$CVV
CVD EQUIPMENT CORP

2017 Form 10-K Financial Statement

#000143774918006052 Filed on April 02, 2018

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016
Revenue $41.13M $7.320M $20.96M
YoY Change 96.27% -10.62% -46.22%
Cost Of Revenue $23.53M $3.940M $13.85M
YoY Change 69.87% -22.59% -41.85%
Gross Profit $17.60M $3.390M $7.105M
YoY Change 147.73% 9.35% -53.09%
Gross Profit Margin 42.79% 46.31% 33.9%
Selling, General & Admin $9.944M $2.070M $8.024M
YoY Change 23.93% 0.98% -10.38%
% of Gross Profit 56.5% 61.06% 112.94%
Research & Development $437.2K $130.0K $433.8K
YoY Change 0.76% 116.67% -28.32%
% of Gross Profit 2.48% 3.83% 6.11%
Depreciation & Amortization $870.0K $190.0K $810.0K
YoY Change 7.41% 0.0% -2.41%
% of Gross Profit 4.94% 5.6% 11.4%
Operating Expenses $10.38M $2.200M $7.829M
YoY Change 32.6% 4.27% -25.82%
Operating Profit $7.219M $1.190M -$724.6K
YoY Change -1096.31% 20.2% -115.78%
Interest Expense $106.3K -$10.00K $79.86K
YoY Change 33.08% 0.0% -13.29%
% of Operating Profit 1.47% -0.84%
Other Income/Expense, Net -$23.52K $0.00 $71.38K
YoY Change -132.95% -206.85%
Pretax Income $7.195M $1.170M -$653.2K
YoY Change -1201.58% 19.39% -114.01%
Income Tax $1.934M $400.0K -$504.1K
% Of Pretax Income 26.88% 34.19%
Net Earnings $5.261M $770.0K -$149.1K
YoY Change -3628.21% 97.44% -104.65%
Net Earnings / Revenue 12.79% 10.52% -0.71%
Basic Earnings Per Share $0.83 -$0.02
Diluted Earnings Per Share $0.82 $121.5K -$0.02
COMMON SHARES
Basic Shares Outstanding 6.376M 6.286M
Diluted Shares Outstanding 6.387M 6.286M

Balance Sheet

Concept 2017 2016 Q4 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.21M $21.68M $21.68M
YoY Change -34.46% 65.88% 65.88%
Cash & Equivalents $14.21M $21.68M $21.68M
Short-Term Investments
Other Short-Term Assets $170.0K $235.5K $240.0K
YoY Change -29.17% 40.99% -68.83%
Inventory $2.970M $3.287M $3.290M
Prepaid Expenses
Receivables $10.46M $607.5K $3.200M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $27.80M $28.40M $28.40M
YoY Change -2.11% 15.69% 15.68%
LONG-TERM ASSETS
Property, Plant & Equipment $28.84M $14.34M $14.44M
YoY Change 99.72% -3.04% -2.63%
Goodwill
YoY Change
Intangibles $253.6K
YoY Change 320.36%
Long-Term Investments
YoY Change
Other Assets $1.680M $68.45K $2.510M
YoY Change -33.07% -20.61% 50.3%
Total Long-Term Assets $31.18M $17.20M $17.20M
YoY Change 81.28% 3.74% 3.74%
TOTAL ASSETS
Total Short-Term Assets $27.80M $28.40M $28.40M
Total Long-Term Assets $31.18M $17.20M $17.20M
Total Assets $58.98M $45.60M $45.60M
YoY Change 29.34% 10.87% 10.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.170M $743.1K $740.0K
YoY Change 58.11% 141.27% 138.71%
Accrued Expenses $2.740M $1.943M $1.940M
YoY Change 41.24% -43.62% -43.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $650.0K $300.0K $300.0K
YoY Change 116.67% -48.28% -48.28%
Total Short-Term Liabilities $5.420M $8.326M $8.330M
YoY Change -34.93% 79.38% 79.53%
LONG-TERM LIABILITIES
Long-Term Debt $12.71M $2.966M $2.970M
YoY Change 327.95% -9.19% -9.17%
Other Long-Term Liabilities $200.0K
YoY Change
Total Long-Term Liabilities $12.91M $2.966M $2.970M
YoY Change 334.68% -9.19% -9.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.420M $8.326M $8.330M
Total Long-Term Liabilities $12.91M $2.966M $2.970M
Total Liabilities $18.32M $11.29M $11.29M
YoY Change 62.27% 42.8% 42.73%
SHAREHOLDERS EQUITY
Retained Earnings $10.12M
YoY Change -1.45%
Common Stock $24.19M
YoY Change 5.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.65M $34.31M $34.31M
YoY Change
Total Liabilities & Shareholders Equity $58.98M $45.60M $45.60M
YoY Change 29.34% 10.87% 10.87%

Cashflow Statement

Concept 2017 2016 Q4 2016
OPERATING ACTIVITIES
Net Income $5.261M $770.0K -$149.1K
YoY Change -3628.21% 97.44% -104.65%
Depreciation, Depletion And Amortization $870.0K $190.0K $810.0K
YoY Change 7.41% 0.0% -2.41%
Cash From Operating Activities -$2.379M $5.680M $8.853M
YoY Change -126.88% -6411.11% 410.6%
INVESTING ACTIVITIES
Capital Expenditures $889.3K -$570.0K $112.5K
YoY Change 690.54% 1325.0% -54.7%
Acquisitions
YoY Change
Other Investing Activities -$430.0K $0.00 $200.0K
YoY Change -315.0% 0.0%
Cash From Investing Activities -$15.32M -$570.0K -$410.9K
YoY Change 3628.13% 1325.0% 767.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $300.0K $300.0K
YoY Change 0.0% -48.28%
Cash From Financing Activities 10.23M -80.00K 162.0K
YoY Change 6217.11% 14.29% -127.93%
NET CHANGE
Cash From Operating Activities -2.379M 5.680M 8.853M
Cash From Investing Activities -15.32M -570.0K -410.9K
Cash From Financing Activities 10.23M -80.00K 162.0K
Net Change In Cash -7.466M 5.030M 8.604M
YoY Change -186.78% -2615.0% 677.6%
FREE CASH FLOW
Cash From Operating Activities -$2.379M $5.680M $8.853M
Capital Expenditures $889.3K -$570.0K $112.5K
Free Cash Flow -$3.269M $6.250M $8.740M
YoY Change -137.4% -12600.0% 488.37%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2017 us-gaap Concentration Risk Credit Risk
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;"><div style="display: inline; text-decoration: underline;">Concentration of Credit Risk</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. The Company places its cash equivalents with high credit-quality financial institutions and invests its excess cash primarily in money market instruments. The Company has established guidelines relative to credit ratings and maturities that seek to maintain stability and liquidity. The Company sells products and services to various companies across several industries in the ordinary course of business. The Company routinely assesses the financial strength of its customers and maintains al<div style="display: inline; font-family:'Times New Roman', Times, serif;font-size:10pt;">lowances for anticipated losses based upon historical experience.</div></div></div></div>
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CY2016 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
628905
CY2017 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8539244
CY2016 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6926487
CY2017 us-gaap Gross Profit
GrossProfit
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CY2016 us-gaap Gross Profit
GrossProfit
7104523
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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7195355
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1933944
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-504061
CY2017 us-gaap Income Tax Reconciliation Disposition Of Assets
IncomeTaxReconciliationDispositionOfAssets
7280
CY2016 us-gaap Income Tax Reconciliation Disposition Of Assets
IncomeTaxReconciliationDispositionOfAssets
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CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
2740010
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
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CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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-161429
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2017 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
118263
CY2016 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
150615
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
11580
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
2504
CY2017 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
781760
CY2016 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
144522
CY2017 us-gaap Income Taxes Paid
IncomeTaxesPaid
601800
CY2016 us-gaap Income Taxes Paid
IncomeTaxesPaid
101352
CY2017 us-gaap Increase Decrease In Accounts Payable
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431836
CY2016 us-gaap Increase Decrease In Accounts Payable
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CY2017 us-gaap Increase Decrease In Accounts Receivable
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CY2016 us-gaap Increase Decrease In Accounts Receivable
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CY2016Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2016 us-gaap Interest Expense
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CY2017 us-gaap Interest Paid Net
InterestPaidNet
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CY2016 us-gaap Interest Paid Net
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CY2017Q4 us-gaap Intangible Assets Net Excluding Goodwill
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662162
CY2017 us-gaap Increase Decrease In Accrued Liabilities
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795552
CY2016 us-gaap Increase Decrease In Accrued Liabilities
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CY2016 us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
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CY2017 us-gaap Increase Decrease In Deferred Revenue
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214320
CY2016 us-gaap Increase Decrease In Deferred Revenue
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CY2017 us-gaap Increase Decrease In Inventories
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CY2016 us-gaap Increase Decrease In Inventories
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290109
CY2017 us-gaap Increase Decrease In Other Current Assets
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CY2016 us-gaap Increase Decrease In Other Current Assets
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CY2017 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
CY2016 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-200000
CY2017 us-gaap Increase Decrease In Unbilled Receivables
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CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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11616
CY2016 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
CY2017Q4 us-gaap Inventory Finished Goods Net Of Reserves
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26977
CY2016Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2017Q4 us-gaap Inventory Net
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3286539
CY2016 us-gaap Net Income Loss
NetIncomeLoss
-149124
CY2017 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-23518
CY2016 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
71378
CY2017 us-gaap Number Of Operating Segments
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2
CY2017 us-gaap Operating Expenses
OperatingExpenses
10381339
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OperatingExpenses
7829087
CY2017 us-gaap Operating Income Loss
OperatingIncomeLoss
7218873
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
68450
CY2017 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2244
CY2016 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
123006
CY2017 us-gaap Payments For Proceeds From Other Deposits
PaymentsForProceedsFromOtherDeposits
10503
CY2016 us-gaap Payments To Acquire Businesses Gross
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500000
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
45604692
CY2017Q4 us-gaap Liabilities Current
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5418931
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
8325922
CY2017Q4 us-gaap Liabilities Noncurrent
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12905683
CY2016Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
2965508
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
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112493
CY2017Q4 us-gaap Inventory Raw Materials Net Of Reserves
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2549016
CY2016Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3062830
CY2017Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
389630
CY2016Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
159482
CY2017 us-gaap Investment Income Interest
InvestmentIncomeInterest
80518
CY2016 us-gaap Investment Income Interest
InvestmentIncomeInterest
28233
CY2017Q4 us-gaap Liabilities
Liabilities
18324614
CY2016Q4 us-gaap Liabilities
Liabilities
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CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
58978250
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
13653008
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LongTermDebtCurrent
647324
CY2016Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
300000
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
747324
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
10678302
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
691125
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
674893
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
861364
CY2017Q4 us-gaap Long Term Debt Noncurrent
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12705683
CY2016Q4 us-gaap Long Term Debt Noncurrent
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2965508
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10233720
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
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162000
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-2379497
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
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8852798
CY2017 us-gaap Net Income Loss
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5261411
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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889298
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CY2017 us-gaap Payments To Acquire Buildings
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14000886
CY2016 us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
CY2017 us-gaap Payments To Acquire Businesses Gross
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419813
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
-724564
CY2017Q4 us-gaap Other Assets Current
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167425
CY2016Q4 us-gaap Other Assets Current
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235537
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CY2017 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
10387500
CY2016 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
CY2017 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
146220
CY2016 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
462000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
35522568
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
20206400
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28839457
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14344924
CY2017 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1413
CY2016 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-16395
CY2017 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
300000
CY2016 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
300000
CY2017 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
437157
CY2016 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
433844
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
207930
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
124730
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
256000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
15379733
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
10118322
CY2017 us-gaap Revenue Recognition Percentage Of Completion Method
RevenueRecognitionPercentageOfCompletionMethod
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Revenue Recognition.<div style="display: inline; font-family:'Times New Roman', Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We earn revenue from the sale of custom equipment to customers around the world. A large portion of our revenue is derived from contracts relating to the design, development or manufacture of complex equipment to a buyer&#x2019;s specification and is recognized in accordance with FASB ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35.</div> For these contracts, we primarily apply the percentage-<div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">of-completion accounting method and generally recognize revenue based on the relationship of total <div style="display: inline; font-family:'Times New Roman', Times, serif;font-size:10pt;">costs incurred to total projected costs. Profits expected to be realized on such contracts are based on total estimated sales for the contract compared to total estimated costs, including warranty costs, at completion of the contract.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Direct costs which include materials, labor and overhead are charged to work-in-progress (including our contracts-in-progress) inventory or cost of sales. Indirect costs relating to long-term contracts, which include expenses such as general and administrative, are charged to expense as incurred and are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> included in our work-in-process (including our contracts-in-progress) inventory or cost of sales. Total estimates are reviewed and revised periodically throughout the lives of the contracts, and adjustments to profits resulting from such revisions are made cumulative to the date of the change. Estimated losses on long-term contracts are recorded in the period in which the losses become evident.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We have been engaged in the production and delivery of goods on a continual basis under contractual arrangements for many years. Historically, we have demonstrated an ability to accurately estimate total revenues and total expenses relating to our long-term contracts. However, there exist many inherent risks and uncertainties in estimating revenues, expenses and progress toward completion, particularly on larger or longer-term contracts. If we do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> estimate the total sales, related costs and progress toward completion on such contracts, the estimated gross margins <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be significantly impacted or losses <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>need to be recognized in future periods. Any such resulting changes in margins or contract losses could be material to our results of operations and financial condition.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Adoption of New Revenue Standard</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>The Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued Accounting Standards Update (&#x201c;ASU&#x201d;) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> &#x201c;Revenue from Contracts with Customers&#x201d; (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>), which changes the criteria for recognizing revenue. The standard requires an entity which recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard requires a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-step process for recognizing revenues including identifying the contract with the customer, identifying the performance obligations in the contract, determining the transaction prices, allocating the transaction price to the performance obligations in the contract, and recognizing revenue when (or as) the entity satisfies a performance obligation. Publicly-traded companies were initially required to adopt the ASU for reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2016; </div>however, the FASB, in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2015, </div>then issued Accounting Standards Update (&#x201c;ASU&#x201d;) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div> to defer the effective date of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> for all entities by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year. <div style="display: inline; font-family:'Times New Roman', Times, serif;font-size:10pt;">The Company has completed its assessment of the impact that the standard will have on revenue recognition. The Company has reviewed contracts for all material revenue streams and </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">assessed potential impacts on the Company<div style="display: inline; font-family:'Times New Roman', Times, serif;font-size:10pt;">&#x2019;s consolidated financial statements, results of operations, disclosures, and internal controls over financial reporting. The Company currently recognizes a significant majority of its revenue over time. Management has determined that this will remain materially consistent upon adoption of the new standard and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> adjustment to beginning retained earnings will be necessary upon adoption. Additionally, the Company will make additional disclosures related to the revenues arising from contracts with customers as required by the new standard. The Company has adopted this guidance in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> using the modified retrospective approach.</div></div></div></div>
CY2017 us-gaap Revenues
Revenues
41128639
CY2016 us-gaap Revenues
Revenues
20955347
CY2017 us-gaap Selling Expense
SellingExpense
1404938
CY2016 us-gaap Selling Expense
SellingExpense
1097661
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
932743
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
775757
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
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6375848
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6285815
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
203000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
284730
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
387930
CY2017 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
42000
CY2016 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
28000
CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
34000
CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
100000
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
775757
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
932743
CY2016 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
462000
CY2017 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
146220
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
40653636
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
34313262
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
33224629
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Use of Estimates</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company<div style="display: inline; font-family:'Times New Roman', Times, serif;font-size:10pt;">&#x2019;s significant estimates are the accounting for certain items such as revenues on long-term contracts recognized on the percentage-of-completion method, depreciation and amortization, valuation of inventories at the lower of cost or market; allowance for doubtful accounts receivable; valuation allowances for deferred tax assets, impairment considerations of long-lived assets and stock-based compensation and costs associated with product warranties.</div></div></div></div>
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6387464
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6285815

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