XML 56 R13.htm IDEA: XBRL DOCUMENT v2.4.1.9
8 - Commitments and Contingencies
 12 Months Ended
Dec. 31, 2014
Notes  
8 - Commitments and Contingencies

8—Commitments and Contingencies—The Company recorded rent expense aggregating approximately $24,000 and $27,000 for 2014 and 2013, respectively.  Total future minimum rentals at December 31, 2014 are not significant.

 

The Company has entered into a contract to expand the fastener facility in Madison Heights, Michigan in order to provide additional capacity and improve workflow through the plant.  The base contract amount is $1,502,500 and is expected to be completed before the end of 2015.

 

The Company is, from time to time involved in litigation, including environmental claims, in the normal course of business.  While it is not possible at this time to establish the ultimate amount of liability with respect to contingent liabilities, including those related to legal proceedings, management is of the opinion that the aggregate amount of any such liabilities, for which provision has not been made, will not have a material adverse effect on the Company's financial position.