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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current Assets:    
Cash and cash equivalents $ 1,258,864 $ 1,429,454
Certificates of deposit 6,823,000 6,574,000
Accounts receivable - Less allowances of $160,000 and $140,000, respectively 3,557,637 4,609,314
Inventories, net 4,745,786 4,951,177
Prepaid income taxes 316,186 58,186
Other current assets 461,779 427,192
Total current assets 17,163,252 18,049,323
Property, Plant and Equipment:    
Land and improvements 1,636,749 1,636,749
Buildings and improvements 8,341,461 8,331,804
Production equipment and other 36,654,440 36,408,746
Property, Plant and Equipment, Gross 46,632,650 46,377,299
Less accumulated depreciation 33,379,382 32,703,246
Net property, plant and equipment 13,253,268 13,674,053
Total assets 30,416,520 31,723,376
Current Liabilities:    
Accounts payable 345,179 490,580
Accrued wages and salaries 749,513 629,972
Other accrued expenses 222,205 349,069
Unearned revenue and customer deposits 79,621 152,644
Total current liabilities 1,396,518 1,622,265
Deferred income taxes 894,084 943,084
Total liabilities 2,290,602 2,565,349
Shareholders' Equity:    
Preferred stock, no par value, 500,000 shares authorized: none outstanding 0 0
Common stock, $1.00 par value, 4,000,000 shares authorized, 1,138,096 shares issued; 966,132 shares outstanding 1,138,096 1,138,096
Additional paid-in capital 447,134 447,134
Retained earnings 30,462,786 31,494,895
Treasury stock, 171,964 shares at cost (3,922,098) (3,922,098)
Total shareholders' equity 28,125,918 29,158,027
Total liabilities and shareholders' equity $ 30,416,520 $ 31,723,376