Document Entity Information
Document Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2019 | |
Document Entity Information | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | SMITH MIDLAND CORP | |
Entity Central Index Key | 0000924719 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Is Entity's Reporting Status Current? | Yes | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,134,492 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash | $ 1,641 | $ 1,946 |
Investment securities, available-for-sale, at fair value | 1,156 | 1,107 |
Accounts receivable, net | ||
Trade - billed (less allowance for doubtful accounts of $270 and $214), including contract retentions | 11,085 | 12,281 |
Trade - unbilled | 267 | 1,313 |
Inventories, net | ||
Raw materials | 499 | 1,005 |
Finished goods (less reserves of $39) | 2,504 | 2,555 |
Prepaid expenses and other assets | 553 | 480 |
Refundable income taxes | 210 | 909 |
Total current assets | 17,915 | 21,596 |
Property and equipment, net | 15,894 | 14,102 |
Deferred buy-back lease asset, net | 5,376 | 5,304 |
Other assets | 313 | 367 |
Total assets | 39,498 | 41,369 |
Current liabilities | ||
Accounts payable - trade | 2,560 | 4,212 |
Accrued expenses and other liabilities | 184 | 610 |
Deferred revenue | 1,418 | 1,112 |
Accrued compensation | 822 | 1,556 |
Dividend payable | 0 | 281 |
Line-of-credit construction draw | 1,500 | 1,000 |
Deferred buy-back lease obligation | 889 | 720 |
Operating lease liabilities | 107 | 0 |
Current maturities of notes payable | 740 | 711 |
Customer deposits | 1,241 | 1,658 |
Total current liabilities | 9,461 | 11,860 |
Deferred revenue | 610 | 570 |
Deferred buy-back lease | 5,738 | 5,873 |
Operating lease liabilities | 252 | 0 |
Notes payable - less current maturities | 2,468 | 2,792 |
Deferred tax liability | 1,339 | 1,427 |
Total liabilities | 19,868 | 22,522 |
Stockholders' equity | ||
Preferred stock, $.01 par value; authorized 1,000,000 shares, none issued and outstanding | 0 | 0 |
Common stock, $.01 par value; authorized 8,000,000 shares; 5,225,245 and 5,223,245 issued and 5,134,492 and 5,112,825 outstanding, respectively | 52 | 51 |
Additional paid-in capital | 6,126 | 5,973 |
Treasury stock, at cost, 40,920 shares | (102) | (102) |
Accumulated other comprehensive loss | (12) | (37) |
Retained earnings | 13,566 | 12,962 |
Total stockholders' equity | 19,630 | 18,847 |
Total liabilities and stockholders' equity | $ 39,498 | $ 41,369 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Allowance for doubtful accounts | $ 270 | $ 214 |
Finished good reserves | $ 39 | $ 39 |
Stockholders' equity | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 8,000,000 | 8,000,000 |
Common stock, shares issued | 5,225,245 | 5,223,245 |
Common stock, shares outstanding | 5,134,492 | 5,112,825 |
Treasury shares | 40,920 | 40,920 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue | ||||
Total revenue | $ 10,852 | $ 9,833 | $ 21,041 | $ 18,958 |
Cost of goods sold | 8,696 | 6,857 | 16,663 | 14,391 |
Gross profit | 2,156 | 2,976 | 4,378 | 4,567 |
General and administrative expenses | 1,143 | 1,452 | 2,350 | 2,919 |
Selling expenses | 640 | 613 | 1,207 | 1,290 |
Total operating expenses | 1,783 | 2,065 | 3,557 | 4,209 |
Operating income | 373 | 911 | 821 | 358 |
Other income (expense) | ||||
Interest expense | (40) | (44) | (85) | (90) |
Interest income | 11 | 9 | 21 | 19 |
Gain on sale of assets | 10 | 31 | 12 | 55 |
Other income | 5 | 9 | 20 | 18 |
Total other income (expense) | (14) | 5 | (32) | 2 |
Income before income tax expense | 359 | 916 | 789 | 360 |
Income tax expense | 86 | 225 | 185 | 90 |
Net income | $ 273 | $ 691 | $ 604 | $ 270 |
Basic and diluted earnings per share | $ 0.05 | $ 0.14 | $ 0.12 | $ 0.05 |
Weighted average number of common shares outstanding: | ||||
Basic (in thousands) | 5,134 | 5,080 | 5,134 | 5,076 |
Diluted (in thousands) | 5,143 | 5,104 | 5,141 | 5,101 |
Product sales | ||||
Revenue | ||||
Total revenue | $ 7,327 | $ 6,943 | $ 14,831 | $ 14,396 |
Barrier rentals | ||||
Revenue | ||||
Total revenue | 582 | 340 | 1,163 | 649 |
Royalty income | ||||
Revenue | ||||
Total revenue | 429 | 506 | 735 | 727 |
Shipping and installation revenue | ||||
Revenue | ||||
Total revenue | $ 2,514 | $ 2,044 | $ 4,312 | $ 3,186 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 273 | $ 691 | $ 604 | $ 270 |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized holding gain (loss) | 10 | 1 | 25 | (13) |
Comprehensive income | $ 283 | $ 692 | $ 629 | $ 257 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized income (loss) on securities arising during period, tax | $ 3 | $ 1 | $ 8 | $ (4) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Total |
Beginning balance at Dec. 31, 2017 | $ 51 | $ 5,719 | $ (102) | $ (19) | $ 11,556 | $ 17,205 |
Net unrealized holding gain (loss) | (13) | (13) | ||||
Proceeds from options exercised | 12 | 12 | ||||
Vesting of restricted stock | 186 | 186 | ||||
Net income | 270 | 270 | ||||
Ending balance at Jun. 30, 2018 | 51 | 5,917 | (102) | (32) | 11,826 | 17,660 |
Beginning balance at Dec. 31, 2018 | 51 | 5,973 | (102) | (37) | 12,962 | 18,847 |
Net unrealized holding gain (loss) | 25 | 25 | ||||
Proceeds from options exercised | 0 | |||||
Vesting of restricted stock | 1 | 153 | 154 | |||
Net income | 604 | 604 | ||||
Ending balance at Jun. 30, 2019 | $ 52 | $ 6,126 | $ (102) | $ (12) | $ 13,566 | $ 19,630 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows From Operating Activities | ||
Net income (loss) | $ 604 | $ 270 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Depreciation and amortization | 873 | 504 |
Gain on sale of assets | (12) | (55) |
Allowance for doubtful accounts | 56 | 3 |
Stock compensation | 154 | 186 |
Deferred taxes | (90) | (3) |
(Increase) decrease in | ||
Accounts receivable - billed | 1,141 | (2,298) |
Accounts receivable - unbilled | 1,046 | (1,021) |
Inventories | 557 | 424 |
Prepaid expenses and other assets | (41) | 45 |
Refundable income taxes | 697 | 33 |
Increase (decrease) in | ||
Accounts payable - trade | (1,653) | (73) |
Accrued expenses and other liabilities | (426) | 0 |
Deferred revenue | 345 | 54 |
Accrued compensation | (734) | (543) |
Accrued income taxes payable | 0 | 80 |
Deferred buy-back lease obligation | 36 | 3,733 |
Customer deposits | (417) | 308 |
Net cash provided by (used in) operating activities | 2,136 | 1,647 |
Cash Flows From Investing Activities | ||
Purchases of investment securities available-for-sale | (16) | (16) |
Purchases of property and equipment | (1,996) | (1,057) |
Deferred buy-back lease asset | (361) | (2,986) |
Proceeds from sale of fixed assets | 7 | 67 |
Net cash used in investing activities | (2,366) | (3,992) |
Cash Flows From Financing Activities | ||
Proceeds from the line-of-credit construction draw | 500 | 0 |
Proceeds from long-term borrowings | 49 | 350 |
Repayments of long-term borrowings | (343) | (312) |
Dividends paid on common stock | (281) | (256) |
Proceeds from options exercised | 0 | 12 |
Net cash used in financing activities | (75) | (206) |
Net decrease in cash | (305) | (2,551) |
Cash, beginning of period | 1,946 | 3,390 |
Cash, end of period | $ 1,641 | $ 839 |
INTERIM FINANCIAL REPORTING
INTERIM FINANCIAL REPORTING | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
INTERIM FINANCIAL REPORTING | Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information, and with the instructions to Form 10-Q and Article 10 and Regulation S-X. Accordingly, we have condensed or omitted certain information and footnote disclosures that are included in our annual financial statements. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, summary of significant accounting policies, and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2018. The condensed consolidated December 31, 2018 balance sheet was derived from the audited financial statements included in the Form 10-K. Dollar amounts in the footnotes are stated in thousands, except for per share data. In the opinion of management, these condensed consolidated financial statements reflect all adjustments (which consist of normal, recurring adjustments) necessary for a fair presentation of the financial position and results of operations and cash flows for the periods presented. The results disclosed in the condensed consolidated statements of operations are not necessarily indicative of the results to be expected in any future periods. Recent Accounting Pronouncements Fair Value Measurement. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value (“FV”) Measurement (Topic 820).” Among other modifications, the standard removes the requirements to disclose: (i) the amount of and reasons for transfers between Level 1 and Level 2 of the FV hierarchy; (ii) the policy for timing transfers between levels; and (iii) the valuation process for Level 3 FV measurements. The standard will require public entities to disclose: (a) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 FV measurements held at the end of the reporting period; and (b) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 FV measurements. The additional disclosure requirements should be applied prospectively for the most recent interim or annual period presented in the fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented. The amendments in this standard are effective for fiscal years ending after December 15, 2019. Early adoption is permitted, and an entity may adopt the removed or modified disclosures and delay the adoption of new disclosures until the effective date. We have not completed our assessment of the standard but we do not expect the adoption to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Recently Adopted Accounting Pronouncements Leases. In 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842).” Topic 842 establishes a new lease accounting model for leases. The most significant changes include the clarification of the definition of a lease, the requirement for lessees to recognize for all leases a right-of-use asset and a lease liability in the consolidated balance sheet, and additional quantitative and qualitative disclosures which are designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. Expenses are recognized in the consolidated statement of income in a manner similar to current accounting guidance. Lessor accounting under the new standard is substantially unchanged. We adopted this standard, and all related amendments thereto, effective January 1, 2019, using the transition approach, which applies the provisions of the new guidance at the effective date without adjusting the comparative periods presented. We have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carry forward the historical accounting relating to lease identification and classification for existing leases upon adoption. We have made an accounting policy election to keep leases with an initial term of 12 months or less off the consolidated balance sheet. We have finalized our evaluation of the impacts that the adoption of this accounting guidance on the consolidated financial statements and have approximately $400 of right-of-use assets, included in property and equipment, and liabilities recognized in our consolidated balance sheet, amortized over the expected lives of the leases upon adoption. Comprehensive Income. In February 2018, the FASB issued ASU No. 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220).” This standard provides an option to reclassify stranded tax effects within accumulated other comprehensive income (loss) (“AOCI”) to retained earnings due to the U.S. federal corporate income tax rate change in the Tax Cuts and Jobs Act of 2017. This standard was effective for interim and annual reporting periods beginning after December 15, 2018. We did not exercise the option to make this reclassification. Measurement of Credit Losses on Financial Instruments. In June 2016 , the FASB issued guidance on the measurement of credit losses on certain financial instruments. The guidance introduces a new impairment model known as the current expected credit loss model that will replace the incurred loss impairment methodology currently included under GAAP. This guidance requires entities to present certain investments in debt securities, trade accounts receivable and other financial assets at their net carrying value of the amount expected to be collected on the financial statements. The guidance will be effective for the Company on January 1, 2020, and must be applied on a modified retrospective basis with early adoption permitted. The Company does not expect the guidance to have a material impact on its results of operations, financial position, cash flows and disclosures. Revenue Recognition Product Sales - Over Time Under Topic 606, the Company recognizes revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services provided. Revenue associated with contracts with customers is recognized over time as the Company's performance creates or enhances customer controlled assets or creates or enhances an asset with no alternative use, which the Company has an enforceable right to receive compensation as defined under the contract for performance completed. To determine the amount of revenue to recognize over time, the Company recognizes revenue over the contract terms based on the output method. The Company applied the "as-invoiced" practical expedient as the amount of consideration the Company has the right to invoice corresponds directly with the value of the Company's performance to date. As the output method is driven by units produced, the Company recognizes revenues based on the value transferred to the customer relative to the remaining value to be transferred. The Company also matches the costs associated with the units produced. If a contract is projected to result in a loss, the entire contract loss is recognized in the period when the loss was first determined and the amount of the loss updated in subsequent reporting periods. Revenue recognition also includes an amount related to a contract asset or contract liability. If the recognized revenue is greater than the amount billed to the customer, a contract asset is recorded in accounts receivable - unbilled. Conversely, if the amount billed to the customer is greater than the recognized revenue, a contract liability is recorded in customer deposits. Changes in the job performance, job conditions and final contract settlements are factors that influence management’s assessment of total contract value and therefore, profit and revenue recognition. A portion of the work the Company performs requires financial assurances in the form of performance and payment bonds or letters of credit at the time of execution of the contract. Some contracts include retention provisions of up to 10% which are generally withheld from each progress payment as retainage until the contract work has been completed and approved. Product Sales - Point in Time For certain product sales that do not meet the over time criteria, under Topic 606 the Company recognizes revenue when the product has been shipped to the destination in accordance with the terms outlined in the contract where a present obligation to pay exists as they have gained control of the product. Accounts Receivable and Contract Balances The timing of when we bill our customers is generally dependent upon billing terms, milestone billings based on the completion of certain phases of the work, or when services are provided or products are shipped. Projects with performance obligations recognized over time that have costs and estimated earnings recognized to date in excess of cumulative billings, are reported on our Condensed Consolidated Balance Sheets as "Accounts receivable - unbilled". Projects with performance obligations recognized over time that have cumulative billings in excess of costs and estimate earnings recognized to date, are reported on our Condensed Consolidated Balance Sheets as customer deposits (i.e. contract liabilities). Any uncollected billed amounts for our performance obligations recognized over time, including contract retentions, are recorded within accounts receivable. At June 30, 2019 and December 31, 2018, accounts receivable included contract retentions of approximately $1,576 and $1,704, respectively. Our billed and unbilled revenue may be exposed to potential credit risk if our customers should encounter financial difficulties, and we maintain reserves for specifically-identified potential uncollectible receivables. At June 30, 2019 and December 31, 2018, our allowances for doubtful accounts were $270 and $214, respectively. Sale to Customer with a Buy-Back Guarantee The Company entered into a buy-back agreement with one specific customer. Under this agreement, the Company guaranteed to buy-back product at a predetermined price at the end of the long-term project, subject to the condition of the product. Although the Company receives payment in full as the product is produced, we are required to account for these transactions as operating leases. The amount of sale proceeds equal to the buy-back obligation, included in "Deferred buy-back lease obligation" in the liabilities section of the consolidated balance sheet, is deferred until the buy-back is exercised or expired. The remaining sale proceeds are deferred in the same account and recognized on a straight-line basis over the usage period, such usage period commencing on delivery to the job-site and ending at the time the buy-back is exercised or expired. The Company capitalizes the cost of the product on the consolidated balance sheet shown in "Deferred buy-back lease asset, net", and depreciates the value, less residual value, to cost of leasing revenue in "Cost of goods sold" over the estimated useful life of the asset. In the case the customer does not exercise the buy-back option and retains ownership of the product at the end of the usage period, the guarantee buyback liability and any deferred revenue balances related to the product are settled to revenue, and the net book value of the asset is expensed to cost of leasing revenue. If the customer exercises the buy-back guarantee option, the Company purchases the product back in the amount equal to the buyback guarantee, we settle any remaining deferred balances, in excess of the buy-back payment, to leasing revenue, and we reclassify the net book value of the product on the consolidated balance sheet to "Inventories" or "Property and equipment, net" depending on the intended use at the time. The revenue is being recognized in accordance with Topic 840, Leases Barrier Rentals - Leasing Fees Leasing fees are paid by customers at the beginning of the lease agreement and are recorded as deferred revenue. The deferred revenue is then recognized each month as lease income for the duration of the lease, in accordance with Topic 840, Leases Royalty Income The Company licenses certain products to other precast companies to manufacture the Company's products to engineering specifications under the licensing agreements. The agreements are typically for five year terms and require royalty payments from 4% to 6% of total sales of licensed products, which are paid on a monthly basis. The revenues from licensing agreements are recognized in the month earned, in accordance with Topic 606-10-55-65. Shipping and Installation Shipping and installation revenues are recognized as a distinct performance obligation in the period the shipping and installation services are provided to the customer, in accordance with Topic 606. Disaggregation of Revenue In the following table, revenue is disaggregated by primary sources of revenue: Revenue by Type Three Months Ended June 30 Six Months Ended June 30 2019 2018 Change % of Change 2019 2018 Change % of Change Soundwall Sales $ 1,939 $ 2,525 $ (586 ) (23 )% $ 4,053 $ 5,005 $ (952 ) (19 )% Architectural Panel Sales 424 245 179 73 % 424 457 (33 ) (7 )% SlenderWall Sales 772 1,422 (650 ) (46 )% 2,735 2,565 170 7 % Miscellaneous Wall Sales 406 267 139 52 % 769 759 10 1 % Barrier Sales 1,817 1,590 227 14 % 3,408 3,875 (467 ) (12 )% Easi-Set and Easi-Span Building Sales 1,335 560 775 138 % 2,369 1,062 1,307 123 % Utility Sales 449 246 203 83 % 757 460 297 65 % Miscellaneous Sales 185 88 97 110 % 316 213 103 47 % Total Product Sales 7,327 6,943 384 6 % 14,831 14,396 435 3 % Barrier Rentals 582 340 242 71 % 1,163 649 514 79 % Royalty Income 429 506 (77 ) (15 )% 735 727 8 1 % Shipping and Installation Revenue 2,514 2,044 470 23 % 4,312 3,186 1,126 35 % Total Service Revenue 3,525 2,890 635 22 % 6,210 4,562 1,648 36 % Total Revenue $ 10,852 $ 9,833 $ 1,019 10 % $ 21,041 $ 18,958 $ 2,083 11 % Warranties Smith-Midland products are typically sold pursuant to an implicit warranty as to merchantability only. Warranty claims are reviewed and resolved on a case by case method. Although the Company does incur costs for these types of expense, historically the amount of expense is minimal. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Segment Reporting Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and assess performance. The Company currently operates in one operating and reportable business segment for financial reporting purposes. Reclassifications of Certain Items Included within Comparable Prior Year Periods and Previous Current Year Interim Periods Certain minor reclassifications have been made to prior year amounts to conform to current year presentation, including separation of current and non-current portion of deferred revenue and deferred buy-back lease obligation. |
NET INCOME PER SHARE
NET INCOME PER SHARE | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
NET INCOME PER SHARE | Basic earnings per common share exclude all common stock equivalents, primarily restricted stock awards, and is computed using the weighted average number of common shares outstanding during the period. The diluted earnings per common share calculation reflects the potential dilutive effect of securities that could share in earnings of the Company. As of June 30, 2019, there are no outstanding stock options. For periods prior to June 30, 2019 outstanding options were excluded from the diluted earnings per share calculation when they would have an anti-dilutive effect. Earnings per share are calculated as follows: Three Months Ended June 30, 2019 2018 Basic income per share Net income $ 273 $ 691 Weighted average shares outstanding 5,134 5,080 Basic income per share $ 0.05 $ 0.14 Diluted income per share Net income $ 273 $ 691 Weighted average shares outstanding 5,134 5,080 Dilutive effect of stock options and restricted stock 9 24 Total weighted average shares outstanding 5,143 5,104 Diluted income per share $ 0.05 $ 0.14 Six Months Ended June 30, 2019 2018 Basic income per share Net income $ 604 $ 270 Weighted average shares outstanding 5,134 5,076 Basic income per share $ 0.12 $ 0.05 Diluted income per share Net income $ 604 $ 270 Weighted average shares outstanding 5,134 5,076 Dilutive effect of stock options and restricted stock 7 25 Total weighted average shares outstanding 5,141 5,101 Diluted income per share $ 0.12 $ 0.05 |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Jun. 30, 2019 | |
Notes Payable [Abstract] | |
NOTES PAYABLE | The Company has a mortgage note payable to Summit Community Bank (the “Bank”), with a balance of $661 as of June 30, 2019. The note has a maturity date of September 20, 2021 and a fixed interest rate of 3.99% annually with monthly payments of $26 and is secured by principally all of the assets of the Company. Under the terms of the note, the Bank will permit chattel mortgages on purchased equipment not to exceed $250 for any one individual loan so long as the Company is not in default. The Company has a mortgage note payable to the Bank for the the purchase of the Columbia, South Carolina facility. Such loan is evidenced by a promissory note dated July 19, 2016. The note provides for a 15 year term, a fixed annual interest rate of 5.29%, monthly fixed payments of $11 and a security interest in favor of the Bank in respect to the land, building and fixtures purchased with the proceeds of the loan. The balance of the loan at June 30, 2019 was $1,137. The Company additionally has 14 smaller installment loans with annual interest rates between 2.94% and 5.75%, maturing between 2020 and 2024, with varying balances totaling $1,410. Under the loan covenants with the Bank, the Company is limited to annual capital expenditures of $3,500. The Company is in compliance with all covenants pursuant to the loan agreements as of June 30, 2019. In addition to the notes payable discussed above, the Company also has a $4,000 line of credit with the Bank that had a balance of $1,500 at June 30, 2019 used to fund the construction of the North Carolina expansion, which will be converted to long-term debt when the financing closes in 2019. The line of credit is evidenced by a commercial revolving promissory note which carries a variable interest rate of prime and matures on September 18, 2019. The loan is collateralized by a first lien position on the Company's accounts receivable and inventory and a second lien position on all other business assets. Key provisions of the line of credit require the Company, (i) to obtain bank approval for capital expenditures in excess of $3,500 during the term of the loan; and (ii) to obtain bank approval prior to its funding any acquisition. On September 18, 2018 the Company received a Commitment Letter from the Bank to provide a guidance line of credit specifically to purchase business equipment in an amount up to $1,500. The commitment provides for the purchase of equipment with minimum advances of $50 for which a note payable will be executed with a term not to exceed five years with an interest rate at the Wall Street Journal prime rate plus .5% with a floor of 4.49% per annum. The loan is collateralized by a first lien position on all equipment purchased under the line. The commitment for the guidance line of credit matures on September 17, 2019. As of June 30, 2019, the Company had not purchased any equipment pursuant to the $1,500 commitment. |
STOCK COMPENSATION
STOCK COMPENSATION | 6 Months Ended |
Jun. 30, 2019 | |
Compensation Related Costs [Abstract] | |
STOCK COMPENSATION | The fair value of restricted stock awards is estimated to be the market price of the Company's common stock at the close of the date of grant. Restricted stock activity during the six months ended June 30, 2019 is as follows: Number of Shares Weighted Average Grant Date Fair Value per Share Balance, December 31, 2018 69,500 $ 5.19 Granted 2,000 7.43 Vested (21,667 ) (5.63 ) Forfeited — — Non-vested, end of period 49,833 $ 5.15 Awards are amortized to expense ratably, on an annual basis, over a three year vesting term, except one grant in January 2019 for 2,000 shares of restricted stock, and one grant in January 2018 for 2,500 shares of restricted stock, which both vested upon grant. There was stock compensation expense of approximately $154 for the six months ended June 30, 2019 and $186 for the six months ended June 30, 2018. The total unrecognized compensation cost as of June 30, 2019 related to the non-vested restricted stock is approximately $128. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | In July 2019, the Company entered into an agreement to purchased used highway safety barrier and crash cushion attenuators over approximately a one year period. Under the agreement, title will transfer to the Company upon physical inspection and acceptance. The Company estimates the total purchase value to $2.2 million, which can vary based upon actual quantities received. |
INTERIM FINANCIAL REPORTING (Po
INTERIM FINANCIAL REPORTING (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information, and with the instructions to Form 10-Q and Article 10 and Regulation S-X. Accordingly, we have condensed or omitted certain information and footnote disclosures that are included in our annual financial statements. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, summary of significant accounting policies, and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2018. The condensed consolidated December 31, 2018 balance sheet was derived from the audited financial statements included in the Form 10-K. Dollar amounts in the footnotes are stated in thousands, except for per share data. In the opinion of management, these condensed consolidated financial statements reflect all adjustments (which consist of normal, recurring adjustments) necessary for a fair presentation of the financial position and results of operations and cash flows for the periods presented. The results disclosed in the condensed consolidated statements of operations are not necessarily indicative of the results to be expected in any future periods. |
Recent Accounting Pronouncements | Fair Value Measurement. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value (“FV”) Measurement (Topic 820).” Among other modifications, the standard removes the requirements to disclose: (i) the amount of and reasons for transfers between Level 1 and Level 2 of the FV hierarchy; (ii) the policy for timing transfers between levels; and (iii) the valuation process for Level 3 FV measurements. The standard will require public entities to disclose: (a) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 FV measurements held at the end of the reporting period; and (b) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 FV measurements. The additional disclosure requirements should be applied prospectively for the most recent interim or annual period presented in the fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented. The amendments in this standard are effective for fiscal years ending after December 15, 2019. Early adoption is permitted, and an entity may adopt the removed or modified disclosures and delay the adoption of new disclosures until the effective date. We have not completed our assessment of the standard but we do not expect the adoption to have a material impact on the Company's consolidated financial position, results of operations and cash flows. |
Recently Adopted Accounting Pronouncements | Leases. In 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842).” Topic 842 establishes a new lease accounting model for leases. The most significant changes include the clarification of the definition of a lease, the requirement for lessees to recognize for all leases a right-of-use asset and a lease liability in the consolidated balance sheet, and additional quantitative and qualitative disclosures which are designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. Expenses are recognized in the consolidated statement of income in a manner similar to current accounting guidance. Lessor accounting under the new standard is substantially unchanged. We adopted this standard, and all related amendments thereto, effective January 1, 2019, using the transition approach, which applies the provisions of the new guidance at the effective date without adjusting the comparative periods presented. We have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carry forward the historical accounting relating to lease identification and classification for existing leases upon adoption. We have made an accounting policy election to keep leases with an initial term of 12 months or less off the consolidated balance sheet. We have finalized our evaluation of the impacts that the adoption of this accounting guidance on the consolidated financial statements and have approximately $400 of right-of-use assets, included in property and equipment, and liabilities recognized in our consolidated balance sheet, amortized over the expected lives of the leases upon adoption. Comprehensive Income. In February 2018, the FASB issued ASU No. 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220).” This standard provides an option to reclassify stranded tax effects within accumulated other comprehensive income (loss) (“AOCI”) to retained earnings due to the U.S. federal corporate income tax rate change in the Tax Cuts and Jobs Act of 2017. This standard was effective for interim and annual reporting periods beginning after December 15, 2018. We did not exercise the option to make this reclassification. Measurement of Credit Losses on Financial Instruments. In June , the FASB issued guidance on the measurement of credit losses on certain financial instruments. The guidance introduces a new impairment model known as the current expected credit loss model that will replace the incurred loss impairment methodology currently included under GAAP. This guidance requires entities to present certain investments in debt securities, trade accounts receivable and other financial assets at their net carrying value of the amount expected to be collected on the financial statements. The guidance will be effective for the Company on January 1, 2020, and must be applied on a modified retrospective basis with early adoption permitted. The Company does not expect the guidance to have a material impact on its results of operations, financial position, cash flows and disclosures. |
Revenue Recognition | Product Sales - Over Time Under Topic 606, the Company recognizes revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services provided. Revenue associated with contracts with customers is recognized over time as the Company's performance creates or enhances customer controlled assets or creates or enhances an asset with no alternative use, which the Company has an enforceable right to receive compensation as defined under the contract for performance completed. To determine the amount of revenue to recognize over time, the Company recognizes revenue over the contract terms based on the output method. The Company applied the "as-invoiced" practical expedient as the amount of consideration the Company has the right to invoice corresponds directly with the value of the Company's performance to date. As the output method is driven by units produced, the Company recognizes revenues based on the value transferred to the customer relative to the remaining value to be transferred. The Company also matches the costs associated with the units produced. If a contract is projected to result in a loss, the entire contract loss is recognized in the period when the loss was first determined and the amount of the loss updated in subsequent reporting periods. Revenue recognition also includes an amount related to a contract asset or contract liability. If the recognized revenue is greater than the amount billed to the customer, a contract asset is recorded in accounts receivable - unbilled. Conversely, if the amount billed to the customer is greater than the recognized revenue, a contract liability is recorded in customer deposits. Changes in the job performance, job conditions and final contract settlements are factors that influence management’s assessment of total contract value and therefore, profit and revenue recognition. A portion of the work the Company performs requires financial assurances in the form of performance and payment bonds or letters of credit at the time of execution of the contract. Some contracts include retention provisions of up to 10% which are generally withheld from each progress payment as retainage until the contract work has been completed and approved. Product Sales - Point in Time For certain product sales that do not meet the over time criteria, under Topic 606 the Company recognizes revenue when the product has been shipped to the destination in accordance with the terms outlined in the contract where a present obligation to pay exists as they have gained control of the product. Accounts Receivable and Contract Balances The timing of when we bill our customers is generally dependent upon billing terms, milestone billings based on the completion of certain phases of the work, or when services are provided or products are shipped. Projects with performance obligations recognized over time that have costs and estimated earnings recognized to date in excess of cumulative billings, are reported on our Condensed Consolidated Balance Sheets as "Accounts receivable - unbilled". Projects with performance obligations recognized over time that have cumulative billings in excess of costs and estimate earnings recognized to date, are reported on our Condensed Consolidated Balance Sheets as customer deposits (i.e. contract liabilities). Any uncollected billed amounts for our performance obligations recognized over time, including contract retentions, are recorded within accounts receivable. At June 30, 2019 and December 31, 2018, accounts receivable included contract retentions of approximately $1,576 and $1,704, respectively. Our billed and unbilled revenue may be exposed to potential credit risk if our customers should encounter financial difficulties, and we maintain reserves for specifically-identified potential uncollectible receivables. At June 30, 2019 and December 31, 2018, our allowances for doubtful accounts were $270 and $214, respectively. Sale to Customer with a Buy-Back Guarantee The Company entered into a buy-back agreement with one specific customer. Under this agreement, the Company guaranteed to buy-back product at a predetermined price at the end of the long-term project, subject to the condition of the product. Although the Company receives payment in full as the product is produced, we are required to account for these transactions as operating leases. The amount of sale proceeds equal to the buy-back obligation, included in "Deferred buy-back lease obligation" in the liabilities section of the consolidated balance sheet, is deferred until the buy-back is exercised or expired. The remaining sale proceeds are deferred in the same account and recognized on a straight-line basis over the usage period, such usage period commencing on delivery to the job-site and ending at the time the buy-back is exercised or expired. The Company capitalizes the cost of the product on the consolidated balance sheet shown in "Deferred buy-back lease asset, net", and depreciates the value, less residual value, to cost of leasing revenue in "Cost of goods sold" over the estimated useful life of the asset. In the case the customer does not exercise the buy-back option and retains ownership of the product at the end of the usage period, the guarantee buyback liability and any deferred revenue balances related to the product are settled to revenue, and the net book value of the asset is expensed to cost of leasing revenue. If the customer exercises the buy-back guarantee option, the Company purchases the product back in the amount equal to the buyback guarantee, we settle any remaining deferred balances, in excess of the buy-back payment, to leasing revenue, and we reclassify the net book value of the product on the consolidated balance sheet to "Inventories" or "Property and equipment, net" depending on the intended use at the time. The revenue is being recognized in accordance with Topic 840, Leases Barrier Rentals - Leasing Fees Leasing fees are paid by customers at the beginning of the lease agreement and are recorded as deferred revenue. The deferred revenue is then recognized each month as lease income for the duration of the lease, in accordance with Topic 840, Leases Royalty Income The Company licenses certain products to other precast companies to manufacture the Company's products to engineering specifications under the licensing agreements. The agreements are typically for five year terms and require royalty payments from 4% to 6% of total sales of licensed products, which are paid on a monthly basis. The revenues from licensing agreements are recognized in the month earned, in accordance with Topic 606-10-55-65. Shipping and Installation Shipping and installation revenues are recognized as a distinct performance obligation in the period the shipping and installation services are provided to the customer, in accordance with Topic 606. Disaggregation of Revenue In the following table, revenue is disaggregated by primary sources of revenue: Revenue by Type Three Months Ended June 30 Six Months Ended June 30 2019 2018 Change % of Change 2019 2018 Change % of Change Soundwall Sales $ 1,939 $ 2,525 $ (586 ) (23 )% $ 4,053 $ 5,005 $ (952 ) (19 )% Architectural Panel Sales 424 245 179 73 % 424 457 (33 ) (7 )% SlenderWall Sales 772 1,422 (650 ) (46 )% 2,735 2,565 170 7 % Miscellaneous Wall Sales 406 267 139 52 % 769 759 10 1 % Barrier Sales 1,817 1,590 227 14 % 3,408 3,875 (467 ) (12 )% Easi-Set and Easi-Span Building Sales 1,335 560 775 138 % 2,369 1,062 1,307 123 % Utility Sales 449 246 203 83 % 757 460 297 65 % Miscellaneous Sales 185 88 97 110 % 316 213 103 47 % Total Product Sales 7,327 6,943 384 6 % 14,831 14,396 435 3 % Barrier Rentals 582 340 242 71 % 1,163 649 514 79 % Royalty Income 429 506 (77 ) (15 )% 735 727 8 1 % Shipping and Installation Revenue 2,514 2,044 470 23 % 4,312 3,186 1,126 35 % Total Service Revenue 3,525 2,890 635 22 % 6,210 4,562 1,648 36 % Total Revenue $ 10,852 $ 9,833 $ 1,019 10 % $ 21,041 $ 18,958 $ 2,083 11 % |
Warranties | Smith-Midland products are typically sold pursuant to an implicit warranty as to merchantability only. Warranty claims are reviewed and resolved on a case by case method. Although the Company does incur costs for these types of expense, historically the amount of expense is minimal. |
Use of Estimates | The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Segment Reporting | Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and assess performance. The Company currently operates in one operating and reportable business segment for financial reporting purposes. |
Reclassifications of Certain Items Included within Comparable Prior Year Periods and Previous Current Year Interim Periods | Certain minor reclassifications have been made to prior year amounts to conform to current year presentation, including separation of current and non-current portion of deferred revenue and deferred buy-back lease obligation. |
INTERIM FINANCIAL REPORTING (Ta
INTERIM FINANCIAL REPORTING (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Disaggregation of revenue | Revenue by Type Three Months Ended June 30 Six Months Ended June 30 2019 2018 Change % of Change 2019 2018 Change % of Change Soundwall Sales $ 1,939 $ 2,525 $ (586 ) (23 )% $ 4,053 $ 5,005 $ (952 ) (19 )% Architectural Panel Sales 424 245 179 73 % 424 457 (33 ) (7 )% SlenderWall Sales 772 1,422 (650 ) (46 )% 2,735 2,565 170 7 % Miscellaneous Wall Sales 406 267 139 52 % 769 759 10 1 % Barrier Sales 1,817 1,590 227 14 % 3,408 3,875 (467 ) (12 )% Easi-Set and Easi-Span Building Sales 1,335 560 775 138 % 2,369 1,062 1,307 123 % Utility Sales 449 246 203 83 % 757 460 297 65 % Miscellaneous Sales 185 88 97 110 % 316 213 103 47 % Total Product Sales 7,327 6,943 384 6 % 14,831 14,396 435 3 % Barrier Rentals 582 340 242 71 % 1,163 649 514 79 % Royalty Income 429 506 (77 ) (15 )% 735 727 8 1 % Shipping and Installation Revenue 2,514 2,044 470 23 % 4,312 3,186 1,126 35 % Total Service Revenue 3,525 2,890 635 22 % 6,210 4,562 1,648 36 % Total Revenue $ 10,852 $ 9,833 $ 1,019 10 % $ 21,041 $ 18,958 $ 2,083 11 % |
NET INCOME (LOSS) PER SHARE (Ta
NET INCOME (LOSS) PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | Three Months Ended June 30, 2019 2018 Basic income per share Net income $ 273 $ 691 Weighted average shares outstanding 5,134 5,080 Basic income per share $ 0.05 $ 0.14 Diluted income per share Net income $ 273 $ 691 Weighted average shares outstanding 5,134 5,080 Dilutive effect of stock options and restricted stock 9 24 Total weighted average shares outstanding 5,143 5,104 Diluted income per share $ 0.05 $ 0.14 Six Months Ended June 30, 2019 2018 Basic income per share Net income $ 604 $ 270 Weighted average shares outstanding 5,134 5,076 Basic income per share $ 0.12 $ 0.05 Diluted income per share Net income $ 604 $ 270 Weighted average shares outstanding 5,134 5,076 Dilutive effect of stock options and restricted stock 7 25 Total weighted average shares outstanding 5,141 5,101 Diluted income per share $ 0.12 $ 0.05 |
STOCK COMPENSATION (Tables)
STOCK COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Compensation Related Costs [Abstract] | |
Schedule of restricted stock award activity | Number of Shares Weighted Average Grant Date Fair Value per Share Balance, December 31, 2018 69,500 $ 5.19 Granted 2,000 7.43 Vested (21,667 ) (5.63 ) Forfeited — — Non-vested, end of period 49,833 $ 5.15 |
INTERIM FINANCIAL REPORTING (De
INTERIM FINANCIAL REPORTING (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Total revenues | $ 10,852 | $ 9,833 | $ 21,041 | $ 18,958 |
Change | $ 1,019 | $ 2,083 | ||
Percent of change | 10.00% | 11.00% | ||
Product sales | ||||
Total revenues | $ 7,327 | 6,943 | $ 14,831 | 14,396 |
Change | $ 384 | $ 435 | ||
Percent of change | 6.00% | 3.00% | ||
Product sales | Soundwall sales | ||||
Total revenues | $ 1,939 | 2,525 | $ 4,053 | 5,005 |
Change | $ (586) | $ (952) | ||
Percent of change | (23.00%) | (19.00%) | ||
Product sales | Architectural panel sales | ||||
Total revenues | $ 424 | 245 | $ 424 | 457 |
Change | $ 179 | $ (33) | ||
Percent of change | 73.00% | (7.00%) | ||
Product sales | SlenderWall sales | ||||
Total revenues | $ 772 | 1,422 | $ 2,735 | 2,565 |
Change | $ (650) | $ 170 | ||
Percent of change | (46.00%) | 7.00% | ||
Product sales | Miscellaneous wall sales | ||||
Total revenues | $ 406 | 267 | $ 769 | 759 |
Change | $ 139 | $ 10 | ||
Percent of change | 52.00% | 1.00% | ||
Product sales | Barrier sales | ||||
Total revenues | $ 1,817 | 1,590 | $ 3,408 | 3,875 |
Change | $ 227 | $ (467) | ||
Percent of change | 14.00% | (12.00%) | ||
Product sales | Easi-Set and Easi-Span building sales | ||||
Total revenues | $ 1,335 | 560 | $ 2,369 | 1,062 |
Change | $ 775 | $ 1,307 | ||
Percent of change | 138.00% | 123.00% | ||
Product sales | Utility and farm product sales | ||||
Total revenues | $ 449 | 246 | $ 757 | 460 |
Change | $ 203 | $ 297 | ||
Percent of change | 83.00% | 65.00% | ||
Product sales | Miscellaneous sales | ||||
Total revenues | $ 185 | 88 | $ 316 | 213 |
Change | $ 97 | $ 103 | ||
Percent of change | 110.00% | 47.00% | ||
Service revenue | ||||
Total revenues | $ 3,525 | 2,890 | $ 6,210 | 4,562 |
Change | $ 635 | $ 1,648 | ||
Percent of change | 22.00% | 36.00% | ||
Service revenue | Barrier rentals | ||||
Total revenues | $ 582 | 340 | $ 1,163 | 649 |
Change | $ 242 | $ 514 | ||
Percent of change | 71.00% | 79.00% | ||
Service revenue | Royalty income | ||||
Total revenues | $ 429 | 506 | $ 735 | 727 |
Change | $ (77) | $ 8 | ||
Percent of change | (15.00%) | 1.00% | ||
Service revenue | Shipping and installation revenue | ||||
Total revenues | $ 2,514 | $ 2,044 | $ 4,312 | $ 3,186 |
Change | $ 470 | $ 1,126 | ||
Percent of change | 23.00% | 35.00% |
INTERIM FINANCIAL REPORTING (_2
INTERIM FINANCIAL REPORTING (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Contract retentions | $ 1,576 | $ 1,704 |
Allowances for doubtful accounts | $ 270 | $ 214 |
NET INCOME (LOSS) PER SHARE (De
NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic income (loss) per share | ||||
Net income | $ 273 | $ 691 | $ 604 | $ 270 |
Weighted average shares outstanding (in thousands) | 5,134 | 5,080 | 5,134 | 5,076 |
Basic income per share | $ 0.05 | $ 0.14 | $ 0.12 | $ 0.05 |
Diluted income (loss) per share | ||||
Net income | $ 273 | $ 691 | $ 604 | $ 270 |
Weighted average shares outstanding (in thousands) | 5,134 | 5,080 | 5,134 | 5,076 |
Dilutive effect of stock options and restricted stock (in thousands) | 9 | 24 | 7 | 25 |
Total weighted average shares outstanding (in thousands) | 5,143 | 5,104 | 5,141 | 5,101 |
Diluted income per share | $ 0.05 | $ 0.14 | $ 0.12 | $ 0.05 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) $ in Thousands | Jun. 30, 2019USD ($) |
Other notes payable | $ 1,500 |
Summit Community Bank 1 | |
Mortgage note payable | 661 |
Summit Community Bank 2 | |
Mortgage note payable | $ 1,137 |
STOCK COMPENSATION (Details)
STOCK COMPENSATION (Details) - Restricted Stock Awards | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Non-vested, Number of Shares | |
Non-vested, beginning of period | shares | 69,500 |
Granted | shares | 2,000 |
Vested | shares | (21,667) |
Forfeited | shares | 0 |
Non-vested, end of period | shares | 49,833 |
Non-vested, Weighted Average Grant Date Fair Value | |
Non-vested, beginning of period | $ / shares | $ 5.19 |
Granted | $ / shares | 7.43 |
Vested | $ / shares | (5.63) |
Forfeited | $ / shares | 0 |
Non-vested, ending of period | $ / shares | $ 5.15 |
STOCK COMPENSATION (Details Nar
STOCK COMPENSATION (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Compensation Related Costs [Abstract] | ||
Stock compensation | $ 154 | $ 186 |
Unrecognized compensation cost related to non-vested restricted stock | $ 128 |