CPS Technologies (CPSH) 10-Q 4 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jul. 01, 2023	Jul. 25, 2023
Document Information [Line Items]
Entity Central Index Key	0000814676
Entity Registrant Name	CPS TECHNOLOGIES CORP/DE/
Amendment Flag	false
Current Fiscal Year End Date	--12-30
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 01, 2023
Document Transition Report	false
Entity File Number	0-16088
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2832509
Entity Address, Address Line One	111 South Worcester Street
Entity Address, City or Town	Norton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02766-2102
City Area Code	508
Local Phone Number	222-0614
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
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CPSH
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		14,516,544

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Jul. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 8,681,225	$ 8,266,753
Accounts receivable-trade, net	5,074,559	3,777,975
Accounts receivable-other	74,639	685,668
Inventories, net	4,813,753	4,875,901
Prepaid expenses and other current assets	288,315	211,242
Total current assets	18,932,491	17,817,539
Property and equipment:
Production equipment	11,028,500	10,770,427
Furniture and office equipment	952,883	952,883
Leasehold improvements	985,649	985,649
Total cost	12,967,032	12,708,959
Accumulated depreciation and amortization	(11,699,870)	(11,446,901)
Construction in progress	240,415	64,910
Net property and equipment	1,507,578	1,326,968
Right-of-use lease asset	400,000	466,000
Deferred taxes, net	1,664,032	2,069,436
Total assets	22,504,101	21,679,943
LIABILITIES AND STOCKHOLDERS` EQUITY
Common stock, $0.01 par value, authorized 20,000,000 shares; issued 14,546,487 and 14,460,486 shares; outstanding 14,511,544 and 14,450,470 shares; at July 1, 2023 and December 31, 2022, respectively	145,465	144,605
Additional paid-in capital	39,978,453	39,726,851
Accumulated deficit	(23,065,388)	(24,125,092)
Less cost of 34,943 and 10,016 common shares repurchased at July 1, 2023 and December 31, 2022, respectively	(111,938)	(40,848)
Total stockholders` equity	16,946,592	15,705,516
Total liabilities and stockholders` equity	22,504,101	21,679,943
Current liabilities:
Note payable, current portion	56,681	43,711
Accounts payable	2,359,532	1,836,865
Accrued expenses	861,514	820,856
Deferred revenue	1,828,068	2,521,128
Current lease liability	158,000	157,000
Total current liabilities	5,263,795	5,379,560
Note payable less current portion	20,437	54,847
Deferred revenue – long term	31,277	231,020
Long-term lease liability	242,000	309,000
Total liabilities	5,557,509	5,974,427
Commitments and contingencies (note 4)

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Jul. 01, 2023	Dec. 31, 2022
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares (in shares)	20,000,000	20,000,000
Common stock, issued shares (in shares)	14,546,487	14,460,486
Common stock, outstanding shares (in shares)	14,511,544	14,450,470
Treasury stock, shares (in shares)	34,943	10,016

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Revenues:
Product sales	$ 7,418,138	$ 7,070,743	$ 14,518,405	$ 13,723,457
Total revenues	7,418,138	7,070,743	14,518,405	13,723,457
Cost of product sales	5,221,880	5,242,106	10,077,444	9,931,330
Gross Margin	2,196,259	1,828,637	4,440,961	3,792,127
Selling, general, and administrative expense	1,465,349	1,159,157	3,015,871	2,575,550
Income from operations	730,910	669,480	1,425,090	1,216,577
Interest income (expense), net	79,652	1,594	95,242	(319)
Net income before income tax	810,562	671,074	1,520,332	1,216,258
Income tax provision	210,058	215,966	460,628	341,714
Net income	$ 600,503	$ 455,108	$ 1,059,704	$ 874,544
Net income per basic common share (in dollars per share)	$ 0.04	$ 0.03	$ 0.07	$ 0.06
Weighted average number of basic common shares outstanding (in shares)	14,493,970	14,431,825	14,473,128	14,410,064
Net income per diluted common share (in dollars per share)	$ 0.04	$ 0.03	$ 0.07	$ 0.06
Weighted average number of diluted common shares outstanding (in shares)	14,621,929	14,708,646	14,630,765	14,682,516

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Total
Balance (in shares) at Apr. 02, 2022	14,423,486
Balance at Apr. 02, 2022	$ 144,235	$ 39,546,975	$ (25,837,056)	$ (5,623)	$ 13,848,531
Share-based compensation expense		39,384			$ 39,384
Employee option exercises (in shares)	15,300				15,300
Employee option exercises	$ 153	21,870		(15,226)	$ 6,797
Net income (loss)			455,108		455,108
Issuance of common stock		(8,144)			(8,144)
Balance (in shares) at Jul. 02, 2022	14,438,786
Balance at Jul. 02, 2022	$ 144,388	39,600,085	(25,381,948)	(20,849)	14,341,676
Balance (in shares) at Dec. 25, 2022	14,350,786
Balance at Dec. 25, 2022	$ 143,508	39,281,810	(26,256,492)	(2,515)	13,166,311
Share-based compensation expense		163,855			163,855
Employee option exercises (in shares)	88,000
Employee option exercises	$ 880	172,178		(18,334)	154,724
Net income (loss)			874,544		874,544
Issuance of common stock		(17,758)			(17,758)
Balance (in shares) at Jul. 02, 2023	14,438,786
Balance at Jul. 02, 2023	$ 144,388	39,600,085	(25,381,948)	(20,849)	14,341,676
Balance (in shares) at Dec. 31, 2022	14,460,486
Balance at Dec. 31, 2022	$ 144,605	39,726,851	(24,125,092)	(40,848)	15,705,516
Share-based compensation expense		147,757			$ 147,757
Employee option exercises (in shares)	86,001				86,000
Employee option exercises	$ 860	103,845		(71,090)	$ 33,615
Net income (loss)			1,059,704		1,059,704
Balance (in shares) at Jul. 01, 2023	14,546,487
Balance at Jul. 01, 2023	$ 145,465	39,978,453	(23,065,388)	(111,938)	16,946,592
Balance (in shares) at Apr. 01, 2023	14,467,487
Balance at Apr. 01, 2023	$ 144,675	39,867,507	(23,665,891)	(41,638)	16,304,653
Share-based compensation expense		17,316			$ 17,316
Employee option exercises (in shares)	79,000				79,000
Employee option exercises	$ 790	93,630		(70,300)	$ 24,120
Net income (loss)			600,503		600,503
Balance (in shares) at Jul. 01, 2023	14,546,487
Balance at Jul. 01, 2023	$ 145,465	$ 39,978,453	$ (23,065,388)	$ (111,938)	$ 16,946,592

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Cash flows from operating activities:
Net income (loss)	$ 1,059,704	$ 874,544
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Depreciation and amortization	252,969	211,641
Share-based compensation	147,757	163,855
Changes in:
Accounts receivable-trade	(1,296,584)	333,048
Accounts receivable-other	611,028
Inventories	62,148	(754,117)
Prepaid expenses and other current assets	(77,073)	(87,628)
Accounts payable	522,667	(478,973)
Accrued expenses	40,658	(438,249)
Deferred taxes	405,404	341,258
Deferred revenue	(892,803)
Net cash provided by operating activities	835,875	210,784
Cash flows from investing activities:
Purchases of property and equipment	(433,579)	(291,631)
Net cash used in investing activities	(433,579)	(291,631)
Cash flows from financing activities:
Proceeds from exercise of employee stock options, net of repurchases	33,615	154,724
Proceeds from issuance of common stock, net of expenses		(17,758)
Payments on note payable	(21,439)	(30,149)
Net cash provided by financing activities	12,176	106,817
Net increase in cash and cash equivalents	414,472	25,970
Cash and cash equivalents at beginning of period	8,266,753	5,050,312
Cash and cash equivalents at end of period	8,681,225	5,076,282
Supplemental disclosures of cash flows information:
Cash paid for interest	2,902	4,353
Cash paid for taxes	79,456	79,456
Supplemental disclosures of non-cash activity:
Net exercise of stock options	$ 71,090	$ 18,334

Note 1 - Nature of Business

Note 1 - Nature of Business	6 Months Ended
	Jul. 01, 2023
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	( 1 ) Nature of Business CPS Technologies Corp. (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 may Using its proprietary MMC technology, the Company also produces light-weight armor, particularly for extreme environments and heavy ballistic threat levels. The Company sells into several end markets including the aerospace & defense markets, wireless communications infrastructure market, high-performance microprocessor market, motor controller market, and other microelectronic markets.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jul. 01, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	( 2 ) Summary of Significant Accounting Policies As permitted by the rules of the Securities and Exchange Commission applicable to quarterly reports on Form 10 not 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 31, 2022 not For further information, refer to the financial statements and footnotes thereto included in the Registrant’s Annual Report on Form 10 December 31, 2022 The results of operations for interim periods are not

Note 3 - Net Income Per Common

Note 3 - Net Income Per Common and Common Equivalent Share	6 Months Ended
	Jul. 01, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	( 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 Six Months Ended July 1, July 2, July 1, July 2, 2023 2022 2023 2022 Basic EPS Computation: Numerator: Net income (loss) $ 600,503 $ 455,108 $ 1,059,704 $ 874,544 Denominator: Weighted average Common shares Outstanding 14,493,970 14,431,825 14,473,128 14,410,064 Basic EPS $ 0.04 $ 0.03 $ 0.07 $ 0.06 Diluted EPS Computation: Numerator: Net income (loss) $ 600,503 $ 455,108 $ 1,059,704 $ 874,544 Denominator: Weighted average Common shares Outstanding 14,493,970 14,431,825 14,473,128 14,410,064 Dilutive effect of stock options 127,959 276,821 157,637 272,452 Total Shares 14,621,929 14,708,646 14,630,765 14,682,516 Diluted EPS $ 0.04 $ 0.03 $ 0.07 $ 0.06

Note 4 - Commitments & Continge

Note 4 - Commitments & Contingencies	6 Months Ended
	Jul. 01, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	( 4 ) Commitments & Contingencies Commitments Leases The Company has one February 2026. None 12 The real estate lease expiring in 2026 March 1, 2021 not 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 February 2032. The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s capitalized operating lease as of July 1, 2023 (Dollars in Thousands) July 1, 2023 Maturity of capitalized lease liabilities Lease payments 2023 81 2024 165 2025 165 2026 28 Total undiscounted operating lease payments $ 439 Less: Imputed interest (39 ) Present value of operating lease liability $ 400 Balance Sheet Classification Current lease liability $ 158 Long-term lease liability 242 Total operating lease liability $ 400 Other Information Remaining lease term for capitalized operating lease (months) 32 Discount rate for capitalized operating leases 6.6 % Operating Lease Costs and Cash Flows Operating lease cost and cash paid was $41 thousand during the second 2023 six July 1, 2023. Finance Leases The company does not

Note 5 - Share-based Payments

Note 5 - Share-based Payments	6 Months Ended
	Jul. 01, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	( 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 quarter ended July 1, 2023, 2020 July 1, 2023, July 2, 2022, 2020 July 2, 2022, During the three six July 1, 2023, three six July 2, 2022, During the three six July 1, 2023, three six July 2, 2022, There were also 754,800 shares outstanding at a weighted average price of $2.61 with a weighted average remaining term of 5.67 years as of July 1, 2023, July 1, 2023. July 1, 2023, As of July 1, 2023, During the three six July 1, 2023, During the three six July 2, 2022,

Note 6 - Inventories

Note 6 - Inventories	6 Months Ended
	Jul. 01, 2023
Notes to Financial Statements
Inventory Disclosure [Text Block]	( 6 ) Inventories Inventories consist of the following: July 1, December 31, 2023 2022 Raw materials $ 2,886,278 $ 2,645,442 Work in process 1,603,511 1,863,512 Finished goods 516,889 525,872 Total inventory 5,006,678 5,034,826 Reserve for obsolescence (192,925 ) (158,925 ) Inventories, net $ 4,813,753 $ 4,875,901

Note 7 - Accrued Expenses

Note 7 - Accrued Expenses	6 Months Ended
	Jul. 01, 2023
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	( 7 ) Accrued Expenses Accrued expenses consist of the following: July 1, December 31, 2023 2022 Accrued legal and accounting $ 51,489 $ 35,398 Accrued payroll and related expenses 685,785 760,305 Accrued other 124,240 25,153 $ 861,514 $ 820,856

Note 8 - Line of Credit

Note 8 - Line of Credit	6 Months Ended
	Jul. 01, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	( 8 ) Line of Credit In May 2023, July 1, 2023,

Note 9 - Notes Payable

Note 9 - Notes Payable	6 Months Ended
	Jul. 01, 2023
Notes to Financial Statements
Long-Term Debt [Text Block]	( 9 ) Note Payable In March 2020, third 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 2023 $ 22,272 FY 2024 $ 46,757 FY 2025 $ 8,090 Total 77,119 Total interest expense on notes payable during 2023

Note 10 - Income Taxes

Note 10 - Income Taxes	6 Months Ended
	Jul. 01, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 10 ) Income Taxes For the three six July 1, 2023

Note 3 - Net Income Per Commo_2

Note 3 - Net Income Per Common and Common Equivalent Share (Tables)	6 Months Ended
	Jul. 01, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, 2023 2022 2023 2022 Basic EPS Computation: Numerator: Net income (loss) $ 600,503 $ 455,108 $ 1,059,704 $ 874,544 Denominator: Weighted average Common shares Outstanding 14,493,970 14,431,825 14,473,128 14,410,064 Basic EPS $ 0.04 $ 0.03 $ 0.07 $ 0.06 Diluted EPS Computation: Numerator: Net income (loss) $ 600,503 $ 455,108 $ 1,059,704 $ 874,544 Denominator: Weighted average Common shares Outstanding 14,493,970 14,431,825 14,473,128 14,410,064 Dilutive effect of stock options 127,959 276,821 157,637 272,452 Total Shares 14,621,929 14,708,646 14,630,765 14,682,516 Diluted EPS $ 0.04 $ 0.03 $ 0.07 $ 0.06

Note 4 - Commitments & Contin_2

Note 4 - Commitments & Contingencies (Tables)	6 Months Ended
	Jul. 01, 2023
Notes Tables
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	(Dollars in Thousands) July 1, 2023 Maturity of capitalized lease liabilities Lease payments 2023 81 2024 165 2025 165 2026 28 Total undiscounted operating lease payments $ 439 Less: Imputed interest (39 ) Present value of operating lease liability $ 400 Balance Sheet Classification Current lease liability $ 158 Long-term lease liability 242 Total operating lease liability $ 400 Other Information Remaining lease term for capitalized operating lease (months) 32 Discount rate for capitalized operating leases 6.6 %

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	6 Months Ended
	Jul. 01, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	July 1, December 31, 2023 2022 Raw materials $ 2,886,278 $ 2,645,442 Work in process 1,603,511 1,863,512 Finished goods 516,889 525,872 Total inventory 5,006,678 5,034,826 Reserve for obsolescence (192,925 ) (158,925 ) Inventories, net $ 4,813,753 $ 4,875,901

Note 7 - Accrued Expenses (Tabl

Note 7 - Accrued Expenses (Tables)	6 Months Ended
	Jul. 01, 2023
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	July 1, December 31, 2023 2022 Accrued legal and accounting $ 51,489 $ 35,398 Accrued payroll and related expenses 685,785 760,305 Accrued other 124,240 25,153 $ 861,514 $ 820,856

Note 9 - Notes Payable (Tables)

Note 9 - Notes Payable (Tables)	6 Months Ended
	Jul. 01, 2023
Notes Tables
Schedule of Maturities of Long-Term Debt [Table Text Block]	Remaining in: Payments due by period FY 2023 $ 22,272 FY 2024 $ 46,757 FY 2025 $ 8,090 Total 77,119

Note 3 - Net Income Per Commo_3

Note 3 - Net Income Per Common and Common Equivalent Share - Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 02, 2023	Jul. 01, 2023	Jul. 02, 2022
Basic EPS Computation:
Net income (loss)	$ 600,503	$ 455,108	$ 874,544	$ 1,059,704	$ 874,544
Weighted average common shares outstanding (in shares)	14,493,970	14,431,825		14,473,128	14,410,064
Basic EPS (in dollars per share)	$ 0.04	$ 0.03		$ 0.07	$ 0.06
Diluted EPS Computation:
Net income (loss)	$ 600,503	$ 455,108	$ 874,544	$ 1,059,704	$ 874,544
Weighted average common shares outstanding (in shares)	14,493,970	14,431,825		14,473,128	14,410,064
Dilutive effect of stock options (in shares)	127,959	276,821		157,637	272,452
Total Shares (in shares)	14,621,929	14,708,646		14,630,765	14,682,516
Diluted EPS (in dollars per share)	$ 0.04	$ 0.03		$ 0.07	$ 0.06

Note 4 - Commitments & Contin_3

Note 4 - Commitments & Contingencies (Details Textual) ft² in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 01, 2023 USD ($) ft²	Jul. 01, 2023 USD ($) ft²
Area of Real Estate Property (Square Foot) | ft²	38	38
Norton Facility [Member]
Operating Lease, Expense	$ 41	$ 81
Minimum [Member]
Lessee, Operating Lease, Annual Rent Payments		160
Maximum [Member]
Lessee, Operating Lease, Annual Rent Payments		$ 165

Note 4 - Commitments & Contin_4

Note 4 - Commitments & Contingencies - Maturity of Capitalized Lease Liabilities (Details) - USD ($)	Jul. 01, 2023	Dec. 31, 2022
2023	$ 81,000
2024	165,000
2025	165,000
2026	28,000
Total undiscounted operating lease payments	439,000
Less: Imputed interest	(39,000)
Present value of operating lease liability	400,000
Current lease liability	158,000	$ 157,000
Long-term lease liability	242,000	$ 309,000
Total operating lease liability	$ 400,000
Remaining lease term for capitalized operating lease (months) (Year)	32 years
Discount rate for capitalized operating leases	6.60%

Note 5 - Share-based Payments (

Note 5 - Share-based Payments (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)	79,000	15,300	86,000	88,000
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	$ 2.66	$ 4.41
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share)	$ 1.20	$ 1.44	$ 1.22	$ 1.97
Stock Repurchased During Period, Shares (in shares)	24,642	3,143	24,927	3,983
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	754,800		754,800
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 2.61		$ 2.61
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)			5 years 8 months 1 day
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares)	551,000		551,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 2.45		$ 2.45
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year)			4 years 9 months
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	1,500,000		1,500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	1,036,400		1,036,400
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 294		$ 294
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			1 year 11 months 1 day
Share-Based Payment Arrangement, Expensed and Capitalized, Amount	$ 17,316	$ 39,384	$ 147,757	$ 163,855
Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)	60,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	0	15,000
Outside Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		0

Note 6 - Inventories - Inventor

Note 6 - Inventories - Inventories (Details) - USD ($)	Jul. 01, 2023	Dec. 31, 2022
Raw materials	$ 2,886,278	$ 2,645,442
Work in process	1,603,511	1,863,512
Finished goods	516,889	525,872
Total inventory	5,006,678	5,034,826
Reserve for obsolescence	(192,925)	(158,925)
Inventories, net	$ 4,813,753	$ 4,875,901

Note 7 - Accrued Expenses - Acc

Note 7 - Accrued Expenses - Accrued Expenses (Details) - USD ($)	Jul. 01, 2023	Dec. 31, 2022
Accrued legal and accounting	$ 51,489	$ 35,398
Accrued payroll and related expenses	685,785	760,305
Accrued other	124,240	25,153
Accounts Payable and Accrued Liabilities, Current	$ 861,514	$ 820,856

Note 8 - Line of Credit (Detail

Note 8 - Line of Credit (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands	Jul. 01, 2023	May 01, 2023	May 31, 2020
Massachusetts Business Development Corporation [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 3,000
Long-term Line of Credit, Total	$ 0
Line of Credit Facility, Remaining Borrowing Capacity	$ 3,000
Rockland Trust Company [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 3,000

Note 9 - Notes Payable (Details

Note 9 - Notes Payable (Details Textual) - USD ($)		1 Months Ended	3 Months Ended
	Sep. 30, 2019	Mar. 31, 2020	Jul. 01, 2023	Dec. 31, 2022
Property, Plant and Equipment, Gross, Ending Balance			$ 12,967,032	$ 12,708,959
Interest Expense, Debt			$ 2,902
Massachusetts Business Development Corporation [Member] | Revolving Credit Facility [Member]
Debt Instrument, Termination Period (Year)	3 years
Microscope Note Payable [Member]
Debt Instrument, Term (Year)		5 years
Debt Instrument, Periodic Payment, Total		$ 4,000
Debt Instrument, Interest Rate, Stated Percentage		6.47%
Sonoscan Ultrasound Microscope [Member]
Property, Plant and Equipment, Gross, Ending Balance		$ 208,000

Note 9 - Note Payable - Note Pa

Note 9 - Note Payable - Note Payable Maturities (Details)	Jul. 01, 2023 USD ($)
FY 2023	$ 22,272
FY 2024	46,757
FY 2025	8,090
Total	$ 77,119

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Jul. 01, 2023	Jul. 01, 2023
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 179	$ 405