2022 Q4 Form 10-Q Financial Statement

#000121390022071618 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $13.89M $13.28M $14.35M
YoY Change -9.92% -7.5% 5.07%
Cost Of Revenue $13.18M $11.04M $12.34M
YoY Change 13.81% -10.57% 2.78%
Gross Profit $710.0K $2.242M $2.014M
YoY Change -81.51% 11.32% 21.62%
Gross Profit Margin 5.11% 16.89% 14.03%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $616.0K $598.0K $688.0K
YoY Change -11.75% -13.08% 19.44%
% of Gross Profit 86.76% 26.67% 34.16%
Operating Expenses $1.367M $2.073M $1.837M
YoY Change -31.51% 12.85% -3.11%
Operating Profit -$657.0K $169.0K $177.0K
YoY Change -135.65% -4.52% -173.75%
Interest Expense -$403.0K $118.0K -$331.0K
YoY Change 32.57% -135.65% -7.8%
% of Operating Profit 69.82% -187.01%
Other Income/Expense, Net $7.000K $12.00K $88.00K
YoY Change -89.55% -86.36% -27.87%
Pretax Income -$899.0K -$142.0K -$66.00K
YoY Change -155.98% 115.15% -86.16%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$899.0K -$142.0K -$66.00K
YoY Change -155.98% 115.15% -86.16%
Net Earnings / Revenue -6.47% -1.07% -0.46%
Basic Earnings Per Share -$0.04 -$0.02
Diluted Earnings Per Share -$0.28 -$0.04 -$2.058K
COMMON SHARES
Basic Shares Outstanding 3.248M shares 32.36M shares 3.207M shares
Diluted Shares Outstanding 3.232M shares 3.207M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $281.0K $192.0K $692.0K
YoY Change -55.18% -72.25% -52.6%
Cash & Equivalents $281.0K $192.0K $692.0K
Short-Term Investments
Other Short-Term Assets $335.0K $275.0K $347.0K
YoY Change 35.08% -20.75% -13.25%
Inventory $31.82M $33.41M $29.36M
Prepaid Expenses
Receivables $9.483M $8.658M $10.55M
Other Receivables $296.0K $0.00 $0.00
Total Short-Term Assets $42.22M $42.53M $40.94M
YoY Change 3.27% 3.88% -7.88%
LONG-TERM ASSETS
Property, Plant & Equipment $8.593M $8.478M $11.61M
YoY Change 2.25% -26.95% -7.4%
Goodwill $163.0K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $532.0K $989.0K $809.0K
YoY Change -44.58% 22.25% -50.09%
Total Long-Term Assets $11.60M $12.25M $12.58M
YoY Change -7.55% -2.64% -12.15%
TOTAL ASSETS
Total Short-Term Assets $42.22M $42.53M $40.94M
Total Long-Term Assets $11.60M $12.25M $12.58M
Total Assets $53.81M $54.78M $53.52M
YoY Change 0.73% 2.35% -8.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.542M $6.979M $7.023M
YoY Change 12.18% -0.63% -38.19%
Accrued Expenses $778.0K $754.0K $664.0K
YoY Change 13.41% 13.55% -4.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $14.48M $14.82M $14.29M
YoY Change 2.59% 3.75% -35.75%
Total Short-Term Liabilities $23.62M $24.20M $23.94M
YoY Change 0.91% 1.06% -32.3%
LONG-TERM LIABILITIES
Long-Term Debt $10.79M $10.16M $10.04M
YoY Change 16.66% 1.18% 40.69%
Other Long-Term Liabilities $2.568M $2.783M $3.575M
YoY Change -24.11% -22.15% -20.22%
Total Long-Term Liabilities $13.36M $12.95M $13.62M
YoY Change 5.74% -4.94% 17.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.62M $24.20M $23.94M
Total Long-Term Liabilities $13.36M $12.95M $13.62M
Total Liabilities $36.98M $37.14M $37.87M
YoY Change 2.61% -1.93% -20.12%
SHAREHOLDERS EQUITY
Retained Earnings -$65.61M -$64.71M
YoY Change 1.67%
Common Stock $3.000K $82.35M
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.84M $17.64M $15.65M
YoY Change
Total Liabilities & Shareholders Equity $53.81M $54.78M $53.52M
YoY Change 0.73% 2.35% -8.92%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$899.0K -$142.0K -$66.00K
YoY Change -155.98% 115.15% -86.16%
Depreciation, Depletion And Amortization $616.0K $598.0K $688.0K
YoY Change -11.75% -13.08% 19.44%
Cash From Operating Activities $521.0K -$388.0K $2.695M
YoY Change -66.39% -114.4% -225.88%
INVESTING ACTIVITIES
Capital Expenditures $381.0K -$653.0K -$352.0K
YoY Change -200.0% 85.51% -69.71%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$381.0K -$653.0K -$352.0K
YoY Change 0.0% 85.51% -69.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -51.00K 303.0K -2.166M
YoY Change -95.87% -113.99% -180.37%
NET CHANGE
Cash From Operating Activities 521.0K -388.0K 2.695M
Cash From Investing Activities -381.0K -653.0K -352.0K
Cash From Financing Activities -51.00K 303.0K -2.166M
Net Change In Cash 89.00K -738.0K 177.0K
YoY Change -236.92% -516.95% -129.11%
FREE CASH FLOW
Cash From Operating Activities $521.0K -$388.0K $2.695M
Capital Expenditures $381.0K -$653.0K -$352.0K
Free Cash Flow $140.0K $265.0K $3.047M
YoY Change -92.75% -91.3% -411.24%

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29000 usd
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
29000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-102000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-54000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
48000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
118000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1917000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1692000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3876000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-2761000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
24000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
159000 usd
us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
3000 usd
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
74000 usd
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
15000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
256000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1261000 usd
airi Increase Decrease In Long Term Lease Liability
IncreaseDecreaseInLongTermLeaseLiability
504000 usd
airi Increase Decrease In Long Term Lease Liability
IncreaseDecreaseInLongTermLeaseLiability
541000 usd
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-179000 usd
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
571000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-73000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2514000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1980000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
983000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1980000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-983000 usd
airi Note Payable Revolver Net Sterling National Bank
NotePayableRevolverNetSterlingNationalBank
1641000 usd
airi Note Payable Revolver Net Sterling National Bank
NotePayableRevolverNetSterlingNationalBank
-2187000 usd
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
1945000 usd
airi Proceeds From Note Payable Term Note Webster Bank
ProceedsFromNotePayableTermNoteWebsterBank
-1430000 usd
airi Proceeds From Note Payable Term Note Webster Bank
ProceedsFromNotePayableTermNoteWebsterBank
-1147000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
20000 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
250000 usd
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
263000 usd
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
3000 usd
airi Payments Of Loan Payable Equipments
PaymentsOfLoanPayableEquipments
-5000 usd
airi Payments Of Loan Payable Equipments
PaymentsOfLoanPayableEquipments
-7000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1618000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3344000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-435000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1813000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
627000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2505000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
192000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
692000 usd
airi Cash Paid During The Period For Interest
CashPaidDuringThePeriodForInterest
895000 usd
airi Cash Paid During The Period For Interest
CashPaidDuringThePeriodForInterest
918000 usd
us-gaap Stock Issued1
StockIssued1
400000 usd
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 pure
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 pure
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 pure
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 pure
CY2022Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
4163000 usd
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
3410000 usd
CY2022Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
22329000 usd
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
20926000 usd
CY2022Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
9677000 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
8350000 usd
CY2022Q3 us-gaap Statutory Accounting Practices Statutory Capital And Surplus Balance
StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance
2761000 usd
CY2021Q4 us-gaap Statutory Accounting Practices Statutory Capital And Surplus Balance
StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance
3154000 usd
CY2022Q3 us-gaap Inventory Gross
InventoryGross
33408000 usd
CY2021Q4 us-gaap Inventory Gross
InventoryGross
29532000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Credit and Concentration Risks</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were two customers that represented 63.9% and 67.7% of total net sales for the three months ended September 30, 2022 and 2021, respectively. This is set forth in the table below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Customer</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percentage of Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">September 30, <br/> 2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">September 30, <br/> 2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">1</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">40.7</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">41.6</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23.2</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26.1</td><td style="text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were three customers that represented 68.9% and 75.5% of total sales for the nine months ended September 30, 2022 and 2021, respectively. This is set forth in the table below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Customer</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percentage of Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">September 30, <br/> 2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">September 30, <br/> 2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">1</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">32.5</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">36.8</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26.2</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">3</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16.9</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.5</td><td style="text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were two customers that represented 70.2% and three customers that represented 74.7% of gross accounts receivable at September 30, 2022 and December 31, 2021, respectively. This is set forth in the table below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Customer</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percentage of Receivables</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">September 30,</td><td style="white-space: nowrap; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">1</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">58.1</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">50.3</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.7</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">3</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-56; font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11.7</td><td style="text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Customer was less than 10% of accounts receivable at September 30, 2022.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
airi Concentration Risk Percentage
ConcentrationRiskPercentage
0.10 pure
CY2021Q3 airi Loss Income Used To Calculate Diluted Earnings Per Share
LossIncomeUsedToCalculateDilutedEarningsPerShare
-66000 usd
airi Loss Income Used To Calculate Diluted Earnings Per Share
LossIncomeUsedToCalculateDilutedEarningsPerShare
-177000 usd
airi Loss Income Used To Calculate Diluted Earnings Per Share
LossIncomeUsedToCalculateDilutedEarningsPerShare
253000 usd
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2022Q3 us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
13278000 usd
CY2021Q3 us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
14353000 usd
us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
39348000 usd
us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
43519000 usd
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
CY2022Q3 us-gaap Deposit Liability Current
DepositLiabilityCurrent
1291000 usd
CY2021Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
1470000 usd
CY2022Q3 airi Revenue Recognized
RevenueRecognized
73000 usd
airi Revenue Recognized
RevenueRecognized
126000 usd
CY2021Q3 airi Revenue Recognized
RevenueRecognized
132000 usd
airi Revenue Recognized
RevenueRecognized
507000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
21000 usd
airi Convertible Note Interest
ConvertibleNoteInterest
232000 usd
CY2022Q3 airi Loss Income Used To Calculate Diluted Earnings Per Share
LossIncomeUsedToCalculateDilutedEarningsPerShare
-142000 usd
airi Backlog Represents Executed Noncancellable Contracts Description
BacklogRepresentsExecutedNoncancellableContractsDescription
Backlog Backlog represents executed non-cancellable contracts that represent firm orders that are deliverable over the next 18- month period. As of September 30, 2022, backlog relating to remaining performance obligations in contracts was approximately $65,000,000. We expect to recognize revenue amounts in future periods related to these remaining performance obligations as follows: approximately $13,000,000 to $15,000,000 of our backlog during the remainder of 2022, approximately $25,000,000 to $30,000,000 from January 1, 2023 - June 30, 2023, and approximately $11,000,000 to $15,000,000 from July 1, 2023 through December 31, 2023. This expectation assumes that raw material suppliers, and that outsourced processing is completed and delivered on-time and that its customers will accept delivery as scheduled. The Company anticipates that sales during the aforementioned periods will also include sales pursuant to contracts that are not currently in backlog. 
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-142000 usd
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-66000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-177000 usd
CY2022Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
55000 usd
CY2021Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
147000 usd
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
262000 usd
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
361000 usd
CY2022Q3 us-gaap Goodwill
Goodwill
163000 usd
CY2021Q4 us-gaap Goodwill
Goodwill
163000 usd
airi Operating Lease Term Description
OperatingLeaseTermDescription
The leases have remaining lease terms of one to six years, some of which include options to extend or terminate the leases.
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
41212000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
39232000 usd
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
32734000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
30828000 usd
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8478000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8404000 usd
CY2022Q3 us-gaap Depreciation
Depreciation
598000 usd
CY2021Q3 us-gaap Depreciation
Depreciation
688000 usd
us-gaap Depreciation
Depreciation
1906000 usd
us-gaap Depreciation
Depreciation
2105000 usd
CY2021Q4 us-gaap Debt Current
DebtCurrent
14112000 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y10M28D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M10D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0897 pure
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0889 pure
CY2022Q3 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P1Y
CY2022Q3 airi Long Term Portion
LongTermPortion
10164000 usd
CY2021Q4 airi Long Term Portion
LongTermPortion
9250000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
257000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
1038000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
1070000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
992000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
729000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
4086000 usd
CY2022Q3 airi Operating Lease Liabilities Discount
OperatingLeaseLiabilitiesDiscount
-663000 usd
CY2022Q3 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
3423000 usd
CY2022Q3 airi Less Current Portion Of Operating Lease Liabilities
LessCurrentPortionOfOperatingLeaseLiabilities
-754000 usd
CY2022Q3 airi Total Long Term Portion Of Operating Lease Maturities
TotalLongTermPortionOfOperatingLeaseMaturities
2669000 usd
CY2022Q3 us-gaap Notes Payable To Bank
NotesPayableToBank
14097000 usd
CY2021Q4 us-gaap Notes Payable To Bank
NotesPayableToBank
12456000 usd
CY2022Q3 airi Term Loan Webster
TermLoanWebster
4691000 usd
CY2021Q4 airi Term Loan Webster
TermLoanWebster
4192000 usd
CY2021Q4 airi Finance Leases Obligations
FinanceLeasesObligations
263000 usd
CY2022Q3 us-gaap Loans Payable
LoansPayable
34000 usd
CY2021Q4 us-gaap Loans Payable
LoansPayable
39000 usd
CY2022Q3 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
6162000 usd
CY2021Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
6412000 usd
CY2022Q3 us-gaap Notes And Loans Payable
NotesAndLoansPayable
24984000 usd
CY2021Q4 us-gaap Notes And Loans Payable
NotesAndLoansPayable
23362000 usd
CY2022Q3 us-gaap Debt Current
DebtCurrent
14820000 usd
airi Loan Expires Date
LoanExpiresDate
2025-12-30
CY2019Q4 airi Revolving Credit Loan Term Amount
RevolvingCreditLoanTermAmount
20000000 usd
CY2019Q4 srt Bank Loans
BankLoans
5000000 usd
CY2019Q4 us-gaap Line Of Credit
LineOfCredit
2000000 usd
CY2022Q3 us-gaap Line Of Credit Facility Fair Value Of Amount Outstanding
LineOfCreditFacilityFairValueOfAmountOutstanding
14097000 usd
airi Revolving Loan
RevolvingLoan
4691000 usd
CY2022Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
59524 usd
CY2021 us-gaap Line Of Credit Facility Revolving Credit Conversion To Term Loan Description
LineOfCreditFacilityRevolvingCreditConversionToTermLoanDescription
As of December 31, 2021, our debt to Webster in the amount of $16,648,000 consisted of the Webster Revolving Loan in the amount of $12,456,000 and the Webster term loan in the amount of $4,192,000. 
CY2022Q3 us-gaap Facility Costs
FacilityCosts
204000 usd
CY2021Q3 us-gaap Facility Costs
FacilityCosts
181000 usd
us-gaap Facility Costs
FacilityCosts
506000 usd
us-gaap Facility Costs
FacilityCosts
542000 usd
CY2020 us-gaap Line Of Credit Facility Borrowing Capacity Description
LineOfCreditFacilityBorrowingCapacityDescription
In 2020, the Company entered into the First Amendment to the Webster Facility which increased the Term Loan to $5,685,000 and required the Company to make monthly principal installments in the amount of $67,679 beginning on December 1, 2020. Other minor modifications were made and the Company paid an amendment fee of $20,000. 
CY2020Q4 airi Term Loan
TermLoan
5685000 usd
CY2020Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
67679 usd
CY2020 airi Amendment Fee
AmendmentFee
20000 usd
airi Excess Cash Flow Percentage
ExcessCashFlowPercentage
0.25 pure
CY2021 us-gaap Cash Acquired In Excess Of Payments To Acquire Business
CashAcquiredInExcessOfPaymentsToAcquireBusiness
558750 usd
CY2022Q2 us-gaap Cash Acquired In Excess Of Payments To Acquire Business
CashAcquiredInExcessOfPaymentsToAcquireBusiness
854000 usd
airi Amendment Fee
AmendmentFee
10000 usd
CY2021Q4 us-gaap Line Of Credit Facility Borrowing Capacity Description
LineOfCreditFacilityBorrowingCapacityDescription
the Company entered into the Third Amendment to the Webster Facility (“Third Amendment”). The purpose of the amendment was to provide a maturity date for the Webster Facility of December 30, 2025 as compared to the original maturity date of December 30, 2022. Such amendment also increased the Revolving Line of Credit to its current limit of $20,000,000 (up from the original $16,000,000) and also provided for a similar increase in the inventory sublimit to $14,000,000 (up from the original $11,000,000). The Third Amendment, also allows the Company, subject to certain limitations, to begin amortizing $250,000 of its related party subordinated notes payable each quarter as long as certain conditions are met. In connection with these changes, the Company paid an amendment fee of $75,000.
CY2021Q4 airi Amendment Fee
AmendmentFee
75000 usd
CY2022Q2 us-gaap Line Of Credit Facility Borrowing Capacity Description
LineOfCreditFacilityBorrowingCapacityDescription
the Company entered into the Fourth Amendment to the Webster Facility (“Fourth Amendment”). The purpose of the amendment was to increase the Term Loan to $5,000,000, generating proceeds of $1,945,000, reduced the monthly principal installments to be made in respect to the term loan, and establish a capital expenditure line of credit in the amount of $2,000,000 which the Company can draw upon from time to time to finance purchases of machinery and equipment, thereby increasing the amount of capital expenditures that the Company may make each year. The principle payments are $59,524 per month commencing in June 2022 with a balloon payment due on December 30, 2025. In connection with these changes, the Company paid an amendment fee of $20,000.
CY2022Q2 airi Term Loan
TermLoan
5000000 usd
CY2022Q2 us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
1945000 usd
CY2022Q2 us-gaap Line Of Credit
LineOfCredit
2000000 usd
CY2022Q2 us-gaap Payments For Fees
PaymentsForFees
20000 usd
airi Webster Facility Description
WebsterFacilityDescription
Under the terms of the Webster Facility, both the Webster revolving line of credit and the Webster term loan will bear an interest rate equal to the greater of (i) 3.50% and (ii) a rate per annum equal to the rate per annum published from time to time in the “Money Rates” table of the Wall Street Journal (or such other presentation within The Wall Street Journal as may be adopted hereafter for such information) as the base or prime rate for corporate loans at the nation’s largest commercial bank, less sixty-five hundredths (-0.65%) of one percent per annum. The average interest rate charged was 4.70% and 3.50% for the three months ended September 30, 2022 and 2021, respectively and was 3.94% and 3.50% for the nine months ended September 30, 2022 and 2021, respectively. 
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
0 usd
CY2021 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
263000 usd
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.042 pure
CY2022Q3 airi Loan Payable Financed Asset
LoanPayableFinancedAsset
33000 usd
CY2021Q4 airi Loan Payable Financed Asset
LoanPayableFinancedAsset
39000 usd
airi Number Of Directors
NumberOfDirectors
2 pure
us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
From 2016 through 2020, the Company entered into various subordinated notes payable and convertible subordinated notes payable with Michael and Robert Taglich. These notes resulted in proceeds to the Company totaling $6,550,000. In connection with these notes, Michael and Robert were issued a total of 35,508 shares of common stock and Taglich Brothers Inc. was issued promissory notes totaling $554,000 for placement agency fees. At December 31, 2020, related party notes payable totaled $6,012,000 and accrued interest totaled $400,000. 
CY2021Q1 us-gaap Debt Instrument Convertible If Converted Value In Excess Of Principal
DebtInstrumentConvertibleIfConvertedValueInExcessOfPrincipal
2732000 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
250000 usd
us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
250000 usd
CY2022Q3 us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
250000 usd
CY2022Q3 us-gaap Convertible Subordinated Debt
ConvertibleSubordinatedDebt
4812000 usd
CY2022Q3 us-gaap Subordinated Debt
SubordinatedDebt
1350000 usd
CY2022Q3 airi Convertible Subordinated Notes
ConvertibleSubordinatedNotes
6162000 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
118000 usd
CY2021Q3 us-gaap Interest Expense
InterestExpense
126000 usd
us-gaap Interest Expense
InterestExpense
369000 usd
us-gaap Interest Expense
InterestExpense
376000 usd
us-gaap Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
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”). 
CY2019Q1 airi Purchase Agreement Description
PurchaseAgreementDescription
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 its rights, title and interest to the remaining $1,137,000 of the $1,500,000 in payments due from Meyer for the sale of AMK (the “Remaining Amount”) for an immediate payment of $800,000, including $100,000 from each of Michael and Robert Taglich, and $75,000 for the benefit of the children of Michael Taglich. The timing of the payments is based upon the net sales of AMK
CY2022Q3 us-gaap Other Noncash Expense
OtherNoncashExpense
0 usd
CY2021Q3 us-gaap Other Noncash Income
OtherNoncashIncome
79000 usd
us-gaap Other Noncash Income
OtherNoncashIncome
94000 usd
us-gaap Other Noncash Income
OtherNoncashIncome
274000 usd
CY2022Q3 us-gaap Other Noncash Income
OtherNoncashIncome
0 usd
CY2021Q3 us-gaap Other Noncash Expense
OtherNoncashExpense
24000 usd
us-gaap Other Noncash Expense
OtherNoncashExpense
35000 usd
us-gaap Other Noncash Expense
OtherNoncashExpense
82000 usd
CY2021Q4 airi Liabilities Related To Sale Of Future Proceeds From Dispositio Subsidiaries
LiabilitiesRelatedToSaleOfFutureProceedsFromDispositioSubsidiaries
59000 usd
CY2020Q4 airi Liabilities Related To Sale Of Future Proceeds From Dispositio Subsidiaries
LiabilitiesRelatedToSaleOfFutureProceedsFromDispositioSubsidiaries
322000 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
94000 usd
CY2021 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
360000 usd
airi Non Cash Interest Expense Recognized1
NonCashInterestExpenseRecognized1
35000 usd
CY2021 airi Non Cash Interest Expense Recognized1
NonCashInterestExpenseRecognized1
97000 usd
CY2021Q4 airi Liabilities Related To Sale Of Future Proceeds From Dispositio Subsidiaries
LiabilitiesRelatedToSaleOfFutureProceedsFromDispositioSubsidiaries
59000 usd
CY2021Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
3000 usd
CY2021 airi Liability Related To Sale Of Future Proceeds From Disposition Of Subsidiary Net
LiabilityRelatedToSaleOfFutureProceedsFromDispositionOfSubsidiaryNet
56000 usd
CY2022Q4 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
7287 shares
airi Shares Issued Of Common Stock For Cashless Exercise Of Stock Options
SharesIssuedOfCommonStockForCashlessExerciseOfStockOptions
5122 shares
CY2022Q1 airi Aggregate Of Stock Options
AggregateOfStockOptions
3000 shares
CY2022Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
8.5
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y
CY2022Q2 airi Aggregate Of Stock Options
AggregateOfStockOptions
6000 shares
CY2022Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
8.4
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P1Y
CY2022Q2 airi Aggregate Of Stock Options
AggregateOfStockOptions
53000 shares
CY2022Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
8.4
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y
CY2021Q1 airi Aggregate Of Stock Options
AggregateOfStockOptions
7000 shares
CY2021Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
13.2
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P1Y
CY2021Q1 airi Aggregate Of Stock Options
AggregateOfStockOptions
32750 shares
CY2021Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
13.9
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y
CY2021Q3 airi Aggregate Of Stock Options
AggregateOfStockOptions
41500 shares
CY2021Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
12.2
dei Entity Central Index Key
EntityCentralIndexKey
0001009891
us-gaap Stock Issued1
StockIssued1
usd
CY2022Q3 airi Convertible Note Interest
ConvertibleNoteInterest
usd
CY2021Q3 airi Convertible Note Interest
ConvertibleNoteInterest
usd
airi Convertible Note Interest
ConvertibleNoteInterest
usd
CY2022Q3 airi Finance Leases Obligations
FinanceLeasesObligations
usd
CY2022Q3 airi Liabilities Related To Sale Of Future Proceeds From Dispositio Subsidiaries
LiabilitiesRelatedToSaleOfFutureProceedsFromDispositioSubsidiaries
usd
CY2022Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 8. CONTINGENCIES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 2, 2018, Contract Pharmacal Corp. (“Contract Pharmacal”) commenced an action, relating to a Sublease entered into between the Company and Contract Pharmacal in May 2018 with respect to the property that was formerly occupied by the Company’s former subsidiary WMI, at 110 Plant Avenue, Hauppauge, New York. In the action Contract Pharmacal sought damages for an amount in excess of $1,000,000 for the Company’s failure to make the entire premises available by the Sublease commencement date. On July 8, 2021, the Court denied Contract Phamacal’s motion for summary judgement. In the Order, the court granted Contract Pharmacal’s Motions to drop its claim for specific performance and to amend its Complaint to reduce its claim for damages to $700,000. Contract Pharmacal filed a Motion to reargue which the Court denied on November 30, 2021. On March 10, 2022, Contract Pharmacal filed an appeal to the Court’s decision with the Appellate Division which the Company will oppose. The Company disputes the validity of the claims asserted by Contract Pharmacal and intends contest them vigorously.</p>
CY2018Q4 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
1000000 usd
CY2021Q3 airi Damages Claim
DamagesClaim
700000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2021Q4 us-gaap Preferred Stock Value
PreferredStockValue
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
usd
airi Noncash Interest Expense
NoncashInterestExpense
usd
us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
usd
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
usd

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