0001213900-22-025572 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2022	May 09, 2022
Document Information Line Items
Entity Registrant Name	AIR INDUSTRIES GROUP
Trading Symbol	AIRI
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		32,247,513
Amendment Flag	false
Entity Central Index Key	0001009891
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-35927
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	80-0948413
Entity Address, Address Line One	1460 Fifth Avenue
Entity Address, Address Line Two	Bay Shore
Entity Address, State or Province	NY
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	11706
City Area Code	(631)
Local Phone Number	968-5000
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSEAMER
Entity Interactive Data Current	Yes

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and Cash Equivalents	$ 364,000	$ 627,000
Accounts Receivable, Net of Allowance for Doubtful Accounts of $476,000 and $594,000	7,558,000	10,473,000
Inventory	31,999,000	29,532,000
Prepaid Expenses and Other Current Assets	258,000	226,000
Prepaid Taxes	22,000	22,000
Total Current Assets	40,201,000	40,880,000
Property and Equipment, Net	8,169,000	8,404,000
Operating Lease Right-Of-Use-Asset	2,887,000	3,018,000
Deferred Financing Costs, Net, Deposits and Other Assets	1,026,000	960,000
Goodwill	163,000	163,000
TOTAL ASSETS	52,446,000	53,425,000
Current Liabilities
Notes Payable and Finance Lease Obligations - Current Portion	13,278,000	14,112,000
Accounts Payable and Accrued Expenses	7,042,000	6,723,000
Operating Lease Liabilities - Current Portion	708,000	686,000
Deferred Gain on Sale - Current Portion	38,000	38,000
Deferred Revenue	1,415,000	1,470,000
Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary - Current Portion	5,000	59,000
Deferred payroll tax liability - CARES Act - Current Portion	314,000	314,000
Total Current Liabilities	22,800,000	23,402,000
Long Term Liabilities
Notes Payable and Finance Lease Obligations - Net of Current Portion	2,565,000	2,838,000
Notes Payable - Related Party	6,412,000	6,412,000
Operating Lease Liabilities - Net of Current Portion	3,055,000	3,241,000
Deferred Gain on Sale - Net of Current Portion	133,000	143,000
TOTAL LIABILITIES	34,965,000	36,036,000
Commitments and Contingencies
Stockholders’ Equity
Preferred Stock, par value $.001 - Authorized 3,000,000 shares, 0 shares outstanding, at both March 31, 2022 and December 31, 2021.
Common Stock - Par Value $.001 - Authorized 60,000,000 Shares, 32,183,221 and 32,128,006 Shares Issued and Outstanding as of March 31, 2022 and December 31, 2021, respectively	32,000	32,000
Additional Paid-In Capital	82,011,000	81,891,000
Accumulated Deficit	(64,562,000)	(64,534,000)
TOTAL STOCKHOLDERS’ EQUITY	17,481,000	17,389,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 52,446,000	$ 53,425,000

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts (in Dollars)	$ 476,000	$ 594,000
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	3,000,000	3,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	32,183,221	32,128,006
Common stock, shares outstanding	32,183,221	32,128,006

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Sales	$ 12,062,000	$ 13,712,000
Cost of Sales	9,984,000	11,915,000
Gross Profit	2,078,000	1,797,000
Operating Expenses	1,871,000	1,770,000
Income from Operations	207,000	27,000
Interest and Financing Costs	(198,000)	(172,000)
Interest Expense - Related Parties	(125,000)	(125,000)
Other Income, Net	88,000	118,000
Loss before Provision for Income Taxes	(28,000)	(152,000)
Provision for Income Taxes
Net Loss	$ (28,000)	$ (152,000)
Loss per share - Basic (in Dollars per share)	$ 0	$ 0
Loss per share - Diluted (in Dollars per share)	$ 0	$ 0
Weighted Average Shares Outstanding - basic (in Shares)	32,183,221	31,971,922
Weighted Average Shares Outstanding - diluted (in Shares)	32,183,221	31,971,922

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2020	$ 32,000	$ 81,238,000	$ (66,161,000)	$ 15,109,000
Balance (in Shares) at Dec. 31, 2020	31,906,971
Common Stock issued for directors fees		52,000		52,000
Common Stock issued for directors fees (in Shares)	41,960
Stock Options exercised
Stock Options exercised (in Shares)	51,224
Stock Compensation Expense		157,000		157,000
Net Income			(152,000)	(152,000)
Balance at Mar. 31, 2021	$ 32,000	81,447,000	(66,313,000)	15,166,000
Balance (in Shares) at Mar. 31, 2021	32,000,155
Balance at Dec. 31, 2021	$ 32,000	81,891,000	(64,534,000)	17,389,000
Balance (in Shares) at Dec. 31, 2021	32,128,006
Common Stock issued for directors fees		54,000		54,000
Common Stock issued for directors fees (in Shares)	55,215
Stock Compensation Expense		66,000		66,000
Net Income			(28,000)	(28,000)
Balance at Mar. 31, 2022	$ 32,000	$ 82,011,000	$ (64,562,000)	$ 17,481,000
Balance (in Shares) at Mar. 31, 2022	32,183,221

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (28,000)	$ (152,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation of property and equipment	665,000	713,000
Non-cash employee compensation expense	66,000	157,000
Non-cash directors compensation	54,000	52,000
Non-cash other income recognized	(89,000)	(104,000)
Non-cash interest expense		31,000
Amortization of Right-of-Use Asset	131,000	118,000
Deferred gain on sale of real estate	(10,000)	(10,000)
Bad debt recovery	(118,000)	(78,000)
Amortization of deferred financing costs	15,000	36,000
Decrease (Increase) in Operating Assets:
Accounts receivable	3,033,000	(816,000)
Inventory	(2,467,000)	(75,000)
Prepaid expenses and other current assets	(32,000)	(77,000)
Deposits and other assets	(70,000)	95,000
Increase (Decrease) in Operating Liabilities:
Accounts payable and accrued expenses	354,000	(36,000)
Operating lease liabilities	(164,000)	(172,000)
Deferred revenue	(55,000)	885,000
NET CASH PROVIDED BY OPERATING ACTIVITIES	1,285,000	567,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(430,000)	(273,000)
NET CASH USED IN INVESTING ACTIVITIES	(430,000)	(273,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Note payable - revolver - net	(901,000)	(868,000)
Payments of note payable - term note	(203,000)	(196,000)
Payments of finance lease obligations	(9,000)	(2,000)
Payments of loan payable - financed asset	(5,000)	(2,000)
NET CASH USED IN FINANCING ACTIVITIES	(1,118,000)	(1,068,000)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(263,000)	(774,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	627,000	2,505,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD	364,000	1,731,000
Supplemental cash flow information
Cash paid during the period for interest	283,000	307,000
Supplemental disclosure of non-cash investing and financing activities
Capitalization of related party note interest to principal		$ 400,000

Formation and Basis of Presentation

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

FORMATION AND BASIS OF PRESENTATION

Note 1. FORMATION AND BASIS OF PRESENTATION

Organization

Air Industries Group is a Nevada corporation (“AIRI”). As of and for the three months ending March 31, 2022 and 2021, the accompanying condensed consolidated financial statements presented are those of AIRI, and its wholly-owned subsidiaries; Air Industries Machining Corp. (“AIM”), Nassau Tool Works, Inc. (“NTW”), and the Sterling Engineering Corporation (“Sterling”), (together, the “Company”).

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission, from which the accompanying condensed consolidated balance sheet dated December 31, 2021 was derived.

Effective with the Company’s first quarter ended March 31, 2022, the Company is presenting its operations as one reportable operating segment. See Note 10 for further information.

Historically the Company operated its businesses and reported its results as two separate segments with AIM and NTW comprising the Complex Machining segment (“CMS”) and SEC as the Turbine & Engine Component segment (“TEC”). Our CMS segment specialized in flight critical components including flight controls and landing gear. The TEC segment focused on manufacturing components for jet engines. Along with its operating subsidiaries, the Company reported the results of its corporate division as an independent segment.

In recent years the Company integrated and consolidated the business of AIM and NTW into one facility on Long Island and the operations of its CMS and TEC segments have become increasingly integrated. The Company also made significant capital expenditures and all of its operations now share the same manufacturing facilities and use most, if not all, of the same sales and marketing functions. The Company made these changes to take advantage of the long-term growth opportunities we see in the aerospace and defense market. In early fiscal 2022, the Company further changed its management approach and is now making decisions about resources to be allocated and assesses performance based on one integrated business rather than two reporting segments. As such, effective with the first quarter ended March 31, 2022, the Company is presenting its operations as one reportable operating segment.

Subsequent Events

Management has evaluated subsequent events through the date of this filing.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Inventory Valuation

For annual periods, the Company values inventory at the lower of cost on a first-in-first-out basis or estimated net realizable value. The Company does not take physical inventories at interim quarterly reporting periods. For interim periods, substantially all of the inventory value has been estimated using a gross profit percentage based on the annual gross profit percentage of the immediately preceding year as applied to the net sales of the current period. Adjustments to reconcile the annual physical inventory to the Company’s books are recorded in the fourth quarter.

Credit and Concentration Risks

There were three customers that represented 70.8% and 77.9% of total net sales for the three months ended March 31, 2022 and 2021, respectively. This is set forth in the table below.

	Percentage of Sales
Customer	March 31, 2022			March 31, 2021
	(Unaudited)			(Unaudited)
1		27.1	%		33.8	%
2		25.2	%		26.6	%
3		18.5	%		17.5	%

There were three customers that represented 75.9% and 74.7% of gross accounts receivable at March 31, 2022 and December 31, 2021, respectively. This is set forth in the table below.

	Percentage of Receivables
	March 31,			December 31,
Customer	2022			2021
	(Unaudited)
1		46.1	%		50.3	%
2		15.4	%		12.7	%
3		14.4	%		11.7	%

Cash and Cash Equivalents

During the period, the Company had occasionally maintained balances in its bank accounts that were in excess of the FDIC limit. The Company has not experienced any losses on these accounts.

Major Suppliers

The Company has several key sole-source suppliers of various parts that are important for one or more of its products. These suppliers are its only source for such parts and, therefore, in the event any of them were to go out of business or be unable to provide parts for any reason, its business could be severely harmed.

Leases

The Company accounts for leases under ASC 842, “Leases.” All leases are required to be recorded on the balance sheet and are classified as either operating leases or finance leases. The lease classification affects the expense recognition in the income statement. Operating lease charges are recorded entirely in operating expenses. Finance lease charges are split, where amortization of the right-of- use asset is recorded in operating expenses and an implied interest component is recorded in interest expense. See Note 4.

Earnings (Loss) per share

Basic earnings (loss) per share (“EPS”) is computed by dividing the net income (loss) applicable to common stockholders by the weighted-average number of shares of common stock outstanding for the period.

For purposes of calculating diluted earnings per common share, the numerator includes net income plus interest on convertible notes payable assumed converted as of the first day of the period. The denominator includes both the weighted-average number of shares of common stock outstanding during the period and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Dilutive common stock equivalents potentially include stock options and warrants using the treasury stock method and convertible notes payable using the if-converted method.

The following securities have been excluded from the calculation as the exercise price was greater than the average market price of the common stock:

	Three Months Ended
	March 31, 2022		March 31, 2021
	(Unaudited)		(Unaudited)
Stock Options		2,084,000		191,000
Warrants		1,261,000		1,423,000
		3,345,000		1,614,000

The following securities have been excluded from the calculation even though the exercise price was less than the average market price of the common shares because the effect of including these potential shares was anti-dilutive due to the net loss incurred during that period:

	Three Months Ended
	March 31, 2022		March 31, 2021
	(Unaudited)		(Unaudited)
Stock Options		1,000		1,991,000
Warrants		-		760,000
Convertible notes payable		4,058,000		4,058,000
		4,059,000		6,809,000

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with FASB ASC 718, “Compensation – Stock Compensation.” Under the fair value recognition provision of the ASC, stock-based compensation cost is estimated at the grant date based on the fair value of the award. The Company estimates the fair value of stock options and warrants granted using the Black-Scholes-Merton option pricing model. Stock based compensation expense for employees amounted to $66,000 and $157,000 for the three months ended March 31, 2022 and 2021, respectively. Stock compensation expense for directors amounted to $54,000 and $52,000 for the three months ended March 31, 2022 and 2021, respectively. Stock compensation expenses for employees and directors were included in operating expenses on the accompanying Condensed Consolidated Statements of Operations.

Goodwill

Goodwill represents the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. The goodwill amount of $163,000 at both March 31, 2022 and December 31, 2021 relates to the acquisition of NTW.

Goodwill is not amortized, but is tested at least annually for impairment, or if circumstances occur that more likely than not reduce the fair value of the reporting unit below its carrying amount.

The Company has determined that there has been no impairment of goodwill at March 31, 2022 and 2021.

Recently Issued Accounting Pronouncements

Effective January 1, 2022, the Company adopted ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06), which is intended to address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. For convertible instruments, ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share guidance on the basis of feedback from financial statement users. The adoption of ASU 2020-06 did not have a material effect on the Company’s financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016-13”), which significantly changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the existing incurred loss model with an expected credit loss model that requires entities to estimate an expected lifetime credit loss on most financial assets and certain other instruments. Under ASU 2016-13 credit impairment is recognized as an allowance for credit losses, rather than as a direct write-down of the amortized cost basis of a financial asset. The impairment allowance is a valuation account deducted from the amortized cost basis of financial assets to present the net amount expected to be collected on the financial asset. Once the new pronouncement is adopted by the Company, the allowance for credit losses must be adjusted for management’s current estimate at each reporting date. The new guidance provides no threshold for recognition of impairment allowance. Therefore, entities must also measure expected credit losses on assets that have a low risk of loss. For instance, trade receivables that are either current or not yet due may not require an allowance reserve under currently generally accepted accounting principles, but under the new standard, the Company will have to estimate an allowance for expected credit losses on trade receivables under ASU 2016-13. ASU 2016-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2022 for smaller reporting companies. Early adoption is permitted. The Company is currently assessing the impact ASU 2016-13 will have on its consolidated financial statements.

The Company does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed consolidated financial statements.

Property and Equipment

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Note 3. PROPERTY AND EQUIPMENT

The components of property and equipment at March 31, 2022 and December 31, 2021 consisted of the following:

	March 31,			December 31,
	2022			2021

Land	$	300,000		$	300,000
Buildings and Improvements		1,817,000			1,723,000
Machinery and Equipment		22,124,000			22,013,000
Finance Lease Machinery and Equipment		375,000			375,000
Tools and Instruments		13,091,000			12,866,000
Automotive Equipment		200,000			200,000
Furniture and Fixtures		290,000			290,000
Leasehold Improvements		882,000			882,000
Computers and Software		583,000			583,000
Total Property and Equipment		39,662,000			39,232,000
Less: Accumulated Depreciation		(31,493,000	)		(30,828,000	)
Property and Equipment, net	$	8,169,000		$	8,404,000

Depreciation expense for the three months ended March 31, 2022 and 2021 was approximately $665,000 and $713,000, respectively.

Assets held under finance lease obligations are depreciated over the shorter of their related lease terms or their estimated productive lives. Depreciation of assets under finance leases is included in depreciation expense for 2022 and 2021. Accumulated depreciation on these assets was approximately $11,000 and $36,000 as of March 31, 2022 and December 31, 2021, respectively.

Operating Lease Liabilities

3 Months Ended

Mar. 31, 2022

Operating Lease Liabilities [Abstract]

OPERATING LEASE LIABILITIES

Note 4. OPERATING LEASE LIABILITIES

The Company has operating and finance leases for leased office and manufacturing facilities and equipment leases. The Company leases certain machinery and equipment under finance leases and leases its offices and manufacturing facilities under operating leases. The leases have remaining lease terms of one to five years, some of which include options to extend or terminate the leases.

	March 31,			December 31,
	2022			2021
	(unaudited)
Weighted Average Remaining Lease Term - in years		4.38			4.53
Weighted Average discount rate - %		8.93	%		8.89	%

The aggregate undiscounted cash flows of operating lease payments as of March 31, 2022, with remaining terms greater than one year are as follows:

	Amount
December 31, 2022 (remainder of year)	$	758,000
December 31, 2023		1,038,000
December 31, 2024		1,066,000
December 31, 2025		992,000
December 31, 2026		730,000
Total future minimum lease payments		4,584,000
Less: discount		(821,000	)
Total operating lease maturities		3,763,000
Less: current portion of operating lease liabilities		(708,000	)
Total long term portion of operating lease maturities	$	3,055,000

Notes Payable, Related Party Notes Payable and Finance Lease Obligations

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

NOTES PAYABLE, RELATED PARTY NOTES PAYABLE AND FINANCE LEASE OBLIGATIONS

Note 5. NOTES PAYABLE, RELATED PARTY NOTES PAYABLE AND FINANCE LEASE OBLIGATIONS

Notes payable, related party notes payable and finance lease obligations consist of the following:

	March 31,			December 31,
	2022			2021
	(unaudited)
Revolving credit note payable to Webster Bank (F/K/A Sterling National Bank) (“Webster”)	$	11,555,000		$	12,456,000
Term loan, Webster		3,999,000			4,192,000
Finance lease obligations		251,000			263,000
Loans Payable - financed assets		38,000			39,000
Related party notes payable		6,412,000			6,412,000
Subtotal		22,255,000			23,362,000
Less: Current portion of notes payable, related party notes payable and finance lease obligations		(13,278,000	)		(14,112,000	)
Notes payable, related party notes payable and finance lease obligations, net of current portion	$	8,977,000		$	9,250,000

Webster Bank (F/K/A Sterling National Bank) (“Webster”)

The Company has a loan facility (“Webster Facility”) with Webster Bank that expires on December 30, 2025. The Webster Facility, which was first entered into on December 31, 2019, was amended several times, and now provides for a $20,000,000 revolving loan (“Revolving Line of Credit”) and a $5,685,000 term loan (“Term Loan”).

As of March 31, 2022, there is currently $11,555,000 outstanding under the Revolving Line of Credit and $3,999,000 under the Term Loan. The below table shows the timing of payments due under the Term Loan:

For the period ending	Amount
December 31, 2022 (remainder of the year)	$	1,463,000
December 31, 2023		812,000
December 31, 2024		812,000
December 31, 2025		912,000
Webster Term Loan payable		3,999,000
Less: debt issuance costs		(24,000	)
Total Webster Term Loan payable, net of debt issuance costs		3,975,000
Less: Current portion of Webster Term Loan payable		(812,000	)
Total long-term portion of Webster Term Loan payable	$	3,163,000

As of December 31, 2021, our debt to Webster in the amount of $16,648,000 consisted of the Webster revolving line of credit note in the amount of $12,456,000 and the Webster term loan in the amount of $4,192,000.

Interest expense related to the Webster Facility amounted to approximately $155,000 and $181,000 for the three months ended March 31, 2022 and 2021, respectively.

The below summarizes historical amendments to the facility and various terms:

In 2020, the Company entered into the First Amendment to the Loan and Security Agreement which increased the Term Loan to $5,685,000 and required the Company to make monthly principal installments in the amount of $67,679 beginning on December 1, 2020. Other minor modifications were made and the Company paid an amendment fee of $20,000.

In June 2021, the Company entered into the Second Amendment to the Loan and Security Agreement, which clarified the definition and calculation of Excess Cash Flow, and to confirm the due date of required payment of the Excess Cash Flow payment. For so long as the Webster term loan remains outstanding, if Excess Cash Flow (as defined) is a positive number for any fiscal year the Company shall pay to Webster an amount equal to the lesser of (i) twenty-five percent (25%) of the Excess Cash Flow for such fiscal year and (ii) the outstanding principal balance of the term loan. Such payment shall be made to Webster and applied to the outstanding principal balance of the term loan, on or prior to the close of the fiscal year immediately following such fiscal year. The Company made Excess Cash Flow payments of $558,750 in 2021 (for the fiscal year ended December 31, 2020) and paid $854,000 in April 2022 (for fiscal year ended December 31, 2021). In connection with these changes, the Company paid an amendment fee of $10,000.

On December 7, 2021, the Company entered into the Third Amendment to the Loan and Security Agreement (“Third Amendment”). The purpose of the amendment was to provide a maturity date for the Webster Facility of December 30, 2025 as compared to the original maturity date of December 30, 2022. Such amendment also increased the Revolving Line of Credit to its current limit of $20,000,000 (up from the original $16,000,000) and also provided for a similar increase in the inventory sublimit to $14,000,000 (up from the original $11,000,000). The Third Amendment, also allows the Company, subject to certain limitations, to begin amortizing a portion of its subordinated debt. In connection with these changes, the Company paid an amendment fee of $75,000.

Under the terms of the Webster Facility, both the Webster revolving line of credit and the Webster term loan will bear an interest rate equal to the greater of (i) 3.50% and (ii) a rate per annum equal to the rate per annum published from time to time in the “Money Rates” table of the Wall Street Journal (or such other presentation within The Wall Street Journal as may be adopted hereafter for such information) as the base or prime rate for corporate loans at the nation’s largest commercial bank, less sixty-five hundredths (-0.65%) of one percent per annum. The average interest rate charged during both of the three months ended March 31, 2022 and 2021 was 3.5%.

All amendment fees paid in connection with the Webster Facility are included in Deferred Financing Costs, Net, Deposits and Other Assets, in the accompanying Condensed Consolidated Balance Sheets and are amortized over the term of the loan.

In connection with the Webster Facility, the Company is required to maintain a defined Fixed Charge Coverage Ratio of 1.25 to 1.00 at the end of each Fiscal Quarter. The Webster Facility limits the amount of Capital Expenditures and dividends the Company can pay to its stockholders. Substantially all of the Company’s assets are pledged as collateral under the Webster Facility.

As of March 31, 2022, the Company was in compliance with all loan covenants.

Finance Lease Obligations

The Company entered into a Finance lease in December of 2021 for the purchase of new manufacturing equipment. The obligation for the Finance lease as of December 31, 2021 is $262,000. The lease has an imputed interest rate of 4.2% per annum and is payable monthly with the final payment due on December 17, 2026.

As of March 31, 2022, the aggregate future minimum finance lease payments, including imputed interest are as follows:

For the period ending	Amount
December 31, 2022 (remainder of the year)	$	44,000
December 31, 2023		58,000
December 31, 2024		58,000
December 31, 2025		58,000
December 31, 2026		59,000
Total future minimum finance lease payments		277,000
Less: imputed interest		(26,000	)
Less: Current portion		(49,000	)
Long-term portion	$	202,000

Loan Payable – Financed Asset

The Company financed the purchase of a delivery vehicle in July 2020. The loan obligation totaled $37,000 and $39,000 as of March 31, 2022 and December 31, 2021, respectively. The loan bears no interest and a final payment is due and payable for all unpaid principal on July 20, 2026.

The future minimum loan payments, are as follows:

For the period ending	Amount
December 31, 2022 (remainder of the year)	$	7,000
December 31, 2023		9,000
December 31, 2024		9,000
December 31, 2025		9,000
December 31. 2026		4,000
Loans Payable - financed assets		38,000
Less: Current portion		(9,000	)
Long-term portion	$	29,000

Related Party Notes Payable

Taglich Brothers, Inc. is a corporation co-founded by two directors of the Company, Michael and Robert Taglich.

Taglich Brothers, Inc. has acted as placement agent for various debt and equity financing transactions and has received cash and equity compensation for their services.

From 2016 through 2020, the Company entered into various subordinated notes payable and convertible subordinated notes payable with Michael and Robert Taglich. These notes resulted in proceeds to the Company totaling $6,550,000. In connection with these notes, Michael and Robert were issued a total of 355,082 shares of common stock and Taglich Brothers Inc. was issued promissory notes totaling $554,000 for placement agency fees. At December 31, 2020, related party notes payable totaled $6,012,000 and accrued interest totaled $400,000.

On January 1, 2021, the related party subordinated notes due to Michael and Robert Taglich and Taglich Brothers, Inc., were amended to include all accrued interest through December 31, 2020 in the principal balance of the notes. Per the terms of the Webster Facility, these notes remain subordinate to the Webster Facility and are due on July 1, 2026. Approximately $2,732,000 of the related party subordinated notes can be converted at the option of the holder into Common Stock of the Company at $1.50 per share, while the remaining $2,080,000 of the related party subordinated notes can be converted at the option of the holder into common stock of the Company at $0.93 per share. There are no principal payments due on these notes. Under the terms of the Third Amendment to the Webster Facility, the Company is now allowed, subject to certain limitations, to begin amortizing a portion of this subordinated debt. The note holders and the principal balance of the notes as amended on January 1, 2021 are shown below:

	Michael Taglich,		Robert Taglich,		Taglich Brothers,
	Chairman		Director		Inc.		Total
Convertible Subordinated Notes	$	2,666,000	$	1,905,000	$	241,000	$	4,812,000
Subordinated Notes		1,250,000		350,000		-		1,600,000
Total	$	3,916,000	$	2,255,000	$	241,000	$	6,412,000

For the three months ended March 31, 2022 and 2021, no principal payments have been made on these notes and the principal balances remain unchanged from the table above. Interest expense for the three months ended March 31, 2022 and 2021 on all related party notes payable was $125,000 and $125,000, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary

3 Months Ended

Mar. 31, 2022

Note 6. LIABILITY RELATED TO THE SALE OF FUTURE PROCEEDS FROM DISPOSITION OF SUBSIDIARY

In connection with the sale of the Company’s wholly-owned subsidiary, AMK Welding, Inc. (“AMK”) to Meyer Tool, Inc., (“Meyer”) in 2017, Meyer was obligated to pay the Company within 30 days after the end of each calendar quarter, commencing April 1, 2017, an amount equal to five (5%) percent of the net sales of AMK for that quarter until the aggregate payments made to the Company (the “Meyer Agreement”) equals $1,500,000 (the “Maximum Amount”).

On January 15, 2019, the Company entered into a “Purchase Agreement” with 15 accredited investors (the “Purchasers”), including Michael and Robert Taglich, pursuant to which the Company assigned to the Purchasers all of its rights, title and interest to the remaining $1,137,000 of the $1,500,000 in payments due from Meyer for the sale of AMK (the “Remaining Amount”) for an immediate payment of $800,000, including $100,000 from each of Michael and Robert Taglich, and $75,000 for the benefit of the children of Michael Taglich. The timing of the payments is based upon the net sales of AMK. If the Purchasers have not received the entire Remaining Amount by March 31, 2023, they have the right to demand payment of their pro rata portion of the unpaid Remaining Amount from the Company (“Put Right”). To the extent the Purchasers exercise their Put Right, the remaining payments from Meyer will be retained by the Company.

The Company recognized $89,000 and $104,000 of non-cash income reflected in “other income, net” on the condensed consolidated statement of operations and recorded $38,000 and $31,000 of related non-cash interest expense related to the Purchase Agreement, for the three months ended March 31, 2022 and 2021, respectively.

The table below shows the activity within the liability account for the three months ended March 31, 2022, and the year ended December 31, 2021:

	March 31, 2022			December 31, 2021
	(unaudited)
Liabilities related to sale of future proceeds from disposition of subsidiaries - beginning balance	$	59,000		$	322,000
Non-Cash other income recognized		(89,000	)		(360,000	)
Non-Cash interest expense recognized		38,000			97,000
Liabilities related to sale of future proceeds from disposition of subsidiary - ending balance		8,000			59,000
Less: unamortized transaction costs		(3,000	)		(3,000	)
Liability related to sale of future proceeds from disposition of subsidiary, net	$	5,000		$	56,000

Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Stockholders' Equity [Abstract]

STOCKHOLDERS' EQUITY

Note 7. STOCKHOLDERS’ EQUITY

Common Stock – Sale of Securities

The Company issued 55,215 and 41,960 shares of common stock in payment of director fees totaling $54,000 and $52,000 for the three months ended March 31, 2022 and 2021, respectively. Additionally, the Company issued 51,224 shares of common stock upon the cashless exercise of stock options during the three months ended March 31, 2021.

During the second quarter of 2022, the Company issued 64,292 shares of common stock in payment of directors’ fees totaling $54,000.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Contingencies

3 Months Ended

Mar. 31, 2022

Contingencies [Abstract]

CONTINGENCIES

Note 8. CONTINGENCIES

A number of actions have been commenced against the Company by vendors, landlords and former landlords, including a third party claim as a result of an injury suffered on a portion of a leased property not occupied by the Company. As certain of these claims represent amounts included in accounts payable they are not specifically discussed herein.

On October 2, 2018, Contract Pharmacal Corp. (“Contract Pharmacal”) commenced an action, relating to a Sublease entered into between the Company and Contract Pharmacal in May 2018 with respect to the property that was formerly occupied by its subsidiary WMI, at 110 Plant Avenue, Hauppauge, New York. In the action Contract Pharmacal sought damages for an amount in excess of $1,000,000 for the Company’s failure to make the entire premises available by the Sublease commencement date. On July 8, 2021, the Court denied Contract Phamacal’s motion for summary judgement. In the Order, the court granted Contract Pharmacal’s Motions to drop its claim for specific performance and to amend its Complaint to reduce its claim for damages to $700,000. Contract Pharmacal filed a Motion to reargue which the Court denied on November 30, 2021. On March 10, 2022, Contract Pharmacal filed an appeal to the Court’s decision with the Appellate Division which the Company will oppose. The Company disputes the validity of the claims asserted by Contract Pharmacal, continues to believe it has a meritorious defense to those claims and intends to dispute the validity of the claim asserted by Contract Pharmacal.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References + Details

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

Note 9. INCOME TAXES

The Company recorded no income tax expense for the three months ended March 31, 2022 and 2021 because the estimated annual effective tax rate was zero. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company’s annual earnings and taxing jurisdictions in which the earnings will be generated, the impact of state and local income taxes, the ability to use tax credits and net operating loss carry forwards, and available tax planning alternatives.

As of March 31, 2022 and December 31, 2021, the Company provided a full valuation allowance against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Accounting Policies, by Policy (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Inventory Valuation

Inventory Valuation

Credit and Concentration Risks

Credit and Concentration Risks

There were three customers that represented 70.8% and 77.9% of total net sales for the three months ended March 31, 2022 and 2021, respectively. This is set forth in the table below.

	Percentage of Sales
Customer	March 31, 2022			March 31, 2021
	(Unaudited)			(Unaudited)
1		27.1	%		33.8	%
2		25.2	%		26.6	%
3		18.5	%		17.5	%

There were three customers that represented 75.9% and 74.7% of gross accounts receivable at March 31, 2022 and December 31, 2021, respectively. This is set forth in the table below.

	Percentage of Receivables
	March 31,			December 31,
Customer	2022			2021
	(Unaudited)
1		46.1	%		50.3	%
2		15.4	%		12.7	%
3		14.4	%		11.7	%

Cash and Cash Equivalents

Cash and Cash Equivalents

During the period, the Company had occasionally maintained balances in its bank accounts that were in excess of the FDIC limit. The Company has not experienced any losses on these accounts.

Major Suppliers

Major Suppliers

Leases

Leases

Earnings (Loss) per share

Earnings (Loss) per share

The following securities have been excluded from the calculation as the exercise price was greater than the average market price of the common stock:

	Three Months Ended
	March 31, 2022		March 31, 2021
	(Unaudited)		(Unaudited)
Stock Options		2,084,000		191,000
Warrants		1,261,000		1,423,000
		3,345,000		1,614,000

	Three Months Ended
	March 31, 2022		March 31, 2021
	(Unaudited)		(Unaudited)
Stock Options		1,000		1,991,000
Warrants		-		760,000
Convertible notes payable		4,058,000		4,058,000
		4,059,000		6,809,000

Stock-Based Compensation

Stock-Based Compensation

Goodwill

Goodwill

Goodwill is not amortized, but is tested at least annually for impairment, or if circumstances occur that more likely than not reduce the fair value of the reporting unit below its carrying amount.

The Company has determined that there has been no impairment of goodwill at March 31, 2022 and 2021.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedule of credit and concentration risks

	Percentage of Sales
Customer	March 31, 2022			March 31, 2021
	(Unaudited)			(Unaudited)
1		27.1	%		33.8	%
2		25.2	%		26.6	%
3		18.5	%		17.5	%

	Percentage of Receivables
	March 31,			December 31,
Customer	2022			2021
	(Unaudited)
1		46.1	%		50.3	%
2		15.4	%		12.7	%
3		14.4	%		11.7	%

Schedule of anti-dilutive securities

	Three Months Ended
	March 31, 2022		March 31, 2021
	(Unaudited)		(Unaudited)
Stock Options		2,084,000		191,000
Warrants		1,261,000		1,423,000
		3,345,000		1,614,000

Three Months Ended

March 31,
2022 March 31,
2021

(Unaudited) (Unaudited)

Stock Options 1,000 1,991,000

Warrants
-
760,000

Convertible notes payable 4,058,000 4,058,000

4,059,000 6,809,000

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

	March 31,			December 31,
	2022			2021

Land	$	300,000		$	300,000
Buildings and Improvements		1,817,000			1,723,000
Machinery and Equipment		22,124,000			22,013,000
Finance Lease Machinery and Equipment		375,000			375,000
Tools and Instruments		13,091,000			12,866,000
Automotive Equipment		200,000			200,000
Furniture and Fixtures		290,000			290,000
Leasehold Improvements		882,000			882,000
Computers and Software		583,000			583,000
Total Property and Equipment		39,662,000			39,232,000
Less: Accumulated Depreciation		(31,493,000	)		(30,828,000	)
Property and Equipment, net	$	8,169,000		$	8,404,000

Operating Lease Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Disclosure Text Block [Abstract]

Schedule of operating and finance leases

	March 31,			December 31,
	2022			2021
	(unaudited)
Weighted Average Remaining Lease Term - in years		4.38			4.53
Weighted Average discount rate - %		8.93	%		8.89	%

Schedule of aggregate undiscounted cash flows of operating lease payments

	Amount
December 31, 2022 (remainder of year)	$	758,000
December 31, 2023		1,038,000
December 31, 2024		1,066,000
December 31, 2025		992,000
December 31, 2026		730,000
Total future minimum lease payments		4,584,000
Less: discount		(821,000	)
Total operating lease maturities		3,763,000
Less: current portion of operating lease liabilities		(708,000	)
Total long term portion of operating lease maturities	$	3,055,000

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of notes payable, related party notes payable and finance lease obligations

	March 31,			December 31,
	2022			2021
	(unaudited)
Revolving credit note payable to Webster Bank (F/K/A Sterling National Bank) (“Webster”)	$	11,555,000		$	12,456,000
Term loan, Webster		3,999,000			4,192,000
Finance lease obligations		251,000			263,000
Loans Payable - financed assets		38,000			39,000
Related party notes payable		6,412,000			6,412,000
Subtotal		22,255,000			23,362,000
Less: Current portion of notes payable, related party notes payable and finance lease obligations		(13,278,000	)		(14,112,000	)
Notes payable, related party notes payable and finance lease obligations, net of current portion	$	8,977,000		$	9,250,000

Schedule of future minimum principal payments for the Webster term loan

For the period ending	Amount
December 31, 2022 (remainder of the year)	$	1,463,000
December 31, 2023		812,000
December 31, 2024		812,000
December 31, 2025		912,000
Webster Term Loan payable		3,999,000
Less: debt issuance costs		(24,000	)
Total Webster Term Loan payable, net of debt issuance costs		3,975,000
Less: Current portion of Webster Term Loan payable		(812,000	)
Total long-term portion of Webster Term Loan payable	$	3,163,000

Schedule of future minimum lease payments

For the period ending	Amount
December 31, 2022 (remainder of the year)	$	44,000
December 31, 2023		58,000
December 31, 2024		58,000
December 31, 2025		58,000
December 31, 2026		59,000
Total future minimum finance lease payments		277,000
Less: imputed interest		(26,000	)
Less: Current portion		(49,000	)
Long-term portion	$	202,000

Schedule of future minimum loan payments

For the period ending	Amount
December 31, 2022 (remainder of the year)	$	7,000
December 31, 2023		9,000
December 31, 2024		9,000
December 31, 2025		9,000
December 31. 2026		4,000
Loans Payable - financed assets		38,000
Less: Current portion		(9,000	)
Long-term portion	$	29,000

Schedule of subordinated principal balance of the notes

	Michael Taglich,		Robert Taglich,		Taglich Brothers,
	Chairman		Director		Inc.		Total
Convertible Subordinated Notes	$	2,666,000	$	1,905,000	$	241,000	$	4,812,000
Subordinated Notes		1,250,000		350,000		-		1,600,000
Total	$	3,916,000	$	2,255,000	$	241,000	$	6,412,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of activity within the liability account

	March 31, 2022			December 31, 2021
	(unaudited)
Liabilities related to sale of future proceeds from disposition of subsidiaries - beginning balance	$	59,000		$	322,000
Non-Cash other income recognized		(89,000	)		(360,000	)
Non-Cash interest expense recognized		38,000			97,000
Liabilities related to sale of future proceeds from disposition of subsidiary - ending balance		8,000			59,000
Less: unamortized transaction costs		(3,000	)		(3,000	)
Liability related to sale of future proceeds from disposition of subsidiary, net	$	5,000		$	56,000

Summary of Significant Accounting Policies (Details)	3 Months Ended		12 Months Ended
Summary of Significant Accounting Policies (Details)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Summary of Significant Accounting Policies (Details) [Line Items]
Stock based compensation expense (in Dollars)	$ 66,000	$ 157,000
Goodwill (in Dollars)	$ 163,000		$ 163,000
Percentage of sales [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Number of customers	3	3
Concentration risk percentage	70.80%	77.90%
Accounts Receivable [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Number of customers	3		3
Concentration risk percentage	75.90%		74.70%
Director [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Stock based compensation expense (in Dollars)	$ 54,000	$ 52,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Summary of Significant Accounting Policies (Details) - Schedule of credit and concentration risks	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Customer One [Member] \| Percentage of Sales [Member]
Concentration Risk [Line Items]
Percentage of Sales	27.10%	33.80%
Customer One [Member] \| Percentage of Receivables [Member]
Concentration Risk [Line Items]
Percentage of Sales	46.10%		50.30%
Customers Two [Member] \| Percentage of Sales [Member]
Concentration Risk [Line Items]
Percentage of Sales	25.20%	26.60%
Customers Two [Member] \| Percentage of Receivables [Member]
Concentration Risk [Line Items]
Percentage of Sales	15.40%		12.70%
Customers Three [Member] \| Percentage of Sales [Member]
Concentration Risk [Line Items]
Percentage of Sales	18.50%	17.50%
Customers Three [Member] \| Percentage of Receivables [Member]
Concentration Risk [Line Items]
Percentage of Sales	14.40%		11.70%

Summary of Significant Accounting Policies (Details) - Schedule of anti-dilutive securities - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Summary of Significant Accounting Policies (Details) - Schedule of anti-dilutive securities [Line Items]
Securities excluded from calculation due to exercise price in excess of average market share	3,345,000	1,614,000
Antidilutive securities excluded from computation of earnings per share, amount	4,059,000	6,809,000
Stock Options [Member]
Summary of Significant Accounting Policies (Details) - Schedule of anti-dilutive securities [Line Items]
Securities excluded from calculation due to exercise price in excess of average market share	2,084,000	191,000
Antidilutive securities excluded from computation of earnings per share, amount	1,000	1,991,000
Warrants [Member]
Summary of Significant Accounting Policies (Details) - Schedule of anti-dilutive securities [Line Items]
Securities excluded from calculation due to exercise price in excess of average market share	1,261,000	1,423,000
Antidilutive securities excluded from computation of earnings per share, amount		760,000
Convertible notes payable [Member]
Summary of Significant Accounting Policies (Details) - Schedule of anti-dilutive securities [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	4,058,000	4,058,000

Property and Equipment (Details) - USD ($)	3 Months Ended
Property and Equipment (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Property and Equipment (Details) [Line Items]
Depreciation expense	$ 665,000	$ 713,000
Property, Plant and Equipment [Member]
Property and Equipment (Details) [Line Items]
Accumulated depreciation	$ 11,000	$ 36,000

Property and Equipment (Details) - Schedule of property and equipment - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total Property and Equipment	$ 39,662,000	$ 39,232,000
Less: Accumulated Depreciation	(31,493,000)	(30,828,000)
Property and Equipment, net	8,169,000	8,404,000
Land [Member]
Property, Plant and Equipment [Line Items]
Total Property and Equipment	300,000	300,000
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total Property and Equipment	1,817,000	1,723,000
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Property and Equipment	22,124,000	22,013,000
Finance Lease Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Property and Equipment	375,000	375,000
Tools and Instruments [Member]
Property, Plant and Equipment [Line Items]
Total Property and Equipment	13,091,000	12,866,000
Automotive Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Property and Equipment	200,000	200,000
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total Property and Equipment	290,000	290,000
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total Property and Equipment	882,000	882,000
Computers and Software [Member]
Property, Plant and Equipment [Line Items]
Total Property and Equipment	$ 583,000	$ 583,000

Operating Lease Liabilities (Details)	3 Months Ended
Operating Lease Liabilities (Details)	Mar. 31, 2022
Disclosure Text Block [Abstract]
Operating lease term description	The leases have remaining lease terms of one to five years, some of which include options to extend or terminate the leases.
Remaining lease term	1 year

Operating Lease Liabilities (Details) - Schedule of operating and finance leases	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Schedule of operating and finance leases [Abstract]
Weighted Average Remaining Lease Term - in years	4 years 4 months 17 days	4 years 6 months 10 days
Weighted Average discount rate - %	8.93%	8.89%

Operating Lease Liabilities (Details) - Schedule of aggregate undiscounted cash flows of operating lease payments	Mar. 31, 2022 USD ($)
Schedule of aggregate undiscounted cash flows of operating lease payments [Abstract]
December 31, 2022 (remainder of year)	$ 758,000
December 31, 2023	1,038,000
December 31, 2024	1,066,000
December 31, 2025	992,000
December 31, 2026	730,000
Total future minimum lease payments	4,584,000
Less: discount	(821,000)
Total operating lease maturities	3,763,000
Less: current portion of operating lease liabilities	(708,000)
Total long term portion of operating lease maturities	$ 3,055,000

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - USD ($)				3 Months Ended		12 Months Ended
	Dec. 07, 2021	Jun. 14, 2021	Nov. 06, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]
Revolving credit loan debt to Webster				$ 5,685,000
Outstanding under revolving line of credit				11,555,000
Revolving line of credit under term loan				3,999,000
Webster facility, description		In June 2021, the Company entered into the Second Amendment to the Loan and Security Agreement, which clarified the definition and calculation of Excess Cash Flow, and to confirm the due date of required payment of the Excess Cash Flow payment. For so long as the Webster term loan remains outstanding, if Excess Cash Flow (as defined) is a positive number for any fiscal year the Company shall pay to Webster an amount equal to the lesser of (i) twenty-five percent (25%) of the Excess Cash Flow for such fiscal year and (ii) the outstanding principal balance of the term loan. Such payment shall be made to Webster and applied to the outstanding principal balance of the term loan, on or prior to the close of the fiscal year immediately following such fiscal year. The Company made Excess Cash Flow payments of $558,750 in 2021 (for the fiscal year ended December 31, 2020) and paid $854,000 in April 2022 (for fiscal year ended December 31, 2021). In connection with these changes, the Company paid an amendment fee of $10,000.				As of December 31, 2021, our debt to Webster in the amount of $16,648,000 consisted of the Webster revolving line of credit note in the amount of $12,456,000 and the Webster term loan in the amount of $4,192,000.
Interest expense				$ 155,000	$ 181,000
Loan and security agreement, description			the Company entered into the First Amendment to the Loan and Security Agreement which increased the Term Loan to $5,685,000 and required the Company to make monthly principal installments in the amount of $67,679 beginning on December 1, 2020. Other minor modifications were made and the Company paid an amendment fee of $20,000.
Line of credit term description	The purpose of the amendment was to provide a maturity date for the Webster Facility of December 30, 2025 as compared to the original maturity date of December 30, 2022. Such amendment also increased the Revolving Line of Credit to its current limit of $20,000,000 (up from the original $16,000,000) and also provided for a similar increase in the inventory sublimit to $14,000,000 (up from the original $11,000,000). The Third Amendment, also allows the Company, subject to certain limitations, to begin amortizing a portion of its subordinated debt. In connection with these changes, the Company paid an amendment fee of $75,000.
Finance lease						$ 262,000
Lease imputed interest Percentage						4.20%
Robert and Michael Taglich [Member]
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]
Loan facility, description				From 2016 through 2020, the Company entered into various subordinated notes payable and convertible subordinated notes payable with Michael and Robert Taglich. These notes resulted in proceeds to the Company totaling $6,550,000. In connection with these notes, Michael and Robert were issued a total of 355,082 shares of common stock and Taglich Brothers Inc. was issued promissory notes totaling $554,000 for placement agency fees. At December 31, 2020, related party notes payable totaled $6,012,000 and accrued interest totaled $400,000. On January 1, 2021, the related party subordinated notes due to Michael and Robert Taglich and Taglich Brothers, Inc., were amended to include all accrued interest through December 31, 2020 in the principal balance of the notes. Per the terms of the Webster Facility, these notes remain subordinate to the Webster Facility and are due on July 1, 2026. Approximately $2,732,000 of the related party subordinated notes can be converted at the option of the holder into Common Stock of the Company at $1.50 per share, while the remaining $2,080,000 of the related party subordinated notes can be converted at the option of the holder into common stock of the Company at $0.93 per share.
Webster Bank [Member]
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]
Revolving credit loan term amount						$ 20,000,000
Loan facility, description				In connection with the Webster Facility, the Company is required to maintain a defined Fixed Charge Coverage Ratio of 1.25 to 1.00 at the end of each Fiscal Quarter.
Webster Loans [Member]
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]
Loan balance, description				Under the terms of the Webster Facility, both the Webster revolving line of credit and the Webster term loan will bear an interest rate equal to the greater of (i) 3.50% and (ii) a rate per annum equal to the rate per annum published from time to time in the “Money Rates” table of the Wall Street Journal (or such other presentation within The Wall Street Journal as may be adopted hereafter for such information) as the base or prime rate for corporate loans at the nation’s largest commercial bank, less sixty-five hundredths (-0.65%) of one percent per annum. The average interest rate charged during both of the three months ended March 31, 2022 and 2021 was 3.5%.
Notes Payable to Banks [Member]
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]
Loan Payable – Financed Asset				$ 37,000	39,000
Interest expense				$ 125,000	$ 125,000

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of notes payable, related party notes payable and finance lease obligations - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Schedule of notes payable, related party notes payable and finance lease obligations [Abstract]
Revolving credit note payable to Webster Bank (F/K/A Sterling National Bank) (“Webster”)	$ 11,555,000	$ 12,456,000
Term loan, Webster	3,999,000	4,192,000
Finance lease obligations	251,000	263,000
Loans Payable - financed assets	38,000	39,000
Related party notes payable	6,412,000	6,412,000
Subtotal	22,255,000	23,362,000
Less: Current portion of notes payable, related party notes payable and finance lease obligations	(13,278,000)	(14,112,000)
Notes payable, related party notes payable and finance lease obligations, net of current portion	$ 8,977,000	$ 9,250,000

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of future minimum principal payments for the Webster term loan - Term Loans [Member]	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
December 31, 2022 (remainder of the year)	$ 1,463,000
December 31, 2023	812,000
December 31, 2024	812,000
December 31, 2025	912,000
Webster Term Loan payable	3,999,000
Less: debt issuance costs	(24,000)
Total Webster Term Loan payable, net of debt issuance costs	3,975,000
Less: Current portion of Webster Term Loan payable	(812,000)
Total long-term portion of Webster Term Loan payable	$ 3,163,000

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of future minimum lease payments	Mar. 31, 2022 USD ($)
Schedule of future minimum lease payments [Abstract]
December 31, 2022 (remainder of the year)	$ 44,000
December 31, 2023	58,000
December 31, 2024	58,000
December 31, 2025	58,000
December 31, 2026	59,000
Total future minimum finance lease payments	277,000
Less: imputed interest	(26,000)
Less: Current portion	(49,000)
Long-term portion	$ 202,000

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of future minimum loan payments - Loans Payable [Member]	Mar. 31, 2022 USD ($)
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of future minimum loan payments [Line Items]
December 31, 2022 (remainder of the year)	$ 7,000
December 31, 2023	9,000
December 31, 2024	9,000
December 31, 2025	9,000
December 31. 2026	4,000
Loans Payable - financed assets	38,000
Less: Current portion	(9,000)
Long-term portion	$ 29,000

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of subordinated principal balance of the notes	Mar. 31, 2022 USD ($)
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of subordinated principal balance of the notes [Line Items]
Convertible Subordinated Notes	$ 4,812,000
Subordinated Notes	1,600,000
Total	6,412,000
Michael Taglich, Chairman [Member]
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of subordinated principal balance of the notes [Line Items]
Convertible Subordinated Notes	2,666,000
Subordinated Notes	1,250,000
Total	3,916,000
Robert Taglich, Director [Member]
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of subordinated principal balance of the notes [Line Items]
Convertible Subordinated Notes	1,905,000
Subordinated Notes	350,000
Total	2,255,000
Taglich Brothers, Inc. [Member]
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Schedule of subordinated principal balance of the notes [Line Items]
Convertible Subordinated Notes	241,000
Subordinated Notes
Total	$ 241,000

Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary (Details) - USD ($)		3 Months Ended
	Jan. 15, 2019	Mar. 31, 2022	Mar. 31, 2021
Liability Related To Sale Of Future Proceeds From Disposition Of Subsidiary [Abstract]
Sale of subsidiary, description		In connection with the sale of the Company’s wholly-owned subsidiary, AMK Welding, Inc. (“AMK”) to Meyer Tool, Inc., (“Meyer”) in 2017, Meyer was obligated to pay the Company within 30 days after the end of each calendar quarter, commencing April 1, 2017, an amount equal to five (5%) percent of the net sales of AMK for that quarter until the aggregate payments made to the Company (the “Meyer Agreement”) equals $1,500,000 (the “Maximum Amount”).
Purchase agreement, description	On January 15, 2019, the Company entered into a “Purchase Agreement” with 15 accredited investors (the “Purchasers”), including Michael and Robert Taglich, pursuant to which the Company assigned to the Purchasers all of its rights, title and interest to the remaining $1,137,000 of the $1,500,000 in payments due from Meyer for the sale of AMK (the “Remaining Amount”) for an immediate payment of $800,000, including $100,000 from each of Michael and Robert Taglich, and $75,000 for the benefit of the children of Michael Taglich. The timing of the payments is based upon the net sales of AMK. If the Purchasers have not received the entire Remaining Amount by March 31, 2023, they have the right to demand payment of their pro rata portion of the unpaid Remaining Amount from the Company (“Put Right”). To the extent the Purchasers exercise their Put Right, the remaining payments from Meyer will be retained by the Company.
Non-cash income		$ 89,000	$ 104,000
Non-Cash other income		$ 38,000	$ 31,000

Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary (Details) - Schedule of activity within the liability account - Subsidiary [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary (Details) - Schedule of activity within the liability account [Line Items]
Liabilities related to sale of future proceeds from disposition of subsidiaries - beginning balance	$ 59,000	$ 322,000
Non-Cash other income recognized	(89,000)	(360,000)
Non-Cash interest expense recognized	38,000	97,000
Liabilities related to sale of future proceeds from disposition of subsidiary - ending balance	8,000	59,000
Less: unamortized transaction costs	(3,000)	(3,000)
Liability related to sale of future proceeds from disposition of subsidiary, net	$ 5,000	$ 56,000

Stockholders' Equity (Details) - USD ($)	3 Months Ended
Stockholders' Equity (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Stockholders' Equity (Details) [Line Items]
Shares issued			51,224
Common stock shares issued		32,183,221		32,128,006
Common Stock [Member]
Stockholders' Equity (Details) [Line Items]
Shares issued		55,215	41,960
Director fees (in Dollars)		$ 54,000	$ 52,000
Second Quarter [Member]
Stockholders' Equity (Details) [Line Items]
Common stock shares issued	64,292
Directors fees totaling (in Dollars)	$ 54,000

Contingencies (Details) - USD ($)	Jul. 08, 2021	Oct. 02, 2018
Contingencies [Abstract]
Damages amount		$ 1,000,000
Damages claim	$ 700,000

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Annual effective tax rate	0.00%	0.00%