XML 28 R17.htm IDEA: XBRL DOCUMENT v3.24.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2024
Summary of Significant Accounting Policies [Line Items]  
Schedule of Allowance for Credit Losses The activity for the allowance for credit losses during the nine months ended September 30, 2024 and 2023 is set forth in the table below
   Balance at       Deductions   Balance at 
   Beginning of   Charged to   from the   End of 
   Period   Expenses   Allowance   Period 
Nine Months ended September 30, 2024 Allowance for Credit Losses  $344,000   $26,000   $(133,000)  $237,000 
Nine Months ended September 30, 2023 Allowance for Credit Losses  $281,000   $

67,000

   $
-
  $348,000 
Schedule of Inventories Inventories consist of the following at:
   September 30,   December 31, 
   2024   2023 
Raw Materials  $6,497,000   $4,968,000 
Work In Progress   13,514,000    12,798,000 
Semi-Finished Goods   9,288,000    10,296,000 
Final-Finished Goods   1,210,000    1,789,000 
Total Inventory  $30,509,000   $29,851,000 
           

 
Schedule of Credit and Concentration Risks The composition of customers that exceeded 10% of net sales for the three months ended September 30, 2024 and 2023 are shown below:
  Percentage of Net Sales 
Customer  2024   2023 
RTX (a)   27.8%   20.1%
Lockheed   23.9%   31.9%
Northrop   18.3%   
-
 
Boeing   
-
    18.0%
(a)RTX includes Collins Landing Systems and Collins Aerostructures
The composition of customers that exceeded 10% of net sales for the nine months ended September 30, 2024 and 2023 are shown below:
  Percentage of Net Sales 
Customer  2024   2023 
RTX (a)   27.0%   26.6%
Lockheed   25.1%   24.7%
Northrop   19.9%   2.6%
Ruag   1.5%   10.9%
Boeing   0.3%   10.0%
(a)RTX includes Collins Landing Systems and Collins Aerostructures
Schedule of Revenue from Contracts with Customers The following table summarizes revenue from contracts with customers for the three and nine month periods ending September 30, 2024 and 2023:
   Three Months Ended   Nine Months Ended 
Product  September 30,
2024		   September 30,
2023		   September 30,
2024		   September 30,
2023		 
Military  $7,968,000   $10,144,000   $28,272,000   $31,513,000 
Commercial   4,587,000    2,149,000    11,916,000    6,534,000 
Total  $12,555,000   $12,293,000   $40,188,000   $38,047,000 

 
Schedule of Securities Excluded from Calculation as the Exercise Price The following securities have been excluded from the calculation as the exercise price was greater than the average market price of the common shares:
   Three Months Ended   Nine Months Ended 
   September 30,   September 30,   September 30,   September 30, 
   2024   2023   2024   2023 
 Stock Options   236,753    462,870    236,753    462,870 
    236,753    462,870    236,753    462,870 
Schedule of Anti-Dilutive Due to the Net Loss The following securities have been excluded from the calculation because the effect of including these potential shares was anti-dilutive due to the net loss incurred during these periods:
   Three Months Ended   Nine Months Ended 
   September 30,   September 30,   September 30,   September 30, 
   2024   2023   2024   2023 
 Stock Options   154,250    
-
    154,250    
-
 
 Restricted Stock Units   282,628    
-
    282,628    
-
 
 Convertible notes payable   405,800    405,800    405,800    405,800 
    842,678    405,800    842,678    405,800 
Accounts Receivable [Member]  
Summary of Significant Accounting Policies [Line Items]  
Schedule of Credit and Concentration Risks The composition of customers that exceed 10% of accounts receivable at September 30, 2024 and December 31, 2023 are shown below:
  Percentage of Net Receivables 
   September 30,   December 31, 
Customer  2024   2023 
RTX (a)   43.5%   45.5%
Lockheed   13.9%   3.7%
Northrop   13.7%   8.2%
Boeing   
-
    16.0%
(a)RTX includes Collins Landing Systems and Collins Aerostructures