v3.26.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Summary of Significant Accounting Policies [Line Items]  
Schedule of Allowance for Credit Losses

The activity for the allowance for credit losses during the six months ended June 30, 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  
Six Months ended June 30, 2026 Allowance for Credit Losses   $ 464,000     $ 165,000     $ (75,000 )   $ 554,000  
Six Months ended June 30, 2025 Allowance for Credit Losses   $ 396,000     $ 28,000     $ (56,000 )   $ 368,000  
Schedule of Inventories

Inventories consist of the following at:

 

    June 30,     December 31,  
    2026     2025  
Raw Materials   $ 6,641,000     $ 7,306,000  
Work In Progress     19,815,000       17,072,000  
Semi-Finished Goods     9,503,000       9,206,000  
Final-Finished Goods     740,000       677,000  
Total Inventory   $ 36,699,000     $ 34,261,000  
Schedule of Credit and Concentration Risks

The composition of customers that exceeded 10% of net sales for the three months ended June 30, 2026 and 2025 are shown below:

 

Customer   Percentage of Net Sales  
    2026     2025  
Lockheed Martin     28.1 %     27.5 %
RTX (a)     25.4 %     44.3 %
Ontic     10.8 %     2.5 %

 

(a) RTX includes Collins Landing Systems and Collins Aerostructures

 

The composition of customers that exceeded 10% of net sales for the six months ended June 30, 2026 and 2025 are shown below:

 

Customer   Percentage of Net Sales  
    2026     2025  
Lockheed Martin     31.5 %     33.4 %
RTX (a)     26.9 %     36.7 %

 

(a) RTX includes Collins Landing Systems and Collins Aerostructures

 

The composition of customers that exceed 10% of accounts receivable at June 30, 2026 and December 31, 2025 are shown below:

 

Customer   Percentage of Net Receivables  
    June 30,     December 31,  
    2026     2025  
RTX (a)     37.8 %     39.8 %
Ontic     18.2 %     7.6 %
Fokker     12.1 %     7.2 %
Lockheed Martin     8.6 %     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 and six months ending June 30, 2026 and 2025:

 

    Three Months Ended     Six Months Ended  
Product   June 30,
2026		     June 30,
2025		     June 30,
2026		     June 30,
2025		  
Military   $ 8,164,000     $ 6,831,000     $ 15,810,000     $ 15,171,000  
Commercial     3,831,000       5,828,000       7,791,000       9,631,000  
                                 
Total   $ 11,995,000     $ 12,659,000     $ 23,601,000     $ 24,802,000  
Schedule of Anti-Dilutive Due to the Net Loss Incurred

The following securities have been excluded from the calculation as the exercise price was greater than the average market price of the common stock and because the effect of including these potential shares was anti-dilutive due to net loss incurred during the period:

 

    Three Months Ended     Six Months Ended  
    June 30,     June 30,     June 30,     June 30,  
    2026     2025     2026     2025  
Stock Options     395,453       374,503       395,453       374,503  
Restricted Stock Units     60,086       190,418       60,086       190,418  
Convertible Notes Payable     361,700       361,700       361,700       361,700  
      817,239       926,621       817,239       926,621