0000019871
--12-31
Non-accelerated Filer
Yes
No
No
false
true
false
10-K
2020-12-31
000-01227
Chicago Rivet & Machine Co.
IL
901 Frontenac Road
Naperville
IL
60563
630
357-8500
Yes
16269718
966132
false
2020
FY
true
false
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<p style='margin:0'> </p><p style='margin:0'><b>1-Nature of Business and Significant Accounting Policies</b></p><p style='margin:0'> </p><p style='margin:0'><b>Nature of Business-</b>The Company operates in the fastener industry and is in the business of producing and selling rivets, cold-formed fasteners and parts, screw machine products, automatic rivet setting machines and parts and tools for such machines.</p><p style='margin:0'> </p><p style='margin:0'><b>A summary of the Company’s significant accounting policies follows:</b></p><p style='margin:0'> </p><p style='margin:0'><b>Principles of Consolidation-</b>The consolidated financial statements include the accounts of Chicago Rivet & Machine Co. and its wholly-owned subsidiary, H & L Tool Company, Inc. (“H & L Tool”). All significant intercompany accounts and transactions have been eliminated.</p><p style='margin:0'> </p><p style='margin:0'><b>Revenue Recognition-</b> Revenue is recognized when control of the promised goods or services is transferred to our customers, generally upon shipment of goods or completion of services, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. Sales taxes we may collect concurrent with revenue producing activities are excluded from revenue. Revenue is recognized net of certain sales adjustments to arrive at net sales as reported on the statement of income. These adjustments primarily relate to customer returns and allowances, which vary over time. The Company records a liability and reduction in sales for estimated product returns based upon historical experience. If we determine that our obligation under warranty claims is probable and subject to reasonable determination, an estimate of that liability is recorded as an offset against revenue at that time. As of December 31, 2020 and 2019, reserves for warranty claims were not material. Cash received by the Company prior to shipment is recorded as unearned revenue. In 2020 and 2019 the company recognized revenue from such payments of $151,944 and $327,454, respectively, that was included in the unearned revenue balance at the beginning of the period. Shipping and handling fees billed to customers are recognized in net sales, and related costs as cost of sales, when incurred.</p><p style='margin:0'> </p><p style='margin:0'><b>Credit Risk-</b>The Company extends credit on the basis of terms that are customary within our markets to various companies doing business primarily in the automotive industry. The Company has a concentration of credit risk primarily within the automotive industry and in the Midwestern United States. The Company has established an allowance for accounts that may become uncollectible in the future. This estimated allowance is based primarily on management's evaluation of the financial condition of the customer and historical experience. The Company monitors its accounts receivable and charges to expense an amount equal to its estimate of potential credit losses. The Company considers a number of factors in determining its estimates, including the length of time its trade accounts receivable are past due, the Company's previous loss history and the customer's current ability to pay its obligation. Accounts receivable balances are charged off against the allowance when it is determined that the receivable will not be recovered.</p><p style='margin:0'> </p><p style='margin:0'> </p><p style='margin:0'><b>Cash and Cash Equivalents and Certificates of Deposit-</b>The Company considers all highly liquid investments, including certificates of deposit, with a maturity of three months or less when purchased to be cash equivalents. Certificates of deposit with an original maturity of greater than three months are separately presented at cost which approximates market value. The Company maintains cash on deposit in several financial institutions. At times, the account balances may be in excess of Federal Deposit Insurance Corporation insured limits.</p><p style='margin:0'> </p><p style='margin:0'><b>Fair Value of Financial Instruments-</b>The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, certificates of deposit, accounts receivable and accounts payable approximate fair value based on their short-term nature.</p><p style='margin:0'> </p><p style='margin:0'> </p><p style='margin:0'><b>Inventories-</b>Inventories are stated at the lower of cost or net realizable value, cost being determined by the first-in, first-out method. The value of inventories is reduced for estimated excess and obsolete inventories based on a review of on-hand inventories compared to historical and estimated future sales and usage.</p><p style='margin:0'> </p><p style='margin:0'> </p><p style='margin:0'><b>Property, Plant and Equipment-</b>Properties are stated at cost and are depreciated over their estimated useful lives using the straight-line method for financial reporting purposes. Accelerated methods of depreciation are used for income tax purposes. Direct costs related to developing or obtaining software for internal use are capitalized as property and equipment. Capitalized software costs are amortized over the software’s useful life when the software is placed in service. The estimated useful lives by asset category are:</p><p style='margin:0'> </p><table align="center" style='border-collapse:collapse;width:277pt'><tr align="left"><td valign="top" style='width:162.55pt'><p style='margin:0'><font style='border-bottom:1px solid #000000'><i>Asset Category</i></font></p></td><td valign="top" style='width:114.45pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Estimated Useful Life</i></font></p></td></tr><tr align="left"><td valign="top" style='width:162.55pt'><p style='margin:0'>Land improvements……………..</p></td><td valign="top" style='width:114.45pt'><p align="right" style='margin:0'>15 to 40 years</p></td></tr><tr align="left"><td valign="top" style='width:162.55pt'><p style='margin:0'>Buildings and improvements……</p></td><td valign="top" style='width:114.45pt'><p align="right" style='margin:0'>10 to 40 years</p></td></tr><tr align="left"><td valign="top" style='width:162.55pt'><p style='margin:0'>Machinery and equipment………</p></td><td valign="top" style='width:114.45pt'><p align="right" style='margin:0'>5 to 18 years</p></td></tr><tr align="left"><td valign="top" style='width:162.55pt'><p style='margin:0'>Capitalized software costs………</p></td><td valign="top" style='width:114.45pt'><p align="right" style='margin:0'>3 to 5 years</p></td></tr><tr align="left"><td valign="top" style='width:162.55pt'><p style='margin:0'>Other equipment…………………</p></td><td valign="top" style='width:114.45pt'><p align="right" style='margin:0'>3 to 10 years</p></td></tr></table><p style='margin:0'> </p><p style='margin:0'>The Company reviews the carrying value of property, plant and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. There were no triggering events requiring assessment of impairment as of December 31, 2020 and 2019.</p><p style='margin:0'> </p><p style='margin:0'>When properties are retired or sold, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss on disposition is recognized in current operations. Maintenance, repairs and minor betterments that do not improve the related asset or extend its useful life are charged to operations as incurred. </p><p style='margin:0'> </p><p style='margin:0'><b>Income Taxes—</b>Deferred income taxes are determined under the asset and liability method. Deferred income taxes arise from temporary differences between the income tax basis of assets and liabilities and their reported amounts in the financial statements. Deferred taxes are shown on the balance sheet as a net long-term asset or liability.</p><p style='margin:0'> </p><p style='margin:0'>The Company applies a comprehensive model for the financial statement recognition, measurement, classification and disclosure of uncertain tax positions.  In the first step of the two-step process, the Company evaluates the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any.  In the second step, the Company measures the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement.  As of December 31, 2020 and 2019, the Company determined that there are no uncertain tax positions with a more than 50% likelihood of being realized upon settlement.</p><p style='margin:0'> </p><p style='margin:0'>The Company classifies interest and penalties related to unrecognized tax benefits as a component of income tax expense. There were no such expenses in 2020 or 2019.</p><p style='margin:0'> </p><p style='margin:0'>The Company’s federal income tax returns for the 2017 through 2019 tax years are subject to examination by the Internal Revenue Service (“IRS”). While it may be possible that a reduction could occur with respect to the Company’s unrecognized tax benefits as an outcome of an IRS examination, management does not anticipate any adjustments that would result in a material change to the results of operations or financial condition of the Company.</p><p style='margin:0'> </p><p style='margin:0'>No statutes have been extended on any of the Company’s federal income tax filings. The statute of limitations on the Company’s 2017, 2018 and 2019 federal income tax returns will expire on September 15, 2021, 2022 and 2023, respectively.</p><p style='margin:0'> </p><p style='margin:0'>The Company’s state income tax returns for the 2017 through 2019 tax years are subject to examination by various state authorities with the latest closing period on October 31, 2023. The Company is currently not under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended.</p><p style='margin:0'> </p><p style='margin:0'><b>Segment Information-</b>The Company reports segment information based on the internal structure and reporting of the Company’s operations.</p><p style='margin:0'> </p><p style='margin:0'> </p><p style='margin:0'><b>Net Income Per Share-</b>Net income per share of common stock is based on the weighted average number of shares outstanding of 966,132 in 2020 and 2019.</p><p style='margin:0'> </p><p style='margin:0'> </p><p style='margin:0'><b>Use of Estimates-</b>The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Significant items subject to estimates and assumptions include depreciable lives, deferred taxes and valuation allowances for accounts receivable and inventory obsolescence. Actual results could differ from those estimates.</p><p style='margin:0'> </p><p style='margin:0'> </p><p style='margin:0'><b>Recent Accounting Pronouncements-</b> In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (”ASU”) No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance was effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. The guidance could be applied prospectively or retrospectively. We adopted this standard prospectively effective January 1, 2020. The impact of the standard on our consolidated financial statements and disclosures was not material.</p><p style='margin:0'> </p><p align="justify" style='margin:0'>In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued an amendment, ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. ASU 2016-13 amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 and ASU 2018-19 should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. ASU 2016-13 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company believes that the most notable impact of this ASU relates to its processes around the assessment of the adequacy of its allowance for doubtful accounts on trade accounts receivable and is not expected to have a material impact on our consolidated financial statements.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard addresses several specific areas of accounting for income taxes. The standard is effective for annual periods beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. Portions of the standard are required to be adopted prospectively and certain aspects will be adopted using the modified retrospective approach. The impact of the standard on our consolidated financial statements and disclosures will depend on the transactions that occur subsequent to adoption, but is not expected to be material.</p><p align="justify" style='margin:0'> </p><p style='margin:0'>In October 2020, the FASB issued ASU 2020-10, Codification Improvements, which updates various codification topics by clarifying or improving disclosure requirements for technical corrections and other minor improvements to generally accepted accounting principles. This guidance will be effective for annual periods beginning after December 15, 2020 for public business entities. The Company will adopt the ASU as of the reporting period beginning January 1, 2021. The Company does not expect the adoption of the standard to have a significant impact on the consolidated financial statements and disclosures.</p><p style='margin:0'> </p><p style='margin:0'> </p>
<p style='margin:0'> </p><p style='margin:0'><b>Principles of Consolidation-</b>The consolidated financial statements include the accounts of Chicago Rivet & Machine Co. and its wholly-owned subsidiary, H & L Tool Company, Inc. (“H & L Tool”). All significant intercompany accounts and transactions have been eliminated.</p>
<p style='margin:0'><b>Revenue Recognition-</b> Revenue is recognized when control of the promised goods or services is transferred to our customers, generally upon shipment of goods or completion of services, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. Sales taxes we may collect concurrent with revenue producing activities are excluded from revenue. Revenue is recognized net of certain sales adjustments to arrive at net sales as reported on the statement of income. These adjustments primarily relate to customer returns and allowances, which vary over time. The Company records a liability and reduction in sales for estimated product returns based upon historical experience. If we determine that our obligation under warranty claims is probable and subject to reasonable determination, an estimate of that liability is recorded as an offset against revenue at that time. As of December 31, 2020 and 2019, reserves for warranty claims were not material. Cash received by the Company prior to shipment is recorded as unearned revenue. In 2020 and 2019 the company recognized revenue from such payments of $151,944 and $327,454, respectively, that was included in the unearned revenue balance at the beginning of the period. Shipping and handling fees billed to customers are recognized in net sales, and related costs as cost of sales, when incurred.</p>
151944
327454
<p style='margin:0'><b>Credit Risk-</b>The Company extends credit on the basis of terms that are customary within our markets to various companies doing business primarily in the automotive industry. The Company has a concentration of credit risk primarily within the automotive industry and in the Midwestern United States. The Company has established an allowance for accounts that may become uncollectible in the future. This estimated allowance is based primarily on management's evaluation of the financial condition of the customer and historical experience. The Company monitors its accounts receivable and charges to expense an amount equal to its estimate of potential credit losses. The Company considers a number of factors in determining its estimates, including the length of time its trade accounts receivable are past due, the Company's previous loss history and the customer's current ability to pay its obligation. Accounts receivable balances are charged off against the allowance when it is determined that the receivable will not be recovered.</p>
<p style='margin:0'><b>Cash and Cash Equivalents and Certificates of Deposit-</b>The Company considers all highly liquid investments, including certificates of deposit, with a maturity of three months or less when purchased to be cash equivalents. Certificates of deposit with an original maturity of greater than three months are separately presented at cost which approximates market value. The Company maintains cash on deposit in several financial institutions. At times, the account balances may be in excess of Federal Deposit Insurance Corporation insured limits.</p>
<p style='margin:0'><b>Fair Value of Financial Instruments-</b>The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, certificates of deposit, accounts receivable and accounts payable approximate fair value based on their short-term nature.</p>
<p style='margin:0'><b>Inventories-</b>Inventories are stated at the lower of cost or net realizable value, cost being determined by the first-in, first-out method. The value of inventories is reduced for estimated excess and obsolete inventories based on a review of on-hand inventories compared to historical and estimated future sales and usage.</p>
<p style='margin:0'><b>Property, Plant and Equipment-</b>Properties are stated at cost and are depreciated over their estimated useful lives using the straight-line method for financial reporting purposes. Accelerated methods of depreciation are used for income tax purposes. Direct costs related to developing or obtaining software for internal use are capitalized as property and equipment. Capitalized software costs are amortized over the software’s useful life when the software is placed in service. The estimated useful lives by asset category are:</p><p style='margin:0'> </p><table align="center" style='border-collapse:collapse;width:277pt'><tr align="left"><td valign="top" style='width:162.55pt'><p style='margin:0'><font style='border-bottom:1px solid #000000'><i>Asset Category</i></font></p></td><td valign="top" style='width:114.45pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'><i>Estimated Useful Life</i></font></p></td></tr><tr align="left"><td valign="top" style='width:162.55pt'><p style='margin:0'>Land improvements……………..</p></td><td valign="top" style='width:114.45pt'><p align="right" style='margin:0'>15 to 40 years</p></td></tr><tr align="left"><td valign="top" style='width:162.55pt'><p style='margin:0'>Buildings and improvements……</p></td><td valign="top" style='width:114.45pt'><p align="right" style='margin:0'>10 to 40 years</p></td></tr><tr align="left"><td valign="top" style='width:162.55pt'><p style='margin:0'>Machinery and equipment………</p></td><td valign="top" style='width:114.45pt'><p align="right" style='margin:0'>5 to 18 years</p></td></tr><tr align="left"><td valign="top" style='width:162.55pt'><p style='margin:0'>Capitalized software costs………</p></td><td valign="top" style='width:114.45pt'><p align="right" style='margin:0'>3 to 5 years</p></td></tr><tr align="left"><td valign="top" style='width:162.55pt'><p style='margin:0'>Other equipment…………………</p></td><td valign="top" style='width:114.45pt'><p align="right" style='margin:0'>3 to 10 years</p></td></tr></table><p style='margin:0'> </p><p style='margin:0'>The Company reviews the carrying value of property, plant and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. There were no triggering events requiring assessment of impairment as of December 31, 2020 and 2019.</p><p style='margin:0'> </p><p style='margin:0'>When properties are retired or sold, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss on disposition is recognized in current operations. Maintenance, repairs and minor betterments that do not improve the related asset or extend its useful life are charged to operations as incurred. </p>
P15Y
P40Y
P10Y
P40Y
P5Y
P18Y
P3Y
P5Y
P3Y
P10Y
<p style='margin:0'><b>Income Taxes—</b>Deferred income taxes are determined under the asset and liability method. Deferred income taxes arise from temporary differences between the income tax basis of assets and liabilities and their reported amounts in the financial statements. Deferred taxes are shown on the balance sheet as a net long-term asset or liability.</p><p style='margin:0'> </p><p style='margin:0'>The Company applies a comprehensive model for the financial statement recognition, measurement, classification and disclosure of uncertain tax positions.  In the first step of the two-step process, the Company evaluates the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any.  In the second step, the Company measures the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement.  As of December 31, 2020 and 2019, the Company determined that there are no uncertain tax positions with a more than 50% likelihood of being realized upon settlement.</p><p style='margin:0'> </p><p style='margin:0'>The Company classifies interest and penalties related to unrecognized tax benefits as a component of income tax expense. There were no such expenses in 2020 or 2019.</p><p style='margin:0'> </p><p style='margin:0'>The Company’s federal income tax returns for the 2017 through 2019 tax years are subject to examination by the Internal Revenue Service (“IRS”). While it may be possible that a reduction could occur with respect to the Company’s unrecognized tax benefits as an outcome of an IRS examination, management does not anticipate any adjustments that would result in a material change to the results of operations or financial condition of the Company.</p><p style='margin:0'> </p><p style='margin:0'>No statutes have been extended on any of the Company’s federal income tax filings. The statute of limitations on the Company’s 2017, 2018 and 2019 federal income tax returns will expire on September 15, 2021, 2022 and 2023, respectively.</p><p style='margin:0'> </p><p style='margin:0'>The Company’s state income tax returns for the 2017 through 2019 tax years are subject to examination by various state authorities with the latest closing period on October 31, 2023. The Company is currently not under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended.</p>
0
0
0
0
<p style='margin:0'><b>Segment Information-</b>The Company reports segment information based on the internal structure and reporting of the Company’s operations.</p>
<p style='margin:0'> </p><p style='margin:0'><b>Net Income Per Share-</b>Net income per share of common stock is based on the weighted average number of shares outstanding of 966,132 in 2020 and 2019.</p>
966132
966132
<p style='margin:0'> </p><p style='margin:0'><b>Use of Estimates-</b>The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Significant items subject to estimates and assumptions include depreciable lives, deferred taxes and valuation allowances for accounts receivable and inventory obsolescence. Actual results could differ from those estimates.</p>
<p style='margin:0'> </p><p style='margin:0'><b>Recent Accounting Pronouncements-</b> In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (”ASU”) No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance was effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. The guidance could be applied prospectively or retrospectively. We adopted this standard prospectively effective January 1, 2020. The impact of the standard on our consolidated financial statements and disclosures was not material.</p><p style='margin:0'> </p><p align="justify" style='margin:0'>In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued an amendment, ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. ASU 2016-13 amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 and ASU 2018-19 should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. ASU 2016-13 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company believes that the most notable impact of this ASU relates to its processes around the assessment of the adequacy of its allowance for doubtful accounts on trade accounts receivable and is not expected to have a material impact on our consolidated financial statements.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0'>In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard addresses several specific areas of accounting for income taxes. The standard is effective for annual periods beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. Portions of the standard are required to be adopted prospectively and certain aspects will be adopted using the modified retrospective approach. The impact of the standard on our consolidated financial statements and disclosures will depend on the transactions that occur subsequent to adoption, but is not expected to be material.</p><p align="justify" style='margin:0'> </p><p style='margin:0'>In October 2020, the FASB issued ASU 2020-10, Codification Improvements, which updates various codification topics by clarifying or improving disclosure requirements for technical corrections and other minor improvements to generally accepted accounting principles. This guidance will be effective for annual periods beginning after December 15, 2020 for public business entities. The Company will adopt the ASU as of the reporting period beginning January 1, 2021. The Company does not expect the adoption of the standard to have a significant impact on the consolidated financial statements and disclosures.</p><p style='margin:0'> </p>
<p style='margin:0'> </p><p style='margin:0'><b>2-Balance Sheet Details</b></p><p style='margin:0'> </p><table style='border-collapse:collapse;margin-left:31.5pt'><tr align="left"><td valign="top" bgcolor="#F5F5FF"><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF"><p align="center" style='margin:0'><b>December 31,</b></p><p align="center" style='margin:0'><b>2020</b></p></td><td valign="top" bgcolor="#F5F5FF"><p align="center" style='margin:0'>December 31,</p><p align="center" style='margin:0'>2019</p></td></tr><tr align="left"><td valign="top"><p style='margin:0'>Inventories:</p></td><td valign="bottom"><p align="right" style='margin:0'> </p></td><td valign="bottom"><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF"><p style='margin:0'> Raw materials</p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'><b>$ 2,245,709   </b></p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'>$ 2,337,278   </p></td></tr><tr align="left"><td valign="bottom"><p style='margin:0'> Work in process</p></td><td valign="bottom"><p align="right" style='margin:0'><b>1,410,868   </b></p></td><td valign="bottom"><p align="right" style='margin:0'>1,201,099   </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF"><p style='margin:0'> Finished goods</p></td><td valign="bottom" bgcolor="#F5F5FF" style='border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>2,096,717   </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>1,869,800   </p></td></tr><tr align="left"><td valign="bottom"><p style='margin:0'> </p></td><td valign="bottom" style='border-top:0.5pt solid #000000'><p align="right" style='margin:0'><b>5,753,294   </b></p></td><td valign="bottom" style='border-top:0.5pt solid #000000'><p align="right" style='margin:0'>5,408,177   </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF"><p style='margin:0'> Valuation reserves</p></td><td valign="bottom" bgcolor="#F5F5FF" style='border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>(600,000)  </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(457,000)  </p></td></tr><tr align="left"><td valign="top"></td><td valign="bottom" style='border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ 5,153,294   </b></p></td><td valign="bottom" style='border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 4,951,177   </p></td></tr></table><p style='margin:0'> </p><table style='border-collapse:collapse;margin-left:22.5pt'><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:207pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:90pt'><p align="center" style='margin:0'><b>December 31,</b></p><p align="center" style='margin:0'><b>2020</b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:94.5pt'><p align="center" style='margin:0'>December 31,</p><p align="center" style='margin:0'>2019</p></td></tr><tr style='height:13.95pt'><td valign="top" style='width:207pt'><p style='margin:0'>Property, Plant and Equipment, net:</p></td><td valign="top" style='width:90pt'><p style='margin:0'> </p></td><td valign="top" style='width:94.5pt'><p style='margin:0'> </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:207pt'><p style='margin:0'> Land and improvements</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:90pt'><p align="right" style='margin:0'><b>$ 1,636,749   </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:94.5pt'><p align="right" style='margin:0'>$ 1,636,749   </p></td></tr><tr align="left"><td valign="top" style='width:207pt'><p style='margin:0'> Buildings and improvements</p></td><td valign="bottom" style='width:90pt'><p align="right" style='margin:0'><b>8,534,317   </b></p></td><td valign="bottom" style='width:94.5pt'><p align="right" style='margin:0'>8,331,804   </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:207pt'><p style='margin:0'> Machinery and equipment</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:90pt'><p align="right" style='margin:0'><b>35,194,944   </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:94.5pt'><p align="right" style='margin:0'>35,037,010   </p></td></tr><tr align="left"><td valign="top" style='width:207pt'><p style='margin:0'> Capitalized software and other</p></td><td valign="bottom" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>1,045,027   </b></p></td><td valign="bottom" style='width:94.5pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>1,371,736   </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:207pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:90pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'><b>46,411,037   </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:94.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>46,377,299   </p></td></tr><tr align="left"><td valign="top" style='width:207pt'><p style='margin:0'> Accumulated depreciation</p></td><td valign="bottom" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>(33,260,153)  </b></p></td><td valign="bottom" style='width:94.5pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(32,703,246)  </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:207pt'></td><td valign="bottom" bgcolor="#F5F5FF" style='width:90pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ 13,150,884   </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:94.5pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 13,674,053   </p></td></tr></table><p style='margin:0'> </p><table style='border-collapse:collapse;margin-left:13.5pt'><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:229.5pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:81pt'><p align="center" style='margin:0'><b>December 31,</b></p><p align="center" style='margin:0'><b>2020</b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:95.35pt'><p align="center" style='margin:0'>December 31,</p><p align="center" style='margin:0'>2019</p></td></tr><tr align="left"><td valign="top" style='width:229.5pt'><p style='margin:0'>Other Accrued Expenses:</p></td><td valign="top" style='width:81pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:95.35pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:229.5pt'><p style='margin:0'> Profit sharing plan contribution</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:81pt'><p align="right" style='margin:0'><b>$ 120,000   </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:95.35pt'><p align="right" style='margin:0'>$ 175,000   </p></td></tr><tr align="left"><td valign="top" style='width:229.5pt'><p style='margin:0'> Property taxes</p></td><td valign="bottom" style='width:81pt'><p align="right" style='margin:0'><b>84,570   </b></p></td><td valign="bottom" style='width:95.35pt'><p align="right" style='margin:0'>83,475   </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:229.5pt'><p style='margin:0'> All other items </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:81pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>118,398   </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:95.35pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>90,594   </p></td></tr><tr align="left"><td valign="top" style='width:229.5pt'></td><td valign="bottom" style='width:81pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ 322,968   </b></p></td><td valign="bottom" style='width:95.35pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 349,069   </p></td></tr></table><p style='margin:0'> </p><table style='border-collapse:collapse;margin-left:55.7pt'><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:252pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF"><p align="center" style='margin:0'><b>December 31,</b></p><p align="center" style='margin:0'><b>2020</b></p></td><td valign="top" bgcolor="#F5F5FF"><p align="center" style='margin:0'>December 31,</p><p align="center" style='margin:0'>2019</p></td></tr><tr align="left"><td valign="top" style='width:252pt'><p style='margin:0'>Allowance for Doubtful Accounts:</p></td><td valign="top"><p align="right" style='margin:0'> </p></td><td valign="top"><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:252pt'><p style='margin:0'> Balance at beginning of year………………………….</p></td><td valign="top" bgcolor="#F5F5FF"><p align="right" style='margin:0'><b>$ 140,000</b></p></td><td valign="top" bgcolor="#F5F5FF"><p align="right" style='margin:0'>$ 140,000</p></td></tr><tr align="left"><td valign="top" style='width:252pt'><p style='margin:0'> Charges to statement of income……………………...</p></td><td valign="top"><p align="right" style='margin:0'><b>35,774</b></p></td><td valign="top"><p align="right" style='margin:0'>4,895</p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:252pt'><p style='margin:0'> Write-offs………………………………………………...</p></td><td valign="top" bgcolor="#F5F5FF"><p align="right" style='margin:0'><b>(5,774)</b></p></td><td valign="top" bgcolor="#F5F5FF"><p align="right" style='margin:0'> (4,895)</p></td></tr><tr align="left"><td valign="top" style='width:252pt'><p style='margin:0'> Balance at end of year…………………………………</p></td><td valign="top" style='border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ 170,000</b></p></td><td valign="top" style='border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 140,000</p></td></tr></table><p style='margin:0'> </p><p style='margin:0'> </p><table style='border-collapse:collapse;margin-left:55.7pt'><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:252pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF"><p align="center" style='margin:0'><b>December 31,</b></p><p align="center" style='margin:0'><b>2020</b></p></td><td valign="top" bgcolor="#F5F5FF"><p align="center" style='margin:0'>December 31,</p><p align="center" style='margin:0'>2019</p></td></tr><tr align="left"><td valign="top" style='width:252pt'><p style='margin:0'>Inventory Valuation Reserves:</p></td><td valign="top"><p align="right" style='margin:0'> </p></td><td valign="top"><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:252pt'><p style='margin:0'> Balance at beginning of year………………………….</p></td><td valign="top" bgcolor="#F5F5FF"><p align="right" style='margin:0'><b>$ 457,000</b></p></td><td valign="top" bgcolor="#F5F5FF"><p align="right" style='margin:0'>$ 579,000</p></td></tr><tr align="left"><td valign="top" style='width:252pt'><p style='margin:0'> Charges to statement of income……………………...</p></td><td valign="top"><p align="right" style='margin:0'><b>155,058</b></p></td><td valign="top"><p align="right" style='margin:0'>(15,477)</p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:252pt'><p style='margin:0'> Write-offs………………………………………………...</p></td><td valign="top" bgcolor="#F5F5FF"><p align="right" style='margin:0'><b> (12,058)</b></p></td><td valign="top" bgcolor="#F5F5FF"><p align="right" style='margin:0'> (106,523)</p></td></tr><tr align="left"><td valign="top" style='width:252pt'><p style='margin:0'> Balance at end of year…………………………………</p></td><td valign="top" style='border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ 600,000</b></p></td><td valign="top" style='border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 457,000</p></td></tr></table><p style='margin:0'> </p>
<p style='margin:0'> </p><table style='border-collapse:collapse;margin-left:31.5pt'><tr align="left"><td valign="top" bgcolor="#F5F5FF"><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF"><p align="center" style='margin:0'><b>December 31,</b></p><p align="center" style='margin:0'><b>2020</b></p></td><td valign="top" bgcolor="#F5F5FF"><p align="center" style='margin:0'>December 31,</p><p align="center" style='margin:0'>2019</p></td></tr><tr align="left"><td valign="top"><p style='margin:0'>Inventories:</p></td><td valign="bottom"><p align="right" style='margin:0'> </p></td><td valign="bottom"><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF"><p style='margin:0'> Raw materials</p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'><b>$ 2,245,709   </b></p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'>$ 2,337,278   </p></td></tr><tr align="left"><td valign="bottom"><p style='margin:0'> Work in process</p></td><td valign="bottom"><p align="right" style='margin:0'><b>1,410,868   </b></p></td><td valign="bottom"><p align="right" style='margin:0'>1,201,099   </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF"><p style='margin:0'> Finished goods</p></td><td valign="bottom" bgcolor="#F5F5FF" style='border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>2,096,717   </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>1,869,800   </p></td></tr><tr align="left"><td valign="bottom"><p style='margin:0'> </p></td><td valign="bottom" style='border-top:0.5pt solid #000000'><p align="right" style='margin:0'><b>5,753,294   </b></p></td><td valign="bottom" style='border-top:0.5pt solid #000000'><p align="right" style='margin:0'>5,408,177   </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF"><p style='margin:0'> Valuation reserves</p></td><td valign="bottom" bgcolor="#F5F5FF" style='border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>(600,000)  </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(457,000)  </p></td></tr><tr align="left"><td valign="top"></td><td valign="bottom" style='border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ 5,153,294   </b></p></td><td valign="bottom" style='border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 4,951,177   </p></td></tr></table>
2245709
2337278
1410868
1201099
2096717
1869800
600000
457000
5153294
4951177
<p style='margin:0'> </p><table style='border-collapse:collapse;margin-left:22.5pt'><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:207pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:90pt'><p align="center" style='margin:0'><b>December 31,</b></p><p align="center" style='margin:0'><b>2020</b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:94.5pt'><p align="center" style='margin:0'>December 31,</p><p align="center" style='margin:0'>2019</p></td></tr><tr style='height:13.95pt'><td valign="top" style='width:207pt'><p style='margin:0'>Property, Plant and Equipment, net:</p></td><td valign="top" style='width:90pt'><p style='margin:0'> </p></td><td valign="top" style='width:94.5pt'><p style='margin:0'> </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:207pt'><p style='margin:0'> Land and improvements</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:90pt'><p align="right" style='margin:0'><b>$ 1,636,749   </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:94.5pt'><p align="right" style='margin:0'>$ 1,636,749   </p></td></tr><tr align="left"><td valign="top" style='width:207pt'><p style='margin:0'> Buildings and improvements</p></td><td valign="bottom" style='width:90pt'><p align="right" style='margin:0'><b>8,534,317   </b></p></td><td valign="bottom" style='width:94.5pt'><p align="right" style='margin:0'>8,331,804   </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:207pt'><p style='margin:0'> Machinery and equipment</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:90pt'><p align="right" style='margin:0'><b>35,194,944   </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:94.5pt'><p align="right" style='margin:0'>35,037,010   </p></td></tr><tr align="left"><td valign="top" style='width:207pt'><p style='margin:0'> Capitalized software and other</p></td><td valign="bottom" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>1,045,027   </b></p></td><td valign="bottom" style='width:94.5pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>1,371,736   </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:207pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:90pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'><b>46,411,037   </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:94.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>46,377,299   </p></td></tr><tr align="left"><td valign="top" style='width:207pt'><p style='margin:0'> Accumulated depreciation</p></td><td valign="bottom" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>(33,260,153)  </b></p></td><td valign="bottom" style='width:94.5pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(32,703,246)  </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:207pt'></td><td valign="bottom" bgcolor="#F5F5FF" style='width:90pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ 13,150,884   </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:94.5pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 13,674,053   </p></td></tr></table>
1636749
1636749
8534317
8331804
35194944
35037010
1045027
1371736
33260153
32703246
13150884
13674053
<p style='margin:0'> </p><table style='border-collapse:collapse;margin-left:13.5pt'><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:229.5pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:81pt'><p align="center" style='margin:0'><b>December 31,</b></p><p align="center" style='margin:0'><b>2020</b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:95.35pt'><p align="center" style='margin:0'>December 31,</p><p align="center" style='margin:0'>2019</p></td></tr><tr align="left"><td valign="top" style='width:229.5pt'><p style='margin:0'>Other Accrued Expenses:</p></td><td valign="top" style='width:81pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:95.35pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:229.5pt'><p style='margin:0'> Profit sharing plan contribution</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:81pt'><p align="right" style='margin:0'><b>$ 120,000   </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:95.35pt'><p align="right" style='margin:0'>$ 175,000   </p></td></tr><tr align="left"><td valign="top" style='width:229.5pt'><p style='margin:0'> Property taxes</p></td><td valign="bottom" style='width:81pt'><p align="right" style='margin:0'><b>84,570   </b></p></td><td valign="bottom" style='width:95.35pt'><p align="right" style='margin:0'>83,475   </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:229.5pt'><p style='margin:0'> All other items </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:81pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>118,398   </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:95.35pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>90,594   </p></td></tr><tr align="left"><td valign="top" style='width:229.5pt'></td><td valign="bottom" style='width:81pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ 322,968   </b></p></td><td valign="bottom" style='width:95.35pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 349,069   </p></td></tr></table>
120000
175000
84570
83475
118398
90594
322968
349069
<p style='margin:0'> </p><table style='border-collapse:collapse;margin-left:55.7pt'><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:252pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF"><p align="center" style='margin:0'><b>December 31,</b></p><p align="center" style='margin:0'><b>2020</b></p></td><td valign="top" bgcolor="#F5F5FF"><p align="center" style='margin:0'>December 31,</p><p align="center" style='margin:0'>2019</p></td></tr><tr align="left"><td valign="top" style='width:252pt'><p style='margin:0'>Allowance for Doubtful Accounts:</p></td><td valign="top"><p align="right" style='margin:0'> </p></td><td valign="top"><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:252pt'><p style='margin:0'> Balance at beginning of year………………………….</p></td><td valign="top" bgcolor="#F5F5FF"><p align="right" style='margin:0'><b>$ 140,000</b></p></td><td valign="top" bgcolor="#F5F5FF"><p align="right" style='margin:0'>$ 140,000</p></td></tr><tr align="left"><td valign="top" style='width:252pt'><p style='margin:0'> Charges to statement of income……………………...</p></td><td valign="top"><p align="right" style='margin:0'><b>35,774</b></p></td><td valign="top"><p align="right" style='margin:0'>4,895</p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:252pt'><p style='margin:0'> Write-offs………………………………………………...</p></td><td valign="top" bgcolor="#F5F5FF"><p align="right" style='margin:0'><b>(5,774)</b></p></td><td valign="top" bgcolor="#F5F5FF"><p align="right" style='margin:0'> (4,895)</p></td></tr><tr align="left"><td valign="top" style='width:252pt'><p style='margin:0'> Balance at end of year…………………………………</p></td><td valign="top" style='border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ 170,000</b></p></td><td valign="top" style='border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 140,000</p></td></tr></table><p style='margin:0'> </p><p style='margin:0'> </p><table style='border-collapse:collapse;margin-left:55.7pt'><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:252pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF"><p align="center" style='margin:0'><b>December 31,</b></p><p align="center" style='margin:0'><b>2020</b></p></td><td valign="top" bgcolor="#F5F5FF"><p align="center" style='margin:0'>December 31,</p><p align="center" style='margin:0'>2019</p></td></tr><tr align="left"><td valign="top" style='width:252pt'><p style='margin:0'>Inventory Valuation Reserves:</p></td><td valign="top"><p align="right" style='margin:0'> </p></td><td valign="top"><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:252pt'><p style='margin:0'> Balance at beginning of year………………………….</p></td><td valign="top" bgcolor="#F5F5FF"><p align="right" style='margin:0'><b>$ 457,000</b></p></td><td valign="top" bgcolor="#F5F5FF"><p align="right" style='margin:0'>$ 579,000</p></td></tr><tr align="left"><td valign="top" style='width:252pt'><p style='margin:0'> Charges to statement of income……………………...</p></td><td valign="top"><p align="right" style='margin:0'><b>155,058</b></p></td><td valign="top"><p align="right" style='margin:0'>(15,477)</p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:252pt'><p style='margin:0'> Write-offs………………………………………………...</p></td><td valign="top" bgcolor="#F5F5FF"><p align="right" style='margin:0'><b> (12,058)</b></p></td><td valign="top" bgcolor="#F5F5FF"><p align="right" style='margin:0'> (106,523)</p></td></tr><tr align="left"><td valign="top" style='width:252pt'><p style='margin:0'> Balance at end of year…………………………………</p></td><td valign="top" style='border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ 600,000</b></p></td><td valign="top" style='border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 457,000</p></td></tr></table>
140000
35774
4895
-5774
-4895
170000
140000
579000
155058
-15477
-12058
-106523
600000
457000
<p style='margin:0'> </p><p style='margin:0'><b>3-Income Taxes—</b>The provision for income tax expense consists of the following:</p><p style='margin:0'> </p><table align="center" style='border-collapse:collapse'><tr align="left"><td valign="top" bgcolor="#F5F5FF"><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'><b>20</b><b>20</b></font></p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>2019</font></p></td></tr><tr align="left"><td valign="top"><p style='margin:0'>Current:</p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF"><p style='margin:0'> Federal……………..</p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt'><p align="right" style='margin:0'><b>$ (53,000)</b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt'><p align="right" style='margin:0'>$ 113,000</p></td></tr><tr align="left"><td valign="top"><p style='margin:0'> State…………………</p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0'><b>0</b></p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0'>10,000</p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF"><p style='margin:0'>Deferred……………………………</p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>68,000</b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>22,000</p></td></tr><tr align="left"><td valign="top"></td><td valign="top" style='width:72pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ 15,000</b></p></td><td valign="top" style='width:72pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 145,000</p></td></tr></table><p style='margin:0'> </p><p style='margin:0'> </p><p style='margin:0'>The following is a reconciliation of the statutory federal income tax rate to the actual effective tax rate:</p><p style='margin:0'> </p><table style='border-collapse:collapse'><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:216pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>2020</b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.8pt;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:34.55pt;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.1pt;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>2019</p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.1pt;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:36.95pt;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td></tr><tr align="left"><td valign="top" style='width:216pt'><p style='margin:0'> </p></td><td valign="top" style='width:72pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Amount</b></p></td><td valign="top" style='width:11.8pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" style='width:34.55pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>%</b></p></td><td valign="top" style='width:11.1pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" style='width:72pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Amount</p></td><td valign="top" style='width:11.1pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" style='width:36.95pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>%</p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:216pt'><p style='margin:0'>Expected tax at U.S. statutory rate…………</p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'><b>$ 14,000 </b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.8pt;border-top:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:34.55pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'><b>21.0</b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.1pt;border-top:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> $ 143,000</p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.1pt;border-top:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:36.95pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>21.0</p></td></tr><tr align="left"><td valign="top" style='width:216pt'><p style='margin:0'>Permanent differences………………………</p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0'><b>1,000</b></p></td><td valign="top" style='width:11.8pt'><p style='margin:0'> </p></td><td valign="top" style='width:34.55pt'><p align="right" style='margin:0'><b>1.9</b> </p></td><td valign="top" style='width:11.1pt'><p style='margin:0'> </p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0'> (6,000)</p></td><td valign="top" style='width:11.1pt'><p style='margin:0'> </p></td><td valign="top" style='width:36.95pt'><p align="right" style='margin:0'>(1.0)</p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:216pt'><p style='margin:0'>State taxes, net of federal benefit………….</p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>0</b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.8pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:34.55pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>0</b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.1pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>8,000</p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.1pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:36.95pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>1.2</p></td></tr><tr align="left"><td valign="top" style='width:216pt'><p style='margin:0'>Income tax expense…………………………</p></td><td valign="top" style='width:72pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ 15,000</b></p></td><td valign="top" style='width:11.8pt'><p style='margin:0'> </p></td><td valign="top" style='width:34.55pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>22.9</b></p></td><td valign="top" style='width:11.1pt'><p style='margin:0'> </p></td><td valign="top" style='width:72pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 145,000</p></td><td valign="top" style='width:11.1pt'><p style='margin:0'> </p></td><td valign="top" style='width:36.95pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>21.2</p></td></tr></table><p style='margin:0'> </p><p style='margin:0'>The deferred tax assets (liabilities) consist of the following:</p><p style='margin:0'> </p><table style='border-collapse:collapse'><tr style='height:18pt'><td valign="bottom" bgcolor="#F5F5FF"><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'><b>20</b><b>20</b></font></p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>2019</font></p></td></tr><tr align="left"><td valign="top"><p style='margin:0'> </p></td><td valign="top"><p align="right" style='margin:0'> </p></td><td valign="top"><p align="right" style='margin:0'> </p></td><td valign="top"><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF"><p style='margin:0'>Depreciation and amortization</p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'><b>$ (1,295,804)  </b></p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'>$ (1,171,948)  </p></td></tr><tr align="left"><td valign="top"><p style='margin:0'>Inventory</p></td><td valign="bottom"><p align="right" style='margin:0'><b>175,739   </b></p></td><td valign="bottom"><p align="right" style='margin:0'> </p></td><td valign="bottom"><p align="right" style='margin:0'>122,629   </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF"><p style='margin:0'>Accrued vacation</p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'><b>70,787   </b></p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'>74,385   </p></td></tr><tr align="left"><td valign="top"><p style='margin:0'>Allowance for doubtful accounts</p></td><td valign="bottom"><p align="right" style='margin:0'><b>38,250   </b></p></td><td valign="bottom"><p align="right" style='margin:0'> </p></td><td valign="bottom"><p align="right" style='margin:0'>31,500   </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF"><p style='margin:0'>Other, net</p></td><td valign="bottom" bgcolor="#F5F5FF" style='border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>(56)   </b></p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>350  </p></td></tr><tr align="left"><td valign="top"></td><td valign="bottom" style='border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ (1,011,084)  </b></p></td><td valign="bottom"><p align="right" style='margin:0'> </p></td><td valign="bottom" style='border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ (943,084)  </p></td></tr></table><p style='margin:0'> </p><p style='margin:0'> </p><p style='margin:0'>Valuation allowances related to deferred taxes are recorded based on the “more likely than not” realization criteria. The Company reviews the need for a valuation allowance on a quarterly basis for each of its tax jurisdictions. A deferred tax valuation allowance was not required at December 31, 2020 or 2019.</p><p style='margin:0'> </p>
<p style='margin:0'> </p><table align="center" style='border-collapse:collapse'><tr align="left"><td valign="top" bgcolor="#F5F5FF"><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'><b>20</b><b>20</b></font></p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>2019</font></p></td></tr><tr align="left"><td valign="top"><p style='margin:0'>Current:</p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF"><p style='margin:0'> Federal……………..</p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt'><p align="right" style='margin:0'><b>$ (53,000)</b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt'><p align="right" style='margin:0'>$ 113,000</p></td></tr><tr align="left"><td valign="top"><p style='margin:0'> State…………………</p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0'><b>0</b></p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0'>10,000</p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF"><p style='margin:0'>Deferred……………………………</p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>68,000</b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>22,000</p></td></tr><tr align="left"><td valign="top"></td><td valign="top" style='width:72pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ 15,000</b></p></td><td valign="top" style='width:72pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 145,000</p></td></tr></table><p style='margin:0'> </p>
-53000
113000
0
10000
68000
22000
<p style='margin:0'> </p><table style='border-collapse:collapse'><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:216pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>2020</b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.8pt;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:34.55pt;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.1pt;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>2019</p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.1pt;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:36.95pt;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td></tr><tr align="left"><td valign="top" style='width:216pt'><p style='margin:0'> </p></td><td valign="top" style='width:72pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Amount</b></p></td><td valign="top" style='width:11.8pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" style='width:34.55pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>%</b></p></td><td valign="top" style='width:11.1pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" style='width:72pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Amount</p></td><td valign="top" style='width:11.1pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" style='width:36.95pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>%</p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:216pt'><p style='margin:0'>Expected tax at U.S. statutory rate…………</p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'><b>$ 14,000 </b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.8pt;border-top:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:34.55pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'><b>21.0</b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.1pt;border-top:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> $ 143,000</p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.1pt;border-top:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:36.95pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>21.0</p></td></tr><tr align="left"><td valign="top" style='width:216pt'><p style='margin:0'>Permanent differences………………………</p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0'><b>1,000</b></p></td><td valign="top" style='width:11.8pt'><p style='margin:0'> </p></td><td valign="top" style='width:34.55pt'><p align="right" style='margin:0'><b>1.9</b> </p></td><td valign="top" style='width:11.1pt'><p style='margin:0'> </p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0'> (6,000)</p></td><td valign="top" style='width:11.1pt'><p style='margin:0'> </p></td><td valign="top" style='width:36.95pt'><p align="right" style='margin:0'>(1.0)</p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:216pt'><p style='margin:0'>State taxes, net of federal benefit………….</p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>0</b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.8pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:34.55pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>0</b></p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.1pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:72pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>8,000</p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.1pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:36.95pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>1.2</p></td></tr><tr align="left"><td valign="top" style='width:216pt'><p style='margin:0'>Income tax expense…………………………</p></td><td valign="top" style='width:72pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ 15,000</b></p></td><td valign="top" style='width:11.8pt'><p style='margin:0'> </p></td><td valign="top" style='width:34.55pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>22.9</b></p></td><td valign="top" style='width:11.1pt'><p style='margin:0'> </p></td><td valign="top" style='width:72pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 145,000</p></td><td valign="top" style='width:11.1pt'><p style='margin:0'> </p></td><td valign="top" style='width:36.95pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>21.2</p></td></tr></table>
14000
0.2100
143000
0.2100
1000
0.0190
6000
-0.0100
0
0.0000
8000
0.0120
15000
0.2290
145000
0.2120
<p style='margin:0'> </p><table style='border-collapse:collapse'><tr style='height:18pt'><td valign="bottom" bgcolor="#F5F5FF"><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'><b>20</b><b>20</b></font></p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>2019</font></p></td></tr><tr align="left"><td valign="top"><p style='margin:0'> </p></td><td valign="top"><p align="right" style='margin:0'> </p></td><td valign="top"><p align="right" style='margin:0'> </p></td><td valign="top"><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF"><p style='margin:0'>Depreciation and amortization</p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'><b>$ (1,295,804)  </b></p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'>$ (1,171,948)  </p></td></tr><tr align="left"><td valign="top"><p style='margin:0'>Inventory</p></td><td valign="bottom"><p align="right" style='margin:0'><b>175,739   </b></p></td><td valign="bottom"><p align="right" style='margin:0'> </p></td><td valign="bottom"><p align="right" style='margin:0'>122,629   </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF"><p style='margin:0'>Accrued vacation</p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'><b>70,787   </b></p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'>74,385   </p></td></tr><tr align="left"><td valign="top"><p style='margin:0'>Allowance for doubtful accounts</p></td><td valign="bottom"><p align="right" style='margin:0'><b>38,250   </b></p></td><td valign="bottom"><p align="right" style='margin:0'> </p></td><td valign="bottom"><p align="right" style='margin:0'>31,500   </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF"><p style='margin:0'>Other, net</p></td><td valign="bottom" bgcolor="#F5F5FF" style='border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>(56)   </b></p></td><td valign="bottom" bgcolor="#F5F5FF"><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>350  </p></td></tr><tr align="left"><td valign="top"></td><td valign="bottom" style='border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ (1,011,084)  </b></p></td><td valign="bottom"><p align="right" style='margin:0'> </p></td><td valign="bottom" style='border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ (943,084)  </p></td></tr></table><p style='margin:0'> </p><p style='margin:0'> </p>
1295804
1171948
175739
122629
70787
74385
38250
31500
-56
350
1011084
943084
0
0
<p style='margin:0'> </p><p style='margin:0'><b>4-Profit Sharing Plan- </b>The Company has a noncontributory profit sharing plan covering substantially all employees. Total expenses relating to the profit sharing plan amounted to $120,000 in 2020 and $175,000 in 2019.</p><p style='margin:0'> </p>
120000
175000
<p style='margin:0'> </p><p style='margin:0'><b>5-Other Income- </b>consists of the following:</p><p style='margin:0'> </p><table style='border-collapse:collapse;margin-left:29.85pt'><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:159.15pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:63.65pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'><b>20</b><b>20</b></font></p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.8pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:68.55pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>2019</font></p></td></tr><tr align="left"><td valign="top" style='width:159.15pt'><p style='margin:0'>Interest income….</p></td><td valign="bottom" style='width:63.65pt'><p align="right" style='margin:0'><b>$ 94,956   </b></p></td><td valign="bottom" style='width:11.8pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:68.55pt'><p align="right" style='margin:0'>$ 144,730   </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:159.15pt'><p style='margin:0'>Other…………………</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:63.65pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>53,508   </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:11.8pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:68.55pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>47,000   </p></td></tr><tr align="left"><td valign="top" style='width:159.15pt'></td><td valign="bottom" style='width:63.65pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ 148,464   </b></p></td><td valign="bottom" style='width:11.8pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:68.55pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 191,730   </p></td></tr></table><p style='margin:0'> </p><p style='margin:0'> </p>
<p style='margin:0'> </p><table style='border-collapse:collapse;margin-left:29.85pt'><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:159.15pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:63.65pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'><b>20</b><b>20</b></font></p></td><td valign="top" bgcolor="#F5F5FF" style='width:11.8pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#F5F5FF" style='width:68.55pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>2019</font></p></td></tr><tr align="left"><td valign="top" style='width:159.15pt'><p style='margin:0'>Interest income….</p></td><td valign="bottom" style='width:63.65pt'><p align="right" style='margin:0'><b>$ 94,956   </b></p></td><td valign="bottom" style='width:11.8pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:68.55pt'><p align="right" style='margin:0'>$ 144,730   </p></td></tr><tr align="left"><td valign="top" bgcolor="#F5F5FF" style='width:159.15pt'><p style='margin:0'>Other…………………</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:63.65pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'><b>53,508   </b></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:11.8pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:68.55pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>47,000   </p></td></tr><tr align="left"><td valign="top" style='width:159.15pt'></td><td valign="bottom" style='width:63.65pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'><b>$ 148,464   </b></p></td><td valign="bottom" style='width:11.8pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:68.55pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 191,730   </p></td></tr></table><p style='margin:0'> </p>
94956
144730
53508
47000
148464
191730
<p style='margin:0'> </p><p style='margin:0'><b>6-Segment Information- </b>The Company operates in the United States in two business segments as determined by its products. The fastener segment, which comprises H & L Tool and the parent company’s fastener operations, includes rivets, cold-formed fasteners and parts and screw machine products. The assembly equipment segment includes automatic rivet setting machines and parts and tools for such machines. Information by segment is as follows:</p><p style='margin:0'> </p><table style='border-collapse:collapse;margin-left:-3.6pt'><tr align="left"><td valign="middle" bgcolor="#F5F5FF" style='width:179.1pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Fastener</font></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="center" style='margin:0'>Assembly<font style='border-bottom:1px solid #000000'> Equipment</font></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Other</font></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Consolidated</font></p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'><b>Year Ended December 31, 2020:</b></p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Net Sales………………………………………</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>$ 24,607,863</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>$ 2,982,790</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>$ 0</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>$ 27,590,653</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Depreciation……………………………………...</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,182,555</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>131,826</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>32,924</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,347,305</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Segment operating profit………………………</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,531,933</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>513,250</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0;margin-left:20.25pt'>0 </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>2,045,183</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'>Selling and administrative expenses…………..</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>(2,128,197)</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>(2,128,197)</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Other income……………………………………..</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>148,464</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>148,464</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'>Income before income taxes……………………</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>65,450</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'>Capital expenditures…………………………….</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>614,835</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>13,924</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>195,377</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>824,136</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'>Segment assets:</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> Accounts receivable, net……………………...</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>4,906,239</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>257,211</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>5,163,450</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> Inventories, net………………………………...</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>4,024,138</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>1,129,156</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>5,153,294</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> Property, plant and equipment, net………….</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>10,479,720</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,568,862</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,102,302</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>13,150,884</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> Other assets……………………………………</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>7,770,443</p></td><td valign="bottom" style='width:75.6pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>7,770,443</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>31,238,071</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Year Ended December 31, 2019:</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Net Sales………………………………………</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>$ 28,989,667</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>$ 3,883,335</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>$ 0</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>$ 32,873,002</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Depreciation……………………………………...</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,217,174</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>126,430</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>38,631</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,382,235</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Segment operating profit………………………</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,762,835</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,083,548</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0;margin-left:20.25pt'>0 </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>2,846,383</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'>Selling and administrative expenses…………..</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>(2,354,799)</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>(2,354,799)</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Other income……………………………………..</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>191,730</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>191,730</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'>Income before income taxes……………………</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>683,314</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'>Capital expenditures…………………………….</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>1,522,541</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>233,697</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>46,676</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>1,802,914</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'>Segment assets:</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> Accounts receivable, net……………………...</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>4,313,185</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>296,129</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>4,609,314</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> Inventories, net………………………………...</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>3,985,883</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>965,294</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>4,951,177</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> Property, plant and equipment, net………….</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>11,047,439</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,686,764</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>939,850</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>13,674,053</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> Other assets……………………………………</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>8,488,832</p></td><td valign="bottom" style='width:75.6pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>8,488,832</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>31,723,376</p></td></tr></table><p style='margin:0'> </p><p style='margin:0'>The Company does not allocate certain selling and administrative expenses for internal reporting, thus, no allocation was made for these expenses for segment disclosure purposes. Segment assets reported internally are limited to accounts receivable, inventory and long-lived assets. Certain long-lived assets of one plant location are allocated between the two segments based on estimated plant utilization, as this plant serves both fastener and assembly equipment activities. Other assets are not allocated to segments internally and to do so would be impracticable.</p><p style='margin:0'> </p><p style='margin:0'>The following table presents revenue by segment, further disaggregated by end-market:</p><p style='margin:0'> </p><table align="center" style='border-collapse:collapse'><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Fastener </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Assembly Equipment </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Consolidated </p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'><b>Year Ended December 31, 2020:</b></p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt'><p> </p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Automotive</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 15,612,249</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 136,899</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 15,749,148</p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Non-automotive</p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>8,995,614</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>2,845,891</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>11,841,505</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Total net sales</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 24,607,863</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 2,982,790</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 27,590,653</p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-top:3px double #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:3px double #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:3px double #000000'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Year Ended December 31, 2019:</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt'><p> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Automotive</p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 18,518,987</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 193,517</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 18,712,504</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Non-automotive</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>10,470,680</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>3,689,818</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>14,160,498</p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Total net sales</p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 28,989,667</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 3,883,335</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 32,873,002</p></td></tr></table><p style='margin:0'> </p><p style='margin:0'>The following table presents revenue by segment, further disaggregated by location:</p><p style='margin:0'> </p><table align="center" style='border-collapse:collapse'><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Fastener </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Assembly Equipment </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Consolidated </p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'><b>Year Ended December 31, 2020:</b></p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt'><p> </p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>United States</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 20,743,296</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 2,804,476</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 23,547,772</p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Foreign</p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>3,864,567</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>178,314</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>4,042,881</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Total net sales</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 24,607,863</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 2,982,790</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 27,590,653</p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-top:3px double #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:3px double #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:3px double #000000'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Year Ended December 31, 2019:</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt'><p> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>United States</p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 24,626,317</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 3,599,855</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 28,226,172</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Foreign</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>4,363,350</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>283,480</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>4,646,830</p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Total net sales</p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 28,989,667</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 3,883,335</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 32,873,002</p></td></tr></table><p style='margin:0'> </p><p style='margin:0'> </p><p style='margin:0'> </p><p style='margin:0'> </p><p style='margin:0'> </p><p style='margin:0'>Sales to one customer in the fastener segment accounted for 14 percent of consolidated revenues during 2020 and 16 percent in 2019. The accounts receivable balance for this customer accounted for 17 and 18 percent of consolidated accounts receivable as of December 31, 2020 and 2019, respectively. Sales to a second customer in the fastener segment accounted for 12 percent of consolidated revenues during 2020 and 10 percent in 2019. The accounts receivable balance for this customer accounted for 15 and 13 percent of consolidated accounts receivable as of December 31, 2020 and 2019, respectively. Sales to a third customer were 10 percent of consolidated revenue in both 2020 and 2019. The accounts receivable balance for this customer accounted for 15 and 12 percent of consolidated accounts receivable as of December 31, 2020 and 2019, respectively.</p><p style='margin:0'> </p>
<p style='margin:0'> </p><table style='border-collapse:collapse;margin-left:-3.6pt'><tr align="left"><td valign="middle" bgcolor="#F5F5FF" style='width:179.1pt'><p align="center" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Fastener</font></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="center" style='margin:0'>Assembly<font style='border-bottom:1px solid #000000'> Equipment</font></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Other</font></p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Consolidated</font></p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'><b>Year Ended December 31, 2020:</b></p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Net Sales………………………………………</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>$ 24,607,863</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>$ 2,982,790</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>$ 0</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>$ 27,590,653</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Depreciation……………………………………...</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,182,555</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>131,826</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>32,924</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,347,305</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Segment operating profit………………………</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,531,933</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>513,250</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0;margin-left:20.25pt'>0 </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>2,045,183</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'>Selling and administrative expenses…………..</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>(2,128,197)</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>(2,128,197)</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Other income……………………………………..</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>148,464</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>148,464</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'>Income before income taxes……………………</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>65,450</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'>Capital expenditures…………………………….</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>614,835</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>13,924</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>195,377</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>824,136</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'>Segment assets:</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> Accounts receivable, net……………………...</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>4,906,239</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>257,211</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>5,163,450</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> Inventories, net………………………………...</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>4,024,138</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>1,129,156</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>5,153,294</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> Property, plant and equipment, net………….</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>10,479,720</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,568,862</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,102,302</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>13,150,884</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> Other assets……………………………………</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>7,770,443</p></td><td valign="bottom" style='width:75.6pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>7,770,443</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>31,238,071</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Year Ended December 31, 2019:</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Net Sales………………………………………</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>$ 28,989,667</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>$ 3,883,335</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>$ 0</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>$ 32,873,002</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Depreciation……………………………………...</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,217,174</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>126,430</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>38,631</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,382,235</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Segment operating profit………………………</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,762,835</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,083,548</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0;margin-left:20.25pt'>0 </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>2,846,383</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'>Selling and administrative expenses…………..</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>(2,354,799)</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>(2,354,799)</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'>Other income……………………………………..</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>191,730</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>191,730</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'>Income before income taxes……………………</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>683,314</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'>Capital expenditures…………………………….</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>1,522,541</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>233,697</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>46,676</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>1,802,914</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'>Segment assets:</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> Accounts receivable, net……………………...</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>4,313,185</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>296,129</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>4,609,314</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> Inventories, net………………………………...</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>3,985,883</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>965,294</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>4,951,177</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> Property, plant and equipment, net………….</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>11,047,439</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>1,686,764</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>939,850</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'>13,674,053</p></td></tr><tr align="left"><td valign="bottom" style='width:179.1pt'><p style='margin:0'> Other assets……………………………………</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>0</p></td><td valign="bottom" style='width:75.6pt'><p align="right" style='margin:0'>8,488,832</p></td><td valign="bottom" style='width:75.6pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>8,488,832</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:179.1pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:75.6pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>31,723,376</p></td></tr></table>
24607863
2982790
0
1182555
131826
32924
1531933
513250
0
0
0
-2128197
0
0
148464
614835
13924
195377
4906239
257211
0
4024138
1129156
0
10479720
1568862
1102302
0
0
7770443
28989667
3883335
0
1217174
126430
38631
1762835
1083548
0
0
0
-2354799
0
0
191730
1522541
233697
46676
4313185
296129
0
3985883
965294
0
11047439
1686764
939850
0
0
8488832
<p style='margin:0'> </p><table align="center" style='border-collapse:collapse'><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Fastener </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Assembly Equipment </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Consolidated </p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'><b>Year Ended December 31, 2020:</b></p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt'><p> </p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Automotive</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 15,612,249</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 136,899</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 15,749,148</p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Non-automotive</p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>8,995,614</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>2,845,891</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>11,841,505</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Total net sales</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 24,607,863</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 2,982,790</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 27,590,653</p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-top:3px double #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:3px double #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:3px double #000000'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Year Ended December 31, 2019:</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt'><p> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Automotive</p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 18,518,987</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 193,517</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 18,712,504</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Non-automotive</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>10,470,680</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>3,689,818</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>14,160,498</p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Total net sales</p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 28,989,667</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 3,883,335</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 32,873,002</p></td></tr></table>
15612249
136899
15749148
8995614
2845891
11841505
18518987
193517
18712504
10470680
3689818
14160498
<p style='margin:0'> </p><table align="center" style='border-collapse:collapse'><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Fastener </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Assembly Equipment </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> Consolidated </p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'><b>Year Ended December 31, 2020:</b></p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt'><p> </p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>United States</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 20,743,296</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 2,804,476</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 23,547,772</p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Foreign</p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>3,864,567</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>178,314</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>4,042,881</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Total net sales</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 24,607,863</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 2,982,790</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 27,590,653</p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'> </p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-top:3px double #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:3px double #000000'><p align="right" style='margin:0'> </p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:3px double #000000'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Year Ended December 31, 2019:</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt'><p> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'> </p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'> </p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>United States</p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 24,626,317</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 3,599,855</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt'><p align="right" style='margin:0'>$ 28,226,172</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#F5F5FF" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Foreign</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>4,363,350</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>283,480</p></td><td valign="bottom" bgcolor="#F5F5FF" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>4,646,830</p></td></tr><tr align="left"><td valign="bottom" style='width:150.15pt;padding-left:2pt;padding-right:2pt'><p style='margin:0'>Total net sales</p></td><td valign="bottom" style='width:61.35pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 28,989,667</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 3,883,335</p></td><td valign="bottom" style='width:67.5pt;padding-left:2pt;padding-right:2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 32,873,002</p></td></tr></table><p style='margin:0'> </p>
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<p style='margin:0'> </p><p style='margin:0'><b>7-Commitments and Contingencies- </b>The Company recorded rent expense aggregating approximately $23,000 and $39,000 in 2020 and 2019, respectively. Total future minimum rentals at December 31, 2020 are not significant.</p><p style='margin:0'> </p><p style='margin:0'>The Company is, from time to time involved in litigation, including environmental claims, in the normal course of business. While it is not possible at this time to establish the ultimate amount of liability with respect to contingent liabilities, including those related to legal proceedings, management is of the opinion that the aggregate amount of any such liabilities, for which provision has not been made, will not have a material adverse effect on the Company's financial position.</p><p style='margin:0'> </p>
23000
39000
<p style='margin:0'> </p><p style='margin:0'><b>8-COVID-19- </b>In March 2020, the World Health Organization characterized the novel coronavirus (“COVID-19”) a pandemic and the President of the United States declared the COVID-19 outbreak a national emergency. The rapid spread of the virus and the evolving response domestically and internationally to combat it have had a significant negative impact on the global economy, including the automotive industry upon which we rely for sales. Beginning in March, most states issued executive orders which temporarily closed businesses deemed non-essential in an effort to prevent the spread of the coronavirus. Similar measures also took place in foreign markets we serve. As a result, our operations and the operations of our customers and suppliers have been adversely affected. Since some of our customers are classified as essential businesses and were allowed to continue to operate during this period, we were able to continue our operations, but at a significantly reduced level, in order to service those customers. Our automotive customers were particularly affected, as much of the sector was idled for an extended period of time during the second quarter due to employee safety concerns. While most shutdown orders were lifted late in the second quarter, various work-related restrictions remained in place for some time. Due to the rapidly changing business environment and heightened degree of uncertainty resulting from COVID-19, we took measures to reduce expenses and conserve capital during this period, including reduced work schedules, delayed capital expenditures and a reduction in dividend payments. We have seen improved demand since government-imposed restrictions were relaxed. However, the timing of any broad economic recovery is uncertain and will likely be tied to the course of the pandemic. As we cannot predict the duration or scope of the COVID-19 pandemic, or its broader impact on the global economy, including the demand for automobiles, it is unknown how long COVID-19 restrictions will remain in place or what the impact of COVID-19 and its related effects will be on our business, results of operations or financial condition, but the impact could be material and last for an extended period of time.</p><p style='margin:0'> </p>
<p style='margin:0'> </p><p style='margin:0'><b>9-Subsequent Events- </b>On February 22, 2021, the Board of Directors declared a regular quarterly dividend of $.22 per share, or $212,549, payable March 19, 2021 to shareholders of record on March 5, 2021.</p><p style='margin:0'> </p><p style='margin:0'> </p>
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