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Segment Reporting | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
SEGMENT REPORTING | Note 10. SEGMENT REPORTING In accordance with FASB ASC 280, “Segment Reporting” (“ASC 280”), the Company discloses financial and descriptive information about its reportable operating segments. Operating segments are components of an enterprise about which separate financial information is available and regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company follows ASC 280, which establishes standards for reporting information about operating segments in annual and interim financial statements, and requires that companies report financial and descriptive information about their reportable segments based on a management approach. ASC 280 also establishes standards for related disclosures about products and services, geographic areas and major customers. The Company currently divides its operations into two operating segments: Complex Machining, which consists of AIM and NTW; and Turbine Engine Components, which consists of Sterling. Along with its operating subsidiaries, the Company reports the results of its corporate division as an independent segment. The accounting policies of each of the segments are the same as those described in the Summary of Significant Accounting Policies. Intersegment transfers are recorded at the transferor’s cost, and there is no intercompany profit or loss on intersegment transfers. We evaluate performance based on revenue, gross profit contribution and assets employed. Financial information about the Company’s reporting segments for the three and six months ended June 30, 2021 and 2020 are as follows:
|  | For the Three Months |  |  | For the Six Months |
|  | Ended June 30, |  |  | Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
COMPLEX MACHINING |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 13,783,000 |  |  | $ | 7,308,000 |  |  | $ | 25,949,000 |  |  | $ | 19,372,000 |
Gross Profit |  |  | 2,325,000 |  |  |  | 681,000 |  |  |  | 3,944,000 |  |  |  | 2,849,000 |
Income (Loss) before benefit from income taxes |  |  | 1,573,000 |  |  |  | (10,000 | ) |  |  | 2,553,000 |  |  |  | 1,160,000 |
Assets |  |  | 51,956,000 |  |  |  | 48,490,000 |  |  |  | 51,956,000 |  |  |  | 48,490,000 |
TURBINE ENGINE COMPONENTS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  |  | 1,670,000 |  |  |  | 1,186,000 |  |  |  | 3,216,000 |  |  |  | 2,569,000 |
Gross Profit (Loss) |  |  | 278,000 |  |  |  | (67,000 | ) |  |  | 456,000 |  |  |  | (54,000 | )
Income (Loss) before benefit from income taxes |  |  | 114,000 |  |  |  | (217,000 | ) |  |  | 99,000 |  |  |  | (343,000 | )
Assets |  |  | 3,471,000 |  |  |  | 4,430,000 |  |  |  | 3,471,000 |  |  |  | 4,430,000 |
CORPORATE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Gross Profit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loss before benefit from income taxes |  |  | (1,448,000 | ) |  |  | (1,357,000 | ) |  |  | (2,565,000 | ) |  |  | (2,757,000 | )
Assets |  |  | 823,000 |  |  |  | 1,808,000 |  |  |  | 823,000 |  |  |  | 1,808,000 |
CONSOLIDATED |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  |  | 15,453,000 |  |  |  | 8,494,000 |  |  |  | 29,165,000 |  |  |  | 21,941,000 |
Gross Profit |  |  | 2,603,000 |  |  |  | 614,000 |  |  |  | 4,400,000 |  |  |  | 2,795,000 |
Income (Loss) before benefit from income taxes |  |  | 239,000 |  |  |  | (1,584,000 | ) |  |  | 87,000 |  |  |  | (1,940,000 | )
Benefit from Income Taxes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,414,000 | )
Net Income (loss) |  |  | 239,000 |  |  |  | (1,584,000 | ) |  |  | 87,000 |  |  |  | (526,000 | )
Assets |  | $ | 56,250,000 |  |  | $ | 54,728,000 |  |  | $ | 56,250,000 |  |  | $ | 54,728,000 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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