Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash	$ 6,050	$ 8,413
Trade accounts receivable, net of allowance for doubtful accounts of $325 and $346, respectively	22,909	20,232
Inventories, net	36,380	33,189
Prepaid expenses and other current assets	3,803	4,690
Total current assets	69,142	66,524
Property, plant and equipment, net	22,773	23,205
Goodwill	37,926	38,068
Other intangible assets, net	17,043	17,390
Deferred income taxes, net	11,804	11,472
Other noncurrent assets	2,701	2,879
Total assets	161,389	159,538
Current liabilities:
Accounts payable	11,235	9,823
Current portion of long-term debt	2,000	2,000
Accrued compensation and related benefits	1,615	1,842
Accrued expenses and other current liabilities	5,165	5,259
Total current liabilities	20,015	18,924
Long-term debt	19,981	18,857
Deferred income taxes	2,178	2,254
Other noncurrent liabilities	1,574	1,760
Total liabilities	43,748	41,795
Commitments and contingencies (Note 9)
Shareholders’ equity:
Preferred stock – par value $.10 per share; authorized 1,000,000 shares; none issued	0	0
Common stock – par value $.10 per share; authorized 40,000,000 shares; issued – 20,560,796 shares at March 31, 2022 and 20,522,427 shares at December 31, 2021; outstanding – 16,127,082 shares at March 31, 2022 and 16,089,832 shares at December 31, 2021	2,056	2,052
Capital in excess of par value	186,816	186,518
Accumulated deficit	(48,000)	(47,832)
Accumulated other comprehensive loss	(1,889)	(1,653)
Treasury stock - at cost; 4,433,714 shares at March 31, 2022 and 4,432,595 shares at December 31, 2021	(21,476)	(21,469)
Total Ultralife Corporation equity	117,507	117,616
Non-controlling interest	134	127
Total shareholders’ equity	117,641	117,743
Total liabilities and shareholders’ equity	$ 161,389	$ 159,538