0001213900-24-098038 | 10-Q | XBRL Viewer

Income Taxes	9 Months Ended
Sep. 30, 2024
Income Taxes [Abstract]
INCOME TAXES	Note 9. INCOME TAXES The Company recorded no income tax expense for the three and nine months ended September 30, 2024 and 2023 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 September 30, 2024, and December 31, 2023, 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.

Income Taxes

9 Months Ended

Sep. 30, 2024

Note 9. INCOME TAXES

The Company recorded no income tax expense for the three and nine months ended September 30, 2024 and 2023 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 September 30, 2024, and December 31, 2023, 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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Details) - Schedule of Allowance for Credit Losses - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Schedule of Allowance for Credit Losses [Abstract]
Balance at Beginning of Period, Allowance for Credit Losses	$ 344,000	$ 281,000
Charged to Expenses, Allowance for Credit Losses	26,000	67,000
Deductions from the Allowance, Allowance for Credit Losses	(133,000)
Balance at End of Period, Allowance for Credit Losses	$ 237,000	$ 348,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (812,000)	$ (2,312,000)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation of property and equipment	1,533,000	1,807,000
Stock-based compensation	302,000	422,000
Amortization of Finance Lease Right-of-Use Assets	128,000	46,000
Amortization of Operating Lease Right-of-Use Assets	500,000	449,000
Deferred gain on sale - leaseback	(29,000)	(29,000)
Gain on sale of equipment	(7,000)
Changes in allowance for credit losses	(106,000)	38,000
Amortization of deferred financing costs	51,000	51,000
(Increase) Decrease in Operating Assets:
Accounts receivable	739,000	4,224,000
Inventory	(658,000)	473,000
Prepaid expenses and other current assets	(17,000)	72,000
Prepaid taxes	(18,000)
Deposits and other assets	379,000	(20,000)
Increase (Decrease) in Operating Liabilities:
Accounts payable and accrued expenses	1,010,000	(251,000)
Operating lease liabilities	(647,000)	(572,000)
Customer deposits	(1,840,000)	2,695,000
NET CASH PROVIDED BY OPERATING ACTIVITIES	508,000	7,093,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(1,500,000)	(1,867,000)
Proceeds from sale of equipment	7,000
NET CASH USED IN INVESTING ACTIVITIES	(1,493,000)	(1,867,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Note payable - revolver - net - Current Credit Facility	633,000	(4,908,000)
Proceeds from term loan - Current Credit Facility	1,006,000	740,000
Proceeds from term loan - CT Green Bank		393,000
Payments of term loan - Current Credit Facility	(665,000)	(876,000)
Payments of deferred financing costs		(25,000)
Payments of finance lease obligations	(143,000)	(84,000)
Payments of loan payable - financed asset	(6,000)	(7,000)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	825,000	(4,767,000)
NET (DECREASE) INCREASE IN CASH	(160,000)	459,000
CASH AT BEGINNING OF PERIOD	346,000	281,000
CASH AT END OF PERIOD	186,000	740,000
Supplemental cash flow information
Cash paid during the nine month period for interest	1,387,000	1,472,000
Supplemental disclosure of non-cash investing and financing activities
Acquisition of financed lease asset	319,000	679,000
Financing from Solar Credit Facility directly to contractor	$ 506,000

Stock Options and Restricted Stock Units (Tables)

9 Months Ended

Sep. 30, 2024

Stock Options and Restricted Stock Units [Abstract]

Schedule of Estimated Using the Black-Sholes Option-Pricing Model

The fair values of stock options granted were estimated using the Black-Sholes option-pricing model with the following assumptions for the nine months ended September 30:

	2024			2023
Risk-free interest rates		3.80	%		3.90	%
Expected life (in years)		2.7			2.7
Expected volatility		63.6	%		61.0	%
Dividend yield		0.00	%		0.00	%

Weighted-average grant date fair value per share	$	3.75		$	3.46

Schedule of Company’s Stock Options

A summary of the status of the Company’s stock options as of September 30, 2024 and December 31, 2023, and changes during the periods then ended are presented below.

	Options			Wtd. Avg. Exercise Price
Balance, January 1, 2023		303,050		$	11.70
Granted during the period		189,620			3.46
Exercised during the period		-			-
Terminated/Expired during the period		(30,800	)		13.60
Balance, December 31, 2023		461,870		$	8.34
Granted during the period		80,000			3.75
Exercised during the period		(32,867	)		3.45
Terminated/Expired during the period		(91,000	)		9.84
Balance, September 30, 2024		418,003		$	7.01

Exercisable at September 30, 2024		353,005		$	7.63

Schedule of Summarizes Information About Outstanding Stock Options

The following table summarizes information about outstanding stock options at September 30, 2024:

Range of Exercise Price			Number Outstanding				Wtd. Avg, Life		Wtd. Avg. Exercise Price
$3.46 - $15.60				418,003			2.8 Years		$ 7.63

The following table summarizes information about outstanding stock options at December 31, 2023:

Range of Exercise Price			Number Exercisable				Wtd. Avg, Life		Wtd. Avg. Exercise Price
$3.46 - $15.60				461,870			2.9 Years		$ 8.34

Schedule of Company’s RSUs

A summary of the status of the Company’s RSUs as of September 30, 2024 is presented below.

	Number of Units		Wtd. Avg. Grant Date Fair Value per Unit
Unvested units as of January 1, 2024		-	$	-
Granted during the period		282,628		6.06
Vested during the period		-		-
Forfeited During the period		-		-
Unvested Units as of September 30, 2024		282,628	$	6.06

Vested as of September 30, 2024		-	$	-

Operating Lease Liabilities (Details) - Schedule of Remaining Lease Terms - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Remaining Lease Terms [Abstract]
Operating lease cost:	$ 326,000	$ 295,000	$ 966,000	$ 839,000
Total lease cost	326,000	295,000	966,000	839,000
Other Information
Cash paid for amounts included in the measurement lease liability:	266,000	258,000	797,000	773,000
Operating cash flow from operating leases	$ 266,000	$ 258,000	$ 797,000	$ 773,000

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property and Equipment [Abstract]

Schedule of Property and Equipment

The components of property and equipment at September 30, 2024 and December 31, 2023 consisted of the following:

	September 30,			December 31,
	2024			2023

Land	$	300,000		$	300,000
Buildings and Improvements		2,712,000			2,206,000		31.5 years
Machinery and Equipment		25,416,000			24,552,000		5 - 8 years
Tools and Instruments		14,805,000			14,314,000		1.5 - 7 years
Automotive Equipment		266,000			266,000		5 years
Furniture and Fixtures		299,000			299,000		5 - 8 years
Leasehold Improvements		1,126,000			1,025,000		Term of lease
Computers and Software		605,000			605,000		4 - 6 years
Total Property and Equipment		45,529,000			43,567,000
Less: Accumulated Depreciation		(37,008,000	)		(35,519,000	)
Property and Equipment, net	$	8,521,000		$	8,048,000

Debt (Details) - Schedule of Weighted Average Remaining Lease Term and Discount Rate	Sep. 30, 2024	Dec. 31, 2023
Schedule of Operating Leases Weighted Average [Abstract]
Weighted Average Remaining Lease Term - in years	5 years	5 years 4 months 24 days
Weighted Average Discount rate - %	7.44%	7.31%

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

Note 8. COMMITMENTS AND CONTINGENCIES

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 the Company’s former 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 alleged violation of the terms of the subject sublease, specifically the failure to make the entire premises available by the Sublease commencement date. The validity of the action is extremely suspect in that the subject sublease had no specific commencement date and Contract Pharmacal ultimately received all the space. Discovery was conducted and the Plaintiff moved for summary judgement and to amend its complaint to add a new cause of action all of which the company opposed. On July 8, 2021, the Court denied Contract Phamacal’s motion for summary judgement and to add an additional cause of action. 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 both of which benefit the Company. Following the Court’s decision, Contract Pharmacal filed a Motion to reargue its original motion which the Company again opposed. The Court denied that motion on November 30, 2021 and then on March 10, 2022, Contract Pharmacal filed an appeal of the Court’s decision with the Appellate Division of the State of New York. Once again, the Company opposed that action. The Company was again successful as the Appellate Division upheld the lower court’s denial of Contract Pharmacal’s motion for summary judgement and its motion to amend its Complaint. Contract Pharmacal has now submitted a motion to the Appellate Division requesting leave to reargue the court’s denial of its original appeal. The Company will oppose that motion to reargue. The Company continues to dispute the validity of the claims asserted by Contract Pharmacal and intends to contest them vigorously. We anticipate that due to this newest action by Contract Pharmacal nothing of consequence will happen over the next twelve months.

From time to time the Company may be engaged in various lawsuits and legal proceedings in the ordinary course of business. The Company is currently not aware of any legal proceedings the ultimate outcome of which, in its judgment based on information currently available, would have a material adverse effect on its business, financial condition or operating results. There are no proceedings in which any of the Company’s directors, officers or affiliates, or any registered or beneficial stockholder of its common stock, is an adverse party or has a material interest adverse to our interest.

Summary of Significant Accounting Policies (Details) - Schedule of Anti-Dilutive Due to the Net Loss - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Anti-Dilutive Due to the Net Loss [Line Items]
Anti-dilutive shares	842,678	405,800	842,678	405,800
Stock Options [Member]
Schedule of Anti-Dilutive Due to the Net Loss [Line Items]
Anti-dilutive shares	154,250		154,250
Restricted Stock Units [Member]
Schedule of Anti-Dilutive Due to the Net Loss [Line Items]
Anti-dilutive shares	282,628		282,628
Convertible notes payable [Member]
Schedule of Anti-Dilutive Due to the Net Loss [Line Items]
Anti-dilutive shares	405,800	405,800	405,800	405,800

Summary of Significant Accounting Policies (Details) - Schedule of Credit and Concentration Risks - Credit Concentration Risk [Member] - Accounts Receivable [Member]

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

RTX [Member]

Schedule of Credit and Concentration Risks [Line Items]

Concentration risk, percentage

^[1]

43.50%

45.50%

Lockheed [Member]

Schedule of Credit and Concentration Risks [Line Items]

Concentration risk, percentage

13.90%

3.70%

Northrop [Member]

Schedule of Credit and Concentration Risks [Line Items]

Concentration risk, percentage

13.70%

8.20%

Boeing [Member]

Schedule of Credit and Concentration Risks [Line Items]

Concentration risk, percentage

16.00%

[1]	RTX includes Collins Landing Systems and Collins Aerostructures

Property and Equipment

9 Months Ended

Sep. 30, 2024

Property and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Note 3. PROPERTY AND EQUIPMENT

The components of property and equipment at September 30, 2024 and December 31, 2023 consisted of the following:

	September 30,			December 31,
	2024			2023

Land	$	300,000		$	300,000
Buildings and Improvements		2,712,000			2,206,000		31.5 years
Machinery and Equipment		25,416,000			24,552,000		5 - 8 years
Tools and Instruments		14,805,000			14,314,000		1.5 - 7 years
Automotive Equipment		266,000			266,000		5 years
Furniture and Fixtures		299,000			299,000		5 - 8 years
Leasehold Improvements		1,126,000			1,025,000		Term of lease
Computers and Software		605,000			605,000		4 - 6 years
Total Property and Equipment		45,529,000			43,567,000
Less: Accumulated Depreciation		(37,008,000	)		(35,519,000	)
Property and Equipment, net	$	8,521,000		$	8,048,000

Depreciation expense for the three months ended September 30, 2024 and 2023 was $511,000 and $614,000, respectively. Depreciation expense for the nine months ended September 30, 2024 and 2023 was $1,533,000 and $1,807,000, respectively. Assets held under financed lease obligations are depreciated over the shorter of their related lease terms or their estimated productive lives.

Debt (Details) - Schedule of Related Party Notes Outstanding as of the Notes	Sep. 30, 2024 USD ($)
Schedule of Note Holders and the Principal Balance [Line Items]
Convertible Subordinated Notes	$ 4,812,000
Subordinated Notes	1,350,000
Total	6,162,000
Michael Taglich, Chairman [Member]
Schedule of Note Holders and the Principal Balance [Line Items]
Convertible Subordinated Notes	2,666,000
Subordinated Notes	1,000,000
Total	3,666,000
Robert Taglich, Director [Member]
Schedule of Note Holders and the Principal Balance [Line Items]
Convertible Subordinated Notes	1,905,000
Subordinated Notes	350,000
Total	2,255,000
Taglich Brothers, Inc. [Member]
Schedule of Note Holders and the Principal Balance [Line Items]
Convertible Subordinated Notes	241,000
Subordinated Notes
Total	$ 241,000

Operating Lease Liabilities (Details) - Schedule of Operating Leases Weighted Average	Sep. 30, 2024	Dec. 31, 2023
Schedule of Operating Leases Weighted Average [Abstract]
Weighted Average Remaining Lease Term - in years	1 year 11 months 12 days	2 years 7 months 28 days
Weighted Average discount rate - %	9.27%	9.10%

Debt (Details) - Schedule of Future Minimum Finance lease Payment	Sep. 30, 2024 USD ($)
Schedule of Future Minimum Finance lease Payment [Abstract]
December 31, 2024 (remainder of year)	$ 73,000
December 31, 2025	291,000
December 31, 2026	266,000
December 31, 2027	190,000
December 31, 2028	190,000
Thereafter	264,000
Total future minimum finance lease payments	1,274,000
Less: imputed interest	(213,000)
Less: Current portion	(219,000)
Long-term portion	$ 842,000

Summary of Significant Accounting Policies (Details) - Schedule of Revenue from Contracts with Customers - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Revenue from Contracts with Customers [Line Items]
Revenue from contracts with customers, total	$ 12,555,000	$ 12,293,000	$ 40,188,000	$ 38,047,000
Military [Member]
Schedule of Revenue from Contracts with Customers [Line Items]
Revenue from contracts with customers, total	7,968,000	10,144,000	28,272,000	31,513,000
Commercial [Member]
Schedule of Revenue from Contracts with Customers [Line Items]
Revenue from contracts with customers, total	$ 4,587,000	$ 2,149,000	$ 11,916,000	$ 6,534,000

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders’ Equity

9 Months Ended

Sep. 30, 2024

Stockholders’ Equity [Abstract]

STOCKHOLDERS’ EQUITY

Note 6. STOCKHOLDERS’ EQUITY

Common Stock – Issuance of Securities

The Company issued 12,252 and 15,230 shares of common stock in payment of director fees totaling $40,000 and $54,000 for the three months ended September 30, 2024 and 2023, respectively, and 32,517 and 41,890 shares totaling $116,000 and $162,000 for the nine months ended September 30, 2024 and 2023, respectively.

The Company issued 13,754 and 15,229 shares, of common stock to net settle the exercise of stock options for three and nine months ended September 30, 2024, respectively. There were no issuances of common stock due to the exercise of stock options for the three and nine months ended September 30, 2023.

During the fourth quarter of 2024, the Company issued 7,328 shares of common stock in payment of directors’ fees totaling $39,000.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Property and Equipment (Details) - USD ($)	3 Months Ended		9 Months Ended
Property and Equipment (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property and Equipment [Abstract]
Depreciation expense	$ 511,000	$ 614,000	$ 1,533,000	$ 1,807,000

Stock Options and Restricted Stock Units (Details) - Schedule of Company’s Stock Options - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Schedule of Company’s Stock Options [Abstract]
Balance at beginning, Options	461,870	303,050
Balance at beginning, Wtd. Avg. Exercise Price	$ 8.34	$ 11.7
Granted during the period, Options	80,000	189,620
Granted during the period, Wtd. Avg. Exercise Price	$ 3.75	$ 3.46
Exercised during the period, Options	(32,867)
Exercised during the period, Wtd. Avg. Exercise Price	$ 3.45
Terminated/Expired during the period, Options	(91,000)	(30,800)
Terminated/Expired during the period, Wtd. Avg. Exercise Price	$ 9.84	$ 13.6
Balance at ending, Options	418,003	461,870
Balance at ending, Wtd. Avg. Exercise Price	$ 7.01	$ 8.34
Exercisable, Options	353,005
Exercisable, Wtd. Avg. Exercise Price	$ 7.63

Organization and Basis of Presentation (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Organization and Basis of Presentation [Line Items]
Cash from operating activities	$ 508,000	$ 7,093,000
Total outstanding debt	24,976,000		$ 23,310,000
Increased amount of backlog	$ 105,200,000		98,100,000
Term Loan [Member]
Organization and Basis of Presentation [Line Items]
Expiry date	Dec. 30, 2025
Term loan, current amount	$ 5,401,000		5,045,000
Line of Credit [Member]
Organization and Basis of Presentation [Line Items]
Credit facility maximum	16,838,000
Increase of credit facility			$ 989,000
Current credit facility	$ 814,000

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts Receivable, Net of Allowance for Credit Losses (in Dollars)	$ 237,000	$ 344,000
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	6,000,000	6,000,000
Common stock, shares issued	3,350,791	3,303,045
Common stock, shares outstanding	3,350,791	3,303,045

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

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Sales	$ 12,555,000	$ 12,293,000	$ 40,188,000	$ 38,047,000
Cost of Sales	10,614,000	11,065,000	33,697,000	32,769,000
Gross Profit	1,941,000	1,228,000	6,491,000	5,278,000
Operating Expenses	1,874,000	2,024,000	5,931,000	6,160,000
Income (Loss) from Operations	67,000	(796,000)	560,000	(882,000)
Interest Expense	(364,000)	(398,000)	(1,064,000)	(1,118,000)
Other Income, Net	11,000	13,000	46,000	42,000
Loss before Income Taxes	(404,000)	(1,299,000)	(812,000)	(2,312,000)
Provision for Income Taxes
Net Loss	$ (404,000)	$ (1,299,000)	$ (812,000)	$ (2,312,000)
Loss per share - Basic (in Dollars per share)	$ (0.12)	$ (0.4)	$ (0.24)	$ (0.71)
Loss per share - Diluted (in Dollars per share)	$ (0.12)	$ (0.4)	$ (0.24)	$ (0.71)
Weighted Average Shares Outstanding - Basic (in Shares)	3,338,705	3,286,682	3,326,245	3,270,399
Weighted Average Shares Outstanding - Diluted (in Shares)	3,338,705	3,286,682	3,326,245	3,270,399
Related Party
Interest Expense - Related Parties	$ (118,000)	$ (118,000)	$ (354,000)	$ (354,000)

Stock Options and Restricted Stock Units (Details) - Schedule of Estimated Using the Black-Sholes Option-Pricing Model - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Schedule of Estimated Using the Black-Sholes Option-Pricing Model [Abstract]
Risk-free interest rates	3.80%	3.90%
Expected life (in years)	2 years 8 months 12 days	2 years 8 months 12 days
Expected volatility	63.60%	61.00%
Dividend yield	0.00%	0.00%
Weighted-average grant date fair value per share (in Dollars per share)	$ 3.75	$ 3.46

Property and Equipment (Details) - Schedule of Property and Equipment - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Schedule of Property and Equipment [Line Items]
Property and equipment, gross	$ 45,529,000	$ 43,567,000
Less: Accumulated Depreciation	(37,008,000)	(35,519,000)
Property and Equipment, net	8,521,000	8,048,000
Land [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, gross	300,000	300,000
Buildings and Improvements [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, gross	$ 2,712,000	2,206,000
Property and equipment, useful lives	31 years 6 months
Machinery and Equipment [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, gross	$ 25,416,000	24,552,000
Tools and Instruments [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, gross	14,805,000	14,314,000
Automotive Equipment [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, gross	$ 266,000	266,000
Property and equipment, useful lives	5 years
Furniture and Fixtures [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, gross	$ 299,000	299,000
Leasehold Improvements [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, gross	$ 1,126,000	1,025,000
Property and equipment, useful lives	Term of lease
Computers and Software [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, gross	$ 605,000	$ 605,000
Minimum [Member] \| Machinery and Equipment [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, useful lives	5 years
Minimum [Member] \| Tools and Instruments [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, useful lives	1 year 6 months
Minimum [Member] \| Furniture and Fixtures [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, useful lives	5 years
Minimum [Member] \| Computers and Software [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, useful lives	4 years
Maximum [Member] \| Machinery and Equipment [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, useful lives	8 years
Maximum [Member] \| Tools and Instruments [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, useful lives	7 years
Maximum [Member] \| Furniture and Fixtures [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, useful lives	8 years
Maximum [Member] \| Computers and Software [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, useful lives	6 years

Debt (Details) - USD ($)							3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
Debt (Details) - USD ($)	Jul. 01, 2025	Oct. 01, 2024	May 31, 2024	Nov. 20, 2023	Aug. 04, 2023	Dec. 31, 2019	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2025	Mar. 31, 2025	Mar. 31, 2024	Aug. 16, 2023
Debt [Line Items]
Total debt outstanding										$ 24,976,000			$ 23,310,000
Amortization of deferred financing costs							$ 17,000	$ 17,000		$ 51,000	$ 51,000
Excess cash flow percentage										25.00%
Credit facility description										(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.
Average interest rate							7.78%	7.78%		7.83%	7.44%
Description of seventh amendment			●On May 31, 2024, the Company entered into a Seventh Amendment that waived the default caused by the Company’s failure to achieve the Fixed Charge Coverage Ratio required by the Sixth Amendment. This amendment further revised the Financial Covenants. For the six months ending June30, 2024 EBITDA shall not be less than $740,000; for the nine months ending September 30, 2024 EBITDA shall not be less than $1,500,000; for the twelve months ending December 31, 2024 EBITDA shall not be less than $2,800,000. For the rolling twelve-month period ending March 31, 2025, the Company is required to achieve a Fixed Charge Coverage Ratio of 1.05x. Beginning with the rolling twelve-month period ending June 30, 2025 and forward the Company is required to achieve a Fixed Charge Coverage Ratio of 1.25x. All other covenants remain unchanged. Additionally, this amendment increased the Term Loan by approximately $1,000,000 to $5,700,000, with monthly principal installments in the amount of $68,000. In connection with these changes, the Company paid an amendment fee of $20,000.
Finance leases							$ 1,061,000			$ 1,061,000			$ 884,000
Average imputed interest rate										7.44%			7.44%
Finance lease payments							Finance lease payments			Finance lease payments
Loan obligations							$ 16,000			$ 16,000			$ 22,000
Notes proceeds										6,550,000
Promissory notes for placement agency fees							554,000			554,000
Convertible subordinated notes							6,162,000			6,162,000
Non-convertible subordinated notes							1,350,000			1,350,000
Related party notes amount allowed to be paid under certain limitation							250,000			250,000
Convertible Subordinated Notes [Member]
Debt [Line Items]
Convertible subordinated notes							$ 2,732,000			$ 2,732,000
Convertible conversion price per share (in Dollars per share)							$ 15			$ 15
Convertible subordinated notes							$ 2,080,000			$ 2,080,000
Convertible conversion price per share (in Dollars per share)										$ 9.3
Maximum [Member]
Debt [Line Items]
Amount of EBITDA										$ 2,620,000
Minimum [Member]
Debt [Line Items]
Amount of EBITDA										1,500,000
Michael & Robert & Taglich Brothers Inc [Member]
Debt [Line Items]
Interest expense							118,000	$ 118,000		$ 354,000	$ 354,000
Issued shares (in Shares)										35,508
Total related party debt							6,162,000			$ 6,162,000
Michael & Robert & Taglich Brothers Inc [Member] \| Annual Interest Rate [Member]
Debt [Line Items]
Total related party debt							$ 2,732,000			$ 2,732,000
Annual interest rate							6.00%			6.00%
Michael & Robert & Taglich Brothers Inc [Member] \| Annual Rate 7% [Member]
Debt [Line Items]
Total related party debt							$ 2,080,000			$ 2,080,000
Annual interest rate							7.00%			7.00%
Michael & Robert & Taglich Brothers Inc [Member] \| Annual Interest Rate 12% [Member]
Debt [Line Items]
Annual interest rate							12.00%			12.00%
Michael & Robert Taglich Inc [Member] \| Annual Interest Rate 12% [Member]
Debt [Line Items]
Total related party debt							$ 1,350,000			$ 1,350,000
Current Credit Facility [Member]
Debt [Line Items]
Interest expense							332,000	380,000		980,000	1,084,000
Amount of EBITDA									$ 740,000	$ 1,500,000
Purchase money secured debt allowed					$ 2,000,000
Amendment fee paid			$ 20,000	$ 20,000	$ 10,000
Fixed charge coverage ratio				1.25%					1.20%							1.10%
Capital expenditure				$ 2,500,000
Principal of monthly installments			68,000
Current Credit Facility [Member] \| Webster Bank [Member]
Debt [Line Items]
Current credit facility expires										Dec. 30, 2025
Current Credit Facility [Member] \| Maximum [Member]
Debt [Line Items]
Term loan			5,700,000
Current Credit Facility [Member] \| Minimum [Member]
Debt [Line Items]
Term loan			$ 1,000,000
Revolving Credit Facility [Member]
Debt [Line Items]
Line of credit							11,437,000			$ 11,437,000			10,804,000
Revolving line of credit availability subject to having requisite collateral and compliance with Credit Facility							8,563,000			8,563,000
Revolving Credit Facility [Member] \| Webster Bank [Member]
Debt [Line Items]
Outstanding indebtedness						$ 20,000,000
Line of Credit [Member]
Debt [Line Items]
Outstanding indebtedness							16,838,000			16,838,000
Line of Credit [Member] \| Webster Bank [Member]
Debt [Line Items]
Term loan						$ 5,700,000
Solar Credit Facility [Member]
Debt [Line Items]
Term loan		$ 970,000
Interest expense							11,000	$ 1,000		30,000	$ 1,000
Line of credit							899,000			899,000			$ 393,000
Cumulative advance total							$ 899,000			899,000
Disbursements amount		35,000
Cumulative advances		934,000
Interest accrued		$ 36,000
Long term debt	$ 899,000
Long term debt current	0
Solar Credit Facility [Member] \| Connecticut Green Bank [Member]
Debt [Line Items]
Closing costs										$ 25,000
Interest rate percentage prior to project completion							5.00%			5.00%
Converted term		20 years
Interest rate percentage upon project completion							5.75%			5.75%
Solar Credit Facility [Member] \| Maximum [Member]
Debt [Line Items]
Cumulative advance total																	$ 934,000
Forecast [Member] \| Current Credit Facility [Member]
Debt [Line Items]
Amount of EBITDA												$ 2,800,000
Fixed charge coverage ratio														1.25%	1.05%
Forecast [Member] \| Solar Credit Facility [Member] \| Connecticut Green Bank [Member]
Debt [Line Items]
Principal interest payments	$ 42,000

Stock Options and Restricted Stock Units (Details) - Schedule of Company’s RSUs - RSUs [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Schedule of Company’s RSUs [Line Items]
Number of Units, Unvested Beginning Balance \| shares
Wtd. Avg. Grant Date Fair Value per Unit, Unvested Beginning Balance \| $ / shares
Number of Units, Granted \| shares	282,628
Wtd. Avg. Grant Date Fair Value per Unit, Granted during the period \| $ / shares	$ 6.06
Number of Units, Vested \| shares
Wtd. Avg. Grant Date Fair Value per Unit, Vested \| $ / shares
Number of Units, Forfeited \| shares
Wtd. Avg. Grant Date Fair Value per Unit, Forfeited \| $ / shares
Number of Units, Unvested Ending Balance \| shares	282,628
Wtd. Avg. Grant Date Fair Value per Unit, Unvested Ending Balance \| $ / shares	$ 6.06
Number of Units, Vested \| shares
Wtd. Avg. Grant Date Fair Value per Unit, Vested \| $ / shares

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Nov. 12, 2024
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		3,358,119
Amendment Flag	false
Entity Central Index Key	0001009891
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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, City or Town	New York
Entity Address, State or Province	NY
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

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt [Line Items]

Schedule of Current Credit Facilities and Finance Lease Obligations

Current credit facilities and finance lease obligations consist of the following:

	September 30,			December 31,
	2024			2023

Current Credit Facility - Revolver	$	11,437,000		$	10,804,000
Current Credit Facility - Term Loan		5,401,000			5,045,000
Solar Credit Facility		899,000			393,000
Finance lease obligations		1,061,000			884,000
Loans Payable - financed assets		16,000			22,000
Subtotal		18,814,000			17,148,000
Less: Current portion		(17,066,000	)		(16,036,000	)
Long-Term Portion	$	1,748,000		$	1,112,000

Schedule of Payments Due Under the Term Loan

The below table shows the timing of payments due under the Term Loan:

For the year ending	Amount
December 31, 2024 (remainder of year)	$	203,000
December 31, 2025		5,225,000
Term Loan payable		5,428,000
Less: debt issuance costs		(27,000	)
Total Term Loan payable, net of debt issuance costs		5,401,000
Less: Current portion of Term Loan payable		(5,401,000	)
Total long-term portion of Term Loan payable	$	-

Schedule of Finance Lease Obligations

The obligations for the finance leases totaled $1,061,000 and $884,000 as of September 30, 2024 and December 31, 2023, respectively. The leases have an average imputed interest rate of 7.44% per annum and are payable monthly with the final payments due between September of 2026 and May of 2030.

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Finance Lease cost:
Amortization of Right-of-Use assets	$	49,000	$	21,000	$	128,000	$	46,000
Interest on lease liabilities		20,000		17,000		53,000		33,000
Total lease Costs	$	69,000	$	38,000	$	181,000	$	79,000

Other Information:
Cash Paid for amounts included in the measurement lease liabilities:
Financing cash flow from finance lease obligations	$	51,000	$	39,000	$	143,000	$	84,000

Supplemental disclosure of non-cash activity
Acquisition of finance lease asset	$	-	$	679,000	$	319,000	$	679,000

Schedule of Weighted Average Remaining Lease Term and Discount Rate

	September 30,			December 31,
	2024			2023

Weighted Average Remaining Lease Term - in years		5.0			5.4
Weighted Average Discount rate - %		7.44	%		7.31	%

Schedule of Future Minimum Finance lease Payment

As of September 30, 2024, the aggregate future minimum finance lease payments, including imputed interest are as follows:

For the year ending	Amount
December 31, 2024 (remainder of year)	$	73,000
December 31, 2025		291,000
December 31, 2026		266,000
December 31, 2027		190,000
December 31, 2028		190,000
Thereafter		264,000
Total future minimum finance lease payments		1,274,000
Less: imputed interest		(213,000	)
Less: Current portion		(219,000	)
Long-term portion	$	842,000

Schedule of Annual Maturities

The future minimum loan payments are as follows:

For the year ending	Amount
December 31, 2024 (remainder of year)	$	3,000
December 31, 2025		9,000
December 31, 2026		4,000
Loans Payable - financed assets		16,000
Less: Current portion		(9,000	)
Long-term portion	$	7,000

The Related Party Notes outstanding as of the notes of September 30, 2024 and December 31, 2023 consist of:

	Michael Taglich, Chairman		Robert Taglich, Director		Taglich Brothers, Inc.		Total
Convertible Subordinated Notes	$	2,666,000	$	1,905,000	$	241,000	$	4,812,000
Subordinated Notes		1,000,000		350,000		-		1,350,000
Total	$	3,666,000	$	2,255,000	$	241,000	$	6,162,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Accounting Policies, by Policy (Policies)

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies [Abstract]

Accounts Receivable

Accounts Receivable

Accounts receivable are carried at the original invoice amount less an estimate made for credit losses based on a review of all outstanding amounts on a quarterly basis. Management determines the allowance for credit losses by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history, current economic conditions and other relevant factors, including specific reserves for certain accounts. Accounts receivable are written off when deemed uncollectible. Bad debt expenses are recorded in operating expenses on the condensed consolidated statements of operations.

The activity for the allowance for credit losses during the nine months ended September 30, 2024 and 2023 is set forth in the table below

	Balance at				Deductions			Balance at
	Beginning of		Charged to		from the			End of
	Period		Expenses		Allowance			Period
Nine Months ended September 30, 2024 Allowance for Credit Losses	$	344,000	$	26,000	$	(133,000	)	$	237,000
Nine Months ended September 30, 2023 Allowance for Credit Losses	$	281,000	$	67,000	$	-		$	348,000

Inventory Valuation

Inventory Valuation

The Company values inventory at the lower of cost or an estimated net realizable value. The Company periodically evaluates inventory items not secured by backlog and establishes write-downs to estimated net realizable value for excess quantities, slow-moving goods, obsolescence and for other impairments of value.

Inventories consist of the following at:

	September 30,		December 31,
	2024		2023
Raw Materials	$	6,497,000	$	4,968,000
Work In Progress		13,514,000		12,798,000
Semi-Finished Goods		9,288,000		10,296,000
Final-Finished Goods		1,210,000		1,789,000
Total Inventory	$	30,509,000	$	29,851,000

Credit and Concentration Risks

Credit and Concentration Risks

A large percentage of the Company’s revenues are derived directly from large aerospace and defense prime contractors for which the ultimate end-user is the U.S. Government, other governments, or commercial airlines.

The composition of customers that exceeded 10% of net sales for the three months ended September 30, 2024 and 2023 are shown below:

	Percentage of Net Sales
Customer	2024			2023
RTX ^(a)		27.8	%		20.1	%
Lockheed		23.9	%		31.9	%
Northrop		18.3	%		-
Boeing		-			18.0	%

^(a)

RTX includes Collins Landing Systems and Collins Aerostructures

The composition of customers that exceeded 10% of net sales for the nine months ended September 30, 2024 and 2023 are shown below:

	Percentage of Net Sales
Customer	2024			2023
RTX ^(a)		27.0	%		26.6	%
Lockheed		25.1	%		24.7	%
Northrop		19.9	%		2.6	%
Ruag		1.5	%		10.9	%
Boeing		0.3	%		10.0	%

^(a)

RTX includes Collins Landing Systems and Collins Aerostructures

The composition of customers that exceed 10% of accounts receivable at September 30, 2024 and December 31, 2023 are shown below:

	Percentage of Net Receivables
	September 30,			December 31,
Customer	2024			2023
RTX ^(a)		43.5	%		45.5	%
Lockheed		13.9	%		3.7	%
Northrop		13.7	%		8.2	%
Boeing		-			16.0	%

^(a)

RTX includes Collins Landing Systems and Collins Aerostructures

Disaggregation of Revenue

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers for the three and nine month periods ending September 30, 2024 and 2023:

	Three Months Ended				Nine Months Ended
Product	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Military	$	7,968,000	$	10,144,000	$	28,272,000	$	31,513,000
Commercial		4,587,000		2,149,000		11,916,000		6,534,000
Total	$	12,555,000	$	12,293,000	$	40,188,000	$	38,047,000

Cash

Cash

During the period ended September 30, 2024, 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

The Company utilizes sole-source suppliers to supply raw materials or other parts used in production. 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, the Company’s business would be severely harmed.

Customer Deposits

Customer Deposits

The Company receives advance payments on certain contracts with the remainder of the contract balance due upon shipment of the final product once the customer inspects and approves the product for shipment. At that time, the entire amount will be recognized as revenue and the deposit will be applied to the customer’s invoice.

At September 30, 2024 and December 31, 2023, customer deposits were $1,717,000 and $3,557,000 respectively. The Company recognized revenue of $544,000 and $1,840,000 during the three and nine months ended September 30, 2024, respectively, that was included in the customer deposits balance as of December 31, 2023. The Company recognized revenue of $147,000 and $461,000 during the three and nine months ended September 30, 2023, respectively, that was included in the customer deposits balance as of December 31, 2022.

Backlog

Backlog

Backlog represents the value of orders received pursuant to our Long-Term Agreements (“LTA”) or spot orders pursuant to a purchase order. As of September 30, 2024, backlog relating to remaining performance obligations on contracts was approximately $105.2 million. The Company estimates that a substantial portion of this backlog will be recognized as net sales during the next twenty-four-months, with the rest thereafter. This expectation assumes that raw material supplies and outsourced processing is completed and delivered on time and that the Company’s customers will accept delivery as scheduled. The Company anticipates that sales during the aforementioned periods will also include sales from expected new orders that are not included in backlog.

Contract Costs Receivable

Contract Costs Receivable

Contract costs receivable represent costs to be reimbursed from a terminated contract. The Company expects to collect the receivable in the next twelve months. Contract costs receivable totals $296,000 at both September 30, 2024 and December 31, 2023.

Earnings (Loss) per share

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 (loss) per common share, the numerator includes net income (loss) 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, restricted units 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 shares:

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Stock Options		236,753		462,870		236,753		462,870
		236,753		462,870		236,753		462,870

The following securities have been excluded from the calculation because the effect of including these potential shares was anti-dilutive due to the net loss incurred during these periods:

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Stock Options		154,250		-		154,250		-
Restricted Stock Units		282,628		-		282,628		-
Convertible notes payable		405,800		405,800		405,800		405,800
		842,678		405,800		842,678		405,800

Stock-Based Compensation

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 and stock grants at their closing reported market value. Stock-based compensation expense for employees amounted to $150,000 and $28,000 for the three months ended September 30, 2024 and 2023, respectively, and $186,000 and $260,000 for the nine months ended September 30, 2024 and 2023, respectively. Stock compensation expense for directors amounted to $40,000 and $54,000 for the three months ended September 30, 2024 and 2023, respectively, and $116,000 and $162,000 for the nine months ended September 30, 2024 and 2023, respectively. Stock compensation expenses for employees and directors were included in operating expenses in the accompanying condensed consolidated statements of operations.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In November 2023, Financial Accounting Standards Board (“FASB) issued Accounting Standards Updated (“ASU”) 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities with a single reportable segment to provide all the disclosures required by this standard and all existing segment disclosures in Topic 280 on an interim and annual basis, including new requirements to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within the reported measure(s) of a segment’s profit or loss, the amount and composition of any other segment items, the title and position of the CODM, and how the CODM uses the reported measure(s) of a segment’s profit or loss to assess performance and decide how to allocate resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023. The adoption of this pronouncement is not expected to have a material impact on the Company’s condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, related to improvements to income tax disclosures. The amendments in this update require enhanced jurisdictional and other disaggregated disclosures for the effective tax rate reconciliation and income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024. The adoption of this pronouncement is not expected to have a material impact on the Company’s condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures” to require more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this guidance on its condensed consolidated financial statements and related disclosures. The adoption of this pronouncement is not expected to have a material impact on the Company’s condensed 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.

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]
Customer deposits	$ 1,717,000		$ 1,717,000		$ 3,557,000
Contract obligation			105,200,000
Contract costs receivable	296,000		296,000		$ 296,000
Customer Deposits [Member]
Summary of Significant Accounting Policies [Line Items]
Customer deposits recognized revenue	544,000	$ 147,000	1,840,000	$ 461,000
Directors [Member]
Summary of Significant Accounting Policies [Line Items]
Stock compensation expense	40,000	54,000	116,000	162,000
Employees [Member]
Summary of Significant Accounting Policies [Line Items]
Stock compensation expense	$ 150,000	$ 28,000	$ 186,000	$ 260,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
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+ Details

Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2024

Organization and Basis of Presentation [Abstract]

ORGANIZATION AND BASIS OF PRESENTATION

Note 1. ORGANIZATION AND BASIS OF PRESENTATION

Organization

Air Industries Group is a Nevada corporation (“AIRI”). 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 and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023, as filed with the Securities and Exchange Commission on April 15, 2024, from which the accompanying condensed consolidated balance sheet dated December 31, 2023 was derived.

Going Concern and Management’s Plan

At each reporting period, management evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. The Company is required to make certain additional disclosures if management concludes substantial doubt exists about the Company’s ability to continue as a going concern provided that such doubt is not alleviated by the Company’s plans or when the Company’s plans do not alleviate substantial doubt about its ability to continue as a going concern. This evaluation entails analyzing prospective operating budgets and forecasts for expectations regarding cash needs and comparing those needs to the current cash balance and expectations regarding cash to be generated over the following year.

For the nine months ended September 30, 2024, the Company generated $508,000 of cash from operating activities, compared to $7,093,000 for the same period in 2023. The debt under the Current Credit Facility as of September 30, 2024, amounted to approximately $16,838,000, reflecting an increase of $989,000 since December 31, 2023. The Company received a Waiver and entered into the Seventh Amendment to the Loan and Security Agreement under the Current Credit Facility on May 31, 2024. As of September 30, 2024, the Company is in compliance with the terms of the Current Credit Facility. See Note 5. Debt for the terms of the Seventh Amendment. As of September 30, 2024, total outstanding debt was $24,976,000, with the nature and terms of such debt further discussed in Note 5. Debt.

Management’s plans expect net sales to increase in fiscal 2024 as compared to fiscal 2023 with increasing amounts into fiscal 2025 and thereafter. The Company believes that these plans are supported by the Company’s existing backlog, which increased from $98.1 million as of December 31, 2023 to $105.2 million at September 30, 2024. Further, it anticipates receiving additional funded orders during 2024 and 2025 pursuant to Long-Term Agreements (“LTA”) agreements from its key customers as well as from new customers. With this visibility, the Company expects that it will generate sufficient cash flow to make required principal payments (exclusive of any potential debt payment acceleration should the lender under the Current Credit Facility choose to accelerate it) pursuant to the Current Credit Facility of approximately $814,000 over the next twelve months.

The Company obtained a waiver of the requirement to meet the Fixed Coverage Charge Ratio at March 31, 2024, and met its covenants as of both June 30 and September 30, 2024. Nevertheless, the Company may fail to achieve the required covenants in the future. Therefore, the Company classified the term loan that expires on December 30, 2025 in the amount of $5,401,000 and $5,045,000 as current as of September 30, 2024 and December 31, 2023, respectively, in accordance with the guidance in Accounting Standards Codification (“ASC”) 470-10-45, “Debt – Other Presentation Matters”, related to the classification of callable debt. The Company is required to maintain a collection account with its lender into which substantially all cash receipts are remitted. If it were to default under the Current Credit Facility, the Company’s lender could choose to increase the rate of interest or refuse to make loans under the revolving portion of the Current Credit Facility and keep the funds remitted to the collection account. If the lender were to raise the rate of interest, it would adversely impact the Company’s operating results. If the lender were to cease making new loans under the revolving facility, the Company would lack the funds to continue operations. The rights granted to the lender under the Current Credit Facility combined with the reasonable possibility that the Company might fail to meet covenants in the future raise substantial doubt about its ability to continue as a going concern for the one year commencing as of the date of filing these interim condensed consolidated financial statements.

The accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Stock Options and Restricted Stock Units (Details) - Schedule of Summarizes Information About Outstanding Stock Options - Range of Exercise Price $3.46 - $15.60 [Member] - Stock Options [Member] - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Schedule of Summarizes Information About Outstanding Stock Options [Line Items]
Number Outstanding	418,003
Wtd.Avg, Life	2 years 9 months 18 days
Wtd. Avg. Exercise Price	$ 7.63
Wtd.Avg, Life		2 years 10 months 24 days
Wtd. Avg. Exercise Price		$ 8.34
Number Exercisable		461,870

Stockholders’ Equity (Details) - USD ($)	3 Months Ended							9 Months Ended
Stockholders’ Equity (Details) - USD ($)	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Stockholders’ Equity [Line Items]
Directors fees totaling		$ 40,000	$ 38,000	$ 38,000	$ 54,000	$ 54,000	$ 54,000
Common Stock [Member]
Stockholders’ Equity [Line Items]
Shares were issued		12,252	7,942	12,323	15,230	15,230	11,430
Directors fees totaling
Stock options								32,517	41,890
Stock options value								$ 116,000	$ 162,000
Exercise of stock options		13,754	1,475					15,229
Forecast [Member]
Stockholders’ Equity [Line Items]
Directors fees totaling	$ 39,000
Totaling shares value	$ 7,328

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Operating Lease Liabilities (Details) - Schedule of Aggregate Undiscounted Cash Flows of Operating Lease Payments - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Schedule of Aggregate Undiscounted Cash Flows of Operating Lease Payments [Abstract]
December 31, 2024 (remainder of year)	$ 273,000
December 31, 2025	992,000
December 31, 2026	729,000
Total future minimum lease payments	1,994,000
Less: discount	(179,000)
Total operating lease maturities	1,815,000
Less: current portion of operating lease liabilities	(890,000)	$ (880,000)
Total long-term portion of operating lease maturities	$ 925,000	$ 1,582,000

Operating Lease Liabilities (Details)	Sep. 30, 2024
Minimum [Member]
Operating Lease Liabilities [Line Items]
Lease terms	1 year
Maximum [Member]
Operating Lease Liabilities [Line Items]
Lease terms	3 years

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash	$ 186,000	$ 346,000
Accounts Receivable, Net of Allowance for Credit Losses of $237,000 and $344,000	7,259,000	7,892,000
Inventory	30,509,000	29,851,000
Prepaid Expenses and Other Current Assets	314,000	297,000
Contract Costs Receivable	296,000	296,000
Prepaid Taxes	55,000	37,000
Total Current Assets	38,619,000	38,719,000
Property and Equipment, Net	8,521,000	8,048,000
Finance Lease Right-Of-Use-Assets	1,161,000	970,000
Operating Lease Right-Of-Use-Assets	1,366,000	1,866,000
Deferred Financing Costs, Net, Deposits and Other Assets	698,000	1,112,000
TOTAL ASSETS	50,365,000	50,715,000
Current Liabilities
Debt	17,066,000	16,036,000
Accounts Payable and Accrued Expenses	7,101,000	6,091,000
Operating Lease Liabilities	890,000	880,000
Deferred Gain on Sale - Leaseback	38,000	38,000
Customer Deposits	1,717,000	3,557,000
Total Current Liabilities	26,812,000	26,602,000
Long Term Liabilities
Debt	1,748,000	1,112,000
Operating Lease Liabilities	925,000	1,582,000
Deferred Gain on Sale - Leaseback	38,000	67,000
TOTAL LIABILITIES	35,685,000	35,525,000
Commitments and Contingencies (see Note 8)
Stockholders’ Equity
Preferred Stock - par value $.001 - Authorized 3,000,000 shares, 0 shares outstanding, at both September 30, 2024 and December 31, 2023.
Common Stock - Par Value $.001 - Authorized 6,000,000 shares, 3,350,791 and 3,303,045 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	3,000	3,000
Additional Paid-In Capital	83,230,000	82,928,000
Accumulated Deficit	(68,553,000)	(67,741,000)
TOTAL STOCKHOLDERS’ EQUITY	14,680,000	15,190,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	50,365,000	50,715,000
Related Party
Long Term Liabilities
Subordinated Notes - Related Party	$ 6,162,000	$ 6,162,000

Debt (Details) - Schedule of Annual Maturities - Loans Payable [Member]	Sep. 30, 2024 USD ($)
Schedule of Annual Maturities [Abstract]
December 31, 2024 (remainder of year)	$ 3,000
December 31, 2025	9,000
December 31, 2026	4,000
Loans Payable - financed assets	16,000
Less: Current portion	(9,000)
Long-term portion	$ 7,000

Debt (Details) - Schedule of Current Credit Facilities and Finance Lease Obligations - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Schedule of Indebtedness to Third Parties [Line Items]
Finance lease obligations	$ 1,061,000	$ 884,000
Loans Payable - financed assets	16,000	22,000
Subtotal	18,814,000	17,148,000
Less: Current portion	(17,066,000)	(16,036,000)
Long-Term Portion	1,748,000	1,112,000
Current Credit Facility - Revolver [Member]
Schedule of Indebtedness to Third Parties [Line Items]
Credit Facility	11,437,000	10,804,000
Current Credit Facility - Term Loan [Member]
Schedule of Indebtedness to Third Parties [Line Items]
Credit Facility	5,401,000	5,045,000
Solar Credit Facility [Member]
Schedule of Indebtedness to Third Parties [Line Items]
Credit Facility	$ 899,000	$ 393,000

Stock Options and Restricted Stock Units (Details) - USD ($)				3 Months Ended		9 Months Ended
	Aug. 13, 2024	Jun. 02, 2023	May 23, 2020	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Stock Options and Restricted Stock Units [Line Items]
Purchase common stock (in Shares)	80,000	6,000	108,620
Price per share (in Dollars per share)	$ 3.75	$ 3.5	$ 3.43
Vested term	1 year	1 year
Options expire date			Jun. 30, 2028
Aggregate intrinsic value price per share (in Dollars per share)				$ 5.5		$ 5.5		$ 3.25
Aggregate intrinsic value				$ 478,000		$ 478,000		$ 0
Weighted average fair value price per share (in Dollars per share)						$ 3.75	$ 3.46
Intrinsic value of options granted				87,500	$ 0	$ 98,000	$ 0
Fair value vested				63,000	70,000	181,000	415,000
Non-Vested Stock Option [Member]
Stock Options and Restricted Stock Units [Line Items]
Stock-based compensation expense						$ 60,000
Weighted average vesting period						9 months
Restricted Stock Units (RSUs) [Member]
Stock Options and Restricted Stock Units [Line Items]
Stock-based compensation expense				$ 63,000	$ 0	$ 63,000	$ 0
Weighted average vesting period						2 years 6 months
Restricted stock units shares (in Shares)				282,628	0	282,628	0
Unrecognized compensation cost				$ 1,649,000		$ 1,649,000
Director [Member]
Stock Options and Restricted Stock Units [Line Items]
Purchase common stock (in Shares)				80,000	0	80,000	190,000
Stock-based compensation expense				$ 40,000	$ 54,000	$ 116,000	$ 162,000
Employees and Members of Board of Directors [Member] \| Stock Options [Member]
Stock Options and Restricted Stock Units [Line Items]
Stock-based compensation expense				$ 87,000	$ 28,000	$ 122,000	$ 260,000
Management and Employees [Member]
Stock Options and Restricted Stock Units [Line Items]
Purchase common stock (in Shares)		75,000
Price per share (in Dollars per share)		$ 3.5
Vested term		3 years
Equity Incentive Plan 2022 [Member]
Stock Options and Restricted Stock Units [Line Items]
Number of shares authorized (in Shares)				300,000	250,000	300,000	250,000
Equity Incentive Plan 2022 [Member] \| Minimum [Member]
Stock Options and Restricted Stock Units [Line Items]
Number of shares authorized (in Shares)				350,000	100,000	350,000	100,000
Equity Incentive Plan 2022 [Member] \| Maximum [Member]
Stock Options and Restricted Stock Units [Line Items]
Number of shares authorized (in Shares)				650,000	350,000	650,000	350,000

Stock Options and Restricted Stock Units

9 Months Ended

Sep. 30, 2024

Stock Options and Restricted Stock Units [Abstract]

Stock Options and Restricted Stock Units

Note 7. STOCK OPTIONS AND RESTRICTED STOCK UNITS

Stock-Based Compensation

Stock Options

In September 2024, the shareholders of the Company approved the amendment to the 2022 Equity Incentive Plan (“2022 Plan”) to increase the number of shares authorized to be used under the plan by 300,000 shares, from 350,000 shares to 650,000 shares.

In September 2023, the shareholders of the Company approved the amendment to the 2022 Equity Incentive Plan (“2022 Plan”) to increase the number of shares authorized to be issued under the plan by 250,000 shares, from 100,000 shares to 350,000 shares. Additionally, this amendment to the 2022 Plan specified that the Company may grant Restricted Stock Units under the 2022 Plan.

During the three and nine months ended September 30, 2024, the Company granted options to purchase 80,000 shares of common stock to its directors. During the three and nine months ended September 30, 2023, the Company granted options to purchase 0 and 190,000 shares of common stock, respectively, to certain of its employees and directors.

The Company recorded stock-based compensation expense for certain employees and members of the Company’s Board of Directors of $87,000 and $28,000 for the three months ended September 30, 2024 and 2023, respectively and $122,000 and $260,000 for the nine months ended September 30, 2024 and 2023, respectively in its condensed consolidated statements of operations, and such amounts were included as a component of operating expenses.

The fair values of stock options granted were estimated using the Black-Sholes option-pricing model with the following assumptions for the nine months ended September 30:

	2024			2023
Risk-free interest rates		3.80	%		3.90	%
Expected life (in years)		2.7			2.7
Expected volatility		63.6	%		61.0	%
Dividend yield		0.00	%		0.00	%

Weighted-average grant date fair value per share	$	3.75		$	3.46

The expected life is the number of years that the Company estimates, based upon history, that the options will be outstanding prior to exercise or forfeiture. Expected life is determined using the “simplified method” permitted by Staff Accounting Bulletin No. 107. In addition to the inputs referenced above regarding the option pricing model, the Company adjusts the stock-based compensation expense for estimated forfeiture rates that are revised prospectively according to forfeiture experience. The stock volatility factor is based on the Company’s experience.

A summary of the status of the Company’s stock options as of September 30, 2024 and December 31, 2023, and changes during the periods then ended are presented below.

	Options			Wtd. Avg. Exercise Price
Balance, January 1, 2023		303,050		$	11.70
Granted during the period		189,620			3.46
Exercised during the period		-			-
Terminated/Expired during the period		(30,800	)		13.60
Balance, December 31, 2023		461,870		$	8.34
Granted during the period		80,000			3.75
Exercised during the period		(32,867	)		3.45
Terminated/Expired during the period		(91,000	)		9.84
Balance, September 30, 2024		418,003		$	7.01

Exercisable at September 30, 2024		353,005		$	7.63

Issuance of Stock Options

Issued in 2024

On August 13, 2024, the Company granted to its directors, stock options to purchase an aggregate of 80,000 shares of the Company’s common stock at a price of $3.75 per share. The options expire on the fifth anniversary of the grant date and vest over a term of one year.

Issued in 2023

On May 23, 2023, the Company granted options to its directors and certain members of management and employees, stock options to purchase an aggregate of 108,620 shares of the Company’s common stock at a price of $3.43 per share. The options expire on the June 30, 2028 and vested immediately.

On June 2, 2023, the Company granted to its directors, stock options to purchase an aggregate of 6,000 shares of the Company’s common stock at a price of $3.50 per share. The options expire on the fifth anniversary of the grant date and vest over a term of one year.

On June 2, 2023, the Company granted to certain members of management and employees, stock options to purchase an aggregate of 75,000 shares of the Company’s common stock at a price of $3.50 per share. The options expire on the fifth anniversary of the grant date and vest over a term of three year.

The following table summarizes information about outstanding stock options at September 30, 2024:

Range of Exercise Price			Number Outstanding				Wtd. Avg, Life		Wtd. Avg. Exercise Price
$3.46 - $15.60				418,003			2.8 Years		$ 7.63

The following table summarizes information about outstanding stock options at December 31, 2023:

Range of Exercise Price			Number Exercisable				Wtd. Avg, Life		Wtd. Avg. Exercise Price
$3.46 - $15.60				461,870			2.9 Years		$ 8.34

As of September 30, 2024, there was $60,000 of unrecognized compensation cost related to non-vested stock option awards, which is to be recognized over the remaining weighted average vesting period of 0.75 years.

The aggregate intrinsic value at September 30, 2024 was based on the Company’s closing stock price of $5.50 was $478,000. The aggregate intrinsic value at December 31, 2023 was based on the Company’s closing stock price of $3.25 was approximately $0. The aggregate intrinsic value was calculated based on the positive difference between the closing market price of the Company’s Common Stock and the exercise prices of the underlying options.

The weighted average fair value of options granted during the periods ending September 30, 2024 and 2023 was $3.75 and $3.46 per share, respectively. The total intrinsic value of options exercised during the three months ended September 30, 2024 and 2023 was $87,500 and $0, respectively. The total intrinsic value of options exercised during the nine months ended September 30, 2024 and 2023 was $98,000 and $0, respectively. The total fair value of shares vested during the three months ended September 30, 2024 and 2023 was $63,000 and $70,000, respectively. The total fair value of shares vested during the nine months ended September 30, 2024 and 2023 was $181,000 and $415,000, respectively.

Restricted Stock Units (“RSUs”)

During the three and nine months ended September 30, 2024 and 2023, the Company granted 282,628 and 0 RSUs to certain employees. These Restricted Stock Units vest solely on the passage of times and continued service through the vesting dates.

A summary of the status of the Company’s RSUs as of September 30, 2024 is presented below.

	Number of Units		Wtd. Avg. Grant Date Fair Value per Unit
Unvested units as of January 1, 2024		-	$	-
Granted during the period		282,628		6.06
Vested during the period		-		-
Forfeited During the period		-		-
Unvested Units as of September 30, 2024		282,628	$	6.06

Vested as of September 30, 2024		-	$	-

The Company recorded stock-based compensation expense of $63,000 and $0 for the three and nine months ended September 30, 2024 and 2023, respectively, in its condensed consolidated statements of operations, and such amounts were included as a component of operating expenses.

As of September 30, 2024, there was $1,649,000 of unrecognized compensation cost related to non-vested RSUs, which is to be recognized over the remaining weighted average vesting period of 2.5 years.

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes [Abstract]
Income tax expense
Annual effective tax rate	0.00%	0.00%	0.00%	0.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Summary of Significant Accounting Policies (Details) - Schedule of Credit and Concentration Risks - Customer Concentration Risk [Member] - Revenue Benchmark [Member]

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

RTX [Member]

Schedule of Credit and Concentration Risks [Line Items]

Concentration risk, percentage

^[1]

27.80%

20.10%

27.00%

26.60%

Lockheed [Member]

Schedule of Credit and Concentration Risks [Line Items]

Concentration risk, percentage

23.90%

31.90%

25.10%

24.70%

Northrop [Member]

Schedule of Credit and Concentration Risks [Line Items]

Concentration risk, percentage

18.30%

19.90%

2.60%

Boeing [Member]

Schedule of Credit and Concentration Risks [Line Items]

Concentration risk, percentage

18.00%

0.30%

10.00%

Ruag [Member]

Schedule of Credit and Concentration Risks [Line Items]

Concentration risk, percentage

1.50%

10.90%

[1]	RTX includes Collins Landing Systems and Collins Aerostructures

Debt (Details) - Schedule of Payments Due Under the Term Loan	Sep. 30, 2024 USD ($)
Schedule of Payments Due Under The Term Loan [Abstract]
December 31, 2024 (remainder of year)	$ 203,000
December 31, 2025	5,225,000
Term Loan payable	5,428,000
Less: debt issuance costs	(27,000)
Total Term Loan payable, net of debt issuance costs	5,401,000
Less: Current portion of Term Loan payable	(5,401,000)
Total long-term portion of Term Loan payable

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt (Details) - Schedule of Finance Lease Obligations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finance Lease cost:
Amortization of Right-of-Use assets	$ 49,000	$ 21,000	$ 128,000	$ 46,000
Interest on lease liabilities	20,000	17,000	53,000	33,000
Total lease Costs	69,000	38,000	181,000	79,000
Cash Paid for amounts included in the measurement lease liabilities:
Financing cash flow from finance lease obligations	51,000	39,000	143,000	84,000
Supplemental disclosure of non-cash activity
Acquisition of finance lease asset		$ 679,000	$ 319,000	$ 679,000

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Accounts Receivable

The activity for the allowance for credit losses during the nine months ended September 30, 2024 and 2023 is set forth in the table below

	Balance at				Deductions			Balance at
	Beginning of		Charged to		from the			End of
	Period		Expenses		Allowance			Period
Nine Months ended September 30, 2024 Allowance for Credit Losses	$	344,000	$	26,000	$	(133,000	)	$	237,000
Nine Months ended September 30, 2023 Allowance for Credit Losses	$	281,000	$	67,000	$	-		$	348,000

Inventory Valuation

Inventories consist of the following at:

	September 30,		December 31,
	2024		2023
Raw Materials	$	6,497,000	$	4,968,000
Work In Progress		13,514,000		12,798,000
Semi-Finished Goods		9,288,000		10,296,000
Final-Finished Goods		1,210,000		1,789,000
Total Inventory	$	30,509,000	$	29,851,000

Credit and Concentration Risks

The composition of customers that exceeded 10% of net sales for the three months ended September 30, 2024 and 2023 are shown below:

	Percentage of Net Sales
Customer	2024			2023
RTX ^(a)		27.8	%		20.1	%
Lockheed		23.9	%		31.9	%
Northrop		18.3	%		-
Boeing		-			18.0	%

^(a)

RTX includes Collins Landing Systems and Collins Aerostructures

The composition of customers that exceeded 10% of net sales for the nine months ended September 30, 2024 and 2023 are shown below:

	Percentage of Net Sales
Customer	2024			2023
RTX ^(a)		27.0	%		26.6	%
Lockheed		25.1	%		24.7	%
Northrop		19.9	%		2.6	%
Ruag		1.5	%		10.9	%
Boeing		0.3	%		10.0	%

^(a)

RTX includes Collins Landing Systems and Collins Aerostructures

The composition of customers that exceed 10% of accounts receivable at September 30, 2024 and December 31, 2023 are shown below:

	Percentage of Net Receivables
	September 30,			December 31,
Customer	2024			2023
RTX ^(a)		43.5	%		45.5	%
Lockheed		13.9	%		3.7	%
Northrop		13.7	%		8.2	%
Boeing		-			16.0	%

^(a)

RTX includes Collins Landing Systems and Collins Aerostructures

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers for the three and nine month periods ending September 30, 2024 and 2023:

	Three Months Ended				Nine Months Ended
Product	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Military	$	7,968,000	$	10,144,000	$	28,272,000	$	31,513,000
Commercial		4,587,000		2,149,000		11,916,000		6,534,000
Total	$	12,555,000	$	12,293,000	$	40,188,000	$	38,047,000

Cash

Major Suppliers

Customer Deposits

Backlog

Contract Costs Receivable

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 shares:

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Stock Options		236,753		462,870		236,753		462,870
		236,753		462,870		236,753		462,870

The following securities have been excluded from the calculation because the effect of including these potential shares was anti-dilutive due to the net loss incurred during these periods:

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Stock Options		154,250		-		154,250		-
Restricted Stock Units		282,628		-		282,628		-
Convertible notes payable		405,800		405,800		405,800		405,800
		842,678		405,800		842,678		405,800

Stock-Based Compensation

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies (Details) - Schedule of Inventories - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Schedule of Inventories Consist [Abstract]
Raw Materials	$ 6,497,000	$ 4,968,000
Work In Progress	13,514,000	12,798,000
Semi-Finished Goods	9,288,000	10,296,000
Final-Finished Goods	1,210,000	1,789,000
Total Inventory	$ 30,509,000	$ 29,851,000

Operating Lease Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Operating Lease Liabilities [Abstract]

Schedule of Remaining Lease Terms

The Company has operating leases for leased office and manufacturing facilities. The leases have remaining lease terms of one to three years, some of which include options to extend or terminate the leases.

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Operating lease cost:	$	326,000	$	295,000	$	966,000	$	839,000
Total lease cost	$	326,000	$	295,000	$	966,000	$	839,000

Other Information
Cash paid for amounts included in the measurement lease liability:		266,000		258,000		797,000		773,000
Operating cash flow from operating leases	$	266,000	$	258,000	$	797,000	$	773,000

Schedule of Operating Leases Weighted Average

	September 30,			December 31,
	2024			2023
Weighted Average Remaining Lease Term - in years		1.95			2.66
Weighted Average discount rate - %		9.27	%		9.10	%

Schedule of Aggregate Undiscounted Cash Flows of Operating Lease Payments

The aggregate undiscounted cash flows of operating lease payments as of September 30, 2024, with remaining terms greater than one year are as follows:

	Amount
December 31, 2024 (remainder of year)	$	273,000
December 31, 2025		992,000
December 31, 2026		729,000
Total future minimum lease payments		1,994,000
Less: discount		(179,000	)
Total operating lease maturities		1,815,000
Less: current portion of operating lease liabilities		(890,000	)
Total long-term portion of operating lease maturities	$	925,000

Summary of Significant Accounting Policies (Details) - Schedule of Securities Excluded from Calculation as the Exercise Price - Common Stock [Member] - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Exercise Price was Greater than Average Market Price of Common Stock [Line Items]
Securities excluded from the calculation as the exercise price	236,753	462,870	236,753	462,870
Stock Options [Member]
Schedule of Exercise Price was Greater than Average Market Price of Common Stock [Line Items]
Securities excluded from the calculation as the exercise price	236,753	462,870	236,753	462,870

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2022	$ 3,000	$ 82,446,000	$ (65,610,000)	$ 16,839,000
Balance (in Shares) at Dec. 31, 2022	3,247,930
Common Stock issued to directors		54,000		54,000
Common Stock issued to directors (in Shares)	11,430
Stock-Based Compensation		45,000		45,000
Net income (Loss)			(618,000)	(618,000)
Balance at Mar. 31, 2023	$ 3,000	82,545,000	(66,228,000)	16,320,000
Balance (in Shares) at Mar. 31, 2023	3,259,360
Balance at Dec. 31, 2022	$ 3,000	82,446,000	(65,610,000)	16,839,000
Balance (in Shares) at Dec. 31, 2022	3,247,930
Net income (Loss)				(2,312,000)
Balance at Sep. 30, 2023	$ 3,000	82,868,000	(67,922,000)	14,949,000
Balance (in Shares) at Sep. 30, 2023	3,289,820
Balance at Mar. 31, 2023	$ 3,000	82,545,000	(66,228,000)	16,320,000
Balance (in Shares) at Mar. 31, 2023	3,259,360
Common Stock issued to directors		54,000		54,000
Common Stock issued to directors (in Shares)	15,230
Stock-Based Compensation		187,000		187,000
Net income (Loss)			(395,000)	(395,000)
Balance at Jun. 30, 2023	$ 3,000	82,786,000	(66,623,000)	16,166,000
Balance (in Shares) at Jun. 30, 2023	3,274,590
Common Stock issued to directors		54,000		54,000
Common Stock issued to directors (in Shares)	15,230
Stock-Based Compensation		28,000		28,000
Net income (Loss)			(1,299,000)	(1,299,000)
Balance at Sep. 30, 2023	$ 3,000	82,868,000	(67,922,000)	14,949,000
Balance (in Shares) at Sep. 30, 2023	3,289,820
Balance at Dec. 31, 2023	$ 3,000	82,928,000	(67,741,000)	15,190,000
Balance (in Shares) at Dec. 31, 2023	3,303,045
Common Stock issued to directors		38,000		38,000
Common Stock issued to directors (in Shares)	12,323
Stock-Based Compensation		24,000		24,000
Net income (Loss)			(706,000)	(706,000)
Balance at Mar. 31, 2024	$ 3,000	82,990,000	(68,447,000)	14,546,000
Balance (in Shares) at Mar. 31, 2024	3,315,368
Balance at Dec. 31, 2023	$ 3,000	82,928,000	(67,741,000)	15,190,000
Balance (in Shares) at Dec. 31, 2023	3,303,045
Exercise of Stock Options (in Shares)	15,229
Net income (Loss)				(812,000)
Balance at Sep. 30, 2024	$ 3,000	83,230,000	(68,553,000)	14,680,000
Balance (in Shares) at Sep. 30, 2024	3,350,791
Balance at Mar. 31, 2024	$ 3,000	82,990,000	(68,447,000)	14,546,000
Balance (in Shares) at Mar. 31, 2024	3,315,368
Common Stock issued to directors		38,000		38,000
Common Stock issued to directors (in Shares)	7,942
Stock-Based Compensation		12,000		12,000
Exercise of Stock Options
Exercise of Stock Options (in Shares)	1,475
Net income (Loss)			298,000	298,000
Balance at Jun. 30, 2024	$ 3,000	83,040,000	(68,149,000)	14,894,000
Balance (in Shares) at Jun. 30, 2024	3,324,785
Common Stock issued to directors		40,000		40,000
Common Stock issued to directors (in Shares)	12,252
Stock-Based Compensation		150,000		150,000
Exercise of Stock Options (in Shares)	13,754
Net income (Loss)			(404,000)	(404,000)
Balance at Sep. 30, 2024	$ 3,000	$ 83,230,000	$ (68,553,000)	$ 14,680,000
Balance (in Shares) at Sep. 30, 2024	3,350,791

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Operating Lease Liabilities

9 Months Ended

Sep. 30, 2024

Operating Lease Liabilities [Abstract]

OPERATING LEASE LIABILITIES

Note 4. OPERATING LEASE LIABILITIES

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Operating lease cost:	$	326,000	$	295,000	$	966,000	$	839,000
Total lease cost	$	326,000	$	295,000	$	966,000	$	839,000

Other Information
Cash paid for amounts included in the measurement lease liability:		266,000		258,000		797,000		773,000
Operating cash flow from operating leases	$	266,000	$	258,000	$	797,000	$	773,000

	September 30,			December 31,
	2024			2023
Weighted Average Remaining Lease Term - in years		1.95			2.66
Weighted Average discount rate - %		9.27	%		9.10	%

The aggregate undiscounted cash flows of operating lease payments as of September 30, 2024, with remaining terms greater than one year are as follows:

	Amount
December 31, 2024 (remainder of year)	$	273,000
December 31, 2025		992,000
December 31, 2026		729,000
Total future minimum lease payments		1,994,000
Less: discount		(179,000	)
Total operating lease maturities		1,815,000
Less: current portion of operating lease liabilities		(890,000	)
Total long-term portion of operating lease maturities	$	925,000

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies [Line Items]

Schedule of Allowance for Credit Losses

The activity for the allowance for credit losses during the nine months ended September 30, 2024 and 2023 is set forth in the table below

	Balance at				Deductions			Balance at
	Beginning of		Charged to		from the			End of
	Period		Expenses		Allowance			Period
Nine Months ended September 30, 2024 Allowance for Credit Losses	$	344,000	$	26,000	$	(133,000	)	$	237,000
Nine Months ended September 30, 2023 Allowance for Credit Losses	$	281,000	$	67,000	$	-		$	348,000

Schedule of Inventories

Inventories consist of the following at:

	September 30,		December 31,
	2024		2023
Raw Materials	$	6,497,000	$	4,968,000
Work In Progress		13,514,000		12,798,000
Semi-Finished Goods		9,288,000		10,296,000
Final-Finished Goods		1,210,000		1,789,000
Total Inventory	$	30,509,000	$	29,851,000

Schedule of Credit and Concentration Risks

The composition of customers that exceeded 10% of net sales for the three months ended September 30, 2024 and 2023 are shown below:

	Percentage of Net Sales
Customer	2024			2023
RTX ^(a)		27.8	%		20.1	%
Lockheed		23.9	%		31.9	%
Northrop		18.3	%		-
Boeing		-			18.0	%

^(a)

RTX includes Collins Landing Systems and Collins Aerostructures

The composition of customers that exceeded 10% of net sales for the nine months ended September 30, 2024 and 2023 are shown below:

	Percentage of Net Sales
Customer	2024			2023
RTX ^(a)		27.0	%		26.6	%
Lockheed		25.1	%		24.7	%
Northrop		19.9	%		2.6	%
Ruag		1.5	%		10.9	%
Boeing		0.3	%		10.0	%

^(a)

RTX includes Collins Landing Systems and Collins Aerostructures

Schedule of Revenue from Contracts with Customers

The following table summarizes revenue from contracts with customers for the three and nine month periods ending September 30, 2024 and 2023:

	Three Months Ended				Nine Months Ended
Product	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Military	$	7,968,000	$	10,144,000	$	28,272,000	$	31,513,000
Commercial		4,587,000		2,149,000		11,916,000		6,534,000
Total	$	12,555,000	$	12,293,000	$	40,188,000	$	38,047,000

Schedule of Securities Excluded from Calculation as the Exercise Price

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

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Stock Options		236,753		462,870		236,753		462,870
		236,753		462,870		236,753		462,870

Schedule of Anti-Dilutive Due to the Net Loss

The following securities have been excluded from the calculation because the effect of including these potential shares was anti-dilutive due to the net loss incurred during these periods:

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Stock Options		154,250		-		154,250		-
Restricted Stock Units		282,628		-		282,628		-
Convertible notes payable		405,800		405,800		405,800		405,800
		842,678		405,800		842,678		405,800

Accounts Receivable [Member]

Summary of Significant Accounting Policies [Line Items]

Schedule of Credit and Concentration Risks

The composition of customers that exceed 10% of accounts receivable at September 30, 2024 and December 31, 2023 are shown below:

	Percentage of Net Receivables
	September 30,			December 31,
Customer	2024			2023
RTX ^(a)		43.5	%		45.5	%
Lockheed		13.9	%		3.7	%
Northrop		13.7	%		8.2	%
Boeing		-			16.0	%

^(a)

RTX includes Collins Landing Systems and Collins Aerostructures

Debt

9 Months Ended

Sep. 30, 2024

Debt [Abstract]

DEBT

Note 5. DEBT

Total debt outstanding as of September 30, 2024 is $24,976,000 and was $23,310,000 at December 31, 2023.

Current credit facilities and finance lease obligations consist of the following:

	September 30,			December 31,
	2024			2023

Current Credit Facility - Revolver	$	11,437,000		$	10,804,000
Current Credit Facility - Term Loan		5,401,000			5,045,000
Solar Credit Facility		899,000			393,000
Finance lease obligations		1,061,000			884,000
Loans Payable - financed assets		16,000			22,000
Subtotal		18,814,000			17,148,000
Less: Current portion		(17,066,000	)		(16,036,000	)
Long-Term Portion	$	1,748,000		$	1,112,000

Current Credit Facility

The Company has a credit facility (“Current Credit Facility”) with Webster Bank that expires on December 30, 2025. This facility, which was entered into on December 31, 2019, was amended several times (see summary of amendments below), and now provides for a $20,000,000 revolving loan (“Revolving Line of Credit”) and a $5,700,000 term loan (“Term Loan”). The loan is secured by a lien on substantially all of the assets of the Company.

As discussed in Note 1, the Company was in compliance with a required covenant as of September 30, 2024. However, there is no assurance that the Company will be able to meet its financial covenants in one of the upcoming fiscal quarters over the next twelve months, therefore, in accordance with the guidance in ASC 470-10-45, related to the classification of callable debt, the entire term loan has been classified as short term as of September 30, 2024.

The below table shows the timing of payments due under the Term Loan:

For the year ending	Amount
December 31, 2024 (remainder of year)	$	203,000
December 31, 2025		5,225,000
Term Loan payable		5,428,000
Less: debt issuance costs		(27,000	)
Total Term Loan payable, net of debt issuance costs		5,401,000
Less: Current portion of Term Loan payable		(5,401,000	)
Total long-term portion of Term Loan payable	$	-

Interest expense related to the Current Credit Facility amounted to approximately $332,000 and $380,000 for the three months ended September 30, 2024 and 2023, respectively, and $980,000 and $1,084,000 for the nine months ended September 30, 2024 and 2023, respectively. Interest expense includes the amortization of deferred finance costs of $17,000 and $17,000 for the three months ending September 30, 2024 and 2023, respectively, and $51,000 and $51,000 for the nine months ending September 30, 2024 and 2023, respectively.

The below summarizes various terms of the Current Credit Facility (all of which are described in full in various SEC filings):

●

The Company is required to achieve a defined EBITDA amount at the end of each Fiscal Quarter on a rolling basis. As of September 30, 2024, the Company achieved an EBITDA of $2,620,000 as compared to $1,500,000 that was required for the cumulative nine months period ending September 30, 2024.

●

For so long as the Term Loan remains outstanding, if Excess Cash Flow (as defined) is a positive number for any fiscal year the Company shall pay 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 applied to the outstanding principal balance of the Term Loan, on or prior to the April 15 immediately following such fiscal year. For the fiscal year ended December 31, 2023, based on the calculation there was no Excess Cash Flow payment required.

●

Both the Revolving Line of Credit and the 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 was 7.78% for both the three months ended September 30, 2024 and 2023, and 7.83% and 7.44% for the nine months ended September 30, 2024 and 2023, respectively.

●

The Current Credit 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.

The below summarizes certain historical amendments to the Current Credit Facility

●

On August 4, 2023, the Company entered into a Fifth Amendment that waived a default caused by the failure by the Company to meet the required Fixed Charge Coverage Ratio for the fiscal quarter ended March 31, 2023. Additionally, the amendment provided for a revised Fixed Charge Ratio for the fiscal quarters ending June 30, 2023, and September 30, 2023, and increased the amount of purchase money secured debt (such as finance leases) the Company is allowed to have outstanding at any time to $2,000,000. In connection with this amendment, the Company paid an amendment fee of $10,000.

●

On November 20, 2023, the Company entered into a Sixth Amendment that waived defaults caused by the Company’s failure to achieve the required Fixed Charge Coverage Ratio of the Fifth Amendment and because we made capital expenditures (as defined) in excess of permitted amounts. This amendment further revised the Fixed Charge Coverage Ratio by requiring it to be calculated on a rolling period basis and not be less than, (a)1.10x (as calculated on a six-months basis) for the fiscal quarter ending March 31, 2024 (b)1.20x (as calculated on a nine-months basis) for the fiscal quarter ending June 30, 2024, and (iv)1.25 (as calculated on a twelve-months basis) for all other fiscal quarters. This amendment also increased the Capital Expenditure limit to $2,500,000 in any fiscal year. In connection with these changes, the Company paid an amendment fee of $20,000.

●

On May 31, 2024, the Company entered into a Seventh Amendment that waived the default caused by the Company’s failure to achieve the Fixed Charge Coverage Ratio required by the Sixth Amendment. This amendment further revised the Financial Covenants. For the six months ending June30, 2024 EBITDA shall not be less than $740,000; for the nine months ending September 30, 2024 EBITDA shall not be less than $1,500,000; for the twelve months ending December 31, 2024 EBITDA shall not be less than $2,800,000. For the rolling twelve-month period ending March 31, 2025, the Company is required to achieve a Fixed Charge Coverage Ratio of 1.05x. Beginning with the rolling twelve-month period ending June 30, 2025 and forward the Company is required to achieve a Fixed Charge Coverage Ratio of 1.25x. All other covenants remain unchanged. Additionally, this amendment increased the Term Loan by approximately $1,000,000 to $5,700,000, with monthly principal installments in the amount of $68,000. In connection with these changes, the Company paid an amendment fee of $20,000.

All amendment fees paid in connection with the Current Credit Facility that are for a future benefit of the Company are included in Deferred Financing Costs, Net, Deposits and Other Assets, in the accompanying consolidated balance sheets and are amortized over the term of the loan.

As of September 30, 2024, the amount outstanding under the Company’s Revolving Line of Credit was $11,437,000, leaving $8,563,000 of availability to support the Company’s growth, subject to having the requisite collateral and maintaining compliance with the terms of the Credit Facility.

Solar Credit Facility

On August 16, 2023, the Company entered into a financing agreement (“Solar Credit Facility”) with CT Green Bank, a quasi-public agency of the State of Connecticut, for the installation of solar energy systems including replacing the existing roof (“Project”) at its Sterling facility. Advances are made by CT Green Bank upon its approval of costs incurred on the Project up to $934,000. As of September 30, 2024, cumulative advances totaling $899,000 had been made including the payment of CT Green Bank’s closing costs of $25,000. Interest accrues at the rate of 5% on advances and is added to the loan upon conversion to a term loan.

On October 1, 2024, final disbursements were made on the financing arrangement in the amount of $35,000, bringing the cumulative advances to $934,000. The total cumulative advances along with the total accrued interest in the amount of $36,000 as of October 1, 2024 was converted by CT Green Bank, in accordance with the financing agreement, to a 20-year level payment term loan in the amount of $970,000 with interest accruing at the rate of 5.75%. Semi-annual payments in the amount of $42,000 are due commencing on July 1, 2025. The first semi-annual payment will be for interest only, subsequent semi-annual payments beginning with the payment due on January 1, 2026 will include both principal and interest. As of September 30, 2024, the amount classified as long term is $899,000 and the amount classified as current is $0.

Interest expense related to the Solar Credit Facility amounted to approximately $11,000 and $1,000 for the three months ended September 30, 2024 and 2023, respectively, and $30,000 and $1,000 for the nine months ended September 30, 2024 and 2023, respectively.

Finance Lease Obligations

The Company has entered into finance leases for the purchase of additional manufacturing equipment. The obligations for the finance leases totaled $1,061,000 and $884,000 as of September 30, 2024 and December 31, 2023, respectively. The leases have an average imputed interest rate of 7.44% per annum and are payable monthly with the final payments due between September of 2026 and May of 2030.

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Finance Lease cost:
Amortization of Right-of-Use assets	$	49,000	$	21,000	$	128,000	$	46,000
Interest on lease liabilities		20,000		17,000		53,000		33,000
Total lease Costs	$	69,000	$	38,000	$	181,000	$	79,000

Other Information:
Cash Paid for amounts included in the measurement lease liabilities:
Financing cash flow from finance lease obligations	$	51,000	$	39,000	$	143,000	$	84,000

Supplemental disclosure of non-cash activity
Acquisition of finance lease asset	$	-	$	679,000	$	319,000	$	679,000

	September 30,			December 31,
	2024			2023

Weighted Average Remaining Lease Term - in years		5.0			5.4
Weighted Average Discount rate - %		7.44	%		7.31	%

As of September 30, 2024, the aggregate future minimum finance lease payments, including imputed interest are as follows:

For the year ending	Amount
December 31, 2024 (remainder of year)	$	73,000
December 31, 2025		291,000
December 31, 2026		266,000
December 31, 2027		190,000
December 31, 2028		190,000
Thereafter		264,000
Total future minimum finance lease payments		1,274,000
Less: imputed interest		(213,000	)
Less: Current portion		(219,000	)
Long-term portion	$	842,000

Loan Payable – Financed Asset

The Company financed the purchase of a delivery vehicle in July 2020. The loan obligation totaled $16,000 and $22,000 as of September 30, 2024 and December 31, 2023, 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 year ending	Amount
December 31, 2024 (remainder of year)	$	3,000
December 31, 2025		9,000
December 31, 2026		4,000
Loans Payable - financed assets		16,000
Less: Current portion		(9,000	)
Long-term portion	$	7,000

Related Party Subordinated 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 (together referred to as “Related Party Notes”) with Michael and Robert Taglich which generated proceeds to the Company totaling $6,550,000. In connection with these notes, Michael and Robert were issued a total of 35,508 shares of common stock and Taglich Brothers Inc. was issued promissory notes totaling $554,000 for placement agency fees.

The Related Party Notes outstanding as of the notes of September 30, 2024 and December 31, 2023 consist of:

	Michael Taglich, Chairman		Robert Taglich, Director		Taglich Brothers, Inc.		Total
Convertible Subordinated Notes	$	2,666,000	$	1,905,000	$	241,000	$	4,812,000
Subordinated Notes		1,000,000		350,000		-		1,350,000
Total	$	3,666,000	$	2,255,000	$	241,000	$	6,162,000

Of the $6,162,000, approximately $2,732,000 bears an annual rate of interest of 6%, $2,080,000 bears an annual rate of 7% and $1,350,000 bears an annual interest rate of 12%. Interest expense for the three months ended September 30, 2024 and 2023 on all related party subordinated notes payable was $118,000 and $118,000, respectively, and $354,000 and $354,000 for the nine months ended September 30, 2024 and 2023, respectively.

Approximately $2,732,000 of the convertible subordinated notes can be converted at the option of the holder into Common Stock of the Company at $15.00 per share, while the remaining $2,080,000 of the convertible subordinated notes can be converted at the option of the holder into common stock of the Company at $9.30 per share. The remaining $1,350,000 is not convertible. There are no principal payments due prior to July 1, 2026.

The Related Party Notes are subordinate to outstanding debt pursuant to the Current Credit Facility and mature on July 1, 2026. The Company is allowed, subject to certain limitation, to make principal payments of $250,000 to reduce the principal of the outstanding Related Party Subordinated Notes.

For the three and nine months ended September 30, 2024 and 2023, no principal payments have been made on these notes.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Options and Restricted Stock Units (Details) - Schedule of Company’s RSUs - RSUs [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Schedule of Company’s RSUs [Line Items]
Number of Units, Unvested Beginning Balance \| shares
Wtd. Avg. Grant Date Fair Value per Unit, Unvested Beginning Balance \| $ / shares
Number of Units, Granted \| shares	282,628
Wtd. Avg. Grant Date Fair Value per Unit, Granted during the period \| $ / shares	$ 6.06
Number of Units, Vested \| shares
Wtd. Avg. Grant Date Fair Value per Unit, Vested \| $ / shares
Number of Units, Forfeited \| shares
Wtd. Avg. Grant Date Fair Value per Unit, Forfeited \| $ / shares
Number of Units, Unvested Ending Balance \| shares	282,628
Wtd. Avg. Grant Date Fair Value per Unit, Unvested Ending Balance \| $ / shares	$ 6.06
Number of Units, Vested \| shares
Wtd. Avg. Grant Date Fair Value per Unit, Vested \| $ / shares