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Note 10 - Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10. COMMITMENTS AND CONTINGENCIES Litigation We are subject to various legal proceedings and claims that arise in the ordinary course of business. In our opinion, the amount of any ultimate liability with respect to these actions will not materially affect our consolidated financial statements or results of operations. Change of Control Agreements Since 2002, we entered into Change of Control Agreements (the Agreement(s)) with certain key executives (the Executive(s)). The Agreements provide an inducement for each Executive to remain as an employee in the event of any proposed or anticipated change of control in the organization, including facilitating an orderly transition, and to provide economic security for the Executive after a change in control has occurred. In the event of an involuntarily termination in connection with a change of control as defined in the agreements, each Executive would receive their base salary, annual bonus at time of termination, and continued participation in health, disability and life insurance plans for a period of three years for officers and two years for all other participants. Stock Repurchase Plan In August 2018, the Board of Directors approved a $250 share repurchase program. Under this repurchase program, we repurchased 32,769 shares totaling $133 commissions and fees during the year ended December 31, 2019. As of December 31, 2019, this share repurchase plan expired. We did not repurchase any shares in the year ended December 31, 2020 and no additional share repurchase programs were approved. Global Pandemic In March 2020, the World Health Organization recognized the outbreak of a novel coronavirus (“COVID- 19” ) as a pandemic. While the COVID- 19 pandemic has had an impact on our operations, we have been able to continue to operate our manufacturing facilities and provide essential services to our customers. Additionally, in an effort to protect the health and safety of our employees and in compliance with state regulations, we have instituted a work-from-home policy for employees who can perform their job functions offsite, implemented social distancing requirements and other measures to allow manufacturing and other personnel essential to production to continue work within our manufacturing facilities, and suspended all non-essential employee travel. The full extent to which COVID- 19 has and will continue to directly or indirectly impact our business, financial condition and results of operations will depend on future developments that are highly uncertain and cannot be accurately predicted, including new information that may emerge concerning COVID- 19, the actions taken to contain it or treat its impact and the economic impact on local, regional, national and international markets. The ultimate impact of COVID- 19 depends on factors beyond our knowledge or control, including the duration and severity of the outbreak, as well as third -party actions taken to contain its spread and mitigate its public health effects. As a result, we are unable to estimate the extent to which COVID- 19 will negatively impact our financial results or liquidity. We will continue to assess the potential impact of the COVID- 19 pandemic on our business, financial condition, and results of operations. We actively manage our cash and working capital to preserve adequate liquidity and ensure that our business can continue to operate during these uncertain times.

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