Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 08, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000766792 | |
Entity Registrant Name | CVD EQUIPMENT CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-16525 | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 11-2621692 | |
Entity Address, Address Line One | 355 South Technology Drive | |
Entity Address, City or Town | Central Islip | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11722 | |
City Area Code | 631 | |
Local Phone Number | 981-7081 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CVV | |
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 | 6,728,938 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 12,159,052 | $ 16,651,371 |
Accounts receivable, net | 2,572,192 | 1,446,354 |
Contract assets | 4,255,400 | 2,538,373 |
Inventories, net | 2,050,405 | 1,225,015 |
Taxes receivable | 0 | 715,599 |
Other current assets | 529,264 | 493,788 |
Total current assets | 21,566,313 | 23,070,500 |
Property, plant and equipment, net | 12,334,374 | 12,261,321 |
Intangible assets, net | 205,258 | 182,838 |
Other assets | 9,570 | 9,570 |
Total assets | 34,115,515 | 35,524,229 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 1,422,072 | 1,161,381 |
Accrued expenses | 1,857,317 | 1,758,939 |
Current maturities of long-term debt | 0 | 1,765,508 |
Contract liabilities | 3,296,062 | 1,650,426 |
Total current liabilities | 6,575,451 | 6,336,254 |
Total liabilities | 6,575,451 | 6,336,254 |
Stockholders’ Equity: | ||
Common stock - $0.01 par value – 20,000,000 shares authorized; issued and outstanding 6,728,938 at June 30, 2022 and 6,723,438 at December 31, 2021 | 67,289 | 67,234 |
Additional paid-in capital | 27,465,930 | 27,277,154 |
Retained earnings | 6,845 | 1,843,587 |
Total stockholders’ equity | 27,540,064 | 29,187,975 |
Total liabilities and stockholders’ equity | $ 34,115,515 | $ 35,524,229 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 6,728,938 | 6,723,438 |
Common stock, shares outstanding (in shares) | 6,728,938 | 6,723,438 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | $ 5,808,588 | $ 4,034,408 | $ 10,460,820 | $ 7,400,268 |
Cost of revenue | 4,367,472 | 3,037,280 | 8,253,647 | 5,958,834 |
Gross profit | 1,441,116 | 997,128 | 2,207,173 | 1,441,434 |
Operating expenses | ||||
Research and development | 569,194 | 430,754 | 879,401 | 741,708 |
Selling and shipping | 332,261 | 229,147 | 604,940 | 364,902 |
General and administrative | 1,396,506 | 1,420,151 | 2,589,955 | 3,036,535 |
Total operating expenses | 2,297,961 | 2,080,052 | 4,074,296 | 4,143,145 |
Operating loss | (856,845) | (1,082,924) | (1,867,123) | (2,701,711) |
Other income (expense): | ||||
Interest income | 12,647 | 403 | 30,929 | 1,626 |
Interest expense | 0 | (107,000) | (5,344) | (214,221) |
Gain on debt extinguishment | 0 | 2,443,418 | 0 | 2,443,418 |
Other income | 5,621 | 217,592 | 5,621 | 436,827 |
Total other income, net | 18,268 | 2,554,413 | 31,206 | 2,667,650 |
(Loss) income before income tax | (838,577) | 1,471,489 | (1,835,917) | (34,061) |
Income tax expense | 825 | 1,064 | 825 | 1,064 |
Net (loss) income | $ (839,402) | $ 1,470,425 | $ (1,836,742) | $ (35,125) |
Basic (loss) income per common share (in dollars per share) | $ (0.12) | $ 0.22 | $ (0.27) | $ (0.01) |
Diluted (loss) income per common share (in dollars per share) | $ (0.12) | $ 0.22 | $ (0.27) | $ (0.01) |
Weighted average common shares Outstanding-basic (in shares) | 6,728,938 | 6,684,281 | 6,726,990 | 6,682,347 |
Weighted average common shares Outstanding-diluted (in shares) | 6,728,938 | 6,687,229 | 6,726,990 | 6,682,347 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 6,678,698 | |||
Balance at Dec. 31, 2020 | $ 66,786 | $ 26,961,684 | $ (2,902,898) | $ 24,125,572 |
Net income (loss) | 0 | 0 | (35,125) | (35,125) |
Stock-based compensation | $ 56 | 112,395 | 112,451 | |
Stock-based compensation (in shares) | 5,583 | |||
Balance (in shares) at Jun. 30, 2021 | 6,684,281 | |||
Balance at Jun. 30, 2021 | $ 66,842 | 27,074,079 | (2,938,023) | 24,202,898 |
Balance (in shares) at Mar. 31, 2021 | 6,684,281 | |||
Balance at Mar. 31, 2021 | $ 66,842 | 27,012,001 | (4,408,448) | 22,670,395 |
Net income (loss) | 0 | 0 | 1,470,425 | 1,470,425 |
Stock-based compensation | $ 0 | 62,078 | 62,078 | |
Balance (in shares) at Jun. 30, 2021 | 6,684,281 | |||
Balance at Jun. 30, 2021 | $ 66,842 | 27,074,079 | (2,938,023) | $ 24,202,898 |
Balance (in shares) at Dec. 31, 2021 | 6,723,438 | 6,723,438 | ||
Balance at Dec. 31, 2021 | $ 67,234 | 27,277,154 | 1,843,587 | $ 29,187,975 |
Net income (loss) | (1,836,742) | (1,836,742) | ||
Stock-based compensation | $ 55 | 188,776 | $ 188,831 | |
Stock-based compensation (in shares) | 5,500 | |||
Balance (in shares) at Jun. 30, 2022 | 6,728,938 | 6,728,938 | ||
Balance at Jun. 30, 2022 | $ 67,289 | 27,465,930 | 6,845 | $ 27,540,064 |
Balance (in shares) at Mar. 31, 2022 | 6,728,938 | |||
Balance at Mar. 31, 2022 | $ 67,289 | 27,374,209 | 846,247 | 28,287,745 |
Net income (loss) | (839,402) | (839,402) | ||
Stock-based compensation | $ 0 | 91,721 | $ 91,721 | |
Balance (in shares) at Jun. 30, 2022 | 6,728,938 | 6,728,938 | ||
Balance at Jun. 30, 2022 | $ 67,289 | $ 27,465,930 | $ 6,845 | $ 27,540,064 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (1,836,742) | $ (35,125) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on debt extinguishment | 0 | (2,443,418) |
Stock-based compensation | 188,831 | 112,451 |
Depreciation and amortization | 402,305 | 429,195 |
(Increase)/decrease in operating assets: | ||
Accounts receivable | (1,125,838) | (99,723) |
Contract assets | (1,717,027) | (572,101) |
Inventories | (825,390) | (173,363) |
Tax receivable | 715,599 | 0 |
Other current assets | (35,476) | 239,345 |
Increase/(decrease) in operating liabilities: | ||
Accounts payable | 260,691 | 92,798 |
Accrued expenses | 98,378 | 384,654 |
Contract liabilities | 1,645,636 | 214,414 |
Total adjustments | (392,291) | (1,815,748) |
Net cash used in operating activities | (2,229,033) | (1,850,873) |
Cash flows from investing activities: | ||
Net proceeds from sale of assets | 10,000 | 0 |
Capitalized patents costs | (47,423) | 0 |
Capital expenditures | (460,355) | (118,471) |
Net cash used in investing activities | (497,778) | (118,471) |
Cash flows from financing activities | ||
Payments of long-term debt | (1,765,508) | (342,095) |
Net cash used in financing activities | (1,765,508) | (342,095) |
Net decrease in cash and cash equivalents | (4,492,319) | (2,311,439) |
Cash and cash equivalents at beginning of period | 16,651,371 | 7,699,335 |
Cash and cash equivalents at end of period | 12,159,052 | 5,387,896 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | 0 | 1,064 |
Interest paid | $ 8,157 | $ 214,221 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1: BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements for CVD Equipment Corporation and Subsidiaries (collectively “the Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10 8 X. not not three six June 30, 2022 not December 31, 2022. The condensed consolidated balance sheet as of December 31, 2021 10 March 31, 2022, not All material intercompany balances and transactions have been eliminated in consolidation. In addition, certain reclassifications have been made to the prior period condensed consolidated financial statements to conform to the current period presentation. These reclassifications had no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2: Revenue Recognition In accordance with FASB ASC 606 606" 606, five 1 2 3 4 5 one two Over time The Company designs, manufactures and sells custom chemical vapor deposition equipment through contractual agreements. These system sales require the Company to deliver functioning equipment that is generally completed within three eighteen “Contract assets,” include unbilled amounts typically resulting from system sales under contracts and represents revenue recognized that exceeds the amount billed to the customer. “Contract liabilities,” include advance payments and billings in excess of revenue recognized. The Company typically receives down payments upon receipt of order and progress payments as the system is manufactured. Contract assets and contract liabilities are classified as current as these contracts in progress are expected to be substantially completed within the next twelve Point in time For non-system sales of products and services, the revenue is recognized at the point in time when control of the promised products or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products or services (the transaction price). A performance obligation is a promise in a contract to transfer a distinct product or service to a customer and is the unit of account under ASC 606, Recent Accounting Standards In June 2016, 2016 13, 326 November 15, 2019, December 15, 2022 not The Company believes there is no not may |
Note 3 - Concentration of Credi
Note 3 - Concentration of Credit Risk | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 3: Cash and cash equivalents The Company had cash and cash equivalents of $12.2 million and $16.7 million at June 30, 2022 December 31, 2021, three June 30, 2022 December 31, 2021. The Company places most of its temporary cash investments with financial institutions, which from time to time may June 30, 2022 December 31, 2021 Sales concentration Revenue from a single customer in any one 10% three June 30, 2022, 10% six June 30, 2022 10%, three June 30, 2021, three 10% six June 30, 2021, one 10%, Accounts receivable The Company sells products and services to various companies across several industries in the ordinary course of business. The Company performs ongoing credit evaluations to assess the probability of accounts receivable collection based on a number of factors, including past transaction experience, evaluation of their credit history and review of the invoicing terms of the contract to determine the financial strength of its customers. The Company also maintains allowances for anticipated losses. At June 30, 2022, 10% December 31, 2021 two 10% |
Note 4 - Revenue Disaggregation
Note 4 - Revenue Disaggregation | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 4: The following table represents a disaggregation of revenue for the three six June 30, 2022 2021 Three Month's Ending June 30, 2022 Over time Point in time Total Aerospace $ - $ 520 $ 520 Energy, storage and transmission 2,024 219 2,243 Industrial 1,450 725 2,175 Research 299 572 871 Total $ 3,773 $ 2,036 $ 5,809 Three Month's Ending June 30, 2021 Over time Point in time Total Aerospace $ 197 $ 577 $ 774 Energy, storage and transmission - - - Industrial 1,226 1,293 2,519 Research 365 376 741 Total $ 1,788 $ 2,246 $ 4,034 Six Month's Ending June 30, 2022 Over time Point in time Total Aerospace $ - $ 1,221 $ 1,221 Energy, storage and transmission 2,923 226 3,149 Industrial 2,446 1,597 4,043 Research 1,005 1,043 2,048 Total $ 6,374 $ 4,087 $ 10,461 Six Month's Ending June 30, 2021 Over time Point in time Total Aerospace $ 386 $ 1,102 $ 1,488 Energy, storage and transmission - - - Industrial 2,595 1,969 4,564 Research 552 796 1,348 Total $ 3,533 $ 3,867 $ 7,400 The Company has unrecognized contract revenue of approximately $12.8 million at June 30, 2022, twelve Judgment is required to evaluate assumptions including the amount of net contract revenues and the total estimated costs to determine our progress towards contract completion and to calculate the corresponding amount of revenue to recognize. Changes in estimates for sales of systems occur for a variety of reasons, including but not may Contract Assets and Liabilities During the six June 30, 2022 2021, Contract assets and contract liabilities on input method type contracts in progress are summarized as follows: 2022 Costs incurred on contracts in progress $ 8,822,284 Estimated earnings 6,151,767 14,974,051 Billings to date (13,683,261 ) $ 1,290,790 Deferred revenue related to non-systems contracts (331,452 ) 959,338 Included in accompanying balance sheets Under the following captions: Contract assets $ 4,255,400 Contract liabilities $ (3,296,062 ) |
Note 5 - Inventories, Net
Note 5 - Inventories, Net | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 5: Inventories consist of: June 30, 2022 December 31, 2021 Raw materials $ 1,366,405 $ 1,030,955 Work-in-process 684,000 194,060 Inventories $ 2,050,405 $ 1,225,015 |
Note 6 - Accounts Receivable, N
Note 6 - Accounts Receivable, Net | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 6: Accounts receivable are presented net of an allowance for doubtful accounts of approximately $36,000 and $59,000 as of June 30, 2022 December 31, 2021, may |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 7: The Company had a loan agreement with HSBC which was secured by a mortgage against its Central Islip, NY Headquarters. The loan was payable in 120 consecutive equal monthly installments of $25,000 in principal plus interest and a final balloon payment upon maturity on March 1, 2022. December 31, 2021 December 31, 2021). March 1, 2022. |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation Expense | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 8: The Company recorded $91,721 and $188,831 during the three six June 30, 2022, three six June 30, 2021, three six June 30, 2022 2021 Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Cost of revenue $ 8,440 $ - $ 16,880 $ - Research and development 13,417 - 26,316 - Selling and shipping 5,398 - 10,796 - General and administrative 64,466 62,078 134,839 112,451 Total $ 91,721 $ 62,078 $ 188,831 $ 112,451 A summary of the stock option activity related to the 2007 2016 January 1, 2022 June 30, 2022 2007 Share Incentive Plan Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Number of shares 220,000 - - (25,000 ) 195,000 195,000 Weighted average exercise price per share $ 12.56 - - $ 15.00 $ 12.24 $ 12.24 2016 Share Incentive Plan Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Number of shares 398,500 12,500 - (6,500 ) 404,500 102,500 Weighted average exercise price per share $ 4.43 $ 4.60 - $ 4.01 $ 4.44 $ 5.33 For the six June 30, 2022, four ten six June 30, 2022 Stock Price $ 4.60 Exercise Price $ 4.60 Dividend yield 0 % Expected volatility 68 % Risk-Free interest rate 1.79 % Expected life (in years) 6.00 The Company has a total of 599,500 outstanding stock options, of which 297,500 were exercisable under the two June 30, 2022. The following table summarizes information about the outstanding and exercisable options at June 30, 2022. Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Exercise Number Remaining Exercise Intrinsic Number Exercise Intrinsic Price Range Outstanding Contractual Price Value Exercisable Price Value $4.00 - 7.00 384,500 8.8 $ 4.25 $ 0 82,500 $ 4.66 $ 0 $7.01 - 10.00 20,000 5.8 $ 8.07 $ 0 20,000 $ 8.07 $ 0 $10.01 - 12.00 120,000 4.7 $ 10.52 $ 0 120,000 $ 10.52 $ 0 $12.01 - 15.00 75,000 .2 $ 15.00 $ 0 75,000 $ 15.00 $ 0 No options were exercised during the six June 30, 2022. June 30, 2022, Restricted Stock Awards There were no unvested shares of restricted stock at June 30, 2022 December 31, 2021. three six June 30, 2022 Pursuant to the director compensation plan approved on October 11, 2021, may Restricted Stock Units The following table summarizes activity related to outstanding restricted stock units for the six June 30, 2022: Weighted Shares of Average Grant Restricted Date Fair Stock Units Value Unvested outstanding at December 31, 2021 5,500 $ 4.82 Granted - $ - Vested (5,500 ) $ 4.82 Forfeited/Cancelled - $ - - Unvested outstanding at June 30, 2022 - $ - The total fair value of vested restricted stock units was $3,458 for the six June 30, 2022. June 30, 2022, |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9: As of June 30, 2022 December 31, 2021, two not may not On March 27, 2020, 2018 2020 five December 31, 2021. March 2022. |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 10: Basic earnings per share is computed by dividing net earnings available to common shareholders (the numerator) by the weighted average number of common shares outstanding (the denominator) for the period presented. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Basic weighted average common shares outstanding 6,728,938 6,684,281 6,726,990 6,682,347 Dilutive effect of options and unvested restricted shares - 2,948 - - Diluted weighted average shares outstanding 6,728,938 6,687,229 6,726,990 6,682,347 The following table represents common stock equivalents that were excluded from the computation of diluted earnings per share for the three six June 30, 2022 2021, Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Stock Options 599,500 557,052 599,500 560,000 599,500 557,052 599,500 560,000 Stock options to purchase 599,500 shares of common stock were outstanding and 297,500 were exercisable during the three six June 30, 2022. The dilutive potential common shares on options is calculated in accordance with the treasury stock method, which assumes that proceeds from the exercise of all options are used to repurchase common stock at market value. The number of shares remaining after the proceeds are exhausted represents the potential dilutive effect of the securities. |
Note 11 - Segment Reporting
Note 11 - Segment Reporting | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 11: The Company operates through three The Company’s corporate administration activities are reported in the Eliminations and Unallocated column. These activities primarily include the elimination of intercompany sales and profit, expenses related to certain corporate officers and support staff, expenses related to the Company’s Board of Directors, stock option expense for shares granted to corporate administration employees, certain consulting expenses, investor and shareholder relations activities, and all of the Company’s legal, auditing and professional fees, and interest expense. Three Months Ended June 30, (In thousands) Eliminations* and 2022 CVD SDC Materials Unallocated Consolidated Assets $ 23,661 $ 8,474 $ 1,913 $ 68 $ 34,116 Revenue 3,782 1,591 816 (380 ) 5,809 Operating (loss) income (469 ) 227 143 (758 ) (857 ) Pretax (loss) income (451 ) 227 143 (758 ) (839 ) 2021 Assets $ 28,149 $ 6,765 $ 3,940 $ 66 $ 38,920 Revenue 1,804 1,162 1,087 (19 ) 4,034 Operating (loss) income (1,220 ) 368 503 (734 ) (1,083 ) Pretax (loss) income 1,209 368 628 (734 ) 1,471 Six Months Ended June 30, (In thousands) Eliminations* and 2022 CVD SDC Materials Unallocated Consolidated Revenue 6,607 3,006 1,273 (425 ) 10,461 Operating (loss) income (1,236 ) 670 137 (1,438 ) (1,867 ) Pretax (loss) income (1,204 ) 670 136 (1.438 ) (1,836 ) 2021 Revenue 3,811 1,987 1,716 (114 ) 7,400 Operating (loss) income (1,753 ) 363 392 (1,704 ) (2,702 ) Pretax (loss) income 661 363 646 (1,704 ) (34 ) *All elimination entries represent intersegment revenues eliminated in consolidation for external financial reporting. Intersegment sales for the three June 30, 2022 2021 $.4 $.02 six June 30, 2022 2021 $.4 $.1 |
Note 12 - Significant Events -
Note 12 - Significant Events - Coronavirus(COVID-19) | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Effect of Covid-19 Pandemic [Text Block] | NOTE 12: 19 The Company has been actively monitoring the coronavirus (COVID- 19 March 2020, 19 19 19 Management is unable to predict the extent of the impact the pandemic will have on the Company’s financial position and operating results for the remainder of 2022 19 The COVID- 19 may third third fourth 2021, 2022, may no may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition In accordance with FASB ASC 606 606" 606, five 1 2 3 4 5 one two Over time The Company designs, manufactures and sells custom chemical vapor deposition equipment through contractual agreements. These system sales require the Company to deliver functioning equipment that is generally completed within three eighteen “Contract assets,” include unbilled amounts typically resulting from system sales under contracts and represents revenue recognized that exceeds the amount billed to the customer. “Contract liabilities,” include advance payments and billings in excess of revenue recognized. The Company typically receives down payments upon receipt of order and progress payments as the system is manufactured. Contract assets and contract liabilities are classified as current as these contracts in progress are expected to be substantially completed within the next twelve Point in time For non-system sales of products and services, the revenue is recognized at the point in time when control of the promised products or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products or services (the transaction price). A performance obligation is a promise in a contract to transfer a distinct product or service to a customer and is the unit of account under ASC 606, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards In June 2016, 2016 13, 326 November 15, 2019, December 15, 2022 not The Company believes there is no not may |
Note 4 - Revenue Disaggregati_2
Note 4 - Revenue Disaggregation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Month's Ending June 30, 2022 Over time Point in time Total Aerospace $ - $ 520 $ 520 Energy, storage and transmission 2,024 219 2,243 Industrial 1,450 725 2,175 Research 299 572 871 Total $ 3,773 $ 2,036 $ 5,809 Three Month's Ending June 30, 2021 Over time Point in time Total Aerospace $ 197 $ 577 $ 774 Energy, storage and transmission - - - Industrial 1,226 1,293 2,519 Research 365 376 741 Total $ 1,788 $ 2,246 $ 4,034 Six Month's Ending June 30, 2022 Over time Point in time Total Aerospace $ - $ 1,221 $ 1,221 Energy, storage and transmission 2,923 226 3,149 Industrial 2,446 1,597 4,043 Research 1,005 1,043 2,048 Total $ 6,374 $ 4,087 $ 10,461 Six Month's Ending June 30, 2021 Over time Point in time Total Aerospace $ 386 $ 1,102 $ 1,488 Energy, storage and transmission - - - Industrial 2,595 1,969 4,564 Research 552 796 1,348 Total $ 3,533 $ 3,867 $ 7,400 |
Schedule Of Cost And Estimated Earnings In Excess Of Billings [Table Text Block] | 2022 Costs incurred on contracts in progress $ 8,822,284 Estimated earnings 6,151,767 14,974,051 Billings to date (13,683,261 ) $ 1,290,790 Deferred revenue related to non-systems contracts (331,452 ) 959,338 Included in accompanying balance sheets Under the following captions: Contract assets $ 4,255,400 Contract liabilities $ (3,296,062 ) |
Note 5 - Inventories, Net (Tabl
Note 5 - Inventories, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2022 December 31, 2021 Raw materials $ 1,366,405 $ 1,030,955 Work-in-process 684,000 194,060 Inventories $ 2,050,405 $ 1,225,015 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation Expense (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Cost of revenue $ 8,440 $ - $ 16,880 $ - Research and development 13,417 - 26,316 - Selling and shipping 5,398 - 10,796 - General and administrative 64,466 62,078 134,839 112,451 Total $ 91,721 $ 62,078 $ 188,831 $ 112,451 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | 2007 Share Incentive Plan Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Number of shares 220,000 - - (25,000 ) 195,000 195,000 Weighted average exercise price per share $ 12.56 - - $ 15.00 $ 12.24 $ 12.24 2016 Share Incentive Plan Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Number of shares 398,500 12,500 - (6,500 ) 404,500 102,500 Weighted average exercise price per share $ 4.43 $ 4.60 - $ 4.01 $ 4.44 $ 5.33 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Stock Price $ 4.60 Exercise Price $ 4.60 Dividend yield 0 % Expected volatility 68 % Risk-Free interest rate 1.79 % Expected life (in years) 6.00 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Exercise Number Remaining Exercise Intrinsic Number Exercise Intrinsic Price Range Outstanding Contractual Price Value Exercisable Price Value $4.00 - 7.00 384,500 8.8 $ 4.25 $ 0 82,500 $ 4.66 $ 0 $7.01 - 10.00 20,000 5.8 $ 8.07 $ 0 20,000 $ 8.07 $ 0 $10.01 - 12.00 120,000 4.7 $ 10.52 $ 0 120,000 $ 10.52 $ 0 $12.01 - 15.00 75,000 .2 $ 15.00 $ 0 75,000 $ 15.00 $ 0 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Shares of Average Grant Restricted Date Fair Stock Units Value Unvested outstanding at December 31, 2021 5,500 $ 4.82 Granted - $ - Vested (5,500 ) $ 4.82 Forfeited/Cancelled - $ - - Unvested outstanding at June 30, 2022 - $ - |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Basic weighted average common shares outstanding 6,728,938 6,684,281 6,726,990 6,682,347 Dilutive effect of options and unvested restricted shares - 2,948 - - Diluted weighted average shares outstanding 6,728,938 6,687,229 6,726,990 6,682,347 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Stock Options 599,500 557,052 599,500 560,000 599,500 557,052 599,500 560,000 |
Note 11 - Segment Reporting (Ta
Note 11 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Eliminations* and 2022 CVD SDC Materials Unallocated Consolidated Assets $ 23,661 $ 8,474 $ 1,913 $ 68 $ 34,116 Revenue 3,782 1,591 816 (380 ) 5,809 Operating (loss) income (469 ) 227 143 (758 ) (857 ) Pretax (loss) income (451 ) 227 143 (758 ) (839 ) 2021 Assets $ 28,149 $ 6,765 $ 3,940 $ 66 $ 38,920 Revenue 1,804 1,162 1,087 (19 ) 4,034 Operating (loss) income (1,220 ) 368 503 (734 ) (1,083 ) Pretax (loss) income 1,209 368 628 (734 ) 1,471 Eliminations* and 2022 CVD SDC Materials Unallocated Consolidated Revenue 6,607 3,006 1,273 (425 ) 10,461 Operating (loss) income (1,236 ) 670 137 (1,438 ) (1,867 ) Pretax (loss) income (1,204 ) 670 136 (1.438 ) (1,836 ) 2021 Revenue 3,811 1,987 1,716 (114 ) 7,400 Operating (loss) income (1,753 ) 363 392 (1,704 ) (2,702 ) Pretax (loss) income 661 363 646 (1,704 ) (34 ) |
Note 3 - Concentration of Cre_2
Note 3 - Concentration of Credit Risk (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 | Jun. 30, 2022 USD ($) | Jun. 30, 2021 | Dec. 31, 2021 USD ($) | |
Cash and Cash Equivalents, at Carrying Value, Total | $ 12,159,052 | $ 12,159,052 | $ 16,651,371 | ||
Cash Equivalents, at Carrying Value, Total | 7,000,000 | 7,000,000 | 7,000,000 | ||
Cash, Uninsured Amount | $ 4,100,000 | $ 4,100,000 | $ 8,600,000 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Number Of Major Customers | 2 | 2 | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer A [Member] | |||||
Concentration Risk, Percentage | 24.30% | 17.30% | 16.20% | 18% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer B [Member] | |||||
Concentration Risk, Percentage | 14.80% | 12.90% | 12.20% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer C [Member] | |||||
Concentration Risk, Percentage | 11.20% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Number Of Major Customers | 3 | 1 | 2 | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer A [Member] | |||||
Concentration Risk, Percentage | 54.10% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | |||||
Concentration Risk, Percentage | 50% |
Note 4 - Revenue Disaggregati_3
Note 4 - Revenue Disaggregation (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Contract with Customer, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price and Input Costs | $ 12,800,000 | |
Contract with Customer, Liability, Total | 3,296,062 | |
Transferred over Time [Member] | ||
Contract with Customer, Liability, Total | $ 1,700,000 | $ 6,000,000 |
Note 4 - Revenue Disaggregati_4
Note 4 - Revenue Disaggregation - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net Revenue | $ 5,808,588 | $ 4,034,408 | $ 10,460,820 | $ 7,400,268 |
Transferred over Time [Member] | ||||
Net Revenue | 3,773,000 | 1,788,000 | 6,374,000 | 3,533,000 |
Transferred at Point in Time [Member] | ||||
Net Revenue | 2,036,000 | 2,246,000 | 4,087,000 | 3,867,000 |
Aerospace [Member] | ||||
Net Revenue | 520,000 | 774,000 | 1,221,000 | 1,488,000 |
Aerospace [Member] | Transferred over Time [Member] | ||||
Net Revenue | 0 | 197,000 | 0 | 386,000 |
Aerospace [Member] | Transferred at Point in Time [Member] | ||||
Net Revenue | 520,000 | 577,000 | 1,221,000 | 1,102,000 |
Energy, Storage and Transmission [Member] | ||||
Net Revenue | 2,243,000 | 0 | 3,149,000 | 0 |
Energy, Storage and Transmission [Member] | Transferred over Time [Member] | ||||
Net Revenue | 2,024,000 | 0 | 2,923,000 | 0 |
Energy, Storage and Transmission [Member] | Transferred at Point in Time [Member] | ||||
Net Revenue | 219,000 | 0 | 226,000 | 0 |
Industrial [Member] | ||||
Net Revenue | 2,175,000 | 2,519,000 | 4,043,000 | 4,564,000 |
Industrial [Member] | Transferred over Time [Member] | ||||
Net Revenue | 1,450,000 | 1,226,000 | 2,446,000 | 2,595,000 |
Industrial [Member] | Transferred at Point in Time [Member] | ||||
Net Revenue | 725,000 | 1,293,000 | 1,597,000 | 1,969,000 |
Research [Member] | ||||
Net Revenue | 871,000 | 741,000 | 2,048,000 | 1,348,000 |
Research [Member] | Transferred over Time [Member] | ||||
Net Revenue | 299,000 | 365,000 | 1,005,000 | 552,000 |
Research [Member] | Transferred at Point in Time [Member] | ||||
Net Revenue | $ 572,000 | $ 376,000 | $ 1,043,000 | $ 796,000 |
Note 4 - Revenue Disaggregati_5
Note 4 - Revenue Disaggregation - Costs, Estimated Earnings, and Billings on Uncompleted Contracts (Details) | Jun. 30, 2022 USD ($) |
Costs incurred on contracts in progress | $ 8,822,284 |
Estimated earnings | 6,151,767 |
Costs and Estimated Earnings on Uncompleted Contracts | 14,974,051 |
Billings to date | (13,683,261) |
Net Cost in Excess of Billings | 1,290,790 |
Deferred revenue related to non-systems contracts | (331,452) |
Contract Liability In Excess of Contract Assets | 959,338 |
Included in accompanying balance sheets | |
Contract assets | 4,255,400 |
Contract liabilities | $ (3,296,062) |
Note 5 - Inventories, Net - Com
Note 5 - Inventories, Net - Components of Inventories (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Raw materials | $ 1,366,405 | $ 1,030,955 |
Work-in-process | 684,000 | 194,060 |
Inventories | $ 2,050,405 | $ 1,225,015 |
Note 6 - Accounts Receivable,_2
Note 6 - Accounts Receivable, Net (Details Textual) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 36,000 | $ 59,000 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - HSBC Bank Mortgage Loan [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument, Number of Payments | 120 | |
Debt Instrument, Periodic Payment, Total | $ 25,000 | |
Long-term Debt, Total | $ 1,800,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.86% | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
Prime Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation Expense (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Oct. 11, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement, Expense | $ 91,721 | $ 62,078 | $ 188,831 | $ 112,451 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 12,500 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.81 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 599,500 | 599,500 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 297,500 | 297,500 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 0 | 0 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | |||||
Director [Member] | ||||||
Share-Based Payment Arrangement, Expense | $ 40,000 | |||||
Share-Based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 644,000 | $ 644,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 | $ 0 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3,458 | |||||
Share-Based Payment Arrangement, Tranche One [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation Expense - Compensation Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock-based compensation | $ 91,721 | $ 62,078 | $ 188,831 | $ 112,451 |
Cost of Revenue [Member] | ||||
Stock-based compensation | 8,440 | 0 | 16,880 | 0 |
Research and Development Expense [Member] | ||||
Stock-based compensation | 13,417 | 0 | 26,316 | 0 |
Selling and Shipping [Member] | ||||
Stock-based compensation | 5,398 | 0 | 10,796 | 0 |
General and Administrative [Member] | ||||
Stock-based compensation | $ 64,466 | $ 62,078 | $ 134,839 | $ 112,451 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation Expense - Stock Option Plan (Details) - $ / shares | 3 Months Ended | 6 Months Ended |
Mar. 31, 2022 | Jun. 30, 2022 | |
Granted during period (in shares) | 12,500 | |
Exercised during period (in shares) | 0 | 0 |
Ending balance, number outstanding (in shares) | 599,500 | |
Number of shares exercisable (in shares) | 297,500 | |
The 2007 Share Incentive Plan [Member] | ||
Beginning balance, number outstanding (in shares) | 220,000 | 220,000 |
Granted during period (in shares) | 0 | |
Exercised during period (in shares) | 0 | |
Canceled during period (in shares) | (25,000) | |
Ending balance, number outstanding (in shares) | 195,000 | |
Number of shares exercisable (in shares) | 195,000 | |
Beginning balance, weighted average exercise price (in dollars per share) | $ 12.56 | $ 12.56 |
Granted during period, weighted average exercise price (in dollars per share) | 0 | |
Exercised during period, weighted average exercise price (in dollars per share) | 0 | |
Canceled during period, weighted average exercise price (in dollars per share) | 15 | |
Ending balance, weighted average exercise price (in dollars per share) | 12.24 | |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 12.24 | |
The 2016 Share Incentive Plan [Member] | ||
Beginning balance, number outstanding (in shares) | 398,500 | 398,500 |
Granted during period (in shares) | 12,500 | |
Exercised during period (in shares) | 0 | |
Canceled during period (in shares) | (6,500) | |
Ending balance, number outstanding (in shares) | 404,500 | |
Number of shares exercisable (in shares) | 102,500 | |
Beginning balance, weighted average exercise price (in dollars per share) | $ 4.43 | $ 4.43 |
Granted during period, weighted average exercise price (in dollars per share) | 4.60 | |
Exercised during period, weighted average exercise price (in dollars per share) | 0 | |
Canceled during period, weighted average exercise price (in dollars per share) | 4.01 | |
Ending balance, weighted average exercise price (in dollars per share) | 4.44 | |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 5.33 |
Note 8 - Stock-based Compensa_6
Note 8 - Stock-based Compensation Expense - Assumptions (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares | |
Stock Price (in dollars per share) | $ 4.60 |
Exercise Price (in dollars per share) | $ 4.60 |
Dividend yield | 0% |
Expected volatility | 68% |
Risk-Free interest rate | 1.79% |
Expected life (in years) (Year) | 6 years |
Note 8 - Stock-based Compensa_7
Note 8 - Stock-based Compensation Expense - Outstanding and Exercisable Options (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Exercise Price Range 1 [Member] | |
Exercise price range, lower limit (in dollars per share) | $ 4 |
Exercise price range, upper limit (in dollars per share) | $ 7 |
Number of options outstanding (in shares) | shares | 384,500 |
Number of options outstanding, weighted average remaining contractual term (Year) | 8 years 9 months 18 days |
Number of options outstanding, weighted average exercise price (in dollars per share) | $ 4.25 |
Number of options outstanding, intrinsic value | $ | $ 0 |
Number of options exercisable (in shares) | shares | 82,500 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 4.66 |
Number of options exercisable, intrinsic value | $ | $ 0 |
Exercise Price Range 2 [Member] | |
Exercise price range, lower limit (in dollars per share) | $ 7.01 |
Exercise price range, upper limit (in dollars per share) | $ 10 |
Number of options outstanding (in shares) | shares | 20,000 |
Number of options outstanding, weighted average remaining contractual term (Year) | 5 years 9 months 18 days |
Number of options outstanding, weighted average exercise price (in dollars per share) | $ 8.07 |
Number of options outstanding, intrinsic value | $ | $ 0 |
Number of options exercisable (in shares) | shares | 20,000 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 8.07 |
Number of options exercisable, intrinsic value | $ | $ 0 |
Exercise Price Range 3 [Member] | |
Exercise price range, lower limit (in dollars per share) | $ 10.01 |
Exercise price range, upper limit (in dollars per share) | $ 12 |
Number of options outstanding (in shares) | shares | 120,000 |
Number of options outstanding, weighted average remaining contractual term (Year) | 4 years 8 months 12 days |
Number of options outstanding, weighted average exercise price (in dollars per share) | $ 10.52 |
Number of options outstanding, intrinsic value | $ | $ 0 |
Number of options exercisable (in shares) | shares | 120,000 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 10.52 |
Number of options exercisable, intrinsic value | $ | $ 0 |
Exercise Price Range 4 [Member] | |
Exercise price range, lower limit (in dollars per share) | $ 12.01 |
Exercise price range, upper limit (in dollars per share) | $ 15 |
Number of options outstanding (in shares) | shares | 75,000 |
Number of options outstanding, weighted average remaining contractual term (Year) | 2 months 12 days |
Number of options outstanding, weighted average exercise price (in dollars per share) | $ 15 |
Number of options outstanding, intrinsic value | $ | $ 0 |
Number of options exercisable (in shares) | shares | 75,000 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 15 |
Number of options exercisable, intrinsic value | $ | $ 0 |
Note 8 - Stock-based Compensa_8
Note 8 - Stock-based Compensation Expense - Restricted Stock and Restricted Stock Units Activity (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Granted (in shares) | 0 |
Restricted Stock [Member] | |
Unvested outstanding at beginning of period (in shares) | 5,500 |
Unvested outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.82 |
Granted (in shares) | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Vested (in shares) | (5,500) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.82 |
Forfeited/Cancelled (in shares) | 0 |
Unvested outstanding at end of period (in shares) | 0 |
Unvested outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Mar. 27, 2020 |
Income Taxes Receivable | $ 7 | $ 1.5 |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) | Jun. 30, 2022 shares |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 599,500 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 297,500 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Calculation of Basic and Diluted Weighted Average Common Shares (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Basic weighted average common shares outstanding (in shares) | 6,728,938 | 6,684,281 | 6,726,990 | 6,682,347 |
Dilutive effect of options and unvested restricted shares (in shares) | 0 | 2,948 | 0 | 0 |
Diluted weighted average shares outstanding (in shares) | 6,728,938 | 6,687,229 | 6,726,990 | 6,682,347 |
Note 10 - Earnings Per Share _2
Note 10 - Earnings Per Share - Anti-dilutive Securities (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Anti-dilutive securities (in shares) | 599,500 | 557,052 | 599,500 | 560,000 |
Share-Based Payment Arrangement, Option [Member] | ||||
Anti-dilutive securities (in shares) | 599,500 | 557,052 | 599,500 | 560,000 |
Note 11 - Segment Reporting (De
Note 11 - Segment Reporting (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Number of Operating Segments | 3 | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 5,808,588 | $ 4,034,408 | $ 10,460,820 | $ 7,400,268 |
Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | (380,000) | (19,000) | (425,000) | (114,000) |
SDC [Member] | Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 400,000 | $ 20,000 | $ 400,000 | $ 100,000 |
Note 11 - Segment Reporting - S
Note 11 - Segment Reporting - Segment Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Assets | $ 34,115,515 | $ 38,920,000 | $ 34,115,515 | $ 38,920,000 | $ 35,524,229 |
Revenue from Contract with Customer, Including Assessed Tax | 5,808,588 | 4,034,408 | 10,460,820 | 7,400,268 | |
Operating (loss) income | (856,845) | (1,082,924) | (1,867,123) | (2,701,711) | |
Pretax (loss) income | (838,577) | 1,471,489 | (1,835,917) | (34,061) | |
Segment Reconciling Items [Member] | |||||
Assets | 68,000 | 66,000 | 68,000 | 66,000 | |
Intersegment Eliminations [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | (380,000) | (19,000) | (425,000) | (114,000) | |
Operating (loss) income | (758,000) | (734,000) | (1,438,000) | (1,704,000) | |
Pretax (loss) income | (758,000) | (734,000) | (1,438) | (1,704,000) | |
CVD [Member] | Operating Segments [Member] | |||||
Assets | 23,661,000 | 28,149,000 | 23,661,000 | 28,149,000 | |
Revenue from Contract with Customer, Including Assessed Tax | 3,782,000 | 1,804,000 | 6,607,000 | 3,811,000 | |
Operating (loss) income | (469,000) | (1,220,000) | (1,236,000) | (1,753,000) | |
Pretax (loss) income | (451,000) | 1,209,000 | (1,204,000) | 661,000 | |
SDC [Member] | Operating Segments [Member] | |||||
Assets | 8,474,000 | 6,765,000 | 8,474,000 | 6,765,000 | |
Revenue from Contract with Customer, Including Assessed Tax | 1,591,000 | 1,162,000 | 3,006,000 | 1,987,000 | |
Operating (loss) income | 227,000 | 368,000 | 670,000 | 363,000 | |
Pretax (loss) income | 227,000 | 368,000 | 670,000 | 363,000 | |
SDC [Member] | Intersegment Eliminations [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 400,000 | 20,000 | 400,000 | 100,000 | |
Materials [Member] | Operating Segments [Member] | |||||
Assets | 1,913,000 | 3,940,000 | 1,913,000 | 3,940,000 | |
Revenue from Contract with Customer, Including Assessed Tax | 816,000 | 1,087,000 | 1,273,000 | 1,716,000 | |
Operating (loss) income | 143,000 | 503,000 | 137,000 | 392,000 | |
Pretax (loss) income | $ 143,000 | $ 628,000 | $ 136,000 | $ 646,000 |