Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.19.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2019
Dec. 31, 2018
CURRENT ASSETS:    
Cash and cash equivalents $ 9,490,706 $ 11,056,426
Trade accounts receivable, less allowance for doubtful accounts of $168,000 and $136,000, respectively 13,272,257 13,401,042
Inventories 15,353,018 16,175,616
Prepaid income taxes 146,013 148,036
Other current assets 1,643,156 1,553,972
Current assets held for sale 1,029,111  
TOTAL CURRENT ASSETS 40,934,261 42,335,092
PROPERTY, PLANT AND EQUIPMENT, net 9,933,199 10,962,239
OTHER ASSETS:    
Deferred income taxes 19,068 19,068
Operating lease right of use asset 449,995  
Other assets, net 2,017 4,765
Non-current assets held for sale 852,581  
TOTAL OTHER ASSETS 1,323,661 23,833
TOTAL ASSETS 52,191,121 53,321,164
CURRENT LIABILITIES:    
Accounts payable 4,253,169 5,394,981
Accrued compensation and benefits 2,255,964 2,892,199
Operating lease liability 89,435  
Other accrued liabilities 2,917,235 3,168,049
Dividends payable 185,482 184,541
TOTAL CURRENT LIABILITIES 9,701,285 11,639,770
LONG TERM LIABILITIES:    
Long-term compensation plans 40,551  
Uncertain tax positions   28,267
Operating lease liability 348,020  
TOTAL LONG-TERM LIABILITIES 388,571 28,267
COMMITMENTS AND CONTINGENCIES (Footnote 9)
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; 9,308,520 and 9,158,438 shares issued and outstanding, respectively 465,426 457,922
Additional paid-in capital 43,036,333 42,680,499
Accumulated deficit (677,819) (734,001)
Accumulated other comprehensive loss (722,675) (751,293)
TOTAL STOCKHOLDERS' EQUITY 42,101,265 41,653,127
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 52,191,121 $ 53,321,164