Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 11,056,426 $ 12,453,663
Investments   5,540,744
Trade accounts receivable, less allowance for doubtful accounts of $136,000 and $106,000, respectively 13,401,042 12,183,217
Inventories 16,175,616 13,984,428
Prepaid income taxes 148,036 493,834
Other current assets 1,553,972 810,532
TOTAL CURRENT ASSETS 42,335,092 45,466,418
PROPERTY, PLANT AND EQUIPMENT, net 10,962,239 12,624,730
OTHER ASSETS:    
Deferred income taxes 19,068 38,136
Other assets 4,765 16,977
TOTAL OTHER ASSETS 23,833 55,113
TOTAL ASSETS 53,321,164 58,146,261
CURRENT LIABILITIES:    
Accounts payable 5,394,981 4,554,683
Accrued compensation and benefits 2,892,199 2,422,083
Other accrued liabilities 3,168,049 1,586,473
Dividends payable 184,541 397,151
TOTAL CURRENT LIABILITIES 11,639,770 8,960,390
LONG TERM LIABILITIES:    
Long-term compensation plans   11,079
Uncertain tax positions 28,267 4,065
TOTAL LONG-TERM LIABILITIES 28,267 15,144
COMMITMENTS AND CONTINGENCIES (Footnote 7)
STOCKHOLDERS' EQUITY    
Preferred stock, par value $1.00 per share; 3,000,000 shares authorized; none issued
Common stock, par value $.05 per share; 30,000,000 shares authorized; 9,158,438 and 8,973,708 shares issued and outstanding, respectively 457,922 448,685
Additional paid-in capital 42,680,499 42,006,750
Retained earnings (accumulated deficit) (734,001) 7,328,671
Accumulated other comprehensive loss (751,293) (613,379)
TOTAL STOCKHOLDERS' EQUITY 41,653,127 49,170,727
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 53,321,164 $ 58,146,261