SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| Accounting Policies [Abstract] |
|
| SCHEDULE OF INVENTORIES |
Inventories
are as follows as of December 31,
SCHEDULE OF INVENTORIES
| | |
2025 | | |
2024 | |
| Raw materials | |
$ | 20,575 | | |
$ | 21,122 | |
| Work in process | |
| 1,003 | | |
| 892 | |
| Finished goods | |
| 970 | | |
| 1,070 | |
| Reserves | |
| (1,853 | ) | |
| (1,446 | ) |
| Total | |
$ | 20,695 | | |
$ | 21,638 | |
|
| SCHEDULE OF ESTIMATED USEFUL LIVES |
SCHEDULE
OF ESTIMATED USEFUL LIVES
| | |
(in years) | |
| Building | |
| 39 | |
| Leasehold improvements | |
| 3 - 15 | |
| Manufacturing equipment | |
| 3 - 7 | |
| Office and other equipment | |
| 3 - 7 | |
|
| SCHEDULE OF PROPERTY AND EQUIPMENT |
Property
and equipment are as follows as of December 31,
SCHEDULE
OF PROPERTY AND EQUIPMENT
| | |
2025 | | |
2024 | |
| Land | |
$ | - | | |
$ | 148 | |
| Building and leasehold improvements | |
| 3,927 | | |
| 6,027 | |
| Manufacturing equipment | |
| 19,444 | | |
| 20,807 | |
| Office and other equipment | |
| 6,680 | | |
| 6,523 | |
| Accumulated depreciation and amortization | |
| (24,848 | ) | |
| (27,273 | ) |
| Total property and equipment, net | |
$ | 5,203 | | |
$ | 6,232 | |
|
| SCHEDULE OF CONTRACT ASSETS |
Contract
assets, recorded as such in the consolidated balance sheets, consist of unbilled amounts related to net sales recognized over time. Changes
in the contract assets balance during the years ended December 31, 2025 and 2024 were as follows:
SCHEDULE
OF CONTRACT ASSETS
| Balance outstanding as of December 31, 2023 | |
$ | 14,481 | |
| Increase (decrease) attributed to: | |
| | |
| Amounts transferred over time to contract assets | |
| 97,724 | |
| Reversal of allowance for current expected credit losses | |
| 4 | |
| Amounts invoiced during the period | |
| (98,417 | ) |
| Balance outstanding as of December 31, 2024 | |
$ | 13,792 | |
| Increase (decrease) attributed to: | |
| | |
| Amounts transferred over time to contract assets | |
| 89,530 | |
| Allowance for current expected credit losses | |
| (1 | ) |
| Amounts invoiced during the period | |
| (88,137 | ) |
| Balance outstanding as of December 31, 2025 | |
$ | 15,184 | |
|
| SCHEDULE OF NET SALES BY MARKET |
The
following tables summarize our net sales by market for the years ended December 31, 2025 and 2024:
SCHEDULE
OF NET SALES BY MARKET
| | |
| | |
| | |
| | |
| |
| | |
Year Ended December 31, 2025 | |
| | |
Product/ Service Transferred Over Time | | |
Product Transferred at Point in Time | | |
Noncash Consideration | | |
Total Net Sales by Market | |
| Medical Device | |
$ | 22,361 | | |
$ | 7,387 | | |
$ | 2,182 | | |
$ | 31,930 | |
| Medical Imaging | |
| 31,908 | | |
| 7,996 | | |
| 95 | | |
| 39,999 | |
| Industrial | |
| 22,152 | | |
| 8,153 | | |
| 635 | | |
| 30,940 | |
| Aerospace and Defense | |
| 13,109 | | |
| 2,124 | | |
| 263 | | |
| 15,496 | |
| Total net sales | |
$ | 89,530 | | |
$ | 25,660 | | |
$ | 3,175 | | |
$ | 118,365 | |
| | |
| | |
| | |
| | |
| |
| | |
Year Ended December 31, 2024 | |
| | |
Product/ Service Transferred Over Time | | |
Product Transferred at Point in Time | | |
Noncash Consideration | | |
Total Net Sales by Market | |
| Medical Device | |
$ | 24,085 | | |
$ | 7,487 | | |
$ | 3,064 | | |
$ | 34,636 | |
| Medical Imaging | |
| 29,362 | | |
| 8,104 | | |
| 26 | | |
| 37,492 | |
| Industrial | |
| 25,652 | | |
| 8,620 | | |
| 1,245 | | |
| 35,517 | |
| Aerospace and Defense | |
| 18,625 | | |
| 1,658 | | |
| 205 | | |
| 20,488 | |
| Total net sales | |
$ | 97,724 | | |
$ | 25,869 | | |
$ | 4,540 | | |
$ | 128,133 | |
|
| SCHEDULE OF BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING |
SCHEDULE
OF BASIC AND DILUTED WEIGHTED
AVERAGE SHARES OUTSTANDING
| | |
2025 | | |
2024 | |
| | |
Years Ended December 31, | |
| | |
2025 | | |
2024 | |
| Basic weighted average shares outstanding | |
| 2,776,680 | | |
| 2,755,041 | |
| Dilutive effect of outstanding stock options and non-vested restricted stock units1 | |
| - | | |
| - | |
| Diluted weighted average shares outstanding | |
| 2,776,680 | | |
| 2,755,041 | |
| 1 |
The
following items were excluded from the computation of diluted weighted-average shares outstanding as their inclusion would be anti-dilutive: |
| |
a. |
For
the year ended December 31, 2025, restricted stock units and stock options totaling 533,846. |
| |
b. |
For
the year ended December 31, 2024, restricted stock units and stock options totaling 477,541. |
|