Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 18, 2022 | Jun. 30, 2021 | |
Details | |||
Registrant CIK | 0000019871 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 000-01227 | ||
Entity Registrant Name | CHICAGO RIVET & MACHINE CO | ||
Entity Incorporation, State or Country Code | IL | ||
Entity Tax Identification Number | 36-0904920 | ||
Entity Address, Address Line One | 901 Frontenac Road | ||
Entity Address, City or Town | Naperville | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60563 | ||
City Area Code | 630 | ||
Local Phone Number | 357-8500 | ||
Title of 12(b) Security | Common Stock, par value $1.00 per share | ||
Trading Symbol | CVR | ||
Security Exchange Name | NYSEAMER | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 20,323,420 | ||
Entity Common Stock, Shares Outstanding | 966,132 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Auditor Firm ID | 173 | ||
Auditor Name | Crowe LLP | ||
Auditor Location | Oak Brook, Illinois |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and Cash Equivalents | $ 2,036,954 | $ 2,567,731 |
Certificates of Deposit | 2,741,000 | 4,733,000 |
Accounts Receivable - Less allowances of $170,000 | 5,647,984 | 5,163,450 |
Inventories, net | 8,519,780 | 5,153,294 |
Prepaid Income Taxes | 440 | 85,940 |
Other Current Assets | 346,236 | 383,772 |
Total Current Assets | 19,292,394 | 18,087,187 |
Property, Plant and Equipment, net | 12,473,864 | 13,150,884 |
Total Assets | 31,766,258 | 31,238,071 |
Current Liabilities | ||
Accounts Payable | 692,635 | 466,424 |
Accrued Wages and Salaries | 509,332 | 482,008 |
Other Accrued Expenses | 366,418 | 322,968 |
Unearned Revenue and Customer Deposits | 302,424 | 249,498 |
Total Current Liabilities | 1,870,809 | 1,520,898 |
Deferred Income Taxes, net | 926,084 | 1,011,084 |
Total Liabilities | 2,796,893 | 2,531,982 |
Shareholders' Equity | ||
Preferred Stock, No Par Value, 500,000 Shares Authorized: None Outstanding | 0 | 0 |
Common Stock, $1.00 Par Value, 4,000,000 Shares Authorized: 1,138,096 Shares Issued, 966,132 Shares Outstanding | 1,138,096 | 1,138,096 |
Additional Paid-in Capital | 447,134 | 447,134 |
Retained Earnings | 31,306,233 | 31,042,957 |
Treasury Stock, 171,964 Shares at cost | (3,922,098) | (3,922,098) |
Total Shareholders' Equity | 28,969,365 | 28,706,089 |
Total Liabilities and Shareholders' Equity | $ 31,766,258 | $ 31,238,071 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Details | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 170,000 | $ 170,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 500,000 | 500,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 4,000,000 | 4,000,000 |
Common Stock, Shares, Issued | 1,138,096 | 1,138,096 |
Common Stock, Shares, Outstanding | 966,132 | 966,132 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Income | ||
Net Sales | $ 33,974,558 | $ 27,590,653 |
Cost of Goods Sold | 27,509,466 | 22,675,451 |
Gross Profit | 6,465,092 | 4,915,202 |
Selling and Administrative Expenses | 5,106,177 | 4,998,216 |
Operating Profit (Loss) | 1,358,915 | (83,014) |
Other Income | 55,557 | 148,464 |
Income Before Income Taxes | 1,414,472 | 65,450 |
Provision for Income Taxes | 301,000 | 15,000 |
Net Income | $ 1,113,472 | $ 50,450 |
Net Income Per Share | $ 1.15 | $ 0.05 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock |
Beginning Balance at Dec. 31, 2019 | $ 29,158,027 | $ 0 | $ 1,138,096 | $ 447,134 | $ 31,494,895 | $ (3,922,098) |
Common Stock Shares at Dec. 31, 2019 | 966,132 | |||||
Treasury Stock Shares at Dec. 31, 2019 | 171,964 | |||||
Net Income | 50,450 | 50,450 | ||||
Dividends Declared | (502,388) | (502,388) | ||||
Ending Balance at Dec. 31, 2020 | $ 28,706,089 | 0 | $ 1,138,096 | 447,134 | 31,042,957 | $ (3,922,098) |
Common Stock Shares at Dec. 31, 2020 | 966,132 | 966,132 | ||||
Treasury Stock Shares at Dec. 31, 2020 | 171,964 | |||||
Net Income | $ 1,113,472 | 1,113,472 | ||||
Dividends Declared | (850,196) | (850,196) | ||||
Ending Balance at Dec. 31, 2021 | $ 28,969,365 | $ 0 | $ 1,138,096 | $ 447,134 | $ 31,306,233 | $ (3,922,098) |
Common Stock Shares at Dec. 31, 2021 | 966,132 | 966,132 | ||||
Treasury Stock Shares at Dec. 31, 2021 | 171,964 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity - Parenthetical - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Details | ||
Common Stock, Dividends, Per Share, Declared | $ 0.88 | $ 0.52 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | ||
Net Income | $ 1,113,472 | $ 50,450 |
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities | ||
Depreciation and Amortization | 1,318,554 | 1,347,305 |
Loss on the Sale of Equipment | 21,564 | 0 |
Deferred Income Taxes | (85,000) | 68,000 |
Changes in Operating Assets and Liabilities | ||
Accounts Receivable, net | (484,534) | (554,136) |
Inventories, net | (3,366,486) | (202,117) |
Other Current Assets | 123,036 | 15,666 |
Accounts Payable | 226,211 | (24,156) |
Accrued Wages and Salaries | 27,324 | (147,964) |
Other Accrued Expenses | 43,450 | (26,101) |
Unearned Revenue and Customer Deposits | 52,926 | 96,854 |
Net Cash (Used in) Provided by Operating Activities | (1,009,483) | 623,801 |
Cash Flows from Investing Activities | ||
Capital Expenditures | (670,898) | (824,136) |
Proceeds from the Sale of Equipment | 7,800 | 0 |
Proceeds from Certificates of Deposit | 4,484,000 | 6,574,000 |
Purchases of Certificates of Deposit | (2,492,000) | (4,733,000) |
Net Cash Provided by Investing Activities | 1,328,902 | 1,016,864 |
Cash Flows from Financing Activities | ||
Cash Dividends Paid | (850,196) | (502,388) |
Net Cash Used in Financing Activities | (850,196) | (502,388) |
Net (Decrease) Increase in Cash and Cash Equivalents | (530,777) | 1,138,277 |
Cash and Cash Equivalents | ||
Beginning of Year | 2,567,731 | 1,429,454 |
End of Year | 2,036,954 | 2,567,731 |
Net Cash Paid (Refunds Received) for Income Taxes | ||
Net Cash Piad for Income Taxes | $ 300,500 | |
Refunds Received for Income Taxes | $ (25,246) |
1 - Nature of Business and Sign
1 - Nature of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
1 - Nature of Business and Significant Accounting Policies | 1 - Nature of Business and Significant Accounting Policies Nature of Business- A summary of the Company’s significant accounting policies follows: Principles of Consolidation- Revenue Recognition- Credit Risk- Cash and Cash Equivalents and Certificates of Deposit- Fair Value of Financial Instruments- Inventories- Property, Plant and Equipment- Asset Category Estimated Useful Life Land improvements…………….. 15 to 40 years Buildings and improvements…… 10 to 40 years Machinery and equipment……… 5 to 18 years Capitalized software costs……… 3 to 5 years Other equipment………………… 3 to 10 years The Company reviews the carrying value of property, plant and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. There were no triggering events requiring assessment of impairment as of December 31, 2021 and 2020. When properties are retired or sold, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss on disposition is recognized in current operations. Maintenance, repairs and minor betterments that do not improve the related asset or extend its useful life are charged to operations as incurred. Income Taxes— The Company applies a comprehensive model for the financial statement recognition, measurement, classification and disclosure of uncertain tax positions. In the first step of the two-step process, the Company evaluates the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. In the second step, the Company measures the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. As of December 31, 2021 and 2020, the Company determined that there are no uncertain tax positions with a more than 50% likelihood of being realized upon settlement. The Company classifies interest and penalties related to unrecognized tax benefits as a component of income tax expense. There were no such expenses in 2021 or 2020. The Company’s federal income tax returns for the 2018 through 2020 tax years are subject to examination by the Internal Revenue Service (“IRS”). While it may be possible that a reduction could occur with respect to the Company’s unrecognized tax benefits as an outcome of an IRS examination, management does not anticipate any adjustments that would result in a material change to the results of operations or financial condition of the Company. No statutes have been extended on any of the Company’s federal income tax filings. The statute of limitations on the Company’s 2018, 2019 and 2020 federal income tax returns will expire on September 15, 2022, 2023 and 2024, respectively. The Company’s state income tax returns for the 2018 through 2020 tax years are subject to examination by various state authorities with the latest closing period on October 31, 2024. The Company is currently not under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended. Segment Information- Net Income Per Share- Use of Estimates- Recent Accounting Pronouncements- |
2 - Balance Sheet Details
2 - Balance Sheet Details | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
2 - Balance Sheet Details | 2 - Balance Sheet Details December 31, 2021 December 31, 2020 Inventories: Raw materials $ 4,645,923 $ 2,245,709 Work in process 2,181,457 1,410,868 Finished goods 2,304,400 2,096,717 9,131,780 5,753,294 Valuation reserves (612,000) (600,000) $ 8,519,780 $ 5,153,294 December 31, 2021 December 31, 2020 Property, Plant and Equipment, net: Land and improvements $ 1,778,819 $ 1,636,749 Buildings and improvements 8,456,983 8,534,317 Machinery and equipment 35,618,735 35,194,944 Capitalized software and other 1,060,379 1,045,027 46,914,916 46,411,037 Accumulated depreciation (34,441,052) (33,260,153) $ 12,473,864 $ 13,150,884 December 31, 2021 December 31, 2020 Other Accrued Expenses: Profit sharing plan contribution $ 145,000 $ 120,000 Property taxes 80,269 84,570 All other items 141,149 118,398 $ 366,418 $ 322,968 December 31, 2021 December 31, 2020 Allowance for Doubtful Accounts: Balance at beginning of year $ 170,000 $ 140,000 Charges to statement of income 0 35,774 Write-offs 0 (5,774) Balance at end of year $ 170,000 $ 170,000 December 31, 2021 December 31, 2020 Inventory Valuation Reserves: Balance at beginning of year $ 600,000 $ 457,000 Charges to statement of income 41,308 155,058 Write-offs (29,308) (12,058) Balance at end of year $ 612,000 $ 600,000 |
3 - Income Taxes
3 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
3 - Income Taxes | 3 - Income Taxes— : 20 21 2020 Current: Federal $ 378,000 $ (53,000) State 8,000 0 Deferred (85,000) 68,000 $ 301,000 $ 15,000 The following is a reconciliation of the statutory federal income tax rate to the actual effective tax rate: 2021 2020 Amount % Amount % Expected tax at U.S. statutory rate $ 297,000 21.0 $ 14,000 21.0 Permanent differences (2,000) (0.1) 1,000 1.9 State taxes, net of federal benefit 6,000 0.4 0 0 Income tax expense $ 301,000 21.3 $ 15,000 22.9 The deferred tax assets (liabilities) consist of the following: 20 21 2020 Depreciation and amortization $ (1,196,119) $ (1,295,804) Inventory 157,600 175,739 Accrued vacation 74,037 70,787 Allowance for doubtful accounts 38,250 38,250 Other, net 148 (56) $ (926,084) $(1,011,084) Valuation allowances related to deferred taxes are recorded based on the “more likely than not” realization criteria. The Company reviews the need for a valuation allowance on a quarterly basis for each of its tax jurisdictions. A deferred tax valuation allowance was not required at December 31, 2021 or 2020. |
4 - Profit Sharing Plan
4 - Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
4 - Profit Sharing Plan | 4 - Profit Sharing Plan- |
5 - Other Income
5 - Other Income | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
5 - Other Income | 5 - Other Income- 20 21 2020 Interest income $ 19,797 $ 94,956 Other 35,760 53,508 $ 55,557 $ 148,464 |
6 - Segment Information
6 - Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
6 - Segment Information | 6 - Segment Information- Fastener Assembly Equipment Other Consolidated Year Ended December 31, 2021: Net Sales……………………………………… $ 29,831,388 $ 4,143,170 $ 0 $ 33,974,558 Depreciation……………………………………... 1,161,596 134,957 22,001 1,318,554 Segment operating profit……………………… 2,384,486 997,048 0 3,381,534 Selling and administrative expenses………….. 0 0 (2,022,619) (2,022,619) Other income…………………………………….. 0 0 55,557 55,557 Income before income taxes…………………… 1,414,472 Capital expenditures……………………………. 493,564 0 177,334 670,898 Segment assets: Accounts receivable, net……………………... 5,302,257 345,727 0 5,647,984 Inventories, net………………………………... 7,214,050 1,305,730 0 8,519,780 Property, plant and equipment, net…………. 9,782,324 1,433,905 1,257,635 12,473,864 Other assets…………………………………… 0 0 5,124,630 5,124,630 31,766,258 Year Ended December 31, 2020: Net Sales……………………………………… $ 24,607,863 $ 2,982,790 $ 0 $ 27,590,653 Depreciation……………………………………... 1,182,555 131,826 32,924 1,347,305 Segment operating profit……………………… 1,531,933 513,250 0 2,045,183 Selling and administrative expenses………….. 0 0 (2,128,197) (2,128,197) Other income…………………………………….. 0 0 148,464 148,4640 Income before income taxes…………………… 65,450 Capital expenditures……………………………. 614,835 13,924 195,377 824,136 Segment assets: Accounts receivable, net……………………... 4,906,239 257,211 0 5,163,450 Inventories, net………………………………... 4,024,138 1,129,156 0 5,153,294 Property, plant and equipment, net…………. 10,479,720 1,568,862 1,102,302 13,150,884 Other assets…………………………………… 0 0 7,770,443 7,770,443 31,238,071 The Company does not allocate certain selling and administrative expenses for internal reporting, thus, no allocation was made for these expenses for segment disclosure purposes. Segment assets reported internally are limited to accounts receivable, inventory and long-lived assets. Certain long-lived assets of one plant location are allocated between the two segments based on estimated plant utilization, as this plant serves both fastener and assembly equipment activities. Other assets are not allocated to segments internally and to do so would be impracticable. The following table presents revenue by segment, further disaggregated by end-market: Fastener Assembly Equipment Consolidated Year Ended December 31, 2021 : Automotive $ 17,573,104 $ 157,652 $ 17,730,756 Non-automotive 12,258,284 3,985,518 16,243,802 Total net sales $ 29,831,388 $ 4,143,170 $ 33,974,558 Year Ended December 31, 2020: Automotive $ 15,612,249 $ 136,899 $ 15,749,148 Non-automotive 8,995,614 2,845,891 11,841,505 Total net sales $ 24,607,863 $ 2,982,790 $ 27,590,653 The following table presents revenue by segment, further disaggregated by location: Fastener Assembly Equipment Consolidated Year Ended December 31, 20 21 : United States $ 24,280,114 $ 4,053,102 $ 28,333,216 Foreign 5,551,274 90,068 5,641,342 Total net sales $ 29,831,388 $ 4,143,170 $ 33,974,558 Year Ended December 31, 2020: United States $ 20,743,296 $ 2,804,476 $ 23,547,772 Foreign 3,864,567 178,314 4,042,881 Total net sales $ 24,607,863 $ 2,982,790 $ 27,590,653 Sales to one customer in the fastener segment accounted for 13% of consolidated revenues during 2021 and 14% in 2020. The accounts receivable balance for this customer accounted for 16% and 17% of consolidated accounts receivable as of December 31, 2021 and 2020, respectively. Sales to a second customer in the fastener segment accounted for 11% of consolidated revenues during 2021 and 12% in 2020. The accounts receivable balance for this customer accounted for 11% and 15% of consolidated accounts receivable as of December 31, 2021 and 2020, respectively. Sales to a third customer were 12% of consolidated revenue in 2021 and 10% in 2020. The accounts receivable balance for this customer accounted for 18% and 15% of consolidated accounts receivable as of December 31, 2021 and 2020, respectively. |
7 - Commitments and Contingenci
7 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
7 - Commitments and Contingencies | 7 - Commitments and Contingencies- The Company is, from time to time involved in litigation, including environmental claims, in the normal course of business. While it is not possible at this time to establish the ultimate amount of liability with respect to contingent liabilities, including those related to legal proceedings, management is of the opinion that the aggregate amount of any such liabilities, for which provision has not been made, will not have a material adverse effect on the Company's financial position. |
8 - COVID-19
8 - COVID-19 | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
8 - COVID-19 | 8 - COVID-19 - |
9 - Subsequent Events
9 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
9 - Subsequent Events | 9 - Subsequent Events- |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Principles of Consolidation | Principles of Consolidation- |
Revenue Recognition | Revenue Recognition- |
Credit Risk | Credit Risk- |
Cash and Cash Equivalents and Certificates of Deposit | Cash and Cash Equivalents and Certificates of Deposit- |
Fair Value of Financial Instruments | Fair Value of Financial Instruments- |
Inventories | Inventories- |
Property, Plant and Equipment | Property, Plant and Equipment- Asset Category Estimated Useful Life Land improvements…………….. 15 to 40 years Buildings and improvements…… 10 to 40 years Machinery and equipment……… 5 to 18 years Capitalized software costs……… 3 to 5 years Other equipment………………… 3 to 10 years The Company reviews the carrying value of property, plant and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. There were no triggering events requiring assessment of impairment as of December 31, 2021 and 2020. When properties are retired or sold, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss on disposition is recognized in current operations. Maintenance, repairs and minor betterments that do not improve the related asset or extend its useful life are charged to operations as incurred. |
Income Taxes | Income Taxes— The Company applies a comprehensive model for the financial statement recognition, measurement, classification and disclosure of uncertain tax positions. In the first step of the two-step process, the Company evaluates the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. In the second step, the Company measures the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. As of December 31, 2021 and 2020, the Company determined that there are no uncertain tax positions with a more than 50% likelihood of being realized upon settlement. The Company classifies interest and penalties related to unrecognized tax benefits as a component of income tax expense. There were no such expenses in 2021 or 2020. The Company’s federal income tax returns for the 2018 through 2020 tax years are subject to examination by the Internal Revenue Service (“IRS”). While it may be possible that a reduction could occur with respect to the Company’s unrecognized tax benefits as an outcome of an IRS examination, management does not anticipate any adjustments that would result in a material change to the results of operations or financial condition of the Company. No statutes have been extended on any of the Company’s federal income tax filings. The statute of limitations on the Company’s 2018, 2019 and 2020 federal income tax returns will expire on September 15, 2022, 2023 and 2024, respectively. The Company’s state income tax returns for the 2018 through 2020 tax years are subject to examination by various state authorities with the latest closing period on October 31, 2024. The Company is currently not under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended. |
Segment Information | Segment Information- |
Net Income Per Share | Net Income Per Share- |
Use of Estimates | Use of Estimates- |
Recent Accounting Pronouncements | Recent Accounting Pronouncements- |
2 - Balance Sheet Details_ Inve
2 - Balance Sheet Details: Inventory (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Inventory | December 31, 2021 December 31, 2020 Inventories: Raw materials $ 4,645,923 $ 2,245,709 Work in process 2,181,457 1,410,868 Finished goods 2,304,400 2,096,717 9,131,780 5,753,294 Valuation reserves (612,000) (600,000) $ 8,519,780 $ 5,153,294 |
2 - Balance Sheet Details_ Prop
2 - Balance Sheet Details: Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Property, Plant and Equipment | December 31, 2021 December 31, 2020 Property, Plant and Equipment, net: Land and improvements $ 1,778,819 $ 1,636,749 Buildings and improvements 8,456,983 8,534,317 Machinery and equipment 35,618,735 35,194,944 Capitalized software and other 1,060,379 1,045,027 46,914,916 46,411,037 Accumulated depreciation (34,441,052) (33,260,153) $ 12,473,864 $ 13,150,884 |
2 - Balance Sheet Details_ Othe
2 - Balance Sheet Details: Other Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Other Accrued Expenses | December 31, 2021 December 31, 2020 Other Accrued Expenses: Profit sharing plan contribution $ 145,000 $ 120,000 Property taxes 80,269 84,570 All other items 141,149 118,398 $ 366,418 $ 322,968 |
2 - Balance Sheet Details_ Sche
2 - Balance Sheet Details: Schedule of Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Valuation and Qualifying Accounts | December 31, 2021 December 31, 2020 Allowance for Doubtful Accounts: Balance at beginning of year $ 170,000 $ 140,000 Charges to statement of income 0 35,774 Write-offs 0 (5,774) Balance at end of year $ 170,000 $ 170,000 December 31, 2021 December 31, 2020 Inventory Valuation Reserves: Balance at beginning of year $ 600,000 $ 457,000 Charges to statement of income 41,308 155,058 Write-offs (29,308) (12,058) Balance at end of year $ 612,000 $ 600,000 |
3 - Income Taxes_ Provision for
3 - Income Taxes: Provision for Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Provision for Income Tax Expense | 20 21 2020 Current: Federal $ 378,000 $ (53,000) State 8,000 0 Deferred (85,000) 68,000 $ 301,000 $ 15,000 |
3 - Income Taxes_ Schedule of E
3 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | 2021 2020 Amount % Amount % Expected tax at U.S. statutory rate $ 297,000 21.0 $ 14,000 21.0 Permanent differences (2,000) (0.1) 1,000 1.9 State taxes, net of federal benefit 6,000 0.4 0 0 Income tax expense $ 301,000 21.3 $ 15,000 22.9 |
3 - Income Taxes_ Schedule of D
3 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | 20 21 2020 Depreciation and amortization $ (1,196,119) $ (1,295,804) Inventory 157,600 175,739 Accrued vacation 74,037 70,787 Allowance for doubtful accounts 38,250 38,250 Other, net 148 (56) $ (926,084) $(1,011,084) |
5 - Other Income_ Other Income
5 - Other Income: Other Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Other Income | 20 21 2020 Interest income $ 19,797 $ 94,956 Other 35,760 53,508 $ 55,557 $ 148,464 |
6 - Segment Information_ Schedu
6 - Segment Information: Schedule of Segment Reporting Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Segment Reporting Information | Fastener Assembly Equipment Other Consolidated Year Ended December 31, 2021: Net Sales……………………………………… $ 29,831,388 $ 4,143,170 $ 0 $ 33,974,558 Depreciation……………………………………... 1,161,596 134,957 22,001 1,318,554 Segment operating profit……………………… 2,384,486 997,048 0 3,381,534 Selling and administrative expenses………….. 0 0 (2,022,619) (2,022,619) Other income…………………………………….. 0 0 55,557 55,557 Income before income taxes…………………… 1,414,472 Capital expenditures……………………………. 493,564 0 177,334 670,898 Segment assets: Accounts receivable, net……………………... 5,302,257 345,727 0 5,647,984 Inventories, net………………………………... 7,214,050 1,305,730 0 8,519,780 Property, plant and equipment, net…………. 9,782,324 1,433,905 1,257,635 12,473,864 Other assets…………………………………… 0 0 5,124,630 5,124,630 31,766,258 Year Ended December 31, 2020: Net Sales……………………………………… $ 24,607,863 $ 2,982,790 $ 0 $ 27,590,653 Depreciation……………………………………... 1,182,555 131,826 32,924 1,347,305 Segment operating profit……………………… 1,531,933 513,250 0 2,045,183 Selling and administrative expenses………….. 0 0 (2,128,197) (2,128,197) Other income…………………………………….. 0 0 148,464 148,4640 Income before income taxes…………………… 65,450 Capital expenditures……………………………. 614,835 13,924 195,377 824,136 Segment assets: Accounts receivable, net……………………... 4,906,239 257,211 0 5,163,450 Inventories, net………………………………... 4,024,138 1,129,156 0 5,153,294 Property, plant and equipment, net…………. 10,479,720 1,568,862 1,102,302 13,150,884 Other assets…………………………………… 0 0 7,770,443 7,770,443 31,238,071 |
6 - Segment Information_ Disagg
6 - Segment Information: Disaggregation of Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Location | |
Disaggregation of Revenue | Fastener Assembly Equipment Consolidated Year Ended December 31, 20 21 : United States $ 24,280,114 $ 4,053,102 $ 28,333,216 Foreign 5,551,274 90,068 5,641,342 Total net sales $ 29,831,388 $ 4,143,170 $ 33,974,558 Year Ended December 31, 2020: United States $ 20,743,296 $ 2,804,476 $ 23,547,772 Foreign 3,864,567 178,314 4,042,881 Total net sales $ 24,607,863 $ 2,982,790 $ 27,590,653 |
End Market | |
Disaggregation of Revenue | Fastener Assembly Equipment Consolidated Year Ended December 31, 2021 : Automotive $ 17,573,104 $ 157,652 $ 17,730,756 Non-automotive 12,258,284 3,985,518 16,243,802 Total net sales $ 29,831,388 $ 4,143,170 $ 33,974,558 Year Ended December 31, 2020: Automotive $ 15,612,249 $ 136,899 $ 15,749,148 Non-automotive 8,995,614 2,845,891 11,841,505 Total net sales $ 24,607,863 $ 2,982,790 $ 27,590,653 |
Deferred Revenue Recognized (De
Deferred Revenue Recognized (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Details | ||
Deferred Revenue Recognized | $ 248,799 | $ 151,944 |
Estimated Useful Lives by Asset
Estimated Useful Lives by Asset Category (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Land Improvements | Minimum | |
Property, Plant and Equipment, Useful Life | 15 years |
Land Improvements | Maximum | |
Property, Plant and Equipment, Useful Life | 40 years |
Building Improvements | Minimum | |
Property, Plant and Equipment, Useful Life | 10 years |
Building Improvements | Maximum | |
Property, Plant and Equipment, Useful Life | 40 years |
Machinery and Equipment | Minimum | |
Property, Plant and Equipment, Useful Life | 5 years |
Machinery and Equipment | Maximum | |
Property, Plant and Equipment, Useful Life | 18 years |
Software and Software Development Costs | Minimum | |
Property, Plant and Equipment, Useful Life | 3 years |
Software and Software Development Costs | Maximum | |
Property, Plant and Equipment, Useful Life | 5 years |
Other Capitalized Property Plant and Equipment | Minimum | |
Property, Plant and Equipment, Useful Life | 3 years |
Other Capitalized Property Plant and Equipment | Maximum | |
Property, Plant and Equipment, Useful Life | 10 years |
Uncertain Tax Positions and Unr
Uncertain Tax Positions and Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Details | ||
Liability for Uncertain Tax Positions | $ 0 | $ 0 |
Unrecognized Tax Benefits | $ 0 | $ 0 |
Weighted Avg. Number of Shares
Weighted Avg. Number of Shares Outstanding (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Details | ||
Weighted Average Common Shares Outstanding | 966,132 | 966,132 |
2 - Balance Sheet Details_ In_2
2 - Balance Sheet Details: Inventory (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Details | ||
Raw materials | $ 4,645,923 | $ 2,245,709 |
Work in process | 2,181,457 | 1,410,868 |
Finished goods | 2,304,400 | 2,096,717 |
Valuation reserves | (612,000) | (600,000) |
Inventories, net | $ 8,519,780 | $ 5,153,294 |
2 - Balance Sheet Details_ Pr_2
2 - Balance Sheet Details: Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Details | ||
Land and improvements | $ 1,778,819 | $ 1,636,749 |
Buildings and improvements | 8,456,983 | 8,534,317 |
Machinery and equipment | 35,618,735 | 35,194,944 |
Capitalized software and other | 1,060,379 | 1,045,027 |
Less: Accumulated Depreciation | (34,441,052) | (33,260,153) |
Property, Plant and Equipment, Other, Net | $ 12,473,864 | $ 13,150,884 |
2 - Balance Sheet Details_ Ot_2
2 - Balance Sheet Details: Other Accrued Expenses (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Details | ||
Profit sharing plan contribution | $ 145,000 | $ 120,000 |
Property taxes | 80,269 | 84,570 |
All other items | 141,149 | 118,398 |
Other Accrued Expenses | $ 366,418 | $ 322,968 |
Schedule of Valuation and Quali
Schedule of Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-09, Allowance, Credit Loss | ||
Balance at beginning of year | $ 170,000 | $ 140,000 |
Charges to statement of income | 0 | 35,774 |
Write-offs | 0 | (5,774) |
Balance at end of year | 170,000 | 170,000 |
SEC Schedule, 12-09, Reserve, Inventory | ||
Balance at beginning of year | 600,000 | 457,000 |
Charges to statement of income | 41,308 | 155,058 |
Write-offs | (29,308) | (12,058) |
Balance at end of year | $ 612,000 | $ 600,000 |
3 - Income Taxes_ Provision f_2
3 - Income Taxes: Provision for Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Details | ||
Provision for Federal income tax expense, Current | $ 378,000 | $ (53,000) |
Provision for State income tax expense, Current | 8,000 | 0 |
Provision for income tax expense, Deferred | (85,000) | 68,000 |
Provision for Income Taxes | $ 301,000 | $ 15,000 |
3 - Income Taxes_ Schedule of_2
3 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Details | ||
Expected tax at U.S. statutory rate | $ 297,000 | $ 14,000 |
Expected tax at U.S. statutory rate, % | 21.00% | 21.00% |
Permanent differences | $ (2,000) | $ 1,000 |
Permanent differences, % | (0.10%) | 1.90% |
State taxes, net of federal benefit | $ 6,000 | $ 0 |
State taxes, net of federal benefit, % | 0.40% | 0.00% |
Income tax expense | $ 301,000 | $ 15,000 |
Income tax expense, % | 21.30% | 22.90% |
3 - Income Taxes_ Schedule of_3
3 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Details | ||
Depreciation and amortization | $ (1,196,119) | $ (1,295,804) |
Inventory | 157,600 | 175,739 |
Accrued vacation | 74,037 | 70,787 |
Allowance for doubtful accounts | 38,250 | 38,250 |
Other, net | 148 | (56) |
Deferred Tax Assets and Liabilities | $ (926,084) | $ (1,011,084) |
Other Income Tax Disclosures (D
Other Income Tax Disclosures (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Details | ||
Deferred tax assets valuation allowance | $ 0 | $ 0 |
Profit Sharing Plan (Details)
Profit Sharing Plan (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Details | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 145,000 | $ 120,000 |
5 - Other Income_ Other Incom_2
5 - Other Income: Other Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Details | ||
Interest income | $ 19,797 | $ 94,956 |
Other nonoperating income | 35,760 | 53,508 |
Other Income | $ 55,557 | $ 148,464 |
6 - Segment Information_ Sche_2
6 - Segment Information: Schedule of Segment Reporting Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net Sales | $ 33,974,558 | $ 27,590,653 |
Depreciation and Amortization | 1,318,554 | 1,347,305 |
Accounts receivable, net | 5,647,984 | 5,163,450 |
Inventories, net | 8,519,780 | 5,153,294 |
Property, plant and equipment, net | 12,473,864 | 13,150,884 |
Fastener | ||
Net Sales | 29,831,388 | 24,607,863 |
Depreciation and Amortization | 1,161,596 | 1,182,555 |
Segment operating profit | 2,384,486 | 1,531,933 |
Selling and Administrative Expenses | 0 | 0 |
Other Income | 0 | 0 |
Capital expenditures | 493,564 | 614,835 |
Accounts receivable, net | 5,302,257 | 4,906,239 |
Inventories, net | 7,214,050 | 4,024,138 |
Property, plant and equipment, net | 9,782,324 | 10,479,720 |
Other assets | 0 | 0 |
Assembly Equipment | ||
Net Sales | 4,143,170 | 2,982,790 |
Depreciation and Amortization | 134,957 | 131,826 |
Segment operating profit | 997,048 | 513,250 |
Selling and Administrative Expenses | 0 | 0 |
Other Income | 0 | 0 |
Capital expenditures | 0 | 13,924 |
Accounts receivable, net | 345,727 | 257,211 |
Inventories, net | 1,305,730 | 1,129,156 |
Property, plant and equipment, net | 1,433,905 | 1,568,862 |
Other assets | 0 | 0 |
Unallocated Corporate | ||
Net Sales | 0 | 0 |
Depreciation and Amortization | 22,001 | 32,924 |
Segment operating profit | 0 | 0 |
Selling and Administrative Expenses | (2,022,619) | (2,128,197) |
Other Income | 55,557 | 148,464 |
Capital expenditures | 177,334 | 195,377 |
Accounts receivable, net | 0 | 0 |
Inventories, net | 0 | 0 |
Property, plant and equipment, net | 1,257,635 | 1,102,302 |
Other assets | $ 5,124,630 | $ 7,770,443 |
6 - Segment Information_ Disa_2
6 - Segment Information: Disaggregation of Revenue (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 33,974,558 | $ 27,590,653 |
United States | ||
Revenue | 28,333,216 | 23,547,772 |
Foreign | ||
Revenue | 5,641,342 | 4,042,881 |
Automotive | ||
Revenue | 17,730,756 | 15,749,148 |
Nonautomotive | ||
Revenue | 16,243,802 | 11,841,505 |
Fastener | ||
Revenue | 29,831,388 | 24,607,863 |
Fastener | United States | ||
Revenue | 24,280,114 | 20,743,296 |
Fastener | Foreign | ||
Revenue | 5,551,274 | 3,864,567 |
Fastener | Automotive | ||
Revenue | 17,573,104 | 15,612,249 |
Fastener | Nonautomotive | ||
Revenue | 12,258,284 | 8,995,614 |
Assembly Equipment | ||
Revenue | 4,143,170 | 2,982,790 |
Assembly Equipment | United States | ||
Revenue | 4,053,102 | 2,804,476 |
Assembly Equipment | Foreign | ||
Revenue | 90,068 | 178,314 |
Assembly Equipment | Automotive | ||
Revenue | 157,652 | 136,899 |
Assembly Equipment | Nonautomotive | ||
Revenue | $ 3,985,518 | $ 2,845,891 |
Summary of % of Revenues and A_
Summary of % of Revenues and A/R from Major Customers (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
T.I. Group Automotive Systems | ||
Percentage of revenues from major customers | 13.00% | 14.00% |
Percentage of accounts receivable balances | 16 | 17 |
Cooper Standard Holdings Inc | ||
Percentage of revenues from major customers | 11.00% | 12.00% |
Percentage of accounts receivable balances | 11 | 15 |
Parker Hannifin Corporation | ||
Percentage of revenues from major customers | 12.00% | 10.00% |
Percentage of accounts receivable balances | 18 | 15 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Details | ||
Rent Expense | $ 27,000 | $ 23,000 |
Subsequent Events (Details)
Subsequent Events (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)$ / shares | |
Details | |
Dividend declaration date | Feb. 21, 2022 |
Dividends per share declared | $ / shares | $ 0.22 |
Dividends payable amount | $ | $ 212,549 |
Dividends Payable, Date to be Paid | Mar. 18, 2022 |
Dividends Payable, Date of Record | Mar. 4, 2022 |