v3.26.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2026
Summary of Significant Accounting Policies [Line Items]  
Schedule of Allowance for Credit Losses

The activity for the allowance for credit losses during the three months ended March 31, 2026 and 2025 is set forth in the table below:

 

   Balance at       Deductions   Balance at 
   Beginning of   Charged to   from the   End of 
   Period   Expenses   Allowance   Period 
Three Months ended March 31, 2026 Allowance for Credit Losses  $464,000   $165,000   $
            -
   $629,000 
Three Months ended March 31, 2025 Allowance for Credit Losses  $396,000   $20,000   $
-
   $416,000 
Schedule of Inventories

Inventories consist of the following at:

 

   March 31,   December 31, 
   2026   2025 
Raw Materials  $6,372,000   $7,306,000 
Work In Progress   18,663,000    17,072,000 
Semi-Finished Goods   9,428,000    9,206,000 
Final-Finished Goods   819,000    677,000 
Total Inventory  $35,282,000   $     34,261,000 
Schedule of Credit and Concentration Risks

The composition of customers that exceeded 10% of net sales for the three months ended March 31, 2026 and 2025 are shown below:

 

Customer  Percentage of Net Sales 
   2026   2025 
Lockheed Martin   34.4%   39.6%
RTX (a)   28.4%   28.8%

 

(a)RTX includes Collins Landing Systems and Collins Aerostructures

 

The composition of customers that exceed 10% of accounts receivable at March 31, 2026 and December 31, 2025 are shown below: 

 

Customer  Percentage of Net Receivables 
   March 31,   December 31, 
   2026   2025 
RTX (a)   43.5%   39.8%
Lockheed Martin   16.4%   11.9%

 

(a)RTX includes Collins Landing Systems and Collins Aerostructures
Schedule of Revenue from Contracts with Customers

The following table summarizes revenue from contracts with customers for the three month periods ended March 31, 2026 and 2025:

 

Product  March 31,
2026
   March 31,
2025
 
Military  $7,646,000   $8,340,000 
Commercial   3,960,000    3,795,000 
           
Total  $11,606,000   $12,135,000 
Schedule of Reconciles Cash and Restricted Cash

The following table reconciles cash and restricted cash reported in the condensed consolidated balance sheets to the total amount shown in the condensed consolidated statements of cash flows:

 

   March 31,   December 31, 
   2026   2025 
Cash  $286,000   $680,000 
Restricted Cash   3,930,000    3,930,000 
           
Total  $4,216,000   $4,610,000 
Schedule of Anti-Dilutive Due to the Net Loss Incurred

The following securities have been excluded from the calculation because the effect of including these potential shares was anti-dilutive due to the net loss incurred during that period:

 

   Three Months Ended 
   March 31,   March 31, 
   2026   2025 
Stock Options   395,453    374,503 
Restricted Stock Units   188,418    285,628 
Convertible notes payable   361,700    361,700 
    945,571    1,021,831