2023 Q3 Form 10-Q Financial Statement

#000121390023066168 Filed on August 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q1 2022 Q1
Revenue $12.29M $12.55M $12.06M
YoY Change -7.42% 4.04% -12.03%
Cost Of Revenue $11.07M $10.67M $9.984M
YoY Change 0.26% 6.86% -16.21%
Gross Profit $1.228M $1.880M $2.078M
YoY Change -45.23% -9.53% 15.64%
Gross Profit Margin 9.99% 14.98% 17.23%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $614.0K $617.0K $665.0K
YoY Change 2.68% -7.22% -6.73%
% of Gross Profit 50.0% 32.82% 32.0%
Operating Expenses $2.024M $2.038M $1.871M
YoY Change -2.36% 8.93% 5.71%
Operating Profit -$796.0K -$158.0K $207.0K
YoY Change -571.01% -176.33% 666.67%
Interest Expense $118.0K -$476.0K -$323.0K
YoY Change 0.0% 47.37% 8.75%
% of Operating Profit -156.04%
Other Income/Expense, Net $13.00K $16.00K $88.00K
YoY Change 8.33% -81.82% -25.42%
Pretax Income -$1.299M -$618.0K -$28.00K
YoY Change 814.79% 2107.14% -81.58%
Income Tax
% Of Pretax Income
Net Earnings -$1.299M -$618.0K -$28.00K
YoY Change 814.79% 2107.14% -81.58%
Net Earnings / Revenue -10.57% -4.92% -0.23%
Basic Earnings Per Share -$0.40 -$0.19 -$0.01
Diluted Earnings Per Share -$0.40 -$0.19 -$870.00
COMMON SHARES
Basic Shares Outstanding 3.290M shares 3.258M shares 3.218M shares
Diluted Shares Outstanding 3.287M shares 3.258M shares 3.218M shares

Balance Sheet

Concept 2023 Q3 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $740.0K $1.125M $364.0K
YoY Change 285.42% 209.07% -78.97%
Cash & Equivalents $740.0K $1.125M $364.0K
Short-Term Investments
Other Short-Term Assets $263.0K $317.0K $280.0K
YoY Change -4.36% 13.21% 5.66%
Inventory $31.35M $32.44M $32.00M
Prepaid Expenses
Receivables $5.221M $7.273M $7.558M
Other Receivables $296.0K $296.0K $0.00
Total Short-Term Assets $37.87M $41.46M $40.20M
YoY Change -10.97% 3.12% -8.39%
LONG-TERM ASSETS
Property, Plant & Equipment $9.285M $8.948M $11.06M
YoY Change 9.52% -19.07% -11.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $542.0K $627.0K $1.026M
YoY Change -45.2% -38.89% 31.37%
Total Long-Term Assets $11.85M $11.90M $12.25M
YoY Change -3.22% -2.8% -9.14%
TOTAL ASSETS
Total Short-Term Assets $37.87M $41.46M $40.20M
Total Long-Term Assets $11.85M $11.90M $12.25M
Total Assets $49.72M $53.36M $52.45M
YoY Change -9.24% 1.74% -8.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.290M $7.689M $7.042M
YoY Change 4.46% 9.19% -14.6%
Accrued Expenses $854.0K $803.0K $708.0K
YoY Change 13.26% 13.42% 2.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $13.90M $14.45M $13.28M
YoY Change -6.19% 8.83% -14.92%
Total Short-Term Liabilities $25.56M $23.49M $22.80M
YoY Change 5.64% 3.02% -15.24%
LONG-TERM LIABILITIES
Long-Term Debt $1.156M $11.20M $8.977M
YoY Change -88.63% 24.79% -18.38%
Other Long-Term Liabilities $1.891M $2.347M $3.188M
YoY Change -32.05% -26.38% -19.96%
Total Long-Term Liabilities $1.156M $13.55M $12.17M
YoY Change -91.07% 11.38% -18.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.56M $23.49M $22.80M
Total Long-Term Liabilities $1.156M $13.55M $12.17M
Total Liabilities $34.77M $37.04M $34.97M
YoY Change -6.39% 5.93% -17.13%
SHAREHOLDERS EQUITY
Retained Earnings -$67.92M -$66.23M
YoY Change 4.96%
Common Stock $3.000K $3.000K
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.95M $16.32M $17.48M
YoY Change
Total Liabilities & Shareholders Equity $49.72M $53.36M $52.45M
YoY Change -9.24% 1.74% -8.57%

Cashflow Statement

Concept 2023 Q3 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.299M -$618.0K -$28.00K
YoY Change 814.79% 2107.14% -81.58%
Depreciation, Depletion And Amortization $614.0K $617.0K $665.0K
YoY Change 2.68% -7.22% -6.73%
Cash From Operating Activities $5.683M $1.438M $1.285M
YoY Change -1564.69% 11.91% 126.63%
INVESTING ACTIVITIES
Capital Expenditures $487.0K $973.0K -$430.0K
YoY Change -174.58% -326.28% 57.51%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$487.0K -$973.0K -$430.0K
YoY Change -25.42% 126.28% 57.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.297M $379.0K -1.118M
YoY Change -1848.18% -133.9% 4.68%
NET CHANGE
Cash From Operating Activities 5.683M $1.438M 1.285M
Cash From Investing Activities -487.0K -$973.0K -430.0K
Cash From Financing Activities -5.297M $379.0K -1.118M
Net Change In Cash -101.0K $844.0K -263.0K
YoY Change -86.31% -420.91% -66.02%
FREE CASH FLOW
Cash From Operating Activities $5.683M $1.438M $1.285M
Capital Expenditures $487.0K $973.0K -$430.0K
Free Cash Flow $5.196M $465.0K $1.715M
YoY Change 1860.75% -72.89% 104.17%

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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-263000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
281000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
627000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
1125000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
364000 usd
CY2023Q1 airi Cash Paid During The Period For Interest
CashPaidDuringThePeriodForInterest
476000 usd
CY2022Q1 airi Cash Paid During The Period For Interest
CashPaidDuringThePeriodForInterest
283000 usd
CY2023Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
4519000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
4198000 usd
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
19840000 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
20488000 usd
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
11648000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
10748000 usd
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3563000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3613000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
32444000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
31821000 usd
CY2023Q1 airi Revenue Recognized
RevenueRecognized
272000 usd
CY2022Q1 airi Revenue Recognized
RevenueRecognized
45000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
41875000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
33898000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
33282000 usd
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Credit and Concentration Risks</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">There were four customers that represented 57.1% and three customers that represented 70.8% of total net sales for the three months ended March 31, 2023 and 2022, respectively. This is set forth in the table below.</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"><b> </b></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Percentage of Sales</b></td><td style="padding-bottom: 1.5pt"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td> </td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><b>Customer</b></td><td style="padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>2023</b></td><td style="padding-bottom: 1.5pt"><b> </b></td><td style="padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>2022</b></td><td style="padding-bottom: 1.5pt"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </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">24.3</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">27.1</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">11.6</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25.2</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">11.2</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-26; font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">4</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-27; font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">5</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-28; 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">18.5</td><td style="text-align: left">%</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 0.25in">*</td> <td>Customer was less than 10% of sales for the three months ended March 31, 2023</td></tr> <tr style="vertical-align: bottom"> <td>**</td> <td>Customer was less than 10% of sales for the three months ended March 31, 2022</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were two customers that represented 33.1% and three customers 70.3% of gross accounts receivable at March 31, 2023 and December 31, 2022, respectively. This is set forth in the table below.</span></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> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage of Accounts<br/> Receivables</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Customer</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">2023</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">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </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">18.9</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">33.1</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">14.2</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23.6</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-29; 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">13.6</td><td style="text-align: left">%</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: left; width: 0.25in">*</td><td style="text-align: justify">Customer was less than 10% of accounts receivable at March 31, 2023</td> </tr> </table><p style="margin: 0pt"> </p>
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508000 usd
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781000 usd
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72200000 usd
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ContractCostsReceivable
296000 usd
CY2022 airi Contract Costs Receivable
ContractCostsReceivable
296000 usd
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StockOptions
302550 usd
CY2022Q1 airi Stock Options
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208400 usd
CY2023Q1 airi Warrants
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28000 usd
CY2022Q1 airi Warrants
Warrants
126100 usd
CY2023Q1 airi Stock Options And Warrants
StockOptionsAndWarrants
330550 usd
CY2022Q1 airi Stock Options And Warrants
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334500 usd
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405800 usd
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CY2023Q1 us-gaap Convertible Notes Payable
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405800 usd
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405800 usd
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45000 usd
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66000 usd
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42846000 usd
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PropertyPlantAndEquipmentNet
8948000 usd
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CY2023Q1 us-gaap Depreciation
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617000 usd
CY2022Q1 us-gaap Depreciation
Depreciation
665000 usd
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271000 usd
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271000 usd
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271000 usd
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271000 usd
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257000 usd
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249000 usd
CY2023Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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257000 usd
CY2022Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
249000 usd
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P3Y4M24D
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P3Y7M20D
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OperatingLeaseWeightedAverageDiscountRatePercent
0.09 pure
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OperatingLeaseWeightedAverageDiscountRatePercent
0.0889 pure
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
781000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1070000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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992000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
730000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
3573000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
518000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3055000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
803000 usd
CY2023Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
2252000 usd
CY2023Q1 us-gaap Notes Payable To Bank
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13220000 usd
CY2022Q4 us-gaap Notes Payable To Bank
NotesPayableToBank
13352000 usd
CY2023Q1 airi Term Loan Webster
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5933000 usd
CY2022Q4 airi Term Loan Webster
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5396000 usd
CY2023Q1 airi Finance Leases Obligations
FinanceLeasesObligations
308000 usd
CY2022Q4 airi Finance Leases Obligations
FinanceLeasesObligations
328000 usd
CY2023Q1 us-gaap Loans Payable
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29000 usd
CY2022Q4 us-gaap Loans Payable
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30000 usd
CY2023Q1 us-gaap Subordinated Long Term Debt
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6162000 usd
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6162000 usd
CY2023Q1 us-gaap Notes And Loans Payable
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25652000 usd
CY2022Q4 us-gaap Notes And Loans Payable
NotesAndLoansPayable
25268000 usd
CY2023Q1 us-gaap Debt Current
DebtCurrent
14450000 usd
CY2022Q4 us-gaap Debt Current
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14477000 usd
CY2023Q1 airi Long Term Portion
LongTermPortion
11202000 usd
CY2022Q4 airi Long Term Portion
LongTermPortion
10791000 usd
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LoanExpiresDate
2025-12-30
CY2019Q4 airi Revolving Loan
RevolvingLoan
20000000 usd
CY2019Q4 srt Bank Loans
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CY2019Q4 us-gaap Line Of Credit
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10451 usd
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2025-12-30
CY2023Q1 us-gaap Line Of Credit Facility Maximum Monthend Outstanding Amount
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739500 usd
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8804 usd
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2025-12-30
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13220000 usd
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RevolvingCreditLoanTermAmount
5933000 usd
CY2023Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
382000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Three
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904000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour
945000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive
4144000 usd
CY2023Q1 airi Bank Loans Other
BankLoansOther
5993000 usd
CY2023Q1 us-gaap Deferred Finance Costs Net
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60000 usd
CY2023Q1 airi Bank Loans Other Net
BankLoansOtherNet
5933000 usd
CY2023Q1 us-gaap Other Loans Payable Long Term
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1141000 usd
CY2023Q1 us-gaap Long Term Investments
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4792000 usd
CY2022 us-gaap Line Of Credit Facility Average Outstanding Amount
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878000 usd
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
332000 usd
CY2022Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
155000 usd
CY2023Q1 airi Excess Cash Flow Percentage
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0.25 pure
CY2022Q4 airi Term Loan
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195000 usd
CY2022Q2 airi Term Loan
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5000000 usd
CY2022Q2 us-gaap Payments For Proceeds From Deposit On Loan
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1945000 usd
CY2022Q2 airi Capital Expenditure Line Of Credit
CapitalExpenditureLineOfCredit
2000000 usd
CY2022Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
59524 usd
CY2022Q2 us-gaap Payments For Fees
PaymentsForFees
20000 usd
CY2023Q1 airi Webster Facility Description
WebsterFacilityDescription
(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.
CY2023Q1 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0704 pure
CY2022Q1 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.035 pure
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2000000 usd
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10000 usd
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
308000 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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19000 usd
CY2023Q1 us-gaap Finance Lease Interest Expense
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6000 usd
CY2023Q1 us-gaap Lease Cost
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25000 usd
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20000 usd
CY2022Q1 us-gaap Finance Lease Interest Payment On Liability
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9000 usd
CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P3Y9M18D
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0748 pure
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0748 pure
CY2023Q1 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
6550000 usd
CY2023Q1 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
355082 shares
CY2023Q1 us-gaap Notes Assumed1
NotesAssumed1
554000 usd
CY2020Q4 us-gaap Notes Payable
NotesPayable
6012000 usd
CY2020 us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
400000 usd
CY2023Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
2732000 usd
CY2023Q1 us-gaap Sale Of Stock Price Per Share
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15
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DebtInstrumentInterestRateStatedPercentage
0.06 pure
CY2023Q1 airi Related Party Convertible Notes
RelatedPartyConvertibleNotes
2080000 usd
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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9.3
CY2023Q1 us-gaap Debt Instrument Interest Rate Effective Percentage
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0.07 pure
CY2023Q1 us-gaap Debt Instrument Interest Rate During Period
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0.12 pure
CY2023Q1 us-gaap Subordinated Debt Current
SubordinatedDebtCurrent
250000 usd
CY2023Q1 us-gaap Convertible Subordinated Debt
ConvertibleSubordinatedDebt
4812000 usd
CY2023Q1 us-gaap Subordinated Debt
SubordinatedDebt
1350000 usd
CY2023Q1 airi Convertible Subordinated Notes
ConvertibleSubordinatedNotes
6162000 usd
CY2023Q1 airi Loan Payable Financed Asset
LoanPayableFinancedAsset
118000 usd
CY2022Q1 airi Loan Payable Financed Asset
LoanPayableFinancedAsset
125000 usd
CY2023Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 7. 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">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. Subsequently, Contact Pharmacal moved to amend its Complaint. The Company opposed and the Court denied the request to amend the Complaint. 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 has opposed. The date for argument of the appeal has not been set by the Appellate Division. The Company disputes the validity of the claims asserted by Contract Pharmacal and intends to contest them vigorously.</p>
CY2018Q4 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
1000000 usd
CY2021Q3 airi Damages Claim
DamagesClaim
700000 usd
CY2023Q1 airi Noncash Other Income Recognized
NoncashOtherIncomeRecognized
usd
CY2022Q1 us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
usd
CY2022Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
usd
CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
usd
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
usd
CY2022Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
usd
CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
usd
CY2023Q1 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
usd
CY2022Q1 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
usd
CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001009891

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