XML 27 R16.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
6 Months Ended
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