Note 2 - Revised Prior Period Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

Consolidated Balance Sheets
	Previously		(1)
	Reported		Adjustments			Revised
As of December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$	16,307,000	$	-		$	16,307,000
Accounts receivable, net of allowance for doubtful accounts of $64,000 as of December 31, 2021 and $71,000 as of December 31, 2020		3,397,000		-			3,397,000
Accounts receivable, related party		1,383,000		-			1,383,000
Inventories		24,969,000		-			24,969,000
Prepaid expenses		6,943,000		-			6,943,000
Total current assets		52,999,000		-			52,999,000
Property and equipment, net		6,064,000		-			6,064,000
Goodwill		55,000		-			55,000
Definite-lived intangible assets, net		3,000		-			3,000
Right-of-use assets		2,648,000		-			2,648,000
Equity investment in unconsolidated affiliate		6,120,000		(869,000	)		5,251,000
Total assets	$	67,889,000	$	(869,000	)	$	67,020,000
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	528,000	$	-		$	528,000
Accrued liabilities		1,250,000		-			1,250,000
Lease liabilities		883,000		-			883,000
Total current liabilities		2,661,000		-			2,661,000
Lease liabilities, net of current portion		1,817,000		-			1,817,000
Deferred income tax liabilities, net		791,000		-			791,000
Total liabilities		5,269,000		-			5,269,000
Commitments and contingincies
Shareholders' equity:
Common stock, $.01 par value: 50,000,000 shares authorized; 13,115,341 shares outstanding as of December 31, 2021		132,000		-			132,000
Retained earnings		62,488,000		-			62,488,000
Accumulated other comprehensive loss		-		(869,000	)		(869,000	)
Total shareholders' equity		62,620,000		(869,000	)		61,751,000
Total liabilities and shareholders' equity	$	67,889,000	$	(869,000	)	$	67,020,000

Consolidated Statements of Comprehensive Income
	Year Ended December 31, 2021
	Previously
	Reported		Adjustments			Revised
Net Income	$	6,756,000	$	-		$	6,756,000
Other comprehensive loss- foreign currency translation loss		-		(96,000	)		(96,000	)
Comprehensive income	$	6,756,000	$	(96,000	)	$	6,660,000

Consolidated Statements of Shareholder's Equity
													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Earnings			Loss*			Total
Balance as of December 31, 2020 as revised		13,419,847		$	135,000		$	409,000		$	58,986,000		$	(773,000	)	$	58,757,000
Common stock repurchased and retired		(439,000	)		(4,000	)		(1,150,000	)		(3,254,000	)		-			(4,408,000	)
Options exercised		134,494			1,000			426,000			-			-			427,000
Share-based compensation expense		-			-			315,000			-			-			315,000
Total comprehensive income (loss) as revised		-			-			-			6,756,000			(96,000	)		6,660,000
Balance as of December 31, 2021 as revised		13,115,341		$	132,000		$	-		$	62,488,000		$	(869,000	)	$	61,751,000