0001213900-21-018136 | 10-K | XBRL Viewer

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Mar. 19, 2021	Jun. 30, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	AIR INDUSTRIES GROUP
Entity Central Index Key	0001009891
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,000,155
Entity Public Float			$ 21,369,743
Entity File Number	001-35927
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	NV

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash and Cash Equivalents	$ 2,505,000	$ 1,294,000
Accounts Receivable, Net of Allowance for Doubtful Accounts of $964,000 and $859,000	8,798,000	7,858,000
Inventory	32,120,000	28,646,000
Prepaid Expenses and Other Current Assets	173,000	447,000
Prepaid Taxes	15,000
Total Current Assets	43,611,000	38,245,000
Property and Equipment, Net	9,581,000	7,578,000
Operating Lease Right-Of-Use-Asset	3,510,000	3,623,000
Deferred Financing Costs, Net, Deposits and Other Assets	912,000	1,481,000
Goodwill	163,000	163,000
TOTAL ASSETS	57,777,000	51,090,000
Current Liabilities
Notes Payable and Finance Lease Obligations - Current Portion	16,475,000	15,682,000
Notes Payable - Related Party - Current Portion		6,862,000
Accounts Payable and Accrued Expenses (related parties of $400,000 and $210,000)	8,682,000	8,105,000
Operating Lease Liabilities - Current Portion	701,000	697,000
Deferred Gain on Sale - Current Portion	38,000	38,000
Deferred Revenue	917,000	1,011,000
Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary - Current Portion	200,000	200,000
Income Taxes Payable		27,000
Deferred payroll tax liability - CARES Act - Current Portion	314,000
Total Current Liabilities	27,327,000	32,622,000
Long Term Liabilities
Notes Payable and Finance Lease Obligations - Net of Current Portion	4,786,000	3,406,000
Notes Payable - Related Party - Net of Current Portion	6,012,000
Operating Lease Liabilities - Net of Current Portion	3,927,000	4,235,000
Deferred Gain on Sale - Net of Current Portion	181,000	219,000
Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary - Net of Current Portion	122,000	402,000
Deferred payroll tax liability - CARES Act - Net of Current Portion	313,000
TOTAL LIABILITIES	42,668,000	40,884,000
Commitments and Contingencies
Stockholders' Equity
Preferred Stock, par value $.001 - Authorized 3,000,000 shares, 0 shares outstanding, at both December 31, 2020 and December 31, 2019.
Common Stock - Par Value $.001 - Authorized 60,000,000 Shares, 31,906,971 and 29,478,338 Shares Issued and Outstanding as of December 31, 2020 and December 31, 2019, respectively	32,000	29,000
Additional Paid-In Capital	81,238,000	77,434,000
Accumulated Deficit	(66,161,000)	(67,257,000)
TOTAL STOCKHOLDERS' EQUITY	15,109,000	10,206,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 57,777,000	$ 51,090,000

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 964,000	$ 859,000
Accounts payable and accrued expenses related parties	$ 400,000	$ 210,000
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	31,906,971	29,478,338
Common stock, shares outstanding	31,906,971	29,478,338

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net Sales	$ 50,097,000	$ 54,573,000
Cost of Sales	43,585,000	45,431,000
Gross Profit	6,512,000	9,142,000
Operating Expenses	7,951,000	8,539,000
Loss on abandonment of Leases		(275,000)
Income (Loss) from Operations	(1,439,000)	328,000
Interest and Financing Costs	(965,000)	(3,115,000)
Interest Expense - Related Parties	(526,000)	(446,000)
Other Income, Net	430,000	672,000
Forgiveness of notes payable - SBA Loan	2,414,000
Loss before (Benefit From) Provision for Income Taxes	(86,000)	(2,561,000)
Provision for (Benefit from) Income Taxes	(1,412,000)	37,000
Income (Loss) from Continuing Operations, net of tax	1,326,000	(2,598,000)
Loss from Discontinued Operations, net of tax	(230,000)	(134,000)
Net Income (Loss)	$ 1,096,000	$ (2,732,000)
Income (Loss) per share from continuing Operations - Basic	$ 0.04	$ (0.09)
Loss per share from Discontinued Operations - Basic	(0.01)	0.00
Income (Loss) per share from Continuing Operations - Diluted	0.05	(0.09)
Loss per share from Discontinued Operations - Diluted	$ (0.01)	$ 0.00
Weighted Average Shares Outstanding - basic	30,742,154	28,851,816
Weighted Average Shares Outstanding - diluted	36,747,083	28,851,816

Consolidated Statements of Stockholders' Equity - 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 legal fees		126,000		126,000
Common Stock issued for legal fees, shares	50,000
Issuance of Common Stock		186,000		186,000
Issuance of Common Stock, shares	182,778
Issuance of Common Stock for Note Conversion	$ 1,000	638,000		639,000
Issuance of Common Stock for Note Conversion, shares	424,805
Common Stock issued for directors fees		244,000		244,000
Common Stock issued for directors fees, shares	257,602
Stock Compensation Expense		378,000		378,000
Other Adjustments - Shares Issued
Other Adjustments - Shares Issued, shares	170,300
Other Adjustments - FV Allocation		(126,000)		(126,000)
Share Issuance Costs		(113,000)		(113,000)
Other Adjustments - Rounding			(2,000)	(2,000)
Net Income (Loss)			(2,732,000)	(2,732,000)
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
Issuance of Common Stock	$ 1,000	983,000		984,000
Issuance of Common Stock, shares	419,597
Common Stock issued for directors fees		211,000		211,000
Common Stock issued for directors fees, shares	178,405
Costs related to issuance of stock		(145,000)		(145,000)
Common Stock Issued for Convertible Notes	$ 2,000	2,587,000		2,589,000
Common Stock Issued for Convertible Notes, shares	1,830,631
Stock Compensation Expense		308,000		308,000
Adjustments for other note conversions		(140,000)		(140,000)
Net Income (Loss)			1,096,000	1,096,000
Balance at Dec. 31, 2020	$ 32,000	$ 81,238,000	$ (66,161,000)	$ 15,109,000
Balance, shares at Dec. 31, 2020	31,906,971

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$ 1,096,000	$ (2,732,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation of property and equipment	2,570,000	3,002,000
Non-cash employee compensation expense	211,000	244,000
Non-cash directors compensation	308,000	378,000
Non-cash legal expenses paid by issuance of stock		126,000
Non-cash other income recognized	(402,000)	(282,000)
Non-cash interest expense	122,000	85,000
Non-cash deferred payroll tax expense - CARES Act	627,000
Loss on abandonment of lease		275,000
Amortization of Right-of-Use Asset	482,000	470,000
Deferred gain on sale of real estate	(38,000)	(38,000)
Loss on disposal of equipment	60,000
Loss on sale of equipment		136,000
Amortization of debt discount on convertible notes payable	233,000	510,000
Bad debt expense	105,000	311,000
Amortization of deferred financing costs	126,000
Forgiveness of notes payable - SBA loan	(2,414,000)
(Increase) Decrease in Operating Assets:
Accounts receivable	(1,045,000)	(1,647,000)
Inventory	(3,474,000)	405,000
Prepaid expenses and other current assets	274,000	(33,000)
Prepaid taxes	(15,000)	49,000
Deposits and other assets	168,000	(713,000)
Increase (Decrease) in Operating Liabilities:
Accounts payable and accrued expenses	275,000	(970,000)
Operating lease liabilities	(673,000)	(601,000)
Deferred revenue	(94,000)	130,000
Income taxes payable	(27,000)	7,000
NET CASH USED IN OPERATING ACTIVITIES	(1,525,000)	(888,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(3,797,000)	(764,000)
NET CASH USED IN INVESTING ACTIVITIES	(3,797,000)	(764,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Note payable - revolver - net - Sterling National Bank	3,106,000	12,543,000
Note payable - revolver - net - PNC		(14,043,000)
Proceeds from note payable - term notes - Sterling National Bank	2,337,000	3,800,000
Payments of note payable - term notes - SNB	(579,000)
Payments of note payable - term notes - PNC		(1,572,000)
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	(18,000)	(1,764,000)
Share issuance costs	(145,000)	(113,000)
Proceeds from notes payable - related party		1,500,000
Payments of notes payable - related party	(1,000,000)	(28,000)
Payments of notes payable - third party	(100,000)
Payments of loan payable - financed assets	(385,000)	(186,000)
Deferred financing costs	(81,000)
Proceeds from issuance of common stock	984,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	6,533,000	934,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,211,000	(718,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	1,294,000	2,012,000
CASH AND CASH EQUIVALENTS AT END OF YEAR	2,505,000	1,294,000
Supplemental cash flow information
Cash paid during the period for interest	924,000	2,274,000
Cash paid during the period for income taxes	9,000	22,000
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
Acquisition of financed asset	52,000
Supplemental disclosure of non-cash investing and financing activities
Common Stock issued for notes payable - third parties	2,245,000	580,000
Common Stock issued in lieu of accrued interest	$ 344,000	$ 58,000

Formation and Basis of Presentation

12 Months Ended

Dec. 31, 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 year ended December 31, 2020 and 2019, the accompanying 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 loss from discontinued operations, since operations ceased on March 31, 2019. See Note 2 for details of discontinued operations.

Closing EPC and ECC

The Company completed its shut-down of EPC and ECC and closed related operations on March 31, 2019. The results of both EPC and ECC are included in loss from discontinued operations.

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, had 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 and their willingness to adopt further measures is uncertain. The overall economic impact of the COVID-19 pandemic has been 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.

The Company, its employees, suppliers and customers, and the global community continue to face challenges and the Company cannot predict how this dynamic situation will evolve or the impact it will have. Throughout 2020 many of the Company's suppliers were forced to reduce staffing or temporarily close their facilities due to COVID-19, which impacted the Company's delivery schedules. While this has largely been resolved the Company cannot predict what future impacts will occur, particularly if new variants of Covid-19 result in a substantial increase in new cases and governments elect to reimpose strict safety measures.

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. Suppliers are also experiencing liquidity pressures and disruptions to their operations as a result of COVID-19. Although operating conditions have substantially returned to pre-COVID-19 conditions, an increase in COVID-19 infections or changes in governmental regulations may force the Company to close or reduce operations as a result in future periods.

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 Borrowers applied to SNB for forgiveness and SNB approved and submitted the forgiveness applications to the SBA which approved the forgiveness in accordance with the applicable provisions of the federal statute authorizing the Loan Program. See Note 9.

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 December 31, 2020, the Company has deferred $627,000, which is classified as Deferred payroll tax liability – CARES Act on the accompanying Consolidated Balance Sheet.

In addition, as a result of the passage of the CARES Act, the Company received a tax refund of $1,416,000 from the filing of a net operating loss carryback claim. See Note 15.

The Company did not qualify for any significant new benefits in the recently enacted the American Rescue Plan Act of 2021 ("Rescue Act") and does not expect to qualify for any significant new government benefits that might be enacted.

Based on its expectations that sales in fiscal 2021 will be higher than the level achieved in fiscal 2020, confirmed orders, funds generated from operations, amounts received under government subsidized loan programs and amounts available under its credit facility, the Company believes it will have sufficient cash on hand to support its activities through April 1, 2022.

Subsequent Events

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

Discontinued Operations

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

Note 2. DISCONTINUED OPERATIONS

As discussed in Note 1, the Company closed EPC and ECC as of March 31, 2019. As required, the Company has retrospectively recast its consolidated statements of operations and balance sheets for all periods presented. The Company has not segregated the cash flows of these subsidiaries in the 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 Consolidated Financial Statements refers to the Company's continuing operations only.

As discussed in Note 14 on December 23, 2020, the Company and CPI Aerostructures ("CPI"), the buyer of WMI Group, reached an agreement to settle the working capital dispute without additional litigation. The settlement provided that CPI and AIRI would instruct the escrow agent to release the balance of $ 1,380,684 remaining in the escrow account to CPI. The Company and CPI exchanged mutual releases customary in the circumstances. We originally placed a reserve of $1,770,000 against the $2,000,000 balance held in escrow, the remaining amount of $230,000 was charged to discontinued operations as of and for the year ended December 31, 2020.

The following table presents a reconciliation of the major financial lines constituting the results of operations for discontinued operations to the net loss from discontinued operations presented separately in the consolidated statement of operations:

	December 31,			December 31,
	2020			2019

Net revenue	$	-		$	132,000
Cost of goods sold		-			105,000
Gross profit		-			27,000
Operating expenses:
Selling, general and administrative		-			155,000
Total operating loss		-			(128,000	)
Interest expense		-			(3,000	)
Other expense		(230,000	)		(3,000	)
Loss from discontinued operations before income taxes	$	(230,000	)	$	(134,000	)

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principal Business Activity

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.

Principles of Consolidation

The accompanying consolidated financial statements include accounts of the Company and its wholly-owned subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation.

Discontinued Operations

Prior to the closure of EPC and ECC, the results of operations were included in continuing operations, once it was determined to close both subsidiaries, the results were reclassified to discontinued operations (see "Note 2 – Discontinued Operations").

Cash and Cash Equivalents

Cash and cash equivalents include all highly liquid instruments with an original maturity of three months or less.

Accounts Receivable

Accounts receivable are reported at their outstanding unpaid principal balances net of allowances for uncollectible accounts. The Company provides for allowances for uncollectible receivables based on management's estimate of uncollectible amounts considering age, collection history, and any other factors considered appropriate. The Company writes off accounts receivable against the allowance for doubtful accounts when a balance is determined to be uncollectible.

Going Concern

At each reporting period, the Company evaluates whether there are conditions or events that raise substantial doubt about its ability to continue as a going concern within one year after the date that the financial statements are issued. We are required to make certain additional disclosures if we conclude that substantial doubt exists and such concerns are not alleviated by our plans or when our plans alleviate substantial doubt about our ability to continue as a going concern. The evaluation entails analyzing prospective operating budgets and forecasts for expectations of our cash needs and comparing those needs to the current cash and cash equivalent balance and expectations regarding cash to be generated over the following year. We concluded that substantial doubt of going concern did not exist. See Note 1 – Impact of COVID-19 for a further discussion.

Inventory Valuation

The Company values inventory at the lower of cost on a first-in-first-out basis or an estimated net realizable value. The Company does not take physical inventories at interim quarterly reporting periods, however, a full physical inventory is taken annually. 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.

The Company generally purchases raw materials and supplies uniquely suited to the production of larger more complex parts, such as landing gear, only when non-cancellable contracts for orders have been received for finished goods. It occasionally produces larger more complex products, such as landing gear, in excess of purchase order quantities in anticipation of future purchase order demand. Historically this excess has been used in fulfilling future purchase orders. The Company purchases supplies and materials useful in a variety of products as deemed necessary even though orders have not been received. The Company periodically evaluates inventory items that are not secured by purchase orders and establishes write-downs to estimated net realizable value for obsolescence accordingly. The Company also writes-down inventory to estimated net realizable value for excess quantities, slow-moving goods, and for other impairments of value.

Prepaid Expenses and Other Current Assets

On December 23, 2020, the Company and CPI reached an agreement to settle the working capital dispute. The settlement provided that the escrow agent would release the balance of $ 1,380,684 remaining in the escrow account to CPI. The Company and CPI exchanged mutual releases customary in the circumstances.

Prepaid expenses and other current assets include purchase deposits, miscellaneous prepaid expenses and cash in escrow less a reserve. On December 31, 2020, the Company settled its working capital dispute with CPI, see Note 14 - Contingencies. As a result of this settlement, the Company released the cash that was held in escrow and therefore removed the reserve. The changes in the reserve are shown below and discussed in Note 2 – Discontinued Operations.

Description	Balance at Beginning of Year		Charges to Loss on Sale of Subsidiary		Deductions			Balance at end of year
Valuation reserve deducted from Prepaid Expenses and Other Current Assets:
Year ended December 31, 2020	$	1,770,000	$	-	$	(1,770,000	)	$	-
Year ended December 31, 2019	$	1,770,000	$	-	$	-		$	1,770,000

Property and Equipment

Property and equipment are carried at cost net of accumulated depreciation and amortization. Repair and maintenance charges are expensed as incurred. Property, equipment, and improvements are depreciated using the straight-line method over the estimated useful lives of the assets or the particular improvements. Expenditures for repairs and improvements in excess of $10,000 that add to the productive capacity or extend the useful life of an asset are capitalized. Upon disposition, the cost and related accumulated depreciation are removed from the accounts and any related gain or loss is reflected in earnings.

Long-Lived and Intangible Assets

Identifiable intangible assets are amortized using the straight-line method over the period of expected benefit.

Long-lived assets and intangible assets subject to amortization to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may be impaired. The Company records an impairment loss if the undiscounted future cash flows are found to be less than the carrying amount of the asset. If an impairment loss has occurred, a charge is recorded to reduce the carrying amount of the asset to fair value. For the year ended December 31, 2019 the Company recorded an impairment charge of $275,000 included in continuing operations. See Note 10 – Operating Lease Liabilities.

Deferred Financing Costs

Costs incurred with obtaining and executing revolving debt arrangements are capitalized and recorded in current assets and amortized using the effective interest method over the term of the related debt. Costs incurred with obtaining and executing other debt arrangements are presented as a direct deduction from the carrying value of the associated debt and also amortized using the effective interest method over the term of the related debt. The amortization of financing costs is included in interest and financing costs in the statement of operations.

Derivative Liabilities

In connection with the issuances of equity instruments or debt, the Company may issue options or warrants to purchase common stock. In certain circumstances, these options or warrants may be classified as liabilities, rather than as equity. In addition, the equity instrument or debt may contain embedded derivative instruments, such as conversion options or listing requirements, which in certain circumstances may be required to be bifurcated from the associated host instrument and accounted for separately as a derivative liability instrument. The Company accounts for derivative liability instruments under the provisions of FASB ASC 815, Derivatives and Hedging.

Revenue Recognition

The Company accounts for revenue recognition in accordance with accounting guidance codified as FASB ASC 606 "Revenue from Contracts with Customers" ("ASC 606"), as amended regarding revenue from contracts with customers. Under the standard an entity is required to recognize revenue to depict the transfer of promised goods to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods.

Under ASC 606, revenue is recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). In evaluating our contracts with our customers under ASC 606, we have determined that there is no future performance obligation once delivery has occurred.

The Company's revenues are primarily derived from consideration paid by customers for tangible goods. The Company analyzes its different goods by segment to determine the appropriate basis for revenue recognition, as described below. There are no material upfront costs for operations that are incurred from contracts with customers.

The Company's rights to payments for goods transferred to customers are conditional only on the passage of time and not on any other criteria. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within 30 to 75 days.

Payments received in advance from customers are recorded as deferred revenue until earned, at which time revenue is recognized. The Terms and Conditions contained in our customer purchase orders often provide for liquidated damages in the event that a stop work order is issued prior to the final delivery. The Company utilizes a Returned Merchandise Authorization or RMA process for determining whether to accept returned products. Customer requests to return products are reviewed by the contracts department and if the request is approved, a credit is issued upon receipt of the product. Net sales represent gross sales less returns and allowances.

Use of Estimates

In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. The more significant management estimates are the allowance for doubtful accounts, useful lives of property and equipment, provisions for inventory obsolescence, accrued expenses and whether to accrue for various contingencies. Actual results could differ from those estimates. Changes in facts and circumstances may result in revised estimates, which are recorded in the period in which they become known.

Credit and Concentration Risks

A large percentage of the Company's revenues are derived from a small number of customers for U.S. Military Aviation.

There were three customers that represented 73.9% of total sales, and three customers that represented 76.0% of total sales for the years ended December 31, 2020 and 2019, respectively. This is set forth in the table below.

Customer	Percentage of Sales
	2020			2019

1		30.4	%		34.2	%
2		30.3	%		30.4	%
3		13.2	%		*
4		**			11.4	%

*	Customer was less than 10% of sales at December 31, 2019.
**	Customer was less than 10% of sales at December 31, 2020.

There were three customers that represented 80.3% of gross accounts receivable and 67.8% of gross accounts receivable at December 31, 2020 and 2019, respectively. This is set forth in the table below.

	Percentage of Receivables
	December 31,			December 31,
Customer	2020			2019

1		57.1	%		32.7	%
2		12.0	%		10.0	%
3		11.2	%		25.1	%

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.

Income Taxes

The Company accounts for income taxes in accordance with accounting guidance now codified as FASB ASC 740, "Income Taxes," which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse.

The provision for, or benefit from, income taxes includes deferred taxes resulting from the temporary differences in income for financial and tax purposes using the liability method. Such temporary differences result primarily from the differences in the carrying value of assets and liabilities. Future realization of deferred income tax assets requires sufficient taxable income within the carryback, carryforward period available under tax law. We evaluate, on a quarterly basis whether, based on all available evidence, it is probable that the deferred income tax assets are realizable. Valuation allowances are established when it is more likely than not that the tax benefit of the deferred tax asset will not be realized. The evaluation, as prescribed by ASC 740-10, "Income Taxes," includes the consideration of all available evidence, both positive and negative, regarding historical operating results including recent years with reported losses, the estimated timing of future reversals of existing taxable temporary differences, estimated future taxable income exclusive of reversing temporary differences and carryforwards, and potential tax planning strategies which may be employed to prevent an operating loss or tax credit carryforward from expiring unused.

The Company accounts for uncertainties in income taxes under the provisions of FASB ASC 740-10-05 (the "Subtopic"). The Subtopic clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements. The Subtopic prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Subtopic provides guidance on the de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

Earnings (Loss) per share

Basic earnings (loss) per share ("EPS") is computed by dividing the net income 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 the calculation of income (loss) from continuing operations applicable to common stockholders utilized to calculate the EPS:

	2020		2019

Income (loss) from continuing operations - Basic	$	1,326,000	$	(2,598,000	)
Add: Convertible Note Interest for Potential Note Conversion		499,000		-
Add: Convertible Note debt discount for Potential Note Conversion		149,000		-

Income (loss) from continuing operations used to calculate diluted earnings per share	$	1,974,000	$	(2,598,000	)

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

	2020		2019

Weighted average shares outstanding used to compute basic earnings per share		30,742,154		28,851,816
Effect of dilutive stock options and warrants		1,590,000		-
Effect of dilutive convertible notes payable		4,414,929		-
Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share		36,747,083		28,851,816

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

	December 31, 2020		December 31, 2019

Stock Options		549,000		800,000
Warrants		1,909,902		1,903,000
		2,458,902		2,703,000

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 the years:

	December 31, 2020		December 31, 2019

Stock Options		-		570,000
Warrants		-		500
Convertible notes payable		-		5,405,000
		-		5,975,500

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with FASB ASC 718, "Compensation – Stock Compensation." Under the fair value recognition provision of the ASC, stock-based compensation cost is estimated at the grant date based on the fair value of the award. The Company estimates the fair value of stock options and warrants granted using the Black-Scholes-Merton option pricing model and stock grants at their closing reported market value. Stock compensation expense for employees amounted to $308,000 and $378,000 for the years ended December 31, 2020 and 2019, respectively. Stock compensation expense for directors amounted to $211,000 and $244,000 for the years ended December 31, 2020 and 2019, respectively. Stock compensation expenses for employees and directors were included in operating expenses on the accompanying Consolidated Statement 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 December 31, 2020 and 2019 relates to the acquisition of NTW.

The Company accounts for the impairment of goodwill under the provisions of ASU 2011-08 ("ASU 2011-08"), "Intangibles Goodwill and Other (Topic 350): Testing Goodwill for Impairment." ASU 2011-08 updated the guidance on the periodic testing of goodwill for impairment. The updated guidance gives companies the option to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount.

The Company performs impairment testing for goodwill annually, or more frequently when indicators of impairment exist. As discussed above, the Company adopted ASU 2011-08 and performs a qualitative assessment in the fourth quarter of each year to determine whether it was more likely than not that the fair value of a reporting unit is less than its carting amount.

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

Freight Out

Freight out is included in operating expenses and amounted to $91,000 and $134,000 for the years ended December 31, 2020 and 2019, respectively.

Recently Issued Accounting Pronouncements

In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity's Own Equity (Subtopic 815-40) ("ASU 2020-06), which is intended to address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. For convertible instruments, ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share guidance on the basis of feedback from financial statement users. ASU 2020-06 is effective for fiscal years, and interim periods in those fiscal years, beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods with those fiscal years. The Company is evaluating the effect of adopting this new accounting guidance on its financial statements.

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 consolidated financial statements and related disclosures.

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

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

Reclassifications

Reclassifications occurred to certain 2019 amounts to conform to the 2020 classification. These reclassifications had no impact on the statement of operations.

Accounts Receivable

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

ACCOUNTS RECEIVABLE

Note 4. ACCOUNTS RECEIVABLE

The components of accounts receivable at December 31, are detailed as follows:

	December 31, 2020			December 31, 2019

Accounts Receivable Gross	$	9,762,000		$	8,717,000
Allowance for Doubtful Accounts		(964,000	)		(859,000	)
Accounts Receivable Net	$	8,798,000		$	7,858,000

The allowance for doubtful accounts for the years ended December 31, 2020 and 2019 is as follows:

			Charged
	Balance at		to		Deductions		Balance at
	Beginning of		Costs and		from		End of
	Year		Expenses		Reserves		Year

Year ended December 31, 2020 Allowance for Doubtful Accounts	$	859,000	$	483,000	$	378,000	$	964,000
Year ended December 31, 2019 Allowance for Doubtful Accounts	$	524,000	$	556,000	$	221,000	$	859,000

Inventory

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

INVENTORY

Note 5. INVENTORY

The components of inventory at December 31, consisted of the following:

	December 31,			December 31,
	2020			2019

Raw Materials	$	3,951,000		$	4,574,000
Work In Progress		21,933,000			18,452,000
Finished Goods		8,831,000			9,810,000
Reserve		(2,595,000	)		(4,190,000	)
Total Inventory	$	32,120,000		$	28,646,000

The Company periodically evaluates inventory and establishes reserves for obsolescence, excess quantities, slow-moving goods, and for other impairment of value.

Property and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Note 6. PROPERTY AND EQUIPMENT

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

	December 31,			December 31,
	2020			2019

Land	$	300,000		$	300,000
Buildings and Improvements		1,683,000			1,650,000
Machinery and Equipment		21,686,000			18,450,000
Finance Lease Machinery and Equipment		78,000			296,000
Tools and Instruments		12,116,000			11,021,000
Automotive Equipment		200,000			177,000
Furniture and Fixtures		290,000			290,000
Leasehold Improvements		855,000			530,000
Computers and Software		436,000			425,000
Total Property and Equipment		37,644,000			33,139,000
Less: Accumulated Depreciation		(28,063,000	)		(25,561,000	)
Property and Equipment, net	$	9,581,000		$	7,578,000

Depreciation expense for the years ended December 31, 2020 and 2019 was approximately $2,570,000 and $3,002,000, respectively. Assets held under finance lease obligations are depreciated over the shorter of their related lease terms or their estimated productive lives. Depreciation of assets under finance leases is included in depreciation expense for 2020 and 2019. Accumulated depreciation on these assets was approximately $28,000 and $289,000 as of December 31, 2020 and 2019, respectively.

Accounts Payable and Accrued Expenses

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Note 7. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

The components of accounts payable and accrued expenses at December 31, are detailed as follows:

	December 31, 2020		December 31, 2019

Accounts Payable	$	7,240,000	$	6,576,000
Accrued Payroll		663,000		444,000
Accrued Interest - related parties		400,000		210,000
Accrued Interest - others		42,000		294,000
Accrued expenses - other		337,000		581,000
Accounts Payable and accrued expenses	$	8,682,000	$	8,105,000

Sale and Leaseback Transaction

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

SALE AND LEASEBACK TRANSACTION

Note 8. SALE AND LEASEBACK TRANSACTION

On October 24, 2006, the Company consummated a Sale - Leaseback Arrangement, whereby the Company sold the buildings and real property located in Bay Shore, New York (the "Bay Shore Property") for a purchase price of $6,200,000. The Company realized a gain on the sale of $1,051,000 of which $300,000 was recognized during the year ended December 31, 2006. The remaining $751,000 is being recognized ratably over the remaining term of the twenty - year lease at approximately $38,000 per year. The gain is included in Other Income in the accompanying Consolidated Statements of Operations. The unrecognized portion of the gain in the amount of $219,000 and $257,000 as of December 31, 2020 and 2019, respectively, is classified as Deferred Gain on Sale in the accompanying Consolidated Balance Sheets.

Simultaneous with the closing of the sale of the Bay Shore Property, the Company entered into a 20-year triple- net lease (the "Lease") with the purchaser for the property. Base annual rent is approximately $540,000 for the first five years, $560,000 for the sixth year, and thereafter increases 3% per year. The Lease grants the Company an option to renew the Lease for an additional period of five years. The Company has on deposit with the purchaser of $89,000 as security for the performance of its obligations under the Lease. In addition, at December 31, 2019, the Company had on deposit $150,000 with the landlord as security for the completion of certain repairs and upgrades to the Bay Shore Property. In 2020, the landlord utilized the amounts on deposit to install air conditioning throughout the manufacturing facility. At December 31, 2019, this amount was included in the caption Deferred Finance costs, Net, Deposit and Other Assets in the accompanying Consolidated Balance Sheets. Pursuant to the terms of the Lease, the Company is required to pay all of the costs associated with the operation of the facilities, including, without limitation, insurance, taxes and maintenance. The lease also contains customary representations, warranties, obligations, conditions and indemnification provisions and grants the purchaser customary remedies upon a breach of the lease by the Company, including the right to terminate the Lease and hold the Company liable for any deficiency in future rent. See Note 10 – Operating Lease Liabilities.

The Company accounted for these transactions under the provisions of FASB ASC 840-40, "Leases-Sale-Leaseback Transactions".

Notes Payable, Related Party Notes Payable and Finance Lease Obligations

12 Months Ended

Dec. 31, 2020

Notes and Loans Payable [Abstract]

NOTES PAYABLE, RELATED PARTY NOTES PAYABLE AND FINANCE LEASE OBLIGATIONS

Note 9. NOTES PAYABLE, RELATED PARTY NOTES PAYABLE AND FINANCE LEASE OBLIGATIONS

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

	December 31,			December 31,
	2020			2019

Revolving credit note payable to Sterling National Bank ("SNB")	$	15,649,000		$	12,543,000
Term loan, SNB		5,558,000			3,800,000
Finance lease obligations		6,000			22,000
Loans Payable - financed assets		48,000			385,000
Related party notes payable, net of debt discount		6,012,000			6,862,000
Convertible notes payable-third parties, net of debt discount		-			2,338,000
Subtotal		27,273,000			25,950,000
Less: Current portion of notes payable, related party notes payable and finance lease obligations		(16,475,000	)		(22,544,000	)
Notes payable, related party notes payable and finance lease obligations, net of current portion	$	10,798,000		$	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 initial repayment terms of the SNB term loan provided 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.

On November 6, 2020, the Company entered into the First Amendment to Loan and Security Agreement ("First Amendment"). The terms of the agreement increase the Term Loan to $5,685,000. The repayment terms of the term loan were amended to provide monthly principal installments in the amount of $67,679 beginning on December 1, 2020, with a final payment of any unpaid balance of principal and interest payable on December 30, 2022. Additionally, the date by which certain subordinated third-party notes need to be extended by was changed from September 30, 2020 to November 30, 2020. The Company has paid an amendment fee of $20,000.

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 December 31, 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.

The aggregate payments for the term note at December 31, 2020 are as follows:

For the year ending	Amount
December 31, 2021	$	812,000
December 31, 2022		4,805,000
SNB Term Loans payable		5,617,000
Less: debt issuance costs		(59,000	)
Total SNB Term loan payable, net of debt issuance costs		5,558,000
Less: Current portion of SNB term loan payable		812,000
Total long-term portion of SNB term loan payable	$	4,746,000

Under the terms of the SNB Facility, both the SNB revolving line of credit and the SNB term loan bear an interest rate equal to 30-day LIBOR, plus 2.5% (with a floor of 3.5%).

As of December 31, 2020, the Company's debt to SNB in the amount of $21,207,000 consisted of the SNB revolving line of credit note in the amount of $15,649,000 and the SNB term loan in the amount of $5,558,000. Interest expense for the year ending December 31, 2020 amounted to $586,000 for this credit facility.

As of December 31, 2019, the Company's 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. No interest expense was incurred on the SNB Facility during 2019.

PNC Bank N.A. ("PNC")

The Company previously maintained a financing facility with PNC. Under such 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 $1,860,000 for the year ended December 31, 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.

Loans Payable – Financed Assets

The Company financed the 2019 acquisition of manufacturing equipment with a third-party loan. The loan obligation totaled $0 and $385,000 as of December 31, 2020 and 2019, respectively and bore interest at 3% per annum. This loan was repaid in full in conjunction with the First Amendment to the SNB Term Loan.

The Company has also borrowed to purchase a delivery vehicle in July 2020. The loan obligation totaled $48,000 as of December 31, 2020. The loan bears no interest and a final payment is due and payable for all unpaid principal on July 20, 2026.

Annual maturities of this loan are as follows:

For the year ending	Amount
December 31, 2021	$	9,000
December 31, 2022		9,000
December 31, 2023		9,000
December 31, 2024		9,000
December 31, 2025		9,000
Thereafter		3,000
Loans Payable - financed assets		48,000
Less: Current portion		9,000
Long-term portion	$	39,000

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 July 1, 2023.

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. The shares were valued 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 Facility, Michael and Robert Taglich agreed to extend the maturity date of the 2019 Notes to July 1, 2023.

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 its 8% Subordinated Convertible Notes (the "8% Notes"), together with warrants to purchase a total of 383,080 shares of its 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 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 the Company's 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 $6,012,000 and $6,862,000, as of December 31, 2020 and 2019, respectively. Unamortized debt discounts related to these notes amounted to $0 and $226,000 as of December 31, 2020 and 2019, respectively. Interest incurred on these related party notes amounted to approximately $526,000 and $446,000 for the years ended December 31, 2020 and 2019, respectively Amortization of debt discount incurred on these related party notes amounted to approximately $226,000 and $375,000 for the year ended December 31, 2020 and 2019 respectively. The amortization of the debt discount is included in interest and financing costs in the Consolidated Statement of Operations.

Per the terms of the SNB Facility, the maturity date of all related party notes has been extended to July 1, 2023 and are subordinated to the SNB Facility. There are no principal payments due on these notes until such time.

On January 1, 2021, the related party subordinated notes were amended to include all accrued interest through December 31, 2020 in the principal balance of the notes. The Note Holders and the principal balance of the notes as amended on January 1, 2021 are shown below:

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

Convertible Notes Payable – Third Parties

As discussed above in connection with the Private Placement of Subordinated Notes due May 31, 2019, together with Shares of Common Stock, a $100,000 note issued to a third party in May 2018 was repaid in January 2020.

In the years ended December 31, 2020 and 2019, the third party holders of $580,000 and $2,245,000 principal, respectively, with accrued interest thereon of $58,000 and $344,000, respectively, converted their notes into approximately 426,000 and 1,831,000 shares, respectively, of common stock. These notes were converted at a per share price between $1.35 and $1.50.

8% Notes payable to third parties totaled $0 and $2,338,000, net of unamortized debt discount at December 31, 2020 and 2019, respectively. Interest incurred on the 8% Notes amounted to approximately $141,000 and $380,000 for the years ended December 31, 2020 and 2019, respectively, unamortized debt discounts related to these notes amounted to $0 and $7,000 as of December 31, 2020 and 2019, respectively. Amortization of debt discount on the 8% Notes amounted to approximately $7,000 and $135,000 for the years ended December 31, 2020 and 2019, respectively. These costs are included in interest and financing costs in the Consolidated Statement of Operations.

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, which was forgiven by the SBA in December of 2020, Each SBA Loan was evidenced by a Note. Subject to the terms of the Note, the SBA Loans bore interest at a fixed rate of one percent (1%) per annum, with the first six months of interest deferred, had an initial term of two years, and was 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"). In December 2020, the Company was notified that the loans and all interest accrued thereon had been forgiven.

The Company elected to treat the SBA Loans as debt under FASB ASC 470. As such, the Company derecognized the liability when the loans were forgiven and the Company was legally released from the loans.

Operating Lease Liabilities

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

OPERATING LEASE LIABILITIES

Note 10. OPERATING LEASE LIABILITIES

The Company leases substantially all of its office space, technology equipment and office equipment used to conduct its business. The Company adopted ASC 842 effective January 1, 2019. For contracts entered into on or after the effective date, at the inception of a contract it assesses whether the contract is, or contains, a lease. The Company's assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether its obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. At inception of a lease, the Company allocates the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. Leases entered into prior to January 1, 2019, are accounted for under ASC 840 and were not reassessed.

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

For the year ended	Amount
December 31, 2021	$	1,080,000
December 31, 2022		1,007,000
December 31, 2023		1,038,000
December 31, 2024		1,070,000
December 31, 2025		992,000
Thereafter		730,000
Total future minimum lease payments		5,917,000
Less: discount		(1,289,000	)
Total operating lease maturities		4,628,000
Less: current portion of operating lease liabilities		(701,000	)
Total long term portion of operating lease maturities	$	3,927,000

	December 31,			December 31,
	2020			2019
Weighted Average Remaining Lease Term - in years		5.53			6.32
Weighted Average discount rate - %		8.89	%		9.50	%

As part of the effort to reduce costs, corporate executive offices were moved to an existing 5.4-acre corporate campus in Bay Shore, New York. The Company remains liable under the lease for the office in Hauppauge, New York which is now vacant. This lease has a term which ends January 2022. The annual rent was approximately $113,000 for the lease year which began in January 2019 and increases by approximately 3% per annum each year thereafter. Accordingly, the Company recognized an impairment of $275,000 to its Operating Lease Right-of-Use-Asset for the year ended December 31, 2019.

NTW's warehouse lease was terminated in May 2020 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.

Rent expense for the years ended December 31, 2020 and 2019 was $1,173,000 and $1,193,000, respectively.

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

12 Months Ended

Dec. 31, 2020

Placement invested percentage [Abstract]

Note 11. 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, Inc. 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 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 table below shows the activity within the liability account for the years ended December 31, 2020 and 2019:

	December 31, 2020			December 31, 2019
Cash received from sale of future proceeds from disposition of subsidiary	$	-		$	800,000
Liabilities related to sale of future proceeds from disposition of subsidiary – beginning balance		602,000			-
Non-Cash other income recognized		(402,000	)		(282,000	)
Non-Cash interest expense recognized		122,000			84,000
Liabilities related to sale of future proceeds from disposition of subsidiary – ending balance		322,000			602,000
Less: unamortized transaction costs		(3,000	)		(3,000	)
Liability related to sale of future proceeds from disposition of subsidiary, net	$	319,000		$	599,000

Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

STOCKHOLDERS' EQUITY

Note 12. 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 a Form S-3 filed on October 10, 2019 as updated on January 15, 2020. Costs of the sale amounted to $145,000.

During the year ended December 31, 2020, the Company issued 1,830,631 shares of common stock to convert third party subordinated debt totaling $2,589,000 to equity.

During the year ended December 31, 2020, the Company issued 178,405 shares of common stock in payment of directors' fees totaling $211,000.

During the year ended December 31, 2019, the Company issued 50,000 shares of common stock in lieu of cash payment for various services provided to the Company, 257,602 shares of common stock in payment of directors' fees, 424,805 shares of common stock issued from the conversion of notes payable, 180,000 shares issued in connection with the issuance of subordinated notes payable and 2,778 shares issued upon the exercise of stock options.

During the first quarter of 2021, the Company issued 41,960 shares of common stock in payment of directors' fees totaling $52,000 and 51,224 shares of common stock upon the exercise of stock options.

Employee Benefits Plans

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

EMPLOYEE BENEFITS PLANS

Note 13. EMPLOYEE BENEFITS PLANS

The Company employs both union and non-union employees and maintains several benefit plans.

Union

Substantially the entire workforce at AIM is subject to a union contract with the United Service Workers Union TUJAT Local 355, EIN 11-1772919 (the "Union"). The Agreement was renewed as of December 31, 2018 and expires on December 31, 2021 and covers all of AIM's production personnel, of which there are approximately 93 people. AIM is required to make a monthly contribution to each of the Union's United Welfare Fund and the United Services Worker's Security Fund. This is the only pension benefit required by the Agreement and the Company is not obligated for any future defined benefit to retirees. The Agreement contains a "no-strike" clause, whereby, during the term of the Agreement, the Union will not strike and AIM will not lockout its employees. Medical benefits for union employees are provided through a policy with Insperity Services, Inc. ("Insperity"), the costs of which are substantially borne by the Company. In addition, the Company is obligated to make contributions for union dues and a security fund (defined contribution plan) for the benefit of each union employee. Contributions to the security fund amounted to $134,000 and $137,000 for the years ended December 31, 2020 and 2019, respectively.

The Company adopted ASU No. 2011-09, "Compensation - Retirement Benefits-Multiemployer Plans (Subtopic 715-80): Disclosures about an Employer's Participation in a Multiemployer Plan" ("ASU 2011-09"). ASU 2011-09 requires additional disclosures about an employer's participation in a multiemployer pension plan. Previously, disclosures were limited primarily to the historical contributions made to the plans. ASU 2011-09 applies to nongovernmental entities that participate in multiemployer plans. The Union's retirement plan is a defined contribution plan. As such, the Company is not responsible for the obligations of other companies in the Union's retirement plan and no further disclosures are required.

Others

All of the Company's employees are covered under a co-employment agreement with Insperity, a professional employer organization ("PEO") that provides out-sourced human resource services.

The Company has a defined contribution plans under Section 401(k) of the Internal Revenue Code (the "Plans"). Pursuant to the Plans, qualified employees may contribute a percentage of their pre-tax eligible compensation to the Plan. The Company does not match any contributions that employees may make to the Plans.

Contingencies

12 Months Ended

Dec. 31, 2020

Contingencies [Abstract]

CONTINGENCIES

Note 14. 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.

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 that was formerly occupied by Welding Metallurgy, Inc., 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. The pace of litigation in the civil courts in New York has been slowed by the impact of Covid-19. The Court has ordered us and Contract Pharmacal to complete discovery, which is ongoing.

On December 20, 2018, the Company completed the sale of all of the outstanding shares of its subsidiary, WMI, to CPI.

There ensued a dispute with CPI regarding amounts it claimed were due based upon the value it ascribed to the inventory as of the closing date. On December 23, 2020 the Company and CPI reached an agreement to settle the working capital dispute. Pursuant to the settlement, the escrow agent released to CPI the balance of $ 1,380,684 remaining in the escrow account which had been established at the closing and the Company and CPI exchanged mutual releases customary in the circumstances.

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

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

Note 15. INCOME TAXES

The provision for (benefit from) income taxes as of December 31, is set forth below:

	2020			2019

Current
Federal tax refund	$	(1,416,000	)	$	-
State		4,000			37,000
Total (Benefit from) Expense for Income Taxes		(1,412,000	)		37,000
Deferred Tax Benefit		-			-
Valuation Allowance		-			-
Net (Benefit from) Provision for Income Taxes	$	(1,412,000	)	$	37,000

The following is a reconciliation of our income tax rate computed using the federal statutory rate to our actual income tax rate as of December 31,

	2020			2019

U.S. statutory income tax rate		21.00	%		21.00	%
State taxes		-0.90	%		-1.11	%
Permanent difference, overaccruals, and non-deductible items		159.65	%		-3.33	%
Rate change and provision to return true-up		197.34	%		0.62	%
Expired stock options		0.00	%		1.54	%
Deferred tax valuation allowance		-393.63	%		-20.13	%
Cares Act Refund		458.76	%		0.00	%
Total		442.22	%		-1.41	%

The components of net deferred tax assets at December 31, 2020 and 2019 are set forth below:

	December 31,			December 31,
	2020			2019
Deferred tax assets:
Current:
Net operation loss	$	6,594,000		$	8,017,000
Allowance for doubtful accounts		252,000			216,000
Inventory - IRC 263A adjustment		341,000			268,000
Stock based compensation - options and restricted stock		277,000			150,000
Capitalized engineering costs		336,000			323,000
Deferred rent		4,000			12,000
Amortization - NTW Transaction		495,000			442,000
Inventory reserve		1,250,000			1,000,000
Deferred gain on sale of real estate		132,000			84,000
Accrued Expenses		158,000			165,000
Disallowed interest		1,813,000			1,431,000
Right of Use Asset		292,000			329,000
Total non-current deferred tax asset before valuation allowance		11,944,000			12,437,000
Valuation allowance		(9,394,000	)		(10,663,000	)
Total non-current deferred tax asset after valuation allowance		2,550,000			1,774,000

Deferred tax liabilities
Property and equipment		(2,150,000	)		(1,628,000	)
Other		(400,000	)		(146,000	)
Total deferred tax liabilities		(2,550,000	)		(1,774,000	)

Net deferred tax asset	$	-		$	-

During the years ended December 31, 2020 and 2019, the Company recorded a valuation allowance equal to its net deferred tax assets. The Company determined that due to a recent history of net losses, that at this time, sufficient uncertainty exists regarding the future realization of these deferred tax assets through future taxable income. If, in the future, the Company believes that it is more likely than not that these deferred tax benefits will be realized, the valuation allowances will be reduced or eliminated. With a full valuation allowance, any change in the deferred tax asset or liability is fully offset by a corresponding change in the valuation allowance. At December 31, 2020 and 2019, the Company provided a valuation allowance on its net deferred tax assets of $9,394,000 and $10,663,000, respectively.

As of December 31, 2020, the Company had a Federal net operating loss carry forward of approximately $27,576,000, of which $22,461,000 expire in years through 2037 and $5,115,000 that do not expire. State net operating loss carry forwards total approximately $9,458,000 (with effective rates from 5.5% to 10%), expiring in years through 2040.

At December 31, 2020 and 2019, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required. The Company does not expect that its unrecognized tax benefits will materially increase within the next twelve months. The Company recognizes interest and penalties related to uncertain tax positions in interest expense. As of December 31, 2020 and 2019, the Company has not recorded any provisions for accrued interest and penalties related to uncertain tax positions.

In certain cases, the Company's uncertain tax positions are related to tax years that remain subject to examination by the relevant tax authorities. The Company files federal and state income tax returns in jurisdictions with varying statutes of limitations. The 2017 through 2020 tax years generally remain subject to examination by federal and state tax authorities.

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.

- 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

Stock Options and Warrants

12 Months Ended

Dec. 31, 2020

Stock Options And Warrants [Abstract]

STOCK OPTIONS AND WARRANTS

Note 16. STOCK OPTIONS AND WARRANTS

Stock-Based Compensation

Stock Options

In July 2017, the Board of Directors adopted the Company's 2017 Equity Incentive Plan ("2017 Plan") which authorized the grant of rights with respect to up to 1,200,000 shares. The 2017 Plan was approved by affirmative vote of the Company's stockholders on October 3, 2017.

During the year ended December 31, 2020, the Company granted options to purchase 560,000 shares of common stock to certain of its employees and directors. The weighted average fair value of the granted options was estimated using the Black-Scholes option pricing model with the following assumptions: risk free interest rate of 0.22% to 1.61%; expected volatility factors of 71.5% to 75.4%; expected dividend yield of 0%; and expected life of 2.5 to 4 years.

During the year ended December 31, 2019, the Company granted options to purchase 613,000 shares of common stock to certain of its employees and directors. The weighted average fair value of the granted options was estimated using the Black-Scholes option pricing model with the following assumptions: risk free interest rate of 1.87% to 2.60%; expected volatility factors of 65.8% to 72.4%; expected dividend yield of 0%; and expected life of 4.9 to 6.8 years.

The Company recorded stock based compensation expense of $308,000 and $378,000 in its consolidated statement of operations for the years ended December 31, 2020 and 2019, respectively, and such amounts were included as a component of general and administrative expense.

The fair values of stock options granted were estimated using the Black-Sholes option-pricing model with the following assumptions for the years ended December 31:

	2020			2019
Risk-free interest rates		0.22% - 1.61	%		1.87% - 2.60	%
Expected life (in years)		2.50 - 4.00			4.90 - 6.80
Expected volatility		71.5% - 75.4	%		65.8% - 72.4	%
Dividend yield		0.00	%		0.00	%

Weighted-average grant date fair value per share	$	0.64		$	0.50

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

A summary of the status of the Company's stock options as of December 31, 2020 and 2019, and changes during the two years then ended are presented below.

				Wtd. Avg.
				Exercise
	Options			Price
Balance, January 1, 2019		838,149		$	3.08
Granted during the period		613,000			0.96
Exercised during the period		(15,000	)		0.88
Terminated/Expired during the period		(66,500	)		7.46
Balance, December 31, 2019		1,369,649		$	2.01
Granted during the period		560,000			1.20
Exercised during the period		-			-
Terminated/Expired during the period		(70,649	)		7.48
Balance, December 31, 2020		1,859,000		$	1.56

Exercisable at December 31, 2020		1,488,997		$	1.68

The following table summarizes information about stock options at December 31, 2020:

	Number				Wtd. Avg,	Wtd. Avg.
Range of Exercise Price	Outstanding		Exercisable		Life	Exercise Price
$0.00 - $5.00		1,784,000		1,414,000	3.69 years	$	1.25
$5.01 - $15.00		75,000		75,000	0.32 years	$	8.85
$0.00 - $15.00		1,859,000		1,489,000	3.55 years	$	1.56

As of December 31, 2020, there was $80,000 of unrecognized compensation cost related to non-vested stock option awards, which is to be recognized over the remaining weighted average vesting period of 0.7 years.

The aggregate intrinsic value at December 31, 2020 was based on the Company's closing stock price of $1.23 was approximately $269,000. The aggregate intrinsic value was calculated based on the positive difference between the closing market price of the Company's Common Stock and the exercise price of the underlying options. The total number of in-the-money options exercisable as of December 31, 2020 was 205,000.

The weighted average fair value of options granted during the years ended December 31, 2020 and 2019 was $0.64 and $0.50 per share, respectively. The total intrinsic value of options exercised during both the years ended December 31, 2020 and 2019 was $0. The total fair value of shares vested during the years ended December 31, 2020 and 2019 was $237,000 and $1,210,000, respectively.

Warrants

During both the years ended December 31, 2020 and 2019, the Company did not issue warrants, in connection with convertible notes payable and common stock issuances.

The following tables summarize the Company's outstanding warrants as of December 31, 2020 and changes during the two years then ended:

						Wtd. Avg.
				Wtd. Avg.		Remaining
				Exercise		Contractual
	Warrants			Price		Life (years)
Balance, January 1, 2019		2,239,762		$	3.10		3.35
Granted during the period		-			-		-
Terminated/Expired during the period		(56,800	)		10.80		-
Balance, December 31, 2019		2,182,962		$	2.90		2.43
Granted during the period		-			-		-
Terminated/Expired during the period		-		$	-		-
Balance, December 31, 2020		2,182,962		$	2.90		1.43

Exercisable at December 31, 2020		2,182,962		$	2.90		1.43

Segment Reporting

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

SEGMENT REPORTING

Note 17. 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 our corporate division as an independent segment.

The accounting policies of each of the segments are the same as those described in Note 3 – Summary of Significant Accounting Policies. Intersegment transfers are recorded at the transferors 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 years ended December 31, 2020 and 2019 are as follows:

	Year Ended December 31,
	2020			2019

COMPLEX MACHINING
Net Sales	$	44,659,000		$	48,226,000
Gross Profit		6,493,000			8,669,000
Pre Tax Income from continuing operations		4,965,000			5,266,000
Assets		51,368,000			45,268,000

TURBINE ENGINE COMPONENTS
Net Sales		5,438,000			6,347,000
Gross Profit		19,000			473,000
Pre Tax Loss from continuing operations		(31,000	)		(500,000	)
Assets		3,899,000			5,005,000

CORPORATE
Net Sales		-			-
Gross Profit		-			-
Pre Tax Loss from continuing operations		(5,020,000	)		(7,327,000	)
Assets		2,510,000			817,000

CONSOLIDATED
Net Sales		50,097,000			54,573,000
Gross Profit		6,512,000			9,142,000
Pre Tax Loss from continuing operations		(86,000	)		(2,561,000	)
(Benefit from) provision for Income Taxes		(1,412,000	)		37,000
Loss from Discontinued Operations, net of taxes		(230,000	)		(134,000	)
Net Income (Loss)		1,096,000			(2,732,000	)
Assets	$	57,777,000		$	51,090,000

- 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)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Principal Business Activity

Principal Business Activity

Principles of Consolidation

Principles of Consolidation

Discontinued Operations

Discontinued Operations

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include all highly liquid instruments with an original maturity of three months or less.

Accounts Receivable

Accounts Receivable

Going Concern

Going Concern

Inventory Valuation

Inventory Valuation

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

Description	Balance at Beginning of Year		Charges to Loss on Sale of Subsidiary		Deductions			Balance at end of year
Valuation reserve deducted from Prepaid Expenses and Other Current Assets:
Year ended December 31, 2020	$	1,770,000	$	-	$	(1,770,000	)	$	-
Year ended December 31, 2019	$	1,770,000	$	-	$	-		$	1,770,000

Property and Equipment

Property and Equipment

Long-Lived and Intangible Assets

Long-Lived and Intangible Assets

Identifiable intangible assets are amortized using the straight-line method over the period of expected benefit.

Deferred Financing Costs

Deferred Financing Costs

Derivative Liabilities

Derivative Liabilities

Revenue Recognition

Revenue Recognition

Use of Estimates

Use of Estimates

Credit and Concentration Risks

Credit and Concentration Risks

A large percentage of the Company's revenues are derived from a small number of customers for U.S. Military Aviation.

Customer	Percentage of Sales
	2020			2019

1		30.4	%		34.2	%
2		30.3	%		30.4	%
3		13.2	%		*
4		**			11.4	%

*	Customer was less than 10% of sales at December 31, 2019.
**	Customer was less than 10% of sales at December 31, 2020.

	Percentage of Receivables
	December 31,			December 31,
Customer	2020			2019

1		57.1	%		32.7	%
2		12.0	%		10.0	%
3		11.2	%		25.1	%

Cash and Cash equivalents

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

Major Suppliers

Income Taxes

Income Taxes

Earnings (Loss) per share

Earnings (Loss) per share

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

The following is the calculation of income (loss) from continuing operations applicable to common stockholders utilized to calculate the EPS:

	2020		2019

Income (loss) from continuing operations - Basic	$	1,326,000	$	(2,598,000	)
Add: Convertible Note Interest for Potential Note Conversion		499,000		-
Add: Convertible Note debt discount for Potential Note Conversion		149,000		-

Income (loss) from continuing operations used to calculate diluted earnings per share	$	1,974,000	$	(2,598,000	)

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

	2020		2019

Weighted average shares outstanding used to compute basic earnings per share		30,742,154		28,851,816
Effect of dilutive stock options and warrants		1,590,000		-
Effect of dilutive convertible notes payable		4,414,929		-
Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share		36,747,083		28,851,816

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

	December 31, 2020		December 31, 2019

Stock Options		549,000		800,000
Warrants		1,909,902		1,903,000
		2,458,902		2,703,000

	December 31, 2020		December 31, 2019

Stock Options		-		570,000
Warrants		-		500
Convertible notes payable		-		5,405,000
		-		5,975,500

Stock-Based Compensation

Stock-Based Compensation

Goodwill

Goodwill

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

Freight Out

Freight Out

Freight out is included in operating expenses and amounted to $91,000 and $134,000 for the years ended December 31, 2020 and 2019, respectively.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Reclassifications

Reclassifications

Reclassifications occurred to certain 2019 amounts to conform to the 2020 classification. These reclassifications had no impact on the statement of operations.

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

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

	December 31,			December 31,
	2020			2019

Net revenue	$	-		$	132,000
Cost of goods sold		-			105,000
Gross profit		-			27,000
Operating expenses:
Selling, general and administrative		-			155,000
Total operating loss		-			(128,000	)
Interest expense		-			(3,000	)
Other expense		(230,000	)		(3,000	)
Loss from discontinued operations before income taxes	$	(230,000	)	$	(134,000	)

- 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.

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+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Valuation reserve deducted from prepaid expenses and other current assets

Description	Balance at Beginning of Year		Charges to Loss on Sale of Subsidiary		Deductions			Balance at end of year
Valuation reserve deducted from Prepaid Expenses and Other Current Assets:
Year ended December 31, 2020	$	1,770,000	$	-	$	(1,770,000	)	$	-
Year ended December 31, 2019	$	1,770,000	$	-	$	-		$	1,770,000

Schedule of credit and concentration risks

Customer	Percentage of Sales
	2020			2019

1		30.4	%		34.2	%
2		30.3	%		30.4	%
3		13.2	%		*
4		**			11.4	%

*	Customer was less than 10% of sales at December 31, 2019.
**	Customer was less than 10% of sales at December 31, 2020.

	Percentage of Receivables
	December 31,			December 31,
Customer	2020			2019

1		57.1	%		32.7	%
2		12.0	%		10.0	%
3		11.2	%		25.1	%

Schedule of calculation of net income (loss) applicable to common stockholders utilized to calculate EPS

	2020		2019

Income (loss) from continuing operations - Basic	$	1,326,000	$	(2,598,000	)
Add: Convertible Note Interest for Potential Note Conversion		499,000		-
Add: Convertible Note debt discount for Potential Note Conversion		149,000		-

Income (loss) from continuing operations used to calculate diluted earnings per share	$	1,974,000	$	(2,598,000	)

Schedule of earnings per share for continuing operations

	2020		2019

Weighted average shares outstanding used to compute basic earnings per share		30,742,154		28,851,816
Effect of dilutive stock options and warrants		1,590,000		-
Effect of dilutive convertible notes payable		4,414,929		-
Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share		36,747,083		28,851,816

Schedule of anti-dilutive securities

	December 31, 2020		December 31, 2019

Stock Options		549,000		800,000
Warrants		1,909,902		1,903,000
		2,458,902		2,703,000

	December 31, 2020		December 31, 2019

Stock Options		-		570,000
Warrants		-		500
Convertible notes payable		-		5,405,000
		-		5,975,500

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Schedule of accounts receivable

	December 31, 2020			December 31, 2019

Accounts Receivable Gross	$	9,762,000		$	8,717,000
Allowance for Doubtful Accounts		(964,000	)		(859,000	)
Accounts Receivable Net	$	8,798,000		$	7,858,000

Schedule of allowance for doubtful accounts

			Charged
	Balance at		to		Deductions		Balance at
	Beginning of		Costs and		from		End of
	Year		Expenses		Reserves		Year

Year ended December 31, 2020 Allowance for Doubtful Accounts	$	859,000	$	483,000	$	378,000	$	964,000
Year ended December 31, 2019 Allowance for Doubtful Accounts	$	524,000	$	556,000	$	221,000	$	859,000

Inventory (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Schedule of inventory

	December 31,			December 31,
	2020			2019

Raw Materials	$	3,951,000		$	4,574,000
Work In Progress		21,933,000			18,452,000
Finished Goods		8,831,000			9,810,000
Reserve		(2,595,000	)		(4,190,000	)
Total Inventory	$	32,120,000		$	28,646,000

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

	December 31,			December 31,
	2020			2019

Land	$	300,000		$	300,000
Buildings and Improvements		1,683,000			1,650,000
Machinery and Equipment		21,686,000			18,450,000
Finance Lease Machinery and Equipment		78,000			296,000
Tools and Instruments		12,116,000			11,021,000
Automotive Equipment		200,000			177,000
Furniture and Fixtures		290,000			290,000
Leasehold Improvements		855,000			530,000
Computers and Software		436,000			425,000
Total Property and Equipment		37,644,000			33,139,000
Less: Accumulated Depreciation		(28,063,000	)		(25,561,000	)
Property and Equipment, net	$	9,581,000		$	7,578,000

Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Schedule of accounts payable

	December 31, 2020		December 31, 2019

Accounts Payable	$	7,240,000	$	6,576,000
Accrued Payroll		663,000		444,000
Accrued Interest - related parties		400,000		210,000
Accrued Interest - others		42,000		294,000
Accrued expenses - other		337,000		581,000
Accounts Payable and accrued expenses	$	8,682,000	$	8,105,000

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

12 Months Ended

Dec. 31, 2020

Notes and Loans Payable [Abstract]

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

	December 31,			December 31,
	2020			2019

Revolving credit note payable to Sterling National Bank ("SNB")	$	15,649,000		$	12,543,000
Term loan, SNB		5,558,000			3,800,000
Finance lease obligations		6,000			22,000
Loans Payable - financed assets		48,000			385,000
Related party notes payable, net of debt discount		6,012,000			6,862,000
Convertible notes payable-third parties, net of debt discount		-			2,338,000
Subtotal		27,273,000			25,950,000
Less: Current portion of notes payable, related party notes payable and finance lease obligations		(16,475,000	)		(22,544,000	)
Notes payable, related party notes payable and finance lease obligations, net of current portion	$	10,798,000		$	3,406,000

Schedule of payments for the term note

For the year ending	Amount
December 31, 2021	$	812,000
December 31, 2022		4,805,000
SNB Term Loans payable		5,617,000
Less: debt issuance costs		(59,000	)
Total SNB Term loan payable, net of debt issuance costs		5,558,000
Less: Current portion of SNB term loan payable		812,000
Total long-term portion of SNB term loan payable	$	4,746,000

Schedule of SBA Loans future minimum loan payments

For the year ending	Amount
December 31, 2021	$	9,000
December 31, 2022		9,000
December 31, 2023		9,000
December 31, 2024		9,000
December 31, 2025		9,000
Thereafter		3,000
Loans Payable - financed assets		48,000
Less: Current portion		9,000
Long-term portion	$	39,000

Schedule of subordinated principal balance of the notes

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

Operating Lease Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of aggregate undiscounted cash flows of operating lease payments

For the year ended	Amount
December 31, 2021	$	1,080,000
December 31, 2022		1,007,000
December 31, 2023		1,038,000
December 31, 2024		1,070,000
December 31, 2025		992,000
Thereafter		730,000
Total future minimum lease payments		5,917,000
Less: discount		(1,289,000	)
Total operating lease maturities		4,628,000
Less: current portion of operating lease liabilities		(701,000	)
Total long term portion of operating lease maturities	$	3,927,000

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

	December 31,			December 31,
	2020			2019
Weighted Average Remaining Lease Term - in years		5.53			6.32
Weighted Average discount rate - %		8.89	%		9.50	%

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

12 Months Ended

Dec. 31, 2020

Proceeds as liability amount

Schedule of activity within the liability account

	December 31, 2020			December 31, 2019
Cash received from sale of future proceeds from disposition of subsidiary	$	-		$	800,000
Liabilities related to sale of future proceeds from disposition of subsidiary – beginning balance		602,000			-
Non-Cash other income recognized		(402,000	)		(282,000	)
Non-Cash interest expense recognized		122,000			84,000
Liabilities related to sale of future proceeds from disposition of subsidiary – ending balance		322,000			602,000
Less: unamortized transaction costs		(3,000	)		(3,000	)
Liability related to sale of future proceeds from disposition of subsidiary, net	$	319,000		$	599,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of provision for (benefit from) income taxes

	2020			2019

Current
Federal tax refund	$	(1,416,000	)	$	-
State		4,000			37,000
Total (Benefit from) Expense for Income Taxes		(1,412,000	)		37,000
Deferred Tax Benefit		-			-
Valuation Allowance		-			-
Net (Benefit from) Provision for Income Taxes	$	(1,412,000	)	$	37,000

Schedule of reconciliation of our income tax rate computed using the federal statutory rate to our actual income tax rate

	2020			2019

U.S. statutory income tax rate		21.00	%		21.00	%
State taxes		-0.90	%		-1.11	%
Permanent difference, overaccruals, and non-deductible items		159.65	%		-3.33	%
Rate change and provision to return true-up		197.34	%		0.62	%
Expired stock options		0.00	%		1.54	%
Deferred tax valuation allowance		-393.63	%		-20.13	%
Cares Act Refund		458.76	%		0.00	%
Total		442.22	%		-1.41	%

Schedule of net deferred tax assets

	December 31,			December 31,
	2020			2019
Deferred tax assets:
Current:
Net operation loss	$	6,594,000		$	8,017,000
Allowance for doubtful accounts		252,000			216,000
Inventory - IRC 263A adjustment		341,000			268,000
Stock based compensation - options and restricted stock		277,000			150,000
Capitalized engineering costs		336,000			323,000
Deferred rent		4,000			12,000
Amortization - NTW Transaction		495,000			442,000
Inventory reserve		1,250,000			1,000,000
Deferred gain on sale of real estate		132,000			84,000
Accrued Expenses		158,000			165,000
Disallowed interest		1,813,000			1,431,000
Right of Use Asset		292,000			329,000
Total non-current deferred tax asset before valuation allowance		11,944,000			12,437,000
Valuation allowance		(9,394,000	)		(10,663,000	)
Total non-current deferred tax asset after valuation allowance		2,550,000			1,774,000

Deferred tax liabilities
Property and equipment		(2,150,000	)		(1,628,000	)
Other		(400,000	)		(146,000	)
Total deferred tax liabilities		(2,550,000	)		(1,774,000	)

Net deferred tax asset	$	-		$	-

Stock Options and Warrants (Tables)

12 Months Ended

Dec. 31, 2020

Warrant [Member]

Schedule of stock options/ warrants outstanding

						Wtd. Avg.
				Wtd. Avg.		Remaining
				Exercise		Contractual
	Warrants			Price		Life (years)
Balance, January 1, 2019		2,239,762		$	3.10		3.35
Granted during the period		-			-		-
Terminated/Expired during the period		(56,800	)		10.80		-
Balance, December 31, 2019		2,182,962		$	2.90		2.43
Granted during the period		-			-		-
Terminated/Expired during the period		-		$	-		-
Balance, December 31, 2020		2,182,962		$	2.90		1.43

Exercisable at December 31, 2020		2,182,962		$	2.90		1.43

Employee Stock Option [Member]

Schedule of fair values of stock options granted

	2020			2019
Risk-free interest rates		0.22% - 1.61	%		1.87% - 2.60	%
Expected life (in years)		2.50 - 4.00			4.90 - 6.80
Expected volatility		71.5% - 75.4	%		65.8% - 72.4	%
Dividend yield		0.00	%		0.00	%

Weighted-average grant date fair value per share	$	0.64		$	0.50

Schedule of company's stock options

	Number				Wtd. Avg,	Wtd. Avg.
Range of Exercise Price	Outstanding		Exercisable		Life	Exercise Price
$0.00 - $5.00		1,784,000		1,414,000	3.69 years	$	1.25
$5.01 - $15.00		75,000		75,000	0.32 years	$	8.85
$0.00 - $15.00		1,859,000		1,489,000	3.55 years	$	1.56

Schedule of stock options/ warrants outstanding

				Wtd. Avg.
				Exercise
	Options			Price
Balance, January 1, 2019		838,149		$	3.08
Granted during the period		613,000			0.96
Exercised during the period		(15,000	)		0.88
Terminated/Expired during the period		(66,500	)		7.46
Balance, December 31, 2019		1,369,649		$	2.01
Granted during the period		560,000			1.20
Exercised during the period		-			-
Terminated/Expired during the period		(70,649	)		7.48
Balance, December 31, 2020		1,859,000		$	1.56

Exercisable at December 31, 2020		1,488,997		$	1.68

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of operating segments

	Year Ended December 31,
	2020			2019

COMPLEX MACHINING
Net Sales	$	44,659,000		$	48,226,000
Gross Profit		6,493,000			8,669,000
Pre Tax Income from continuing operations		4,965,000			5,266,000
Assets		51,368,000			45,268,000

TURBINE ENGINE COMPONENTS
Net Sales		5,438,000			6,347,000
Gross Profit		19,000			473,000
Pre Tax Loss from continuing operations		(31,000	)		(500,000	)
Assets		3,899,000			5,005,000

CORPORATE
Net Sales		-			-
Gross Profit		-			-
Pre Tax Loss from continuing operations		(5,020,000	)		(7,327,000	)
Assets		2,510,000			817,000

CONSOLIDATED
Net Sales		50,097,000			54,573,000
Gross Profit		6,512,000			9,142,000
Pre Tax Loss from continuing operations		(86,000	)		(2,561,000	)
(Benefit from) provision for Income Taxes		(1,412,000	)		37,000
Loss from Discontinued Operations, net of taxes		(230,000	)		(134,000	)
Net Income (Loss)		1,096,000			(2,732,000	)
Assets	$	57,777,000		$	51,090,000

Formation and Basis of Presentation (Details) - USD ($)	1 Months Ended	12 Months Ended
Formation and Basis of Presentation (Details) - USD ($)	May 31, 2020	Dec. 31, 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").
Net operating loss carryback		$ 1,416,000
Deferred liabilities other		$ 627,000
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 ($)	12 Months Ended
Discontinued Operations (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 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		155,000
Total operating loss		(128,000)
Interest expense		(3,000)
Other expense	(230,000)	(3,000)
Loss from discontinued operations before income taxes	$ (230,000)	$ (134,000)

Discontinued Operations (Details Textual) - USD ($)	12 Months Ended
Discontinued Operations (Details Textual) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 23, 2020
Discontinued Operations (Textual)
Balance of escrow account	$ 1,380,684		$ 1,380,684
Discontinued operations for the year	(230,000)	$ (134,000)
Escrow reserve	1,770,000
CPI [Member]
Discontinued Operations (Textual)
Balance of escrow account	$ 2,000,000

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(12))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=109227538&loc=d3e44648-109337

+ Details

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Valuation reserve deducted from Prepaid Expenses and Other Current Assets:
Balance at Beginning of Year	$ 1,770,000	$ 1,770,000
Charges to Loss on Sale of Subsidiary
Deductions	(1,770,000)
Balance at end of year		$ 1,770,000

Summary of Significant Accounting Policies (Details 1)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Total Sales [Member] | Customer one [Member]

Percentage of Sales

30.40%

34.20%

Total Sales [Member] | Customer two [Member]

Percentage of Sales

30.30%

30.40%

Total Sales [Member] | Customer three [Member]

Percentage of Sales

13.20%

^[1]

Total Sales [Member] | Customer four [Member]

Percentage of Sales

^[2]

11.40%

Accounts receivable [Member] | Customer one [Member]

Percentage of Sales

57.10%

32.70%

Accounts receivable [Member] | Customer two [Member]

Percentage of Sales

12.00%

10.00%

Accounts receivable [Member] | Customer three [Member]

Percentage of Sales

11.20%

25.10%

[1]	Customer was less than 10% of sales at December 31, 2019.
[2]	Customer was less than 10% of sales at December 31, 2020.

Summary of Significant Accounting Policies (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Income (loss) from continuing operations - Basic	$ 1,326,000	$ (2,598,000)
Add: Convertible Note Interest for Potential Note Conversion	499,000
Add: Convertible Note debt discount for Potential Note Conversion	149,000
Income (loss) from continuing operations used to calculate diluted earnings per share	$ 1,974,000	$ (2,598,000)

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies (Details 3) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Weighted average shares outstanding used to compute basic earnings per share	30,742,154	28,851,816
Effect of dilutive stock options and warrants	1,590,000
Effect of dilutive convertible notes payable	4,414,929
Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share	36,747,083	28,851,816

Summary of Significant Accounting Policies (Details 4) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Securities excluded from calculation due to exercise price in excess of average market share	2,458,902	2,703,000
Antidilutive securities excluded from computation of earnings per share, amount		5,975,500
Warrants [Member]
Securities excluded from calculation due to exercise price in excess of average market share	1,909,902	1,903,000
Antidilutive securities excluded from computation of earnings per share, amount		500
Stock Options [Member]
Securities excluded from calculation due to exercise price in excess of average market share	549,000	800,000
Antidilutive securities excluded from computation of earnings per share, amount		570,000
Convertible notes payable [Member]
Antidilutive securities excluded from computation of earnings per share, amount		5,405,000

Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2020 USD ($) Customer / Customers	Dec. 31, 2019 USD ($) Customer / Customers	Dec. 23, 2020 USD ($)
Summary of Significant Accounting Policies (Textual)
Stock-based compensation	$ 308,000	$ 378,000
Goodwill	163,000	163,000
Balance of escrow account	1,380,684		$ 1,380,684
Expenditures for repairs and improvements	10,000
Impairment charge		275,000
Freight out	91,000	134,000
NTW [Member]
Summary of Significant Accounting Policies (Textual)
Goodwill	163,000	163,000
Director [Member]
Summary of Significant Accounting Policies (Textual)
Stock-based compensation	$ 211,000	$ 244,000
Total Sales [Member]
Summary of Significant Accounting Policies (Textual)
Number of customers \| Customer / Customers	3	3
Concentration risks	73.90%	76.00%
Credit and concentration risks, description	Customer was less than 10% of sales at December 31, 2020.	Customer was less than 10% of sales at December 31, 2019.
Accounts Receivable [Member]
Summary of Significant Accounting Policies (Textual)
Number of customers \| Customer / Customers	3	3
Concentration risks	80.30%	67.80%

Accounts Receivable (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Accounts Receivable Gross	$ 9,762,000	$ 8,717,000
Allowance for Doubtful Accounts	(964,000)	(859,000)	$ (524,000)
Accounts Receivable Net	$ 8,798,000	$ 7,858,000

Accounts Receivable (Details 1) - USD ($)	12 Months Ended
Accounts Receivable (Details 1) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Allowance for Doubtful Accounts
Balance at Beginning of Year	$ 859,000	$ 524,000
Charged to Costs and Expenses	483,000	556,000
Deductions from Reserves	378,000	221,000
Balance at End of Year	$ 964,000	$ 859,000

Inventory (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw Materials	$ 3,951,000	$ 4,574,000
Work In Progress	21,933,000	18,452,000
Finished Goods	8,831,000	9,810,000
Reserve	(2,595,000)	(4,190,000)
Total Inventory	$ 32,120,000	$ 28,646,000

Property and Equipment (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Total Property and Equipment	$ 37,644,000	$ 33,139,000
Less: Accumulated Depreciation	(28,063,000)	(25,561,000)
Property and Equipment, net	9,581,000	7,578,000
Land [Member]
Total Property and Equipment	300,000	300,000
Buildings and Improvements [Member]
Total Property and Equipment	1,683,000	1,650,000
Machinery and Equipment [Member]
Total Property and Equipment	21,686,000	18,450,000
Finance Lease Machinery and Equipment [Member]
Total Property and Equipment	78,000	296,000
Tools and Instruments [Member]
Total Property and Equipment	12,116,000	11,021,000
Automotive Equipment [Member]
Total Property and Equipment	200,000	177,000
Furniture and Fixtures [Member]
Total Property and Equipment	290,000	290,000
Leasehold Improvements [Member]
Total Property and Equipment	855,000	530,000
Computers and Software [Member]
Total Property and Equipment	$ 436,000	$ 425,000

Property and Equipment (Details Textual) - USD ($)	12 Months Ended
Property and Equipment (Details Textual) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Property and Equipment (Textual)
Depreciation expense	$ 2,570,000	$ 3,002,000
Accumulated depreciation	$ 28,000	$ 289,000

Accounts Payable and Accrued Expenses (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accounts Payable	$ 7,240,000	$ 6,576,000
Accrued Payroll	663,000	444,000
Accrued Interest - related parties	400,000	210,000
Accrued Interest - others	42,000	294,000
Accrued expenses - other	337,000	581,000
Accounts Payable and accrued expenses	$ 8,682,000	$ 8,105,000

Sale and Leaseback Transaction (Details) - USD ($)	1 Months Ended	12 Months Ended
Sale and Leaseback Transaction (Details) - USD ($)	Dec. 31, 2006	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2006	Oct. 24, 2006
Sale and Leaseback Transaction
Purchase price					$ 6,200,000
Realized gain on sale	$ 1,051,000	$ 38,000	$ 38,000	$ 300,000
Unrecognized gain on sale		$ 219,000	$ 257,000
Recognized remaining term, description		The remaining $751,000 is being recognized ratably over the remaining term of the twenty - year lease at approximately $38,000 per year.
Purchaser for the property, description		Simultaneous with the closing of the sale of the Bay Shore Property, the Company entered into a 20-year triple- net lease (the "Lease") with the purchaser for the property. Base annual rent is approximately $540,000 for the first five years, $560,000 for the sixth year, and thereafter increases 3% per year. The Lease grants the Company an option to renew the Lease for an additional period of five years. The Company has on deposit with the purchaser of $89,000 as security for the performance of its obligations under the Lease. In addition, at December 31, 2019, the Company had on deposit $150,000 with the landlord as security for the completion of certain repairs and upgrades to the Bay Shore Property.

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - Notes payable and finance lease obligations [Member] - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Revolving credit note payable to Sterling National Bank ("SNB")	$ 15,649,000	$ 12,543,000
Term loan, SNB	5,558,000	3,800,000
Finance lease obligations	6,000	22,000
Loans Payable - financed assets	48,000	385,000
Related party notes payable, net of debt discount	6,012,000	6,862,000
Convertible notes payable-third parties, net of debt discount		2,338,000
Subtotal	27,273,000	25,950,000
Less: Current portion of notes payable, related party notes payable and finance lease obligations	(16,475,000)	(22,544,000)
Notes payable, related party notes payable and finance lease obligations, net of current portion	$ 10,798,000	$ 3,406,000

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details 1) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
For the twelve months ending
Total long-term portion of SNB term loan payable	$ 4,746,000	$ 3,302,000
Term loans [Member]
For the twelve months ending
December 31, 2021	812,000
December 31, 2022	4,805,000
SNB Term Loans payable	5,617,000
Less: debt issuance costs	(59,000)
Total SNB Term loan payable, net of debt issuance costs	5,558,000
Less: Current portion of SNB term loan payable	812,000
Total long-term portion of SNB term loan payable	$ 4,746,000

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details 2) - Term loans [Member]	Dec. 31, 2020 USD ($)
For the twelve months ending
December 31, 2021	$ 9,000
December 31, 2022	9,000
December 31, 2023	9,000
December 31, 2024	9,000
December 31, 2025	9,000
Thereafter	3,000
Loans Payable - financed assets	48,000
Less: Current portion	9,000
Long-term portion	$ 39,000

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details 3)	Dec. 31, 2020 USD ($)
Convertible Subordinated Notes	$ 4,812,000
Subordinated notes	1,600,000
Total	6,412,000
Michael Taglich, Chairman [Member]
Convertible Subordinated Notes	2,666,000
Subordinated notes	1,250,000
Total	3,916,000
Robert Taglich, Director [Member]
Convertible Subordinated Notes	1,905,000
Subordinated notes	350,000
Total	2,255,000
Taglich Brothers Inc. [Member]
Convertible Subordinated Notes	241,000
Subordinated notes
Total	$ 241,000

Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details Textual) - USD ($)			1 Months Ended			12 Months Ended
	Jun. 26, 2019	Jan. 15, 2019	Jan. 31, 2020	Oct. 21, 2019	May 31, 2018	Dec. 31, 2020	Dec. 31, 2019	May 31, 2020	Apr. 04, 2018	Mar. 29, 2018
Notes Payable and Capital Lease Obligations (Textual)
Loan and security agreement, description						The Company entered into the First Amendment to Loan and Security Agreement ("First Amendment"). The terms of the agreement increase the Term Loan to $5,685,000. The repayment terms of the term loan were amended to provide monthly principal installments in the amount of $67,679 beginning on December 1, 2020, with a final payment of any unpaid balance of principal and interest payable on December 30, 2022. Additionally, the date by which certain subordinated third-party notes need to be extended by was changed from September 30, 2020 to November 30, 2020. The Company has paid an amendment fee of $20,000.
Aggregate commission received						4.00%
Related party advances and notes payable, net of debt discounts						$ 6,012,000
Aggregate principal amount						$ 1,600,000
Subordinated notes maturity date	Jun. 30, 2020
Extended date	Jul. 01, 2023
Issuance of common stock, shares	37,500		419,597
Notes payable percentage						18.00%
Proceeds from related party debt							$ 1,500,000
Interest rate						0.00%	12.00%
Loan obligation						$ 48,000
Unpaid due date						Jul. 20, 2026
Michael Taglich [Member]
Notes Payable and Capital Lease Obligations (Textual)
Common stock purchased, shares							150,000
Advanced from related parties	$ 250,000
Notes payable percentage	12.00%
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 purchase price, per share							$ 1.01
Advanced from related parties	$ 250,000
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 its 8% Subordinated Convertible Notes (the "8% Notes"), together with warrants to purchase a total of 383,080 shares of its 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 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 the Company's 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						$ 526,000	$ 446,000
Interest rate							12.00%
Convertible notes payable						6,012,000	$ 6,862,000
Amortization of debt discount						226,000	375,000
Unamortized debt discounts						$ 0	226,000
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
Convertible Notes Payable, Third Parties [Member]
Notes Payable and Capital Lease Obligations (Textual)
Accrued interest						$ 58,000	344,000
Interest expense						$ 141,000	$ 380,000
Interest rate						8.00%
Convertible debt, shares issued						426,000	1,831,000
Share price			$ 1.50			$ 1.35	$ 1.50
Convertible notes payable						$ 0	$ 2,338,000
Amortization of debt discount						7,000	135,000
Total debt amount						$ 580,000	2,245,000
Subordinated notes, description						As discussed above in connection with the Private Placement of Subordinated Notes due May 31, 2019, together with Shares of Common Stock, a $100,000 note issued to a third party in May 2018 was repaid in January 2020.
Notes payable and finance lease obligations [Member]
Notes Payable and Capital Lease Obligations (Textual)
Related party advances and notes payable, net of debt discounts						$ 6,012,000	6,862,000
Unamortized debt discounts						0	7,000
Loan obligation						0	$ 385,000
SBA Loans [Member]
Notes Payable and Capital Lease Obligations (Textual)
Principal amount								$ 2,414,000
Interest expense for credit facility						586,000
Revolving credit loan term amount						$ 16,000,000
Credit facility expiry date						Dec. 30, 2022
Interest rate								1.00%
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 bear an interest rate equal to 30-day LIBOR, plus 2.5% (with a floor of 3.5%).	The SNB term loan provided 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, we 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 Lender 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.
Principal amount						$ 21,207,000	$ 16,343,000
Revolving credit loan debt to SNB						15,649,000	12,543,000
Term loan amount						$ 5,558,000	$ 3,800,000
Subordinated notes maturity date							Jul. 01, 2023
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 warrants to purchase							182,000
Common stock purchase price					$ 100,000
Aggregate principal amount					$ 1,200,000
Subordinated notes maturity date					May 31, 2019		Jun. 30, 2020
Issuance of common stock, shares					214,762		180,000
Accrued interest on notes payable					1.25%
Placement agent fee					4.00%
Outstanding principal interest					1.00%
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
PNC Bank [Member]
Notes Payable and Capital Lease Obligations (Textual)
Principal amount							$ 15,000,000
Interest expense							$ 1,860,000
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.

Operating Lease Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
For the year ended
Total long term portion of operating lease maturities	$ 3,927,000	$ 4,235,000
Operating lease payments [Member]
For the year ended
December 31, 2021	1,080,000
December 31, 2022	1,007,000
December 31, 2023	1,038,000
December 31, 2024	1,070,000
December 31, 2025	992,000
Thereafter	730,000
Total future minimum lease payments	5,917,000
Less: discount	(1,289,000)
Total operating lease maturities	4,628,000
Less: current portion of operating lease liabilities	(701,000)
Total long term portion of operating lease maturities	$ 3,927,000

Operating Lease Liabilities (Details 1)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted Average Remaining Lease Term - in years	5 years 6 months 10 days	6 years 3 months 26 days
Weighted Average discount rate - %	8.89%	9.50%

Operating Lease Liabilities (Details Textual)	12 Months Ended
Operating Lease Liabilities (Details Textual)	Dec. 31, 2020 USD ($) a	Dec. 31, 2019 USD ($)
Operating Lease Liabilities (Textual)
Operating lease liabilities, 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.
Rent expense	$ 1,173,000	$ 1,193,000
Annual rent	$ 113,000
Interest rate per annum	3.00%
Operating lease impairment		$ 275,000
Corporate campus \| a	5.4

Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Placement Agency Agreement [Member]
Cash received from sale of future proceeds from disposition of subsidiary		$ 800,000
Liabilities related to sale of future proceeds from disposition of subsidiary - beginning balance	602,000
Non-Cash other income recognized	(402,000)	(282,000)
Non-Cash interest expense recognized	122,000	85,000
Liabilities related to sale of future proceeds from disposition of subsidiary - ending balance	322,000	602,000
Less: unamortized transaction costs	(3,000)	(3,000)
Liability related to sale of future proceeds from disposition of subsidiary, net	$ 319,000	$ 599,000

Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary (Details Textual) - USD ($)		12 Months Ended
	Jan. 15, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Liability Related to the Sale of Future Proceeds from Disposition of Subsidiary (Textual)
Sale of subsidiary, description		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").
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
Net of transaction costs		$ 3,000
Annual interest rate percentage				18.00%
Purchase price received		$ 800,000

Stockholders' Equity (Details) - USD ($)			1 Months Ended	3 Months Ended	12 Months Ended
Stockholders' Equity (Details) - USD ($)	Jan. 15, 2020	Jun. 26, 2019	Jan. 31, 2020	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity (Textual)
Issuance of common stock, shares		37,500	419,597
Issuance of common stock			$ 984,000		$ 984,000	$ 186,000
Costs of sales	$ 145,000
Conversion of notes payable						180,000
Subordinated debt					2,589,000
Directors’ fees					$ 211,000	$ 244,000
Subsequent Event [Member]
Stockholders' Equity (Textual)
Issuance of common stock, shares				41,960
Exercise of stock options				51,224
Directors’ fees				$ 52,000
Director [Member]
Stockholders' Equity (Textual)
Issuance of common stock, shares					1,830,631	50,000
Issuance of common stock						$ 424,805
Common stock issued for directors fees, shares					178,405	257,602
Exercise of stock options						2,778

Employee Benefits Plans (Details Textual) - USD ($)	12 Months Ended
Employee Benefits Plans (Details Textual) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Contributions to security fund amount	$ 134,000	$ 137,000

Contingencies (Details) - USD ($)	1 Months Ended
Contingencies (Details) - USD ($)	May 31, 2018	Dec. 31, 2020	Dec. 23, 2020
Contingencies (Textual)
Damages value	$ 1,000,000
Escrow deposit		$ 1,380,684	$ 1,380,684

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current
Federal tax refund	$ (1,416,000)
State	4,000	37,000
Total (Benefit from) Expense for Income Taxes	(1,412,000)	37,000
Deferred Tax Benefit
Valuation Allowance
Net (Benefit from) Provision for Income Taxes	$ (1,412,000)	$ 37,000

- Definition

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

+ References + Details

Income Taxes (Details 1)	12 Months Ended
Income Taxes (Details 1)	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. statutory income tax rate	21.00%	21.00%
State taxes	(0.90%)	(1.11%)
Permanent difference, overaccruals, and non-deductible items	159.65%	(3.33%)
Rate change and provision to return true-up	197.34%	0.62%
Expired stock options	0.00%	1.54%
Deferred tax valuation allowance	(393.63%)	(20.13%)
Cares Act Refund	458.76%	0.00%
Total	442.22%	(1.41%)

Income Taxes (Details 2) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current:
Net operating losses	$ 6,594,000	$ 8,017,000
Allowance for doubtful accounts	252,000	216,000
Inventory – IRC 263A adjustment	341,000	268,000
Stock based compensation - options and restricted stock	277,000	150,000
Capitalized engineering costs	336,000	323,000
Deferred rent	4,000	12,000
Amortization - NTW Transaction	495,000	442,000
Inventory reserves	1,250,000	1,000,000
Deferred gain on sale of real estate	132,000	84,000
Accrued Expenses	158,000	165,000
Disallowed interest	1,813,000	1,431,000
Right of Use Asset	292,000	329,000
Total non-current deferred tax assets before valuation allowance	11,944,000	12,437,000
Valuation allowance	(9,394,000)	(10,663,000)
Total non-current deferred tax assets after valuation allowance	2,550,000	1,774,000
Deferred tax liabilities:
Property and equipment	(2,150,000)	(1,628,000)
Other	(400,000)	(146,000)
Total deferred tax liabilities	(2,550,000)	(1,774,000)
Net deferred tax asset

Income Taxes (Details Textual) - USD ($)	12 Months Ended
Income Taxes (Details Textual) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Income Taxes (Textual)
Valuation allowance on its deferred tax assets	$ 9,394,000	$ 10,663,000
Federal net operating loss, description	Federal net operating loss carry forward of approximately $27,576,000, of which $22,461,000 expire in years through 2037 and $5,115,000 that do not expire. State net operating loss carry forwards total approximately $9,458,000 (with effective rates from 5.5% to 10%), expiring in years through 2040.
Net operating loss carryback claim	$ 1,416,000

Stock Options and Warrants (Details) - $ / shares	12 Months Ended
Stock Options and Warrants (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Minimum [Member]
Expected life (in years)	2 years 6 months	4 years 10 months 25 days
Maximum [Member]
Expected life (in years)	4 years	6 years 9 months 18 days
Employee Stock Option [Member]
Dividend yield	0.00%	0.00%
Weighted-average grant date fair value per share	$ 0.64	$ 0.50
Employee Stock Option [Member] \| Minimum [Member]
Risk-free interest rates	0.22%	1.87%
Expected life (in years)	2 years 6 months	4 years 10 months 25 days
Expected volatility	71.50%	65.80%
Employee Stock Option [Member] \| Maximum [Member]
Risk-free interest rates	1.61%	2.60%
Expected life (in years)	4 years	6 years 9 months 18 days
Expected volatility	75.40%	72.40%

Stock Options and Warrants (Details 1) - $ / shares	12 Months Ended
Stock Options and Warrants (Details 1) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Employee Stock Option [Member]
Options
Beginning balance	1,369,649	838,149
Granted during the period	560,000	613,000
Exercised during the period		(15,000)
Terminated/Expired during the period	(70,649)	(66,500)
Ending balance	1,859,000	1,369,649
Exercisable	1,488,997
Weighted average exercise price
Beginning Balance	$ 2.01	$ 3.08
Granted during the period	1.20	0.96
Exercised during the period		0.88
Terminated/Expired during the period	7.48	7.46
Ending Balance	1.56	$ 2.01
Exercisable	$ 1.68
Warrant [Member]
Options
Beginning balance	2,182,962	2,239,762
Granted during the period
Terminated/Expired during the period		(56,800)
Ending balance	2,182,962	2,182,962
Exercisable	2,182,962
Weighted average exercise price
Beginning Balance	$ 2.90	$ 3.10
Granted during the period
Terminated/Expired during the period		10.80
Ending Balance	2.90	$ 2.90
Exercisable	$ 2.90
Weighted Average Remaining Contractual Life (years)
Beginning Balance	2 years 5 months 5 days	3 years 4 months 6 days
Ending Balance	1 year 5 months 5 days	2 years 5 months 5 days
Exercisable	1 year 5 months 5 days

Stock Options and Warrants (Details 2) - $ / shares	12 Months Ended
Stock Options and Warrants (Details 2) - $ / shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of information about stock options outstanding
Number Outstanding	1,859,000	1,369,649	838,149
Exercisable	1,488,997	1,269,649
Weighted Average Exercise Price	$ 1.56	$ 2.01	$ 3.08
Employee Stock Option [Member] \| $0.00 - $5.00 [Member]
Summary of information about stock options outstanding
Range of Exercise Prices, Minimum	0.00
Range of Exercise Prices, Maximum	$ 5.00
Number Outstanding	1,784,000
Exercisable	1,414,000
Weighted Average Life	3 years 8 months 9 days
Weighted Average Exercise Price	$ 1.25
Employee Stock Option [Member] \| $5.01 - $15.00 [Member]
Summary of information about stock options outstanding
Range of Exercise Prices, Minimum	5.01
Range of Exercise Prices, Maximum	$ 15.00
Number Outstanding	75,000
Exercisable	75,000
Weighted Average Life	3 months 26 days
Weighted Average Exercise Price	$ 8.85
Employee Stock Option [Member] \| $0.00 - $15.00 [Member]
Summary of information about stock options outstanding
Range of Exercise Prices, Minimum	0.00
Range of Exercise Prices, Maximum	$ 15.00
Number Outstanding	1,859,000
Exercisable	1,489,000
Weighted Average Life	3 years 6 months 18 days
Weighted Average Exercise Price	$ 1.56

Stock Options and Warrants (Details Textual) - USD ($)	12 Months Ended
Stock Options and Warrants (Details Textual) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2017
Stock Options and Warrants (Textual)
Stock compensation expense	$ 308,000	$ 378,000
Unrecognized compensation cost related to non-vested stock option awards	$ 80,000
Unrecognized compensation cost related to non-vested stock option awards, period	8 months 12 days
Aggregate intrinsic per share	$ 1.23
Intrinsic value	$ 269,000
Fair value of shares vested	$ 237,000	$ 1,210,000
Minimum [Member]
Stock Options and Warrants (Textual)
Estimated option term	2 years 6 months	4 years 10 months 25 days
Maximum [Member]
Stock Options and Warrants (Textual)
Estimated option term	4 years	6 years 9 months 18 days
Additional Paid-In Capital
Stock Options and Warrants (Textual)
Stock compensation expense	$ 308,000	$ 378,000
Stock option [Member]
Stock Options and Warrants (Textual)
Plan authorized			1,200,000
Granted during the period, options	560,000	613,000
Intrinsic value	$ 0
Options exercisable in-the-money	205,000	1,206,000
Weighted-average grant date fair value per share	$ 0.64	$ 0.50
Risk free interest rate, minimum	0.22%	1.87%
Risk free interest rate, maximum	1.61%	2.60%
Expected volatility factor, minimum	71.50%	65.80%
Expected volatility factor, maximum	75.40%	72.40%
Expected dividend yield	0.00%	0.00%

Segment Reporting (Details) - USD ($)	12 Months Ended
Segment Reporting (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Net Sales	$ 50,097,000	$ 54,573,000
Gross Profit	6,512,000	9,142,000
Pre tax income (loss) from continuing operations	(86,000)	(2,561,000)
Provision for (benefit from) Income Taxes	(1,412,000)	37,000
Loss from Discontinued Operations, net of taxes	(230,000)	(134,000)
Net Income (Loss)	1,096,000	(2,732,000)
Assets	57,777,000	51,090,000
COMPLEX MACHINING
Net Sales	44,659,000	48,226,000
Gross Profit	6,493,000	8,669,000
Pre tax income (loss) from continuing operations	4,965,000	5,266,000
Assets	51,368,000	45,268,000
TURBINE ENGINE COMPONENTS
Net Sales	5,438,000	6,347,000
Gross Profit	19,000	473,000
Pre tax income (loss) from continuing operations	(31,000)	(500,000)
Assets	3,899,000	5,005,000
CORPORATE
Net Sales
Gross Profit
Pre tax income (loss) from continuing operations	(5,020,000)	(7,327,000)
Assets	2,510,000	817,000
CONSOLIDATED
Net Sales	50,097,000	54,573,000
Gross Profit	6,512,000	9,142,000
Pre tax income (loss) from continuing operations	(86,000)	(2,561,000)
Provision for (benefit from) Income Taxes	(1,412,000)	37,000
Loss from Discontinued Operations, net of taxes	(230,000)	(134,000)
Net Income (Loss)	1,096,000	(2,732,000)
Assets	$ 57,777,000	$ 51,090,000

Segment Reporting (Details Textual)	12 Months Ended
Segment Reporting (Details Textual)	Dec. 31, 2020 Segments
Segment Reporting (Textual)
Number of reportable segments	2