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Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2024
Summary of Significant Accounting Policies [Line Items] |
Schedule of Allowance for Credit Losses | The activity for the allowance for credit losses during the six months ended June 30, 2024 and 2023 is set forth in the table below:
|  | Balance at Beginning of |  |  | Charged to Costs and |  |  | Deductions from |  |  | Balance at End of |
|  | Period |  |  | Expenses |  |  | Reserves |  |  | Period |
Six Months ended June 30, 2024 Allowance for Credit Losses |  | $ | 344,000 |  |  | $ | 26,000 |  |  | $ | (82,000 | ) |  | $ | 288,000 |
Six Months ended June 30, 2023 Allowance for Credit Losses |  | $ | 281,000 |  |  | $ | 38,000 |  |  | $ | - |  |  | $ | 319,000 |
Schedule of Inventories Consist | Inventories consist of the following at:
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Raw Materials |  | $ | 4,953,000 |  |  | $ | 4,968,000 |
Work In Progress |  |  | 12,495,000 |  |  |  | 12,798,000 |
Semi – Finished Goods |  |  | 10,001,000 |  |  |  | 10.296,000 |
Final – Finished Goods |  |  | 1,729,000 |  |  |  | 1,789,000 |
Total Inventory |  | $ | 29,178,000 |  |  | $ | 29,851,000 |
Schedule of Composition of Customers Net Sales | The composition of customers that exceeded 10% of net sales in either the three months ended June 30, 2024 or 2023 are shown below:
|  | Percentage of Net Sales |
Customer |  | 2024 |  |  | 2023 |
Northrop |  |  | 30.5 | % |  |  | 3.9 | %
Lockheed Martin |  |  | 25.4 | % |  |  | 18.5 | %
RTX (a) |  |  | 22.4 | % |  |  | 36.3 | %
Ruag |  |  | - |  |  |  | 14.0 | %
(a) | RTX includes Collins Landing Systems and Collins Aerostructures
The composition of customers that exceeded 10% of net sales in either the six months ended June 30, 2024 or 2023 are shown below:
|  | Percentage of Sales |
Customer |  | 2024 |  |  | 2023 |
RTX (a) |  |  | 26.6 | % |  |  | 29.7 | %
Lockheed Martin |  |  | 25.6 | % |  |  | 21.3 | %
Northrop |  |  | 20.6 | % |  |  | 3.8 | %
Ruag |  |  | 2.2 | % |  |  | 12.1 | %
Schedule of Revenue from Contracts with Customers | The following table summarizes revenue from contracts with customers for the three and six month periods ending June 30, 2024 and 2023:
|  | Three Months Ended |  |  | Six Months Ended |
Product |  | June 30, 2024 |  |  | June 30, 2023 |  |  | June 30, 2024 |  |  | June 30, 2023 |
Military |  | $ | 8,920,000 |  |  | $ | 11,337,000 |  |  | $ | 19,304,000 |  |  | $ | 21,369,000 |
Commercial |  |  | 4,652,000 |  |  |  | 1,868,000 |  |  |  | 8,329,000 |  |  |  | 4,385,000 |
Total |  | $ | 13,572,000 |  |  | $ | 13,205,000 |  |  | $ | 27,633,000 |  |  | $ | 25,754,000 |
Schedule of Net Income (Loss) Applicable to Common Stockholders | The following is a calculation of net income (loss) applicable to common stockholders utilized to calculate EPS:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |  |  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net Income (Loss) per condensed consolidated statements of operations |  | $ | 298,000 |  |  | $ | (395,000 | ) |  | $ | (408,000 | ) |  | $ | (1,013,000 | )
Add: Convertible Note Interest for Potential Note Conversion |  |  | 77,000 |  |  |  | - |  |  |  | - |  |  |  | - |
Net Income (Loss) used to calculate diluted earnings per share |  | $ | 375,000 |  |  | $ | (395,000 | ) |  | $ | (408,000 | ) |  | $ | (1,013,000 | )
Schedule of Denominators of Basic and Diluted Earnings Per Share | The following is a reconciliation of the denominators of basic and diluted earnings per share computations:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |  |  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Weighted average shares outstanding used to compute basic earnings per share |  |  | 3,318,620 |  |  |  | 3,265,727 |  |  |  | 3,318,146 |  |  |  | 3,262,122 |
Effect of dilutive stock options |  |  | 106,420 |  |  |  | - |  |  |  | - |  |  |  | - |
Effect of dilutive convertible notes payable |  |  | 405,800 |  |  |  | - |  |  |  | - |  |  |  | - |
Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share |  |  | 3,724,420 |  |  |  | 3,265,727 |  |  |  | 3,318,146 |  |  |  | 3,262,122 |
Per share amount - basic |  | $ | 0.09 |  |  | $ | (0.12 | ) |  | $ | (0.12 | ) |  | $ | (0.31 | )
Per share amount - diluted |  | $ | 0.08 |  |  | $ | (0.12 | ) |  | $ | (0.12 | ) |  | $ | (0.31 | )
Schedule of Exercise Price was Greater than Average Market Price of Common Stock | The following securities have been excluded from the calculation as the exercise price was greater than the average market price of the common stock:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |  |  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Stock Options |  |  | 313,583 |  |  |  | 462,870 |  |  |  | 313,583 |  |  |  | 462,870 |
Warrants |  |  | - |  |  |  | 28,000 |  |  |  | - |  |  |  | 28,000 |
|  |  | 313,583 |  |  |  | 490,870 |  |  |  | 313,583 |  |  |  | 490,870 |
Schedule of Anti-Dilutive Due to the Net Loss | The following securities have been excluded from the calculation because the effect of including these potential shares was anti-dilutive due to the net loss incurred during that period:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |  |  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Stock Options |  |  | - |  |  |  | - |  |  |  | 106,420 |  |  |  | - |
Convertible notes payable |  |  | - |  |  |  | 405,800 |  |  |  | 405,800 |  |  |  | 405,800 |
|  |  | - |  |  |  | 405,800 |  |  |  | 512,220 |  |  |  | 405,800 |
Accounts Receivable [Member] |
Summary of Significant Accounting Policies [Line Items] |
Schedule of Composition of Customers Net Sales | The composition of customers that exceed 10% of accounts receivable at either June 30, 2024 or December 31, 2023 are shown below:
|  | Percentage of Net Receivables |
|  | June 30, |  |  | December 31, |
Customer |  | 2024 |  |  | 2023 |
RTX (a) |  |  | 37.7 | % |  |  | 45.5 | %
Northrop |  |  | 29.4 | % |  |  | 8.2 | %
Boeing |  |  | 0.1 | % |  |  | 16.0 | %
(a) | RTX includes Collins Landing Systems and Collins Aerostructures

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