0001213900-21-025552.txt : 20210511 0001213900-21-025552.hdr.sgml : 20210511 20210511112109 ACCESSION NUMBER: 0001213900-21-025552 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 62 CONFORMED PERIOD OF REPORT: 20210331 FILED AS OF DATE: 20210511 DATE AS OF CHANGE: 20210511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIR INDUSTRIES GROUP CENTRAL INDEX KEY: 0001009891 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728] IRS NUMBER: 204458244 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35927 FILM NUMBER: 21910206 BUSINESS ADDRESS: STREET 1: 1460 FIFTH AVENUE CITY: BAY SHORE STATE: NY ZIP: 11706 BUSINESS PHONE: 631-881-4920 MAIL ADDRESS: STREET 1: 1460 FIFTH AVENUE CITY: BAY SHORE STATE: NY ZIP: 11706 FORMER COMPANY: FORMER CONFORMED NAME: AIR INDUSTRIES GROUP, INC. DATE OF NAME CHANGE: 20070702 FORMER COMPANY: FORMER CONFORMED NAME: Gales Industries Inc DATE OF NAME CHANGE: 20060410 FORMER COMPANY: FORMER CONFORMED NAME: Ashlin Development Corp DATE OF NAME CHANGE: 20050127 10-Q 1 f10q0321_airindustries.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒  Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended: March 31, 2021

 

or

 

☐ Transition Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from ______ to_______ 

 

Commission File No. 001-35927

 

AIR INDUSTRIES GROUP

(Exact name of registrant as specified in its charter)

 

Nevada   80-0948413
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)

  

1460 Fifth Avenue, Bay Shore, New York 11706

(Address of principal executive offices)

 

(631) 968-5000

(Registrant’s telephone number, including area code)

 

Securities Registered pursuant to Section 1(b) of the Act

 

Title of Each Class   Trading Symbol(s)   Name of each Exchange on which Registered
Common Stock   AIRI   NYSE-American

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐

 

Indicate by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒  No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):   

 

Large Accelerated Filer  ☐ Non-Accelerated Filer  ☐   
Accelerated Filer  ☐ Smaller Reporting Company ☒
  Emerging Growth Company ☐

  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

 

Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☒

 

There were a total of 32,037,547 shares of the registrant’s common stock outstanding as of May 7, 2021. 

 

 

 

 

 

 

INDEX

 

    Page No.
PART I. FINANCIAL INFORMATION 1
   
Item 1. Financial Statements 1
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 19
   
Item 4. Controls and Procedures 26
   
PART II.  OTHER INFORMATION 27
   
Item 1A. Risk Factors 27
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27
   
Item 6. Exhibits 28
   
SIGNATURES 29

 

i

 

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or Securities Act, and Section 21E of the Securities Exchange Act of 1934, or Exchange Act. Forward-looking statements are predictive in nature and can be identified by the fact that they do not relate strictly to historical or current facts and generally include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates” and similar expressions. Certain of the matters discussed herein concerning, among other items, our operations, cash flows, financial position and economic performance including, in particular, future sales, product demand, competition and the effect of economic conditions, include forward-looking statements.

 

These statements and other projections contained herein expressing opinions about future outcomes and non-historical information, are subject to uncertainties and, therefore, there is no assurance that the outcomes expressed in these statements will be achieved. Investors are cautioned that forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the expectations expressed in forward-looking statements contained herein. Given these uncertainties, you should not place any reliance on these forward-looking statements which speak only as of the date hereof. Factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, those discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, and elsewhere in this report and the risks discussed in our other filings with the SEC.

 

We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required under the securities laws of the United States.

 

ii

 

 

PART I

 

FINANCIAL INFORMATION

 

    Page No.
Item 1. Financial statements    
     
Condensed Consolidated Financial Statements:    
     
Condensed Consolidated Balance Sheets as of March 31, 2021 (unaudited) and December 31, 2020   2
     
Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (unaudited)   3
     
Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2021 and 2020 (unaudited)   4
     
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 (unaudited)   5
     
Notes to Condensed Consolidated Financial Statements   7

 

1

 

 

AIR INDUSTRIES GROUP

 

Condensed Consolidated Balance Sheets

 

   March 31,   December 31, 
   2021   2020 
   (unaudited)     
ASSETS        
Current Assets        
Cash and Cash Equivalents  $1,731,000   $2,505,000 
Accounts Receivable, Net of Allowance for Doubtful Accounts of $886,000 and $964,000   9,692,000    8,798,000 
Inventory   32,195,000    32,120,000 
Prepaid Expenses and Other Current Assets   250,000    173,000 
Prepaid Taxes   15,000    15,000 
Total Current Assets   43,883,000    43,611,000 
           
Property and Equipment, Net   9,141,000    9,581,000 
Operating Lease Right-Of-Use-Asset   3,392,000    3,510,000 
Deferred Financing Costs, Net, Deposits and Other Assets   781,000    912,000 
Goodwill   163,000    163,000 
TOTAL ASSETS  $57,360,000   $57,777,000 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current Liabilities          
Notes Payable and Finance Lease Obligations - Current Portion  $15,606,000   $16,475,000 
Accounts Payable and Accrued Expenses   8,246,000    8,682,000 
Operating Lease Liabilities - Current Portion   693,000    701,000 
Deferred Gain on Sale - Current Portion   38,000    38,000 
Deferred Revenue   1,802,000    917,000 
Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary - Current Portion   200,000    200,000 
Deferred payroll tax liability - CARES Act - Current Portion   314,000    314,000 
Total Current Liabilities   26,899,000    27,327,000 
           
Long Term Liabilities          
Notes Payable and Finance Lease Obligations - Net of Current Portion   4,587,000    4,786,000 
Notes Payable - Related Party - Net of Current Portion   6,412,000    6,012,000 
Operating Lease Liabilities - Net of Current Portion   3,763,000    3,927,000 
Deferred Gain on Sale - Net of Current Portion   171,000    181,000 
Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary - Net of Current Portion   49,000    122,000 
Deferred payroll tax liability - CARES Act - Net of Current Portion   313,000    313,000 
TOTAL LIABILITIES   42,194,000    42,668,000 
           
Commitments and Contingencies          
           
Stockholders’ Equity Preferred Stock, par value $.001 - Authorized 3,000,000 shares, 0 shares outstanding, at both March 31, 2021 and December 31, 2020.   -    - 
Common Stock - Par Value $.001 - Authorized 60,000,000 Shares, 32,000,155 and 31,906,971 Shares Issued and Outstanding as of March 31, 2021 and December 31, 2020, respectively   32,000    32,000 
Additional Paid-In Capital   81,447,000    81,238,000 
Accumulated Deficit   (66,313,000)   (66,161,000)
TOTAL STOCKHOLDERS’ EQUITY   15,166,000    15,109,000 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $57,360,000   $57,777,000 

 

See Notes to Condensed Consolidated Financial Statements

 

2

 

 

AIR INDUSTRIES GROUP

 

Condensed Consolidated Statements of Operations

For the Three Months Ended March 31,

(Unaudited)

 

   2021   2020 
         
Net Sales  $13,712,000   $13,447,000 
           
Cost of Sales   11,915,000    11,266,000 
           
Gross Profit   1,797,000    2,181,000 
           
Operating Expenses   1,770,000    2,262,000 
           
Income (loss) from Operations   27,000    (81,000)
           
Interest and Financing Costs   (172,000)   (252,000)
           
Interest Expense - Related Parties   (125,000)   (128,000)
           
Other Income, Net   118,000    105,000 
           
Loss before Benefit From Income Taxes   (152,000)   (356,000)
           
Benefit from Income Taxes   -    (1,414,000)
           
Net (Loss) Income  $(152,000)  $1,058,000 
           
Net (Loss) Income per share - Basic  $(0.00)  $0.04 
           
Net (Loss) Income per share - Diluted  $(0.00)  $0.03 
           
Weighted Average Shares Outstanding - basic   31,971,922    30,380,234 
Weighted Average Shares Outstanding - diluted   31,971,922    36,521,454 

  

See Notes to Condensed Consolidated Financial Statements

  

3

 

 

AIR INDUSTRIES GROUP

 

Condensed Consolidated Statements of Stockholders’ Equity

For the Three Months Ended March 31, 2021 and 2020
(Unaudited)

 

           Additional       Total 
   Common Stock   Paid-in   Accumulated   Stockholders’ 
   Shares   Amount   Capital   Deficit   Equity 
Balance, January 1, 2021   31,906,971   $32,000   $81,238,000   $(66,161,000)  $15,109,000 
Common stock issued for directors fees   41,960    -    52,000    -    52,000 
Stock Compensation Expense   -    -    157,000    -    157,000 
Stock Options exercised   51,224    -         -    - 
Net Loss   -    -    -    (152,000)   (152,000)
Balance, March 31, 2021   32,000,155   $32,000   $81,447,000   $(66,313,000)  $15,166,000 
                          
Balance, January 1, 2020   29,478,338   $29,000   $77,434,000   $(67,257,000)  $10,206,000 
Common stock issued for directors fees   43,771    -    55,000    -    55,000 
Costs related to issuance of stock   -    -    (145,000)   -    (145,000)
Issuance of Common Stock   419,597    1,000    983,000    -    984,000 
Common Stock Issued for Convertible Notes   590,243    -    885,000    -    885,000 
Stock Compensation Expense   -    -    140,000    -    140,000 
Net Income   -    -    -    1,058,000    1,058,000 
Balance, March 31, 2020   30,531,949   $30,000   $79,352,000   $(66,199,000)  $13,183,000 

 

See Notes to Condensed Consolidated Financial Statements

 

4

 

 

AIR INDUSTRIES GROUP

 

Condensed Consolidated Statements of Cash Flows

For the Three Months Ended March 31,

(Unaudited)

 

   2021   2020 
         
CASH FLOWS FROM OPERATING ACTIVITIES        
Net (Loss) Income  $(152,000)  $1,058,000 
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities          
Depreciation of property and equipment   713,000    656,000 
Non-cash employee compensation expense   157,000    140,000 
Non-cash directors compensation   52,000    55,000 
Non-cash other income recognized   (104,000)   (92,000)
Non-cash interest expense   31,000    28,000 
Amortization of Right-of-Use Asset   118,000    122,000 
Deferred gain on sale of real estate   (10,000)   (10,000)
Loss on sale of equipment   -    16,000 
Amortization of debt discount on convertible notes payable   -    78,000 
Bad debt expense (recovery)   (78,000)   268,000 
Amortization of deferred financing costs   36,000    30,000 
Changes in Assets and Liabilities (Increase) Decrease in Operating Assets:          
Accounts receivable   (816,000)   (1,033,000)
Inventory   (75,000)   (1,162,000)
Prepaid expenses and other current assets   (77,000)   (6,000)
Deposits and other assets   95,000    (76,000)
Income tax receivable   -    (1,416,000)
Increase (Decrease) in Operating Liabilities:          
Accounts payable and accrued expenses   (36,000)   1,216,000 
Operating lease liabilities   (172,000)   (167,000)
Deferred revenue   885,000    (7,000)
Income taxes payable   -    (12,000)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES   567,000    (314,000)
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Purchase of property and equipment   (273,000)   (78,000)
NET CASH USED IN INVESTING ACTIVITIES   (273,000)   (78,000)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Note payable - revolver - net - Sterling National Bank   (868,000)   1,033,000 
Payments of note payable - term notes - SNB   (196,000)   (90,000)
Payments of finance lease obligations   (2,000)   (7,000)
Proceeds from issuance of common stock   -    984,000 
Share issuance costs   -    (145,000)
Payments of notes payable issuances- related party   -    (1,012,000)
Payments of notes payable - third party   -    (100,000)
Payments of loan payable - financed asset   (2,000)   (71,000)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES   (1,068,000)   592,000 
           
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS   (774,000)   200,000 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   2,505,000    1,294,000 
CASH AND CASH EQUIVALENTS AT END OF PERIOD  $1,731,000   $1,494,000 

   

See Notes to Condensed Consolidated Financial Statements

 

5

 

 

AIR INDUSTRIES GROUP

 

Condensed Consolidated Statements of Cash Flows

For the Three Months Ended March 31, (Continued)

(Unaudited)

 

   2021   2020 
         
Supplemental cash flow information        
Cash paid during the period for interest  $307,000   $205,000 
           
Supplemental disclosure of non-cash investing and financing activities          
Capitalization of accrued interest on related party notes payable  $400,000   $- 
Common Stock issued for conversion of notes payable and accrued interest  $-   $885,000 

  

See Notes to Condensed Consolidated Financial Statements

 

6

 

 

AIR INDUSTRIES GROUP

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

Note 1. FORMATION AND BASIS OF PRESENTATION

 

Organization

 

Air Industries Group is a Nevada corporation (“AIRI”). As of and for the three months ending March 31, 2021, the accompanying condensed consolidated financial statements presented are those of AIRI, and its wholly-owned subsidiaries; Air Industries Machining Corp. (“AIM”), Nassau Tool Works, Inc. (“NTW”), and the Sterling Engineering Corporation (“Sterling”), (together, the “Company”).

 

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission, from which the accompanying condensed consolidated balance sheet dated December 31, 2020 was derived.

 

Reclassifications

 

Reclassification occurred to certain 2020 amounts to conform to the 2021 classification. These reclassifications had no impact on the statement of operations.

 

Liquidity

 

At each reporting period, management evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company is required to make certain additional disclosures if management concludes that substantial doubt exists about the Company’s ability to continue as a going concern and such doubt is not alleviated by the Company’s plans or when the Company’s plans alleviate substantial doubt about its ability to continue as a going concern. The evaluation entails analyzing prospective operating budgets and forecasts for expectations regarding cash needs and comparing those needs to the current cash and cash equivalent balance and expectations regarding cash to be generated over the following year.

 

Although the global outbreak of COVID-19 had a significant adverse impact on the world economy and negatively impacted the Company’s revenues, earnings and operating cash flows in 2020, management believes the Company’s operations substantially returned to normal in fiscal 2021 and the Company generated net cash from operations of $567,000 in the quarter ended March 31, 2021. With the first quarter of fiscal 2021 now completed and the Company’s recent investments in new machinery and equipment paying off, management believes the Company will continue to improve its liquidity. As such, based on current best estimates of fiscal 2021 sales, confirmed and expected orders, the strength of existing backlog, overall market demand, expected timing of future cash receipts and expenditures and the Company’s ability to access additional liquidity, if needed, the Company believes it will have adequate cash to support operations through May 31, 2022.

 

7

 

 

 

Subsequent Events

 

Management has evaluated subsequent events through the date of this filing.

 

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Inventory Valuation

 

For annual periods, the Company values inventory at the lower of cost on a first-in-first-out basis or estimated net realizable value. The Company does not take physical inventories at interim quarterly reporting periods. For interim periods, substantially all of the inventory value has been estimated using a gross profit percentage based on annual gross profit percentages of the immediately preceding year as applied to the net sales of the current period. During the three months ended March 31, 2021, the Company determined that its gross profit for its Complex Machining segment was below its 2020 gross profit percentages, and accordingly has adjusted margins to less than those of 2020. Adjustments to reconcile the annual physical inventory to the Company’s books are recorded in the fourth quarter.

 

Credit and Concentration Risks

 

Net Sales and Accounts Receivable

 

There were three customers that represented 77.9% and 79.9% of total net sales for the three months ended March 31, 2021 and 2020, respectively. This is set forth in the table below.

 

   Percentage of Sales 
Customer  March 31, 2021   March 31, 2020 
   (unaudited)   (unaudited) 
1   33.8%   36.2%
2   26.6%   31.5%
3   17.5%   12.2%

 

8

 

 

There were three customers that represented 77.8% and 80.3% of gross accounts receivable at March 31, 2021 and December 31, 2020, respectively. This is set forth in the table below.

 

   Percentage of Receivables 
Customer  March 31,
2021		   December 31,
2020		 
   (unaudited)     
1   46.7%   57.1%
2   17.6%   * 
3   13.5%   12.0%
4   **    11.2%

 

*Customer was less than 10% of Gross Accounts Receivable at December 31, 2020.
**Customer was less than 10% of Gross Accounts Receivable at March 31, 2021.

 

Cash and Cash Equivalents

 

During the period, the Company had occasionally maintained balances in its bank accounts that were in excess of the FDIC limit. The Company has not experienced any losses on these accounts.

 

Major Suppliers

 

The Company has several key sole-source suppliers of various parts that are important for one or more of its products. These suppliers are its only source for such parts and, therefore, in the event any of them were to go out of business or be unable to provide parts for any reason, its business could be severely harmed.

  

Leases

 

The Company accounts for leases under ASC 842, “Leases.” All leases are required to be recorded on the balance sheet and are classified as either operating leases or finance leases. The lease classification affects the expense recognition in the income statement. Operating lease charges are recorded entirely in operating expenses. Finance lease charges are split, where amortization of the right-of- use asset is recorded in operating expenses and an implied interest component is recorded in interest expense. See Note 4.

 

Earnings (Loss) per share

 

Basic earnings (loss) per share (“EPS”) is computed by dividing the net income (loss) applicable to common stockholders by the weighted-average number of shares of common stock outstanding for the period.

 

For purposes of calculating diluted earnings per common share, the numerator includes net income plus interest on convertible notes payable assumed converted as of the first day of the period. The denominator includes both the weighted-average number of shares of common stock outstanding during the period and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Dilutive common stock equivalents potentially include stock options and warrants using the treasury stock method and convertible notes payable using the if-converted method.

 

The following is the calculation of net income (loss) applicable to common stockholders utilized to calculate EPS:

 

   Three Months Ended 
   March 31,
2021		   March 31,
2020		 
   (unaudited)   (unaudited) 
Net (loss) income per statement of operations  $(152,000)  $1,058,000 
Add: Convertible Note Interest for Potential Note Conversion   -    170,000 
(Loss) income used to calculate diluted earnings per share  $(152,000)  $1,228,000 

  

9

 

 

The following is a reconciliation of the denominators of basic and diluted earnings per share computations:

 

   Three Months Ended 
   March 31, 2021   March 31, 2020 
   (unaudited)   (unaudited) 
Weighted average shares outstanding used to compute basic earnings per share   31,971,922    30,380,234 
Effect of dilutive stock options and warrants   -    1,137,769 
Effect of dilutive convertible notes payable   -    5,003,451 
Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share   31,971,922    36,521,454 

 

The following securities have been excluded from the calculation as the exercise price was greater than the average market price of the common stock:

 

   Three Months Ended 
   March 31, 2021   March 31, 2020 
   (unaudited)   (unaudited) 
Stock Options   191,000    234,000 
Warrants   1,423,000    1,423,000 
    1,614,000    1,657,000 

 

The following securities have been excluded from the calculation even though the exercise price was less than the average market price of the common shares because the effect of including these potential shares was anti-dilutive due to the net loss incurred during that period:

 

   Three Months Ended 
   March 31,
2021		   March 31,
2020		 
   (unaudited)   (unaudited) 
Stock Options   1,991,000             - 
Warrants   760,000    - 
Convertible notes payable   4,058,000    - 
    6,809,000    - 

 

Stock-Based Compensation

 

The Company accounts for stock-based compensation in accordance with FASB ASC 718, “Compensation – Stock Compensation.” Under the fair value recognition provision of the ASC, stock-based compensation cost is estimated at the grant date based on the fair value of the award. The Company estimates the fair value of stock options and warrants granted using the Black-Scholes-Merton option pricing model. Stock based compensation expense for employees amounted to $157,000 and $140,000 for the three months ended March 31, 2021 and 2020, respectively. Stock compensation expense for directors amounted to $52,000 and $55,000 for the three months ended March 31, 2021 and 2020, respectively. Stock compensation expenses for employees and directors were included in operating expenses on the accompanying Condensed Consolidated Statements of Operations.

 

10

 

 

Goodwill

 

Goodwill represents the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. The goodwill amount of $163,000 at both March 31, 2021 and December 31, 2020 relates to the acquisition of NTW.

 

Goodwill is not amortized, but is tested at least annually for impairment, or if circumstances occur that more likely than not reduce the fair value of the reporting unit below its carrying amount.

 

The Company has determined that there has been no impairment of goodwill at March 31, 2021 and 2020.

  

Recently Issued Accounting Pronouncements

 

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016- 13”), which significantly changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the existing incurred loss model with an expected credit loss model that requires entities to estimate an expected lifetime credit loss on most financial assets and certain other instruments. Under ASU 2016-13 credit impairment is recognized as an allowance for credit losses, rather than as a direct write-down of the amortized cost basis of a financial asset. The impairment allowance is a valuation account deducted from the amortized cost basis of financial assets to present the net amount expected to be collected on the financial asset. Once the new pronouncement is adopted by the Company, the allowance for credit losses must be adjusted for management’s current estimate at each reporting date. The new guidance provides no threshold for recognition of impairment allowance. Therefore, entities must also measure expected credit losses on assets that have a low risk of loss. For instance, trade receivables that are either current or not yet due may not require an allowance reserve under currently generally accepted accounting principles, but under the new standard, the Company will have to estimate an allowance for expected credit losses on trade receivables under ASU 2016-13. ASU 2016-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2022 for smaller reporting companies. Early adoption is permitted. The Company will evaluate the impact of ASU 2016-13 on the Company’s consolidated financial statements in a future period closer to the date of adoption.

 

In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06), which is intended to address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. For convertible instruments, ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share guidance on the basis of feedback from financial statement users. ASU 2020-06 is effective for fiscal years, and interim periods in those fiscal years, beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods with those fiscal years. The Company is evaluating the effect of adopting this new accounting guidance on its financial statements.

 

On January 1, 2021, the Company adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The adoption of ASU 2019-12 did not have a material impact on the Company’s condensed consolidated financial statements.

 

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On January 1, 2021, the Company adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope: which clarified the scope of ASU 2020-04. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The adoption of these ASU’s did not have a material impact on the Company’s condensed consolidated financial statements.

 

The Company does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed consolidated financial statements.

 

Note 3. PROPERTY AND EQUIPMENT

 

The components of property and equipment at March 31, 2021 and December 31, 2020 consisted of the following:

 

   March 31,   December 31,    
   2021   2020    
   (unaudited)        
Land  $300,000   $300,000    
Buildings and Improvements   1,720,000    1,683,000   31.50 years
Machinery and Equipment   21,838,000    21,738,000   5 - 8 years
Finance Lease Machinery and Equipment   78,000    78,000   5 - 8 years
Tools and Instruments   12,246,000    12,116,000   1.50 - 7 years
Automotive Equipment   148,000    148,000   5 years
Furniture and Fixtures   290,000    290,000   5 - 8 years
Leasehold Improvements   861,000    855,000   Term of Lease
Computers and Software   436,000    436,000   4 - 6 years
Total Property and Equipment   37,917,000    37,644,000    
Less: Accumulated Depreciation   (28,776,000)   (28,063,000)   
Property and Equipment, net  $9,141,000   $9,581,000    

 

Depreciation expense for the three months ended March 31, 2021 and 2020 was approximately $713,000 and $656,000, respectively.

 

Assets held under finance lease obligations are depreciated over the shorter of their related lease terms or their estimated productive lives. Depreciation of assets under finance leases is included in depreciation expense for 2021 and 2020. Accumulated depreciation on these assets was approximately $30,000 and $28,000 as of March 31, 2021 and December 31, 2020, respectively.

 

Note 4. LEASES

 

The Company has operating and finance leases for leased office and manufacturing facilities and equipment leases. The Company leases certain machinery and equipment under finance leases and leases its offices and manufacturing facilities under operating leases. The leases have remaining lease terms of one to five years, some of which include options to extend or terminate the leases.

 

   March 31,   December 31, 
   2021   2020 
   (unaudited)       
Weighted Average Remaining Lease Term - in years   5.19    5.53 
Weighted Average discount rate - %   8.31%   8.90%

 

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The aggregate undiscounted cash flows of operating lease payments as of March 31, 2021, with remaining terms greater than one year are as follows:

 

   Amount 
December 31, 2021 (remainder of the year)  $808,000 
December 31, 2022   1,007,000 
December 31, 2023   1,038,000 
December 31, 2024   1,070,000 
December 31, 2025   992,000 
Thereafter   730,000 
Total future minimum lease payments   5,645,000 
Less: discount   (1,189,000)
Total operating lease maturities   4,456,000 
Less: current portion of operating lease liabilities   (693,000)
Total long term portion of operating lease maturities  $3,763,000 

 

On April 29, 2021 the Company entered into an agreement to surrender the possession of the premises of the former corporate office, located in Hauppauge, NY. The Company made a one-time payment of 40% of the remaining balance due to the landlord as of May 1, 2021, of approximately $37,000. The Company had previously recognized a lease impairment of $275,000 to its Operating Lease Right-of-Use-Asset for the year-ended December 31, 2019.

 

Note 5. NOTES PAYABLE, RELATED PARTY NOTES PAYABLE AND FINANCE LEASE OBLIGATIONS

 

Notes payable, related party notes payable and finance lease obligations consist of the following:

 

   March 31,   December 31, 
   2021   2020 
   (unaudited)     
Revolving credit note payable to Sterling National Bank (“SNB”)  $14,781,000   $15,649,000 
Term loan, SNB   5,362,000    5,558,000 
Finance lease obligations   4,000    6,000 
Loans Payable - financed assets   46,000    48,000 
Related party notes payable, net of debt discount   6,412,000    6,012,000 
Subtotal   26,605,000    27,273,000 
Less: Current portion of notes payable, related party notes payable and finance lease obligations   (15,606,000)   (16,475,000)
Notes payable, related party notes payable and finance lease obligations, net of current portion  $10,999,000   $10,798,000 

 

Sterling National Bank (“SNB”)

 

On December 31, 2019, the Company entered into a loan facility (“SNB Facility”) with SNB expiring on December 30, 2022. The new loan facility provides for a $16,000,000 revolving loan (“SNB revolving line of credit”) and a term loan (“SNB term loan”).

 

In 2020, the Company entered into the First Amendment to Loan and Security Agreement (“First Amendment”). The terms of the amendment increase the Term Loan to $5,685,000. The repayment terms of the term loan were amended to provide monthly principal installments in the amount of $67,679 beginning on December 1, 2020, with a final payment of any unpaid balance of principal and interest payable on December 30, 2022. Additionally, the date by which certain subordinated third-party notes need to be extended by was changed from September 30, 2020 to November 30, 2020. The Company has paid an amendment fee of $20,000.

 

The terms of the SNB Facility require that, among other things, the Company maintain a specified Fixed Charge Coverage Ratio of 1.25 to 1.00 at the end of each Fiscal Quarter beginning with the Fiscal Quarter ending March 31, 2020. In addition, the Company is limited in the amount of Capital Expenditures it can make. As of March 31, 2021, the Company was in compliance with all loan covenants. The SNB Facility also restricts the amount of dividends the Company may pay to its stockholders. Substantially all of the Company’s assets are pledged as collateral under the SNB Facility.

 

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As of March 31, 2021 the future minimum principal payments for the SNB term loan are as follows:

 

For the twelve months ending  Amount 
December 31, 2021 (remainder of the year)  $609,000 
December 31, 2022   4,805,000 
SNB Term Loan payable   5,414,000 
Less: debt issuance costs   (52,000)
Total SNB Term loan payable, net of debt issuance costs   5,362,000 
Less: Current portion of SNB term loan payable   (812,000)
Total long-term portion of SNB term loan payable  $4,550,000 

 

Under the terms of the SNB Facility, both the SNB revolving line of credit and the SNB term loan will bear an interest rate equal to 30-day LIBOR (with a 1% floor) plus 2.5%. The average interest rate charged during the period ended March 31, 2021 was 3.5%.

 

As of March 31, 2021, our debt to SNB in the amount of $20,143,000 consisted of the SNB revolving line of credit note in the amount of $14,781,000 and the SNB term loan in the amount of $5,362,000. As of December 31, 2020, our debt to SNB in the amount of $21,207,000 consisted of the SNB revolving line of credit note in the amount of $15,649,000 and the SNB term loan in the amount of $5,558,000.

 

Interest expense related to the SNB Facility amounted to approximately $181,000 and $120,000 for the three months ended March 31, 2021 and 2020, respectively.

 

Loan Payable – Financed Asset

 

The Company financed the purchase of a delivery vehicle in July 2020. The loan obligation totaled $46,000 and $48,000 as of March 31, 2021 and December 31, 2020, respectively. The loan bears no interest and a final payment is due and payable for all unpaid principal on July 20, 2026.

 

The future minimum loan payments, are as follows:

 

For the twelve months ending  Amount 
December 31, 2021 (remainder of the year)  $7,000 
December 31, 2022   9,000 
December 31, 2023   9,000 
December 31, 2024   9,000 
December 31, 2025   9,000 
Thereafter   3,000 
Loans Payable - financed assets   46,000 
Less: Current portion   9,000 
Long-term portion  $37,000 

 

Related Party Notes Payable

 

Taglich Brothers, Inc. is a corporation co-founded by two directors of the Company, Michael and Robert Taglich. In addition, a third director of the Company is a vice president of Taglich Brothers, Inc.

 

Taglich Brothers, Inc. has acted as placement agent for various debt and equity financing transactions and has received cash and equity compensation for their services.

 

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From 2016 through 2020, the Company entered into various subordinated notes payable and convertible subordinated notes payable with Michael and Robert Taglich. These notes included proceeds totaling $6,550,000. In connection with these notes, Michael and Robert were issued a total of 355,082 shares of common stock and Taglich Brothers Inc. were issued promissory notes totaling $554,000 for placement agency fees.

 

On January 1, 2021, the related party subordinated notes due to Michael and Robert Taglich and Taglich Brothers, Inc., were amended to include all accrued interest through December 31, 2020 in the principal balance of the notes. Per the terms of the SNB Facility, these notes remain subordinate to the SNB Facility and are due on July 1, 2023. There are no principal payments due on these notes until such time. The Note Holders and the principal balance of the notes as amended on January 1, 2021 are shown below:

 

   Michael Taglich,   Robert Taglich,   Taglich Brothers,     
   Chairman   Director   Inc.   Total 
Convertible Subordinated Notes  $2,666,000   $1,905,000   $241,000   $4,812,000 
Subordinated Notes   1,250,000    350,000    -    1,600,000 
Total  $3,916,000   $2,255,000   $241,000   $6,412,000 

 

For the three months ended March 31, 2021, no principal payments have been made on these notes and the principal balances remain unchanged from the table above. Interest expense for the three months ended March 31, 2021 and 2020 on all related party notes payable was $125,000 and $128,000, respectively.

 

Convertible Notes Payable – Third Parties

 

As of both March 31, 2021 and December 31, 2020 the notes payable to third parties totaled $0 as the notes were converted into shares of common stock in 2020. Interest incurred on these amounted to approximately $42,000 for the three months ended March 31, 2020. Amortization of debt discount on these notes amounted to approximately $4,000 for the three months ended March 31, 2020. These costs are included in interest and financing costs in the Condensed Consolidated Statement of Operations.

  

NOTE 6. LIABILITY RELATED TO THE SALE OF FUTURE PROCEEDS FROM DISPOSITION OF SUBSIDIARY

 

In connection with the sale of the Company’s wholly-owned subsidiary, AMK Welding, Inc. (“AMK”) to Meyer Tool, Inc., (“Meyer”) in 2017, Meyer was obligated to pay the Company within 30 days after the end of each calendar quarter, commencing April 1, 2017, an amount equal to five (5%) percent of the net sales of AMK for that quarter until the aggregate payments made to the Company (the “Meyer Agreement”) equals $1,500,000 (the “Maximum Amount”).

 

In order to increase liquidity, on January 15, 2019, the Company entered into a “Purchase Agreement” with 15 accredited investors (the “Purchasers”), including Michael and Robert Taglich, pursuant to which the Company assigned to the Purchasers all of their rights, title and interest to the remaining $1,137,000 of the $1,500,000 in payments due from Meyer for the sale of AMK (the “Remaining Amount”) for an immediate payment of $800,000, including $100,000 from each of Michael and Robert Taglich, and $75,000 for the benefit of the children of Michael Taglich. The timing of the payments is based upon the net sales of AMK. If the Purchasers have not received the entire Remaining Amount by March 31, 2023, they have the right to demand payment of their pro rata portion of the unpaid Remaining Amount from the Company (“Put Right”). To the extent the Purchasers exercise their Put Right, the remaining payments from Meyer will be retained by the Company.

 

The Company recognized $104,000 and $92,000 of non-cash income reflected in “other income, net” on the condensed consolidated statement of operations and recorded $31,000 and $28,000 of related non-cash interest expense related to the Purchase Agreement, for the three months ended March 31, 2021 and 2020, respectively.

 

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The table below shows the activity within the liability account for:

 

   March 31,
2021		   December 31,
2020		 
   (unaudited)     
         
Liabilities related to sale of future proceeds from disposition of subsidiaries - beginning balance  $322,000   $602,000 
Non-Cash other income recognized   (104,000)   (402,000)
Non-Cash interest expense recognized   31,000    122,000 
Liabilities related to sale of future proceeds from disposition of subsidiary - ending balance   249,000    322,000 
Less: unamortized transaction costs   (3,000)   (3,000)
Liability related to sale of future proceeds from disposition of subsidiary, net  $246,000   $319,000 

 

Note 7. STOCKHOLDERS’ EQUITY

 

Common Stock – Sale of Securities

 

The Company issued 41,960 and 43,771 shares of common stock in payment of director fees totaling $52,000 and $55,000 for the three months ended March 31, 2021 and 2020, respectively. Additionally, the Company issued 51,224 shares of common stock upon the cashless exercise of stock options during the three months ended March 31, 2021.

 

In January 2020, we issued and sold 419,597 shares of our common stock for gross proceeds of $984,000 pursuant to our Form S-3 filed on October 10, 2019 as updated on January 15, 2020. Costs of the sale amounted to $145,000.

 

During the three months ended March 31, 2020, the Company issued 590,243 shares of common stock to convert third party subordinated debt totaling $885,000 to equity.

 

During the second quarter of 2021, the Company issued 37,392 shares of common stock in payment of directors’ fees totaling $52,000.

 

Note 8. CONTINGENCIES

 

A number of actions have been commenced against the Company by vendors, landlords and former landlords, including a third party claim as a result of an injury suffered on a portion of a leased property not occupied by the Company. As certain of these claims represent amounts included in accounts payable they are not specifically discussed herein.

 

Contract Pharmacal Corp. (“Contact Pharmacal”) commenced an action on October 2, 2018, relating to a Sublease entered into between the Company and Contract Pharmacal in May 2018 with respect to the property at 110 Plant Avenue, Hauppauge, New York. In the action Contract Pharmacal seeks damages for an amount in excess of $1,000,000 for our failure to make the entire premises available by the Sublease commencement date. The Company disputes the validity of the claims asserted by Contract Pharmacal and believes it has meritorious defenses to those claims and have recently submitted a motion in opposition to its motion for summary judgement. As of March 31, 2021, it is not possible to estimate if a loss will be incurred, as such there has been no accrual.

 

From time to time we also may be engaged in various lawsuits and legal proceedings in the ordinary course of our business. We are currently not aware of any legal proceedings the ultimate outcome of which, in our judgment based on information currently available, would have a material adverse effect on our business, financial condition or operating results. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial stockholder of our common stock, is an adverse party or has a material interest averse to our interest.

  

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Note 9. INCOME TAXES

 

The Company recorded no income tax expense for the three months ended March 31, 2021 and 2020 because the estimated annual effective tax rate was zero. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company’s annual earnings and taxing jurisdictions in which the earnings will be generated, the impact of state and local income taxes, the ability to use tax credits and net operating loss carry forwards, and available tax planning alternatives.

 

As a result of the passage of the CARES Act, the Company filed for a net operating loss carryback claim of $1,416,000 in March 2020. The refund was received in April 2020.

 

As of March 31, 2021 and December 31, 2020, the Company provided a full valuation allowance against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized.

  

Note 10. SEGMENT REPORTING

 

In accordance with FASB ASC 280, “Segment Reporting” (“ASC 280”), the Company discloses financial and descriptive information about its reportable operating segments. Operating segments are components of an enterprise about which separate financial information is available and regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

  

The Company follows ASC 280, which establishes standards for reporting information about operating segments in annual and interim financial statements, and requires that companies report financial and descriptive information about their reportable segments based on a management approach. ASC 280 also establishes standards for related disclosures about products and services, geographic areas and major customers.

 

The Company currently divides its operations into two operating segments: Complex Machining, which consists of AIM and NTW; and Turbine Engine Components, which consists of Sterling. Along with its operating subsidiaries, the Company reports the results of its corporate division as an independent segment.

 

The accounting policies of each of the segments are the same as those described in the Summary of Significant Accounting Policies. Intersegment transfers are recorded at the transferors cost, and there is no intercompany profit or loss on intersegment transfers. We evaluate performance based on revenue, gross profit contribution and assets employed.

 

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Financial information about the Company’s reporting segments for the three months ended March 31, 2021 and 2020 are as follows: 

 

   For the Three Months 
   Ended March 31, 
   2021   2020 
    (unaudited)    (unaudited) 
COMPLEX MACHINING          
Net Sales  $12,166,000   $12,064,000 
Gross Profit   1,619,000    2,168,000 
Income before benefit from income taxes   980,000    1,170,000 
Assets   51,703,000    48,732,000 
           
TURBINE ENGINE COMPONENTS          
Net Sales   1,546,000    1,383,000 
Gross Profit   178,000    13,000 
Loss before benefit from income taxes   (15,000)   (126,000)
Assets   3,582,000    4,569,000 
           
CORPORATE          
Net Sales   -    - 
Gross Profit   -    - 
Loss before benefit from income taxes   (1,117,000)   (1,400,000)
Assets   2,075,000    750,000 
           
CONSOLIDATED          
Net Sales   13,712,000    13,447,000 
Gross Profit   1,797,000    2,181,000 
Loss before benefit from income taxes   (152,000)   (356,000)
Benefit from Income Taxes   -    (1,414,000)
Net Income (loss)   (152,000)   1,058,000 
Assets  $57,360,000   $54,051,000 

 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

 

The following discussion of our financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and notes to those statements included elsewhere in this Form 10-Q and with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K, for the year ended December 31, 2020 (the “2020 Form 10-K”). This discussion contains forward-looking statements that involve risks and uncertainties. You should specifically consider the various risk factors identified in this report that could cause actual results to differ materially from those anticipated in these forward-looking statements.

 

Business Overview

 

The financial statements contained in this report as well as the discussion below principally reflect the status of our business and the results of our operations as of March 31, 2021.

 

AIM became a public company in 2005 and we are an aerospace company operating primarily in the defense industry. Our Complex Machining segment manufactures structural parts and assemblies that focus on flight safety, including landing gear, arresting gear, engine mounts, flight controls, throttle quadrants, and other components. Our Turbine Engine Components segment makes components and provides services for jet engines and ground-power turbines. Our products are currently deployed on a wide range of high-profile military and commercial aircraft including the Sikorsky UH-60 Blackhawk, Lockheed Martin F-35 Joint Strike Fighter, Northrop Grumman E2D Hawkeye, the US Navy F-18 and USAF F-16 fighter aircraft, Boeing 777 commercial airliners. Our Turbine Engine segment makes components for jet engines that are used on the USAF F-15 and F-16, the Airbus A-330 and the Boeing 777, in addition to a number of ground-power turbine applications.

 

The aerospace market is highly competitive in both the defense and commercial sectors and we face intense competition in all areas of our business. Nearly all of our revenues are derived by producing products to customer specifications after being awarded a contract through a competitive bidding process. As the commercial aerospace and defense industries continue to consolidate and major contractors seek to streamline supply chains by buying more complete sub-assemblies from fewer suppliers, we have sought to remain competitive not only by providing cost-effective world class service but also by increasing our ability to produce more complex and complete assemblies for our customers.

 

We are currently focused on positioning our business to obtain profitability, achieve positive cash flow and we remain resolute on meeting customers’ needs. We believe that an unyielding focus on our customers will allow us to execute on our existing backlog in a timely fashion. In 2018 and 2019, we consolidated the operations of our Complex Machining segment in our main campus located in Bay Shore, New York. In 2020, in order to take advantage of the long-term growth opportunities we see in our markets, we made significant capital investments in new equipment. Additionally, we expanded our operations and manufacturing cells located in our Connecticut facility where our Turbine Engine segment is located. We believe these investments will increase the volume and efficiency of production, increase the size of product we can make and allow us to offer additional services to our customers. We are pleased with the positive responses received from our customers to date.

 

Our ability to operate profitably is determined by our ability to win new contracts and renewals of existing contracts, and then fulfill these contracts on a timely basis at costs that enable us to generate a profit based upon the agreed upon contract price. Winning a contract generally requires that we submit a bid containing a fixed price for the product or products covered by the contract for an agreed upon period of time. Thus, when submitting bids, we are required to estimate our future costs of production and, since we often rely upon subcontractors, the prices we can obtain from our subcontractors.

 

While our revenues are largely determined by the number of contracts we are awarded, the volume of product delivered and price of product under each contract, our costs are determined by a number of factors. The principal factors impacting our costs are the cost of materials and supplies, labor, financing and the efficiency at which we can produce our products. The cost of materials used in the aerospace industry is highly volatile. In addition, the market for the skilled labor we require to operate our plants is highly competitive. The profit margin of the various products we sell varies based upon a number of factors, including the complexity of the product, the intensity of the competition for such product and, in some cases, the ability to deliver replacement parts on short notice. Thus, in assessing our performance from one period to another, a reader must understand that changes in profit margin can be the result of shifts in the mix of products sold. Our operations have a large percentage of fixed factory overhead. As a result, our profit margins are also highly variable with sales volumes as under-absorption of factory overhead decreases profits.

 

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A very large percentage of the products we produce are used on military as opposed to civilian aircraft. These products can be replacements for aircraft already in the fleet of the armed services or for the production of new aircraft. Reductions to the Defense Department budget and decreased usage of aircraft reduces the demand for both new production and replacement spares. Recent increases in Defense Department spending have increased orders for our products. Reductions to the Defense Department budget or decreased usage of aircraft reduces the demand for both new production and replacement spares and could adversely impact our business and our revenues. We are focusing greater efforts on the civilian aircraft market though we still remain dependent upon the military for an overwhelming portion of our revenues.

 

Segment Data  

 

We follow Financial Accounting Standards Board (“FASB”) ASC 280, “Segment Reporting” (“ASC 280”), which establishes standards for reporting information about operating segments in annual and interim financial statements, ASC 280 requires that companies report financial and descriptive information about their reportable segments based on a management approach. ASC 280 also establishes standards for related disclosures about products and services, geographic areas and major customers. 

 

We currently divide our operations into two operating segments: Complex Machining and Turbine Engine Components. Along with our operating subsidiaries, we report the results of our corporate office as an independent segment.

 

The accounting policies of our segments are the same as those described in the Summary of Significant Accounting Policies. We evaluate performance based on revenue, gross profit contribution and assets employed.

 

RESULTS OF OPERATIONS

 

Selected Financial Information:

 

   Three Months Ended 
   March 31,   March 31, 
   2021   2020 
   (unaudited)   (unaudited) 
Net sales  $13,712,000   $13,447,000 
Cost of sales   11,915,000    11,266,000 
Gross profit   1,797,000    2,181,000 
Operating expenses and interest and financing costs   2,067,000    2,642,000 
Other income, net   118,000    105,000 
Benefit from income taxes   -    (1,414,000)
Net Income (loss)  $(152,000)  $1,058,000 

  

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Balance Sheet Data:

 

   March 31,   December 31, 
   2021   2020 
   (unaudited)     
Cash and cash equivalents  $1,731,000   $2,505,000 
Working capital  $16,984,000   $16,284,000 
Total assets  $57,360,000   $57,777,000 
Total stockholders’ equity  $15,166,000   $15,109,000 

  

The following sets forth the results of operations for each of our segments individually and on a consolidated basis for the periods indicated: 

 

   For the Three Months 
   Ended March 31, 
   2021   2020 
   (unaudited)   (unaudited) 
COMPLEX MACHINING        
Net Sales  $12,166,000   $12,064,000 
Gross Profit   1,619,000    2,168,000 
Income before benefit from income taxes   980,000    1,170,000 
Assets   51,703,000    48,732,000 
           
TURBINE ENGINE COMPONENTS          
Net Sales   1,546,000    1,383,000 
Gross Profit   178,000    13,000 
Loss before benefit from income taxes   (15,000)   (126,000)
Assets   3,582,000    4,569,000 
           
CORPORATE          
Net Sales   -    - 
Gross Profit   -    - 
Loss before benefit from income taxes   (1,117,000)   (1,400,000)
Assets   2,075,000    750,000 
           
CONSOLIDATED          
Net Sales   13,712,000    13,447,000 
Gross Profit   1,797,000    2,181,000 
Loss before benefit from income taxes   (152,000)   (356,000)
Benefit from Income Taxes   -    (1,414,000)
Net Income (loss)   (152,000)   1,058,000 
Assets  $57,360,000   $54,051,000 

 

Net Sales:

 

Consolidated net sales for the three months ended March 31, 2021 were $13,712,000, an increase of $265,000, or 2.0%, compared with $13,447,000 for the three months ended March 31, 2020. Net sales of our Complex Machining segment were $12,166,000, an increase of $102,000, or 0.8%, from $12,064,000 for the three months ended March 31, 2020. Net sales in our Turbine Engine Components segment were $1,546,000, an increase of $163,000, or 11.8% compared with $1,383,000 for the three months ended March 31, 2020.

 

21

 

 

As indicated in the table below, three customers represented 77.9% and 79.9% of total net sales for the three months ended March 31, 2021 and March 31, 2020, respectively.

 

   Percentage of Sales 
Customer  2021   2020 
   (unaudited)   (unaudited) 
Sikorsky Aircraft   33.8%   36.2%
Goodrich Landing Gear Systems   26.6%   31.5%
United States Department of Defense   17.5%   12.2%

  

Gross Profit:

 

Consolidated gross profit from operations for the three months ended March 31, 2021 was $1,797,000, a decrease of $384,000, or 17.6%, as compared to gross profit of $2,181,000 for the three months ended March 31, 2020. Consolidated gross profit as a percentage of sales was 13.1% and 16.2% for the three months ended March 31, 2021 and 2020, respectively. This decrease was mainly attributable to an increase of approximately $518,000 in manufacturing overhead costs primarily related to employee benefit costs and depreciation of new equipment, and a loss of approximately $91,000 resulting from a termination of a contract by a customer.

 

Interest and Financing Costs

 

Interest and financing costs for the three months ended March 31, 2021 were $297,000 a decrease of $83,000 or 21.8% compared to $380,000 for the three months ended March 31, 2020. This decrease is attributable to the conversion of our third party Convertible Debt during fiscal 2020.

 

Operating Expense

 

Consolidated operating expenses for the three months ended March 31, 2021 totaled $1,770,000 and decreased by $492,000 or 21.8% compared to $2,262,000 for the three months ended March 31, 2020.

 

Net (Loss) Income

 

Net loss for the three months ended March 31, 2021 was $152,000, a reduction of $1,210,000, compared to net income of $1,058,000 for the three months ended March 31, 2020 due to the reasons stated above. In addition, the Company recorded a benefit from income taxes of $1,414,000 for the three months ended March 31, 2020 pursuant to the filing of a net operating loss claim (see below).

 

LIQUIDITY AND CAPITAL RESOURCES 

 

During fiscal 2020, we took advantage of a number of U.S. government programs to improve our liquidity to offset the negative impact to our business from COVID-19. These steps included:

 

  1) Received Low Interest Loans from the SBA – In May 2020, our three operating subsidiaries entered into government subsidized loans with Sterling National Bank (“SNB”) in an aggregate principal amount of $2.4 million (“SBA Loans”).

 

  2) Applied for and Received Forgiveness of the SBA Loans – In accordance with U.S. government regulations we applied to SNB for forgiveness of each Loan in full and in December 2020 we received final approval from the SBA that the entire principal amount of our SBA Loans plus accrued interest had been forgiven.

 

  3) Deferred Certain Tax Payments – In accordance with Section 2302 of the CARES Act, we elected to defer the deposit and payment of the employer’s portion of Social Security taxes. These deferred amounts must be repaid 50% on December 31, 2021 with the remaining 50% on December 31, 2022. As of December 31, 2020, we deferred $627,000, which is included in Deferred payroll tax liability – CARES Act on the accompanying Condensed Consolidated Balance Sheet.

 

  4) Received a Net Operating Loss Refund – Pursuant to the CARES Act, we filed a net operating loss carryback claim for $1,416,000, which was received during the second quarter 2020.

 

22

 

 

Also, the U.S. Department of Defense has, to date, taken steps to increase the rate for certain progress payments from 80 percent to 90 percent for costs incurred and work performed on certain contracts.

 

In addition to taking advantage of the aforementioned U.S. government programs, we took additional significant steps to improve our liquidity, including:

 

  1) Entered into a Lower Cost Financing Facility – On December 31, 2019, we entered into a new loan facility (“SNB Facility”) with Sterling National Bank, (“SNB”) which expires on December 30, 2022. The SNB Facility provides for a $16,000,000 revolving loan (“SNB revolving line of credit”) and a term loan (“SNB term loan”). Proceeds from the SNB Facility repaid our outstanding PNC Facility with PNC Bank N.A. (“PNC”).
     
  2) Increased Term Loan to Modernize Equipment – On November 6, 2020, we entered into the First Amendment to the Loan and Security Agreement, increasing the Term Loan to $5,685,000.  This allowed us to finance the acquisition of the new equipment at what we believe to be a reasonable interest rate.

 

The repayment terms of the term loan were amended to provide monthly principal installments in the amount of $67,679 beginning on December 1, 2020, with a final payment of any unpaid balance of principal and interest payable on December 30, 2022. We have paid an amendment fee of $20,000. Additionally, the date by which certain subordinated third-party notes were to be extended by was changed from September 30, 2020 to November 30, 2020. We caused all of these notes to be converted into common stock prior to December 31, 2020.

 

The formula to determine the amounts of revolving advances permitted to be borrowed under the SNB revolving line of credit is based on a percentage of eligible receivables and inventory (as defined in the SNB Facility).

 

For so long as the SNB term loan remains outstanding, if Excess Cash Flow (as defined) is a positive number for any fiscal year, beginning with the year ending December 31, 2020, we shall pay to SNB an amount equal to the lesser of (i) twenty-five percent (25%) of the Excess Cash Flow for such Fiscal Year and (ii) the outstanding principal balance of the term loan. Such payment shall be made to SNB and applied to the outstanding principal balance of the term loan, on or prior to the April 15 immediately following such Fiscal Year.

 

The terms of the SNB Facility require that, among other things, we maintain a specified Fixed Charge Coverage Ratio of 1.25 to 1.00 at the end of each Fiscal Quarter beginning with the Fiscal Quarter ending March 31, 2020. In addition, we are limited in the amount of Capital Expenditures we can make. As of March 31, 2021, we were in compliance with all loan covenants. The SNB Facility also restricts the amount of dividends we may pay to our stockholders. Substantially all of our assets are pledged as collateral under the SNB Facility.

 

As of March 31, 2021, our debt to SNB in the amount of $20,143,000 consisted of the SNB revolving line of credit note in the amount of $14,781,000 and the SNB term loan in the amount of $5,362,000.

 

  3) Conversion and Extension of Subordinated Notes – During 2020, third party holders of convertible subordinated notes of the remaining principal balance plus accrued interest, converted these notes into common stock.  In addition, the maturity date of related party convertible subordinated notes and subordinated notes payable in the aggregate amount of $6,012,000 plus $400,000 of accrued interest was extended until July 1, 2023, and we were relieved of the obligation to make any principal payments on these notes prior to maturity.

  

23

 

 

Because we continue to believe our fiscal 2021 sales will be higher than the amount achieved in fiscal 2020, we believe our liquidity for the remainder of 2021 will continue to improve.

 

Cash Flow

 

The following table summarizes our net cash flow from operating, investing and financing activities for the periods indicated: 

 

   Three Months Ended 
   March 31, 
   2021   2020 
   (unaudited)   (unaudited) 
Cash (used in) provided by         
Operating activities  $567,000   $(314,000)
Investing activities   (273,000)   (78,000)
Financing activities   (1,068,000)   592,000 
Net (decrease) increase in cash and cash equivalents  $(774,000)  $200,000 

  

Cash Provided by (Used in) Operating Activities

 

Cash provided by (used in) operating activities primarily consists of our net loss adjusted for certain non-cash items and changes to operating assets and liabilities.

 

For the three months ended March 31, 2021 cash provided by operating activities was $567,000. This was a result of our net loss of $152,000, offset by $915,000 of non-cash items consisting primarily of depreciation of property and equipment of $713,000, non-cash employee stock compensation expense of $157,000, amortization of right-of-use assets of $118,000 and non-cash directors’ compensation expense of $52,000. The remaining non-cash items totaled $125,000.

 

Operating assets and liabilities used cash in the net amount of $196,000 consisting primarily of the net increases in accounts receivable, inventory and prepaid expenses and other current assets in the amounts of $816,000, $75,000 and $77,000, respectively and decreases in accounts payable and operating lease liabilities of $36,000, and $172,000 respectively, partially offset by an increase in deferred revenue in the amount of $885,000 and a decrease in deposits in the amount of $95,000.

 

Cash Used in Investing Activities

 

Cash used in investing activities consists of capital expenditures for property and equipment.

 

For the three months ended March 31, 2021, cash used in investing activities was $273,000. This was for the purchase of property and equipment.

 

Cash Provided by (Used in) Financing Activities

 

For the three months ended March 31, 2021, cash used in financing activities consisted of net payments on our SNB revolving loan and term note in the amounts of $868,000 and $196,000, respectively and payments of $2,000 and $2,000 on our financing lease obligations and loan payable – financed asset.

 

24

 

 

OFF-BALANCE SHEET ARRANGEMENTS

 

We did not have any off-balance sheet arrangements as of March 31, 2021.

 

Critical Accounting Policies and Estimates

 

A critical accounting policy is one that is both important to the portrayal of a company’s financial condition and results of operations and requires management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain.

 

Our condensed consolidated financial statements are presented in accordance with U.S. GAAP, and all applicable U.S. GAAP accounting standards effective as of March 31, 2021 have been taken into consideration in preparing the condensed consolidated financial statements. The preparation of condensed consolidated financial statements requires estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures. Some of those estimates are subjective and complex, and, consequently, actual results could differ from those estimates. The following accounting policies and estimates have been highlighted as significant because changes to certain judgments and assumptions inherent in these policies could affect our condensed consolidated financial statements:

 

  ● Liquidity;

 

  ● Inventory valuation

 

  ● Revenue recognition;

 

  ● Income taxes;

 

  ● Stock-based compensation; and

 

  ● Goodwill.

 

We base our estimates, to the extent possible, on historical experience. Historical information is modified as appropriate based on current business factors and various assumptions that we believe are necessary to form a basis for making judgments about the carrying value of assets and liabilities. We evaluate our estimates on an on-going basis and make changes when necessary. Actual results could differ from our estimates.

 

Recently Issued Accounting Pronouncements

 

See Note 2 of the Condensed Consolidated Financial Statements for a discussion of recently issued accounting pronouncements.

 

25

 

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

Our senior management is responsible for establishing and maintaining a system of disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, (the “Exchange Act”) designed to ensure that the information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

We have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Report under the supervision of and with the participation of management, including our Chief Executive Officer and our Chief Financial Officer. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that as of the end of the period covered by this report, our disclosure controls and procedures were effective.

 

Changes in Internal Control over Financial Reporting

 

There have not been any changes in our internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, during our most recently completed fiscal quarter which is the subject of this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

26

 

 

PART II

 

OTHER INFORMATION

 

Item 1A. Risk Factors.

 

Prospective investors are encouraged to consider the risks described in our 2020 Form 10-K, our Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Report and other information publicly disclosed or contained in documents we file with the Securities and Exchange Commission before purchasing our securities. The following risk factor supplements the risk factors described in our 2020 Form 10-K, and should be read in conjunction with the other risk factors presented in our Annual Report which are incorporated herein by reference.

 

COVID -19

 

The COVID-19 pandemic and the resulting macroeconomic disruptions have affected how we, our customers and our suppliers are operating our businesses, and the duration and extent to which this will impact our future results of operations and overall financial performance remains uncertain. Our operations have substantially returned to normal, nevertheless, any such disruption may materially impact our business and our consolidated financial position, results of operations, and cash flows.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

Except as previously disclosed on our Exchange Act reports, we did not issue or sell any unregistered equity securities during the period covered by this Report.

 

27

 

 

Item 6. Exhibits

 

Exhibit No.     Description
     
2.1   Agreement and Plan of Merger dated July 29, 2013 between Air Industries Group, Inc. and Air Industries Group (incorporated herein by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed August 30, 2013).
     
2.2   Articles of Merger between Air Industries Group and Air Industries Group, Inc. filed with the Secretary of State of Nevada on August 28, 2013 (incorporated herein by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed August 30, 2013).
     
2.3   Certificate of Merger between Air Industries Group and Air Industries Group, Inc. filed with the Secretary of State of Nevada on August 29, 2013 (incorporated herein by reference to Exhibit 3.3 to the Company’s Current Report on Form 8-K filed August 30, 2013).
     
3.1   Articles of Incorporation of Air Industries Group (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed August 30, 2013).
     
3.2   Certificate of Amendment increasing number of authorized shares of preferred stock and Series A Preferred Stock (incorporated herein by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 filed on April 19, 2017).
     
3.3    Amended and Restated By-Laws of the Company (incorporated herein by reference to Exhibit 3.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 filed on March 31, 2015).
     
    Certifications
     
31.1   Certification of principal executive officer pursuant to Rule 13a-14 or Rule 15d-14 of Securities Exchange Act of 1934.
     
31.2   Certification of principal financial officer pursuant to Rule 13a-14 or Rule 15d-14 of the Exchange Act of 1934.
     
32.1   Certification of principal executive officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350).
     
32.2   Certification of principal financial officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350).
     
    XBRL Presentation
     
101.SCH   XBRL Taxonomy Extension Schema Document
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document

 

28

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Dated: May 11, 2021

 

  AIR INDUSTRIES GROUP
     
  By: /s/ Michael Recca
    Michael Recca
Chief Financial Officer
(principal financial and accounting officer)

 

 

29

 

 

 

 EX-31.1 2 f10q0321ex31-1_airindustries.htm CERTIFICATION

Exhibit 31.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

 

PURSUANT TO RULE 13a-14(a) UNDER THE EXCHANGE ACT

 

I, Luciano Melluzzo, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Air Industries Group;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Dated: May 11, 2021

 

/s/ Luciano Melluzzo  
Luciano Melluzzo  
Chief Executive Officer (Principal Executive Officer)  

 

 

 

 

 EX-31.2 3 f10q0321ex31-2_airindustries.htm CERTIFICATION

Exhibit 31.2

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER 

 

PURSUANT TO RULE 13a-14(a) UNDER THE EXCHANGE ACT

 

I, Michael E. Recca, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Air Industries Group;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Dated: May 11, 2021

 

/s/ Michael E. Recca  
Michael E. Recca  
Chief Financial Officer (Principal Financial Officer)   

 

 

 

 

 EX-32.1 4 f10q0321ex32-1_airindustries.htm CERTIFICATION

Exhibit 32.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

 

PURSUANT TO

 

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

(18 U.S.C. SECTION 1350)

 

In connection with the Quarterly Report of Air Industries Group, a Nevada corporation (the "Company"), on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission (the "Report"), Luciano Melluzzo, Chief Executive Officer of the Company, does hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. ss. 1350), that:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Dated: May 11, 2021

 
/s/ Luciano Melluzzo               
Luciano Melluzzo
Chief Executive Officer (Principal Executive Officer)

 

[A signed original of this written statement required by Section 906 has been provided to Air Industries Group and will be retained by Air Industries Group and furnished to the Securities and Exchange Commission or its staff upon request.]

 

 

 

 

 EX-32.2 5 f10q0321ex32-2_airindustries.htm CERTIFICATION

Exhibit 32.2

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

 

PURSUANT TO

 

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 

 

(18 U.S.C. SECTION 1350)

 

In connection with the Quarterly Report of Air Industries Group, a Nevada corporation (the "Company"), on Form 10-Q for the period ended March 31, 2021, as filed with the Securities and Exchange Commission (the "Report"), Michael E. Recca, Chief Financial Officer of the Company, does hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. ss. 1350), that:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Dated: May 11, 2021

 

/s/ Michael E. Recca  
Michael E. Recca   
Chief Financial Officer (Principal Financial Officer)  

 

[A signed original of this written statement required by Section 906 has been provided to Air Industries Group and will be retained by Air Industries Group and furnished to the Securities and Exchange Commission or its staff upon request.]

 

 

 

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Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company&#x2019;s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission, from which the accompanying condensed consolidated balance sheet dated December 31, 2020 was derived.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Reclassifications</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reclassification occurred to certain 2020 amounts to conform to the 2021 classification. 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See Note 4.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Earnings (Loss) per share</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic earnings (loss) per share (&#x201c;EPS&#x201d;) is computed by dividing the net income (loss) applicable to common stockholders by the weighted-average number of shares of common stock outstanding for the period.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of calculating diluted earnings per common share, the numerator includes net income plus interest on convertible notes payable assumed converted as of the first day of the period. The denominator includes both the weighted-average number of shares of common stock outstanding during the period and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. 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border-bottom: Black 1.5pt solid">March&#xa0;31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March&#xa0;31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Net (loss) income per statement of operations</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(152,000</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,058,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Add: Convertible Note Interest for Potential Note Conversion</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">170,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">(Loss) income used to calculate diluted earnings per share</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(152,000</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,228,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a reconciliation of the denominators of basic and diluted earnings per share computations:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 0.125in">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; width: 76%">Weighted average shares outstanding used to compute basic earnings per share</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">31,971,922</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">30,380,234</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Effect of dilutive stock options and warrants</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,137,769</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Effect of dilutive convertible notes payable</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,003,451</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 4pt">Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">31,971,922</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">36,521,454</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following securities have been excluded from the calculation as the exercise price was greater than the average market price of the common stock:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Stock Options</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">191,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">234,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Warrants</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,423,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,423,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">1,614,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">1,657,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following securities have been excluded from the calculation even though the exercise price was less than the average market price of the common shares because the effect of including these potential shares was anti-dilutive due to the net loss incurred during that period:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Stock Options</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">1,991,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right"> &#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;-</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Warrants</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">760,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Convertible notes payable</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,058,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">6,809,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Stock-Based Compensation</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for stock-based compensation in accordance with FASB ASC 718, &#x201c;Compensation &#x2013; Stock Compensation.&#x201d; Under the fair value recognition provision of the ASC, stock-based compensation cost is estimated at the grant date based on the fair value of the award. The Company estimates the fair value of stock options and warrants granted using the Black-Scholes-Merton option pricing model. Stock based compensation expense for employees amounted to $157,000 and $140,000 for the three months ended March 31, 2021 and 2020, respectively. Stock compensation expense for directors amounted to $52,000 and $55,000 for the three months ended March 31, 2021 and 2020, respectively. Stock compensation expenses for employees and directors were included in operating expenses on the accompanying Condensed Consolidated Statements of Operations.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Goodwill</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill represents the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. The goodwill amount of $163,000 at both March 31, 2021 and December 31, 2020&#xa0;relates to the acquisition of NTW.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill is not amortized, but is tested at least annually for impairment, or if circumstances occur that more likely than not reduce the fair value of the reporting unit below its carrying amount.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has determined that there has been no impairment of goodwill at March 31, 2021 and 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recently Issued Accounting Pronouncements</b></p><br/><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (&#x201c;ASU 2016- 13&#x201d;), which significantly changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the existing incurred loss model with an expected credit loss model that requires entities to estimate an expected lifetime credit loss on most financial assets and certain other instruments. Under ASU 2016-13 credit impairment is recognized as an allowance for credit losses, rather than as a direct write-down of the amortized cost basis of a financial asset. The impairment allowance is a valuation account deducted from the amortized cost basis of financial assets to present the net amount expected to be collected on the financial asset. Once the new pronouncement is adopted by the Company, the allowance for credit losses must be adjusted for management&#x2019;s current estimate at each reporting date. The new guidance provides no threshold for recognition of impairment allowance. Therefore, entities must also measure expected credit losses on assets that have a low risk of loss. For instance, trade receivables that are either current or not yet due may not require an allowance reserve under currently generally accepted accounting principles, but under the new standard, the Company will have to estimate an allowance for expected credit losses on trade receivables under ASU 2016-13. ASU 2016-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2022 for smaller reporting companies. Early adoption is permitted. The Company will evaluate the impact of ASU 2016-13 on the Company&#x2019;s consolidated financial statements in a future period closer to the date of adoption.</p><br/><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In August 2020, the FASB issued ASU No. 2020-06, Debt &#x2013; Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging &#x2013; Contracts in Entity&#x2019;s Own Equity (Subtopic 815-40) (&#x201c;ASU 2020-06), which is intended to address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. For convertible instruments, ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share guidance on the basis of feedback from financial statement users. ASU 2020-06 is effective for fiscal years, and interim periods in those fiscal years, beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods with those fiscal years. The Company is evaluating the effect of adopting this new accounting guidance on its financial statements.</p><br/><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January 1, 2021, the Company adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (&#x201c;ASU 2019-12&#x201d;), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The adoption of ASU 2019-12 did not have a material impact on the Company&#x2019;s condensed consolidated financial statements.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 1, 2021, the Company adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. In January 2021, the FASB issued ASU 2021-01, &#x201c;Reference Rate Reform (Topic 848): Scope: which clarified the scope of ASU 2020-04. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The adoption of these ASU&#x2019;s did not have a material impact on the Company&#x2019;s condensed consolidated financial statements.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed consolidated financial statements.</p><br/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Inventory Valuation</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For annual periods, the Company values inventory at the lower of cost on a first-in-first-out basis or estimated net realizable value. The Company does not take physical inventories at interim quarterly reporting periods. For interim periods, substantially all of the inventory value has been estimated using a gross profit percentage based on annual gross profit percentages of the immediately preceding year as applied to the net sales of the current period. During the three months ended March 31, 2021, the Company determined that its gross profit for its Complex Machining segment was below its 2020 gross profit percentages, and accordingly has adjusted margins to less than those of 2020. Adjustments to reconcile the annual physical inventory to the Company&#x2019;s books are recorded in the fourth quarter.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Credit and Concentration Risks</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Net Sales and Accounts Receivable</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were three customers that represented 77.9% and 79.9% of total net sales for the three months ended March 31, 2021 and 2020, respectively. This is set forth in the table below.</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage of Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><b>Customer</b></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">1</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">33.8</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">36.2</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">26.6</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">31.5</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">3</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">17.5</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">12.2</td><td style="text-align: left">%</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were three customers that represented 77.8% and 80.3% of gross accounts receivable at March 31, 2021 and December 31, 2020, respectively. This is set forth in the table below.</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage of Receivables</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Customer</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March&#xa0;31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#xa0;31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">1</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">46.7</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">57.1</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">17.6</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">3</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">13.5</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">12.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">4</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">11.2</td><td style="text-align: left">%</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Customer was less than 10% of Gross Accounts Receivable at December 31, 2020.</td> </tr></table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">**</td><td style="text-align: justify">Customer was less than 10% of Gross Accounts Receivable at March 31, 2021.</td> </tr></table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Cash and Cash Equivalents</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the period, the Company had occasionally maintained balances in its bank accounts that were in excess of the FDIC limit. The Company has not experienced any losses on these accounts.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Major Suppliers</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has several key sole-source suppliers of various parts that are important for one or more of its products. These suppliers are its only source for such parts and, therefore, in the event any of them were to go out of business or be unable to provide parts for any reason, its business could be severely harmed.</p> 3 3 0.779 0.799 3 3 0.778 0.803 0.10 0.10 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Leases</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for leases under ASC 842, &#x201c;Leases.&#x201d; All leases are required to be recorded on the balance sheet and are classified as either operating leases or finance leases. The lease classification affects the expense recognition in the income statement. Operating lease charges are recorded entirely in operating expenses. Finance lease charges are split, where amortization of the right-of- use asset is recorded in operating expenses and an implied interest component is recorded in interest expense. See Note 4.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Earnings (Loss) per share</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic earnings (loss) per share (&#x201c;EPS&#x201d;) is computed by dividing the net income (loss) applicable to common stockholders by the weighted-average number of shares of common stock outstanding for the period.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of calculating diluted earnings per common share, the numerator includes net income plus interest on convertible notes payable assumed converted as of the first day of the period. The denominator includes both the weighted-average number of shares of common stock outstanding during the period and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Dilutive common stock equivalents potentially include stock options and warrants using the treasury stock method and convertible notes payable using the if-converted method.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is the calculation of net income (loss) applicable to common stockholders utilized to calculate EPS:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March&#xa0;31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March&#xa0;31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Net (loss) income per statement of operations</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(152,000</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,058,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Add: Convertible Note Interest for Potential Note Conversion</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">170,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">(Loss) income used to calculate diluted earnings per share</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(152,000</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,228,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a reconciliation of the denominators of basic and diluted earnings per share computations:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 0.125in">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; width: 76%">Weighted average shares outstanding used to compute basic earnings per share</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">31,971,922</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">30,380,234</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Effect of dilutive stock options and warrants</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,137,769</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Effect of dilutive convertible notes payable</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,003,451</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 4pt">Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">31,971,922</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">36,521,454</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following securities have been excluded from the calculation as the exercise price was greater than the average market price of the common stock:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Stock Options</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">191,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">234,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Warrants</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,423,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,423,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">1,614,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">1,657,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following securities have been excluded from the calculation even though the exercise price was less than the average market price of the common shares because the effect of including these potential shares was anti-dilutive due to the net loss incurred during that period:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Stock Options</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">1,991,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right"> &#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;-</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Warrants</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">760,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Convertible notes payable</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,058,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">6,809,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Stock-Based Compensation</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for stock-based compensation in accordance with FASB ASC 718, &#x201c;Compensation &#x2013; Stock Compensation.&#x201d; Under the fair value recognition provision of the ASC, stock-based compensation cost is estimated at the grant date based on the fair value of the award. The Company estimates the fair value of stock options and warrants granted using the Black-Scholes-Merton option pricing model. Stock based compensation expense for employees amounted to $157,000 and $140,000 for the three months ended March 31, 2021 and 2020, respectively. Stock compensation expense for directors amounted to $52,000 and $55,000 for the three months ended March 31, 2021 and 2020, respectively. Stock compensation expenses for employees and directors were included in operating expenses on the accompanying Condensed Consolidated Statements of Operations.</p> 157000 140000 52000 55000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Goodwill</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill represents the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. The goodwill amount of $163,000 at both March 31, 2021 and December 31, 2020&#xa0;relates to the acquisition of NTW.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill is not amortized, but is tested at least annually for impairment, or if circumstances occur that more likely than not reduce the fair value of the reporting unit below its carrying amount.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has determined that there has been no impairment of goodwill at March 31, 2021 and 2020.</p> 163000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recently Issued Accounting Pronouncements</b></p><br/><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (&#x201c;ASU 2016- 13&#x201d;), which significantly changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the existing incurred loss model with an expected credit loss model that requires entities to estimate an expected lifetime credit loss on most financial assets and certain other instruments. Under ASU 2016-13 credit impairment is recognized as an allowance for credit losses, rather than as a direct write-down of the amortized cost basis of a financial asset. The impairment allowance is a valuation account deducted from the amortized cost basis of financial assets to present the net amount expected to be collected on the financial asset. Once the new pronouncement is adopted by the Company, the allowance for credit losses must be adjusted for management&#x2019;s current estimate at each reporting date. The new guidance provides no threshold for recognition of impairment allowance. Therefore, entities must also measure expected credit losses on assets that have a low risk of loss. For instance, trade receivables that are either current or not yet due may not require an allowance reserve under currently generally accepted accounting principles, but under the new standard, the Company will have to estimate an allowance for expected credit losses on trade receivables under ASU 2016-13. ASU 2016-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2022 for smaller reporting companies. Early adoption is permitted. The Company will evaluate the impact of ASU 2016-13 on the Company&#x2019;s consolidated financial statements in a future period closer to the date of adoption.</p><br/><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In August 2020, the FASB issued ASU No. 2020-06, Debt &#x2013; Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging &#x2013; Contracts in Entity&#x2019;s Own Equity (Subtopic 815-40) (&#x201c;ASU 2020-06), which is intended to address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. For convertible instruments, ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share guidance on the basis of feedback from financial statement users. ASU 2020-06 is effective for fiscal years, and interim periods in those fiscal years, beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods with those fiscal years. The Company is evaluating the effect of adopting this new accounting guidance on its financial statements.</p><br/><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January 1, 2021, the Company adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (&#x201c;ASU 2019-12&#x201d;), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The adoption of ASU 2019-12 did not have a material impact on the Company&#x2019;s condensed consolidated financial statements.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 1, 2021, the Company adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. In January 2021, the FASB issued ASU 2021-01, &#x201c;Reference Rate Reform (Topic 848): Scope: which clarified the scope of ASU 2020-04. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. 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padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">1</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">33.8</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">36.2</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">26.6</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">31.5</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">3</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">17.5</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">12.2</td><td style="text-align: left">%</td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage of Receivables</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Customer</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March&#xa0;31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#xa0;31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">1</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">46.7</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">57.1</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">17.6</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">3</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">13.5</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">12.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">4</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</font></td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">11.2</td><td style="text-align: left">%</td></tr> </table> 0.338 0.362 0.266 0.315 0.175 0.122 0.467 0.571 0.176 0.135 0.120 0.112 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March&#xa0;31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March&#xa0;31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Net (loss) income per statement of operations</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(152,000</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,058,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Add: Convertible Note Interest for Potential Note Conversion</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">170,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">(Loss) income used to calculate diluted earnings per share</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(152,000</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,228,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> -152000 1058000 170000 -152000 1228000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 0.125in">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; width: 76%">Weighted average shares outstanding used to compute basic earnings per share</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">31,971,922</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">30,380,234</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Effect of dilutive stock options and warrants</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,137,769</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Effect of dilutive convertible notes payable</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,003,451</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 4pt">Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">31,971,922</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">36,521,454</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 31971922 30380234 1137769 5003451 31971922 36521454 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Stock Options</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">191,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">234,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Warrants</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,423,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,423,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">1,614,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">1,657,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Stock Options</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">1,991,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right"> &#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;-</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Warrants</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">760,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Convertible notes payable</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,058,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">6,809,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 191000 234000 1423000 1423000 1614000 1657000 1991000 760000 4058000 6809000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 3. PROPERTY AND EQUIPMENT</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The components of property and equipment at March 31, 2021 and December 31, 2020 consisted of the following:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold">&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Land</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">300,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">300,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="text-align: center; width: 11%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Buildings and Improvements</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,720,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,683,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">31.50 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Machinery and Equipment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">21,838,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">21,738,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">5 - 8 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Finance Lease Machinery and Equipment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">78,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">78,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">5 - 8 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tools and Instruments</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">12,246,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">12,116,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">1.50 - 7 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Automotive Equipment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">148,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">148,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">5 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Furniture and Fixtures</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">290,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">290,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">5 - 8 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Leasehold Improvements</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">861,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">855,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">Term of Lease</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Computers and Software</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">436,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">436,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="text-align: center; padding-bottom: 1.5pt">4 - 6 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total Property and Equipment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">37,917,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">37,644,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: Accumulated Depreciation</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(28,776,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(28,063,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Property and Equipment, net</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">9,141,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">9,581,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="text-align: center; padding-bottom: 4pt">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation expense for the three months ended March 31, 2021 and 2020 was approximately $713,000 and $656,000, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assets held under finance lease obligations are depreciated over the shorter of their related lease terms or their estimated productive lives. Depreciation of assets under finance leases is included in depreciation expense for 2021 and 2020. Accumulated depreciation on these assets was approximately $30,000 and $28,000 as of March 31, 2021 and December 31, 2020, respectively.</p><br/> 30000 28000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold">&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Land</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">300,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">300,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="text-align: center; width: 11%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Buildings and Improvements</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,720,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,683,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">31.50 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Machinery and Equipment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">21,838,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">21,738,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">5 - 8 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Finance Lease Machinery and Equipment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">78,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">78,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">5 - 8 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tools and Instruments</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">12,246,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">12,116,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">1.50 - 7 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Automotive Equipment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">148,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">148,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">5 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Furniture and Fixtures</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">290,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">290,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">5 - 8 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Leasehold Improvements</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">861,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">855,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">Term of Lease</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Computers and Software</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">436,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">436,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="text-align: center; padding-bottom: 1.5pt">4 - 6 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total Property and Equipment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">37,917,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">37,644,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: Accumulated Depreciation</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(28,776,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(28,063,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="text-align: center; padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Property and Equipment, net</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">9,141,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">9,581,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="text-align: center; padding-bottom: 4pt">&#xa0;</td></tr> </table> 300000 300000 1720000 1683000 31.50 21838000 21738000 5 8 78000 78000 5 8 12246000 12116000 1.50 7 148000 148000 5 290000 290000 5 8 861000 855000 Term of Lease 436000 436000 4 6 37917000 37644000 28776000 28063000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 4. LEASES</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has operating and finance leases for leased office and manufacturing facilities and equipment leases. The Company leases certain machinery and equipment under finance leases and leases its offices and manufacturing facilities under operating leases. The leases have remaining lease terms of one to five years, some of which include options to extend or terminate the leases.</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#xa0;</td><td style="white-space: nowrap; font-weight: bold">&#xa0;</td> <td colspan="4" style="white-space: nowrap; font-weight: bold; text-align: center">March&#xa0;31,</td><td style="white-space: nowrap; font-weight: bold">&#xa0;</td><td style="white-space: nowrap; font-weight: bold">&#xa0;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">December&#xa0;31,</td><td style="white-space: nowrap; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td> <td colspan="4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center; font-weight: bold">&#xa0;</td> <td colspan="4" style="font-weight: bold; text-align: center">(unaudited)</td> <td style="font-weight: bold; text-align: center">&#xa0;</td> <td style="font-weight: bold; text-align: center">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Weighted Average Remaining Lease Term - in years</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td colspan="3" style="text-align: right">5.19</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">5.53</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Weighted Average discount rate - %</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td colspan="3" style="text-align: right">8.31</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">8.90</td><td style="text-align: left">%</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The aggregate undiscounted cash flows of operating lease payments as of March 31, 2021, with remaining terms greater than one year are as follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">December 31, 2021 (remainder of the year)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">808,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>December 31, 2022</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,007,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>December 31, 2023</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,038,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>December 31, 2024</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,070,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>December 31, 2025</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">992,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">730,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total future minimum lease payments</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">5,645,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: discount</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,189,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total operating lease maturities</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">4,456,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: current portion of operating lease liabilities</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(693,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total long term portion of operating lease maturities</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,763,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On April 29, 2021 the Company entered into an agreement to surrender the possession of the premises of the former corporate office, located in Hauppauge, NY. The Company made a one-time payment of 40% of the remaining balance due to the landlord as of May 1, 2021, of approximately $37,000. The Company had previously recognized a lease impairment of $275,000 to its Operating Lease Right-of-Use-Asset for the year-ended December 31, 2019.</p><br/> The leases have remaining lease terms of one to five years, some of which include options to extend or terminate the leases. P1Y 0.40 37000 275000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#xa0;</td><td style="white-space: nowrap; font-weight: bold">&#xa0;</td> <td colspan="4" style="white-space: nowrap; font-weight: bold; text-align: center">March&#xa0;31,</td><td style="white-space: nowrap; font-weight: bold">&#xa0;</td><td style="white-space: nowrap; font-weight: bold">&#xa0;</td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">December&#xa0;31,</td><td style="white-space: nowrap; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td> <td colspan="4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center; font-weight: bold">&#xa0;</td> <td colspan="4" style="font-weight: bold; text-align: center">(unaudited)</td> <td style="font-weight: bold; text-align: center">&#xa0;</td> <td style="font-weight: bold; text-align: center">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Weighted Average Remaining Lease Term - in years</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td colspan="3" style="text-align: right">5.19</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">5.53</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Weighted Average discount rate - %</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td colspan="3" style="text-align: right">8.31</td><td style="text-align: left">%</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">8.90</td><td style="text-align: left">%</td></tr> </table> P5Y69D P5Y193D 0.0831 0.0890 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">December 31, 2021 (remainder of the year)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">808,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>December 31, 2022</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,007,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>December 31, 2023</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,038,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>December 31, 2024</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,070,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>December 31, 2025</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">992,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">730,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total future minimum lease payments</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">5,645,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: discount</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,189,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total operating lease maturities</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">4,456,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: current portion of operating lease liabilities</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(693,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total long term portion of operating lease maturities</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,763,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 808000 1007000 1038000 1070000 992000 730000 5645000 -1189000 4456000 -693000 3763000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 5. NOTES PAYABLE, RELATED PARTY NOTES PAYABLE AND FINANCE LEASE OBLIGATIONS</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes payable, related party notes payable and finance lease obligations consist of the following:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in">&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold">&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 0.125in">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Revolving credit note payable to Sterling National Bank (&#x201c;SNB&#x201d;)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14,781,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,649,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Term loan, SNB</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">5,362,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">5,558,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Finance lease obligations</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">4,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loans Payable - financed assets</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">46,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">48,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Related party notes payable, net of debt discount</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,412,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,012,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in">Subtotal</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">26,605,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">27,273,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Less: Current portion of notes payable, related party notes payable and finance lease obligations</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,606,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(16,475,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt">Notes payable, related party notes payable and finance lease obligations, net of current portion</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">10,999,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">10,798,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sterling National Bank (&#x201c;SNB&#x201d;)</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 31, 2019, the Company entered into a loan facility (&#x201c;SNB Facility&#x201d;) with SNB expiring on December 30, 2022. The new loan facility provides for a $16,000,000 revolving loan (&#x201c;SNB revolving line of credit&#x201d;) and a term loan (&#x201c;SNB term loan&#x201d;).</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2020, the Company entered into the First Amendment to Loan and Security Agreement (&#x201c;First Amendment&#x201d;). The terms of the amendment increase the Term Loan to $5,685,000. The repayment terms of the term loan were amended to provide monthly principal installments in the amount of $67,679 beginning on December 1, 2020, with a final payment of any unpaid balance of principal and interest payable on December 30, 2022. Additionally, the date by which certain subordinated third-party notes need to be extended by was changed from September 30, 2020 to November 30, 2020. The Company has paid an amendment fee of $20,000.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms of the SNB Facility require that, among other things, the Company maintain a specified Fixed Charge Coverage Ratio of 1.25 to 1.00 at the end of each Fiscal Quarter beginning with the Fiscal Quarter ending March 31, 2020. In addition, the Company is limited in the amount of Capital Expenditures it can make. As of March 31, 2021, the Company was in compliance with all loan covenants. The SNB Facility also restricts the amount of dividends the Company may pay to its stockholders. Substantially all of the Company&#x2019;s assets are pledged as collateral under the SNB Facility.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2021 the future minimum principal payments for the SNB term loan are as follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">For the twelve months ending</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">December 31, 2021 (remainder of the year)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">609,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">December 31, 2022</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,805,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SNB Term Loan payable</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">5,414,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: debt issuance costs</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(52,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total SNB Term loan payable, net of debt issuance costs</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">5,362,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: Current portion of SNB term loan payable</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(812,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total long-term portion of SNB term loan payable</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,550,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the SNB Facility, both the SNB revolving line of credit and the SNB term loan will bear an interest rate equal to 30-day LIBOR (with a 1% floor) plus 2.5%. The average interest rate charged during the period ended March 31, 2021 was 3.5%.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2021, our debt to SNB in the amount of $20,143,000 consisted of the SNB revolving line of credit note in the amount of $14,781,000 and the SNB term loan in the amount of $5,362,000. As of December 31, 2020, our debt to SNB in the amount of $21,207,000 consisted of the SNB revolving line of credit note in the amount of $15,649,000 and the SNB term loan in the amount of $5,558,000.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest expense related to the SNB Facility amounted to approximately $181,000 and $120,000 for the three months ended March 31, 2021 and 2020, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Loan Payable &#x2013; Financed Asset</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company financed the purchase of a delivery vehicle in July 2020. The loan obligation totaled $46,000 and $48,000 as of March 31, 2021 and December 31, 2020, respectively. The loan bears no interest and a final payment is due and payable for all unpaid principal on July 20, 2026.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The future minimum loan payments, are as follows:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">For the twelve months ending</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">December 31, 2021 (remainder of the year)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>December 31, 2022</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">9,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>December 31, 2023</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">9,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>December 31, 2024</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">9,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>December 31, 2025</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">9,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loans Payable - financed assets</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">46,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: Current portion</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Long-term portion</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">37,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Related Party Notes Payable</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Taglich Brothers, Inc. is a corporation co-founded by two directors of the Company, Michael and Robert Taglich. In addition, a third director of the Company is a vice president of Taglich Brothers, Inc.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Taglich Brothers, Inc. has acted as placement agent for various debt and equity financing transactions and has received cash and equity compensation for their services.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From 2016 through 2020, the Company entered into various subordinated notes payable and convertible subordinated notes payable with Michael and Robert Taglich. These notes included proceeds totaling $6,550,000. In connection with these notes, Michael and Robert were issued a total of 355,082 shares of common stock and Taglich Brothers Inc. were issued promissory notes totaling $554,000 for placement agency fees.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 1, 2021, the related party subordinated notes due to Michael and Robert Taglich and Taglich Brothers, Inc., were amended to include all accrued interest through December 31, 2020 in the principal balance of the notes. Per the terms of the SNB Facility, these notes remain subordinate to the SNB Facility and are due on July 1, 2023. There are no principal payments due on these notes until such time. The Note Holders and the principal balance of the notes as amended on January 1, 2021 are shown below:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">Michael Taglich,</td><td style="font-weight: bold">&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">Robert Taglich,</td><td style="font-weight: bold">&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">Taglich Brothers,</td><td style="font-weight: bold">&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Chairman</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Director</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Inc.</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Convertible Subordinated Notes</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,666,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,905,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">241,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,812,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Subordinated Notes</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,250,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">350,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,600,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,916,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,255,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">241,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,412,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three months ended March 31, 2021, no principal payments have been made on these notes and the principal balances remain unchanged from the table above. Interest expense for the three months ended March 31, 2021 and 2020 on all related party notes payable was $125,000 and $128,000, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Convertible Notes Payable &#x2013; Third Parties</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of both March 31, 2021 and December 31, 2020 the notes payable to third parties totaled $0 as the notes were converted into shares of common stock in 2020. Interest incurred on these amounted to approximately $42,000 for the three months ended March 31, 2020. Amortization of debt discount on these notes amounted to approximately $4,000 for the three months ended March 31, 2020. These costs are included in interest and financing costs in the Condensed Consolidated Statement of Operations.</p><br/> 16000000 the Company entered into the First Amendment to Loan and Security Agreement (&#x201c;First Amendment&#x201d;). The terms of the amendment increase the Term Loan to $5,685,000. The repayment terms of the term loan were amended to provide monthly principal installments in the amount of $67,679 beginning on December 1, 2020, with a final payment of any unpaid balance of principal and interest payable on December 30, 2022. Additionally, the date by which certain subordinated third-party notes need to be extended by was changed from September 30, 2020 to November 30, 2020. The Company has paid an amendment fee of $20,000. The terms of the SNB Facility require that, among other things, the Company maintain a specified Fixed Charge Coverage Ratio of 1.25 to 1.00 at the end of each Fiscal Quarter beginning with the Fiscal Quarter ending March 31, 2020. the terms of the SNB Facility, both the SNB revolving line of credit and the SNB term loan will bear an interest rate equal to 30-day LIBOR (with a 1% floor) plus 2.5%. The average interest rate charged during the period ended March 31, 2021 was 3.5%. 20143000 14781000 5362000 21207000 15649000 5558000 181000 120000 46000 48000 From 2016 through 2020, the Company entered into various subordinated notes payable and convertible subordinated notes payable with Michael and Robert Taglich. These notes included proceeds totaling $6,550,000. In connection with these notes, Michael and Robert were issued a total of 355,082 shares of common stock and Taglich Brothers Inc. were issued promissory notes totaling $554,000 for placement agency fees. On January 1, 2021, the related party subordinated notes due to Michael and Robert Taglich and Taglich Brothers, Inc., were amended to include all accrued interest through December 31, 2020 in the principal balance of the notes. Per the terms of the SNB Facility, these notes remain subordinate to the SNB Facility and are due on July 1, 2023. There are no principal payments due on these notes until such time. 125000 128000 0 0 42000 42000 4000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in">&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold">&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 0.125in">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Revolving credit note payable to Sterling National Bank (&#x201c;SNB&#x201d;)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14,781,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,649,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Term loan, SNB</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">5,362,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">5,558,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Finance lease obligations</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">4,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loans Payable - financed assets</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">46,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">48,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Related party notes payable, net of debt discount</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,412,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,012,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in">Subtotal</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">26,605,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">27,273,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Less: Current portion of notes payable, related party notes payable and finance lease obligations</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,606,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(16,475,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt">Notes payable, related party notes payable and finance lease obligations, net of current portion</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">10,999,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">10,798,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 14781000 15649000 5362000 5558000 4000 6000 46000 48000 6412000 6012000 26605000 27273000 15606000 16475000 10999000 10798000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">For the twelve months ending</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">December 31, 2021 (remainder of the year)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">609,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">December 31, 2022</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,805,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SNB Term Loan payable</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">5,414,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: debt issuance costs</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(52,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total SNB Term loan payable, net of debt issuance costs</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">5,362,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: Current portion of SNB term loan payable</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(812,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total long-term portion of SNB term loan payable</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,550,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 609000 4805000 5414000 52000 5362000 812000 4550000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">For the twelve months ending</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">December 31, 2021 (remainder of the year)</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>December 31, 2022</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">9,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>December 31, 2023</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">9,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>December 31, 2024</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">9,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>December 31, 2025</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">9,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loans Payable - financed assets</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">46,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: Current portion</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Long-term portion</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">37,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 7000 9000 9000 9000 9000 3000 9000 37000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">Michael Taglich,</td><td style="font-weight: bold">&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">Robert Taglich,</td><td style="font-weight: bold">&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">Taglich Brothers,</td><td style="font-weight: bold">&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Chairman</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Director</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Inc.</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Convertible Subordinated Notes</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,666,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,905,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">241,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,812,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Subordinated Notes</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,250,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">350,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,600,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,916,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,255,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">241,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,412,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 2666000 1905000 241000 4812000 1250000 350000 1600000 3916000 2255000 241000 6412000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 6. LIABILITY RELATED TO THE SALE OF FUTURE PROCEEDS FROM DISPOSITION OF SUBSIDIARY</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the sale of the Company&#x2019;s wholly-owned subsidiary, AMK Welding, Inc. (&#x201c;AMK&#x201d;) to Meyer Tool, Inc., (&#x201c;Meyer&#x201d;) in 2017, Meyer was obligated to pay the Company within 30 days after the end of each calendar quarter, commencing April 1, 2017, an amount equal to five (5%) percent of the net sales of AMK for that quarter until the aggregate payments made to the Company (the &#x201c;Meyer Agreement&#x201d;) equals $1,500,000 (the &#x201c;Maximum Amount&#x201d;).</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to increase liquidity, on January 15, 2019, the Company entered into a &#x201c;Purchase Agreement&#x201d; with 15 accredited investors (the &#x201c;Purchasers&#x201d;), including Michael and Robert Taglich, pursuant to which the Company assigned to the Purchasers all of their rights, title and interest to the remaining $1,137,000 of the $1,500,000 in payments due from Meyer for the sale of AMK (the &#x201c;Remaining Amount&#x201d;) for an immediate payment of $800,000, including $100,000 from each of Michael and Robert Taglich, and $75,000 for the benefit of the children of Michael Taglich. The timing of the payments is based upon the net sales of AMK. If the Purchasers have not received the entire Remaining Amount by March 31, 2023, they have the right to demand payment of their pro rata portion of the unpaid Remaining Amount from the Company (&#x201c;Put Right&#x201d;). To the extent the Purchasers exercise their Put Right, the remaining payments from Meyer will be retained by the Company.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognized $104,000 and $92,000 of non-cash income reflected in &#x201c;other income, net&#x201d; on the condensed consolidated statement of operations and recorded $31,000 and $28,000 of related non-cash interest expense related to the Purchase Agreement, for the three months ended March 31, 2021 and 2020, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below shows the activity within the liability account for:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March&#xa0;31,<br/> 2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#xa0;31,<br/> 2020</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">(unaudited)</td><td style="font-weight: bold">&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Liabilities related to sale of future proceeds from disposition of subsidiaries - beginning balance</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">322,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">602,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Non-Cash other income recognized</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(104,000</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(402,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Non-Cash interest expense recognized</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">31,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">122,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Liabilities related to sale of future proceeds from disposition of subsidiary - ending balance</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">249,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">322,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: unamortized transaction costs</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Liability related to sale of future proceeds from disposition of subsidiary, net</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">246,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">319,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/> In connection with the sale of the Company&#x2019;s wholly-owned subsidiary, AMK Welding, Inc. (&#x201c;AMK&#x201d;) to Meyer Tool, Inc., (&#x201c;Meyer&#x201d;) in 2017, Meyer was obligated to pay the Company within 30 days after the end of each calendar quarter, commencing April 1, 2017, an amount equal to five (5%) percent of the net sales of AMK for that quarter until the aggregate payments made to the Company (the &#x201c;Meyer Agreement&#x201d;) equals $1,500,000 (the &#x201c;Maximum Amount&#x201d;). the Company entered into a &#x201c;Purchase Agreement&#x201d; with 15 accredited investors (the &#x201c;Purchasers&#x201d;), including Michael and Robert Taglich, pursuant to which the Company assigned to the Purchasers all of their rights, title and interest to the remaining $1,137,000 of the $1,500,000 in payments due from Meyer for the sale of AMK (the &#x201c;Remaining Amount&#x201d;) for an immediate payment of $800,000, including $100,000 from each of Michael and Robert Taglich, and $75,000 for the benefit of the children of Michael Taglich. The timing of the payments is based upon the net sales of AMK. If the Purchasers have not received the entire Remaining Amount by March 31, 2023, they have the right to demand payment of their pro rata portion of the unpaid Remaining Amount from the Company (&#x201c;Put Right&#x201d;). To the extent the Purchasers exercise their Put Right, the remaining payments from Meyer will be retained by the Company. 104000 92000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March&#xa0;31,<br/> 2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#xa0;31,<br/> 2020</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center">(unaudited)</td><td style="font-weight: bold">&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Liabilities related to sale of future proceeds from disposition of subsidiaries - beginning balance</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">322,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">602,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Non-Cash other income recognized</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(104,000</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(402,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Non-Cash interest expense recognized</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">31,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">122,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Liabilities related to sale of future proceeds from disposition of subsidiary - ending balance</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">249,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">322,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: unamortized transaction costs</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Liability related to sale of future proceeds from disposition of subsidiary, net</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">246,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">319,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 322000 602000 104000 402000 31000 122000 249000 -3000 -3000 246000 319000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 7. STOCKHOLDERS&#x2019; EQUITY</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Common Stock &#x2013; Sale of Securities</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company issued 41,960 and 43,771 shares of common stock in payment of director fees totaling $52,000 and $55,000 for the three months ended March 31, 2021 and 2020, respectively. Additionally, the Company issued 51,224 shares of common stock upon the cashless exercise of stock options during the three months ended March 31, 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2020, we issued and sold 419,597 shares of our common stock for gross proceeds of $984,000 pursuant to our Form S-3 filed on October 10, 2019 as updated on January 15, 2020. Costs of the sale amounted to $145,000.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended March 31, 2020, the Company issued 590,243 shares of common stock to convert third party subordinated debt totaling $885,000 to equity.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the second quarter of 2021, the Company issued 37,392 shares of common stock in payment of directors&#x2019; fees totaling $52,000.</p><br/> 41960 43771 419597 984000 145000 590243 37392 52000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 8. CONTINGENCIES</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A number of actions have been commenced against the Company by vendors, landlords and former landlords, including a third party claim as a result of an injury suffered on a portion of a leased property not occupied by the Company. As certain of these claims represent amounts included in accounts payable they are not specifically discussed herein.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contract Pharmacal Corp. (&#x201c;Contact Pharmacal&#x201d;) commenced an action on October 2, 2018, relating to a Sublease entered into between the Company and Contract Pharmacal in May 2018 with respect to the property at 110 Plant Avenue, Hauppauge, New York. In the action Contract Pharmacal seeks damages for an amount in excess of $1,000,000 for our failure to make the entire premises available by the Sublease commencement date. The Company disputes the validity of the claims asserted by Contract Pharmacal and believes it has meritorious defenses to those claims and have recently submitted a motion in opposition to its motion for summary judgement. As of March 31, 2021, it is not possible to estimate if a loss will be incurred, as such there has been no accrual.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time we also may be engaged in various lawsuits and legal proceedings in the ordinary course of our business. We are currently not aware of any legal proceedings the ultimate outcome of which, in our judgment based on information currently available, would have a material adverse effect on our business, financial condition or operating results. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial stockholder of our common stock, is an adverse party or has a material interest averse to our interest.</p><br/> 1000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 9. INCOME TAXES</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recorded no income tax expense for the three months ended March 31, 2021 and 2020 because the estimated annual effective tax rate was zero. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company&#x2019;s annual earnings and taxing jurisdictions in which the earnings will be generated, the impact of state and local income taxes, the ability to use tax credits and net operating loss carry forwards, and available tax planning alternatives.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the passage of the CARES Act, the Company filed for a net operating loss carryback claim of $1,416,000 in March 2020. The refund was received in April 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2021 and December 31, 2020, the Company provided a full valuation allowance against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized.</p><br/> 0.00 1416000 0.00 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 10. SEGMENT REPORTING</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with FASB ASC 280, &#x201c;Segment Reporting&#x201d; (&#x201c;ASC 280&#x201d;), the Company discloses financial and descriptive information about its reportable operating segments. Operating segments are components of an enterprise about which separate financial information is available and regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company follows ASC 280, which establishes standards for reporting information about operating segments in annual and interim financial statements, and requires that companies report financial and descriptive information about their reportable segments based on a management approach. ASC 280 also establishes standards for related disclosures about products and services, geographic areas and major customers.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company currently divides its operations into two operating segments: Complex Machining, which consists of AIM and NTW; and Turbine Engine Components, which consists of Sterling. Along with its operating subsidiaries, the Company reports the results of its corporate division as an independent segment.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounting policies of each of the segments are the same as those described in the Summary of Significant Accounting Policies. Intersegment transfers are recorded at the transferors cost, and there is no intercompany profit or loss on intersegment transfers. We evaluate performance based on revenue, gross profit contribution and assets employed.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Financial information about the Company&#x2019;s reporting segments for the three months ended March 31, 2021 and 2020 are as follows:&#xa0;</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold">&#xa0;</td> <td colspan="6" style="font-weight: bold; text-align: center">For the Three Months</td><td style="font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(unaudited)</font></td><td style="text-align: center">&#xa0;</td><td style="text-align: center">&#xa0;</td> <td style="text-align: center">&#xa0;</td><td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(unaudited)</font></td><td style="text-align: center">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">COMPLEX MACHINING</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Net Sales</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,166,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,064,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Gross Profit</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,619,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2,168,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income before benefit from income taxes</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">980,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,170,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td>Assets</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">51,703,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">48,732,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">TURBINE ENGINE COMPONENTS</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net Sales</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,546,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,383,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Gross Profit</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">178,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">13,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss before benefit from income taxes</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(15,000</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td 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left">&#xa0;</td><td style="text-align: right">2,181,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss before benefit from income taxes</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(152,000</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(356,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Benefit from Income Taxes</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(1,414,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net 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Document And Entity Information - shares
 3 Months Ended
Mar. 31, 2021
May 07, 2021
Document Information Line Items    
Entity Registrant Name AIR INDUSTRIES GROUP  
Document Type 10-Q  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   32,037,547
Amendment Flag false  
Entity Central Index Key 0001009891  
Entity Current Reporting Status Yes  
Entity Filer Category Non-accelerated Filer  
Document Period End Date Mar. 31, 2021  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity File Number 001-35927  
Entity Incorporation, State or Country Code NV  
Entity Interactive Data Current Yes  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current Assets    
Cash and Cash Equivalents $ 1,731,000 $ 2,505,000
Accounts Receivable, Net of Allowance for Doubtful Accounts of $886,000 and $964,000 9,692,000 8,798,000
Inventory 32,195,000 32,120,000
Prepaid Expenses and Other Current Assets 250,000 173,000
Prepaid Taxes 15,000 15,000
Total Current Assets 43,883,000 43,611,000
Property and Equipment, Net 9,141,000 9,581,000
Operating Lease Right-Of-Use-Asset 3,392,000 3,510,000
Deferred Financing Costs, Net, Deposits and Other Assets 781,000 912,000
Goodwill 163,000 163,000
TOTAL ASSETS 57,360,000 57,777,000
Current Liabilities    
Notes Payable and Finance Lease Obligations - Current Portion 15,606,000 16,475,000
Accounts Payable and Accrued Expenses 8,246,000 8,682,000
Operating Lease Liabilities - Current Portion 693,000 701,000
Deferred Gain on Sale - Current Portion 38,000 38,000
Deferred Revenue 1,802,000 917,000
Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary - Current Portion 200,000 200,000
Deferred payroll tax liability - CARES Act - Current Portion 314,000 314,000
Total Current Liabilities 26,899,000 27,327,000
Long Term Liabilities    
Notes Payable and Finance Lease Obligations - Net of Current Portion 4,587,000 4,786,000
Notes Payable - Related Party - Net of Current Portion 6,412,000 6,012,000
Operating Lease Liabilities - Net of Current Portion 3,763,000 3,927,000
Deferred Gain on Sale - Net of Current Portion 171,000 181,000
Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary - Net of Current Portion 49,000 122,000
Deferred payroll tax liability - CARES Act - Net of Current Portion 313,000 313,000
TOTAL LIABILITIES 42,194,000 42,668,000
Commitments and Contingencies
Stockholders’ Equity Preferred Stock, par value $.001 - Authorized 3,000,000 shares, 0 shares outstanding, at both March 31, 2021 and December 31, 2020.
Common Stock - Par Value $.001 - Authorized 60,000,000 Shares, 32,000,155 and 31,906,971 Shares Issued and Outstanding as of March 31, 2021 and December 31, 2020, respectively 32,000 32,000
Additional Paid-In Capital 81,447,000 81,238,000
Accumulated Deficit (66,313,000) (66,161,000)
TOTAL STOCKHOLDERS’ EQUITY 15,166,000 15,109,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 57,360,000 $ 57,777,000
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Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts (in Dollars) $ 886,000 $ 964,000
Preferred stock, par value (in Dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized 3,000,000 3,000,000
Preferred stock, shares outstanding 0 0
Common stock, par value (in Dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 60,000,000 60,000,000
Common stock, shares issued 32,000,155 31,906,971
Common stock, shares outstanding 32,000,155 31,906,971
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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement of Comprehensive Income [Abstract]    
Net Sales $ 13,712,000 $ 13,447,000
Cost of Sales 11,915,000 11,266,000
Gross Profit 1,797,000 2,181,000
Operating Expenses 1,770,000 2,262,000
Income (loss) from Operations 27,000 (81,000)
Interest and Financing Costs (172,000) (252,000)
Interest Expense - Related Parties (125,000) (128,000)
Other Income, Net 118,000 105,000
Loss before Benefit From Income Taxes (152,000) (356,000)
Benefit from Income Taxes   (1,414,000)
Net (Loss) Income $ (152,000) $ 1,058,000
Net (Loss) Income per share - Basic (in Dollars per share) $ 0.00 $ 0.04
Net (Loss) Income per share - Diluted (in Dollars per share) $ 0.00 $ 0.03
Weighted Average Shares Outstanding - basic (in Shares) 31,971,922 30,380,234
Weighted Average Shares Outstanding - diluted (in Shares) 31,971,922 36,521,454
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Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($)
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Total
Balance at Dec. 31, 2019 $ 29,000 $ 77,434,000 $ (67,257,000) $ 10,206,000
Balance (in Shares) at Dec. 31, 2019 29,478,338      
Common stock issued for directors fees 55,000 55,000
Common stock issued for directors fees (in Shares) 43,771      
Costs related to issuance of stock   (145,000)   (145,000)
Issuance of Common Stock $ 1,000 983,000   984,000
Issuance of Common Stock (in Shares) 419,597      
Common Stock Issued for Convertible Notes   885,000   885,000
Common Stock Issued for Convertible Notes (in Shares) 590,243      
Stock Compensation Expense   140,000   140,000
Net Income (Loss)     1,058,000 1,058,000
Balance at Mar. 31, 2020 $ 30,000 79,352,000 (66,199,000) 13,183,000
Balance (in Shares) at Mar. 31, 2020 30,531,949      
Balance at Dec. 31, 2020 $ 32,000 81,238,000 (66,161,000) 15,109,000
Balance (in Shares) at Dec. 31, 2020 31,906,971      
Common stock issued for directors fees 52,000 52,000
Common stock issued for directors fees (in Shares) 41,960      
Stock Compensation Expense   157,000   157,000
Stock Options exercised  
Stock Options exercised (in Shares) 51,224      
Net Income (Loss) (152,000) (152,000)
Balance at Mar. 31, 2021 $ 32,000 $ 81,447,000 $ (66,313,000) $ 15,166,000
Balance (in Shares) at Mar. 31, 2021 32,000,155      
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Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (Loss) Income $ (152,000) $ 1,058,000
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities    
Depreciation of property and equipment 713,000 656,000
Non-cash employee compensation expense 157,000 140,000
Non-cash directors compensation 52,000 55,000
Non-cash other income recognized (104,000) (92,000)
Non-cash interest expense 31,000 28,000
Amortization of Right-of-Use Asset 118,000 122,000
Deferred gain on sale of real estate (10,000) (10,000)
Loss on sale of equipment 16,000
Amortization of debt discount on convertible notes payable 78,000
Bad debt expense (recovery) (78,000) 268,000
Amortization of deferred financing costs 36,000 30,000
Changes in Assets and Liabilities (Increase) Decrease in Operating Assets:    
Accounts receivable (816,000) (1,033,000)
Inventory (75,000) (1,162,000)
Prepaid expenses and other current assets (77,000) (6,000)
Deposits and other assets 95,000 (76,000)
Income tax receivable (1,416,000)
Increase (Decrease) in Operating Liabilities:    
Accounts payable and accrued expenses (36,000) 1,216,000
Operating lease liabilities (172,000) (167,000)
Deferred revenue 885,000 (7,000)
Income taxes payable (12,000)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 567,000 (314,000)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (273,000) (78,000)
NET CASH USED IN INVESTING ACTIVITIES (273,000) (78,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Note payable - revolver - net - Sterling National Bank (868,000) 1,033,000
Payments of note payable - term notes - SNB (196,000) (90,000)
Payments of finance lease obligations (2,000) (7,000)
Proceeds from issuance of common stock 984,000
Share issuance costs (145,000)
Payments of notes payable issuances- related party (1,012,000)
Payments of notes payable - third party (100,000)
Payments of loan payable - financed asset (2,000) (71,000)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (1,068,000) 592,000
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (774,000) 200,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,505,000 1,294,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,731,000 1,494,000
Supplemental cash flow information    
Cash paid during the period for interest 307,000 205,000
Supplemental disclosure of non-cash investing and financing activities    
Capitalization of accrued interest on related party notes payable 400,000
Common Stock issued for conversion of notes payable and accrued interest $ 885,000
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.1
Formation and Basis of Presentation
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
FORMATION AND BASIS OF PRESENTATION

Note 1. FORMATION AND BASIS OF PRESENTATION


Organization


Air Industries Group is a Nevada corporation (“AIRI”). As of and for the three months ending March 31, 2021, the accompanying condensed consolidated financial statements presented are those of AIRI, and its wholly-owned subsidiaries; Air Industries Machining Corp. (“AIM”), Nassau Tool Works, Inc. (“NTW”), and the Sterling Engineering Corporation (“Sterling”), (together, the “Company”).


Basis of Presentation


The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission, from which the accompanying condensed consolidated balance sheet dated December 31, 2020 was derived.


Reclassifications


Reclassification occurred to certain 2020 amounts to conform to the 2021 classification. These reclassifications had no impact on the statement of operations.


Liquidity


At each reporting period, management evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company is required to make certain additional disclosures if management concludes that substantial doubt exists about the Company’s ability to continue as a going concern and such doubt is not alleviated by the Company’s plans or when the Company’s plans alleviate substantial doubt about its ability to continue as a going concern. The evaluation entails analyzing prospective operating budgets and forecasts for expectations regarding cash needs and comparing those needs to the current cash and cash equivalent balance and expectations regarding cash to be generated over the following year.


Although the global outbreak of COVID-19 had a significant adverse impact on the world economy and negatively impacted the Company’s revenues, earnings and operating cash flows in 2020, management believes the Company’s operations substantially returned to normal in fiscal 2021 and the Company generated net cash from operations of $567,000 in the quarter ended March 31, 2021. With the first quarter of fiscal 2021 now completed and the Company’s recent investments in new machinery and equipment paying off, management believes the Company will continue to improve its liquidity. As such, based on current best estimates of fiscal 2021 sales, confirmed and expected orders, the strength of existing backlog, overall market demand, expected timing of future cash receipts and expenditures and the Company’s ability to access additional liquidity, if needed, the Company believes it will have adequate cash to support operations through May 31, 2022.


Subsequent Events


Management has evaluated subsequent events through the date of this filing.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Inventory Valuation


For annual periods, the Company values inventory at the lower of cost on a first-in-first-out basis or estimated net realizable value. The Company does not take physical inventories at interim quarterly reporting periods. For interim periods, substantially all of the inventory value has been estimated using a gross profit percentage based on annual gross profit percentages of the immediately preceding year as applied to the net sales of the current period. During the three months ended March 31, 2021, the Company determined that its gross profit for its Complex Machining segment was below its 2020 gross profit percentages, and accordingly has adjusted margins to less than those of 2020. Adjustments to reconcile the annual physical inventory to the Company’s books are recorded in the fourth quarter.


Credit and Concentration Risks


Net Sales and Accounts Receivable


There were three customers that represented 77.9% and 79.9% of total net sales for the three months ended March 31, 2021 and 2020, respectively. This is set forth in the table below.


   Percentage of Sales 
Customer  March 31, 2021   March 31, 2020 
   (unaudited)   (unaudited) 
1   33.8%   36.2%
2   26.6%   31.5%
3   17.5%   12.2%

There were three customers that represented 77.8% and 80.3% of gross accounts receivable at March 31, 2021 and December 31, 2020, respectively. This is set forth in the table below.


   Percentage of Receivables 
Customer  March 31,
2021		   December 31,
2020		 
   (unaudited)     
1   46.7%   57.1%
2   17.6%   * 
3   13.5%   12.0%
4   **    11.2%

*Customer was less than 10% of Gross Accounts Receivable at December 31, 2020.

**Customer was less than 10% of Gross Accounts Receivable at March 31, 2021.

Cash and Cash Equivalents


During the period, the Company had occasionally maintained balances in its bank accounts that were in excess of the FDIC limit. The Company has not experienced any losses on these accounts.


Major Suppliers


The Company has several key sole-source suppliers of various parts that are important for one or more of its products. These suppliers are its only source for such parts and, therefore, in the event any of them were to go out of business or be unable to provide parts for any reason, its business could be severely harmed.


Leases


The Company accounts for leases under ASC 842, “Leases.” All leases are required to be recorded on the balance sheet and are classified as either operating leases or finance leases. The lease classification affects the expense recognition in the income statement. Operating lease charges are recorded entirely in operating expenses. Finance lease charges are split, where amortization of the right-of- use asset is recorded in operating expenses and an implied interest component is recorded in interest expense. See Note 4.


Earnings (Loss) per share


Basic earnings (loss) per share (“EPS”) is computed by dividing the net income (loss) applicable to common stockholders by the weighted-average number of shares of common stock outstanding for the period.


For purposes of calculating diluted earnings per common share, the numerator includes net income plus interest on convertible notes payable assumed converted as of the first day of the period. The denominator includes both the weighted-average number of shares of common stock outstanding during the period and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Dilutive common stock equivalents potentially include stock options and warrants using the treasury stock method and convertible notes payable using the if-converted method.


The following is the calculation of net income (loss) applicable to common stockholders utilized to calculate EPS:


   Three Months Ended 
   March 31,
2021		   March 31,
2020		 
   (unaudited)   (unaudited) 
Net (loss) income per statement of operations  $(152,000)  $1,058,000 
Add: Convertible Note Interest for Potential Note Conversion   -    170,000 
(Loss) income used to calculate diluted earnings per share  $(152,000)  $1,228,000 

The following is a reconciliation of the denominators of basic and diluted earnings per share computations:


   Three Months Ended 
   March 31, 2021   March 31, 2020 
   (unaudited)   (unaudited) 
Weighted average shares outstanding used to compute basic earnings per share   31,971,922    30,380,234 
Effect of dilutive stock options and warrants   -    1,137,769 
Effect of dilutive convertible notes payable   -    5,003,451 
Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share   31,971,922    36,521,454 

The following securities have been excluded from the calculation as the exercise price was greater than the average market price of the common stock:


   Three Months Ended 
   March 31, 2021   March 31, 2020 
   (unaudited)   (unaudited) 
Stock Options   191,000    234,000 
Warrants   1,423,000    1,423,000 
    1,614,000    1,657,000 

The following securities have been excluded from the calculation even though the exercise price was less than the average market price of the common shares because the effect of including these potential shares was anti-dilutive due to the net loss incurred during that period:


   Three Months Ended 
   March 31,
2021		   March 31,
2020		 
   (unaudited)   (unaudited) 
Stock Options   1,991,000             - 
Warrants   760,000    - 
Convertible notes payable   4,058,000    - 
    6,809,000    - 

Stock-Based Compensation


The Company accounts for stock-based compensation in accordance with FASB ASC 718, “Compensation – Stock Compensation.” Under the fair value recognition provision of the ASC, stock-based compensation cost is estimated at the grant date based on the fair value of the award. The Company estimates the fair value of stock options and warrants granted using the Black-Scholes-Merton option pricing model. Stock based compensation expense for employees amounted to $157,000 and $140,000 for the three months ended March 31, 2021 and 2020, respectively. Stock compensation expense for directors amounted to $52,000 and $55,000 for the three months ended March 31, 2021 and 2020, respectively. Stock compensation expenses for employees and directors were included in operating expenses on the accompanying Condensed Consolidated Statements of Operations.


Goodwill


Goodwill represents the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. The goodwill amount of $163,000 at both March 31, 2021 and December 31, 2020 relates to the acquisition of NTW.


Goodwill is not amortized, but is tested at least annually for impairment, or if circumstances occur that more likely than not reduce the fair value of the reporting unit below its carrying amount.


The Company has determined that there has been no impairment of goodwill at March 31, 2021 and 2020.


Recently Issued Accounting Pronouncements


In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016- 13”), which significantly changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the existing incurred loss model with an expected credit loss model that requires entities to estimate an expected lifetime credit loss on most financial assets and certain other instruments. Under ASU 2016-13 credit impairment is recognized as an allowance for credit losses, rather than as a direct write-down of the amortized cost basis of a financial asset. The impairment allowance is a valuation account deducted from the amortized cost basis of financial assets to present the net amount expected to be collected on the financial asset. Once the new pronouncement is adopted by the Company, the allowance for credit losses must be adjusted for management’s current estimate at each reporting date. The new guidance provides no threshold for recognition of impairment allowance. Therefore, entities must also measure expected credit losses on assets that have a low risk of loss. For instance, trade receivables that are either current or not yet due may not require an allowance reserve under currently generally accepted accounting principles, but under the new standard, the Company will have to estimate an allowance for expected credit losses on trade receivables under ASU 2016-13. ASU 2016-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2022 for smaller reporting companies. Early adoption is permitted. The Company will evaluate the impact of ASU 2016-13 on the Company’s consolidated financial statements in a future period closer to the date of adoption.


In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06), which is intended to address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. For convertible instruments, ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share guidance on the basis of feedback from financial statement users. ASU 2020-06 is effective for fiscal years, and interim periods in those fiscal years, beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods with those fiscal years. The Company is evaluating the effect of adopting this new accounting guidance on its financial statements.


On January 1, 2021, the Company adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The adoption of ASU 2019-12 did not have a material impact on the Company’s condensed consolidated financial statements.


On January 1, 2021, the Company adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope: which clarified the scope of ASU 2020-04. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The adoption of these ASU’s did not have a material impact on the Company’s condensed consolidated financial statements.


The Company does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed consolidated financial statements.
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Property and Equipment
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

Note 3. PROPERTY AND EQUIPMENT


The components of property and equipment at March 31, 2021 and December 31, 2020 consisted of the following:


   March 31,   December 31,    
   2021   2020    
   (unaudited)        
Land  $300,000   $300,000    
Buildings and Improvements   1,720,000    1,683,000   31.50 years
Machinery and Equipment   21,838,000    21,738,000   5 - 8 years
Finance Lease Machinery and Equipment   78,000    78,000   5 - 8 years
Tools and Instruments   12,246,000    12,116,000   1.50 - 7 years
Automotive Equipment   148,000    148,000   5 years
Furniture and Fixtures   290,000    290,000   5 - 8 years
Leasehold Improvements   861,000    855,000   Term of Lease
Computers and Software   436,000    436,000   4 - 6 years
Total Property and Equipment   37,917,000    37,644,000    
Less: Accumulated Depreciation   (28,776,000)   (28,063,000)   
Property and Equipment, net  $9,141,000   $9,581,000    

Depreciation expense for the three months ended March 31, 2021 and 2020 was approximately $713,000 and $656,000, respectively.


Assets held under finance lease obligations are depreciated over the shorter of their related lease terms or their estimated productive lives. Depreciation of assets under finance leases is included in depreciation expense for 2021 and 2020. Accumulated depreciation on these assets was approximately $30,000 and $28,000 as of March 31, 2021 and December 31, 2020, respectively.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.21.1
Leases
 3 Months Ended
Mar. 31, 2021
Leases, Operating [Abstract]  
Schedule of components of lease costs, lease term and discount rate

Note 4. LEASES


The Company has operating and finance leases for leased office and manufacturing facilities and equipment leases. The Company leases certain machinery and equipment under finance leases and leases its offices and manufacturing facilities under operating leases. The leases have remaining lease terms of one to five years, some of which include options to extend or terminate the leases.


   March 31,   December 31, 
   2021   2020 
   (unaudited)       
Weighted Average Remaining Lease Term - in years   5.19    5.53 
Weighted Average discount rate - %   8.31%   8.90%

The aggregate undiscounted cash flows of operating lease payments as of March 31, 2021, with remaining terms greater than one year are as follows:


   Amount 
December 31, 2021 (remainder of the year)  $808,000 
December 31, 2022   1,007,000 
December 31, 2023   1,038,000 
December 31, 2024   1,070,000 
December 31, 2025   992,000 
Thereafter   730,000 
Total future minimum lease payments   5,645,000 
Less: discount   (1,189,000)
Total operating lease maturities   4,456,000 
Less: current portion of operating lease liabilities   (693,000)
Total long term portion of operating lease maturities  $3,763,000 

On April 29, 2021 the Company entered into an agreement to surrender the possession of the premises of the former corporate office, located in Hauppauge, NY. The Company made a one-time payment of 40% of the remaining balance due to the landlord as of May 1, 2021, of approximately $37,000. The Company had previously recognized a lease impairment of $275,000 to its Operating Lease Right-of-Use-Asset for the year-ended December 31, 2019.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.21.1
Notes Payable, Related Party Notes Payable and Finance Lease Obligations
 3 Months Ended
Mar. 31, 2021
Disclosure Text Block Supplement [Abstract]  
NOTES PAYABLE, RELATED PARTY NOTES PAYABLE AND FINANCE LEASE OBLIGATIONS

Note 5. NOTES PAYABLE, RELATED PARTY NOTES PAYABLE AND FINANCE LEASE OBLIGATIONS


Notes payable, related party notes payable and finance lease obligations consist of the following:


   March 31,   December 31, 
   2021   2020 
   (unaudited)     
Revolving credit note payable to Sterling National Bank (“SNB”)  $14,781,000   $15,649,000 
Term loan, SNB   5,362,000    5,558,000 
Finance lease obligations   4,000    6,000 
Loans Payable - financed assets   46,000    48,000 
Related party notes payable, net of debt discount   6,412,000    6,012,000 
Subtotal   26,605,000    27,273,000 
Less: Current portion of notes payable, related party notes payable and finance lease obligations   (15,606,000)   (16,475,000)
Notes payable, related party notes payable and finance lease obligations, net of current portion  $10,999,000   $10,798,000 

Sterling National Bank (“SNB”)


On December 31, 2019, the Company entered into a loan facility (“SNB Facility”) with SNB expiring on December 30, 2022. The new loan facility provides for a $16,000,000 revolving loan (“SNB revolving line of credit”) and a term loan (“SNB term loan”).


In 2020, the Company entered into the First Amendment to Loan and Security Agreement (“First Amendment”). The terms of the amendment increase the Term Loan to $5,685,000. The repayment terms of the term loan were amended to provide monthly principal installments in the amount of $67,679 beginning on December 1, 2020, with a final payment of any unpaid balance of principal and interest payable on December 30, 2022. Additionally, the date by which certain subordinated third-party notes need to be extended by was changed from September 30, 2020 to November 30, 2020. The Company has paid an amendment fee of $20,000.


The terms of the SNB Facility require that, among other things, the Company maintain a specified Fixed Charge Coverage Ratio of 1.25 to 1.00 at the end of each Fiscal Quarter beginning with the Fiscal Quarter ending March 31, 2020. In addition, the Company is limited in the amount of Capital Expenditures it can make. As of March 31, 2021, the Company was in compliance with all loan covenants. The SNB Facility also restricts the amount of dividends the Company may pay to its stockholders. Substantially all of the Company’s assets are pledged as collateral under the SNB Facility.


As of March 31, 2021 the future minimum principal payments for the SNB term loan are as follows:


For the twelve months ending  Amount 
December 31, 2021 (remainder of the year)  $609,000 
December 31, 2022   4,805,000 
SNB Term Loan payable   5,414,000 
Less: debt issuance costs   (52,000)
Total SNB Term loan payable, net of debt issuance costs   5,362,000 
Less: Current portion of SNB term loan payable   (812,000)
Total long-term portion of SNB term loan payable  $4,550,000 

Under the terms of the SNB Facility, both the SNB revolving line of credit and the SNB term loan will bear an interest rate equal to 30-day LIBOR (with a 1% floor) plus 2.5%. The average interest rate charged during the period ended March 31, 2021 was 3.5%.


As of March 31, 2021, our debt to SNB in the amount of $20,143,000 consisted of the SNB revolving line of credit note in the amount of $14,781,000 and the SNB term loan in the amount of $5,362,000. As of December 31, 2020, our debt to SNB in the amount of $21,207,000 consisted of the SNB revolving line of credit note in the amount of $15,649,000 and the SNB term loan in the amount of $5,558,000.


Interest expense related to the SNB Facility amounted to approximately $181,000 and $120,000 for the three months ended March 31, 2021 and 2020, respectively.


Loan Payable – Financed Asset


The Company financed the purchase of a delivery vehicle in July 2020. The loan obligation totaled $46,000 and $48,000 as of March 31, 2021 and December 31, 2020, respectively. The loan bears no interest and a final payment is due and payable for all unpaid principal on July 20, 2026.


The future minimum loan payments, are as follows:


For the twelve months ending  Amount 
December 31, 2021 (remainder of the year)  $7,000 
December 31, 2022   9,000 
December 31, 2023   9,000 
December 31, 2024   9,000 
December 31, 2025   9,000 
Thereafter   3,000 
Loans Payable - financed assets   46,000 
Less: Current portion   9,000 
Long-term portion  $37,000 

Related Party Notes Payable


Taglich Brothers, Inc. is a corporation co-founded by two directors of the Company, Michael and Robert Taglich. In addition, a third director of the Company is a vice president of Taglich Brothers, Inc.


Taglich Brothers, Inc. has acted as placement agent for various debt and equity financing transactions and has received cash and equity compensation for their services.


From 2016 through 2020, the Company entered into various subordinated notes payable and convertible subordinated notes payable with Michael and Robert Taglich. These notes included proceeds totaling $6,550,000. In connection with these notes, Michael and Robert were issued a total of 355,082 shares of common stock and Taglich Brothers Inc. were issued promissory notes totaling $554,000 for placement agency fees.


On January 1, 2021, the related party subordinated notes due to Michael and Robert Taglich and Taglich Brothers, Inc., were amended to include all accrued interest through December 31, 2020 in the principal balance of the notes. Per the terms of the SNB Facility, these notes remain subordinate to the SNB Facility and are due on July 1, 2023. There are no principal payments due on these notes until such time. The Note Holders and the principal balance of the notes as amended on January 1, 2021 are shown below:


   Michael Taglich,   Robert Taglich,   Taglich Brothers,     
   Chairman   Director   Inc.   Total 
Convertible Subordinated Notes  $2,666,000   $1,905,000   $241,000   $4,812,000 
Subordinated Notes   1,250,000    350,000    -    1,600,000 
Total  $3,916,000   $2,255,000   $241,000   $6,412,000 

For the three months ended March 31, 2021, no principal payments have been made on these notes and the principal balances remain unchanged from the table above. Interest expense for the three months ended March 31, 2021 and 2020 on all related party notes payable was $125,000 and $128,000, respectively.


Convertible Notes Payable – Third Parties


As of both March 31, 2021 and December 31, 2020 the notes payable to third parties totaled $0 as the notes were converted into shares of common stock in 2020. Interest incurred on these amounted to approximately $42,000 for the three months ended March 31, 2020. Amortization of debt discount on these notes amounted to approximately $4,000 for the three months ended March 31, 2020. These costs are included in interest and financing costs in the Condensed Consolidated Statement of Operations.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.21.1
Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary
 3 Months Ended
Mar. 31, 2021
Liability Related To Sale Of Future Proceeds From Disposition Of Subsidiary [Abstract]  
LIABILITY RELATED TO THE SALE OF FUTURE PROCEEDS FROM DISPOSITION OF SUBSIDIARY

NOTE 6. LIABILITY RELATED TO THE SALE OF FUTURE PROCEEDS FROM DISPOSITION OF SUBSIDIARY


In connection with the sale of the Company’s wholly-owned subsidiary, AMK Welding, Inc. (“AMK”) to Meyer Tool, Inc., (“Meyer”) in 2017, Meyer was obligated to pay the Company within 30 days after the end of each calendar quarter, commencing April 1, 2017, an amount equal to five (5%) percent of the net sales of AMK for that quarter until the aggregate payments made to the Company (the “Meyer Agreement”) equals $1,500,000 (the “Maximum Amount”).


In order to increase liquidity, on January 15, 2019, the Company entered into a “Purchase Agreement” with 15 accredited investors (the “Purchasers”), including Michael and Robert Taglich, pursuant to which the Company assigned to the Purchasers all of their rights, title and interest to the remaining $1,137,000 of the $1,500,000 in payments due from Meyer for the sale of AMK (the “Remaining Amount”) for an immediate payment of $800,000, including $100,000 from each of Michael and Robert Taglich, and $75,000 for the benefit of the children of Michael Taglich. The timing of the payments is based upon the net sales of AMK. If the Purchasers have not received the entire Remaining Amount by March 31, 2023, they have the right to demand payment of their pro rata portion of the unpaid Remaining Amount from the Company (“Put Right”). To the extent the Purchasers exercise their Put Right, the remaining payments from Meyer will be retained by the Company.


The Company recognized $104,000 and $92,000 of non-cash income reflected in “other income, net” on the condensed consolidated statement of operations and recorded $31,000 and $28,000 of related non-cash interest expense related to the Purchase Agreement, for the three months ended March 31, 2021 and 2020, respectively.


The table below shows the activity within the liability account for:


   March 31,
2021		   December 31,
2020		 
   (unaudited)     
         
Liabilities related to sale of future proceeds from disposition of subsidiaries - beginning balance  $322,000   $602,000 
Non-Cash other income recognized   (104,000)   (402,000)
Non-Cash interest expense recognized   31,000    122,000 
Liabilities related to sale of future proceeds from disposition of subsidiary - ending balance   249,000    322,000 
Less: unamortized transaction costs   (3,000)   (3,000)
Liability related to sale of future proceeds from disposition of subsidiary, net  $246,000   $319,000 
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.21.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY

Note 7. STOCKHOLDERS’ EQUITY


Common Stock – Sale of Securities


The Company issued 41,960 and 43,771 shares of common stock in payment of director fees totaling $52,000 and $55,000 for the three months ended March 31, 2021 and 2020, respectively. Additionally, the Company issued 51,224 shares of common stock upon the cashless exercise of stock options during the three months ended March 31, 2021.


In January 2020, we issued and sold 419,597 shares of our common stock for gross proceeds of $984,000 pursuant to our Form S-3 filed on October 10, 2019 as updated on January 15, 2020. Costs of the sale amounted to $145,000.


During the three months ended March 31, 2020, the Company issued 590,243 shares of common stock to convert third party subordinated debt totaling $885,000 to equity.


During the second quarter of 2021, the Company issued 37,392 shares of common stock in payment of directors’ fees totaling $52,000.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.21.1
Contingencies
 3 Months Ended
Mar. 31, 2021
Loss Contingency [Abstract]  
CONTINGENCIES

Note 8. CONTINGENCIES


A number of actions have been commenced against the Company by vendors, landlords and former landlords, including a third party claim as a result of an injury suffered on a portion of a leased property not occupied by the Company. As certain of these claims represent amounts included in accounts payable they are not specifically discussed herein.


Contract Pharmacal Corp. (“Contact Pharmacal”) commenced an action on October 2, 2018, relating to a Sublease entered into between the Company and Contract Pharmacal in May 2018 with respect to the property at 110 Plant Avenue, Hauppauge, New York. In the action Contract Pharmacal seeks damages for an amount in excess of $1,000,000 for our failure to make the entire premises available by the Sublease commencement date. The Company disputes the validity of the claims asserted by Contract Pharmacal and believes it has meritorious defenses to those claims and have recently submitted a motion in opposition to its motion for summary judgement. As of March 31, 2021, it is not possible to estimate if a loss will be incurred, as such there has been no accrual.


From time to time we also may be engaged in various lawsuits and legal proceedings in the ordinary course of our business. We are currently not aware of any legal proceedings the ultimate outcome of which, in our judgment based on information currently available, would have a material adverse effect on our business, financial condition or operating results. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial stockholder of our common stock, is an adverse party or has a material interest averse to our interest.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes
 3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES

Note 9. INCOME TAXES


The Company recorded no income tax expense for the three months ended March 31, 2021 and 2020 because the estimated annual effective tax rate was zero. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company’s annual earnings and taxing jurisdictions in which the earnings will be generated, the impact of state and local income taxes, the ability to use tax credits and net operating loss carry forwards, and available tax planning alternatives.


As a result of the passage of the CARES Act, the Company filed for a net operating loss carryback claim of $1,416,000 in March 2020. The refund was received in April 2020.


As of March 31, 2021 and December 31, 2020, the Company provided a full valuation allowance against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.21.1
Segment Reporting
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
SEGMENT REPORTING

Note 10. SEGMENT REPORTING


In accordance with FASB ASC 280, “Segment Reporting” (“ASC 280”), the Company discloses financial and descriptive information about its reportable operating segments. Operating segments are components of an enterprise about which separate financial information is available and regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance.


The Company follows ASC 280, which establishes standards for reporting information about operating segments in annual and interim financial statements, and requires that companies report financial and descriptive information about their reportable segments based on a management approach. ASC 280 also establishes standards for related disclosures about products and services, geographic areas and major customers.


The Company currently divides its operations into two operating segments: Complex Machining, which consists of AIM and NTW; and Turbine Engine Components, which consists of Sterling. Along with its operating subsidiaries, the Company reports the results of its corporate division as an independent segment.


The accounting policies of each of the segments are the same as those described in the Summary of Significant Accounting Policies. Intersegment transfers are recorded at the transferors cost, and there is no intercompany profit or loss on intersegment transfers. We evaluate performance based on revenue, gross profit contribution and assets employed.


Financial information about the Company’s reporting segments for the three months ended March 31, 2021 and 2020 are as follows: 


   For the Three Months 
   Ended March 31, 
   2021   2020 
    (unaudited)    (unaudited) 
COMPLEX MACHINING          
Net Sales  $12,166,000   $12,064,000 
Gross Profit   1,619,000    2,168,000 
Income before benefit from income taxes   980,000    1,170,000 
Assets   51,703,000    48,732,000 
           
TURBINE ENGINE COMPONENTS          
Net Sales   1,546,000    1,383,000 
Gross Profit   178,000    13,000 
Loss before benefit from income taxes   (15,000)   (126,000)
Assets   3,582,000    4,569,000 
           
CORPORATE          
Net Sales   -    - 
Gross Profit   -    - 
Loss before benefit from income taxes   (1,117,000)   (1,400,000)
Assets   2,075,000    750,000 
           
CONSOLIDATED          
Net Sales   13,712,000    13,447,000 
Gross Profit   1,797,000    2,181,000 
Loss before benefit from income taxes   (152,000)   (356,000)
Benefit from Income Taxes   -    (1,414,000)
Net Income (loss)   (152,000)   1,058,000 
Assets  $57,360,000   $54,051,000 
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.21.1
Accounting Policies, by Policy (Policies)
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Inventory Valuation

Inventory Valuation


For annual periods, the Company values inventory at the lower of cost on a first-in-first-out basis or estimated net realizable value. The Company does not take physical inventories at interim quarterly reporting periods. For interim periods, substantially all of the inventory value has been estimated using a gross profit percentage based on annual gross profit percentages of the immediately preceding year as applied to the net sales of the current period. During the three months ended March 31, 2021, the Company determined that its gross profit for its Complex Machining segment was below its 2020 gross profit percentages, and accordingly has adjusted margins to less than those of 2020. Adjustments to reconcile the annual physical inventory to the Company’s books are recorded in the fourth quarter.
Credit and Concentration Risks

Credit and Concentration Risks


Net Sales and Accounts Receivable


There were three customers that represented 77.9% and 79.9% of total net sales for the three months ended March 31, 2021 and 2020, respectively. This is set forth in the table below.


   Percentage of Sales 
Customer  March 31, 2021   March 31, 2020 
   (unaudited)   (unaudited) 
1   33.8%   36.2%
2   26.6%   31.5%
3   17.5%   12.2%

There were three customers that represented 77.8% and 80.3% of gross accounts receivable at March 31, 2021 and December 31, 2020, respectively. This is set forth in the table below.


   Percentage of Receivables 
Customer  March 31,
2021		   December 31,
2020		 
   (unaudited)     
1   46.7%   57.1%
2   17.6%   * 
3   13.5%   12.0%
4   **    11.2%

*Customer was less than 10% of Gross Accounts Receivable at December 31, 2020.

**Customer was less than 10% of Gross Accounts Receivable at March 31, 2021.

Cash and Cash Equivalents


During the period, the Company had occasionally maintained balances in its bank accounts that were in excess of the FDIC limit. The Company has not experienced any losses on these accounts.


Major Suppliers


The Company has several key sole-source suppliers of various parts that are important for one or more of its products. These suppliers are its only source for such parts and, therefore, in the event any of them were to go out of business or be unable to provide parts for any reason, its business could be severely harmed.
Leases

Leases


The Company accounts for leases under ASC 842, “Leases.” All leases are required to be recorded on the balance sheet and are classified as either operating leases or finance leases. The lease classification affects the expense recognition in the income statement. Operating lease charges are recorded entirely in operating expenses. Finance lease charges are split, where amortization of the right-of- use asset is recorded in operating expenses and an implied interest component is recorded in interest expense. See Note 4.
Earnings (Loss) per share

Earnings (Loss) per share


Basic earnings (loss) per share (“EPS”) is computed by dividing the net income (loss) applicable to common stockholders by the weighted-average number of shares of common stock outstanding for the period.


For purposes of calculating diluted earnings per common share, the numerator includes net income plus interest on convertible notes payable assumed converted as of the first day of the period. The denominator includes both the weighted-average number of shares of common stock outstanding during the period and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Dilutive common stock equivalents potentially include stock options and warrants using the treasury stock method and convertible notes payable using the if-converted method.


The following is the calculation of net income (loss) applicable to common stockholders utilized to calculate EPS:


   Three Months Ended 
   March 31,
2021		   March 31,
2020		 
   (unaudited)   (unaudited) 
Net (loss) income per statement of operations  $(152,000)  $1,058,000 
Add: Convertible Note Interest for Potential Note Conversion   -    170,000 
(Loss) income used to calculate diluted earnings per share  $(152,000)  $1,228,000 

The following is a reconciliation of the denominators of basic and diluted earnings per share computations:


   Three Months Ended 
   March 31, 2021   March 31, 2020 
   (unaudited)   (unaudited) 
Weighted average shares outstanding used to compute basic earnings per share   31,971,922    30,380,234 
Effect of dilutive stock options and warrants   -    1,137,769 
Effect of dilutive convertible notes payable   -    5,003,451 
Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share   31,971,922    36,521,454 

The following securities have been excluded from the calculation as the exercise price was greater than the average market price of the common stock:


   Three Months Ended 
   March 31, 2021   March 31, 2020 
   (unaudited)   (unaudited) 
Stock Options   191,000    234,000 
Warrants   1,423,000    1,423,000 
    1,614,000    1,657,000 

The following securities have been excluded from the calculation even though the exercise price was less than the average market price of the common shares because the effect of including these potential shares was anti-dilutive due to the net loss incurred during that period:


   Three Months Ended 
   March 31,
2021		   March 31,
2020		 
   (unaudited)   (unaudited) 
Stock Options   1,991,000             - 
Warrants   760,000    - 
Convertible notes payable   4,058,000    - 
    6,809,000    - 
Stock-Based Compensation

Stock-Based Compensation


The Company accounts for stock-based compensation in accordance with FASB ASC 718, “Compensation – Stock Compensation.” Under the fair value recognition provision of the ASC, stock-based compensation cost is estimated at the grant date based on the fair value of the award. The Company estimates the fair value of stock options and warrants granted using the Black-Scholes-Merton option pricing model. Stock based compensation expense for employees amounted to $157,000 and $140,000 for the three months ended March 31, 2021 and 2020, respectively. Stock compensation expense for directors amounted to $52,000 and $55,000 for the three months ended March 31, 2021 and 2020, respectively. Stock compensation expenses for employees and directors were included in operating expenses on the accompanying Condensed Consolidated Statements of Operations.
Goodwill

Goodwill


Goodwill represents the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. The goodwill amount of $163,000 at both March 31, 2021 and December 31, 2020 relates to the acquisition of NTW.


Goodwill is not amortized, but is tested at least annually for impairment, or if circumstances occur that more likely than not reduce the fair value of the reporting unit below its carrying amount.


The Company has determined that there has been no impairment of goodwill at March 31, 2021 and 2020.
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements


In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016- 13”), which significantly changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the existing incurred loss model with an expected credit loss model that requires entities to estimate an expected lifetime credit loss on most financial assets and certain other instruments. Under ASU 2016-13 credit impairment is recognized as an allowance for credit losses, rather than as a direct write-down of the amortized cost basis of a financial asset. The impairment allowance is a valuation account deducted from the amortized cost basis of financial assets to present the net amount expected to be collected on the financial asset. Once the new pronouncement is adopted by the Company, the allowance for credit losses must be adjusted for management’s current estimate at each reporting date. The new guidance provides no threshold for recognition of impairment allowance. Therefore, entities must also measure expected credit losses on assets that have a low risk of loss. For instance, trade receivables that are either current or not yet due may not require an allowance reserve under currently generally accepted accounting principles, but under the new standard, the Company will have to estimate an allowance for expected credit losses on trade receivables under ASU 2016-13. ASU 2016-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2022 for smaller reporting companies. Early adoption is permitted. The Company will evaluate the impact of ASU 2016-13 on the Company’s consolidated financial statements in a future period closer to the date of adoption.


In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06), which is intended to address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. For convertible instruments, ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share guidance on the basis of feedback from financial statement users. ASU 2020-06 is effective for fiscal years, and interim periods in those fiscal years, beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods with those fiscal years. The Company is evaluating the effect of adopting this new accounting guidance on its financial statements.


On January 1, 2021, the Company adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The adoption of ASU 2019-12 did not have a material impact on the Company’s condensed consolidated financial statements.


On January 1, 2021, the Company adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope: which clarified the scope of ASU 2020-04. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The adoption of these ASU’s did not have a material impact on the Company’s condensed consolidated financial statements.


The Company does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed consolidated financial statements.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Schedule of credit and concentration risks
   Percentage of Sales 
Customer  March 31, 2021   March 31, 2020 
   (unaudited)   (unaudited) 
1   33.8%   36.2%
2   26.6%   31.5%
3   17.5%   12.2%
   Percentage of Receivables 
Customer  March 31,
2021		   December 31,
2020		 
   (unaudited)     
1   46.7%   57.1%
2   17.6%   * 
3   13.5%   12.0%
4   **    11.2%
Schedule of calculation of net income (loss) applicable to common stockholders utilized to calculate EPS
   Three Months Ended 
   March 31,
2021		   March 31,
2020		 
   (unaudited)   (unaudited) 
Net (loss) income per statement of operations  $(152,000)  $1,058,000 
Add: Convertible Note Interest for Potential Note Conversion   -    170,000 
(Loss) income used to calculate diluted earnings per share  $(152,000)  $1,228,000 
Schedule of earnings per share for continuing operations
   Three Months Ended 
   March 31, 2021   March 31, 2020 
   (unaudited)   (unaudited) 
Weighted average shares outstanding used to compute basic earnings per share   31,971,922    30,380,234 
Effect of dilutive stock options and warrants   -    1,137,769 
Effect of dilutive convertible notes payable   -    5,003,451 
Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share   31,971,922    36,521,454 
Schedule of anti-dilutive securities
   Three Months Ended 
   March 31, 2021   March 31, 2020 
   (unaudited)   (unaudited) 
Stock Options   191,000    234,000 
Warrants   1,423,000    1,423,000 
    1,614,000    1,657,000 
   Three Months Ended 
   March 31,
2021		   March 31,
2020		 
   (unaudited)   (unaudited) 
Stock Options   1,991,000             - 
Warrants   760,000    - 
Convertible notes payable   4,058,000    - 
    6,809,000    - 
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.21.1
Property and Equipment (Tables)
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment
   March 31,   December 31,    
   2021   2020    
   (unaudited)        
Land  $300,000   $300,000    
Buildings and Improvements   1,720,000    1,683,000   31.50 years
Machinery and Equipment   21,838,000    21,738,000   5 - 8 years
Finance Lease Machinery and Equipment   78,000    78,000   5 - 8 years
Tools and Instruments   12,246,000    12,116,000   1.50 - 7 years
Automotive Equipment   148,000    148,000   5 years
Furniture and Fixtures   290,000    290,000   5 - 8 years
Leasehold Improvements   861,000    855,000   Term of Lease
Computers and Software   436,000    436,000   4 - 6 years
Total Property and Equipment   37,917,000    37,644,000    
Less: Accumulated Depreciation   (28,776,000)   (28,063,000)   
Property and Equipment, net  $9,141,000   $9,581,000    
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.21.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2021
Disclosure Text Block [Abstract]  
Schedule of operating and finance leases
   March 31,   December 31, 
   2021   2020 
   (unaudited)       
Weighted Average Remaining Lease Term - in years   5.19    5.53 
Weighted Average discount rate - %   8.31%   8.90%
Schedule of aggregate undiscounted cash flows of operating lease payments
   Amount 
December 31, 2021 (remainder of the year)  $808,000 
December 31, 2022   1,007,000 
December 31, 2023   1,038,000 
December 31, 2024   1,070,000 
December 31, 2025   992,000 
Thereafter   730,000 
Total future minimum lease payments   5,645,000 
Less: discount   (1,189,000)
Total operating lease maturities   4,456,000 
Less: current portion of operating lease liabilities   (693,000)
Total long term portion of operating lease maturities  $3,763,000 
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.21.1
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Tables)
 3 Months Ended
Mar. 31, 2021
Disclosure Text Block Supplement [Abstract]  
Schedule of notes payable, related party notes payable and finance lease obligations
   March 31,   December 31, 
   2021   2020 
   (unaudited)     
Revolving credit note payable to Sterling National Bank (“SNB”)  $14,781,000   $15,649,000 
Term loan, SNB   5,362,000    5,558,000 
Finance lease obligations   4,000    6,000 
Loans Payable - financed assets   46,000    48,000 
Related party notes payable, net of debt discount   6,412,000    6,012,000 
Subtotal   26,605,000    27,273,000 
Less: Current portion of notes payable, related party notes payable and finance lease obligations   (15,606,000)   (16,475,000)
Notes payable, related party notes payable and finance lease obligations, net of current portion  $10,999,000   $10,798,000 
Schedule of payments for the term note
For the twelve months ending  Amount 
December 31, 2021 (remainder of the year)  $609,000 
December 31, 2022   4,805,000 
SNB Term Loan payable   5,414,000 
Less: debt issuance costs   (52,000)
Total SNB Term loan payable, net of debt issuance costs   5,362,000 
Less: Current portion of SNB term loan payable   (812,000)
Total long-term portion of SNB term loan payable  $4,550,000 
Schedule of SBA Loans future minimum loan payments
For the twelve months ending  Amount 
December 31, 2021 (remainder of the year)  $7,000 
December 31, 2022   9,000 
December 31, 2023   9,000 
December 31, 2024   9,000 
December 31, 2025   9,000 
Thereafter   3,000 
Loans Payable - financed assets   46,000 
Less: Current portion   9,000 
Long-term portion  $37,000 
Schedule of subordinated principal balance of the notes
   Michael Taglich,   Robert Taglich,   Taglich Brothers,     
   Chairman   Director   Inc.   Total 
Convertible Subordinated Notes  $2,666,000   $1,905,000   $241,000   $4,812,000 
Subordinated Notes   1,250,000    350,000    -    1,600,000 
Total  $3,916,000   $2,255,000   $241,000   $6,412,000 
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.21.1
Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary (Tables)
 3 Months Ended
Mar. 31, 2021
Liability Related To Sale Of Future Proceeds From Disposition Of Subsidiary [Abstract]  
Schedule of activity within the liability account
   March 31,
2021		   December 31,
2020		 
   (unaudited)     
         
Liabilities related to sale of future proceeds from disposition of subsidiaries - beginning balance  $322,000   $602,000 
Non-Cash other income recognized   (104,000)   (402,000)
Non-Cash interest expense recognized   31,000    122,000 
Liabilities related to sale of future proceeds from disposition of subsidiary - ending balance   249,000    322,000 
Less: unamortized transaction costs   (3,000)   (3,000)
Liability related to sale of future proceeds from disposition of subsidiary, net  $246,000   $319,000 
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.21.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Schedule of operating segments
   For the Three Months 
   Ended March 31, 
   2021   2020 
    (unaudited)    (unaudited) 
COMPLEX MACHINING          
Net Sales  $12,166,000   $12,064,000 
Gross Profit   1,619,000    2,168,000 
Income before benefit from income taxes   980,000    1,170,000 
Assets   51,703,000    48,732,000 
           
TURBINE ENGINE COMPONENTS          
Net Sales   1,546,000    1,383,000 
Gross Profit   178,000    13,000 
Loss before benefit from income taxes   (15,000)   (126,000)
Assets   3,582,000    4,569,000 
           
CORPORATE          
Net Sales   -    - 
Gross Profit   -    - 
Loss before benefit from income taxes   (1,117,000)   (1,400,000)
Assets   2,075,000    750,000 
           
CONSOLIDATED          
Net Sales   13,712,000    13,447,000 
Gross Profit   1,797,000    2,181,000 
Loss before benefit from income taxes   (152,000)   (356,000)
Benefit from Income Taxes   -    (1,414,000)
Net Income (loss)   (152,000)   1,058,000 
Assets  $57,360,000   $54,051,000 
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.21.1
Formation and Basis of Presentation (Details) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Accounting Policies [Abstract]    
Net Cash Operating Activities $ 567,000 $ (314,000)
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of Significant Accounting Policies (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
Summary of Significant Accounting Policies (Details) [Line Items]      
Concentration risks percentage 10.00%   10.00%
Stock based compensation expense (in Dollars) $ 157,000 $ 140,000  
Goodwill (in Dollars) $ 163,000 $ 163,000 $ 163,000
Revenue Benchmark [Member]      
Summary of Significant Accounting Policies (Details) [Line Items]      
Number of customers 3 3  
Concentration risks percentage 77.90% 79.90%  
Accounts Receivable [Member]      
Summary of Significant Accounting Policies (Details) [Line Items]      
Number of customers 3   3
Concentration risks percentage 77.80%   80.30%
Director [Member]      
Summary of Significant Accounting Policies (Details) [Line Items]      
Stock based compensation expense (in Dollars) $ 52,000 $ 55,000  
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of Significant Accounting Policies (Details) - Schedule of credit and concentration risks
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Customer One [Member] | Revenue Benchmark [Member]    
Concentration Risk [Line Items]    
Percentage of Sales 33.80% 36.20%
Customer One [Member] | Accounts Receivable [Member]    
Concentration Risk [Line Items]    
Percentage of Sales 46.70% 57.10%
Customers Two [Member] | Revenue Benchmark [Member]    
Concentration Risk [Line Items]    
Percentage of Sales 26.60% 31.50%
Customers Two [Member] | Accounts Receivable [Member]    
Concentration Risk [Line Items]    
Percentage of Sales 17.60% [1]
Customers Three [Member] | Revenue Benchmark [Member]    
Concentration Risk [Line Items]    
Percentage of Sales 17.50% 12.20%
Customers Three [Member] | Accounts Receivable [Member]    
Concentration Risk [Line Items]    
Percentage of Sales 13.50% 12.00%
Customers Four [Member] | Accounts Receivable [Member]    
Concentration Risk [Line Items]    
Percentage of Sales [2] 11.20%
[1] Customer was less than 10% of Gross Accounts Receivable at December 31, 2020.
[2] Customer was less than 10% of Gross Accounts Receivable at March 31, 2021.
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of Significant Accounting Policies (Details) - Schedule of calculation of net income (loss) applicable to common stockholders utilized to calculate EPS - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Schedule of calculation of net income (loss) applicable to common stockholders utilized to calculate EPS [Abstract]    
Net income (Loss) per statement of operations $ (152,000) $ 1,058,000
Add: Convertible Note Interest for Potential Note Conversion 170,000
Income (loss) Income used to calculate diluted earnings per share $ (152,000) $ 1,228,000
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of Significant Accounting Policies (Details) - Schedule of earnings per share for continuing operations - shares
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Schedule of earnings per share for continuing operations [Abstract]    
Weighted average shares outstanding used to compute basic earnings per share 31,971,922 30,380,234
Effect of dilutive stock options and warrants 1,137,769
Effect of dilutive convertible notes payable 5,003,451
Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share 31,971,922 36,521,454
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of Significant Accounting Policies (Details) - Schedule of anti-dilutive securities - shares
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Summary of Significant Accounting Policies (Details) - Schedule of anti-dilutive securities [Line Items]    
Securities excluded from calculation due to exercise price in excess of average market share 1,614,000 1,657,000
Antidilutive securities excluded from computation of earnings per share, amount 6,809,000
Stock Options [Member]    
Summary of Significant Accounting Policies (Details) - Schedule of anti-dilutive securities [Line Items]    
Securities excluded from calculation due to exercise price in excess of average market share 191,000 234,000
Antidilutive securities excluded from computation of earnings per share, amount 1,991,000
Convertible Notes Payable [Member]    
Summary of Significant Accounting Policies (Details) - Schedule of anti-dilutive securities [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 4,058,000
Warrant [Member]    
Summary of Significant Accounting Policies (Details) - Schedule of anti-dilutive securities [Line Items]    
Securities excluded from calculation due to exercise price in excess of average market share 1,423,000 1,423,000
Antidilutive securities excluded from computation of earnings per share, amount 760,000
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.21.1
Property and Equipment (Details) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Property and Equipment (Details) [Line Items]      
Depreciation expense $ 713,000 $ 656,000  
Accumulated depreciation 28,776,000   $ 28,063,000
Property, Plant and Equipment [Member]      
Property and Equipment (Details) [Line Items]      
Accumulated depreciation $ 30,000   $ 28,000
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.21.1
Property and Equipment (Details) - Schedule of property and equipment - USD ($)
 12 Months Ended
Dec. 31, 2020
Mar. 31, 2021
Property, Plant and Equipment [Line Items]    
Total Property and Equipment $ 37,644,000 $ 37,917,000
Less: Accumulated Depreciation (28,063,000) (28,776,000)
Property and Equipment, net 9,581,000 9,141,000
Land [Member]    
Property, Plant and Equipment [Line Items]    
Total Property and Equipment 300,000 300,000
Buildings and Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Total Property and Equipment $ 1,683,000 1,720,000
Useful Life, Property and Equipment 31.50  
Machinery and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Total Property and Equipment $ 21,738,000 21,838,000
Machinery and Equipment [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Useful Life, Property and Equipment 5  
Machinery and Equipment [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Useful Life, Property and Equipment 8  
Finance Lease Machinery and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Total Property and Equipment $ 78,000 78,000
Finance Lease Machinery and Equipment [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Useful Life, Property and Equipment 5  
Finance Lease Machinery and Equipment [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Useful Life, Property and Equipment 8  
Tools and Instruments [Member]    
Property, Plant and Equipment [Line Items]    
Total Property and Equipment $ 12,116,000 12,246,000
Tools and Instruments [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Useful Life, Property and Equipment 1.50  
Tools and Instruments [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Useful Life, Property and Equipment 7  
Automotive Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Total Property and Equipment $ 148,000 148,000
Useful Life, Property and Equipment 5  
Furniture and Fixtures [Member]    
Property, Plant and Equipment [Line Items]    
Total Property and Equipment $ 290,000 290,000
Furniture and Fixtures [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Useful Life, Property and Equipment 5  
Furniture and Fixtures [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Useful Life, Property and Equipment 8  
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Total Property and Equipment $ 855,000 861,000
Useful Life, Property and Equipment Term of Lease  
Computers and Software [Member]    
Property, Plant and Equipment [Line Items]    
Total Property and Equipment $ 436,000 $ 436,000
Computers and Software [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Useful Life, Property and Equipment 4  
Computers and Software [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Useful Life, Property and Equipment 6  
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.21.1
Leases (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2019
May 01, 2021
Leases (Details) [Line Items]      
Operating lease term description The leases have remaining lease terms of one to five years, some of which include options to extend or terminate the leases.    
Remaining lease term 1 year    
Due to landlord     $ 37,000
Lease impairment   $ 275,000  
Subsequent Event [Member]      
Leases (Details) [Line Items]      
Payment percentage     40.00%
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.21.1
Leases (Details) - Schedule of operating and finance leases
Mar. 31, 2021
Dec. 31, 2020
Schedule of operating and finance leases [Abstract]    
Weighted Average Remaining Lease Term - in years 5 years 69 days 5 years 193 days
Weighted Average discount rate - % 8.31% 8.90%
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.21.1
Leases (Details) - Schedule of aggregate undiscounted cash flows of operating lease payments - Operating lease payments [Member]
Mar. 31, 2021
USD ($)
Leases (Details) - Schedule of aggregate undiscounted cash flows of operating lease payments [Line Items]  
December 31, 2021 (remainder of the year) $ 808,000
December 31, 2022 1,007,000
December 31, 2023 1,038,000
December 31, 2024 1,070,000
December 31, 2025 992,000
Thereafter 730,000
Total future minimum lease payments 5,645,000
Less: discount (1,189,000)
Total operating lease maturities 4,456,000
Less: current portion of operating lease liabilities (693,000)
Total long term portion of operating lease maturities $ 3,763,000
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.21.1
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]      
Loan and security agreement, description the Company entered into the First Amendment to Loan and Security Agreement (“First Amendment”). The terms of the amendment increase the Term Loan to $5,685,000. The repayment terms of the term loan were amended to provide monthly principal installments in the amount of $67,679 beginning on December 1, 2020, with a final payment of any unpaid balance of principal and interest payable on December 30, 2022. Additionally, the date by which certain subordinated third-party notes need to be extended by was changed from September 30, 2020 to November 30, 2020. The Company has paid an amendment fee of $20,000.    
SNB facility, description the terms of the SNB Facility, both the SNB revolving line of credit and the SNB term loan will bear an interest rate equal to 30-day LIBOR (with a 1% floor) plus 2.5%. The average interest rate charged during the period ended March 31, 2021 was 3.5%.    
Interest expense related parties $ 125,000 $ 128,000  
Interest incurred on notes to third parties 0 42,000  
Amortization of debt discount   4,000  
SBA Loans [Member]      
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]      
Revolving credit loan term amount $ 16,000,000    
SNB Bank [Member]      
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]      
Loan facility, description The terms of the SNB Facility require that, among other things, the Company maintain a specified Fixed Charge Coverage Ratio of 1.25 to 1.00 at the end of each Fiscal Quarter beginning with the Fiscal Quarter ending March 31, 2020.    
Principal amount $ 20,143,000   $ 21,207,000
Revolving credit loan debt to SNB 14,781,000   15,649,000
Term loan amount 5,362,000   5,558,000
Interest expense 181,000 120,000  
Notes Payable to Banks [Member]      
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]      
Loan obligation 46,000   $ 48,000
Convertible Notes Payable – Third Parties [Member]      
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]      
Interest expense related parties $ 0 $ 42,000  
Robert and Michael Taglich [Member]      
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]      
Loan facility, description From 2016 through 2020, the Company entered into various subordinated notes payable and convertible subordinated notes payable with Michael and Robert Taglich. These notes included proceeds totaling $6,550,000. In connection with these notes, Michael and Robert were issued a total of 355,082 shares of common stock and Taglich Brothers Inc. were issued promissory notes totaling $554,000 for placement agency fees. On January 1, 2021, the related party subordinated notes due to Michael and Robert Taglich and Taglich Brothers, Inc., were amended to include all accrued interest through December 31, 2020 in the principal balance of the notes. Per the terms of the SNB Facility, these notes remain subordinate to the SNB Facility and are due on July 1, 2023. There are no principal payments due on these notes until such time.    
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.21.1
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of notes payable, related party notes payable and finance lease obligations - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Schedule of notes payable, related party notes payable and finance lease obligations [Abstract]    
Revolving credit note payable to Sterling National Bank (“SNB”) $ 14,781,000 $ 15,649,000
Term loan, SNB 5,362,000 5,558,000
Finance lease obligations 4,000 6,000
Loans Payable - financed assets 46,000 48,000
Related party notes payable, net of debt discount 6,412,000 6,012,000
Subtotal 26,605,000 27,273,000
Less: Current portion of notes payable, related party notes payable and finance lease obligations (15,606,000) (16,475,000)
Notes payable, related party notes payable and finance lease obligations, net of current portion $ 10,999,000 $ 10,798,000
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.21.1
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of payments for the term note - Term Loans [Member]
Mar. 31, 2021
USD ($)
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of payments for the term note [Line Items]  
December 31, 2021 (remainder of the year) $ 609,000
December 31, 2022 4,805,000
SNB Term Loan payable 5,414,000
Less: debt issuance costs (52,000)
Total SNB Term loan payable, net of debt issuance costs 5,362,000
Less: Current portion of SNB term loan payable (812,000)
Total long-term portion of SNB term loan payable $ 4,550,000
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.21.1
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of SBA Loans future minimum loan payments - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Schedule of SBA Loans future minimum loan payments [Abstract]    
December 31, 2021 (remainder of the year) $ 7,000  
December 31, 2022 9,000  
December 31, 2023 9,000  
December 31, 2024 9,000  
December 31, 2025 9,000  
Thereafter 3,000  
Loans Payable - financed assets 46,000 $ 48,000
Less: Current portion 9,000  
Long-term portion $ 37,000  
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.21.1
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of subordinated principal balance of the notes
Mar. 31, 2021
USD ($)
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of subordinated principal balance of the notes [Line Items]  
Convertible Subordinted Notes $ 4,812,000
Subordinated Notes 1,600,000
Total 6,412,000
Michael Taglich, Chairman [Member]  
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of subordinated principal balance of the notes [Line Items]  
Convertible Subordinted Notes 2,666,000
Subordinated Notes 1,250,000
Total 3,916,000
Robert Taglich, Director [Member]  
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of subordinated principal balance of the notes [Line Items]  
Convertible Subordinted Notes 1,905,000
Subordinated Notes 350,000
Total 2,255,000
Taglich Brothers, Inc. [Member]  
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of subordinated principal balance of the notes [Line Items]  
Convertible Subordinted Notes 241,000
Subordinated Notes
Total $ 241,000
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.21.1
Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary (Details) - USD ($)
 3 Months Ended
Jan. 15, 2019
Mar. 31, 2021
Mar. 31, 2020
Liability Related To Sale Of Future Proceeds From Disposition Of Subsidiary [Abstract]      
Sale of subsidiary, description   In connection with the sale of the Company’s wholly-owned subsidiary, AMK Welding, Inc. (“AMK”) to Meyer Tool, Inc., (“Meyer”) in 2017, Meyer was obligated to pay the Company within 30 days after the end of each calendar quarter, commencing April 1, 2017, an amount equal to five (5%) percent of the net sales of AMK for that quarter until the aggregate payments made to the Company (the “Meyer Agreement”) equals $1,500,000 (the “Maximum Amount”).  
Purchase agreement, description the Company entered into a “Purchase Agreement” with 15 accredited investors (the “Purchasers”), including Michael and Robert Taglich, pursuant to which the Company assigned to the Purchasers all of their rights, title and interest to the remaining $1,137,000 of the $1,500,000 in payments due from Meyer for the sale of AMK (the “Remaining Amount”) for an immediate payment of $800,000, including $100,000 from each of Michael and Robert Taglich, and $75,000 for the benefit of the children of Michael Taglich. The timing of the payments is based upon the net sales of AMK. If the Purchasers have not received the entire Remaining Amount by March 31, 2023, they have the right to demand payment of their pro rata portion of the unpaid Remaining Amount from the Company (“Put Right”). To the extent the Purchasers exercise their Put Right, the remaining payments from Meyer will be retained by the Company.    
Non-Cash other income   $ 104,000 $ 92,000
Non-Cash interest expense   $ 31,000 $ 28,000
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.21.1
Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary (Details) - Schedule of activity within the liability account - Subsidiary [Member] - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary (Details) - Schedule of activity within the liability account [Line Items]    
Liabilities related to sale of future proceeds from disposition of subsidiaries - beginning balance $ 322,000 $ 602,000
Non-Cash other income recognized (104,000) (402,000)
Non-Cash interest expense recognized 31,000 122,000
Liabilities related to sale of future proceeds from disposition of subsidiary - ending balance 249,000 322,000
Less: unamortized transaction costs (3,000) (3,000)
Liability related to sale of future proceeds from disposition of subsidiary, net $ 246,000 $ 319,000
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.21.1
Stockholders' Equity (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
Jan. 15, 2020
Jan. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Jun. 30, 2021
Stockholders' Equity (Details) [Line Items]          
Issuance of common stock (in Shares)     41,960 43,771  
Directors’ fees     $ 52,000 $ 55,000  
Issuance of common stock, shares (in Shares)   419,597      
Issuance of common stock   $ 984,000   $ 984,000  
Costs of sales $ 145,000        
Common stock issued for directors fees, shares (in Shares)       590,243  
Subordinated debt       $ 885,000  
Subsequent Event [Member]          
Stockholders' Equity (Details) [Line Items]          
Directors’ fees         $ 52,000
Issuance of common stock, shares (in Shares)         37,392
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.21.1
Contingencies (Details)
 3 Months Ended
Mar. 31, 2021
USD ($)
Loss Contingency [Abstract]  
Damages value $ 1,000,000
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes (Details) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Tax Disclosure [Abstract]    
Annual effective tax rate 0.00% 0.00%
Net operating loss carryback claim (in Dollars)   $ 1,416,000
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.21.1
Segment Reporting (Details)
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Number of operating segments 2
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.21.1
Segment Reporting (Details) - Schedule of operating segments - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
COMPLEX MACHINING    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Net Sales $ 12,166,000 $ 12,064,000
Gross Profit 1,619,000 2,168,000
Income (Loss) before benefit from income taxes 980,000 1,170,000
Assets 51,703,000 48,732,000
TURBINE ENGINE COMPONENTS    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Net Sales 1,546,000 1,383,000
Gross Profit 178,000 13,000
Income (Loss) before benefit from income taxes (15,000) (126,000)
Assets 3,582,000 4,569,000
CORPORATE    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Net Sales
Gross Profit
Income (Loss) before benefit from income taxes (1,117,000) (1,400,000)
Assets 2,075,000 750,000
CONSOLIDATED    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Net Sales 13,712,000 13,447,000
Gross Profit 1,797,000 2,181,000
Income (Loss) before benefit from income taxes (152,000) (356,000)
Benefit from Income Taxes (1,414,000)
Net Income (loss) (152,000) 1,058,000
Assets $ 57,360,000 $ 54,051,000
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