Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 25, 2021 | Mar. 06, 2022 | Jun. 27, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000814676 | ||
Entity Registrant Name | CPS TECHNOLOGIES CORP/DE/ | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-25 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 25, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 0-16088 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-2832509 | ||
Entity Address, Address Line One | 111 South Worcester Street | ||
Entity Address, City or Town | Norton | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02766-2102 | ||
City Area Code | 508 | ||
Local Phone Number | 222-0614 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | CPSH | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 55,000,000 | ||
Entity Common Stock, Shares Outstanding | 14,395,952 | ||
Auditor Name | Wolf & Company, P.C. | ||
Auditor Location | Boston, Massachusetts | ||
Auditor Firm ID | 392 | ||
ICFR Auditor Attestation Flag | false |
Balance Sheets
Balance Sheets - USD ($) | Dec. 25, 2021 | Dec. 26, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 5,050,312 | $ 195,203 |
Accounts receivable-trade, net | 4,870,021 | 2,914,800 |
Inventories | 3,911,602 | 3,709,471 |
Prepaid expenses and other current assets | 225,873 | 71,506 |
Total current assets | 14,057,808 | 6,890,980 |
Property and equipment: | ||
Production equipment | 10,489,729 | 10,265,471 |
Furniture and office equipment | 673,305 | 568,846 |
Leasehold improvements | 951,384 | 951,384 |
Total cost | 12,114,418 | 11,785,701 |
Accumulated depreciation and amortization | (11,028,154) | (10,558,816) |
Construction in progress | 246,669 | 61,062 |
Net property and equipment | 1,332,933 | 1,287,947 |
Right-of-use lease asset (note 4, leases) | 586,000 | 25,000 |
Deferred taxes, net | 2,823,978 | 117,000 |
Total assets | 18,800,719 | 8,320,927 |
Current liabilities: | ||
Borrowings against line of credit | 0 | 0 |
Notes payable, current portion | 55,906 | 58,134 |
Accounts payable | 2,100,251 | 909,291 |
Accrued expenses | 1,086,429 | 804,091 |
Deferred revenue | 1,707,138 | 12,177 |
Current lease liability | 155,000 | 25,000 |
Total current liabilities | 5,104,724 | 1,808,693 |
Notes payable less current portion | 98,684 | 154,570 |
Long-term lease liability | 431,000 | 0 |
Total liabilities | 5,634,408 | 1,963,263 |
Commitments & Contingencies | ||
Stockholders’ Equity: | ||
Common stock, $0.01 par value, authorized 20,000,000 shares; issued 14,350,786 and 13,746,242 shares; outstanding 14,350,451 and 13,313,790; at December 25, 2021 and December 26, 2020, respectively | 143,508 | 137,462 |
Additional paid-in capital | 39,281,810 | 36,688,894 |
Accumulated deficit | (26,256,492) | (29,472,369) |
Less cost of 335 and 432,452 common shares repurchased at December 25, 2021 and December 26, 2020, respectively | (2,515) | (996,323) |
Total stockholders’ equity | 13,166,311 | 6,357,664 |
Total liabilities and stockholders’ equity | $ 18,800,719 | $ 8,320,927 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Dec. 25, 2021 | Dec. 26, 2020 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares (in shares) | 20,000,000 | 20,000,000 |
Common stock, issued shares (in shares) | 14,350,786 | 13,746,242 |
Common stock, outstanding shares (in shares) | 14,350,451 | 13,313,790 |
Treasury stock, shares (in shares) | 335 | 432,452 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Product sales | $ 22,449,065 | $ 20,872,611 |
Cost of product sales | 17,659,347 | 16,702,848 |
Gross margin | 4,789,718 | 4,169,763 |
Selling, general, and Administrative expenses | 4,276,751 | 3,255,527 |
Income from operations | 512,967 | 914,236 |
Other income (expense) | (4,068) | (14,720) |
Income before income tax | 508,899 | 899,516 |
Income tax provision (benefit) | (2,706,978) | (8,548) |
Net income | $ 3,215,877 | $ 908,064 |
Net income (loss) per basic common share (in dollars per share) | $ 0.23 | $ 0.07 |
Weighted average number of basic common shares outstanding (in shares) | 14,061,320 | 13,251,521 |
Net income (loss) per diluted common share (in dollars per share) | $ 0.22 | $ 0.07 |
Weighted average number of diluted common shares outstanding (in shares) | 14,590,725 | 13,348,582 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 28, 2019 | 13,427,492 | ||||
Balance at Dec. 28, 2019 | $ 134,275 | $ 36,094,201 | $ (30,380,433) | $ (517,053) | $ 5,330,990 |
Share-based compensation expense | 117,842 | 117,842 | |||
Issuance of Common Stock (in shares) | 500 | ||||
Issuance of Common Stock | $ 5 | 763 | 768 | ||
Employee option exercises (in shares) | 318,250 | ||||
Employee option exercises | $ 3,182 | 476,080 | (479,270) | ||
Net income (loss) | 908,064 | 908,064 | |||
Balance (in shares) at Dec. 26, 2020 | 13,746,242 | ||||
Balance at Dec. 26, 2020 | $ 137,462 | 36,688,894 | (29,472,369) | (996,323) | 6,357,664 |
Share-based compensation expense | 174,124 | 174,124 | |||
Issuance of Common Stock (in shares) | 528,804 | ||||
Issuance of Common Stock | $ 5,289 | 3,402,128 | 3,407,417 | ||
Employee option exercises (in shares) | 630,400 | ||||
Employee option exercises | $ 6,304 | 1,235,370 | (1,230,445) | 11,229 | |
Net income (loss) | 3,215,877 | 3,215,877 | |||
Treasury Shares Retired (in shares) | (554,660) | ||||
Treasury Shares Retired | $ (5,547) | (2,218,706) | 2,224,253 | ||
Balance (in shares) at Dec. 25, 2021 | 14,350,786 | ||||
Balance at Dec. 25, 2021 | $ 143,508 | $ 39,281,810 | $ (26,256,492) | $ (2,515) | $ 13,166,311 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 3,215,877 | $ 908,064 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Share-based compensation | 174,124 | 117,842 |
Depreciation and amortization | 469,337 | 530,420 |
Deferred taxes | (2,706,978) | 30,873 |
Gain on sale of property and equipment | (2,047) | (11,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable – trade | (1,955,221) | 1,172,145 |
Inventories | (202,131) | (609,647) |
Prepaid expenses and other current assets | (154,367) | 76,280 |
Accounts payable | 1,190,960 | (527,126) |
Accrued expenses | 282,338 | (11,075) |
Deferred revenue | 1,694,961 | (8,933) |
Net cash provided by operating activities | 2,006,853 | 1,667,843 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (514,322) | (322,991) |
Proceeds from sale of property and equipment | 2,047 | 11,000 |
Net cash used by investing activities | (512,275) | (311,991) |
Cash flows from financing activities: | ||
Net borrowings (repayments) on line of credit | 0 | (1,249,588) |
Proceeds from employee stock options | 11,229 | 768 |
Proceeds from issuance of common stock | 3,407,416 | |
Payment on notes payable | (58,114) | (45,794) |
Net cash provided by financing activities | 3,360,531 | (1,294,614) |
Net increase (decrease) in cash and cash equivalents | 4,855,109 | 61,238 |
Cash and cash equivalents at beginning of year | 195,203 | 133,965 |
Cash and cash equivalents at end of year | 5,050,312 | 195,203 |
Supplemental cash flow information: | ||
Cash paid (refunded) for income taxes | 456 | (8,548) |
Cash paid for interest | 35,229 | 104,488 |
Supplemental disclosures of non-cash activity: | ||
Net exercise of stock options | 1,230,445 | 479,270 |
Issuance of long term debt to finance equipment purchases | $ 0 | $ 247,807 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | ( 1 CPS Technologies Corp. (the ‘Company’ or ‘CPS’) provides advanced material solutions to the transportation, automotive, energy, computing/internet, telecommunications, aerospace, defense and oil and gas end markets. Our primary material solution is metal matrix composites. We design, manufacture and sell custom metal matrix composite components which improve the performance and reliability of systems in these end markets. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 2 ( 2 The Company considers all highly liquid investments with a maturity of three ( 2 The Company reports its accounts receivable at the invoiced amount less an allowance for doubtful accounts. The Company’s management provides appropriate provisions for uncollectible accounts based upon factors surrounding the credit risk and activity of specific customers, historical trends, economic conditions and other information. Adjustments to the allowance are charged to operations in the period in which information becomes available that may December 25, 2021 December 26, 2020. ( 2 Inventories are stated at the lower of cost, as determined under the first first no twelve no ( 2 Property and equipment are stated at cost. Depreciation of equipment is calculated on a straight-line basis over the estimated useful life, generally five three five ( 2 The Company reviews long-lived assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not December 25, 2021 December 26, 2020, ( 2 Revenue is recognized in accordance with the five 606, Identifying the Contract with the Customer The Company identifies contracts with customers as agreements that create enforceable rights and obligations. In the case of a few large customers the Company has executed long-term Master Sales Agreements (“MSA”). These are umbrella agreements which typically define the terms and conditions under which a customer can order goods from CPS. These in themselves do not no no The Company contract is only enforceable once both parties have approved it, and is usually in the form of a written purchase order from a customer combined with acknowledgement from the Company. In cases without an MSA, the customer submits a blueprint for a product, the Company provides a quote and the customer responds with a purchase order. In these cases the Company’s acceptance of the purchase order constitutes an enforceable contract. Identifying the Performance Obligations in the Contract For each contract, the Company considers the promise to transfer products, each of which are distinct, to be the identified performance obligations. Shipping and handling activities for which the Company is responsible are not The Company provides an assurance-type warranty. This guarantees that the product functions as promised and meets specifications. Under its terms and conditions the Company offers a 30 not Determining the Transaction Price The Company determines the transaction price as the amount of consideration specified in the contract that it expects to receive in exchange for transferring promised goods to the customer. Amounts collected from customers for sales value added and other taxes are excluded from the transaction prices. Product sales are recorded net of trade discounts and sales returns. If a contract includes a variable amount, such as a rebate, then the Company estimates the transaction price using either the expected value or the most likely amount of consideration to be received, depending upon the specific facts and circumstances. The Company includes estimated variable consideration in the transaction price only to the extent it is probable that a significant reversal of revenue will not December 25, 2021 When credit is granted to customers, payment is typically due 30 90 not Allocating the Transaction Price to the Performance Obligations In virtually all cases the transaction price is tied to a specific product in the contract obviating the need for any allocation. Recognizing Revenue When (or as) the Performance Obligations are Satisfied The Company recognizes revenue at the point in time when it transfers control of the promised goods or services to the customer, which typically occurs once the product has shipped or has been delivered to the customer. Occasionally, for the purpose of ensuring a steady flow of product, the Company ships products on consignment. In these instances, delivery is deemed to have occurred when the customer pulls inventory out of the warehouse for use in their production, or upon a specified period of time as agreed upon by both parties. As of December 25, 2021 The Company generally expenses sales commissions when incurred because the amortization period would have been one The Company does not one ( 2 The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for the expected future tax consequences of temporary differences between the financial reporting and income tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in affect when the differences reverse. A valuation allowance is established to reduce net deferred tax assets to the amount expected to be realized. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. As of December 25, 2021 December 26, 2020, not December 25, 2021 December 26, 2020 ( 2 Basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is calculated by dividing net income (loss) by the sum of the weighted average number of common shares plus additional common shares that would have been outstanding if potential dilutive common shares had been issued for granted stock option and stock purchase rights. Common stock equivalents are excluded from the diluted calculations when a net loss is incurred as they would be anti-dilutive. ( 2 Certain amounts in prior year’s financial statements have been reclassified to conform to the current year’s presentation. ( 2 In the normal course of business, management evaluates all the new accounting pronouncements issued by the Financial Accounting Standard Board (“FASB”). Based upon this review, management does not not ( 2 The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recorded during the reporting period. Such estimates are adjusted by management periodically as a result of existing or anticipated economic changes which effect, or may ( 2 The Company’s fiscal year end is the last Saturday in December 52 53 2021 2020 52 ( 2 The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is recognized over the period during which an employee is required to provide services in exchange for the award, the requisite service period (usually the vesting period). The Company provides an estimate of forfeitures at initial grant date, and this estimated forfeiture rate is adjusted periodically based on actual forfeiture experience. The Company uses the Black-Scholes option pricing model to determine the fair value of stock options granted. ( 2 The Company views its operations and manages its business as one two three not |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 3 As of December 25, 2021 December 26, 2020 2021 2020 Raw materials $ 2,080,778 $ 752,760 Work in process 1,309,572 2,800,226 Finished goods 805,159 592,640 Gross Inventory 4,195,509 4,145,626 Reserve for obsolescence (283,907 ) (436,155 ) Total $ 3,911,602 $ 3,709,471 |
Note 4 - Leases
Note 4 - Leases | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 4 The Company had one 2021 February 2026. None 12 The real estate lease expiring in 2026 not not The Norton facility lease comprises approximately 38 first The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s capitalized operating leases as of December 25, 2021: (Dollars in Thousands) December 25, 2021 Maturity of capitalized lease liabilities Lease payments 2022 160 2023 162 2024 165 2025 165 2026 28 Total undiscounted operating lease payments $ 680 Less: Imputed interest (94 ) Present value of operating lease liability $ 586 Balance Sheet Classification Current lease liability $ 155 Long-term lease liability 431 Total operating lease liability $ 586 Other Information Weighted-average remaining lease term for capitalized operating leases (in months) 50 Weighted-average discount rate for capitalized operating leases 6.6 % Operating Lease Costs and Cash Flows Operating lease cost and cash paid was $38 thousand during the fourth 2021 twelve December 25, 2021. Finance Leases The Company does not Estimated monthly payments under the terms of the Norton facility lease, escalate from $13 thousand to $14 thousand over the lease term |
Note 5 - Share-based Compensati
Note 5 - Share-based Compensation Plans | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 5 The Company adopted the 2020 "2020 March 3, 2020. 2020 ten five Under the 2020 December 25, 2021. The Company also administers the 2009 December 2019 December 25, 2021, A summary of stock option activity as of December 25, 2021 Weighted Weighted Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Life (years) Value Outstanding at beginning of year 1,251,500 $ 1.82 Granted 258,000 $ 3.39 Exercised (630,400 ) $ 1.97 Forfeited (36,700 ) $ 1.69 Expired (3,000 ) $ 1.49 Outstanding at end of year 839,400 $ 2.20 6.16 $ 1,874,111 Options exercisable at year-end 468,900 $ 1.90 4.43 $ 1,163,055 318,250 options were exercised during fiscal 2020 2020. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following table presents the annualized weighted average values of the significant assumptions used to estimate the fair values of the options granted during 2021 2020: 2021 2020 Risk-free interest rate .50% - 1.34 % .84% - .91 % Expected life in years 6 - 7 6 - 7 Expected volatility 54 % 54 % Expected dividend yield 0 0 Weighted average fair value of grants $ 1.72 $ .78 All options are granted with an exercise price equal to the fair market value of the underlying common stock on the date of grant. The Company recognized $174,124 and $117,842 as stock based compensation expense in 2021 2020, December 25, 2021, |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 6 Accrued expenses at December 25, 2021 December 26, 2020 2021 2020 Accrued legal and accounting $ 79,917 $ 71,671 Accrued payroll and related costs 905,698 626,063 Accrued other 100,814 106,357 $ 1,086,429 $ 804,091 |
Note 7 - Revolving Line of Cred
Note 7 - Revolving Line of Credit | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 7 In September 2019, may May 2020 2021. December 25, 2021 2021 |
Note 8 - Notes Payable
Note 8 - Notes Payable | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 8 In March 2020, In July 2020 The aggregate maturities of the notes payable based on the payment terms of the agreement are as follows: Remaining in: Payments due by period FY 2022 $ 63,983 FY 2023 $ 48,934 FY 2024 $ 48,934 FY 2025 $ 8,155 Interest on the above $ (15,416 ) Total $ 154,590 Total interest expense on notes payable during 2021 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 9 Components of income tax expense (benefit) for each year are as follows: 2021 2020 Current: Federal $ -- $ (39,877 ) State 11,967 456 Current income tax provision (benefit): 11,967 (39,421 ) Deferred: Federal (2,156,278 ) 33,873 State (562,667 ) (3,000 ) Deferred income tax provision (benefit), net (2,718,945 ) 30,873 Total $ (2,706,978 ) $ (8,548 ) Deferred tax assets as of December 25, 2021 December 26, 2020 December 25, 2021 December 26, 2020 Deferred Tax Assets: Net operating loss carryforwards $ 1,050,449 $ 746,397 Stock compensation 157,845 540,281 Credit carryforwards 1,285,119 1,288,897 Inventory 77,563 116,153 Accrued liabilities 12,390 22,140 Depreciation 237,880 250,093 Other 2,732 2,732 Gross deferred tax assets 2,823,978 2,966,693 Valuation allowance 0 (2,849,693 ) Net deferred tax assets $ 2,823,978 $ 117,000 At December 25, 2021 December 26, 2020 12/31/2036. The Company established a valuation reserve as it is judged more likely than not not 2018 three In September 2021 not” 2021. A summary of the change in the deferred tax asset is as follows: 2021 2020 Gross deferred tax balance at beginning of year $ 2,966,693 $ 3,321,611 Deferred tax benefit (provision) (142,715 ) (354,918 ) Valuation allowance 0 (2,849,693 ) Balance at end of year, net $ 2,823,978 $ 117,000 Income tax expense is different from the amounts computed by applying the U.S. federal statutory income tax rate of 21 percent to pretax income as a result of the following: 2021 2020 Tax at statutory rate $ 106,869 $ 188,899 State tax, net of federal benefit 36,301 360 Net operating loss and credit carryforwards -- 33,873 Valuation allowance (2,849,693 ) (324,045 ) Other (455 ) 92,365 Total $ (2,706,978 ) $ (8,548 ) The Company’s income tax filings are subject to review and examination by federal and state taxing authorities. The Company is currently open to audit under the applicable statutes of limitations for the years 2018 2021. |
Note 10 - Retirement Savings Pl
Note 10 - Retirement Savings Plan | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 10 The Company sponsors a Retirement Savings Plan (the ‘Plan’) under the provisions of Section 401 30 may 2021 ½ first 2020 ½ first 2021. |
Note 11 - Concentrations of Cre
Note 11 - Concentrations of Credit Risk, Significant Customers and Geographic Information | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 11 Financial instruments which subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and trade accounts receivable. The Company maintains such cash deposits in a high credit quality financial institution. The Company extends credit to customers who consist principally of microelectronics systems companies in the United States, Europe and Asia. The Company generally does not not Revenues from significant customers as a percentage of total revenues in 2021 2020 Percent of Total Revenues Significant Customer 2021 2020 A 24 % 16 % B 16 % 21 % C 11 % 36 % As of December 25, 2021, three December 25, 2021, no 10% The Company’s revenue was derived from the following countries in 2021 2020: Percent of Total Revenues Country 2021 2020 United States of America 40 % 23 % Germany 14 % 36 % Other 46 % 41 % Many of the Company’s customers based in the United States conduct design, purchasing and payable functions in the United States, but manufacture overseas. Revenue generated from shipments made to customers’ locations outside the United States accounted for 60% and 77% of total revenue in 2021 2020, All of the Company’s long-lived assets and operations are located in the United States. |
Note 12 - Net Income (Loss) Per
Note 12 - Net Income (Loss) Per Share | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 12 The following reconciles the basic and diluted net income (loss) per share calculations. Dec. 25, Dec. 26, 2021 2020 Basic EPS Computation: Numerator: Net income (loss) $ 3,215,877 $ 908,064 Denominator: Weighted average Common shares Outstanding 14,061,320 13,251,521 Basic EPS $ 0.23 $ 0.07 Diluted EPS Computation: Numerator: Net income (loss) $ 3,215,877 $ 908,064 Denominator: Weighted average Common shares Outstanding 14,061,320 13,251,521 Dilutive effect of stock options 529,405 97,061 Total shares 14,590,725 13,348,582 Diluted net income (loss) per share $ 0.22 $ 0.07 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 13 We are subject to contingencies, including legal proceedings and claims arising in the normal course of business that cover a wide range of matters including, among others, contract and employment claims; workers compensation claims; product liability; warranty and modification; and adjustment or replacement of units sold. Direct costs associated with the estimated resolution of contingencies are accrued at the earliest date at which it is deemed probable that a liability has been incurred and the amount of such liability can be reasonably estimated. While it is impossible to ascertain the ultimate legal and financial liability with respect to contingent liabilities, including lawsuits, we believe that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 25, 2021 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ( 2 The Company considers all highly liquid investments with a maturity of three |
Accounts Receivable [Policy Text Block] | ( 2 The Company reports its accounts receivable at the invoiced amount less an allowance for doubtful accounts. The Company’s management provides appropriate provisions for uncollectible accounts based upon factors surrounding the credit risk and activity of specific customers, historical trends, economic conditions and other information. Adjustments to the allowance are charged to operations in the period in which information becomes available that may December 25, 2021 December 26, 2020. |
Inventory, Policy [Policy Text Block] | ( 2 Inventories are stated at the lower of cost, as determined under the first first no twelve no |
Property, Plant and Equipment, Policy [Policy Text Block] | ( 2 Property and equipment are stated at cost. Depreciation of equipment is calculated on a straight-line basis over the estimated useful life, generally five three five |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ( 2 The Company reviews long-lived assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not December 25, 2021 December 26, 2020, |
Revenue [Policy Text Block] | ( 2 Revenue is recognized in accordance with the five 606, Identifying the Contract with the Customer The Company identifies contracts with customers as agreements that create enforceable rights and obligations. In the case of a few large customers the Company has executed long-term Master Sales Agreements (“MSA”). These are umbrella agreements which typically define the terms and conditions under which a customer can order goods from CPS. These in themselves do not no no The Company contract is only enforceable once both parties have approved it, and is usually in the form of a written purchase order from a customer combined with acknowledgement from the Company. In cases without an MSA, the customer submits a blueprint for a product, the Company provides a quote and the customer responds with a purchase order. In these cases the Company’s acceptance of the purchase order constitutes an enforceable contract. Identifying the Performance Obligations in the Contract For each contract, the Company considers the promise to transfer products, each of which are distinct, to be the identified performance obligations. Shipping and handling activities for which the Company is responsible are not The Company provides an assurance-type warranty. This guarantees that the product functions as promised and meets specifications. Under its terms and conditions the Company offers a 30 not Determining the Transaction Price The Company determines the transaction price as the amount of consideration specified in the contract that it expects to receive in exchange for transferring promised goods to the customer. Amounts collected from customers for sales value added and other taxes are excluded from the transaction prices. Product sales are recorded net of trade discounts and sales returns. If a contract includes a variable amount, such as a rebate, then the Company estimates the transaction price using either the expected value or the most likely amount of consideration to be received, depending upon the specific facts and circumstances. The Company includes estimated variable consideration in the transaction price only to the extent it is probable that a significant reversal of revenue will not December 25, 2021 When credit is granted to customers, payment is typically due 30 90 not Allocating the Transaction Price to the Performance Obligations In virtually all cases the transaction price is tied to a specific product in the contract obviating the need for any allocation. Recognizing Revenue When (or as) the Performance Obligations are Satisfied The Company recognizes revenue at the point in time when it transfers control of the promised goods or services to the customer, which typically occurs once the product has shipped or has been delivered to the customer. Occasionally, for the purpose of ensuring a steady flow of product, the Company ships products on consignment. In these instances, delivery is deemed to have occurred when the customer pulls inventory out of the warehouse for use in their production, or upon a specified period of time as agreed upon by both parties. As of December 25, 2021 The Company generally expenses sales commissions when incurred because the amortization period would have been one The Company does not one |
Income Tax, Policy [Policy Text Block] | ( 2 The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for the expected future tax consequences of temporary differences between the financial reporting and income tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in affect when the differences reverse. A valuation allowance is established to reduce net deferred tax assets to the amount expected to be realized. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. As of December 25, 2021 December 26, 2020, not December 25, 2021 December 26, 2020 |
Earnings Per Share, Policy [Policy Text Block] | ( 2 Basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is calculated by dividing net income (loss) by the sum of the weighted average number of common shares plus additional common shares that would have been outstanding if potential dilutive common shares had been issued for granted stock option and stock purchase rights. Common stock equivalents are excluded from the diluted calculations when a net loss is incurred as they would be anti-dilutive. |
Reclassification, Comparability Adjustment [Policy Text Block] | ( 2 Certain amounts in prior year’s financial statements have been reclassified to conform to the current year’s presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | ( 2 In the normal course of business, management evaluates all the new accounting pronouncements issued by the Financial Accounting Standard Board (“FASB”). Based upon this review, management does not not |
Use of Estimates, Policy [Policy Text Block] | ( 2 The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recorded during the reporting period. Such estimates are adjusted by management periodically as a result of existing or anticipated economic changes which effect, or may |
Fiscal Period, Policy [Policy Text Block] | ( 2 The Company’s fiscal year end is the last Saturday in December 52 53 2021 2020 52 |
Share-based Payment Arrangement [Policy Text Block] | ( 2 The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is recognized over the period during which an employee is required to provide services in exchange for the award, the requisite service period (usually the vesting period). The Company provides an estimate of forfeitures at initial grant date, and this estimated forfeiture rate is adjusted periodically based on actual forfeiture experience. The Company uses the Black-Scholes option pricing model to determine the fair value of stock options granted. |
Segment Reporting, Policy [Policy Text Block] | ( 2 The Company views its operations and manages its business as one two three not |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2021 2020 Raw materials $ 2,080,778 $ 752,760 Work in process 1,309,572 2,800,226 Finished goods 805,159 592,640 Gross Inventory 4,195,509 4,145,626 Reserve for obsolescence (283,907 ) (436,155 ) Total $ 3,911,602 $ 3,709,471 |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (Dollars in Thousands) December 25, 2021 Maturity of capitalized lease liabilities Lease payments 2022 160 2023 162 2024 165 2025 165 2026 28 Total undiscounted operating lease payments $ 680 Less: Imputed interest (94 ) Present value of operating lease liability $ 586 |
Lease, Cost [Table Text Block] | Balance Sheet Classification Current lease liability $ 155 Long-term lease liability 431 Total operating lease liability $ 586 Other Information Weighted-average remaining lease term for capitalized operating leases (in months) 50 Weighted-average discount rate for capitalized operating leases 6.6 % |
Note 5 - Share-based Compensa_2
Note 5 - Share-based Compensation Plans (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Activity [Table Text Block] | Weighted Weighted Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Life (years) Value Outstanding at beginning of year 1,251,500 $ 1.82 Granted 258,000 $ 3.39 Exercised (630,400 ) $ 1.97 Forfeited (36,700 ) $ 1.69 Expired (3,000 ) $ 1.49 Outstanding at end of year 839,400 $ 2.20 6.16 $ 1,874,111 Options exercisable at year-end 468,900 $ 1.90 4.43 $ 1,163,055 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2021 2020 Risk-free interest rate .50% - 1.34 % .84% - .91 % Expected life in years 6 - 7 6 - 7 Expected volatility 54 % 54 % Expected dividend yield 0 0 Weighted average fair value of grants $ 1.72 $ .78 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2021 2020 Accrued legal and accounting $ 79,917 $ 71,671 Accrued payroll and related costs 905,698 626,063 Accrued other 100,814 106,357 $ 1,086,429 $ 804,091 |
Note 8 - Notes Payable (Tables)
Note 8 - Notes Payable (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Remaining in: Payments due by period FY 2022 $ 63,983 FY 2023 $ 48,934 FY 2024 $ 48,934 FY 2025 $ 8,155 Interest on the above $ (15,416 ) Total $ 154,590 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2021 2020 Current: Federal $ -- $ (39,877 ) State 11,967 456 Current income tax provision (benefit): 11,967 (39,421 ) Deferred: Federal (2,156,278 ) 33,873 State (562,667 ) (3,000 ) Deferred income tax provision (benefit), net (2,718,945 ) 30,873 Total $ (2,706,978 ) $ (8,548 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 25, 2021 December 26, 2020 Deferred Tax Assets: Net operating loss carryforwards $ 1,050,449 $ 746,397 Stock compensation 157,845 540,281 Credit carryforwards 1,285,119 1,288,897 Inventory 77,563 116,153 Accrued liabilities 12,390 22,140 Depreciation 237,880 250,093 Other 2,732 2,732 Gross deferred tax assets 2,823,978 2,966,693 Valuation allowance 0 (2,849,693 ) Net deferred tax assets $ 2,823,978 $ 117,000 |
Summary Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2021 2020 Gross deferred tax balance at beginning of year $ 2,966,693 $ 3,321,611 Deferred tax benefit (provision) (142,715 ) (354,918 ) Valuation allowance 0 (2,849,693 ) Balance at end of year, net $ 2,823,978 $ 117,000 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2021 2020 Tax at statutory rate $ 106,869 $ 188,899 State tax, net of federal benefit 36,301 360 Net operating loss and credit carryforwards -- 33,873 Valuation allowance (2,849,693 ) (324,045 ) Other (455 ) 92,365 Total $ (2,706,978 ) $ (8,548 ) |
Note 11 - Concentrations of C_2
Note 11 - Concentrations of Credit Risk, Significant Customers and Geographic Information (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Percent of Total Revenues Significant Customer 2021 2020 A 24 % 16 % B 16 % 21 % C 11 % 36 % |
Revenue from External Customers by Geographic Areas [Table Text Block] | Percent of Total Revenues Country 2021 2020 United States of America 40 % 23 % Germany 14 % 36 % Other 46 % 41 % |
Note 12 - Net Income (Loss) P_2
Note 12 - Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Dec. 25, Dec. 26, 2021 2020 Basic EPS Computation: Numerator: Net income (loss) $ 3,215,877 $ 908,064 Denominator: Weighted average Common shares Outstanding 14,061,320 13,251,521 Basic EPS $ 0.23 $ 0.07 Diluted EPS Computation: Numerator: Net income (loss) $ 3,215,877 $ 908,064 Denominator: Weighted average Common shares Outstanding 14,061,320 13,251,521 Dilutive effect of stock options 529,405 97,061 Total shares 14,590,725 13,348,582 Diluted net income (loss) per share $ 0.22 $ 0.07 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |
Dec. 25, 2021USD ($) | Dec. 26, 2020USD ($) | |
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 10,000 | $ 10,000 |
Impairment, Long-Lived Asset, Held-for-Use, Total | 0 | 0 |
Contract with Customer, Rebates | 0 | |
Other Inventory, Materials, Supplies and Merchandise under Consignment, Gross | 0 | |
Income Tax Examination, Penalties and Interest Accrued, Total | 0 | 0 |
Unrecognized Tax Benefits, Uncertain Tax Positions | $ 0 | $ 0 |
Number of Operating Segments | 1 | |
Production Equipment [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |
Furniture and Office Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Furniture and Office Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories (Details) - USD ($) | Dec. 25, 2021 | Dec. 26, 2020 |
Raw materials | $ 2,080,778 | $ 752,760 |
Work in process | 1,309,572 | 2,800,226 |
Finished goods | 805,159 | 592,640 |
Gross Inventory | 4,195,509 | 4,145,626 |
Reserve for obsolescence | (283,907) | (436,155) |
Total | $ 3,911,602 | $ 3,709,471 |
Note 4 - Leases (Details Textua
Note 4 - Leases (Details Textual) ft² in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 25, 2021USD ($)ft² | Dec. 25, 2021USD ($)ft² | |
Norton Facility [Member] | ||
Area of Real Estate Property (Square Foot) | ft² | 38 | 38 |
Norton Facility [Member] | Minimum [Member] | ||
Lessee, Operating Lease, Monthly Rent Payments | $ 13 | $ 13 |
Norton Facility [Member] | Maximum [Member] | ||
Lessee, Operating Lease, Monthly Rent Payments | $ 14 | $ 14 |
Facility Two [Member] | Lease Expiration, December 2020 [Member] | ||
Operating Lease, Real Estate, Number of Leases | 1 | 1 |
Norton Facility [Member] | ||
Operating Lease, Expense | $ 38 | |
Operating Lease, Payments | $ 152 |
Note 4 - Leases - Capitalized O
Note 4 - Leases - Capitalized Operating Leases (Details) $ in Thousands | Dec. 25, 2021USD ($) |
2022 | $ 160 |
2023 | 162 |
2024 | 165 |
2025 | 165 |
2026 | 28 |
Total undiscounted operating lease payments | 680 |
Less: Imputed interest | (94) |
Present value of operating lease liability | $ 586 |
Note 4 - Leases - Costs (Detail
Note 4 - Leases - Costs (Details) - USD ($) | Dec. 25, 2021 | Dec. 26, 2020 |
Current lease liability | $ 155,000 | $ 25,000 |
Long-term lease liability | 431,000 | $ 0 |
Total operating lease liability | $ 586,000 | |
Weighted-average remaining lease term for capitalized operating leases (in months) (Year) | 50 years | |
Weighted-average discount rate for capitalized operating leases | 6.60% |
Note 5 - Share-based Compensa_3
Note 5 - Share-based Compensation Plans (Details Textual) - USD ($) | Mar. 03, 2020 | Dec. 25, 2021 | Dec. 26, 2020 |
The 2020 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,500,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,149,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 630,400 | 318,250 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 258,000 | 119,000 | |
Share-based Payment Arrangement, Expense | $ 174,124 | $ 117,842 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 383,606 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 4 months 28 days | ||
The 2020 Equity Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
The 2020 Equity Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||
The 2009 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 488,900 |
Note 5 - Share-based Compensa_4
Note 5 - Share-based Compensation Plans - Stock Option Activity (Details) - The 2020 Equity Incentive Plan [Member] - USD ($) | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Outstanding, shares (in shares) | 1,251,500 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.82 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 258,000 | 119,000 |
Granted, weighted average exercise price (in dollars per share) | $ 3.39 | |
Exercised, shares (in shares) | (630,400) | (318,250) |
Exercised, weighted average exercise price (in dollars per share) | $ 1.97 | |
Forfeited, shares (in shares) | (36,700) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 1.69 | |
Expired, shares (in shares) | (3,000) | |
Expired, weighted average exercise price (in dollars per share) | $ 1.49 | |
Outstanding, shares (in shares) | 839,400 | 1,251,500 |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.20 | $ 1.82 |
Outstanding, weighted remaining contractual life (Year) | 6 years 1 month 28 days | |
Outstanding, Aggregate intrinsic value | $ 1,874,111 | |
Options exercisable, shares (in shares) | 468,900 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 1.90 | |
Options exercisable, weighted remaining contractual life (Year) | 4 years 5 months 4 days | |
Options exercisable, Aggregate intrinsic value | $ 1,163,055 |
Note 5 - Share-based Compensa_5
Note 5 - Share-based Compensation Plans - Annualized Weighted Average Values of Significant Assumptions Used to Estimate Fair Values (Details) - $ / shares | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Expected volatility | 54.00% | |
Expected dividend yield | 0.00% | |
Weighted average fair value of grants (in dollars per share) | $ 1.72 | $ 78 |
Minimum [Member] | ||
Risk-free interest rate (Rate) | 50.00% | 84.00% |
Expected life in years (Year) | 6 years | 6 years |
Maximum [Member] | ||
Risk-free interest rate (Rate) | 1.34% | 91.00% |
Expected life in years (Year) | 7 years | 7 years |
Expected volatility | 54.00% | |
Expected dividend yield | 0.00% | |
Weighted average fair value of grants (in dollars per share) | $ 1.72 |
Note 6 - Accrued Expenses - Acc
Note 6 - Accrued Expenses - Accrued Expenses (Details) - USD ($) | Dec. 25, 2021 | Dec. 26, 2020 |
Accrued legal and accounting | $ 79,917 | $ 71,671 |
Accrued payroll and related costs | 905,698 | 626,063 |
Accrued other | 100,814 | 106,357 |
Accounts Payable and Accrued Liabilities, Current, Total | $ 1,086,429 | $ 804,091 |
Note 7 - Revolving Line of Cr_2
Note 7 - Revolving Line of Credit (Details Textual) - Massachusetts Business Development Corporation [Member] - Revolving Credit Facility [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2019 | Dec. 25, 2021 | May 31, 2020 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500 | $ 2,500 | $ 3,000 | |
Debt Instrument, Termination Period (Year) | 3 years | |||
Long-term Line of Credit, Total | $ 0 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 2,900 | |||
Interest Expense, Total | $ 24 | |||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% |
Note 8 - Notes Payable (Details
Note 8 - Notes Payable (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2020 | Mar. 31, 2020 | Dec. 25, 2021 | Dec. 26, 2020 | |
Property, Plant and Equipment, Gross, Ending Balance | $ 12,114,418 | $ 11,785,701 | ||
Interest Expense, Debt, Total | $ 10,886 | |||
Microscope Note Payable [Member] | ||||
Debt Instrument, Term (Year) | 5 years | |||
Debt Instrument, Periodic Payment, Total | $ 4,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.47% | |||
Machine Vendor Financing [Member] | ||||
Debt Instrument, Term (Year) | 2 years | |||
Debt Instrument, Periodic Payment, Total | $ 2,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.90% | |||
Notes Payable, Total | $ 40,000 | |||
Sonoscan Ultrasound Microscope [Member] | ||||
Property, Plant and Equipment, Gross, Ending Balance | $ 208,000 |
Note 8 - Note Payable - Note Pa
Note 8 - Note Payable - Note Payable Maturities (Details) | Dec. 31, 2021USD ($) |
FY 2022 | $ 63,983 |
FY 2023 | 48,934 |
FY 2024 | 48,934 |
FY 2025 | 8,155 |
Interest on the above | (15,416) |
Total | $ 154,590 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2036 | |
Internal Revenue Service (IRS) [Member] | Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | $ 3,768,032 | $ 2,754,601 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 9 - Income Taxes - Compone
Note 9 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Current: | ||
Federal, current | $ (39,877) | |
State, current | $ 11,967 | 456 |
Current income tax provision (benefit): | 11,967 | (39,421) |
Deferred: | ||
Federal, deferred | (2,156,278) | 33,873 |
State, deferred | (562,667) | (3,000) |
Deferred income tax provision (benefit), net | (2,718,945) | 30,873 |
Total | $ (2,706,978) | $ (8,548) |
Note 9 - Income Taxes - Compo_2
Note 9 - Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 |
Deferred Tax Assets: | |||
Net operating loss carryforwards | $ 1,050,449 | $ 746,397 | |
Stock compensation | 157,845 | 540,281 | |
Credit carryforwards | 1,285,119 | 1,288,897 | |
Inventory | 77,563 | 116,153 | |
Accrued liabilities | 12,390 | 22,140 | |
Depreciation | 237,880 | 250,093 | |
Other | 2,732 | 2,732 | |
Gross deferred tax assets | 2,823,978 | 2,966,693 | $ 3,321,611 |
Valuation allowance | 0 | (2,849,693) | |
Net deferred tax assets | $ 2,823,978 | $ 117,000 |
Note 9 - Income Taxes - Summary
Note 9 - Income Taxes - Summary of Changes in Deferred Tax Asset (Details) - USD ($) | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Gross deferred tax balance at beginning of year | $ 2,966,693 | $ 3,321,611 |
Deferred tax benefit (provision) | (142,715) | (354,918) |
Valuation allowance | 0 | (2,849,693) |
Balance at end of year, net | $ 2,823,978 | $ 117,000 |
Note 9 - Income Taxes - Effecti
Note 9 - Income Taxes - Effective Income Tax Rate Reconciliation for Computed Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Tax at statutory rate | $ 106,869 | $ 188,899 |
State tax, net of federal benefit | 36,301 | 360 |
Net operating loss and credit carryforwards | 33,873 | |
Valuation allowance | (2,849,693) | (324,045) |
Other | (455) | 92,365 |
Total | $ (2,706,978) | $ (8,548) |
Note 10 - Retirement Savings _2
Note 10 - Retirement Savings Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% | 2.00% |
Defined Contribution Plan, Cost | $ 34 | $ 64 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 0.50% | 0.50% |
Note 11 - Concentrations of C_3
Note 11 - Concentrations of Credit Risk, Significant Customers and Geographic Information (Details Textual) - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Accounts Receivable [Member] | Significant Customers A, B, and C [Member] | ||
Number of Major Customers | 3 | |
Concentration Risk, Percentage | 53.00% | |
Accounts Receivable [Member] | Significant Customers D [Member] | ||
Number of Major Customers | 1 | |
Concentration Risk, Percentage | 23.00% | |
Revenue Benchmark [Member] | Outside US [Member] | ||
Concentration Risk, Percentage | 60.00% | 77.00% |
Note 11 - Concentrations of C_4
Note 11 - Concentrations of Credit Risk, Significant Customers and Geographic Information - Significant Customers as a Percentage of Total Revenues (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | |
Dec. 25, 2021Rate | Dec. 26, 2020Rate | |
Customer A [Member] | ||
A | 24.00% | 16.00% |
Customer B [Member] | ||
A | 16.00% | 21.00% |
Customer C [Member] | ||
A | 11.00% | 36.00% |
Note 11 - Concentrations of C_5
Note 11 - Concentrations of Credit Risk, Significant Customers and Geographic Information - Revenue by Geographical Location (Details) - Revenue Benchmark [Member] | 12 Months Ended | |
Dec. 25, 2021Rate | Dec. 26, 2020Rate | |
Geographic Concentration Risk [Member] | UNITED STATES | ||
A | 40.00% | |
Geographic Concentration Risk [Member] | GERMANY | ||
A | 14.00% | |
Geographic Concentration Risk [Member] | Other Country [Member] | ||
A | 46.00% | |
Customer Concentration Risk [Member] | UNITED STATES | ||
A | 23.00% | |
Customer Concentration Risk [Member] | GERMANY | ||
A | 36.00% | |
Customer Concentration Risk [Member] | Other Country [Member] | ||
A | 41.00% |
Note 12 - Net Income (Loss) P_3
Note 12 - Net Income (Loss) Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Basic EPS Computation: | ||
Net income (loss) | $ 3,215,877 | $ 908,064 |
Weighted average common shares outstanding (in shares) | 14,061,320 | 13,251,521 |
Basic EPS (in dollars per share) | $ 0.23 | $ 0.07 |
Diluted EPS Computation: | ||
Net income (loss) | $ 3,215,877 | $ 908,064 |
Weighted average common shares outstanding (in shares) | 14,061,320 | 13,251,521 |
Dilutive effect of stock options (in shares) | 529,405 | 97,061 |
Total shares (in shares) | 14,590,725 | 13,348,582 |
Diluted net income (loss) per share (in dollars per share) | $ 0.22 | $ 0.07 |