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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current Assets    
Cash and cash equivalents $ 1,524,167 $ 4,045,101
Certificates of deposit 1,694,000 2,691,000
Accounts receivable - Less allowances of $146,000 and $160,000, respectively 5,904,401 4,975,137
Inventories, net 9,423,243 9,121,230
Prepaid income taxes 985,119 509,119
Other current assets 421,999 422,747
Total current assets 19,952,929 21,764,334
Property, Plant and Equipment    
Land and improvements 1,510,513 1,510,513
Buildings and improvements 6,758,266 6,758,266
Production equipment and other 37,778,206 37,080,762
Property, Plant and Equipment, Gross 46,046,985 45,349,541
Less accumulated depreciation 34,037,051 33,487,748
Net property, plant and equipment 12,009,934 11,861,793
Total assets 31,962,863 33,626,127
Current Liabilities    
Accounts payable 1,234,323 697,235
Accrued wages and salaries 577,657 462,332
Other accrued expenses 84,244 327,961
Unearned revenue and customer deposits 535,498 203,717
Total current liabilities 2,431,722 1,691,245
Deferred income taxes 864,084 948,084
Total liabilities 3,295,806 2,639,329
Shareholders' Equity    
Preferred stock, no par value, 500,000 shares authorized: none outstanding 0 0
Common stock, $1.00 par value, 4,000,000 shares authorized, 1,138,096 shares issued; 966,132 shares outstanding 1,138,096 1,138,096
Additional paid-in capital 447,134 447,134
Retained earnings 31,003,925 33,323,666
Treasury stock, 171,964 shares at cost (3,922,098) (3,922,098)
Total shareholders' equity 28,667,057 30,986,798
Total liabilities and shareholders' equity $ 31,962,863 $ 33,626,127