Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 01, 2023 | Jul. 25, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000814676 | |
Entity Registrant Name | CPS TECHNOLOGIES CORP/DE/ | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-30 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 01, 2023 | |
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 | |
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 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | CPSH | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 14,516,544 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Jul. 01, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 8,681,225 | $ 8,266,753 |
Accounts receivable-trade, net | 5,074,559 | 3,777,975 |
Accounts receivable-other | 74,639 | 685,668 |
Inventories, net | 4,813,753 | 4,875,901 |
Prepaid expenses and other current assets | 288,315 | 211,242 |
Total current assets | 18,932,491 | 17,817,539 |
Property and equipment: | ||
Production equipment | 11,028,500 | 10,770,427 |
Furniture and office equipment | 952,883 | 952,883 |
Leasehold improvements | 985,649 | 985,649 |
Total cost | 12,967,032 | 12,708,959 |
Accumulated depreciation and amortization | (11,699,870) | (11,446,901) |
Construction in progress | 240,415 | 64,910 |
Net property and equipment | 1,507,578 | 1,326,968 |
Right-of-use lease asset | 400,000 | 466,000 |
Deferred taxes, net | 1,664,032 | 2,069,436 |
Total assets | 22,504,101 | 21,679,943 |
LIABILITIES AND STOCKHOLDERS` EQUITY | ||
Common stock, $0.01 par value, authorized 20,000,000 shares; issued 14,546,487 and 14,460,486 shares; outstanding 14,511,544 and 14,450,470 shares; at July 1, 2023 and December 31, 2022, respectively | 145,465 | 144,605 |
Additional paid-in capital | 39,978,453 | 39,726,851 |
Accumulated deficit | (23,065,388) | (24,125,092) |
Less cost of 34,943 and 10,016 common shares repurchased at July 1, 2023 and December 31, 2022, respectively | (111,938) | (40,848) |
Total stockholders` equity | 16,946,592 | 15,705,516 |
Total liabilities and stockholders` equity | 22,504,101 | 21,679,943 |
Current liabilities: | ||
Note payable, current portion | 56,681 | 43,711 |
Accounts payable | 2,359,532 | 1,836,865 |
Accrued expenses | 861,514 | 820,856 |
Deferred revenue | 1,828,068 | 2,521,128 |
Current lease liability | 158,000 | 157,000 |
Total current liabilities | 5,263,795 | 5,379,560 |
Note payable less current portion | 20,437 | 54,847 |
Deferred revenue – long term | 31,277 | 231,020 |
Long-term lease liability | 242,000 | 309,000 |
Total liabilities | 5,557,509 | 5,974,427 |
Commitments and contingencies (note 4) |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jul. 01, 2023 | Dec. 31, 2022 |
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) | 14,546,487 | 14,460,486 |
Common stock, outstanding shares (in shares) | 14,511,544 | 14,450,470 |
Treasury stock, shares (in shares) | 34,943 | 10,016 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Revenues: | ||||
Product sales | $ 7,418,138 | $ 7,070,743 | $ 14,518,405 | $ 13,723,457 |
Total revenues | 7,418,138 | 7,070,743 | 14,518,405 | 13,723,457 |
Cost of product sales | 5,221,880 | 5,242,106 | 10,077,444 | 9,931,330 |
Gross Margin | 2,196,259 | 1,828,637 | 4,440,961 | 3,792,127 |
Selling, general, and administrative expense | 1,465,349 | 1,159,157 | 3,015,871 | 2,575,550 |
Income from operations | 730,910 | 669,480 | 1,425,090 | 1,216,577 |
Interest income (expense), net | 79,652 | 1,594 | 95,242 | (319) |
Net income before income tax | 810,562 | 671,074 | 1,520,332 | 1,216,258 |
Income tax provision | 210,058 | 215,966 | 460,628 | 341,714 |
Net income | $ 600,503 | $ 455,108 | $ 1,059,704 | $ 874,544 |
Net income per basic common share (in dollars per share) | $ 0.04 | $ 0.03 | $ 0.07 | $ 0.06 |
Weighted average number of basic common shares outstanding (in shares) | 14,493,970 | 14,431,825 | 14,473,128 | 14,410,064 |
Net income per diluted common share (in dollars per share) | $ 0.04 | $ 0.03 | $ 0.07 | $ 0.06 |
Weighted average number of diluted common shares outstanding (in shares) | 14,621,929 | 14,708,646 | 14,630,765 | 14,682,516 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Apr. 02, 2022 | 14,423,486 | ||||
Balance at Apr. 02, 2022 | $ 144,235 | $ 39,546,975 | $ (25,837,056) | $ (5,623) | $ 13,848,531 |
Share-based compensation expense | 39,384 | $ 39,384 | |||
Employee option exercises (in shares) | 15,300 | 15,300 | |||
Employee option exercises | $ 153 | 21,870 | (15,226) | $ 6,797 | |
Net income (loss) | 455,108 | 455,108 | |||
Issuance of common stock | (8,144) | (8,144) | |||
Balance (in shares) at Jul. 02, 2022 | 14,438,786 | ||||
Balance at Jul. 02, 2022 | $ 144,388 | 39,600,085 | (25,381,948) | (20,849) | 14,341,676 |
Balance (in shares) at Dec. 25, 2022 | 14,350,786 | ||||
Balance at Dec. 25, 2022 | $ 143,508 | 39,281,810 | (26,256,492) | (2,515) | 13,166,311 |
Share-based compensation expense | 163,855 | 163,855 | |||
Employee option exercises (in shares) | 88,000 | ||||
Employee option exercises | $ 880 | 172,178 | (18,334) | 154,724 | |
Net income (loss) | 874,544 | 874,544 | |||
Issuance of common stock | (17,758) | (17,758) | |||
Balance (in shares) at Jul. 02, 2023 | 14,438,786 | ||||
Balance at Jul. 02, 2023 | $ 144,388 | 39,600,085 | (25,381,948) | (20,849) | 14,341,676 |
Balance (in shares) at Dec. 31, 2022 | 14,460,486 | ||||
Balance at Dec. 31, 2022 | $ 144,605 | 39,726,851 | (24,125,092) | (40,848) | 15,705,516 |
Share-based compensation expense | 147,757 | $ 147,757 | |||
Employee option exercises (in shares) | 86,001 | 86,000 | |||
Employee option exercises | $ 860 | 103,845 | (71,090) | $ 33,615 | |
Net income (loss) | 1,059,704 | 1,059,704 | |||
Balance (in shares) at Jul. 01, 2023 | 14,546,487 | ||||
Balance at Jul. 01, 2023 | $ 145,465 | 39,978,453 | (23,065,388) | (111,938) | 16,946,592 |
Balance (in shares) at Apr. 01, 2023 | 14,467,487 | ||||
Balance at Apr. 01, 2023 | $ 144,675 | 39,867,507 | (23,665,891) | (41,638) | 16,304,653 |
Share-based compensation expense | 17,316 | $ 17,316 | |||
Employee option exercises (in shares) | 79,000 | 79,000 | |||
Employee option exercises | $ 790 | 93,630 | (70,300) | $ 24,120 | |
Net income (loss) | 600,503 | 600,503 | |||
Balance (in shares) at Jul. 01, 2023 | 14,546,487 | ||||
Balance at Jul. 01, 2023 | $ 145,465 | $ 39,978,453 | $ (23,065,388) | $ (111,938) | $ 16,946,592 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jul. 01, 2023 | Jul. 02, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 1,059,704 | $ 874,544 |
Adjustments to reconcile net income to cash provided by (used in) operating activities: | ||
Depreciation and amortization | 252,969 | 211,641 |
Share-based compensation | 147,757 | 163,855 |
Changes in: | ||
Accounts receivable-trade | (1,296,584) | 333,048 |
Accounts receivable-other | 611,028 | |
Inventories | 62,148 | (754,117) |
Prepaid expenses and other current assets | (77,073) | (87,628) |
Accounts payable | 522,667 | (478,973) |
Accrued expenses | 40,658 | (438,249) |
Deferred taxes | 405,404 | 341,258 |
Deferred revenue | (892,803) | |
Net cash provided by operating activities | 835,875 | 210,784 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (433,579) | (291,631) |
Net cash used in investing activities | (433,579) | (291,631) |
Cash flows from financing activities: | ||
Proceeds from exercise of employee stock options, net of repurchases | 33,615 | 154,724 |
Proceeds from issuance of common stock, net of expenses | (17,758) | |
Payments on note payable | (21,439) | (30,149) |
Net cash provided by financing activities | 12,176 | 106,817 |
Net increase in cash and cash equivalents | 414,472 | 25,970 |
Cash and cash equivalents at beginning of period | 8,266,753 | 5,050,312 |
Cash and cash equivalents at end of period | 8,681,225 | 5,076,282 |
Supplemental disclosures of cash flows information: | ||
Cash paid for interest | 2,902 | 4,353 |
Cash paid for taxes | 79,456 | 79,456 |
Supplemental disclosures of non-cash activity: | ||
Net exercise of stock options | $ 71,090 | $ 18,334 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 6 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | ( 1 ) Nature of Business CPS Technologies Corp. (the “Company” or “CPS”) provides advanced material solutions to the electronics, power generation, automotive and other industries. The Company’s primary advanced material solution is metal-matrix composites (MMC’s) which are a combination of metal and ceramic. CPS also assembles housings and packages for hybrid circuits. These housings and packages may may Using its proprietary MMC technology, the Company also produces light-weight armor, particularly for extreme environments and heavy ballistic threat levels. The Company sells into several end markets including the aerospace & defense markets, wireless communications infrastructure market, high-performance microprocessor market, motor controller market, and other microelectronic markets. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 2 ) Summary of Significant Accounting Policies As permitted by the rules of the Securities and Exchange Commission applicable to quarterly reports on Form 10 not The accompanying financial statements are unaudited. In the opinion of management, the unaudited financial statements of CPS reflect all normal recurring adjustments which are necessary to present fairly the financial position and results of operations for such periods. The Company’s balance sheet at December 31, 2022 not For further information, refer to the financial statements and footnotes thereto included in the Registrant’s Annual Report on Form 10 December 31, 2022 The results of operations for interim periods are not |
Note 3 - Net Income Per Common
Note 3 - Net Income Per Common and Common Equivalent Share | 6 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 3 ) Net Income Per Common and Common Equivalent Share Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is calculated by dividing net income 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 options 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. The following table presents the calculation of both basic and diluted EPS: Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, 2023 2022 2023 2022 Basic EPS Computation: Numerator: Net income (loss) $ 600,503 $ 455,108 $ 1,059,704 $ 874,544 Denominator: Weighted average Common shares Outstanding 14,493,970 14,431,825 14,473,128 14,410,064 Basic EPS $ 0.04 $ 0.03 $ 0.07 $ 0.06 Diluted EPS Computation: Numerator: Net income (loss) $ 600,503 $ 455,108 $ 1,059,704 $ 874,544 Denominator: Weighted average Common shares Outstanding 14,493,970 14,431,825 14,473,128 14,410,064 Dilutive effect of stock options 127,959 276,821 157,637 272,452 Total Shares 14,621,929 14,708,646 14,630,765 14,682,516 Diluted EPS $ 0.04 $ 0.03 $ 0.07 $ 0.06 |
Note 4 - Commitments & Continge
Note 4 - Commitments & Contingencies | 6 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 4 ) Commitments & Contingencies Commitments Leases The Company has one February 2026. None 12 The real estate lease expiring in 2026 March 1, 2021 not Operating Leases The Norton facility lease comprises approximately 38 thousand square feet. The lease is triple net lease wherein the Company is responsible for payment of all real estate taxes, operating costs and utilities. The Company also has an option to renew the lease starting in March 2026 February 2032. The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s capitalized operating lease as of July 1, 2023 (Dollars in Thousands) July 1, 2023 Maturity of capitalized lease liabilities Lease payments 2023 81 2024 165 2025 165 2026 28 Total undiscounted operating lease payments $ 439 Less: Imputed interest (39 ) Present value of operating lease liability $ 400 Balance Sheet Classification Current lease liability $ 158 Long-term lease liability 242 Total operating lease liability $ 400 Other Information Remaining lease term for capitalized operating lease (months) 32 Discount rate for capitalized operating leases 6.6 % Operating Lease Costs and Cash Flows Operating lease cost and cash paid was $41 thousand during the second 2023 six July 1, 2023. Finance Leases The company does not |
Note 5 - Share-based Payments
Note 5 - Share-based Payments | 6 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 5 ) Share-Based Payments 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. Reductions in compensation expense associated with the forfeited options are estimated at the date of grant, 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 the stock options granted. During the quarter ended July 1, 2023, 2020 July 1, 2023, July 2, 2022, 2020 July 2, 2022, During the three six July 1, 2023, three six July 2, 2022, During the three six July 1, 2023, three six July 2, 2022, There were also 754,800 shares outstanding at a weighted average price of $2.61 with a weighted average remaining term of 5.67 years as of July 1, 2023, July 1, 2023. July 1, 2023, As of July 1, 2023, During the three six July 1, 2023, During the three six July 2, 2022, |
Note 6 - Inventories
Note 6 - Inventories | 6 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 6 ) Inventories Inventories consist of the following: July 1, December 31, 2023 2022 Raw materials $ 2,886,278 $ 2,645,442 Work in process 1,603,511 1,863,512 Finished goods 516,889 525,872 Total inventory 5,006,678 5,034,826 Reserve for obsolescence (192,925 ) (158,925 ) Inventories, net $ 4,813,753 $ 4,875,901 |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 6 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 7 ) Accrued Expenses Accrued expenses consist of the following: July 1, December 31, 2023 2022 Accrued legal and accounting $ 51,489 $ 35,398 Accrued payroll and related expenses 685,785 760,305 Accrued other 124,240 25,153 $ 861,514 $ 820,856 |
Note 8 - Line of Credit
Note 8 - Line of Credit | 6 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 8 ) Line of Credit In May 2023, July 1, 2023, |
Note 9 - Notes Payable
Note 9 - Notes Payable | 6 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | ( 9 ) Note Payable In March 2020, third 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 2023 $ 22,272 FY 2024 $ 46,757 FY 2025 $ 8,090 Total 77,119 Total interest expense on notes payable during 2023 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 10 ) Income Taxes For the three six July 1, 2023 |
Note 3 - Net Income Per Commo_2
Note 3 - Net Income Per Common and Common Equivalent Share (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, 2023 2022 2023 2022 Basic EPS Computation: Numerator: Net income (loss) $ 600,503 $ 455,108 $ 1,059,704 $ 874,544 Denominator: Weighted average Common shares Outstanding 14,493,970 14,431,825 14,473,128 14,410,064 Basic EPS $ 0.04 $ 0.03 $ 0.07 $ 0.06 Diluted EPS Computation: Numerator: Net income (loss) $ 600,503 $ 455,108 $ 1,059,704 $ 874,544 Denominator: Weighted average Common shares Outstanding 14,493,970 14,431,825 14,473,128 14,410,064 Dilutive effect of stock options 127,959 276,821 157,637 272,452 Total Shares 14,621,929 14,708,646 14,630,765 14,682,516 Diluted EPS $ 0.04 $ 0.03 $ 0.07 $ 0.06 |
Note 4 - Commitments & Contin_2
Note 4 - Commitments & Contingencies (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | (Dollars in Thousands) July 1, 2023 Maturity of capitalized lease liabilities Lease payments 2023 81 2024 165 2025 165 2026 28 Total undiscounted operating lease payments $ 439 Less: Imputed interest (39 ) Present value of operating lease liability $ 400 Balance Sheet Classification Current lease liability $ 158 Long-term lease liability 242 Total operating lease liability $ 400 Other Information Remaining lease term for capitalized operating lease (months) 32 Discount rate for capitalized operating leases 6.6 % |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | July 1, December 31, 2023 2022 Raw materials $ 2,886,278 $ 2,645,442 Work in process 1,603,511 1,863,512 Finished goods 516,889 525,872 Total inventory 5,006,678 5,034,826 Reserve for obsolescence (192,925 ) (158,925 ) Inventories, net $ 4,813,753 $ 4,875,901 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | July 1, December 31, 2023 2022 Accrued legal and accounting $ 51,489 $ 35,398 Accrued payroll and related expenses 685,785 760,305 Accrued other 124,240 25,153 $ 861,514 $ 820,856 |
Note 9 - Notes Payable (Tables)
Note 9 - Notes Payable (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Notes Tables | |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Remaining in: Payments due by period FY 2023 $ 22,272 FY 2024 $ 46,757 FY 2025 $ 8,090 Total 77,119 |
Note 3 - Net Income Per Commo_3
Note 3 - Net Income Per Common and Common Equivalent Share - Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 02, 2023 | Jul. 01, 2023 | Jul. 02, 2022 | |
Basic EPS Computation: | |||||
Net income (loss) | $ 600,503 | $ 455,108 | $ 874,544 | $ 1,059,704 | $ 874,544 |
Weighted average common shares outstanding (in shares) | 14,493,970 | 14,431,825 | 14,473,128 | 14,410,064 | |
Basic EPS (in dollars per share) | $ 0.04 | $ 0.03 | $ 0.07 | $ 0.06 | |
Diluted EPS Computation: | |||||
Net income (loss) | $ 600,503 | $ 455,108 | $ 874,544 | $ 1,059,704 | $ 874,544 |
Weighted average common shares outstanding (in shares) | 14,493,970 | 14,431,825 | 14,473,128 | 14,410,064 | |
Dilutive effect of stock options (in shares) | 127,959 | 276,821 | 157,637 | 272,452 | |
Total Shares (in shares) | 14,621,929 | 14,708,646 | 14,630,765 | 14,682,516 | |
Diluted EPS (in dollars per share) | $ 0.04 | $ 0.03 | $ 0.07 | $ 0.06 |
Note 4 - Commitments & Contin_3
Note 4 - Commitments & Contingencies (Details Textual) ft² in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jul. 01, 2023 USD ($) ft² | Jul. 01, 2023 USD ($) ft² | |
Area of Real Estate Property (Square Foot) | ft² | 38 | 38 |
Norton Facility [Member] | ||
Operating Lease, Expense | $ 41 | $ 81 |
Minimum [Member] | ||
Lessee, Operating Lease, Annual Rent Payments | 160 | |
Maximum [Member] | ||
Lessee, Operating Lease, Annual Rent Payments | $ 165 |
Note 4 - Commitments & Contin_4
Note 4 - Commitments & Contingencies - Maturity of Capitalized Lease Liabilities (Details) - USD ($) | Jul. 01, 2023 | Dec. 31, 2022 |
2023 | $ 81,000 | |
2024 | 165,000 | |
2025 | 165,000 | |
2026 | 28,000 | |
Total undiscounted operating lease payments | 439,000 | |
Less: Imputed interest | (39,000) | |
Present value of operating lease liability | 400,000 | |
Current lease liability | 158,000 | $ 157,000 |
Long-term lease liability | 242,000 | $ 309,000 |
Total operating lease liability | $ 400,000 | |
Remaining lease term for capitalized operating lease (months) (Year) | 32 years | |
Discount rate for capitalized operating leases | 6.60% |
Note 5 - Share-based Payments (
Note 5 - Share-based Payments (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 79,000 | 15,300 | 86,000 | 88,000 |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.66 | $ 4.41 | ||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.20 | $ 1.44 | $ 1.22 | $ 1.97 |
Stock Repurchased During Period, Shares (in shares) | 24,642 | 3,143 | 24,927 | 3,983 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 754,800 | 754,800 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 2.61 | $ 2.61 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 5 years 8 months 1 day | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 551,000 | 551,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 2.45 | $ 2.45 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 4 years 9 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,500,000 | 1,500,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,036,400 | 1,036,400 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 294 | $ 294 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 11 months 1 day | |||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount | $ 17,316 | $ 39,384 | $ 147,757 | $ 163,855 |
Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 60,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 15,000 | ||
Outside Directors [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories (Details) - USD ($) | Jul. 01, 2023 | Dec. 31, 2022 |
Raw materials | $ 2,886,278 | $ 2,645,442 |
Work in process | 1,603,511 | 1,863,512 |
Finished goods | 516,889 | 525,872 |
Total inventory | 5,006,678 | 5,034,826 |
Reserve for obsolescence | (192,925) | (158,925) |
Inventories, net | $ 4,813,753 | $ 4,875,901 |
Note 7 - Accrued Expenses - Acc
Note 7 - Accrued Expenses - Accrued Expenses (Details) - USD ($) | Jul. 01, 2023 | Dec. 31, 2022 |
Accrued legal and accounting | $ 51,489 | $ 35,398 |
Accrued payroll and related expenses | 685,785 | 760,305 |
Accrued other | 124,240 | 25,153 |
Accounts Payable and Accrued Liabilities, Current | $ 861,514 | $ 820,856 |
Note 8 - Line of Credit (Detail
Note 8 - Line of Credit (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | Jul. 01, 2023 | May 01, 2023 | May 31, 2020 |
Massachusetts Business Development Corporation [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | ||
Long-term Line of Credit, Total | $ 0 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 3,000 | ||
Rockland Trust Company [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 |
Note 9 - Notes Payable (Details
Note 9 - Notes Payable (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2019 | Mar. 31, 2020 | Jul. 01, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment, Gross, Ending Balance | $ 12,967,032 | $ 12,708,959 | ||
Interest Expense, Debt | $ 2,902 | |||
Massachusetts Business Development Corporation [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument, Termination Period (Year) | 3 years | |||
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% | |||
Sonoscan Ultrasound Microscope [Member] | ||||
Property, Plant and Equipment, Gross, Ending Balance | $ 208,000 |
Note 9 - Note Payable - Note Pa
Note 9 - Note Payable - Note Payable Maturities (Details) | Jul. 01, 2023 USD ($) |
FY 2023 | $ 22,272 |
FY 2024 | 46,757 |
FY 2025 | 8,090 |
Total | $ 77,119 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended |
Jul. 01, 2023 | Jul. 01, 2023 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 179 | $ 405 |