Servotronics (SVT) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 25, 2024
Document Information [Line Items]
Entity Central Index Key	0000089140
Entity Registrant Name	SERVOTRONICS INC /DE/
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-07109
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
Title of 12(b) Security	Common Stock
Trading Symbol	SVT
Security Exchange Name	NYSEAMER
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		2,554,236

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash	$ 46,000	$ 95,000
Restricted cash	150,000	150,000
Accounts receivable, net	12,598,000	12,065,000
Inventories, net	15,408,000	14,198,000
Prepaid and other current assets	810,000	1,507,000
Assets related to discontinued operation	1,466,000	1,552,000
Total current assets	30,478,000	29,567,000
Property, plant and equipment, net	7,143,000	6,978,000
Other non-current assets	42,000	42,000
Total Assets	37,663,000	36,587,000
Current Liabilities:
Line of credit	3,169,000	2,103,000
Current portion of post-retirement obligation	97,000	97,000
Accounts payable	2,954,000	2,061,000
Accrued employee compensation and benefits costs	927,000	1,003,000
Accrued warranty	413,000	542,000
Other accrued liabilities	1,046,000	1,909,000
Liabilities related to discontinued operation	27,000	213,000
Total Current Liabilities	8,633,000	7,928,000
Post-retirement obligation	4,210,000	4,165,000
Other long-term liabilities	427,000	0
Total Liabilities	13,270,000	12,093,000
Shareholders' Equity:
Common stock, par value $0.20; authorized 4,000,000 shares; issued 2,629,052 shares; outstanding 2,527,484 (2,514,775 - 2023) shares	525,000	525,000
Capital in excess of par value	14,796,000	14,617,000
Retained earnings	12,631,000	12,954,000
Accumulated other comprehensive loss	(2,331,000)	(2,389,000)
Employee stock ownership trust commitment	(56,000)	(56,000)
Treasury stock, at cost 74,816 (87,525 - 2023) shares	(1,172,000)	(1,157,000)
Total shareholders' equity	24,393,000	24,494,000
Total Liabilities and Shareholders' Equity	$ 37,663,000	$ 36,587,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Common stock, par value (in dollars per share)	$ 0.2	$ 0.2
Common stock, shares authorized (in shares)	4,000,000	4,000,000
Common stock, shares issued (in shares)	2,629,052	2,629,052
Common stock, shares outstanding (in shares)	2,527,484	2,514,775
Treasury stock, shares (in shares)	74,816	87,525

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Current Period Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue	$ 12,430,000	$ 11,582,000	$ 35,149,000	$ 31,291,000
Costs of goods sold, inclusive of depreciation and amortization	10,162,000	9,083,000	28,083,000	26,252,000
Gross profit	2,268,000	2,499,000	7,066,000	5,039,000
Operating expenses
Selling, general and administrative	1,979,000	2,219,000	6,394,000	7,663,000
Legal settlement (Note 9)	570,000	0	570,000	0
Total operating expenses	2,549,000	2,219,000	6,964,000	7,663,000
Operating (loss) income	(281,000)	280,000	102,000	(2,624,000)
Other expense
Interest & other expense, net	172,000	98,000	353,000	239,000
Total other expense	172,000	98,000	353,000	239,000
(Loss) income from continuing operations before income taxes	(453,000)	182,000	(251,000)	(2,863,000)
Income tax expense	0	0	0	(1,063,000)
(Loss) income from continuing operations, net of tax	(453,000)	182,000	(251,000)	(3,926,000)
Loss from discontinued operation before income taxes	(43,000)	(386,000)	(72,000)	(7,326,000)
Income taxes	0	0	0	0
Loss from discontinued operation, net of tax	(43,000)	(386,000)	(72,000)	(7,326,000)
Net loss	$ (496,000)	$ (204,000)	$ (323,000)	$ (11,252,000)
Basic and diluted (loss) earnings per share:
Continuing operations (in dollars per share)	$ (0.18)	$ 0.07	$ (0.1)	$ (1.59)
Discontinued operation (in dollars per share)	(0.02)	(0.16)	(0.03)	(2.97)
Basic and diluted loss per share (in dollars per share)	$ (0.2)	$ (0.09)	$ (0.13)	$ (4.56)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Current Period Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net loss	$ (496)	$ (204)	$ (323)	$ (11,252)
Actuarial gains	19	17	58	42
Income tax benefit on actuarial losses	0	0	0	0
Retirement benefits adjustments, net of income taxes	19	17	58	42
Total comprehensive loss	$ (477)	$ (187)	$ (265)	$ (11,210)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows related to operating activities:
Loss from continuing operations	$ (251,000)	$ (3,926,000)
Adjustments to reconcile loss from continuing operations to net cash provided (used) by operating activities:
Depreciation and amortization	768,000	790,000
Stock based compensation	185,000	111,000
Allowance for credit losses	(90,000)	8,000
Inventory reserve	108,000	34,000
Warranty reserve	(129,000)	(37,000)
Deferred income taxes	0	1,077,000
Changes in assets and liabilities providing (using) cash:
Accounts receivable	(443,000)	(3,852,000)
Inventories	(1,318,000)	(796,000)
Prepaid and other current assets	697,000	(251,000)
Accounts payable	893,000	1,118,000
Accrued employee compensation and benefit costs	(18,000)	229,000
Other accrued liabilities	(863,000)	528,000
Post-retirement obligations	45,000	59,000
Other long-term liabilities	427,000	0
Net cash provided (used) by operating activities from continuing operations	11,000	(4,908,000)
Cash flows related to investing activities:
Purchase of property, plant and equipment, net of disposals	(933,000)	(606,000)
Net cash used by investing activities from continuing operations	(933,000)	(606,000)
Cash flows related to financing activities:
Proceeds from line of credit, net of payments	1,066,000	2,164,000
Purchase of treasury shares	(21,000)	0
Payments on finance lease obligations	0	(501,000)
Net cash provided by financing activities from continuing operations	1,045,000	1,663,000
Discontinued Operation
Cash used by operating activities	(172,000)	(1,753,000)
Cash provided by investing activities	0	2,100,000
Net cash (used) provided by discontinued operation	(172,000)	347,000
Net decrease in cash and restricted cash	(49,000)	(3,504,000)
Cash and restricted cash at beginning of period	245,000	3,812,000
Cash and restricted cash at end of period	$ 196,000	$ 308,000

Note 1 - Operations and Summary

Note 1 - Operations and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Business Description and Accounting Policies [Text Block]	1. Operations and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation Servotronics, Inc. (“Servotronics”) and its subsidiaries (“Company”) design, manufacture and market servo-control components and other advanced technology products for aerospace, military and medical applications. The Company was incorporated in New York in 1959. 1972, Until 2023, two 2023, no The condensed consolidated financial statements currently include the accounts of Servotronics, OKC, and other inactive, wholly owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. The Company derives its primary sales revenue from domestic customers, although a portion of finished products are for foreign end use. As stated, the Company executed an Asset Purchase Agreement (“APA”) with a third August 1, 2023. 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 8 X. not three nine September 30, 2024 not may December 31, 2024 2023 The 2023 2 Cash and Restricted Cash The following table provides a reconciliation of cash and restricted cash to the amounts in the statement of cash flows: September 30, December 31, (in thousands) 2024 2023 Cash $ 46 $ 95 Restricted cash 150 150 Total cash and restricted cash $ 196 $ 245 The Company considers cash to include all currency and coin owned by the Company as well as all deposits in the bank including checking and savings accounts. The restricted cash of $ 150,000 September 30, 2024 December 31, 2023 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 credit losses. On a periodic basis, the Company evaluates its accounts receivable and establishes an allowance for credit losses based on history of past write-offs, collections, and current credit conditions. Collections on previously reserved accounts receivable and write offs of accounts deemed uncollectable, resulted in a reserve decrease of $90,000 during 2024. September 30, 2024 December 31, 2023 not Revenue Recognition Revenues are recognized at the time of shipment of goods, transfer of title and customer acceptance, as required. Revenue transactions generally consist of a single performance obligation to transfer contracted goods. 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 revenue, principally representing repairs, is recognized at the time of shipment of goods. 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 1 2 3 4 5 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 The timing of satisfaction of our performance obligations does not Warranty and repair obligations are assessed on all returns. Revenue is not twenty-seven September 30, 2024 December 31, 2023 460, The Company disaggregates revenue from contracts with customers into geographic regions. The Company determined that disaggregating revenue into this category achieves the objective to portray how the nature, timing, and uncertainty of revenue from cash flows are affected by different regions. Disaggregation of revenue by geographic region are provided below: Three Months Ended Nine Months Ended (in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Domestic $ 9,221 $ 7,930 $ 26,181 $ 22,528 International 3,209 3,652 8,968 8,763 Total Revenue $ 12,430 $ 11,582 $ 35,149 $ 31,291 Inventories Inventories are stated at the lower of cost or net realizable value, with any adjustments reflected as a reduction to finished goods inventory. Cost includes all costs incurred to bring each product to its present location and condition. Inventory reserves consist of obsolete and/or slow-moving items based on inventory levels in excess of forecasted sales activity and have increased due to the reserve methodologies. These reserves are applied to the gross value of the inventory and are approximately $735,000 and $627,000 as of September 30, 2024 December 31, 2023 The purchase of suppliers’ minimum economic quantities of material such as steel, etc. may two may may one not 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 (years) 5 - 40 Machinery and equipment (years) 5 - 20 Tooling (years) 3 - 5 Income Taxes 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 uncertain tax positions and income tax matters in income tax expense. The Company did not September 30, 2024 December 31, 2023 not three nine September 30, 2024 2023 not September 30, 2024 December 31, 2023 2020 2023 2019 2023 Supplemental Cash Flow Information Income taxes paid amounted to approximately $0 and $2,000 for the nine September 30, 2024 2023, nine September 30, 2024 2023 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 The Company’s strategic decision to sell certain assets of OKC in 2023 360 10 45 9 Impairment or Disposal of Long-Lived Assets 2, September 30, 2024 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 classifications adopted in the current period. Research and Development Costs Research and development costs are expensed as incurred and are included in selling, general and administrative on the Condensed Consolidated Statements of Operations. 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 assesses the risk of nonperformance by the financial institutions to be low. 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 asset-based line of credit the fair value approximates its carrying amount. Recent Accounting Pronouncements In December 2023, 2023 09 740 2023 09 January 1, 2025, In November 2023, 2023 07, Segment Reporting (Topic 280 2023 07 December 15, 2023, December 15, 2024. 2024. There have been no 10 December 31, 2023

Note 2 - Discontinued Operation

Note 2 - Discontinued Operation and Assets and Liabilities Related to Discontinued Operation	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	2. Discontinued Operation and Assets and Liabilities Related to Discontinued Operation The Company’s decision to sell certain assets and wind down the operations of OKC met the “held for sale” definition under ASC 205 20 45 9 Discontinued Operations September 30, 2024 December 31, 2023 three nine September 30, 2024 2023 Under the terms of the Asset Purchase Agreement, the Company sold inventory, machinery & equipment and intellectual property (patents & trademarks/tradenames) to a third August 1, 2023. 2023 third three nine September 30, 2024 Operating loss from discontinued operation was approximately $33,000 and $90,000 for the three nine September 30, 2024 three nine September 30, 2023 three nine September 30, 2024 three nine September 30, 2023 three nine September 30, 2024 three nine September 30, 2023 three nine September 30, 2024 three nine September 30, 2023 Discontinued Operation Financial Information Consolidated Statements of Operations are as follows: Three Months Ended (in thousands) September 30, 2024 September 30, 2023 Net Sales $ - $ 336 Operating costs (33 ) (739 ) Loss from discontinued operation (33 ) (403 ) Loss from discontinued operation - impairment and divestiture costs (10 ) (79 ) Change in purchase price - 96 Loss from discontinued operation before income taxes (43 ) (386 ) Income tax benefit - - Loss from discontinued operation, net of tax $ (43 ) $ (386 ) Nine Months Ended (in thousands) September 30, 2024 September 30, 2023 Net Sales $ - $ 3,423 Operating costs (90 ) (5,316 ) Loss from discontinued operation (90 ) (1,893 ) Loss from discontinued operation - divestiture and impairment costs 18 (2,306 ) Loss on sale of assets - (3,127 ) Loss from discontinued operation before income taxes (72 ) (7,326 ) Income tax benefit - - Loss from discontinued operation, net of tax $ (72 ) $ (7,326 ) Assets & Liabilities Related to Discontinued Operation Financial Information A summary of the carrying amounts of major classes of assets and liabilities, which are included in assets and liabilities related to discontinued operation in the Condensed Consolidated Balance Sheets, are as follows: September 30, December 31, (in thousands) 2024 2023 Accounts receivable $ - $ 38 Prepaid and other assets 38 31 Inventories - 55 Building, net of estimated costs to sell 1,428 1,428 Assets related to discontinued operation $ 1,466 $ 1,552 Accounts payable $ 24 $ 197 Accrued employee compensation and other costs 3 16 Liabilities related to discontinued operation $ 27 $ 213 The Company is actively marketing the building for sale using a commercial real estate broker with a selling price above its appraised value. To date, no twelve 2024,

Note 3 - Inventories

Note 3 - Inventories	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	3. Inventories September 30, December 31, (in thousands) 2024 2023 Raw material and common parts $ 7,964 $ 7,828 Work-in-process 7,499 6,466 Finished goods 680 531 16,143 14,825 Less inventory reserve (735 ) (627 ) Total inventories $ 15,408 $ 14,198 The increase in total inventories is due to higher work-in-process (sub-assemblies and open work orders) necessary to support significant customer demand in 2024.

Note 4 - Property, Plant and Eq

Note 4 - Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	4. Property, Plant and Equipment September 30, December 31, (in thousands) 2024 2023 Buildings and building improvements $ 8,937 $ 8,447 Machinery, equipment and tooling 15,791 15,503 Construction in progress 236 106 24,964 24,056 Less accumulated depreciation and amortization (17,821 ) (17,078 ) Property, plant and equipment, net $ 7,143 $ 6,978 Depreciation and amortization expense amounted to approximately $225,000 and $272,000 for the three September 30, 2024 2023 three September 30, 2024 2023 nine September 30, 2024 2023 nine September 30, 2024 2023 The Company’s ROU assets included in machinery, equipment and tooling had a net book value of approximately $142,000 and $160,000 as of September 30, 2024 December 31, 2023 As of September 30, 2024 December 31, 2023

Note 5 - Indebtedness

Note 5 - Indebtedness	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Long-Term Debt [Text Block]	5. Indebtedness In 2023, three September 30, 2024 December 31, 2023 prime rate September 30, 2024 December 31, 2023 In accordance with ASC 470 10 45 5 The Credit Facility contains two not not September 30, 2024 December 31, 2023

Note 6 - Postretirement Benefit

Note 6 - Postretirement Benefit Plan	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	6. Postretirement Benefit Plan The Company provides certain postretirement health and life insurance benefits for two September 30, 2024 December 31, 2023 three September 30, 2024 2023 nine September 30, 2024 2023

Note 7 - Shareholders' Equity

Note 7 - Shareholders' Equity	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Equity [Text Block]	7. Shareholders Equity Nine-month Period Ended September 30, 2024 Accumulated Capital in Other Total Common Excess of Retained Comprehensive Treasury Shareholders' (in thousands) Stock Par Value Earnings Loss ESOT Stock Equity December 31, 2023 $ 525 $ 14,617 $ 12,954 $ (2,389 ) $ (56 ) $ (1,157 ) $ 24,494 Retirement benefits adjustment - - - 19 - - 19 Stock based compensation - 44 - - - 19 63 Net Loss - - (383 ) - - - (383 ) March 31, 2024 $ 525 $ 14,661 $ 12,571 $ (2,370 ) $ (56 ) $ (1,138 ) $ 24,193 Retirement benefits adjustment - - - 20 - - 20 Stock based compensation - 101 - - - 12 113 Purchase of treasury shares - - - - - (21 ) (21 ) Net Income - - 556 - - - 556 June 30, 2024 $ 525 $ 14,762 $ 13,127 $ (2,350 ) $ (56 ) $ (1,147 ) $ 24,861 Retirement benefits adjustment - - - 19 - - 19 Stock based compensation - 34 - - - (25 ) 9 Net Loss - - (496 ) - - - (496 ) September 30, 2024 $ 525 $ 14,796 $ 12,631 $ (2,331 ) $ (56 ) $ (1,172 ) $ 24,393 Nine-month Period Ended September 30, 2023 Accumulated Capital in Other Total Common Excess of Retained Comprehensive Treasury Shareholders' (in thousands) Stock Par Value Earnings Loss ESOT Stock Equity December 31, 2022 $ 523 $ 14,556 $ 23,741 $ (2,337 ) $ (157 ) $ (1,214 ) $ 35,112 Retirement benefits adjustment - - - 13 - - 13 Stock based compensation - 17 - - - 24 41 Net Loss - - (1,547 ) - - - (1,547 ) March 31, 2023 $ 523 $ 14,573 $ 22,194 $ (2,324 ) $ (157 ) $ (1,190 ) $ 33,619 Retirement benefits adjustment - - - 12 - - 12 Stock based compensation 1 14 - - - 18 33 Net Loss - - (9,500 ) - - - (9,500 ) June 30, 2023 $ 524 $ 14,587 $ 12,694 $ (2,312 ) $ (157 ) $ (1,172 ) $ 24,164 Retirement benefits adjustment - - - 17 - - 17 Stock based compensation 1 16 - - - 20 37 Net Loss - - (205 ) - - - (205 ) September 30, 2023 $ 525 $ 14,603 $ 12,489 $ (2,295 ) $ (157 ) $ (1,152 ) $ 24,013 Earnings Per Share Basic earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding during the period. The weighted average number of common shares outstanding does not not Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 (Loss) income from continuing operations $ (453 ) $ 182 $ (251 ) $ (3,926 ) Loss from discontinued operation (43 ) (386 ) (72 ) (7,326 ) Net loss $ (496 ) $ (204 ) $ (323 ) $ (11,252 ) Weighted average common shares outstanding (basic and diluted) 2,508 2,472 2,503 2,465 Unvested restricted stock (service-based) (antidilutive) 22 24 22 24 Basic and diluted (loss) earnings per share: Continuing operations $ (0.18 ) $ 0.07 $ (0.10 ) $ (1.59 ) Discontinued operation (0.02 ) (0.16 ) (0.03 ) (2.97 ) Basic and diluted loss per share $ (0.20 ) $ (0.09 ) $ (0.13 ) $ (4.56 ) Stock-Based Compensation The Company’s 2022 2022 The Company’s executive compensation program established by the Board of Directors (Board) determines the type of awards available to the Company’s executives. The program consists of a cash incentive plan and a long-term incentive plan (“LTIP”) that are awarded annually. The LTIP includes service-based (restricted) share awards that vest annually over three three On March 26, 2024, 2024 2026 January 29, 2024, one September 18, 2024, The Company’s director compensation policy provides that non-employee directors receive a portion of their annual retainer in the form of restricted shares under the Equity Plan. These shares vest quarterly over a twelve May 10, 2024, August 8, 2024, third A summary of the status of restricted (service-based) share awards granted is presented below: Weighted Average Grant Date Fair Shares Value Service-Based Share Activity: Unvested at December 31, 2023 22,448 $ 11.45 Granted in 2024 18,946 $ 12.70 Forfeited in 2024 (3,691 ) $ 13.29 Vested in 2024 (15,799 ) $ 11.80 Unvested at September 30, 2024 21,904 $ 11.97 Included in the nine September 30, 2024 2023 Restricted, performance-based share awards represent a right to receive a certain number of shares of common stock based on the achievement of corporate performance goals and continued employment during the performance period. Performance-based share awards granted to executives vest at the end of a three not may three may On March 26, 2024, 2024 2026 September 18, 2024 December 13, 2023, 2023 2025 A summary of the status of performance-based share awards granted is presented below: Weighted Average Grant Date Fair Shares Value Performance-Based Share Activity: Unvested at December 31, 2023 17,380 $ 11.50 Granted in 2024 21,541 $ 12.63 Forfeited in 2024 (5,716 ) $ 12.63 Vested in 2024 - $ - Unvested at September 30, 2024 33,205 $ 12.04 No stock-based compensation expense related to performance-based share awards is included in the nine September 30, 2024 2023 not 2023 2025 2024 2026 2023 2025 2024 2026

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. Income Taxes The income tax expense in the Condensed Consolidated Statements of Operations is $0 for the three nine September 30, 2024 three nine September 30, 2023 September 30, 2024 2023. second 2023 not not The effective tax rate for the three nine September 30, 2024 0% three nine September 30, 2023 three nine September 30, 2024 September 30, 2024

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. Commitments and Contingencies 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 not During 2023, 2023, 2024. second June 30, 2024, July 2024, On December 21, 2021, June 2021 December 22, 2021, 10 9 September 2024, two 2024. not September 30, 2024. three nine September 30, 2024. On June 7, 2021, not August 6, 2021. January 13, 2022, 2023, not may There are no not

Note 10 - Customer and Supplier

Note 10 - Customer and Supplier Concentration	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	10. Customer and Supplier Concentration The Company's revenue includes significant concentration from a limited number of customers representing approximately 88% of revenue for both the three nine September 30, 2024 three nine September 30, 2023 no The Company relies on a variety of suppliers for the procurement of raw materials, components, and services necessary for its operations. While the Company actively manages its relationships with suppliers and seeks to diversify its supplier base, a disruption in the supply of goods or services from a major supplier could have a material adverse effect on the Company's operations and financial results. To mitigate the risks associated with supplier concentration, the Company engages in ongoing efforts to identify alternative sources of supply, assess supplier reliability and performance, and negotiate favorable contractual terms where feasible. However, there can be no three nine September 30, 2024 no one 10% 10% one three nine September 30, 2023

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Insider Trading Arr Line Items
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation [Policy Text Block]	Basis of Presentation and Principles of Consolidation Servotronics, Inc. (“Servotronics”) and its subsidiaries (“Company”) design, manufacture and market servo-control components and other advanced technology products for aerospace, military and medical applications. The Company was incorporated in New York in 1959. 1972, Until 2023, two 2023, no The condensed consolidated financial statements currently include the accounts of Servotronics, OKC, and other inactive, wholly owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. The Company derives its primary sales revenue from domestic customers, although a portion of finished products are for foreign end use. As stated, the Company executed an Asset Purchase Agreement (“APA”) with a third August 1, 2023. 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 8 X. not three nine September 30, 2024 not may December 31, 2024 2023 The 2023 2
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Restricted Cash The following table provides a reconciliation of cash and restricted cash to the amounts in the statement of cash flows: September 30, December 31, (in thousands) 2024 2023 Cash $ 46 $ 95 Restricted cash 150 150 Total cash and restricted cash $ 196 $ 245 The Company considers cash to include all currency and coin owned by the Company as well as all deposits in the bank including checking and savings accounts. The restricted cash of $ 150,000 September 30, 2024 December 31, 2023
Accounts Receivable [Policy Text Block]	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 credit losses. On a periodic basis, the Company evaluates its accounts receivable and establishes an allowance for credit losses based on history of past write-offs, collections, and current credit conditions. Collections on previously reserved accounts receivable and write offs of accounts deemed uncollectable, resulted in a reserve decrease of $90,000 during 2024. September 30, 2024 December 31, 2023 not
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition Revenues are recognized at the time of shipment of goods, transfer of title and customer acceptance, as required. Revenue transactions generally consist of a single performance obligation to transfer contracted goods. 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 revenue, principally representing repairs, is recognized at the time of shipment of goods. 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 1 2 3 4 5 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 The timing of satisfaction of our performance obligations does not Warranty and repair obligations are assessed on all returns. Revenue is not twenty-seven September 30, 2024 December 31, 2023 460, The Company disaggregates revenue from contracts with customers into geographic regions. The Company determined that disaggregating revenue into this category achieves the objective to portray how the nature, timing, and uncertainty of revenue from cash flows are affected by different regions. Disaggregation of revenue by geographic region are provided below: Three Months Ended Nine Months Ended (in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Domestic $ 9,221 $ 7,930 $ 26,181 $ 22,528 International 3,209 3,652 8,968 8,763 Total Revenue $ 12,430 $ 11,582 $ 35,149 $ 31,291
Inventory, Policy [Policy Text Block]	Inventories Inventories are stated at the lower of cost or net realizable value, with any adjustments reflected as a reduction to finished goods inventory. Cost includes all costs incurred to bring each product to its present location and condition. Inventory reserves consist of obsolete and/or slow-moving items based on inventory levels in excess of forecasted sales activity and have increased due to the reserve methodologies. These reserves are applied to the gross value of the inventory and are approximately $735,000 and $627,000 as of September 30, 2024 December 31, 2023 The purchase of suppliers’ minimum economic quantities of material such as steel, etc. may two may may one not
Shipping and Handling Costs [Policy Text Block]	Shipping and Handling Costs Shipping and handling costs are classified as a component of cost of goods sold.
Property, Plant and Equipment, Policy [Policy Text Block]	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 (years) 5 - 40 Machinery and equipment (years) 5 - 20 Tooling (years) 3 - 5
Income Tax, Policy [Policy Text Block]	Income Taxes 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 uncertain tax positions and income tax matters in income tax expense. The Company did not September 30, 2024 December 31, 2023 not three nine September 30, 2024 2023 not September 30, 2024 December 31, 2023 2020 2023 2019 2023
Cash Flow, Supplemental Disclosures [Policy Text Block]	Supplemental Cash Flow Information Income taxes paid amounted to approximately $0 and $2,000 for the nine September 30, 2024 2023, nine September 30, 2024 2023
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block]	Employee Stock Ownership Plan Contributions to the employee stock ownership plan are determined annually by the Company according to plan formula.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	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 The Company’s strategic decision to sell certain assets of OKC in 2023 360 10 45 9 Impairment or Disposal of Long-Lived Assets 2, September 30, 2024
Use of Estimates, Policy [Policy Text Block]	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.
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications Certain balances as previously reported were reclassified to classifications adopted in the current period.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Costs Research and development costs are expensed as incurred and are included in selling, general and administrative on the Condensed Consolidated Statements of Operations.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	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 assesses the risk of nonperformance by the financial institutions to be low.
Fair Value of Financial Instruments, Policy [Policy Text Block]	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 asset-based line of credit the fair value approximates its carrying amount.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In December 2023, 2023 09 740 2023 09 January 1, 2025, In November 2023, 2023 07, Segment Reporting (Topic 280 2023 07 December 15, 2023, December 15, 2024. 2024. There have been no 10 December 31, 2023

Note 1 - Operations and Summa_2

Note 1 - Operations and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Cash and Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block]	September 30, December 31, (in thousands) 2024 2023 Cash $ 46 $ 95 Restricted cash 150 150 Total cash and restricted cash $ 196 $ 245
Disaggregation of Revenue [Table Text Block]	Three Months Ended Nine Months Ended (in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Domestic $ 9,221 $ 7,930 $ 26,181 $ 22,528 International 3,209 3,652 8,968 8,763 Total Revenue $ 12,430 $ 11,582 $ 35,149 $ 31,291
Schedule of Property, Plant and Equipment Estimated Useful Life [Table Text Block]	Buildings and improvements (years) 5 - 40 Machinery and equipment (years) 5 - 20 Tooling (years) 3 - 5

Note 2 - Discontinued Operati_2

Note 2 - Discontinued Operation and Assets and Liabilities Related to Discontinued Operation (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Disposal Groups, Including Discontinued Operations [Table Text Block]	Three Months Ended (in thousands) September 30, 2024 September 30, 2023 Net Sales $ - $ 336 Operating costs (33 ) (739 ) Loss from discontinued operation (33 ) (403 ) Loss from discontinued operation - impairment and divestiture costs (10 ) (79 ) Change in purchase price - 96 Loss from discontinued operation before income taxes (43 ) (386 ) Income tax benefit - - Loss from discontinued operation, net of tax $ (43 ) $ (386 ) Nine Months Ended (in thousands) September 30, 2024 September 30, 2023 Net Sales $ - $ 3,423 Operating costs (90 ) (5,316 ) Loss from discontinued operation (90 ) (1,893 ) Loss from discontinued operation - divestiture and impairment costs 18 (2,306 ) Loss on sale of assets - (3,127 ) Loss from discontinued operation before income taxes (72 ) (7,326 ) Income tax benefit - - Loss from discontinued operation, net of tax $ (72 ) $ (7,326 ) September 30, December 31, (in thousands) 2024 2023 Accounts receivable $ - $ 38 Prepaid and other assets 38 31 Inventories - 55 Building, net of estimated costs to sell 1,428 1,428 Assets related to discontinued operation $ 1,466 $ 1,552 Accounts payable $ 24 $ 197 Accrued employee compensation and other costs 3 16 Liabilities related to discontinued operation $ 27 $ 213

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, December 31, (in thousands) 2024 2023 Raw material and common parts $ 7,964 $ 7,828 Work-in-process 7,499 6,466 Finished goods 680 531 16,143 14,825 Less inventory reserve (735 ) (627 ) Total inventories $ 15,408 $ 14,198

Note 4 - Property, Plant and _2

Note 4 - Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Property, Plant and Equipment [Table Text Block]	September 30, December 31, (in thousands) 2024 2023 Buildings and building improvements $ 8,937 $ 8,447 Machinery, equipment and tooling 15,791 15,503 Construction in progress 236 106 24,964 24,056 Less accumulated depreciation and amortization (17,821 ) (17,078 ) Property, plant and equipment, net $ 7,143 $ 6,978

Note 7 - Shareholders' Equity (

Note 7 - Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Nine-month Period Ended September 30, 2024 Accumulated Capital in Other Total Common Excess of Retained Comprehensive Treasury Shareholders' (in thousands) Stock Par Value Earnings Loss ESOT Stock Equity December 31, 2023 $ 525 $ 14,617 $ 12,954 $ (2,389 ) $ (56 ) $ (1,157 ) $ 24,494 Retirement benefits adjustment - - - 19 - - 19 Stock based compensation - 44 - - - 19 63 Net Loss - - (383 ) - - - (383 ) March 31, 2024 $ 525 $ 14,661 $ 12,571 $ (2,370 ) $ (56 ) $ (1,138 ) $ 24,193 Retirement benefits adjustment - - - 20 - - 20 Stock based compensation - 101 - - - 12 113 Purchase of treasury shares - - - - - (21 ) (21 ) Net Income - - 556 - - - 556 June 30, 2024 $ 525 $ 14,762 $ 13,127 $ (2,350 ) $ (56 ) $ (1,147 ) $ 24,861 Retirement benefits adjustment - - - 19 - - 19 Stock based compensation - 34 - - - (25 ) 9 Net Loss - - (496 ) - - - (496 ) September 30, 2024 $ 525 $ 14,796 $ 12,631 $ (2,331 ) $ (56 ) $ (1,172 ) $ 24,393 Nine-month Period Ended September 30, 2023 Accumulated Capital in Other Total Common Excess of Retained Comprehensive Treasury Shareholders' (in thousands) Stock Par Value Earnings Loss ESOT Stock Equity December 31, 2022 $ 523 $ 14,556 $ 23,741 $ (2,337 ) $ (157 ) $ (1,214 ) $ 35,112 Retirement benefits adjustment - - - 13 - - 13 Stock based compensation - 17 - - - 24 41 Net Loss - - (1,547 ) - - - (1,547 ) March 31, 2023 $ 523 $ 14,573 $ 22,194 $ (2,324 ) $ (157 ) $ (1,190 ) $ 33,619 Retirement benefits adjustment - - - 12 - - 12 Stock based compensation 1 14 - - - 18 33 Net Loss - - (9,500 ) - - - (9,500 ) June 30, 2023 $ 524 $ 14,587 $ 12,694 $ (2,312 ) $ (157 ) $ (1,172 ) $ 24,164 Retirement benefits adjustment - - - 17 - - 17 Stock based compensation 1 16 - - - 20 37 Net Loss - - (205 ) - - - (205 ) September 30, 2023 $ 525 $ 14,603 $ 12,489 $ (2,295 ) $ (157 ) $ (1,152 ) $ 24,013
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 (Loss) income from continuing operations $ (453 ) $ 182 $ (251 ) $ (3,926 ) Loss from discontinued operation (43 ) (386 ) (72 ) (7,326 ) Net loss $ (496 ) $ (204 ) $ (323 ) $ (11,252 ) Weighted average common shares outstanding (basic and diluted) 2,508 2,472 2,503 2,465 Unvested restricted stock (service-based) (antidilutive) 22 24 22 24 Basic and diluted (loss) earnings per share: Continuing operations $ (0.18 ) $ 0.07 $ (0.10 ) $ (1.59 ) Discontinued operation (0.02 ) (0.16 ) (0.03 ) (2.97 ) Basic and diluted loss per share $ (0.20 ) $ (0.09 ) $ (0.13 ) $ (4.56 )
Nonvested Restricted Stock Shares Activity [Table Text Block]	Weighted Average Grant Date Fair Shares Value Service-Based Share Activity: Unvested at December 31, 2023 22,448 $ 11.45 Granted in 2024 18,946 $ 12.70 Forfeited in 2024 (3,691 ) $ 13.29 Vested in 2024 (15,799 ) $ 11.80 Unvested at September 30, 2024 21,904 $ 11.97 Weighted Average Grant Date Fair Shares Value Performance-Based Share Activity: Unvested at December 31, 2023 17,380 $ 11.50 Granted in 2024 21,541 $ 12.63 Forfeited in 2024 (5,716 ) $ 12.63 Vested in 2024 - $ - Unvested at September 30, 2024 33,205 $ 12.04

Note 1 - Operations and Summa_3

Note 1 - Operations and Summary of Significant Accounting Policies (Details Textual)	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Number of Operating Segments	2
Restricted Cash and Cash Equivalents, Current	$ 150,000		$ 150,000
Accounts Receivable, Credit Loss Expense (Reversal)	(90,000)	$ 8,000
Accounts Receivable, Allowance for Credit Loss, Current	$ 31,000		121,000
Product Warranty Obligation, Term (Month)	27 months
Standard Product Warranty Accrual	$ 413,000		542,000
Inventory Valuation Reserves	735,000		$ 627,000
Income Taxes Paid, Net	0	2,000
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	209,000	$ 98,000
Impairment, Long-Lived Asset, Held-for-Use	$ 0
Minimum [Member]
Number Of Years Supply Certain Larger Quantities Of Other Product Support Items May Have To Be Purchased	1

Note 1 - Operations and Summa_4

Note 1 - Operations and Summary of Significant Accounting Policies - Schedule of Cash and Restricted Cash (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Cash	$ 46,000	$ 95,000
Restricted cash	150,000	150,000
Total cash and restricted cash	$ 196,000	$ 245,000

Note 1 - Operations and Summa_5

Note 1 - Operations and Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue	$ 12,430	$ 11,582	$ 35,149	$ 31,291
UNITED STATES
Revenue	9,221	7,930	26,181	22,528
Non-US [Member]
Revenue	$ 3,209	$ 3,652	$ 8,968	$ 8,763

Note 1 - Operations and Summa_6

Note 1 - Operations and Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Life (Details)	Sep. 30, 2024
Building and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment useful life (Year)	5 years
Building and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment useful life (Year)	40 years
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment useful life (Year)	5 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment useful life (Year)	20 years
Tools, Dies and Molds [Member] | Minimum [Member]
Property, Plant and Equipment useful life (Year)	3 years
Tools, Dies and Molds [Member] | Maximum [Member]
Property, Plant and Equipment useful life (Year)	5 years

Note 2 - Discontinued Operati_3

Note 2 - Discontinued Operation and Assets and Liabilities Related to Discontinued Operation (Details Textual) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ (43,000)		$ (386,000)	$ (72,000)	$ (7,326,000)
Ontario Knife Company [Member]
Impairment of Long-Lived Assets to be Disposed of		$ 0		0
Ontario Knife Company [Member] | Discontinued Operations, Held-for-Sale [Member]
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	(33,000)		(403,000)	(90,000)	(1,893,000)
Disposal Group, Including Discontinued Operation, Change in Cost Estimate	(10,000)		(79,000)	18,000	(2,306,000)
Gain (Loss) on Disposition of Assets	0		96,000	0	(3,127,000)
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ (43,000)		$ (386,000)	$ (72,000)	$ (7,326,000)

Note 2 - Discontinued Operati_4

Note 2 - Discontinued Operation and Assets and Liabilities Related to Discontinued Operation - Discontinued Operations Financial Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Loss from discontinued operation before income taxes	$ (43,000)	$ (386,000)	$ (72,000)	$ (7,326,000)
Income tax benefit	0	0	0	0
Loss from discontinued operation, net of tax	(43,000)	(386,000)	(72,000)	(7,326,000)
Liabilities related to discontinued operation	27,000		27,000		$ 213,000
Discontinued Operations, Held-for-Sale [Member] | Ontario Knife Company [Member]
Net Sales	0	336,000	0	3,423,000
Operating costs	(33,000)	(739,000)	(90,000)	(5,316,000)
Loss from discontinued operation	(33,000)	(403,000)	(90,000)	(1,893,000)
Loss from discontinued operation - impairment and divestiture costs	(10,000)	(79,000)	18,000	(2,306,000)
Change in purchase price	0	96,000	0	(3,127,000)
Loss from discontinued operation before income taxes	(43,000)	(386,000)	(72,000)	(7,326,000)
Income tax benefit	0	0	0	0
Loss from discontinued operation, net of tax	(43,000)	$ (386,000)	(72,000)	$ (7,326,000)
Accounts receivable	0		0		38,000
Prepaid and other assets	38,000		38,000		31,000
Inventories	0		0		55,000
Building, net of estimated costs to sell	1,428,000		1,428,000		1,428,000
Assets related to discontinued operation	1,466,000		1,466,000		1,552,000
Accounts payable	24,000		24,000		197,000
Accrued employee compensation and other costs	3,000		3,000		16,000
Liabilities related to discontinued operation	$ 27,000		$ 27,000		$ 213,000

Note 3 - Inventories - Schedule

Note 3 - Inventories - Schedule of Inventory (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Raw material and common parts	$ 7,964,000	$ 7,828,000
Work-in-process	7,499,000	6,466,000
Finished goods	680,000	531,000
Inventory, Gross	16,143,000	14,825,000
Less inventory reserve	(735,000)	(627,000)
Total inventories	$ 15,408,000	$ 14,198,000

Note 4 - Property, Plant and _3

Note 4 - Property, Plant and Equipment (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Depreciation, Depletion and Amortization	$ 225,000	$ 272,000	$ 768,000	$ 790,000
Finance Lease, Right-of-Use Asset, Amortization	6,000	$ 6,000	18,000	$ 18,000
Construction in Progress, Gross	236,000		236,000		$ 106,000
Machinery and Equipment [Member]
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	142,000		142,000		$ 160,000
Construction in Progress, Gross	141,000		141,000
Building Improvements [Member]
Construction in Progress, Gross	62,000		62,000
Computer Equipment [Member]
Construction in Progress, Gross	$ 33,000		$ 33,000

Note 4 - Property, Plant and _4

Note 4 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment	$ 24,964	$ 24,056
Less accumulated depreciation and amortization	(17,821)	(17,078)
Property, plant and equipment, net	7,143	6,978
Building and Building Improvements [Member]
Property, Plant and Equipment	8,937	8,447
Machinery and Equipment [Member]
Property, Plant and Equipment	15,791	15,503
Construction in Progress [Member]
Property, Plant and Equipment	$ 236	$ 106

Note 5 - Indebtedness (Details

Note 5 - Indebtedness (Details Textual)		9 Months Ended	12 Months Ended
	Jun. 27, 2023 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Prime Rate [Member]	Prime Rate [Member]	Prime Rate [Member]
Revolving Credit Facility [Member]
Debt Instrument, Term (Year)	3 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 7,000,000
Debt Instrument, Term Of Invoices Unpaid Defined As Ineligible Receivables (Day)	90 days
Long-Term Line of Credit		$ 3,169,000	$ 2,103,000
Debt Instrument, Interest Rate, Stated Percentage	8%
Debt Instrument, Basis Spread on Variable Rate	1%	9%	9.50%
Debt Instrument, Number of Financial Covenants		2
Debt Instrument, Minimum Tangible Net Worth		$ 20,000,000
Debt Instrument, Minimum Working Capital		$ 10,000,000
Revolving Credit Facility [Member] | Advanced Technology Group [Member]
Debt Instrument, Borrowing Base As Percentage Of Eligible Domestic And International Accounts Receivable Balances	85%

Note 6 - Postretirement Benef_2

Note 6 - Postretirement Benefit Plan (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Defined Benefit Plan, Benefit Obligation	$ 4,307,000		$ 4,307,000		$ 4,262,000
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 74,000	$ 65,000	$ 220,000	$ 195,000

Note 7 - Shareholders' Equity_2

Note 7 - Shareholders' Equity (Details Textual) - USD ($)							9 Months Ended
	Sep. 18, 2024	Aug. 08, 2024	May 10, 2024	Mar. 26, 2024	Jan. 29, 2024	Dec. 13, 2023	Sep. 30, 2024	Sep. 30, 2023
Maximum Potential Stock-based Compensation Expense							$ 800,000
Service Based Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)							21,541,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)							5,716,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)							$ 12.63
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)							18,946,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)							3,691,000
Share-Based Payment Arrangement, Expense							$ 185,000	$ 111,000
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount							$ 262,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)							$ 12.7
Performance Shares [Member] | Executive Officer [Member] | Minimum [Member]
Percentage of Targeted Amount For Issue Of Shares Depends On The Achievement Of Performance Measures							0%
Performance Shares [Member] | Executive Officer [Member] | Maximum [Member]
Percentage of Targeted Amount For Issue Of Shares Depends On The Achievement Of Performance Measures							200%
Performance Shares [Member] | Executive Officer [Member] | Median [Member]
Percentage of Targeted Amount For Issue Of Shares Depends On The Achievement Of Performance Measures							100%
Equity Incentive Plan2022 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)							200,000
Equity Incentive Plan2022 [Member] | Service Based Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)							3 years
Equity Incentive Plan2022 [Member] | Restricted Stock [Member] | Non-employee Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		1,996	9,980
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value		$ 25,000	$ 125,000
Long Term Incentive Plan [Member] | Service Based Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				7,180
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)	1,786
Long Term Incentive Plan [Member] | Service Based Awards [Member] | Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	1,905				1,786
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period (Year)					1 year
Long Term Incentive Plan [Member] | Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)	3,691
The 2024-2026 LTIP Stock Award [Member] | Performance Shares [Member] | Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				21,541
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)	5,716
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)				$ 12.63
The 2023-2025 LTIP Stock Award [Member] | Performance Shares [Member] | Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)						17,380
Share-Based Payment Arrangement, Expense							$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)						$ 11.5

Note 7 - Shareholders' Equity -

Note 7 - Shareholders' Equity - Schedule of Equity (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Balance	$ 24,861	$ 24,193	$ 24,494	$ 24,164	$ 33,619	$ 35,112	$ 24,494	$ 35,112
Retirement benefits adjustment	19	20	19	17	12	13
Stock based compensation	9	113	63	37	33	41
Net loss	(496)	556	(383)	(204)	(9,500)	(1,547)	(323)	(11,252)
Purchase of treasury shares		(21)
Balance	24,393	24,861	24,193	24,013	24,164	33,619	24,393	24,013
Common Stock [Member]
Balance	525	525	525	524	523	523	525	523
Retirement benefits adjustment	0	0	0	0	0	0
Stock based compensation	0	0	0	1	1	0
Net loss	0	0	0	0	0	0
Purchase of treasury shares		0
Balance	525	525	525	525	524	523	525	525
Additional Paid-in Capital [Member]
Balance	14,762	14,661	14,617	14,587	14,573	14,556	14,617	14,556
Retirement benefits adjustment	0	0	0	0	0	0
Stock based compensation	34	101	44	16	14	17
Net loss	0	0	0	0	0	0
Purchase of treasury shares		0
Balance	14,796	14,762	14,661	14,603	14,587	14,573	14,796	14,603
Retained Earnings [Member]
Balance	13,127	12,571	12,954	12,694	22,194	23,741	12,954	23,741
Retirement benefits adjustment	0	0	0	0	0	0
Stock based compensation	0	0	0	0	0	0
Net loss	(496)	556	(383)	(205)	(9,500)	(1,547)
Purchase of treasury shares		0
Balance	12,631	13,127	12,571	12,489	12,694	22,194	12,631	12,489
AOCI Attributable to Parent [Member]
Balance	(2,350)	(2,370)	(2,389)	(2,312)	(2,324)	(2,337)	(2,389)	(2,337)
Retirement benefits adjustment	19	20	19	17	12	13
Stock based compensation	0	0	0	0	0	0
Net loss	0	0	0	0	0	0
Purchase of treasury shares		0
Balance	(2,331)	(2,350)	(2,370)	(2,295)	(2,312)	(2,324)	(2,331)	(2,295)
Employee Stock Ownership Trust Commitment [Member]
Balance	(56)	(56)	(56)	(157)	(157)	(157)	(56)	(157)
Retirement benefits adjustment	0	0	0	0	0	0
Stock based compensation	0	0	0	0	0	0
Net loss	0	0	0	0	0	0
Purchase of treasury shares		0
Balance	(56)	(56)	(56)	(157)	(157)	(157)	(56)	(157)
Treasury Stock, Common [Member]
Balance	(1,147)	(1,138)	(1,157)	(1,172)	(1,190)	(1,214)	(1,157)	(1,214)
Retirement benefits adjustment	0	0	0	0	0	0
Stock based compensation	(25)	12	19	20	18	24
Net loss	0	0	0	0	0	0
Purchase of treasury shares		(21)
Balance	$ (1,172)	$ (1,147)	$ (1,138)	$ (1,152)	$ (1,172)	$ (1,190)	$ (1,172)	$ (1,152)

Note 7 - Shareholders' Equity_3

Note 7 - Shareholders' Equity - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
(Loss) income from continuing operations	$ (453)			$ 182			$ (251)	$ (3,926)
Loss from discontinued operation	(43)			(386)			(72)	(7,326)
Net loss	$ (496)	$ 556	$ (383)	$ (204)	$ (9,500)	$ (1,547)	$ (323)	$ (11,252)
Weighted average common shares outstanding (basic and diluted) (in shares)	2,508			2,472			2,503	2,465
Continuing operations (in dollars per share)	$ (0.18)			$ 0.07			$ (0.1)	$ (1.59)
Discontinued operation (in dollars per share)	(0.02)			(0.16)			(0.03)	(2.97)
Basic and diluted loss per share (in dollars per share)	$ (0.2)			$ (0.09)			$ (0.13)	$ (4.56)
Service Based Awards [Member]
Unvested restricted stock (service-based) (antidilutive) (in shares)	22			24			22	24

Note 7 - Shareholders' Equity_4

Note 7 - Shareholders' Equity - Stock Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Stock [Member]
Unvested, shares (in shares) | shares	22,448
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 11.45
Granted, shares (in shares) | shares	18,946
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 12.7
Forfeited, shares (in shares) | shares	(3,691)
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 13.29
Vested, shares (in shares) | shares	(15,799)
Vested, weighted average grant date fair value\ (in dollars per share) | $ / shares	$ 11.8
Unvested, shares (in shares) | shares	21,904
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 11.97
Service Based Awards [Member]
Unvested, shares (in shares) | shares	17,380
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 11.5
Granted, shares (in shares) | shares	21,541
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 12.63
Forfeited, shares (in shares) | shares	(5,716)
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 12.63
Vested, shares (in shares) | shares	0
Vested, weighted average grant date fair value\ (in dollars per share) | $ / shares	$ 0
Unvested, shares (in shares) | shares	33,205
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 12.04

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Expense (Benefit)	$ 0	$ 0	$ 0	$ 1,063,000
Effective Income Tax Rate Reconciliation, Percent	0%	0%	0%	(10.40%)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%

Note 9 - Commitments and Cont_2

Note 9 - Commitments and Contingencies (Details Textual)			6 Months Ended	9 Months Ended
	Jan. 13, 2022 USD ($)	Jun. 07, 2021 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Proceeds from Insurance Premiums Collected			$ 1,000,000
Loss Contingency Accrual			1,000,000	$ 1,000,000	$ 1,000,000
Insured Event, Gain (Loss)	$ 3,000,000
Retention Amount Payable	$ 250,000
Additional Insurance Coverage Policy Amount				3,000,000
Retention Payable at Additional Insurance Coverage			3,000,000	3,000,000
Gain (Loss) from Litigation Settlement				0
CEO Resignation [Member]
Estimated Litigation Liability			$ 570,000	$ 570,000
Minimum [Member]
Loss Contingency, Damages Sought, Value		$ 5,000,000
Minimum [Member] | Chief Executive Officer [Member]
Multiplier of Severance Payment With Average Annual Compensation				2.99

Note 10 - Customer and Suppli_2

Note 10 - Customer and Supplier Concentration (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Major Customers [Member]
Concentration Risk, Percentage	88%	92%	88%	90%
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | One Supplier [Member]
Concentration Risk, Percentage		11%		10%