Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 12, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001090396 | |
Entity Registrant Name | Table Trac INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-32987 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 88-0336568 | |
Entity Address, Address Line One | 6101 Baker Road, Suite 206 | |
Entity Address, City or Town | Minnetonka | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55345 | |
City Area Code | 952 | |
Local Phone Number | 548-8877 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,521,988 |
Condensed Balance Sheets (Curre
Condensed Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 3,568,149 | $ 1,731,869 |
Accounts receivable, net of allowance for doubtful accounts of $77,623 at June 30, 2021 and December 31, 2020. | 1,117,110 | 1,303,724 |
Inventory, net | 1,552,470 | 1,748,414 |
Prepaid expenses | 212,287 | 311,170 |
Net investment in sales type leases - current | 38,209 | 0 |
Income tax receivable | 0 | 97,273 |
TOTAL CURRENT ASSETS | 6,488,225 | 5,192,450 |
LONG-TERM ASSETS | ||
Accounts receivable - Long-term | 223,388 | 33,783 |
Property and equipment, net | 17,123 | 30,843 |
Net investment in sales type leases - long term | 157,316 | 0 |
Investment | 57,000 | 0 |
Operating lease right-of-use assets | 203,205 | 46,810 |
TOTAL LONG-TERM ASSETS | 658,032 | 111,436 |
TOTAL ASSETS | 7,146,257 | 5,303,886 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 158,490 | 104,362 |
Payroll liabilities | 74,839 | 41,641 |
Customers deposits | 345,250 | 163,709 |
Current portion of operating lease liabilities | 54,256 | 40,742 |
Accrued income taxes | 198,027 | 0 |
TOTAL CURRENT LIABILITIES | 830,862 | 350,454 |
LONG-TERM LIABILITIES | ||
Long-term debt | 473,400 | 0 |
Operating lease liabilities | 149,667 | 8,939 |
Deferred tax liability | 171,000 | 251,000 |
TOTAL LIABILITIES | 1,624,929 | 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 June 30, 2021 and December 31, 2020, respectively. | 4,522 | 4,507 |
Additional paid-in capital | 1,923,116 | 1,876,970 |
Retained earnings | 3,827,289 | 3,057,647 |
Stockholders' Equity before Treasury Stock | 5,754,927 | 4,939,124 |
Treasury stock, 134,746 and 149,946 shares (at cost) at June 30, 2021 and December 31, 2020, respectively. | (233,599) | (245,631) |
TOTAL STOCKHOLDERS’ EQUITY | 5,521,328 | 4,693,493 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 7,146,257 | $ 5,303,886 |
Condensed Balance Sheets (Cur_2
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 1,447,046 | $ 1,133,071 | $ 3,624,019 | $ 2,258,701 |
Cost of sales | 333,402 | 97,285 | 793,861 | 324,433 |
Gross profit | 1,113,644 | 1,035,786 | 2,830,158 | 1,934,268 |
Operating expenses: | ||||
Selling, general and administrative | 948,581 | 957,255 | 1,884,569 | 1,895,045 |
Income from operations | 165,063 | 78,531 | 945,589 | 39,223 |
Interest income | 12,072 | 11,263 | 60,052 | 69,377 |
Income before taxes | 177,135 | 89,794 | 1,005,641 | 108,600 |
Income tax expense (benefit) | 23,500 | (9,800) | 236,000 | 19,200 |
Net income | $ 153,635 | $ 99,594 | $ 769,641 | $ 89,400 |
Net income per share - basic (in dollars per share) | $ 0.03 | $ 0.02 | $ 0.17 | $ 0.02 |
Net income per share - diluted (in dollars per share) | $ 0.03 | $ 0.02 | $ 0.17 | $ 0.02 |
Weighted-average shares outstanding - basic (in shares) | 4,511,988 | 4,486,788 | 4,506,361 | 4,486,788 |
Weighted-average shares outstanding - diluted (in shares) | 4,522,075 | 4,492,435 | 4,521,711 | 4,493,684 |
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 | 0 | ||||
BALANCE at Mar. 31, 2020 | $ 4,507 | 1,854,938 | 2,740,560 | (245,631) | 4,354,374 |
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 |
Net income (loss) | 89,400 | ||||
BALANCE (in shares) at Jun. 30, 2020 | 4,506,788 | ||||
BALANCE at Jun. 30, 2020 | $ 4,507 | 1,862,282 | 2,840,154 | (245,631) | 4,461,312 |
BALANCE (in shares) at Mar. 31, 2020 | 0 | ||||
BALANCE at Mar. 31, 2020 | $ 4,507 | 1,854,938 | 2,740,560 | (245,631) | 4,354,374 |
Stock compensation expense | 0 | 7,344 | 0 | 0 | 7,344 |
Net income (loss) | $ 0 | 0 | 99,594 | 0 | 99,594 |
BALANCE (in shares) at Jun. 30, 2020 | 4,506,788 | ||||
BALANCE at Jun. 30, 2020 | $ 4,507 | 1,862,282 | 2,840,154 | (245,631) | 4,461,312 |
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) | 0 | 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 |
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 |
Net income (loss) | 769,641 | ||||
BALANCE (in shares) at Jun. 30, 2021 | 4,521,988 | ||||
BALANCE at Jun. 30, 2021 | $ 4,522 | 1,923,116 | 3,827,289 | (233,599) | 5,521,328 |
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 |
Stock compensation expense | 0 | 45,187 | 0 | 0 | 45,187 |
Net income (loss) | $ 0 | 0 | 153,635 | 0 | 153,635 |
BALANCE (in shares) at Jun. 30, 2021 | 4,521,988 | ||||
BALANCE at Jun. 30, 2021 | $ 4,522 | $ 1,923,116 | $ 3,827,289 | $ (233,599) | $ 5,521,328 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES | ||
Net income | $ 769,641 | $ 89,400 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 13,720 | 25,635 |
Deferred income taxes | (80,000) | (92,000) |
Stock compensation expense | 58,193 | 14,688 |
Bad debt expense | 0 | 16,375 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,991) | 336,770 |
Inventory | 195,944 | (691,634) |
Prepaid expenses | 98,883 | 168,280 |
Net investment in sales type leases | (195,525) | 0 |
Accounts payable, accrued expenses and other | 51,976 | (245,908) |
Payroll liabilities | 33,198 | 37,668 |
Customer deposits | 181,541 | 5,050 |
Income tax receivable (accrued income taxes) | 295,300 | 106,436 |
Net cash provided by (used in) operating activities | 1,419,880 | (229,240) |
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 | 473,400 |
Net cash provided by financing activities | 473,400 | 473,400 |
NET INCREASE IN CASH | 1,836,280 | 244,160 |
CASH | ||
Beginning of period | 1,731,869 | 1,263,762 |
End of period | 3,568,149 | 1,507,922 |
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 | $ 28,778 | $ 31,491 |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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. June 30, 2021 three six June 30, 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 Stock-Based Compensation The Company's stock-based compensation consists of stock options and restricted stock issued to certain company employees. The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, directors and non-employees. The compensation expense for the Company’s stock-based payments is based on estimated fair values at the time of the grant. The Company estimates the fair value of restricted stock awards on the date of grant using the closing traded price on that date. The Company’s restricted stock awards are subject to vesting requirements and the corresponding compensation is recorded ratably over the service period. For stock options, the Company recognizes compensation expense based on an estimated grant date fair value using the Black-Scholes option-pricing model. The Company has elected to account for forfeitures as they occur and to use the simplified method to determine the expected life of stock options. 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 June 30, 2021 2020 Three Months ended June 30, 2021 2020 2021 2020 (percent of revenues) System revenue $ 481,418 $ 472,238 33.3 % 41.7 % Maintenance revenue 857,814 603,648 59.3 % 53.3 % Lease revenue 0 0 0.0 % 0.0 % Service and other revenue 107,814 57,185 7.4 % 5.0 % Total revenues $ 1,447,046 $ 1,133,071 100.0 % 100.0 % The following table summarizes disaggregated revenues by major product line for the six June 30, 2021 2020 Six Months Ended June 30, 2021 2020 2021 2020 (percent of revenues) System revenue $ 1,555,401 $ 854,624 42.9 % 48.1 % Maintenance revenue 1,641,506 1,314,475 45.3 % 49.1 % Lease revenue 212,658 0 5.9 % 0.0 % Service and other revenue 214,454 89,602 5.9 % 2.8 % Total revenues $ 3,624,019 $ 2,258,701 100.0 % 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% to 6% and we believe those to be appropriate market interest rates for the financing component. 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 income is recorded upon receipt 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 six June 30, 2021 2020 For the Six months ended June 30, 2021 2020 % Revenues % AR % Revenues % AR Major 46.2 % 55.2 % 13.6 % 40.0 % All Others 53.8 % 44.8 % 86.4 % 60.0 % Total 100.0 % 100.0 % 100.0 % 100.0 % For the three June 30, 2021 2020 The following table summarizes the major customer’s information for the three June 30, 2021 2020 For the Three Months ended June 30, 2021 2020 % Revenues % Revenues Major 12.3 % 33.6 % All Others 87.7 % 66.4 % Total 100.0 % 100.0 % six June 30, 2021 2020 six June 30, 2021 2020 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 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 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 approximately 29% of the membership interest in a start-up technology Company. The Company accounts for its investment using the equity method of accounting, whereby the investment was recorded initially at fair value, which equals the cost of the Company's initial equity contribution, and subsequently is adjusted for the Company's share of the income and losses of the investee. Research and Development The Company expenses all costs related to research and development as incurred. Research and development expense were $8,839 and $39,695 for the six June 30, 2021 2020 |
Note 2 - Accounts Receivable
Note 2 - Accounts Receivable | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 2. Accounts Receivable – Accounts receivable consisted of the following at: June 30, December 31, 2021 2020 Accounts receivable - Current $ 1,194,733 $ 1,381,347 Less allowance for doubtful accounts (77,623 ) (77,623 ) Accounts receivable current - net $ 1,117,110 $ 1,303,724 Accounts receivable - Long-term $ 223,388 $ 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: June 30, 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 | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Lessor, Sales-type Leases [Text Block] | 3. Net Investment in Sales Type Lease – In January 2021, five At inception, the Company recorded $210,782 in "Net investment in sales type leases" and derecognized $139,521 from “Inve ntory" on its condensed balance sheet. The Company recognized $71,261 in profit from sales type leases in its condensed statements of operations for the six June 30, 2021 three June 30, 2021 The future minimum lease payments receivable for sales type leases are as follows: Amount 2021 (remaining six months) $ 24,450 2022 48,900 2023 48,900 2024 48,900 2025 48,900 Thereafter 4,075 Total undiscounted cash flows 224,125 Present value discount (28,600 ) Net investment in lease as of June 30, 2021 $ 195,525 The total net investments in sales type leases, as of June 30, 2021 June 30, 2021, June 30, 2021. not not |
Note 4 - Operating Leases
Note 4 - Operating Leases | 6 Months Ended |
Jun. 30, 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 On May 18, 2021 July 31, 2025. Our leases do not The cost components of our operating leases were $14,504 for the three June 30, 2021 Maturities of our lease liabilities for all operating leases are as follows as of June 30, 2021 Leased Facilities 2021 $ 27,351 2022 53,449 2023 54,737 2024 51,583 2025 26,046 Total Lease Payments 213,166 Less: Interest (9,243 ) Present value of lease liabilities $ 203,923 The weighted average remaining lease terms equals 3.86 years as of June 30, 2021 |
Note 5 - Bank Financing
Note 5 - Bank Financing | 6 Months Ended |
Jun. 30, 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 that expires on February 1, 2022. no three June 30, 2021 three June 30, 2021 Paycheck Protection Program Loan On February 8, 2021, five 1% one 60 No not Estimated maturities of long-term debt at June 30, 2021 twelve June 30: 2022 $ 0 2023 473,400 Total Debt 473,400 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. Stockholders’ Equity – Stock Compensation On January 8, 2018, four January 8, 2019 Additionally, on March 8, 2021, two The unvested stock compensation expense is expected to be recognized over a weighted average period of approximately two June 30, 2021 The Company had 25,200 and 20,000 unvested restricted shares outstanding at June 30, 2021 December 31, 2020 On May 14, 2021, 2021 not ten On May 14, 2021, The fair value of the Company’s stock options issued was estimated using a Black-Scholes option pricing model with the following weighted-average assumptions: Expected volatility 90.0 % Expected life (in years) 6.6 Risk-free interest rate 0.82 % Expected dividend yield 0.00 % For the quarter ended June 30, 2021, No The following table summarizes additional information about stock options outstanding and exercisable at June 30, 2021: Options Outstanding Options Exercisable Options Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value Options Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value 70,000 9.88 $ 2.42 $ 93,100 17,500 $ 2.42 $ 23,275 As of June 30, 2021, three The Company has 70,000 and 0 stock options outstanding as of June 30, 2021 2020 |
Note 7 - Income Tax
Note 7 - Income Tax | 6 Months Ended |
Jun. 30, 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, June 30, 2021 not 12 The Company may |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 6 Months Ended |
Jun. 30, 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 six June 30, 2021 2020 For the Three Months Ended June 30, 2021 2020 Basic and diluted earnings per share calculation: Net income to common stockholders $ 153,635 $ 99,594 Weighted average number of common shares outstanding - basic 4,511,988 4,486,788 Basic net income per share $ 0.03 $ 0.02 Weighted average number of common shares outstanding - diluted 4,522,075 4,492,435 Diluted net income per share $ 0.03 $ 0.02 For the Six Months Ended June 30, 2021 2020 Basic and diluted earnings per share calculation: Net income to common stockholders $ 769,641 $ 89,400 Weighted average number of common shares outstanding - basic 4,506,361 4,486,788 Basic net income per share $ 0.17 $ 0.02 Weighted average number of common shares outstanding - diluted 4,521,711 4,493,684 Diluted net income per share $ 0.17 $ 0.02 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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. June 30, 2021 three six June 30, 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 |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company's stock-based compensation consists of stock options and restricted stock issued to certain company employees. The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, directors and non-employees. The compensation expense for the Company’s stock-based payments is based on estimated fair values at the time of the grant. The Company estimates the fair value of restricted stock awards on the date of grant using the closing traded price on that date. The Company’s restricted stock awards are subject to vesting requirements and the corresponding compensation is recorded ratably over the service period. For stock options, the Company recognizes compensation expense based on an estimated grant date fair value using the Black-Scholes option-pricing model. The Company has elected to account for forfeitures as they occur and to use the simplified method to determine the expected life of stock options. |
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 June 30, 2021 2020 Three Months ended June 30, 2021 2020 2021 2020 (percent of revenues) System revenue $ 481,418 $ 472,238 33.3 % 41.7 % Maintenance revenue 857,814 603,648 59.3 % 53.3 % Lease revenue 0 0 0.0 % 0.0 % Service and other revenue 107,814 57,185 7.4 % 5.0 % Total revenues $ 1,447,046 $ 1,133,071 100.0 % 100.0 % The following table summarizes disaggregated revenues by major product line for the six June 30, 2021 2020 Six Months Ended June 30, 2021 2020 2021 2020 (percent of revenues) System revenue $ 1,555,401 $ 854,624 42.9 % 48.1 % Maintenance revenue 1,641,506 1,314,475 45.3 % 49.1 % Lease revenue 212,658 0 5.9 % 0.0 % Service and other revenue 214,454 89,602 5.9 % 2.8 % Total revenues $ 3,624,019 $ 2,258,701 100.0 % 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% to 6% and we believe those to be appropriate market interest rates for the financing component. |
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 income is recorded upon receipt 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 six June 30, 2021 2020 For the Six months ended June 30, 2021 2020 % Revenues % AR % Revenues % AR Major 46.2 % 55.2 % 13.6 % 40.0 % All Others 53.8 % 44.8 % 86.4 % 60.0 % Total 100.0 % 100.0 % 100.0 % 100.0 % For the three June 30, 2021 2020 The following table summarizes the major customer’s information for the three June 30, 2021 2020 For the Three Months ended June 30, 2021 2020 % Revenues % Revenues Major 12.3 % 33.6 % All Others 87.7 % 66.4 % Total 100.0 % 100.0 % six June 30, 2021 2020 six June 30, 2021 2020 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 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 |
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 approximately 29% of the membership interest in a start-up technology Company. The Company accounts for its investment using the equity method of accounting, whereby the investment was recorded initially at fair value, which equals the cost of the Company's initial equity contribution, and subsequently is adjusted for the Company's share of the income and losses of the investee. |
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 $8,839 and $39,695 for the six June 30, 2021 2020 |
Note 1 - Nature of Business a_2
Note 1 - Nature of Business and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months ended June 30, 2021 2020 2021 2020 (percent of revenues) System revenue $ 481,418 $ 472,238 33.3 % 41.7 % Maintenance revenue 857,814 603,648 59.3 % 53.3 % Lease revenue 0 0 0.0 % 0.0 % Service and other revenue 107,814 57,185 7.4 % 5.0 % Total revenues $ 1,447,046 $ 1,133,071 100.0 % 100.0 % Six Months Ended June 30, 2021 2020 2021 2020 (percent of revenues) System revenue $ 1,555,401 $ 854,624 42.9 % 48.1 % Maintenance revenue 1,641,506 1,314,475 45.3 % 49.1 % Lease revenue 212,658 0 5.9 % 0.0 % Service and other revenue 214,454 89,602 5.9 % 2.8 % Total revenues $ 3,624,019 $ 2,258,701 100.0 % 100.0 % |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | For the Six months ended June 30, 2021 2020 % Revenues % AR % Revenues % AR Major 46.2 % 55.2 % 13.6 % 40.0 % All Others 53.8 % 44.8 % 86.4 % 60.0 % Total 100.0 % 100.0 % 100.0 % 100.0 % For the Three Months ended June 30, 2021 2020 % Revenues % Revenues Major 12.3 % 33.6 % All Others 87.7 % 66.4 % Total 100.0 % 100.0 % |
Note 2 - Accounts Receivable (T
Note 2 - Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, December 31, 2021 2020 Accounts receivable - Current $ 1,194,733 $ 1,381,347 Less allowance for doubtful accounts (77,623 ) (77,623 ) Accounts receivable current - net $ 1,117,110 $ 1,303,724 Accounts receivable - Long-term $ 223,388 $ 33,783 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | June 30, 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) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity [Table Text Block] | Amount 2021 (remaining six months) $ 24,450 2022 48,900 2023 48,900 2024 48,900 2025 48,900 Thereafter 4,075 Total undiscounted cash flows 224,125 Present value discount (28,600 ) Net investment in lease as of June 30, 2021 $ 195,525 |
Note 4 - Operating Leases (Tabl
Note 4 - Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Leased Facilities 2021 $ 27,351 2022 53,449 2023 54,737 2024 51,583 2025 26,046 Total Lease Payments 213,166 Less: Interest (9,243 ) Present value of lease liabilities $ 203,923 |
Note 5 - Bank Financing (Tables
Note 5 - Bank Financing (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2022 $ 0 2023 473,400 Total Debt 473,400 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected volatility 90.0 % Expected life (in years) 6.6 Risk-free interest rate 0.82 % Expected dividend yield 0.00 % |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Options Outstanding Options Exercisable Options Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value Options Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value 70,000 9.88 $ 2.42 $ 93,100 17,500 $ 2.42 $ 23,275 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended June 30, 2021 2020 Basic and diluted earnings per share calculation: Net income to common stockholders $ 153,635 $ 99,594 Weighted average number of common shares outstanding - basic 4,511,988 4,486,788 Basic net income per share $ 0.03 $ 0.02 Weighted average number of common shares outstanding - diluted 4,522,075 4,492,435 Diluted net income per share $ 0.03 $ 0.02 For the Six Months Ended June 30, 2021 2020 Basic and diluted earnings per share calculation: Net income to common stockholders $ 769,641 $ 89,400 Weighted average number of common shares outstanding - basic 4,506,361 4,486,788 Basic net income per share $ 0.17 $ 0.02 Weighted average number of common shares outstanding - diluted 4,521,711 4,493,684 Diluted net income per share $ 0.17 $ 0.02 |
Note 1 - Nature of Business a_3
Note 1 - Nature of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Inventory Valuation Reserves, Ending Balance | $ 36,353 | $ 36,353 | $ 45,045 | ||
Inventory, Gross, Total | 1,588,823 | 1,588,823 | 1,793,459 | ||
Inventory, Work in Process, Gross | 21,938 | 21,938 | 140,022 | ||
Research and Development Expense, Total | $ 8,839 | $ 39,695 | |||
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 | $ 10,680 | $ 10,680 | $ 0 | ||
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | UNITED STATES | |||||
Concentration Risk, Percentage | 90.10% | 90.50% | 87.50% | 91.10% | |
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | AUSTRALIA | |||||
Concentration Risk, Percentage | 10.20% | 3.00% | |||
Minimum [Member] | |||||
Contract with Customer, Liability, Interest Rate | 1.00% | 1.00% | |||
Maximum [Member] | |||||
Contract with Customer, Liability, Interest Rate | 6.00% | 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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Total revenues | $ 1,447,046 | $ 1,133,071 | $ 3,624,019 | $ 2,258,701 |
Percent of revenues | 100.00% | 100.00% | 100.00% | 100.00% |
System [Member] | ||||
Total revenues | $ 481,418 | $ 472,238 | $ 1,555,401 | $ 854,624 |
Percent of revenues | 33.30% | 41.70% | 42.90% | 48.10% |
Maintenance [Member] | ||||
Total revenues | $ 857,814 | $ 603,648 | $ 1,641,506 | $ 1,314,475 |
Percent of revenues | 59.30% | 53.30% | 45.30% | 49.10% |
Lease [Member] | ||||
Total revenues | $ 0 | $ 0 | $ 212,658 | $ 0 |
Percent of revenues | 0.00% | 0.00% | 5.90% | 0.00% |
Service and Other [Member] | ||||
Total revenues | $ 107,814 | $ 57,185 | $ 214,454 | $ 89,602 |
Percent of revenues | 7.40% | 5.00% | 5.90% | 2.80% |
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] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue Benchmark [Member] | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Percent of revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Revenue Benchmark [Member] | Major Customers [Member] | ||||
Concentration Risk, Percentage | 12.30% | 33.60% | 46.20% | 13.60% |
Percent of revenue | 12.30% | 33.60% | 46.20% | 13.60% |
Revenue Benchmark [Member] | Other Customer [Member] | ||||
Concentration Risk, Percentage | 87.70% | 66.40% | 53.80% | 86.40% |
Percent of revenue | 87.70% | 66.40% | 53.80% | 86.40% |
Accounts Receivable [Member] | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | ||
Percent of revenue | 100.00% | 100.00% | ||
Accounts Receivable [Member] | Major Customers [Member] | ||||
Concentration Risk, Percentage | 55.20% | 40.00% | ||
Percent of revenue | 55.20% | 40.00% | ||
Accounts Receivable [Member] | Other Customer [Member] | ||||
Concentration Risk, Percentage | 44.80% | 60.00% | ||
Percent of revenue | 44.80% | 60.00% |
Note 2 - Accounts Receivable -
Note 2 - Accounts Receivable - Accounts Receivable (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable - Current | $ 1,194,733 | $ 1,381,347 | |
Less allowance for doubtful accounts | (77,623) | (77,623) | $ (42,623) |
Accounts receivable current - net | 1,117,110 | 1,303,724 | |
Accounts receivable - Long-term | $ 223,388 | $ 33,783 |
Note 2 - Accounts Receivable _2
Note 2 - Accounts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 | 6 Months Ended | |
Jan. 31, 2021 | Jun. 30, 2021 | Jun. 30, 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 | $ 195,525 | $ 195,525 | |
Inventory Derecognized for Sales-type Leases | $ 139,521 | |||
Sales-type Lease, Lease Income, Total | 71,261 | |||
Sales-type Lease, Interest Income | 5,757 | |||
Sales-Type Lease, Net Investment in Lease, after Allowance for Credit Loss, Current | 38,209 | 38,209 | $ 0 | |
Sales-Type Lease, Net Investment in Lease, after Allowance for Credit Loss, Noncurrent | $ 157,316 | $ 157,316 | $ 0 |
Note 3 - Net Investment in Sa_4
Note 3 - Net Investment in Sales Type Lease - Future Minimum Lease Payments Receivable (Details) | Jun. 30, 2021USD ($) |
2021 (remaining six months) | $ 24,450 |
2022 | 48,900 |
2023 | 48,900 |
2024 | 48,900 |
2025 | 48,900 |
Thereafter | 4,075 |
Total undiscounted cash flows | 224,125 |
Present value discount | (28,600) |
Net investment in lease as of June 30, 2021 | $ 195,525 |
Note 4 - Operating Leases (Deta
Note 4 - Operating Leases (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | May 18, 2021 | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.00% | |
Operating Lease, Cost | $ 14,504 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 3 years 10 months 9 days | |
MINNESOTA | ||
Lessee, Operating Lease, Term of Contract (Month) | 48 months |
Note 4 - Operating Leases - Mat
Note 4 - Operating Leases - Maturities of Lease (Details) | Jun. 30, 2021USD ($) |
2021 | $ 27,351 |
2022 | 53,449 |
2023 | 54,737 |
2024 | 51,583 |
2025 | 26,046 |
Total Lease Payments | 213,166 |
Less: Interest | (9,243) |
Present value of lease liabilities | $ 203,923 |
Note 5 - Bank Financing (Detail
Note 5 - Bank Financing (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Feb. 08, 2021 | |
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) | Jun. 30, 2021USD ($) |
2022 | $ 0 |
2023 | 473,400 |
Total Debt | $ 473,400 |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) - USD ($) | May 14, 2021 | Mar. 08, 2021 | Jan. 08, 2018 | Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 70,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ 128,726 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | ||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 96,544 | $ 96,544 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 70,000 | 70,000 | 0 | ||||
Chief Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 20,000 | ||||||
Robert Siqveland [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 20,000 | ||||||
Chief Financial Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 30,000 | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 15,200 | 50,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | 4 years | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 45,300 | $ 117,500 | $ 48,700 | $ 48,700 | |||
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 | 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 | ||||||
Share-based Payment Arrangement, Option [Member] | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | ||||||
Share-based Payment Arrangement, Expense | $ 32,181 | ||||||
Share-based Payment Arrangement, Option [Member] | The 2021 Stock Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 500,000 | ||||||
Share-based Payment Arrangement, Option [Member] | Vesting Immediately [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||
Share-based Payment Arrangement, Option [Member] | Vesting Each Subsequent Year [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Stock Option Valuation Assumptions (Details) - Share-based Payment Arrangement, Option [Member] | 6 Months Ended |
Jun. 30, 2021 | |
Expected volatility | 90.00% |
Expected life (Year) | 6 years 7 months 6 days |
Risk-free interest rate | 0.82% |
Expected dividend yield | 0.00% |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity - Summary of Additional Information About Stock Options Outstanding and Exercisable (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Options Outstanding (in shares) | 70,000 | 0 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 9 years 10 months 17 days | |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 2.42 | |
Options Outstanding, Aggregate Intrinsic Value | $ 93,100 | |
Options Exercisable (in shares) | 17,500 | |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 2.42 | |
Options Exercisable, Aggregate Intrinsic Value | $ 23,275 |
Note 8 - Earnings Per Share - B
Note 8 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income to common stockholders | $ 153,635 | $ 99,594 | $ 769,641 | $ 89,400 |
Weighted average number of common shares outstanding - basic (in shares) | 4,511,988 | 4,486,788 | 4,506,361 | 4,486,788 |
Basic net income per share (in dollars per share) | $ 0.03 | $ 0.02 | $ 0.17 | $ 0.02 |
Weighted average number of common shares outstanding - diluted (in shares) | 4,522,075 | 4,492,435 | 4,521,711 | 4,493,684 |
Net income per share - diluted (in dollars per share) | $ 0.03 | $ 0.02 | $ 0.17 | $ 0.02 |