$AIRI
AIR INDUSTRIES GROUP

2023 Q2 Form 10-Q Financial Statement

#000121390023068816 Filed on August 18, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q2
Revenue $13.21M $14.01M
YoY Change -5.73% -9.35%
Cost Of Revenue $11.04M $11.59M
YoY Change -4.76% -9.84%
Gross Profit $2.170M $2.422M
YoY Change -10.4% -6.95%
Gross Profit Margin 16.43% 17.29%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $622.0K $643.0K
YoY Change -3.27% -8.66%
% of Gross Profit 28.66% 26.55%
Operating Expenses $2.098M $2.172M
YoY Change -3.41% 0.42%
Operating Profit $72.00K $250.0K
YoY Change -71.2% -43.18%
Interest Expense $118.0K $125.0K
YoY Change -5.6% -0.79%
% of Operating Profit 163.89% 50.0%
Other Income/Expense, Net $13.00K $32.00K
YoY Change -59.38% -75.76%
Pretax Income -$395.0K -$7.000K
YoY Change 5542.86% -102.93%
Income Tax
% Of Pretax Income
Net Earnings -$395.0K -$7.000K
YoY Change 5542.86% -102.93%
Net Earnings / Revenue -2.99% -0.05%
Basic Earnings Per Share -$0.12 $0.00
Diluted Earnings Per Share -$0.12 -$217.30
COMMON SHARES
Basic Shares Outstanding 3.259M shares 32.21M shares
Diluted Shares Outstanding 3.266M shares 32.21M shares

Balance Sheet

Concept 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $837.0K $930.0K
YoY Change -10.0% 80.58%
Cash & Equivalents $837.0K $930.0K
Short-Term Investments
Other Short-Term Assets $251.0K $253.0K
YoY Change -0.79% 6.75%
Inventory $32.77M $32.99M
Prepaid Expenses
Receivables $8.142M $9.078M
Other Receivables $296.0K $0.00
Total Short-Term Assets $42.29M $43.25M
YoY Change -2.21% 0.18%
LONG-TERM ASSETS
Property, Plant & Equipment $9.420M $8.423M
YoY Change 11.84% -30.19%
Goodwill $163.0K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $493.0K $1.020M
YoY Change -51.67% 19.86%
Total Long-Term Assets $12.09M $12.36M
YoY Change -2.17% -5.51%
TOTAL ASSETS
Total Short-Term Assets $42.29M $43.25M
Total Long-Term Assets $12.09M $12.36M
Total Assets $54.38M $55.61M
YoY Change -2.2% -1.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.269M $7.781M
YoY Change 6.27% 5.32%
Accrued Expenses $828.0K $731.0K
YoY Change 13.27% 13.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $14.95M $14.07M
YoY Change 6.29% -13.53%
Total Short-Term Liabilities $24.55M $24.35M
YoY Change 0.85% -7.86%
LONG-TERM LIABILITIES
Long-Term Debt $11.54M $10.60M
YoY Change 8.87% 3.52%
Other Long-Term Liabilities $2.122M $2.989M
YoY Change -29.01% -20.44%
Total Long-Term Liabilities $13.67M $13.59M
YoY Change 0.54% -2.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.55M $24.35M
Total Long-Term Liabilities $13.67M $13.59M
Total Liabilities $38.22M $37.94M
YoY Change 0.74% -6.87%
SHAREHOLDERS EQUITY
Retained Earnings -$66.62M -$64.57M
YoY Change 3.18%
Common Stock $3.000K $82.24M
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.17M $17.67M
YoY Change
Total Liabilities & Shareholders Equity $54.38M $55.61M
YoY Change -2.2% -1.14%

Cashflow Statement

Concept 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$395.0K -$7.000K
YoY Change 5542.86% -102.93%
Depreciation, Depletion And Amortization $622.0K $643.0K
YoY Change -3.27% -8.66%
Cash From Operating Activities -$32.00K -$970.0K
YoY Change -96.7% 29.68%
INVESTING ACTIVITIES
Capital Expenditures $410.0K -$897.0K
YoY Change -145.71% 150.56%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$410.0K -$897.0K
YoY Change -54.29% 150.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 154.0K 2.433M
YoY Change -93.67% -2311.82%
NET CHANGE
Cash From Operating Activities -32.00K -970.0K
Cash From Investing Activities -410.0K -897.0K
Cash From Financing Activities 154.0K 2.433M
Net Change In Cash -288.0K 566.0K
YoY Change -150.88% -146.55%
FREE CASH FLOW
Cash From Operating Activities -$32.00K -$970.0K
Capital Expenditures $410.0K -$897.0K
Free Cash Flow -$442.0K -$73.00K
YoY Change 505.48% -81.28%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2023-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-35927
dei Entity Registrant Name
EntityRegistrantName
AIR INDUSTRIES GROUP
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
80-0948413
dei Entity Address Address Line1
EntityAddressAddressLine1
1460 Fifth Avenue
dei Entity Address Address Line2
EntityAddressAddressLine2
Bay Shore
dei Entity Address State Or Province
EntityAddressStateOrProvince
NY
dei Entity Address City Or Town
EntityAddressCityOrTown
New York
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
11706
dei City Area Code
CityAreaCode
(631)
dei Local Phone Number
LocalPhoneNumber
968-5000
dei Security12b Title
Security12bTitle
Common Stock
dei Trading Symbol
TradingSymbol
AIRI
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airi Payments Of Loan Payable Financed Asset
PaymentsOfLoanPayableFinancedAsset
-4000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
533000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1315000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
556000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
303000 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
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
837000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
930000 usd
us-gaap Interest Paid Net
InterestPaidNet
955000 usd
us-gaap Interest Paid Net
InterestPaidNet
572000 usd
airi Acquision Of Financed Lease Asset
AcquisionOfFinancedLeaseAsset
683000 usd
CY2023Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
5286000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
4198000 usd
CY2023Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
18289000 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
20488000 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
12878000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
10748000 usd
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3686000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3613000 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
32767000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
31821000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Credit and Concentration Risks</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were three customers that represented 62.7% and 66.2% of total net sales for the three months ended June 30, 2023 and 2022, respectively. This is set forth in the table below.</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="padding-bottom: 1.5pt; font-weight: bold"></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="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">June 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">June 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><b>Customer</b></td><td style="font-weight: bold; padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><b>2023</b></td><td style="padding-bottom: 1.5pt; font-weight: bold"><b> </b></td><td style="font-weight: bold; padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><b>2022</b></td><td style="padding-bottom: 1.5pt; font-weight: bold"><b> </b></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">30.2</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">26.4</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">18.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29.5</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">14.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.3</td><td style="text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were three customers that represented 54.5% and four customers that represented 77.9% of total net sales for the six months ended June 30, 2023 and 2022, respectively. This is set forth in the table below.</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="padding-bottom: 1.5pt; font-weight: bold"></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="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">June 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">June 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><b>Customer</b></td><td style="font-weight: bold; padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><b>2023</b></td><td style="padding-bottom: 1.5pt; font-weight: bold"><b> </b></td><td style="font-weight: bold; padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><b>2022</b></td><td style="padding-bottom: 1.5pt; font-weight: bold"><b> </b></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">21.3</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">25.8</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">21.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28.4</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">12.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-42">**</div></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"><div style="-sec-ix-hidden: hidden-fact-43">*</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.7</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">5</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-44">*</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.0</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: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Customer was less than 10% of sales for the six months ended June 30, 2023</td> </tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">**</td><td style="text-align: justify">Customer was less than 10% of sales for the six months ended June 30, 2022</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were two customers that represented 60.8% and three customers that represented 70.3% of gross accounts receivable at June 30, 2023 and December 31, 2022, respectively. This is set forth in the table below.</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="white-space: nowrap"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage of Accounts<br/> Receivables</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <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">June 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="white-space: nowrap; font-weight: bold; border-bottom: Black 1.5pt solid">Customer</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</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">45.9</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">14.9</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-45">**</div></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"><div style="-sec-ix-hidden: hidden-fact-46">*</div></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; "> <td style="text-align: left">4</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-47">*</div></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: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Customer was less than 10% of accounts receivable at June 30, 2023</td> </tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">**</td><td style="text-align: justify">Customer was less than 10% of accounts receivable at June 30, 2022</td> </tr></table>
CY2023Q2 us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
13205000 usd
CY2022Q2 us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
14008000 usd
us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
25754000 usd
us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
26070000 usd
airi Warrants
Warrants
76000 usd
CY2023Q2 airi Stock Options And Warrants
StockOptionsAndWarrants
490870 usd
CY2023Q2 us-gaap Deposit Liability Current
DepositLiabilityCurrent
467000 usd
CY2022Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
781000 usd
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
42000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
314000 usd
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
8000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
53000 usd
CY2023Q2 airi Backlog Relating To Remaining Performance Obligations In Contracts
BacklogRelatingToRemainingPerformanceObligationsInContracts
73000000 usd
airi Contract Costs Receivable
ContractCostsReceivable
296000 usd
CY2022 airi Contract Costs Receivable
ContractCostsReceivable
296000 usd
CY2023Q2 airi Stock Options
StockOptions
462870 usd
CY2022Q2 airi Stock Options
StockOptions
236433 usd
airi Stock Options
StockOptions
462870 usd
airi Stock Options
StockOptions
236433 usd
CY2023Q2 airi Warrants
Warrants
28000 usd
CY2022Q2 airi Warrants
Warrants
76000 usd
airi Warrants
Warrants
28000 usd
CY2022Q2 airi Stock Options And Warrants
StockOptionsAndWarrants
312433 usd
airi Stock Options And Warrants
StockOptionsAndWarrants
490870 usd
airi Stock Options And Warrants
StockOptionsAndWarrants
312433 usd
CY2023Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
405800 usd
CY2022Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
405800 usd
CY2023Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
405800 usd
CY2022Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
405800 usd
CY2023Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
187000 usd
CY2022Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
141000 usd
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
232000 usd
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
207000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M24D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y7M20D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0903 pure
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
43941000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
41875000 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
34521000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
33282000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9420000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8593000 usd
CY2023Q2 us-gaap Depreciation
Depreciation
622000 usd
CY2022Q2 us-gaap Depreciation
Depreciation
643000 usd
us-gaap Depreciation
Depreciation
1239000 usd
us-gaap Depreciation
Depreciation
1308000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
273000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
292000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
544000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
563000 usd
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
273000 usd
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
292000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
544000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
563000 usd
CY2023Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
258000 usd
CY2022Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
251000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
515000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
500000 usd
CY2023Q2 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
258000 usd
CY2022Q2 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
251000 usd
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
515000 usd
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
500000 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0889 pure
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
523000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1070000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
992000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
730000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
3315000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
451000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2864000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
828000 usd
CY2023Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
2036000 usd
CY2023Q2 us-gaap Notes Payable To Bank
NotesPayableToBank
13837000 usd
CY2022Q4 us-gaap Notes Payable To Bank
NotesPayableToBank
13352000 usd
CY2023Q2 airi Term Loan Webster
TermLoanWebster
5506000 usd
CY2022Q4 airi Term Loan Webster
TermLoanWebster
5396000 usd
CY2023Q2 airi Finance Leases Obligations
FinanceLeasesObligations
962000 usd
CY2022Q4 airi Finance Leases Obligations
FinanceLeasesObligations
328000 usd
CY2023Q2 us-gaap Loans Payable
LoansPayable
27000 usd
CY2022Q4 us-gaap Loans Payable
LoansPayable
30000 usd
CY2023Q2 us-gaap Subordinated Long Term Debt
SubordinatedLongTermDebt
6162000 usd
CY2022Q4 us-gaap Subordinated Long Term Debt
SubordinatedLongTermDebt
6162000 usd
CY2023Q2 us-gaap Notes And Loans Payable
NotesAndLoansPayable
26494000 usd
CY2022Q4 us-gaap Notes And Loans Payable
NotesAndLoansPayable
25268000 usd
CY2023Q2 us-gaap Debt Current
DebtCurrent
14951000 usd
CY2022Q4 us-gaap Debt Current
DebtCurrent
14477000 usd
CY2023Q2 airi Long Term Portion
LongTermPortion
11543000 usd
CY2022Q4 airi Long Term Portion
LongTermPortion
10791000 usd
airi Loan Expires Date
LoanExpiresDate
2025-12-30
CY2019Q4 airi Revolving Loan
RevolvingLoan
20000000 usd
CY2019Q4 srt Bank Loans
BankLoans
5000000 usd
CY2019Q4 us-gaap Line Of Credit
LineOfCredit
2000000 usd
CY2022Q4 us-gaap Line Of Credit Facility Maximum Monthend Outstanding Amount
LineOfCreditFacilityMaximumMonthendOutstandingAmount
877913 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Rolling Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths
10451 usd
CY2023Q1 us-gaap Subordinated Borrowing Due Date
SubordinatedBorrowingDueDate
2025-12-30
CY2023Q1 us-gaap Line Of Credit Facility Maximum Monthend Outstanding Amount
LineOfCreditFacilityMaximumMonthendOutstandingAmount
739500 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Rolling Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths
8804 usd
CY2023Q1 us-gaap Subordinated Borrowing Due Date
SubordinatedBorrowingDueDate
2025-12-30
CY2023Q2 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
13837000 usd
CY2023Q2 airi Revolving Credit Loan Term Amount
RevolvingCreditLoanTermAmount
5506000 usd
CY2023Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
382000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree
473000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour
945000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive
4142000 usd
CY2023Q2 airi Bank Loans Other
BankLoansOther
5560000 usd
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
54000 usd
CY2023Q2 airi Bank Loans Other Net
BankLoansOtherNet
5506000 usd
CY2023Q2 us-gaap Other Loans Payable Long Term
OtherLoansPayableLongTerm
945000 usd
CY2023Q2 us-gaap Long Term Investments
LongTermInvestments
4561000 usd
CY2022 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
878000 usd
CY2023Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
372000 usd
CY2022Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
147000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
704000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
302000 usd
airi Excess Cash Flow Percentage
ExcessCashFlowPercentage
0.25 pure
CY2022Q4 airi Term Loan
TermLoan
195000 usd
CY2022Q2 airi Term Loan
TermLoan
5000000 usd
CY2022Q2 us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
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
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.
CY2023Q2 us-gaap Short Term Debt Weighted Average Interest Rate Over Time
ShortTermDebtWeightedAverageInterestRateOverTime
0.0751 pure
CY2022Q2 us-gaap Short Term Debt Weighted Average Interest Rate Over Time
ShortTermDebtWeightedAverageInterestRateOverTime
0.036 pure
us-gaap Short Term Debt Weighted Average Interest Rate Over Time
ShortTermDebtWeightedAverageInterestRateOverTime
0.0727 pure
us-gaap Short Term Debt Weighted Average Interest Rate Over Time
ShortTermDebtWeightedAverageInterestRateOverTime
0.0355 pure
us-gaap Line Of Credit Facility Description
LineOfCreditFacilityDescription
1.25 to 1.00
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
962000 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
26000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
45000 usd
CY2023Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
10000 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
16000 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
36000 usd
us-gaap Lease Cost
LeaseCost
61000 usd
CY2023Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
26000 usd
CY2022Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
9000 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
45000 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
9000 usd
CY2023Q2 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
683000 usd
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
683000 usd
CY2023Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P5Y9M18D
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2023Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0732 pure
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0748 pure
CY2020Q4 us-gaap Notes Payable
NotesPayable
6012000 usd
CY2020 us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
400000 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
2732000 usd
CY2023Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
15
CY2023Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.06 pure
airi Related Party Convertible Notes
RelatedPartyConvertibleNotes
2080000 usd
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
9.3
CY2023Q2 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.07 pure
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.12 pure
CY2023Q2 us-gaap Subordinated Debt Current
SubordinatedDebtCurrent
250000 usd
CY2023Q2 us-gaap Convertible Subordinated Debt
ConvertibleSubordinatedDebt
4812000 usd
CY2023Q2 us-gaap Subordinated Debt
SubordinatedDebt
1350000 usd
CY2023Q2 airi Convertible Subordinated Notes
ConvertibleSubordinatedNotes
6162000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
118000 usd
CY2022Q2 us-gaap Interest Expense
InterestExpense
126000 usd
us-gaap Interest Expense
InterestExpense
236000 usd
us-gaap Interest Expense
InterestExpense
251000 usd
CY2023Q2 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
15230 shares
CY2022Q2 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
6429 shares
CY2023Q2 airi Directors Fees
DirectorsFees
54000 usd
CY2022Q2 airi Directors Fees
DirectorsFees
54000 usd
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
26660 shares
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
11951 shares
airi Directors Fees
DirectorsFees
108000 usd
airi Directors Fees
DirectorsFees
108000 usd
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: 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
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3221377 shares
airi Noncash Other Income Recognized
NoncashOtherIncomeRecognized
usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
usd
airi Acquision Of Financed Lease Asset
AcquisionOfFinancedLeaseAsset
usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
usd
CY2022Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
usd
CY2022Q2 us-gaap Lease Cost
LeaseCost
usd
us-gaap Lease Cost
LeaseCost
usd
CY2022Q2 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
usd
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001009891

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