Accrued expenses (Details) - USD ($) | Mar. 27, 2021 | Dec. 26, 2020 |
Payables and Accruals [Abstract] | ||
Accrued legal and accounting | $ 42,219 | $ 71,671 |
Accrued payroll and related expenses | 412,923 | 626,063 |
Accrued other | 76,406 | 106,357 |
Total Accrued Expenses | $ 531,548 | $ 804,091 |
(5) Share-Based Payments (Detai
(5) Share-Based Payments (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Stock options granted in the period | 200,000 | 59,000 |
Stock options granted to outside directors in the period | 60,000 | |
Stock options exercised in the period | 613,800 | |
Shares repurchased for employees to facilitate exercise of their stock options | 120,196 | |
Share-based compensation expense recognized in the period (in thousands) | $ 27 | $ 66 |