Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000047307 | |
Entity Registrant Name | CRAWFORD UNITED Corp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-000147 | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-0288470 | |
Entity Address, Address Line One | 10514 Dupont Avenue, Suite 200 | |
Entity Address, City or Town | Cleveland | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44108 | |
City Area Code | 216 | |
Local Phone Number | 243-2614 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 731,848 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,708,777 |
Consolidated Balance Sheet (Cur
Consolidated Balance Sheet (Current Period Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 3,398,214 | $ 1,494,415 |
Accounts receivable less allowance for doubtful accounts | 23,366,493 | 18,387,744 |
Contract assets | 2,233,467 | 2,111,057 |
Inventories-less allowance for obsolete inventory | 16,750,211 | 16,585,437 |
Investments | 1,693,129 | 1,518,244 |
Refundable tax asset | 1,131,244 | 1,316,595 |
Prepaid expenses and other current assets | 1,284,963 | 1,112,068 |
Total Current Assets | 49,857,721 | 42,525,560 |
Property, plant and equipment, net | 15,404,805 | 15,609,202 |
Operating right of use asset, net | 9,157,599 | 8,998,776 |
OTHER ASSETS: | ||
Goodwill | 15,612,954 | 14,404,618 |
Intangibles, net of accumulated amortization | 10,317,334 | 9,336,564 |
Other non-current assets | 105,643 | 88,591 |
Total Non-Current Other Assets | 26,035,931 | 23,829,773 |
Total Assets | 100,456,056 | 90,963,311 |
CURRENT LIABILITIES: | ||
Notes payable – current | 2,946,885 | 2,946,885 |
Bank debt – current | 1,111,111 | 1,444,444 |
Leases payable – current | 1,645,264 | 1,241,681 |
Accounts payable | 13,147,038 | 11,460,364 |
Unearned revenue | 4,442,763 | 2,881,535 |
Contingent liability – short term | 750,000 | 750,000 |
Accrued expenses | 2,974,350 | 3,136,690 |
Total Current Liabilities | 27,017,411 | 23,861,599 |
LONG-TERM LIABILITIES: | ||
Bank debt | 21,556,354 | 16,175,436 |
Leases payable | 7,775,861 | 7,985,628 |
Contingent liability – long-term | 750,000 | 750,000 |
Deferred income taxes | 3,275,370 | 3,275,370 |
Total Long-Term Liabilities | 36,900,271 | 32,461,811 |
STOCKHOLDERS' EQUITY | ||
Contributed capital | 1,741,901 | 1,741,901 |
Treasury shares | (2,046,822) | (1,981,113) |
Retained earnings | 29,085,643 | 28,019,768 |
Total Stockholders' Equity | 36,538,374 | 34,639,901 |
Total Liabilities and Stockholders' Equity | 100,456,056 | 90,963,311 |
Common Class A [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common stock | 6,292,130 | 5,393,823 |
Common Class B [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common stock | 1,465,522 | 1,465,522 |
Notes Payable Excluding Paycheck Protection Program Cares Act [Member] | ||
LONG-TERM LIABILITIES: | ||
Notes Payable, Noncurrent | $ 3,542,686 | $ 4,275,377 |
Consolidated Balance Sheet (C_2
Consolidated Balance Sheet (Current Period Unaudited) (Parentheticals) - shares | Mar. 31, 2022 | Dec. 31, 2021 |
Common Class A [Member] | ||
Common stock, sharse authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 2,752,987 | 2,720,787 |
Treasury shares, issued (in shares) | 44,210 | 41,844 |
Common Class B [Member] | ||
Common stock, sharse authorized (in shares) | 2,500,000 | 2,500,000 |
Common stock, shares issued (in shares) | 914,283 | 914,283 |
Treasury shares, issued (in shares) | 182,435 | 182,435 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total sales | $ 31,002,746 | $ 23,994,004 |
Cost of Sales | 24,636,341 | 17,991,083 |
Gross Profit | 6,366,405 | 6,002,921 |
Operating Expenses: | ||
Selling, General and administrative expenses | 4,969,084 | 3,677,461 |
Operating Income | 1,397,321 | 2,325,460 |
Other (Income) and Expenses: | ||
Interest charges | 261,016 | 218,618 |
Realized (gain) on investments | 0 | (152,761) |
Unrealized (gain) on investments | (174,885) | (233,644) |
PPP loan forgiveness | 0 | (1,453,837) |
Other (income) expense, net | (329,901) | 278,125 |
Total Other (Income) and Expenses | (243,758) | (1,343,499) |
Income before Provision for Income Taxes | 1,641,091 | 3,668,959 |
Provision for Income Taxes | 575,216 | 525,542 |
Net Income | $ 1,065,875 | $ 3,143,417 |
Net Income Per Common Share - Basic (in dollars per share) | $ 0.31 | $ 0.93 |
Net Income Per Common Share - Diluted (in dollars per share) | $ 0.31 | $ 0.93 |
Basic (in shares) | 3,433,995 | 3,392,839 |
Diluted (in shares) | 3,433,995 | 3,393,720 |
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]Common Class A [Member] | Treasury Stock [Member]Common Class B [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Common Stock Outstanding [Member]Common Class A [Member] | Common Stock Outstanding [Member]Common Class B [Member] | Total |
Balance at Dec. 31, 2020 | $ 3,896,705 | $ 1,465,522 | $ 1,741,901 | $ (1,938,052) | $ 22,366,470 | $ 27,532,546 | ||||||
Share-based compensation expense | 46,725 | 46,725 | ||||||||||
Stock awards | 382,619 | 382,619 | ||||||||||
Stock option exercise | 8,774 | 0 | 0 | 0 | 0 | 8,774 | ||||||
Acquisition | 1,059,000 | 0 | 0 | 0 | 0 | 1,059,000 | ||||||
Repurchase of shares | 0 | 0 | 0 | (43,061) | 0 | (43,061) | ||||||
Net income | 5,653,298 | 5,653,298 | ||||||||||
Balance at Dec. 31, 2021 | 5,393,823 | 1,465,522 | 1,741,901 | (1,981,113) | 28,019,768 | 34,639,901 | ||||||
Balance (in shares) at Dec. 31, 2020 | 39,467 | 182,435 | 2,595,087 | 954,283 | 2,555,620 | 771,848 | ||||||
Stock awards (in shares) | 0 | 0 | 23,700 | 0 | 23,700 | 0 | ||||||
Stock option exercise (in shares) | 0 | 0 | 2,000 | 0 | 2,000 | 0 | ||||||
Acquisition (in shares) | 0 | 0 | 60,000 | 0 | 60,000 | |||||||
Stock conversion (in shares) | 0 | 0 | 40,000 | 40,000 | 40,000 | 40,000 | ||||||
Stock conversion (in shares) | 0 | 0 | (40,000) | (40,000) | (40,000) | (40,000) | ||||||
Share repurchase (in shares) | 2,377 | 0 | 0 | 0 | (2,377) | 0 | ||||||
Share repurchase (in shares) | (2,377) | 0 | 0 | 0 | 2,377 | 0 | ||||||
Balance (in shares) at Dec. 31, 2021 | 41,844 | 182,435 | 2,720,787 | 914,283 | 2,678,943 | 731,848 | ||||||
Share-based compensation expense | 16,307 | 0 | 0 | 0 | 0 | 16,307 | ||||||
Stock awards | 882,000 | 0 | 0 | 0 | 0 | 882,000 | ||||||
Repurchase of shares | 0 | 0 | 0 | (65,709) | 0 | (65,709) | ||||||
Net income | 0 | 0 | 0 | 0 | 1,065,875 | 1,065,875 | ||||||
Balance at Mar. 31, 2022 | $ 6,292,130 | $ 1,465,522 | $ 1,741,901 | $ (2,046,822) | $ 29,085,643 | $ 36,538,374 | ||||||
Stock awards (in shares) | 0 | 0 | 32,200 | 0 | 32,200 | 0 | ||||||
Share repurchase (in shares) | 2,366 | 0 | 0 | 0 | 2,366 | 0 | ||||||
Share repurchase (in shares) | (2,366) | 0 | 0 | 0 | (2,366) | 0 | ||||||
Balance (in shares) at Mar. 31, 2022 | 44,210 | 182,435 | 2,752,987 | 914,283 | 2,708,777 | 731,848 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flow (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Cash Flows from Operating Activities | |||
Net Income | $ 1,065,875 | $ 3,143,417 | $ 5,653,298 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 932,003 | 724,641 | |
Unrealized gain on investments in equity securities | (174,885) | (233,644) | |
Forgiveness of PPP loan | 0 | (1,453,837) | |
Non-cash share-based compensation expense | 898,307 | 329,628 | |
Changes in assets and liabilities: | |||
Decrease (Increase) in accounts receivable | (4,506,870) | (967,662) | |
Decrease (Increase) in inventories | 1,184,341 | (319,455) | |
Decrease (Increase) in contract assets | (122,410) | (165,696) | |
Decrease (Increase) in prepaid expenses & other assets | (142,314) | 268,510 | |
Increase (Decrease) in accounts payable | (1,144,315) | 633,307 | |
Increase (Decrease) in accrued expenses | 187,137 | 912,024 | |
Increase (Decrease) in unearned revenue | 1,561,228 | (142,261) | |
Total adjustments | 960,852 | (1,681,059) | |
Net Cash Provided by Operating Activities | 2,026,727 | 1,462,358 | |
Cash Flows from Investing Activities | |||
Cash paid for business acquisitions | (4,203,734) | (7,081,277) | |
Sale of equity securities | 0 | 123,069 | |
Capital expenditures | (151,436) | (827,184) | |
Net Cash (Used in) Investing Activities | (4,355,170) | (7,785,392) | |
Cash Flows from Financing Activities | |||
Payments on notes | (732,691) | (562,500) | |
Payments on bank debt | (933,333) | (1,352,833) | |
Borrowings on bank debt | 5,963,975 | 6,926,301 | |
Share repurchase | (65,709) | (41,033) | |
Net Cash Provided by Financing Activities | 4,232,242 | 4,969,935 | |
Net Increase (decrease) in cash and cash equivalents | 1,903,799 | (1,353,099) | |
Cash and cash equivalents at beginning of period | 1,494,415 | 6,194,276 | 6,194,276 |
Cash and cash equivalents at end of period | 3,398,214 | 4,841,177 | $ 1,494,415 |
Supplemental disclosures of cash flow information | |||
Interest Paid | 202,777 | 153,995 | |
Supplemental disclosures of noncash financing activity | |||
Issuance of Class A common shares in business acquisition | 0 | 1,059,000 | |
Paycheck Protection Program CARES Act [Member] | |||
Supplemental disclosures of noncash financing activity | |||
Forgiveness of PPP loan | $ 0 | $ 1,453,837 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. BASIS OF PRESENTATION 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 March 31, 2022 not may December 31, 2022. 10 December 31, 2021. During the three March 31, 2022, no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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, 2021. New Accounting Standards Not In June 2016, 2016 13, December 15, 2022.The Use of Estimates in the Preparation of Financial Statements may Fair Value of Financial Instruments Fair Value Measurements As defined in FASB ASC 820, one three * Level 1: * Level 2: * Quoted prices for identical assets or similar assets or liabilities in inactive markets; * Inputs other than quoted prices that are observable for the asset or liability; * Inputs that are derived principally from or corroborated by observable market data by correlation or other means. * Level 3: not A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. Stock: The stock market value is based on valuation of market quotes from independent active market sources, and is considered a level 1 |
Note 3 - Accounts Receivable
Note 3 - Accounts Receivable | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. ACCOUNTS RECEIVABLE 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 $13,409 and $75,930 at March 31, 2022 December 31, 2021, |
Note 4 - Inventory
Note 4 - Inventory | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. INVENTORY Inventory is valued at the lower of cost ( first first March 31, 2022 December 31, 2021 Raw materials and component parts $ 3,390,216 $ 3,904,865 Work-in-process 4,019,377 3,949,647 Finished products 9,776,688 9,183,532 Total inventory $ 17,186,281 $ 17,038,044 Less: inventory reserves 436,070 452,607 Net inventory $ 16,750,211 $ 16,585,437 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. For the identified reporting units, impairment testing was performed as of December 31, 2021 December 31, 2021, no first 2022 December 31, 2021 March 31, 2022. Goodwill increased by $1.2 million from $14.4 million at December 31, 2021 March 31, 2022. 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 one March 31, 2022 December 31, 2021 Customer list intangibles $ 9,241,000 $ 8,741,000 Non-compete agreements 200,000 200,000 Trademarks 4,399,149 3,599,149 Total intangible assets 13,840,149 12,540,149 Less: accumulated amortization 3,522,815 3,203,585 Intangible assets, net $ 10,317,334 $ 9,336,564 Amortization of intangibles assets was: $319,230 and $205,924 for the three March 31, 2022 2021, |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. PROPERTY, PLANT AND EQUIPMENT, NET 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: March 31, 2022 December 31, 2021 Land $ 231,034 $ 231,034 Buildings and improvements 3,164,362 2,961,431 Machinery & equipment 21,739,595 21,612,759 Total property, plant & equipment 25,134,991 24,805,224 Less: accumulated depreciation 9,730,186 9,196,022 Property plant & equipment, net $ 15,404,805 $ 15,609,202 Depreciation expense was $595,833 and $508,937 for the three March 31, 2022 2021, |
Note 7 - Investments in Equity
Note 7 - Investments in Equity Securities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 7. INVESTMENTS IN EQUITY SECURITIES Investments in equity securities are summarized in the table below: BALANCE AT BEGINNING OF YEAR ACQUISITIONS, DISPOSITIONS AND SETTLEMENTS UNREALIZED GAINS (LOSSES) INCLUDED IN EARNINGS REALIZED GAINS INCLUDED IN EARNINGS BALANCE AT END OF PERIOD December 31, 2021 $ 1,534,400 $ 19,698 $ (188,615 ) $ 152,761 $ 1,518,244 Year-to-date March 31, 2022 1,518,244 - 174,885 - 1,693,129 Investments by fair value level in the hierarchy as of March 31, 2022 December 31, 2021 Quoted Market Prices in Attractive Markets (Level 1) Models with Significant Observable Market Parameters (Level 2) Unobservable Inputs that are not Corroborated by Market Data (Level 3) Total Carrying Value in the Balance Sheet Common stock as of March 31, 2022 $ 1,693,129 $ - $ - $ 1,693,129 Common stock as of December 31, 2021 $ 1,518,244 $ - $ - $ 1,518,244 |
Note 8 - Bank Debt
Note 8 - Bank Debt | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 8. BANK DEBT The Company entered into a Credit Agreement on June 1, 2017 July 5, 2018 ( September 30, 2019 June 1, 2021 June 1, 2024. December 30, 2019 March 2, 2021 The revolving facility under the Credit Agreement includes a $3 million sublimit for the issuance of letters of credit thereunder. Interest for borrowings under the revolving facility accrues at a per annum rate equal to Prime Rate or LIBOR plus applicable margins of (i) (0.25%) for Prime Rate loans and (ii) 1.75% for LIBOR loans. The maturity date of the revolving facility is June 1, 2024. December 1, 2022. Bank debt balances consist of the following: March 31, 2022 December 31, 2021 Term debt $ 1,111,111 $ 1,444,444 Revolving debt 21,675,468 16,311,493 Total Bank debt 22,786,579 17,755,937 Less: current portion 1,111,111 1,444,444 Non-current bank debt 21,675,468 16,311,493 Less: unamortized debt costs 119,114 136,057 Net non-current bank debt $ 21,556,354 $ 16,175,436 The Company had $8.3 million and $13.7 million available to borrow on the revolving credit facility at March 31, 2022 December 31, 2021, |
Note 9 - Notes Payable
Note 9 - Notes Payable | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. NOTES PAYABLE Notes Payable – Related Party The Company had two July 2016 July 2018 first second July 2018 In connection with the Komtek Forge acquisition, on January 15, 2021, one April 15, 2021. Notes Payable Seller Note Effective July 1, 2018, four no June 30, 2023 ( no not second first June 30, 2023. four 4 June 30, 2020 June 30, 2023; Notes payable consists of the following: March 31, 2022 December 31, 2021 In connection with the Komtek Forge acquisition, the Company refinanced the outstanding First Francis promissory notes, accrued interest payable through the refinance date and the assumed First Francis promissory note into one note on January 15, 2021 for a $3,779,784 $ 3,114,571 $ 3,284,762 In connection with the CAD acquisition, the Company entered into a promissory note on July 1, 2018 for a $9,000,000 3,375,000 3,937,500 Total notes payable 6,489,571 7,222,262 Less current portion 2,946,885 2,946,885 Notes payable – non-current portion $ 3,542,686 $ 4,275,377 |
Note 10 - Leases
Note 10 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 10. The Company has operating leases for facilities, vehicles and equipment. These leases have remaining terms of 2 years to 15 years, some of which include options to extend the leases for up to 10 years. Supplemental balance sheet information related to leases: March 31, 2022 December 31, 2021 Operating leases: Operating lease right-of-use assets, net $ 9,157,599 $ 8,998,776 Other current liabilities 1,645,264 1,241,681 Operating lease liabilities 7,775,861 7,985,628 Total operating lease liabilities $ 9,421,125 $ 9,227,309 Weighted Average Remaining Lease Term Operating Leases (in years) 9.0 9.0 Weighted Average Discount Rate Operating Leases 5.0 % 5.0 % |
Note 11 - Earnings Per Common S
Note 11 - Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. The following table sets forth the computation of basic and diluted earnings per share. Three Months Ended March 31, 2022 2021 Earnings Per Share - Basic Net Income $ 1,065,875 $ 3,143,417 Weighted average shares of common stock outstanding - Basic 3,433,995 3,392,839 Earnings Per Share - Basic $ 0.31 $ 0.93 Earnings Per Share - Diluted Weighted average shares of common stock outstanding - Basic 3,433,995 3,392,839 Warrants, Options and Convertible Notes - 881 Weighted average shares of common stock -Diluted 3,433,995 3,393,720 Earnings Per Share - Diluted $ 0.31 $ 0.93 |
Note 12 - Acquisitions
Note 12 - Acquisitions | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 12. Effective January 15, 2021, January 15, 2021. Cash Consideration Transferred $ 840,551 Assumed Debt 1,753,757 Fair Value of Stock Consideration 1,059,000 Total Consideration $ 3,653,308 Cash $ 75,701 Accounts Receivable 1,502,713 Inventory 1,595,859 Fixed Assets 434,197 Prepaid and Other Assets 280,258 Goodwill 832,306 Total Assets Acquired $ 4,721,034 Accounts Payable $ 843,817 Accrued Expense 223,909 Total Liabilities Assumed $ 1,067,726 Total Fair Value $ 3,653,308 Acquisition transaction costs incurred were: $ 147,400 Goodwill Goodwill has an assigned value of $0.8 million and represents the expected synergies generated by combining the operations of Komtek and the Company. The Company purchases forgings to manufacture products for customers in the Industrial and Transportation Products segment and the Komtek acquisition strengthens the Company’s supply chain. Effective March 1, 2021, March 2, 2021 March 1, 2021. two Cash Consideration Transferred $ 4,926,035 Seller Transaction Costs and Repayment of Indebtedness 1,398,394 Total Consideration $ 6,324,429 Accounts Receivable $ 1,058,460 Inventory 173,202 Fixed Assets 3,233,073 Prepaid and Other Assets 189,214 Intangibles Asset: Trademark 1,162,000 Intangible Asset: Customer Lit 1,041,000 Goodwill 1,896,607 Total Assets Acquired $ 8,753,556 Accounts Payable $ 473,119 Accrued Payroll and Other Expense 456,008 Contingent Liability 1,500,000 Total Liabilities Assumed $ 2,429,127 Total Fair Value $ 6,324,429 Acquisition transaction costs incurred were: $ 190,007 Goodwill and Intangible Assets Goodwill has an assigned value of $1.9 million and represents the expected synergies generated by combining the operations of Global-Tek Colorado, Global-Tek-Manufacturing LLC and the Company. The Company utilizes machined parts for customers in the Industrial and Transportation Products segment and the acquisition of Global-Tek Colorado and Global-Tek-Manufacturing allows the Company to strengthen its supply chain. Intangible asset, trademark has an assigned value of $1.2 million which represents the expected value of the Global-Tek trade name in the market. Intangible asset, customer list has an assigned value of $1.0 million which represents the expected value of the list of the customers of Global-Tek to the Company. Contingent Consideration Global-Tek has a contingent consideration of $1.5 $750 two 61,475 61,475 $1.5 first second 2022 Effective July 1, 2021, July 1, 2021. Assumption of Indebtedness $ 287,359 Accounts Receivable 79,843 Inventory 67,254 Intangible Assets: Customer List 478,649 Total Assets Acquired $ 625,746 Accounts Payable $ 338,387 Total Liabilities Assumed $ 273,327 Total Fair Value $ 287,359 Acquisition transaction costs incurred were: $ 36,204 Intangible Assets Intangible asset, customer list has an assigned value of $0.5 million which represents the expected value of the list of the customers of Emergency Hydraulics to the Company. Effective January 10, 2022, January 10, 2022 Additionally, effective on January 10, 2022, SEP Cash Consideration Transferred $ 3,973,375 Seller Transaction Costs 230,359 Total Consideration $ 4,203,734 Accounts Receivable 471,879 Inventory 1,349,115 Fixed Assets 255,000 Prepaid and Other Assets 47,632 Intangible Asset: Customer List & Trademark 1,300,000 Goodwill 1,378,191 Total Assets Acquired $ 4,801,817 Accounts Payable $ 542,359 Accrued Expense 55,724 Total Liabilities Assumed $ 598,083 Total Fair Value $ 4,203,734 Acquisition transaction costs incurred were: $ 124,825 Goodwill Goodwill has an assigned value of $1.4 million and represents the expected synergies generated by combining the operations of Reverso, Separ, and the Company. The Company sells marine hoses and related products and the acquisition of Reverso Pumps and Separ America will allow the Company to expand its offerings to customers in the strategically important marine and defense markets. Intangible assets, customer list and trademarks has an assigned value of $1.3 million which represents the expected value of the list of the customers and trademarks of Reverso Pumps and Separ America. |
Note 13 - Segment and Related I
Note 13 - Segment and Related Information | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. The Company elected to report operations for two business segments: ( 1 2 three two Commercial Air Handling Equipment: The Commercial Air Handling Equipment segment was added June 1, 2017, 50 Industrial and Transportation Products: The Industrial and Transportation Products segment was added July 1, 2016, July 1, 2018. 9001:2015/AS9100D, January 2, 2020. April 19, 2019, January 15, 2021. March 2, 2021. July 1, 2021. January 10, 2022. SEP January 10, 2022. Corporate and Other: Corporate costs not two Information by industry segment is set forth below: Three Months Ended March 31, 2022 Commercial Air Handling Industrial And Transportation Products Corporate and Other Consolidated Sales $ 11,557,874 $ 19,444,872 $ - $ 31,002,746 Gross Profit 2,629,657 3,736,748 - 6,366,405 Operating Income 1,562,344 1,281,985 (1,447,008 ) 1,397,321 Pretax Income 1,562,344 1,415,972 (1,337,225 ) 1,641,091 Net Income 1,117,076 946,234 (997,435 ) 1,065,875 Three Months Ended March 31, 2021 Commercial Air Handling Industrial And Transportation Products Corporate and Other Consolidated Sales $ 8,765,099 $ 15,228,905 $ - $ 23,994,004 Gross Profit 2,230,821 3,772,100 - 6,002,921 Operating Income 1,045,631 1,751,443 (471,614 ) 2,325,460 Pretax Income 1,045,631 3,025,970 (402,642 ) 3,668,959 Net Income 784,224 2,660,019 (300,826 ) 3,143,417 |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. Effective on May 1, 2022, May 1, 2022 March 2, 2001 ( Knitting Machinery acquired the assets of KMC on a debt-free basis in exchange for $250,000 in chase (the "Cash Payment") and the issuance by the Company on behalf of Knitting Machinery a total of 38,462 of its Class A Common Shares (the "Shares") at an implied price of $26.00 per share to the Equityholer. The Cash Payment is subject to a total or partial refund to the extent KMC's earnings before interest, tax, depreciation and amortization (EBITDA) is not twelve |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards Not In June 2016, 2016 13, December 15, 2022.The |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements may |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair Value Measurements As defined in FASB ASC 820, one three * Level 1: * Level 2: * Quoted prices for identical assets or similar assets or liabilities in inactive markets; * Inputs other than quoted prices that are observable for the asset or liability; * Inputs that are derived principally from or corroborated by observable market data by correlation or other means. * Level 3: not A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. Stock: The stock market value is based on valuation of market quotes from independent active market sources, and is considered a level 1 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2022 December 31, 2021 Raw materials and component parts $ 3,390,216 $ 3,904,865 Work-in-process 4,019,377 3,949,647 Finished products 9,776,688 9,183,532 Total inventory $ 17,186,281 $ 17,038,044 Less: inventory reserves 436,070 452,607 Net inventory $ 16,750,211 $ 16,585,437 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2022 December 31, 2021 Customer list intangibles $ 9,241,000 $ 8,741,000 Non-compete agreements 200,000 200,000 Trademarks 4,399,149 3,599,149 Total intangible assets 13,840,149 12,540,149 Less: accumulated amortization 3,522,815 3,203,585 Intangible assets, net $ 10,317,334 $ 9,336,564 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2022 December 31, 2021 Land $ 231,034 $ 231,034 Buildings and improvements 3,164,362 2,961,431 Machinery & equipment 21,739,595 21,612,759 Total property, plant & equipment 25,134,991 24,805,224 Less: accumulated depreciation 9,730,186 9,196,022 Property plant & equipment, net $ 15,404,805 $ 15,609,202 |
Note 7 - Investments in Equit_2
Note 7 - Investments in Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Gain (Loss) on Securities [Table Text Block] | BALANCE AT BEGINNING OF YEAR ACQUISITIONS, DISPOSITIONS AND SETTLEMENTS UNREALIZED GAINS (LOSSES) INCLUDED IN EARNINGS REALIZED GAINS INCLUDED IN EARNINGS BALANCE AT END OF PERIOD December 31, 2021 $ 1,534,400 $ 19,698 $ (188,615 ) $ 152,761 $ 1,518,244 Year-to-date March 31, 2022 1,518,244 - 174,885 - 1,693,129 |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Quoted Market Prices in Attractive Markets (Level 1) Models with Significant Observable Market Parameters (Level 2) Unobservable Inputs that are not Corroborated by Market Data (Level 3) Total Carrying Value in the Balance Sheet Common stock as of March 31, 2022 $ 1,693,129 $ - $ - $ 1,693,129 Common stock as of December 31, 2021 $ 1,518,244 $ - $ - $ 1,518,244 |
Note 8 - Bank Debt (Tables)
Note 8 - Bank Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, 2022 December 31, 2021 Term debt $ 1,111,111 $ 1,444,444 Revolving debt 21,675,468 16,311,493 Total Bank debt 22,786,579 17,755,937 Less: current portion 1,111,111 1,444,444 Non-current bank debt 21,675,468 16,311,493 Less: unamortized debt costs 119,114 136,057 Net non-current bank debt $ 21,556,354 $ 16,175,436 |
Note 9 - Notes Payable (Tables)
Note 9 - Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, 2022 December 31, 2021 In connection with the Komtek Forge acquisition, the Company refinanced the outstanding First Francis promissory notes, accrued interest payable through the refinance date and the assumed First Francis promissory note into one note on January 15, 2021 for a $3,779,784 $ 3,114,571 $ 3,284,762 In connection with the CAD acquisition, the Company entered into a promissory note on July 1, 2018 for a $9,000,000 3,375,000 3,937,500 Total notes payable 6,489,571 7,222,262 Less current portion 2,946,885 2,946,885 Notes payable – non-current portion $ 3,542,686 $ 4,275,377 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lessee, Operating and Finance Lease, Assets and Liabilities [Table Text Block] | March 31, 2022 December 31, 2021 Operating leases: Operating lease right-of-use assets, net $ 9,157,599 $ 8,998,776 Other current liabilities 1,645,264 1,241,681 Operating lease liabilities 7,775,861 7,985,628 Total operating lease liabilities $ 9,421,125 $ 9,227,309 Weighted Average Remaining Lease Term Operating Leases (in years) 9.0 9.0 Weighted Average Discount Rate Operating Leases 5.0 % 5.0 % |
Note 11 - Earnings Per Common_2
Note 11 - Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2022 2021 Earnings Per Share - Basic Net Income $ 1,065,875 $ 3,143,417 Weighted average shares of common stock outstanding - Basic 3,433,995 3,392,839 Earnings Per Share - Basic $ 0.31 $ 0.93 Earnings Per Share - Diluted Weighted average shares of common stock outstanding - Basic 3,433,995 3,392,839 Warrants, Options and Convertible Notes - 881 Weighted average shares of common stock -Diluted 3,433,995 3,393,720 Earnings Per Share - Diluted $ 0.31 $ 0.93 |
Note 12 - Acquisitions (Tables)
Note 12 - Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Reverso Pumps, Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash Consideration Transferred $ 3,973,375 Seller Transaction Costs 230,359 Total Consideration $ 4,203,734 Accounts Receivable 471,879 Inventory 1,349,115 Fixed Assets 255,000 Prepaid and Other Assets 47,632 Intangible Asset: Customer List & Trademark 1,300,000 Goodwill 1,378,191 Total Assets Acquired $ 4,801,817 Accounts Payable $ 542,359 Accrued Expense 55,724 Total Liabilities Assumed $ 598,083 Total Fair Value $ 4,203,734 Acquisition transaction costs incurred were: $ 124,825 |
Acquisition of Emergency Hydraulics LLC [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Assumption of Indebtedness $ 287,359 Accounts Receivable 79,843 Inventory 67,254 Intangible Assets: Customer List 478,649 Total Assets Acquired $ 625,746 Accounts Payable $ 338,387 Total Liabilities Assumed $ 273,327 Total Fair Value $ 287,359 Acquisition transaction costs incurred were: $ 36,204 |
Acquisition of Global Tek Manufacturing LLC [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash Consideration Transferred $ 4,926,035 Seller Transaction Costs and Repayment of Indebtedness 1,398,394 Total Consideration $ 6,324,429 Accounts Receivable $ 1,058,460 Inventory 173,202 Fixed Assets 3,233,073 Prepaid and Other Assets 189,214 Intangibles Asset: Trademark 1,162,000 Intangible Asset: Customer Lit 1,041,000 Goodwill 1,896,607 Total Assets Acquired $ 8,753,556 Accounts Payable $ 473,119 Accrued Payroll and Other Expense 456,008 Contingent Liability 1,500,000 Total Liabilities Assumed $ 2,429,127 Total Fair Value $ 6,324,429 Acquisition transaction costs incurred were: $ 190,007 |
Komtek Forge Acquisition [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash Consideration Transferred $ 840,551 Assumed Debt 1,753,757 Fair Value of Stock Consideration 1,059,000 Total Consideration $ 3,653,308 Cash $ 75,701 Accounts Receivable 1,502,713 Inventory 1,595,859 Fixed Assets 434,197 Prepaid and Other Assets 280,258 Goodwill 832,306 Total Assets Acquired $ 4,721,034 Accounts Payable $ 843,817 Accrued Expense 223,909 Total Liabilities Assumed $ 1,067,726 Total Fair Value $ 3,653,308 Acquisition transaction costs incurred were: $ 147,400 |
Note 13 - Segment and Related_2
Note 13 - Segment and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2022 Commercial Air Handling Industrial And Transportation Products Corporate and Other Consolidated Sales $ 11,557,874 $ 19,444,872 $ - $ 31,002,746 Gross Profit 2,629,657 3,736,748 - 6,366,405 Operating Income 1,562,344 1,281,985 (1,447,008 ) 1,397,321 Pretax Income 1,562,344 1,415,972 (1,337,225 ) 1,641,091 Net Income 1,117,076 946,234 (997,435 ) 1,065,875 Three Months Ended March 31, 2021 Commercial Air Handling Industrial And Transportation Products Corporate and Other Consolidated Sales $ 8,765,099 $ 15,228,905 $ - $ 23,994,004 Gross Profit 2,230,821 3,772,100 - 6,002,921 Operating Income 1,045,631 1,751,443 (471,614 ) 2,325,460 Pretax Income 1,045,631 3,025,970 (402,642 ) 3,668,959 Net Income 784,224 2,660,019 (300,826 ) 3,143,417 |
Note 3 - Accounts Receivable (D
Note 3 - Accounts Receivable (Details Textual) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 13,409 | $ 75,930 |
Note 4 - Inventory - Inventory
Note 4 - Inventory - Inventory (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Raw materials and component parts | $ 3,390,216 | $ 3,904,865 |
Work-in-process | 4,019,377 | 3,949,647 |
Finished products | 9,776,688 | 9,183,532 |
Total inventory | 17,186,281 | 17,038,044 |
Less: inventory reserves | 436,070 | 452,607 |
Net inventory | $ 16,750,211 | $ 16,585,437 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets, Net (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Mar. 01, 2021 | |
Goodwill, Period Increase (Decrease), Total | $ 1,200,000 | |||
Goodwill, Ending Balance | 15,612,954 | $ 14,404,618 | ||
Amortization of Intangible Assets | $ 319,230 | $ 205,924 | ||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||
Reverso Pumps and Separ America [Member] | ||||
Goodwill, Acquired During Period | $ 1,400,000 | |||
Acquisition of Global Tek Manufacturing LLC [Member] | ||||
Goodwill, Ending Balance | $ 1,896,607 | |||
Goodwill, Purchase Accounting Adjustments | $ (200,000) |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Other intangibles, gross | $ 13,840,149 | $ 12,540,149 |
Less: accumulated amortization | 3,522,815 | 3,203,585 |
Intangible assets, net | 10,317,334 | 9,336,564 |
Customer-Related Intangible Assets [Member] | ||
Other intangibles, gross | 9,241,000 | 8,741,000 |
Noncompete Agreements [Member] | ||
Other intangibles, gross | 200,000 | 200,000 |
Trademarks [Member] | ||
Other intangibles, gross | $ 4,399,149 | $ 3,599,149 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Depreciation, Total | $ 595,833 | $ 508,937 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment, Net - Schedule of Property, Plant, and Equipment (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Property Plant and Equipment, Gross | $ 25,134,991 | $ 24,805,224 |
Less: accumulated depreciation | 9,730,186 | 9,196,022 |
Property plant & equipment, net | 15,404,805 | 15,609,202 |
Land [Member] | ||
Property Plant and Equipment, Gross | 231,034 | 231,034 |
Building and Building Improvements [Member] | ||
Property Plant and Equipment, Gross | 3,164,362 | 2,961,431 |
Machinery and Equipment [Member] | ||
Property Plant and Equipment, Gross | $ 21,739,595 | $ 21,612,759 |
Note 7 - Investments in Equit_3
Note 7 - Investments in Equity Securities - Summary of Investment in Equity Securities (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 1,518,244 | $ 1,534,400 |
Acquisitions, Dispositions and Settlements | 0 | 19,698 |
Unrealized Gains Included in Earnings | 174,885 | (188,615) |
Realized Gains Included in Earnings | 0 | 152,761 |
Balance | $ 1,693,129 | $ 1,518,244 |
Note 7 - Investments in Equit_4
Note 7 - Investments in Equity Securities - Schedule of Fair Value of Investments (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Balance | $ 1,693,129 | $ 1,518,244 | $ 1,534,400 |
Reported Value Measurement [Member] | |||
Balance | 1,693,129 | 1,518,244 | |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |||
Balance | 1,693,129 | 1,518,244 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||
Balance | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | |||
Balance | $ 0 | $ 0 |
Note 8 - Bank Debt (Details Tex
Note 8 - Bank Debt (Details Textual) - USD ($) | Jul. 05, 2018 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 02, 2021 | Sep. 30, 2019 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,300,000 | $ 13,700,000 | ||||
J P Morgan Chase Bank [Member] | Term Debt [Member] | ||||||
Long-term Debt, Total | $ 6,000,000 | |||||
Debt Instrument, Periodic Payment, Total | $ 111,111 | |||||
J P Morgan Chase Bank [Member] | Term Debt [Member] | Prime Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||
J P Morgan Chase Bank [Member] | Term Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||
J P Morgan Chase Bank [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,000,000 | $ 30,000,000 | $ 20,000,000 | |||
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% | |||||
J P Morgan Chase Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||
J P Morgan Chase Bank [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||
J P Morgan Chase Bank [Member] | Letter of Credit [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 |
Note 8 - Bank Debt - Summary of
Note 8 - Bank Debt - Summary of Loan Balances (Details) - Bank Debt [Member] - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Total Bank Debt | $ 22,786,579 | $ 17,755,937 |
Less: current portion | 1,111,111 | 1,444,444 |
Non-current bank debt | 21,675,468 | 16,311,493 |
Less: unamortized debt costs | 119,114 | 136,057 |
Net non-current bank debt | 21,556,354 | 16,175,436 |
Term Debt [Member] | ||
Total Bank Debt | 1,111,111 | 1,444,444 |
Line of Credit [Member] | ||
Total Bank Debt | $ 21,675,468 | $ 16,311,493 |
Note 9 - Notes Payable (Details
Note 9 - Notes Payable (Details Textual) - USD ($) | Jul. 05, 2018 | Jul. 01, 2018 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Jan. 15, 2021 | Jan. 14, 2021 | Jul. 01, 2016 |
Payments to Acquire Businesses, Gross | $ 4,203,734 | $ 7,081,277 | ||||||
CAD Enterprises, Inc. [Member] | ||||||||
Business Combination, Consideration Transferred, Total | $ 21,000,000 | |||||||
Payments to Acquire Businesses, Gross | $ 12,000,000 | |||||||
Notes Payable [Member] | ||||||||
Notes Payable, Total | 6,489,571 | $ 7,222,262 | ||||||
Seller Note [Member] | CAD Enterprises, Inc. [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||||||
Seller Note [Member] | Notes Payable [Member] | ||||||||
Debt Instrument, Face Amount | 9,000,000 | 9,000,000 | ||||||
Notes Payable, Total | 3,375,000 | 3,937,500 | ||||||
First Francis [Member] | Related Party Notes, One [Member] | Notes Payable [Member] | ||||||||
Debt Instrument, Face Amount | $ 2,000,000 | |||||||
First Francis [Member] | Related Party Notes, Two [Member] | Notes Payable [Member] | ||||||||
Debt Instrument, Face Amount | $ 2,768,662 | |||||||
First Francis [Member] | Related Party Notes [Member] | Notes Payable [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||||
Line of Credit Facility, Interest Rate During Period | 4.00% | |||||||
Notes Payable, Total | $ 2,077,384 | |||||||
First Francis [Member] | Related Party Notes [Member] | Notes Payable [Member] | Komtek Forge [Member] | ||||||||
Notes Payable, Total | $ 1,702,400 | |||||||
First Francis [Member] | Related Party Notes Three [Member] | Notes Payable [Member] | ||||||||
Debt Instrument, Face Amount | 3,779,784 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||||
Notes Payable, Total | $ 3,114,571 | $ 3,284,762 | $ 3,779,784 |
Note 9 - Notes Payable - Notes
Note 9 - Notes Payable - Notes Payable (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 15, 2021 |
Less current portion | $ 2,946,885 | $ 2,946,885 | |
Notes Payable [Member] | |||
Notes payable | 6,489,571 | 7,222,262 | |
Less current portion | 2,946,885 | 2,946,885 | |
Notes payable – non-current portion | 3,542,686 | 4,275,377 | |
Notes Payable [Member] | Related Party Notes Three [Member] | First Francis [Member] | |||
Notes payable | 3,114,571 | 3,284,762 | $ 3,779,784 |
Notes Payable [Member] | Seller Note [Member] | |||
Notes payable | $ 3,375,000 | $ 3,937,500 |
Note 9 - Notes Payable - Note_2
Note 9 - Notes Payable - Notes Payable (Details) (Parentheticals) - Notes Payable [Member] - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Related Party Notes Three [Member] | First Francis [Member] | ||
Notes payable, face value | $ 3,779,784 | |
Seller Note [Member] | ||
Notes payable, face value | $ 9,000,000 | $ 9,000,000 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Lessee, Operating and Finance Lease, Renewal Term (Year) | 10 years |
Minimum [Member] | |
Operating and Finance Lease, Remaining Term (Year) | 2 years |
Maximum [Member] | |
Operating and Finance Lease, Remaining Term (Year) | 15 years |
Note 10 - Leases - Lease Assets
Note 10 - Leases - Lease Assets and Liabilities (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Operating lease right-of-use assets, net | $ 9,157,599 | $ 8,998,776 |
Operating Leases (in years) (Year) | 9 years | 9 years |
Operating Leases | 5.00% | 5.00% |
Other Current Liabilities [Member] | ||
Other current liabilities | $ 1,645,264 | $ 1,241,681 |
Operating Lease Liabilities [Member] | ||
Operating lease liabilities | 7,775,861 | 7,985,628 |
Other Current Liabilities and Operating Lease Liabilities [Member] | ||
Total operating lease liabilities | $ 9,421,125 | $ 9,227,309 |
Note 11 - Earnings Per Common_3
Note 11 - Earnings Per Common Share - Summary of Earnings Per Share Calculation (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Income | $ 1,065,875 | $ 3,143,417 |
Weighted average shares of common stock outstanding - Basic (in shares) | 3,433,995 | 3,392,839 |
Net Income Per Common Share - Basic (in dollars per share) | $ 0.31 | $ 0.93 |
Warrants, Options and Convertible Notes (in shares) | 0 | 881 |
Diluted (in shares) | 3,433,995 | 3,393,720 |
Net Income Per Common Share - Diluted (in dollars per share) | $ 0.31 | $ 0.93 |
Note 12 - Acquisitions (Details
Note 12 - Acquisitions (Details Textual) - USD ($) | Jan. 10, 2022 | Jul. 01, 2021 | Mar. 01, 2021 | Jan. 15, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Goodwill, Ending Balance | $ 15,612,954 | $ 14,404,618 | ||||||
Payments to Acquire Businesses, Gross | $ 4,203,734 | $ 7,081,277 | ||||||
Reverso Asset Purchase Agreement [Member] | Reverso Pumps, Inc. [Member] | ||||||||
Asset Acquisition, Consideration Transferred, Total | $ 2,600,000 | |||||||
Komtek Forge Acquisition [Member] | ||||||||
Business Combination, Consideration Transferred, Total | $ 3,653,308 | |||||||
Goodwill, Ending Balance | 832,306 | |||||||
Payments to Acquire Businesses, Gross | 840,551 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,753,757 | |||||||
Komtek Forge Acquisition [Member] | Common Class A [Member] | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 60,000 | |||||||
Acquisition of Global Tek Manufacturing LLC [Member] | ||||||||
Business Combination, Consideration Transferred, Total | $ 6,324,429 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 61,475 | |||||||
Goodwill, Ending Balance | $ 1,896,607 | |||||||
Payments to Acquire Businesses, Gross | 4,926,035 | |||||||
Business Combination, Acquisition Related Costs and Payments for Debt | 1,400,000 | |||||||
Business Combination, Contingent Consideration, Liability, Total | 1,500,000 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Annual Value, High | 750,000 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 1,500,000 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 1,398,394 | |||||||
Acquisition of Global Tek Manufacturing LLC [Member] | Forecast [Member] | ||||||||
Payment for Contingent Consideration Liability, Operating Activities | $ 750,000 | |||||||
Acquisition of Global Tek Manufacturing LLC [Member] | Trade Names [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,200,000 | |||||||
Acquisition of Global Tek Manufacturing LLC [Member] | Customer Lists [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,041,000 | |||||||
Acquisition of Emergency Hydraulics LLC [Member] | ||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 287,359 | |||||||
Acquisition of Emergency Hydraulics LLC [Member] | Customer Lists [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 478,649 | |||||||
Reverso Pumps, Inc. [Member] | ||||||||
Business Combination, Consideration Transferred, Total | 4,203,734 | |||||||
Goodwill, Ending Balance | 1,378,191 | |||||||
Payments to Acquire Businesses, Gross | 3,973,375 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,300,000 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 230,359 | |||||||
Reverso Pumps, Inc. [Member] | Separ America [Member] | ||||||||
Payments to Acquire Businesses, Gross | 1,600,000 | |||||||
Reverso Pumps, Inc. [Member] | Customer List and Trademarks [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,300,000 |
Note 12 - Acquisitions - Summar
Note 12 - Acquisitions - Summary Assets Acquired and Liabilities Assumed of Komtek Forge (Details) - USD ($) | Jan. 15, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Cash Consideration Transferred | $ 4,203,734 | $ 7,081,277 | ||
Goodwill | $ 15,612,954 | $ 14,404,618 | ||
Komtek Forge Acquisition [Member] | ||||
Cash Consideration Transferred | $ 840,551 | |||
Assumed Debt | 1,753,757 | |||
Fair Value of Stock Consideration | 1,059,000 | |||
Total Consideration | 3,653,308 | |||
Cash | 75,701 | |||
Accounts Receivable | 1,502,713 | |||
Inventory | 1,595,859 | |||
Fixed Assets | 434,197 | |||
Prepaid and Other Assets | 280,258 | |||
Goodwill | 832,306 | |||
Total Assets Acquired | 4,721,034 | |||
Accounts Payable | 843,817 | |||
Accrued Expense | 223,909 | |||
Total Liabilities Assumed | 1,067,726 | |||
Total Fair Value | 3,653,308 | |||
Acquisition transaction costs incurred were: | $ 147,400 |
Note 12 - Acquisitions - Summ_2
Note 12 - Acquisitions - Summary Assets Acquired and Liabilities Assumed of Global-Tek-Manufacturity, LLC (Details) - USD ($) | Mar. 01, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Cash Consideration Transferred | $ 4,203,734 | $ 7,081,277 | ||
Goodwill | $ 15,612,954 | $ 14,404,618 | ||
Acquisition of Global Tek Manufacturing LLC [Member] | ||||
Cash Consideration Transferred | $ 4,926,035 | |||
Assumed Debt | 1,398,394 | |||
Total Consideration | 6,324,429 | |||
Accounts Receivable | 1,058,460 | |||
Inventory | 173,202 | |||
Fixed Assets | 3,233,073 | |||
Prepaid and Other Assets | 189,214 | |||
Goodwill | 1,896,607 | |||
Total Assets Acquired | 8,753,556 | |||
Accounts Payable | 473,119 | |||
Accrued Payroll and Other Expense | 456,008 | |||
Contingent Liability | 1,500,000 | |||
Total Liabilities Assumed | 2,429,127 | |||
Total Fair Value | 6,324,429 | |||
Acquisition transaction costs incurred were: | 190,007 | |||
Acquisition of Global Tek Manufacturing LLC [Member] | Trademarks [Member] | ||||
Intangible Asset | 1,162,000 | |||
Acquisition of Global Tek Manufacturing LLC [Member] | Customer Lists [Member] | ||||
Intangible Asset | $ 1,041,000 |
Note 12 - Acquisitions - Summ_3
Note 12 - Acquisitions - Summary Assets Acquired and Liabilities Assumed of Emergency Hydraulics, LLC (Details) - Acquisition of Emergency Hydraulics LLC [Member] | Jul. 01, 2021USD ($) |
Assumption of Indebtedness | $ 287,359 |
Accounts Receivable | 79,843 |
Inventory | 67,254 |
Total Assets Acquired | 625,746 |
Accounts Payable | 338,387 |
Total Liabilities Assumed | 273,327 |
Total Fair Value | 287,359 |
Acquisition transaction costs incurred were: | 36,204 |
Customer Lists [Member] | |
Intangible Asset | $ 478,649 |
Note 12 - Acquisitions - Summ_4
Note 12 - Acquisitions - Summary Assets Acquired and Liabilities Assumed of Reverso Pumps LLC (Details) - USD ($) | Jan. 10, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Cash Consideration Transferred | $ 4,203,734 | $ 7,081,277 | ||
Goodwill | $ 15,612,954 | $ 14,404,618 | ||
Reverso Pumps, Inc. [Member] | ||||
Cash Consideration Transferred | $ 3,973,375 | |||
Assumed Debt | 230,359 | |||
Total Consideration | 4,203,734 | |||
Accounts Receivable | 471,879 | |||
Inventory | 1,349,115 | |||
Fixed Assets | 255,000 | |||
Prepaid and Other Assets | 47,632 | |||
Intangible Asset | 1,300,000 | |||
Goodwill | 1,378,191 | |||
Total Assets Acquired | 4,801,817 | |||
Accounts Payable | 542,359 | |||
Accrued Expense | 55,724 | |||
Total Liabilities Assumed | 598,083 | |||
Total Fair Value | 4,203,734 | |||
Acquisition transaction costs incurred were: | $ 124,825 |
Note 13 - Segment and Related_3
Note 13 - Segment and Related Information (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Number of Reportable Segments | 2 |
Note 13 - Segment and Related_4
Note 13 - Segment and Related Information - Information by Industry Segment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Sales | $ 31,002,746 | $ 23,994,004 | |
Gross Profit | 6,366,405 | 6,002,921 | |
Operating Income | 1,397,321 | 2,325,460 | |
Pretax Income | 1,641,091 | 3,668,959 | |
Net Income | 1,065,875 | 3,143,417 | $ 5,653,298 |
Commercial Air Handling [Member] | |||
Sales | 11,557,874 | 8,765,099 | |
Gross Profit | 2,629,657 | 2,230,821 | |
Operating Income | 1,562,344 | 1,045,631 | |
Pretax Income | 1,562,344 | 1,045,631 | |
Net Income | 1,117,076 | 784,224 | |
Industrial and Transportation Products [Member] | |||
Sales | 19,444,872 | 15,228,905 | |
Gross Profit | 3,736,748 | 3,772,100 | |
Operating Income | 1,281,985 | 1,751,443 | |
Pretax Income | 1,415,972 | 3,025,970 | |
Net Income | 946,234 | 2,660,019 | |
Corporate and Other [Member] | |||
Sales | 0 | ||
Gross Profit | 0 | 0 | |
Operating Income | (1,447,008) | (471,614) | |
Pretax Income | (1,337,225) | (402,642) | |
Net Income | $ (997,435) | $ (300,826) |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - Subsequent Event [Member] - KMC Transaction [Member] - Knitting Machinery Company of America LLC [Member] | May 01, 2022USD ($)$ / sharesshares |
Asset Acquisition, Consideration Transferred, Total | $ | $ 250,000 |
Asset Acquisition, Shares Issued (in shares) | shares | 38,462 |
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 26 |