Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 05, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | ACME UNITED CORP | |
Entity Central Index Key | 0000002098 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2022 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 3,525,002 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Trading Symbol | ACU | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity File Number | 01-07698 | |
Entity Tax Identification Number | 06-0236700 | |
Entity Address, Address Line One | 1 Waterview Drive | |
Entity Address, City or Town | Shelton | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06484 | |
City Area Code | 203 | |
Local Phone Number | 254-6060 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | $2.50 par value Common Stock | |
Security Exchange Name | NYSEAMER | |
Entity Incorporation, State or Country Code | CT | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,760,000 | $ 4,843,000 |
Accounts receivable, less allowance of $922 in 2022 and $1,007 in 2021 | 46,991,000 | 34,221,000 |
Inventories | 65,039,000 | 53,552,000 |
Prepaid expenses and other current assets | 3,647,000 | 2,635,000 |
Total current assets | 117,437,000 | 95,251,000 |
Property, plant and equipment: | ||
Land | 1,977,000 | 1,761,000 |
Buildings | 16,088,000 | 13,456,000 |
Machinery and equipment | 30,493,000 | 29,760,000 |
Total property, plant and equipment | 48,558,000 | 44,977,000 |
Less: accumulated depreciation | 22,281,000 | 20,950,000 |
Net property, plant and equipment | 26,277,000 | 24,027,000 |
Operating lease right-of-use asset, net | 2,787,000 | 3,130,000 |
Goodwill | 8,188,829 | 4,799,829 |
Intangible assets, less accumulated amortization | 21,624,624 | 17,230,529 |
Other assets - restricted cash | 1,500,000 | |
Total assets | 177,815,000 | 144,439,000 |
Current liabilities: | ||
Accounts payable | 21,421,000 | 8,977,000 |
Operating lease liability - current portion | 1,080,000 | 1,000,000 |
Current portion of mortgage payable | 389,000 | 389,000 |
Other accrued liabilities | 10,129,000 | 9,909,000 |
Total current liabilities | 33,019,000 | 20,275,000 |
Long-term debt | 50,263,000 | 33,037,000 |
Mortgage payable, net of current portion | 10,897,000 | 11,081,000 |
Operating lease liability - non-current portion | 1,944,000 | 2,365,000 |
Other non-current liabilities | 1,869,000 | 599,000 |
Total liabilities | 97,992,000 | 67,357,000 |
Commitments and Contingencies (see note 2) | ||
STOCKHOLDERS' EQUITY | ||
Common stock, par value $2.50: authorized 8,000,000 shares; 5,066,245 shares issued and 3,521,373 shares outstanding in 2022 and 5,065,518 shares issued and 3,520,646 shares outstanding in 2022 and 2021 | 12,657,000 | 12,655,000 |
Additional paid-in capital | 12,598,000 | 11,930,000 |
Retained earnings | 72,491,000 | 69,873,000 |
Treasury stock, at cost - 1,544,872 shares in 2022 and 2021 | (15,996,000) | (15,996,000) |
Accumulated other comprehensive loss: | ||
Translation adjustment | (1,927,000) | (1,380,000) |
Total stockholders’ equity | 79,823,000 | 77,082,000 |
Total liabilities and stockholders’ equity | $ 177,815,000 | $ 144,439,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
STOCKHOLDERS' EQUITY | ||
Accounts receivable, allowance | $ 922 | $ 1,007 |
Common stock, par value | $ 2.50 | $ 2.50 |
Common stock, shares authorized | 8,000,000 | 8,000,000 |
Common stock, shares issued | 5,066,245 | 5,065,518 |
Common stock, shares outstanding | 3,521,373 | 3,520,646 |
Treasury stock, shares | 1,544,872 | 1,544,872 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Condensed Consolidated Statements Of Operations | ||||
Net sales | $ 56,773 | $ 44,847 | $ 100,106 | $ 88,372 |
Cost of goods sold | 38,225 | 28,694 | 66,590 | 56,632 |
Gross profit | 18,548 | 16,153 | 33,516 | 31,740 |
Selling, general and administrative expenses | 14,572 | 12,364 | 28,169 | 24,983 |
Operating income | 3,976 | 3,789 | 5,347 | 6,757 |
Non-operating items: | ||||
Interest expense | 428 | 226 | 737 | 452 |
Interest income | (5) | (3) | (8) | (9) |
Interest expense, net | 423 | 223 | 729 | 443 |
PPP loan forgiveness | (3,508) | (3,508) | ||
Other expense (income), net | 148 | 68 | 147 | 145 |
Total other expense (income), net | 148 | (3,440) | 147 | (3,363) |
Income before income tax expense | 3,405 | 7,006 | 4,471 | 9,677 |
Income tax expense (benefit) | 667 | (224) | 903 | 400 |
Net income | $ 2,738 | $ 7,230 | $ 3,568 | $ 9,277 |
Basic earnings per share | $ 0.78 | $ 2.16 | $ 1.01 | $ 2.72 |
Diluted earnings per share | $ 0.71 | $ 1.82 | $ 0.93 | $ 2.34 |
Weighted average number of common shares outstanding-denominator used for basic per share computations | 3,521,000 | 3,347,000 | 3,521,000 | 3,410,000 |
Weighted average number of dilutive stock options outstanding | 320,000 | 617,000 | 323,000 | 551,000 |
Denominator used for diluted per share computations | 3,841,000 | 3,964,000 | 3,844,000 | 3,961,000 |
Dividends declared per share | $ 0.14 | $ 0.13 | $ 0.27 | $ 0.26 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Condensed Consolidated Statements Of Comprehensive Loss Income [Abstract] | ||||
Net income | $ 2,738 | $ 7,230 | $ 3,568 | $ 9,277 |
Other comprehensive (loss) income : | ||||
Foreign currency translation adjustment | (574) | 168 | (547) | (20) |
Comprehensive income | $ 2,164 | $ 7,398 | $ 3,021 | $ 9,257 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Gain | Retained Earnings |
Beginning Balance at Dec. 31, 2020 | $ 62,717 | $ 12,101 | $ (14,522) | $ 7,931 | $ (826) | $ 58,033 |
Beginning Balance, shares at Dec. 31, 2020 | 3,338,913 | |||||
Net income | 9,277 | 9,277 | ||||
Other comprehensive income (loss) | (20) | (20) | ||||
Stock compensation expense | 886 | 886 | ||||
Distributions to shareholders | (895) | (895) | ||||
Issuance of common stock | 2,698 | $ 475 | 2,223 | |||
Issuance of common stock (shares) | 190,295 | |||||
Cash settlement of stock options | (211) | (211) | ||||
Ending Balance at Jun. 30, 2021 | 74,452 | $ 12,576 | (14,522) | 10,829 | (846) | 66,415 |
Ending Balance, shares at Jun. 30, 2021 | 3,529,208 | |||||
Beginning Balance at Mar. 31, 2021 | 64,627 | $ 12,145 | (14,522) | 8,375 | (1,014) | 59,643 |
Beginning Balance, shares at Mar. 31, 2021 | 3,356,614 | |||||
Net income | 7,230 | 7,230 | ||||
Other comprehensive income (loss) | 168 | 168 | ||||
Stock compensation expense | 580 | 580 | ||||
Distributions to shareholders | (458) | (458) | ||||
Issuance of common stock | 2,516 | $ 431 | 2,085 | |||
Issuance of common stock (shares) | 172,594 | |||||
Cash settlement of stock options | (211) | (211) | ||||
Ending Balance at Jun. 30, 2021 | 74,452 | $ 12,576 | (14,522) | 10,829 | (846) | 66,415 |
Ending Balance, shares at Jun. 30, 2021 | 3,529,208 | |||||
Beginning Balance at Dec. 31, 2021 | $ 77,082 | $ 12,655 | (15,996) | 11,930 | (1,380) | 69,873 |
Beginning Balance, shares at Dec. 31, 2021 | 3,520,646 | 3,520,646 | ||||
Net income | $ 3,568 | 3,568 | ||||
Other comprehensive income (loss) | (547) | (547) | ||||
Stock compensation expense | 768 | 768 | ||||
Distributions to shareholders | (950) | (950) | ||||
Issuance of common stock | 10 | $ 2 | 8 | |||
Issuance of common stock (shares) | 727 | |||||
Cash settlement of stock options | (108) | (108) | ||||
Ending Balance at Jun. 30, 2022 | $ 79,823 | $ 12,657 | (15,996) | 12,598 | (1,927) | 72,491 |
Ending Balance, shares at Jun. 30, 2022 | 3,521,373 | 3,521,373 | ||||
Beginning Balance at Mar. 31, 2022 | $ 77,773 | $ 12,655 | (15,996) | 12,222 | (1,353) | 70,245 |
Beginning Balance, shares at Mar. 31, 2022 | 3,520,646 | |||||
Net income | 2,738 | 2,738 | ||||
Other comprehensive income (loss) | (574) | (574) | ||||
Stock compensation expense | 368 | 368 | ||||
Distributions to shareholders | (492) | (492) | ||||
Issuance of common stock | 10 | $ 2 | 8 | |||
Issuance of common stock (shares) | 727 | |||||
Ending Balance at Jun. 30, 2022 | $ 79,823 | $ 12,657 | $ (15,996) | $ 12,598 | $ (1,927) | $ 72,491 |
Ending Balance, shares at Jun. 30, 2022 | 3,521,373 | 3,521,373 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 3,568,000 | $ 9,277,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 1,339,000 | 1,176,000 |
Amortization of intangible assets | 744,000 | 742,000 |
Non-cash lease expense | 43,000 | |
Stock compensation expense | 768,000 | 886,000 |
Provision for bad debt | 50,000 | 54,000 |
PPP loan forgiveness | (3,508,000) | |
Amortization of deferred financing costs | 8,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (12,468,000) | (9,072,000) |
Inventories | (11,021,000) | 2,007,000 |
Prepaid expenses and other assets | (991,000) | (593,000) |
Accounts payable | 12,651,000 | 346,000 |
Other accrued liabilities | 182,000 | (1,215,000) |
Total adjustments | (8,739,000) | (9,134,000) |
Net cash (used in) provided by operating activities | (5,171,000) | 143,000 |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (2,761,000) | (3,351,000) |
Acquisition of Safety Made | (9,609,000) | |
Net cash used in investing activities | (12,370,000) | (3,351,000) |
Cash flows from financing activities: | ||
Net borrowings of long-term debt | 17,225,000 | 782,000 |
Cash settlement of stock options | (108,000) | (211,000) |
Repayments on mortgage | (192,000) | (133,000) |
Proceeds from issuance of common stock | 10,000 | 2,698,000 |
Distributions to shareholders | (915,000) | (871,000) |
Net cash provided by financing activities | 16,020,000 | 2,265,000 |
Effect of exchange rate changes on cash and cash equivalents | (62,000) | 16,000 |
Net change in cash and cash equivalents | (1,583,000) | (927,000) |
Cash, cash equivalents and restricted cash at beginning of period | 4,843,000 | 4,167,000 |
Cash, cash equivalents and restricted cash at end of period | 3,260,000 | 3,240,000 |
Supplemental cash flow information: | ||
Cash paid for income taxes | 242,000 | 952,000 |
Cash paid for interest | 661,000 | $ 440,000 |
Non-cash investing activities | ||
Safety Made acquisition contingent consideration | $ 1,270,000 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying condensed consolidated financial statements include all adjustments necessary to present fairly the financial position, results of operations and cash flows of Acme United Corporation (the “Company”). These adjustments are of a normal, recurring nature. However, the financial statements do not include all the disclosures normally required by accounting principles generally accepted in the United States of America or those normally made in the Company's Annual Report on Form 10-K. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2021 for such disclosures. The condensed consolidated balance sheet as of December 31, 2021 was derived from the audited consolidated balance sheet as of that date. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto included in the Company’s 2021 Annual Report on Form 10-K. The Company has evaluated events and transactions subsequent to June 30, 2022 and through the date these condensed consolidated financial statements were issued. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitment and Contingencies | 2. Commitment and Contingencies There are no pending material legal proceedings to which the Company is a party, or, to the actual knowledge of the Company, contemplated by any governmental authority. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | 3 . Nature of Goods and Services The Company recognizes revenue from the sales of a broad line of products that are grouped into two main categories: (a) first aid and medical; and (b) cutting, sharpening and measuring. The cutting, sharpening and measuring category includes scissors, knives, paper trimmers, pencil sharpeners and other sharpening tools. The first aid and medical category includes first aid kits and refills, over-the-counter medications and a variety of medical products. Revenue recognition is evaluated through the following five steps: (i) identification of the contract or contracts with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. When Performance Obligations Are Satisfied A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Revenue is generated by the sale of the Company’s products to its customers. Sales contracts (purchase orders) generally have a single performance obligation that is satisfied at a point in time, with shipment or delivery, depending on the terms of the underlying contract. Revenue is measured based on the consideration specified in the contract. The amount of consideration we receive and revenue we recognize is impacted by incentives ("customer rebates"), including sales rebates, which are generally tied to sales volume levels, in-store promotional allowances, shared media and customer catalogue allowances and other cooperative advertising arrangements; freight allowance programs offered to our customers; and allowance for returns and discounts. We generally recognize customer rebate costs as a deduction to gross sales at the time that the associated revenue is recognized. Significant Payment Terms Payment terms for each customer are dependent on the agreed upon contractual repayment terms. Payment terms typically are between 30 and 90 days and vary depending on the size of the customer and its risk profile to the Company. Some customers receive discounts for early payment. Product Returns The Company accepts product returns in the normal course of business. The Company estimates reserves for returns and the related refunds to customers based on historical experience. Reserves for returned merchandise are included as a component of “Accounts receivable” in the condensed consolidated balance sheets. Practical Expedient Usage and Accounting Policy Elections For the Company’s contracts that have an original duration of one year or less, the Company uses the practical expedient in ASC 606-10-32-18 applicable to such contracts and does not consider the time value of money in relation to significant financing components. The effect of applying this practical expedient election did not have an impact on the Company’s condensed consolidated financial statements. Per ASC 606-10-25-18B, the Company has elected to account for shipping and handling activities that occur after the customer has obtained control as a fulfilment activity instead of a performance obligation. Furthermore, shipping and handling activities performed before transfer of control of the product also do not constitute a separate and distinct performance obligation. The effect of applying this practical expedient election did not have an impact on the Company’s condensed consolidated financial statements. The Company has elected to exclude from the transaction price those amounts which relate to sales and other taxes that are assessed by governmental authorities and that are imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer. Applying the practical expedient in ASC 340-40-25-4, Other Assets and Deferred Costs, Disaggregation of Revenues The following table represents external net sales disaggregated by product category, by segment (amounts in thousands): For the three months ended June 30, 2022 United States Canada Europe Total Cutting, Sharpening and Measuring $ 21,954 $ 2,192 $ 3,555 $ 27,701 First Aid and Medical 26,951 1,684 $ 437 29,072 Total Net Sales $ 48,905 $ 3,876 $ 3,992 $ 56,773 For the three months ended June 30, 2021 United States Canada Europe Total Cutting, Sharpening and Measuring $ 16,162 $ 2,091 $ 3,677 $ 21,930 First Aid and Medical 20,678 1,899 340 22,917 Total Net Sales $ 36,840 $ 3,990 $ 4,017 $ 44,847 For the six months ended June 30, 2022 U.S. Canada Europe Total Cutting, Sharpening and Measuring $ 37,287 $ 3,785 $ 7,113 $ 48,185 First Aid and Medical 47,359 3,706 856 51,921 Total Net Sales $ 84,646 $ 7,491 $ 7,969 $ 100,106 For the six months ended June 30, 2021 U.S. Canada Europe Total Cutting, Sharpening and Measuring $ 31,726 $ 3,640 $ 7,420 $ 42,786 First Aid and Medical 41,162 3,683 741 45,586 Total Net Sales $ 72,888 $ 7,323 $ 8,161 $ 88,372 |
Debt and Shareholders' Equity
Debt and Shareholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Long Term Debt And Stockholders Equity [Abstract] | |
Debt and Shareholders' Equity | 4. Debt and Shareholders’ Equity Long-term debt consists of (i) borrowings under the Company’s revolving loan agreement with HSBC Bank, N.A. and (ii) amounts outstanding under the fixed rate mortgage on the Company’s manufacturing and distribution facilities in Rocky Mount, NC and Vancouver, WA. On May 31, 2022, the Company amended its revolving loan agreement with HSBC Bank, N.A. The amended agreement increases the amount available for borrowing to $65 million from $50 million, at an interest rate of SOFR plus 1.75%; interest is payable monthly. In addition, the expiration date of the credit facility was extended to May 31, 2026. The Company must pay a facility fee, payable quarterly, in an amount equal to one eighth of one percent (.125%) per annum of the average daily unused portion of the revolving credit line. The facility is intended to provide liquidity for growth, share repurchases, dividends, acquisitions, and other business activities. Under the revolving loan agreement, the Company is required to maintain specific amounts of funded debt to EBITDA, a fixed charge coverage ratio and must have annual net income greater than $0, measured as of the end of each fiscal year. As of June 30, 2022, the Company was in compliance with the covenants then in effect under the loan agreement. As of June 30, 2022 and December 31, 2021 , the Company had outstanding borrowings of $50,263,000 and $33,037,000 , respectively, under the Company’s revolving loan agreement with HSBC . The Company’s manufacturing and distribution facilities in Rocky Mount, NC and Vancouver, WA were financed by a fixed rate mortgage with HSBC Bank, N.A. at a fixed interest rate of 3.8%. The Company entered into the agreement on December 1, 2021. Commencing on January 1, 2022, payments of principal and interest are due monthly, with all amounts outstanding due on maturity on December 1, 2031. As of June 30, 2022 and December 31, 2021, long-term debt related to the mortgage consisted of the following (amounts in ‘000’s): June 30, 2022 December 31, 2021 Mortgage Payable - HSBC Bank N.A. 11,428 11,620 Less debt issuance costs (142 ) (150 ) 11,286 11,470 Less current maturities 389 389 Long-term mortgage payable less current maturities 10,897 11,081 During the three and six months ended June 30, 2022, the Company issued a total of 727 shares of common stock and received aggregate proceeds of $10,000 upon exercise of employee stock options. During the six months ended June 30, 2022, the Company, at its discretion, paid approximately $108,000 to optionees who had elected (subject to the approval of the Company) a net cash settlement of certain of their respective options. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Information [Abstract] | |
Segment Information | 5. Segment Information The Company reports financial information based on the organizational structure used by the Company’s chief operating decision makers for making operating and investment decisions and for assessing performance. The Company’s reportable business segments consist of: (1) United States; (2) Canada; and (3) Europe. As described below, the activities of the Company’s Asian operations are closely linked to those of the U.S. operations; accordingly, the Company’s chief operating decision makers review the financial results over both a consolidated basis, and the results of the Asian operations have been aggregated with the results of the United States operations to form one reportable segment called the “United States segment” or “U.S. segment”. Each reportable segment derives its revenue from the sales of first aid and medical products, cutting and sharpening devices and measuring instruments for school, office, home, hardware, sporting and industrial use. Domestic sales orders are filled primarily from the Company’s distribution centers in North Carolina, Washington, Massachusetts, Tennessee, Florida and California. The Company is responsible for the costs of shipping, insurance, customs clearance, duties, storage and distribution related to such products. Orders filled from the Company’s inventory are generally for less than container-sized lots. Direct import sales are products sold by the Company’s Asian subsidiary, directly to major U.S. retailers, who take ownership of the products in Asia. These sales are completed by delivering product to the customers’ common carriers at the shipping points in Asia. Direct import sales are made in larger quantities than domestic sales, typically full containers. Direct import sales represented approximately 12% and 9% of the Company’s total net sales for the three and six months ended June 30, 2022, respectively, compared to 10% and 8% respectively, for the comparable periods in 2021. The chief operating decision maker evaluates the performance of each operating segment based on segment revenues and operating income. Segment revenues are defined as total revenues, including both external customer revenue and inter-segment revenue. Segment operating earnings are defined as segment revenues, less cost of goods sold and operating expenses. Identifiable assets by segment are those assets used in the respective reportable segment’s operations. Inter-segment amounts are eliminated to arrive at consolidated financial results. The following table sets forth certain financial data by segment for three and six months ended June 30, 2022 and 2021: Financial data by segment: (in thousands) Three Months Ended June 30, Six Months Ended June 30, Sales to external customers: 2022 2021 2022 2021 United States $ 48,905 $ 36,840 $ 84,646 $ 72,888 Canada 3,876 3,990 7,491 7,322 Europe 3,992 4,017 7,969 8,162 Consolidated $ 56,773 $ 44,847 $ 100,106 $ 88,372 Operating income: United States $ 3,454 $ 2,675 $ 4,287 $ 4,807 Canada 474 662 830 1,034 Europe 48 452 230 916 Consolidated $ 3,976 $ 3,789 $ 5,347 $ 6,757 Interest expense, net 423 223 729 443 Other expense (income) , net 148 (3,440 ) 147 (3,363 ) Consolidated income before income taxes $ 3,405 $ 7,006 $ 4,471 $ 9,677 Assets by segment: (in thousands) June 30, December 31, 2022 2021 United States $ 157,623 $ 125,521 Canada 10,494 9,100 Europe 9,698 9,818 Consolidated $ 177,815 $ 144,439 |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 6. Stock Based Compensation The Company recognizes share-based compensation at the fair value of the equity instrument on the grant date. Compensation expense is recognized over the required service period, which is generally the vesting period of the equity instrument. Share-based compensation expense was approximately $368,000 and $768,000 for the three and six months ended June 30, 2022, respectively, compared to approximately $580,000 and $886,000 for the three and six months ended June 30, 2021, respectively. As of June 30, 2022, there was a total of $3,237,101 of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested share-based payments granted to the Company’s employees. As of that date, the remaining unamortized expense was expected to be recognized over a weighted average period of approximately three years. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 7. Fair Value Measurements The carrying value of the Company’s bank debt is a reasonable estimate of fair value because of the nature of its payment terms and maturity. The Company’s contingent liability related to the acquisition of Safety Made is recorded at it’s acquisition date fair value of approximately $1.3 million and is recorded in other non-current liabilities on the condensed consolidated balance sheet. Changes in the fair value of the liability are recorded in earnings. There is no change during the three month period ended June 30, 2022. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | 8. Leases The Company has operating leases for office and warehouse space and equipment under various arrangements which provide the right to use the underlying asset and require lease payments for the lease term. The Company’s lease portfolio consists of operating leases which expire at various dates through 2026. Certain of the Company’s lease arrangements contain renewal provisions, exercisable at the Company's option. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other leases are recorded on the balance sheet with right-of-use (“ROU”) assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. As most of our leases do not provide an implicit rate, the present value of lease payments is determined primarily using our incremental borrowing rate based on the information available at the lease commencement date. The incremental borrowing rate is the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term on an amount equal to the lease payments in a similar economic environment. Lease agreements with lease and non-lease components are generally accounted for as a single lease component. The Company’s operating lease expense is recognized on a straight-line basis over the lease term. For the three and six months ended June 30, 2022 and 2021, lease expense in the amount of $0.1 million was included in cost of goods sold and $0.3 million and $0.2 Information related to leases (in thousands): Three Months Ended Three Months Ended Operating cash flow information: June 30, 2022 June 30, 2021 Operating lease cost $ 308 $ 336 Operating lease - cash flow $ 322 $ 294 Non-cash activity: ROU assets obtained in exchange for lease liabilities $ - $ - Six Months Ended Six Months Ended Operating cash flow information: June 30, 2022 June 30, 2021 Operating lease cost $ 618 $ 672 Operating lease - cash flow $ 645 $ 588 Non-cash activity: ROU assets obtained in exchange for lease liabilities $ 211 $ 1,575 June 30, 2022 June 30, 2021 Weighted-average remaining lease term 3.0 years 4.0 years Weighted-average discount rate 5 % 5 % Future minimum lease payments under non-cancellable leases as of June 30, 2022: 2022 (remaining) $ 629 2023 1,076 2024 738 2025 649 2026 155 Thereafter - Total future minimum lease payments $ 3,247 Less: imputed interest (223 ) Present value of lease liabilities - current 1,080 Present value of lease liabilities - non-current $ 1,944 |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Business Combinations | 9. Business Combinations On June 1, 2022, the Company purchased the assets of Live Safely Products, LLC (d/b/a “Safety Made”) for approximately $11 million, including $1.5 million which is contingent upon meeting certain financial targets. Based in Keene, NH, Safety Made is a leading manufacturer of first aid kits for the promotional products industry. The purchase price was allocated to assets acquired as follows (in thousands): Assets: Accounts receivable $ 512 Inventory 944 Prepaid Expense 14 Property, plant and equipment 877 Intangible assets 5,143 Goodwill 3,389 Total assets $ 10,879 The acquisition was accounted for as a business combination, pursuant to ASC 805 – Business Combinations The $1.5 million contingent payment that is being held in escrow is considered restricted cash and is reported in other long-term assets on the consolidated balance sheet. The Company has not disclosed the amount of revenue and earnings from the sales of Safety Made products since the acquisition on June 1, 2022 because these amounts are not significant to the Company’s financial statements. |
Other Accrued Liabilities
Other Accrued Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Payables And Accruals [Abstract] | |
Other Accrued Liabilities | 10. Other Accrued Liabilities Other current accrued liabilities consisted of (in thousands): June 30, December 31, 2022 2021 Customer Rebates $ 5,892 $ 5,414 Accrued Compensation 603 1,586 Dividend Payable 493 458 Income Tax Payable 1,203 564 Other 1,938 1,887 Total: $ 10,129 $ 9,909 |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2022 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Note 11. Cash, Cash Equivalents and Restricted Cash June 30, 2022 December 31, 2021 Cash and cash equivalents $ 1,760 $ 4,843 Restricted Cash 1,500 Total cash, cash equivalents and restricted cash $ 3,260 $ 4,843 Restricted cash, which is reported within other long term assets in the condensed consolidated balance sheets consists of the contingent payment held in escrow related to the acquisition of Safety Made. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | 12. Intangible Assets and Goodwill June 30 December 31 2022 2021 Customer List $ 18,370,118 $ 16,137,118 Tradenames 9,984,698 7,994,698 Patents 2,271,980 2,271,980 Non-Compete 1,170,111 250,111 License Agreement 379,921 379,921 Subtotal 32,176,828 27,033,828 Less: Accumulated Amortization 10,552,204 9,803,299 Intangible Assets $ 21,624,624 $ 17,230,529 Goodwill $ 8,188,829 $ 4,799,829 Total: $ 29,813,452 $ 22,030,358 Intangible assets include Customer List, Tradenames, Non-Compete Agreements and Goodwill. The useful lives of the identified intangible assets range from 5 years to 15 years. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Revenues | The following table represents external net sales disaggregated by product category, by segment (amounts in thousands): For the three months ended June 30, 2022 United States Canada Europe Total Cutting, Sharpening and Measuring $ 21,954 $ 2,192 $ 3,555 $ 27,701 First Aid and Medical 26,951 1,684 $ 437 29,072 Total Net Sales $ 48,905 $ 3,876 $ 3,992 $ 56,773 For the three months ended June 30, 2021 United States Canada Europe Total Cutting, Sharpening and Measuring $ 16,162 $ 2,091 $ 3,677 $ 21,930 First Aid and Medical 20,678 1,899 340 22,917 Total Net Sales $ 36,840 $ 3,990 $ 4,017 $ 44,847 For the six months ended June 30, 2022 U.S. Canada Europe Total Cutting, Sharpening and Measuring $ 37,287 $ 3,785 $ 7,113 $ 48,185 First Aid and Medical 47,359 3,706 856 51,921 Total Net Sales $ 84,646 $ 7,491 $ 7,969 $ 100,106 For the six months ended June 30, 2021 U.S. Canada Europe Total Cutting, Sharpening and Measuring $ 31,726 $ 3,640 $ 7,420 $ 42,786 First Aid and Medical 41,162 3,683 741 45,586 Total Net Sales $ 72,888 $ 7,323 $ 8,161 $ 88,372 |
Debt and Shareholders' Equity (
Debt and Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Long Term Debt And Stockholders Equity [Abstract] | |
Schedule of Long-Term Debt | As of June 30, 2022 and December 31, 2021, long-term debt related to the mortgage consisted of the following (amounts in ‘000’s): June 30, 2022 December 31, 2021 Mortgage Payable - HSBC Bank N.A. 11,428 11,620 Less debt issuance costs (142 ) (150 ) 11,286 11,470 Less current maturities 389 389 Long-term mortgage payable less current maturities 10,897 11,081 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Information Tables [Abstract] | |
Financial Data By Segment Table | The following table sets forth certain financial data by segment for three and six months ended June 30, 2022 and 2021: Financial data by segment: (in thousands) Three Months Ended June 30, Six Months Ended June 30, Sales to external customers: 2022 2021 2022 2021 United States $ 48,905 $ 36,840 $ 84,646 $ 72,888 Canada 3,876 3,990 7,491 7,322 Europe 3,992 4,017 7,969 8,162 Consolidated $ 56,773 $ 44,847 $ 100,106 $ 88,372 Operating income: United States $ 3,454 $ 2,675 $ 4,287 $ 4,807 Canada 474 662 830 1,034 Europe 48 452 230 916 Consolidated $ 3,976 $ 3,789 $ 5,347 $ 6,757 Interest expense, net 423 223 729 443 Other expense (income) , net 148 (3,440 ) 147 (3,363 ) Consolidated income before income taxes $ 3,405 $ 7,006 $ 4,471 $ 9,677 Assets by segment: (in thousands) June 30, December 31, 2022 2021 United States $ 157,623 $ 125,521 Canada 10,494 9,100 Europe 9,698 9,818 Consolidated $ 177,815 $ 144,439 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases Tables [Abstract] | |
Information Related to Leases | Information related to leases (in thousands): Three Months Ended Three Months Ended Operating cash flow information: June 30, 2022 June 30, 2021 Operating lease cost $ 308 $ 336 Operating lease - cash flow $ 322 $ 294 Non-cash activity: ROU assets obtained in exchange for lease liabilities $ - $ - Six Months Ended Six Months Ended Operating cash flow information: June 30, 2022 June 30, 2021 Operating lease cost $ 618 $ 672 Operating lease - cash flow $ 645 $ 588 Non-cash activity: ROU assets obtained in exchange for lease liabilities $ 211 $ 1,575 June 30, 2022 June 30, 2021 Weighted-average remaining lease term 3.0 years 4.0 years Weighted-average discount rate 5 % 5 % |
Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases as of June 30, 2022: 2022 (remaining) $ 629 2023 1,076 2024 738 2025 649 2026 155 Thereafter - Total future minimum lease payments $ 3,247 Less: imputed interest (223 ) Present value of lease liabilities - current 1,080 Present value of lease liabilities - non-current $ 1,944 |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocation to Assets Acquired | The purchase price was allocated to assets acquired as follows (in thousands): Assets: Accounts receivable $ 512 Inventory 944 Prepaid Expense 14 Property, plant and equipment 877 Intangible assets 5,143 Goodwill 3,389 Total assets $ 10,879 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | Other current accrued liabilities consisted of (in thousands): June 30, December 31, 2022 2021 Customer Rebates $ 5,892 $ 5,414 Accrued Compensation 603 1,586 Dividend Payable 493 458 Income Tax Payable 1,203 564 Other 1,938 1,887 Total: $ 10,129 $ 9,909 |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Cash, Cash Equivalents and Restricted Cash | June 30, 2022 December 31, 2021 Cash and cash equivalents $ 1,760 $ 4,843 Restricted Cash 1,500 Total cash, cash equivalents and restricted cash $ 3,260 $ 4,843 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | June 30 December 31 2022 2021 Customer List $ 18,370,118 $ 16,137,118 Tradenames 9,984,698 7,994,698 Patents 2,271,980 2,271,980 Non-Compete 1,170,111 250,111 License Agreement 379,921 379,921 Subtotal 32,176,828 27,033,828 Less: Accumulated Amortization 10,552,204 9,803,299 Intangible Assets $ 21,624,624 $ 17,230,529 Goodwill $ 8,188,829 $ 4,799,829 Total: $ 29,813,452 $ 22,030,358 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net sales | $ 56,773 | $ 44,847 | $ 100,106 | $ 88,372 |
Cutting, Sharpening and Measuring | ||||
Net sales | 27,701 | 21,930 | 48,185 | 42,786 |
First Aid and Medical | ||||
Net sales | 29,072 | 22,917 | 51,921 | 45,586 |
United States | ||||
Net sales | 48,905 | 36,840 | 84,646 | 72,888 |
United States | Cutting, Sharpening and Measuring | ||||
Net sales | 21,954 | 16,162 | 37,287 | 31,726 |
United States | First Aid and Medical | ||||
Net sales | 26,951 | 20,678 | 47,359 | 41,162 |
Canada | ||||
Net sales | 3,876 | 3,990 | 7,491 | 7,323 |
Canada | Cutting, Sharpening and Measuring | ||||
Net sales | 2,192 | 2,091 | 3,785 | 3,640 |
Canada | First Aid and Medical | ||||
Net sales | 1,684 | 1,899 | 3,706 | 3,683 |
Europe | ||||
Net sales | 3,992 | 4,017 | 7,969 | 8,161 |
Europe | Cutting, Sharpening and Measuring | ||||
Net sales | 3,555 | 3,677 | 7,113 | 7,420 |
Europe | First Aid and Medical | ||||
Net sales | $ 437 | $ 340 | $ 856 | $ 741 |
Debt and Shareholders' Equity_2
Debt and Shareholders' Equity (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
May 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | May 30, 2022 | Dec. 31, 2021 | |
Long Term Debt And Stockholders Equity [Line Items] | |||||||
Aggregate proceeds from exercise of employee stock options | $ 10,000 | $ 10,000 | |||||
Cash settlement of stock options | $ 108,000 | $ 211,000 | |||||
Common Stock | |||||||
Long Term Debt And Stockholders Equity [Line Items] | |||||||
Issuance of common stock (shares) | 727 | 172,594 | 727 | 190,295 | |||
HSBC Bank | |||||||
Long Term Debt And Stockholders Equity [Line Items] | |||||||
Credit facility borrowing capacity | $ 65,000,000 | $ 50,000,000 | |||||
Credit facility interest rate | SOFR plus 1.75% | ||||||
Credit facility expiration date | May 31, 2026 | ||||||
Facility fee per annum | 0.125% | ||||||
Outstanding borrowings under revolving loan agreement | $ 50,263,000 | $ 50,263,000 | $ 33,037,000 | ||||
HSBC Bank | SOFR | |||||||
Long Term Debt And Stockholders Equity [Line Items] | |||||||
Interest rate | 1.75% | ||||||
First Aid Only Distribution Center | |||||||
Long Term Debt And Stockholders Equity [Line Items] | |||||||
Covenant terms and compliance | Under the revolving loan agreement, the Company is required to maintain specific amounts of funded debt to EBITDA, a fixed charge coverage ratio and must have annual net income greater than $0, measured as of the end of each fiscal year. As of June 30, 2022, the Company was in compliance with the covenants then in effect under the loan agreement | ||||||
Fixed interest rate | 3.80% | 3.80% | |||||
Mortgage maturity date | December 1, 2031 |
Debt and Shareholders' Equity -
Debt and Shareholders' Equity - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 50,263 | $ 33,037 |
Mortgage Payable - HSBC Bank N.A. | ||
Debt Instrument [Line Items] | ||
Mortgage Payable - HSBC Bank N.A. | 11,428 | 11,620 |
Less debt issuance costs | (142) | (150) |
Long-term mortgage payable | 11,286 | 11,470 |
Less current maturities | 389 | 389 |
Long-term debt | $ 10,897 | $ 11,081 |
Segment Information (Details Na
Segment Information (Details Narrative) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Information Details Narrative [Abstract] | ||||
Direct import sales to total net sales ratio | 12% | 10% | 9% | 8% |
Segment Information - Financial
Segment Information - Financial Data by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Sales to external customers | $ 56,773 | $ 44,847 | $ 100,106 | $ 88,372 | |
Operating income | 3,976 | 3,789 | 5,347 | 6,757 | |
Interest expense, net | 423 | 223 | 729 | 443 | |
Other expense (income) , net | 148 | (3,440) | 147 | (3,363) | |
Consolidated income before income taxes | 3,405 | 7,006 | 4,471 | 9,677 | |
Assets | 177,815 | 177,815 | $ 144,439 | ||
United States Segment | |||||
Sales to external customers | 48,905 | 36,840 | 84,646 | 72,888 | |
Operating income | 3,454 | 2,675 | 4,287 | 4,807 | |
Assets | 157,623 | 157,623 | 125,521 | ||
Canada Segment | |||||
Sales to external customers | 3,876 | 3,990 | 7,491 | 7,322 | |
Operating income | 474 | 662 | 830 | 1,034 | |
Assets | 10,494 | 10,494 | 9,100 | ||
Europe Segment | |||||
Sales to external customers | 3,992 | 4,017 | 7,969 | 8,162 | |
Operating income | 48 | $ 452 | 230 | $ 916 | |
Assets | $ 9,698 | $ 9,698 | $ 9,818 |
Stock Based Compensation (Detai
Stock Based Compensation (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Share-based compensation expense | $ 368,000 | $ 580,000 | $ 768,000 | $ 886,000 |
Unrecognized compensation cost | $ 3,237,101 | $ 3,237,101 | ||
Unrecognized compensation cost recognition period | 3 years |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 01, 2022 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Changes in fair value liability | $ 0 | |
Other Noncurrent Liabilities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Business acquisition, contingent liability | $ 1,300,000 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cost of Goods Sold | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease expense | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Selling, General and Administrative Expenses | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease expense | $ 0.3 | $ 0.2 | $ 0.3 | $ 0.2 |
Leases - Information Related to
Leases - Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases Details [Abstract] | ||||
Operating lease cost | $ 308 | $ 336 | $ 618 | $ 672 |
Operating lease - cash flow | $ 322 | $ 294 | 645 | 588 |
ROU assets obtained in exchange for lease liabilities | $ 211 | $ 1,575 | ||
Weighted-average remaining lease term | 3 years | 4 years | 3 years | 4 years |
Weighted-average discount rate | 5% | 5% | 5% | 5% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Future Minimum Lease Payments: | ||
2022 (remaining) | $ 629 | |
2023 | 1,076 | |
2024 | 738 | |
2025 | 649 | |
2026 | 155 | |
Total future minimum lease payments | 3,247 | |
Less: imputed interest | (223) | |
Present value of lease liabilities - current | 1,080 | $ 1,000 |
Present value of lease liabilities - non-current | $ 1,944 | $ 2,365 |
Business Combinations (Details
Business Combinations (Details Narrative) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 01, 2022 | Jun. 30, 2022 | |
Minimum | ||
Business Acquisition [Line Items] | ||
Identified intangible assets, useful lives | 5 years | |
Maximum | ||
Business Acquisition [Line Items] | ||
Identified intangible assets, useful lives | 15 years | |
Live Safely Products, LLC | ||
Business Acquisition [Line Items] | ||
Purchase price | $ 11 | |
Business combination, contingent | 1.5 | |
Live Safely Products, LLC | Other Long-term Assets | ||
Business Acquisition [Line Items] | ||
Business combination, contingent | $ 1.5 | |
Live Safely Products, LLC | Minimum | ||
Business Acquisition [Line Items] | ||
Identified intangible assets, useful lives | 5 years | |
Live Safely Products, LLC | Maximum | ||
Business Acquisition [Line Items] | ||
Identified intangible assets, useful lives | 15 years |
Business Combinations - Schedul
Business Combinations - Schedule of Purchase Price Allocation to Assets Acquired (Details) - Live Safely Products, LLC $ in Thousands | Jun. 01, 2022 USD ($) |
Assets: | |
Accounts receivable | $ 512 |
Inventory | 944 |
Prepaid Expense | 14 |
Property, plant and equipment | 877 |
Intangible assets | 5,143 |
Goodwill | 3,389 |
Total assets | $ 10,879 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables And Accruals [Abstract] | ||
Customer Rebates | $ 5,892 | $ 5,414 |
Accrued Compensation | 603 | 1,586 |
Dividend Payable | 493 | 458 |
Income Tax Payable | 1,203 | 564 |
Other | 1,938 | 1,887 |
Total: | $ 10,129 | $ 9,909 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 1,760 | $ 4,843 | ||
Restricted Cash | 1,500 | |||
Total cash, cash equivalents and restricted cash | $ 3,260 | $ 4,843 | $ 3,240 | $ 4,167 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Customer List | $ 18,370,118 | $ 16,137,118 |
Tradenames | 9,984,698 | 7,994,698 |
Patents | 2,271,980 | 2,271,980 |
Non-Compete | 1,170,111 | 250,111 |
License Agreement | 379,921 | 379,921 |
Subtotal | 32,176,828 | 27,033,828 |
Less: Accumulated Amortization | 10,552,204 | 9,803,299 |
Intangible Assets | 21,624,624 | 17,230,529 |
Goodwill | 8,188,829 | 4,799,829 |
Total: | $ 29,813,452 | $ 22,030,358 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill (Details Narrative) | 6 Months Ended |
Jun. 30, 2022 | |
Minimum | |
Finite Lived Intangible Assets [Line Items] | |
Identified intangible assets, useful lives | 5 years |
Maximum | |
Finite Lived Intangible Assets [Line Items] | |
Identified intangible assets, useful lives | 15 years |