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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 1,665,325 $ 1,387,075
Short-term investments 496,592 1,771,120
Accounts receivable - less allowances of $160,000 4,606,800 4,275,882
Contract assets   118,301
Inventories, net 7,404,782 7,327,653
Assets held for sale 348,400  
Income taxes receivable 75,344 580,287
Other current assets 797,618 380,562
Total current assets 15,394,861 15,840,880
Property, Plant and Equipment    
Land and improvements 1,401,402 1,510,513
Buildings and improvements 6,095,394 6,835,619
Production equipment and other 36,677,607 37,952,902
Property, Plant and Equipment, Gross 44,174,403 46,299,034
Less accumulated depreciation 33,177,749 34,633,952
Net property, plant and equipment 10,996,654 11,665,082
Deferred income taxes, net   324,943
Total assets 26,391,515 27,830,905
Current Liabilities    
Accounts payable 1,260,311 788,974
Accrued wages and salaries 622,738 514,900
Other accrued expenses 300,973 129,963
Unearned revenue and customer deposits 372,132 430,179
Total current liabilities 2,556,154 1,864,016
Deferred income taxes, net 160,796  
Total liabilities 2,716,950 1,864,016
Shareholders' Equity    
Preferred stock, no par value, 500,000 shares authorized: none outstanding
Common stock, $1.00 par value, 4,000,000 shares authorized, 1,138,096 shares issued; 966,132 shares outstanding 1,138,096 1,138,096
Additional paid-in capital 447,134 447,134
Retained earnings 26,011,433 28,303,757
Treasury stock, 171,964 shares at cost (3,922,098) (3,922,098)
Total shareholders' equity 23,674,565 25,966,889
Total liabilities and shareholders' equity $ 26,391,515 $ 27,830,905