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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 1,885,640 $ 1,387,075
Short-term investments 741,798 1,771,120
Accounts receivable - Less allowances of $160,000 5,392,952 4,275,882
Contract assets 0 118,301
Inventories, net 6,937,694 7,327,653
Income taxes receivable 75,083 580,287
Other current assets 443,732 380,562
Total current assets 15,476,899 15,840,880
Property, Plant and Equipment    
Land and improvements 1,516,313 1,510,513
Buildings and improvements 6,835,619 6,835,619
Production equipment and other 38,024,525 37,952,902
Property, Plant and Equipment, Gross 46,376,457 46,299,034
Less accumulated depreciation 35,017,599 34,633,952
Net property, plant and equipment 11,358,858 11,665,082
Deferred income taxes, net 490,661 324,943
Total assets 27,326,418 27,830,905
Current Liabilities    
Accounts payable 902,212 788,974
Accrued wages and salaries 571,583 514,900
Other accrued expenses 309,092 129,963
Unearned revenue and customer deposits 325,731 430,179
Total current liabilities 2,108,618 1,864,016
Total liabilities 2,108,618 1,864,016
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 27,554,668 28,303,757
Treasury stock, 171,964 shares at cost (3,922,098) (3,922,098)
Total shareholders' equity 25,217,800 25,966,889
Total liabilities and shareholders' equity $ 27,326,418 $ 27,830,905