0001214659-18-005241.txt : 20180806 0001214659-18-005241.hdr.sgml : 20180806 20180806170121 ACCESSION NUMBER: 0001214659-18-005241 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 72 CONFORMED PERIOD OF REPORT: 20180701 FILED AS OF DATE: 20180806 DATE AS OF CHANGE: 20180806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNIROYAL GLOBAL ENGINEERED PRODUCTS, INC. CENTRAL INDEX KEY: 0001172706 STANDARD INDUSTRIAL CLASSIFICATION: TEXTILE MILL PRODUCTS [2200] IRS NUMBER: 651005398 STATE OF INCORPORATION: NV FISCAL YEAR END: 0103 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-50081 FILM NUMBER: 18995433 BUSINESS ADDRESS: STREET 1: 1800 2ND STREET STREET 2: SUITE 970 CITY: SARASOTA STATE: FL ZIP: 34236 BUSINESS PHONE: (941) 906-8580 MAIL ADDRESS: STREET 1: 1800 2ND STREET STREET 2: SUITE 970 CITY: SARASOTA STATE: FL ZIP: 34236 FORMER COMPANY: FORMER CONFORMED NAME: INVISA INC DATE OF NAME CHANGE: 20020507 10-Q 1 r8318110q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 1, 2018
☐		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________

Commission file number: 000-50081

UNIROYAL GLOBAL ENGINEERED PRODUCTS, INC.

(Name of registrant as specified in its charter)

Nevada		65-1005398
(State or Other Jurisdiction of Organization)		(IRS Employer Identification Number)

1800 2nd Street, Suite 970

Sarasota, FL 34236

(Address of principal executive offices)

(941) 906-8580

(Issuer’s telephone number)

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

	Large accelerated filer ☐	Accelerated filer ☐
	Non-accelerated filer ☐ (Do not check if smaller reporting company)	Smaller reporting company ☑
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of August 1, 2018, the issuer had 17,070,928 shares of ordinary Common Stock, $0.001 par value, and 1,619,102 shares of Class B Common Stock, $0.001 par value, outstanding.

UNIROYAL GLOBAL ENGINEERED PRODUCTS, INC.

Form 10-Q

Table of Contents

		Page

Cautionary Note Regarding Forward-Looking Statements		3

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	4

	Consolidated Balance Sheets	4
	Consolidated Statements of Operations	5
	Consolidated Statements of Comprehensive Income (Loss)	6
	Consolidated Statements of Changes in Stockholders’ Equity	7
	Consolidated Statements of Cash Flows	8
	Notes to Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25

Item 4.	Controls and Procedures	25

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	26

Item 1A.	Risk Factors	26

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26

Item 3.	Defaults Upon Senior Securities	26

Item 4.	Mine Safety Disclosures	26

Item 5.	Other Information	26

Item 6.	Exhibits	27

Signatures		27

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Except for statements of historical fact, certain information contained herein constitutes forward-looking statements including, without limitation, statements containing the words “believes,” “anticipates,” “intends,” “expects,” and words of similar import, as well as all references to future results. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results or achievements of Uniroyal Global Engineered Products, Inc. to be materially different from any future results or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the following: risks involved in implementing our business strategy, our ability to obtain financing on acceptable terms, competition, our ability to manage growth, pricing and availability of equipment, materials and inventories, performance issues with suppliers, economic growth, the Company’s ability to successfully integrate acquired operations, currency fluctuations, risks of technological change, the effectiveness of cost-reduction plans, our dependence on key personnel, our ability to protect our intellectual property rights, risks of new technology and new products, and government regulation. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any such forward-looking statements to reflect events, developments or circumstances after the date hereof.

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Part 1 - FINANCIAL INFORMATION

Item 1 - Financial Statements

Uniroyal Global Engineered Products, Inc.

Consolidated Balance Sheets

	(Unaudited)
ASSETS	July 1, 2018			December 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$	903,082		$	1,267,319
Accounts receivable, net		16,011,212			15,167,468
Inventories, net		19,368,331			19,769,662
Other current assets		877,091			846,362
Related party receivable		2,073			37,116
Total Current Assets		37,161,789			37,087,927

PROPERTY AND EQUIPMENT, NET		18,043,816			17,289,058

OTHER ASSETS
Intangible assets		3,231,439			3,295,896
Goodwill		1,079,175			1,079,175
Other long-term assets		3,921,695			3,902,246
Total Other Assets		8,232,309			8,277,317

TOTAL ASSETS	$	63,437,914		$	62,654,302

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Checks issued in excess of bank balance	$	705,321		$	686,640
Lines of credit		19,650,799			19,340,468
Current maturities of long-term debt		1,187,384			1,155,490
Current maturities of capital lease obligations		416,588			408,425
Accounts payable		10,363,209			10,358,761
Accrued expenses and other liabilities		3,894,980			3,594,684
Related party obligation		768,036			286,955
Current portion of postretirement benefit liability - health and life		143,287			143,287
Total Current Liabilities		37,129,604			35,974,710

LONG-TERM LIABILITIES
Long-term debt, less current portion		2,684,591			2,467,433
Capital lease obligations, less current portion		301,787			531,218
Related party lease financing obligation		2,468,248			2,153,327
Long-term debt to related parties		2,459,393			2,765,655
Postretirement benefit liability - health and life, less current portion		2,522,261			2,547,076
Other long-term liabilities		785,129			822,492
Total Long-Term Liabilities		11,221,409			11,287,201
Total Liabilities		48,351,013			47,261,911

STOCKHOLDERS' EQUITY
Preferred units, Series A UEP Holdings, LLC, 200,000 units issued and outstanding ($100 issue price)		617,571			617,571
Preferred units, Series B UEP Holdings, LLC, 150,000 units issued and outstanding ($100 issue price)		463,179			463,179
Preferred stock, Uniroyal Global (Europe) Limited, 50 shares issued and outstanding ($1.51 stated value)		75			75
Common stock, 95,000,000 shares authorized ($.001 par value) 18,690,030 shares issued and outstanding as of both July 1, 2018 and December 31, 2017		18,690			18,690
Additional paid-in capital		35,138,353			34,944,972
Accumulated deficit		(20,423,375	)		(20,276,944	)
Accumulated other comprehensive loss		(727,592	)		(375,152	)
Total Stockholders' Equity		15,086,901			15,392,391

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	63,437,914		$	62,654,302

See accompanying notes to the consolidated financial statements.

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Uniroyal Global Engineered Products, Inc.

Consolidated Statements of Operations

(Unaudited)

	Three Months Ended						Six Months Ended
	July 1, 2018			July 2, 2017			July 1, 2018			July 2, 2017

NET SALES	$	26,023,233		$	26,077,549		$	52,452,920		$	51,835,978

COST OF GOODS SOLD		21,259,055			20,740,966			43,071,248			41,123,248

Gross Profit		4,764,178			5,336,583			9,381,672			10,712,730

OPERATING EXPENSES:
Selling		1,200,051			1,325,397			2,549,081			2,610,344
General and administrative		1,658,665			1,929,780			3,606,966			3,751,246
Research and development		430,565			437,104			852,528			970,958
OPERATING EXPENSES		3,289,281			3,692,281			7,008,575			7,332,548

Operating Income		1,474,897			1,644,302			2,373,097			3,380,182

OTHER INCOME (EXPENSE):
Interest and other debt related expense		(473,663	)		(408,794	)		(930,027	)		(798,650	)
Other income (expense)		(19,220	)		(92,379	)		14,062			6,875
Net Other Expense		(492,883	)		(501,173	)		(915,965	)		(791,775	)

INCOME BEFORE TAX PROVISION		982,014			1,143,129			1,457,132			2,588,407

TAX PROVISION		57,521			191,343			43,000			425,929

NET INCOME		924,493			951,786			1,414,132			2,162,478

Preferred stock dividend		(776,104	)		(737,320	)		(1,560,563	)		(1,477,236	)

NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	148,389		$	214,466		$	(146,431	)	$	685,242

EARNINGS (LOSS) PER COMMON SHARE:
Basic	$	0.01		$	0.01		$	(0.01	)	$	0.04
Diluted	$	0.01		$	0.01		$	(0.01	)	$	0.04
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		18,690,030			18,704,024			18,690,030			18,713,625
Diluted		18,690,030			18,809,598			18,690,030			18,810,191

See accompanying notes to the consolidated financial statements.

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Uniroyal Global Engineered Products, Inc.

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

	Three Months Ended						Six Months Ended
	July 1, 2018			July 2, 2017			July 1, 2018			July 2, 2017

NET INCOME	$	924,493		$	951,786		$	1,414,132		$	2,162,478

OTHER COMPREHENSIVE INCOME (LOSS):
Minimum benefit liability adjustment		(29,931	)		-			(59,462	)		-
Foreign currency translation adjustment		(776,546	)		397,035			(292,978	)		542,154
OTHER COMPREHENSIVE INCOME (LOSS)		(806,477	)		397,035			(352,440	)		542,154

COMPREHENSIVE INCOME		118,016			1,348,821			1,061,692			2,704,632

Preferred stock dividend		(776,104	)		(737,320	)		(1,560,563	)		(1,477,236	)

COMPREHENSIVE INCOME (LOSS) TO COMMON SHAREHOLDERS	$	(658,088	)	$	611,501		$	(498,871	)	$	1,227,396

See accompanying notes to the consolidated financial statements.

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Uniroyal Global Engineered Products, Inc.

Consolidated Statement of Changes in Stockholders' Equity

For the Six Months Ended July 1, 2018

(Unaudited)

	UEPH Series A				UEPH Series B				EPAL Preferred				Common Stock									Accumu-
	Units		Amount		Units		Amount		Shares		Amount		Shares		Amount		Additional Paid In Capital		Accumulated Deficit			lated Other Compre- hensive Loss			Total Equity
Balance December 31, 2017		200,000	$	617,571		150,000	$	463,179		50	$	75		18,690,030	$	18,690	$	34,944,972	$	(20,276,944	)	$	(375,152	)	$	15,392,391
Net income		-		-		-		-		-		-		-		-		-		1,414,132			-			1,414,132
Other comprehensive loss		-		-		-		-		-		-		-		-		-		-			(352,440	)		(352,440	)
Stock-based compensation expense		-		-		-		-		-		-		-		-		193,381		-			-			193,381
Preferred stock dividend		-		-		-		-		-		-		-		-		-		(1,560,563	)		-			(1,560,563	)
Balance July 1, 2018		200,000	$	617,571		150,000	$	463,179		50	$	75		18,690,030	$	18,690	$	35,138,353	$	(20,423,375	)	$	(727,592	)	$	15,086,901

See accompanying notes to the consolidated financial statements.

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Uniroyal Global Engineered Products, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended
CASH FLOWS FROM OPERATING ACTIVITIES	July 1, 2018			July 2, 2017

Net income	$	1,414,132		$	2,162,478
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation		1,063,767			849,968
Stock-based compensation expense		193,381			206,645
Amortization of intangible assets		10,002			10,002
Loss on disposal of property and equipment		6,523			835
Noncash postemployment health and life benefit		(59,462	)		-
Changes in assets and liabilities:
Accounts receivable		(1,160,237	)		(2,059,187	)
Inventories		144,368			(1,854,617	)
Other current assets		(47,082	)		(118,244	)
Related party receivable		35,043			28,507
Other long-term assets		(40,223	)		(10,387	)
Accounts payable		187,557			2,609,639
Accrued expenses and other liabilities		361,493			666,371
Postretirement benefit liability - health and life		(24,815	)		(5,605	)
Other long-term liabilities		(16,541	)		(38,380	)
Cash provided by operating activities		2,067,906			2,448,025

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(1,277,121	)		(955,496	)
Payments on life insurance policies, net of proceeds from sale of life insurance policy		(106,163	)		(223,761	)
Cash used in investing activities		(1,383,284	)		(1,179,257	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net change in checks issued in excess of bank balance		18,681			37,726
Net advances on lines of credit		389,712			622,911
Payments on long-term debt		(436,276	)		(259,569	)
Proceeds from issuance of long-term debt and capital lease obligations		486,067			-
Payments on capital lease obligations		(205,199	)		(194,782	)
Net change in related party obligation		259,740			(185,209	)
Payment of preferred stock dividends		(1,553,806	)		(1,455,942	)
Purchase and retirement of treasury stock		-			(99,840	)
Cash used in financing activities		(1,041,081	)		(1,534,705	)
Net change in cash and cash equivalents		(356,459	)		(265,937	)
Cash and cash equivalents - beginning of period		1,267,319			1,321,586
Effects of currency translation on cash and cash equivalents		(7,778	)		48,112

CASH AND CASH EQUIVALENTS - END OF PERIOD	$	903,082		$	1,103,761

See Note 2 for noncash transactions and supplemental disclosure of cash flow information.

See accompanying notes to the consolidated financial statements.

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UNIROYAL GLOBAL ENGINEERED PRODUCTS, INC.

Notes to Consolidated Financial Statements

July 1, 2018

(Unaudited)

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared based upon U.S. Securities and Exchange Commission rules that permit reduced disclosure for interim periods. Therefore, they do not include all information and footnote disclosures necessary for a complete presentation of Uniroyal Global Engineered Products, Inc.’s financial position, results of operations and cash flows, in conformity with generally accepted accounting principles. Uniroyal Global Engineered Products, Inc. (the “Company,” “Uniroyal Global,” “we,” or “us”) filed audited consolidated financial statements as of and for the fiscal years ended December 31, 2017 and January 1, 2017 which included all information and notes necessary for such complete presentation in conjunction with its 2017 Annual Report on Form 10-K.

The results of operations for the interim period ended July 1, 2018 are not necessarily indicative of the results to be expected for any future period or the entire fiscal year. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2017, which are contained in the Company’s 2017 Annual Report on Form 10-K.

The Company owns all of the ownership interests in Uniroyal Engineered Products, LLC (“Uniroyal”) and its holding company UEP Holdings, LLC (“UEPH”), a U.S. manufacturer of textured coatings, and all of the ordinary common stock of Uniroyal Global (Europe) Limited (“UGEL”) formerly known as Engineered Products Acquisition Limited (“EPAL”), the holding company for Uniroyal Global Limited (“UGL”) formerly Wardle Storeys (Earby) Limited (“Wardle Storeys”), a European manufacturer of textured coatings and polymer films.

The Company and its subsidiaries have adopted a 52/53-week fiscal year ending on the Sunday nearest to December 31. The current year ending December 30, 2018 and the prior year ended December 31, 2017 are 52-week years.

The accompanying unaudited interim consolidated financial statements contain all adjustments (consisting of normal recurring items) which are, in the opinion of management, necessary for a fair statement of the Company’s financial position as of July 1, 2018 and the results of operations, comprehensive income and cash flows for the interim periods ended July 1, 2018 and July 2, 2017.

The unaudited interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company uses the U.S. dollar as the reporting currency for financial reporting. The financial position and results of operations of the Company’s U.K.-based operations are measured using the British Pound Sterling as the functional currency. See Note 5, Foreign Currency Translation.

Noncash Transactions and Supplemental Disclosure of Cash Flow Information

During the six months ended July 1, 2018 and July 2, 2017, the Company paid down $203,173 and $198,518, respectively, of its term loans using available borrowings on its various lines of credit.

During the six months ended July 1, 2018 and July 2, 2017, the Company entered into several equipment financing obligations with fair values of $793,001 and $678,148, respectively, which are accounted for as capital assets. The fair values were added to property and equipment and a corresponding amount to capital lease or financing obligations.

On April 1, 2018, the Company’s majority shareholder purchased the company owned life insurance policy on his life. The policy had a net value of $128,399 based on the cash surrender value of $578,490 and a policy loan outstanding in the amount of $450,091. After his assumption of a related party demand note payable in the amount of $125,000, the balance due of $3,399 was paid on April 17, 2018.

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Supplemental disclosure of cash paid for the six months ended:

	July 1, 2018		July 2, 2017

Interest expense	$	892,641	$	808,983

Income taxes	$	-	$	-

Derivatives

The Company recognizes all of its derivative instruments as either assets or liabilities in the balance sheet at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, as to whether the hedge is a cash flow hedge or a fair value hedge.

The Company incurs foreign currency risk on sales and purchases denominated in other currencies, primarily the British Pound Sterling and the Euro. Foreign currency exchange contracts are used by the Company principally to limit the exchange rate fluctuations of the Euro. The Euro risk is partially limited due to natural cash flow offsets. Currency exchange contracts are purchased for approximately 25% of the net risk. These contracts are not designated as cash flow hedges for accounting purposes. Changes in fair value of these contracts are reported in net earnings as part of other expense.

Fair Value of Financial Instruments

The Company’s short-term financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and lines of credit. The Company adjusts the carrying value of financial instruments denominated in other currencies such as cash, receivables, accounts payable and lines of credit using the appropriate exchange rates at the balance sheet date. The Company believes that the carrying values of these short-term financial instruments approximate their estimated fair values.

The fair value of the Company’s long-term debt is estimated based on current rates for similar instruments with the same remaining maturities. In determining the current interest rates for similar instruments, the Company takes into account its risk of nonperformance. The Company believes that the carrying value of its long-term debt approximates its estimated fair value.

The Company uses foreign currency exchange contracts which are recorded at their estimated fair values in the accompanying Consolidated Balance Sheets. The fair values of the contracts at July 1, 2018 and December 31, 2017 were a net liability of $12,402 included in other current liabilities and a net asset of $13,292 included in other current assets, respectively. The fair values of the currency exchange contracts are based upon observable market transactions of spot and forward rates.

For the six months ended July 1, 2018, there have been no changes in the application of valuation methods applied to similar assets and liabilities.

Foreign Currency Translation

The financial position and results of operations of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities of operations denominated in foreign currencies are translated into U.S. dollars at exchange rates in effect at the balance sheet date, while the capital accounts are translated at the historical rate for the date they were recognized. Revenues and expenses are translated at the weighted average exchange rates during the reporting period. The resulting translation gains and losses on assets and liabilities are recorded in accumulated other comprehensive income (loss) and are excluded from net income until realized through a sale or liquidation of the investment. Transaction gains and losses generated from the remeasurement of assets and liabilities denominated in currencies other than the functional currency of our foreign operations are included in Other Income (Expense) in the accompanying Consolidated Statements of Operations.

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Inventories

Inventories consist of the following:

	July 1, 2018			December 31, 2017

Raw materials	$	5,946,936		$	5,572,253
Work-in-process		4,707,300			5,342,359
Finished goods		10,172,362			10,377,480
		20,826,598			21,292,092
Less: Allowance for inventory obsolescence		(1,458,267	)		(1,522,430	)

Total Inventories	$	19,368,331		$	19,769,662

Other Long-term Assets

Other long-term assets consist of the following:

	July 1, 2018		December 31, 2017

Deferred tax asset	$	3,272,950	$	3,167,092
Other		648,745		735,154

Total Other Long-term Assets	$	3,921,695	$	3,902,246

Other Long-term Liabilities

Other long-term liabilities consist of the following:

	July 1, 2018		December 31, 2017

Deferred tax liability	$	765,308	$	793,145
Other		19,821		29,347

Total Other Long-term Liabilities	$	785,129	$	822,492

Lines of Credit

The Company’s Uniroyal subsidiary has available a $30,000,000 revolving line of credit financing agreement with Wells Fargo Capital Finance, LLC (“Uniroyal Line of Credit”), which matures on October 17, 2019. Interest is payable monthly at the Eurodollar rate plus 2.25% or Wells Fargo Capital Finance, LLC's prime rate at the Company's election on outstanding balances up to $6,000,000 and prime rate on amounts in excess of $6,000,000. Borrowings on the line of credit are subject to the underlying borrowing base specified in the agreement. The underlying borrowing base is currently determined based upon eligible accounts receivable, inventories and equipment. The line of credit is secured by substantially all of Uniroyal's assets and includes certain financial and restrictive covenants.

The outstanding balance on the Uniroyal Line of Credit was $9,967,330 and $10,376,881 as of July 1, 2018 and December 31, 2017, respectively. The Company has classified the outstanding balance on this line of credit within current liabilities in the accompanying Consolidated Balance Sheets.

The Company’s U.K. subsidiary has available a £10,000,000 (approximately $13.2 million) revolving line of credit financing agreement with Lloyds Bank Commercial Finance Limited (“U.K. Line of Credit”), which is subject to a six-month notice by either party. The line has several tranches based on currency or underlying security. Interest is payable monthly at the base rate (U.K. LIBOR or Lloyds Bank Base Rate as published) plus 1.95% to 2.45% depending on the tranche. Borrowings on the line of credit are subject to the underlying borrowing base specified in the agreement. The underlying borrowing base is currently determined based upon eligible accounts receivable and inventories. The line of credit is secured by substantially all of the subsidiary's assets and includes certain financial and restrictive covenants.

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The outstanding balance on the U.K. Line of Credit was £7,359,786 and £6,631,172 ($9,683,469 and $8,963,587) as of July 1, 2018 and December 31, 2017, respectively. The Company has classified the outstanding balance on this line of credit within current liabilities in the accompanying Consolidated Balance Sheets.

10.

Long-term Debt

Long-term debt consists of the following:

	Interest Rate	July 1, 2018			December 31, 2017

Wells Fargo Capital Finance LLC	Prime	$	643,925		$	792,525
Lloyds Bank Commercial Finance Limited	LIBOR + 3.15%		52,191			107,238
Kennet Equipment Leasing Limited	10.90%		573,471			691,830
Balboa Capital Corporation	5.72%		-			73,113
Regents Capital Corporation	7.41%		183,548			240,350
De Lage Landen Financial Services	7.35%		81,367			96,123
Ford Motor Credit	4.31%		32,319			36,662
Byline Financial Group	8.55%		17,367			28,344
Regents Capital Corporation	6.20%		254,419			284,852
Regents Capital Corporation	6.47%		276,208			306,702
Regents Capital Corporation	6.50%		137,361			152,169
BB&T Equipment Finance Corporation	4.02%		736,028			813,015
Regents Capital Corporation	6.99%		174,679			-
Lloyds Bank Commercial Finance Limited	LIBOR + 3.50%		464,840			-
BB&T Equipment Finance Corporation	5.12%		244,252			-
			3,871,975			3,622,923
Less: Current portion			(1,187,384	)		(1,155,490	)
Long-term Portion		$	2,684,591		$	2,467,433

In January 2018, the Company signed an agreement with Lloyds Bank Commercial Finance Limited (“Lloyds”) whereby Lloyds will advance funds in three tranches to finance the purchase of a regenerative thermal oxidizer to be used in the Company’s U.K. manufacturing facility. The maximum amount of this financing obligation is £1,177,650 or approximately $1,549,500. The balance of this financing obligation at July 1, 2018 was £353,295 ($464,840), which reflected the first tranche of funds advanced. The second tranche will be advanced in September 2018 and the final tranche in November 2018. Monthly payments will begin in December 2018 and continue over a 60-month period at 3.50% above the base rate (LIBOR).

11.

Related Party Obligations

Long-term debt to related parties consists of the following:

	Interest Rate	July 1, 2018			December 31, 2017

Senior subordinated promissory note	9.25%	$	2,000,000		$	2,000,000
Senior secured promissory note	10.00%		918,786			918,786
			2,918,786			2,918,786
Less: Current portion			(459,393	)		(153,131	)
Long-term Portion		$	2,459,393		$	2,765,655

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The Company has a lease financing obligation under which it leases its main U.S. manufacturing facility and certain other property from a related party lessor entity, accrues interest at 18.20% and currently requires monthly principal and interest payments of $36,964, which are adjusted annually based on the consumer price index. The balance of the related party lease financing obligation at July 1, 2018 reflected changes made to the lease agreement during the second quarter of 2018 in recognition of $355,000 of improvements to the leased facility. The lease financing obligation matures on October 31, 2033. The Company has security deposits aggregating $267,500 held by the lessor entity. The lease financing obligation is shown in the accompanying Consolidated Balance Sheets as Related Party Lease Financing Obligation which consists of the following:

	July 1, 2018			December 31, 2017

Related party lease financing obligation	$	2,504,891		$	2,162,151
Less: Current portion		(36,643	)		(8,824	)

Long-term Portion	$	2,468,248		$	2,153,327

The current portions of the long-term debt to related parties and the related party lease financing obligation are combined and are shown in current liabilities as related party obligation. Also included in current liabilities as a related party obligation is a $225,000 subordinated secured promissory note issued to the Company’s majority shareholder on January 9, 2018 and a $47,000 subordinated secured promissory note issued to the Company’s majority shareholder on February 14, 2018. These promissory notes, which are payable on demand, are at a rate of 8%. The $125,000 subordinated secured promissory note that was outstanding at December 31, 2017 was paid during the first quarter of 2018.

	July 1, 2018		December 31, 2017
Current portion of long-term debt to related parties	$	459,393	$	153,131
Current portion of related party lease financing obligation		36,643		8,824
Related party subordinated secured promissory note		225,000		-
Related party subordinated secured promissory note		47,000		-
Related party subordinated secured promissory note		-		125,000

Related Party Obligation	$	768,036	$	286,955

12.

Capital Leases

The Company has several capital leases on equipment which expire from July 2, 2018 through March 2021 with monthly lease payments ranging from approximately $1,577 to $27,603 per month. The capital lease obligations are secured by the related equipment. Assets recorded under capital leases are included in property and equipment in the accompanying Consolidated Balance Sheets. Amortization of items under capital lease obligations has been included with depreciation expense on owned property and equipment in the accompanying Consolidated Statements of Operations. Interest rates on these obligations range from 3.84% to 19.15%.

Capital lease obligations consist of the following:

	July 1, 2018			December 31, 2017

Capital lease obligations	$	718,375		$	939,643
Less: Current portion		(416,588	)		(408,425	)

Long-term Portion	$	301,787		$	531,218

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13.

Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) were as follows:

	Minimum Benefit Liability Adjustments			Foreign Currency Translation Adjustment			Total

Balance at December 31, 2017	$	564,757		$	(939,909	)	$	(375,152	)

Other comprehensive losses before reclassifications		-			(292,978	)		(292,978	)

Reclassification adjustment for gains included in net income		(59,462	)		-			(59,462	)

Balance at July 1, 2018	$	505,295		$	(1,232,887	)	$	(727,592	)

The gains reclassified from accumulated other comprehensive income into income are recorded to the following income statement line items:

Other Comprehensive Income (Loss) Component		Income Statement Line Item

Minimum Benefit Liability Adjustments		General and administrative expense

14.

Stock Based Compensation

On June 25, 2015, the Company’s stockholders approved the adoption of the 2015 Stock Option Plan. This plan provides for the granting of options to purchase the Company’s common stock to employees and directors. The options granted are subject to a vesting schedule as set forth in each individual option agreement. Each option expires on the tenth anniversary of its date of grant unless an earlier termination date is provided in the grant agreement. The maximum aggregate number of shares of common stock that may be optioned and sold under the plan shall be 6% of the shares outstanding on the date of grant. The shares that may be optioned under the plan may be authorized but unissued or may be treasury shares.

Compensation expense is recognized on a straight-line basis over a three-year vesting period from date of grant.

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Stock option activity for the six months ended July 1, 2018 and July 2, 2017 is as follows:

	Stock Options
	Total			Weighted Average Exercise Price		Exercis- able			Weighted Average Exercise Price		Non- Vested			Weighted Average Exercise Price
Outstanding at January 1, 2017		997,750		$	2.80		217,501		$	2.37		780,249		$	2.92
Granted		-			-		-			-		-			-
Vested		-			-		118,415			3.57		(118,415	)		3.57
Exercised		-			-		-			-		-			-
Forfeited or cancelled		(5,000	)		2.37		(5,000	)		2.37		-			-
Outstanding at July 2, 2017		992,750		$	2.80		330,916		$	2.80		661,834		$	2.80

Outstanding at December 31, 2017		961,500		$	2.80		527,165		$	2.63		434,335		$	3.00
Granted		-			-		-			-		-			-
Vested		-			-		112,170			3.57		(112,170	)		3.57
Exercised		-			-		-			-		-			-
Forfeited or cancelled		(15,000	)		2.77		(8,334	)		2.61		(6,666	)		2.97

Outstanding at July 1, 2018		946,500		$	2.80		631,001		$	2.80		315,499		$	2.80

Aggregate Intrinsic Value July 2, 2017	$	535,500				$	178,501				$	356,999

Aggregate Intrinsic Value July 1, 2018	$	-				$	-				$	-

Option expense recognized was $93,420 and $103,323 for the three months ended July 1, 2018 and July 2, 2017, respectively, and $193,381 and $206,645 for the six months ended July 1, 2018 and July 2, 2017, respectively. As of July 1, 2018, there was $150,583 in unrecognized compensation cost related to the options granted under the 2015 Stock Option Plan. We expect to recognize those costs over the remaining vesting term of 9 months.

15.

Recent Accounting Standards

In May 2014, the Financial Accounting Standards Board issued a new standard, Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers." Under ASU 2014-09, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the new standard on January 1, 2018 using the modified retrospective method. This requires an adjustment to the opening balance of retained earnings to reflect the cumulative effect of initially applying the new standard to contracts that were not complete as of the adoption date. A contract that was not complete is defined as one for which all of the revenue was not recognized as of the adoption date. The Company did not record an adjustment to retained earnings since all of its contracts were considered complete before the adoption date. The adoption of this standard for the year ending December 30, 2018 will not have a significant effect on the Company’s consolidated financial position, results of operations and cash flows.

On February 25, 2016, the Financial Accounting Standards Board issued a new standard, ASU No. 2016-02, “Leases”. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current Generally Accepted Accounting Principles (GAAP), the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, the new ASU will require both types of leases to be recognized on the balance sheet. This standard will be effective for the Company on December 31, 2018. The Company is in the process of evaluating how significant the impact of the adoption of this standard will be on its balance sheet as it recognizes lease assets and lease liabilities related to its operating leases and whether there will be any significant impact on its results of operations and cash flows.

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On August 26, 2016, the Financial Accounting Standards Board issued a new standard, ASU No. 2016-15, “Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments.” The new standard applies to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company adopted the new standard on January 1, 2018. The adoption of this standard for the year ending December 30, 2018 will not have a significant effect on the Company’s consolidated financial position, results of operations and cash flows.

On January 26, 2017, the Financial Accounting Standards Board issued a new standard, ASU No. 2017-04, “Intangibles – Goodwill and Other – Simplifying the Test for Goodwill Impairment.” The new standard modifies the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. It will be effective for the Company on December 30, 2019. The Company is currently evaluating the effects this standard will have, if any, on its consolidated financial position, results of operations and cash flows together with evaluating the adoption date.

On May 10, 2017, the Financial Accounting Standards Board issued a new standard, ASU No. 2017-09, “Compensation – Stock Compensation – Scope of Modification Accounting.” The new standard clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. The Company adopted this standard on January 1, 2018. The adoption of this standard for the year ending December 30, 2018 will not have a significant effect on the Company’s consolidated financial position, results of operations and cash flows.

On August 28, 2017, the Financial Accounting Standards Board issued a new standard, ASU No. 2017-12, “Derivatives and Hedging – Targeted Improvements to Accounting for Hedging Activities.” The objective of this new standard is to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities and to simplify the application of the hedge accounting guidance in current GAAP. It will be effective for the Company on December 31, 2018. The Company is currently evaluating the effects this standard will have, if any, on its consolidated financial position, results of operations and cash flows together with evaluating the adoption date.

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16.

Earnings per Common Share

The following table sets forth the computation of earnings per common share - basic and earnings per common share – diluted for the three and six months ended July 1, 2018 and July 2, 2017:

	Three Months Ended				Six Months Ended
	July 1, 2018		July 2, 2017		July 1, 2018			July 2, 2017
Numerator
Net income (loss) available to common shareholders	$	148,389	$	214,466	$	(146,431	)	$	685,242

Denominator
Denominator for basic earnings per share - weighted average shares outstanding		18,690,030		18,704,024		18,690,030			18,713,625
Weighted average effect of dilutive securities		-		105,574		-			96,566
Denominator for dilutive earnings per share - weighted average shares outstanding		18,690,030		18,809,598		18,690,030			18,810,191

Basic and Diluted Income (Loss) Per Share
Net income (loss) available to common shareholders	$	0.01	$	0.01	$	(0.01	)	$	0.04
Effect of dilutive securities		-		-		-			-
Net income (loss) available to common shareholders	$	0.01	$	0.01	$	(0.01	)	$	0.04

The calculation of diluted earnings per share for the three months ended July 1, 2018 excluded options to purchase 946,500 shares of common stock because the options’ exercise prices of $2.37 and $3.57 per share were greater than the average market price of the common shares.

Due to the net loss for the six months ended July 1, 2018, the calculations of basic and diluted loss per share were the same since including options to purchase shares of common stock in the calculation of diluted loss per share would have been anti-dilutive. However, if diluted earnings per share had been reported for the six months ended July 1, 2018, the calculation would have excluded options to purchase 946,500 shares of common stock because the options’ exercise prices of $2.37 and $3.57 per share were greater than the average market price of the common shares.

The calculation of diluted earnings per share for the three and six months ended July 2, 2017 excluded options to purchase 355,250 shares of common stock because the options’ exercise price of $3.57 per share was greater than the average market price of the common shares.

17.

Revenue

The Company recognizes revenue and related accounts receivable when obligations under the terms of a contract with a customer are satisfied, which includes the control of products transferring to the customer. For Uniroyal, this generally occurs when products are shipped and, for UGL, this generally occurs when the customer accepts delivery either at its U.K. facility or at a mutually agreed upon location. Revenue is measured as the amount of consideration the Company expects to receive in exchange for products transferred to the customer. A contract asset occurs when an entity transfers products to a customer before payment is due while a contract liability occurs when an entity has an obligation to transfer products to a customer for which the entity has already received payment (or payment is due) from the customer. Remaining performance obligations exist when an entity expects to record future revenue on partially completed contracts. The Company does not have contract assets or contract liabilities and has no remaining performance obligations since it does not recognize revenue until a contract is complete.

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The following table sets forth revenue disaggregated by the Company’s automotive and industrial sectors for the three and six months ended July 1, 2018 and July 2, 2017:

	Three Months Ended				Six Months Ended
	July 1, 2018		July 2, 2017		July 1, 2018		July 2, 2017
Revenue:
Automotive sector	$	17,842,634	$	17,598,187	$	35,074,750	$	35,014,728
Industrial sector		8,180,599		8,479,362		17,378,170		16,821,250
Total Revenue	$	26,023,233	$	26,077,549	$	52,452,920	$	51,835,978

18.

Subsequent Events

The Company has evaluated subsequent events occurring through the date that the financial statements were issued for events requiring recording or disclosure in the July 1, 2018 financial statements. There were no material events or transactions occurring during this period requiring recognition or disclosure.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Business Description

We are a leading provider of manufactured vinyl coated fabrics. Our best-known brand, Naugahyde, is the product of many improvements on a rubber-coated fabric developed a century ago in Naugatuck, Connecticut. We design, manufacture and market a wide selection of vinyl coated fabric products under a portfolio of recognized brand names. We believe that our business has continued to be a leading supplier in its marketplace because of our ability to provide specialized materials with performance characteristics customized to the end-user specifications, complemented by technical and customer support for the use of our products in manufacturing.

Our vinyl coated fabric products have undergone considerable evolution and today are distinguished by superior performance in a wide variety of applications as alternatives to leather, cloth and other synthetic fabric coverings. Our standard product lines consist of more than 600 SKUs with combinations of colors, textures, patterns and other properties. Our products are differentiated by unique protective top finishes and transfer print capabilities. Additional process capabilities include embossing grains and patterns, and rotogravure printing, which imparts five color character prints and non-registered prints, lamination and panel cutting.

Our vinyl coated fabric products have various high-performance characteristics and capabilities. They are durable, stain resistant, easily processed, more cost-effective and better performing than traditional leather or fabric coverings. Our products are frequently used in applications that require rigorous performance characteristics such as automotive and non-automotive transportation, certain indoor/outdoor furniture, commercial and hospitality seating, healthcare facilities and athletic equipment. We manufacture materials in a wide range of colors and textures. They can be hand or machine sewn, laminated to an underlying structure, thermoformed to cover various substrates or made into a variety of shapes for diverse end-uses. We are a long-established supplier to the global automotive industry and manufacture products for interior soft trim components from floor to headliner, which are produced to meet specific component production requirements such as cut and sew, vacuum forming/covering, compression molding, and high frequency welding. Some products are supplied with micro perforations, which are necessary on most compression molding processes. Materials can also be combined with polyurethane or polypropylene foam laminated by either flame or hot melt adhesive for seating, fascia and door applications.

Products are developed and marketed based upon the performance characteristics required by end-users. For example, for recreational products used outdoors, such as boats, personal watercraft, golf carts and snowmobiles, a product designed primarily for water-based durability and weatherability is used. We also manufacture a line of products called BeautyGard^®, with water-based topcoats that contain agents to protect against bacterial and fungal micro-organisms and can withstand repeated cleaning, a necessity in the restaurant and health care industries. These topcoats are environmentally friendlier than solvent-based topcoats. The line is widely used in hospitals and other healthcare facilities. Flame and smoke retardant vinyl coated fabrics are used for a variety of commercial and institutional furniture applications, including hospitals, restaurants and residential care centers and seats for school buses, trains and aircraft.

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We currently conduct our operations in manufacturing facilities that are located in Stoughton, Wisconsin and Earby, England.

Critical Accounting Policies and Estimates

The preparation of our Consolidated Financial Statements and related disclosures in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and judgments that affect our reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and assumptions based upon historical experience and various other factors and circumstances. We believe that our estimates and assumptions are reasonable under the circumstances; however, actual results may vary from these estimates and assumptions under different future circumstances. For further discussion of our significant accounting policies, refer to Note 1 – “Summary of Significant Accounting Policies” to the Consolidated Financial Statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies, Judgments and Estimates” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017.

Recent Accounting Pronouncements

See Note 15 – “Recent Accounting Standards” to the Consolidated Financial Statements for a discussion of recent accounting guidance.

Overview:

Our Earby, England operation’s functional currency is the British Pound Sterling and has sales and purchases transactions that are denominated in currencies other than the Pound Sterling, principally the Euro. Approximately 33% of the Company’s global revenues and 35% of its global raw material purchases are derived from these Euro transactions.

The average year-to-date exchange rate for the Pound Sterling to the U.S. Dollar was approximately 9.3% higher and the average exchange rate for the Euro to the Pound Sterling was approximately 2.2% higher in 2018 compared to 2017. These exchange rate changes had the effect of increasing net sales by approximately $2.8 million for the six months ended July 1, 2018. The overall effect on the Company’s net loss was a positive amount of approximately $78,000 for the six months ended July 1, 2018 compared to the corresponding period of 2017.

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Three Months Ended July 1, 2018 Compared to the Three Months Ended July 2, 2017

The following table sets forth, for the three months ended July 1, 2018 (“three months 2018”) and July 2, 2017 (“three months 2017”), certain operations data including their respective percentage of net sales:

	Three Months Ended
	July 1, 2018					July 2, 2017					Change			% Change

Net Sales	$	26,023,233		100.0	%	$	26,077,549		100.0	%	$	(54,316	)		-0.2	%
Cost of Sales		21,259,055		81.7	%		20,740,966		79.5	%		518,089			2.5	%
Gross Profit		4,764,178		18.3	%		5,336,583		20.5	%		(572,405	)		-10.7	%
Operating Expenses:
Selling		1,200,051		4.6	%		1,325,397		5.1	%		(125,346	)		-9.5	%
General and administrative		1,658,665		6.4	%		1,929,780		7.4	%		(271,115	)		-14.0	%
Research and development		430,565		1.7	%		437,104		1.7	%		(6,539	)		-1.5	%
Total Operating Expenses		3,289,281		12.6	%		3,692,281		14.2	%		(403,000	)		-10.9	%
Operating Income		1,474,897		5.7	%		1,644,302		6.3	%		(169,405	)		-10.3	%
Interest expense		(473,663	)	-1.8	%		(408,794	)	-1.6	%		(64,869	)		15.9	%
Other expense		(19,220	)	-0.1	%		(92,379	)	-0.4	%		73,159			-79.2	%
Income before Taxes		982,014		3.8	%		1,143,129		4.4	%		(161,115	)		-14.1	%
Tax provision		57,521		0.2	%		191,343		0.7	%		(133,822	)		-69.9	%
Net Income		924,493		3.6	%		951,786		3.6	%		(27,293	)		-2.9	%
Preferred dividends		(776,104	)	-3.0	%		(737,320	)	-2.8	%		(38,784	)		5.3	%
Net Income Available to Common Shareholders	$	148,389		0.6	%	$	214,466		0.8	%	$	(66,077	)		-30.8	%

Revenue:

Total revenue for the three months 2018 decreased $54,316 or 0.2% to $26,023,233 from $26,077,549 for the three months 2017. Excluding the positive currency effect of the exchange rates, total revenue would have decreased by approximately $1.0 million or 4.0%. U.S. automotive sales for the three months 2018 increased 9.8% compared to the three months 2017 as the last two months of the quarter showed increases over the prior year resulting from the launch of new automotive platforms. This was as the automotive industry saw gains over 2017 during the same period. European automotive sales declined by 7.4%, excluding the currency adjustment, as the European automotive market saw a general decline versus the prior year quarter where sales declines in our established programs were partially offset by increases in new programs introduced in the prior year. Sales for the industrial sector decreased 3.5% (4.3% before currency effect) as sales from non-automotive transportation in the European markets saw a decline when compared to 2017 principally due to a quarterly timing issue. Sales in the contract markets for the three months 2018 in both the U.S. and European markets were comparable to 2017.

Gross Profit:

Total gross profit for the three months 2018 decreased $572,405 or 10.7% to $4,764,178 from $5,336,583 for the three months 2017. The gross profit percentage was 18.3% of sales for the three months 2018 compared to 20.5% for the three months 2017. Gross profit amount and percentage were negatively impacted by rising raw material prices and the effects of product mix as the percentage of higher margin programs had declined compared to the prior year. The decrease was partially offset by a favorable net currency effect of $209,000. To offset raw material price increases, the Company increased prices in December 2017 in several of its markets.

Operating Expenses:

Selling expenses for the three months 2018 decreased $125,346 or 9.5% to $1,200,051 from $1,325,397 for the three months 2017. The decrease was principally attributable to lower commissions related to automotive and non-automotive transportation sales. This decrease was partially offset by the unfavorable currency effect of $49,000

General and administrative expenses for the three months 2018 decreased $271,155 or 14% to $1,658,665 from $1,929,780 for the three months 2017. This decrease was attributable to a decrease in insurance costs as well as savings from cost reduction programs which lowered employee costs, professional fees and other administrative expenses for the three months 2018 compared to the three months 2017. This decrease was partially offset by the unfavorable currency effect of $45,000.

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Research and development expenses for the three months 2018 decreased $6,539 or 1.5% to $430,565 from $437,104 for the three months 2017. The decrease is principally attributable to a reduction in payroll cost to coincide with current production levels. Partially offsetting the decrease were increases in development costs and by the unfavorable currency effect of $12,000.

Operating Income:

Operating income for the three months 2018 decreased $169,405 or 10.3% to $1,474,897 from $1,644,302 for the three months 2017. The operating income percentage was 5.7% of sales for the three months 2018 compared to 6.3% for the three months 2017. Operating income decreased primarily from the decrease in gross profit which was offset by the decrease in operating expenses.

Interest Expense:

Interest expense for the three months 2018 increased $64,869 or 15.9% to $473,663 from $408,794 for the three months 2017. The increase was primarily due to new capital leases for equipment purchases and higher interest rates on LIBOR and prime during the three months 2018 partially offset by debt repayments compared to the three months 2017.

Other Expense:

Other expense for the three months 2018 decreased $73,159 or 79.2% to $19,220 from $92,379 for the three months 2017. The amounts in other expense principally are the currency gains and losses recognized on foreign currency transactions and the change in the fair value of financial assets and liabilities that are denominated in Euros. The Company also recognizes gains and losses from the change in fair values on its foreign currency exchange contracts.

Tax Provision:

The Company files income tax returns in the United States as a C-Corporation, and in several state jurisdictions and in the United Kingdom. The Company’s subsidiary, Uniroyal, is a limited liability company (LLC) for federal and state income tax purposes and as such, its income, losses, and credits are allocated to its members. The Company made the acquisition of Uniroyal through UEPH, a limited liability company, which issued preferred ownership interests to the sellers that provide for quarterly dividends. Uniroyal’s taxable income is allocated entirely to UEPH as its sole member and since it is a pass-through entity, this income less the dividends paid to the sellers of Uniroyal is reported on the Company’s tax return. The taxable income applicable to the dividends for the preferred ownership interests is reported to the sellers who report it on their respective individual tax returns.

For the three months 2018, the tax provision was $57,521 as compared to $191,343 for the three months 2017. The tax provisions for the three months 2018 and 2017 were principally attributable to the operating results of the U.K. operations as the U.S. operating income was offset by the preference dividends.

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Preferred Stock Dividend:

The terms of the acquisitions in November 2014 resulted in the issuance of preferred ownership units/stock of UEP Holdings, LLC and UGEL (formerly EPAL) to the sellers. These preferred units carry quarterly dividend requirements on a total value of $55,000,000 at rates ranging from 5.0% to 7.0%. The dividend rate on the Series B UEP Holdings preferred units which started at 5.5% increases by 0.5% on the anniversary of the issuance up to a maximum of 8.0%.

Six Months Ended July 1, 2018 Compared to the Six Months Ended July 2, 2017

The following table sets forth, for the six months ended July 1, 2018 (“six months 2018”) and July 2, 2017 (“six months 2017”), certain operations data including their respective percentage of net sales:

	Six Months Ended
	July 1, 2018					July 2, 2017					Change			% Change

Net Sales	$	52,452,920		100.0	%	$	51,835,978		100.0	%		616,942			1.2	%
Cost of Sales		43,071,248		82.1	%		41,123,248		79.3	%		1,948,000			4.7	%
Gross Profit		9,381,672		17.9	%		10,712,730		20.7	%		(1,331,058	)		-12.4	%
Operating Expenses:
Selling		2,549,081		4.9	%		2,610,344		5.0	%		(61,263	)		-2.3	%
General and administrative		3,606,966		6.9	%		3,751,246		7.2	%		(144,280	)		-3.8	%
Research and development		852,528		1.6	%		970,958		1.9	%		(118,430	)		-12.2	%
Total Operating Expenses		7,008,575		13.4	%		7,332,548		14.1	%		(323,973	)		-4.4	%
Operating Income		2,373,097		4.5	%		3,380,182		6.5	%		(1,007,085	)		-29.8	%
Interest expense		(930,027	)	-1.8	%		(798,650	)	-1.5	%		(131,377	)		16.4	%
Other income		14,062		0.0	%		6,875		0.0	%		7,187			>100	%
Income before Taxes		1,457,132		2.8	%		2,588,407		5.0	%		(1,131,275	)		-43.7	%
Tax provision		43,000		0.1	%		425,929		0.8	%		(382,929	)		-89.9	%
Net Income		1,414,132		2.7	%		2,162,478		4.2	%		(748,346	)		-34.6	%
Preferred dividends		(1,560,563	)	-3.0	%		(1,477,236	)	-2.8	%		(83,327	)		5.6	%
Net Income (Loss) Available to Common Shareholders	$	(146,431	)	-0.3	%	$	685,242		1.3	%	$	(831,673	)		<-100	%

Revenue:

Total revenue for the six months 2018 increased $616,942 or 1.2% to $52,452,920 from $51,835,978 for the six months 2017. Excluding the positive currency effect of the exchange rates, total revenue would have decreased by approximately $2.2 million or 4.2%. U.S. automotive sales for the six months 2018 decreased 3.7% compared to the six months 2017. This decline was a result of the U.S. automotive manufacturers resetting their production levels in the later part of 2017 to reduce inventories caused by the softening in the 2017 U.S. automotive market. This decline over the prior year occurred mostly during the first four months of 2018 as we saw increases in our U.S. sales during the last two months of the 2018 period. European automotive sales declined by 7.0%, excluding the currency adjustment, as the European automotive market saw a general decline versus the prior year period where sales declines in our established programs were partially offset by increases in new programs introduced in the prior year. Sales for the industrial sector increased 3.3% (1.5% before currency effect) as sales from non-automotive transportation in both the U.S and European markets saw market improvements over 2017 and from the addition of new program awards. The gains of the first three months of 2018 were partially offset during the second three months due to quarterly timing issues. The contract market also had increased sales activities during the six-month period in 2018.

Gross Profit:

Total gross profit for the six months 2018 decreased $1,331,058 or 12.4% to $9,381,672 from $10,712,730 for the six months 2017. The gross profit percentage was 17.9% of sales for the six months 2018 compared to 20.7% for the six months 2017. Gross profit amount and percentage were negatively impacted by rising raw material prices and the effects of product mix as the percentage of higher margin programs had declined compared to the prior year. The decrease was partially offset by a favorable currency effect of $532,000. To offset raw material price increases, the Company increased prices in December 2017 in several of its markets. As a result of actions taken, margins improved in the latter months of the 2018 period.

Table of Contents

Operating Expenses:

Selling expenses for the six months 2018 decreased $61,263 or 2.3% to $2,549,081 from $2,610,344 for the six months 2017. The decrease was principally attributable to commissions related to lower automotive sales in 2018. This decrease was partially offset by the unfavorable currency effect of $154,000.

General and administrative expenses for the six months 2018 decreased $144,280 or 3.8% to $3,606,966 from $3,751,246 for the six months 2017. This decrease was attributable to a decrease in insurance costs as well as savings from cost reduction programs which lowered employee costs, professional fees and other administrative expenses for the six months 2018 compared to the six months 2017. This decrease was partially offset by the unfavorable currency effect of $152,000.

Research and development expenses for the six months 2018 decreased $118,430 or 12.2% to $852,528 from $970,958 for the six months 2017. The decrease is principally attributable to a reduction in payroll cost to coincide with current production levels. Partially offsetting the decrease was the unfavorable currency effect of $35,000.

Operating Income:

Operating income for the six months 2018 decreased $1,007,085 or 29.8% to $2,373,097 from $3,380,182 for the six months 2017. The operating income percentage was 4.5% of sales for the six months 2018 compared to 6.5% for the six months 2017. Operating income decreased primarily from the decrease in gross profit.

Interest Expense:

Interest expense for the six months 2018 increased $131,377 or 16.4% to $930,027 from $798,650 for the six months 2017. The increase was primarily due to new capital leases for equipment purchases and higher interest rates on LIBOR and prime during the six months 2018 partially offset by debt repayments compared to the six months 2017.

Other Income:

Other income for the six months 2018 increased $7,187 or 105% to $14,062 from $6,875 for the six months 2017. The amounts in other income principally are the currency gains and losses recognized on foreign currency transactions and the change in the fair value of financial assets and liabilities that are denominated in Euros. The Company recognizes gains and losses from the change in fair values on its foreign currency exchange contracts. Also included are other non-operating income and expenses including dividends received on insurance policies. The increase is principally due to losses realized when our financial assets and liabilities denominated in the Euro currency were adjusted to their fair value at July 1, 2018 offset by the non-operating income.

Tax Provision:

For the six months 2018, the tax provision was $43,000 as compared to $425,929 for the six months 2017. The tax provisions for the six months 2018 and 2017 were principally attributable to the operating results of the U.K. operations as the U.S. operating income was offset by the preference dividends.

Preferred Stock Dividend:

Table of Contents

Liquidity and Sources of Capital

Cash, as it is needed, is provided by using the Company’s lines of credit. These lines provide for a total borrowing commitment in excess of $43,000,000 subject to the underlying borrowing base specified in the agreements. Of the total outstanding borrowings of $19,650,799 at July 1, 2018, $15.7 million of the lines bears interest at LIBOR plus a range of 1.95% to 2.45%, depending on the underlying borrowing base and $4.0 million bears interest at the bank’s prime or base lending rate which was 5.0% at July 1, 2018. At July 1, 2018, the lines provided an additional availability of approximately $2.6 million. The Company also has commitments from several lending institutions for capital expenditure lines of credit totaling approximately $2.5 million. We plan to use this availability to help finance our cash needs for the remaining months of fiscal 2018 and future periods. The balances due under the lines of credit are recorded as current liabilities on the Consolidated Balance Sheets.

Given our capital resources in the U.S. and the potential for increased investment and acquisitions in foreign jurisdictions, we did not have a history of repatriating a significant portion of our foreign cash. Accordingly, we had not recognized a deferred tax liability for these unremitted earnings. However, the Tax Cuts and Jobs Act of 2017 imposed a one-time transition tax on deemed repatriation of deferred foreign income. For the year ended 2017, the Company recorded $941,960 in tax expense related to this repatriation tax. In the event that we decide to repatriate these foreign amounts to fund U.S. operations, the Company will not be required to pay any additional U.S. tax related to these amounts.

The ratio of current assets to current liabilities, including the amount due under our lines of credit, was 1.00 at July 1, 2018 and 1.03 at December 31, 2017.

Cash balances decreased $364,237, after the effects of currency translation of $(7,778), to $903,082 at July 1, 2018 from $1,267,319 at December 31, 2017. Of the above noted amounts, $619,653 and $1,152,039 were held outside the U.S. by our foreign subsidiaries as of July 1, 2018 and December 31, 2017, respectively.

Cash provided by operations was $2,067,906 for the six months 2018 compared to $2,448,025 for the six months 2017. For the six months 2018, cash provided by operations was primarily due to net income of $1,414,132 and adjustments for non-cash items of $1,214,211. For the six months 2017, cash provided by operations was primarily due to net income of $2,162,478 and adjustments for non-cash items of $1,067,450. The non-cash items were principally depreciation expense and stock-based compensation. These amounts were further adjusted by cash flows related to changes in working capital of $(478,858) and $(727,531) for the six months 2018 and 2017, respectively, and changes in other assets and liabilities of $(81,579) and $(54,372) for the six months 2018 and 2017, respectively.

Cash used in investing activities was $1,383,284 for the six months 2018 compared to $1,179,257 for the six months 2017. During 2018 and 2017, cash used in investing activities was principally for purchases of machinery and equipment at our manufacturing locations.

For the six months 2018, cash used in financing activities was $1,041,081 as compared to $1,534,705 for the six months 2017. Included in cash used in financing activities were preferred dividend payments of $1,553,806 and $1,455,942 during the six months 2018 and 2017, respectively. During the six months 2018, we drew $486,067 on an equipment financing commitment from our bank to finance asset purchases made by us in the prior year. During the six months 2018 our majority shareholder provided $272,000 in financing in the form of demand notes. Also impacting cash used in financing activities for the six months 2018 and 2017 were net advances on lines of credit of $389,712 and $622,911, respectively.

Our credit agreements contain customary affirmative and negative covenants. We were in compliance with our debt covenants as of July 1, 2018 and through the date of filing of this report.

We currently have several on-going capital projects that are important to our long-term strategic goals. Machinery and equipment will also be added as needed to increase capacity or enhance operating efficiencies in our manufacturing plants. We will use a combination of financing arrangements to provide the necessary capital. We believe that our existing resources, including cash on hand and our credit facilities, together with cash generated from operations and additional bank borrowings, will be sufficient to fund our cash flow requirements through at least the next twelve months. However, there can be no assurance that additional financing will be available on favorable terms, if at all.

We have no material off balance sheet arrangements.

Table of Contents

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

The Company maintains “disclosure controls and procedures” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer, Chief Financial Officer, and Board of Directors, as appropriate, to allow timely decisions regarding required disclosures. In designing and evaluating our disclosure controls and procedures, management recognizes that disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired objectives, and we necessarily are required to apply our judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures.

Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of July 1, 2018 and concluded that our disclosure controls and procedures were effective as of July 1, 2018.

Changes in Internal Controls over Financial Reporting

During the six months ended July 1, 2018, there were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Table of Contents

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings

None.

Item 1A.

Risk Factors

Not applicable.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

None.

Item 3.

Defaults Upon Senior Securities

None.

Item 4.

Mine Safety Disclosures

Not applicable.

Item 5.

Other Information

None.

Table of Contents

Item 6.

Exhibits

(a)

Exhibits.

Exhibit No.		Description

31.1 *		Chief Executive Officer Certification Pursuant to Securities Exchange Act Rules 13a-14(a)
31.2 *		Chief Financial Officer Certification Pursuant to Securities Exchange Act Rules 13a-14(a)
32.1 *		Chief Executive Officer Certification Pursuant to 18 U.S.C. Section 1350
32.2 *		Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350
101.INS * +		XBRL Instance Document
101.CAL * +		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF * +		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB * +		XBRL Taxonomy Extension Label Linkbase Document
101.PRE * +		XBRL Taxonomy Extension Presentation Linkbase Document
101.SCH * +		XBRL Taxonomy Extension Schema Document

_______________

*	Filed herewith.

+	In accordance with Rule 406T of Regulation S-T, this information is deemed not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	UNIROYAL GLOBAL ENGINEERED PRODUCTS, INC.


Dated: August 6, 2018	By:	/s/ Howard R. Curd
		Howard R. Curd Chief Executive Officer

Dated: August 6, 2018

By:

/s/ Edmund C. King

Edmund C. King

Chief Financial Officer

EX-31.1 2 ex31_1.htm EXHIBIT 31.1

EXHIBIT 31.1

CERTIFICATION

I, Howard R. Curd, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Uniroyal Global Engineered Products, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of and for the periods presented in this report;

The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the issuer’s internal control over financial reporting that occurred during the issuer’s most recent fiscal quarter (the issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer ’s internal control over financial reporting.

The issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit committee of the issuer’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

Date: August 6, 2018	/s/ Howard R. Curd
	Howard R. Curd
	Chief Executive Officer

EX-31.2 3 ex31_2.htm EXHIBIT 31.2

EXHIBIT 31.2

CERTIFICATION

I, Edmund C. King, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Uniroyal Global Engineered Products, Inc.;

(a)

(b)

(c)

Evaluated the effectiveness of the issuer ’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

Date: August 6, 2018	/s/ Edmund C. King
	Edmund C. King
	Chief Financial Officer

EX-32.1 4 ex32_1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Uniroyal Global Engineered Products, Inc. (the “Company” or “Uniroyal Global”) on Form 10-Q for the period ended July 1, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Howard R. Curd, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: August 6, 2018	/s/ Howard R. Curd
	Howard R. Curd
	Chief Executive Officer

EX-32.2 5 ex32_2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Uniroyal Global Engineered Products, Inc. (the “Company” or “Uniroyal Global”) on Form 10-Q for the period ended July 1, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Edmund C. King, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: August 6, 2018	/s/ Edmund C. King
	Edmund C. King
	Chief Financial Officer

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-806477

397035

5572253

5946936

5342359

4707300

10377480

10172362

21292092

20826598

793145

765308

206645

193381

93420

103323

1321586

1267319

903082

1103761

UNIROYAL GLOBAL ENGINEERED PRODUCTS, INC. UNIR 10-Q 2018-07-01 false 0001172706 --12-30 Smaller Reporting Company Yes No No 2018 Q2

2467433

2684591

200000

150000

18690030

200000

150000

18690030

8277317

8232309

678148

793001

1522430

1458267

3167092

3272950

735154

648745

29347 19821

30000000

10000000

13200000

Interest is payable monthly at the Euro dollar rate plus 2.25% or Wells Fargo Capital Finance, LLC’s prime rate at the Company’s election on outstanding balances up to $6,000,000 and prime rate on amounts in excess of $6,000,000.

The line has several tranches based on currency or underlying security. Interest is payable monthly at the base rate (U.K. LIBOR or Lloyds Bank Base Rate as published) plus 1.95% to 2.45% depending on the tranche.

9967330

7359786

9683469

10376881

8963587

6631172

0.0225

0.0195

0.0245

0.0315

0.0350

643925

792525

107238

691830

573471

73113

240350

183548

96123

81367

36662

32319

28344

17367

276208

306702

152169

254419

284852

3622923

3871975

52191

137361

174679

736028

813015

464840

244252

153131

459393

2000000

918786

2918786

2765655

2459393

2162151 2504891 355000

0.0925

0.1000

0.1820

150583

-292978

3295896

3231439

96566

355250

946500

105574

946500

355250

685242

-146431

148389

214466

0.04

-0.01

0.01

0.04

-0.01

0.01

18713625

18690030

18704024

18810191

18690030

18809598

0.1090

0.0572

0.0741

0.0735

0.0431

0.0855

0.0647

0.0620

0.0650

0.0699

0.0402

0.0512

939643 718375

408425

416588

531218 301787

5000

15000

3.57

2.37

2.77

118415 112170 -5000 -8334 3.57 3.57 2.37 2.61

6666

2.97

13292

15392391

15086901

617571

463179

18690

35138353

-20423375

-727592

617571

463179

18690

34944972

-20276944

-375152

1560563

17070928 1619102

198518

203173

808983

892641

193381

2019-10-17

Prime

LIBOR

Long-term debt to related parties consists of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 3%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest Rate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td style="white-space: nowrap; text-align: right"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Senior subordinated promissory note</td><td style="width: 1%"> </td> <td style="width: 14%; text-align: center">9.25%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,000,000</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,000,000</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Senior secured promissory note</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">10.00%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">918,786</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">918,786</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,918,786</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,918,786</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(459,393</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(153,131</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">     Long-term Portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,459,393</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,765,655</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

The lease financing obligation is shown in the accompanying Consolidated Balance Sheets as Related Party Lease Financing Obligation which consists of the following:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Related party lease financing obligation</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,504,891</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,162,151</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36,643</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,824</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0.25in; padding-left: 11pt">Long-term Portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,468,248</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,153,327</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The $125,000 subordinated secured promissory note that was outstanding at December 31, 2017 was paid during the first quarter of 2018.   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left"> Current portion of long-term debt to related parties</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">459,393</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">153,131</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 44pt; text-indent: -44pt"> Current portion of related party lease financing obligation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,643</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,824</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.5in; text-indent: -33pt">Related party subordinated secured promissory note</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">225,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.5in; text-indent: -33pt">Related party subordinated secured promissory note</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.5in; text-indent: -33pt">Related party subordinated secured promissory note</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">125,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.5in; text-indent: 0pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.5in; text-indent: 0pt">Related Party Obligation</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">768,036</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">286,955</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

Capital lease obligations consist of the following:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Capital lease obligations</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">718,375</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">939,643</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(416,588</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(408,425</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0.25in; padding-left: 11pt">Long-term Portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">301,787</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">531,218</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

The changes in accumulated other comprehensive income (loss) were as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 2%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Minimum Benefit Liability Adjustments</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Foreign Currency Translation Adjustment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%">Balance at December 31, 2017</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">564,757</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(939,909</td><td style="white-space: nowrap; width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(375,152</td><td style="white-space: nowrap; width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 11pt">Other comprehensive losses before reclassifications</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(292,978</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(292,978</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt">Reclassification adjustment for gains included in net income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(59,462</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(59,462</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at July 1, 2018</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">505,295</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,232,887</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(727,592</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

The gains reclassified from accumulated other comprehensive income into income are recorded to the following income statement line items:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 2%"> <tr style="vertical-align: bottom"> <td style="width: 50%; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">Other Comprehensive Income (Loss) Component</td><td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 49%; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">Income Statement Line Item</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Minimum Benefit Liability Adjustments</td><td> </td> <td style="text-align: left">General and administrative expense</td></tr></table>

Stock option activity for the six months ended July 1, 2018 and July 2, 2017 is as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"></td><td style="padding-bottom: 1pt"> </td> <td colspan="22" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Stock Options</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center; padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Exercis- able</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Non- Vested</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%">Outstanding at January 1, 2017</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">997,750</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2.80</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">217,501</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2.37</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">780,249</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2.92</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 16pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 16pt">Vested</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">118,415</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.57</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(118,415</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.57</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 16pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 16pt">Forfeited or cancelled</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">2.37</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">2.37</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Outstanding at July 2, 2017</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">992,750</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">2.80</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">330,916</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">2.80</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">661,834</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">2.80</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Outstanding at December 31, 2017</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">961,500</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2.80</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">527,165</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2.63</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">434,335</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3.00</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 16pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 16pt">Vested</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">112,170</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.57</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(112,170</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.57</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 16pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 16pt">Forfeited or cancelled</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(15,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">2.77</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,334</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">2.61</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,666</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">2.97</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Outstanding at July 1, 2018</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">946,500</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">2.80</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">631,001</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">2.80</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">315,499</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">2.80</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Aggregate Intrinsic Value   July 2, 2017</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">535,500</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">178,501</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right">  </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">356,999</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Aggregate Intrinsic Value   July 1, 2018</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

0.25

36964

2033-10-31

1577 27603 0.0384 0.1915 -118415 -112170

P9M

3.57 3.57

The following table sets forth the computation of earnings per common share - basic and earnings per common share – diluted for the three and six months ended July 1, 2018 and July 2, 2017:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Six Months Ended</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">July 2, 2017</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">July 2, 2017</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Numerator</td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-bottom: 2.5pt">Net income (loss) available to common shareholders</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">148,389</td><td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">214,466</td><td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">(146,431</td><td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">685,242</td><td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 4.5pt">Denominator for basic earnings per share - weighted average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,690,030</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,704,024</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,690,030</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,713,625</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 4.5pt">Weighted average effect of dilutive securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">105,574</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">96,566</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 4.5pt">Denominator for dilutive earnings per share - weighted average shares outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">18,690,030</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">18,809,598</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">18,690,030</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">18,810,191</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and Diluted Income (Loss) Per Share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 4.5pt">Net income (loss) available to common shareholders</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.01</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.01</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.01</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.04</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 4.5pt">Effect of dilutive securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 4.5pt">Net income (loss) available to common shareholders</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.01</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.01</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.01</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.04</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

425929

43000

57521

191343

2588407

1457132

982014

1143129

-791775

-915965

-492883

-501173

3380182

2373097

1474897

1644302

7332548

7008575

3289281

3692281

970958

852528

430565

437104

3751246

3606966

1658665

1929780

2610344

2549081

1200051

1325397

10712730

9381672

4764178

5336583

1227396

-498871

-658088

611501

2704632

1061692

118016

1348821

542154

-292978

-776546

397035

849968

1063767

2059187

1160237

1854617

-144368

118244

47082

-28507

-35043

10387

40223

2609639

187557

666371

361493

-5605

-24815

-38380

-16541

2448025

2067906

10002

-835

-6523

59462

259569

436276

622911

389712

37726

18681

-1179257

-1383284

223761

106163

955496

1277121

194782

205199

-185209

259740

1455942

1553806

99840

-1534705

-1041081

-265937

-356459

48112

-7778

486067

1549500

464840

1177650

353295

Monthly payments will begin in December 2018 and continue over a 60-month period at 3.50% above the base rate (LIBOR).

267500

125000

225000

47000

47000 125000 0.08

-59462

997750

961500

946500

992750

2.80

217501

527165

631001

330916

2.37

2.63

2.80

780249

434335

315499

661834

2.92

3.00

2.80

51835978

52452920

35074750

17378170

35014728

16821250

26023233

26077549

17842634

8180599

17598187

8479362

8824 36643

41123248

43071248

21259055

20740966

535500

178501

356999

17289058

18043816

37087927

37161789

37116

2073

846362

877091

19769662

19368331

15167468

16011212

35974710

37129604

143287

286955

768036

3594684

3894980

10358761

10363209

408425

416588

1155490

1187384

19340468

19650799

686640

705321

3399

125000

128399

578490

450091

The following table sets forth revenue disaggregated by the Company’s automotive and industrial sectors for the three and six months ended July 1, 2018 and July 2, 2017:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Six Months Ended</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">July 2, 2017</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">July 2, 2017</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Revenue:</td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; text-indent: -4.5pt; padding-left: 4.5pt">Automotive sector</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">17,842,634</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">17,598,187</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">35,074,750</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">35,014,728</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Industrial sector</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,180,599</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,479,362</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,378,170</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16,821,250</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,023,233</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,077,549</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52,452,920</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">51,835,978</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

12402

798650

930027

473663

408794

6875

14062

-19220

-92379

1477236

1560563

776104

737320

59462

29931

1477236 1560563 776104 737320 Supplemental disclosure of cash paid for the six months ended:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">July 2, 2017</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left; padding-bottom: 2.5pt">Interest expense</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">892,641</td><td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">808,983</td><td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

Inventories consist of the following:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Raw materials</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,946,936</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,572,253</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Work-in-process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,707,300</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,342,359</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Finished goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,172,362</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,377,480</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,826,598</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,292,092</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less:  Allowance for inventory obsolescence</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,458,267</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,522,430</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 0.25in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0.25in; padding-left: 11pt">Total Inventories</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">19,368,331</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">19,769,662</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Other long-term assets consist of the following:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Deferred tax asset</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,272,950</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,167,092</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">648,745</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">735,154</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0.25in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0.25in; padding-left: 11pt">Total Other Long-term Assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,921,695</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,902,246</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Other long-term liabilities consist of the following:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Deferred tax liability</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">765,308</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">793,145</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,821</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">29,347</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0.25in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0.25in; padding-left: 11pt">Total Other Long-term Liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">785,129</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">822,492</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Long-term debt consists of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 3%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest Rate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td style="white-space: nowrap; text-align: right"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Wells Fargo Capital Finance LLC</td><td style="width: 1%"> </td> <td style="width: 14%; text-align: center">Prime</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">643,925</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">792,525</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Lloyds Bank Commercial Finance Limited</td><td> </td> <td style="text-align: center">LIBOR + 3.15%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,191</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">107,238</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Kennet Equipment Leasing Limited</td><td> </td> <td style="text-align: center">10.90%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">573,471</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">691,830</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Balboa Capital Corporation</td><td> </td> <td style="text-align: center">5.72%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73,113</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Regents Capital Corporation</td><td> </td> <td style="text-align: center">7.41%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">183,548</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">240,350</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">De Lage Landen Financial Services</td><td> </td> <td style="text-align: center">7.35%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81,367</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">96,123</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ford Motor Credit</td><td> </td> <td style="text-align: center">4.31%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,319</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,662</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Byline Financial Group</td><td> </td> <td style="text-align: center">8.55%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,367</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,344</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Regents Capital Corporation</td><td> </td> <td style="text-align: center">6.20%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">254,419</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">284,852</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Regents Capital Corporation</td><td> </td> <td style="text-align: center">6.47%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">276,208</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">306,702</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Regents Capital Corporation</td><td> </td> <td style="text-align: center">6.50%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,361</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">152,169</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">BB&T Equipment Finance Corporation</td><td> </td> <td style="text-align: center">4.02%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">736,028</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">813,015</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Regents Capital Corporation</td><td> </td> <td style="text-align: center">6.99%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,679</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Lloyds Bank Commercial Finance Limited</td><td> </td> <td style="text-align: center">LIBOR + 3.50%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">464,840</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">BB&T Equipment Finance Corporation</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">5.12%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">244,252</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,871,975</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,622,923</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,187,384</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,155,490</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">    Long-term Portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,684,591</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,467,433</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 17.7pt">10.</td><td>Long-term Debt</td></tr></table>   Long-term debt consists of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 3%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest Rate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td style="white-space: nowrap; text-align: right"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Wells Fargo Capital Finance LLC</td><td style="width: 1%"> </td> <td style="width: 14%; text-align: center">Prime</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">643,925</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">792,525</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Lloyds Bank Commercial Finance Limited</td><td> </td> <td style="text-align: center">LIBOR + 3.15%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,191</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">107,238</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Kennet Equipment Leasing Limited</td><td> </td> <td style="text-align: center">10.90%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">573,471</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">691,830</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Balboa Capital Corporation</td><td> </td> <td style="text-align: center">5.72%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73,113</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Regents Capital Corporation</td><td> </td> <td style="text-align: center">7.41%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">183,548</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">240,350</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">De Lage Landen Financial Services</td><td> </td> <td style="text-align: center">7.35%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81,367</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">96,123</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ford Motor Credit</td><td> </td> <td style="text-align: center">4.31%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,319</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,662</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Byline Financial Group</td><td> </td> <td style="text-align: center">8.55%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,367</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,344</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Regents Capital Corporation</td><td> </td> <td style="text-align: center">6.20%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">254,419</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">284,852</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Regents Capital Corporation</td><td> </td> <td style="text-align: center">6.47%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">276,208</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">306,702</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Regents Capital Corporation</td><td> </td> <td style="text-align: center">6.50%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,361</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">152,169</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">BB&T Equipment Finance Corporation</td><td> </td> <td style="text-align: center">4.02%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">736,028</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">813,015</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Regents Capital Corporation</td><td> </td> <td style="text-align: center">6.99%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,679</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Lloyds Bank Commercial Finance Limited</td><td> </td> <td style="text-align: center">LIBOR + 3.50%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">464,840</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">BB&T Equipment Finance Corporation</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">5.12%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">244,252</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,871,975</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,622,923</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,187,384</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,155,490</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">    Long-term Portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,684,591</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,467,433</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   In January 2018, the Company signed an agreement with Lloyds Bank Commercial Finance Limited (“Lloyds”) whereby Lloyds will advance funds in three tranches to finance the purchase of a regenerative thermal oxidizer to be used in the Company’s U.K. manufacturing facility. The maximum amount of this financing obligation is £1,177,650 or approximately $1,549,500. The balance of this financing obligation at July 1, 2018 was £353,295 ($464,840), which reflected the first tranche of funds advanced. The second tranche will be advanced in September 2018 and the final tranche in November 2018. Monthly payments will begin in December 2018 and continue over a 60-month period at 3.50% above the base rate (LIBOR).

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 17.7pt">11.</td><td>Related Party Obligations</td></tr></table>   Long-term debt to related parties consists of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 3%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest Rate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td style="white-space: nowrap; text-align: right"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Senior subordinated promissory note</td><td style="width: 1%"> </td> <td style="width: 14%; text-align: center">9.25%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,000,000</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,000,000</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Senior secured promissory note</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">10.00%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">918,786</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">918,786</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,918,786</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,918,786</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(459,393</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(153,131</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">     Long-term Portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,459,393</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,765,655</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>     The Company has a lease financing obligation under which it leases its main U.S. manufacturing facility and certain other property from a related party lessor entity, accrues interest at 18.20% and currently requires monthly principal and interest payments of $36,964, which are adjusted annually based on the consumer price index. The balance of the related party lease financing obligation at July 1, 2018 reflected changes made to the lease agreement during the second quarter of 2018 in recognition of $355,000 of improvements to the leased facility. The lease financing obligation matures on October 31, 2033. The Company has security deposits aggregating $267,500 held by the lessor entity. The lease financing obligation is shown in the accompanying Consolidated Balance Sheets as Related Party Lease Financing Obligation which consists of the following:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Related party lease financing obligation</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,504,891</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,162,151</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36,643</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,824</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0.25in; padding-left: 11pt">Long-term Portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,468,248</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,153,327</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The current portions of the long-term debt to related parties and the related party lease financing obligation are combined and are shown in current liabilities as related party obligation. Also included in current liabilities as a related party obligation is a $225,000 subordinated secured promissory note issued to the Company’s majority shareholder on January 9, 2018 and a $47,000 subordinated secured promissory note issued to the Company’s majority shareholder on February 14, 2018. These promissory notes, which are payable on demand, are at a rate of 8%. The $125,000 subordinated secured promissory note that was outstanding at December 31, 2017 was paid during the first quarter of 2018.   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left"> Current portion of long-term debt to related parties</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">459,393</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">153,131</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 44pt; text-indent: -44pt"> Current portion of related party lease financing obligation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,643</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,824</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.5in; text-indent: -33pt">Related party subordinated secured promissory note</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">225,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.5in; text-indent: -33pt">Related party subordinated secured promissory note</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.5in; text-indent: -33pt">Related party subordinated secured promissory note</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">125,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.5in; text-indent: 0pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.5in; text-indent: 0pt">Related Party Obligation</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">768,036</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">286,955</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 17.7pt">14.</td><td>Stock Based Compensation</td></tr></table>   On June 25, 2015, the Company’s stockholders approved the adoption of the 2015 Stock Option Plan. This plan provides for the granting of options to purchase the Company’s common stock to employees and directors. The options granted are subject to a vesting schedule as set forth in each individual option agreement. Each option expires on the tenth anniversary of its date of grant unless an earlier termination date is provided in the grant agreement. The maximum aggregate number of shares of common stock that may be optioned and sold under the plan shall be 6% of the shares outstanding on the date of grant. The shares that may be optioned under the plan may be authorized but unissued or may be treasury shares.   Compensation expense is recognized on a straight-line basis over a three-year vesting period from date of grant.     Stock option activity for the six months ended July 1, 2018 and July 2, 2017 is as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"></td><td style="padding-bottom: 1pt"> </td> <td colspan="22" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Stock Options</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center; padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Total</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Exercis- able</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; vertical-align: middle">Non- Vested</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%">Outstanding at January 1, 2017</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">997,750</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2.80</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">217,501</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2.37</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">780,249</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2.92</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 16pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 16pt">Vested</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">118,415</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.57</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(118,415</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.57</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 16pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 16pt">Forfeited or cancelled</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">2.37</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">2.37</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Outstanding at July 2, 2017</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">992,750</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">2.80</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">330,916</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">2.80</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">661,834</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">2.80</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Outstanding at December 31, 2017</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">961,500</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2.80</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">527,165</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2.63</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">434,335</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3.00</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 16pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 16pt">Vested</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">112,170</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.57</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(112,170</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.57</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 16pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 16pt">Forfeited or cancelled</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(15,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">2.77</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,334</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">2.61</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,666</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">2.97</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Outstanding at July 1, 2018</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">946,500</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">2.80</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">631,001</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">2.80</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">315,499</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">2.80</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Aggregate Intrinsic Value   July 2, 2017</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">535,500</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">178,501</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right">  </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">356,999</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Aggregate Intrinsic Value   July 1, 2018</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>      Option expense recognized was $93,420 and $103,323 for the three months ended July 1, 2018 and July 2, 2017, respectively, and $193,381 and $206,645 for the six months ended July 1, 2018 and July 2, 2017, respectively. As of July 1, 2018, there was $150,583 in unrecognized compensation cost related to the options granted under the 2015 Stock Option Plan. We expect to recognize those costs over the remaining vesting term of 9 months.

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 17.7pt">15.</td><td>Recent Accounting Standards</td></tr></table>   In May 2014, the Financial Accounting Standards Board issued a new standard, Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers." Under ASU 2014-09, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the new standard on January 1, 2018 using the modified retrospective method. This requires an adjustment to the opening balance of retained earnings to reflect the cumulative effect of initially applying the new standard to contracts that were not complete as of the adoption date. A contract that was not complete is defined as one for which all of the revenue was not recognized as of the adoption date. The Company did not record an adjustment to retained earnings since all of its contracts were considered complete before the adoption date. The adoption of this standard for the year ending December 30, 2018 will not have a significant effect on the Company’s consolidated financial position, results of operations and cash flows.   On February 25, 2016, the Financial Accounting Standards Board issued a new standard, ASU No. 2016-02, “Leases”. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current Generally Accepted Accounting Principles (GAAP), the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, the new ASU will require both types of leases to be recognized on the balance sheet. This standard will be effective for the Company on December 31, 2018. The Company is in the process of evaluating how significant the impact of the adoption of this standard will be on its balance sheet as it recognizes lease assets and lease liabilities related to its operating leases and whether there will be any significant impact on its results of operations and cash flows.     On August 26, 2016, the Financial Accounting Standards Board issued a new standard, ASU No. 2016-15, “Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments.” The new standard applies to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company adopted the new standard on January 1, 2018. The adoption of this standard for the year ending December 30, 2018 will not have a significant effect on the Company’s consolidated financial position, results of operations and cash flows.   On January 26, 2017, the Financial Accounting Standards Board issued a new standard, ASU No. 2017-04, “Intangibles – Goodwill and Other – Simplifying the Test for Goodwill Impairment.” The new standard modifies the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. It will be effective for the Company on December 30, 2019. The Company is currently evaluating the effects this standard will have, if any, on its consolidated financial position, results of operations and cash flows together with evaluating the adoption date.   On May 10, 2017, the Financial Accounting Standards Board issued a new standard, ASU No. 2017-09, “Compensation – Stock Compensation – Scope of Modification Accounting.” The new standard clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. The Company adopted this standard on January 1, 2018. The adoption of this standard for the year ending December 30, 2018 will not have a significant effect on the Company’s consolidated financial position, results of operations and cash flows.   On August 28, 2017, the Financial Accounting Standards Board issued a new standard, ASU No. 2017-12, “Derivatives and Hedging – Targeted Improvements to Accounting for Hedging Activities.” The objective of this new standard is to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities and to simplify the application of the hedge accounting guidance in current GAAP. It will be effective for the Company on December 31, 2018. The Company is currently evaluating the effects this standard will have, if any, on its consolidated financial position, results of operations and cash flows together with evaluating the adoption date.

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 17.7pt">16.</td><td>Earnings per Common Share</td></tr></table>   The following table sets forth the computation of earnings per common share - basic and earnings per common share – diluted for the three and six months ended July 1, 2018 and July 2, 2017:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Six Months Ended</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">July 2, 2017</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">July 2, 2017</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Numerator</td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-bottom: 2.5pt">Net income (loss) available to common shareholders</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">148,389</td><td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">214,466</td><td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">(146,431</td><td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">685,242</td><td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 4.5pt">Denominator for basic earnings per share - weighted average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,690,030</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,704,024</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,690,030</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,713,625</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 4.5pt">Weighted average effect of dilutive securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">105,574</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">96,566</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 4.5pt">Denominator for dilutive earnings per share - weighted average shares outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">18,690,030</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">18,809,598</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">18,690,030</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">18,810,191</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and Diluted Income (Loss) Per Share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 4.5pt">Net income (loss) available to common shareholders</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.01</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.01</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.01</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.04</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 4.5pt">Effect of dilutive securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 4.5pt">Net income (loss) available to common shareholders</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.01</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.01</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.01</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.04</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The calculation of diluted earnings per share for the three months ended July 1, 2018 excluded options to purchase 946,500 shares of common stock because the options’ exercise prices of $2.37 and $3.57 per share were greater than the average market price of the common shares.   Due to the net loss for the six months ended July 1, 2018, the calculations of basic and diluted loss per share were the same since including options to purchase shares of common stock in the calculation of diluted loss per share would have been anti-dilutive. However, if diluted earnings per share had been reported for the six months ended July 1, 2018, the calculation would have excluded options to purchase 946,500 shares of common stock because the options’ exercise prices of $2.37 and $3.57 per share were greater than the average market price of the common shares.   The calculation of diluted earnings per share for the three and six months ended July 2, 2017 excluded options to purchase 355,250 shares of common stock because the options’ exercise price of $3.57 per share was greater than the average market price of the common shares.

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">17.</td><td>Revenue </td></tr></table>   The Company recognizes revenue and related accounts receivable when obligations under the terms of a contract with a customer are satisfied, which includes the control of products transferring to the customer. For Uniroyal, this generally occurs when products are shipped and, for UGL, this generally occurs when the customer accepts delivery either at its U.K. facility or at a mutually agreed upon location. Revenue is measured as the amount of consideration the Company expects to receive in exchange for products transferred to the customer. A contract asset occurs when an entity transfers products to a customer before payment is due while a contract liability occurs when an entity has an obligation to transfer products to a customer for which the entity has already received payment (or payment is due) from the customer. Remaining performance obligations exist when an entity expects to record future revenue on partially completed contracts. The Company does not have contract assets or contract liabilities and has no remaining performance obligations since it does not recognize revenue until a contract is complete.     The following table sets forth revenue disaggregated by the Company’s automotive and industrial sectors for the three and six months ended July 1, 2018 and July 2, 2017:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Six Months Ended</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">July 2, 2017</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">July 1, 2018</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">July 2, 2017</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Revenue:</td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; text-indent: -4.5pt; padding-left: 4.5pt">Automotive sector</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">17,842,634</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">17,598,187</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">35,074,750</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">35,014,728</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Industrial sector</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,180,599</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,479,362</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,378,170</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16,821,250</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,023,233</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,077,549</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52,452,920</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">51,835,978</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

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Stock Based Compensation (Tables) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Earnings Per Common Share (Tables) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Revenue (Tables) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Noncash Transactions and Supplemental Disclosure of Cash Flow Information (Details) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Derivatives (Details) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - Fair Value of Financial Instruments (Details) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - Inventories (Details) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - Other Long-term Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - Other Long-term Liabilities (Details) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - Lines of Credit (Details) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - Long-Term Debt (Schedule of Long-term debt) (Details) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - Long-Term Debt (Schedule of Long-term debt Interest Rate) (Details) link:presentationLink link:calculationLink link:definitionLink 00000046 - Disclosure - Related Party Obligations (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 00000047 - Disclosure - Related Party Obligations (Long-term debt to related parties) (Details) link:presentationLink link:calculationLink link:definitionLink 00000048 - Disclosure - Related Party Obligations (Lease Financing Obligation) (Details) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - Related Party Obligations (Schedule of Current Portions) (Details) link:presentationLink link:calculationLink link:definitionLink 00000050 - Disclosure - Capital Leases (Details) link:presentationLink link:calculationLink link:definitionLink 00000051 - Disclosure - Accumulated Other Comprehensive Income (Loss) (Details) link:presentationLink link:calculationLink link:definitionLink 00000052 - Disclosure - Stock Based Compensation (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 00000053 - Disclosure - Stock Based Compensation (Option Activity) (Details) link:presentationLink link:calculationLink link:definitionLink 00000054 - Disclosure - Earnings Per Common Share (Details) link:presentationLink link:calculationLink link:definitionLink 00000055 - Disclosure - Earnings Per Common Share (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 00000056 - Disclosure - Revenue (Schedule of Disaggregated Revenue) (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 unir-20180701_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 unir-20180701_def.xml XBRL DEFINITION FILE EX-101.LAB 10 unir-20180701_lab.xml XBRL LABEL FILE Credit Facility [Axis] Wells Fargo Capital Finance, LLC [Member] Lloyds Bank Commercial Finance Limited [Member] Related Party [Axis] Wardle Storeys [Member] Currency [Axis] British Pound Sterling [Member] Range [Axis] Minimum [Member] Maximum [Member] Debt Instrument [Axis] Wells Fargo Capital Finance LLC Loan [Member] Kennet Equipment Leasing Financing Obligation [Member] Balboa Capital Corporation Note Payable [Member] Regents Capital Corporation Note Payable [Member] De Lage Landen Financial Services Note Payable [Member] Ford Motor Credit Note Payable [Member] Byline Financial Group Note Payable [Member] Regents Capital Corporation Note Payable 2 [Member] Related Party Transactions by Related Party [Axis] Senior subordinated promissory note [Member] Senior secured promissory note [Member] Company's Majority Owners [Member] Equity Components [Axis] Minimum Benefit Liability Adjustments [Member] Foreign Currency Translation Adjustment [Member] Regents Capital Corporation Note Payable 3 [Member] Regents Capital Corporation Note Payable 1 [Member] Variable Rate [Axis] LIBOR [Member] UEPH Series A Units [Member] UEPH Series B Units [Member] Common Stock [Member] Additional Paid-In Capital [Member] Accmulated Deficit [Member] Accumulated Other Comprehensive Loss [Member] Award Type [Axis] Stock Option [Member] Class of Stock [Axis] Ordinary Common Stock [Member] Common Class B [Member] Regents Capital Corporation Note Payable 4 [Member] BB&T Equipment Finance Corporation [Member] Lloyds Bank Commercial Finance Limited 2 [Member] First tranche [Member] Product and Service [Axis] Automotive Sector [Member] Industrial Sector [Member] UGEL Preferred Shares [Member] BB&T Equipment Finance Corporation 2 [Member] Statement [Table] Statement [Line Items] Entity Registrant Name Entity Trading Symbol Document Type Document Period End Date Amendment Flag Entity Central Index Key Current Fiscal Year End Date Entity Common Stock, Shares Outstanding Entity Filer Category Entity Current Reporting Status Entity Voluntary Filers Entity Well-known Seasoned Issuer Document Fiscal Year Focus Document Fiscal Period Focus Entity Public Float Assets [Abstract] CURRENT ASSETS Cash and cash equivalents Accounts receivable, net Inventories, net Other current assets Related party receivable Total Current Assets PROPERTY AND EQUIPMENT, NET OTHER ASSETS Intangible assets Goodwill Other long-term assets Total Other Assets TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Checks issued in excess of bank balance Lines of credit Current maturities of long-term debt Current maturities of capital lease obligations Accounts payable Accrued expenses and other liabilities Related party obligation Current portion of postretirement benefit liability - health and life Total Current Liabilities LONG-TERM LIABILITIES Long-term debt, less current portion Capital lease obligations, less current portion Related party lease financing obligation Long-term debt to related parties Postretirement benefit liability - health and life, less current portion Other long-term liabilities Total Long-Term Liabilities Total Liabilities STOCKHOLDERS' EQUITY Preferred units, Series A UEP Holdings, LLC, 200,000 units issued and outstanding ($100 issue price) Preferred units, Series B UEP Holdings, LLC, 150,000 units issued and outstanding ($100 issue price) Preferred stock, Uniroyal Global (Europe) Limited, 50 shares issued and outstanding ($1.51 stated value) Common stock, 95,000,000 shares authorized ($.001 par value) 18,690,030 shares issued and outstanding as of both July 1, 2018 and December 31, 2017 Additional paid-in capital Accumulated deficit Accumulated other comprehensive loss Total Stockholders' Equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Preferred Stock Par value Preferred Stock shares authorized Series A UEP Holdings LLC par value Series A UEP Holdings LLC shares issued Series A UEP Holdings LLC shares outstanding Series B UEP Holdings LLC par value Series B UEP Holdings LLC shares issued Series B UEP Holdings LLC shares outstanding Preferred stock, Uniroyal Global (Europe) Limited shares Par value Preferred stock, Uniroyal Global (Europe) Limited shares issued Preferred stock, Uniroyal Global (Europe) Limited shares outstanding Common Stock, par value Common Stock, shares authorized Common Stock, shares issued Common Stock, shares outstanding Revenues [Abstract] NET SALES COST OF GOODS SOLD Gross Profit OPERATING EXPENSES: Selling General and administrative Research and development OPERATING EXPENSES Operating Income OTHER INCOME (EXPENSE): Interest and other debt related expense Other income (expense) Net Other Expense INCOME BEFORE TAX PROVISION TAX PROVISION NET INCOME Preferred stock dividend NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS EARNINGS (LOSS) PER COMMON SHARE: Basic Diluted WEIGHTED AVERAGE SHARES OUTSTANDING: Basic Diluted COMPREHENSIVE INCOME NET INCOME OTHER COMPREHENSIVE INCOME (LOSS): Minimum benefit liability adjustment Foreign currency translation adjustment OTHER COMPREHENSIVE INCOME (LOSS) COMPREHENSIVE INCOME Preferred stock dividend COMPREHENSIVE INCOME (LOSS) TO COMMON SHAREHOLDERS Balance Balance, shares Net Income Other comprehensive income Stock-based compensation expense Issuance of common stock Issuance of common stock, shares Purchase treasury shares at cost Purchase treasury shares at cost, shares Preferred stock dividend Balance Balance, shares Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation Stock-based compensation expense Amortization of intangible assets Loss on disposal of property and equipment Noncash postemployment health and life benefit Changes in assets and liabilities: Accounts receivable Inventories Other current assets Related party receivable Other long-term assets Accounts payable Accrued expenses and other liabilities Postretirement benefit liability - health and life Other long-term liabilities Cash provided by Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES EX-101.PRE 11 unir-20180701_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jul. 01, 2018	Aug. 01, 2018
Entity Registrant Name	UNIROYAL GLOBAL ENGINEERED PRODUCTS, INC.
Entity Trading Symbol	UNIR
Document Type	10-Q
Document Period End Date	Jul. 01, 2018
Amendment Flag	false
Entity Central Index Key	0001172706
Current Fiscal Year End Date	--12-30
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Ordinary Common Stock [Member]
Entity Common Stock, Shares Outstanding		17,070,928
Common Class B [Member]
Entity Common Stock, Shares Outstanding		1,619,102

XML 13 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($)	Jul. 01, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 903,082	$ 1,267,319
Accounts receivable, net	16,011,212	15,167,468
Inventories, net	19,368,331	19,769,662
Other current assets	877,091	846,362
Related party receivable	2,073	37,116
Total Current Assets	37,161,789	37,087,927
PROPERTY AND EQUIPMENT, NET	18,043,816	17,289,058
OTHER ASSETS
Intangible assets	3,231,439	3,295,896
Goodwill	1,079,175	1,079,175
Other long-term assets	3,921,695	3,902,246
Total Other Assets	8,232,309	8,277,317
TOTAL ASSETS	63,437,914	62,654,302
CURRENT LIABILITIES
Checks issued in excess of bank balance	705,321	686,640
Lines of credit	19,650,799	19,340,468
Current maturities of long-term debt	1,187,384	1,155,490
Current maturities of capital lease obligations	416,588	408,425
Accounts payable	10,363,209	10,358,761
Accrued expenses and other liabilities	3,894,980	3,594,684
Related party obligation	768,036	286,955
Current portion of postretirement benefit liability - health and life	143,287	143,287
Total Current Liabilities	37,129,604	35,974,710
LONG-TERM LIABILITIES
Long-term debt, less current portion	2,684,591	2,467,433
Capital lease obligations, less current portion	301,787	531,218
Related party lease financing obligation	2,468,248	2,153,327
Long-term debt to related parties	2,459,393	2,765,655
Postretirement benefit liability - health and life, less current portion	2,522,261	2,547,076
Other long-term liabilities	785,129	822,492
Total Long-Term Liabilities	11,221,409	11,287,201
Total Liabilities	48,351,013	47,261,911
STOCKHOLDERS' EQUITY
Preferred units, Series A UEP Holdings, LLC, 200,000 units issued and outstanding ($100 issue price)	617,571	617,571
Preferred units, Series B UEP Holdings, LLC, 150,000 units issued and outstanding ($100 issue price)	463,179	463,179
Preferred stock, Uniroyal Global (Europe) Limited, 50 shares issued and outstanding ($1.51 stated value)	75	75
Common stock, 95,000,000 shares authorized ($.001 par value) 18,690,030 shares issued and outstanding as of both July 1, 2018 and December 31, 2017	18,690	18,690
Additional paid-in capital	35,138,353	34,944,972
Accumulated deficit	(20,423,375)	(20,276,944)
Accumulated other comprehensive loss	(727,592)	(375,152)
Total Stockholders' Equity	15,086,901	15,392,391
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 63,437,914	$ 62,654,302

XML 14 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 01, 2018	Dec. 31, 2017
Assets [Abstract]
Series A UEP Holdings LLC par value	$ 100	$ 100
Series A UEP Holdings LLC shares issued	200,000	200,000
Series A UEP Holdings LLC shares outstanding	200,000	200,000
Series B UEP Holdings LLC par value	$ 100	$ 100
Series B UEP Holdings LLC shares issued	150,000	150,000
Series B UEP Holdings LLC shares outstanding	150,000	150,000
Preferred stock, Uniroyal Global (Europe) Limited shares Par value	$ 1.51	$ 1.51
Preferred stock, Uniroyal Global (Europe) Limited shares issued	50	50
Preferred stock, Uniroyal Global (Europe) Limited shares outstanding	50	50
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	95,000,000	95,000,000
Common Stock, shares issued	18,690,030	18,690,030
Common Stock, shares outstanding	18,690,030	18,690,030

XML 15 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017
Revenues [Abstract]
NET SALES	$ 26,023,233	$ 26,077,549	$ 52,452,920	$ 51,835,978
COST OF GOODS SOLD	21,259,055	20,740,966	43,071,248	41,123,248
Gross Profit	4,764,178	5,336,583	9,381,672	10,712,730
OPERATING EXPENSES:
Selling	1,200,051	1,325,397	2,549,081	2,610,344
General and administrative	1,658,665	1,929,780	3,606,966	3,751,246
Research and development	430,565	437,104	852,528	970,958
OPERATING EXPENSES	3,289,281	3,692,281	7,008,575	7,332,548
Operating Income	1,474,897	1,644,302	2,373,097	3,380,182
OTHER INCOME (EXPENSE):
Interest and other debt related expense	(473,663)	(408,794)	(930,027)	(798,650)
Other income (expense)	(19,220)	(92,379)	14,062	6,875
Net Other Expense	(492,883)	(501,173)	(915,965)	(791,775)
INCOME BEFORE TAX PROVISION	982,014	1,143,129	1,457,132	2,588,407
TAX PROVISION	57,521	191,343	43,000	425,929
NET INCOME	924,493	951,786	1,414,132	2,162,478
Preferred stock dividend	(776,104)	(737,320)	(1,560,563)	(1,477,236)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$ 148,389	$ 214,466	$ (146,431)	$ 685,242
EARNINGS (LOSS) PER COMMON SHARE:
Basic	$ 0.01	$ 0.01	$ (0.01)	$ 0.04
Diluted	$ 0.01	$ 0.01	$ (0.01)	$ 0.04
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic	18,690,030	18,704,024	18,690,030	18,713,625
Diluted	18,690,030	18,809,598	18,690,030	18,810,191

XML 16 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017
COMPREHENSIVE INCOME
NET INCOME	$ 924,493	$ 951,786	$ 1,414,132	$ 2,162,478
OTHER COMPREHENSIVE INCOME (LOSS):
Minimum benefit liability adjustment	(29,931)		(59,462)
Foreign currency translation adjustment	(776,546)	397,035	(292,978)	542,154
OTHER COMPREHENSIVE INCOME (LOSS)	(806,477)	397,035	(352,440)	542,154
COMPREHENSIVE INCOME	118,016	1,348,821	1,061,692	2,704,632
Preferred stock dividend	(776,104)	(737,320)	(1,560,563)	(1,477,236)
COMPREHENSIVE INCOME (LOSS) TO COMMON SHAREHOLDERS	$ (658,088)	$ 611,501	$ (498,871)	$ 1,227,396

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 17 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 6 months ended Jul. 01, 2018 - USD ($)	UEPH Series A Units [Member]	UEPH Series B Units [Member]	UGEL Preferred Shares [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accmulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance at Dec. 31, 2017	$ 617,571	$ 463,179	$ 75	$ 18,690	$ 34,944,972	$ (20,276,944)	$ (375,152)	$ 15,392,391
Balance, shares at Dec. 31, 2017	200,000	150,000	50	18,690,030
Net Income						1,414,132		1,414,132
Other comprehensive income							(352,440)	(352,440)
Stock-based compensation expense					193,381			193,381
Preferred stock dividend						(1,560,563)		(1,560,563)
Balance at Jul. 01, 2018	$ 617,571	$ 463,179	$ 75	$ 18,690	$ 35,138,353	$ (20,423,375)	$ (727,592)	$ 15,086,901
Balance, shares at Jul. 01, 2018	200,000	150,000	50	18,690,030

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 18 R7.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 1,414,132	$ 2,162,478
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation	1,063,767	849,968
Stock-based compensation expense	193,381	206,645
Amortization of intangible assets	10,002	10,002
Loss on disposal of property and equipment	6,523	835
Noncash postemployment health and life benefit	(59,462)
Changes in assets and liabilities:
Accounts receivable	(1,160,237)	(2,059,187)
Inventories	144,368	(1,854,617)
Other current assets	(47,082)	(118,244)
Related party receivable	35,043	28,507
Other long-term assets	(40,223)	(10,387)
Accounts payable	187,557	2,609,639
Accrued expenses and other liabilities	361,493	666,371
Postretirement benefit liability - health and life	(24,815)	(5,605)
Other long-term liabilities	(16,541)	(38,380)
Cash provided by Operating Activities	2,067,906	2,448,025
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,277,121)	(955,496)
Payments on life insurance policies, net of proceeds from sale of life insurance policy	(106,163)	(223,761)
Cash used in Investing Activities	(1,383,284)	(1,179,257)
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in checks issued in excess of bank balance	18,681	37,726
Net advances on lines of credit	389,712	622,911
Payments on long-term debt	(436,276)	(259,569)
Proceeds from issuance of long-term debt and capital lease obligations	486,067
Payments on capital lease obligations	(205,199)	(194,782)
Net change in related party obligation	259,740	(185,209)
Payment of preferred stock dividends	(1,553,806)	(1,455,942)
Purchase and retirement of treasury stock		(99,840)
Cash used in Financing Activities	(1,041,081)	(1,534,705)
Net Change in Cash and Cash equivalents	(356,459)	(265,937)
Cash and Cash equivalents - beginning of Period	1,267,319	1,321,586
Effects of currency translation on cash and cash equivalents	(7,778)	48,112
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 903,082	$ 1,103,761

XML 19 R8.htm IDEA: XBRL DOCUMENT

Basis of Presentation

6 Months Ended

Jul. 01, 2018

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

XML 20 R9.htm IDEA: XBRL DOCUMENT

Noncash Transactions and Supplemental Disclosure of Cash Flow Information

6 Months Ended

Jul. 01, 2018

Supplemental Cash Flow Elements [Abstract]

Noncash Transactions and Supplemental Disclosure of Cash Flow Information

Noncash Transactions and Supplemental Disclosure of Cash Flow Information

During the six months ended July 1, 2018 and July 2, 2017, the Company paid down $203,173 and $198,518, respectively, of its term loans using available borrowings on its various lines of credit.

Supplemental disclosure of cash paid for the six months ended:

	July 1, 2018		July 2, 2017

Interest expense	$	892,641	$	808,983

Income taxes	$	-	$	-

XML 21 R10.htm IDEA: XBRL DOCUMENT

Derivatives

6 Months Ended

Jul. 01, 2018

Derivatives

Derivatives

Derivatives

XML 22 R11.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments

6 Months Ended

Jul. 01, 2018

Fair Value Of Financial Instruments

Fair Value of Financial Instruments

Fair Value of Financial Instruments

For the six months ended July 1, 2018, there have been no changes in the application of valuation methods applied to similar assets and liabilities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 23 R12.htm IDEA: XBRL DOCUMENT

Foreign Currency Translation

6 Months Ended

Jul. 01, 2018

Foreign Currency Translation [Abstract]

Foreign Currency Translation

Foreign Currency Translation

XML 24 R13.htm IDEA: XBRL DOCUMENT

Inventories

6 Months Ended

Jul. 01, 2018

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consist of the following:

	July 1, 2018			December 31, 2017

Raw materials	$	5,946,936		$	5,572,253
Work-in-process		4,707,300			5,342,359
Finished goods		10,172,362			10,377,480
		20,826,598			21,292,092
Less: Allowance for inventory obsolescence		(1,458,267	)		(1,522,430	)

Total Inventories	$	19,368,331		$	19,769,662

XML 25 R14.htm IDEA: XBRL DOCUMENT

Other Long-term Assets

6 Months Ended

Jul. 01, 2018

Other Assets, Noncurrent [Abstract]

Other Long-term Assets

Other Long-term Assets

Other long-term assets consist of the following:

	July 1, 2018		December 31, 2017

Deferred tax asset	$	3,272,950	$	3,167,092
Other		648,745		735,154

Total Other Long-term Assets	$	3,921,695	$	3,902,246

XML 26 R15.htm IDEA: XBRL DOCUMENT

Other Long-term Liabilities

6 Months Ended

Jul. 01, 2018

Other Liabilities, Noncurrent [Abstract]

Other Long-term Liabilities

Other Long-term Liabilities

Other long-term liabilities consist of the following:

	July 1, 2018		December 31, 2017

Deferred tax liability	$	765,308	$	793,145
Other		19,821		29,347

Total Other Long-term Liabilities	$	785,129	$	822,492

XML 27 R16.htm IDEA: XBRL DOCUMENT

Lines of Credit

6 Months Ended

Jul. 01, 2018

Line of Credit Facility [Abstract]

Line of Credit

Lines of Credit

XML 28 R17.htm IDEA: XBRL DOCUMENT

Long-Term Debt

6 Months Ended

Jul. 01, 2018

Long-term Debt, by Current and Noncurrent [Abstract]

Long-Term Debt

10.

Long-term Debt

Long-term debt consists of the following:

	Interest Rate	July 1, 2018			December 31, 2017

Wells Fargo Capital Finance LLC	Prime	$	643,925		$	792,525
Lloyds Bank Commercial Finance Limited	LIBOR + 3.15%		52,191			107,238
Kennet Equipment Leasing Limited	10.90%		573,471			691,830
Balboa Capital Corporation	5.72%		-			73,113
Regents Capital Corporation	7.41%		183,548			240,350
De Lage Landen Financial Services	7.35%		81,367			96,123
Ford Motor Credit	4.31%		32,319			36,662
Byline Financial Group	8.55%		17,367			28,344
Regents Capital Corporation	6.20%		254,419			284,852
Regents Capital Corporation	6.47%		276,208			306,702
Regents Capital Corporation	6.50%		137,361			152,169
BB&T Equipment Finance Corporation	4.02%		736,028			813,015
Regents Capital Corporation	6.99%		174,679			-
Lloyds Bank Commercial Finance Limited	LIBOR + 3.50%		464,840			-
BB&T Equipment Finance Corporation	5.12%		244,252			-
			3,871,975			3,622,923
Less: Current portion			(1,187,384	)		(1,155,490	)
Long-term Portion		$	2,684,591		$	2,467,433

XML 29 R18.htm IDEA: XBRL DOCUMENT

Related Party Obligations

6 Months Ended

Jul. 01, 2018

Related Party Obligations

Related Party Obligations

11.

Related Party Obligations

Long-term debt to related parties consists of the following:

	Interest Rate	July 1, 2018			December 31, 2017

Senior subordinated promissory note	9.25%	$	2,000,000		$	2,000,000
Senior secured promissory note	10.00%		918,786			918,786
			2,918,786			2,918,786
Less: Current portion			(459,393	)		(153,131	)
Long-term Portion		$	2,459,393		$	2,765,655

	July 1, 2018			December 31, 2017

Related party lease financing obligation	$	2,504,891		$	2,162,151
Less: Current portion		(36,643	)		(8,824	)

Long-term Portion	$	2,468,248		$	2,153,327

	July 1, 2018		December 31, 2017
Current portion of long-term debt to related parties	$	459,393	$	153,131
Current portion of related party lease financing obligation		36,643		8,824
Related party subordinated secured promissory note		225,000		-
Related party subordinated secured promissory note		47,000		-
Related party subordinated secured promissory note		-		125,000

Related Party Obligation	$	768,036	$	286,955

XML 30 R19.htm IDEA: XBRL DOCUMENT

Capital Leases

6 Months Ended

Jul. 01, 2018

Capital Leases

Capital Leases

12.

Capital Leases

Capital lease obligations consist of the following:

	July 1, 2018			December 31, 2017

Capital lease obligations	$	718,375		$	939,643
Less: Current portion		(416,588	)		(408,425	)

Long-term Portion	$	301,787		$	531,218

XML 31 R20.htm IDEA: XBRL DOCUMENT

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jul. 01, 2018

AOCI Attributable to Parent [Abstract]

Accumulated Other Comprehensive Income (Loss)

13.

Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) were as follows:

	Minimum Benefit Liability Adjustments			Foreign Currency Translation Adjustment			Total

Balance at December 31, 2017	$	564,757		$	(939,909	)	$	(375,152	)

Other comprehensive losses before reclassifications		-			(292,978	)		(292,978	)

Reclassification adjustment for gains included in net income		(59,462	)		-			(59,462	)

Balance at July 1, 2018	$	505,295		$	(1,232,887	)	$	(727,592	)

The gains reclassified from accumulated other comprehensive income into income are recorded to the following income statement line items:

Other Comprehensive Income (Loss) Component		Income Statement Line Item

Minimum Benefit Liability Adjustments		General and administrative expense

XML 32 R21.htm IDEA: XBRL DOCUMENT

Stock Based Compensation

6 Months Ended

Jul. 01, 2018

Stock Options or Stock Based Compensation

Stock Based Compensation

14.

Stock Based Compensation

Compensation expense is recognized on a straight-line basis over a three-year vesting period from date of grant.

Stock option activity for the six months ended July 1, 2018 and July 2, 2017 is as follows:

	Stock Options
	Total			Weighted Average Exercise Price		Exercis- able			Weighted Average Exercise Price		Non- Vested			Weighted Average Exercise Price
Outstanding at January 1, 2017		997,750		$	2.80		217,501		$	2.37		780,249		$	2.92
Granted		-			-		-			-		-			-
Vested		-			-		118,415			3.57		(118,415	)		3.57
Exercised		-			-		-			-		-			-
Forfeited or cancelled		(5,000	)		2.37		(5,000	)		2.37		-			-
Outstanding at July 2, 2017		992,750		$	2.80		330,916		$	2.80		661,834		$	2.80

Outstanding at December 31, 2017		961,500		$	2.80		527,165		$	2.63		434,335		$	3.00
Granted		-			-		-			-		-			-
Vested		-			-		112,170			3.57		(112,170	)		3.57
Exercised		-			-		-			-		-			-
Forfeited or cancelled		(15,000	)		2.77		(8,334	)		2.61		(6,666	)		2.97

Outstanding at July 1, 2018		946,500		$	2.80		631,001		$	2.80		315,499		$	2.80

Aggregate Intrinsic Value July 2, 2017	$	535,500				$	178,501				$	356,999

Aggregate Intrinsic Value July 1, 2018	$	-				$	-				$	-

XML 33 R22.htm IDEA: XBRL DOCUMENT

Recent Accounting Standards

6 Months Ended

Jul. 01, 2018

Recent Accounting Standards

Recent Accounting Standards

15.

Recent Accounting Standards

XML 34 R23.htm IDEA: XBRL DOCUMENT

Earnings Per Common Share

6 Months Ended

Jul. 01, 2018

EARNINGS (LOSS) PER COMMON SHARE:

Earnings Per Common Share

16.

Earnings per Common Share

The following table sets forth the computation of earnings per common share - basic and earnings per common share – diluted for the three and six months ended July 1, 2018 and July 2, 2017:

	Three Months Ended				Six Months Ended
	July 1, 2018		July 2, 2017		July 1, 2018			July 2, 2017
Numerator
Net income (loss) available to common shareholders	$	148,389	$	214,466	$	(146,431	)	$	685,242

Denominator
Denominator for basic earnings per share - weighted average shares outstanding		18,690,030		18,704,024		18,690,030			18,713,625
Weighted average effect of dilutive securities		-		105,574		-			96,566
Denominator for dilutive earnings per share - weighted average shares outstanding		18,690,030		18,809,598		18,690,030			18,810,191

Basic and Diluted Income (Loss) Per Share
Net income (loss) available to common shareholders	$	0.01	$	0.01	$	(0.01	)	$	0.04
Effect of dilutive securities		-		-		-			-
Net income (loss) available to common shareholders	$	0.01	$	0.01	$	(0.01	)	$	0.04

XML 35 R24.htm IDEA: XBRL DOCUMENT

Revenue

6 Months Ended

Jul. 01, 2018

Revenue Recognition and Deferred Revenue [Abstract]

Revenue

17.

Revenue

The following table sets forth revenue disaggregated by the Company’s automotive and industrial sectors for the three and six months ended July 1, 2018 and July 2, 2017:

	Three Months Ended				Six Months Ended
	July 1, 2018		July 2, 2017		July 1, 2018		July 2, 2017
Revenue:
Automotive sector	$	17,842,634	$	17,598,187	$	35,074,750	$	35,014,728
Industrial sector		8,180,599		8,479,362		17,378,170		16,821,250
Total Revenue	$	26,023,233	$	26,077,549	$	52,452,920	$	51,835,978

XML 36 R25.htm IDEA: XBRL DOCUMENT

Subsequent Events

6 Months Ended

Jul. 01, 2018

Subsequent Events [Abstract]

Subsequent Events

18.

Subsequent Events

XML 37 R26.htm IDEA: XBRL DOCUMENT

Noncash Transactions and Supplemental Disclosure of Cash Flow Information (Tables)

6 Months Ended

Jul. 01, 2018

Supplemental Cash Flow Elements [Abstract]

Schedule of Noncash Transactions and Supplemental Disclosure of Cash Flow Information Text Block

Supplemental disclosure of cash paid for the six months ended:

	July 1, 2018		July 2, 2017

Interest expense	$	892,641	$	808,983

Income taxes	$	-	$	-

XML 38 R27.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

6 Months Ended

Jul. 01, 2018

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:

	July 1, 2018			December 31, 2017

Raw materials	$	5,946,936		$	5,572,253
Work-in-process		4,707,300			5,342,359
Finished goods		10,172,362			10,377,480
		20,826,598			21,292,092
Less: Allowance for inventory obsolescence		(1,458,267	)		(1,522,430	)

Total Inventories	$	19,368,331		$	19,769,662

XML 39 R28.htm IDEA: XBRL DOCUMENT

Other Long-term Assets (Tables)

6 Months Ended

Jul. 01, 2018

Other Assets, Noncurrent [Abstract]

Schedule of Other Long-term Assets

Other long-term assets consist of the following:

	July 1, 2018		December 31, 2017

Deferred tax asset	$	3,272,950	$	3,167,092
Other		648,745		735,154

Total Other Long-term Assets	$	3,921,695	$	3,902,246

XML 40 R29.htm IDEA: XBRL DOCUMENT

Other Long-term Liabilities (Tables)

6 Months Ended

Jul. 01, 2018

Other Liabilities, Noncurrent [Abstract]

Schedule of Other Long-term Liabilities

Other long-term liabilities consist of the following:

	July 1, 2018		December 31, 2017

Deferred tax liability	$	765,308	$	793,145
Other		19,821		29,347

Total Other Long-term Liabilities	$	785,129	$	822,492

XML 41 R30.htm IDEA: XBRL DOCUMENT

Long-Term Debt (Tables)

6 Months Ended

Jul. 01, 2018

Long-term Debt, by Current and Noncurrent [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of the following:

	Interest Rate	July 1, 2018			December 31, 2017

Wells Fargo Capital Finance LLC	Prime	$	643,925		$	792,525
Lloyds Bank Commercial Finance Limited	LIBOR + 3.15%		52,191			107,238
Kennet Equipment Leasing Limited	10.90%		573,471			691,830
Balboa Capital Corporation	5.72%		-			73,113
Regents Capital Corporation	7.41%		183,548			240,350
De Lage Landen Financial Services	7.35%		81,367			96,123
Ford Motor Credit	4.31%		32,319			36,662
Byline Financial Group	8.55%		17,367			28,344
Regents Capital Corporation	6.20%		254,419			284,852
Regents Capital Corporation	6.47%		276,208			306,702
Regents Capital Corporation	6.50%		137,361			152,169
BB&T Equipment Finance Corporation	4.02%		736,028			813,015
Regents Capital Corporation	6.99%		174,679			-
Lloyds Bank Commercial Finance Limited	LIBOR + 3.50%		464,840			-
BB&T Equipment Finance Corporation	5.12%		244,252			-
			3,871,975			3,622,923
Less: Current portion			(1,187,384	)		(1,155,490	)
Long-term Portion		$	2,684,591		$	2,467,433

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

XML 42 R31.htm IDEA: XBRL DOCUMENT

Related Party Obligations (Tables)

6 Months Ended

Jul. 01, 2018

Related Party Obligations Tables

Schedule of Long-term Debt to Related Parties

Long-term debt to related parties consists of the following:

	Interest Rate	July 1, 2018			December 31, 2017

Senior subordinated promissory note	9.25%	$	2,000,000		$	2,000,000
Senior secured promissory note	10.00%		918,786			918,786
			2,918,786			2,918,786
Less: Current portion			(459,393	)		(153,131	)
Long-term Portion		$	2,459,393		$	2,765,655

The lease financing obligation is shown in the accompanying Consolidated Balance Sheets as Related Party Lease Financing Obligation which consists of the following:

	July 1, 2018			December 31, 2017

Related party lease financing obligation	$	2,504,891		$	2,162,151
Less: Current portion		(36,643	)		(8,824	)

Long-term Portion	$	2,468,248		$	2,153,327

The $125,000 subordinated secured promissory note that was outstanding at December 31, 2017 was paid during the first quarter of 2018.

	July 1, 2018		December 31, 2017
Current portion of long-term debt to related parties	$	459,393	$	153,131
Current portion of related party lease financing obligation		36,643		8,824
Related party subordinated secured promissory note		225,000		-
Related party subordinated secured promissory note		47,000		-
Related party subordinated secured promissory note		-		125,000

Related Party Obligation	$	768,036	$	286,955

XML 43 R32.htm IDEA: XBRL DOCUMENT

Capital Leases (Tables)

6 Months Ended

Jul. 01, 2018

Capital Leases Tables

Schedule of Capital Leases Principal Requirements

Capital lease obligations consist of the following:

	July 1, 2018			December 31, 2017

Capital lease obligations	$	718,375		$	939,643
Less: Current portion		(416,588	)		(408,425	)

Long-term Portion	$	301,787		$	531,218

XML 44 R33.htm IDEA: XBRL DOCUMENT

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jul. 01, 2018

AOCI Attributable to Parent [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) were as follows:

	Minimum Benefit Liability Adjustments			Foreign Currency Translation Adjustment			Total

Balance at December 31, 2017	$	564,757		$	(939,909	)	$	(375,152	)

Other comprehensive losses before reclassifications		-			(292,978	)		(292,978	)

Reclassification adjustment for gains included in net income		(59,462	)		-			(59,462	)

Balance at July 1, 2018	$	505,295		$	(1,232,887	)	$	(727,592	)

Gain (Loss) Reclassified from AOCI

The gains reclassified from accumulated other comprehensive income into income are recorded to the following income statement line items:

Other Comprehensive Income (Loss) Component		Income Statement Line Item

Minimum Benefit Liability Adjustments		General and administrative expense

XML 45 R34.htm IDEA: XBRL DOCUMENT

Stock Based Compensation (Tables)

6 Months Ended

Jul. 01, 2018

Schedule of Stock Option Plan:

Schedule of Stock Options Activity

Stock option activity for the six months ended July 1, 2018 and July 2, 2017 is as follows:

	Stock Options
	Total			Weighted Average Exercise Price		Exercis- able			Weighted Average Exercise Price		Non- Vested			Weighted Average Exercise Price
Outstanding at January 1, 2017		997,750		$	2.80		217,501		$	2.37		780,249		$	2.92
Granted		-			-		-			-		-			-
Vested		-			-		118,415			3.57		(118,415	)		3.57
Exercised		-			-		-			-		-			-
Forfeited or cancelled		(5,000	)		2.37		(5,000	)		2.37		-			-
Outstanding at July 2, 2017		992,750		$	2.80		330,916		$	2.80		661,834		$	2.80

Outstanding at December 31, 2017		961,500		$	2.80		527,165		$	2.63		434,335		$	3.00
Granted		-			-		-			-		-			-
Vested		-			-		112,170			3.57		(112,170	)		3.57
Exercised		-			-		-			-		-			-
Forfeited or cancelled		(15,000	)		2.77		(8,334	)		2.61		(6,666	)		2.97

Outstanding at July 1, 2018		946,500		$	2.80		631,001		$	2.80		315,499		$	2.80

Aggregate Intrinsic Value July 2, 2017	$	535,500				$	178,501				$	356,999

Aggregate Intrinsic Value July 1, 2018	$	-				$	-				$	-

XML 46 R35.htm IDEA: XBRL DOCUMENT

Earnings Per Common Share (Tables)

6 Months Ended

Jul. 01, 2018

Earnings Per Common Share Tables Abstract

Schedule of Earnings Per Common Share

The following table sets forth the computation of earnings per common share - basic and earnings per common share – diluted for the three and six months ended July 1, 2018 and July 2, 2017:

	Three Months Ended				Six Months Ended
	July 1, 2018		July 2, 2017		July 1, 2018			July 2, 2017
Numerator
Net income (loss) available to common shareholders	$	148,389	$	214,466	$	(146,431	)	$	685,242

Denominator
Denominator for basic earnings per share - weighted average shares outstanding		18,690,030		18,704,024		18,690,030			18,713,625
Weighted average effect of dilutive securities		-		105,574		-			96,566
Denominator for dilutive earnings per share - weighted average shares outstanding		18,690,030		18,809,598		18,690,030			18,810,191

Basic and Diluted Income (Loss) Per Share
Net income (loss) available to common shareholders	$	0.01	$	0.01	$	(0.01	)	$	0.04
Effect of dilutive securities		-		-		-			-
Net income (loss) available to common shareholders	$	0.01	$	0.01	$	(0.01	)	$	0.04

XML 47 R36.htm IDEA: XBRL DOCUMENT

Revenue (Tables)

6 Months Ended

Jul. 01, 2018

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of Disaggregated Revenue

The following table sets forth revenue disaggregated by the Company’s automotive and industrial sectors for the three and six months ended July 1, 2018 and July 2, 2017:

	Three Months Ended				Six Months Ended
	July 1, 2018		July 2, 2017		July 1, 2018		July 2, 2017
Revenue:
Automotive sector	$	17,842,634	$	17,598,187	$	35,074,750	$	35,014,728
Industrial sector		8,180,599		8,479,362		17,378,170		16,821,250
Total Revenue	$	26,023,233	$	26,077,549	$	52,452,920	$	51,835,978

XML 48 R37.htm IDEA: XBRL DOCUMENT

Noncash Transactions and Supplemental Disclosure of Cash Flow Information (Details) - USD ($)	6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017	Apr. 17, 2018	Apr. 04, 2018
Supplemental Cash Flow Elements [Abstract]
Payments on term loans	$ 203,173	$ 198,518
New equipment leases during the year	793,001	678,148
Policy net value				$ 128,399
Cash surrender value of insurance policies				578,490
Insurance policy loans				450,091
Notes payable			$ 3,399	$ 125,000
Interest expense	892,641	808,983
Income taxes

XML 49 R38.htm IDEA: XBRL DOCUMENT

Derivatives (Details)	6 Months Ended
Derivatives (Details)	Jul. 01, 2018
Derivatives Details Abstract
Percentage of risk on currency exchange contracts	25.00%

XML 50 R39.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments (Details) - USD ($)	Jul. 01, 2018	Dec. 31, 2017
Fair Value Of Financial Instruments Details Abstract
Fair value of foreign currency exchange contracts liability	$ 12,402
Fair value of foreign currency exchange contracts assets		$ 13,292

XML 51 R40.htm IDEA: XBRL DOCUMENT

Inventories (Details) - USD ($)	Jul. 01, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 5,946,936	$ 5,572,253
Work-in-process	4,707,300	5,342,359
Finished goods	10,172,362	10,377,480
Inventories gross	20,826,598	21,292,092
Less: Allowance for inventory obsolescence	(1,458,267)	(1,522,430)
Total Inventories	$ 19,368,331	$ 19,769,662

XML 52 R41.htm IDEA: XBRL DOCUMENT

Other Long-term Assets (Details) - USD ($)	Jul. 01, 2018	Dec. 31, 2017
Other Assets, Noncurrent [Abstract]
Deferred tax asset	$ 3,272,950	$ 3,167,092
Other	648,745	735,154
Total Other Long-term Assets	$ 3,921,695	$ 3,902,246

XML 53 R42.htm IDEA: XBRL DOCUMENT

Other Long-term Liabilities (Details) - USD ($)	Jul. 01, 2018	Dec. 31, 2017
Other Liabilities, Noncurrent [Abstract]
Deferred tax liability	$ 765,308	$ 793,145
Other	19,821	29,347
Total Other Long-term Liabilities	$ 785,129	$ 822,492

XML 54 R43.htm IDEA: XBRL DOCUMENT

Lines of Credit (Details)	6 Months Ended
Lines of Credit (Details)	Jul. 01, 2018 USD ($)	Jul. 01, 2018 GBP (£)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 GBP (£)
Wells Fargo Capital Finance, LLC [Member]
Line of credit maximum amount	$ 30,000,000
Line of credit premium over base rate	2.25%
Line of credit interest rate description	Interest is payable monthly at the Euro dollar rate plus 2.25% or Wells Fargo Capital Finance, LLC’s prime rate at the Company’s election on outstanding balances up to $6,000,000 and prime rate on amounts in excess of $6,000,000.
Line of credit amount outstanding	$ 9,967,330		$ 10,376,881
Line of credit, maturity date	Oct. 17, 2019
Lloyds Bank Commercial Finance Limited [Member] \| Wardle Storeys [Member]
Line of credit maximum amount	$ 13,200,000
Line of credit interest rate description	The line has several tranches based on currency or underlying security. Interest is payable monthly at the base rate (U.K. LIBOR or Lloyds Bank Base Rate as published) plus 1.95% to 2.45% depending on the tranche.
Line of credit amount outstanding	$ 9,683,469		$ 8,963,587
Lloyds Bank Commercial Finance Limited [Member] \| Wardle Storeys [Member] \| British Pound Sterling [Member]
Line of credit maximum amount \| £		£ 10,000,000
Line of credit amount outstanding \| £		£ 7,359,786		£ 6,631,172
Lloyds Bank Commercial Finance Limited [Member] \| Wardle Storeys [Member] \| Minimum [Member]
Line of credit premium over base rate	1.95%
Lloyds Bank Commercial Finance Limited [Member] \| Wardle Storeys [Member] \| Maximum [Member]
Line of credit premium over base rate	2.45%

XML 55 R44.htm IDEA: XBRL DOCUMENT

Long-Term Debt (Schedule of Long-term debt) (Details) - USD ($)	Jul. 01, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt	$ 3,871,975	$ 3,622,923
Less: Current portion	(1,187,384)	(1,155,490)
Long-Term Portion	2,684,591	2,467,433
Wells Fargo Capital Finance LLC Loan [Member]
Debt Instrument [Line Items]
Long-term debt	643,925	792,525
Lloyds Bank Commercial Finance Limited [Member] \| Wardle Storeys [Member]
Debt Instrument [Line Items]
Long-term debt	52,191	107,238
Kennet Equipment Leasing Financing Obligation [Member]
Debt Instrument [Line Items]
Long-term debt	573,471	691,830
Balboa Capital Corporation Note Payable [Member]
Debt Instrument [Line Items]
Long-term debt		73,113
Regents Capital Corporation Note Payable [Member]
Debt Instrument [Line Items]
Long-term debt	183,548	240,350
De Lage Landen Financial Services Note Payable [Member]
Debt Instrument [Line Items]
Long-term debt	81,367	96,123
Ford Motor Credit Note Payable [Member]
Debt Instrument [Line Items]
Long-term debt	32,319	36,662
Byline Financial Group Note Payable [Member]
Debt Instrument [Line Items]
Long-term debt	17,367	28,344
Regents Capital Corporation Note Payable 1 [Member]
Debt Instrument [Line Items]
Long-term debt	254,419	284,852
Regents Capital Corporation Note Payable 2 [Member]
Debt Instrument [Line Items]
Long-term debt	276,208	306,702
Regents Capital Corporation Note Payable 3 [Member]
Debt Instrument [Line Items]
Long-term debt	137,361	152,169
BB&T Equipment Finance Corporation [Member]
Debt Instrument [Line Items]
Long-term debt	736,028	813,015
Regents Capital Corporation Note Payable 4 [Member]
Debt Instrument [Line Items]
Long-term debt	174,679
Lloyds Bank Commercial Finance Limited 2 [Member] \| Wardle Storeys [Member]
Debt Instrument [Line Items]
Long-term debt	464,840
BB&T Equipment Finance Corporation 2 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 244,252

XML 56 R45.htm IDEA: XBRL DOCUMENT

Long-Term Debt (Schedule of Long-term debt Interest Rate) (Details)	6 Months Ended
	Jul. 01, 2018 USD ($)	Jul. 01, 2018 GBP (£)
Wells Fargo Capital Finance LLC Loan [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate basis	Prime
Lloyds Bank Commercial Finance Limited [Member] \| Wardle Storeys [Member] \| First tranche [Member]
Debt Instrument [Line Items]
Long-term debt, face amount	$ 464,840
Lloyds Bank Commercial Finance Limited [Member] \| Wardle Storeys [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate above basis	3.15%
Long-term debt, interest rate basis	LIBOR
Kennet Equipment Leasing Financing Obligation [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	10.90%	10.90%
Balboa Capital Corporation Note Payable [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	5.72%	5.72%
Regents Capital Corporation Note Payable [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	7.41%	7.41%
De Lage Landen Financial Services Note Payable [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	7.35%	7.35%
Ford Motor Credit Note Payable [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	4.31%	4.31%
Byline Financial Group Note Payable [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	8.55%	8.55%
Regents Capital Corporation Note Payable 1 [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	6.20%	6.20%
Regents Capital Corporation Note Payable 2 [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	6.47%	6.47%
Regents Capital Corporation Note Payable 3 [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	6.50%	6.50%
BB&T Equipment Finance Corporation [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	4.02%	4.02%
Regents Capital Corporation Note Payable 4 [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	6.99%	6.99%
Lloyds Bank Commercial Finance Limited 2 [Member] \| Wardle Storeys [Member]
Debt Instrument [Line Items]
Long-term debt, face amount	$ 1,549,500
Long-term debt, frequency of periodic payment	Monthly payments will begin in December 2018 and continue over a 60-month period at 3.50% above the base rate (LIBOR).
Lloyds Bank Commercial Finance Limited 2 [Member] \| Wardle Storeys [Member] \| First tranche [Member]
Debt Instrument [Line Items]
Long-term debt, face amount	$ 464,840
Lloyds Bank Commercial Finance Limited 2 [Member] \| Wardle Storeys [Member] \| British Pound Sterling [Member]
Debt Instrument [Line Items]
Long-term debt, face amount \| £		£ 1,177,650
Lloyds Bank Commercial Finance Limited 2 [Member] \| Wardle Storeys [Member] \| British Pound Sterling [Member] \| First tranche [Member]
Debt Instrument [Line Items]
Long-term debt, face amount \| £		£ 353,295
Lloyds Bank Commercial Finance Limited 2 [Member] \| Wardle Storeys [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate above basis	3.50%
Long-term debt, interest rate basis	LIBOR
BB&T Equipment Finance Corporation 2 [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	5.12%	5.12%

XML 57 R46.htm IDEA: XBRL DOCUMENT

Related Party Obligations (Narrative) (Details) - USD ($)	6 Months Ended
	Jul. 01, 2018	Feb. 14, 2018	Jan. 09, 2018	Dec. 31, 2017
Related party subordinated secured promissory note	$ 225,000
Related party lease financing obligation	$ 2,504,891			2,162,151
Company's Majority Owners [Member]
Long-term debt, interest rate	18.20%
Long-term debt, periodic payment	$ 36,964
Long-term debt, security deposit	$ 267,500
Long-term debt, maturity date	Oct. 31, 2033
Related party subordinated secured promissory note		$ 47,000	$ 225,000	$ 125,000
Promissory notes interest rates	8.00%
Related party lease financing obligation	$ 355,000

XML 58 R47.htm IDEA: XBRL DOCUMENT

Related Party Obligations (Long-term debt to related parties) (Details) - USD ($)	6 Months Ended
	Jul. 01, 2018	Dec. 31, 2017
Total debt to related parties	$ 2,918,786	$ 2,918,786
Less: Current portion of debt to related parties	(459,393)	(153,131)
Total Long-term Debt to Related Parties	2,459,393	2,765,655
Senior subordinated promissory note [Member]
Total debt to related parties	$ 2,000,000	2,000,000
Long-term debt, interest rate	9.25%
Senior secured promissory note [Member]
Total debt to related parties	$ 918,786	$ 918,786
Long-term debt, interest rate	10.00%

XML 59 R48.htm IDEA: XBRL DOCUMENT

Related Party Obligations (Lease Financing Obligation) (Details) - USD ($)	Jul. 01, 2018	Dec. 31, 2017
Related Party Lease Financing Obligation Details
Related party lease financing obligation	$ 2,504,891	$ 2,162,151
Less: Current portion	(36,643)	(8,824)
Long-Term Portion	$ 2,468,248	$ 2,153,327

XML 60 R49.htm IDEA: XBRL DOCUMENT

Related Party Obligations (Schedule of Current Portions) (Details) - USD ($)	Jul. 01, 2018	Dec. 31, 2017
Related Party Obligations Schedule Of Current Portions Details
Current portion of long-term debt to related parties	$ 459,393	$ 153,131
Current portion of related party lease financing obligation	36,643	8,824
Related party subordinated secured promissory note	225,000
Related party subordinated secured promissory note	47,000
Related party subordinated secured promissory note		125,000
Related Party Obligation	$ 768,036	$ 286,955

XML 61 R50.htm IDEA: XBRL DOCUMENT

Capital Leases (Details) - USD ($)	Jul. 01, 2018	Dec. 31, 2017
Capital Leases Details
Capital Leases on equipment - Monthly lease payments minimum	$ 1,577
Capital Leases on equipment - Monthly lease payments maximum	$ 27,603
Capital Leases on equipment -Interest rates minimum	3.84%
Capital Leases on equipment -Interest rates maximum	19.15%
Capital lease obligation	$ 718,375	$ 939,643
Less: current portion	(416,588)	(408,425)
Long-term Portion	$ 301,787	$ 531,218

XML 62 R51.htm IDEA: XBRL DOCUMENT

Accumulated Other Comprehensive Income (Loss) (Details)	6 Months Ended
Accumulated Other Comprehensive Income (Loss) (Details)	Jul. 01, 2018 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ (375,152)
Other comprehensive losses before reclassifications	(292,978)
Reclassification adjustment for gains included in net income	(59,462)
Balance	(727,592)
Minimum Benefit Liability Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	564,757
Other comprehensive losses before reclassifications
Reclassification adjustment for gains included in net income	(59,462)
Balance	505,295
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(939,909)
Other comprehensive losses before reclassifications	(292,978)
Reclassification adjustment for gains included in net income
Balance	$ (1,232,887)

XML 63 R52.htm IDEA: XBRL DOCUMENT

Stock Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017
Stockholders' Equity Note [Abstract]
Stock-based compensation expense	$ 93,420	$ 103,323	$ 193,381	$ 206,645
Unrecognized compensation cost	$ 150,583		$ 150,583
Unrecognized compensation cost, recognition period			9 months

XML 64 R53.htm IDEA: XBRL DOCUMENT

Stock Based Compensation (Option Activity) (Details) - USD ($)	6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017
Total Stock Options
Outstanding	961,500	997,750
Granted
Vested
Exercised
Forfeited or cancelled	(15,000)	(5,000)
Outstanding	946,500	992,750
Total Weighted Average Exercise Price
Outstanding	$ 2.80	$ 2.80
Granted
Vested
Exercised
Forfeited or cancelled	2.77	2.37
Outstanding	$ 2.80	$ 2.80
Exercisable
Outstanding	527,165	217,501
Granted
Vested	112,170	118,415
Exercised
Forfeited or cancelled	(8,334)	(5,000)
Outstanding	631,001	330,916
Exercisable Weighted Average Exercise Price
Outstanding	$ 2.63	$ 2.37
Granted
Vested	3.57	3.57
Exercised
Forfeited or cancelled	2.61	2.37
Outstanding	$ 2.80	$ 2.80
Nonvested
Outstanding	434,335	780,249
Granted
Vested	(112,170)	(118,415)
Forfeited or cancelled	(6,666)
Outstanding	315,499	661,834
Nonvested Weighted Average Exercise Price
Outstanding	$ 3.00	$ 2.92
Granted
Vested	3.57	3.57
Forfeited or cancelled	2.97
Outstanding	$ 2.80	$ 2.80
Aggregate intrinsic value
Outstanding		$ 535,500
Exercisable		178,501
Nonvested		$ 356,999

XML 65 R54.htm IDEA: XBRL DOCUMENT

Earnings Per Common Share (Details) - USD ($)	3 Months Ended		6 Months Ended
Earnings Per Common Share (Details) - USD ($)	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017
Numerator
Net income (loss) available to common shareholders	$ 148,389	$ 214,466	$ (146,431)	$ 685,242
Denominator
Denominator for basic earnings per share - weighted average shares outstanding	18,690,030	18,704,024	18,690,030	18,713,625
Weighted average effect of dilutive securities		105,574		96,566
Denominator for dilutive earnings per share - weighted average shares outstanding	18,690,030	18,809,598	18,690,030	18,810,191
Basic and Diluted Income (Loss) Per Share
Net income (loss) available to common shareholders	$ 0.01	$ 0.01	$ (0.01)	$ 0.04
Effect of dilutive securities
Net income (loss) available to common shareholders	$ 0.01	$ 0.01	$ (0.01)	$ 0.04

XML 66 R55.htm IDEA: XBRL DOCUMENT

Earnings Per Common Share (Narrative) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017
Weighted average effect of dilutive securities		105,574		96,566
Option exercise price
Stock Option [Member]
Weighted average effect of dilutive securities	946,500	355,250	946,500	355,250
Option exercise price		$ 3.57		$ 3.57
Stock Option [Member] \| Maximum [Member]
Option exercise price	$ 3.57		$ 3.57
Stock Option [Member] \| Minimum [Member]
Option exercise price	$ 2.37		$ 2.37

XML 67 R56.htm IDEA: XBRL DOCUMENT

Revenue (Schedule of Disaggregated Revenue) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017
Disaggregation of Revenue [Line Items]
Total revenue	$ 26,023,233	$ 26,077,549	$ 52,452,920	$ 51,835,978
Automotive Sector [Member]
Disaggregation of Revenue [Line Items]
Total revenue	17,842,634	17,598,187	35,074,750	35,014,728
Industrial Sector [Member]
Disaggregation of Revenue [Line Items]
Total revenue	$ 8,180,599	$ 8,479,362	$ 17,378,170	$ 16,821,250

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