Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | CRAWFORD UNITED Corp | |
Entity Central Index Key | 0000047307 | |
Trading Symbol | hicka | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 2,162,806 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 696,848 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 3,250,087 | $ 5,057,626 |
Accounts receivable less allowance for doubtful accounts | 13,151,459 | 9,835,262 |
Costs and estimated earnings in excess of billing | 2,609,373 | 2,083,349 |
Inventories less allowance for obsolete inventory | 7,099,673 | 5,497,982 |
Prepaid expenses and other current assets | 631,967 | 818,609 |
Total Current Assets | 26,742,559 | 23,292,828 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land and improvements | 228,872 | 257,205 |
Buildings and leasehold improvements | 1,837,721 | 1,709,165 |
Machinery and equipment | 13,834,588 | 13,343,878 |
Total property, plant and equipment | 15,901,181 | 15,310,248 |
Less accumulated depreciation | 3,189,009 | 2,006,133 |
Property, Plant and Equipment, Net | 12,712,172 | 13,304,115 |
Operating right of use assets, net | 9,448,909 | |
OTHER ASSETS: | ||
Goodwill | 9,792,670 | 9,582,202 |
Intangibles, net of accumulated amortization | 4,051,428 | 4,332,202 |
Other non-current assets | 88,046 | 95,263 |
Total Non-Current Other Assets | 13,932,144 | 14,009,667 |
Total Assets | 62,835,784 | 50,606,610 |
CURRENT LIABILITIES: | ||
Convertible notes payable | 200,000 | 200,000 |
Notes payable | 2,742,760 | 1,555,663 |
Bank debt | 1,333,333 | 1,333,333 |
Leases payable | 959,808 | 13,800 |
Accounts payable | 6,612,817 | 5,169,819 |
Unearned revenue | 1,884,218 | 5,257,797 |
Accrued payroll and related expenses | 1,077,546 | 1,358,669 |
Accrued expenses | 2,519,444 | 1,606,429 |
Accrued income taxes | 662,327 | 360,239 |
Total Current Liabilities | 17,992,253 | 16,855,749 |
LONG-TERM LIABILITIES: | ||
Notes payable | 8,366,237 | 11,086,402 |
Bank debt | 7,241,356 | 8,194,679 |
Deferred income taxes | 1,701,651 | 1,701,653 |
Leases payable | 8,617,781 | 2,642 |
Total Long-Term Liabilities | 25,927,025 | 20,985,376 |
STOCKHOLDERS' EQUITY | ||
Preferred shares, no par value - 1,000,000 shares authorized, no shares issued and outstanding | ||
Contributed capital | 1,741,901 | 1,741,901 |
Treasury shares | (1,905,780) | (1,905,780) |
Retained earnings | 14,776,471 | 9,577,792 |
Total Stockholders' Equity | 18,916,506 | 12,765,485 |
Total Liabilities and Stockholders' Equity | 62,835,784 | 50,606,610 |
Common Class A [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common shares | 2,945,642 | 2,641,300 |
Common Class B [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common shares | $ 1,358,272 | $ 710,272 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Common Class A [Member] | ||
Common shares, par value (in dollars per share) | $ 0 | $ 0 |
Common shares, authorized (in shares) | 10,000,000 | 10,000,000 |
Common shares, issued (in shares) | 2,162,806 | 2,161,014 |
Common shares, outstanding (in shares) | 2,162,806 | 2,161,014 |
Treasury shares, issued (in shares) | 37,208 | 37,208 |
Common Class B [Member] | ||
Common shares, par value (in dollars per share) | $ 0 | $ 0 |
Common shares, authorized (in shares) | 2,500,000 | 2,500,000 |
Common shares, issued (in shares) | 696,848 | 696,848 |
Common shares, outstanding (in shares) | 696,848 | 696,848 |
Treasury shares, issued (in shares) | 182,435 | 182,435 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Total sales | $ 22,244,681 | $ 19,771,137 | $ 68,595,404 | $ 45,243,029 |
Cost of Sales | 17,257,118 | 15,320,915 | 53,551,020 | 34,287,788 |
Gross Profit | 4,987,563 | 4,450,222 | 15,044,384 | 10,955,241 |
Operating Expenses: | ||||
Product development costs | 220,418 | |||
Selling, general and administrative expenses | 2,428,784 | 1,978,943 | 7,122,981 | 5,803,514 |
Operating Income | 2,558,779 | 2,471,279 | 7,921,403 | 4,931,309 |
Other (Income) and Expenses: | ||||
Interest charges | 321,994 | 286,684 | 872,646 | 453,372 |
Loss (gain) on sale of operations | 1,160,574 | |||
Other (income) expense, net | 3 | 97,412 | 1,664 | 205,678 |
Total Other (Income) and Expenses | 321,997 | 384,096 | 874,310 | 1,819,624 |
Income before Provision for Income Taxes | 2,236,782 | 2,087,183 | 7,047,093 | 3,111,685 |
Provision for Income Taxes | 541,914 | 590,104 | 1,775,288 | 846,229 |
Net Income | $ 1,694,868 | $ 1,497,079 | $ 5,271,805 | $ 2,265,456 |
Net Income Per Common Share - Basic (in dollars per share) | $ 0.59 | $ 0.55 | $ 1.89 | $ 0.80 |
Net Income Per Common Share - Diluted (in dollars per share) | $ 0.52 | $ 0.48 | $ 1.64 | $ 0.71 |
Weighted Average Shares of Common Stock Outstanding | ||||
Basic (in shares) | 2,850,958 | 2,720,654 | 2,787,845 | 2,826,347 |
Diluted (in shares) | 3,249,233 | 3,092,520 | 3,223,004 | 3,186,946 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock Including Additional Paid in Capital [Member]Common Class A [Member] | Common Stock Including Additional Paid in Capital [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2017 | $ 2,246,367 | $ 710,272 | $ 1,741,901 | $ (264,841) | $ 5,964,082 | $ 10,397,781 |
Share-based compensation expense | 262,167 | 262,167 | ||||
Net Income | 2,265,456 | 2,265,456 | ||||
Proceeds from sale of business | (1,640,939) | (1,640,939) | ||||
Balance at Sep. 30, 2018 | 2,508,534 | 710,272 | 1,741,901 | (1,905,780) | 8,229,538 | 11,284,465 |
Balance at Jun. 30, 2018 | 2,495,534 | 710,272 | 1,741,901 | (1,905,780) | 6,732,459 | 9,774,386 |
Share-based compensation expense | 13,000 | 13,000 | ||||
Net Income | 1,497,079 | 1,497,079 | ||||
Balance at Sep. 30, 2018 | 2,508,534 | 710,272 | 1,741,901 | (1,905,780) | 8,229,538 | 11,284,465 |
Balance at Dec. 31, 2018 | 2,641,300 | 710,272 | 1,741,901 | (1,905,780) | 9,577,792 | 12,765,485 |
Share-based compensation expense | 304,342 | 304,342 | ||||
Net Income | 5,271,805 | 5,271,805 | ||||
Note conversion | 648,000 | 648,000 | ||||
Cumulative effect of accounting change | (73,126) | (73,126) | ||||
Balance at Sep. 30, 2019 | 2,945,642 | 1,358,272 | 1,741,901 | (1,905,780) | 14,776,471 | 18,916,506 |
Balance at Jun. 30, 2019 | 2,907,342 | 710,272 | 1,741,901 | (1,905,780) | 13,081,603 | 16,535,338 |
Share-based compensation expense | 38,300 | 38,300 | ||||
Net Income | 1,694,868 | 1,694,868 | ||||
Note conversion | 648,000 | 648,000 | ||||
Balance at Sep. 30, 2019 | $ 2,945,642 | $ 1,358,272 | $ 1,741,901 | $ (1,905,780) | $ 14,776,471 | $ 18,916,506 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flow (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows from Operating Activities | ||
Net Income | $ 5,271,805 | $ 2,265,456 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,482,784 | 1,122,061 |
Loss (gain) on sale of operations | 1,160,574 | |
Loss (gain) on disposal of assets | 4,294 | 10,750 |
Non-cash share-based compensation expense | 304,342 | 262,167 |
Changes in assets and liabilities: | ||
Decrease (Increase) in accounts receivable | (3,314,197) | (2,555,058) |
Decrease (Increase) in inventories | (1,601,691) | (1,325,790) |
Decrease (Increase) in costs and estimated earnings in excess of billings | (526,024) | (219,723) |
Decrease (Increase) in prepaid expenses & other assets | 196,359 | (387,039) |
Increase (Decrease) in accounts payable | 1,288,002 | 1,400,608 |
Increase (Decrease) in accrued payroll and related expenses | (281,123) | 391,161 |
Increase (Decrease) in accrued expenses | 987,717 | (253,853) |
Increase (Decrease) in accrued income taxes | 302,088 | 602,881 |
Increase (Decrease) in unearned revenue | (3,383,550) | 3,783,124 |
Total adjustments | (4,540,999) | 3,991,863 |
Net Cash Provided by Operating Activities | 730,806 | 6,257,319 |
Cash Flows from Investing Activities | ||
Capital expenditures | (595,227) | (274,556) |
Cash paid for acquisition | (50,001) | (20,209,583) |
Net Cash Used in Investing Activities | (645,228) | (20,484,139) |
Cash Flows from Financing Activities | ||
Payments on notes | (909,457) | (258,870) |
Payments on bank debt | (2,870,999) | (6,863,889) |
Borrowings on seller note | 9,000,000 | |
Borrowings on bank debt | 1,898,542 | 13,824,690 |
Payments on capital lease | (11,203) | (27,529) |
Net Cash Provided by (Used in) Financing Activities | (1,893,117) | 15,674,402 |
Net Increase (decrease) in cash and cash equivalents | (1,807,539) | 1,447,582 |
Cash and cash equivalents at beginning of year | 5,057,626 | 2,444,110 |
Cash and cash equivalents at end of period | 3,250,087 | 3,891,692 |
Supplemental disclosures of cash flow information | ||
Interest paid | 884,103 | 493,527 |
Income taxes paid | 1,507,700 | 130,745 |
Non-cash proceeds received for Class A and Class B Common Shares in exchange for the sale of certain assets | 1,640,939 | |
Note conversion | $ 648,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10 8 X. not three nine September 30, 2019 not may December 31, 2019. 10 December 31, 2018. During the three nine September 30, 2019, no 2 Reclassifications Certain prior year amounts were reclassified to conform to the current year presentation. These reclassifications have no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. The Company’s Summary of Significant Accounting Policies is provided with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10 December 31, 2018. Recently Adopted Accounting Standards not 9. In February 2016, 2016 02 842 not December 15, 2018, January 1, 2019 $9.7 $9.8 $0.1 9 Recently Issued Accounting Standards In January 2017, 2017 04, 350 2017 04 second not December 15, 2019. In June 2016, 2016 13, December 15, 2019 |
Note 3 - Accounts Receivable
Note 3 - Accounts Receivable | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. The reserve for doubtful accounts was $17,625 $35,000 September 30, 2019 December 31, 2018, |
Note 4 - Inventory
Note 4 - Inventory | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. first first September 30, 2019 December 31, 2018 Raw materials and component parts $ 3,082,312 $ 2,313,664 Work-in-process 2,180,458 1,209,117 Finished products 2,158,350 2,201,693 Total inventory 7,421,120 5,724,474 Less: inventory reserves 321,447 226,492 Net inventory $ 7,099,673 $ 5,497,982 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. Intangible assets relate to the purchase of businesses. Goodwill represents the excess of cost over the fair value of identifiable assets acquired. Goodwill is not 1 15 September 30, 2019 December 31, 2018 Customer list intangibles $ 4,970,000 $ 4,970,000 Non-compete agreements 200,000 200,000 Trademarks 340,000 340,000 Total intangible assets 5,510,000 5,510,000 Less: accumulated amortization 1,458,572 1,177,798 Intangible assets, net $ 4,051,428 $ 4,332,202 Amortization of intangibles assets was $93,592 $93,591 three September 30, 2019 2018, $280,774 $470,606 nine September 30, 2019 2018, |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment, Net | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property, plant and equipment are recorded at cost and depreciated over their useful lives. Maintenance and repair costs are expenses as incurred. Property, plant and equipment are as follows: September 30, 2019 December 31, 2018 Land $ 228,872 $ 257,205 Buildings and improvements 1,837,721 1,709,165 Machinery & equipment 13,834,588 13,343,878 Total property, plant & equipment 15,901,181 15,310,248 Less: accumulated depreciation 3,189,009 2,006,133 Property plant & equipment, net $ 12,712,172 $ 13,304,115 Depreciation expense was $378,111 $379,495 three September 30, 2019 2018, $1,182,876 $651,455 nine September 30, 2019 2018, |
Note 7 - Bank Debt
Note 7 - Bank Debt | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 7. The Company entered into a Credit Agreement on June 1, 2017 July 5, 2018 ( $12,000,000, 80% 50% 50% $6,000,000. $111,111 September 30, 2019 $12,000,000 $20,000,000, June 1, 2021 June 1, 2024. The revolving facility under the Credit Agreement includes a $3 $1,000,000 July 5, 2019, five 0.25% 1.75% June 1, 2024. 0.25% 2.25% December 1, 2022. 0.25% Bank debt balances consist of the following: September 30, 2019 December 31, 2018 Term debt $ 4,444,444 $ 5,444,444 Revolving debt 4,211,703 4,184,158 Total Bank debt 8,656,147 9,628,602 Less: current portion 1,333,333 1,333,333 Non-current bank debt 7,322,814 8,295,269 Less: unamortized debt costs 81,458 100,590 Net non-current bank debt $ 7,241,356 $ 8,194,679 |
Note 8 - Notes Payable
Note 8 - Notes Payable | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Convertible Notes Payable - Related Party The Company is party to a Convertible Loan Agreement (as amended, “Convertible Loan”) with Roundball, LLC (“Roundball”). The Convertible Loan provides approximately $467,000 $250,000 0.34%. December 30, 2019. The Convertible Loan provides Roundball with the option to elect to convert amounts outstanding under the Convertible Loan into Class A Common Shares at a conversion price of $1.43 December 2018, May 10, 2019, $1.43 75,000 September 30, 2019 December 31, 2018, $200,000 In connection with the Convertible Loan, the Company issued a warrant to Roundball to purchase, at Roundball’s option, up to 100,000 $2.50 December 30, 2019. Notes Payable – Related Party The Company has two July 2016 July 2018 first $2,000,000, second $2,768,662. 6.25% 4.0% July 2018 $2,768,662 July 2018 July 5, 2019 $648,000, $6.48 May 10, 2019. July 9, 2019, $648,000 100,000 June 17, 2019. Notes Payable – Seller Note Effective July 1, 2018, $21 $12 four 4% no June 30, 2023 ( no not second September 30, 2018, first September 30, 2019. four 4 September 30, 2019 Notes payable consists of the following: September 30, 2019 December 31, 2018 In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $2,000,000 loan due to First Francis Company, payable in quarterly installments. The remaining balance of the note shall be payable in full on July 1, 2022. $ 1,349,413 $ 1,485,061 In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $2,768,662 loan due to First Francis Company, payable in quarterly installments. The remaining balance of the note shall be payable in full on July 1, 2022. 1,322,084 2,157,004 In connection with the CAD acquisition, the Company entered into a promissory note on July 1, 2018 for a $9,000,000 loan due to the Loudermilk’s, payable in quarterly installments. The first principal payment was made in the current quarter. 8,437,500 9,000,000 Total notes payable 11,108,997 12,642,065 Less current portion 2,742,760 1,555,663 Notes payable – non-current portion $ 8,366,237 $ 11,086,402 |
Note 9 - Leases
Note 9 - Leases | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 9. On January 1, 2019, 2016 02 842 The Company has operating and finance leases for facilities, vehicles and equipment. These leases have remaining terms of 2 15 10 Supplemental balance sheet information related to leases: September 30, 2019 December 31, 2018 Operating leases: Operating lease right-of-use assets $ 9,448,909 $ - Other current liabilities 959,808 - Operating lease liabilities 8,617,781 - Total operating lease liabilities $ 9,577,589 $ - Weighted Average Remaining Lease Term Operating Leases (in years) 11.2 - Weighted Average Discount Rate Operating Leases 5.0 % - |
Note 10 - Earnings Per Common S
Note 10 - Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. The following table sets forth the computation of basic and diluted earnings per share. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Earnings Per Share - Basic Net Income $ 1,694,868 $ 1,497,079 $ 5,271,805 $ 2,265,456 Weighted average shares of common stock outstanding - Basic 2,850,958 2,720,654 2,787,845 2,826,347 Earnings Per Share - Basic $ 0.59 $ 0.55 $ 1.89 $ 0.80 Earnings Per Share - Diluted Weighted average shares of common stock outstanding - Basic 2,850,958 2,720,654 2,787,845 2,826,347 Warrants, Options and Convertible Notes 398,275 371,866 435,159 360,599 Weighted average shares of common stock -Diluted 3,249,233 3,092,520 3,223,004 3,186,946 Earnings Per Share - Diluted $ 0.52 $ 0.48 $ 1.64 $ 0.71 |
Note 11 - Acquisitions
Note 11 - Acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 11. Effective July 1, 2018, $21 $12 CAD manufactures high end components for the aerospace industry and has one Cash $ 790,417 Accounts Receivable 2,221,635 Inventory 2,098,732 Fixed Assets 10,867,500 Prepaid and Other Assets 35,264 Intangibles Assets 3,000,000 Goodwill 7,326,289 Total Assets Acquired $ 26,339,837 Accounts Payable $ 1,846,247 Accrued Payroll and related expenses 224,139 Accrued Expense 518,816 Deferred Income Taxes 2,750,635 Total Liabilities Assumed $ 5,339,837 Net Assets Acquired $ 21,000,000 On April 19, 2019, not |
Note 12 - Dispositions
Note 12 - Dispositions | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 12. Effective June 1, 2018, Upon the closing of the Sale, all of the issued and outstanding shares of capital stock of the Company then-owned, directly or indirectly, by Mr. Bauman or his affiliate, equaling approximately 21,413 176,768 $1.6 $2.7 $1.2 second 2018. |
Note 13 - Segment and Related I
Note 13 - Segment and Related Information | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. The Company operates three 1 2 3 June 1, 2018, Aerospace Components: July 1, 2018, 9001:2015/AS9100D, Commercial Air Handling: June 1, 2017, 50 Industrial Hose: The Industrial Hose segment was added July 1, 2016, Test and Measurement: The Test and Measurement segment is the legacy business that was started in 1910 June 1, 2018. Corporate and Other: Corporate costs not three April 2019. Information by industry segment is set forth below: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Sales Commercial Air Handling $ 12,878,988 $ 9,876,700 $ 39,504,053 $ 29,876,961 Test and Measurement 29,893 790,297 532,076 2,786,742 Industrial Hose 1,823,950 1,718,138 5,554,766 5,193,324 Aerospace Components 7,386,930 7,386,002 22,864,710 7,386,002 Corporate and Other 124,920 - 139,799 - Total Sales $ 22,244,681 $ 19,771,137 $ 68,595,404 $ 45,243,029 Gross Profit Commercial Air Handling $ 2,915,767 $ 2,743,833 $ 9,466,810 $ 7,861,725 Test and Measurement 4,933 130,293 87,792 722,062 Industrial Hose 403,158 356,000 1,521,137 1,151,358 Aerospace Components 1,611,655 1,220,096 3,907,056 1,220,096 Corporate and Other 52,050 - 61,589 - Total Gross Profit $ 4,987,563 $ 4,450,222 $ 15,044,384 $ 10,955,241 Operating Income Commercial Air Handling $ 1,509,077 $ 1,696,934 $ 5,536,745 $ 4,357,970 Test and Measurement 4,933 130,293 87,792 (239,151 ) Industrial Hose 137,640 111,419 681,628 413,573 Aerospace Components 1,073,388 706,424 2,247,461 706,424 Corporate and Other (166,259 ) (173,791 ) (632,223 ) (307,507 ) Total Operating Income $ 2,558,779 $ 2,471,279 $ 7,921,403 $ 4,931,309 Income Before Provision for Income Taxes Commercial Air Handling 1,508,944 1,686,296 5,536,122 4,316,875 Test and Measurement 4,933 130,293 87,792 (94,828 ) Industrial Hose 69,697 48,454 476,710 272,608 Aerospace Components 830,865 620,023 1,625,116 620,023 Loss on sale of business - - - (1,160,574 ) Corporate and Other (177,657 ) (397,883 ) (678,647 ) (842,419 ) Income before provision for income taxes $ 2,236,782 $ 2,087,183 $ 7,047,093 $ 3,111,685 |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. None. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | The Company’s Summary of Significant Accounting Policies is provided with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10 December 31, 2018. Recently Adopted Accounting Standards not 9. In February 2016, 2016 02 842 not December 15, 2018, January 1, 2019 $9.7 $9.8 $0.1 9 Recently Issued Accounting Standards In January 2017, 2017 04, 350 2017 04 second not December 15, 2019. In June 2016, 2016 13, December 15, 2019 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2019 December 31, 2018 Raw materials and component parts $ 3,082,312 $ 2,313,664 Work-in-process 2,180,458 1,209,117 Finished products 2,158,350 2,201,693 Total inventory 7,421,120 5,724,474 Less: inventory reserves 321,447 226,492 Net inventory $ 7,099,673 $ 5,497,982 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2019 December 31, 2018 Customer list intangibles $ 4,970,000 $ 4,970,000 Non-compete agreements 200,000 200,000 Trademarks 340,000 340,000 Total intangible assets 5,510,000 5,510,000 Less: accumulated amortization 1,458,572 1,177,798 Intangible assets, net $ 4,051,428 $ 4,332,202 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, 2019 December 31, 2018 Land $ 228,872 $ 257,205 Buildings and improvements 1,837,721 1,709,165 Machinery & equipment 13,834,588 13,343,878 Total property, plant & equipment 15,901,181 15,310,248 Less: accumulated depreciation 3,189,009 2,006,133 Property plant & equipment, net $ 12,712,172 $ 13,304,115 |
Note 7 - Bank Debt (Tables)
Note 7 - Bank Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, 2019 December 31, 2018 Term debt $ 4,444,444 $ 5,444,444 Revolving debt 4,211,703 4,184,158 Total Bank debt 8,656,147 9,628,602 Less: current portion 1,333,333 1,333,333 Non-current bank debt 7,322,814 8,295,269 Less: unamortized debt costs 81,458 100,590 Net non-current bank debt $ 7,241,356 $ 8,194,679 |
Note 8 - Notes Payable (Tables)
Note 8 - Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | September 30, 2019 December 31, 2018 In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $2,000,000 loan due to First Francis Company, payable in quarterly installments. The remaining balance of the note shall be payable in full on July 1, 2022. $ 1,349,413 $ 1,485,061 In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $2,768,662 loan due to First Francis Company, payable in quarterly installments. The remaining balance of the note shall be payable in full on July 1, 2022. 1,322,084 2,157,004 In connection with the CAD acquisition, the Company entered into a promissory note on July 1, 2018 for a $9,000,000 loan due to the Loudermilk’s, payable in quarterly installments. The first principal payment was made in the current quarter. 8,437,500 9,000,000 Total notes payable 11,108,997 12,642,065 Less current portion 2,742,760 1,555,663 Notes payable – non-current portion $ 8,366,237 $ 11,086,402 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lessee, Operating and Finance Lease, Assets and Liabilities [Table Text Block] | September 30, 2019 December 31, 2018 Operating leases: Operating lease right-of-use assets $ 9,448,909 $ - Other current liabilities 959,808 - Operating lease liabilities 8,617,781 - Total operating lease liabilities $ 9,577,589 $ - Weighted Average Remaining Lease Term Operating Leases (in years) 11.2 - Weighted Average Discount Rate Operating Leases 5.0 % - |
Note 10 - Earnings Per Common_2
Note 10 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Earnings Per Share - Basic Net Income $ 1,694,868 $ 1,497,079 $ 5,271,805 $ 2,265,456 Weighted average shares of common stock outstanding - Basic 2,850,958 2,720,654 2,787,845 2,826,347 Earnings Per Share - Basic $ 0.59 $ 0.55 $ 1.89 $ 0.80 Earnings Per Share - Diluted Weighted average shares of common stock outstanding - Basic 2,850,958 2,720,654 2,787,845 2,826,347 Warrants, Options and Convertible Notes 398,275 371,866 435,159 360,599 Weighted average shares of common stock -Diluted 3,249,233 3,092,520 3,223,004 3,186,946 Earnings Per Share - Diluted $ 0.52 $ 0.48 $ 1.64 $ 0.71 |
Note 11 - Acquisitions (Tables)
Note 11 - Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
CAD Enterprises, Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 790,417 Accounts Receivable 2,221,635 Inventory 2,098,732 Fixed Assets 10,867,500 Prepaid and Other Assets 35,264 Intangibles Assets 3,000,000 Goodwill 7,326,289 Total Assets Acquired $ 26,339,837 Accounts Payable $ 1,846,247 Accrued Payroll and related expenses 224,139 Accrued Expense 518,816 Deferred Income Taxes 2,750,635 Total Liabilities Assumed $ 5,339,837 Net Assets Acquired $ 21,000,000 |
Note 13 - Segment and Related_2
Note 13 - Segment and Related Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Sales Commercial Air Handling $ 12,878,988 $ 9,876,700 $ 39,504,053 $ 29,876,961 Test and Measurement 29,893 790,297 532,076 2,786,742 Industrial Hose 1,823,950 1,718,138 5,554,766 5,193,324 Aerospace Components 7,386,930 7,386,002 22,864,710 7,386,002 Corporate and Other 124,920 - 139,799 - Total Sales $ 22,244,681 $ 19,771,137 $ 68,595,404 $ 45,243,029 Gross Profit Commercial Air Handling $ 2,915,767 $ 2,743,833 $ 9,466,810 $ 7,861,725 Test and Measurement 4,933 130,293 87,792 722,062 Industrial Hose 403,158 356,000 1,521,137 1,151,358 Aerospace Components 1,611,655 1,220,096 3,907,056 1,220,096 Corporate and Other 52,050 - 61,589 - Total Gross Profit $ 4,987,563 $ 4,450,222 $ 15,044,384 $ 10,955,241 Operating Income Commercial Air Handling $ 1,509,077 $ 1,696,934 $ 5,536,745 $ 4,357,970 Test and Measurement 4,933 130,293 87,792 (239,151 ) Industrial Hose 137,640 111,419 681,628 413,573 Aerospace Components 1,073,388 706,424 2,247,461 706,424 Corporate and Other (166,259 ) (173,791 ) (632,223 ) (307,507 ) Total Operating Income $ 2,558,779 $ 2,471,279 $ 7,921,403 $ 4,931,309 Income Before Provision for Income Taxes Commercial Air Handling 1,508,944 1,686,296 5,536,122 4,316,875 Test and Measurement 4,933 130,293 87,792 (94,828 ) Industrial Hose 69,697 48,454 476,710 272,608 Aerospace Components 830,865 620,023 1,625,116 620,023 Loss on sale of business - - - (1,160,574 ) Corporate and Other (177,657 ) (397,883 ) (678,647 ) (842,419 ) Income before provision for income taxes $ 2,236,782 $ 2,087,183 $ 7,047,093 $ 3,111,685 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Jan. 01, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Operating Lease, Right-of-Use Asset | $ 9,448,909 | ||
Operating Lease, Liability, Total | 9,577,589 | ||
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ (73,126) | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 9,700,000 | ||
Operating Lease, Liability, Total | 9,800,000 | ||
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 100,000 |
Note 3 - Accounts Receivable (D
Note 3 - Accounts Receivable (Details Textual) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 17,625 | $ 35,000 |
Note 4 - Inventory - Inventory
Note 4 - Inventory - Inventory (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Raw materials and component parts | $ 3,082,312 | $ 2,313,664 |
Work-in-process | 2,180,458 | 1,209,117 |
Finished products | 2,158,350 | 2,201,693 |
Total inventory | 7,421,120 | 5,724,474 |
Less: inventory reserves | 321,447 | 226,492 |
Net inventory | $ 7,099,673 | $ 5,497,982 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets, Net (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Amortization of Intangible Assets, Total | $ 93,592 | $ 93,591 | $ 280,774 | $ 470,606 | |
Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||||
Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Other intangibles, gross | $ 5,510,000 | $ 5,510,000 |
Less: accumulated amortization | 1,458,572 | 1,177,798 |
Intangible assets, net | 4,051,428 | 4,332,202 |
Customer-Related Intangible Assets [Member] | ||
Other intangibles, gross | 4,970,000 | 4,970,000 |
Noncompete Agreements [Member] | ||
Other intangibles, gross | 200,000 | 200,000 |
Trademarks [Member] | ||
Other intangibles, gross | $ 340,000 | $ 340,000 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Depreciation, Total | $ 378,111 | $ 379,495 | $ 1,182,876 | $ 651,455 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment, Net - Schedule of Property, Plant, and Equipment (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Property Plant and Equipment, Gross | $ 15,901,181 | $ 15,310,248 |
Less: accumulated depreciation | 3,189,009 | 2,006,133 |
Property plant & equipment, net | 12,712,172 | 13,304,115 |
Land [Member] | ||
Property Plant and Equipment, Gross | 228,872 | 257,205 |
Building and Building Improvements [Member] | ||
Property Plant and Equipment, Gross | 1,837,721 | 1,709,165 |
Machinery and Equipment [Member] | ||
Property Plant and Equipment, Gross | $ 13,834,588 | $ 13,343,878 |
Note 7 - Bank Debt (Details Tex
Note 7 - Bank Debt (Details Textual) - J P Morgan Chase Bank [Member] - USD ($) | Jul. 05, 2019 | Jul. 05, 2018 | Sep. 30, 2019 |
Term Debt [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | ||
Long-term Debt, Total | $ 6,000,000 | ||
Debt Instrument, Periodic Payment, Total | $ 111,111 | ||
Term Debt [Member] | Prime Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||
Term Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,000,000 | ||
Line of Credit Facility, Percent of Eligible Accounts | 80.00% | ||
Line of Credit Facility, Percent of Eligible Progress Billing Accounts | 50.00% | ||
Line of Credit Facility, Percent of Eligible Inventory | 50.00% | ||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||
Revolving Credit Facility [Member] | Prime Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | ||
Credit Line for Capital Expenditures [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | ||
Credit Line for Capital Expenditures [Member] | Maximum [Member] | |||
Debt Instrument, Term | 5 years |
Note 7 - Bank Debt - Summary of
Note 7 - Bank Debt - Summary of Loan Balances (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Total Bank Debt | $ 8,656,147 | $ 9,628,602 |
Less: current portion | 1,333,333 | 1,333,333 |
Non-current bank debt | 7,322,814 | 8,295,269 |
Less: unamortized debt costs | 81,458 | 100,590 |
Net non-current bank debt | 7,241,356 | 8,194,679 |
Term Debt [Member] | ||
Total Bank Debt | 4,444,444 | 5,444,444 |
Line of Credit [Member] | ||
Total Bank Debt | $ 4,211,703 | $ 4,184,158 |
Note 8 - Notes Payable (Details
Note 8 - Notes Payable (Details Textual) | Jul. 09, 2019USD ($)shares | Dec. 31, 2018USD ($)$ / shares | Jul. 05, 2018USD ($)$ / shares | Jul. 01, 2018USD ($) | Jun. 03, 2016 | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 29, 2018$ / shares | Jul. 01, 2016USD ($) | Dec. 30, 2012$ / shares | Dec. 30, 2011USD ($) |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 200,000 | $ 200,000 | |||||||||
Payments to Acquire Businesses, Gross | $ 50,001 | $ 20,209,583 | |||||||||
CAD Enterprises, Inc. [Member] | |||||||||||
Business Combination, Consideration Transferred, Total | $ 21,000,000 | $ 21,000,000 | |||||||||
Payments to Acquire Businesses, Gross | $ 12,000,000 | $ 12,000,000 | |||||||||
Conversion of Promissory Note 2 Due to First Francis into Class B Common Stock [Member] | |||||||||||
Debt Conversion, Original Debt, Amount | $ 648,000 | ||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 100,000 | ||||||||||
Seller Note [Member] | CAD Enterprises, Inc. [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||||||
Roundball LLC [Member] | Amendment No. 7 [Member] | Common Class B [Member] | |||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 75,000 | ||||||||||
Roundball LLC [Member] | Amendment No. 7 [Member] | Warrant to Purchase Class A Common Stock [Member] | |||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.43 | ||||||||||
Roundball LLC [Member] | Amendment No. 7 [Member] | Warrant to Purchase Class B Common Stock [Member] | |||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.43 | ||||||||||
Roundball LLC [Member] | Amendment No. 1 [Member] | Warrant to Purchase Class A Common Stock [Member] | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.50 | ||||||||||
First Francis [Member] | Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility, Interest Rate During Period | 4.00% | ||||||||||
First Francis [Member] | Promissory Note 1 [Member] | |||||||||||
Debt Instrument, Face Amount | $ 2,000,000 | ||||||||||
First Francis [Member] | Promissory Note 2 [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ||||||||||
Debt Instrument, Face Amount | $ 2,768,662 | ||||||||||
First Francis [Member] | Common Class B [Member] | Promissory Note 2 [Member] | |||||||||||
Debt Instrument, Convertible Option, Maximum Debt Convertible | $ 648,000 | ||||||||||
Debt Instrument, Convertible, Stock Price Trigger | $ / shares | $ 6.48 | ||||||||||
Director [Member] | Roundball LLC [Member] | Convertible Notes Payable [Member] | |||||||||||
Working Capital Funding | $ 467,000 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.34% |
Note 8 - Notes Payable - Notes
Note 8 - Notes Payable - Notes Due to Related Parties (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Notes payable, related parties | $ 11,108,997 | $ 12,642,065 |
Total notes payable | 11,108,997 | 12,642,065 |
Less current portion | 2,742,760 | 1,555,663 |
Notes payable – non-current portion | 8,366,237 | 11,086,402 |
Promissory Note 1 [Member] | First Francis [Member] | ||
Notes payable, related parties | 1,349,413 | 1,485,061 |
Total notes payable | 1,349,413 | 1,485,061 |
Promissory Note 1 [Member] | Loudermilk Member | ||
Notes payable, related parties | 8,437,500 | 9,000,000 |
Total notes payable | 8,437,500 | 9,000,000 |
Promissory Note 2 [Member] | First Francis [Member] | ||
Notes payable, related parties | 1,322,084 | 2,157,004 |
Total notes payable | $ 1,322,084 | $ 2,157,004 |
Note 8 - Notes Payable - Note_2
Note 8 - Notes Payable - Notes Due to Related Parties (Details) (Parentheticals) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Promissory Note 1 [Member] | ||
Notes payable, face value | $ 9,000,000 | $ 9,000,000 |
Promissory Note 1 [Member] | First Francis [Member] | ||
Notes payable, face value | 2,000,000 | 2,000,000 |
Promissory Note 2 [Member] | First Francis [Member] | ||
Notes payable, face value | $ 2,768,662 | $ 2,768,662 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) | 9 Months Ended |
Sep. 30, 2019 | |
Lessee, Operating and Finance Lease, Renewal Term | 10 years |
Minimum [Member] | |
Operating and Finance Lease, Remaining Term | 2 years |
Maximum [Member] | |
Operating and Finance Lease, Remaining Term | 15 years |
Note 9 - Leases - Lease Assets
Note 9 - Leases - Lease Assets and Liabilities (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Operating Lease, Right-of-Use Asset | $ 9,448,909 | |
Other current liabilities | 959,808 | |
Operating lease liabilities | 8,617,781 | |
Operating Lease, Liability, Total | $ 9,577,589 | |
Operating Leases (in years) (Year) | 11 years 73 days | |
Operating Leases | 5.00% |
Note 10 - Earnings Per Common_3
Note 10 - Earnings Per Common Share - Summary of Earnings Per Share Calculation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Income | $ 1,694,868 | $ 1,497,079 | $ 5,271,805 | $ 2,265,456 | ||
Weighted average shares of common stock outstanding - Basic (in shares) | 2,850,958 | 2,720,654 | 2,850,958 | 2,720,654 | 2,787,845 | 2,826,347 |
Earnings Per Share - Basic (in dollars per share) | $ 0.59 | $ 0.55 | $ 0.59 | $ 0.55 | $ 1.89 | $ 0.80 |
Warrants, Options and Convertible Notes (in shares) | 398,275 | 371,866 | 435,159 | 360,599 | ||
Weighted average shares of common stock -Diluted (in shares) | 3,249,233 | 3,092,520 | 3,249,233 | 3,092,520 | 3,223,004 | 3,186,946 |
Earnings Per Share - Diluted (in dollars per share) | $ 0.52 | $ 0.48 | $ 0.52 | $ 0.48 | $ 1.64 | $ 0.71 |
Note 11 - Acquisitions (Details
Note 11 - Acquisitions (Details Textual) - USD ($) | Jul. 05, 2018 | Jul. 01, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Payments to Acquire Businesses, Gross | $ 50,001 | $ 20,209,583 | ||
CAD Enterprises, Inc. [Member] | ||||
Business Combination, Consideration Transferred, Total | $ 21,000,000 | $ 21,000,000 | ||
Payments to Acquire Businesses, Gross | $ 12,000,000 | $ 12,000,000 |
Note 11 - Acquisitions - Summar
Note 11 - Acquisitions - Summary Assets Acquired and Liabilities Assumed of CAD Enterprises (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 | Jul. 01, 2018 |
Goodwill | $ 9,792,670 | $ 9,582,202 | |
CAD Enterprises, Inc. [Member] | |||
Cash | $ 790,417 | ||
Accounts Receivable | 2,221,635 | ||
Inventory | 2,098,732 | ||
Fixed Assets | 10,867,500 | ||
Prepaid and Other Assets | 35,264 | ||
Intangibles Assets | 3,000,000 | ||
Goodwill | 7,326,289 | ||
Total Assets Acquired | 26,339,837 | ||
Accounts Payable | 1,846,247 | ||
Accrued Payroll and related expenses | 224,139 | ||
Accrued Expense | 518,816 | ||
Deferred Income Taxes | 2,750,635 | ||
Total Liabilities Assumed | 5,339,837 | ||
Net Assets Acquired | $ 21,000,000 |
Note 12 - Dispositions (Details
Note 12 - Dispositions (Details Textual) - Certain Assets from Test and Measurement business segment Sold Under an Asset Purchase Agreement to Hickock Waekon, LLC [Member] $ in Millions | Jun. 01, 2018USD ($)shares |
Disposal Group, Including Discontinued Operation, Consideration | $ 1.6 |
Disposal Group, Excluding Discontinued Operation, Net Assets Sold | 2.7 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (1.2) |
Director and His Affiliate [Member] | Common Class A [Member] | |
Disposal Group, Excluding Discontinued Operation, Consideration, Shares | shares | 21,413 |
Director and His Affiliate [Member] | Common Class B [Member] | |
Disposal Group, Excluding Discontinued Operation, Consideration, Shares | shares | 176,768 |
Note 13 - Segment and Related_3
Note 13 - Segment and Related Information (Details Textual) | 9 Months Ended |
Sep. 30, 2019 | |
Number of Reportable Segments | 3 |
Note 13 - Segment and Related_4
Note 13 - Segment and Related Information - Information by Industry Segment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Sales | $ 22,244,681 | $ 19,771,137 | $ 68,595,404 | $ 45,243,029 |
Gross profit | 4,987,563 | 4,450,222 | 15,044,384 | 10,955,241 |
Operating income | 2,558,779 | 2,471,279 | 7,921,403 | 4,931,309 |
Income (loss) before provision for income taxes | 2,236,782 | 2,087,183 | 7,047,093 | 3,111,685 |
Income (loss) before provision for income taxes | 2,236,782 | 2,087,183 | 7,047,093 | 3,111,685 |
Operating Segments [Member] | Commercial Air Handling [Member] | ||||
Sales | 12,878,988 | 9,876,700 | 39,504,053 | 29,876,961 |
Gross profit | 2,915,767 | 2,743,833 | 9,466,810 | 7,861,725 |
Operating income | 1,509,077 | 1,696,934 | 5,536,745 | 4,357,970 |
Income (loss) before provision for income taxes | 1,508,944 | 1,686,296 | 5,536,122 | 4,316,875 |
Income (loss) before provision for income taxes | 1,508,944 | 1,686,296 | 5,536,122 | 4,316,875 |
Operating Segments [Member] | Test and Measurement [Member] | ||||
Sales | 29,893 | 790,297 | 532,076 | 2,786,742 |
Gross profit | 4,933 | 130,293 | 87,792 | 722,062 |
Operating income | 4,933 | 130,293 | 87,792 | (239,151) |
Income (loss) before provision for income taxes | 4,933 | 130,293 | 87,792 | (94,828) |
Income (loss) before provision for income taxes | 4,933 | 130,293 | 87,792 | (94,828) |
Operating Segments [Member] | Industrial Hose [Member] | ||||
Sales | 1,823,950 | 1,718,138 | 5,554,766 | 5,193,324 |
Gross profit | 403,158 | 356,000 | 1,521,137 | 1,151,358 |
Operating income | 137,640 | 111,419 | 681,628 | 413,573 |
Income (loss) before provision for income taxes | 69,697 | 48,454 | 476,710 | 272,608 |
Income (loss) before provision for income taxes | 69,697 | 48,454 | 476,710 | 272,608 |
Operating Segments [Member] | Aerospace [Member] | ||||
Sales | 7,386,930 | 7,386,002 | 22,864,710 | 7,386,002 |
Gross profit | 1,611,655 | 1,220,096 | 3,907,056 | 1,220,096 |
Operating income | 1,073,388 | 706,424 | 2,247,461 | 706,424 |
Income (loss) before provision for income taxes | 830,865 | 620,023 | 1,625,116 | 620,023 |
Income (loss) before provision for income taxes | 830,865 | 620,023 | 1,625,116 | 620,023 |
Corporate, Non-Segment [Member] | ||||
Sales | 124,920 | 139,799 | ||
Gross profit | 52,050 | 61,589 | ||
Operating income | (166,259) | (173,791) | (632,223) | (307,507) |
Income (loss) before provision for income taxes | (177,657) | (397,883) | (678,647) | (842,419) |
Income (loss) before provision for income taxes | (177,657) | (397,883) | (678,647) | (842,419) |
Consolidation, Eliminations [Member] | ||||
Income (loss) before provision for income taxes | (1,160,574) | |||
Income (loss) before provision for income taxes | $ (1,160,574) |