2021 Form 10-K Financial Statement

#000149315222020976 Filed on August 02, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $24.43M $6.570M $19.09M
YoY Change 28.01% 11.54% 2.02%
Cost Of Revenue $13.03M $1.810M $7.187M
YoY Change 81.28% -44.31% -20.14%
Gross Profit $11.41M $4.760M $11.90M
YoY Change -4.16% 80.3% 22.56%
Gross Profit Margin 46.68% 72.45% 62.35%
Selling, General & Admin $8.085M $3.020M $9.070M
YoY Change -10.86% 48.77% 11.84%
% of Gross Profit 70.89% 63.45% 76.22%
Research & Development $1.866M $400.0K $1.603M
YoY Change 16.37% 60.0% 18.77%
% of Gross Profit 16.36% 8.4% 13.47%
Depreciation & Amortization $589.1K $110.0K $380.2K
YoY Change 54.95% -191.67% 22.63%
% of Gross Profit 5.16% 2.31% 3.19%
Operating Expenses $9.951M $3.420M $10.67M
YoY Change -6.77% 49.34% 12.95%
Operating Profit $1.454M $1.340M $1.226M
YoY Change 18.57% 282.86% 371.66%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.332M $0.00 $33.29K
YoY Change 3901.39% -69.74%
Pretax Income $2.786M $1.340M $1.260M
YoY Change 121.19% 272.22% 240.43%
Income Tax $246.1K -$260.0K -$218.8K
% Of Pretax Income 8.83% -19.4% -17.37%
Net Earnings $2.540M $1.600M $1.478M
YoY Change 71.81% -2385.71% -1948.0%
Net Earnings / Revenue 10.4% 24.35% 7.75%
Basic Earnings Per Share $0.25 $0.19
Diluted Earnings Per Share $0.25 $198.0K $0.19
COMMON SHARES
Basic Shares Outstanding 10.01M shares 7.757M shares
Diluted Shares Outstanding 10.06M shares 7.836M shares

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.71M $6.840M $6.840M
YoY Change 188.14% 105.41% 105.41%
Cash & Equivalents $19.71M $6.842M $6.840M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $940.9K $380.0K $380.0K
YoY Change 147.6% 8.57% 8.57%
Inventory $5.015M $3.516M $3.520M
Prepaid Expenses
Receivables $7.843M $1.378M $6.790M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $33.51M $17.53M $17.53M
YoY Change 91.14% 52.01% 52.04%
LONG-TERM ASSETS
Property, Plant & Equipment $13.65M $1.382M $2.480M
YoY Change 450.37% -42.9% 2.48%
Goodwill
YoY Change
Intangibles $271.0K
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $1.884M $500.1K $2.480M
YoY Change -24.05% -76.85% 14.81%
Total Long-Term Assets $16.07M $5.226M $5.220M
YoY Change 207.81% -11.87% -11.97%
TOTAL ASSETS
Total Short-Term Assets $33.51M $17.53M $17.53M
Total Long-Term Assets $16.07M $5.226M $5.220M
Total Assets $49.58M $22.75M $22.75M
YoY Change 117.91% 30.32% 30.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $789.4K $345.6K $350.0K
YoY Change 125.54% -44.26% -43.55%
Accrued Expenses $1.654M $1.320M $1.320M
YoY Change 25.32% 6.45% 26.92%
Deferred Revenue $4.709M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $236.3K $270.0K $270.0K
YoY Change -12.49%
Total Short-Term Liabilities $7.563M $7.258M $7.260M
YoY Change 4.17% 66.47% 66.51%
LONG-TERM LIABILITIES
Long-Term Debt $8.280M $1.060M $1.060M
YoY Change 681.17%
Other Long-Term Liabilities $2.503M $2.770M
YoY Change -9.62% -5.14%
Total Long-Term Liabilities $10.78M $3.837M $3.830M
YoY Change 181.56% 31.4% 31.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.563M $7.258M $7.260M
Total Long-Term Liabilities $10.78M $3.837M $3.830M
Total Liabilities $18.35M $11.09M $11.09M
YoY Change 65.43% 52.4% 52.34%
SHAREHOLDERS EQUITY
Retained Earnings -$2.236M
YoY Change
Common Stock $778.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.23M $11.66M $11.66M
YoY Change
Total Liabilities & Shareholders Equity $49.58M $22.75M $22.75M
YoY Change 117.91% 30.32% 30.3%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income $2.540M $1.600M $1.478M
YoY Change 71.81% -2385.71% -1948.0%
Depreciation, Depletion And Amortization $589.1K $110.0K $380.2K
YoY Change 54.95% -191.67% 22.63%
Cash From Operating Activities -$125.7K $2.420M $2.246M
YoY Change -105.6% -241.52% -257.04%
INVESTING ACTIVITIES
Capital Expenditures $3.449M $320.0K
YoY Change -239.13%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $1.920M
YoY Change -100.0% 21.52%
Cash From Investing Activities -$3.736M $320.0K $1.853M
YoY Change -301.61% -239.13% 164.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $78.21K
YoY Change
Cash From Financing Activities $16.73M 10.00K $1.328M
YoY Change 1159.4% -150.0% -479.5%
NET CHANGE
Cash From Operating Activities -$125.7K 2.420M $2.246M
Cash From Investing Activities -$3.736M 320.0K $1.853M
Cash From Financing Activities $16.73M 10.00K $1.328M
Net Change In Cash $12.87M 2.750M $5.427M
YoY Change 137.09% -240.31% -602.49%
FREE CASH FLOW
Cash From Operating Activities -$125.7K $2.420M $2.246M
Capital Expenditures $3.449M $320.0K
Free Cash Flow -$3.574M $2.100M $2.246M
YoY Change -259.17% -241.89% -508.3%

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CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
380154 usd
CY2021 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
310221 usd
CY2020 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
296346 usd
CY2020 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
291110 usd
CY2021 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
217766 usd
CY2020 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-100000 usd
CY2020 us-gaap Impairment Of Investments
ImpairmentOfInvestments
840000 usd
CY2021 VTSI Gain On Forgiveness Of Note Payable
GainOnForgivenessOfNotePayable
1329280 usd
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
223716 usd
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2518469 usd
CY2020 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-929702 usd
CY2020 us-gaap Increase Decrease In Interest And Dividends Receivable
IncreaseDecreaseInInterestAndDividendsReceivable
-7340 usd
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1498927 usd
CY2020 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2291394 usd
CY2021 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1462152 usd
CY2020 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1828656 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
558442 usd
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
28470 usd
CY2021 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-310380 usd
CY2020 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
148878 usd
CY2021 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
-66788 usd
CY2020 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
66788 usd
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
881662 usd
CY2020 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
394193 usd
CY2021 VTSI Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-321727 usd
CY2020 VTSI Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-297244 usd
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-500731 usd
CY2020 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
2389819 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-125743 usd
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2245637 usd
CY2020 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
1915000 usd
CY2021 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
287106 usd
CY2020 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
62007 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3448678 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3735784 usd
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1852993 usd
CY2020 us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
31183 usd
CY2021 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
78212 usd
CY2021 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
16795000 usd
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
11320 usd
CY2020 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
30166 usd
CY2020 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
1329280 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
16728108 usd
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1328263 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
12866581 usd
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5426893 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6841984 usd
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1415091 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
19708565 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6841984 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
99035 usd
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-118800 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
85703 usd
CY2020 us-gaap Interest Paid Net
InterestPaidNet
8566 usd
CY2021 VTSI Conversion Of Inventory To Property And Equipment
ConversionOfInventoryToPropertyAndEquipment
334637 usd
CY2020 VTSI Conversion Of Inventory To Property And Equipment
ConversionOfInventoryToPropertyAndEquipment
724811 usd
CY2021 us-gaap Notes Issued1
NotesIssued1
8600000 usd
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84C_eus-gaap--UseOfEstimates_zj5gZCER3Vil" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_zSBT43hamqxj">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Significant accounting estimates in these financial statements include valuation assumptions for share-based payments, allowance for doubtful accounts and notes receivable, inventory reserves, accrual for warranty reserves, the carrying value of long-lived assets and intangible assets, income tax valuation allowances, the carrying value of cost basis investments, and the allocation of the transaction price to the performance obligations in our contracts with customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 20pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2021 VTSI Simulatorsand Accessories Revenue
SimulatorsandAccessoriesRevenue
19266079 usd
CY2020 VTSI Simulatorsand Accessories Revenue
SimulatorsandAccessoriesRevenue
13802446 usd
CY2021 VTSI Extended Servicetype Warranties
ExtendedServicetypeWarranties
2924836 usd
CY2020 VTSI Extended Servicetype Warranties
ExtendedServicetypeWarranties
2621440 usd
CY2021 VTSI Customized Software And Customized Content Scenarios
CustomizedSoftwareAndCustomizedContentScenarios
1309910 usd
CY2020 VTSI Customized Software And Customized Content Scenarios
CustomizedSoftwareAndCustomizedContentScenarios
2057744 usd
CY2021 VTSI Installation And Training
InstallationAndTraining
924399 usd
CY2020 VTSI Installation And Training
InstallationAndTraining
556444 usd
CY2021 VTSI Licensing And Royalties Revenue
LicensingAndRoyaltiesRevenue
8832 usd
CY2020 VTSI Licensing And Royalties Revenue
LicensingAndRoyaltiesRevenue
49557 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
24434056 usd
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
19087631 usd
CY2021 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
2924836 usd
CY2020 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
2621440 usd
CY2020 VTSI Conversion Of Inventory To Property And Equipment
ConversionOfInventoryToPropertyAndEquipment
724811 usd
CY2021Q4 VTSI Customer Retainage
CustomerRetainage
0 usd
CY2020Q4 VTSI Customer Retainage
CustomerRetainage
0 usd
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10060748 shares
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
35432 usd
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
34959 usd
CY2020Q4 us-gaap Accounts Notes And Loans Receivable Net Current
AccountsNotesAndLoansReceivableNetCurrent
311367 usd
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
0 usd
CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
311367 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16026518 usd
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
214712 usd
CY2020Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
120652 usd
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7757037 shares
CY2020 us-gaap Impairment Of Investments
ImpairmentOfInvestments
840000 usd
CY2021 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
53362 shares
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3977840 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3161752 usd
CY2021 us-gaap Advertising Expense
AdvertisingExpense
422831 usd
CY2020 us-gaap Advertising Expense
AdvertisingExpense
512655 usd
CY2021 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1865880 usd
CY2020 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1603379 usd
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2596096 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12864766 usd
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_842_eus-gaap--ConcentrationRiskCreditRisk_z0OqdSkKp1qd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zd4Cia7IijO4">Concentration of Credit Risk and Major Customers and Suppliers</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, certificates of deposit, accounts receivable and notes receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s cash, cash equivalents and certificates of deposit are maintained with financial institutions with high credit standings and are FDIC insured deposits. The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled. The standard deposit insurance coverage limit is $<span id="xdx_90A_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_c20211231_z0630HbPFEPg" title="FDIC insured amount">250,000</span> per depositor, per FDIC-insured bank, per ownership category. The Company had uninsured cash and cash equivalents of $<span id="xdx_901_eus-gaap--CashUninsuredAmount_iI_pp0p0_c20211231_z5XJGs5BYxn6" title="Uninsured cash and cash equivalents">19,207,786</span> and $<span id="xdx_902_eus-gaap--CashUninsuredAmount_iI_pp0p0_c20201231_znsxkmNMlCO8" title="Uninsured cash and cash equivalents">6,338,896</span> at December 31, 2021 and 2020, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales are typically made on credit and the Company generally does not require collateral. Management performs ongoing credit evaluations of its customers’ financial condition and maintains an allowance for estimated losses. Historically, the Company has experienced minimal charges relative to doubtful accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management performs ongoing evaluations of the collectability of its notes receivable and maintains an allowance for estimated losses. As of December 31, 2021, the Company did not hold any notes receivables. (See Note 2. Notes Receivable and Note 9 Co-Venture Agreement with Modern Round)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically, the Company primarily sells its products to U.S. federal and state agencies. For the year ended December 31, 2021, one commercial customer comprised <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_dp_uPercentage_c20210101__20210930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerProductAndServiceBenchmarkMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--StatementGeographicalAxis__custom--OneCommercialCustomerMember_zibNPSG1uUjf" title="Concentration of credit risk">13.6</span>% of total sales. By comparison, for the year ended December 31, 2020, one agency comprised <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_uPercentage_c20200101__20201231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerProductAndServiceBenchmarkMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--StatementGeographicalAxis__custom--OneAgencyMember_zVleX0eyEAQk" title="Concentration of credit risk">16</span>% of total net sales.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2021, the Company did not have any customer that accounted for more than 10% of total accounts receivable. By comparison, as of December 31, 2020, one state agency comprised <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPercentage_c20200101__20201231__srt--StatementGeographicalAxis__custom--OneStateAgencyMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zpsfTlINN5w" title="Concentration of credit risk">31</span>% of total accounts receivables.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2021Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2021Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
19207786 usd
CY2020Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
6338896 usd
CY2020 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
78793 shares
CY2021 us-gaap Net Income Loss
NetIncomeLoss
2540089 usd
CY2020 us-gaap Net Income Loss
NetIncomeLoss
1478403 usd
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10007386 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7835830 shares
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.25
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.25
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
CY2021Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
5229636 usd
CY2020Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
3636649 usd
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
214712 usd
CY2020Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
120652 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
5014924 usd
CY2020Q4 us-gaap Inventory Net
InventoryNet
3515997 usd
CY2021 VTSI Conversion Of Inventory To Property And Equipment
ConversionOfInventoryToPropertyAndEquipment
334637 usd
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1381744 usd
CY2021 us-gaap Depreciation
Depreciation
585279 usd
CY2020 us-gaap Depreciation
Depreciation
371265 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
784306 usd
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1390873 usd
CY2021 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
310221 usd
CY2021 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
10800000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
575191 usd
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
288085 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
40112 usd
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
17037 usd
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
535079 usd
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
271048 usd
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
23075 usd
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8889 usd
CY2021 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y7M6D
CY2021 VTSI Borrowing Rate
BorrowingRate
0.045
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1721380 usd
CY2019Q1 us-gaap Deferred Rent Credit
DeferredRentCredit
46523 usd
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1674857 usd
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1094527 usd
CY2021Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
16523 usd
CY2020Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
634 usd
CY2021Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
483311 usd
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
390562 usd
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
131152 usd
CY2020Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
366827 usd
CY2021Q4 us-gaap Deferred Tax Assets Investments
DeferredTaxAssetsInvestments
83277 usd
CY2020Q4 us-gaap Deferred Tax Assets Investments
DeferredTaxAssetsInvestments
89000 usd
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1094527 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
347772 usd
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
321727 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
505383 usd
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
853155 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
853155 usd
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1174882 usd
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
379097 usd
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
900811 usd
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
47656 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
853155 usd
CY2021Q4 us-gaap Advance Rent
AdvanceRent
0 usd
CY2020Q4 us-gaap Advance Rent
AdvanceRent
0 usd
CY2021 us-gaap Payments For Rent
PaymentsForRent
356555 usd
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CY2021 VTSI Effective Income Tax Rate Reconciliation True Ups To Tax Return And Other Percentage
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2020 VTSI Effective Income Tax Rate Reconciliation True Ups To Tax Return And Other Percentage
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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CY2021Q4 VTSI Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable And Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAndOutstandingAggregateIntrinsicValue
392065 usd
CY2020Q4 VTSI Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable And Outstanding Aggregate Intrinsic Value
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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0 usd
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
0 usd

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