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Note 19 - Revisions of Previously Issued Unaudited Consolidated Financial Statements (Unaudited)

12 Months Ended

Dec. 31, 2023

Condensed Financial Statements [Text Block]

19.

Revisions of Previously Issued Unaudited Consolidated Financial Statements (unaudited)

The tables below show the effects of errors in the Company’s previously issued unaudited quarterly financial statement. The adjustments for the periods presented relate to the same matter discussed in Note 2. Specifically, for each period:

The amount paid for our stock repurchases in excess of par value has been reclassified from additional paid-in capital to retained earnings.

The impact on the interim consolidated balance sheets and statements of shareholders’ equity for all periods presented are as follows:

Consolidated Balance Sheets (unaudited)

	March 31, 2023							March 31, 2022
	Previously							Previously
	Reported		Adjustments			Revised		Reported		Adjustments			Revised
Shareholders' equity:
Additional paid in capital	$	-	$	17,190,000		$	17,190,000	$	-	$	17,951,000		$	17,951,000
Retained earnings		62,216,000		(17,190,000	)		45,026,000		63,311,000		(17,951,000	)		45,360,000
Total shareholders' equity		60,986,000		-			60,986,000		62,419,000		-			62,419,000
Total liabilities and shareholders' equity	$	64,055,000	$	-		$	64,055,000	$	66,747,000	$	-		$	66,747,000

Consolidated Balance Sheets (unaudited)

	June 30, 2023							June 30, 2022
	Previously							Previously
	Reported		Adjustments			Revised		Reported		Adjustments			Revised
Shareholders' equity:
Additional paid in capital	$	-	$	16,865,000		$	16,865,000	$	-	$	17,700,000		$	17,700,000
Retained earnings		62,333,000		(16,865,000	)		45,468,000		63,108,000		(17,700,000	)		45,408,000
Total shareholders' equity		61,121,000		-			61,121,000		61,949,000		-			61,949,000
Total liabilities and shareholders' equity	$	64,341,000	$	-		$	64,341,000	$	66,694,000	$	-		$	66,694,000

Consolidated Balance Sheets (unaudited)

	September 30, 2023							September 30, 2022
	Previously							Previously
	Reported		Adjustments			Revised		Reported		Adjustments			Revised
Shareholders' equity:
Additional paid in capital	$	-	$	16,552,000		$	16,552,000	$	-	$	17,402,000		$	17,402,000
Retained earnings		62,757,000		(16,552,000	)		46,205,000		62,559,000		(17,402,000	)		45,157,000
Total shareholders' equity		61,391,000		-			61,391,000		61,261,000		-			61,261,000
Total liabilities and shareholders' equity	$	64,611,000	$	-		$	64,611,000	$	65,081,000	$	-		$	65,081,000

Consolidated Statements of Shareholder's Equity (unaudited)

For the Nine Months Ended September 30, 2023

													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Earnings			Income (Loss)			Total
Balance as of December 31, 2022		12,226,306		$	123,000		$	-		$	62,124,000		$	(1,489,000	)	$	60,758,000
Net income		-			-			-			552,000			-			552,000
Common stock repurchased and retired		(200,000	)		(2,000	)		(371,000	)		(460,000	)		-			(833,000	)
Stock-based compensation expense		-			-			22,000			-			-			22,000
Options exercised		109,250			1,000			349,000			-			-			350,000
Total comprehensive income		-			-			-			-			137,000			137,000
Balance as of March 31, 2023		12,135,556			122,000			-			62,216,000			(1,352,000	)		60,986,000
Net income		-			-			-			1,146,000			-			1,146,000
Common stock repurchased and retired		(275,000	)		(3,000	)		(65,000	)		(1,029,000	)		-			(1,097,000	)
Treasury stock excise tax		-			-			(11,000	)		-			-			(11,000	)
Stock-based compensation expense		-			-			22,000			-			-			22,000
Options exercised		15,000			-			54,000			-			-			54,000
Total comprehensive income		-			-			-			-			21,000			21,000
Balance as of June 30, 2023		11,875,556			119,000			-			62,333,000			(1,331,000	)		61,121,000
Net income		-			-			-			1,430,000			-			1,430,000
Common stock repurchased and retired		(249,110	)		(2,000	)		(41,000	)		(1,006,000	)		-			(1,049,000	)
Treasury stock excise tax		-			-			(19,000	)		-			-			(19,000	)
Stock-based compensation expense		-			-			24,000			-			-			24,000
Options exercised		10,000			-			36,000			-			-			36,000
Total comprehensive loss		-			-			-			-			(152,000	)		(152,000	)
Balance as of September 30, 2023		11,636,446		$	117,000		$	-		$	62,757,000		$	(1,483,000	)	$	61,391,000

Consolidated Statements of Shareholder's Equity (unaudited)

For the Nine Months Ended September 30, 2023 as Revised

													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Earnings			Income (Loss)			Total
Balance as of December 31, 2022 as revised		12,226,306		$	123,000		$	17,099,000		$	45,025,000		$	(1,489,000	)	$	60,758,000
Net income		-			-			-			552,000			-			552,000
Common stock repurchased and retired as revised		(200,000	)		(2,000	)		(280,000	)		(551,000	)		-			(833,000	)
Stock-based compensation expense		-			-			22,000			-			-			22,000
Options exercised		109,250			1,000			349,000			-			-			350,000
Total comprehensive income		-			-			-			-			137,000			137,000
Balance as of March 31, 2023 as revised		12,135,556			122,000			17,190,000			45,026,000			(1,352,000	)		60,986,000
Net income		-			-			-			1,146,000			-			1,146,000
Common stock repurchased and retired as revised		(275,000	)		(3,000	)		(390,000	)		(704,000	)		-			(1,097,000	)
Treasury stock excise tax		-			-			(11,000	)		-			-			(11,000	)
Stock-based compensation expense		-			-			22,000			-			-			22,000
Options exercised		15,000			-			54,000			-			-			54,000
Total comprehensive income		-			-			-			-			21,000			21,000
Balance as of June 30, 2023 as revised		11,875,556			119,000			16,865,000			45,468,000			(1,331,000	)		61,121,000
Net income		-			-			-			1,430,000			-			1,430,000
Common stock repurchased and retired as revised		(249,110	)		(2,000	)		(354,000	)		(693,000	)		-			(1,049,000	)
Treasury stock excise tax		-			-			(19,000	)		-			-			(19,000	)
Stock-based compensation expense		-			-			24,000			-			-			24,000
Options exercised		10,000			-			36,000			-			-			36,000
Total comprehensive loss		-			-			-			-			(152,000	)		(152,000	)
Balance as of September 30, 2023 as revised		11,636,446		$	117,000		$	16,552,000		$	46,205,000		$	(1,483,000	)	$	61,391,000

Consolidated Statements of Shareholder's Equity (unaudited)

For the Nine Months Ended September 30, 2022

													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Earnings			Loss			Total
Balance as of December 31, 2021		13,115,341		$	132,000		$	-		$	62,488,000		$	(869,000	)	$	61,751,000
Net income		-			-			-			1,522,000			-			1,522,000
Common stock repurchased and retired		(170,000	)		(2,000	)		(55,000	)		(699,000	)		-			(756,000	)
Stock-based compensation expense		-			-			55,000			-			-			55,000
Total comprehensive loss		-			-			-			-			(153,000	)		(153,000	)
Balance as of March 31, 2022		12,945,341			130,000			-			63,311,000			(1,022,000	)		62,419,000
Net income		-			-			-			693,000			-			693,000
Common stock repurchased and retired		(225,500	)		(2,000	)		(62,000	)		(896,000	)		-			(960,000	)
Stock-based compensation expense		-			-			32,000			-			-			32,000
Options exercised		8,332			-			30,000			-			-			30,000
Total comprehensive loss		-			-			-			-			(265,000	)		(265,000	)
Balance as of June 30, 2022		12,728,173			128,000			-			63,108,000			(1,287,000	)		61,949,000
Net income		-			-			-			503,000			-			503,000
Common stock repurchased and retired		(259,200	)		(2,000	)		(62,000	)		(1,052,000	)		-			(1,116,000	)
Stock-based compensation expense		-			-			32,000			-			-			32,000
Options exercised		8,332			-			30,000			-			-			30,000
Total comprehensive loss		-			-			-			-			(137,000	)		(137,000	)
Balance as of September 30, 2022		12,477,305		$	126,000		$	-		$	62,559,000		$	(1,424,000	)	$	61,261,000

Consolidated Statements of Shareholder's Equity (unaudited)

For the Nine Months Ended September 30, 2022 as Revised

													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Earnings			Loss			Total
Balance as of December 31, 2021 as revised		13,115,341		$	132,000		$	18,131,000		$	44,357,000		$	(869,000	)	$	61,751,000
Net income		-			-			-			1,522,000			-			1,522,000
Common stock repurchased and retired as revised		(170,000	)		(2,000	)		(235,000	)		(519,000	)		-			(756,000	)
Stock-based compensation expense		-			-			55,000			-			-			55,000
Total comprehensive loss		-			-			-			-			(153,000	)		(153,000	)
Balance as of March 31, 2022 as revised		12,945,341			130,000			17,951,000			45,360,000			(1,022,000	)		62,419,000
Net income		-			-			-			693,000			-			693,000
Common stock repurchased and retired as revised		(225,500	)		(2,000	)		(313,000	)		(645,000	)		-			(960,000	)
Stock-based compensation expense		-			-			32,000			-			-			32,000
Options exercised		8,332			-			30,000			-			-			30,000
Total comprehensive loss		-			-			-			-			(265,000	)		(265,000	)
Balance as of June 30, 2022 as revised		12,728,173			128,000			17,700,000			45,408,000			(1,287,000	)		61,949,000
Net income		-			-			-			503,000			-			503,000
Common stock repurchased and retired as revised		(259,200	)		(2,000	)		(360,000	)		(754,000	)		-			(1,116,000	)
Stock-based compensation expense		-			-			32,000			-			-			32,000
Options exercised		8,332			-			30,000			-			-			30,000
Total comprehensive loss		-			-			-			-			(137,000	)		(137,000	)
Balance as of September 30, 2022 as revised		12,477,305		$	126,000		$	17,402,000		$	45,157,000		$	(1,424,000	)	$	61,261,000