Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 03, 2021 | Aug. 13, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000700841 | |
Entity Registrant Name | RCM TECHNOLOGIES, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-01 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 3, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-10245 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 95-1480559 | |
Entity Address, Address Line One | 2500 McClellan Avenue, Suite 350 | |
Entity Address, City or Town | Pennsauken | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08109-4613 | |
City Area Code | 856 | |
Local Phone Number | 356-4500 | |
Title of 12(b) Security | Common Stock, par value $0.05 per share | |
Trading Symbol | RCMT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,054,430 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jul. 03, 2021 | Jan. 02, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,399 | $ 734 |
Accounts receivable, net | 37,223 | 36,007 |
Transit accounts receivable | 241 | 2,494 |
Prepaid expenses and other current assets | 3,023 | 4,699 |
Total current assets | 41,886 | 43,934 |
Property and equipment, net | 1,700 | 2,078 |
Other assets: | ||
Deposits | 163 | 169 |
Deferred tax asset, net, domestic | 2,591 | 3,300 |
Goodwill | 16,354 | 16,354 |
Operating right of use asset | 1,997 | 2,409 |
Intangible assets, net | 6 | 95 |
Total other assets | 21,111 | 22,327 |
Total assets | 64,697 | 68,339 |
Current liabilities: | ||
Accounts payable and accrued expenses | 9,855 | 7,895 |
Transit accounts payable | 2,526 | 4,900 |
Accrued payroll and related costs | 12,646 | 12,877 |
Finance lease payable | 124 | 247 |
Income taxes payable | 444 | 436 |
Operating right of use liability | 1,860 | 1,886 |
Liability for contingent consideration from acquisitions | 1,778 | 500 |
Total current liabilities | 29,233 | 28,741 |
Finance lease payable | 86 | 106 |
Liability for contingent consideration from acquisitions | 638 | 2,358 |
Operating right of use liability, net of current position | 1,809 | 2,641 |
Borrowings under line of credit | 9,686 | 11,890 |
Total liabilities | 41,832 | 46,101 |
Commitments and contingencies (note 16) | ||
Stockholders’ equity: | ||
Preferred stock, $1.00 par value; 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock, $0.05 par value; 40,000,000 shares authorized; 16,585,605 shares issued and 11,062,239 shares outstanding at July 3, 2021 and 16,224,191 shares issued and 11,542,880 shares outstanding at January 2, 2021 | 829 | 811 |
Stock subscription receivable | (210) | (420) |
Additional paid-in capital | 110,411 | 109,588 |
Accumulated other comprehensive loss | (2,593) | (2,550) |
Accumulated deficit | (65,711) | (67,974) |
Treasury stock (5,523,366 shares at July 3, 2021 and (4,681,311 shares at January 2, 2021) at cost | (19,861) | (17,217) |
Stockholders’ equity | 22,865 | 22,238 |
Total liabilities and stockholders’ equity | 64,697 | 68,339 |
Foreign Tax Authority [Member] | ||
Current liabilities: | ||
Deferred tax liability | $ 380 | $ 365 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jul. 03, 2021 | Jan. 02, 2021 |
Preferred stock par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.05 | $ 0.05 |
Common stock, authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, issued (in shares) | 16,585,605 | 16,224,191 |
Common stock, outstanding (in shares) | 11,062,239 | 11,542,880 |
Treasury stock, shares (in shares) | 5,523,366 | 4,681,311 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Revenue | $ 48,933 | $ 32,652 | $ 93,482 | $ 77,685 |
Cost of services | 36,667 | 24,149 | 70,366 | 58,339 |
Gross profit | 12,266 | 8,503 | 23,116 | 19,346 |
Operating costs and expenses | ||||
Selling, general and administrative | 9,995 | 8,994 | 19,064 | 19,231 |
Depreciation and amortization of property and equipment | 259 | 246 | 525 | 501 |
Amortization of acquired intangible assets | 9 | 80 | 89 | 160 |
Write-off of receivables and professional fees incurred related to arbitration | 0 | 350 | 0 | 8,397 |
Tax credit professional fees | 60 | 0 | 120 | 0 |
Operating costs and expenses | 10,323 | 9,670 | 19,798 | 28,289 |
Operating income (loss) | 1,943 | (1,167) | 3,318 | (8,943) |
Other expense (income) | ||||
Interest expense and other, net | 122 | 184 | 243 | 524 |
Change in fair value of contingent consideration | 26 | 36 | 52 | 72 |
Loss (gain) on foreign currency transactions | 53 | 13 | (82) | 46 |
Other expense, net | 201 | 233 | 213 | 642 |
Income (loss) before income taxes | 1,742 | (1,400) | 3,105 | (9,585) |
Income tax expense (benefit) | 486 | (408) | 842 | (2,648) |
Net income (loss) | $ 1,256 | $ (992) | $ 2,263 | $ (6,937) |
Basic net earnings (loss) per share (in dollars per share) | $ 0.11 | $ (0.08) | $ 0.20 | $ (0.54) |
Diluted net earnings (loss) per share (in dollars per share) | $ 0.11 | $ (0.08) | $ 0.19 | $ (0.54) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Net income (loss) | $ 2,263 | $ (6,937) |
Other comprehensive loss | (43) | (74) |
Comprehensive income (loss) | $ 2,220 | $ (7,011) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Stock Subscriptions Receivable [Member] | Total |
Balance (in shares) at Dec. 28, 2019 | 15,826,891 | 2,823,172 | |||||
Balance at Dec. 28, 2019 | $ 791 | $ 108,452 | $ (2,748) | $ (59,105) | $ (14,987) | $ 32,403 | |
Issuance of stock under employee stock purchase plan (in shares) | 57,251 | 0 | |||||
Issuance of stock under employee stock purchase plan | $ 3 | 137 | 0 | 0 | $ 0 | 140 | |
Equity compensation expense from awards issued | $ 0 | 69 | 0 | 0 | 69 | ||
Issuance of stock upon vesting of restricted share awards (in shares) | 60,000 | 0 | |||||
Issuance of stock upon vesting of restricted share awards | $ 3 | (3) | 0 | 0 | $ 0 | 0 | |
Foreign currency translation adjustment | 0 | 0 | (131) | 0 | $ 0 | (131) | |
Net income (loss) | $ 0 | 0 | 0 | (5,945) | (5,945) | ||
Issuance of equity awards (in shares) | 60,000 | 0 | |||||
Balance (in shares) at Mar. 28, 2020 | 15,944,142 | 2,823,172 | |||||
Balance at Mar. 28, 2020 | $ 797 | 108,655 | (2,879) | (65,050) | $ (14,987) | 26,536 | |
Balance (in shares) at Dec. 28, 2019 | 15,826,891 | 2,823,172 | |||||
Balance at Dec. 28, 2019 | $ 791 | 108,452 | (2,748) | (59,105) | $ (14,987) | $ 32,403 | |
Purchase of treasury stock (in shares) | 0 | ||||||
Foreign currency translation adjustment | $ (74) | ||||||
Net income (loss) | (6,937) | ||||||
Balance (in shares) at Jun. 27, 2020 | 16,010,694 | 4,681,311 | |||||
Balance at Jun. 27, 2020 | $ 800 | 108,819 | (2,822) | (66,042) | $ (17,217) | 23,538 | |
Balance (in shares) at Mar. 28, 2020 | 15,944,142 | 2,823,172 | |||||
Balance at Mar. 28, 2020 | $ 797 | 108,655 | (2,879) | (65,050) | $ (14,987) | 26,536 | |
Equity compensation expense from awards issued | $ 0 | 167 | 0 | 0 | $ 0 | 167 | |
Issuance of stock upon vesting of restricted share awards (in shares) | 66,552 | 0 | |||||
Issuance of stock upon vesting of restricted share awards | $ 3 | (3) | 0 | 0 | $ 0 | 0 | |
Purchase of treasury stock (in shares) | 0 | 1,858,139 | |||||
Purchase of treasury stock | $ 0 | 0 | 0 | 0 | $ (2,230) | (2,230) | |
Foreign currency translation adjustment | 0 | 0 | 57 | 0 | 0 | 57 | |
Net income (loss) | $ 0 | 0 | 0 | (992) | $ 0 | (992) | |
Issuance of equity awards (in shares) | 66,552 | 0 | |||||
Balance (in shares) at Jun. 27, 2020 | 16,010,694 | 4,681,311 | |||||
Balance at Jun. 27, 2020 | $ 800 | 108,819 | (2,822) | (66,042) | $ (17,217) | 23,538 | |
Balance (in shares) at Jan. 02, 2021 | 16,224,191 | 4,681,311 | |||||
Balance at Jan. 02, 2021 | $ 811 | 109,588 | (2,550) | (67,974) | $ (17,217) | $ (420) | 22,238 |
Issuance of stock under employee stock purchase plan (in shares) | 53,906 | 0 | |||||
Issuance of stock under employee stock purchase plan | $ 3 | 58 | 0 | 0 | $ 0 | 0 | 61 |
Stock subscription receivable (in shares) | 57,696 | 0 | |||||
Stock subscription receivable | $ 3 | (3) | 0 | 0 | $ 0 | 97 | 97 |
Equity compensation expense from awards issued | $ 0 | 545 | 0 | 0 | $ 0 | 0 | 545 |
Issuance of stock upon vesting of restricted share awards (in shares) | 175,000 | 0 | |||||
Issuance of stock upon vesting of restricted share awards | $ 9 | (9) | 0 | 0 | $ 0 | 0 | 0 |
Purchase of treasury stock (in shares) | 0 | 344,172 | |||||
Purchase of treasury stock | $ 0 | 0 | 0 | 0 | $ (911) | 0 | (911) |
Foreign currency translation adjustment | 0 | 0 | (111) | 0 | 0 | 0 | (111) |
Net income (loss) | $ 0 | 0 | 0 | 1,007 | $ 0 | 0 | 1,007 |
Issuance of equity awards (in shares) | 175,000 | 0 | |||||
Balance (in shares) at Apr. 03, 2021 | 16,510,793 | 5,025,483 | |||||
Balance at Apr. 03, 2021 | $ 826 | 110,179 | (2,661) | (66,967) | $ (18,128) | (323) | 22,926 |
Balance (in shares) at Jan. 02, 2021 | 16,224,191 | 4,681,311 | |||||
Balance at Jan. 02, 2021 | $ 811 | 109,588 | (2,550) | (67,974) | $ (17,217) | (420) | $ 22,238 |
Purchase of treasury stock (in shares) | 842,055 | ||||||
Foreign currency translation adjustment | $ (43) | ||||||
Net income (loss) | 2,263 | ||||||
Balance (in shares) at Jul. 03, 2021 | 16,585,605 | 5,523,366 | |||||
Balance at Jul. 03, 2021 | $ 829 | 110,411 | (2,593) | (65,711) | $ (19,861) | (210) | 22,865 |
Balance (in shares) at Apr. 03, 2021 | 16,510,793 | 5,025,483 | |||||
Balance at Apr. 03, 2021 | $ 826 | 110,179 | (2,661) | (66,967) | $ (18,128) | (323) | 22,926 |
Stock subscription receivable (in shares) | 67,312 | 0 | |||||
Stock subscription receivable | $ 3 | (3) | 0 | 0 | $ 0 | 113 | 113 |
Equity compensation expense from awards issued | $ 0 | 235 | 0 | 0 | $ 0 | 0 | 235 |
Issuance of stock upon vesting of restricted share awards (in shares) | 7,500 | 0 | |||||
Issuance of stock upon vesting of restricted share awards | $ 0 | 0 | 0 | 0 | $ 0 | 0 | 0 |
Purchase of treasury stock (in shares) | 0 | 497,883 | |||||
Purchase of treasury stock | $ 0 | 0 | 0 | 0 | $ (1,733) | 0 | (1,733) |
Foreign currency translation adjustment | 0 | 0 | 68 | 0 | 0 | 0 | 68 |
Net income (loss) | $ 0 | 0 | 0 | 1,256 | $ 0 | 0 | 1,256 |
Issuance of equity awards (in shares) | 7,500 | 0 | |||||
Balance (in shares) at Jul. 03, 2021 | 16,585,605 | 5,523,366 | |||||
Balance at Jul. 03, 2021 | $ 829 | $ 110,411 | $ (2,593) | $ (65,711) | $ (19,861) | $ (210) | $ 22,865 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 2,263 | $ (6,937) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 614 | 661 |
Change in fair value of contingent consideration | 52 | 72 |
Equity compensation expense | 710 | 236 |
Provision for losses on accounts receivable | (150) | 7,855 |
Deferred income tax expense (benefit) | 723 | (2,847) |
Changes in assets and liabilities: | ||
Accounts receivable | (929) | 12,227 |
Prepaid expenses and other current assets | 1,957 | 1,786 |
Net of transit accounts receivable and payable | (123) | 907 |
Accounts payable and accrued expenses | 1,906 | 2,739 |
Accrued payroll and related costs | (212) | 950 |
Right of use assets | 412 | 1,166 |
Right of use liabilities | (857) | (1,163) |
Income taxes payable | (249) | 131 |
Total adjustments | 3,854 | 24,720 |
Net cash provided by operating activities | 6,117 | 17,783 |
Cash flows from investing activities: | ||
Property and equipment acquired | (141) | (151) |
Decrease in deposits | 5 | 40 |
Net cash used in investing activities | (136) | (111) |
Cash flows from financing activities: | ||
Borrowings under line of credit | 50,261 | 33,266 |
Repayments under line of credit | (52,465) | (50,664) |
Issuance of stock for employee stock purchase plan | 61 | 140 |
Proceeds received on stock subscription | 210 | 0 |
Changes in finance lease obligations | (143) | (161) |
Contingent consideration paid | (494) | (345) |
Common stock repurchase | (2,644) | 0 |
Net cash used in financing activities | (5,214) | (17,764) |
Effect of exchange rate changes on cash and cash equivalents | (102) | (123) |
Increase (decrease) in cash and cash equivalents | 665 | (215) |
Cash and cash equivalents at beginning of period | 734 | 1,847 |
Cash and cash equivalents at end of period | 1,399 | 1,632 |
Supplemental cash flow information: | ||
Interest | 255 | 741 |
Income taxes | 370 | 59 |
Non-cash financing activities: | ||
Equity awards issued | 406 | 256 |
Note payable for purchase of treasury stock | $ 0 | $ 2,230 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Basis of Presentation The accompanying condensed consolidated interim financial statements of RCM Technologies, Inc. and subsidiaries (“RCM” or the “Company”) are unaudited. The year-end consolidated balance sheet was derived from audited statements but does not 10 January 2, 2021 10 The condensed consolidated financial statements for the unaudited interim periods presented include all adjustments (consisting only of normal, recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for such interim periods. Results for the thirteen twenty-six July 3, 2021 not may Fiscal Year The Company follows a 52/53 December 31. January 1, 2022 ( 2021 52 January 2, 2021 ( 2020 53 2021 2020 Fiscal 2021 Weeks Fiscal 2020 Weeks April 3, 2021 Thirteen March 28, 2020 Thirteen July 3, 2021 Thirteen June 27, 2020 Thirteen October 2, 2021 Thirteen September 26, 2020 Thirteen January 1, 2022 Thirteen January 2, 2021 Fourteen |
Note 2 - Use of Estimates and U
Note 2 - Use of Estimates and Uncertainties | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Use of Estimates and Uncertainties The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. The Company uses estimates to calculate an allowance for doubtful accounts on its accounts receivables, adequacy of reserves, goodwill impairment, if any, equity compensation, the tax rate applied and the valuation of certain assets and liability accounts. These estimates can be significant to the operating results and financial position of the Company. The estimates are based upon various factors including current and historical trends, as well as other pertinent industry and regulatory authority information, including the potential future effects of COVID- 19. The Company has risk participation arrangements with respect to workers compensation and health care insurance. The amounts included in the Company’s costs related to this risk participation are estimated and can vary based on changes in assumptions, the Company’s claims experience or the providers included in the associated insurance programs. The Company can be affected by a variety of factors including uncertainty relating to the performance of the general economy, competition, demand for the Company’s services, adverse litigation and claims and the hiring, training and retention of key employees. Fair Value of Financial Instruments The Company’s carrying value of financial instruments, consisting primarily of accounts receivable, transit accounts receivable, accounts payable and accrued expenses, and transit accounts payable and borrowings under line of credit approximates fair value due to their liquidity or their short-term nature and the line of credit’s variable interest rate. The Company does not The Company re-measures the fair value of the contingent consideration at each reporting period and any change in the fair value from either the passage of time or events occurring after the acquisition date, is recorded in earnings in the accompanying consolidated statement of operations. |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Recognition The Company records revenue under Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers We evaluate our revenue contracts with customers based on the five 606: 1 2 3 4 5 The Company derives its revenue from several sources. The Company’s Engineering Services and Information Technology segments perform consulting and project solution services. The Healthcare segment specializes in long-term and short-term staffing and placement services to hospitals, schools and long-term care facilities amongst others. All of the Company’s segments perform staff augmentation services and derive revenue from permanent placement fees. The majority of the Company’s revenue is invoiced on a time and materials basis. The following table presents our revenue disaggregated by revenue source for the thirteen twenty-six July 3, 2021 June 27, 2020: Thirteen Week Periods Ended Twenty-Six Week Periods Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Engineering: Time and Material $ 11,821 $ 10,784 $ 22,299 $ 23,611 Fixed Fee 5,113 3,189 9,034 4,503 Permanent Placement Services - 65 67 87 Total Engineering $ 16,934 $ 14,038 $ 31,400 $ 28,201 Specialty Health Care: Time and Material $ 22,729 $ 10,601 $ 43,661 $ 32,654 Permanent Placement Services 212 83 416 227 Total Specialty Health Care $ 22,941 $ 10,684 $ 44,077 $ 32,881 Information Technology: Time and Material $ 8,864 $ 7,779 $ 17,661 $ 16,336 Permanent Placement Services 194 151 344 267 Total Information Technology $ 9,058 $ 7,930 $ 18,005 $ 16,603 $ 48,933 $ 32,652 $ 93,482 $ 77,685 Time and Material The Company’s IT and Healthcare segments predominantly recognize revenue through time and material work while its Engineering segment recognizes revenue through both time and material and fixed fee work. The Company’s time and material contracts are typically based on the number of hours worked at contractually agreed upon rates, therefore revenue associated with these time and materials contracts are recognized based on hours worked at contracted rates. Fixed Fee From time to time and predominantly in our Engineering segment, the Company will enter into contracts requiring the completion of specific deliverables. The Company has master services agreements with many of its customers that broadly define terms and conditions. Actual services performed under fixed fee arrangements are typically delivered under purchase orders that more specifically define terms and conditions related to that fixed fee project. While these master services agreements can often span several years, the Company’s fixed fee purchase orders are typically performed over six nine not not Permanent Placement Services The Company earns permanent placement fees from providing permanent placement services. These fees are typically based on a percentage of the compensation paid to the person placed with the Company’s client. There was $1.0 million of deferred revenue as of July 3, 2021. January 2, 2021 may one twenty-six July 3, 2021 June 27, 2020, thirteen July 3, 2021 June 27, 2020, |
Note 4 - Accounts Receivable, T
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable The Company’s accounts receivable are comprised as follows: July 3, 2021 January 2, 2021 Billed $ 32,949 $ 25,926 Accrued and unbilled 2,865 8,219 Work-in-progress 2,827 3,612 Allowance for sales discounts and doubtful accounts (1,418 ) (1,750 ) Accounts receivable, net $ 37,223 $ 36,007 Unbilled receivables primarily represent revenue earned whereby those services are ready to be billed as of the balance sheet ending date. Work-in-progress primarily represents revenue earned under contracts which the Company contractually invoices at future dates. From time to time, the Company’s Engineering segment enters into agreements to provide, among other things, construction management and engineering services. Pursuant to these agreements, the Company a) may no not not not July 3, 2021. January 2, 2021. |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property and Equipment Property and equipment are stated at cost and are depreciated on the straight-line method at rates calculated to provide for retirement of assets at the end of their estimated useful lives. The annual rates are 20% for computer hardware and software as well as furniture and office equipment. Leasehold improvements are amortized over the shorter of the estimated life of the asset or the lease term. Property and equipment are comprised of the following: July 3, 2021 January 2, 2021 Computers and systems $ 4,485 $ 4,686 Equipment and furniture 137 264 Leasehold improvements 254 235 4,876 5,185 Less: accumulated depreciation and amortization 3,176 3,107 Property and equipment, net $ 1,700 $ 2,078 The Company periodically writes off fully depreciated and amortized assets. The Company wrote off fully depreciated and amortized assets of $451 and $1,284 during the twenty-six July 3, 2021 June 27, 2020, twenty-six July 3, 2021 June 27, 2020 thirteen July 3, 2021 June 27, 2020 |
Note 6 - Acquisitions
Note 6 - Acquisitions | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 6. Acquisitions The Company has acquired numerous companies throughout its history and those acquisitions have generally included significant future contingent consideration. The Company gives no Future Contingent Payments As of July 3, 2021, two may 1 October 1, 2017, 2 September 30, 2018, July 3, 2021 Fiscal Year Ending Total January 1, 2022 (after July 3, 2021) $ 28 December 31, 2022 1,750 December 30, 2023 638 Estimated future contingent consideration payments $ 2,416 Estimates of future contingent payments are subject to significant judgment and actual payments may July 3, 2021 July 3, 2021. twenty-six July 3, 2021, 3 For acquisitions that involve contingent consideration, the Company records a liability equal to the fair value of the estimated contingent consideration obligation as of the acquisition date. The Company determines the acquisition date fair value of the contingent consideration based on the likelihood of paying the additional consideration. The fair value is estimated using projected future operating results and the corresponding future earn-out payments that can be earned upon the achievement of specified operating objectives and financial results by acquired companies using Level 3 may one The Company paid $0.5 million and $0.3 million of contingent consideration during the twenty-six July 3, 2021 June 27, 2020, |
Note 7 - Goodwill
Note 7 - Goodwill | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 7. Goodwill Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired in business combinations. The Company tests goodwill for impairment on an annual basis as of the last day of the Company's fiscal year or more frequently if events occur or circumstances change indicating that the fair value of goodwill may twenty-six July 3, 2021, 19 19 second 2021 not no twenty-six July 3, 2021. twenty-six July 3, 2021 The carrying amount of goodwill as of July 3, 2021 January 2, 2021 Engineering Specialty Health Care Information Technology Total $ 11,918 $ 2,398 $ 2,038 $ 16,354 |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 8. Intangible Assets The Company evaluates long-lived assets and intangible assets with definite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not twenty-six July 3, 2021, 19 19 second 2021 not twenty-six July 3, 2021 All of the Company’s intangible assets are associated with the Engineering segment. Intangible assets other than goodwill are amortized over their useful lives. Intangible assets are carried at cost, less accumulated amortization. Details of intangible assets by class at July 3, 2021 January 2, 2021: July 3, 2021 January 2, 2021 Restricted covenants $ 4 $ 12 Customer relationships 2 83 Total intangible assets $ 6 $ 95 Amortization expense of acquired intangible assets for the twenty-six July 3, 2021 June 27, 2020 thirteen July 3, 2021 June 27, 2020 |
Note 9 - Line of Credit
Note 9 - Line of Credit | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Line of Credit The Company and its subsidiaries amended and restated its Revolving Credit Facility with Citizens Bank of Pennsylvania on October 18, 2019. no August 8, 2023. On September 29, 2020, third June 2020 Borrowings under the Revolving Credit Facility bear interest at one two 30 not not not twenty-six July 3, 2021 June 27, 2020 All borrowings under the Revolving Credit Facility are collateralized by all of the assets of the Company and its subsidiaries and a pledge of the stock of its subsidiaries. The Revolving Credit Facility also contains various financial and non-financial covenants, such as a covenant that restricts the Company’s ability to borrow in order to pay dividends. As of July 3, 2021, Borrowings under the line of credit as of July 3, 2021 January 2, 2021 July 3, 2021 January 2, 2021 July 3, 2021 January 2, 2021, Impact to Line of Credit from COVID- 19 The Company is negatively impacted by COVID- 19 19. 19 no |
Note 10 - Per Share Data
Note 10 - Per Share Data | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. Per Share Data The Company uses the treasury stock method to calculate the weighted-average shares used for diluted earnings per share. The number of common shares used to calculate basic and diluted earnings per share for the thirteen twenty-six July 3, 2021 June 27, 2020 Thirteen Week Periods Ended Twenty-Six Week Periods Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Basic weighted average shares outstanding 11,141,518 12,621,593 11,340,453 12,866,571 Dilutive effect of outstanding restricted share units 390,804 - 410,893 - Weighted average dilutive shares outstanding 11,532,322 12,621,593 11,751,346 12,866,571 RCM TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In thousands, except share and per share amounts, unless otherwise indicated) 10. Per Share Data (Continued) For all periods presented, there were no anti-dilutive shares included in the calculation of common stock equivalents as there were no Unissued shares of common stock were reserved for the following purposes: July 3, 2021 January 2, 2021 Time-based restricted stock units outstanding 499,054 459,805 Unvested subscription restricted share awards 124,992 250,000 Performance-based restricted stock units outstanding 90,000 - Future grants of options or shares 209,180 520,929 Shares reserved for employee stock purchase plan 95,988 149,894 Total 1,019,214 1,380,628 |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. Share-Based Compensation At July 3, 2021, two one three may may Share-based compensation expense for the thirteen July 3, 2021, June 27, 2020 twenty-six July 3, 2021, June 27, 2020 July 3, 2021, As of July 3, 2021, two not Incentive Share-Based Plans 2014 2014 The 2014 December 2014, 2016 2020, 2014 December 17, 2030, 2014 As of July 3, 2021, 2014 125,000 The market value of equity grants issued for the twenty-six July 3, 2021 June 27, 2020 Employee Stock Purchase Plan The Company implemented the 2001 January 1, 2001. one In fiscal 2015, December 31, 2025. 2018, The Company has two first two two first January 4, 2021 ( first July 3, 2021, Time-Based Restricted Stock Awards / Stock Subscription Receivable From time-to-time the Company issues time-based restricted stock units. These time-based restricted stock units typically include dividend accrual equivalents, which means that any dividends paid by the Company during the vesting period become due and payable after the vesting period assuming the grantee’s restricted stock unit fully vests. Dividends for these grants are accrued on the dividend payment dates and included in accounts payable and accrued expenses on the accompanying condensed consolidated balance sheet. As of July 3, 2021, not The following summarizes the activity in the time-based restricted stock units under the 2014 twenty-six July 3, 2021: Number of Time-Based Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding non-vested at January 2, 2021 709,805 $ 1.92 Granted 96,749 $ 2.80 Vested (182,508 ) $ 1.98 Forfeited or expired - - Outstanding non-vested at July 3, 2021 624,046 $ 2.04 Based on the closing price of the Company’s common stock of $4.00 per share on July 2, 2021 ( July 3, 2021), July 3, 2021 July 3, 2021, In December 2020, one twelve January 2021 December 2021. During the twenty-six July 3, 2021, 2020, Performance Based Restricted Stock Units From time-to-time the Company issues performance-based restricted stock units to its executives. Performance-based restricted stock units are typically vested based on certain multi-year performance metrics as determined by the Board of Directors Compensation Committee. These performance-based restricted stock units typically include dividend accrual equivalents, which means that any dividends paid by the Company during the vesting period become due and payable after the vesting period on any stock awards that actually vest, if any. Dividends for these grants are accrued on the dividend payment dates and included in accounts payable and accrued expenses on the accompanying condensed consolidated balance sheet. As of July 3, 2021, not To date, the Company has issued performance-based restricted stock units only under the 2014 twenty-six July 3, 2021: Number of Performance- Based Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding non-vested at January 2, 2021 - - Granted 90,000 $ 3.26 Vested - - Forfeited or expired - - Outstanding non-vested at July 3, 2021 90,000 $ 3.26 As of July 3, 2021, 125,000 The Company has estimated as of July 3, 2021 125,000 2021. 125,000 twenty-six July 3, 2021 |
Note 12 - Treasury Stock Transa
Note 12 - Treasury Stock Transactions | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 12. Treasury Stock Transactions On January 13, 2021, not may may During the twenty-six July 3, 2021, twenty-six June 27, 2020, not July 3, 2021, |
Note 13 - New Accounting Standa
Note 13 - New Accounting Standards and Updates from the Securities Exchange Commission ("SEC") | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 13. New Accounting Standards and Updates from the Securities Exchange Commission ( SEC ) In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 February 2020, 2020 02, Financial Instruments-Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 2016 13 December 15, 2022. not In March 2020, No. 2020 04, Reference Rate Reform (Topic 848 may December 31, 2022. |
Note 14 - Segment Information
Note 14 - Segment Information | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. Segment Information The Company follows ASC280, 1 10 January 2, 2021). Segment operating income (loss) includes selling, general and administrative expenses directly attributable to that segment as well as charges for allocating corporate costs to each of the operating segments. The following tables reflect the results of the reportable segments consistent with the Company’s management system: Thirteen Week Period Ended July 3, 2021 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 16,934 $ 22,941 $ 9,058 $ - $ 48,933 Cost of services 12,920 17,349 6,398 - 36,667 Gross profit 4,014 5,592 2,660 - 12,266 Selling, general and administrative 3,625 4,399 1,971 - 9,995 Depreciation and amortization of property and equipment 153 80 26 - 259 Amortization of acquired intangible assets 9 - - - 9 Tax credit professional fees - - - 60 60 Operating income (loss) $ 227 $ 1,113 $ 663 $ (60 ) $ 1,943 Total assets as of July 3, 2021 $ 30,050 $ 20,064 $ 8,187 $ 6,396 $ 64,697 Capital expenditures $ 30 $ 39 $ 3 $ 22 $ 94 Thirteen Week Period Ended June 27, 2020 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 14,038 $ 10,684 $ 7,930 $ - $ 32,652 Cost of services 9,804 8,487 5,858 - 24,149 Gross profit 4,234 2,197 2,072 - 8,503 Selling, general and administrative 3,349 3,208 2,437 - 8,994 Depreciation and amortization of property and equipment 154 70 22 - 246 Amortization of acquired intangible assets 80 - - - 80 Write-off of receivables and professional fees incurred related to arbitration 350 - - - 350 Operating income (loss) $ 301 $ (1,081 ) $ (387 ) $ - $ (1,167 ) Total assets as of June 27, 2020 $ 40,699 $ 15,570 $ 7,815 $ 6,094 $ 70,178 Capital expenditures $ 21 $ - $ 20 $ 75 $ 116 Twenty-Six Week Period Ended July 3, 2021 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 31,400 $ 44,077 $ 18,005 $ - $ 93,482 Cost of services 24,180 33,448 12,738 - 70,366 Gross profit 7,220 10,629 5,267 - 23,116 Selling, general and administrative 6,697 8,464 3,903 - 19,064 Depreciation and amortization of property and equipment 308 161 56 - 525 Amortization of acquired intangible assets 89 - - - 89 Tax credit professional fees - - - 120 120 Operating income (loss) $ 126 $ 2,004 $ 1,308 $ (120 ) $ 3,318 Total assets as of July 3, 2021 $ 30,050 $ 20,064 $ 8,187 $ 6,396 $ 64,697 Capital expenditures $ 39 $ 67 $ 9 $ 26 $ 141 Twenty-Six Week Period Ended June 27, 2020 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 28,201 $ 32,881 $ 16,603 $ - $ 77,685 Cost of services 20,001 26,311 12,027 - 58,339 Gross profit 8,200 6,570 4,576 - 19,346 Selling, general and administrative 6,723 7,682 4,826 - 19,231 Depreciation and amortization of property and equipment 312 147 42 - 501 Amortization of acquired intangible assets 160 - - - 160 Write-off of receivables and professional fees incurred related to arbitration 8,397 - - - 8,397 Operating income (loss) $ (7,392 ) $ (1,259 ) $ (292 ) $ - $ (8,943 ) Total assets as of June 27, 2020 $ 40,699 $ 15,570 $ 7,815 $ 6,094 $ 70,178 Capital expenditures $ 30 $ 10 $ 35 $ 76 $ 151 The Company derives a majority of its revenue from offices in the United States. Revenue reported for each operating segment are all from external customers. The Company is domiciled in the United States and its segments operate in the United States, Canada, Puerto Rico and Serbia. Revenue by geographic area for the thirteen twenty-six July 3, 2021 June 27, 2020 Thirteen Week Periods Ended Twenty-Six Week Periods Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Revenue U. S. $ 43,746 $ 26,989 $ 82,753 $ 66,165 Canada 3,074 3,641 6,459 7,643 Puerto Rico 1,368 1,383 2,883 2,585 Serbia 745 639 1,387 1,292 $ 48,933 $ 32,652 $ 93,482 $ 77,685 Total assets by geographic area as of the reported periods are as follows: July 3, 2021 January 2, 2021 Total assets U. S. $ 54,095 $ 56,308 Canada 5,626 7,067 Puerto Rico 1,511 1,483 Serbia 3,465 3,481 $ 64,697 $ 68,339 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. Income Taxes The Company recognized $0.8 million of income tax expense for the twenty-six July 3, 2021, 2021 July 3, 2021, Differences between the effective tax rate and the applicable U.S. federal statutory rate may 2021 may |
Note 16 - Contingencies
Note 16 - Contingencies | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 16. Contingencies From time to time, the Company is a defendant or plaintiff in various legal actions that arise in the ordinary business course. These matters may may may As such, the Company is required to assess the likelihood of any adverse outcomes to these matters as well as potential ranges of losses and possible recoveries. The Company may not may The Company is exposed to various asserted claims as of July 3, 2021, July 3, 2021, not not, July 3, 2021 not not December 2020. $1.6 2021 fourth |
Note 17 - Leases
Note 17 - Leases | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 17. Leases Leases are recorded in accordance with FASB ASC 842, 12 The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not . The components of lease expense were as follows: Thirteen Week Periods Ended Twenty-Six Week Periods Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease cost $ 535 $ 647 $ 1,072 $ 1,303 Finance lease cost Amortization of right of use assets $ 91 $ 77 $ 182 $ 155 Interest on lease liabilities 1 2 3 4 Total finance lease cost $ 92 $ 79 $ 185 $ 159 Supplemental Cash Flow information related to leases was as follows: Thirteen Week Period Ended Twenty-Six Week Period Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 555 $ 664 $ 1,107 $ 1,327 Operating cash flows from finance leases 1 2 2 4 Financing cash flows from finance leases 74 81 148 161 Right of use assets obtained in exchange for lease obligations Operating leases $ 26 $ 32 $ 171 $ 282 Finance leases - - - - Supplemental Balance Sheet information as of July 3, 2021 January 2, 2021 July 3, 2021 January 2, 2021 Operating leases Operating lease right of use assets $ 1,997 $ 2,409 Operating right of use liability - current $ (1,860 ) $ (1,886 ) Operating right of use liability - non-current (1,809 ) (2,641 ) Total operating lease liabilities $ (3,669 ) $ (4,527 ) Property and equipment - (right of use assets) $ 368 $ 1,140 Accumulated depreciation (155 ) (746 ) Property and equipment, net $ 213 $ 394 Finance lease liability - current $ (124 ) $ (247 ) Finance lease liability - non-current (86 ) (106 ) Total finance lease liabilities $ (210 ) $ (353 ) Weighted average remaining lease term Operating leases (Years) 1.20 2.03 Finance leases (Years) 1.45 1.45 Weighted average discount rate Operating leases 3.12 % 4.06 % Finance leases 3.42 % 2.63 % Maturities of lease liabilities are as follows: Fiscal Year Operating Leases Finance Leases 2021 (after July 3, 2021) $ 1,036 $ 104 2022 1,542 108 2023 967 - 2024 233 - 2025 48 - Total lease payments 3,826 212 Less: imputed interest (157 ) (2 ) Total $ 3,669 $ 210 |
Note 18 - Stockholder Rights Pl
Note 18 - Stockholder Rights Plan | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 18. Stockholder Rights Plan On May 22, 2020, June 2, 2020 one one . The initial issuance of the Rights as a dividend had no not no not not no . The Rights expired in accordance with their terms on May 22, 2021 no |
Note 19 - COVID-19
Note 19 - COVID-19 | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Effect of COVID-19 Pandemic [Text Block] | 19. COVID- 19 In March 2020, 19 2020 first 2021, 2021 |
Note 20 - Subsequent Events
Note 20 - Subsequent Events | 6 Months Ended |
Jul. 03, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 20. Subsequent Events On July 30, 2021, two two two thirteen July 3, 2021, June 27, 2020, two twenty-six July 3, 2021, June 27, 2020, two |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Thirteen Week Periods Ended Twenty-Six Week Periods Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Engineering: Time and Material $ 11,821 $ 10,784 $ 22,299 $ 23,611 Fixed Fee 5,113 3,189 9,034 4,503 Permanent Placement Services - 65 67 87 Total Engineering $ 16,934 $ 14,038 $ 31,400 $ 28,201 Specialty Health Care: Time and Material $ 22,729 $ 10,601 $ 43,661 $ 32,654 Permanent Placement Services 212 83 416 227 Total Specialty Health Care $ 22,941 $ 10,684 $ 44,077 $ 32,881 Information Technology: Time and Material $ 8,864 $ 7,779 $ 17,661 $ 16,336 Permanent Placement Services 194 151 344 267 Total Information Technology $ 9,058 $ 7,930 $ 18,005 $ 16,603 $ 48,933 $ 32,652 $ 93,482 $ 77,685 |
Note 4 - Accounts Receivable,_2
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | July 3, 2021 January 2, 2021 Billed $ 32,949 $ 25,926 Accrued and unbilled 2,865 8,219 Work-in-progress 2,827 3,612 Allowance for sales discounts and doubtful accounts (1,418 ) (1,750 ) Accounts receivable, net $ 37,223 $ 36,007 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | July 3, 2021 January 2, 2021 Computers and systems $ 4,485 $ 4,686 Equipment and furniture 137 264 Leasehold improvements 254 235 4,876 5,185 Less: accumulated depreciation and amortization 3,176 3,107 Property and equipment, net $ 1,700 $ 2,078 |
Note 6 - Acquisitions (Tables)
Note 6 - Acquisitions (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Fiscal Year Ending Total January 1, 2022 (after July 3, 2021) $ 28 December 31, 2022 1,750 December 30, 2023 638 Estimated future contingent consideration payments $ 2,416 |
Note 7 - Goodwill (Tables)
Note 7 - Goodwill (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Engineering Specialty Health Care Information Technology Total $ 11,918 $ 2,398 $ 2,038 $ 16,354 |
Note 8 - Intangible Assets (Tab
Note 8 - Intangible Assets (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | July 3, 2021 January 2, 2021 Restricted covenants $ 4 $ 12 Customer relationships 2 83 Total intangible assets $ 6 $ 95 |
Note 10 - Per Share Data (Table
Note 10 - Per Share Data (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Thirteen Week Periods Ended Twenty-Six Week Periods Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Basic weighted average shares outstanding 11,141,518 12,621,593 11,340,453 12,866,571 Dilutive effect of outstanding restricted share units 390,804 - 410,893 - Weighted average dilutive shares outstanding 11,532,322 12,621,593 11,751,346 12,866,571 |
Unissued Shares of Common Stock [Table Text Block] | July 3, 2021 January 2, 2021 Time-based restricted stock units outstanding 499,054 459,805 Unvested subscription restricted share awards 124,992 250,000 Performance-based restricted stock units outstanding 90,000 - Future grants of options or shares 209,180 520,929 Shares reserved for employee stock purchase plan 95,988 149,894 Total 1,019,214 1,380,628 |
Note 11 - Share-based Compens_2
Note 11 - Share-based Compensation (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Time-Based Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding non-vested at January 2, 2021 709,805 $ 1.92 Granted 96,749 $ 2.80 Vested (182,508 ) $ 1.98 Forfeited or expired - - Outstanding non-vested at July 3, 2021 624,046 $ 2.04 Number of Performance- Based Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding non-vested at January 2, 2021 - - Granted 90,000 $ 3.26 Vested - - Forfeited or expired - - Outstanding non-vested at July 3, 2021 90,000 $ 3.26 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Thirteen Week Period Ended July 3, 2021 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 16,934 $ 22,941 $ 9,058 $ - $ 48,933 Cost of services 12,920 17,349 6,398 - 36,667 Gross profit 4,014 5,592 2,660 - 12,266 Selling, general and administrative 3,625 4,399 1,971 - 9,995 Depreciation and amortization of property and equipment 153 80 26 - 259 Amortization of acquired intangible assets 9 - - - 9 Tax credit professional fees - - - 60 60 Operating income (loss) $ 227 $ 1,113 $ 663 $ (60 ) $ 1,943 Total assets as of July 3, 2021 $ 30,050 $ 20,064 $ 8,187 $ 6,396 $ 64,697 Capital expenditures $ 30 $ 39 $ 3 $ 22 $ 94 Thirteen Week Period Ended June 27, 2020 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 14,038 $ 10,684 $ 7,930 $ - $ 32,652 Cost of services 9,804 8,487 5,858 - 24,149 Gross profit 4,234 2,197 2,072 - 8,503 Selling, general and administrative 3,349 3,208 2,437 - 8,994 Depreciation and amortization of property and equipment 154 70 22 - 246 Amortization of acquired intangible assets 80 - - - 80 Write-off of receivables and professional fees incurred related to arbitration 350 - - - 350 Operating income (loss) $ 301 $ (1,081 ) $ (387 ) $ - $ (1,167 ) Total assets as of June 27, 2020 $ 40,699 $ 15,570 $ 7,815 $ 6,094 $ 70,178 Capital expenditures $ 21 $ - $ 20 $ 75 $ 116 Twenty-Six Week Period Ended July 3, 2021 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 31,400 $ 44,077 $ 18,005 $ - $ 93,482 Cost of services 24,180 33,448 12,738 - 70,366 Gross profit 7,220 10,629 5,267 - 23,116 Selling, general and administrative 6,697 8,464 3,903 - 19,064 Depreciation and amortization of property and equipment 308 161 56 - 525 Amortization of acquired intangible assets 89 - - - 89 Tax credit professional fees - - - 120 120 Operating income (loss) $ 126 $ 2,004 $ 1,308 $ (120 ) $ 3,318 Total assets as of July 3, 2021 $ 30,050 $ 20,064 $ 8,187 $ 6,396 $ 64,697 Capital expenditures $ 39 $ 67 $ 9 $ 26 $ 141 Twenty-Six Week Period Ended June 27, 2020 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 28,201 $ 32,881 $ 16,603 $ - $ 77,685 Cost of services 20,001 26,311 12,027 - 58,339 Gross profit 8,200 6,570 4,576 - 19,346 Selling, general and administrative 6,723 7,682 4,826 - 19,231 Depreciation and amortization of property and equipment 312 147 42 - 501 Amortization of acquired intangible assets 160 - - - 160 Write-off of receivables and professional fees incurred related to arbitration 8,397 - - - 8,397 Operating income (loss) $ (7,392 ) $ (1,259 ) $ (292 ) $ - $ (8,943 ) Total assets as of June 27, 2020 $ 40,699 $ 15,570 $ 7,815 $ 6,094 $ 70,178 Capital expenditures $ 30 $ 10 $ 35 $ 76 $ 151 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Thirteen Week Periods Ended Twenty-Six Week Periods Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Revenue U. S. $ 43,746 $ 26,989 $ 82,753 $ 66,165 Canada 3,074 3,641 6,459 7,643 Puerto Rico 1,368 1,383 2,883 2,585 Serbia 745 639 1,387 1,292 $ 48,933 $ 32,652 $ 93,482 $ 77,685 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | July 3, 2021 January 2, 2021 Total assets U. S. $ 54,095 $ 56,308 Canada 5,626 7,067 Puerto Rico 1,511 1,483 Serbia 3,465 3,481 $ 64,697 $ 68,339 |
Note 17 - Leases (Tables)
Note 17 - Leases (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Thirteen Week Periods Ended Twenty-Six Week Periods Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease cost $ 535 $ 647 $ 1,072 $ 1,303 Finance lease cost Amortization of right of use assets $ 91 $ 77 $ 182 $ 155 Interest on lease liabilities 1 2 3 4 Total finance lease cost $ 92 $ 79 $ 185 $ 159 |
Lease, Cash Flow Information [Table Text Block] | Thirteen Week Period Ended Twenty-Six Week Period Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 555 $ 664 $ 1,107 $ 1,327 Operating cash flows from finance leases 1 2 2 4 Financing cash flows from finance leases 74 81 148 161 Right of use assets obtained in exchange for lease obligations Operating leases $ 26 $ 32 $ 171 $ 282 Finance leases - - - - |
Lease, Balance Sheet Information [Table Text Block] | July 3, 2021 January 2, 2021 Operating leases Operating lease right of use assets $ 1,997 $ 2,409 Operating right of use liability - current $ (1,860 ) $ (1,886 ) Operating right of use liability - non-current (1,809 ) (2,641 ) Total operating lease liabilities $ (3,669 ) $ (4,527 ) Property and equipment - (right of use assets) $ 368 $ 1,140 Accumulated depreciation (155 ) (746 ) Property and equipment, net $ 213 $ 394 Finance lease liability - current $ (124 ) $ (247 ) Finance lease liability - non-current (86 ) (106 ) Total finance lease liabilities $ (210 ) $ (353 ) Weighted average remaining lease term Operating leases (Years) 1.20 2.03 Finance leases (Years) 1.45 1.45 Weighted average discount rate Operating leases 3.12 % 4.06 % Finance leases 3.42 % 2.63 % |
Lease, Liability, Maturity [Table Text Block] | Fiscal Year Operating Leases Finance Leases 2021 (after July 3, 2021) $ 1,036 $ 104 2022 1,542 108 2023 967 - 2024 233 - 2025 48 - Total lease payments 3,826 212 Less: imputed interest (157 ) (2 ) Total $ 3,669 $ 210 |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | Jan. 02, 2021 | |
Contract with Customer, Liability, Revenue Recognized | $ 100 | $ 0 | $ 400 | $ 400 | |
Accounts Payable and Accrued Liabilities [Member] | |||||
Contract with Customer, Liability, Total | $ 1,000 | $ 1,000 | $ 400 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Revenues Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Revenue | $ 48,933 | $ 32,652 | $ 93,482 | $ 77,685 |
Engineering Services [Member] | ||||
Revenue | 16,934 | 14,038 | 31,400 | 28,201 |
Health Care [Member] | ||||
Revenue | 22,941 | 10,684 | 44,077 | 32,881 |
Technology Service [Member] | ||||
Revenue | 9,058 | 7,930 | 18,005 | 16,603 |
Time-and-materials Contract [Member] | Engineering Services [Member] | ||||
Revenue | 11,821 | 10,784 | 22,299 | 23,611 |
Time-and-materials Contract [Member] | Health Care [Member] | ||||
Revenue | 22,729 | 10,601 | 43,661 | 32,654 |
Time-and-materials Contract [Member] | Technology Service [Member] | ||||
Revenue | 8,864 | 7,779 | 17,661 | 16,336 |
Fixed-price Contract [Member] | Engineering Services [Member] | ||||
Revenue | 5,113 | 3,189 | 9,034 | 4,503 |
Permanent Placement Services [Member] | Engineering Services [Member] | ||||
Revenue | 0 | 65 | 67 | 87 |
Permanent Placement Services [Member] | Health Care [Member] | ||||
Revenue | 212 | 83 | 416 | 227 |
Permanent Placement Services [Member] | Technology Service [Member] | ||||
Revenue | $ 194 | $ 151 | $ 344 | $ 267 |
Note 4 - Accounts Receivable,_3
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Details Textual) - USD ($) $ in Millions | Jul. 03, 2021 | Jan. 02, 2021 |
Transit Accounts Payable [Member] | ||
Accounts Payable, Current, Total | $ 2.5 | $ 4.9 |
Accounts Payable, Net | 2.3 | 2.4 |
Transit Accounts Receivable [Member] | ||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 0.2 | $ 2.5 |
Note 4 - Accounts Receivable,_4
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable - Accounts Receivable (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Jan. 02, 2021 |
Allowance for sales discounts and doubtful accounts | $ (1,418) | $ (1,750) |
Accounts receivable, net | 37,223 | 36,007 |
Billed Revenues [Member] | ||
Accounts receivable, current | 32,949 | 25,926 |
Unbilled Revenues [Member] | ||
Accounts receivable, current | 2,865 | 8,219 |
Work In Progress [Member] | ||
Accounts receivable, current | $ 2,827 | $ 3,612 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Annual Depreciation Rate | 20.00% | 20.00% | ||
Write Off of Fully Depreciated Property and Equipment | $ 451 | $ 1,284 | ||
Depreciation, Nonproduction | $ 259 | $ 246 | $ 525 | $ 501 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Jan. 02, 2021 |
Property and equipment | $ 4,876 | $ 5,185 |
Less: accumulated depreciation and amortization | 3,176 | 3,107 |
Property and equipment, net | 1,700 | 2,078 |
Computers and Systems [Member] | ||
Property and equipment | 4,485 | 4,686 |
Equipment and Furniture [Member] | ||
Property and equipment | 137 | 264 |
Leasehold Improvements [Member] | ||
Property and equipment | $ 254 | $ 235 |
Note 6 - Acquisitions (Details
Note 6 - Acquisitions (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Payment for Contingent Consideration Liability, Financing Activities | $ 494 | $ 345 |
PSR & TKE Acquisitions [Member] | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 2,400 | |
Payment for Contingent Consideration Liability, Financing Activities | $ 500 | $ 300 |
Note 6 - Acquisitions - Maximum
Note 6 - Acquisitions - Maximum Deferred Consideration Payments (Details) $ in Thousands | Jul. 03, 2021USD ($) |
January 1, 2022 (after July 3, 2021) | $ 28 |
December 31, 2022 | 1,750 |
December 30, 2023 | 638 |
Estimated future contingent consideration payments | $ 2,416 |
Note 7 - Goodwill (Details Text
Note 7 - Goodwill (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 7 - Goodwill - Changes in
Note 7 - Goodwill - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Jan. 02, 2021 |
Goodwill | $ 16,354 | $ 16,354 |
Engineering [Member] | ||
Goodwill | 11,918 | |
Specialty Health Care [Member] | ||
Goodwill | 2,398 | |
Information Technology [Member] | ||
Goodwill | $ 2,038 |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 0 | |||
Amortization of Intangible Assets, Total | $ 9 | $ 80 | $ 89 | $ 160 |
Note 8 - Intangible Assets - In
Note 8 - Intangible Assets - Intangible Assets by Class (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Jan. 02, 2021 |
Intangible assets, net | $ 6 | $ 95 |
Restricted Covenants [Member] | ||
Intangible assets, net | 4 | 12 |
Customer Relationships [Member] | ||
Intangible assets, net | $ 2 | $ 83 |
Note 9 - Line of Credit (Detail
Note 9 - Line of Credit (Details Textual) - USD ($) $ in Thousands | Sep. 29, 2020 | Jul. 03, 2021 | Jan. 02, 2021 | Jun. 27, 2020 | Oct. 18, 2019 |
Long-term Line of Credit, Noncurrent | $ 9,686 | $ 11,890 | |||
Note Issued to Acquire Treasury Stock [Member] | |||||
Repayments of Subordinated Debt, Total | $ 2,200 | ||||
Citizens Bank of Pennsylvania [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45,000 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.20% | 3.10% | |||
Long-term Line of Credit, Noncurrent | $ 9,700 | 11,900 | |||
Letters of Credit Outstanding, Amount | 1,900 | 1,900 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 33,400 | $ 31,200 |
Note 10 - Per Share Data (Detai
Note 10 - Per Share Data (Details Textual) shares in Thousands | 3 Months Ended |
Jul. 03, 2021shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 |
Note 10 - Per Share Data - Weig
Note 10 - Per Share Data - Weighted Average Number of Common Shares (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Basic weighted average shares outstanding (in shares) | 11,141,518 | 12,621,593 | 11,340,453 | 12,866,571 |
Dilutive effect of outstanding restricted share units (in shares) | 390,804 | 0 | 410,893 | 0 |
Weighted average dilutive shares outstanding (in shares) | 11,532,322 | 12,621,593 | 11,751,346 | 12,866,571 |
Note 10 - Per Share Data - Unis
Note 10 - Per Share Data - Unissued Shares of Common Stock Were Reserved for the Following Purposes (Details) - shares | Jul. 03, 2021 | Jan. 02, 2021 |
Future grants of options or shares (in shares) | 209,180 | 520,929 |
Shares reserved for employee stock purchase plan (in shares) | 95,988 | 149,894 |
Total (in shares) | 1,019,214 | 1,380,628 |
Time-based Restricted Stock Units [Member] | ||
Time-based restricted stock units outstanding (in shares) | 499,054 | 459,805 |
Unvested Subscription Restricted Share Awards [Member] | ||
Time-based restricted stock units outstanding (in shares) | 124,992 | 250,000 |
Performance-based Restricted Stock Units [Member] | ||
Time-based restricted stock units outstanding (in shares) | 90,000 | 0 |
Note 11 - Share-based Compens_3
Note 11 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2020 | Jul. 03, 2021 | Apr. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | Jan. 02, 2021 | Dec. 29, 2018 | Dec. 31, 2016 | Dec. 27, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||||||
Share-based Payment Arrangement, Expense | $ 347 | $ 167 | $ 710 | $ 236 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,019,214 | 1,019,214 | 1,380,628 | ||||||||
Dividends Payable | $ 0 | $ 0 | |||||||||
Share Price (in dollars per share) | $ 4 | $ 4 | |||||||||
The 2014 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,975,000 | 625,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 850,000 | 500,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 209,180 | 209,180 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Fair Value | $ 1,200 | 300 | |||||||||
Employee Stock Purchase Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 95,988 | 95,988 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 85.00% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | 10.00% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee (in shares) | 3,000 | ||||||||||
Additional Shares of Common Stock Reserved for Future Issuance (in shares) | 300,000 | 300,000 | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,400,000 | 1,100,000 | |||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 53,906 | ||||||||||
Performance-based Restricted Stock Units [Member] | The 2014 Plan [Member] | |||||||||||
Share-based Payment Arrangement, Expense | $ 204 | $ 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 90,000 | 90,000 | 0 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options, Maximum Shares Upon Adjustment (in shares) | 125,000 | 125,000 | |||||||||
Dividends Payable | $ 0 | $ 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 90,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 3.26 | ||||||||||
Time-based Restricted Stock Units [Member] | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,100 | $ 1,100 | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | ||||||||||
Time-based Restricted Stock Units [Member] | Immediately Vested [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 125,000 | 100,092 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.17 | $ 1.33 | |||||||||
Time-based Restricted Stock Units [Member] | Senior Management [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 250,000 | ||||||||||
Time-based Restricted Stock Units [Member] | The 2014 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 624,046 | 624,046 | 709,805 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 900 | $ 900 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 2,500 | $ 2,500 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 96,749 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.80 | ||||||||||
Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||
Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years |
Note 11 - Share-based Compens_4
Note 11 - Share-based Compensation - Restricted Stock Units Activity (Details) - The 2014 Plan [Member] | 6 Months Ended |
Jul. 03, 2021$ / sharesshares | |
Time-based Restricted Stock Units [Member] | |
Outstanding non-vested (in shares) | shares | 709,805 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.92 |
Granted (in shares) | shares | 96,749 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.80 |
Vested (in shares) | shares | (182,508) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.98 |
Forfeited or expired (in shares) | shares | 0 |
Forfeited or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Outstanding non-vested (in shares) | shares | 624,046 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.04 |
Performance-based Restricted Stock Units [Member] | |
Outstanding non-vested (in shares) | shares | 0 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Granted (in shares) | shares | 90,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.26 |
Vested (in shares) | shares | 0 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Forfeited or expired (in shares) | shares | 0 |
Forfeited or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Outstanding non-vested (in shares) | shares | 90,000 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.26 |
Note 12 - Treasury Stock Tran_2
Note 12 - Treasury Stock Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jan. 13, 2021 | |
Treasury Stock, Shares, Acquired (in shares) | 842,055 | 0 | |
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 3.14 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 4.9 | ||
Maximum [Member] | |||
Stock Repurchase Program, Authorized Amount | $ 7.5 |
Note 14 - Segment Information -
Note 14 - Segment Information - Results of the Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | Jan. 02, 2021 | |
Revenues | $ 48,933 | $ 32,652 | $ 93,482 | $ 77,685 | |
Cost of services | 36,667 | 24,149 | 70,366 | 58,339 | |
Gross profit | 12,266 | 8,503 | 23,116 | 19,346 | |
Selling, general and administrative | 9,995 | 8,994 | 19,064 | 19,231 | |
Depreciation and amortization of property and equipment | 259 | 246 | 525 | 501 | |
Amortization of acquired intangible assets | 9 | 80 | 89 | 160 | |
Tax credit professional fees | 60 | 0 | 120 | 0 | |
Operating income (loss) | 1,943 | (1,167) | 3,318 | (8,943) | |
Total assets | 64,697 | 70,178 | 64,697 | 70,178 | $ 68,339 |
Capital expenditures | 94 | 116 | 141 | 151 | |
Write-off of receivables and professional fees incurred related to arbitration | 0 | 350 | 0 | 8,397 | |
Engineering [Member] | |||||
Revenues | 16,934 | 14,038 | 31,400 | 28,201 | |
Cost of services | 12,920 | 9,804 | 24,180 | 20,001 | |
Gross profit | 4,014 | 4,234 | 7,220 | 8,200 | |
Selling, general and administrative | 3,625 | 3,349 | 6,697 | 6,723 | |
Depreciation and amortization of property and equipment | 153 | 154 | 308 | 312 | |
Amortization of acquired intangible assets | 9 | 80 | 89 | 160 | |
Tax credit professional fees | 0 | 0 | |||
Operating income (loss) | 227 | 301 | 126 | (7,392) | |
Total assets | 30,050 | 40,699 | 30,050 | 40,699 | |
Capital expenditures | 30 | 21 | 39 | 30 | |
Write-off of receivables and professional fees incurred related to arbitration | 350 | 8,397 | |||
Specialty Health Care [Member] | |||||
Revenues | 22,941 | 10,684 | 44,077 | 32,881 | |
Cost of services | 17,349 | 8,487 | 33,448 | 26,311 | |
Gross profit | 5,592 | 2,197 | 10,629 | 6,570 | |
Selling, general and administrative | 4,399 | 3,208 | 8,464 | 7,682 | |
Depreciation and amortization of property and equipment | 80 | 70 | 161 | 147 | |
Amortization of acquired intangible assets | 0 | 0 | 0 | 0 | |
Tax credit professional fees | 0 | 0 | |||
Operating income (loss) | 1,113 | (1,081) | 2,004 | (1,259) | |
Total assets | 20,064 | 15,570 | 20,064 | 15,570 | |
Capital expenditures | 39 | 0 | 67 | 10 | |
Write-off of receivables and professional fees incurred related to arbitration | 0 | 0 | |||
Information Technology [Member] | |||||
Revenues | 9,058 | 7,930 | 18,005 | 16,603 | |
Cost of services | 6,398 | 5,858 | 12,738 | 12,027 | |
Gross profit | 2,660 | 2,072 | 5,267 | 4,576 | |
Selling, general and administrative | 1,971 | 2,437 | 3,903 | 4,826 | |
Depreciation and amortization of property and equipment | 26 | 22 | 56 | 42 | |
Amortization of acquired intangible assets | 0 | 0 | 0 | 0 | |
Tax credit professional fees | 0 | 0 | |||
Operating income (loss) | 663 | (387) | 1,308 | (292) | |
Total assets | 8,187 | 7,815 | 8,187 | 7,815 | |
Capital expenditures | 3 | 20 | 9 | 35 | |
Write-off of receivables and professional fees incurred related to arbitration | 0 | 0 | |||
Corporate Segment [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Cost of services | 0 | 0 | 0 | 0 | |
Gross profit | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 0 | 0 | 0 | 0 | |
Depreciation and amortization of property and equipment | 0 | 0 | 0 | 0 | |
Amortization of acquired intangible assets | 0 | 0 | 0 | 0 | |
Tax credit professional fees | 60 | 120 | |||
Operating income (loss) | (60) | 0 | (120) | 0 | |
Total assets | 6,396 | 6,094 | 6,396 | 6,094 | |
Capital expenditures | $ 22 | 75 | $ 26 | 76 | |
Write-off of receivables and professional fees incurred related to arbitration | $ 0 | $ 0 |
Note 14 - Segment Information_2
Note 14 - Segment Information - Revenues by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Revenue | $ 48,933 | $ 32,652 | $ 93,482 | $ 77,685 |
UNITED STATES | ||||
Revenue | 43,746 | 26,989 | 82,753 | 66,165 |
CANADA | ||||
Revenue | 3,074 | 3,641 | 6,459 | 7,643 |
PUERTO RICO | ||||
Revenue | 1,368 | 1,383 | 2,883 | 2,585 |
SERBIA | ||||
Revenue | $ 745 | $ 639 | $ 1,387 | $ 1,292 |
Note 14 - Segment Information_3
Note 14 - Segment Information - Total Assets by Geographic Area (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Jan. 02, 2021 | Jun. 27, 2020 |
Total assets | $ 64,697 | $ 68,339 | $ 70,178 |
UNITED STATES | |||
Total assets | 54,095 | 56,308 | |
CANADA | |||
Total assets | 5,626 | 7,067 | |
PUERTO RICO | |||
Total assets | 1,511 | 1,483 | |
SERBIA | |||
Total assets | $ 3,465 | $ 3,481 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Income Tax Expense (Benefit), Total | $ 486 | $ (408) | $ 842 | $ (2,648) |
Effective Income Tax Rate Reconciliation, Percent, Total | 26.90% | 27.60% | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent, Total | 28.00% | 26.90% | ||
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent, Total | 26.40% | 27.30% | ||
Foreign Tax Authority [Member] | Ministry of Finance, Republic of Serbia [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent, Total | 15.20% | 15.30% |
Note 16 - Contingencies (Detail
Note 16 - Contingencies (Details Textual) $ in Millions | Jul. 03, 2021USD ($) |
Estimated Litigation Liability | $ 1.9 |
Loss Contingency, Estimate of Possible Loss | 1.9 |
Class Action Suit for Unpaid Overtime Wages to Travel Nurses [Member] | |
Estimated Litigation Liability | $ 1.6 |
Note 17 - Leases - Lease Expens
Note 17 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Operating lease cost | $ 535 | $ 647 | $ 1,072 | $ 1,303 |
Amortization of right of use assets | 91 | 77 | 182 | 155 |
Finance lease cost, Interest on lease liabilities | 1 | 2 | 3 | 4 |
Total finance lease cost | $ 92 | $ 79 | $ 185 | $ 159 |
Note 17 - Leases - Cash Flow In
Note 17 - Leases - Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Operating cash flows from operating leases | $ 555 | $ 664 | $ 1,107 | $ 1,327 |
Operating cash flows from finance leases | 1 | 2 | 2 | 4 |
Financing cash flows from finance leases | 74 | 81 | 148 | 161 |
Operating leases | 26 | 32 | 171 | 282 |
Finance leases | $ 0 | $ 0 | $ 0 | $ 0 |
Note 17 - Leases - Balance Shee
Note 17 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Jan. 02, 2021 |
Operating lease right of use assets | $ 1,997 | $ 2,409 |
Operating right of use liability - current | (1,860) | (1,886) |
Operating right of use liability - non-current | (1,809) | (2,641) |
Total operating lease liabilities | (3,669) | (4,527) |
Property and equipment - (right of use assets) | 368 | 1,140 |
Accumulated depreciation | (155) | (746) |
Property and equipment, net | 213 | 394 |
Finance lease liability - current | (124) | (247) |
Finance lease liability - non-current | (86) | (106) |
Total finance lease liabilities | $ (210) | $ (353) |
Operating leases (Years) (Year) | 1 year 2 months 12 days | 2 years 10 days |
Finance leases (Years) (Year) | 1 year 5 months 12 days | 1 year 5 months 12 days |
Operating leases | 3.12% | 4.06% |
Finance leases | 3.42% | 2.63% |
Note 17 - Leases - Maturities o
Note 17 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Jan. 02, 2021 |
2021 (after July 3, 2021), operating leases | $ 1,036 | |
2021 (after July 3, 2021), finance leases | 104 | |
2022, operating leases | 1,542 | |
2022, finance leases | 108 | |
2023, operating leases | 967 | |
2023, finance leases | 0 | |
2024, operating leases | 233 | |
2024, finance leases | 0 | |
2025, operating leases | 48 | |
2025, finance leases | 0 | |
Total lease payments, operating leases | 3,826 | |
Total lease payments, finance leases | 212 | |
Less: imputed interest, operating leases | (157) | |
Less: imputed interest, finance leases | (2) | |
Total, operating leases | 3,669 | $ 4,527 |
Total, finance leases | $ 210 | $ 353 |
Note 18 - Stockholder Rights _2
Note 18 - Stockholder Rights Plan (Details Textual) - Right [Member] | May 22, 2020$ / sharesshares |
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 5.60 |
Number of Units Called by Each Right (in shares) | 0.01 |
Note 20 - Subsequent Events (De
Note 20 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 48,933 | $ 32,652 | $ 93,482 | $ 77,685 |
Engineering [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 16,934 | 14,038 | 31,400 | 28,201 |
Engineering [Member] | Pickering and Kincardine Offices [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,100 | $ 2,900 | $ 4,400 | $ 5,900 |