Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 28, 2024 | |
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 | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 2,808,319 |
Consolidated Balance Sheet (Cur
Consolidated Balance Sheet (Current Period Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 2,747,142 | $ 1,647,175 |
Accounts receivable less allowance for doubtful accounts | 25,387,705 | 19,671,833 |
Contract assets | 5,037,487 | 4,822,347 |
Inventories less allowance for obsolete inventory | 19,123,057 | 17,672,622 |
Investments | 411,599 | 665,301 |
Prepaid expenses and other current assets | 2,062,105 | 1,303,780 |
Total Current Assets | 54,769,095 | 45,783,058 |
Property, plant and equipment, net | 16,192,666 | 14,686,190 |
Operating right of use asset, net | 8,011,139 | 8,356,903 |
OTHER ASSETS: | ||
Goodwill | 17,784,036 | 16,453,049 |
Intangibles, net of accumulated amortization | 10,004,264 | 8,252,600 |
Other non-current assets | 94,798 | 107,798 |
Total Non-Current Other Assets | 27,883,098 | 24,813,447 |
Total Assets | 106,855,998 | 93,639,598 |
CURRENT LIABILITIES: | ||
Notes payable – current | 837,105 | 824,226 |
Operating lease liabilities – current | 1,734,007 | 1,714,174 |
Accounts payable | 14,801,864 | 11,168,308 |
Unearned revenue | 5,672,493 | 5,596,706 |
Accrued income taxes | 1,689,053 | 539,876 |
Accrued expenses | 3,322,582 | 3,292,787 |
Total Current Liabilities | 28,057,104 | 23,136,077 |
LONG-TERM LIABILITIES: | ||
Bank debt | 10,613,372 | 5,096,672 |
Operating lease liabilities – noncurrent | 6,536,914 | 6,901,043 |
Deferred income taxes | 310,250 | 310,250 |
Total Long-Term Liabilities | 17,716,577 | 12,778,174 |
STOCKHOLDERS' EQUITY | ||
Contributed capital | 1,741,901 | 1,741,901 |
Treasury shares | (2,489,295) | (2,237,026) |
Retained earnings | 50,872,849 | 47,875,964 |
Total Stockholders' Equity | 61,082,317 | 57,725,347 |
Total Liabilities and Stockholders' Equity | 106,855,998 | 93,639,598 |
Common Class A [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common shares | 9,491,340 | 8,878,986 |
Common Class B [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common shares | 1,465,522 | 1,465,522 |
Notes Payable Excluding Paycheck Protection Program Cares Act [Member] | ||
LONG-TERM LIABILITIES: | ||
Notes Payable, Noncurrent | $ 256,041 | $ 470,209 |
Consolidated Balance Sheet (C_2
Consolidated Balance Sheet (Current Period Unaudited) (Parentheticals) - shares | Mar. 31, 2024 | Dec. 31, 2023 |
Common Class A [Member] | ||
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 2,869,366 | 2,832,966 |
Treasury shares, issued (in shares) | 61,047 | 54,074 |
Common Class B [Member] | ||
Common stock, shares 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, 2024 | Mar. 31, 2023 | |
Total sales | $ 38,439,639 | $ 39,484,356 |
Cost of Sales | 28,194,606 | 28,967,804 |
Gross Profit | 10,245,033 | 10,516,552 |
Operating Expenses: | ||
Selling, general and administrative expenses | 5,670,943 | 5,397,285 |
Operating Income | 4,574,090 | 5,119,267 |
Other (Income) and Expenses: | ||
Interest charges | 237,841 | 369,802 |
(Gain) loss on investments | 118,077 | 59,033 |
Other (income) expense, net | 72,263 | 997 |
Total Other (Income) and Expenses | 428,181 | 429,832 |
Income before Provision for Income Taxes | 4,145,909 | 4,689,435 |
Income tax expense | 1,149,024 | 1,297,962 |
Net Income | $ 2,996,885 | $ 3,391,473 |
Net Income Per Common Share - Basic (in dollars per share) | $ 0.85 | $ 0.97 |
Net Income Per Common Share - Diluted (in dollars per share) | $ 0.85 | $ 0.97 |
Basic (in shares) | 3,533,012 | 3,502,824 |
Diluted (in shares) | 3,538,292 | 3,502,824 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Treasury Stock, Common [Member] Common Class A [Member] | Treasury Stock, Common [Member] Common Class B [Member] | Treasury Stock, Common [Member] | Common Stock Outstanding [Member] Common Class A [Member] | Common Stock Outstanding [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2022 | $ 7,351,563 | $ 1,465,522 | $ (2,125,252) | $ 1,741,901 | $ 34,581,171 | $ 43,014,905 | ||||
Stock awards to directors and officers | 492,665 | 0 | 0 | 0 | 0 | 492,665 | ||||
Share repurchase | 0 | 0 | (71,185) | 0 | 0 | (71,185) | ||||
Net Income | $ 0 | $ 0 | 0 | 0 | 3,391,473 | 3,391,473 | ||||
Balance (in shares) at Dec. 31, 2022 | 2,791,449 | 914,283 | 47,412 | 182,435 | 2,744,037 | 731,848 | ||||
Stock awards to directors and officers (in shares) | 34,700 | 0 | 0 | 0 | 34,700 | 0 | ||||
Share repurchase (in shares) | 0 | 0 | 4,862 | 0 | (4,862) | 0 | ||||
Balance at Mar. 31, 2023 | $ 7,844,228 | $ 1,465,522 | (2,196,437) | 1,741,901 | 37,972,643 | 46,827,857 | ||||
Balance (in shares) at Mar. 31, 2023 | 2,826,149 | 914,283 | 52,274 | 182,435 | 2,773,875 | 731,848 | ||||
Balance at Dec. 31, 2023 | $ 8,878,986 | $ 1,465,522 | (2,237,026) | 1,741,901 | 47,875,964 | 57,725,347 | ||||
Stock awards to directors and officers | 612,354 | 0 | 0 | 0 | 0 | 612,354 | ||||
Share repurchase | 0 | 0 | (252,269) | 0 | 0 | (252,269) | ||||
Net Income | $ 0 | $ 0 | 0 | 0 | 2,996,885 | 2,996,885 | ||||
Balance (in shares) at Dec. 31, 2023 | 2,832,966 | 914,283 | 54,074 | 182,435 | 2,778,892 | 731,848 | ||||
Stock awards to directors and officers (in shares) | 36,400 | 36,400 | 0 | |||||||
Share repurchase (in shares) | 6,973 | (6,973) | 0 | |||||||
Balance at Mar. 31, 2024 | $ 9,491,340 | $ 1,465,522 | $ (2,489,295) | $ 1,741,901 | $ 50,872,849 | $ 61,082,317 | ||||
Balance (in shares) at Mar. 31, 2024 | 2,869,366 | 914,283 | 61,047 | 182,435 | 2,808,319 | 731,848 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flow (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities | ||
Net Income | $ 2,996,885 | $ 3,391,473 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,038,052 | 923,228 |
Loss on investments in equity securities | 118,077 | 59,033 |
Amortization of right of use assets | 453,669 | 397,536 |
Share-based compensation expense | 612,354 | 492,665 |
Changes in assets and liabilities: | ||
Accounts receivable | (5,175,695) | (1,716,552) |
Inventories | (670,089) | 448,963 |
Contract assets | (215,140) | (857,308) |
Prepaid expenses & other assets | (679,078) | 256,770 |
Right of use assets | (107,907) | (46,109) |
Other noncurrent assets | 13,000 | 87,415 |
Accounts payable | 3,573,509 | (289,046) |
Lease liabilities | (344,294) | (347,115) |
Accrued Income Taxes | 1,149,177 | 1,172,171 |
Other current liabilities | (14,779) | 507,582 |
Unearned revenue | 75,787 | (763,842) |
Total adjustments | (173,357) | 325,391 |
Net Cash Provided by Operating Activities | 2,823,528 | 3,716,864 |
Cash Flows from Investing Activities | ||
Cash paid for business acquisitions, net | (6,549,750) | 0 |
Proceeds from sale of property, plant and equipment | 72,000 | 0 |
Sale of investments | 135,625 | 0 |
Capital expenditures | (436,820) | (147,661) |
Net Cash (Used in) Investing Activities | (6,778,945) | (147,661) |
Cash Flows from Financing Activities | ||
Payments on notes | (201,289) | (743,580) |
Payments on bank debt | (2,351,000) | (3,892,153) |
Borrowings on bank debt | 7,859,942 | 1,791,604 |
Share repurchase | (252,269) | (71,185) |
Net Cash Provided by (Used in) Financing Activities | 5,055,384 | (2,915,314) |
Net Increase in cash and cash equivalents | 1,099,967 | 653,889 |
Cash and cash equivalents at beginning of period | 1,647,175 | 1,247,627 |
Cash and cash equivalents at end of period | 2,747,142 | 1,901,516 |
Supplemental disclosures of cash flow information | ||
Interest Paid | 230,169 | 348,042 |
Supplemental disclosures of noncash financing and investing activity | ||
Additions to ROU assets obtained from new operating lease liabilities | $ 107,907 | $ 46,109 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 not may December 31, 2024 10 December 31, 2023 During the three March 31, 2024 no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 Recent Accounting Pronouncements In June 2016, 2016 13, January 1, 2023 not In November 2023, 2023 07, 280 280 December 15, 2023, December 15, 2024, In December 2023, 2023 09, 740 December 15, 2024. 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 similar assets or liabilities in active markets; * 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. The following is a description of the valuation methodologies used for the Company's 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, 2024 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. ACCOUNTS RECEIVABLE The balance of accounts receivable, net was $25,387,705, $19,671,833, and $21,884,807 at March 31, 2024 December 31, 2023 December 31, 2022, 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 $91,120 and $105,223 at March 31, 2024 December 31, 2023 |
Note 4 - Inventory
Note 4 - Inventory | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. INVENTORY Inventory is valued at the lower of cost ( first first March 31, December 31, 2024 2023 Raw materials and component parts $ 3,720,613 $ 3,989,444 Work-in-process 5,199,148 4,514,263 Finished products 11,223,973 9,846,694 Total inventory $ 20,143,734 $ 18,350,401 Less: inventory reserves 1,020,677 677,779 Net inventory $ 19,123,057 $ 17,672,622 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. Goodwill represents the excess of cost over the fair value of identifiable assets acquired. U.S. GAAP requires that both indefinite-lived intangible assets and Goodwill are tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not 50% 350 fourth first not 2023, not December 31, 2023 no There were no impairment indicators identified during the three March 31, 2024 March 31, 2023. Goodwill increased by $1.3 million from $16.5 million at December 31, 2023 March 31, 2024 December 31, 2022 December 31, 2023 second 2023, Goodwill by reportable segment is as follows: March 31, December 31, 2024 2023 Commercial Air Handling Equipment Segment: Beginning Balance $ 478,256 $ 478,256 Acquisitions - - Adjustments - - Ending Balance $ 478,256 $ 478,256 Industrial and Transportation Products Segment: Beginning Balance $ 15,974,793 $ 15,753,682 Acquisitions 1,330,987 - Adjustments - 221,111 Ending Balance $ 17,305,780 $ 15,974,793 Total Company: Beginning Balance $ 16,453,049 $ 16,231,938 Acquisitions 1,330,987 - Adjustments - 221,111 Ending Balance $ 17,784,036 $ 16,453,049 The Company's intangible assets have primarily been generated via acquisitions. Intangibles are being amortized on a straight-line basis over periods ranging from one Intangible assets consist of the following: March 31, December 31, 2024 2023 Customer list intangibles $ 11,367,000 $ 9,316,000 Non-compete agreements 200,000 200,000 Trademarks 4,517,899 4,466,899 Total intangible assets 16,084,899 13,982,899 Less: accumulated amortization 6,080,635 5,730,299 Intangible assets, net $ 10,004,264 $ 8,252,600 Amortization of intangibles assets was $350,336 and $315,303 for the three March 31, 2024 2023 Intangible amortization for the next five Amortization in future periods Remainder of 2024 1,051,008 2025 1,401,343 2026 1,073,479 2027 957,432 2028 899,250 |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment, Net | 3 Months Ended |
Mar. 31, 2024 | |
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 expensed as incurred. Property, plant and equipment are as follows: March 31, December 31, 2024 2023 Land $ 423,034 $ 231,034 Buildings and improvements 4,847,586 3,760,203 Machinery & equipment 25,632,121 24,851,703 Total property, plant & equipment 30,902,741 28,842,940 Less: accumulated depreciation 14,710,075 14,156,750 Property plant & equipment, net $ 16,192,666 $ 14,686,190 During the second 2023, Depreciation expense was $679,959 and $596,322 for the three March 31, 2024 2023 |
Note 7 - Investments in Equity
Note 7 - Investments in Equity Securities | 3 Months Ended |
Mar. 31, 2024 | |
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 valued based on quoted stock prices in active markets, thus Level 1 As of March 31, 2024, December 31, 2023, first 2024 As of March 31, 2023, December 31, 2022, first 2023 2023. |
Note 8 - Bank Debt
Note 8 - Bank Debt | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 8. BANK DEBT The Company is party to a Credit Agreement with JPMorgan Chase Bank, N.A. as lender (as amended, the “Credit Agreement”). The Company entered into a sixth June 12, 2023. June 30, 2023. The Company entered into a seventh November 27, 2023. June 1, 2024 June 1, 2027, ( may June 30, 2024, 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 SOFR (previously LIBOR) plus applicable margins of (i) (0.25%) for Prime Rate loans and (ii) 1.75% for SOFR (previously LIBOR) loans. The Credit Agreement includes a commitment fee on the unused portion of the revolving facility of 0.25% per annum payable quarterly. The obligations of the Company and other borrowers under the Credit Agreement are secured by a blanket lien on all the assets of the Company and its subsidiaries. The Credit Agreement also includes customary representations and warranties and applicable reporting requirements and covenants. The financial covenants under the Credit Agreement include a minimum fixed charge coverage ratio, a maximum senior funded debt to EBITDA ratio and a maximum total funded debt to EBITDA ratio. Bank debt balances consist of the following: March 31, December 31, 2024 2023 Term debt $ - $ - Revolving debt 10,621,130 5,112,187 Total Bank debt 10,621,130 5,112,187 Less: current portion - - Non-current bank debt 10,621,130 5,112,187 Less: unamortized debt costs 7,758 15,515 Net non-current bank debt $ 10,613,372 $ 5,096,672 The Company had $19.4 million and $24.9 million available to borrow on the revolving credit facility at March 31, 2024 December 31, 2023 March 31, 2024 |
Note 9 - Notes Payable
Note 9 - Notes Payable | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. NOTES PAYABLE Notes Payable – Related Party In connection with the Komtek Forge acquisition, on January 15, 2021, one April 15, 2021. Notes payable consists of the following: March 31, December 31, 2024 2023 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 $ 1,093,146 $ 1,294,435 Total notes payable 1,093,146 1,294,435 Less current portion 837,105 824,226 Notes payable – non-current portion $ 256,041 $ 470,209 |
Note 10 - Leases
Note 10 - Leases | 3 Months Ended |
Mar. 31, 2024 | |
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 under one Supplemental balance sheet information related to leases: March 31, December 31, 2024 2023 Operating leases: Operating lease right-of-use assets, net $ 8,011,139 $ 8,356,903 Operating lease liabilities – current 1,734,007 1,714,174 Operating lease liabilities – noncurrent 6,536,914 6,901,043 Total operating lease liabilities $ 8,270,921 $ 8,615,217 Weighted Average Remaining Lease Term Operating Leases (in years) 7.2 7.1 Weighted Average Discount Rate Operating Leases 5 % 5 % |
Note 11 - Earnings Per Common S
Note 11 - Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 Earnings Per Share - Basic Net Income $ 2,996,885 $ 3,391,473 Weighted average shares of common stock outstanding - Basic 3,533,012 3,502,824 Earnings Per Share - Basic $ 0.85 $ 0.97 Earnings Per Share - Diluted Weighted average shares of common stock outstanding - Basic 3,533,012 3,502,824 Unvested Restricted Stock Awards 5,280 - Weighted average shares of common stock - Diluted 3,538,292 3,502,824 Earnings Per Share - Diluted $ 0.85 $ 0.97 |
Note 12 - Acquisitions
Note 12 - Acquisitions | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 12. ACQUISITIONS Heany Industries, LLC Effective January 2, 2024, Total Consideration $ 6,550,000 Cash $ 250 Accounts Receivable 540,177 Inventory 780,346 Fixed Assets 1,821,615 Prepaid and Other Assets 79,247 Intangible Assets: Customer List & Trademarks 2,102,000 Goodwill 1,330,987 Total Assets Acquired $ 6,654,622 Accounts Payable $ 60,047 Deferred Revenue 44,575 Total Liabilities Assumed 104,622 Total Fair Value $ 6,550,000 Acquisition transaction costs incurred were: $ 215,591 Goodwill has an assigned value of $1.3 million and represents the expected synergies generated by combining the operations of Heany and the Company. The Company has been a long-time customer of Heany and the acquisition allows for a strengthening of the supply chain. The acquired customer relationships have an assigned intangible asset value of $2.05 million, which was determined using an income approach. The residual intangible asset value relates to trademarks. Sales and Net Income for the Acquired Companies Sales and net income information for Heany since the respective acquisition date for the three March 31, 2024 2023 Three Months ended Three Months ended March 31, 2024 March 31, 2023 Sales Net Income Sales Net Income Acquired Companies: Heany Industries (acquired January 2, 2024) $ 1,455,531 $ 19,469 $ - $ - Subtotal Acquired Companies $ 1,455,531 $ 19,469 $ - $ - All Other Companies 36,984,108 2,977,416 39,484,356 3,391,473 Total $ 38,439,639 $ 2,996,885 $ 39,484,356 $ 3,391,473 |
Note 13 - Segment and Related I
Note 13 - Segment and Related Information | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. The Company reports operations for two 1 2 280 10 50 1. not Both the Commercial Air Handling Equipment segment and the Industrial and Transportation Products segment engage in business activities from which they may 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. The company purchased substantially all of the assets of Crawford SEP r America LLC or “Separ America”), in Davie, Florida on January 10, 2022. Separ America develops, designs, manufactures, sells and distributes oil change systems, fuel and oil transfer pumps, fuel primers, fuel polishing systems and engine flushing systems. The company purchased substantially all of the assets of KMC Corp. dba Knitting Machinery Corp. (“Knitting Machinery”), in Cleveland, Ohio and Greenville, Ohio on May 1, 2022. Knitting Machinery specializes in manufacturing hose reinforcement machinery for the plastic, rubber and silicone industries. The company purchased substantially all of the assets of Heany Industries, Inc. in Scottsville, New York on January 2, 2024 . Heany is a The factors used to determine the Company’s reportable segments follow the guidance of ASC 280 10 50 21 50 10 22 not three eighteen 30 Corporate costs not Corporate costs not Information by industry segment is set forth below: Three Months Ended March 31, 2024 2023 Sales summary by segment Commercial Air Handling $ 16,978,444 $ 16,051,193 Industrial and Transportation Products 21,461,195 23,433,163 Total Sales 38,439,639 39,484,356 Gross profit summary by segment Commercial Air Handling 5,632,095 4,439,907 Industrial and Transportation Products 4,612,938 6,076,645 Total Gross Profit 10,245,033 10,516,552 Segment operating profit Commercial Air Handling 4,548,801 3,415,195 Industrial and Transportation Products 1,575,114 3,191,102 Total Segment Operating Profit 6,123,915 6,606,297 Corporate charges not allocated to segments 1,549,825 1,487,030 Operating Income 4,574,090 5,119,267 Interest charges 237,841 369,802 (Gain) loss on investments 118,077 59,033 Other (income) expense, net 72,263 997 Income before Provision for Income Taxes $ 4,145,909 $ 4,689,435 |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. None. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | ITEM 5. During the quarter ended March 31, 2024 no 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, January 1, 2023 not In November 2023, 2023 07, 280 280 December 15, 2023, December 15, 2024, In December 2023, 2023 09, 740 December 15, 2024. |
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 Measurement, Policy [Policy Text Block] | Fair Value Measurements As defined in FASB ASC 820, one three * Level 1: * Level 2: * Quoted prices for similar assets or liabilities in active markets; * 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. The following is a description of the valuation methodologies used for the Company's 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, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2024 2023 Raw materials and component parts $ 3,720,613 $ 3,989,444 Work-in-process 5,199,148 4,514,263 Finished products 11,223,973 9,846,694 Total inventory $ 20,143,734 $ 18,350,401 Less: inventory reserves 1,020,677 677,779 Net inventory $ 19,123,057 $ 17,672,622 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | March 31, December 31, 2024 2023 Commercial Air Handling Equipment Segment: Beginning Balance $ 478,256 $ 478,256 Acquisitions - - Adjustments - - Ending Balance $ 478,256 $ 478,256 Industrial and Transportation Products Segment: Beginning Balance $ 15,974,793 $ 15,753,682 Acquisitions 1,330,987 - Adjustments - 221,111 Ending Balance $ 17,305,780 $ 15,974,793 Total Company: Beginning Balance $ 16,453,049 $ 16,231,938 Acquisitions 1,330,987 - Adjustments - 221,111 Ending Balance $ 17,784,036 $ 16,453,049 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, December 31, 2024 2023 Customer list intangibles $ 11,367,000 $ 9,316,000 Non-compete agreements 200,000 200,000 Trademarks 4,517,899 4,466,899 Total intangible assets 16,084,899 13,982,899 Less: accumulated amortization 6,080,635 5,730,299 Intangible assets, net $ 10,004,264 $ 8,252,600 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization in future periods Remainder of 2024 1,051,008 2025 1,401,343 2026 1,073,479 2027 957,432 2028 899,250 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2024 2023 Land $ 423,034 $ 231,034 Buildings and improvements 4,847,586 3,760,203 Machinery & equipment 25,632,121 24,851,703 Total property, plant & equipment 30,902,741 28,842,940 Less: accumulated depreciation 14,710,075 14,156,750 Property plant & equipment, net $ 16,192,666 $ 14,686,190 |
Note 8 - Bank Debt (Tables)
Note 8 - Bank Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, December 31, 2024 2023 Term debt $ - $ - Revolving debt 10,621,130 5,112,187 Total Bank debt 10,621,130 5,112,187 Less: current portion - - Non-current bank debt 10,621,130 5,112,187 Less: unamortized debt costs 7,758 15,515 Net non-current bank debt $ 10,613,372 $ 5,096,672 |
Note 9 - Notes Payable (Tables)
Note 9 - Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, December 31, 2024 2023 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 $ 1,093,146 $ 1,294,435 Total notes payable 1,093,146 1,294,435 Less current portion 837,105 824,226 Notes payable – non-current portion $ 256,041 $ 470,209 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lessee, Operating and Finance Lease, Assets and Liabilities [Table Text Block] | March 31, December 31, 2024 2023 Operating leases: Operating lease right-of-use assets, net $ 8,011,139 $ 8,356,903 Operating lease liabilities – current 1,734,007 1,714,174 Operating lease liabilities – noncurrent 6,536,914 6,901,043 Total operating lease liabilities $ 8,270,921 $ 8,615,217 Weighted Average Remaining Lease Term Operating Leases (in years) 7.2 7.1 Weighted Average Discount Rate Operating Leases 5 % 5 % |
Note 11 - Earnings Per Common_2
Note 11 - Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 Earnings Per Share - Basic Net Income $ 2,996,885 $ 3,391,473 Weighted average shares of common stock outstanding - Basic 3,533,012 3,502,824 Earnings Per Share - Basic $ 0.85 $ 0.97 Earnings Per Share - Diluted Weighted average shares of common stock outstanding - Basic 3,533,012 3,502,824 Unvested Restricted Stock Awards 5,280 - Weighted average shares of common stock - Diluted 3,538,292 3,502,824 Earnings Per Share - Diluted $ 0.85 $ 0.97 |
Note 12 - Acquisitions (Tables)
Note 12 - Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Total Consideration $ 6,550,000 Cash $ 250 Accounts Receivable 540,177 Inventory 780,346 Fixed Assets 1,821,615 Prepaid and Other Assets 79,247 Intangible Assets: Customer List & Trademarks 2,102,000 Goodwill 1,330,987 Total Assets Acquired $ 6,654,622 Accounts Payable $ 60,047 Deferred Revenue 44,575 Total Liabilities Assumed 104,622 Total Fair Value $ 6,550,000 Acquisition transaction costs incurred were: $ 215,591 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months ended Three Months ended March 31, 2024 March 31, 2023 Sales Net Income Sales Net Income Acquired Companies: Heany Industries (acquired January 2, 2024) $ 1,455,531 $ 19,469 $ - $ - Subtotal Acquired Companies $ 1,455,531 $ 19,469 $ - $ - All Other Companies 36,984,108 2,977,416 39,484,356 3,391,473 Total $ 38,439,639 $ 2,996,885 $ 39,484,356 $ 3,391,473 |
Note 13 - Segment and Related_2
Note 13 - Segment and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2024 2023 Sales summary by segment Commercial Air Handling $ 16,978,444 $ 16,051,193 Industrial and Transportation Products 21,461,195 23,433,163 Total Sales 38,439,639 39,484,356 Gross profit summary by segment Commercial Air Handling 5,632,095 4,439,907 Industrial and Transportation Products 4,612,938 6,076,645 Total Gross Profit 10,245,033 10,516,552 Segment operating profit Commercial Air Handling 4,548,801 3,415,195 Industrial and Transportation Products 1,575,114 3,191,102 Total Segment Operating Profit 6,123,915 6,606,297 Corporate charges not allocated to segments 1,549,825 1,487,030 Operating Income 4,574,090 5,119,267 Interest charges 237,841 369,802 (Gain) loss on investments 118,077 59,033 Other (income) expense, net 72,263 997 Income before Provision for Income Taxes $ 4,145,909 $ 4,689,435 |
Note 3 - Accounts Receivable (D
Note 3 - Accounts Receivable (Details Textual) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts Receivable, after Allowance for Credit Loss | $ 25,387,705 | $ 19,671,833 | $ 21,884,807 |
Accounts Receivable, Allowance for Credit Loss | $ 91,120 | $ 105,223 |
Note 4 - Inventory - Inventory
Note 4 - Inventory - Inventory (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Raw materials and component parts | $ 3,720,613 | $ 3,989,444 |
Work-in-process | 5,199,148 | 4,514,263 |
Finished products | 11,223,973 | 9,846,694 |
Total inventory | 20,143,734 | 18,350,401 |
Less: inventory reserves | 1,020,677 | 677,779 |
Net inventory | $ 19,123,057 | $ 17,672,622 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets, Net (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | ||
Goodwill, Period Increase (Decrease) | 1,300,000 | $ 200,000 | ||
Goodwill | 17,784,036 | $ 16,453,049 | $ 16,231,938 | |
Amortization of Intangible Assets | 350,336 | $ 315,303 | ||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||
Industrial and Transportation Products Segment [Member] | ||||
Goodwill, Period Increase (Decrease) | $ 1,300,000 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets, Net - Goodwill By Reportable Segment (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Beginning Balance | $ 16,453,049 | $ 16,231,938 |
Acquisitions | 1,330,987 | 0 |
Adjustments | 0 | 221,111 |
Ending Balance | 17,784,036 | 16,453,049 |
Commercial Air Handling [Member] | ||
Beginning Balance | 478,256 | 478,256 |
Acquisitions | 0 | 0 |
Adjustments | 0 | 0 |
Ending Balance | 478,256 | 478,256 |
Industrial and Transportation Products [Member] | ||
Beginning Balance | 15,974,793 | 15,753,682 |
Acquisitions | 1,330,987 | 0 |
Adjustments | 0 | 221,111 |
Ending Balance | $ 17,305,780 | $ 15,974,793 |
Note 5 - Goodwill and Other I_5
Note 5 - Goodwill and Other Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Other intangibles, gross | $ 16,084,899 | $ 13,982,899 |
Less: accumulated amortization | 6,080,635 | 5,730,299 |
Intangible assets, net | 10,004,264 | 8,252,600 |
Customer Lists [Member] | ||
Other intangibles, gross | 11,367,000 | 9,316,000 |
Noncompete Agreements [Member] | ||
Other intangibles, gross | 200,000 | 200,000 |
Trademarks [Member] | ||
Other intangibles, gross | $ 4,517,899 | $ 4,466,899 |
Note 5 - Goodwill and Other I_6
Note 5 - Goodwill and Other Intangible Assets, Net - Future Amortization Expense (Details) | Mar. 31, 2024 USD ($) |
Remainder of 2024 | $ 1,051,008 |
2025 | 1,401,343 |
2026 | 1,073,479 |
2027 | 957,432 |
2028 | $ 899,250 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Depreciation | $ 679,959 | $ 596,322 | |
Common Class A [Member] | Aerospace Tooling Machine [Member] | Air Power Dynamics, LLC [Member] | |||
Stock Issued During Period, Shares, Purchase of Assets (in shares) | 7,317 | ||
Stock Issued During Period, Value, Purchase of Assets | $ 150,000 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment, Net - Schedule of Property, Plant, and Equipment (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Property Plant and Equipment, Gross | $ 30,902,741 | $ 28,842,940 |
Less: accumulated depreciation | 14,710,075 | 14,156,750 |
Property plant & equipment, net | 16,192,666 | 14,686,190 |
Land [Member] | ||
Property Plant and Equipment, Gross | 423,034 | 231,034 |
Building and Building Improvements [Member] | ||
Property Plant and Equipment, Gross | 4,847,586 | 3,760,203 |
Machinery and Equipment [Member] | ||
Property Plant and Equipment, Gross | $ 25,632,121 | $ 24,851,703 |
Note 7 - Investments in Equit_2
Note 7 - Investments in Equity Securities (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Equity Securities, FV-NI, Current | $ 411,599 | $ 665,301 | $ 598,938 | $ 657,971 |
Equity Securities, FV-NI, Unrealized Loss | 135,625 | |||
Equity Securities, FV-NI, Realized Gain (Loss) | $ 0 |
Note 8 - Bank Debt (Details Tex
Note 8 - Bank Debt (Details Textual) - USD ($) | 3 Months Ended | |||||
Jan. 03, 2024 | Mar. 02, 2021 | Mar. 31, 2024 | Dec. 31, 2023 | Nov. 27, 2023 | Nov. 26, 2023 | |
Heany Industries, LLC [Member] | ||||||
Business Combination, Consideration Transferred | $ 6,550,000 | $ 6,600,000 | ||||
J P Morgan Chase Bank [Member] | ||||||
Line of Credit Facility, Covenant, Maximum Annual Amount Payable in Dividends or Other Restricted Payments | $ 2,000,000 | $ 1,250,000 | ||||
Line of Credit, Covenant, Repurchase of Company Equity | $ 7,000,000 | |||||
J P Morgan Chase Bank [Member] | Prime Rate [Member] | Term Debt [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||
J P Morgan Chase Bank [Member] | Letter of Credit [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | |||||
J P Morgan Chase Bank [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 19,400,000 | $ 24,900,000 | ||||
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) 1 [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Note 8 - Bank Debt - Summary of
Note 8 - Bank Debt - Summary of Loan Balances (Details) - Bank Debt [Member] - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Total Bank Debt | $ 10,621,130 | $ 5,112,187 |
Less: current portion | 0 | 0 |
Non-current bank debt | 10,621,130 | 5,112,187 |
Less: unamortized debt costs | 7,758 | 15,515 |
Net non-current bank debt | 10,613,372 | 5,096,672 |
Term Debt [Member] | ||
Total Bank Debt | 0 | 0 |
Line of Credit [Member] | ||
Total Bank Debt | $ 10,621,130 | $ 5,112,187 |
Note 9 - Notes Payable (Details
Note 9 - Notes Payable (Details Textual) - Notes Payable [Member] - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Jan. 15, 2021 | Jan. 14, 2021 |
Notes Payable, Total | $ 1,093,146 | $ 1,294,435 | ||
Related Party Notes [Member] | First Francis [Member] | ||||
Notes Payable, Total | $ 2,077,384 | |||
Related Party Notes [Member] | First Francis [Member] | Komtek Forge [Member] | ||||
Notes Payable, Total | $ 1,702,400 | |||
Related Party Notes Three [Member] | First Francis [Member] | ||||
Notes Payable, Total | $ 1,093,146 | $ 1,294,435 | $ 3,779,784 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% |
Note 9 - Notes Payable - Notes
Note 9 - Notes Payable - Notes Payable (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Jan. 15, 2021 |
Less current portion | $ 837,105 | $ 824,226 | |
Notes Payable [Member] | |||
Notes payable | 1,093,146 | 1,294,435 | |
Less current portion | 837,105 | 824,226 | |
Notes payable – non-current portion | 256,041 | 470,209 | |
Notes Payable [Member] | Related Party Notes Three [Member] | First Francis [Member] | |||
Notes payable | $ 1,093,146 | $ 1,294,435 | $ 3,779,784 |
Note 9 - Notes Payable - Note_2
Note 9 - Notes Payable - Notes Payable (Details) (Parentheticals) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Notes Payable [Member] | Related Party Notes Three [Member] | First Francis [Member] | ||
Notes payable, face value | $ 3,779,784 | $ 3,779,784 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Lessee, Operating and Finance Lease, Renewal Term (Year) | 10 years |
Minimum [Member] | |
Operating and Finance Lease, Remaining Term (Year) | 1 year |
Maximum [Member] | |
Operating and Finance Lease, Remaining Term (Year) | 11 years |
Note 10 - Leases - Lease Assets
Note 10 - Leases - Lease Assets and Liabilities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Operating lease right-of-use assets, net | $ 8,011,139 | $ 8,356,903 |
Operating lease liabilities – current | 1,734,007 | 1,714,174 |
Operating lease liabilities – noncurrent | $ 6,536,914 | $ 6,901,043 |
Weighted Average Remaining Lease Term, Operating Leases (in years) (Year) | 7 years 2 months 12 days | 7 years 1 month 6 days |
Weighted Average Discount Rate, Operating Leases | 5% | 5% |
Other Current Liabilities [Member] | ||
Operating lease liabilities – current | $ 1,734,007 | $ 1,714,174 |
Operating Lease Liabilities [Member] | ||
Operating lease liabilities – noncurrent | 6,536,914 | 6,901,043 |
Other Current Liabilities and Operating Lease Liabilities [Member] | ||
Total operating lease liabilities | $ 8,270,921 | $ 8,615,217 |
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, 2024 | Mar. 31, 2023 | |
Net Income | $ 2,996,885 | $ 3,391,473 |
Weighted average shares of common stock outstanding - Basic (in shares) | 3,533,012 | 3,502,824 |
Net Income Per Common Share - Basic (in dollars per share) | $ 0.85 | $ 0.97 |
Unvested Restricted Stock Awards (in shares) | 5,280 | 0 |
Weighted average shares of common stock - Diluted (in shares) | 3,538,292 | 3,502,824 |
Net Income Per Common Share - Diluted (in dollars per share) | $ 0.85 | $ 0.97 |
Note 12 - Acquisitions (Details
Note 12 - Acquisitions (Details Textual) - USD ($) | 3 Months Ended | ||||
Jan. 03, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Payments to Acquire Businesses, Gross | $ 6,549,750 | $ 0 | |||
Goodwill | $ 17,784,036 | $ 16,453,049 | $ 16,231,938 | ||
Heany Industries, LLC [Member] | |||||
Payments to Acquire Businesses, Gross | $ 12,000,000 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | 6,600,000 | ||||
Goodwill | 1,330,987 | ||||
Heany Industries, LLC [Member] | Customer Lists [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,050,000 |
Note 12 - Acquisitions - Summar
Note 12 - Acquisitions - Summary Assets Acquired and Liabilities Assumed (Details) - USD ($) | 3 Months Ended | |||
Jan. 03, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill | $ 17,784,036 | $ 16,453,049 | $ 16,231,938 | |
Heany Industries, LLC [Member] | ||||
Total Consideration | $ 6,550,000 | $ 6,600,000 | ||
Cash | 250 | |||
Accounts Receivable | 540,177 | |||
Inventory | 780,346 | |||
Fixed Assets | 1,821,615 | |||
Prepaid and Other Assets | 79,247 | |||
Intangible Assets: Customer List & Trademarks | 2,102,000 | |||
Goodwill | 1,330,987 | |||
Total Assets Acquired | 6,654,622 | |||
Accounts Payable | 60,047 | |||
Deferred Revenue | 44,575 | |||
Total Liabilities Assumed | 104,622 | |||
Total Fair Value | 6,550,000 | |||
Acquisition transaction costs incurred were: | $ 215,591 |
Note 12 - Acquisitions - Revenu
Note 12 - Acquisitions - Revenue and Net Income of Acquired Entities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 38,439,639 | $ 39,484,356 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 2,996,885 | 3,391,473 |
Heany Industries, LLC [Member] | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 1,455,531 | 0 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 19,469 | 0 |
Acquired Entities [Member] | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 1,455,531 | 0 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 19,469 | 0 |
All Other Entities [Member] | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 36,984,108 | 39,484,356 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 2,977,416 | $ 3,391,473 |
Note 13 - Segment and Related_3
Note 13 - Segment and Related Information (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Sales | $ 38,439,639 | $ 39,484,356 |
Gross profit | 10,245,033 | 10,516,552 |
Operating profit | 4,574,090 | 5,119,267 |
Interest charges | 237,841 | 369,802 |
Loss on investments in equity securities | 118,077 | 59,033 |
Other (income) expense, net | 72,263 | 997 |
Income before Provision for Income Taxes | 4,145,909 | 4,689,435 |
Operating Segments [Member] | ||
Sales | 38,439,639 | 39,484,356 |
Gross profit | 10,245,033 | 10,516,552 |
Operating profit | 6,123,915 | 6,606,297 |
Corporate and Reconciling Items [Member] | ||
Operating profit | 1,549,825 | 1,487,030 |
Commercial Air Handling [Member] | Operating Segments [Member] | ||
Sales | 16,978,444 | 16,051,193 |
Gross profit | 5,632,095 | 4,439,907 |
Operating profit | 4,548,801 | 3,415,195 |
Industrial and Transportation Products [Member] | Operating Segments [Member] | ||
Sales | 21,461,195 | 23,433,163 |
Gross profit | 4,612,938 | 6,076,645 |
Operating profit | $ 1,575,114 | $ 3,191,102 |