Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting by Segment

Information by segment is as follows:

	Fastener (1)			Assembly Equipment (2)		Other			Consolidated
Year Ended December 31, 2024:
Net Sales	$	23,195,843		$	3,822,389	$	-		$	27,018,232
Less: Intercompany Sales		(31,605	)		—		—			(31,605	)
Total Sales to External Customers		23,164,238			3,822,389		—			26,986,627
Cost of Goods Sold		22,864,498			3,061,949		—			25,926,447
Segment Gross Profit		299,740			760,440		—			1,060,180
Selling and Engineering Expenses		354,323			6,070		756,221			1,116,614
Administrative Expenses		2,163,026			136,614		2,807,980			5,107,620
Operating (Loss) Profit		(2,217,609	)		617,756		(3,564,201	)		(5,164,054	)
Other Income		—			—		120,666			120,666
Loss Before Income Taxes									$	(5,043,388	)
Depreciation		1,075,580			95,736		2,160			1,173,476
Capital Expenditures		369,003			282,395		-			651,398
Segment Assets:
Accounts Receivable, net		2,796,198			298,713		-			3,094,911
Contract Assets		—			48,811					48,811
Assets held for sale		-			348,400		-			348,400
Inventories, net		5,056,436			1,439,734		-			6,496,170
Property, Plant and Equipment, net		9,510,881			1,224,258		-			10,735,139
Other Assets		-			-		2,646,743			2,646,743
									$	23,370,174

(1) Includes a $1,100,000 charge against Net Sales related to a customer settlement. See Note 9. Commitments and Contingencies for additional information.

(2) Includes the following exit and disposal charges related to the Albia facility closure: selling and administrative expenses for one-time termination benefits of $64,856, employee travel of $40,277, moving expenses of $27,563 and employee wages of $8,060, as well as cost of goods expenses for direct and indirect labor of $30,517. See Note 8 Exit and Disposal for additional information.

	Fastener			Assembly Equipment		Other			Consolidated
Year Ended December 31, 2023:
Net Sales	$	28,305,040		$	3,346,360	$	-		$	31,651,400
Less: Intercompany Sales		(143,678	)		-		-			(143,678	)
Total Sales to External Customers		28,161,362			3,346,360		-			31,507,722
Cost of Goods Sold		29,428,854			2,678,458		-			32,107,312
Segment Gross (Loss) Profit		(1,267,492	)		667,902		-			(599,590	)
Selling and Engineering Expenses		559,389			57,882		555,675			1,172,946
Administrative Expenses		1,920,863			60,864		2,082,983			4,064,710
Operating (Loss) Profit		(3,747,744	)		549,156		(2,638,658	)		(5,837,246	)
Other Income		-			-		108,234			108,234
Loss Before Income Taxes									$	(5,729,012	)
Depreciation		1,145,620			122,928		6,530		$	1,275,078
Capital Expenditures		1,041,896			5,235		31,236		$	1,078,367
Segment Assets:
Accounts Receivable, net		3,994,372			281,510		-			4,275,882
Contract Assets		-			118,301		-			118,301
Inventories, net		5,714,826			1,612,827		-			7,327,653
Property, Plant and Equipment, net		9,458,605			1,185,804		1,020,673			11,665,082
Other Assets		-			-		4,443,987			4,443,987
									$	27,830,905

Schedule of Revenue by Segment Information

The following table presents revenue by segment, further disaggregated by end-market:

	Fastener		Assembly Equipment		Consolidated
Year Ended December 31, 2024:
Automotive	$	15,375,697	$	201,608	$	15,577,305
Non-automotive		7,788,541		3,620,781		11,409,322
Total net sales	$	23,164,238	$	3,822,389	$	26,986,627
Year Ended December 31, 2023:
Automotive	$	19,297,188	$	131,821	$	19,429,009
Non-automotive		8,864,174		3,214,539		12,078,713
Total net sales	$	28,161,362	$	3,346,360	$	31,507,722

The following table presents revenue by segment, further disaggregated by location:

	Fastener		Assembly Equipment		Consolidated
Year Ended December 31, 2024:
United States	$	18,493,233	$	3,322,913	$	21,816,146
Foreign		4,671,005		499,476		5,170,481
Total net sales	$	23,164,238	$	3,822,389	$	26,986,627
Year Ended December 31, 2023:
United States	$	22,635,244	$	3,154,677	$	25,789,921
Foreign		5,526,118		191,683		5,717,801
Total net sales	$	28,161,362	$	3,346,360	$	31,507,722