Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 26, 2021 | Aug. 06, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000096699 | |
Entity Registrant Name | TECHNICAL COMMUNICATIONS CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --10-02 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 26, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-34816 | |
Entity Incorporation, State or Country Code | MA | |
Entity Tax Identification Number | 04-2295040 | |
Entity Address, Address Line One | 100 Domino Drive | |
Entity Address, City or Town | Concord | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01742-2892 | |
City Area Code | 978 | |
Local Phone Number | 287-5100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,854,403 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 26, 2021 | Sep. 26, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 220,881 | $ 1,513,852 |
Accounts receivable - trade | 168,028 | 134,412 |
Inventories, net | 1,300,023 | 902,051 |
Other current assets | 170,430 | 153,483 |
Total current assets | 1,859,362 | 2,703,798 |
Equipment and leasehold improvements | 4,545,350 | 4,595,152 |
Less: accumulated depreciation and amortization | (4,539,314) | (4,576,423) |
Equipment and leasehold improvements, net | 6,036 | 18,729 |
Operating lease right-of-use asset | 445,117 | 558,767 |
Total Assets | 2,310,515 | 3,281,294 |
Current Liabilities: | ||
Current operating lease liabilities | 156,584 | 152,248 |
Accounts payable | 112,281 | 66,154 |
Customer deposits | 206,153 | 161,953 |
Note payable – short-term (Note 7) | 451,000 | 0 |
Deferred income | 474,405 | 474,400 |
Accrued liabilities: | ||
Accrued compensation and related expenses | 195,909 | 250,750 |
Accrued commissions | 13,308 | 229,314 |
Other current liabilities | 18,804 | 25,531 |
Total current liabilities | 1,628,444 | 1,360,350 |
Long-term operating lease liability | 288,533 | 406,519 |
Note payable – long-term (Note 7) | 150,000 | 150,000 |
Total Liabilities | 2,066,977 | 1,916,869 |
Commitments and contingencies | ||
Stockholders’ Equity: | ||
Common stock, par value $0.10 per share; 7,000,000 shares authorized; 1,850,403 shares issued and outstanding at June 26, 2021 and September 26, 2020 | 185,041 | 185,041 |
Additional paid-in capital | 4,284,798 | 4,244,965 |
Accumulated deficit | (4,226,301) | (3,065,581) |
Total stockholders’ equity | 243,538 | 1,364,425 |
Total Liabilities and Stockholders’ Equity | $ 2,310,515 | $ 3,281,294 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 26, 2021 | Sep. 26, 2020 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, authorized (in shares) | 7,000,000 | 7,000,000 |
Common stock, issued (in shares) | 1,850,403 | 1,850,403 |
Common stock, outstanding (in shares) | 1,850,403 | 1,850,403 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Net revenue | $ 425,830 | $ 598,730 | $ 1,209,309 | $ 1,987,406 |
Cost of revenue | 326,572 | 243,766 | 723,091 | 1,014,798 |
Gross profit | 99,258 | 354,964 | 486,218 | 972,608 |
Operating expenses: | ||||
Selling, general and administrative | 477,843 | 505,358 | 1,419,532 | 1,601,927 |
Product development | 108,426 | 332,167 | 695,186 | 694,552 |
Total operating expenses | 586,269 | 837,525 | 2,114,718 | 2,296,479 |
Operating loss | (487,011) | (482,561) | (1,628,500) | (1,323,871) |
Other income (expense): | ||||
Interest income | 0 | 83 | 0 | 455 |
Interest expense | (2,918) | 0 | (6,620) | (802) |
Total other income (expense) | (2,918) | 83 | 467,780 | (347) |
Net loss | $ (489,929) | $ (482,478) | (1,160,720) | (1,324,218) |
Grant income | $ 474,400 | $ 0 | ||
Net loss per common share: | ||||
Basic (in dollars per share) | $ (0.26) | $ (0.26) | $ (0.63) | $ (0.72) |
Diluted (in dollars per share) | $ (0.26) | $ (0.26) | $ (0.63) | $ (0.72) |
Weighted average shares: | ||||
Basic (in shares) | 1,850,403 | 1,850,403 | 1,850,403 | 1,850,403 |
Diluted (in shares) | 1,850,403 | 1,850,403 | 1,850,403 | 1,850,403 |
Net revenue | $ 425,830 | $ 598,730 | $ 1,209,309 | $ 1,987,406 |
Cost of revenue | 326,572 | 243,766 | 723,091 | 1,014,798 |
Gross profit | $ 99,258 | $ 354,964 | $ 486,218 | $ 972,608 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | Sep. 26, 2020 | Sep. 28, 2019 | |
Operating Activities: | ||||||
Net loss | $ (489,929) | $ (482,478) | $ (1,160,720) | $ (1,324,218) | $ (911,000) | $ 631,000 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
Depreciation and amortization | 12,693 | 16,335 | ||||
Stock-based compensation | 39,833 | 41,677 | ||||
Changes in certain operating assets and liabilities: | ||||||
Accounts receivable | (33,616) | 76,304 | ||||
Inventories | (397,972) | (94,483) | ||||
Other current assets | (16,947) | (30,174) | ||||
Customer deposits | 44,200 | 559,563 | ||||
Deferred income | (474,400) | 0 | ||||
Accounts payable and other accrued liabilities | (231,447) | (352,250) | ||||
Net cash used in operating activities | (2,218,376) | (1,107,246) | ||||
Financing Activities: | ||||||
Proceeds from debt | 925,405 | 474,400 | ||||
Net cash provided by financing activities | 925,405 | 474,400 | ||||
Net decrease in cash and cash equivalents | (1,292,971) | (632,846) | ||||
Cash and cash equivalents at beginning of the period | 1,513,852 | 1,593,395 | 1,593,395 | |||
Cash and cash equivalents at end of the period | $ 220,881 | $ 960,549 | 220,881 | 960,549 | $ 1,513,852 | $ 1,593,395 |
Income taxes paid | $ 912 | $ 912 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance (in shares) at Sep. 28, 2019 | 1,850,403 | |||
Ending balance (in shares) at Jun. 27, 2020 | 1,850,403 | |||
Beginning balance at Sep. 28, 2019 | $ 185,041 | $ 4,189,439 | $ (2,154,931) | |
Stock-based compensation | 41,677 | |||
Net loss | (1,324,218) | $ (1,324,218) | ||
Ending balance at Jun. 27, 2020 | $ 185,041 | 4,231,116 | (3,479,149) | 937,008 |
Beginning balance (in shares) at Sep. 28, 2019 | 1,850,403 | |||
Ending balance (in shares) at Sep. 26, 2020 | 1,850,403 | |||
Beginning balance at Sep. 28, 2019 | $ 185,041 | 4,189,439 | (2,154,931) | |
Net loss | (911,000) | |||
Ending balance at Sep. 26, 2020 | $ 185,041 | 4,244,965 | (3,065,581) | 1,364,425 |
Beginning balance (in shares) at Mar. 28, 2020 | 1,850,403 | |||
Ending balance (in shares) at Jun. 27, 2020 | 1,850,403 | |||
Beginning balance at Mar. 28, 2020 | $ 185,041 | 4,216,190 | (2,996,671) | |
Stock-based compensation | 14,926 | |||
Net loss | (482,478) | (482,478) | ||
Ending balance at Jun. 27, 2020 | $ 185,041 | 4,231,116 | (3,479,149) | 937,008 |
Beginning balance (in shares) at Sep. 26, 2020 | 1,850,403 | |||
Ending balance (in shares) at Jun. 26, 2021 | 1,850,403 | |||
Beginning balance at Sep. 26, 2020 | $ 185,041 | 4,244,965 | (3,065,581) | 1,364,425 |
Stock-based compensation | 39,833 | |||
Net loss | (1,160,720) | (1,160,720) | ||
Ending balance at Jun. 26, 2021 | $ 185,041 | 4,284,798 | (4,226,301) | 243,538 |
Beginning balance (in shares) at Mar. 27, 2021 | 1,850,403 | |||
Ending balance (in shares) at Jun. 26, 2021 | 1,850,403 | |||
Beginning balance at Mar. 27, 2021 | $ 185,041 | 4,272,228 | (3,736,372) | |
Stock-based compensation | 12,570 | |||
Net loss | (489,929) | (489,929) | ||
Ending balance at Jun. 26, 2021 | $ 185,041 | $ 4,284,798 | $ (4,226,301) | $ 243,538 |
Note 1 - Description of the Bus
Note 1 - Description of the Business and Basis of Presentation | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. Description of the Business and Basis of Presentation Company Operations Technical Communications Corporation (“TCC”) was incorporated in Massachusetts in 1961; 1982. one 115 Interim Financial Statements The accompanying unaudited consolidated financial statements of Technical Communications Corporation and its wholly-owned subsidiary include all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented and in order to make the financial statements not not September 25, 2021. The September 26, 2020 September 26, 2020 10 September 26, 2020 10 “2020 The Company follows accounting standards set by the Financial Accounting Standards Board, commonly referred to as the FASB. The FASB sets generally accepted accounting principles (“GAAP”) that the Company follows to ensure it consistently reports its financial condition, results of operations, and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification TM Liquidity and Ability to Continue as a Going Concern For the nine June 26, 2021, $1,161,000. September 26, 2020, September 28, 2019, seven 2012 2018 $4,226,000 June 26, 2021. not During the third 2021, May 6, 2021 no June 26, 2021 Also during the second March 15, 2021, December 2020 second 24 We anticipate that our principal sources of liquidity, including the recent line of credit, will be sufficient to fund our activities through September 2021. In order to have sufficient capital resources to fund operations, the Company has been working diligently to secure several large orders with new and existing customers. The receipt of these orders has been significantly delayed and will continue to be difficult to predict due to the impact of the COVID- 19 Since the start of the pandemic, the Company has been able to secure capital in the form of debt financing to assist with funding its operations. On February 1, 2021, not five 1% 24 During fiscal year 2020, two 2020 January 11, 2021. The Company is working diligently to secure additional capital through equity or debt arrangements in addition to the recent funding received from the SBA and Mr. Guild. The Company is actively working with equity investors as well as debt investors, such as the SBA and Mr. Guild to secure additional funding, although we cannot provide assurances we will be able to secure such new funding, especially in light of the tightening of the credit markets and continuing volatility of the capital markets as a result of the coronavirus. Moreover, the Company’s common stock was delisted from the NASDAQ Capital Market effective January 25, 2021; may Should the Company be unsuccessful in these efforts, it would be forced to implement headcount reductions, additional employee furloughs and/or reduced hours for certain employees, or cease operations completely. Reporting Period The Company’s by-laws call for its fiscal year to end on the Saturday closest to the last day of September, Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of TCC and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. The discussion and analysis of the Company’s financial condition and results of operations are based on the unaudited consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these unaudited consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reporting periods. On an ongoing basis, management evaluates its estimates and judgments, including but not not may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies and Significant Judgments and Estimates | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 2. Summary of Significant Accounting Policies and Significant Judgments and Estimates The Company’s significant accounting policies are described in “Note 2. 2020 10 2020 |
Note 3 - Stock-based Compensati
Note 3 - Stock-based Compensation | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 3. Stock-Based Compensation The following table summarizes stock-based compensation costs included in the Company’s consolidated statements of operations for each of the three nine 2021 2020: June 26, 2021 June 27, 2020 3 months 9 months 3 months 9 months Selling, general and administrative expenses $ 10,505 $ 32,787 $ 11,243 $ 32,486 Product development expenses 2,065 7,046 3,683 9,191 Total share-based compensation expense before taxes $ 12,570 $ 39,833 $ 14,926 $ 41,677 As of June 26, 2021, June 26, 2021, The Technical Communications Corporation 2005 2010 no June 26, 2021. zero five ten The following table summarizes stock option activity during the first nine 2021: Options Outstanding Number of Shares Weighted Average Weighted Average Contractual Life Unvested Vested Total Exercise Price (in years) Outstanding, September 26, 2020 71,600 86,300 157,900 $ 4.54 6.54 Grants - - - - Vested - - - - Cancellations/forfeitures - (3,500 ) (3,500 ) 11.84 Outstanding, December 26, 2020 71,600 82,800 154,400 $ 4.38 6.43 Grants - - - - Vested (6,300 ) 6,300 - 4.22 Cancellations/forfeitures - - - - Outstanding, March 27, 2021 65,300 89,100 154,400 $ 4.38 6.18 Grants - - - - Vested (14,900 ) 14,900 - 2.91 Cancellations/forfeitures (1,200 ) (1,800 ) (3,000 ) 3.80 Outstanding, June 26, 2021 49,200 102,200 151,400 $ 4.39 5.92 Information related to the stock options vested and expected to vest as of June 26, 2021 Range of Exercise Prices Number of Shares Weighted-Average Remaining Contractual Life (years) Weighted Average Exercise Price Exercisable Number of Shares Exercisable Weighted- Average Exercise Price $ 1.01 - $ 2.00 20,000 8.45 $ 1.87 8,000 $ 1.87 $ 2.01 - $ 3.00 34,300 6.67 2.61 21,000 2.68 $ 3.01 - $ 4.00 43,500 7.83 3.60 24,000 3.60 $ 4.01 - $ 5.00 16,600 2.99 4.34 16,400 4.33 $ 5.01 - $ 10.00 30,000 3.39 7.92 25,800 8.03 $ 10.01 - $ 15.00 7,000 0.85 10.20 7,000 10.20 151,400 5.92 $ 4.39 102,200 $ 4.96 The aggregate intrinsic value of the Company’s “in-the-money” outstanding and exercisable options as of June 26, 2021 June 27, 2020 |
Note 4 - Revenue
Note 4 - Revenue | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 4. Revenue The following table presents the Company’s revenues disaggregated by revenue type for the first three nine 2021 2020. Revenue type: 2021 2020 June 26, 2021 June 27, 2020 3 months 9 months 3 months 9 months Engineering services $ 409,550 $ 652,304 $ 46,804 $ 913,446 Equipment sales 16,280 557,005 551,926 1,073,960 Total $ 425,830 $ 1,209,309 $ 598,730 $ 1,987,406 Engineering services revenue consists of funded research and development and technology development for commercial companies and government agencies primarily under fixed-price contracts. The Company also derives revenue from developing and designing custom cryptographic solutions for customers’ unique secure voice, data and video communications requirements and integrating such solutions into existing systems. These contracts can vary but typically call for fixed monthly payments or payments due upon meeting certain milestones. Customers are billed monthly or upon achieving the milestone and payments are due on a net basis after the billing date. Equipment sales revenue consists of sales of communications security equipment for voice, data, facsimile and video networks for military, government and corporate/industrial applications. Equipment sales are billed to the customer upon shipment with typical payment terms requiring a down payment at the time of order with the balance due prior to shipment. For government and certain long term customers, we may |
Note 5 - Inventories
Note 5 - Inventories | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 5. Inventories Inventories consisted of the following: June 26, 2021 September 26, 2020 Finished goods $ 40,018 $ 75,289 Work in process 497,640 176,980 Raw materials 762,365 649,782 Total inventory, net $ 1,300,023 $ 902,051 |
Note 6 - Leases
Note 6 - Leases | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE 6. Leases The Company leases space from a third five March 31, 2019 two one September 30, 2021 two one March 31, 2024 $171,000. September 2018, September 2021. February 2021, March 2024. nine June 26, 2021 June 27, 2020 The table below presents the maturity of the Company’s operating lease liability as of June 26, 2021: July - September 2021 $ 42,651 2022 170,604 2023 170,604 2024 85,302 Total lease payments 469,161 Less: Imputed interest (24,044 ) Total lease liability $ 445,117 |
Note 7 - Debt
Note 7 - Debt | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7. Debt On April 17, 2020, April 17, 2020, 18 1% not January 11, 2021. may 20, Accounting for Government Grants and Disclosure of Government Assistance 20, On August 10, 2020, August 10, 2020, may no 19 one March 12, 2021 August 10, 2022. As part of the SBA Loan, the Company granted the SBA a continuing security interest in and to any and all “Collateral” to secure payment and performance of all debts, liabilities and obligations of the Company to the SBA under the SBA Loan. The Collateral includes all tangible and intangible personal property that the Company owns or acquires or creates immediately upon the acquisition or creation thereof, including, but not may The aggregate amounts of principal maturities of long-term debt for the following fiscal years are: 2022 $ 494 2023 3,032 2024 3,148 2025 3,268 2026 3,392 Thereafter 136,666 $ 150,000 On February 1, 2021, second not five 1% not 10 8 24 On May 6, 2021, no June 26, 2021 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8. Income Taxes The Company has not nine June 26, 2021 June 27, 2020 not |
Note 9 - Loss Per Share
Note 9 - Loss Per Share | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 9. Loss Per Share Outstanding potentially dilutive stock options, which were not June 26, 2021 June 27, 2020. |
Note 10 - Major Customers and E
Note 10 - Major Customers and Export Sales | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 10. Major Customers and Export Sales During the three June 26, 2021, one three June 27, 2020, three nine June 26, 2021, two nine June 27, 2020, two A breakdown of domestic and foreign net revenue for the first three nine 2021 2020 June 26, 2021 June 27, 2020 3 months 9 months 3 months 9 months Domestic $ 425,830 $ 972,754 $ 512,455 $ 1,500,502 Foreign - 236,555 86,275 486,904 Total net revenue $ 425,830 $ 1,209,309 $ 598,730 $ 1,987,406 The Company did not three June 26, 2021, one three June 27, 2020. four nine June 26, 2021 two nine June 27, 2020. may June 26, 2021 June 27, 2020 3 months 9 months 3 months 9 months Morocco - 63 % - - Egypt - 24 % - - Philippines - 5 % - - Saudi Arabia - 8 % 100 % 99 % Other - - - 1 % A summary of foreign revenue, as a percentage of total foreign revenue by geographic area, is as follows: June 26, 2021 June 27, 2020 3 months 9 months 3 months 9 months Mid-East and Africa - 95 % 100 % 100 % Far East - 5 % - - |
Note 11 - Cash Equivalents and
Note 11 - Cash Equivalents and Marketable Securities | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 11. Cash Equivalents and Marketable Securities The Company considers all highly liquid instruments with an original maturity of three 320, Investments Debt and Equity Securities. |
Note 3 - Stock-based Compensa_2
Note 3 - Stock-based Compensation (Tables) | 9 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | June 26, 2021 June 27, 2020 3 months 9 months 3 months 9 months Selling, general and administrative expenses $ 10,505 $ 32,787 $ 11,243 $ 32,486 Product development expenses 2,065 7,046 3,683 9,191 Total share-based compensation expense before taxes $ 12,570 $ 39,833 $ 14,926 $ 41,677 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Outstanding Number of Shares Weighted Average Weighted Average Contractual Life Unvested Vested Total Exercise Price (in years) Outstanding, September 26, 2020 71,600 86,300 157,900 $ 4.54 6.54 Grants - - - - Vested - - - - Cancellations/forfeitures - (3,500 ) (3,500 ) 11.84 Outstanding, December 26, 2020 71,600 82,800 154,400 $ 4.38 6.43 Grants - - - - Vested (6,300 ) 6,300 - 4.22 Cancellations/forfeitures - - - - Outstanding, March 27, 2021 65,300 89,100 154,400 $ 4.38 6.18 Grants - - - - Vested (14,900 ) 14,900 - 2.91 Cancellations/forfeitures (1,200 ) (1,800 ) (3,000 ) 3.80 Outstanding, June 26, 2021 49,200 102,200 151,400 $ 4.39 5.92 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Range of Exercise Prices Number of Shares Weighted-Average Remaining Contractual Life (years) Weighted Average Exercise Price Exercisable Number of Shares Exercisable Weighted- Average Exercise Price $ 1.01 - $ 2.00 20,000 8.45 $ 1.87 8,000 $ 1.87 $ 2.01 - $ 3.00 34,300 6.67 2.61 21,000 2.68 $ 3.01 - $ 4.00 43,500 7.83 3.60 24,000 3.60 $ 4.01 - $ 5.00 16,600 2.99 4.34 16,400 4.33 $ 5.01 - $ 10.00 30,000 3.39 7.92 25,800 8.03 $ 10.01 - $ 15.00 7,000 0.85 10.20 7,000 10.20 151,400 5.92 $ 4.39 102,200 $ 4.96 |
Note 4 - Revenue (Tables)
Note 4 - Revenue (Tables) | 9 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2021 2020 June 26, 2021 June 27, 2020 3 months 9 months 3 months 9 months Engineering services $ 409,550 $ 652,304 $ 46,804 $ 913,446 Equipment sales 16,280 557,005 551,926 1,073,960 Total $ 425,830 $ 1,209,309 $ 598,730 $ 1,987,406 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 9 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 26, 2021 September 26, 2020 Finished goods $ 40,018 $ 75,289 Work in process 497,640 176,980 Raw materials 762,365 649,782 Total inventory, net $ 1,300,023 $ 902,051 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 9 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | July - September 2021 $ 42,651 2022 170,604 2023 170,604 2024 85,302 Total lease payments 469,161 Less: Imputed interest (24,044 ) Total lease liability $ 445,117 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 9 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2022 $ 494 2023 3,032 2024 3,148 2025 3,268 2026 3,392 Thereafter 136,666 $ 150,000 |
Note 10 - Major Customers and_2
Note 10 - Major Customers and Export Sales (Tables) | 9 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | June 26, 2021 June 27, 2020 3 months 9 months 3 months 9 months Domestic $ 425,830 $ 972,754 $ 512,455 $ 1,500,502 Foreign - 236,555 86,275 486,904 Total net revenue $ 425,830 $ 1,209,309 $ 598,730 $ 1,987,406 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | June 26, 2021 June 27, 2020 3 months 9 months 3 months 9 months Morocco - 63 % - - Egypt - 24 % - - Philippines - 5 % - - Saudi Arabia - 8 % 100 % 99 % Other - - - 1 % June 26, 2021 June 27, 2020 3 months 9 months 3 months 9 months Mid-East and Africa - 95 % 100 % 100 % Far East - 5 % - - |
Note 1 - Description of the B_2
Note 1 - Description of the Business and Basis of Presentation (Details Textual) - USD ($) | Feb. 01, 2021 | Aug. 10, 2020 | Apr. 17, 2020 | Jun. 26, 2021 | Mar. 31, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | Sep. 26, 2020 | Sep. 28, 2019 | May 06, 2021 |
Net Income (Loss) Attributable to Parent, Total | $ (489,929) | $ (482,478) | $ (1,160,720) | $ (1,324,218) | $ (911,000) | $ 631,000 | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | (4,226,301) | (4,226,301) | (3,065,581) | ||||||||
Proceeds from Issuance of Long-term Debt, Total | 925,405 | $ 474,400 | |||||||||
Paycheck Protection Program CARES Act [Member] | |||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 474,405 | $ 474,400 | $ 474,405 | $ 474,400 | |||||||
The SBA Loan [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | |||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 150,000 | $ 150,000 | |||||||||
Debt Instrument, Term (Year) | 30 years | 30 years | |||||||||
Mr. Carl H. Guild [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||||||
Notes Payable, Total | 451,000 | 451,000 | |||||||||
Interest Payable | $ 6,167 | $ 6,167 |
Note 3 - Stock-based Compensa_3
Note 3 - Stock-based Compensation (Details Textual) - USD ($) | 9 Months Ended | ||||
Jun. 26, 2021 | Mar. 27, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 110,174 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months 14 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 600,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 151,400 | 154,400 | 154,400 | 157,900 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 41,776 | $ 10,960 | |||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 0 years | ||||
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years |
Note 3 - Stock-based Compensa_4
Note 3 - Stock-based Compensation - Stock-based Compensation Costs (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Stock-based compensation costs | $ 12,570 | $ 14,926 | $ 39,833 | $ 41,677 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation costs | 10,505 | 11,243 | 32,787 | 32,486 |
Product Development Expenses [Member] | ||||
Stock-based compensation costs | $ 2,065 | $ 3,683 | $ 7,046 | $ 9,191 |
Note 3 - Stock-based Compensa_5
Note 3 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Jun. 26, 2021 | Mar. 27, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | |
Unvested (in shares) | 65,300 | 71,600 | 71,600 | |
Vested (in shares) | 89,100 | 82,800 | 86,300 | |
Outstanding (in shares) | 154,400 | 154,400 | 157,900 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.38 | $ 4.38 | $ 4.54 | |
Outstanding, weighted average contractual life (Year) | 5 years 11 months 1 day | 6 years 2 months 4 days | 6 years 5 months 4 days | 6 years 6 months 14 days |
Grants, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | $ 0 | |
Vested (in shares) | (14,900) | (6,300) | 0 | |
Vested, vested (in shares) | 14,900 | 6,300 | 0 | |
Vested, weighted average exercise price (in dollars per share) | $ 2.91 | $ 4.22 | $ 0 | |
Unvested, cancellations/forfeitures (in shares) | (1,200) | 0 | 0 | |
Vested, cancellations/forfeitures (in shares) | (1,800) | 0 | (3,500) | |
Cancellations/forfeitures (in shares) | (3,000) | 0 | (3,500) | |
Cancellations/forfeitures, weighted average exercise price (in dollars per share) | $ 3.80 | $ 0 | $ 11.84 | |
Unvested (in shares) | 49,200 | 65,300 | 71,600 | 71,600 |
Vested (in shares) | 102,200 | 89,100 | 82,800 | 86,300 |
Outstanding (in shares) | 151,400 | 154,400 | 154,400 | 157,900 |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.39 | $ 4.38 | $ 4.38 | $ 4.54 |
Note 3 - Stock-based Compensa_6
Note 3 - Stock-based Compensation - Information Related to Stock Options (Details) - $ / shares | 9 Months Ended | |||
Jun. 26, 2021 | Mar. 27, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | |
Number of shares (in shares) | 151,400 | |||
Weighted-average remaining contractual life (Year) | 5 years 11 months 1 day | |||
Weighted average exercise price (in dollars per share) | $ 4.39 | $ 4.38 | $ 4.38 | $ 4.54 |
Exercisable number of shares (in shares) | 102,200 | |||
Exercisable weighted-average exercise price (in dollars per share) | $ 4.96 | |||
Range 1 [Member] | ||||
Lower range limit (in dollars per share) | 1.01 | |||
Upper range limit (in dollars per share) | $ 2 | |||
Number of shares (in shares) | 20,000 | |||
Weighted-average remaining contractual life (Year) | 8 years 5 months 12 days | |||
Weighted average exercise price (in dollars per share) | $ 1.87 | |||
Exercisable number of shares (in shares) | 8,000 | |||
Exercisable weighted-average exercise price (in dollars per share) | $ 1.87 | |||
Range 2 [Member] | ||||
Lower range limit (in dollars per share) | 2.01 | |||
Upper range limit (in dollars per share) | $ 3 | |||
Number of shares (in shares) | 34,300 | |||
Weighted-average remaining contractual life (Year) | 6 years 8 months 1 day | |||
Weighted average exercise price (in dollars per share) | $ 2.61 | |||
Exercisable number of shares (in shares) | 21,000 | |||
Exercisable weighted-average exercise price (in dollars per share) | $ 2.68 | |||
Range 3 [Member] | ||||
Lower range limit (in dollars per share) | 3.01 | |||
Upper range limit (in dollars per share) | $ 4 | |||
Number of shares (in shares) | 43,500 | |||
Weighted-average remaining contractual life (Year) | 7 years 9 months 29 days | |||
Weighted average exercise price (in dollars per share) | $ 3.60 | |||
Exercisable number of shares (in shares) | 24,000 | |||
Exercisable weighted-average exercise price (in dollars per share) | $ 3.60 | |||
Range 4 [Member] | ||||
Lower range limit (in dollars per share) | 4.01 | |||
Upper range limit (in dollars per share) | $ 5 | |||
Number of shares (in shares) | 16,600 | |||
Weighted-average remaining contractual life (Year) | 2 years 11 months 26 days | |||
Weighted average exercise price (in dollars per share) | $ 4.34 | |||
Exercisable number of shares (in shares) | 16,400 | |||
Exercisable weighted-average exercise price (in dollars per share) | $ 4.33 | |||
Range 5 [Member] | ||||
Lower range limit (in dollars per share) | 5.01 | |||
Upper range limit (in dollars per share) | $ 10 | |||
Number of shares (in shares) | 30,000 | |||
Weighted-average remaining contractual life (Year) | 3 years 4 months 20 days | |||
Weighted average exercise price (in dollars per share) | $ 7.92 | |||
Exercisable number of shares (in shares) | 25,800 | |||
Exercisable weighted-average exercise price (in dollars per share) | $ 8.03 | |||
Range 6 [Member] | ||||
Lower range limit (in dollars per share) | 10.01 | |||
Upper range limit (in dollars per share) | $ 15 | |||
Number of shares (in shares) | 7,000 | |||
Weighted-average remaining contractual life (Year) | 10 months 6 days | |||
Weighted average exercise price (in dollars per share) | $ 10.20 | |||
Exercisable number of shares (in shares) | 7,000 | |||
Exercisable weighted-average exercise price (in dollars per share) | $ 10.20 |
Note 4 - Revenue - Disaggregati
Note 4 - Revenue - Disaggregation By Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Net revenue | $ 425,830 | $ 598,730 | $ 1,209,309 | $ 1,987,406 |
Engineering Services [Member] | ||||
Net revenue | 409,550 | 46,804 | 652,304 | 913,446 |
Equipment Sales [Member] | ||||
Net revenue | $ 16,280 | $ 551,926 | $ 557,005 | $ 1,073,960 |
Note 5 - Inventories - Schedule
Note 5 - Inventories - Schedule of Inventory (Details) - USD ($) | Jun. 26, 2021 | Sep. 26, 2020 |
Finished goods | $ 40,018 | $ 75,289 |
Work in process | 497,640 | 176,980 |
Raw materials | 762,365 | 649,782 |
Total inventory, net | $ 1,300,023 | $ 902,051 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) | 9 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Mar. 31, 2019 | |
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||
Lease Annual Rent Payments | $ 171,000 | ||
Lessee, Operating Lease, Renewal Term (Year) | 2 years 6 months | ||
Operating Lease, Expense | $ 128,000 | $ 128,000 |
Note 6 - Leases - Maturity of O
Note 6 - Leases - Maturity of Operating Lease Liability (Details) | Jun. 26, 2021USD ($) |
July - September 2021 | $ 42,651 |
2022 | 170,604 |
2023 | 170,604 |
2024 | 85,302 |
Total lease payments | 469,161 |
Less: Imputed interest | (24,044) |
Total lease liability | $ 445,117 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) | Feb. 01, 2021 | Aug. 10, 2020 | Apr. 17, 2020 | Mar. 31, 2021 | Jun. 26, 2021 | Jun. 27, 2020 | Sep. 26, 2020 | May 06, 2021 |
Proceeds from Issuance of Long-term Debt, Total | $ 925,405 | $ 474,400 | ||||||
Mr. Carl H. Guild [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |||||||
Notes Payable, Total | 451,000 | |||||||
Interest Payable | $ 6,167 | |||||||
Paycheck Protection Program CARES Act [Member] | ||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 474,405 | $ 474,400 | $ 474,405 | $ 474,400 | ||||
The SBA Loan [Member] | ||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 150,000 | $ 150,000 | ||||||
Debt Instrument, Periodic Payment, Total | $ 731 | |||||||
Debt Instrument, Term (Year) | 30 years | 30 years | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% |
Note 7 - Debt - Principal Matur
Note 7 - Debt - Principal Maturities of Long-term Debt (Details) | Jun. 26, 2021USD ($) |
2022 | $ 494 |
2023 | 3,032 |
2024 | 3,148 |
2025 | 3,268 |
2026 | 3,392 |
Thereafter | 136,666 |
Long-term Debt, Total | $ 150,000 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 |
Note 9 - Loss Per Share (Detail
Note 9 - Loss Per Share (Details Textual) - shares | 9 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 151,400 | 241,370 |
Note 10 - Major Customers and_3
Note 10 - Major Customers and Export Sales (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Number of Countries in Which Products are Sold | 1 | 4 | 2 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 1 | 3 | 2 | 2 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | ||||
Concentration Risk, Percentage | 96.00% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Three Customers [Member] | ||||
Concentration Risk, Percentage | 92.00% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer One [Member] | ||||
Concentration Risk, Percentage | 53.00% | 54.00% | 46.00% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Two [Member] | ||||
Concentration Risk, Percentage | 25.00% | 12.00% | 22.00% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Three [Member] | ||||
Concentration Risk, Percentage | 14.00% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customers [Member] | ||||
Concentration Risk, Percentage | 66.00% | 68.00% |
Note 10 - Major Customers and_4
Note 10 - Major Customers and Export Sales - Foreign and Domestic Net Sales (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Net revenue | $ 425,830 | $ 598,730 | $ 1,209,309 | $ 1,987,406 |
UNITED STATES | ||||
Net revenue | 425,830 | 512,455 | 972,754 | 1,500,502 |
Non-US [Member] | ||||
Net revenue | $ 0 | $ 86,275 | $ 236,555 | $ 486,904 |
Note 10 - Major Customers and_5
Note 10 - Major Customers and Export Sales - Foreign Revenue (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
MOROCCO | ||||
Foreign revenue by country | 0.00% | 0.00% | 63.00% | 0.00% |
EGYPT | ||||
Foreign revenue by country | 0.00% | 0.00% | 24.00% | 0.00% |
Mid-East and Africa [Member] | ||||
Foreign revenue by geographical area | 0.00% | 100.00% | 95.00% | 100.00% |
PHILIPPINES | ||||
Foreign revenue by country | 0.00% | 0.00% | 5.00% | 0.00% |
SAUDI ARABIA | ||||
Foreign revenue by country | 0.00% | 100.00% | 8.00% | 99.00% |
Far East [Member] | ||||
Foreign revenue by geographical area | 0.00% | 0.00% | 5.00% | 0.00% |
Other Foreign Countries [Member] | ||||
Foreign revenue by country | 0.00% | 0.00% | 0.00% | 1.00% |