View Filing Data

Print Document View Excel Document

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current Assets
Cash and Cash Equivalents	$ 2,068,000	$ 1,294,000
Accounts Receivable, Net of Allowance for Doubtful Accounts of $1,182,000 and $859,000	6,156,000	7,858,000
Inventory	33,859,000	28,646,000
Prepaid Expenses and Other Current Assets	373,000	447,000
Total Current Assets	42,456,000	38,245,000
Property and Equipment, Net	6,753,000	7,578,000
Operating Lease Right-Of-Use-Asset	3,738,000	3,623,000
Deferred Financing Costs, Net, Deposits and Other Assets	1,618,000	1,481,000
Goodwill	163,000	163,000
TOTAL ASSETS	54,728,000	51,090,000
Current Liabilities
Notes Payable and Finance Lease Obligations - Current Portion	16,141,000	15,682,000
Notes Payable - Related Party - Current Portion	5,992,000	6,862,000
Accounts Payable and Accrued Expenses	9,559,000	8,105,000
Operating Lease Liabilities - Current Portion	672,000	697,000
Deferred Gain on Sale - Current Portion	38,000	38,000
Deferred Revenue	1,014,000	1,011,000
Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary - Current Portion	200,000	200,000
Income Taxes Payable	2,000	27,000
Total Current Liabilities	33,618,000	32,622,000
Long Term Liabilities
Notes Payable and Finance Lease Obligations - Net of Current Portion	4,456,000	3,406,000
Operating Lease Liabilities - Net of Current Portion	4,280,000	4,235,000
Deferred Gain on Sale - Net of Current Portion Liability Related to the Sale of Future Proceeds from	200,000	219,000
Disposition of Subsidiary - Net of Current Portion	256,000	402,000
Other Liability	199,000
TOTAL LIABILITIES	43,009,000	40,884,000
Commitments and Contingencies
Stockholders' Equity
Preferred Stock, par value $.001 - Authorized 3,000,000 shares, 0 shares outstanding, at both June 30, 2020 and December 31, 2019.
Common Stock - Par Value $.001 - Authorized 60,000,000 Shares, 30,579,075 and 29,478,338 Shares Issued and Outstanding as of June 30, 2020 and December 31, 2019, respectively	30,000	29,000
Additional Paid-In Capital	79,472,000	77,434,000
Accumulated Deficit	(67,783,000)	(67,257,000)
TOTAL STOCKHOLDERS' EQUITY	11,719,000	10,206,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 54,728,000	$ 51,090,000

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,182,000	$ 859,000
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	3,000,000	3,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	30,579,075	29,478,338
Common stock, shares outstanding	30,579,075	29,478,338

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Net Sales	$ 8,494,000	$ 13,368,000	$ 21,941,000	$ 27,246,000
Cost of Sales	7,880,000	11,177,000	19,146,000	22,781,000
Gross Profit	614,000	2,191,000	2,795,000	4,465,000
Operating Expenses	1,906,000	1,972,000	4,168,000	4,034,000
Loss on abandonment of Leases				(275,000)
(Loss)/Income from Operations	(1,292,000)	219,000	(1,373,000)	156,000
Interest and Financing Costs	(303,000)	(630,000)	(555,000)	(1,480,000)
Interest Expense - Related Parties	(125,000)	(362,000)	(253,000)	(475,000)
Other Income, Net	136,000	38,000	241,000	69,000
Loss before Benefit from Income Taxes	(1,584,000)	(735,000)	(1,940,000)	(1,730,000)
Benefit from Income Taxes			(1,414,000)
Loss from Continuing Operations	(1,584,000)	(735,000)	(526,000)	(1,730,000)
Income from Discontinued Operations, net of tax				72,000
Net Loss	$ (1,584,000)	$ (735,000)	$ (526,000)	$ (1,658,000)
Net Income (Loss) per share - Basic
Continuing Operations	$ (0.05)	$ (0.03)	$ (0.02)	$ (0.06)
Discontinued Operations				0
Net Income (Loss) per share - Diluted
Continuing Operations	(0.05)	(0.03)	(0.02)	(0.06)
Discontinued Operations				$ 0
Weighted Average Shares Outstanding - Basic and Diluted - continuing operations	30,552,147	28,770,983	30,476,289	28,686,187
Weighted Average Shares Outstanding - Basic - discontinued operations	30,552,147	28,770,983	30,476,289	28,686,187
Weighted Average Shares Outstanding - Diluted - discontinued operations	30,552,147	28,770,983	30,476,289	28,735,597

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2018	$ 28,000	$ 76,101,000	$ (64,523,000)	$ 11,606,000
Balance, shares at Dec. 31, 2018	28,392,853
Common stock issued for directors fees		131,000		131,000
Common stock issued for directors fees, shares	147,830
Costs related to issuance of stock		(58,000)		(58,000)
Stock Compensation Expense		$ 233,000		$ 233,000
Other Adjustments - Shares Issued, shares	144,899
Other Adjustments - Fair Value allocation		$ (185,000)		$ (185,000)
Net Loss			(923,000)	(923,000)
Balance at Mar. 31, 2019	$ 28,000	76,222,000	(65,446,000)	10,804,000
Balance, shares at Mar. 31, 2019	28,685,582
Balance at Dec. 31, 2018	$ 28,000	76,101,000	(64,523,000)	11,606,000
Balance, shares at Dec. 31, 2018	28,392,853
Balance at Jun. 30, 2019	$ 29,000	76,446,000	(66,181,000)	10,294,000
Balance, shares at Jun. 30, 2019	28,890,083
Balance at Mar. 31, 2019	$ 28,000	76,222,000	(65,446,000)	10,804,000
Balance, shares at Mar. 31, 2019	28,685,582
Issuance of Common Stock	$ 1,000	186,000		187,000
Issuance of Common Stock, shares	180,000
Stock Compensation Expense		93,000		93,000
Share Issuance Costs		(55,000)		(55,000)
Net Loss			(735,000)	(735,000)
Balance at Jun. 30, 2019	$ 29,000	76,446,000	(66,181,000)	10,294,000
Balance, shares at Jun. 30, 2019	28,890,083
Balance at Dec. 31, 2019	$ 29,000	77,434,000	(67,257,000)	10,206,000
Balance, shares at Dec. 31, 2019	29,478,338
Common stock issued for directors fees		55,000		55,000
Common stock issued for directors fees, shares	43,771
Costs related to issuance of stock		(145,000)		(145,000)
Issuance of Common Stock	$ 1,000	983,000		984,000
Issuance of Common Stock, shares	419,597
Common Stock Issued for Convertible Notes		885,000		885,000
Common Stock Issued for Convertible Notes, shares	590,243
Stock Compensation Expense		140,000		140,000
Net Loss			1,058,000	1,058,000
Balance at Mar. 31, 2020	$ 30,000	79,352,000	(66,199,000)	13,183,000
Balance, shares at Mar. 31, 2020	30,531,949
Balance at Dec. 31, 2019	$ 29,000	77,434,000	(67,257,000)	10,206,000
Balance, shares at Dec. 31, 2019	29,478,338
Balance at Jun. 30, 2020	$ 30,000	79,472,000	(67,783,000)	11,719,000
Balance, shares at Jun. 30, 2020	30,579,075
Balance at Mar. 31, 2020	$ 30,000	79,352,000	(66,199,000)	13,183,000
Balance, shares at Mar. 31, 2020	30,531,949
Common Stock Issued for Convertible Notes		46,000		46,000
Common Stock Issued for Convertible Notes, shares	47,126
Stock Compensation Expense		74,000		74,000
Net Loss			(1,584,000)	(1,584,000)
Balance at Jun. 30, 2020	$ 30,000	$ 79,472,000	$ (67,783,000)	$ 11,719,000
Balance, shares at Jun. 30, 2020	30,579,075

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (526,000)	$ (1,658,000)
Adjustments to reconcile net loss to net cash used in in operating activities
Depreciation of property and equipment	1,344,000	1,455,000
Non-cash employee compensation expense	214,000	326,000
Non-cash directors compensation	101,000	39,000
Non-cash other income recognized	(211,000)	(109,000)
Non-cash interest expense	64,000	33,000
Abandonment of lease		275,000
Amortization of Right-of-Use Asset	261,000	236,000
Deferred gain on sale of real estate	(19,000)	(19,000)
Loss on sale of equipment	16,000	42,000
Amortization of debt discount on convertible notes payable	158,000	113,000
Bad debt expense	322,000	64,000
Amortization of deferred financing costs	48,000
(Increase) Decrease in Operating Assets:
Accounts receivable	1,380,000	(1,347,000)
Inventory	(5,213,000)	(1,112,000)
Prepaid expenses and other current assets	74,000	(128,000)
Prepaid taxes		41,000
Deposits and other assets	(185,000)	(256,000)
Increase (Decrease) in Operating Liabilities:
Accounts payable and accrued expenses	1,301,000	805,000
Operating lease liabilities	(349,000)	(290,000)
Income taxes payable	(25,000)	(20,000)
Deferred revenue	3,000	17,000
Other Liability	199,000
NET CASH USED IN OPERATING ACTIVITIES	(1,043,000)	(1,493,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(309,000)	(79,000)
NET CASH USED IN INVESTING ACTIVITIES	(309,000)	(79,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Note payable - revolver - net - Sterling National Bank	429,000
Note payable - revolver - net - PNC		1,118,000
Payments of note payable - term notes - Sterling National Bank	(284,000)
Payments of note payable - term notes - PNC		(739,000)
SBA Loan Proceeds - SNB	2,414,000
Proceeds from sale of future proceeds from disposition of subsidiary		800,000
Transaction costs from sale of future proceeds from disposition of subsidiary		(3,000)
Payments of finance lease obligations	(9,000)	(593,000)
Share issuance costs		(113,000)
Proceeds from notes payable issuances- related party		500,000
Proceeds from issuance of common stock	984,000
Costs related to issuance of stock	(145,000)
Payments of notes payable issuances- related party	(1,020,000)	(4,000)
Payments of notes payable - third party	(100,000)
Payments of loan payable - equipment	(143,000)	(49,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES	2,126,000	917,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	774,000	(655,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	1,294,000	2,012,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD	2,068,000	1,357,000
Supplemental cash flow information
Cash paid during the period for interest	238,000	760,000
Cash paid during the period for income taxes
Supplemental disclosure of non-cash transactions
Right of Use Asset additions under ASC 842	642,000	4,368,000
Operating Lease Liabilities under ASC 842	642,000	5,397,000
Write-off deferred rent under ASC 842		1,165,000
Common Stock issued for conversion of note payable and accrued interest	$ 885,000	$ 131,000

Formation and Basis of Presentation

6 Months Ended

Jun. 30, 2020

Formation and Basis of Presentation [Abstract]

FORMATION AND BASIS OF PRESENTATION

Note 1. FORMATION AND BASIS OF PRESENTATION

Organization

Air Industries Group is a Nevada corporation ("AIRI"). As of and for the three and six months ended June 30, 2020 and 2019, 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"). The results of Eur-Pac Corporation ("EPC") and Electronic Connection Corporation ("ECC") are included in discontinued operations since operations ceased on March 31, 2019. See Note 2 for details of discontinued operations.

Principal Business Activities

The Company through its AIM subsidiary is primarily engaged in manufacturing aircraft structural parts, and assemblies for prime defense contractors in the aerospace industry in the United States. NTW is a manufacturer of aerospace components, principally landing gear for F-16 and F-18 fighter aircraft. Sterling manufactures components and provides services for jet engines and ground-power turbines. The Company's customers consist mainly of publicly traded companies in the aerospace industry.

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 six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. 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, 2019, as filed with the Securities and Exchange Commission, from which the accompanying condensed consolidated balance sheet dated December 31, 2019 was derived.

Reclassifications

Certain account balances in 2019 have been reclassified to conform to the current period presentation.

Impact of Covid-19

On March 11, 2020, the World Health Organization announced that infections caused by the coronavirus disease of 2019 ("COVID-19") had become pandemic, and on March 13, 2020, the U.S. President announced a national emergency relating to the disease. National, state and local authorities have adopted various regulations and orders, including mandates on the number of people that may gather in one location and closing non-essential businesses. To date, the Company has been deemed an essential business and has not curtailed its operations.

The measures adopted by various governments and agencies, as well as the decision by many individuals and businesses to voluntarily shut down or self-quarantine, have and are expected to continue to have serious adverse impacts on domestic and foreign economies of uncertain severity and duration. The effectiveness of economic stabilization efforts adopted by governments is uncertain. The likely overall economic impact of the COVID-19 pandemic will be highly negative to the general economy and has been particularly negative on the commercial travel industry and commercial aerospace industries.

In accordance with the Department of Defense guidance issued in March 2020 designating the Defense Industrial Base as a critical infrastructure workforce, the Company's facilities have continued to operate in support of essential products and services required to meet national security commitments to the U.S. government and the U.S. military, however, facility closures or work slowdowns or temporary stoppages could occur. Although the Company's facilities are open, it has been unable to operate at full capacity or achieve high levels of productivity due to the implementation of enhanced safety procedures, increased employee absenteeism and intermittent closings of other businesses that supply goods or services to the Company.

Financial impacts related to COVID-19, including actions and costs in response to the pandemic, were not material to the Company's first quarter 2020 financial position, results of operations or cash flows. Beginning in April 2020, the COVID–19 crisis resulted in a reduction to 2020 revenue and operating margins in portions of its business. This negative effect continued in May 2020 and to a lesser extent in June 2020. The decrease in revenue resulted from employee absenteeism, supplier disruption, changes in employee productivity, and related program delays or challenges. The Company and its employees, suppliers, customers and its global community are facing tremendous challenges and the Company cannot predict how this dynamic situation will evolve or the impact it will have on the Company's results of operations.

The Company has implemented procedures to promote employee safety including more frequent and enhanced cleaning and adjusted schedules and work flows to support physical distancing. These actions have resulted in increased operating costs. In addition, a number of the Company's suppliers and customers have intermittently suspended or otherwise reduced their operations, and the Company is experiencing some supply chain challenges. Suppliers are also experiencing liquidity pressures and disruptions to their operations as a result of COVID-19. During the three months ended June 30, 2020, we had large numbers of employees working remotely. Beginning in June, and continuing into July, that number has declined.

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") was signed into law. The CARES Act provides aid to small businesses through programs administered by the Small Business Administration ("SBA"). The CARES Act includes, among other things, provisions relating to payroll tax credits and deferrals, net operating loss carryback periods, alternative minimum tax credits and technical corrections to tax depreciation methods for qualified improvement property. The CARES Act also established a Paycheck Protection Program ("PPP"), whereby certain small businesses are eligible for a loan to fund payroll expenses, rent, and related costs.

In May 2020, AIM, NTW and Sterling (each a "Borrower") entered into government subsidized loans with Sterling National Bank ("SNB") as the lender in an aggregate principal amount of approximately $2.4 million ("SBA Loans"). Each SBA Loan is evidenced by a promissory note. At least 60% of the proceeds of each Loan must be used for payroll and payroll-related costs, in accordance with the applicable provisions of the federal statute authorizing the loan program administered by the SBA and the rules promulgated thereunder (the "Loan Program"). The Borrower may apply to SNB for forgiveness of a portion of the SBA Loan in accordance with the applicable provisions of the federal statute authorizing the Loan Program. See Note 6.

The Company has elected to defer the deposit and payment of employer's portion of Social Security taxes pursuant to Section 2302 of the CARES Act. These deferred amounts must be repaid 50% on December 31, 2021 with the remaining 50% on December 31, 2022. As of June 30, 2020, the Company has deferred $199,000, which is classified as Other Liability on the accompanying Condensed Consolidated Balance Sheet.

In addition, as a result of the passage of the CARES Act, the Company received $1,416,000 from the filing of a net operating loss carryback claim. See Note 10.

The Company believes that based on its confirmed orders, funds generated from operations, amounts received under government subsidized loan programs and amounts available under its credit facility, it will have sufficient cash on hand to support its activities through September 1, 2021.

Subsequent Events

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

Discontinued Operations

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

Note 2. DISCONTINUED OPERATIONS

As discussed in Note 1, the Company disposed of its EPC and ECC subsidiaries in March 2019. As required, the Company has retrospectively recast its condensed consolidated statements of operations for the 2019 period presented. As such, these businesses are reported as discontinued operations for the three and six months ended June 30, 2019. The Company has not segregated the cash flows of these businesses in the condensed consolidated statements of cash flows. Management was also required to make certain assumptions and apply judgment to determine historical expenses related to the discontinued operations presented in prior periods. Unless noted otherwise, discussion in the Notes to Condensed Consolidated Financial Statements refers to the Company's continuing operations.

The following table presents the results of discontinued operations presented separately in the condensed consolidated statement of operations for the three and six months ended June 30, 2019:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2019		2019
	(unaudited)		(unaudited)
Net revenue	$	-	$	132,000
Cost of goods sold		-		105,000
Gross profit		-		27,000
Operating expenses:
Selling, general and administrative		-		96,000
Gain on impairment of assets		-		41,000
Total operating loss		-		(28,000	)
Interest expense		-		(1,000	)
Other income		-		101,000
Income from discontinued operations before income taxes		-		72,000

Provision for income taxes		-		-
Income from discontinued operations, net of income tax	$	-	$	72,000

Non-cash operating amounts for discontinued operations for the three and six months ended June 30, 2019 include depreciation and amortization of $0 and $6,000, respectively. There were no capital expenditures for discontinued operations for both the three and six months ended June 30, 2019. There were no other significant non-cash operating amounts or investing items of the discontinued operations for the period.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Inventory Valuation

For annual periods, the Company values inventory at the lower of cost on a first-in-first-out basis or estimated net realizable value. The Company does not take physical inventories at interim quarterly reporting periods. Historically, substantially all of the inventory value has been estimated using a gross profit percentage based on gross profit percentages of previous periods as applied to the net sales of the current period. During the three months ended June 30, 2020, the Company determined that its gross profits by segment were below its 2019 gross profit percentages and has adjusted margins accordingly. Adjustments to reconcile the annual physical inventory to the Company's books are treated as changes in accounting estimates and are recorded in the fourth quarter.

Credit and Concentration Risks

There were two customers that represented 71.9% and three customers that represented 75.6% of total net sales for the three months ended June 30, 2020 and 2019, respectively. This is set forth in the table below.

Customer	Percentage of Sales
	June 30, 2020		June 30, 2019
	(Unaudited)		(Unaudited)
1		38.6		30.0
2		33.3		35.1
3		*		10.5

Customer was less than 10% of total net sales for the three months ended June 30, 2020.

There were two customers that represented 69.3% and three customers that represented 74.7% of total net sales for the six months ended June 30, 2020 and 2019, respectively. This is set forth in the table below.

Customer	Percentage of Sales
	June 30, 2020		June 30, 2019
	(Unaudited)		(Unaudited)
1		37.1		29.4
2		32.2		33.2
3		*		12.1

Customer was less than 10% of total net sales for the six months ended June 30, 2020.

There was one customer that represented 49.7% of gross accounts receivable at June 30, 2020 and three customers that represented 67.8% of gross accounts receivable at December 31, 2019, respectively. This is set forth in the table below.

Customer	Percentage of Receivables
	June 30, 2020		December 31, 2019
	(Unaudited)
1		49.7		32.7
2		*		25.1
3		*		10.0

Customer was less than 10% of Gross Accounts Receivable at June 30, 2020.

Cash and Cash Equivalents

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

Major Suppliers

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

Leases

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

Earnings (Loss) per share

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

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

The following is a reconciliation of the denominators of basic and diluted earnings per share for discontinued operations computations:

	Three Months Ended				Six Months Ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Discontinued Operations	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Weighted average shares outstanding used to compute basic earnings per share		30,552,147		28,770,983		30,476,289		28,686,187
Effect of dilutive stock options and warrants		-		-		-		49,410
Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share		30,552,147		28,770,983		30,476,289		28,735,597

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 and Six Months Ended
	June 30, 2020		June 30, 2019
	(Unaudited)		(Unaudited)
Stock Options		216,000		861,000
Warrants		1,423,000		2,183,000
		1,639,000		3,044,000

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

	Three and Six Months Ended
	June 30, 2020		June 30, 2019
	(Unaudited)		(Unaudited)
Stock Options		1,696,000		515,000
Warrants		760,000		-
Convertible notes payable		5,045,000		5,934,000
		7,501,000		6,449,000

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with FASB ASC 718, "Compensation – Stock Compensation." Under the fair value recognition provision of the ASC, stock-based compensation cost is estimated at the grant date based on the fair value of the award. The Company estimates the fair value of stock options and warrants granted using the Black-Scholes-Merton option pricing model. Stock based compensation expense for employees amounted to $74,000 and $93,000 for the three months ended June 30, 2020 and 2019, respectively, and $214,000 and $326,000 for the six months ended June 30, 2020 and 2019, respectively. Stock compensation expense for directors amounted to $46,000 and $0 for the three months ended June 30, 2020 and 2019, respectively and $101,000 and $131,000 for the six months ended June 30, 2020 and 2019, respectively. Stock compensation expense for employees and directors was included in operating expenses on the accompanying Condensed Consolidated Statements of Operations.

Goodwill

Goodwill represents the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. The goodwill amount of $163,000 at both June 30, 2020 and December 31, 2019 relates to the acquisition of NTW.

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

The COVID-19 pandemic was a triggering event for testing whether goodwill has been impaired. The Company performed a qualitative assessment and determined it is more likely than not that the fair value exceeds the carrying value of $163,000 as of June 30, 2020. The Company will continue to monitor the impacts of the COVID-19 pandemic in future quarters. Changes in the Company's forecasts or further decreases in the value of its common stock could cause book values to exceed fair values which may result in goodwill impairment charges in future periods.

The Company has determined that there has been no impairment of goodwill at June 30, 2020 and December 31, 2019.

Recently Issued Accounting Pronouncements

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of this standard on its condensed consolidated financial statements and related disclosures.

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

Property and Equipment

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Note 4. PROPERTY AND EQUIPMENT

The components of property and equipment at June 30, 2020 and December 31, 2019 consisted of the following:

	June 30,			December 31,
	2020			2019
	(unaudited)
Land	$	300,000		$	300,000
Buildings and Improvements		1,650,000			1,650,000		31.50 years
Machinery and Equipment		12,466,000			12,251,000		5 - 8 years
Finance Lease Machinery and Equipment		6,495,000			6,495,000		5 - 8 years
Tools and Instruments		11,336,000			11,021,000		1.50 - 7 years
Automotive Equipment		148,000			177,000		5 years
Furniture and Fixtures		290,000			290,000		5 - 8 years
Leasehold Improvements		530,000			530,000		Term of Lease
Computers and Software		428,000			425,000		4 - 6 years
Total Property and Equipment		33,643,000			33,139,000
Less: Accumulated Depreciation		(26,890,000	)		(25,561,000	)
Property and Equipment, net	$	6,753,000		$	7,578,000

Depreciation expense for the three months ended June 30, 2020 and 2019 was $688,000 and $760,000, respectively. Depreciation expense for the six months ended June 30, 2020 and 2019 was $1,344,000 and $1,455,000, respectively.

Assets held under financed lease obligations are depreciated over the shorter of their related lease terms or their estimated productive lives. Depreciation of assets under finance leases is included in depreciation expense for 2020 and 2019. Accumulated depreciation on these assets was approximately $6,304,000 and $5,396,000 as of June 30, 2020 and December 31, 2019, respectively.

Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

LEASES

Note 5. LEASES

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

During the three months ended June 30, 2020, NTW's warehouse lease was terminated by its landlord under the terms of its lease agreement. Additionally, the Company entered into a new lease agreement for warehouse space in Bohemia, NY. The new lease term commenced on April 1, 2020 and expires on May 31, 2025. During the first year of the lease, the monthly rent is $10,964 and increases 3% each year thereafter. The final two months are equal installments of $1,746.

	June 30,
	2020
Weighted Average Remaining Lease Term - in years		6.00
Weighted Average discount rate - %		8.88	%

The aggregate undiscounted cash flows of operating lease payments for leases with remaining terms greater than one year are as follows:

	June 30, 2020
For the twelve months ended December 31,	(unaudited)
December 31, 2020 (remaining six months)	$	536,000
December 31, 2021		1,080,000
December 31, 2022		1,007,000
December 31, 2023		1,038,000
December 31, 2024		1,070,000
Thereafter		4,731,000
Total future minimum lease payments		9,462,000
Less: discount		(4,510,000	)
Total operating lease maturities		4,952,000
Less: current portion of operating lease liabilities		(672,000	)
Total long term portion of operating lease maturities	$	4,280,000

Notes Payable, Related Party Notes Payable and Finance Lease Obligations

6 Months Ended

Jun. 30, 2020

Notes and Loans Payable [Abstract]

NOTES PAYABLE, RELATED PARTY NOTES PAYABLE AND FINANCE LEASE OBLIGATIONS

Note 6. NOTES PAYABLE, RELATED PARTY NOTES PAYABLE AND FINANCE LEASE OBLIGATIONS

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

	June 30,			December 31,
	2020			2019
	(unaudited)
Revolving credit note payable to Sterling National Bank ("SNB")	$	12,972,000		$	12,543,000
Term loan, SNB		3,516,000			3,800,000
Finance lease obligations		13,000			22,000
Loan Payable - equipment		242,000			385,000
Related party notes payable, net of debt discount		5,992,000			6,862,000
Convertible notes payable-third parties, net of debt discount		1,440,000			2,338,000
SBA loans		2,414,000			-
Subtotal		26,589,000			25,950,000
Less: Current portion of notes payable, related party notes payable and finance lease obligations		(22,133,000	)		(22,544,000	)
Notes payable, related party notes payable and finance lease obligations, net of current portion	$	4,456,000		$	3,406,000

Sterling National Bank ("SNB")

On December 31, 2019, the Company entered into a new loan facility ("SNB Facility") with Sterling National Bank, ("SNB") expiring on December 30, 2022. The new Loan Facility provides for a $16,000,000 revolving loan ("SNB revolving line of credit") and a term loan ("SNB term loan").

Proceeds from the SNB Facility repaid the Company's outstanding loan facility ("PNC Facility") with PNC Bank N.A. ("PNC").

The formula to determine the amounts of revolving advances permitted to be borrowed under the SNB revolving line of credit is based on a percentage of the Company's eligible receivables and eligible inventory (as defined in the SNB Facility). Each day, the Company's cash collections are swept directly by SNB to reduce the SNB revolving loan balance and the Company then borrows according to a borrowing base formula. The Company's receivables are payable directly into a lockbox controlled by SNB (subject to the terms of the SNB Facility).

The repayment terms of the SNB term loan provide for monthly principal installments in the amount of $45,238, payable on the first business day of each month, beginning on February 1, 2020, with a final payment of any unpaid balance of principal and interest payable on December 30, 2022. In addition, for so long as the SNB term loan remains outstanding, if Excess Cash Flow (as defined) is a positive number for any fiscal year, beginning with the year ending December 31, 2020, the Company shall pay to SNB an amount equal to the lesser of (i) twenty-five percent (25%) of the Excess Cash Flow for such Fiscal Year and (ii) the outstanding principal balance of the term loan. Such payment shall be made to SNB and applied to the outstanding principal balance of the term loan, on or prior to April 15 of the Fiscal Year immediately following such Fiscal Year.

The Company may voluntarily prepay balances under the SNB Facility. Any prepayment of less than all of the outstanding principal of the SNB term loan is applied to the principal of the SNB term loan.

The terms of the SNB Facility require that, among other things, the Company maintain a specified Fixed Charge Coverage Ratio of 1.25 to 1.00 at the end of each Fiscal Quarter beginning with the Fiscal Quarter ending March 31, 2020. In addition, the Company is limited in the amount of Capital Expenditures it can make. As of June 30, 2020 the Company was in compliance with all loan covenants. The SNB Facility also restricts the amount of dividends the Company may pay to its stockholders. Substantially all of the Company's assets are pledged as collateral under the SNB Facility.

As of June 30, 2020 the future minimum principal payments for the SNB term loan are as follows:

For the twelve months ending	Amount
December 31, 2020 (remainder of the year)	$	271,000
December 31, 2021		543,000
December 31, 2022		2,760,000
SNB Term Loan payable		3,574,000
Less: debt issuance costs		(58,000	)
Total SNB Term loan payable, net of debt issuance costs		3,516,000
Less: Current portion of SNB term loan payable		(543,000	)
Total long-term portion of SNB term loan payable	$	2,973,000

Under the terms of the SNB Facility, both the SNB revolving line of credit and the SNB term loan will bear an interest rate equal to 30-day LIBOR, (with a 1% floor), plus 2.5%. The average interest rate charged during the period ended June 30, 2020 was 3.5%.

As of June 30, 2020, our debt to SNB in the amount of $16,488,000 consisted of the SNB revolving line of credit note in the amount of $12,972,000 and the SNB term loan in the amount of $3,516,000. As of December 31, 2019, our debt to SNB in the amount of $16,343,000 consisted of the SNB revolving line of credit note in the amount of $12,543,000 and the SNB term loan in the amount of $3,800,000.

Interest expense related to the SNB Facility amounted to approximately $154,000 for the three months ended June 30, 2020, and $274,000 for the six months ended June 30, 2020.

PNC Bank N.A. ("PNC")

The Company previously maintained the PNC Facility. Under the PNC Facility, substantially all of the Company's assets were pledged as collateral. The PNC Facility provided for a $15,000,000 revolving line of credit ("PNC revolving line of credit") and a term loan ("PNC term loan").

Interest expense related to the PNC Facility amounted to approximately $333,000 for the three months ended June 30, 2019 and $563,000 for the six months ended June 30, 2019.

On December 31, 2019, both the PNC revolving line of credit and PNC term loan were paid in full and all assets that were previously pledged as collateral were released.

Loan Payable – Equipment

The Company is committed to a loan for manufacturing equipment purchased during 2019. The loan payable obligation totaled $242,000 and $385,000 as of June 30, 2020 and December 31, 2019, respectively. The loan bears interest at 3% per annum.

The future minimum loan payments are as follows:

For the twelve months ending	Amount
December 31, 2020 (remainder of the year)	$	145,000
December 31, 2021		97,000
Total Loan Payable - equipment		242,000
Less: Current portion of loan payable - equipment		242,000
Long-term portion of loan payable - equipment	$	-

Related Party Notes Payable

Taglich Brothers, Inc. is a corporation co-founded by two directors of the Company, Michael and Robert Taglich. In addition, a third director of the Company is a vice president of Taglich Brothers, Inc.

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.

On January 15, 2019, the Company issued its 7% senior subordinated convertible promissory notes due December 31, 2020, each in the principal amount of $1,000,000 (together, the "7% Notes"), to Michael Taglich and Robert Taglich, each for a purchase price of $1,000,000. The 7% Notes bear interest at the rate of 7% per annum, are convertible into shares of the Company's common stock at a conversion price of $0.93 per share, subject to the anti-dilution adjustments set forth in the 7% Notes and are subordinate to the Company's indebtedness under the SNB Facility.

In connection with the 7% Notes, the Company paid Taglich Brothers, Inc. a fee of $80,000 (4% of the purchase price of the 7% Notes), paid in the form of a promissory note having terms similar to the 7% Notes.

On June 26, 2019, the Company was advanced $250,000 from each of Michael and Robert Taglich. These notes bear interest at a rate of 12% per annum. In connection with these notes, the Company issued 37,500 shares of stock to each of Michael and Robert Taglich. The maturity date, of these notes, was June 30, 2020, but was extended to December 31, 2020.

On October 21, 2019, the Company was advanced $1,000,000 from Michael Taglich. This advance was repaid on January 2, 2020. The interest rate on this advance was 12% per annum.

Private Placement of Subordinated Notes due May 31, 2019, together with Shares of Common Stock

On March 29, 2018 and April 4, 2018, Michael Taglich and Robert Taglich advanced $1,000,000 and $100,000, respectively, to the Company for use as working capital. The Company subsequently issued its Subordinated Notes originally due May 31, 2019 to Michael Taglich and Robert Taglich, together with shares of common stock, in the financing described below, to evidence its obligation to repay the foregoing advances.

In May 2018, the Company issued $1,200,000 of Subordinated Notes due May 31, 2019 (the "2019 Notes"), together with a total of 214,762 shares of common stock to Michael Taglich, Robert Taglich and another accredited investor. As part of the financing, the Company issued to Michael Taglich $1,000,000 principal amount of 2019 Notes and 178,571 shares of common stock for a purchase price of $1,000,000 and to Robert Taglich $100,000 principal amount of 2019 Notes and 17,857 shares of common stock. The Company issued and sold a 2019 Note in the principal amount of $100,000, plus 18,334 shares of common stock to the other accredited investor for a purchase price of $100,000. This additional note was paid in full on January 2, 2020.

Interest on the 2019 Notes is payable on the outstanding principal amount thereof at the rate of one percent (1%) per month, payable monthly commencing June 30, 2018. Upon the occurrence and continuation of a failure to pay accrued interest, interest shall accrue and be payable on such amount at the rate of 1.25% per month; provided that upon the occurrence and continuation of a failure to timely pay the principal amount of the 2019 Note, interest shall accrue and be payable on such principal amount at the rate of 1.25% per month and shall no longer be payable on interest accrued but unpaid. The 2019 Notes are subordinate to the Company's obligations to SNB.

Taglich Brothers acted as placement agent for the offering and received a commission in the aggregate amount of 4% of the amount invested which was paid in kind.

During the second quarter of 2019, the maturity date of the 2019 Notes was extended to June 30, 2020. The interest rate of the notes remains at 12% per annum. In connection with the extension, 180,000 shares of common stock were issued on a pro-rata basis to each of the note holders, including 150,000 shares to Michael Taglich and 15,000 shares to Robert Taglich at $1.01 per share or $182,000. The costs have been recorded as a debt discount, and are being accreted over the revised term. In connection with the SNB Loan facility, Michael and Robert Taglich agreed to extend the maturity date of the 2019 Notes to December 31, 2020.

Private Placements of 8% Subordinated Convertible Notes

From November 23, 2016 through March 21, 2017, the Company received gross proceeds of $4,775,000, of which $1,950,000 were received from Robert and Michael Taglich, from the sale of an equal principal amount of our 8% Subordinated Convertible Notes (the "8% Notes"), together with warrants to purchase a total of 383,080 shares of our common stock, in private placement transactions with accredited investors (the "8% Note Offerings"). In connection with the offering of the 8% Notes, the Company issued 8% Notes in the aggregate principal amount of $382,000 to Taglich Brothers, Inc., placement agent for the 8% Note Offerings, in lieu of payment of cash compensation for sales commissions, together with warrants to purchase a total of 180,977 shares of our common stock. Payment of the principal and accrued interest on the 8% Notes are junior and subordinate in right of payment to our indebtedness under the SNB Facility.

Interest on the 8% Notes is payable on the outstanding principal amount thereof at the annual rate of 8%, payable quarterly commencing February 28, 2017, in cash, or at our option, in additional 8% Notes, provided that if accrued interest payable on $1,269,000 principal amount of the 8% Notes issued in December 2016 is paid in additional 8% Notes, interest for that quarterly interest payment shall be calculated at the rate of 12% per annum. Upon the occurrence and continuation of an event of default, interest shall accrue at the rate of 12% per annum.

Related party advances and notes payable, net of debt discounts to Michael and Robert Taglich, and their affiliated entities, totaled $5,992,000 and $6,862,000, as of June 30, 2020 and December 31, 2019, respectively. Unamortized debt discounts related to these notes amounted to $76,000 and $226,000 as of June 30, 2020 and December 31, 2019, respectively. Interest incurred on these related party notes amounted to approximately $125,000 and $362,000 for the three months ended June 30, 2020 and 2019, respectively, and $253,000 and $475,000 for the six months ended June 30, 2020 and 2019 respectively. Amortization of debt discount incurred on these related party notes amounted to approximately $77,000 and $101,000 for the three months ended June 30, 2020 and 2019, respectively and $151,000 and $231,000 for the six months ended June 30, 2020 and 2019, respectively. The amortization of the debt discount is included in interest and financing costs in the Condensed Consolidated Statement of Operations.

All related party notes are due on December 31, 2020 and are subordinated to the SNB Facility. There are no principal payments due on these notes until such time.

Per the terms of the SNB Facility, prior to September 30, 2020, with respect to any and all related party notes payable and Subordinated Notes, (i) the maturity date shall be extended to a date that is more than six months after December, 30, 2022 or (ii) shall be converted to common stock of the Company.

Convertible Notes Payable – Third Parties

In January 2020, the third party holders of $805,000 principal of the 8% Notes with accrued interest thereon of $80,000 converted their notes into approximately 590,243 shares of common stock at a per share price of $1.50.

8% Notes payable to third parties totaled $1,440,000 and $2,338,000, as of June 30, 2020 and December 31, 2019, respectively. Interest incurred on the 8% Notes amounted to approximately $38,000 and $168,000 for the three months ended June 30, 2020 and 2019, respectively, and $80,000 and $256,000 for the six months ended June 30, 2020 and 2019, respectively. Unamortized debt discounts related to these notes amounted to $0 and $7,000 as of June 30, 2020 and December 31, 2019, respectively. Amortization of debt discount on the 8% Notes amounted to approximately $3,000 and $5,000 for the three months ended June 30, 2020 and 2019, respectively, and $7,000 and $128,000 for the six months ended June 30, 2020 and 2019, respectively. These costs are included in interest and financing costs in the Condensed Consolidated Statement of Operations.

All convertible notes with third parties are due on December 31, 2020 and are subordinated to the SNB Facility. There are no principal payments due on these notes until such time.

Per the terms of the SNB Facility, prior to September 30, 2020, with respect to any and all of the convertible notes payable, (i) the maturity date shall be extended to a date that is more than six months after December, 30, 2022 or (ii) shall be converted to common stock of the Company.

SBA Loans

In May 2020, AIM, NTW and Sterling entered into SBA Loans with SNB as the lender in an aggregate principal amount of $2,414,000. Each SBA Loan is evidenced by a Note. Subject to the terms of the Note, the SBA Loan bears interest at a fixed rate of one percent (1%) per annum, with the first six months of interest deferred, has an initial term of two years, and is unsecured and guaranteed by the SBA. At least 60% of the proceeds of each Loan must be used for payroll and payroll-related costs, in accordance with the applicable provisions of the federal statute authorizing the loan program administered by the SBA and the rules promulgated thereunder (the "Loan Program"). The Company may apply to SNB for forgiveness of a portion of the SBA Loan in accordance the applicable provisions of the federal statute authorizing the Loan Program. Each Note provides for customary events of default including, among other things, cross-defaults on any other loan with SNB. Each SBA Loan may be accelerated upon the occurrence of an event of default. As of June 30, 2020, SBA Loans totaled $2,414,000.

The future minimum loan payments are as follows:

For the twelve months ending	Amount
December 31, 2020 (remainder of the year)	$	133,000
December 31, 2021		1,607,000
December 31, 2022		674,000
Total SBA Loans		2,414,000
Less: Current portion of SBA Loans		934,000
Long-term portion of SBA Loans	$	1,480,000

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

6 Months Ended

Jun. 30, 2020

Placement invested percentage [Abstract]

NOTE 7. LIABILITY RELATED TO THE SALE OF FUTURE PROCEEDS FROM DISPOSITION OF SUBSIDIARY

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

As of December 31, 2018, the Company received an aggregate of $363,000 under the Meyer Agreement.

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

The Purchasers have agreed to pay Taglich Brothers a fee equal to 2% per annum of the purchase price paid by such Purchasers, payable quarterly, to be deducted from the payments of the Remaining Amount, for acting as paying agent in connection with the payments from Meyer.

Although the Company sold all of its rights to the Remaining Amount, as a result of its obligation to the Purchasers, the Company is required to account for the Remaining Amount or portion thereof as income when earned. The Company recorded the $800,000 in proceeds as a liability on its condensed consolidated balance sheet, net of transaction costs of $3,000. Transaction costs will be amortized to interest expense over the estimated life of the Purchase Agreement.

As payments are remitted to the Purchasers, the balance of the recorded liability will be effectively repaid over the life of the Purchase Agreement. To determine the amortization of the recorded liability, the Company is required to estimate the total amount of future payment to be received by the Purchasers. The Company estimates that the entire Remaining Amount will be received, and accordingly, the Remaining Amount less the $800,000 purchase price received (the "Discount") will be amortized into the liability balance and recorded as interest expense. The Discount will be amortized through the earliest date that the Purchasers can exercise their Put Right, using the straight line method (which is not materially different than the effective interest method) over the estimated life of the Purchase Agreement with the Purchasers. Periodically the Company will assess the estimated payments to be made to the Purchasers related to the Meyer Agreement, and to the extent the amount or timing of the payments is materially different from their original estimates, the Company will prospectively adjust the amortization of the liability. The amount or timing of the payments from Meyer are not within the Company's control. Since the inception of the Purchase Agreement, the Company estimates the effective annual interest rate over the life of the agreement to be approximately 18%.

The liability is classified between the current and non-current portion of liability related to sale of future proceeds from disposition of subsidiary based on the estimated recognition of the payments to be received by the purchasers in the next 12 months from the financial statements reporting date.

The Company recognized $119,000 and $0 of non-cash income for the three months ended June 30, 2020 and 2019, respectively, and $211,000 and $109,000 of non-cash income for the six months ended June 30, 2020 and 2019, respectively, reflected in "other income, net" on the condensed consolidated statement of operations. Additionally, the Company recorded $36,000 and $0 of related non-cash interest expense related to the Purchase Agreement, for the three months ended June 30, 2020 and 2019, respectively, and $64,000 and $33,000 for the six months ended June 30, 2020 and 2019, respectively.

The table below shows the activity within the liability account for the six months ended June 30, 2020:

Liabilities related to sale of future proceeds from disposition of subsidiaries - as of December 31, 2019	$	603,000
Non-Cash other income recognized		(211,000	)
Non-Cash interest expense recognized		64,000
Liabilities related to sale of future proceeds from disposition of subsidiary - as of June 30, 2020		456,000
Less: unamortized transaction costs		(3,000	)
Liability related to sale of future proceeds from disposition of subsidiary, net	$	453,000

Stockholders' Equity

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

STOCKHOLDERS' EQUITY

Note 8. STOCKHOLDERS' EQUITY

Common Stock – Sale of Securities

In January 2020, the Company issued and sold 419,597 shares of its common stock for gross proceeds of $984,000 pursuant to our Form S-3 filed on October 10, 2019 as updated on January 15, 2020. Costs of the sale amounted to $145,000.

The Company issued 47,126 and 0 shares of common stock in lieu of cash payments for director fees for the three months ended June 30, 2020 and 2019, respectively, and 90,897 and 147,830 for the six months ended June 30, 2020 and 2019, respectively.

Contingencies

6 Months Ended

Jun. 30, 2020

Contingencies [Abstract]

CONTINGENCIES

Note 9. CONTINGENCIES

Loss Contingencies

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

On December 20, 2018, pursuant to a Stock Purchase Agreement dated as of March 21, 2018 ("SPA"), the Company completed the sale of all of the outstanding shares of its subsidiary, Welding Metallurgy, Inc. to CPI Aerostructures. On March 19, 2019, in accordance with the procedures set forth in the SPA with CPI Aerostructures, the Company received a notice from CPI claiming that the working capital deficit used to compute the purchase price was understated. The issue of the amount of the working capital deficit was submitted to BDO USA, LLP ("BDO"), acting as an expert, and it issued a report dated September 3, 2019, where it determined that the amount of the working capital deficit was approximately $4,145,870. On September 9, 2019 the Company received a demand from CPI for payment of such amount. The Company advised CPI that the determination of BDO is void because, among other things, it believes BDO exceeded the scope of its authority as set forth in the SPA. On September 27, 2019, CPI filed a notice of motion in the Supreme Court of the State of New York, County of New York, against the Company seeking, among other things, an order of specific performance requiring delivery of the funds deposited in escrow, together with the balance of the working capital deficit which it claimed, and a judgment against the Company in the amount of approximately $4,200,000 of which $2,000,000 would be satisfied by delivery of the funds in escrow. On October 7, 2019, the Company agreed to the release of $619,316 of the funds held in escrow in respect of claims related to the working capital deficit not related to the value of WMI's inventory. As of December 31, 2018, the Company has placed a reserve against substantially all of the escrowed amount and cannot estimate the amount of loss. For, among others, the reasons stated above the Company intends to contest vigorously any claim CPI may make for payment based on the BDO Report. Outside counsel for the company has advised that at this stage in the proceedings, it cannot offer an opinion as to the probable outcome. As of June 30, 2020, there has been no new developments.

Contract Pharmacal Corp. commenced an action on October 2, 2018, relating to a Sublease entered into between the Company and Contract Pharmacal in May 2018 with respect to the property at 110 Plant Avenue, Hauppauge, New York. In the action Contract Pharmacal seeks damages for an amount in excess of $1,000,000 for our failure to make the entire premises available by the Sublease commencement date. The Company disputes the validity of the claims asserted by Contract Pharmacal and believes it has meritorious defenses to those claims and have recently submitted a motion in opposition to its motion for summary judgement. As of June 30, 2020, it is not possible to estimate if a loss will be incurred, as such there has been no accrual.

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

Income Taxes

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

Note 10. INCOME TAXES

The Company recorded no income tax expense for the three and six months ended June 30, 2020 and 2019 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 a result of the passage of the CARES Act, the Company received $1,416,000 from the filing of a net operating loss carryback claim. The Company is currently evaluating the impact of other provisions of the CARES Act on its accounting for income taxes and does not believe it has a material impact at this time.

The Company recorded no other federal income tax benefit for both of the three and six months ended June 30, 2020 and 2019.

As of June 30, 2020, and December 31, 2019, the Company provided a full valuation allowance against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized.

- Definition

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

+ References + Details

Segment Reporting

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

SEGMENT REPORTING

Note 11. SEGMENT REPORTING

In accordance with FASB ASC 280, "Segment Reporting" ("ASC 280"), the Company discloses financial and descriptive information about its reportable operating segments. Operating segments are components of an enterprise about which separate financial information is available and regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

The Company follows ASC 280, which establishes standards for reporting information about operating segments in annual and interim financial statements, and requires that companies report financial and descriptive information about their reportable segments based on a management approach. ASC 280 also establishes standards for related disclosures about products and services, geographic areas and major customers.

The Company currently divides its operations into two operating segments: Complex Machining, which consists of AIM and NTW; and Turbine Engine Components, which consists of Sterling. Along with its operating subsidiaries, the Company reports the results of its corporate division as an independent segment.

For reporting purposes, EPC and ECC have been classified as discontinued operations for the three and six months ending June 30, 2019.

The accounting policies of each of the segments are the same as those described in the Summary of Significant Accounting Policies. Intersegment transfers are recorded at the transferor's cost, and there is no intercompany profit or loss on intersegment transfers. We evaluate performance based on revenue, gross profit contribution and assets employed.

Financial information about the Company's reporting segments for the three and six months ended June 30, 2020 and 2019 are as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
COMPLEX MACHINING
Net Sales	$	7,308,000		$	11,701,000		$	19,372,000		$	24,119,000
Gross Profit		681,000			2,095,000			2,849,000			4,308,000
Pre Tax (Loss) Income from continuing operations		(10,000	)		1,351,000			1,160,000			2,794,000
Assets		48,490,000			47,176,000			48,490,000			47,176,000

TURBINE ENGINE COMPONENTS
Net Sales		1,186,000			1,667,000			2,569,000			3,127,000
Gross (Loss) Profit		(67,000	)		96,000			(54,000	)		157,000
Pre Tax Loss from continuing operations		(217,000	)		(111,000	)		(343,000	)		(281,000	)
Assets		4,430,000			5,575,000			4,430,000			5,575,000

CORPORATE
Net Sales		-			-			-			-
Gross Profit		-			-			-			-
Pre Tax Loss from continuing operations		(1,357,000	)		(1,975,000	)		(2,757,000	)		(4,243,000	)
Assets		1,808,000			568,000			1,808,000			568,000

CONSOLIDATED
Net Sales		8,494,000			13,368,000			21,941,000			27,246,000
Gross Profit		614,000			2,191,000			2,795,000			4,465,000
Pretax net loss from continuing operations		(1,584,000	)		(735,000	)		(1,940,000	)		(1,730,000	)
Benefit from Income Taxes		-			-			(1,414,000	)		-
Income from Discontinued Operations, net of taxes		-			-			-			72,000
Net Loss		(1,584,000	)		(735,000	)		(526,000	)		(1,658,000	)
Assets	$	54,728,000		$	53,319,000		$	54,728,000		$	53,319,000

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Inventory Valuation

Inventory Valuation

Credit and Concentration Risks

Credit and Concentration Risks

Customer	Percentage of Sales
	June 30, 2020		June 30, 2019
	(Unaudited)		(Unaudited)
1		38.6		30.0
2		33.3		35.1
3		*		10.5

Customer was less than 10% of total net sales for the three months ended June 30, 2020.

Customer	Percentage of Sales
	June 30, 2020		June 30, 2019
	(Unaudited)		(Unaudited)
1		37.1		29.4
2		32.2		33.2
3		*		12.1

Customer was less than 10% of total net sales for the six months ended June 30, 2020.

Customer	Percentage of Receivables
	June 30, 2020		December 31, 2019
	(Unaudited)
1		49.7		32.7
2		*		25.1
3		*		10.0

Customer was less than 10% of Gross Accounts Receivable at June 30, 2020.

Cash and Cash Equivalents

During the year, 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

Leases

Leases

Earnings per share

Earnings (Loss) per share

The following is a reconciliation of the denominators of basic and diluted earnings per share for discontinued operations computations:

	Three Months Ended				Six Months Ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Discontinued Operations	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Weighted average shares outstanding used to compute basic earnings per share		30,552,147		28,770,983		30,476,289		28,686,187
Effect of dilutive stock options and warrants		-		-		-		49,410
Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share		30,552,147		28,770,983		30,476,289		28,735,597

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 and Six Months Ended
	June 30, 2020		June 30, 2019
	(Unaudited)		(Unaudited)
Stock Options		216,000		861,000
Warrants		1,423,000		2,183,000
		1,639,000		3,044,000

	Three and Six Months Ended
	June 30, 2020		June 30, 2019
	(Unaudited)		(Unaudited)
Stock Options		1,696,000		515,000
Warrants		760,000		-
Convertible notes payable		5,045,000		5,934,000
		7,501,000		6,449,000

Stock-Based Compensation

Stock-Based Compensation

Goodwill

Goodwill

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

The Company has determined that there has been no impairment of goodwill at June 30, 2020 and December 31, 2019.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Schedule of reconciliation of the major financial lines constituting the results of operations for discontinued operations

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2019		2019
	(unaudited)		(unaudited)
Net revenue	$	-	$	132,000
Cost of goods sold		-		105,000
Gross profit		-		27,000
Operating expenses:
Selling, general and administrative		-		96,000
Gain on impairment of assets		-		41,000
Total operating loss		-		(28,000	)
Interest expense		-		(1,000	)
Other income		-		101,000
Income from discontinued operations before income taxes		-		72,000

Provision for income taxes		-		-
Income from discontinued operations, net of income tax	$	-	$	72,000

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Schedule of credit and concentration risks

Customer	Percentage of Sales
	June 30, 2020		June 30, 2019
	(Unaudited)		(Unaudited)
1		38.6		30.0
2		33.3		35.1
3		*		10.5

Customer was less than 10% of total net sales for the three months ended June 30, 2020.

Customer	Percentage of Sales
	June 30, 2020		June 30, 2019
	(Unaudited)		(Unaudited)
1		37.1		29.4
2		32.2		33.2
3		*		12.1

Customer was less than 10% of total net sales for the six months ended June 30, 2020.

Customer	Percentage of Receivables
	June 30, 2020		December 31, 2019
	(Unaudited)
1		49.7		32.7
2		*		25.1
3		*		10.0

Customer was less than 10% of Gross Accounts Receivable at June 30, 2020.

Schedule of earnings per share for discontinued operations

	Three Months Ended				Six Months Ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Discontinued Operations	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Weighted average shares outstanding used to compute basic earnings per share		30,552,147		28,770,983		30,476,289		28,686,187
Effect of dilutive stock options and warrants		-		-		-		49,410
Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share		30,552,147		28,770,983		30,476,289		28,735,597

Schedule of anti-dilutive securities

	Three and Six Months Ended
	June 30, 2020		June 30, 2019
	(Unaudited)		(Unaudited)
Stock Options		216,000		861,000
Warrants		1,423,000		2,183,000
		1,639,000		3,044,000

	Three and Six Months Ended
	June 30, 2020		June 30, 2019
	(Unaudited)		(Unaudited)
Stock Options		1,696,000		515,000
Warrants		760,000		-
Convertible notes payable		5,045,000		5,934,000
		7,501,000		6,449,000

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

	June 30,			December 31,
	2020			2019
	(unaudited)
Land	$	300,000		$	300,000
Buildings and Improvements		1,650,000			1,650,000		31.50 years
Machinery and Equipment		12,466,000			12,251,000		5 - 8 years
Finance Lease Machinery and Equipment		6,495,000			6,495,000		5 - 8 years
Tools and Instruments		11,336,000			11,021,000		1.50 - 7 years
Automotive Equipment		148,000			177,000		5 years
Furniture and Fixtures		290,000			290,000		5 - 8 years
Leasehold Improvements		530,000			530,000		Term of Lease
Computers and Software		428,000			425,000		4 - 6 years
Total Property and Equipment		33,643,000			33,139,000
Less: Accumulated Depreciation		(26,890,000	)		(25,561,000	)
Property and Equipment, net	$	6,753,000		$	7,578,000

Leases (Tables)

6 Months Ended

Jun. 30, 2020

Operating Lease Liabilities Tables Abstract

Schedule of components of lease costs, lease term and discount rate

	June 30,
	2020
Weighted Average Remaining Lease Term - in years		6.00
Weighted Average discount rate - %		8.88	%

Schedule of aggregate undiscounted cash flows of operating lease payments

	June 30, 2020
For the twelve months ended December 31,	(unaudited)
December 31, 2020 (remaining six months)	$	536,000
December 31, 2021		1,080,000
December 31, 2022		1,007,000
December 31, 2023		1,038,000
December 31, 2024		1,070,000
Thereafter		4,731,000
Total future minimum lease payments		9,462,000
Less: discount		(4,510,000	)
Total operating lease maturities		4,952,000
Less: current portion of operating lease liabilities		(672,000	)
Total long term portion of operating lease maturities	$	4,280,000

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

6 Months Ended

Jun. 30, 2020

Notes and Loans Payable [Abstract]

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

	June 30,			December 31,
	2020			2019
	(unaudited)
Revolving credit note payable to Sterling National Bank ("SNB")	$	12,972,000		$	12,543,000
Term loan, SNB		3,516,000			3,800,000
Finance lease obligations		13,000			22,000
Loan Payable - equipment		242,000			385,000
Related party notes payable, net of debt discount		5,992,000			6,862,000
Convertible notes payable-third parties, net of debt discount		1,440,000			2,338,000
SBA loans		2,414,000			-
Subtotal		26,589,000			25,950,000
Less: Current portion of notes payable, related party notes payable and finance lease obligations		(22,133,000	)		(22,544,000	)
Notes payable, related party notes payable and finance lease obligations, net of current portion	$	4,456,000		$	3,406,000

Schedule of future minimum principal payments for the SNB term loan

For the twelve months ending	Amount
December 31, 2020 (remainder of the year)	$	271,000
December 31, 2021		543,000
December 31, 2022		2,760,000
SNB Term Loan payable		3,574,000
Less: debt issuance costs		(58,000	)
Total SNB Term loan payable, net of debt issuance costs		3,516,000
Less: Current portion of SNB term loan payable		(543,000	)
Total long-term portion of SNB term loan payable	$	2,973,000

Schedule of future minimum loans payments

For the twelve months ending	Amount
December 31, 2020 (remainder of the year)	$	145,000
December 31, 2021		97,000
Total Loan Payable - equipment		242,000
Less: Current portion of loan payable equipment		242,000
Long-term portion of loan payable equipment	$	-

Schedule of SBA Loans future minimum loan payments

For the twelve months ending	Amount
December 31, 2020 (remainder of the year)	$	133,000
December 31, 2021		1,607,000
December 31, 2022		674,000
Total SBA Loans		2,414,000
Less: Current portion of SBA Loans		934,000
Long-term portion of SBA Loans	$	1,480,000

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

6 Months Ended

Jun. 30, 2020

Proceeds as liability amount

Schedule of activity within the liability account

Liabilities related to sale of future proceeds from disposition of subsidiaries - as of December 31, 2019	$	603,000
Non-Cash other income recognized		(211,000	)
Non-Cash interest expense recognized		64,000
Liabilities related to sale of future proceeds from disposition of subsidiary - as of June 30, 2020		456,000
Less: unamortized transaction costs		(3,000	)
Liability related to sale of future proceeds from disposition of subsidiary, net	$	453,000

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Schedule of operating segments

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
COMPLEX MACHINING
Net Sales	$	7,308,000		$	11,701,000		$	19,372,000		$	24,119,000
Gross Profit		681,000			2,095,000			2,849,000			4,308,000
Pre Tax (Loss) Income from continuing operations		(10,000	)		1,351,000			1,160,000			2,794,000
Assets		48,490,000			47,176,000			48,490,000			47,176,000

TURBINE ENGINE COMPONENTS
Net Sales		1,186,000			1,667,000			2,569,000			3,127,000
Gross (Loss) Profit		(67,000	)		96,000			(54,000	)		157,000
Pre Tax Loss from continuing operations		(217,000	)		(111,000	)		(343,000	)		(281,000	)
Assets		4,430,000			5,575,000			4,430,000			5,575,000

CORPORATE
Net Sales		-			-			-			-
Gross Profit		-			-			-			-
Pre Tax Loss from continuing operations		(1,357,000	)		(1,975,000	)		(2,757,000	)		(4,243,000	)
Assets		1,808,000			568,000			1,808,000			568,000

CONSOLIDATED
Net Sales		8,494,000			13,368,000			21,941,000			27,246,000
Gross Profit		614,000			2,191,000			2,795,000			4,465,000
Pretax net loss from continuing operations		(1,584,000	)		(735,000	)		(1,940,000	)		(1,730,000	)
Benefit from Income Taxes		-			-			(1,414,000	)		-
Income from Discontinued Operations, net of taxes		-			-			-			72,000
Net Loss		(1,584,000	)		(735,000	)		(526,000	)		(1,658,000	)
Assets	$	54,728,000		$	53,319,000		$	54,728,000		$	53,319,000

Formation and Basis of Presentation (Details) - USD ($)	1 Months Ended	6 Months Ended
Formation and Basis of Presentation (Details) - USD ($)	May 31, 2020	Jun. 30, 2020
Formation and Basis of Presentation (Textual)
Government subsidized loans, description	AIM, NTW and Sterling (each a "Borrower") entered into government subsidized loans with Sterling National Bank ("SNB") as the lender in an aggregate principal amount of approximately $2.4 million ("SBA Loans"). Each SBA Loan is evidenced by a promissory note. At least 60% of the proceeds of each Loan must be used for payroll and payroll-related costs, in accordance with the applicable provisions of the federal statute authorizing the loan program administered by the SBA and the rules promulgated thereunder (the "Loan Program"). The Borrower may apply to SNB for forgiveness of a portion of the SBA Loan in accordance with the applicable provisions of the federal statute authorizing the Loan Program.
Net operating loss carryback		$ 1,416,000
Deferred liabilities other		$ 199,000
Deferred amounts, description		These deferred amounts must be repaid 50% on December 31, 2021 with the remaining 50% on December 31, 2022.

- Definition

Identification of the lender and information about a contractual promise to repay a short-term or long-term obligation, which includes borrowings under lines of credit, notes payable, commercial paper, bonds payable, debentures, and other contractual obligations for payment. This may include rationale for entering into the arrangement, significant terms of the arrangement, which may include amount, repayment terms, priority, collateral required, debt covenants, borrowing capacity, call features, participation rights, conversion provisions, sinking-fund requirements, voting rights, basis for conversion if convertible and remarketing provisions. The description may be provided for individual debt instruments, rational groupings of debt instruments, or by debt in total.

+ References + Details

Discontinued Operations (Details) - USD ($)	3 Months Ended	6 Months Ended
Discontinued Operations (Details) - USD ($)	Jun. 30, 2019	Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Net revenue		$ 132,000
Cost of goods sold		105,000
Gross profit		27,000
Operating expenses:
Selling, general and administrative		96,000
Gain on impairment of assets		41,000
Total operating loss		(28,000)
Interest expense		(1,000)
Other income		101,000
Income from discontinued operations before income taxes		72,000
Provision for income taxes
Income from discontinued operations, net of income tax		$ 72,000

Discontinued Operations (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
Discontinued Operations (Details Textual) - USD ($)	Jun. 30, 2019	Jun. 30, 2019
Discontinued Operations (Textual)
Depreciation and amortization	$ 0	$ 6,000

Summary of Significant Accounting Policies (Details)

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Dec. 31, 2019

Total Sales [Member] | Customer one [Member]

Percentage of Sales

38.60%

30.00%

37.10%

29.40%

Total Sales [Member] | Customer two [Member]

Percentage of Sales

33.30%

35.10%

32.20%

33.20%

Total Sales [Member] | Customer three [Member]

Percentage of Sales

^[1]

10.50%

^[2]

12.10%

Accounts receivable [Member] | Customer one [Member]

Percentage of Sales

49.70%

32.70%

Accounts receivable [Member] | Customer two [Member]

Percentage of Sales

^[3]

25.10%

Accounts receivable [Member] | Customer three [Member]

Percentage of Sales

^[3]

10.00%

[1]	Customer was less than 10% of total net sales for the three months ended June 30, 2020.
[2]	Customer was less than 10% of total net sales for the six months ended June 30, 2020.
[3]	Customer was less than 10% of Gross Accounts Receivable at June 30, 2020.

Summary of Significant Accounting Policies (Details 1) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Discontinued Operations
Weighted average shares outstanding used to compute basic earnings per share	30,552,147	28,770,983	30,476,289	28,686,187
Effect of dilutive stock options and warrants				49,410
Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share	30,552,147	28,770,983	30,476,289	28,735,597

Summary of Significant Accounting Policies (Details 2) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Securitied exculded from calculation due to exercise price in excess of average market share	1,639,000	3,044,000	1,639,000	3,044,000
Antidilutive securities excluded from computation of earnings per share, amount	7,501,000	6,449,000	2,456,000	515,000
Warrants [Member]
Securitied exculded from calculation due to exercise price in excess of average market share	1,423,000	2,183,000	1,423,000	2,183,000
Antidilutive securities excluded from computation of earnings per share, amount	760,000		760,000
Stock Options [Member]
Securitied exculded from calculation due to exercise price in excess of average market share	216,000	861,000	216,000	861,000
Antidilutive securities excluded from computation of earnings per share, amount	1,696,000	515,000	1,696,000	515,000
Convertible notes payable [Member]
Antidilutive securities excluded from computation of earnings per share, amount	5,045,000	5,934,000	5,045,000	5,934,000

Summary of Significant Accounting Policies (Details Textual)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020 USD ($) Customer / Customers	Jun. 30, 2019 USD ($) Customer / Customers	Jun. 30, 2020 USD ($) Customer / Customers	Jun. 30, 2019 USD ($) Customer / Customers	Dec. 31, 2019 USD ($) Customer / Customers
Summary of Significant Accounting Policies (Textual)
Stock-based compensation	$ 74,000	$ 93,000	$ 214,000	$ 326,000
Goodwill	163,000		163,000		$ 163,000
Fair value exceeds the carrying value	163,000		163,000
Director [Member]
Summary of Significant Accounting Policies (Textual)
Stock-based compensation	$ 46,000	$ 0	$ 101,000	$ 131,000
Accounts receivable [Member]
Summary of Significant Accounting Policies (Textual)
Number of customers \| Customer / Customers			1		3
Concentration risks			49.70%		67.80%
Credit and concentration risks, description			Customer was less than 10% of Gross Accounts Receivable at June 30, 2020.
Total Sales [Member]
Summary of Significant Accounting Policies (Textual)
Number of customers \| Customer / Customers	2	3	2	3
Concentration risks	71.90%	75.60%	69.30%	74.70%
Credit and concentration risks, description	Customer was less than 10% of total net sales for the three months ended June 30, 2020.		Customer was less than 10% of total net sales for the six months ended June 30, 2020.
NTW [Member]
Summary of Significant Accounting Policies (Textual)
Goodwill	$ 163,000		$ 163,000		$ 163,000

Property and Equipment (Details) - USD ($)	6 Months Ended
Property and Equipment (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Total Property and Equipment	$ 33,643,000	$ 33,139,000
Less: Accumulated Depreciation	(26,890,000)	(25,561,000)
Property and Equipment, net	6,753,000	7,578,000
Land [Member]
Total Property and Equipment	300,000	300,000
Buildings and Improvements [Member]
Total Property and Equipment	$ 1,650,000	1,650,000
Property and Equipment, Useful Life	31 years 6 months
Machinery and Equipment [Member]
Total Property and Equipment	$ 12,466,000	12,251,000
Machinery and Equipment [Member] \| Minimum [Member]
Property and Equipment, Useful Life	5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property and Equipment, Useful Life	8 years
Finance Lease Machinery and Equipment [Member]
Total Property and Equipment	$ 6,495,000	6,495,000
Tools and Instruments [Member]
Total Property and Equipment	$ 11,336,000	11,021,000
Tools and Instruments [Member] \| Minimum [Member]
Property and Equipment, Useful Life	1 year 6 months
Tools and Instruments [Member] \| Maximum [Member]
Property and Equipment, Useful Life	7 years
Automotive Equipment [Member]
Total Property and Equipment	$ 148,000	177,000
Property and Equipment, Useful Life	5 years
Furniture and Fixtures [Member]
Total Property and Equipment	$ 290,000	290,000
Furniture and Fixtures [Member] \| Minimum [Member]
Property and Equipment, Useful Life	5 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property and Equipment, Useful Life	8 years
Leasehold Improvements [Member]
Total Property and Equipment	$ 530,000	530,000
Property and Equipment, Useful Life, description	Term of Lease
Computers and Software [Member]
Total Property and Equipment	$ 428,000	$ 425,000
Computers and Software [Member] \| Minimum [Member]
Property and Equipment, Useful Life	4 years
Computers and Software [Member] \| Maximum [Member]
Property and Equipment, Useful Life	6 years
Finance Lease Machinery and Equipment [Member] \| Minimum [Member]
Property and Equipment, Useful Life	5 years
Finance Lease Machinery and Equipment [Member] \| Maximum [Member]
Property and Equipment, Useful Life	8 years

Property and Equipment (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Property and Equipment (Details Textual) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Property and Equipment (Textual)
Depreciation expense	$ 688,000	$ 760,000	$ 1,344,000	$ 1,455,000
Accumulated depreciation	$ 6,304,000		$ 6,304,000		$ 5,396,000

Leases (Details)	Jun. 30, 2020
Leases [Abstract]
Weighted Average Remaining Lease Term - in years	6 years
Weighted Average discount rate - %	8.88%

Leases (Details 1) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
For the twelve months ended December 31,
Total long term portion of operating lease maturities	$ 4,280,000	$ 4,235,000
Operating lease payments [Member]
For the twelve months ended December 31,
December 31, 2020 (remaining six months)	536,000
December 31, 2021	1,080,000
December 31, 2022	1,007,000
December 31, 2023	1,038,000
December 31, 2024	1,070,000
Thereafter	4,731,000
Total future minimum lease payments	9,462,000
Less: discount	(4,510,000)
Total operating lease maturities	4,952,000
Less: current portion of operating lease liabilities	(672,000)
Total long term portion of operating lease maturities	$ 4,280,000

Leases (Details Textual)	6 Months Ended
Leases (Details Textual)	Jun. 30, 2020
Leases [Abstract]
Lease agreement, description	The Company entered into a new lease agreement for warehouse space in Bohemia, NY. The new lease term commenced on April 1, 2020 and expires on May 31, 2025. During the first year of the lease, the monthly rent is $10,964 and increases 3% each year thereafter. The final two months are equal installments of $1,746.

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Notes payable and finance lease obligations [Member] - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Revolving credit note payable to Sterling National Bank ("SNB")	$ 12,972,000	$ 12,543,000
Term loan, SNB	3,516,000	3,800,000
Finance lease obligations	13,000	22,000
Loan Payable - equipment	242,000	385,000
Related party notes payable, net of debt discount	5,992,000	6,862,000
Convertible notes payable-third parties, net of debt discount	1,440,000	2,338,000
SBA loans	2,414,000
Subtotal	26,589,000	25,950,000
Less: Current portion of notes payable, related party notes payable and finance lease obligations	(22,133,000)	(22,544,000)
Notes payable, related party notes payable and finance lease obligations, net of current portion	$ 4,456,000	$ 3,406,000

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details 1) - Term loans [Member]	Jun. 30, 2020 USD ($)
For the twelve months ending
December 31, 2020 (remainder of the year)	$ 271,000
December 31, 2021	543,000
December 31, 2022	2,760,000
SNB Term Loan payable	3,574,000
Less: debt issuance costs	(58,000)
Total SNB Term loan payable, net of debt issuance costs	3,516,000
Less: Current portion of SNB term loan payable	(543,000)
Total long-term portion of SNB term loan payable	$ 2,973,000

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details 2) - Term loans [Member]	Jun. 30, 2020 USD ($)
For the twelve months ending
December 31, 2020 (remainder of the year)	$ 145,000
December 31, 2021	97,000
Total Loan Payable - equipment	242,000
Less: Current portion of loan payable equipment	242,000
Long-term portion of loan payable equipment

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details 3) - Term loans [Member]	Jun. 30, 2020 USD ($)
For the twelve months ending
December 31, 2020 (remainder of the year)	$ 145,000
December 31, 2021	97,000
December 31, 2022	674,000
Total SBA Loans	2,414,000
Less: Current portion of SBA Loans	934,000
Long-term portion of SBA Loans	$ 1,480,000

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details Textual) - USD ($)			1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 26, 2019	Jan. 15, 2019	Jan. 31, 2020	Oct. 21, 2019	May 31, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	May 31, 2020	Apr. 04, 2018	Mar. 29, 2018
Notes Payable and Capital Lease Obligations (Textual)
Issuance of common stock, shares			419,597
Proceeds from related party debt									$ 500,000
Interest rate						3.00%		3.00%		12.00%
Michael Taglich [Member]
Notes Payable and Capital Lease Obligations (Textual)
Advanced from related parties	$ 250,000
Issuance of common stock, shares	37,500
Proceeds from related party debt				$ 1,000,000
Michael Taglich [Member] \| Robert [Member]
Notes Payable and Capital Lease Obligations (Textual)
Advanced from related parties												$ 100,000	$ 1,000,000
Robert [Member]
Notes Payable and Capital Lease Obligations (Textual)
Common stock purchased, shares
Common stock purchase price, per share
Issuance of common stock, shares	37,500
Taglich Brothers, Inc., [Member]
Notes Payable and Capital Lease Obligations (Textual)
Related party notes payable allocated percentage, description								4% of the purchase price of the 7% Notes
Robert and Michael Taglich [Member]
Notes Payable and Capital Lease Obligations (Textual)
Loan facility, description								From November 23, 2016 through March 21, 2017, the Company received gross proceeds of $4,775,000, of which $1,950,000 were received from Robert and Michael Taglich, from the sale of an equal principal amount of our 8% Subordinated Convertible Notes (the “8% Notes”), together with warrants to purchase a total of 383,080 shares of our common stock, in private placement transactions with accredited investors (the “8% Note Offerings”). In connection with the offering of the 8% Notes, the Company issued 8% Notes in the aggregate principal amount of $382,000 to Taglich Brothers, Inc., placement agent for the 8% Note Offerings, in lieu of payment of cash compensation for sales commissions, together with warrants to purchase a total of 180,977 shares of our common stock. Payment of the principal and accrued interest on the 8% Notes are junior and subordinate in right of payment to our indebtedness under the SNB Facility.
Interest-bearing, description								Interest on the 8% Notes is payable on the outstanding principal amount thereof at the annual rate of 8%, payable quarterly commencing February 28, 2017, in cash, or at our option, in additional 8% Notes, provided that if accrued interest payable on $1,269,000 principal amount of the 8% Notes issued in December 2016 is paid in additional 8% Notes, interest for that quarterly interest payment shall be calculated at the rate of 12% per annum. Upon the occurrence and continuation of an event of default, interest shall accrue at the rate of 12% per annum.
Interest expense						$ 125,000	$ 362,000	$ 253,000	475,000
Convertible notes payable						5,992,000		5,992,000		$ 6,862,000
Amortization of debt discount						77,000	101,000	151,000	231,000
Unamortized debt discounts						76,000		76,000		226,000
Convertible Notes Payable, Third Parties [Member]
Notes Payable and Capital Lease Obligations (Textual)
Principal amount			$ 805,000
Sale of principle convertible note interest rate			8.00%
Interest expense						$ 38,000	168,000	$ 80,000	256,000
Interest rate						8.00%		8.00%
Debt converted			$ 80,000
Convertible debt, shares issued			590,243
Share price			$ 1.50
Convertible notes payable						$ 1,440,000		$ 1,440,000		2,338,000
Amortization of debt discount						3,000	5,000	7,000	$ 128,000
Notes payable and finance lease obligations [Member]
Notes Payable and Capital Lease Obligations (Textual)
Related party advances and notes payable, net of debt discounts						5,992,000		5,992,000		6,862,000
Unamortized debt discounts						0		0		7,000
Loan payable obligation						242,000		242,000		$ 385,000
SBA Loans [Member]
Notes Payable and Capital Lease Obligations (Textual)
Principal amount											$ 2,414,000
Interest rate											1.00%
Total debt amount						2,414,000		$ 2,414,000
Two Thousand Nineteen [Member]
Notes Payable and Capital Lease Obligations (Textual)
Interest-bearing, description								Interest on the 2019 Notes is payable on the outstanding principal amount thereof at the rate of one percent (1%) per month, payable monthly commencing June 30, 2018. Upon the occurrence and continuation of a failure to pay accrued interest, interest shall accrue and be payable on such amount at the rate of 1.25% per month; provided that upon the occurrence and continuation of a failure to timely pay the principal amount of the 2019 Note, interest shall accrue and be payable on such principal amount at the rate of 1.25% per month and shall no longer be payable on interest accrued but unpaid. The 2019 Notes are subordinate to the Company's obligations to SNB.
Principal amount					$ 100,000
Common stock purchased, shares					18,334				15,000
Common stock purchase price, per share									$ 1.01
Common stock purchase price					$ 100,000				$ 182,000
Aggregate principal amount					$ 1,200,000
Subordinated notes maturity date					May 31, 2019				Jun. 30, 2020
Issuance of common stock, shares					214,762
Accrued interest on notes payable					1.25%
Placement agent fee					4.00%
Two Thousand Nineteen [Member] \| Michael Taglich [Member]
Notes Payable and Capital Lease Obligations (Textual)
Aggregate principal amount					$ 100,000
Issuance of common stock, shares					17,857
Two Thousand Nineteen [Member] \| Robert [Member]
Notes Payable and Capital Lease Obligations (Textual)
Placement invested percentage					4.00%
Aggregate principal amount					$ 1,000,000
Issuance of common stock, shares					178,571
Total purchase price					$ 1,000,000
SNB Bank [Member]
Notes Payable and Capital Lease Obligations (Textual)
Loan facility, description								The terms of the SNB Facility require that, among other things, the Company maintain a specified Fixed Charge Coverage Ratio of 1.25 to 1.00 at the end of each Fiscal Quarter beginning with the Fiscal Quarter ending March 31, 2020.		The Company entered into a new loan facility ("SNB Facility") with Sterling National Bank, ("SNB") expiring on December 30, 2022. The new Loan Facility provides for a $16,000,000 revolving loan ("SNB revolving line of credit") and a term loan ("SNB term loan").
Interest-bearing, description								Under the terms of the SNB Facility, both the SNB revolving line of credit and the SNB term loan will bear an interest rate equal to 30-day LIBOR, (with a 1% floor), plus 2.5%. The average interest rate charged during the period ended June 30, 2020 was 3.5%.		The repayment terms of the SNB term loan provide for monthly principal installments in the amount of $45,238, payable on the first business day of each month, beginning on February 1, 2020, with a final payment of any unpaid balance of principal and interest payable on December 30, 2022.
Principal amount						16,488,000		$ 16,488,000		$ 16,343,000
Revolving credit loan debt to SNB								12,972,000		12,543,000
Term loan amount								3,516,000		$ 3,800,000
Interest expense						154,000		274,000
PNC Bank [Member]
Notes Payable and Capital Lease Obligations (Textual)
Principal amount						$ 15,000,000		$ 15,000,000
Interest expense							$ 333,000		$ 563,000
2019 Notes [Member]
Notes Payable and Capital Lease Obligations (Textual)
Notes payable percentage										12.00%
Senior Subordinated Convertible Promissory Notes [Member]
Notes Payable and Capital Lease Obligations (Textual)
Loan facility, description		The Company issued its 7% senior subordinated convertible promissory notes due December 31, 2020, each in the principal amount of $1,000,000 (together, the "7% Notes"), to Michael Taglich and Robert Taglich, each for a purchase price of $1,000,000. The 7% Notes bear interest at the rate of 7% per annum, are convertible into shares of the Company's common stock at a conversion price of $0.93 per share, subject to the anti-dilution adjustments set forth in the 7% Notes and are subordinate to the Company's indebtedness under the SNB Facility.
Related party notes payable allocated percentage, description		In connection with the 7% Notes, the Company paid Taglich Brothers, Inc. a fee of $80,000 (4% of the purchase price of the 7% Notes), paid in the form of a promissory note having terms similar to the 7% Notes.

Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Placement Agency Agreement [Member]
Liabilities related to sale of future proceeds from disposition of subsidiaries - beginning balance			$ 603,000
Non-Cash other income recognized			(211,000)
Non-Cash interest expense recognized	$ 36,000	$ 0	64,000	$ 33,000
Liabilities related to sale of future proceeds from disposition of subsidiary - ending balance	$ 456,000		456,000
Less: unamortized transaction costs			(3,000)
Liability related to sale of future proceeds from disposition of subsidiary, net			$ 453,000

Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary (Details Textual) - USD ($)			3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 15, 2019	Apr. 01, 2017	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018
Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary (Textual)
Sale of subsidiary, description		Amount equal to five (5%) percent of the net sales of AMK for that quarter until the aggregate payments made to the Company (the "Meyer Agreement") equals $1,500,000 (the "Maximum Amount").
Aggregate of amount received							$ 363,000
Purchase agreement, description	The Company entered into a "Purchase Agreement" with 15 accredited investors (the "Purchasers"), including Michael and Robert Taglich, pursuant to which the Company assigned to the Purchasers all of their rights, title and interest to the remaining $1,137,000 of the $1,500,000 in payments due from Meyer for the sale of AMK (the "Remaining Amount") for an immediate payment of $800,000, including $100,000 from each of Michael and Robert Taglich, and $75,000 for the benefit of the children of Michael Taglich. The timing of the payments is based upon the net sales of AMK. If the Purchasers have not received the entire Remaining Amount by March 31, 2023, they have the right to demand payment of their pro rata portion of the unpaid Remaining Amount from the Company ("Put Right"). To the extent the Purchasers exercise their Put Right, the remaining payments from Meyer will be retained by the Company.
Purchase price per annum					2.00%
Proceeds as liability amount			$ 800,000		$ 800,000
Net of transaction costs					3,000
Non-cash other income recognized			119,000	$ 0	211,000	$ 109,000
Non-cash interest expense recognized			$ 36,000	$ 0	64,000	$ 33,000
Purchase price received					$ 800,000

Stockholders' Equity (Details) - USD ($)		1 Months Ended	3 Months Ended			6 Months Ended
Stockholders' Equity (Details) - USD ($)	Jan. 15, 2020	Jan. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stockholders' Equity (Textual)
Issuance of common stock, shares		419,597
Issuance of common stock		$ 984,000		$ 984,000	$ 187,000
Costs of sales	$ 145,000
Director [Member]
Stockholders' Equity (Textual)
Common stock issued for directors fees, shares			47,126		0	90,897	147,830

Contingencies (Details) - USD ($)	1 Months Ended
Contingencies (Details) - USD ($)	May 31, 2018	Oct. 07, 2019	Sep. 27, 2019	Sep. 03, 2019
Contingencies (Textual)
Damages value	$ 1,000,000
Working capital deficit			$ 4,200,000	$ 4,145,870
Satisfied to delivered escrow fund		$ 619,316	$ 2,000,000

Income Taxes (Details Textual)	Jun. 30, 2020 USD ($)
Income Taxes (Textual)
Net operating loss carryback claim	$ 1,416,000

Segment Reporting (Details) - USD ($)	3 Months Ended		6 Months Ended
Segment Reporting (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Net Sales	$ 8,494,000	$ 13,368,000	$ 21,941,000	$ 27,246,000
Gross (Loss) Profit	614,000	2,191,000	2,795,000	4,465,000
Pre Tax (Loss) Income from continuing operations	(1,584,000)	(735,000)	(1,940,000)	(1,730,000)
Benefit from Income Taxes			(1,414,000)
Income from Discontinued Operations, net of taxes				72,000
Net Income (Loss)	(1,584,000)	(735,000)	(526,000)	(1,658,000)
Assets	54,728,000		54,728,000		$ 51,090,000
COMPLEX MACHINING
Net Sales	7,308,000	11,701,000	19,372,000	24,119,000
Gross (Loss) Profit	681,000	2,095,000	2,849,000	4,308,000
Pre Tax (Loss) Income from continuing operations	(10,000)	1,351,000	1,160,000	2,794,000
Assets	48,490,000	47,176,000	48,490,000	47,176,000
TURBINE ENGINE COMPONENTS
Net Sales	1,186,000	1,667,000	2,569,000	3,127,000
Gross (Loss) Profit	(67,000)	96,000	(54,000)	157,000
Pre Tax (Loss) Income from continuing operations	(217,000)	(111,000)	(343,000)	(281,000)
Assets	4,430,000	5,575,000	4,430,000	5,575,000
CORPORATE
Net Sales
Gross (Loss) Profit
Pre Tax (Loss) Income from continuing operations	(1,357,000)	(1,975,000)	(2,757,000)	(4,243,000)
Assets	1,808,000	568,000	1,808,000	568,000
CONSOLIDATED
Net Sales	8,494,000	13,368,000	21,941,000	27,246,000
Gross (Loss) Profit	614,000	2,191,000	2,795,000	4,465,000
Pre Tax (Loss) Income from continuing operations	(1,584,000)	(735,000)	(1,940,000)	(1,730,000)
Benefit from Income Taxes			(1,414,000)
Income from Discontinued Operations, net of taxes				72,000
Net Income (Loss)	(1,584,000)	(735,000)	(526,000)	(1,658,000)
Assets	$ 54,728,000	$ 53,319,000	$ 54,728,000	$ 53,319,000

Segment Reporting (Details Textual)	6 Months Ended
Segment Reporting (Details Textual)	Jun. 30, 2020 Segments
Segment Reporting (Textual)
Number of reportable segments	2