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