Servotronics (SVT) 10-Q 15 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 18, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Entity File Number	1-07109
Entity Registrant Name	SERVOTRONICS INC /DE/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-0837866
Entity Address, Address Line One	1110 Maple Street
Entity Address, City or Town	Elma
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14059
City Area Code	716
Local Phone Number	655-5990
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		2,491,667
Entity Central Index Key	0000089140
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Trading Symbol	SVT
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSEAMER

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash	$ 11,826	$ 5,935
Accounts receivable, net	8,151	7,636
Other receivables-employee retention credit (ERC)	1,028
Inventories, net	20,620	23,406
Prepaid income taxes	465	483
Other current assets	626	383
Total current assets	42,716	37,843
Property, plant and equipment, net	11,048	12,017
Deferred income taxes	125	137
Other non-current assets	324	331
Total Assets	54,213	50,328
Current liabilities:
Current portion of long-term debt	423	2,334
Current portion of capitalized loan/lease obligations	378	301
Dividend payable		12
Accounts payable	1,568	1,599
Accrued employee compensation and benefits costs	2,158	1,649
Other accrued liabilities	3,553	874
Total current liabilities	8,080	6,769
Long-term debt	4,829	7,293
Post retirement obligation	2,556	2,529
Shareholders' equity:
Common stock, par value $0.20; authorized 4,000,000 shares; issued 2,614,506 shares; outstanding 2,419,923 (2,416,683 - 2020) shares	523	523
Capital in excess of par value	14,498	14,481
Retained earnings	26,768	21,803
Accumulated other comprehensive loss	(1,310)	(1,356)
Employee stock ownership trust commitment	(359)	(359)
Treasury stock, at cost 122,839 (126,079 - 2020) shares	(1,372)	(1,355)
Total shareholders' equity	38,748	33,737
Total Liabilities and Shareholders' Equity	$ 54,213	$ 50,328

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, shares authorized	4,000,000	4,000,000
Common stock, shares issued	2,614,506	2,614,506
Common stock, shares outstanding	2,419,923	2,416,683
Treasury stock, shares	122,839	126,079

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 10,915,000			$ 10,297,000			$ 30,003,000	$ 39,249,000
Costs and expenses:
Costs of goods sold, inclusive of depreciation and amortization	9,143,000			10,462,000			25,366,000	31,682,000
Gross margin income/(loss)	1,772,000			(165,000)			4,637,000	7,567,000
Operating Expenses:
Selling, general and administrative	2,721,000			2,096,000			6,903,000	6,112,000
Legal settlement awards	1,890,000						1,890,000
Total operating expenses	4,611,000			2,096,000			8,793,000	6,112,000
Operating (loss)/income	(2,839,000)			(2,261,000)			(4,156,000)	1,455,000
Other income/(expense):
Employee retention credit (ERC)	1,978,000						5,622,000
Gain on Paycheck Protection Program loan forgiveness	4,000,000						4,000,000
Interest expense	(5,000)			(42,000)			(132,000)	(134,000)
Total other income/(expense)	5,973,000			(42,000)			9,490,000	(134,000)
Income/(loss) before income tax provision	3,134,000			(2,303,000)			5,334,000	1,321,000
Income tax (benefit)/ provision	(104,000)			(521,000)			369,000	240,000
Net income/(loss)	$ 3,238,000	$ 1,186,000	$ 541,000	$ (1,782,000)	$ 965,000	$ 1,898,000	$ 4,965,000	$ 1,081,000
Basic
Net income (loss) per share	$ 1.34			$ (0.75)			$ 2.07	$ 0.46
Diluted
Net income (loss) per share	$ 1.34			$ (0.75)			$ 2.06	$ 0.45

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income/(loss)	$ 3,238	$ (1,782)	$ 4,965	$ 1,081
Other comprehensive income items:
Actuarial gain	19		58
Income tax expense on actuarial gain	(4)		(12)
Other comprehensive income:
Retirement benefits adjustment	15		46
Total comprehensive income (loss)	$ 3,253	$ (1,782)	$ 5,011	$ 1,081

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows related to operating activities:
Net Income	$ 4,965,000	$ 1,081,000
Adjustments to reconcile net income to net cash generated/(used) by operating activities:
Paycheck Protection Program loan forgiveness	(4,000,000)
Depreciation and amortization	1,043,000	1,072,000
Stock based compensation	81,000	255,000
Gain on disposal of property		(1,000)
Decrease in doubtful accounts	(34,000)	(150,000)
(Decrease)/increase in inventory reserve	(75,000)	240,000
Increase/(decrease) in warranty reserve	14,000	(133,000)
Deferred income taxes	12,000
Change in assets and liabilities:
Accounts receivable	(481,000)	6,564,000
Other receivables: employee retention credit	(1,028,000)
Inventories	2,861,000	(5,242,000)
Prepaid income taxes	18,000	(352,000)
Other current assets	(242,000)	(148,000)
Other non-current assets		1,000
Accounts payable	(31,000)	(1,213,000)
Dividends payable	(12,000)	(1,000)
Accrued employee compensation and benefit costs	509,000	6,000
Other accrued liabilities	2,665,000	147,000
Postretirement benefits	73,000
Net cash generated by operating activities	6,338,000	2,126,000
Cash flows related to investing activities:
Capital expenditures - property, plant and equipment	(68,000)	(708,000)
Net cash (used) by investing activities	(68,000)	(708,000)
Cash flows related to financing activities:
Principal payments on long-term debt	(911,000)	(410,000)
Principal payments on equipment financing lease obligations	(271,000)	(220,000)
Proceeds from equipment note and equipment financing lease obligations	384,000
Proceeds from the line of credit	500,000	750,000
Purchase of treasury shares	(81,000)	(100,000)
Proceeds from Paycheck Protection Program		4,000,000
Net cash (used) generated by financing activities	(379,000)	4,020,000
Net increase in cash	5,891,000	5,438,000
Cash at beginning of period	5,935,000	2,029,000
Cash at end of period	$ 11,826,000	$ 7,467,000

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Basis of Presentation
Basis of Presentation	1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements (“consolidated financial statements”) have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements. The accompanying consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The consolidated financial statements should be read in conjunction with the 2020 annual report and the notes thereto.

Business Description and Summar

Business Description and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Business Description and Summary of Significant Accounting Policies
Business Description and Summary of Significant Accounting Policies	2. Business Description and Summary of Significant Accounting Policies Business Description Servotronics, Inc. and its subsidiaries design, manufacture and market advanced technology products consisting primarily of control components, and consumer products consisting of knives and various types of cutlery and other edged products. Principles of Consolidation The consolidated financial statements include the accounts of Servotronics, Inc. and its wholly-owned subsidiaries (the “Company”). All intercompany balances and transactions have been eliminated upon consolidation. Cash The Company considers cash to include all currency and coins owned by the Company as well as all deposits in the bank including checking accounts and savings accounts. Accounts Receivable The Company grants credit to substantially all of its customers and carries its accounts receivable at original invoice amount less an allowance for doubtful accounts. On a periodic basis, the Company evaluates its accounts receivable and establishes an allowance for doubtful accounts based on history of past write-offs, collections, and current credit conditions. The allowance for doubtful accounts amounted to approximately $154,000 at September 30, 2021 and $188,000 at December 31, 2020. The Company does not accrue interest on past due receivables. Revenue Recognition Revenues are recognized at the time of shipment of goods, transfer of title and customer acceptance, as required. Our revenue transactions generally consist of a single performance obligation to transfer contracted goods and are not accounted for under industry-specific guidance. Purchase orders generally include specific terms relative to quantity, item description, specifications, price, customer responsibility for in-process costs, delivery schedule, shipping point, payment and other standard terms and conditions of purchase. Service sales, principally representing repair, are recognized at the time of shipment of goods. The costs incurred for nonrecurring engineering, development and repair activities of our products under agreements with commercial customers are expensed as incurred. Subsequently, the revenue is recognized as products are delivered to the customers with the approval by the customers. Revenue is recognized at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods and services to a customer. The Company determines revenue recognition using the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when the company satisfies a performance obligation. Revenue excludes taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer (e.g., sales and use taxes). Revenue includes payments for shipping activities that are reimbursed by the customer to the Company. Performance obligations are satisfied as of a point in time. Performance obligations are supported by contracts with customers, providing a framework for the nature of the distinct goods, services or bundle of goods and services. The timing of satisfying the performance obligation is typically indicated by the terms of the contract. As a significant portion of the Company’s revenue are recognized at the time of shipment, transfer of title and customer acceptance, there is no significant judgment applied to determine the timing of the satisfaction of performance obligations or transaction price. The timing of satisfaction of our performance obligations does not significantly vary from the typical timing of payment. The Company generally receives payment for these contracts within the payment terms negotiated and agreed upon by each customer contract. Warranty and repair obligations are assessed on all returns. Revenue is not recorded on any warranty returns. The Company warrants its products against design, materials and workmanship based on an average of twenty-seven months. The Company determines warranty reserves needed based on actual average costs of warranty units shipped and current facts and circumstances. As of September 30, 2021 and December 31, 2020 under the guidance of ASC460 the Company has recorded a warranty reserve of approximately $396,000 and $382,000, respectively. This amount is reflected in other accrued expenses in the accompanying consolidated balance sheets. Revenue is recognized on repair returns, covered under a customer contract, at the contractual price upon shipment to the customer. Inventories Inventories are stated at the lower of cost or net realizable value. Cost includes all costs incurred to bring each product to its present location and condition. Market provisions in respect of lower of cost or market adjustments and inventory expected to be used in greater than two years are applied to the gross value of the inventory through a reserve of approximately $1,645,000 and $1,720,000 at September 30, 2021 and December 31, 2020, respectively. Pre-production and start-up costs are expensed as incurred. The purchase of suppliers’ minimum economic quantities of material such as steel, etc. may result in a purchase of quantities exceeding one year of customer requirements. Also, in order to maintain a reasonable and/or agreed to lead time, certain larger quantities of other product support items may have to be purchased and may result in over one year’s supply. These amounts are not included in the inventory reserve discussed above. Shipping and Handling Costs Shipping and handling costs are classified as a component of cost of goods sold. Property, Plant and Equipment Property, plant and equipment is carried at cost; expenditures for new facilities and equipment and expenditures which substantially increase the useful lives of existing plant and equipment are capitalized; expenditures for maintenance and repairs are expensed as incurred. Upon disposal of properties, the related cost and accumulated depreciation are removed from the respective accounts and any profit or loss on disposition is included in income. Depreciation is provided on the basis of estimated useful lives of depreciable properties, primarily by the straight-line method for financial statement purposes and by accelerated methods for income tax purposes. Depreciation expense includes the amortization of right-of-use (“ROU”) assets accounted for as finance leases. The estimated useful lives of depreciable properties are generally as follows: ​ ​ ​ ​ Buildings and improvements 5-40 years Machinery and equipment ​ 5-20 years Tooling ​ 3‑5 years ​ Income Taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ ​ ​ ​ September 30, ​ ​ ​ ​ 2021 2020 % Change ​ ​ ($000’s omitted) ​ ​ ​ Income Tax Expense $ 369 $ 240 53.8 % Effective tax rate ​ 6.9 % ​ 18.2 % (62.1) % ​ The decrease in the effective tax rate during the nine months ended September 30, 2021 was primarily due to a decrease in permanent deductible expenses, primarily the PPP loan forgiveness and other permanent differences. In addition, there are other permanent deductions that decreased the effective tax rate and our investments in research and development has increased the R&D credit. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities, as well as operating loss and credit carryforwards. The Company and its subsidiaries file a consolidated federal income tax return, combined New York, Texas, California and Connecticut state income tax returns and a separate Arkansas state income tax return. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company did not have any accrued interest or penalties included in its consolidated balance sheets at September 30, 2021 or December 31, 2020, and did not recognize any interest and/or penalties in its consolidated statements of income and (loss) during the three and nine months ended September 30, 2021 and 2020. The Company did not have any material uncertain tax positions or unrecognized tax benefits or obligations as of September 30, 2021 and December 31, 2020. The 2017 through 2020 federal and state tax returns remain subject to examination. Supplemental Cash Flow Information Income taxes paid during the nine months ended September 30, 2021 and 2020 amounted to approximately $345,000 and $425,000, respectively. Interest paid during the nine months ended September 30, 2021 and 2020 amounted to approximately $110,000 and $116,000, respectively. Employee Stock Ownership Plan Contributions to the employee stock ownership plan are determined annually by the Company according to plan formula. ​ Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment annually or whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable based on undiscounted future operating cash flow analyses. If an impairment is determined to exist, any related impairment loss is calculated based on fair value. Due to the losses incurred by our Consumer Products Group (“CPG”), we performed a test for recoverability of the long-lived assets by comparing its carrying value to the future undiscounted cash flows that we expect will be generated by the asset group. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. The Company has determined that no impairment of long-lived assets existed at September 30, 2021 and December 31, 2020. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain balances, as previously reported, were reclassified to conform to classifications adopted in the current period. Research and Development Costs Research and development costs are expensed as incurred. Concentration of Credit Risks Financial instruments that potentially subject the Company to concentration of credit risks principally consist of cash accounts in financial institutions. Although the accounts exceed the federally insured deposit amount, management does not anticipate nonperformance by the financial institutions. Fair Value of Financial Instruments The carrying amount of cash, accounts receivable, accounts payable and accrued expenses are reasonable estimates of their fair value due to their short maturity. Based on variable interest rates and the borrowing rates currently available to the Company for loans similar to its long-term debt, the fair value approximates its carrying amount. Recent Accounting Pronouncements Adopted We consider the applicability and impact of all accounting standards updates (ASUs). Recent ASUs were assessed and determined to be either not applicable, or had and are expected to have minimal impact on our financial statements and related disclosures.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2021
Inventories
Inventories	3. Inventories ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 ​ ​ ($000’s omitted) Raw material and common parts ​ $ 16,266 ​ $ 16,989 Work-in-process ​ 2,760 ​ 4,273 Finished goods ​ 3,239 ​ 3,864 ​ ​ 22,265 ​ 25,126 Less inventory reserve ​ (1,645) ​ (1,720) Total inventories ​ $ 20,620 ​ $ 23,406 ​

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment
Property, Plant and Equipment	4. Property, Plant and Equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ ($000’s omitted) Land ​ $ 7 ​ $ 7 Buildings ​ 11,363 ​ 11,359 Machinery, equipment and tooling ​ 21,193 ​ 21,146 Construction in progress ​ 215 ​ 198 ​ ​ 32,778 ​ 32,710 Less accumulated depreciation and amortization ​ (21,730) ​ (20,693) Total property, plant and equipment ​ $ 11,048 ​ $ 12,017 ​ Depreciation and amortization expense amounted to approximately $329,000 and $356,000 for the three months ended September 30, 2021 and 2020, respectively. Amortization expense primarily related to ROU assets amounted to approximately $8,000 and $15,000 for the three months ended September 30, 2021 and 2020, respectively. Depreciation and amortization expense amounted to approximately $1,043,000 and $1,072,000 for the nine months ended September 30, 2021 and 2020, respectively. Amortization expense, primarily related to ROU assets, amounted to approximately $42,000 and $50,000 for the nine months ended September 30, 2021 and 2020, respectively. The Company maintains property and casualty insurance in amounts adequate for the risk and nature of its assets and operations and which are generally customary in its industry. As of September 30, 2021, there is approximately $215,000 ($198,000 – December 31, 2020) of construction in progress (CIP) included in property, plant and equipment all of which is related to capital projects. There is approximately $214,000 for machinery & equipment and self-constructed assets ($191,000 – December 2020), $0 for computer equipment ($7,000 – December 2020) and $1,000 for building improvements ($0 – December 2020) primarily related to the at the Advanced Technology Group.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2021
Long-Term Debt
Long-Term Debt	5. Long-Term Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 ​ ​ ($000’s omitted) Paycheck protection progam payable to financial institutions: Interest rate of 1% per annum. Unforgiven portion is payable monthly until April 20, 2022 (A) ​ $ — ​ $ 4,000 ​ ​ ​ ​ ​ ​ ​ Line of credit payable to a financial institution; Interest rate option of bank prime or Libor plus 2.15% (B)(C) ​ ​ 4,250 ​ ​ 3,750 ​ ​ ​ ​ ​ ​ ​ Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.486%, monthly principle payments of $21,833 through 2021 with a balloon payment of $286,000 due December 1, 2021(C). ​ ​ 352 ​ ​ 1,048 ​ ​ ​ ​ Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.486%, monthly principal payments of $23,810 through December 1, 2021 (C). ​ 71 ​ 286 ​ ​ ​ ​ ​ ​ ​ Equipment note obligations; Interest rate fixed for term of each funding based upon the Lender’s lease pricing at time of funding. Interest rate/factor 1.795535% - 1.835015% as of September 30, 2021.(D) ​ 765 ​ 534 ​ ​ ​ ​ ​ ​ ​ Equipment financing lease obligations; Interest rate fixed for term of each funding based upon the Lender's lease pricing at time of funding. Interest rate/ factor 1.822758% - 1.869304% at time of funding)(E) ​ ​ 192 ​ ​ 310 ​ ​ 5,630 ​ 9,928 Less current portion ​ (801) ​ (2,635) Long-term debt ​ $ 4,829 ​ $ 7,293 ​ A.) On April 21, 2020, the Company executed a promissory note (the “Note”) in the amount of $4,000,000 as part of the Paycheck Protection Program (the “PPP Loan”) administered by the Small Business Administration (the “SBA”) and authorized under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Loan is being made through the Bank of America, NA (the “Lender”). The term of the PPP Loan is two years with an annual interest rate of 1.00%. Payments on the unforgiven amount of principal, if any, and interest on the PPP Loan will be deferred until the date on which loan forgiveness is determined or 10 months after the end of the borrower’s covered period if forgiveness is not requested. The Company used approximately 60% of the PPP Loan proceeds to pay for payroll costs and the balance on other eligible qualifying expenses consistent with the terms of the PPP and submitted its forgiveness application to the Lender during the third quarter of 2021. During the third quarter, the entire loan in the amount of $4,000,000 and the accrued interest of $57,000 was forgiven by the SBA and a gain of $4,057,000 was recorded in “Other income/(expense)” in the Company’s condensed consolidated statements of operations. B.) The Company has a $6,000,000 line of credit. The interest rate is a rate per year is equal to the bank’s prime rate or Libor plus 2.15%. In addition, the Company is required to pay a commitment fee of 0.25% per year on the unused portion of the line of credit. There was $4,250,000 balance outstanding at September 30, 2021 and $3,750,000 balance at December 31, 2020. C.) The term loans and line of credit are secured by all personal property of the Company with the exception of certain equipment that was purchased from proceeds of government grants. Certain lenders require the Company to comply with debt covenants as described in the specific loan documents, including a debt service ratio. At September 30, 2021 and December 31, 2020 the Company was in compliance with these covenants. D.) The Company had an equipment loan facility in the amount of $1,000,000 available until July 9, 2021. This line is non-revolving and non-renewable. The loan term for the equipment covered by the agreement is 60 months . Monthly payments are fixed for the term of each funding based upon the Lender’s lease pricing in effect at the time of such funding. During the nine months ended September 30, 2021, approximately $384,000 was drawn on this facility. There was approximately $765,000 outstanding at September 30, 2021 and $534,000 balance outstanding at December 31, 2020. E.) The Company established a lease line of credit for equipment financing in the amount of $1,000,000 available until June 28, 2018. This line was non-revolving and non-renewable. The lease term for equipment covered by the lease line of credit is 60 months . Monthly payments are fixed for the term of each funding based upon the Lender’s lease pricing in effect at the time of such funding. There was approximately $192,000 outstanding at September 30, 2021 and $310,000 at December 31, 2020. Remaining principal maturities of long-term debt are as follows: 2021 - $524,000, 2022 - $4,614,000, 2023 - $231,000, 2024 - $178,000, 2025 - $77,000 and 2026 - $6,000. Remaining principal payments and interest payments for the capital note and capital equipment financing lease obligations for each of the next five years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ Year 2021 2020 ​ ​ ​ ​ ($000’s omitted) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ $ 137 $ 331 ​ 2022 ​ ​ 393 ​ 316 ​ 2023 ​ ​ 246 ​ 169 ​ 2024 ​ ​ 188 ​ 112 ​ 2025+ ​ ​ 90 ​ — Total principal and interest payments ​ ​ ​ 1,054 ​ 928 Less amount representing interest ​ ​ ​ (97) ​ (83) Present value of net minimum lease payments ​ ​ ​ 957 ​ 845 Less current portion ​ ​ ​ (378) ​ (301) Long-term principle payments ​ ​ ​ $ 579 ​ $ 544 ​

Postretirement Benefit Plan

Postretirement Benefit Plan	9 Months Ended
	Sep. 30, 2021
Postretirement Benefit Plan
Postretirement Benefit Plan	6. Postretirement Benefit Plan The Company provides certain postretirement health and life insurance benefits for the Company’s Chief Executive Officer and President, and a former executive of the Company (the Plan). Upon retirement and after attaining at least the age of 65, the Company will pay the annual cost of health insurance coverage and provide life insurance offered at the time of retirement. The Plan also provides a benefit to reimburse the participants of certain out-of-pocket medical or health related expenses. The retirees’ insurance benefits cease upon the death of the retired executive. The Plan is unfunded and the projected benefit obligation is actuarially determined on an annual basis as of December 31. Quarterly projections are developed from the annual actuarial valuation as adjusted for actual benefit costs during the quarter. Inherent in these valuations are key assumptions, including the discount rate and expected service and interest costs. As of September 30, 2021 and December 31, 2020 the future accumulated postretirement benefit obligation was approximately $2,556,000 and $2,529,000, respectively and has been accrued and reflected in Post Retirement Obligation in the accompanying condensed consolidated balance sheets. Benefit cost for the three months ended September 30, 2021 and 2020 totaled $48,000 and $98,000, respectively. Benefit costs for the nine months ended September 30, 2021 and 2020 totaled $143,000 and $296,000, respectively.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2021
Shareholders' Equity
Shareholders' Equity	7. Shareholders’ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine-month Period Ended September 30, 2021 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ Capital in ​ ​ ​ ​ ​ Total ​ ​ Retained ​ Comprehensive ​ ​ ​ excess of ​ ​ ​ Treasury ​ shareholders’ ​ Earnings Income Common Stock par value ESOT stock equity ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 $ 21,803 ​ $ (1,356) ​ $ 523 ​ $ 14,481 ​ $ (359) ​ $ (1,355) ​ $ 33,737 ​ ​ ​ ​ ​ ​ ​ Retirement benefits adjustment ​ ​ — ​ ​ 15 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 15 Stock based compensation — ​ — ​ — ​ 11 ​ — ​ 20 ​ 31 Purchase of treasury shares — ​ — ​ — ​ — ​ — ​ (81) ​ (81) Net Income 541 ​ — ​ — ​ — ​ — ​ — ​ 541 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ $ 22,344 ​ $ (1,341) ​ $ 523 ​ $ 14,492 ​ $ (359) ​ $ (1,416) ​ $ 34,243 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement benefits adjustment ​ ​ — ​ ​ 16 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 16 Stock based compensation ​ ​ — ​ ​ — ​ ​ — ​ ​ 5 ​ ​ — ​ ​ 20 ​ ​ 25 Net Income ​ ​ 1,186 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,186 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ $ 23,530 ​ $ (1,325) ​ $ 523 ​ $ 14,497 ​ $ (359) ​ $ (1,396) ​ $ 35,470 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement benefits adjustment ​ ​ — ​ ​ 15 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 15 Stock based compensation ​ ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 24 ​ ​ 25 Net Income ​ 3,238 ​ — ​ — ​ — ​ — ​ — ​ 3,238 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 $ 26,768 ​ $ (1,310) ​ $ 523 ​ $ 14,498 ​ $ (359) ​ $ (1,372) ​ $ 38,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine-month Period Ended September 30, 2020 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ Capital in ​ ​ ​ ​ ​ Total ​ ​ Retained ​ Comprehensive ​ ​ ​ excess of ​ ​ ​ Treasury ​ shareholders’ ​ Earnings Income Common Stock par value ESOT stock equity December 31, 2019 $ 20,484 ​ $ 98 ​ $ 523 ​ $ 14,358 ​ $ (460) ​ $ (1,471) ​ $ 33,532 ​ ​ ​ ​ ​ ​ ​ Stock based compensation ​ ​ — ​ ​ — ​ ​ — ​ ​ 33 ​ ​ — ​ ​ 52 ​ ​ 85 Purchase of treasury shares — ​ — ​ — ​ — ​ — ​ (100) ​ (100) Net Income 1,898 ​ — ​ — ​ — ​ — ​ — ​ 1,898 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ $ 22,382 ​ $ 98 ​ $ 523 ​ $ 14,391 ​ $ (460) ​ $ (1,519) ​ $ 35,415 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock based compensation ​ ​ — ​ ​ — ​ ​ — ​ ​ 39 ​ ​ — ​ ​ 48 ​ ​ 87 Net Income ​ 965 ​ — ​ — ​ — ​ — ​ — ​ 965 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 $ 23,347 ​ $ 98 ​ $ 523 ​ $ 14,430 ​ $ (460) ​ $ (1,471) ​ $ 36,467 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock based compensation ​ ​ — ​ ​ — ​ ​ — ​ ​ 29 ​ ​ — ​ ​ 54 ​ ​ 83 Net Loss ​ (1,782) ​ — ​ — ​ — ​ — ​ — ​ (1,782) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 $ 21,565 ​ $ 98 ​ $ 523 ​ $ 14,459 ​ $ (460) ​ $ (1,417) ​ $ 34,768 ​ The Company’s Board of Directors authorized the purchase of up to 450,000 shares of its common stock in the open market or in privately negotiated transactions. As of September 30, 2021, the Company has purchased 360,615 shares and there remains 89,385 shares available to purchase under this program. There were no shares and 360 shares purchased by the Company during the nine month period ended September 30, 2021 and 2020, respectively. On January 1, 2021, 25,250 shares of restricted stock vested of which 9,920 shares were withheld by the Company for approximately $81,000 to satisfy statutory minimum withholding tax requirements for those participants who elected this option as permitted under the applicable equity plan. The Company’s director compensation policy provides that non-employee directors receive a portion of their annual retainer in the form of restricted stock under the Company’s 2012 Long-Term Incentive Plan. These shares vest quarterly over a twelve month service period, have voting rights and accrue dividends that are paid upon vesting. The aggregate amount of expense to the Company, measured based on the grant date fair value, will be recognized over the requisite service period. An aggregate of 13,160 restricted shares were issued on August 13, 2021 with a grant date fair value of $100,000. Included in nine months ended September 30, 2021 and December 31, 2020 is approximately $75,000 and $336,000, respectively, of stock-based compensation expense related to the restrictive share awards. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant Date Fair ​ Shares Value ​ ​ ​ ​ ​ ​ Unvested at December 31, 2020 30,914 ​ $ 9.24 ​ ​ ​ ​ ​ ​ Granted 13,160 ​ ​ 7.60 Vested 34,206 ​ ​ 9.08 Unvested at September 30, 2021 9,868 ​ $ 7.60 ​ Earnings Per Share Basic earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding during the period. The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding, are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested. Diluted earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding during the period plus the number of shares of common stock that would be issued assuming all contingently issuable shares having a dilutive effect on the earnings per share that were outstanding for the period. Incremental shares from assumed conversions are calculated as the number of shares that would be issued, net of the number of shares that could be purchased in the marketplace with the cash received upon stock option exercise. The dilutive effect of unvested restrictive stock is determined using the treasury stock method. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 ​ ​ ($000’s omitted except per share data) Net (Loss) Income ​ $ 3,238 ​ $ (1,782) ​ $ 4,965 ​ $ 1,081 Weighted average common shares outstanding (basic) ​ 2,410 ​ 2,363 ​ 2,404 ​ 2,358 Unvested restricted stock ​ 10 ​ 34 ​ 10 ​ 34 Weighted average common shares outstanding (diluted) ​ 2,420 ​ 2,397 ​ 2,414 ​ 2,392 Basic ​ ​ ​ ​ ​ ​ Net (loss) income per share ​ $ 1.34 ​ $ (0.75) ​ $ 2.07 ​ $ 0.46 Diluted ​ ​ ​ ​ ​ Net (loss) income per share ​ $ 1.34 ​ $ (0.75) ​ $ 2.06 ​ $ 0.45 ​

Litigation

Litigation	9 Months Ended
	Sep. 30, 2021
Litigation
Litigation	8. Litigation In the course of its business, the Company is subject to a variety of claims and lawsuits that are inherently subject to many uncertainties regarding the possibility of a loss to the Company. Because litigation outcomes are inherently unpredictable, the Company’s evaluation of legal proceedings often involves a series of complex assessments by management, after consulting with legal counsel, about future events and can rely heavily on estimates and assumptions. The Company carries liability insurance, subject to certain deductibles and policy limits, for such claims as they arise and may from time to time establish reserves for litigation that is considered probable of a loss. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. The Company has pending litigation relative to leases of certain equipment and real property with a former related party. Aero, Inc. sued Servotronics, Inc. and its wholly owned subsidiary and alleged damages in the amount of $3,000,000. The Company has filed a response to the Aero, Inc. lawsuit and has also filed a counter-claim in the amount of $3,191,000. Substantive settlement negotiations commenced in September 2021 with respect to these claims. In prior quarters, the Company did not consider the risk of loss to be probable and was unable to reasonably or accurately estimate the likelihood and amount of any liability or benefit that may be realized as a result of this litigation. While these negotiations have not progressed to the point of a final, binding settlement as of the date of this Quarterly Report on Form 10-Q, the Company recorded a charge of $1,800,000 associated with the proposed settlement as of September 30, 2021. This amount is reflected in other accrued liabilities in the accompanying condensed consolidated balance sheet. The Company has pending litigation relative to a dispute for work performed by an independent contractor and the use of tooling to perform the necessary work for the Company’s wholly-owned subsidiary, The Ontario Knife Company. Alleged damages was in the amount of $750,000. Substantive settlement negotiations commenced in September 2021 with respect to these claims. In prior quarters, the Company did not consider the risk of loss to be probable and was unable to reasonably or accurately estimate the likelihood and amount of any liability or benefit that may be realized as a result of this litigation. While these negotiations have not progressed to the point of a final, binding settlement as of the date of this Quarterly Report on Form 10-Q, the Company recorded a charge of $90,000 associated with the proposed settlement as of September 30, 2021. This amount is reflected in other accrued liabilities in the accompanying condensed consolidated balance sheet. On June 7, 2021, a Summons and Complaint was filed by an employee in the Supreme Court of the State of New York, County of Erie, against Servotronics, Inc., the Servotronics Board of Directors, The Ontario Knife Company and Kenneth D. Trbovich (collectively, the “Defendants”). The Complaint alleges certain violations under the New York Human Rights Law by the Defendants relating to the employee’s employment by the Company as well as intentional and negligent infliction of emotional distress. The complaint also alleges certain purported derivative causes of action against all Defendants, including breach of fiduciary duties, fraud and corporate waste. The complaint seeks monetary damages in an amount not less than $5,000,000 with respect to the direct causes of action and equitable relief with respect to the purported derivative causes of action. The Defendants filed a motion to dismiss the Complaint on August 6, 2021. This litigation is still in its earliest stages. Based on the information known by the Company as of the date of this filing, the Company does not consider the risk of loss to be probable and is unable to reasonably or accurately estimate the likelihood and amount of any liability that may be realized as a result of this litigation. Accordingly, no loss has been recognized in the accompanying financials statements related to this litigation. The Company intends to vigorously defend against this litigation. There are no other legal proceedings currently pending by or against the Company other than ordinary routine litigation incidental to the business which is not expected to have a material adverse effect on the business or earnings of the Company.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions
Related Party Transactions	9. Related Party Transactions The Company paid legal fees and disbursements of approximately $59,000 and $150,000 in the nine month period ended September 30, 2021 and 2020, respectively, for services provided by a law firm that is owned by a member of the Company’s Board of Directors. Legal fees paid for the three month period ended September 30, 2021 and 2020 amounted to approximately $13,000 and $18,000, respectively. Additionally, the Company had accrued unbilled legal fees at September 30, 2021 and 2020 of approximately $13,000 and $25,000, respectively, with this firm.

Employee Retention Credit

Employee Retention Credit	9 Months Ended
	Sep. 30, 2021
Employee Retention Credit
Employee Retention Credit [Text Block]	10. Employee Retention Credit The employee retention credit (ERC) for 2020 was established under the CARES Act and amended by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the “Relief Act”) provided for changes in the employee retention credit for 2020 and provided an additional credit for the first, second and third calendar quarters of 2021. The Company evaluated its eligibility for the employee retention credit for the three months ending September 30, 2021. In order to qualify for the ERC in the third quarter of 2021, the Company needed to experience a 20% reduction in gross receipts from either (1) the same quarter in 2019 or (2) the immediate preceding quarter to the corresponding calendar quarter in 2019. It was determined that the Company qualified for the employee retention credit under scenario (2) for September 30, 2021. As a result, for the three month and nine month periods ending September 30, 2021 approximately $1,978,000 and $5,622,000, respectively was recognized in other income for the employee retention credit.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2021
Business Segments
Business Segments	11. Business Segments The Company operates in two business segments, ATG and CPG. The Company’s reportable segments are strategic business units that offer different products and services. The segments are composed of separate corporations and are managed separately. Operations in ATG primarily involve the design, manufacture, and marketing of servo-control components (i.e., torque motors, control valves, actuators, etc.) for government, commercial and industrial applications. CPG’s operations involve the design, manufacture and marketing of a variety of cutlery products for use by consumers and government agencies. The Company derives its primary sales revenue from domestic customers, although a portion of finished products are for foreign end use. As of September 30, 2021, the Company had identifiable assets of approximately $54,213,000 ($50,328,000 – December 31, 2020) of which approximately $44,784,000 ($40,826,000 – December 31, 2020) was for ATG and approximately $9,429,000 ($9,502,000 – December 31, 2020) was for CPG. Information regarding the Company’s operations in these segments is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($000’s omitted except per share data) ​ ​ ATG ​ CPG ​ Consolidated ​ ​ Nine Months Ended ​ Nine Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 2021 2020 Revenues from unaffiliated customers ​ $ 23,495 ​ $ 33,228 ​ $ 6,508 ​ $ 6,021 ​ $ 30,003 ​ $ 39,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of goods sold, inclusive of depreciation ​ (19,214) ​ (26,495) ​ (6,152) ​ (5,187) ​ ​ (25,366) ​ ​ (31,682) ​ Gross margin ​ 4,281 ​ 6,733 ​ 356 ​ 834 ​ 4,637 ​ 7,567 ​ Gross margin % 18.2 % 20.3 % 5.5 % 13.9 % 15.5 % 19.3 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative ​ (5,586) ​ (4,857) ​ (1,317) ​ (1,255) ​ (6,903) ​ (6,112) ​ Legal settlement awards ​ ​ (1,800) ​ ​ — ​ ​ (90) ​ ​ — ​ ​ (1,890) ​ ​ — ​ Total operating costs and expenses ​ (26,600) ​ (31,352) ​ (7,559) ​ (6,442) ​ (34,159) ​ (37,794) ​ Operating (loss)/income ​ (3,105) ​ 1,876 ​ (1,051) ​ (421) ​ (4,156) ​ 1,455 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee retention credit (ERC) ​ ​ 4,584 ​ ​ — ​ ​ 1,038 ​ ​ — ​ ​ 5,622 ​ ​ — ​ Paycheck Protection Program loan forgiveness ​ ​ 4,000 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ 4,000 ​ ​ — ​ Interest expense ​ ​ (130) ​ ​ (125) ​ ​ (2) ​ ​ (9) ​ ​ (132) ​ ​ (134) ​ Total other income (expense) ​ ​ 8,454 ​ ​ (125) ​ ​ 1,036 ​ ​ (9) ​ ​ 9,490 ​ ​ (134) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income tax provision ​ 5,349 ​ 1,751 ​ (15) ​ (430) ​ 5,334 ​ 1,321 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax provision (benefit) ​ ​ 370 ​ ​ 318 ​ ​ (1) ​ ​ (78) ​ ​ 369 ​ ​ 240 ​ Net income (loss) ​ $ 4,979 ​ $ 1,433 ​ $ (14) ​ $ (352) ​ $ 4,965 ​ $ 1,081 ​ Capital expenditures ​ $ 64 ​ $ 640 ​ $ 4 ​ $ 68 ​ $ 68 ​ $ 708 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($000’s omitted except per share data) ​ ​ ATG ​ CPG ​ Consolidated ​ ​ Three Months Ended ​ Three Months Ended ​ Three Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 2021 2020 Revenues from unaffiliated customers ​ $ 8,449 ​ $ 8,184 ​ $ 2,466 ​ $ 2,113 ​ $ 10,915 ​ $ 10,297 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of goods sold, inclusive of depreciation ​ (6,762) ​ (8,635) ​ (2,381) ​ (1,827) ​ (9,143) ​ ​ (10,462) ​ Gross margin ​ 1,687 ​ (451) ​ 85 ​ 286 ​ 1,772 ​ (165) ​ Gross margin % 20.0 % (5.5) % 3.4 % 13.5 % 16.2 % (1.6) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative ​ (2,240) ​ (1,712) ​ (481) ​ (384) ​ (2,721) ​ (2,096) ​ Legal settlement awards ​ ​ (1,800) ​ ​ — ​ ​ (90) ​ ​ — ​ ​ (1,890) ​ ​ — ​ Total operating costs and expenses ​ (10,802) ​ (10,347) ​ (2,952) ​ (2,211) ​ (13,754) ​ (12,558) ​ Operating loss ​ (2,353) ​ (2,163) ​ (486) ​ (98) ​ (2,839) ​ (2,261) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee retention credit (ERC) ​ 1,598 ​ — ​ 380 ​ — ​ 1,978 ​ — ​ Paycheck Protection Program loan forgiveness ​ ​ 4,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,000 ​ ​ — ​ Interest expense ​ ​ (5) ​ ​ (41) ​ ​ — ​ ​ (1) ​ ​ (5) ​ ​ (42) ​ Total other income (expense) ​ ​ 5,593 ​ ​ (41) ​ ​ 380 ​ ​ (1) ​ ​ 5,973 ​ ​ (42) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income tax provision ​ ​ 3,240 ​ ​ (2,204) ​ ​ (106) ​ ​ (99) ​ ​ 3,134 ​ ​ (2,303) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax benefit ​ (83) ​ (512) ​ (21) ​ (9) ​ (104) ​ (521) ​ Net income (loss) ​ $ 3,323 ​ $ (1,692) ​ $ (85) ​ $ (90) ​ $ 3,238 ​ $ (1,782) ​ Capital expenditures ​ $ 54 ​ $ 99 ​ $ 1 ​ $ 16 ​ $ 55 ​ $ 115 ​ ​

Business Description and Summ_2

Business Description and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Business Description and Summary of Significant Accounting Policies
Business Description	Business Description Servotronics, Inc. and its subsidiaries design, manufacture and market advanced technology products consisting primarily of control components, and consumer products consisting of knives and various types of cutlery and other edged products.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Servotronics, Inc. and its wholly-owned subsidiaries (the “Company”). All intercompany balances and transactions have been eliminated upon consolidation.
Cash	Cash The Company considers cash to include all currency and coins owned by the Company as well as all deposits in the bank including checking accounts and savings accounts.
Accounts Receivable	Accounts Receivable The Company grants credit to substantially all of its customers and carries its accounts receivable at original invoice amount less an allowance for doubtful accounts. On a periodic basis, the Company evaluates its accounts receivable and establishes an allowance for doubtful accounts based on history of past write-offs, collections, and current credit conditions. The allowance for doubtful accounts amounted to approximately $154,000 at September 30, 2021 and $188,000 at December 31, 2020. The Company does not accrue interest on past due receivables.
Revenue Recognition	Revenue Recognition Revenues are recognized at the time of shipment of goods, transfer of title and customer acceptance, as required. Our revenue transactions generally consist of a single performance obligation to transfer contracted goods and are not accounted for under industry-specific guidance. Purchase orders generally include specific terms relative to quantity, item description, specifications, price, customer responsibility for in-process costs, delivery schedule, shipping point, payment and other standard terms and conditions of purchase. Service sales, principally representing repair, are recognized at the time of shipment of goods. The costs incurred for nonrecurring engineering, development and repair activities of our products under agreements with commercial customers are expensed as incurred. Subsequently, the revenue is recognized as products are delivered to the customers with the approval by the customers. Revenue is recognized at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods and services to a customer. The Company determines revenue recognition using the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when the company satisfies a performance obligation. Revenue excludes taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer (e.g., sales and use taxes). Revenue includes payments for shipping activities that are reimbursed by the customer to the Company. Performance obligations are satisfied as of a point in time. Performance obligations are supported by contracts with customers, providing a framework for the nature of the distinct goods, services or bundle of goods and services. The timing of satisfying the performance obligation is typically indicated by the terms of the contract. As a significant portion of the Company’s revenue are recognized at the time of shipment, transfer of title and customer acceptance, there is no significant judgment applied to determine the timing of the satisfaction of performance obligations or transaction price. The timing of satisfaction of our performance obligations does not significantly vary from the typical timing of payment. The Company generally receives payment for these contracts within the payment terms negotiated and agreed upon by each customer contract. Warranty and repair obligations are assessed on all returns. Revenue is not recorded on any warranty returns. The Company warrants its products against design, materials and workmanship based on an average of twenty-seven months. The Company determines warranty reserves needed based on actual average costs of warranty units shipped and current facts and circumstances. As of September 30, 2021 and December 31, 2020 under the guidance of ASC460 the Company has recorded a warranty reserve of approximately $396,000 and $382,000, respectively. This amount is reflected in other accrued expenses in the accompanying consolidated balance sheets. Revenue is recognized on repair returns, covered under a customer contract, at the contractual price upon shipment to the customer.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost includes all costs incurred to bring each product to its present location and condition. Market provisions in respect of lower of cost or market adjustments and inventory expected to be used in greater than two years are applied to the gross value of the inventory through a reserve of approximately $1,645,000 and $1,720,000 at September 30, 2021 and December 31, 2020, respectively. Pre-production and start-up costs are expensed as incurred. The purchase of suppliers’ minimum economic quantities of material such as steel, etc. may result in a purchase of quantities exceeding one year of customer requirements. Also, in order to maintain a reasonable and/or agreed to lead time, certain larger quantities of other product support items may have to be purchased and may result in over one year’s supply. These amounts are not included in the inventory reserve discussed above.
Shipping and Handling Costs	Shipping and Handling Costs Shipping and handling costs are classified as a component of cost of goods sold.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment is carried at cost; expenditures for new facilities and equipment and expenditures which substantially increase the useful lives of existing plant and equipment are capitalized; expenditures for maintenance and repairs are expensed as incurred. Upon disposal of properties, the related cost and accumulated depreciation are removed from the respective accounts and any profit or loss on disposition is included in income. Depreciation is provided on the basis of estimated useful lives of depreciable properties, primarily by the straight-line method for financial statement purposes and by accelerated methods for income tax purposes. Depreciation expense includes the amortization of right-of-use (“ROU”) assets accounted for as finance leases. The estimated useful lives of depreciable properties are generally as follows: ​ ​ ​ ​ Buildings and improvements 5-40 years Machinery and equipment ​ 5-20 years Tooling ​ 3‑5 years ​
Income Taxes	Income Taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ ​ ​ ​ September 30, ​ ​ ​ ​ 2021 2020 % Change ​ ​ ($000’s omitted) ​ ​ ​ Income Tax Expense $ 369 $ 240 53.8 % Effective tax rate ​ 6.9 % ​ 18.2 % (62.1) % ​ The decrease in the effective tax rate during the nine months ended September 30, 2021 was primarily due to a decrease in permanent deductible expenses, primarily the PPP loan forgiveness and other permanent differences. In addition, there are other permanent deductions that decreased the effective tax rate and our investments in research and development has increased the R&D credit. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities, as well as operating loss and credit carryforwards. The Company and its subsidiaries file a consolidated federal income tax return, combined New York, Texas, California and Connecticut state income tax returns and a separate Arkansas state income tax return. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company did not have any accrued interest or penalties included in its consolidated balance sheets at September 30, 2021 or December 31, 2020, and did not recognize any interest and/or penalties in its consolidated statements of income and (loss) during the three and nine months ended September 30, 2021 and 2020. The Company did not have any material uncertain tax positions or unrecognized tax benefits or obligations as of September 30, 2021 and December 31, 2020. The 2017 through 2020 federal and state tax returns remain subject to examination.
Supplemental Cash Flow Information	Supplemental Cash Flow Information Income taxes paid during the nine months ended September 30, 2021 and 2020 amounted to approximately $345,000 and $425,000, respectively. Interest paid during the nine months ended September 30, 2021 and 2020 amounted to approximately $110,000 and $116,000, respectively.
Employee Stock Ownership Plan	Employee Stock Ownership Plan Contributions to the employee stock ownership plan are determined annually by the Company according to plan formula.
Impairment of Long-Lived Assets	​ Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment annually or whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable based on undiscounted future operating cash flow analyses. If an impairment is determined to exist, any related impairment loss is calculated based on fair value. Due to the losses incurred by our Consumer Products Group (“CPG”), we performed a test for recoverability of the long-lived assets by comparing its carrying value to the future undiscounted cash flows that we expect will be generated by the asset group. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. The Company has determined that no impairment of long-lived assets existed at September 30, 2021 and December 31, 2020.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain balances, as previously reported, were reclassified to conform to classifications adopted in the current period.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred.
Concentration of Credit Risks	Concentration of Credit Risks Financial instruments that potentially subject the Company to concentration of credit risks principally consist of cash accounts in financial institutions. Although the accounts exceed the federally insured deposit amount, management does not anticipate nonperformance by the financial institutions.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amount of cash, accounts receivable, accounts payable and accrued expenses are reasonable estimates of their fair value due to their short maturity. Based on variable interest rates and the borrowing rates currently available to the Company for loans similar to its long-term debt, the fair value approximates its carrying amount.
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted We consider the applicability and impact of all accounting standards updates (ASUs). Recent ASUs were assessed and determined to be either not applicable, or had and are expected to have minimal impact on our financial statements and related disclosures.

Business Description and Summ_3

Business Description and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Business Description and Summary of Significant Accounting Policies
Schedule of estimated useful lives of property, plant and equipment	​ ​ ​ ​ Buildings and improvements 5-40 years Machinery and equipment ​ 5-20 years Tooling ​ 3‑5 years
Schedule of income tax expenses and effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ ​ ​ ​ September 30, ​ ​ ​ ​ 2021 2020 % Change ​ ​ ($000’s omitted) ​ ​ ​ Income Tax Expense $ 369 $ 240 53.8 % Effective tax rate ​ 6.9 % ​ 18.2 % (62.1) %

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2021
Inventories
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 ​ ​ ($000’s omitted) Raw material and common parts ​ $ 16,266 ​ $ 16,989 Work-in-process ​ 2,760 ​ 4,273 Finished goods ​ 3,239 ​ 3,864 ​ ​ 22,265 ​ 25,126 Less inventory reserve ​ (1,645) ​ (1,720) Total inventories ​ $ 20,620 ​ $ 23,406

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment
Schedule of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ ($000’s omitted) Land ​ $ 7 ​ $ 7 Buildings ​ 11,363 ​ 11,359 Machinery, equipment and tooling ​ 21,193 ​ 21,146 Construction in progress ​ 215 ​ 198 ​ ​ 32,778 ​ 32,710 Less accumulated depreciation and amortization ​ (21,730) ​ (20,693) Total property, plant and equipment ​ $ 11,048 ​ $ 12,017 ​

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Long-Term Debt
Schedule of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2021 2020 ​ ​ ($000’s omitted) Paycheck protection progam payable to financial institutions: Interest rate of 1% per annum. Unforgiven portion is payable monthly until April 20, 2022 (A) ​ $ — ​ $ 4,000 ​ ​ ​ ​ ​ ​ ​ Line of credit payable to a financial institution; Interest rate option of bank prime or Libor plus 2.15% (B)(C) ​ ​ 4,250 ​ ​ 3,750 ​ ​ ​ ​ ​ ​ ​ Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.486%, monthly principle payments of $21,833 through 2021 with a balloon payment of $286,000 due December 1, 2021(C). ​ ​ 352 ​ ​ 1,048 ​ ​ ​ ​ Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.486%, monthly principal payments of $23,810 through December 1, 2021 (C). ​ 71 ​ 286 ​ ​ ​ ​ ​ ​ ​ Equipment note obligations; Interest rate fixed for term of each funding based upon the Lender’s lease pricing at time of funding. Interest rate/factor 1.795535% - 1.835015% as of September 30, 2021.(D) ​ 765 ​ 534 ​ ​ ​ ​ ​ ​ ​ Equipment financing lease obligations; Interest rate fixed for term of each funding based upon the Lender's lease pricing at time of funding. Interest rate/ factor 1.822758% - 1.869304% at time of funding)(E) ​ ​ 192 ​ ​ 310 ​ ​ 5,630 ​ 9,928 Less current portion ​ (801) ​ (2,635) Long-term debt ​ $ 4,829 ​ $ 7,293 ​ A.) On April 21, 2020, the Company executed a promissory note (the “Note”) in the amount of $4,000,000 as part of the Paycheck Protection Program (the “PPP Loan”) administered by the Small Business Administration (the “SBA”) and authorized under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Loan is being made through the Bank of America, NA (the “Lender”). The term of the PPP Loan is two years with an annual interest rate of 1.00%. Payments on the unforgiven amount of principal, if any, and interest on the PPP Loan will be deferred until the date on which loan forgiveness is determined or 10 months after the end of the borrower’s covered period if forgiveness is not requested. The Company used approximately 60% of the PPP Loan proceeds to pay for payroll costs and the balance on other eligible qualifying expenses consistent with the terms of the PPP and submitted its forgiveness application to the Lender during the third quarter of 2021. During the third quarter, the entire loan in the amount of $4,000,000 and the accrued interest of $57,000 was forgiven by the SBA and a gain of $4,057,000 was recorded in “Other income/(expense)” in the Company’s condensed consolidated statements of operations. B.) The Company has a $6,000,000 line of credit. The interest rate is a rate per year is equal to the bank’s prime rate or Libor plus 2.15%. In addition, the Company is required to pay a commitment fee of 0.25% per year on the unused portion of the line of credit. There was $4,250,000 balance outstanding at September 30, 2021 and $3,750,000 balance at December 31, 2020. C.) The term loans and line of credit are secured by all personal property of the Company with the exception of certain equipment that was purchased from proceeds of government grants. Certain lenders require the Company to comply with debt covenants as described in the specific loan documents, including a debt service ratio. At September 30, 2021 and December 31, 2020 the Company was in compliance with these covenants. D.) The Company had an equipment loan facility in the amount of $1,000,000 available until July 9, 2021. This line is non-revolving and non-renewable. The loan term for the equipment covered by the agreement is 60 months . Monthly payments are fixed for the term of each funding based upon the Lender’s lease pricing in effect at the time of such funding. During the nine months ended September 30, 2021, approximately $384,000 was drawn on this facility. There was approximately $765,000 outstanding at September 30, 2021 and $534,000 balance outstanding at December 31, 2020. E.) The Company established a lease line of credit for equipment financing in the amount of $1,000,000 available until June 28, 2018. This line was non-revolving and non-renewable. The lease term for equipment covered by the lease line of credit is 60 months . Monthly payments are fixed for the term of each funding based upon the Lender’s lease pricing in effect at the time of such funding. There was approximately $192,000 outstanding at September 30, 2021 and $310,000 at December 31, 2020.
Schedule of payments for capital lease obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ Year 2021 2020 ​ ​ ​ ​ ($000’s omitted) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ $ 137 $ 331 ​ 2022 ​ ​ 393 ​ 316 ​ 2023 ​ ​ 246 ​ 169 ​ 2024 ​ ​ 188 ​ 112 ​ 2025+ ​ ​ 90 ​ — Total principal and interest payments ​ ​ ​ 1,054 ​ 928 Less amount representing interest ​ ​ ​ (97) ​ (83) Present value of net minimum lease payments ​ ​ ​ 957 ​ 845 Less current portion ​ ​ ​ (378) ​ (301) Long-term principle payments ​ ​ ​ $ 579 ​ $ 544

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Shareholders' Equity
Schedule of stockholders equity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine-month Period Ended September 30, 2021 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ Capital in ​ ​ ​ ​ ​ Total ​ ​ Retained ​ Comprehensive ​ ​ ​ excess of ​ ​ ​ Treasury ​ shareholders’ ​ Earnings Income Common Stock par value ESOT stock equity ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 $ 21,803 ​ $ (1,356) ​ $ 523 ​ $ 14,481 ​ $ (359) ​ $ (1,355) ​ $ 33,737 ​ ​ ​ ​ ​ ​ ​ Retirement benefits adjustment ​ ​ — ​ ​ 15 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 15 Stock based compensation — ​ — ​ — ​ 11 ​ — ​ 20 ​ 31 Purchase of treasury shares — ​ — ​ — ​ — ​ — ​ (81) ​ (81) Net Income 541 ​ — ​ — ​ — ​ — ​ — ​ 541 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ $ 22,344 ​ $ (1,341) ​ $ 523 ​ $ 14,492 ​ $ (359) ​ $ (1,416) ​ $ 34,243 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement benefits adjustment ​ ​ — ​ ​ 16 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 16 Stock based compensation ​ ​ — ​ ​ — ​ ​ — ​ ​ 5 ​ ​ — ​ ​ 20 ​ ​ 25 Net Income ​ ​ 1,186 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,186 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ $ 23,530 ​ $ (1,325) ​ $ 523 ​ $ 14,497 ​ $ (359) ​ $ (1,396) ​ $ 35,470 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement benefits adjustment ​ ​ — ​ ​ 15 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 15 Stock based compensation ​ ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 24 ​ ​ 25 Net Income ​ 3,238 ​ — ​ — ​ — ​ — ​ — ​ 3,238 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 $ 26,768 ​ $ (1,310) ​ $ 523 ​ $ 14,498 ​ $ (359) ​ $ (1,372) ​ $ 38,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine-month Period Ended September 30, 2020 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ Capital in ​ ​ ​ ​ ​ Total ​ ​ Retained ​ Comprehensive ​ ​ ​ excess of ​ ​ ​ Treasury ​ shareholders’ ​ Earnings Income Common Stock par value ESOT stock equity December 31, 2019 $ 20,484 ​ $ 98 ​ $ 523 ​ $ 14,358 ​ $ (460) ​ $ (1,471) ​ $ 33,532 ​ ​ ​ ​ ​ ​ ​ Stock based compensation ​ ​ — ​ ​ — ​ ​ — ​ ​ 33 ​ ​ — ​ ​ 52 ​ ​ 85 Purchase of treasury shares — ​ — ​ — ​ — ​ — ​ (100) ​ (100) Net Income 1,898 ​ — ​ — ​ — ​ — ​ — ​ 1,898 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ $ 22,382 ​ $ 98 ​ $ 523 ​ $ 14,391 ​ $ (460) ​ $ (1,519) ​ $ 35,415 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock based compensation ​ ​ — ​ ​ — ​ ​ — ​ ​ 39 ​ ​ — ​ ​ 48 ​ ​ 87 Net Income ​ 965 ​ — ​ — ​ — ​ — ​ — ​ 965 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 $ 23,347 ​ $ 98 ​ $ 523 ​ $ 14,430 ​ $ (460) ​ $ (1,471) ​ $ 36,467 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock based compensation ​ ​ — ​ ​ — ​ ​ — ​ ​ 29 ​ ​ — ​ ​ 54 ​ ​ 83 Net Loss ​ (1,782) ​ — ​ — ​ — ​ — ​ — ​ (1,782) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 $ 21,565 ​ $ 98 ​ $ 523 ​ $ 14,459 ​ $ (460) ​ $ (1,417) ​ $ 34,768 ​
Summary of restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant Date Fair ​ Shares Value ​ ​ ​ ​ ​ ​ Unvested at December 31, 2020 30,914 ​ $ 9.24 ​ ​ ​ ​ ​ ​ Granted 13,160 ​ ​ 7.60 Vested 34,206 ​ ​ 9.08 Unvested at September 30, 2021 9,868 ​ $ 7.60
Schedule of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 ​ ​ ($000’s omitted except per share data) Net (Loss) Income ​ $ 3,238 ​ $ (1,782) ​ $ 4,965 ​ $ 1,081 Weighted average common shares outstanding (basic) ​ 2,410 ​ 2,363 ​ 2,404 ​ 2,358 Unvested restricted stock ​ 10 ​ 34 ​ 10 ​ 34 Weighted average common shares outstanding (diluted) ​ 2,420 ​ 2,397 ​ 2,414 ​ 2,392 Basic ​ ​ ​ ​ ​ ​ Net (loss) income per share ​ $ 1.34 ​ $ (0.75) ​ $ 2.07 ​ $ 0.46 Diluted ​ ​ ​ ​ ​ Net (loss) income per share ​ $ 1.34 ​ $ (0.75) ​ $ 2.06 ​ $ 0.45

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2021
Business Segments
Schedule of information regarding operations in business segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($000’s omitted except per share data) ​ ​ ATG ​ CPG ​ Consolidated ​ ​ Nine Months Ended ​ Nine Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 2021 2020 Revenues from unaffiliated customers ​ $ 23,495 ​ $ 33,228 ​ $ 6,508 ​ $ 6,021 ​ $ 30,003 ​ $ 39,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of goods sold, inclusive of depreciation ​ (19,214) ​ (26,495) ​ (6,152) ​ (5,187) ​ ​ (25,366) ​ ​ (31,682) ​ Gross margin ​ 4,281 ​ 6,733 ​ 356 ​ 834 ​ 4,637 ​ 7,567 ​ Gross margin % 18.2 % 20.3 % 5.5 % 13.9 % 15.5 % 19.3 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative ​ (5,586) ​ (4,857) ​ (1,317) ​ (1,255) ​ (6,903) ​ (6,112) ​ Legal settlement awards ​ ​ (1,800) ​ ​ — ​ ​ (90) ​ ​ — ​ ​ (1,890) ​ ​ — ​ Total operating costs and expenses ​ (26,600) ​ (31,352) ​ (7,559) ​ (6,442) ​ (34,159) ​ (37,794) ​ Operating (loss)/income ​ (3,105) ​ 1,876 ​ (1,051) ​ (421) ​ (4,156) ​ 1,455 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee retention credit (ERC) ​ ​ 4,584 ​ ​ — ​ ​ 1,038 ​ ​ — ​ ​ 5,622 ​ ​ — ​ Paycheck Protection Program loan forgiveness ​ ​ 4,000 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ 4,000 ​ ​ — ​ Interest expense ​ ​ (130) ​ ​ (125) ​ ​ (2) ​ ​ (9) ​ ​ (132) ​ ​ (134) ​ Total other income (expense) ​ ​ 8,454 ​ ​ (125) ​ ​ 1,036 ​ ​ (9) ​ ​ 9,490 ​ ​ (134) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income tax provision ​ 5,349 ​ 1,751 ​ (15) ​ (430) ​ 5,334 ​ 1,321 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax provision (benefit) ​ ​ 370 ​ ​ 318 ​ ​ (1) ​ ​ (78) ​ ​ 369 ​ ​ 240 ​ Net income (loss) ​ $ 4,979 ​ $ 1,433 ​ $ (14) ​ $ (352) ​ $ 4,965 ​ $ 1,081 ​ Capital expenditures ​ $ 64 ​ $ 640 ​ $ 4 ​ $ 68 ​ $ 68 ​ $ 708 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($000’s omitted except per share data) ​ ​ ATG ​ CPG ​ Consolidated ​ ​ Three Months Ended ​ Three Months Ended ​ Three Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 2021 2020 Revenues from unaffiliated customers ​ $ 8,449 ​ $ 8,184 ​ $ 2,466 ​ $ 2,113 ​ $ 10,915 ​ $ 10,297 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of goods sold, inclusive of depreciation ​ (6,762) ​ (8,635) ​ (2,381) ​ (1,827) ​ (9,143) ​ ​ (10,462) ​ Gross margin ​ 1,687 ​ (451) ​ 85 ​ 286 ​ 1,772 ​ (165) ​ Gross margin % 20.0 % (5.5) % 3.4 % 13.5 % 16.2 % (1.6) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative ​ (2,240) ​ (1,712) ​ (481) ​ (384) ​ (2,721) ​ (2,096) ​ Legal settlement awards ​ ​ (1,800) ​ ​ — ​ ​ (90) ​ ​ — ​ ​ (1,890) ​ ​ — ​ Total operating costs and expenses ​ (10,802) ​ (10,347) ​ (2,952) ​ (2,211) ​ (13,754) ​ (12,558) ​ Operating loss ​ (2,353) ​ (2,163) ​ (486) ​ (98) ​ (2,839) ​ (2,261) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee retention credit (ERC) ​ 1,598 ​ — ​ 380 ​ — ​ 1,978 ​ — ​ Paycheck Protection Program loan forgiveness ​ ​ 4,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,000 ​ ​ — ​ Interest expense ​ ​ (5) ​ ​ (41) ​ ​ — ​ ​ (1) ​ ​ (5) ​ ​ (42) ​ Total other income (expense) ​ ​ 5,593 ​ ​ (41) ​ ​ 380 ​ ​ (1) ​ ​ 5,973 ​ ​ (42) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income tax provision ​ ​ 3,240 ​ ​ (2,204) ​ ​ (106) ​ ​ (99) ​ ​ 3,134 ​ ​ (2,303) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax benefit ​ (83) ​ (512) ​ (21) ​ (9) ​ (104) ​ (521) ​ Net income (loss) ​ $ 3,323 ​ $ (1,692) ​ $ (85) ​ $ (90) ​ $ 3,238 ​ $ (1,782) ​ Capital expenditures ​ $ 54 ​ $ 99 ​ $ 1 ​ $ 16 ​ $ 55 ​ $ 115 ​

Business Description and Summ_4

Business Description and Summary of Significant Accounting Policies - Estimated useful lives of depreciable properties (Details)	9 Months Ended
	Sep. 30, 2021
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of depreciable properties	5 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of depreciable properties	40 years
Machinery, equipment and tooling | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of depreciable properties	5 years
Machinery, equipment and tooling | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of depreciable properties	20 years
Tooling | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of depreciable properties	3 years
Tooling | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of depreciable properties	5 years

Business Description and Summ_5

Business Description and Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Description and Summary of Significant Accounting Policies
Income tax expense	$ (104)	$ (521)	$ 369	$ 240
Income tax expense (% Change)			53.80%
Effective tax rate			6.90%	18.20%
Effective tax rate (% Change)			(62.10%)

Business Description and Summ_6

Business Description and Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021USD ($)Y	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for doubtful accounts	$ 154,000		$ 188,000
Warranty period	27 months
Warranty reserve	$ 396,000		382,000
Inventory reserve	1,645,000		$ 1,720,000
Income taxes paid	345,000	$ 425,000
Interest paid	$ 110,000	$ 116,000
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Period inventory is expected to be used	1 year
Number of years of customer requirements | Y	2
Number of year's supply | Y	1

Inventories - Summary of invent

Inventories - Summary of inventories (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Inventories
Raw material and common parts	$ 16,266,000	$ 16,989,000
Work-in-process	2,760,000	4,273,000
Finished goods	3,239,000	3,864,000
Inventory, Gross	22,265,000	25,126,000
Less inventory reserve	(1,645,000)	(1,720,000)
Total inventories	$ 20,620,000	$ 23,406,000

Property, Plant and Equipment -

Property, Plant and Equipment - Summary of property, plant and equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	$ 32,778	$ 32,710
Less accumulated depreciation and amortization	(21,730)	(20,693)
Total property, plant and equipment	11,048	12,017
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	7	7
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	11,363	11,359
Machinery, equipment and tooling
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	21,193	21,146
Construction in progress (CIP)
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	$ 215	$ 198

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 329,000	$ 356,000	$ 1,043,000	$ 1,072,000
Amortization expense	8,000	$ 15,000	42,000	$ 50,000
Construction in progress	215,000		215,000		$ 198,000
Property, plant and equipment, Gross	32,778,000		32,778,000		32,710,000
Machinery, equipment and tooling
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	21,193,000		21,193,000		21,146,000
Construction in progress (CIP) machinery & equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	214,000		214,000		191,000
Construction in progress (CIP) building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	0		0		7,000
Construction in progress (CIP) IT equipment and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	$ 1,000		$ 1,000		$ 0

Long-Term Debt - Summary of lon

Long-Term Debt - Summary of long term debt (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument
Long-term debt, Total	$ 5,630,000	$ 9,928,000
Less current portion	(801,000)	(2,635,000)
Long-term debt	4,829,000	7,293,000
Paycheck protection program payable to financial institutions: Interest rate of 1% per annum. Unforgiven portion is payable monthly until April 20, 2022 (A)
Debt Instrument
Long-term debt, Total	0	4,000,000
Line of credit payable to a financial institution; Interest rate option of bank prime or Libor plus 2.15% (B)(C)
Debt Instrument
Long-term debt, Total	4,250,000	3,750,000
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.486%, monthly principle payments of $21,833 through 2021 with a balloon payment of $286,000 due December 1, 2021(C).
Debt Instrument
Long-term debt, Total	352,000	1,048,000
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.486%, monthly principal payments of $23,810 through December 1, 2021 (C).
Debt Instrument
Long-term debt, Total	71,000	286,000
Equipment note obligations; Interest rate fixed for term of each funding based upon the Lender's lease pricing at time of funding. Interest rate/factor 1.795535% - 1.835015% as of September 30, 2021.(D)
Debt Instrument
Long-term debt, Total	765,000	534,000
Equipment financing lease obligations; Interest rate fixed for term of each funding based upon the Lender's lease pricing at time of funding. Interest rate/ factor 1.822758% - 1.869304% at time of funding)(E)
Debt Instrument
Long-term debt, Total	$ 192,000	$ 310,000

Long-Term Debt - Summary of l_2

Long-Term Debt - Summary of long term debt information (Details) - USD ($)	Dec. 01, 2021	Sep. 30, 2021
Paycheck protection program payable to financial institutions: Interest rate of 1% per annum. Unforgiven portion is payable monthly until April 20, 2022 (A)
Debt Instrument
Percentage of fixed interest rate payable		1.00%
Line of credit payable to a financial institution; Interest rate option of bank prime or Libor plus 2.15% (B)(C)
Debt Instrument
Spread on variable rate		2.15%
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.486%, monthly principle payments of $21,833 through 2021 with a balloon payment of $286,000 due December 1, 2021(C).
Debt Instrument
Monthly principal payments	$ 21,833
Balloon payment due December 1, 2021	286,000
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.486%, monthly principal payments of $23,810 through December 1, 2021 (C).
Debt Instrument
Spread on variable rate		1.486%
Monthly principal payments	$ 23,810
Equipment note obligations; Interest rate fixed for term of each funding based upon the Lender's lease pricing at time of funding. Interest rate/factor 1.795535% - 1.835015% as of September 30, 2021.(D) | Minimum
Debt Instrument
Percentage of floating interest rate payable		1.79554%
Equipment note obligations; Interest rate fixed for term of each funding based upon the Lender's lease pricing at time of funding. Interest rate/factor 1.795535% - 1.835015% as of September 30, 2021.(D) | Maximum
Debt Instrument
Percentage of floating interest rate payable		1.83501%
Equipment financing lease obligations; Interest rate fixed for term of each funding based upon the Lender's lease pricing at time of funding. Interest rate/ factor 1.822758% - 1.869304% at time of funding)(E) | Minimum
Debt Instrument
Percentage of floating interest rate payable		1.82276%
Equipment financing lease obligations; Interest rate fixed for term of each funding based upon the Lender's lease pricing at time of funding. Interest rate/ factor 1.822758% - 1.869304% at time of funding)(E) | Maximum
Debt Instrument
Percentage of floating interest rate payable		1.8693%
LIBOR | Line of credit payable to a financial institution; Interest rate option of bank prime or Libor plus 2.15% (B)(C)
Debt Instrument
Spread on variable rate		2.15%
LIBOR | Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.486%, monthly principle payments of $21,833 through 2021 with a balloon payment of $286,000 due December 1, 2021(C).
Debt Instrument
Spread on variable rate		1.486%

Long-Term Debt - Maturities (De

Long-Term Debt - Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Maturities - Topic 842
2021	$ 137	$ 331
2022	393	316
2023	246	169
2024	188	112
2025+	90
Total principal and interest payments	1,054	928
Less amount representing interest	(97)	(83)
Present value of net minimum lease payments	957	845
Less current portion	(378)	(301)
Long-term principle payments	$ 579	$ 544

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)	Apr. 21, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Jul. 09, 2021	Apr. 21, 2021	Dec. 31, 2020	Jun. 28, 2018
Debt Instrument
Gain on Paycheck Protection Program loan forgiveness		$ 4,000,000	$ 4,000,000
Amount drawn			500,000	$ 750,000
Long-term debt		5,630,000	5,630,000				$ 9,928,000
Principal maturities of long-term debt for 2021		524,000	524,000
Principal maturities of long-term debt for 2022		4,614,000	4,614,000
Principal maturities of long-term debt for 2023		231,000	231,000
Principal maturities of long-term debt for 2024		178,000	178,000
Principal maturities of long-term debt for 2025		77,000	77,000
Principal maturities of long-term debt for 2026		$ 6,000	$ 6,000
Paycheck protection program payable to financial institutions: Interest rate of 1% per annum. Unforgiven portion is payable monthly until April 20, 2022 (A)
Debt Instrument
Debt Instrument, Face Amount						$ 4,000,000
Debt Instrument, Term	2 years
Percentage of PPP loan proceeds used to pay for payroll costs		60.00%
Gain on Paycheck Protection Program loan forgiveness		$ 4,057,000
Principle amount of Paycheck Protection Program loan forgiveness		4,000,000
Accrued interest amount of Paycheck Protection Program loan forgiveness		$ 57,000
Percentage of fixed interest rate payable		1.00%	1.00%
Lease term for equipment covered by lease line of credit	2 years
Line of credit payable to a financial institution; Interest rate option of bank prime or Libor plus 2.15% (B)(C)
Debt Instrument
Maximum borrowing capacity		$ 6,000,000	$ 6,000,000
Spread on variable rate			2.15%
Commitment fee on unused portion of line of credit			0.25%
Balance outstanding of line of credit		4,250,000	$ 4,250,000				3,750,000
Long-term debt		4,250,000	4,250,000				3,750,000
Equipment note obligations; Interest rate fixed for term of each funding based upon the Lender's lease pricing at time of funding. Interest rate/factor 1.795535% - 1.835015% as of September 30, 2021.(D)
Debt Instrument
Maximum borrowing capacity					$ 1,000,000
Amount drawn			384,000
Balance outstanding of line of credit		$ 765,000	$ 765,000				534,000
Loan term for equipment covered by loan		60 months	60 months
Long-term debt		$ 765,000	$ 765,000				534,000
Equipment financing lease obligations; Interest rate fixed for term of each funding based upon the Lender's lease pricing at time of funding. Interest rate/ factor 1.822758% - 1.869304% at time of funding)(E)
Debt Instrument
Debt Instrument, Term			60 months
Lease line of credit								$ 1,000,000
Lease term for equipment covered by lease line of credit			60 months
Long-term debt		$ 192,000	$ 192,000				$ 310,000

Postretirement Benefit Plan (De

Postretirement Benefit Plan (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)age	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)age	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Postretirement Benefit Plan
Minimum age entity to pay health and life insurance for retired executive | age	65		65
Future obligation of benefits	$ 2,556,000		$ 2,556,000		$ 2,529,000
Benefit cost	$ 48,000	$ 98,000	$ 143,000	$ 296,000

Shareholders' Equity - Summary

Shareholders' Equity - Summary of common shareholders' equity (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 35,470	$ 34,243	$ 33,737	$ 36,467	$ 35,415	$ 33,532	$ 33,737	$ 33,532
Retirement obligation, net of taxes	15	16	15
Purchase of treasury shares			(81)			(100)
Stock based compensation	25	25	31	83	87	85
Net Income	3,238	1,186	541	(1,782)	965	1,898	4,965	1,081
Balance	38,748	35,470	34,243	34,768	36,467	35,415	38,748	34,768
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	23,530	22,344	21,803	23,347	22,382	20,484	21,803	20,484
Retirement obligation, net of taxes	0	0	0
Purchase of treasury shares			0			0
Stock based compensation	0	0	0	0	0	0
Net Income	3,238	1,186	541	(1,782)	965	1,898
Balance	26,768	23,530	22,344	21,565	23,347	22,382	26,768	21,565
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(1,325)	(1,341)	(1,356)	98	98	98	(1,356)	98
Retirement obligation, net of taxes	15	16	15
Purchase of treasury shares			0			0
Stock based compensation	0	0	0	0	0	0
Net Income	0	0	0	0	0	0
Balance	(1,310)	(1,325)	(1,341)	98	98	98	(1,310)	98
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	523	523	523	523	523	523	523	523
Retirement obligation, net of taxes	0	0	0
Purchase of treasury shares			0			0
Stock based compensation	0	0	0	0	0	0
Net Income	0	0	0	0	0	0
Balance	523	523	523	523	523	523	523	523
Capital in excess of par value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	14,497	14,492	14,481	14,430	14,391	14,358	14,481	14,358
Retirement obligation, net of taxes	0	0	0
Purchase of treasury shares			0			0
Stock based compensation	1	5	11	29	39	33
Net Income	0	0	0	0	0	0
Balance	14,498	14,497	14,492	14,459	14,430	14,391	14,498	14,459
ESOT
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(359)	(359)	(359)	(460)	(460)	(460)	(359)	(460)
Retirement obligation, net of taxes	0	0	0
Purchase of treasury shares			0			0
Stock based compensation	0	0	0	0	0	0
Net Income	0	0	0	0	0	0
Balance	(359)	(359)	(359)	(460)	(460)	(460)	(359)	(460)
Treasury stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(1,396)	(1,416)	(1,355)	(1,471)	(1,519)	(1,471)	(1,355)	(1,471)
Retirement obligation, net of taxes	0	0	0
Purchase of treasury shares			(81)			(100)
Stock based compensation	24	20	20	54	48	52
Net Income	0	0	0	0	0	0
Balance	$ (1,372)	$ (1,396)	$ (1,416)	$ (1,417)	$ (1,471)	$ (1,519)	$ (1,372)	$ (1,417)

Shareholders' Equity - Restrict

Shareholders' Equity - Restricted stock activity (Details) - $ / shares	Jan. 01, 2021	Sep. 30, 2021
Restricted Share Activity:
Unvested at the beginning	30,914	30,914
Granted		13,160
Vested		34,206
Unvested at the end		9,868
Weighted Average Grant Date Fair Value
Unvested, beginning balance	$ 9.24	$ 9.24
Granted		7.60
Vested		9.08
Unvested, ending balance		$ 7.60
2012 Long Term Incentive Plan
Restricted Share Activity:
Vested	25,250

Shareholders' Equity - Calculat

Shareholders' Equity - Calculation of earning per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Shareholders' Equity
Net income	$ 3,238	$ 1,186	$ 541	$ (1,782)	$ 965	$ 1,898	$ 4,965	$ 1,081
Weighted average common shares outstanding (basic) (in shares)	2,410			2,363			2,404	2,358
Unvested restricted stock (in shares)	10			34			10	34
Weighted average common shares outstanding (diluted) (in shares)	2,420			2,397			2,414	2,392
Basic
Net income (loss) per share	$ 1.34			$ (0.75)			$ 2.07	$ 0.46
Diluted
Net income (loss) per share	$ 1.34			$ (0.75)			$ 2.06	$ 0.45

Shareholders' Equity - Share Re

Shareholders' Equity - Share Repurchase Program (Details) - Share Repurchase Program - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Equity, Class of Treasury Stock [Line Items]
Number of common shares authorized to be purchased	450,000
Number of shares purchased	360,615
Remaining number of shares authorized to be purchased	89,385
Shares purchased	0	360

Shareholders' Equity - 2012 Lon

Shareholders' Equity - 2012 Long-Term Incentive Plan (Details) - USD ($)	Jan. 01, 2021	Aug. 14, 2020	Sep. 30, 2021	Dec. 31, 2020
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Number of restricted stock shares vested			34,206
Stock-based compensation expense related to the restrictive share awards			$ 75,000	$ 336,000
Non-employee directors
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Number of restricted stock issued		13,160
Compensation expense not yet recognized		$ 100,000
2012 Long Term Incentive Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Number of restricted stock shares vested	25,250
Shares withheld to satisfy the tax obligations	9,920
Value of shares withheld and repurchased	$ 81,000

Litigation (Details)

Litigation (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Litigation
Amount of alleged damages		$ 5,000,000
Legal settlement awards	$ 1,890,000	1,890,000
Aero, Inc.
Litigation
Amount of alleged damages		3,000,000
Amount of counter claim		3,191,000
Charge associated with proposed settlement	1,800,000	1,800,000
Gain or loss on litigation		0
The Ontario Knife Company
Litigation
Amount of alleged damages		750,000
Charge associated with proposed settlement	$ 90,000	$ 90,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transactions
Legal fees and disbursements	$ 13,000	$ 18,000	$ 59,000	$ 150,000
Accrued additional legal fees	$ 13,000	$ 25,000	$ 13,000	$ 25,000

Employee Retention Credit (Deta

Employee Retention Credit (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Employee Retention Credit
Percentage of reduction in gross receipts to qualify for the ERC	20.00%
Employee retention credit (ERC)	$ 1,978,000	$ 5,622,000

Business Segments - Summary of

Business Segments - Summary of company's operations (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues from unaffiliated customers	$ 10,915,000			$ 10,297,000			$ 30,003,000	$ 39,249,000
Costs of goods sold, inclusive of depreciation and amortization	(9,143,000)			(10,462,000)			(25,366,000)	(31,682,000)
Gross margin (loss)	1,772,000			(165,000)			4,637,000	7,567,000
Selling, general and administrative	(2,721,000)			(2,096,000)			(6,903,000)	(6,112,000)
Litigation Settlement, Expense	1,890,000						1,890,000
Total operating costs and expenses	4,611,000			2,096,000			8,793,000	6,112,000
Operating (loss)/income	(2,839,000)			(2,261,000)			(4,156,000)	1,455,000
Other income: employee retention credit (ERC)	1,978,000						5,622,000
Gain On Paycheck Protection Program Loan Forgiveness	4,000,000						4,000,000
Interest expense	(5,000)			(42,000)			(132,000)	(134,000)
Total other income/(expense)	5,973,000			(42,000)			9,490,000	(134,000)
Income (loss) before income tax provision	3,134,000			(2,303,000)			5,334,000	1,321,000
Income tax (benefit)/ provision	(104,000)			(521,000)			369,000	240,000
Net income/(loss)	3,238,000	$ 1,186,000	$ 541,000	(1,782,000)	$ 965,000	$ 1,898,000	4,965,000	1,081,000
Total Assets	54,213,000						54,213,000		$ 50,328,000
Capital expenditures							68,000	708,000
Operating Segments
Segment Reporting Information [Line Items]
Revenues from unaffiliated customers	10,915,000			10,297,000			30,003,000	39,249,000
Costs of goods sold, inclusive of depreciation and amortization	(9,143,000)			(10,462,000)			(25,366,000)	(31,682,000)
Gross margin (loss)	$ 1,772,000			$ (165,000)			$ 4,637,000	$ 7,567,000
Gross margin %	16.20%			(1.60%)			15.50%	19.30%
Selling, general and administrative	$ (2,721,000)			$ (2,096,000)			$ (6,903,000)	$ (6,112,000)
Litigation Settlement, Expense	(1,890,000)						(1,890,000)
Total operating costs and expenses	13,754,000			12,558,000			(34,159,000)	(37,794,000)
Operating (loss)/income	(2,839,000)			(2,261,000)			(4,156,000)	1,455,000
Other income: employee retention credit (ERC)	1,978,000						5,622,000
Gain On Paycheck Protection Program Loan Forgiveness	4,000,000						4,000,000
Interest expense	(5,000)			(42,000)			(132,000)	(134,000)
Total other income/(expense)	5,973,000			(42,000)			9,490,000	(134,000)
Income (loss) before income tax provision	3,134,000			(2,303,000)			5,334,000	1,321,000
Income tax (benefit)/ provision	(104,000)			(521,000)			369,000	240,000
Net income/(loss)	3,238,000			(1,782,000)			4,965,000	1,081,000
Total Assets	54,213,000						54,213,000		50,328,000
Capital expenditures	55,000			115,000			68,000	708,000
Operating Segments | ATG
Segment Reporting Information [Line Items]
Revenues from unaffiliated customers	8,449,000			8,184,000			23,495,000	33,228,000
Costs of goods sold, inclusive of depreciation and amortization	(6,762,000)			(8,635,000)			(19,214,000)	(26,495,000)
Gross margin (loss)	$ 1,687,000			$ (451,000)			$ 4,281,000	$ 6,733,000
Gross margin %	20.00%			(5.50%)			18.20%	20.30%
Selling, general and administrative	$ (2,240,000)			$ (1,712,000)			$ (5,586,000)	$ (4,857,000)
Litigation Settlement, Expense	(1,800,000)						(1,800,000)
Total operating costs and expenses	10,802,000			10,347,000			(26,600,000)	(31,352,000)
Operating (loss)/income	(2,353,000)			(2,163,000)			(3,105,000)	1,876,000
Other income: employee retention credit (ERC)	1,598,000						4,584,000
Gain On Paycheck Protection Program Loan Forgiveness	4,000,000						4,000,000
Interest expense	(5,000)			(41,000)			(130,000)	(125,000)
Total other income/(expense)	5,593,000			(41,000)			8,454,000	(125,000)
Income (loss) before income tax provision	3,240,000			(2,204,000)			5,349,000	1,751,000
Income tax (benefit)/ provision	(83,000)			(512,000)			370,000	318,000
Net income/(loss)	3,323,000			(1,692,000)			4,979,000	1,433,000
Total Assets	44,784,000						44,784,000		40,826,000
Capital expenditures	54,000			99,000			64,000	640,000
Operating Segments | CPG
Segment Reporting Information [Line Items]
Revenues from unaffiliated customers	2,466,000			2,113,000			6,508,000	6,021,000
Costs of goods sold, inclusive of depreciation and amortization	(2,381,000)			(1,827,000)			(6,152,000)	(5,187,000)
Gross margin (loss)	$ 85,000			$ 286,000			$ 356,000	$ 834,000
Gross margin %	3.40%			13.50%			5.50%	13.90%
Selling, general and administrative	$ (481,000)			$ (384,000)			$ (1,317,000)	$ (1,255,000)
Litigation Settlement, Expense	(90,000)						(90,000)
Total operating costs and expenses	2,952,000			2,211,000			(7,559,000)	(6,442,000)
Operating (loss)/income	(486,000)			(98,000)			(1,051,000)	(421,000)
Other income: employee retention credit (ERC)	380,000						1,038,000
Interest expense				(1,000)			(2,000)	(9,000)
Total other income/(expense)	380,000			(1,000)			1,036,000	(9,000)
Income (loss) before income tax provision	(106,000)			(99,000)			(15,000)	(430,000)
Income tax (benefit)/ provision	(21,000)			(9,000)			(1,000)	(78,000)
Net income/(loss)	(85,000)			(90,000)			(14,000)	(352,000)
Total Assets	9,429,000						9,429,000		$ 9,502,000
Capital expenditures	$ 1,000			$ 16,000			$ 4,000	$ 68,000

Business Segments - Additional

Business Segments - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021segment
Business Segments
Number of operating segments	2