Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 25, 2022 | Aug. 05, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000096699 | |
Entity Registrant Name | TECHNICAL COMMUNICATIONS CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-24 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 25, 2022 | |
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. 25, 2022 | Sep. 25, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 36,856 | $ 298,022 |
Accounts receivable - trade | 22,232 | 280,807 |
Total inventory, net | 1,093,475 | 1,157,382 |
Other current assets | 194,270 | 169,479 |
Total current assets | 1,346,833 | 1,905,690 |
Equipment and leasehold improvements | 4,543,183 | 4,543,183 |
Less: accumulated depreciation and amortization | (4,542,334) | (4,538,782) |
Equipment and leasehold improvements, net | 849 | 4,401 |
Operating lease right-of-use asset | 288,533 | 406,519 |
Total Assets | 1,636,215 | 2,316,610 |
Current Liabilities: | ||
Current maturities of notes payable – long-term (Note 7) | 2,758 | 494 |
Notes payable - short-term debt | 2,350,000 | 1,000,000 |
Current operating lease liabilities | 162,558 | 158,070 |
Accounts payable | 146,023 | 105,676 |
Customer deposits | 33,000 | 45,124 |
Accrued liabilities: | ||
Accrued compensation and related expenses | 197,651 | 219,271 |
Accrued commissions | 0 | 16,248 |
Other current liabilities | 66,474 | 29,330 |
Total current liabilities | 2,958,464 | 1,574,213 |
Long-term operating lease liability | 125,975 | 248,449 |
Note payable – long-term, net of current maturities (Note 7) | 147,242 | 149,506 |
Total Liabilities | 3,231,681 | 1,972,168 |
Commitments and contingencies | ||
Stockholders’ Equity (Deficit): | ||
Common stock, par value $0.10 per share; 7,000,000 shares authorized; 1,854,403 shares issued and outstanding at June 25, 2022 and September 25, 2021 | 185,440 | 185,440 |
Additional paid-in capital | 4,351,056 | 4,312,969 |
Accumulated deficit | 6,131,962 | 4,153,967 |
Total stockholders’ equity (deficit) | (1,595,466) | 344,442 |
Total Liabilities and Stockholders’ Equity | $ 1,636,215 | $ 2,316,610 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 25, 2022 | Sep. 25, 2021 |
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) | 1,854,403 | 1,854,403 |
Common stock, outstanding (in shares) | 1,854,403 | 1,854,403 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 25, 2022 | Jun. 25, 2021 | Jun. 25, 2022 | Jun. 25, 2021 | |
Net revenue | $ 146,089 | $ 425,830 | $ 1,134,682 | $ 1,209,309 |
Cost of revenue | 182,511 | 326,572 | 1,029,763 | 723,091 |
Gross profit (loss) | (36,422) | 99,258 | 104,919 | 486,218 |
Operating expenses: | ||||
Selling, general and administrative | 450,723 | 477,845 | 1,497,732 | 1,419,534 |
Product development | 318,643 | 108,424 | 503,531 | 695,184 |
Total operating expenses | 769,366 | 586,269 | 2,001,263 | 2,114,718 |
Operating loss | (805,788) | (487,011) | (1,896,344) | (1,628,500) |
Other income (expense): | ||||
Interest expense | (36,563) | (2,918) | (81,651) | (6,620) |
Net loss | $ (842,351) | $ (489,929) | (1,977,995) | (1,160,720) |
Grant income | $ 0 | $ 474,400 | ||
Net loss per common share: | ||||
Basic (in dollars per share) | $ (0.45) | $ (0.27) | $ (1.07) | $ (0.63) |
Diluted (in dollars per share) | $ (0.45) | $ (0.27) | $ (1.07) | $ (0.63) |
Weighted average shares: | ||||
Basic (in shares) | 1,854,403 | 1,850,403 | 1,854,403 | 1,850,403 |
Diluted (in shares) | 1,854,403 | 1,850,403 | 1,854,403 | 1,850,403 |
Net revenue | $ 146,089 | $ 425,830 | $ 1,134,682 | $ 1,209,309 |
Cost of revenue | 182,511 | 326,572 | 1,029,763 | 723,091 |
Gross profit (loss) | $ (36,422) | $ 99,258 | $ 104,919 | $ 486,218 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 25, 2022 | Jun. 25, 2022 | Jun. 26, 2021 | Jun. 25, 2021 | Sep. 25, 2021 | Sep. 26, 2020 | |
Operating Activities: | ||||||
Net loss | $ (842,351) | $ (1,977,995) | $ (1,160,720) | $ (1,160,720) | $ 1,088,387 | $ 910,650 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
Depreciation and amortization | 3,552 | 12,693 | ||||
Stock-based compensation | 38,087 | 39,833 | ||||
Changes in certain operating assets and liabilities: | ||||||
Accounts receivable | 258,575 | (33,616) | ||||
Inventories | 63,907 | (397,972) | ||||
Other current assets | (24,791) | (16,947) | ||||
Customer deposits | (12,124) | 44,200 | ||||
Deferred income | 0 | (474,400) | ||||
Accounts payable and other accrued liabilities | 39,623 | (231,447) | ||||
Net cash used in operating activities | (1,611,166) | (2,218,376) | ||||
Financing Activities: | ||||||
Proceeds from debt | 1,350,000 | 925,405 | ||||
Net cash provided by financing activities | 1,350,000 | 925,405 | ||||
Net decrease in cash and cash equivalents | (261,166) | (1,292,971) | ||||
Cash and cash equivalents at beginning of the period | 298,022 | 1,513,852 | $ 1,513,852 | 1,513,852 | ||
Cash and cash equivalents at end of the period | $ 36,856 | 36,856 | 220,881 | $ 298,022 | $ 1,513,852 | |
Supplemental Disclosures: | ||||||
Interest paid | 30,433 | 0 | ||||
Income taxes paid | $ 912 | $ 912 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
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) | |
Stock-based compensation | 39,833 | |||
Net loss | $ (1,160,720) | (1,160,720) | ||
Ending balance at Jun. 26, 2021 | 243,538 | $ 185,041 | 4,284,798 | (4,226,301) |
Beginning balance (in shares) at Sep. 26, 2020 | 1,850,403 | |||
Ending balance (in shares) at Sep. 25, 2021 | 1,854,403 | |||
Beginning balance at Sep. 26, 2020 | $ 185,041 | 4,244,965 | (3,065,581) | |
Net loss | 1,088,387 | |||
Ending balance at Sep. 25, 2021 | 344,442 | $ 185,440 | 4,312,969 | (4,153,967) |
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) | |||
Ending balance at Jun. 26, 2021 | 243,538 | $ 185,041 | 4,284,798 | (4,226,301) |
Beginning balance (in shares) at Sep. 25, 2021 | 1,854,403 | |||
Ending balance (in shares) at Jun. 25, 2022 | 1,854,403 | |||
Beginning balance at Sep. 25, 2021 | 344,442 | $ 185,440 | 4,312,969 | (4,153,967) |
Stock-based compensation | 38,087 | |||
Net loss | (1,977,995) | (1,977,995) | ||
Ending balance at Jun. 25, 2022 | (1,595,466) | $ 185,440 | 4,351,056 | (6,131,962) |
Beginning balance (in shares) at Mar. 26, 2022 | 1,854,403 | |||
Ending balance (in shares) at Jun. 25, 2022 | 1,854,403 | |||
Beginning balance at Mar. 26, 2022 | $ 185,440 | 4,337,770 | (5,289,611) | |
Stock-based compensation | 13,286 | |||
Net loss | (842,351) | (842,351) | ||
Ending balance at Jun. 25, 2022 | $ (1,595,466) | $ 185,440 | $ 4,351,056 | $ (6,131,962) |
Note 1 - Description of the Bus
Note 1 - Description of the Business and Basis of Presentation | 9 Months Ended |
Jun. 25, 2022 | |
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 24, 2022. The September 25, 2021 September 25, 2021 10 September 25, 2021 10 “2021 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 25, 2022, September 25, 2021 September 26, 2020, September 28, 2019, seven 2012 2018 June 25, 2022. not During the third 2021, May 6, 2021 no November 18, 2021 April 7, 2022 $1 June 25, 2022 January 2022. We anticipate that our principal sources of liquidity, including the recent line of credit, will be sufficient to fund our activities through December 2022. 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 April 17, 2020, April 17, 2020, 18 1% not January 11, 2021. On February 1, 2021, second second August 10, 2021 During fiscal year 2020, two The Company is considering raising capital through equity or debt arrangements in addition to the funding received from the SBA, 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 volatility of the capital markets as a result of the coronavirus. The Company’s common stock trades on the OTC Market. 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 assets, income taxes, fair value of financial instruments and stock-based compensation. Management bases its estimates on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies and Significant Judgments and Estimates | 9 Months Ended |
Jun. 25, 2022 | |
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. 2021 10 2021 |
Note 3 - Stock Based Compensati
Note 3 - Stock Based Compensation | 9 Months Ended |
Jun. 25, 2022 | |
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 the first three nine 2022 2021: June 25, 2022 June 26, 2021 3 months 9 months 3 months 9 months Selling, general and administrative expenses $ 11,241 31,915 $ 10,505 32,787 Product development expenses 2,045 6,172 2,065 7,046 Total share-based compensation expense before taxes $ 13,286 $ 38,087 $ 12,570 $ 39,833 As of June 25, 2022, June 25, 2022, On May 6, 2021 2021 not nine June 25, 2022. zero five ten The Technical Communications Corporation 2005 2010 December 25, 2021 no June 25, 2022. zero five ten The following table summarizes stock option activity during the first nine 2022: Options Outstanding Number of Shares Weighted Average Weighted Average Contractual Life Unvested Vested Total Exercise Price (in years) Outstanding, September 25, 2021 48,500 95,400 143,900 $ 4.11 5.97 Grants - - - - Vested - - - - Cancellations/forfeitures - - - - Outstanding, December 25, 2021 48,500 95,400 143,900 $ 4.11 5.73 Grants - - - - Vested (4,200 ) 4,200 - 4.88 Cancellations/forfeitures - - - - Outstanding, March 26, 2022 44,300 99,600 143,900 $ 4.11 5.48 Grants 28,000 - 28,000 1.75 Vested (14,900 ) 14,900 - 2.91 Cancellations/forfeitures - (7,000 ) (7,000 ) 10.20 Outstanding, June 25, 2022 57,400 107,500 164,900 $ 3.46 6.23 Information related to the stock options vested and expected to vest as of June 25, 2022 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 48,000 8.83 $ 1.80 12,000 $ 1.87 $2.01 - $3.00 34,300 5.67 2.61 25,900 2.65 $3.01 - $4.00 43,500 6.84 3.60 32,700 3.60 $4.01 - $5.00 16,600 2.00 4.34 16,500 4.33 $5.01 - $10.00 22,500 3.52 7.36 20,400 7.37 164,900 6.23 $ 3.46 107,500 $ 4.00 The aggregate intrinsic value of the Company’s “in-the-money” outstanding and exercisable options as of June 25, 2022 June 26, 2021 |
Note 4 - Revenue
Note 4 - Revenue | 9 Months Ended |
Jun. 25, 2022 | |
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 2022 2021. Revenue type: June 25, 2022 June 26, 2021 3 months 9 months 3 months 9 months Engineering services $ 123,526 $ 980,659 $ 409,550 $ 652,304 Equipment sales 22,563 154,023 16,280 557,005 Total $ 146,089 $ 1,134,682 $ 425,830 $ 1,209,309 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. 25, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 5. Inventories Inventories consisted of the following: June 25, 2022 September 25, 2021 Finished goods $ - $ 57,006 Work in process 498,181 487,276 Raw materials 595,294 613,100 Total inventory, net $ 1,093,475 $ 1,157,382 |
Note 6 - Leases
Note 6 - Leases | 9 Months Ended |
Jun. 25, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [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 September 2018, September 2021. March 31, 2021, March 30, 2024. nine June 25, 2022 June 26, 2021 The table below presents the maturity of the Company’s operating lease liability as of June 25, 2022: 2022 $ 42,651 2023 170,603 2024 85,301 Total lease payments 298,555 Less: Imputed interest (10,022 ) Total lease liability $ 288,533 |
Note 7 - Debt
Note 7 - Debt | 9 Months Ended |
Jun. 25, 2022 | |
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 1% not August 30, 2021 On November 18, 2021, no April 7, 2022 June 25, 2022 January 2022. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 9 Months Ended |
Jun. 25, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8. Income Taxes The Company has not nine June 25, 2022 June 26, 2021 not |
Note 9 - Loss Per Share
Note 9 - Loss Per Share | 9 Months Ended |
Jun. 25, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 9. Loss Per Share Outstanding potentially dilutive stock options, which were not June 25, 2022 June 26, 2021. |
Note 10 - Major Customers and E
Note 10 - Major Customers and Export Sales | 9 Months Ended |
Jun. 25, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 10. Major Customers and Export Sales During the three June 25, 2022, two three June 26, 2021, one nine June 25, 2022, nine June 26, 2021, A breakdown of foreign and domestic net revenue for the first three nine 2022 2021 June 25, 2022 June 26, 2021 3 months 9 months 3 months 9 months Domestic $ 123,526 $ 980,659 $ 425,830 $ 972,754 Foreign 22,563 154,023 - 236,555 Total net revenue $ 146,089 $ 1,134,682 $ 425,830 $ 1,209,309 The Company sold products into one three June 25, 2022 three June 26, 2021. two nine June 25, 2022 four nine June 26, 2021. may June 25, 2022 June 26, 2021 3 months 9 months 3 months 9 months Philippines 100 % 48 % - 5 % Saudi Arabia - 52 % - 8 % Egypt - - - 24 % Morocco - - - 63 % A summary of foreign revenue, as a percentage of total foreign revenue by geographic area, is as follows: June 25, 2022 June 26, 2021 3 months 9 months 3 months 9 months Mid-East and Africa - 52 % - 95 % Far East 100 % 48 % - 5 % |
Note 11 - Subsequent Event
Note 11 - Subsequent Event | 9 Months Ended |
Jun. 25, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11. Subsequent Event On August 4, 2022, no |
Note 3 - Stock Based Compensa_2
Note 3 - Stock Based Compensation (Tables) | 9 Months Ended |
Jun. 25, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | June 25, 2022 June 26, 2021 3 months 9 months 3 months 9 months Selling, general and administrative expenses $ 11,241 31,915 $ 10,505 32,787 Product development expenses 2,045 6,172 2,065 7,046 Total share-based compensation expense before taxes $ 13,286 $ 38,087 $ 12,570 $ 39,833 |
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 25, 2021 48,500 95,400 143,900 $ 4.11 5.97 Grants - - - - Vested - - - - Cancellations/forfeitures - - - - Outstanding, December 25, 2021 48,500 95,400 143,900 $ 4.11 5.73 Grants - - - - Vested (4,200 ) 4,200 - 4.88 Cancellations/forfeitures - - - - Outstanding, March 26, 2022 44,300 99,600 143,900 $ 4.11 5.48 Grants 28,000 - 28,000 1.75 Vested (14,900 ) 14,900 - 2.91 Cancellations/forfeitures - (7,000 ) (7,000 ) 10.20 Outstanding, June 25, 2022 57,400 107,500 164,900 $ 3.46 6.23 |
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 48,000 8.83 $ 1.80 12,000 $ 1.87 $2.01 - $3.00 34,300 5.67 2.61 25,900 2.65 $3.01 - $4.00 43,500 6.84 3.60 32,700 3.60 $4.01 - $5.00 16,600 2.00 4.34 16,500 4.33 $5.01 - $10.00 22,500 3.52 7.36 20,400 7.37 164,900 6.23 $ 3.46 107,500 $ 4.00 |
Note 4 - Revenue (Tables)
Note 4 - Revenue (Tables) | 9 Months Ended |
Jun. 25, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | June 25, 2022 June 26, 2021 3 months 9 months 3 months 9 months Engineering services $ 123,526 $ 980,659 $ 409,550 $ 652,304 Equipment sales 22,563 154,023 16,280 557,005 Total $ 146,089 $ 1,134,682 $ 425,830 $ 1,209,309 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 9 Months Ended |
Jun. 25, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 25, 2022 September 25, 2021 Finished goods $ - $ 57,006 Work in process 498,181 487,276 Raw materials 595,294 613,100 Total inventory, net $ 1,093,475 $ 1,157,382 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 9 Months Ended |
Jun. 25, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 $ 42,651 2023 170,603 2024 85,301 Total lease payments 298,555 Less: Imputed interest (10,022 ) Total lease liability $ 288,533 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 9 Months Ended |
Jun. 25, 2022 | |
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. 25, 2022 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | June 25, 2022 June 26, 2021 3 months 9 months 3 months 9 months Domestic $ 123,526 $ 980,659 $ 425,830 $ 972,754 Foreign 22,563 154,023 - 236,555 Total net revenue $ 146,089 $ 1,134,682 $ 425,830 $ 1,209,309 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | June 25, 2022 June 26, 2021 3 months 9 months 3 months 9 months Philippines 100 % 48 % - 5 % Saudi Arabia - 52 % - 8 % Egypt - - - 24 % Morocco - - - 63 % June 25, 2022 June 26, 2021 3 months 9 months 3 months 9 months Mid-East and Africa - 52 % - 95 % Far East 100 % 48 % - 5 % |
Note 1 - Description of the B_2
Note 1 - Description of the Business and Basis of Presentation (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Feb. 01, 2021 | Aug. 10, 2020 | Apr. 17, 2020 | Jan. 31, 2022 | Jun. 25, 2022 | Jun. 25, 2021 | Jun. 25, 2022 | Jun. 26, 2021 | Jun. 25, 2021 | Sep. 25, 2021 | Sep. 26, 2020 | Sep. 28, 2019 | Apr. 07, 2022 | Nov. 18, 2021 | May 06, 2021 | |
Net Income (Loss) Attributable to Parent, Total | $ (842,351) | $ (489,929) | $ (1,977,995) | $ (1,160,720) | $ (1,160,720) | $ 1,088,387 | $ 910,650 | $ 631,426 | |||||||
Retained Earnings (Accumulated Deficit), Total | (6,131,962) | (6,131,962) | (4,153,967) | ||||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 30,433 | 0 | |||||||||||||
Proceeds from Issuance of Long-term Debt, Total | 1,350,000 | $ 925,405 | |||||||||||||
Paycheck Protection Program CARES Act [Member] | |||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 474,405 | $ 474,400 | $ 474,405 | $ 474,400 | |||||||||||
Debt Instrument, Term (Year) | 60 months | ||||||||||||||
The SBA Loan [Member] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 150,000 | ||||||||||||||
Debt Instrument, Term (Year) | 30 years | ||||||||||||||
Mr. Carl H. Guild [Member] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | $ 2,000,000 | $ 1,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | ||||||||||||||
Notes Payable, Total | 2,350,000 | 2,350,000 | |||||||||||||
Interest Payable | $ 60,000 | $ 60,000 | |||||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 30,000 | ||||||||||||||
Mr. Carl H. Guild [Member] | Advances Beyond Initial One Million [Member] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% |
Note 3 - Stock Based Compensa_3
Note 3 - Stock Based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Jun. 25, 2022 | Dec. 25, 2021 | Mar. 25, 2022 | Jun. 25, 2022 | Mar. 26, 2022 | Sep. 25, 2021 | Jun. 26, 2021 | May 06, 2021 | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 102,721 | $ 102,721 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 28,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 164,900 | 143,900 | 164,900 | 143,900 | 143,900 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | $ 0 | $ 41,776 | |||||
Equity Incentive Plan 2021 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 300,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 28,000 | |||||||
The 2005 Non-statutory Stock Option Plan and 2010 Equity Incentive Plan [Member] | ||||||||
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) | 136,900 | 136,900 | ||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 7 days | |||||||
Share-Based Payment Arrangement, Option [Member] | Equity Incentive Plan 2021 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||
Share-Based Payment Arrangement, Option [Member] | Equity Incentive Plan 2021 [Member] | Minimum [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 0 years | |||||||
Share-Based Payment Arrangement, Option [Member] | Equity Incentive Plan 2021 [Member] | Maximum [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | |||||||
Share-Based Payment Arrangement, Option [Member] | The 2005 Non-statutory Stock Option Plan and 2010 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||
Share-Based Payment Arrangement, Option [Member] | The 2005 Non-statutory Stock Option Plan and 2010 Equity Incentive Plan [Member] | Minimum [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 0 years | |||||||
Share-Based Payment Arrangement, Option [Member] | The 2005 Non-statutory Stock Option Plan and 2010 Equity Incentive Plan [Member] | Maximum [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years |
Note 3 - Stock-based Compensati
Note 3 - Stock-based Compensation - Stock-based Compensation Costs (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Jun. 25, 2022 | Jun. 26, 2021 | Jun. 25, 2022 | Jun. 26, 2021 | |
Stock-based compensation costs | $ 13,286 | $ 12,570 | $ 38,087 | $ 39,833 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation costs | 11,241 | 10,505 | 31,915 | 32,787 |
Product Development Expenses [Member] | ||||
Stock-based compensation costs | $ 2,045 | $ 2,065 | $ 6,172 | $ 7,046 |
Note 3 - Stock-based Compensa_2
Note 3 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 25, 2022 | Mar. 26, 2022 | Dec. 25, 2021 | Jun. 25, 2022 | Sep. 25, 2021 | |
Outstanding, September 25, 2021 (in shares) | 44,300 | 48,500 | 48,500 | 48,500 | |
Outstanding, September 25, 2021 (in shares) | 99,600 | 95,400 | 95,400 | 95,400 | |
Outstanding, September 25, 2021 (in shares) | 143,900 | 143,900 | 143,900 | 143,900 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.11 | $ 4.11 | $ 4.11 | $ 4.11 | |
Outstanding, weighted average contractual life (Year) | 6 years 2 months 23 days | 5 years 5 months 23 days | 5 years 8 months 23 days | 5 years 11 months 19 days | |
Vested (in shares) | (14,900) | (4,200) | |||
Vested (in shares) | 14,900 | 4,200 | |||
Vested (in dollars per share) | $ 2.91 | $ 4.88 | |||
Grants (in shares) | 28,000 | ||||
Grants (in dollars per share) | $ 1.75 | ||||
Cancellations/forfeitures (in shares) | (7,000) | ||||
Cancellations/forfeitures (in dollars per share) | $ 10.20 | ||||
Outstanding, December 25, 2021 (in shares) | 57,400 | 44,300 | 48,500 | 57,400 | 48,500 |
Outstanding, December 25, 2021 (in shares) | 107,500 | 99,600 | 95,400 | 107,500 | 95,400 |
Outstanding, December 25, 2021 (in shares) | 164,900 | 143,900 | 143,900 | 164,900 | 143,900 |
Outstanding, , weighted average exercise price (in dollars per share) | $ 3.46 | $ 4.11 | $ 4.11 | $ 3.46 | $ 4.11 |
Note 3 - Stock Based Compensa_4
Note 3 - Stock Based Compensation - Information Related to Stock Options (Details) - $ / shares | 9 Months Ended | |||
Jun. 25, 2022 | Mar. 26, 2022 | Dec. 25, 2021 | Sep. 25, 2021 | |
Number of shares (in shares) | 164,900 | |||
Weighted-average remaining contractual life (Year) | 6 years 2 months 23 days | |||
Weighted average exercise price (in dollars per share) | $ 3.46 | $ 4.11 | $ 4.11 | $ 4.11 |
Exercisable number of shares (in shares) | 107,500 | |||
Exercisable weighted-average exercise price (in dollars per share) | $ 4 | |||
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) | 48,000 | |||
Weighted-average remaining contractual life (Year) | 8 years 9 months 29 days | |||
Weighted average exercise price (in dollars per share) | $ 1.80 | |||
Exercisable number of shares (in shares) | 12,000 | |||
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) | 5 years 8 months 1 day | |||
Weighted average exercise price (in dollars per share) | $ 2.61 | |||
Exercisable number of shares (in shares) | 25,900 | |||
Exercisable weighted-average exercise price (in dollars per share) | $ 2.65 | |||
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) | 6 years 10 months 2 days | |||
Weighted average exercise price (in dollars per share) | $ 3.60 | |||
Exercisable number of shares (in shares) | 32,700 | |||
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 | |||
Weighted average exercise price (in dollars per share) | $ 4.34 | |||
Exercisable number of shares (in shares) | 16,500 | |||
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) | 22,500 | |||
Weighted-average remaining contractual life (Year) | 3 years 6 months 7 days | |||
Weighted average exercise price (in dollars per share) | $ 7.36 | |||
Exercisable number of shares (in shares) | 20,400 | |||
Exercisable weighted-average exercise price (in dollars per share) | $ 7.37 |
Note 4 - Revenue - Disaggregati
Note 4 - Revenue - Disaggregation By Revenue Type (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Jun. 25, 2022 | Jun. 26, 2021 | Jun. 25, 2021 | Jun. 25, 2022 | Jun. 26, 2021 | Jun. 25, 2021 | |
Net revenue | $ 146,089 | $ 425,830 | $ 425,830 | $ 1,134,682 | $ 1,209,309 | $ 1,209,309 |
Revenue | 146,089 | 425,830 | $ 425,830 | 1,134,682 | 1,209,309 | $ 1,209,309 |
Engineering Services [Member] | ||||||
Net revenue | 123,526 | 409,550 | 980,659 | 652,304 | ||
Revenue | 123,526 | 409,550 | 980,659 | 652,304 | ||
Equipment Sales [Member] | ||||||
Net revenue | 22,563 | 16,280 | 154,023 | 557,005 | ||
Revenue | $ 22,563 | $ 16,280 | $ 154,023 | $ 557,005 |
Note 5 - Inventories - Schedule
Note 5 - Inventories - Schedule of Inventory (Details) - USD ($) | Jun. 25, 2022 | Sep. 25, 2021 |
Finished goods | $ 0 | $ 57,006 |
Work in process | 498,181 | 487,276 |
Raw materials | 595,294 | 613,100 |
Total inventory, net | $ 1,093,475 | $ 1,157,382 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) | 9 Months Ended | 30 Months Ended | 36 Months Ended | ||
Jun. 25, 2022 | Jun. 26, 2021 | Sep. 30, 2021 | Mar. 31, 2024 | Mar. 31, 2019 | |
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||||
Lease Annual Rent Payments | $ 170,603 | ||||
Lessee, Operating Lease, Renewal Term (Year) | 2 years 6 months | ||||
Operating Lease, Expense | $ 127,952 | $ 127,952 | |||
Forecast [Member] | |||||
Operating Lease, Expense | $ 170,603 |
Note 6 - Leases - Maturity of O
Note 6 - Leases - Maturity of Operating Lease Liability (Details) | Jun. 25, 2022 USD ($) |
2022 | $ 42,651 |
2023 | 170,603 |
2024 | 85,301 |
Total lease payments | 298,555 |
Less: Imputed interest | (10,022) |
Total lease liability | $ 288,533 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Feb. 01, 2021 | Aug. 10, 2020 | Apr. 17, 2020 | Jan. 31, 2022 | Jun. 25, 2022 | Jun. 26, 2021 | Sep. 25, 2021 | Sep. 26, 2020 | Apr. 07, 2022 | Nov. 18, 2021 | May 06, 2021 | |
Proceeds from Issuance of Long-term Debt, Total | $ 1,350,000 | $ 925,405 | |||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 30,433 | $ 0 | |||||||||
Mr. Carl H. Guild [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | $ 2,000,000 | $ 1,000,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity Before Interest Rate Increase | $ 1,000,000 | ||||||||||
Notes Payable, Total | 2,350,000 | ||||||||||
Interest Payable, Current | $ 59,538 | ||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 30,000 | ||||||||||
Mr. Carl H. Guild [Member] | Advances Beyond Initial One Million [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||||||||||
Amended and Restated LOC, Mr. Carl H. Guild [Member] | |||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 30,433 | ||||||||||
Paycheck Protection Program CARES Act [Member] | |||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 474,405 | $ 474,400 | $ 474,405 | $ 474,400 | |||||||
Debt Instrument, Term (Year) | 60 months | ||||||||||
The SBA Loan [Member] | |||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 150,000 | ||||||||||
Debt Instrument, Periodic Payment, Total | $ 731 | ||||||||||
Debt Instrument, Term (Year) | 30 years | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% |
Note 7 - Debt - Principal Matur
Note 7 - Debt - Principal Maturities of Long-term Debt (Details) | Jun. 25, 2022 USD ($) |
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. 25, 2022 | Jun. 26, 2021 | |
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. 25, 2022 | Jun. 26, 2021 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 164,900 | 151,400 |
Note 10 - Major Customers and_3
Note 10 - Major Customers and Export Sales (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Jun. 25, 2022 | Jun. 26, 2021 | Jun. 25, 2022 | Jun. 26, 2021 | |
Number of Countries in Which Products are Sold | 1 | 0 | 2 | 4 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 2 | 1 | 1 | 2 |
Concentration Risk, Percentage | 100% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer One [Member] | ||||
Concentration Risk, Percentage | 85% | 96% | 86% | 54% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Two [Member] | ||||
Concentration Risk, Percentage | 15% | 12% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customers [Member] | ||||
Concentration Risk, Percentage | 66% |
Note 10 - Major Customers and_4
Note 10 - Major Customers and Export Sales - Foreign and Domestic Net Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Jun. 25, 2022 | Jun. 26, 2021 | Jun. 25, 2021 | Jun. 25, 2022 | Jun. 26, 2021 | Jun. 25, 2021 | |
Net revenue | $ 146,089 | $ 425,830 | $ 425,830 | $ 1,134,682 | $ 1,209,309 | $ 1,209,309 |
UNITED STATES | ||||||
Net revenue | 123,526 | 425,830 | 980,659 | 972,754 | ||
Non-US [Member] | ||||||
Net revenue | $ 22,563 | $ 0 | $ 154,023 | $ 236,555 |
Note 10 - Major Customers and_5
Note 10 - Major Customers and Export Sales - Foreign Revenue (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 25, 2022 | Jun. 26, 2021 | Jun. 25, 2022 | Jun. 26, 2021 | |
PHILIPPINES | ||||
Foreign revenue by country | 100% | 0% | 48% | 5% |
Mid-East and Africa [Member] | ||||
Foreign revenue by geographical area | 0% | 0% | 52% | 95% |
SAUDI ARABIA | ||||
Foreign revenue by country | 0% | 0% | 52% | 8% |
Far East [Member] | ||||
Foreign revenue by geographical area | 100% | 0% | 48% | 5% |
EGYPT | ||||
Foreign revenue by country | 0% | 0% | 0% | 24% |
MOROCCO | ||||
Foreign revenue by country | 0% | 0% | 0% | 63% |
Note 11 - Subsequent Event (Det
Note 11 - Subsequent Event (Details Textual) - Mr. Carl H. Guild [Member] - USD ($) $ in Millions | Aug. 04, 2022 | Apr. 07, 2022 | Nov. 18, 2021 | May 06, 2021 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 3 | $ 2 | $ 1 | |
Debt Instrument, Interest Rate, Stated Percentage | 6% | |||
Subsequent Event [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% |