Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 17, 2021 | Jun. 30, 2020 | |
Details | |||
Registrant CIK | 0000752294 | ||
Fiscal Year End | --12-31 | ||
Registrant Name | ELECTRONIC SYSTEMS TECHNOLOGY INC | ||
SEC Form | 10-K | ||
Period End date | Dec. 31, 2020 | ||
Trading Symbol | ELST | ||
Trading Exchange | NONE | ||
Tax Identification Number (TIN) | 91-1238077 | ||
Number of common stock shares outstanding | 4,946,502 | ||
Public Float | $ 706,129 | ||
Filer Category | Non-accelerated Filer | ||
Current with reporting | Yes | ||
Interactive Data Current | Yes | ||
Voluntary filer | No | ||
Well-known Seasoned Issuer | No | ||
Shell Company | false | ||
Small Business | true | ||
Emerging Growth Company | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 000-27793 | ||
Entity Incorporation, State or Country Code | WA | ||
Entity Address, Address Line One | 415 N. ROOSEVELT ST., STE B1 | ||
Entity Address, City or Town | KENNEWICK | ||
Entity Address, State or Province | WA | ||
Entity Address, Postal Zip Code | 99336 | ||
City Area Code | 509 | ||
Local Phone Number | 735-9092 | ||
Title of 12(g) Security | Common Stock, $0.001 par value | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY |
Electronic Systems Technology,
Electronic Systems Technology, Inc. Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 308,110 | $ 274,936 |
Certificates of deposit | 499,999 | 650,000 |
Accounts receivable, net | 288,884 | 76,959 |
Inventories | 631,707 | 822,819 |
Prepaid expenses | 28,087 | 20,910 |
Accrued interest receivable | 4,659 | 6,540 |
Total current assets | 1,761,446 | 1,852,164 |
Property and equipment, net of depreciation | 5,445 | 12,398 |
Right to use - Lease, net of amortization | 65,230 | 39,641 |
TOTAL ASSETS | 1,832,121 | 1,904,203 |
CURRENT LIABILITIES | ||
Accounts payable | 21,113 | 101,548 |
Accrued wages and bonus | 2,699 | 0 |
Lease liability, current portion | 36,753 | 39,641 |
Accrued vacation pay | 17,631 | 11,165 |
Other accrued liabilities | 6,720 | 4,555 |
Total current liabilities | 84,916 | 156,909 |
Long-term liabilities | ||
CARES Act loan payable | 171,712 | 0 |
Lease liability | 28,635 | 0 |
Total liabilities | 200,347 | 0 |
Total liabilities | 285,263 | 156,909 |
STOCKHOLDERS' EQUITY | ||
Common stock - $.001 par value 50,000,000 shares authorized, 4,946,502 and 4,946,502 shares issued and outstanding, respectively | 4,947 | 4,947 |
Additional paid-in capital | 931,442 | 929,159 |
Retained earnings | 610,469 | 813,188 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,832,121 | 1,904,203 |
TOTAL STOCKHOLDERS' EQUITY | $ 1,546,858 | $ 1,747,294 |
Electronic Systems Technology_2
Electronic Systems Technology, Inc. Balance Sheets - Parenthetical - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 4,946,502 | 4,946,502 |
Common Stock, Shares, Outstanding | 4,946,502 | 4,946,502 |
Electronic Systems Technology_3
Electronic Systems Technology, Inc. Statements of Operations - USD ($) | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
SALES - NET | $ 1,225,372 | $ 1,408,548 |
COST OF SALES | 608,654 | 664,265 |
GROSS PROFIT | 616,718 | 744,283 |
OPERATING EXPENSES | 839,173 | 957,438 |
OPERATING LOSS | (222,455) | (213,155) |
Other income | ||
Interest income | 10,736 | 22,198 |
Proceeds from government grant related to Cares Act | 9,000 | 0 |
TOTAL OTHER INCOME | 19,736 | 22,198 |
NET LOSS BEFORE INCOME TAXES | (202,719) | (190,957) |
INCOME TAX PROVISION (BENEFIT) | 0 | 0 |
Net Income (Loss) | $ (202,719) | $ (190,957) |
LOSS PER SHARE, BASIC AND DILUTED | $ (0.04) | $ (0.04) |
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED | 4,946,502 | 4,948,658 |
ELECTRONIC SYSTEMS TECHNOLOGY_4
ELECTRONIC SYSTEMS TECHNOLOGY, INC. STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Equity balance at Dec. 31, 2018 | $ 4,986 | $ 944,040 | $ 1,004,145 | $ 1,953,171 |
Shares outstanding at Dec. 31, 2018 | 4,985,748 | |||
Net loss | $ 0 | 0 | (190,957) | (190,957) |
Common stock repurchased | $ (39) | (14,881) | 0 | $ (14,920) |
Common stock repurchased | (39,246) | (39,246) | ||
Stock based compensation | $ 0 | |||
Shares outstanding at Dec. 31, 2019 | 4,946,502 | |||
Equity balance at Dec. 31, 2019 | $ 4,947 | 929,159 | 813,188 | 1,747,294 |
Net loss | 0 | 0 | (202,719) | (202,719) |
Common stock repurchased | $ 0 | |||
Common stock repurchased | 0 | |||
Stock based compensation | $ 0 | 2,283 | 0 | $ 2,283 |
Shares outstanding at Dec. 31, 2020 | 4,946,502 | |||
Equity balance at Dec. 31, 2020 | $ 4,947 | $ 931,442 | $ 610,469 | $ 1,546,858 |
ELECTRONIC SYSTEMS TECHNOLOGY_5
ELECTRONIC SYSTEMS TECHNOLOGY, INC. STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | ||
Net loss | $ (202,719) | $ (190,957) |
Noncash items included in net loss | ||
Depreciation and amortization | 6,953 | 7,970 |
Share based compensation | 2,283 | 0 |
Write off of uncollectible account receivable | 0 | 75,035 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (211,925) | (94,838) |
Inventories | 191,112 | (107,824) |
Prepaid expenses | (7,179) | 443 |
Accrued interest receivable | 1,881 | 6,760 |
Accounts payable | (80,435) | 30,291 |
Other accrued liabilities | 11,488 | (10,691) |
Net Cash provided (used) by Operating Activities | (288,539) | (283,811) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Certificates of deposit purchased | (1,049,999) | (1,850,000) |
Certificates of deposit redeemed | 1,200,000 | 2,100,000 |
Net Cash provided by Investing Activities | 150,001 | 250,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repurchase of shares of common stock | 0 | (14,920) |
Proceeds from CARES Act loan payable | 171,712 | 0 |
Net Cash used by Financing Activities | 171,712 | (14,920) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 33,174 | (48,731) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 274,936 | 323,667 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 308,110 | 274,936 |
Non-cash investing and financing activities: | ||
Recognition of operating lease liability and right of use asset | $ 74,005 | $ 0 |
1. Organization and Summary of
1. Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
1. Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Business Organization The Company was incorporated under the laws of the State of Washington on February 10, 1984, primarily to develop, produce, sell and distribute wireless modems that will allow communication between peripherals via radio frequency waves. Effective September 13, 2007, the Company announced their establishment of a doing business as or dba structure, based on the Companys registered trade name of ESTeem® Wireless Modems. Basis of Presentation and Accounting Estimates The preparation of financial statements are prepared in conformity with generally accepted accounting principles in the United States which requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Estimates used in the accompanying financial statements include the allowance for doubtful accounts receivable, inventory obsolescence, useful lives of depreciable assets, share-based compensation, and deferred income taxes. Actual results could differ from those estimates. Concentrations and Credit Risks The Company places its cash with three major financial institutions. During the period, the Company had cash balances that were in excess of federally insured limits. The Company purchases certain key components necessary for the production of its products from a limited number of suppliers. The components provided by the suppliers could be replaced or substituted by other products. It is possible that if this action became necessary, an interruption of production and/or material cost expenditures could take place. Revenue Recognition The Company recognizes revenue when it has satisfied the performance obligation required under a contract with the customer. A performance obligation is a promise in a contract with a customer to transfer a distinct good or service to the customer. Our contracts with customers contain a single performance obligation. A contract's transaction price is recognized as revenue when, or as, the performance obligation is satisfied. Performance obligations for product sales are satisfied as of a point in time. Revenue is recognized when control of the product transfers to the customer, generally upon product shipment. Performance obligations for site support and engineering services are satisfied over-time if the customer receives the benefits as we perform work and we have a contractual right to payment. Revenue recognized on an over-time basis is based on costs incurred to date relative to milestones and total estimated costs at completion to measure progress. The Company considers the contractual consideration payable by the customer when determining the transaction price of each contract. Revenue is recorded net of charges for certain sales incentives and discounts, and applicable state and local sales taxes, which represent components of the transaction price. Charges are estimated by us upon shipment of the product based on contractual terms, and actual charges typically do not vary materially from our estimates. Shipping estimates are determined by utilizing shipping costs provided by the various service providers websites based on number of packages, weight and destination. Shipping costs are included in the cost of goods sold as the revenue is captured in total sales. The Company receives payments from customers based on the terms established in our contracts. When amounts are billed and collected before the services are performed, they are included in deferred revenues. The Company does not generally sell its products with the right of return. Therefore, returns are accounted for when they occur and are accepted. Products sold to foreign customers are shipped after payment is received in U.S. funds, unless an established distributor relationship exists, or the customer is a foreign branch of a U.S. company. The Company warrants its products as free of manufacturing defects and provides a refund of the purchase price, repair or replacement of the product for a period of one year from the date of installation by the first user/customer. No allowance for estimated warranty repairs or product returns has been recorded due to the Companys historical experience of repairs and product returns. Financial Instruments The Companys financial instruments are cash, money market funds, and certificates of deposit. The recorded values of cash, money market funds and certificates of deposit approximate their fair values based on their short-term nature. Cash and Cash Equivalents Cash and cash equivalents are cash and money market funds purchased with original maturities of three months or less. Allowance for Uncollectible Accounts The Company uses the allowance method to account for estimated uncollectible accounts receivable. Accounts receivable are presented net of an allowance for doubtful accounts. As of December 31, 2020 and 2019, the Companys estimate of doubtful accounts was zero. The Companys policy for writing off past due accounts receivable is based on the time past due and responses received from the subject customer. Inventories Inventories are stated at lower of direct cost or market. Cost is determined on an average cost basis that approximates the first-in, first-out (FIFO) method. Market is determined based on net realizable value and consideration is given to obsolescence. Reclassifications Certain prior year amounts have been reclassified for consistency with the current period presentation. Reclassifications had no effect on net loss, stockholders' equity, or cash flows as previously reported. Property and Equipment Property and equipment is carried at cost. Major betterments are capitalized and de minimis purchases are expensed. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The useful life of property and equipment for purposes of computing depreciation is three to seven years. When the Company sells or otherwise disposes of property and equipment a gain or loss is recorded in the statement of operations. The cost of improvements that extend the life of property and equipment is capitalized. The Company periodically reviews its long-lived assets for impairment and, upon indication that the carrying value of such assets may not be recoverable, recognizes an impairment loss by a charge against current operations. Certificates of Deposit Certificates of deposit with original maturities ranging from one month to twelve months were $499,999 and $650,000 at December 31, 2020 and 2019, respectively. Software Costs Software purchased and used by the Company is capitalized as property and equipment based on its cost, and amortized over its useful life, usually not exceeding five years. The Company capitalizes the costs of creating a software product to be sold, leased or otherwise marketed, for which technological feasibility has been established. Amortization of the software product, on a product-by-product basis, begins on the date the product is available for distribution to customers and continues over the estimated revenue-producing life, not to exceed five years. Income Taxes The provision (benefit) for income taxes is computed on the pretax income (loss) based on the current tax law. Deferred income taxes are recognized for the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates. The Company evaluates positive and negative information when estimating the valuation allowance for deferred tax assets. For tax positions that meet the more likely than not recognition threshold a deferred tax asset is recognized. Research and Development Research and development costs are recognized as operating expenses when incurred. Research and development expenditures for new product development and improvements of existing products by the Company for 2020 and 2019 were $200,024 and $210,679, respectively. Advertising Costs Costs incurred for producing and communicating advertising are recognized as operating expenses when incurred. Advertising costs for the years ended December 31, 2020 and 2019 were $6,351 and $6,735, respectively. Earnings Per Share The Company is required to have dual presentation of basic earnings per share (EPS) and diluted EPS. Basic EPS is computed as net income (loss) divided by the weighted average number of common shares outstanding for the period. Diluted EPS is calculated based on the weighted average number of common shares outstanding during the period plus the effect of potentially dilutive common stock equivalents. Potentially dilutive common stock equivalents consist of 180,000 and 120,000 stock options outstanding as of December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, the potentially dilutive stock options were not included in the calculation of the diluted weighted average number of shares outstanding or diluted EPS as their effect would have been anti-dilutive. Share-Based Compensation Share-based payments to employees, including grants of employee stock options, are measured at fair value and expensed in the statement of operations over the vesting period. In addition to the recognition of expense in the financial statements, any excess tax benefits received upon exercise of options will be presented as a financing activity inflow rather than an adjustment of operating activity in the statement of cash flows. Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At December 31, 2020 and 2019, the Company has no assets or liabilities subject to fair value measurements on a recurring basis. New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The update removes, modifies and makes additions to the disclosure requirements on fair value measurements. The update is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The adoption of this update on January 1, 2020 had no impact on the financial statements. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. |
Note 2 - Inventories
Note 2 - Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
Note 2 - Inventories | 2. Inventories Inventories consist of the following: 2020 2019 Parts $ 99,303 $ 116,843 Work in progress 275,230 379,987 Finished goods 257,174 325,989 $ 631,707 $ 822,819 Included in the above amounts are reserves for obsolete inventories of $4,730 and $7,798 at December 31, 2020 and 2019, respectively. |
3. Property and Equipment
3. Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
3. Property and Equipment | 3. Property and Equipment Property and equipment consist of the following: 2020 2019 Laboratory equipment $ 522,575 $ 531,999 Software purchased 35,028 35,028 Furniture and fixtures 15,262 16,312 Dies and molds 73,607 73,607 646,472 656,946 Accumulated depreciation and amortization (641,027) (644,548) $ 5,445 $ 12,398 |
4. Income Taxes
4. Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
4. Income Taxes | 4. Income Taxes For the year ended December 31, 2020 and 2019, the Company did not have an income tax benefit nor provision because of continuing losses. The components of net deferred tax assets are as follows: December 31, 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 255,900 $ 214,200 Accrued liabilities 3,700 2,400 Inventories 15,500 15,600 Other - 300 Federal income tax credits 67,000 66,000 Total deferred tax assets 342,100 298,500 Deferred tax liability: Property and equipment (600) (2,000) Other (200) - (800) (2,000) Deferred tax assets, net 341,300 296,500 Less valuation allowance (341,300) (296,500) Total deferred tax assets, net $ - $ - Realization of the deferred tax asset is dependent on generating sufficient taxable income prior to expiration of the loss carryforwards and the income tax carryforwards. Management determined that it does not believe it is more likely than not that all of the net deferred tax assets will be realized. Therefore, a valuation allowance has been recorded for the full net deferred tax asset at December 31, 2020 and 2019. At December 31, 2020, the Company had approximately $67,000 of research and development income tax credits available to reduce federal income taxes in future periods. The credits expire from 2034-2038. In addition, at December 31, 2020, the Company had approximately $1,200,000 of net operating loss carryforwards, $750,000 of which will expire between 2034 and 2037. The remaining balance of $450,000 will never expire but whose utilization is limited to 80% of taxable income in any future year. The differences between the provision (benefit) for federal income taxes and federal income taxes computed using the U.S. statutory federal income tax rate of 21% were as follows: 2020 2019 Amount computed using the statutory rate $ (42,600) $ (40,100) Non-deductible (taxable) items, net (1,800) 450 Change in estimates (400) 4,350 Change in valuation allowance 44,800 35,300 Provision (benefit) for federal income taxes $ 0 $ 0 Should the Company have future accrued interest expense and penalties related to uncertain income tax positions, they will recognize those expenses in income tax expense. The Company files federal income tax returns in the United States only. The Company is no longer subject to federal income tax examination by tax authorities for years before 2017. The Company has evaluated all tax positions for open years and has concluded that they have no material unrecognized tax benefits or penalties. |
5. Profit Sharing Salary Deferr
5. Profit Sharing Salary Deferral 401-k Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
5. Profit Sharing Salary Deferral 401-k Plan | 5. Profit Sharing Salary Deferral 401-K Plan The Company sponsors a Profit-Sharing Plan and Salary Deferral 401-K Plan and Trust. All employees over the age of twenty-one are eligible. On January 1, 2006, the Company adopted a four percent salary matching provision. The Company contributed $15,659 and $15,854 to the plan for the years ended December 31, 2020 and 2019, respectively. |
6. Employee Bonus Program
6. Employee Bonus Program | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
6. Employee Bonus Program | 6. Employee Bonus Program The Board of Directors establishes Sales and Net Income thresholds at the start of each year that are used in calculating the amount of bonuses that may be awarded. If these thresholds are not achieved, there will be no bonus issued. There was no accrual or expense recorded for 2020 or 2019. |
7. Share-based Compensation
7. Share-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
7. Share-based Compensation | 7. Share-Based Compensation The Company grants stock options to individual employees and directors with three years continuous tenure. After termination of employment, stock options may be exercised within ninety days, after which they are subject to forfeiture. On March 13, 2020, the Board of Directors canceled all 120,000 outstanding stock options that were granted on August 7, 2017 and were due to expire on August 6, 2020. In addition, the Board of Directors granted 180,000 options to employees. The new options have an exercise price of $0.40, a term of 5 years, and vested immediately. The fair value of the options was determined using the Black-Scholes model using the following variables: stock price of $0.40, volatility of 79.27%, expected term of 5 years with a forfeiture rate of 95%, and a discount factor of 0.72%. Share based compensation of $2,283 was recognized in 2020. In the years ended December 31, 2020 and 2019, the Company recognized $2,283 and $0 respectively, in share-based compensation expense. No non-vested share-based compensation arrangements existed as of December 31, 2020 and 2019. A summary of option activity follows: Number Outstanding Weighted Average Exercise Price Per Option Weighted Average Remaining Contractual Term (Years) Balance at December 31, 2018 120,000 $ 0.40 1.6 Granted - - Expired/Forfeited - - Balance at December 31, 2019 120,000 0.40 1.6 Granted 180,000 0.40 4.2 Expired/Forfeited/Cancelled (120,000) 0.40 Balance at December 31, 2020 180,000 $ 0.40 4.2 Outstanding and Exercisable at December 31, 2020 180,000 $ 0.40 4.2 The aggregate intrinsic value of the options outstanding and exercisable at December 31, 2020 was nil. |
8. Leases
8. Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
8. Leases | 8. Leases On September 23, 2020, the Company signed a new two-year lease for its facilities. The base lease is $3,162 and $3,267 per month for years one and two, respectively. There is a leasehold tax applied to the base lease at 12.84%. The Company has the right to terminate the lease with 90 days notice. There is no renewal clause contained in the current lease. Upon signing the lease, the Company recognized a lease liability and right of use asset of $74,005 based on the two-year payment stream discounted using an estimated incremental borrowing rate of 4.0%. At December 31, 2020, the remaining lease term is eighteen months. Prior to the new lease in September 23, 2020, the Companys lease for its facilities was for $5,639 per month. As of December 31, 2020, total future lease payments are as follows: For the 12 months ended December 31, 2021 $ 38,260 2022 29,407 Total 67,667 Less imputed interest (2,279) Net lease liability 65,388 Current portion 36,753 Long-term portion $ 28,635 For the years ended December 31, 2020 and 2019, costs relating to the operating lease were recognized in the statement of operations as follows: 2020 2019 Cost of sales Operating expenses Total Cost of sales Operating expenses Total Base rent pursuant to lease agreement $ 14,393 $ 40,411 $ 54,804 $ 11,840 $ 47,359 $ 59,199 Variable lease costs 1,836 5,156 6,992 1,520 6,081 7,601 Total lease costs $ 16,229 $ 45,567 $ 61,796 $ 13,360 $ 53,440 $ 66,800 |
9. Revenue
9. Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
9. Revenue | 9. Revenue The Company derives revenues from the sales of industrial wireless products and accessories such as antennas, power supplies and cable assemblies. The Company also provides direct site support and engineering services to customers, such as repair and upgrade of its products. The Companys customers, to which trade credit terms are extended, consist of United States and local governments and foreign and domestic companies. For the year ending December 31, 2020 2019 Domestic Sales Foreign Sales Total Sales Domestic Sales Foreign Sales Total Sales Product Sales $ 883,144 $ 297,878 $1,181,022 $1,137,769 $ 229,402 $1,367,171 Site Support Sales 44,350 - 44,350 41,377 - 41,377 Total Sales $ 927,494 $ 297,878 $1,225,372 $1,179,146 $ 229,402 $1,408,548 For the 12-month period ended December 31, 2020, sales to two customers represented more than 10% of total revenue. Two customers represented more than 10% of total revenue for the same period in 2019. 2020 Sales 2020 %age of Total Sales 2019 Sales 2019%age of Total Sales Foreign customer A $ 180,331 14.7% $ - 0.0% Domestic customer A $ 158,483 12.9% $ 199,795 14.22% As of December 31, 2020 and 2019, the Company had a sales order backlog of $0 and $34,801, respectively. |
10. Stock Repurchase
10. Stock Repurchase | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
10. Stock Repurchase | 10. Stock Repurchase On January 13, 2016, the Companys Board of Directors approved a resolution authorizing the repurchase of up to $100,000 of the Companys common stock at the price of $0.38 per share. The Companys share repurchase program does not obligate it to acquire any specific number of shares. On March 2, 2016, the Companys Board of Director approved a resolution authorizing the repurchase of an additional $150,000 of the Companys common stock at the price of $0.38 per share. Under the program (the Stock Repurchase Plan), shares may be repurchased in open market transactions. Shares repurchased are retired. During the years ended December 31, 2020 and 2019, the Company repurchased 0 and 39,246 shares of its common stock for $0 and $14,920, respectively. As of December 31, 2020, the Company has repurchased a total of 212,165 shares for a total cost of $80,629 and a balance of $169,371 remains of the original $250,000 approved by the board. On April 23, 2020, repurchases were suspended indefinitely. |
Note 11 - Cares Act Loans Payab
Note 11 - Cares Act Loans Payable | 12 Months Ended |
Dec. 31, 2020 | |
Notes | |
Note 11 - Cares Act Loans Payable | 11. Cares Act Loan Payable On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (the CARES Act) Act was signed into United States law. In April 2020, the Company received a loan of $171,712 pursuant to the Paycheck Protection Program (the PPP) under Division A, Title I, Section 1102 and 1106 of the CARES Act. The loan, which was in the form of a promissory note, as amended, dated April 13, 2020 issued by the Company (the Note); the Note matures on April 13, 2022 and bears interest at a rate of 1% per annum. The Note may be prepaid by the Company at any time prior to maturity with no prepayment penalties. Under the terms of the PPP, certain amounts of the loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. Qualifying expenses include payroll costs, costs used to continue group health care benefits, mortgage payments, rent, and utilities. As of December 31, 2020, the Company has used funds from the loan to pay qualifying expenses. The Company has applied for forgiveness of the loan. If and when approved, grant income of $171,712 will be recognized. During the year ended December 31, 2020, the Company received $9,000 under Division A, Title I, Section 1110 of the CARES Act. The Company is not required to pay this amount back and recognized $9,000 as government grant income during the year. |
1. Organization and Summary o_2
1. Organization and Summary of Significant Accounting Policies: Nature of Operations (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Nature of Operations | Business Organization The Company was incorporated under the laws of the State of Washington on February 10, 1984, primarily to develop, produce, sell and distribute wireless modems that will allow communication between peripherals via radio frequency waves. Effective September 13, 2007, the Company announced their establishment of a doing business as or dba structure, based on the Companys registered trade name of ESTeem® Wireless Modems. |
1. Organization and Summary o_3
1. Organization and Summary of Significant Accounting Policies: Accounting Estimates (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Accounting Estimates | Basis of Presentation and Accounting Estimates The preparation of financial statements are prepared in conformity with generally accepted accounting principles in the United States which requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Estimates used in the accompanying financial statements include the allowance for doubtful accounts receivable, inventory obsolescence, useful lives of depreciable assets, share-based compensation, and deferred income taxes. Actual results could differ from those estimates. |
1. Organization and Summary o_4
1. Organization and Summary of Significant Accounting Policies: Concentrations of Credit Risks (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Concentrations of Credit Risks | Concentrations and Credit Risks The Company places its cash with three major financial institutions. During the period, the Company had cash balances that were in excess of federally insured limits. The Company purchases certain key components necessary for the production of its products from a limited number of suppliers. The components provided by the suppliers could be replaced or substituted by other products. It is possible that if this action became necessary, an interruption of production and/or material cost expenditures could take place. |
1. Organization and Summary o_5
1. Organization and Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when it has satisfied the performance obligation required under a contract with the customer. A performance obligation is a promise in a contract with a customer to transfer a distinct good or service to the customer. Our contracts with customers contain a single performance obligation. A contract's transaction price is recognized as revenue when, or as, the performance obligation is satisfied. Performance obligations for product sales are satisfied as of a point in time. Revenue is recognized when control of the product transfers to the customer, generally upon product shipment. Performance obligations for site support and engineering services are satisfied over-time if the customer receives the benefits as we perform work and we have a contractual right to payment. Revenue recognized on an over-time basis is based on costs incurred to date relative to milestones and total estimated costs at completion to measure progress. The Company considers the contractual consideration payable by the customer when determining the transaction price of each contract. Revenue is recorded net of charges for certain sales incentives and discounts, and applicable state and local sales taxes, which represent components of the transaction price. Charges are estimated by us upon shipment of the product based on contractual terms, and actual charges typically do not vary materially from our estimates. Shipping estimates are determined by utilizing shipping costs provided by the various service providers websites based on number of packages, weight and destination. Shipping costs are included in the cost of goods sold as the revenue is captured in total sales. The Company receives payments from customers based on the terms established in our contracts. When amounts are billed and collected before the services are performed, they are included in deferred revenues. The Company does not generally sell its products with the right of return. Therefore, returns are accounted for when they occur and are accepted. Products sold to foreign customers are shipped after payment is received in U.S. funds, unless an established distributor relationship exists, or the customer is a foreign branch of a U.S. company. The Company warrants its products as free of manufacturing defects and provides a refund of the purchase price, repair or replacement of the product for a period of one year from the date of installation by the first user/customer. No allowance for estimated warranty repairs or product returns has been recorded due to the Companys historical experience of repairs and product returns. |
1. Organization and Summary o_6
1. Organization and Summary of Significant Accounting Policies: Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Financial Instruments | Financial Instruments The Companys financial instruments are cash, money market funds, and certificates of deposit. The recorded values of cash, money market funds and certificates of deposit approximate their fair values based on their short-term nature. |
1. Organization and Summary o_7
1. Organization and Summary of Significant Accounting Policies: Allowance For Uncollectible Accounts (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Allowance For Uncollectible Accounts | Allowance for Uncollectible Accounts The Company uses the allowance method to account for estimated uncollectible accounts receivable. Accounts receivable are presented net of an allowance for doubtful accounts. As of December 31, 2020 and 2019, the Companys estimate of doubtful accounts was zero. The Companys policy for writing off past due accounts receivable is based on the time past due and responses received from the subject customer. |
1. Organization and Summary o_8
1. Organization and Summary of Significant Accounting Policies: Inventories (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Inventories | Inventories Inventories are stated at lower of direct cost or market. Cost is determined on an average cost basis that approximates the first-in, first-out (FIFO) method. Market is determined based on net realizable value and consideration is given to obsolescence. |
1. Organization and Summary o_9
1. Organization and Summary of Significant Accounting Policies: Reclassifications (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified for consistency with the current period presentation. Reclassifications had no effect on net loss, stockholders' equity, or cash flows as previously reported. |
1. Organization and Summary _10
1. Organization and Summary of Significant Accounting Policies: Property and Equipment (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Property and Equipment | Property and Equipment Property and equipment is carried at cost. Major betterments are capitalized and de minimis purchases are expensed. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The useful life of property and equipment for purposes of computing depreciation is three to seven years. When the Company sells or otherwise disposes of property and equipment a gain or loss is recorded in the statement of operations. The cost of improvements that extend the life of property and equipment is capitalized. The Company periodically reviews its long-lived assets for impairment and, upon indication that the carrying value of such assets may not be recoverable, recognizes an impairment loss by a charge against current operations. |
1. Organization and Summary _11
1. Organization and Summary of Significant Accounting Policies: Certificates of Deposit (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Certificates of Deposit | Certificates of deposit with original maturities ranging from one month to twelve months were $499,999 and $650,000 at December 31, 2020 and 2019, respectively. |
1. Organization and Summary _12
1. Organization and Summary of Significant Accounting Policies: Software Costs (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Software Costs | Software Costs Software purchased and used by the Company is capitalized as property and equipment based on its cost, and amortized over its useful life, usually not exceeding five years. The Company capitalizes the costs of creating a software product to be sold, leased or otherwise marketed, for which technological feasibility has been established. Amortization of the software product, on a product-by-product basis, begins on the date the product is available for distribution to customers and continues over the estimated revenue-producing life, not to exceed five years. |
1. Organization and Summary _13
1. Organization and Summary of Significant Accounting Policies: Income Taxes (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Income Taxes | Income Taxes The provision (benefit) for income taxes is computed on the pretax income (loss) based on the current tax law. Deferred income taxes are recognized for the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates. The Company evaluates positive and negative information when estimating the valuation allowance for deferred tax assets. For tax positions that meet the more likely than not recognition threshold a deferred tax asset is recognized. |
1. Organization and Summary _14
1. Organization and Summary of Significant Accounting Policies: Research and Development (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Research and Development | Research and Development Research and development costs are recognized as operating expenses when incurred. Research and development expenditures for new product development and improvements of existing products by the Company for 2020 and 2019 were $200,024 and $210,679, respectively. |
1. Organization and Summary _15
1. Organization and Summary of Significant Accounting Policies: Advertising Costs (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Advertising Costs | Advertising Costs Costs incurred for producing and communicating advertising are recognized as operating expenses when incurred. Advertising costs for the years ended December 31, 2020 and 2019 were $6,351 and $6,735, respectively. |
1. Organization and Summary _16
1. Organization and Summary of Significant Accounting Policies: Earnings Per Share (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Earnings Per Share | Earnings Per Share The Company is required to have dual presentation of basic earnings per share (EPS) and diluted EPS. Basic EPS is computed as net income (loss) divided by the weighted average number of common shares outstanding for the period. Diluted EPS is calculated based on the weighted average number of common shares outstanding during the period plus the effect of potentially dilutive common stock equivalents. Potentially dilutive common stock equivalents consist of 180,000 and 120,000 stock options outstanding as of December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, the potentially dilutive stock options were not included in the calculation of the diluted weighted average number of shares outstanding or diluted EPS as their effect would have been anti-dilutive. |
1. Organization and Summary _17
1. Organization and Summary of Significant Accounting Policies: Share-based Compensation (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Share-based Compensation | Share-Based Compensation Share-based payments to employees, including grants of employee stock options, are measured at fair value and expensed in the statement of operations over the vesting period. In addition to the recognition of expense in the financial statements, any excess tax benefits received upon exercise of options will be presented as a financing activity inflow rather than an adjustment of operating activity in the statement of cash flows. |
1. Organization and Summary _18
1. Organization and Summary of Significant Accounting Policies: Fair Value Measures (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Policies | |
Fair Value Measures | Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At December 31, 2020 and 2019, the Company has no assets or liabilities subject to fair value measurements on a recurring basis. |
Note 2 - Inventories_ Schedule
Note 2 - Inventories: Schedule of Inventory, Current (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Inventory, Current | 2020 2019 Parts $ 99,303 $ 116,843 Work in progress 275,230 379,987 Finished goods 257,174 325,989 $ 631,707 $ 822,819 |
3. Property and Equipment_ Prop
3. Property and Equipment: Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Property, Plant and Equipment | 2020 2019 Laboratory equipment $ 522,575 $ 531,999 Software purchased 35,028 35,028 Furniture and fixtures 15,262 16,312 Dies and molds 73,607 73,607 646,472 656,946 Accumulated depreciation and amortization (641,027) (644,548) $ 5,445 $ 12,398 |
4. Income Taxes_ Schedule of De
4. Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | December 31, 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 255,900 $ 214,200 Accrued liabilities 3,700 2,400 Inventories 15,500 15,600 Other - 300 Federal income tax credits 67,000 66,000 Total deferred tax assets 342,100 298,500 Deferred tax liability: Property and equipment (600) (2,000) Other (200) - (800) (2,000) Deferred tax assets, net 341,300 296,500 Less valuation allowance (341,300) (296,500) Total deferred tax assets, net $ - $ - |
4. Income Taxes_ Schedule of Ef
4. Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | 2020 2019 Amount computed using the statutory rate $ (42,600) $ (40,100) Non-deductible (taxable) items, net (1,800) 450 Change in estimates (400) 4,350 Change in valuation allowance 44,800 35,300 Provision (benefit) for federal income taxes $ 0 $ 0 |
7. Share-based Compensation_ Su
7. Share-based Compensation: Summary of Option Activity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Summary of Option Activity | Number Outstanding Weighted Average Exercise Price Per Option Weighted Average Remaining Contractual Term (Years) Balance at December 31, 2018 120,000 $ 0.40 1.6 Granted - - Expired/Forfeited - - Balance at December 31, 2019 120,000 0.40 1.6 Granted 180,000 0.40 4.2 Expired/Forfeited/Cancelled (120,000) 0.40 Balance at December 31, 2020 180,000 $ 0.40 4.2 Outstanding and Exercisable at December 31, 2020 180,000 $ 0.40 4.2 |
8. Leases_ Future Less Payments
8. Leases: Future Less Payments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Future Less Payments | For the 12 months ended December 31, 2021 $ 38,260 2022 29,407 Total 67,667 Less imputed interest (2,279) Net lease liability 65,388 Current portion 36,753 Long-term portion $ 28,635 |
8. Leases_ Schedule of distribu
8. Leases: Schedule of distribution of lease expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of distribution of lease expense | 2020 2019 Cost of sales Operating expenses Total Cost of sales Operating expenses Total Base rent pursuant to lease agreement $ 14,393 $ 40,411 $ 54,804 $ 11,840 $ 47,359 $ 59,199 Variable lease costs 1,836 5,156 6,992 1,520 6,081 7,601 Total lease costs $ 16,229 $ 45,567 $ 61,796 $ 13,360 $ 53,440 $ 66,800 |
9. Revenue_ Schedule of Revenue
9. Revenue: Schedule of Revenue by source (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Revenue by source | For the year ending December 31, 2020 2019 Domestic Sales Foreign Sales Total Sales Domestic Sales Foreign Sales Total Sales Product Sales $ 883,144 $ 297,878 $1,181,022 $1,137,769 $ 229,402 $1,367,171 Site Support Sales 44,350 - 44,350 41,377 - 41,377 Total Sales $ 927,494 $ 297,878 $1,225,372 $1,179,146 $ 229,402 $1,408,548 |
Schedule of Revenue by source | 2020 Sales 2020 %age of Total Sales 2019 Sales 2019%age of Total Sales Foreign customer A $ 180,331 14.7% $ - 0.0% Domestic customer A $ 158,483 12.9% $ 199,795 14.22% |
1. Organization and Summary _19
1. Organization and Summary of Significant Accounting Policies: Nature of Operations (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Details | |
Entity Incorporation, Date of Incorporation | Feb. 10, 1984 |
1. Organization and Summary _20
1. Organization and Summary of Significant Accounting Policies: Certificates of Deposit (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Certificates of deposit | $ 499,999 | $ 650,000 |
1. Organization and Summary _21
1. Organization and Summary of Significant Accounting Policies: Advertising Costs (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2020 |
Details | ||
Advertising Expense | $ 6,735 | $ 6,351 |
1. Organization and Summary _22
1. Organization and Summary of Significant Accounting Policies: Earnings Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 180,000 | 120,000 |
Note 2 - Inventories_ Schedul_2
Note 2 - Inventories: Schedule of Inventory, Current (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Inventory, Parts and Components, Net of Reserves | $ 99,303 | $ 116,843 |
Inventory, Work in Process, Gross | 275,230 | 379,987 |
Inventory, Finished Goods, Gross | 257,174 | 325,989 |
Total inventories | $ 631,707 | $ 822,819 |
3. Property and Equipment_ Pr_2
3. Property and Equipment: Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Laboratory equipment | $ 522,575 | $ 531,999 |
Capitalized Computer Software, Gross | 35,028 | 35,028 |
Furniture and Fixtures, Gross | 15,262 | 16,312 |
Dies and molds | 73,607 | 73,607 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Excluding Capital Leased Assets | (641,027) | (644,548) |
Total Property Plant and Equipment, Net | $ 5,445 | $ 12,398 |
4. Income Taxes_ Schedule of _2
4. Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 255,900 | $ 214,200 |
Deferred Tax Liabilities, Net | 3,700 | 2,400 |
Deferred Tax Assets, Inventory | 15,500 | 15,600 |
Deferred Tax Assets, Other | 0 | 300 |
Tax Credit Carryforward, Amount | 67,000 | 66,000 |
Deferred Tax Assets, Gross | 342,100 | 298,500 |
Deferred tax liability: | ||
Property and equipment | (600) | (2,000) |
Deferred Tax Liabilities, Other | (200) | 0 |
Deferred tax assets, net | 341,300 | 296,500 |
Deferred Tax Assets, Valuation Allowance | (341,300) | (296,500) |
Total deferred tax assets, net | $ 0 | $ 0 |
4. Income Taxes (Details)
4. Income Taxes (Details) | Dec. 31, 2020USD ($) |
Details | |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ 67,000 |
Operating Loss Carryforwards | $ 1,200,000 |
4. Income Taxes_ Schedule of _3
4. Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
Amount computed using the statutory rate | $ (42,600) | $ (40,100) |
Other | (1,800) | 450 |
Research and development credits | (400) | 4,350 |
Change in valuation allowance | 44,800 | 35,300 |
Provision for income taxes | $ 0 | $ 0 |
5. Profit Sharing Salary Defe_2
5. Profit Sharing Salary Deferral 401-k Plan (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 15,659 | $ 15,854 |
7. Share-based Compensation (De
7. Share-based Compensation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 0.40 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 79.27% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | |
Expected Forfeiture Rate | 95.00% | |
Share based compensation | $ 2,283 | $ 0 |
7. Share-based Compensation_ _2
7. Share-based Compensation: Summary of Option Activity (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 120,000 | 120,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 0.40 | 120,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 0.40 | 0.40 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0.40 |
8. Leases (Details)
8. Leases (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Details | |
Description of operating lease | On September 23, 2020, the Company signed a new two-year lease for its facilities. The base lease is $3,162 and $3,267 per month for years one and two, respectively. There is a leasehold tax applied to the base lease at 12.84%. The Company has the right to terminate the lease with 90 days’ notice. There is no renewal clause contained in the current lease. |
8. Leases_ Future Less Paymen_2
8. Leases: Future Less Payments (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Details | ||
Capital Leases, Future Minimum Payments Due | $ 38,260 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 29,407 | |
Less imputed interest | (2,279) | |
Lease liability, current portion | 36,753 | $ 39,641 |
Lease liability | $ 28,635 | $ 0 |
9. Revenue_ Schedule of Reven_2
9. Revenue: Schedule of Revenue by source (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||
Foreign Customer A | $ 180,331 | |
Foreign Customer A | 14.70% | |
Customer A | $ 158,483 | $ 199,795 |
Customer A | 12.90% | 14.22% |
10. Stock Repurchase (Details)
10. Stock Repurchase (Details) - USD ($) | 12 Months Ended | 60 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Jan. 13, 2016 | |
Details | ||||
Stock repurchase program | On January 13, 2016, the Company’s Board of Directors approved a resolution authorizing the repurchase of up to $100,000 of the Company’s common stock at the price of $0.38 per share. The Company’s share repurchase program does not obligate it to acquire any specific number of shares | |||
Stock Repurchased During Period, Shares | 0 | 39,246 | 212,165 | |
Stock Repurchased During Period, Value | $ 0 | $ 14,920 | $ 80,629 | |
Common stock repurchased | 0 | 39,246 | 212,165 | |
Original Share Repurchase Authorized, Amount Remaining | $ 169,371 | $ 169,371 | ||
Original Share Repurchase Authorized | $ 250,000 |
Note 11 - Cares Act Loans Pay_2
Note 11 - Cares Act Loans Payable (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
Details | |||
CARES Act loan payable | $ 171,712 | $ 0 | $ 171,712 |
Proceeds from government grant related to Cares Act | $ 9,000 | $ 0 | $ 9,000 |