Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 17, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | Table Trac INC | |
Entity Central Index Key | 0001090396 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 4,521,988 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Balance Sheets (Curre
Condensed Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 2,946,441 | $ 1,731,869 |
Accounts receivable, net of allowance for doubtful accounts of $77,623 at March 31, 2021 and December 31, 2020. | 1,467,097 | 1,303,724 |
Inventory, net | 1,530,014 | 1,748,414 |
Prepaid expenses | 252,500 | 311,170 |
Net investment in sales type leases - current | 37,640 | 0 |
Income tax receivable | 0 | 97,273 |
TOTAL CURRENT ASSETS | 6,233,692 | 5,192,450 |
LONG-TERM ASSETS | ||
Accounts receivable - Long-term | 166,090 | 33,783 |
Property and equipment, net | 23,417 | 30,843 |
Net investment in sales type leases - long term | 167,084 | 0 |
Investment | 57,000 | 0 |
Operating lease right-of-use assets | 32,788 | 46,810 |
TOTAL LONG-TERM ASSETS | 446,379 | 111,436 |
TOTAL ASSETS | 6,680,071 | 5,303,886 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 150,642 | 104,362 |
Payroll liabilities | 89,623 | 41,641 |
Customers deposits | 245,875 | 163,709 |
Current portion of operating lease liabilities | 29,082 | 40,742 |
Accrued income taxes | 111,327 | 0 |
TOTAL CURRENT LIABILITIES | 626,549 | 350,454 |
LONG-TERM LIABILITIES | ||
Long-term debt | 473,400 | 0 |
Operating lease liabilities | 5,616 | 8,939 |
Deferred tax liability | 252,000 | 251,000 |
TOTAL LIABILITIES | 1,357,565 | 610,393 |
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.001 par value; 25,000,000 shares authorized: 4,656,734 shares issued; and 4,521,988 and 4,506,788 shares outstanding at March 31, 2021 and December 31, 2020, respectively. | 4,522 | 4,507 |
Additional paid-in capital | 1,877,929 | 1,876,970 |
Retained earnings | 3,673,654 | 3,057,647 |
Stockholders' Equity before Treasury Stock | 5,556,105 | 4,939,124 |
Treasury stock, 134,746 and 149,946 shares (at cost) at March 31, 2021 and December 31, 2020, respectively. | (233,599) | (245,631) |
TOTAL STOCKHOLDERS’ EQUITY | 5,322,506 | 4,693,493 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 6,680,071 | $ 5,303,886 |
Condensed Balance Sheets (Cur_2
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Allowance for doubtful accounts | $ 77,623 | $ 77,623 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 4,656,734 | 4,656,734 |
Common stock, shares outstanding (in shares) | 4,521,988 | 4,506,788 |
Treasury stock, shares (in shares) | 134,746 | 149,946 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 2,176,973 | $ 1,125,630 |
Cost of sales | 460,460 | 227,148 |
Gross profit | 1,716,513 | 898,482 |
Operating expenses: | ||
Selling, general and administrative | 935,985 | 937,790 |
Income (loss) from operations | 780,528 | (39,308) |
Interest income | 47,979 | 58,114 |
Income before taxes | 828,507 | 18,806 |
Income tax expense | 212,500 | 29,000 |
Net income (loss) | $ 616,007 | $ (10,194) |
Net income (loss) per share - basic (in dollars per share) | $ 0.14 | $ 0 |
Net income (loss) per share - diluted (in dollars per share) | $ 0.14 | $ 0 |
Weighted-average shares outstanding - basic (in shares) | 4,500,672 | 4,486,788 |
Weighted-average shares outstanding - diluted (in shares) | 4,505,132 | 4,486,788 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
BALANCE (in shares) at Dec. 31, 2019 | 4,506,788 | ||||
BALANCE at Dec. 31, 2019 | $ 4,507 | $ 1,847,594 | $ 2,750,754 | $ (245,631) | $ 4,357,224 |
Stock compensation expense | 0 | 7,344 | 0 | 0 | 7,344 |
Net income (loss) | $ 0 | 0 | (10,194) | 0 | (10,194) |
BALANCE (in shares) at Mar. 31, 2020 | 4,506,788 | ||||
BALANCE at Mar. 31, 2020 | $ 4,507 | 1,854,938 | 2,740,560 | (245,631) | 4,354,374 |
BALANCE (in shares) at Dec. 31, 2020 | 4,506,788 | ||||
BALANCE at Dec. 31, 2020 | $ 4,507 | 1,876,970 | 3,057,647 | (245,631) | 4,693,493 |
Stock compensation expense | 0 | 13,006 | 0 | 0 | 13,006 |
Net income (loss) | $ 0 | 0 | 616,007 | 0 | 616,007 |
Common stock issued to employees from treasury (in shares) | 15,200 | ||||
Common stock issued to employees from treasury | $ 15 | (12,047) | 12,032 | 0 | |
BALANCE (in shares) at Mar. 31, 2021 | 4,521,988 | ||||
BALANCE at Mar. 31, 2021 | $ 4,522 | $ 1,877,929 | $ 3,673,654 | $ (233,599) | $ 5,322,506 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 616,007 | $ (10,194) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation | 7,426 | 13,956 |
Deferred income taxes | 1,000 | (108,000) |
Stock compensation expense | 13,006 | 7,344 |
Bad debt expense | 0 | 5,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (295,680) | 571,015 |
Inventory | 218,400 | (636,338) |
Prepaid expenses | 58,670 | 116,051 |
Net investment in sales type leases | (204,724) | 0 |
Accounts payable, accrued expenses and other | 45,319 | (218,853) |
Payroll liabilities | 47,982 | 26,487 |
Customer deposits | 82,166 | 37,575 |
Income tax receivable (accrued income taxes) | 208,600 | 137,000 |
Net cash provided by (used in) operating activities | 798,172 | (58,957) |
INVESTING ACTIVITIES | ||
Purchase of investment | (57,000) | 0 |
Net cash used in investing activities | (57,000) | 0 |
FINANCING ACTIVITIES | ||
Proceeds from Paycheck Protection Program loan | 473,400 | 0 |
Net cash provided by financing activities | 473,400 | 0 |
NET INCREASE (DECREASE) IN CASH | 1,214,572 | (58,957) |
CASH | ||
Beginning of period | 1,731,869 | 1,263,762 |
End of period | 2,946,441 | 1,204,805 |
Non-cash investing and financing activities: | ||
Treasury stock cost related to compensation | 12,047 | 0 |
Supplemental cash flow information: | ||
Operating cash outflow for operating leases | $ 14,504 | $ 15,293 |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Nature of Business and Summary of Significant Accounting Policies – Basis of Presentation The accompanying unaudited condensed financial statements of Table Trac, Inc. (the “Company,” or “Table Trac”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10 10 X. March 31, 2021 three March 31, 2021 2020 The accompanying financial statements should be read in conjunction with the financial statements and notes included in the Table Trac, Inc. Annual Report on Form 10 December 31, 2020 Nature of Business Table Trac was formed under the laws of the State of Nevada in June 1995. Table Trac provides system sales and technical support to casinos. System sales include installation, custom casino system configurations, and training. In addition, license and technical support are provided under separate license and service contracts. Use of Estimates The preparation of 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, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company's use of estimates and assumptions include: for revenue recognition, the nature and timing of satisfaction of performance obligations, and determining the standalone selling price (“SSP”) of performance obligations, determining collectability, and other obligations, realizability of accounts receivable, the valuation of deferred tax assets and liabilities, and inventory valuation. Actual results could differ from those estimates, and the difference could be significant. The Company's significant accounting policies are described in Note 1 10 December 31, 2020 Revenue The Company derives revenues from the sale or leasing of systems, license and maintenance fees, hardware leasing and services. System Sales Revenue is recognized upon transfer of control of promised products and services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of any taxes collected, when applicable from customers, which are subsequently remitted to governmental authorities. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is a unit of account in ASC 606. Management's assessment of collectability at both contract inception and on an ongoing basis resulted in the determination that some of our contracts did not not not Maintenance Revenue Maintenance revenue is recognized ratably over the contract period. The SSP for maintenance is based upon the renewal rate for contracted services. Lease Revenue The Company derives a portion of its revenue from a sales type leasing arrangement in accordance with ASC 842. Service Revenue and Other Revenue Service revenue is recognized upon completion of the services and are billed in arrears. The SSP for service revenue is established based upon actual selling prices for the services or prior similar arrangements. The Company offers qualified customers a licensing agreement. Licensing revenue is recognized after the intellectual property (CMS system), the performance obligation, is delivered and in its operational and functional state. The SSP for licensing revenue is established based upon actual selling prices for the license. The following table summarizes disaggregated revenues by major product line for the three March 31, 2021 2020 Three Months ended March 31, 2021 2020 2021 2020 (percent of revenues) System revenue $ 1,073,984 $ 382,385 49.3 % 34.0 % Maintenance revenue 783,692 710,827 36.0 % 63.1 % Lease revenue 212,658 0 9.8 % 0.0 % Service and other revenue 106,640 32,418 4.9 % 2.9 % Total revenues $ 2,176,973 $ 1,125,630 100.0 % 100.0 % See Major Customers for disaggregated revenue information about primary geographical markets. Significant Judgments Contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may Judgment is required to determine the SSP for each distinct performance obligation, including lease and non-lease components. We use a single amount to estimate SSP when we sell a product or service separately. In instances where SSP is not not may one The collectability assessment requires the company to use judgement and consider all relevant facts and circumstances. We evaluate the interest rates in customer contracts with extended payment terms, representing a significant financing component. These rates range from approximately 1% 6% Accounts Receivable / Allowance for Doubtful Accounts Accounts receivable are initially recorded at the invoiced amount and carried on the balance sheet at net realizable value as of each balance sheet date. For receivables related to contracts that contain an interest rate, interest is recorded upon receipt to interest income on the statements of operations. An allowance for doubtful accounts is recorded when the Company believes the amounts may not no may not not Major Customers The following table summarizes the major customer's information for the three March 31, 2021 2020 For the Three Months ended March 31, 2021 2020 % Revenues % AR % Revenues % AR Major 53.0 % 51.8 % 28.0 % 45.3 % All Others 47.0 % 48.2 % 72.0 % 54.7 % Total 100.0 % 100.0 % 100.0 % 100.0 % three March 31, 2021 2020 84.7% 90.5%, three March 31, 2021 2020 13.1% 1.4%, A major customer is defined as any customer that represents at least 10% 10% Inventory Inventory, consisting of finished goods, is stated at the lower of cost or net realizable value. The average cost method (which approximates the first first $40,165 $45,045 March 31, 2021 December 31, 2020 $1,570,178 $1,793,459, March 31, 2021 December 31, 2020 $0 $140,022 March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 $6,810 $0 Net Investment in Sales Type Lease Net investment in leases are recognized when the Company's leases qualify as sales-type leases. The net investment in leases is initially measured at the present value of the fixed lease payments, discounted at the rate implicit in the lease. Investment Investment consists of an approximately 29% Research and Development The Company expenses all costs related to research and development as incurred. Research and development expense were $8,474 $19,322 three March 31, 2021 2020 |
Note 2 - Accounts Receivable
Note 2 - Accounts Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 2. Accounts Receivable – Accounts receivable consisted of the following at: March 31, December 31, 2021 2020 Accounts receivable - Current $ 1,544,720 $ 1,381,347 Less allowance for doubtful accounts (77,623 ) (77,623 ) Accounts receivable current - net $ 1,467,097 $ 1,303,724 Accounts receivable - Long-term $ 166,090 $ 33,783 The allowance for accounts receivable represents management's best estimate of probable losses in our receivables as of the date of the financial statements. The allowance provides for probable losses that have been identified with specific customer relationships and for probable losses believed to be inherent in receivables, but that have not A roll-forward of the Company's allowance for doubtful accounts for the periods presented is as follows: March 31, December 31, 2021 2020 Accounts receivable allowance, beginning of period $ 77,623 $ 42,623 Provision adjustment 0 64,378 Write-off 0 (29,378 ) Accounts receivable allowance, end of period $ 77,623 $ 77,623 |
Note 3 - Net Investment in Sale
Note 3 - Net Investment in Sales Type Lease | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessor, Sales-type Leases [Text Block] | 3. Net Investment in Sales Type Lease – In January 2021, five 6%. At inception, the Company recorded $210,782 $139,521 $71,261 three March 31, 2021 three March 31, 2021 $6,057 The future minimum lease payments receivable for sales type leases are as follows: Amount 2021 (remaining nine months) $ 36,675 2022 48,900 2023 48,900 2024 48,900 2025 48,900 Thereafter 4,075 Total undiscounted cash flows 236,350 Present value discount (31,626 ) Net investment in lease as of March 31, 2021 $ 204,724 The total net investments in sales type leases, as of March 31, 2021 $204,724. $37,640 March 31, 2021, $167,084 March 31, 2021. not not |
Note 4 - Operating Leases
Note 4 - Operating Leases | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 4. Operating Leases – We lease space under non-cancelable operating leases for our two not not Our leases include one Our leases do not 5% The cost components of our operating leases were $14,504 three March 31, 2021 Maturities of our lease liabilities for all operating leases are as follows as of March 31, 2021 Leased Facilities 2021 $ 26,711 2022 9,200 Total Lease Payments 35,911 Less: Interest (1,213 ) Present value of lease liabilities $ 34,698 The weighted average remaining lease terms equals .92 March 31, 2021 |
Note 5 - Bank Financing
Note 5 - Bank Financing | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. Bank Financing – Revolving Credit Line The Company has a revolving credit line of up to $500,000 February 1, 2022. no three March 31, 2021 4.0%, 3.75% three March 31, 2021 Paycheck Protection Program Loan On February 8, 2021, $473,400 five 1% one 60 No not Estimated maturities of long-term debt at March 31, 2021 twelve March 31: 2022 $ 0 2023 473,400 Total Debt 473,400 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. Stockholders' Equity – Stock Compensation On January 8, 2018, 50,000 four 20,000 January 8, 2019 10,000 $117,500 Additionally, on March 8, 2021, 15,200 two $45,300 The unvested stock compensation expense is expected to be recognized over a weighted average period of approximately two March 31, 2021 $61,600. The Company has no March 31, 2021 2020 The Company had 25,200 20,000 March 31, 2021 December 31, 2020 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. Income Tax – The Company accounts for income taxes by following the asset and liability approach to accounting for income taxes. Deferred tax assets and liabilities represent the future tax consequences of the differences between the financial statement carrying amounts of assets and liabilities versus the tax basis of assets and liabilities. Under this method, deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards. Deferred tax liabilities are recognized for taxable temporary differences. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not not not The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. Based on its evaluation, the Company believes that it has no December 31, 2016 2019, March 31, 2021 not 12 The Company may |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. Earnings Per Share – The Company computes earnings per share under two The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the three March 31, 2021 2020 For the Three Months Ended March 31, 2021 2020 Basic and diluted earnings per share calculation: Net income (loss) to common stockholders $ 616,007 $ (10,194 ) Weighted average number of common shares outstanding - basic 4,500,672 4,486,788 Basic net income (loss) per share $ 0.14 $ (0.00 ) Weighted average number of common shares outstanding - diluted 4,505,132 4,486,788 Diluted net income (loss) per share $ 0.14 $ (0.00 ) For the three March 31, 2021 4,460 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed financial statements of Table Trac, Inc. (the “Company,” or “Table Trac”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10 10 X. March 31, 2021 three March 31, 2021 2020 The accompanying financial statements should be read in conjunction with the financial statements and notes included in the Table Trac, Inc. Annual Report on Form 10 December 31, 2020 |
Nature of Business [Policy Text Block] | Nature of Business Table Trac was formed under the laws of the State of Nevada in June 1995. Table Trac provides system sales and technical support to casinos. System sales include installation, custom casino system configurations, and training. In addition, license and technical support are provided under separate license and service contracts. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of 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, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company's use of estimates and assumptions include: for revenue recognition, the nature and timing of satisfaction of performance obligations, and determining the standalone selling price (“SSP”) of performance obligations, determining collectability, and other obligations, realizability of accounts receivable, the valuation of deferred tax assets and liabilities, and inventory valuation. Actual results could differ from those estimates, and the difference could be significant. The Company's significant accounting policies are described in Note 1 10 December 31, 2020 |
Revenue [Policy Text Block] | Revenue The Company derives revenues from the sale or leasing of systems, license and maintenance fees, hardware leasing and services. System Sales Revenue is recognized upon transfer of control of promised products and services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of any taxes collected, when applicable from customers, which are subsequently remitted to governmental authorities. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is a unit of account in ASC 606. Management's assessment of collectability at both contract inception and on an ongoing basis resulted in the determination that some of our contracts did not not not Maintenance Revenue Maintenance revenue is recognized ratably over the contract period. The SSP for maintenance is based upon the renewal rate for contracted services. Lease Revenue The Company derives a portion of its revenue from a sales type leasing arrangement in accordance with ASC 842. Service Revenue and Other Revenue Service revenue is recognized upon completion of the services and are billed in arrears. The SSP for service revenue is established based upon actual selling prices for the services or prior similar arrangements. The Company offers qualified customers a licensing agreement. Licensing revenue is recognized after the intellectual property (CMS system), the performance obligation, is delivered and in its operational and functional state. The SSP for licensing revenue is established based upon actual selling prices for the license. The following table summarizes disaggregated revenues by major product line for the three March 31, 2021 2020 Three Months ended March 31, 2021 2020 2021 2020 (percent of revenues) System revenue $ 1,073,984 $ 382,385 49.3 % 34.0 % Maintenance revenue 783,692 710,827 36.0 % 63.1 % Lease revenue 212,658 0 9.8 % 0.0 % Service and other revenue 106,640 32,418 4.9 % 2.9 % Total revenues $ 2,176,973 $ 1,125,630 100.0 % 100.0 % See Major Customers for disaggregated revenue information about primary geographical markets. Significant Judgments Contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may Judgment is required to determine the SSP for each distinct performance obligation, including lease and non-lease components. We use a single amount to estimate SSP when we sell a product or service separately. In instances where SSP is not not may one The collectability assessment requires the company to use judgement and consider all relevant facts and circumstances. We evaluate the interest rates in customer contracts with extended payment terms, representing a significant financing component. These rates range from approximately 1% 6% |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Accounts Receivable / Allowance for Doubtful Accounts Accounts receivable are initially recorded at the invoiced amount and carried on the balance sheet at net realizable value as of each balance sheet date. For receivables related to contracts that contain an interest rate, interest is recorded upon receipt to interest income on the statements of operations. An allowance for doubtful accounts is recorded when the Company believes the amounts may not no may not not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Major Customers The following table summarizes the major customer's information for the three March 31, 2021 2020 For the Three Months ended March 31, 2021 2020 % Revenues % AR % Revenues % AR Major 53.0 % 51.8 % 28.0 % 45.3 % All Others 47.0 % 48.2 % 72.0 % 54.7 % Total 100.0 % 100.0 % 100.0 % 100.0 % three March 31, 2021 2020 84.7% 90.5%, three March 31, 2021 2020 13.1% 1.4%, A major customer is defined as any customer that represents at least 10% 10% |
Inventory, Policy [Policy Text Block] | Inventory Inventory, consisting of finished goods, is stated at the lower of cost or net realizable value. The average cost method (which approximates the first first $40,165 $45,045 March 31, 2021 December 31, 2020 $1,570,178 $1,793,459, March 31, 2021 December 31, 2020 $0 $140,022 March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 $6,810 $0 |
Lessor, Leases [Policy Text Block] | Net Investment in Sales Type Lease Net investment in leases are recognized when the Company's leases qualify as sales-type leases. The net investment in leases is initially measured at the present value of the fixed lease payments, discounted at the rate implicit in the lease. |
Investment, Policy [Policy Text Block] | Investment Investment consists of an approximately 29% |
Research and Development Expense, Policy [Policy Text Block] | Research and Development The Company expenses all costs related to research and development as incurred. Research and development expense were $8,474 $19,322 three March 31, 2021 2020 |
Note 1 - Nature of Business a_2
Note 1 - Nature of Business and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months ended March 31, 2021 2020 2021 2020 (percent of revenues) System revenue $ 1,073,984 $ 382,385 49.3 % 34.0 % Maintenance revenue 783,692 710,827 36.0 % 63.1 % Lease revenue 212,658 0 9.8 % 0.0 % Service and other revenue 106,640 32,418 4.9 % 2.9 % Total revenues $ 2,176,973 $ 1,125,630 100.0 % 100.0 % |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | For the Three Months ended March 31, 2021 2020 % Revenues % AR % Revenues % AR Major 53.0 % 51.8 % 28.0 % 45.3 % All Others 47.0 % 48.2 % 72.0 % 54.7 % Total 100.0 % 100.0 % 100.0 % 100.0 % |
Note 2 - Accounts Receivable (T
Note 2 - Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2021 2020 Accounts receivable - Current $ 1,544,720 $ 1,381,347 Less allowance for doubtful accounts (77,623 ) (77,623 ) Accounts receivable current - net $ 1,467,097 $ 1,303,724 Accounts receivable - Long-term $ 166,090 $ 33,783 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | March 31, December 31, 2021 2020 Accounts receivable allowance, beginning of period $ 77,623 $ 42,623 Provision adjustment 0 64,378 Write-off 0 (29,378 ) Accounts receivable allowance, end of period $ 77,623 $ 77,623 |
Note 3 - Net Investment in Sa_2
Note 3 - Net Investment in Sales Type Lease (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity [Table Text Block] | Amount 2021 (remaining nine months) $ 36,675 2022 48,900 2023 48,900 2024 48,900 2025 48,900 Thereafter 4,075 Total undiscounted cash flows 236,350 Present value discount (31,626 ) Net investment in lease as of March 31, 2021 $ 204,724 |
Note 4 - Operating Leases (Tabl
Note 4 - Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Leased Facilities 2021 $ 26,711 2022 9,200 Total Lease Payments 35,911 Less: Interest (1,213 ) Present value of lease liabilities $ 34,698 |
Note 5 - Bank Financing (Tables
Note 5 - Bank Financing (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2022 $ 0 2023 473,400 Total Debt 473,400 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, 2021 2020 Basic and diluted earnings per share calculation: Net income (loss) to common stockholders $ 616,007 $ (10,194 ) Weighted average number of common shares outstanding - basic 4,500,672 4,486,788 Basic net income (loss) per share $ 0.14 $ (0.00 ) Weighted average number of common shares outstanding - diluted 4,505,132 4,486,788 Diluted net income (loss) per share $ 0.14 $ (0.00 ) |
Note 1 - Nature of Business a_3
Note 1 - Nature of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Inventory Valuation Reserves, Ending Balance | $ 40,165 | $ 45,045 | |
Inventory, Gross, Total | 1,570,178 | 1,793,459 | |
Inventory, Work in Process, Gross | 0 | 140,022 | |
Research and Development Expense, Total | $ 8,474 | $ 19,322 | |
Membership Interest in Start-up Technology Company in Education Sector for Motivation/Tracking Products [Member] | |||
Ownership Percentage of Investment | 29.00% | ||
Prepaid Expenses and Other Current Assets [Member] | |||
Prepaid Supplies | $ 6,810 | $ 0 | |
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | UNITED STATES | |||
Concentration Risk, Percentage | 84.70% | 90.50% | |
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | AUSTRALIA | |||
Concentration Risk, Percentage | 13.10% | 1.40% | |
Minimum [Member] | |||
Contract with Customer, Liability, Interest Rate | 1.00% | ||
Maximum [Member] | |||
Contract with Customer, Liability, Interest Rate | 6.00% |
Note 1 - Nature of Business a_4
Note 1 - Nature of Business and Summary of Significant Accounting Policies - Disaggregated Revenues by Major Product Line (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Total revenues | $ 2,176,973 | $ 1,125,630 |
Percent of revenues | 100.00% | 100.00% |
System [Member] | ||
Total revenues | $ 1,073,984 | $ 382,385 |
Percent of revenues | 49.30% | 34.00% |
Maintenance [Member] | ||
Total revenues | $ 783,692 | $ 710,827 |
Percent of revenues | 36.00% | 63.10% |
Lease [Member] | ||
Total revenues | $ 212,658 | $ 0 |
Percent of revenues | 9.80% | 0.00% |
Service and Other [Member] | ||
Total revenues | $ 106,640 | $ 32,418 |
Percent of revenues | 4.90% | 2.90% |
Note 1 - Nature of Business a_5
Note 1 - Nature of Business and Summary of Significant Accounting Policies - Major Customers (Details) - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue Benchmark [Member] | ||
Percent of revenue | 100.00% | 100.00% |
Revenue Benchmark [Member] | Major Customers [Member] | ||
Percent of revenue | 53.00% | 28.00% |
Revenue Benchmark [Member] | Other Customer [Member] | ||
Percent of revenue | 47.00% | 72.00% |
Accounts Receivable [Member] | ||
Percent of revenue | 100.00% | 100.00% |
Accounts Receivable [Member] | Major Customers [Member] | ||
Percent of revenue | 51.80% | 45.30% |
Accounts Receivable [Member] | Other Customer [Member] | ||
Percent of revenue | 48.20% | 54.70% |
Note 2 - Accounts Receivable -
Note 2 - Accounts Receivable - Accounts Receivable (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable - Current | $ 1,544,720 | $ 1,381,347 | |
Less allowance for doubtful accounts | (77,623) | (77,623) | $ (42,623) |
Accounts receivable, net of allowance for doubtful accounts of $77,623 at March 31, 2021 and December 31, 2020. | 1,467,097 | 1,303,724 | |
Accounts receivable - Long-term | $ 166,090 | $ 33,783 |
Note 2 - Accounts Receivable _2
Note 2 - Accounts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounts receivable allowance, beginning of period | $ 77,623 | $ 42,623 |
Provision adjustment | 0 | 64,378 |
Write-off | 0 | (29,378) |
Accounts receivable allowance, end of period | $ 77,623 | $ 77,623 |
Note 3 - Net Investment in Sa_3
Note 3 - Net Investment in Sales Type Lease (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Lessor, Sales-type Lease, Term of Contract (Year) | 5 years | ||
Lessor, Sales-type Lease, Implied Interest Rate | 6.00% | ||
Sales-Type Lease, Net Investment in Lease, after Allowance for Credit Loss | $ 210,782 | $ 204,724 | |
Inventory Derecognized for Sales-type Leases | $ 139,521 | ||
Sales-type Lease, Lease Income, Total | 71,261 | ||
Sales-type Lease, Interest Income | 6,057 | ||
Sales-Type Lease, Net Investment in Lease, after Allowance for Credit Loss, Current | 37,640 | $ 0 | |
Sales-Type Lease, Net Investment in Lease, after Allowance for Credit Loss, Noncurrent | $ 167,084 | $ 0 |
Note 3 - Net Investment in Sa_4
Note 3 - Net Investment in Sales Type Lease - Future Minimum Lease Payments Receivable (Details) | Mar. 31, 2021USD ($) |
2021 (remaining nine months) | $ 36,675 |
2022 | 48,900 |
2023 | 48,900 |
2024 | 48,900 |
2025 | 48,900 |
Thereafter | 4,075 |
Total undiscounted cash flows | 236,350 |
Present value discount | (31,626) |
Net investment in lease as of March 31, 2021 | $ 204,724 |
Note 4 - Operating Leases (Deta
Note 4 - Operating Leases (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.00% | |
Operating Lease, Cost | $ 14,504 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 335 days |
Note 4 - Operating Leases - Mat
Note 4 - Operating Leases - Maturities of Lease (Details) | Mar. 31, 2021USD ($) |
2021 | $ 26,711 |
2022 | 9,200 |
Total Lease Payments | 35,911 |
Less: Interest | (1,213) |
Present value of lease liabilities | $ 34,698 |
Note 5 - Bank Financing (Detail
Note 5 - Bank Financing (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Feb. 28, 2020 | Feb. 08, 2020 | |
SBA CARES Act Paycheck Protection Program [Member] | |||
Debt Instrument, Face Amount | $ 473,400 | ||
Revolving Credit Facility [Member] | General Credit Agreement [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | ||
Long-term Line of Credit, Total | $ 0 | ||
Debt Instrument, Prime Rate Floor | 3.75% | ||
Revolving Credit Facility [Member] | General Credit Agreement [Member] | Prime Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 4.00% |
Note 5 - Bank Financing - Matur
Note 5 - Bank Financing - Maturities of Long-term Debt (Details) | Mar. 31, 2021USD ($) |
2022 | $ 0 |
2023 | 473,400 |
Total Debt | $ 473,400 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Details Textual) - USD ($) | Jan. 08, 2018 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 61,600 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 0 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 50,000 | 15,200 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | 2 years | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 117,500 | $ 45,300 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 25,200 | 20,000 | ||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 20,000 | |||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 10,000 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) | 3 Months Ended |
Mar. 31, 2021shares | |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | 4,460 |
Note 8 - Earnings Per Share - B
Note 8 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income (loss) to common stockholders | $ 616,007 | $ (10,194) |
Weighted average number of common shares outstanding - basic (in shares) | 4,500,672 | 4,486,788 |
Basic net income (loss) per share (in dollars per share) | $ 0.14 | $ 0 |
Weighted average number of common shares outstanding - diluted (in shares) | 4,505,132 | 4,486,788 |
Net income (loss) per share - diluted (in dollars per share) | $ 0.14 | $ 0 |