2022 Q4 Form 10-Q Financial Statement
#000121390022071618 Filed on November 14, 2022
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% |
Facts In Submission
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AIR INDUSTRIES GROUP | ||
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NV | ||
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CY2021Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-66000 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-177000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
21000 | usd | |
CY2022Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.04 | |
CY2021Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.02 | |
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.05 | ||
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.01 | ||
CY2022Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.04 | |
CY2021Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.02 | |
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.05 | ||
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.01 | ||
CY2022Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
3232467 | shares |
CY2021Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
3207405 | shares |
airi |
Liability Related To Sale Of Future Proceeds From Disposition Of Subsidiary Net
LiabilityRelatedToSaleOfFutureProceedsFromDispositionOfSubsidiaryNet
|
usd | ||
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
3224912 | shares | |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
3202287 | shares | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
361000 | usd | |
dei |
Amendment Flag
AmendmentFlag
|
false | ||
CY2022Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
3232467 | shares |
CY2021Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
3207405 | shares |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
3224912 | shares | |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
3874377 | shares | |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
17389000 | usd |
CY2022Q1 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
54000 | usd |
CY2022Q1 | us-gaap |
Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
|
66000 | usd |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-28000 | usd |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
17481000 | usd |
CY2022Q2 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
54000 | usd |
CY2022Q2 | us-gaap |
Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
|
141000 | usd |
CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7000 | usd |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
17669000 | usd |
CY2022Q3 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
54000 | usd |
CY2022Q3 | us-gaap |
Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
|
55000 | usd |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-142000 | usd |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
17636000 | usd |
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
15109000 | usd |
CY2021Q1 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
52000 | usd |
CY2021Q1 | us-gaap |
Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
|
157000 | usd |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-152000 | usd |
CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
15166000 | usd |
CY2021Q2 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
52000 | usd |
CY2021Q2 | us-gaap |
Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
|
57000 | usd |
CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
239000 | usd |
CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
15514000 | usd |
CY2021Q3 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
52000 | usd |
CY2021Q3 | us-gaap |
Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
|
147000 | usd |
CY2021Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-66000 | usd |
CY2021Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
15647000 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-177000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
21000 | usd | |
us-gaap |
Depreciation
Depreciation
|
1906000 | usd | |
us-gaap |
Depreciation
Depreciation
|
2105000 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
262000 | usd | |
airi |
Noncash Directors Compensation Expense
NoncashDirectorsCompensationExpense
|
162000 | usd | |
airi |
Noncash Directors Compensation Expense
NoncashDirectorsCompensationExpense
|
156000 | usd | |
airi |
Noncash Other Income Recognized
NoncashOtherIncomeRecognized
|
-59000 | usd | |
airi |
Noncash Other Income Recognized
NoncashOtherIncomeRecognized
|
-274000 | usd | |
airi |
Noncash Interest Expense
NoncashInterestExpense
|
82000 | usd | |
us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
403000 | usd | |
us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
364000 | usd | |
us-gaap |
Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
|
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 |