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SUMMARY OF ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2020
SUMMARY OF ACCOUNTING POLICIES  
Schedule of operating lease liabilities

The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of December 31, 2020:

 

 

 

 

 

 

 

    

As of 

 

 

 

December 31, 2020

 

2021

 

$

864,000

 

2022

 

 

774,000

 

2023

 

 

662,000

 

2024

 

 

390,000

 

2025

 

 

182,000

 

Thereafter

 

 

867,000

 

Total operating lease payments

 

 

3,739,000

 

Less imputed interest

 

 

(418,000)

 

Total operating lease liabilities

 

$

3,321,000

 

 

 

 

 

 

Weighted-average remaining lease term

 

 

6.0

years

Weighted-average discount rate

 

 

4.3

%

 

Schedule of Revenue

Revenue generated at Florida Pneumatic.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

 

 

2020

 

2019

 

(Decrease) increase

 

 

    

 

 

    

Percent of

    

 

 

    

Percent of

    

 

    

    

 

 

 

 

Revenue

 

revenue

 

Revenue

 

revenue

 

$

 

%

 

Automotive

 

$

13,270,000

 

34.7

%

$

14,800,000

 

34.1

%  

$

(1,530,000)

 

(10.3)

%

Retail

 

 

12,940,000

 

33.8

 

 

12,467,000

 

28.8

 

 

473,000

 

3.8

 

Aerospace

 

 

8,087,000

 

21.1

 

 

10,513,000

 

24.2

 

 

(2,426,000)

 

(23.1)

 

Industrial

 

 

3,481,000

 

9.1

 

 

4,969,000

 

11.5

 

 

(1,488,000)

 

(29.9)

 

Other

 

 

498,000

 

1.3

 

 

608,000

 

1.4

 

 

(110,000)

 

(18.1)

 

Total

 

$

38,276,000

 

100.0

%  

$

43,357,000

 

100.0

%  

$

(5,081,000)

 

(11.7)

%

 

Revenue generated at Hy-Tech.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

 

 

2020

 

2019

 

(Decrease) increase

 

 

    

 

 

    

Percent of

    

 

 

    

Percent of

    

 

    

    

 

 

 

 

Revenue

 

revenue

 

Revenue

 

revenue

 

$

 

%

 

OEM

 

$

4,272,000

 

39.4

%  

$

6,790,000

 

44.3

%  

$

(2,518,000)

 

(37.1)

%

PTG

 

 

3,326,000

 

30.6

 

 

1,475,000

 

9.6

 

 

1,851,000

 

125.5

 

ATP

 

 

2,796,000

 

25.7

 

 

6,290,000

 

41.1

 

 

(3,494,000)

 

(55.5)

 

Other

 

 

466,000

 

4.3

 

 

762,000

 

5.0

 

 

(296,000)

 

(38.8)

 

Total

 

$

10,860,000

 

100.0

%  

$

15,317,000

 

100.0

%  

$

(4,457,000)

 

(29.1)

%

 

Schedule of computation of basic and diluted (loss) per common share

The following table sets forth the computation of basic and diluted (loss) earnings per common share:

 

 

 

 

 

 

 

 

 

 

Years Ended December 31, 

 

    

2020

    

2019

Numerator for basic and diluted (loss) earnings  per common share:

 

 

  

 

 

  

Net (loss) income

 

$

(4,954,000)

 

$

4,911,000

Denominator:

 

 

 

 

 

  

Denominator for basic (loss) income per share—weighted average common shares outstanding

 

 

3,149,000

 

 

3,207,000

Dilutive securities (1)

 

 

 

 

55,000

Denominator for diluted (loss) income  per share—adjusted weighted average common shares and assumed conversions

 

 

3,149,000

 

 

3,262,000