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Change in accounting principle (Tables) | 6 Months Ended
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Jun. 30, 2022
Change in accounting principle [Abstract] |
Financial Statement Line Items Impacted by Change in Accounting Principle | The effect of the changes made to the Company’s Condensed Consolidated Balance Sheets follows:
|  | December 31, 2021 |
|  | Under FIFO Cost |  |  | Under Average Cost |  |  | Effect of Change |
Inventories |  | $ | 7,720 |  |  | $ | 7,711 |  |  | $ | (9 | )
Deferred tax assets |  |  | 5,141 |  |  |  | 5,143 |  |  |  | 2 |
Retained earnings |  |  | 15,573 |  |  |  | 15,566 |  |  |  | (7 | )
The ending balance in retained earnings as of December 31, 2020 was adjusted from $19,718 to $19,607. The effect of the changes made to the Company’s Condensed Consolidated Statements of Operations follows:
|  | Three months ended March 31, 2022 |  |  | Three months ended June 30, 2021 |
|  | Under FIFO Cost |  |  | Under Average Cost |  |  | Effect of Change |  |  | Under FIFO Cost |  |  | Under Average Cost |  |  | Effect of Change |
Cost of sales |  | $ | 6,708 |  |  | $ | 7,136 |  |  | $ | 428 |  |  | $ | 6,000 |  |  | $ | 5,893 |  |  | $ | (107 | )
Gross profit |  |  | 2,994 |  |  |  | 2,566 |  |  |  | (428 | ) |  |  | 3,325 |  |  |  | 3,432 |  |  |  | 107 |
Operating loss |  |  | (5,176 | ) |  |  | (5,604 | ) |  |  | (428 | ) |  |  | (2,755 | ) |  |  | (2,648 | ) |  |  | 107 |
Loss before income taxes |  |  | (5,275 | ) |  |  | (5,703 | ) |  |  | (428 | ) |  |  | (2,801 | ) |  |  | (2,694 | ) |  |  | 107 |
Income tax benefit |  |  | 1,262 |  |  |  | 1,355 |  |  |  | 93 |  |  |  | 687 |  |  |  | 664 |  |  |  | (23 | )
Net loss |  |  | (4,013 | ) |  |  | (4,348 | ) |  |  | (335 | ) |  |  | (2,114 | ) |  |  | (2,030 | ) |  |  | 84 |
Net loss per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.41 | ) |  | $ | (0.44 | ) |  | $ | (0.03 | ) |  | $ | (0.24 | ) |  | $ | (0.23 | ) |  | $ | 0.01 |
Diluted |  | $ | (0.41 | ) |  | $ | (0.44 | ) |  | $ | (0.03 | ) |  | $ | (0.24 | ) |  | $ | (0.23 | ) |  | $ | 0.01 |
Shares used in per-share calculation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 9,886 |  |  |  | 9,886 |  |  |  |  |  |  |  | 8,976 |  |  |  | 8,976 |  |  |  |  |
Diluted |  |  | 9,886 |  |  |  | 9,886 |  |  |  |  |  |  |  | 8,976 |  |  |  | 8,976 |  |  |  |  |
|  | Six months ended June 30, 2021 |
|  | Under FIFO Cost |  |  | Under Average Cost |  |  | Effect of Change |
Cost of sales |  | $ | 11,112 |  |  | $ | 10,855 |  |  | $ | (257 | )
Gross profit |  |  | 6,514 |  |  |  | 6,771 |  |  |  | 257 |
Operating loss |  |  | (5,421 | ) |  |  | (5,164 | ) |  |  | 257 |
Loss before income taxes |  |  | (5,563 | ) |  |  | (5,306 | ) |  |  | 257 |
Income tax benefit |  |  | 1,243 |  |  |  | 1,187 |  |  |  | (56 | )
Net loss |  |  | (4,320 | ) |  |  | (4,119 | ) |  |  | 201 |
Net loss per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.48 | ) |  | $ | (0.46 | ) |  | $ | 0.02 |
Diluted |  | $ | (0.48 | ) |  | $ | (0.46 | ) |  | $ | 0.02 |
Shares used in per-share calculation: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 8,962 |  |  |  | 8,962 |  |  |  |  |
Diluted |  |  | 8,962 |  |  |  | 8,962 |  |  |  |  |
The effect of the changes made to the Company’s Condensed Consolidated Statements of Comprehensive Loss follows:
|  | Three months ended March 31, 2022 |  |  | Three months ended June 30, 2021 |
|  | Under FIFO Cost |  |  | Under Average Cost |  |  | Effect of Change |  |  | Under FIFO Cost |  |  | Under Average Cost |  |  | Effect of Change |
Net loss |  | $ | (4,013 | ) |  | $ | (4,348 | ) |  | $ | (335 | ) |  | $ | (2,114 | ) |  | $ | (2,030 | ) |  | $ | 84 |
Comprehensive loss |  |  | (4,055 | ) |  |  | (4,390 | ) |  |  | (335 | ) |  |  | (2,082 | ) |  |  | (1,998 | ) |  |  | 84 |
|  | Six months ended June 30, 2021 |
|  | Under FIFO Cost |  |  | Under Average Cost |  |  | Effect of Change |
Net loss |  | $ | (4,320 | ) |  | $ | (4,119 | ) |  | $ | 201 |
Comprehensive loss |  |  | (4,235 | ) |  |  | (4,034 | ) |  |  | 201 |
The effect of the changes made to the Company’s Condensed Consolidated Statements of Cash Flows follows:
|  | Three months ended March 31, 2022 |  |  | Six months ended June 30, 2021 |
|  | Under FIFO Cost |  |  | Under Average Cost |  |  | Effect of Change |  |  | Under FIFO Cost |  |  | Under Average Cost |  |  | Effect of Change |
Net loss |  | $ | (4,013 | ) |  | $ | (4,348 | ) |  | $ | (335 | ) |  | $ | (4,320 | ) |  | $ | (4,119 | ) |  | $ | 201 |
Deferred income taxes |  |  | (1,262 | ) |  |  | (1,355 | ) |  |  | (93 | ) |  |  | (1,209 | ) |  |  | (1,153 | ) |  |  | 56 |
Inventories |  |  | (1,344 | ) |  |  | (916 | ) |  |  | 428 |  |  |  | 2,591 |  |  |  | 2,334 |  |  |  | (257 | )
The effect of the changes made to the Company’s Condensed Consolidated Statements of Changes in Shareholders’ Equity follows:
|  | Three months ended March 31, 2022 |  |  | Three months ended June 30, 2021 |
|  | Under FIFO Cost |  |  | Under Average Cost |  |  | Effect of Change |  |  | Under FIFO Cost |  |  | Under Average Cost |  |  | Effect of Change |
Equity beginning balance |  | $ | 38,991 |  |  | $ | 38,984 |  |  | $ | (7 | ) |  | $ | 28,363 |  |  | $ | 28,369 |  |  | $ | 6 |
Retained earnings -- beginning of period |  |  | 15,573 |  |  |  | 15,566 |  |  |  | (7 | ) |  |  | 17,512 |  |  |  | 17,518 |  |  |  | 6 |
Net loss |  |  | (4,013 | ) |  |  | (4,348 | ) |  |  | (335 | ) |  |  | (2,114 | ) |  |  | (2,030 | ) |  |  | 84 |
Retained earnings -- end of period |  |  | 11,560 |  |  |  | 11,218 |  |  |  | (342 | ) |  |  | 15,398 |  |  |  | 15,488 |  |  |  | 90 |
Equity ending balance |  |  | 35,113 |  |  |  | 34,771 |  |  |  | (342 | ) |  |  | 26,873 |  |  |  | 26,963 |  |  |  | 90 |
|  | Six months ended June 30, 2021 |
|  | Under FIFO Cost |  |  | Under Average Cost |  |  | Effect of Change |
Equity beginning balance |  | $ | 30,236 |  |  | $ | 30,125 |  |  | $ | (111 | )
Retained earnings -- beginning of period |  |  | 19,718 |  |  |  | 19,607 |  |  |  | (111 | )
Net loss |  |  | (4,320 | ) |  |  | (4,119 | ) |  |  | 201 |
Retained earnings -- end of period |  |  | 15,398 |  |  |  | 15,488 |  |  |  | 90 |
Equity ending balance |  |  | 26,873 |  |  |  | 26,963 |  |  |  | 90 |

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