Note 9 - Notes Payable (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Long-term Debt Instruments [Table Text Block]

	December 31, 2020		December 31, 2019

In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $2,000,000 loan due to First Francis Company, payable in quarterly installments beginning October 31, 2016	$	1,108,829	$	1,302,776

In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $2,768,662 loan due to First Francis Company, payable in quarterly installments beginning October 31, 2016.		941,867		1,248,380

In connection with the CARES Act, Federal Hose entered into a promissory note on June 4, 2020 for a $253,071 loan due to First Federal Savings and Loan Association of Lakewood, with monthly principal and interest installments to begin January 4, 2021. Any unforgiven portion of the note is payable on or before June 4, 2022.		253,071		-

In connection with the CARES Act, CAD entered into a promissory note on June 4, 2020 for a $1,200,766 loan due to First Federal Savings and Loan Association of Lakewood, with monthly principal and interest installment to begin January 4, 2021. Any unforgiven portion of the note is payable on or before June 4, 2022.		1,200,766		-

In connection with the CAD acquisition, the Company entered into a promissory note on July 1, 2018 for a $9,000,000 loan due to the Loudermilks, payable in quarterly installments beginning September 30, 2018.		6,187,500		7,875,000

Total notes payable		9,692,033		10,426,156

Less current portion		2,782,479		2,749,459

Notes payable – non-current portion	$	6,909,554	$	7,676,697

Notes Payable [Member]

Notes Tables

Schedule of Maturities of Long-term Debt [Table Text Block]

	Related Party Notes		Seller Note		PPP Loans		Total Principal Payments

2021		532,479		2,250,000		-		2,782,479
2022		1,518,217		2,250,000		1,453,837		5,222,054
2023		-		1,687,500		-		1,687,500
2024		-		-		-		-
Total principal payments	$	2,050,696	$	6,187,500	$	1,453,837		9,692,033

- 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

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+ Details