Segment Reporting

9 Months Ended

Sep. 30, 2024

Notes

Segment Reporting

7. Segment Information—The Company operates in two business segments as determined by its products. The fastener segment includes rivets, cold-formed fasteners and parts and screw machine products. The assembly equipment segment includes automatic rivet setting machines and parts and tools for such machines.

Information by segment for the periods presented is as follows:

	Fastener			Assembly Equipment			Unallocated Corporate			Consolidated
Three Months Ended September 30, 2024:
Net sales	$	5,927,316		$	1,042,605			-		$	6,969,921
Depreciation		305,612			18,384			540			324,536
Segment operating profit		95,902			(111,368	)		-			(15,466	)
Selling and administrative expenses		-			-			(808,105	)		(808,105	)
Interest income		-			-			28,146			28,146
Loss before income taxes										$	(795,425	)
Capital expenditures		307,773			2,959			-			310,732
Segment assets:
Accounts receivable, net		4,270,096			336,704			-			4,606,800
Inventories, net		6,032,338			1,372,444			-			7,404,782
Assets held for sale		-			348,400			-			348,400
Property, plant and equipment, net		8,935,154			1,042,448			1,019,052			10,996,654
Other assets		-			-			3,034,879			3,034,879
										$	26,391,515
Three Months Ended September 30, 2023:
Net sales	$	6,977,441		$	968,731			-		$	7,946,172
Depreciation		276,989			30,732			602			308,323
Segment operating profit (loss)		(773,213	)		166,927			-			(606,286	)
Selling and administrative expenses		-			-			(625,701	)		(625,701	)
Interest income		-			-			16,945			16,945
Loss before income taxes										$	(1,215,042	)
Capital expenditures		189,614			-			—			189,614
Segment assets:
Accounts receivable, net		5,410,548			395,760			-			5,806,308
Inventories, net		7,269,490			1,525,706			-			8,795,196
Property, plant and equipment, net		9,672,334			1,211,301			1,007,590			11,891,225
Other assets		-			-			3,592,401			3,592,401
										$	30,085,130
Nine Months Ended September 30, 2024:
Net sales	$	19,560,720		$	3,321,859			-		$	22,882,579
Depreciation		890,986			77,352			1,620			969,958
Segment operating profit		195,190			575,173			-			770,363
Selling and administrative expenses		-			-			(2,388,393	)		(2,388,393	)
Interest income		-			-			101,285			101,285
Loss before income taxes										$	(1,516,745	)
Capital expenditures		427,000			282,395			-			709,396
Nine Months Ended September 30, 2023:
Net sales	$	22,195,367		$	2,531,461			-		$	24,726,828
Depreciation		822,304			92,196			5,930			920,430
Segment operating profit (loss)		(2,294,932	)		443,408			-			(1,851,524	)
Selling and administrative expenses		-			-			(1,845,437	)		(1,845,437	)
Interest income		-			-			79,276			79,276
Loss before income taxes										$	(3,617,685	)
Capital expenditures		932,309			-			17,553			949,862