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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2019	Mar. 16, 2020	Jun. 30, 2019
Document Information [Line Items]
Entity Registrant Name	INTEST CORP
Entity Central Index Key	0001036262
Trading Symbol	intt
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		10,429,759
Entity Public Float			$ 49,247,830
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Title of 12(b) Security	Common Stock, par value $0.01 per share

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 7,612	$ 17,861
Trade accounts receivable, net of allowance for doubtful accounts of $211 and $233, respectively	9,296	10,563
Inventories	7,182	6,520
Prepaid expenses and other current assets	805	677
Total current assets	24,895	35,621
Property and equipment:
Machinery and equipment	5,269	5,166
Leasehold improvements	2,424	2,341
Gross property and equipment	7,693	7,507
Less: accumulated depreciation	(5,273)	(4,790)
Net property and equipment	2,420	2,717
Right of use assets, net	4,842
Goodwill	13,738	13,738
Intangible assets, net	13,654	14,911
Restricted certificates of deposit	140	175
Other assets	26	25
Total assets	59,715	67,187
Current liabilities:
Accounts payable	1,984	1,787
Accrued wages and benefits	2,007	2,921
Accrued professional fees	805	774
Customer deposits and deferred revenue	456	1,258
Accrued sales commission	442	703
Current portion of operating lease liabilities	1,302
Domestic and foreign income taxes payable	868	700
Earnout payable		12,167
Other current liabilities	497	1,108
Total current liabilities	8,361	21,418
Operating lease liabilities, net of current portion	3,794
Contingent liability for repayment of state and local grant funds received	463	200
Deferred tax liabilities	2,263	2,689
Total liabilities	14,881	24,307
Commitments and Contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.01 par value; 20,000,000 shares authorized; 10,413,982 and 10,523,035 shares issued, respectively	104	105
Additional paid-in capital	26,256	26,513
Retained earnings	18,005	15,683
Accumulated other comprehensive earnings	673	783
Treasury stock, at cost; 33,077 shares	(204)	(204)
Total stockholders' equity	44,834	42,880
Total liabilities and stockholders' equity	$ 59,715	$ 67,187

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Allowance for doubtful accounts	$ 211	$ 233
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	10,413,982	10,523,035
Treasury stock, shares (in shares)	33,077	33,077

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net revenues	$ 60,660	$ 78,563
Cost of revenues	31,435	39,162
Gross margin	29,225	39,401
Operating expenses:
Selling expense	8,460	9,611
Engineering and product development expense	4,964	4,908
General and administrative expense	13,252	12,801
Adjustment to contingent consideration liability		6,901
Total operating expenses	26,676	34,221
Operating income	2,549	5,180
Other income (loss)	55	(137)
Earnings before income tax expense	2,604	5,043
Income tax expense	282	2,006
Net earnings	$ 2,322	$ 3,037
Net earnings per common share – basic (in dollars per share)	$ 0.22	$ 0.29
Weighted average common shares outstanding – basic (in shares)	10,373,164	10,347,947
Net earnings per common share – diluted (in dollars per share)	$ 0.22	$ 0.29
Weighted average common shares and common share equivalents outstanding – diluted (in shares)	10,391,975	10,382,194

Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net earnings	$ 2,322	$ 3,037
Foreign currency translation adjustments	(110)	(99)
Comprehensive earnings	$ 2,212	$ 2,938

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Dec. 31, 2017	10,427,435
Balance at Dec. 31, 2017	$ 104	$ 25,860	$ 12,646	$ 882	$ (204)	$ 39,288
Net earnings			3,037			3,037
Other comprehensive loss				(99)		(99)
Amortization of deferred compensation related to stock-based awards		654				654
Issuance of unvested shares of restricted stock (in shares)	95,600
Issuance of unvested shares of restricted stock	$ 1	(1)
Balance (in shares) at Dec. 31, 2018	10,523,035					10,523,035
Balance at Dec. 31, 2018	$ 105	26,513	15,683	783	(204)	$ 42,880
Net earnings			2,322			2,322
Other comprehensive loss				(110)		(110)
Amortization of deferred compensation related to stock-based awards		884				884
Issuance of unvested shares of restricted stock (in shares)	132,580
Issuance of unvested shares of restricted stock	$ 1	(1)
Forfeiture of unvested shares of restricted stock (in shares)	(12,325)
Repurchase and retirement of common stock (in shares)	(229,308)					(229,308)
Repurchase and retirement of common stock	$ (2)	(1,140)				$ (1,142)
Balance (in shares) at Dec. 31, 2019	10,413,982					10,413,982
Balance at Dec. 31, 2019	$ 104	$ 26,256	$ 18,005	$ 673	$ (204)	$ 44,834

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$ 2,322	$ 3,037
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	3,193	1,871
Payment of earnout related to Ambrell acquisition	(12,167)	(1,710)
Adjustment to earnout payable		12,645
Adjustment to contingent consideration liability		(5,744)
Provision for excess and obsolete inventory	391	285
Foreign exchange loss	3	165
Amortization of deferred compensation related to stock-based awards	884	653
Proceeds from sale of demonstration equipment, net of gain	167	186
Loss on disposal of property and equipment	55	61
Deferred income tax expense (benefit)	(426)	83
Changes in assets and liabilities:
Trade accounts receivable	1,244	1,414
Inventories	(1,058)	(1,847)
Prepaid expenses and other current assets	(129)	(102)
Restricted certificates of deposit	35
Other assets	(1)	1
Accounts payable	197	(245)
Accrued wages and benefits	(912)	143
Accrued professional fees	31	58
Customer deposits and deferred revenue	(797)	376
Accrued sales commission	(261)	174
Operating lease liabilities	(1,378)
Domestic and foreign income taxes payable	171	(495)
Contingent liability for repayment of state and local grant funds received	263	200
Federal transition tax payable		(436)
Other current liabilities	(232)	187
Net cash provided by (used in) operating activities	(8,405)	10,960
CASH FLOWS FROM INVESTING ACTIVITIES
Payment of earnout for 2017 related to Ambrell acquisition		(4,123)
Purchase of property and equipment	(620)	(2,212)
Net cash used in investing activities	(620)	(6,335)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchases of common stock	(1,142)
Net cash used in financing activities	(1,142)
Effects of exchange rates on cash	(82)	(54)
Net cash provided by (used in) all activities	(10,249)	4,571
Cash and cash equivalents at beginning of period	17,861	13,290
Cash and cash equivalents at end of period	7,612	17,861
Cash payments for:
Domestic and foreign income taxes	595	2,855
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of unvested shares of restricted stock	837	788
Forfeiture of unvested shares of restricted stock	$ (88)

Note 1 - Nature of Operations

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Nature of Operations [Text Block]

(

)

NATURE OF OPERATIONS

We are a global supplier of precision-engineered solutions for use in manufacturing and testing across a wide range of markets including automotive, defense/aerospace, energy, industrial, semiconductor and telecommunications. We manage our business as

two

operating segments which are also our reportable segments: Thermal Products ("Thermal") and Electromechanical Semiconductor Products ("EMS"). Our Thermal segment designs, manufactures and sells our thermal test and thermal process products while our EMS segment designs, manufactures and sells our semiconductor test products. We manufacture our products in the U.S. Marketing and support activities are conducted worldwide from our facilities in the U.S., Germany, Singapore, the Netherlands and the U.K. The consolidated entity is comprised of inTEST Corporation and our wholly-owned subsidiaries.

Our EMS segment sells its products to semiconductor manufacturers and

third

-party test and assembly houses (end user sales) and to automated test equipment (“ATE”) manufacturers (original equipment manufacturer (“OEM”) sales), who ultimately resell our equipment with theirs to both semiconductor manufacturers and

third

-party test and assembly houses. Our Thermal segment sells its products to many of these same types of customer; however, it also sells into a variety of other markets, including the automotive, defense/aerospace, energy, industrial and telecommunications markets. As a result of the acquisition of Ambrell Corporation (“Ambrell”) in

May 2017,

our Thermal segment also sells into the consumer products packaging, fiber optics and other sectors within the broader industrial market, and into the wafer processing sector within the broader semiconductor market.

Both of our operating segments have multiple products that we design, manufacture and market to our customers. Due to a number of factors, our products have varying levels of gross margin. The mix of products we sell in any period is ultimately determined by our customers' needs. Therefore, the mix of products sold in any given period can change significantly from the prior period. As a result, our consolidated gross margin can be significantly impacted in any given period by a change in the mix of products sold in that period.

Historically, we have referred to our markets as “Semiconductor” (which includes both the broader semiconductor market as well as the more specialized ATE and wafer processing sectors within the broader semiconductor market), and “Non-Semiconductor” (which includes all of the other markets we serve). Starting in the

second

quarter of

2019,

we are referring to the broader semiconductor market, including the ATE and wafer processing sectors within that market, as the “Semi Market.” All other markets are designated as “Multimarket.” The Semi Market, which is the principal market in which we operate, is characterized by rapid technological change, competitive pricing pressures and cyclical as well as seasonal market patterns. This market is subject to significant economic downturns at various times. Our financial results are affected by a wide variety of factors, including, but

not

limited to, general economic conditions worldwide and in the markets in which we operate, economic conditions specific to the Semi Market and the other markets we serve, our ability to safeguard patented technology and intellectual property in a rapidly evolving market, downward pricing pressures from customers, and our reliance on a relatively few number of customers for a significant portion of our sales. In addition, we are exposed to the risk of obsolescence of our inventory depending on the mix of future business and technological changes within the markets that we serve. We also continue to implement an acquisition strategy that

may

cause us to incur substantial expense in reviewing and evaluating potential transactions. We

may

not

be successful in locating suitable businesses to acquire and in closing acquisitions of businesses we pursue. In addition, we

may

not

be able to successfully integrate any business we do acquire with our existing business and we

may

not

be able to operate the acquired business profitably. As a result of these or other factors, we

may

experience significant period-to-period fluctuations in future operating results.

Note 2 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Significant Accounting Policies [Text Block]

(

)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Use of Estimates

The accompanying consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain of our accounts, including inventories, long-lived assets, goodwill, identifiable intangibles and deferred tax assets and liabilities including related valuation allowances, are particularly impacted by estimates.

Reclassification

Certain prior year amounts have been reclassified to be comparable with the current year's presentation.

Subsequent Events

We have made an assessment of our operations and determined that there were

material subsequent events requiring adjustment to, or disclosure in, our consolidated financial statements for the year ended

December 31, 2019

other than those described in Notes

and

17.

Business Combinations

Acquired businesses are accounted for using the purchase method of accounting, which requires that the purchase price be allocated to the net assets acquired at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Fair values of intangible assets are estimated by valuation models prepared by our management and

third

-party advisors. The assets purchased and liabilities assumed have been reflected in our consolidated balance sheets, and the operating results are included in the consolidated statements of operations and consolidated statements of cash flows from the date of acquisition. Any change in the fair value of acquisition-related contingent consideration subsequent to the acquisition date, including changes from events after the acquisition date, will be recognized in the consolidated statement of operations in the period of the estimated fair value change. Acquisition-related transaction costs, including legal and accounting fees and other external costs directly related to the acquisition, are recognized separately from the acquisition and expensed as incurred in general and administrative expense in the consolidated statements of operations.

Cash and Cash Equivalents

Short-term investments that have maturities of

three

months or less when purchased are considered to be cash equivalents and are carried at cost, which approximates fair value. Our cash balances, which are deposited with highly reputable financial institutions, at times

may

exceed the federally insured limits. We have

not

experienced any losses related to these cash balances and believe the credit risk to be minimal.

Trade Accounts Receivable and Allowance for Doubtful Accounts

Trade accounts receivable are recorded at the invoiced amount and do

not

bear interest. We grant credit to customers and generally require

collateral. To minimize our risk, we perform ongoing credit evaluations of our customers' financial condition. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We determine the allowance based on historical write-off experience and the aging of such receivables, among other factors. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do

not

have any off-balance sheet credit exposure related to our customers. We recorded bad debt expense of

and

$20

for the years ended

December 31, 2019

and

2018,

respectively. Cash flows from accounts receivable are recorded in operating cash flows.

Fair Value of Financial Instruments

Our financial instruments, principally accounts receivable and accounts payable, are carried at cost which approximates fair value, due to the short maturities of the accounts.

Goodwill, Intangible and Long-Lived Assets

We account for goodwill and intangible assets in accordance with Accounting Standards Codification (“ASC”) Topic

350

(Intangibles - Goodwill and Other). Finite-lived intangible assets are amortized over their estimated useful economic life and are carried at cost less accumulated amortization. Goodwill is assessed for impairment annually in the

fourth

quarter on a reporting unit basis, or more frequently when events and circumstances occur indicating that the recorded goodwill

may

be impaired. Goodwill is considered to be impaired if the fair value of a reporting unit is less than its carrying amount. As a part of the goodwill impairment assessment, we have the option to perform a qualitative assessment to determine whether it is more-likely-than-

not

that the fair value of a reporting unit is less than its carrying amount. If, as a result of our qualitative assessment, we determine that it is more-likely-than-

not

that the fair value of the reporting unit is greater than its carrying amount, a quantitative goodwill impairment test is

not

required. However, if, as a result of our qualitative assessment, we determine it is more-likely-than-

not

that the fair value of a reporting unit is less than its carrying amount, or, if we choose

not

to perform a qualitative assessment, we are required to perform a quantitative goodwill impairment test to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized.

The quantitative goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered

not

impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The goodwill impairment assessment is based upon the income approach, which estimates the fair value of our reporting units based upon a discounted cash flow approach. This fair value is then reconciled to our market capitalization at year end with an appropriate control premium. The determination of the fair value of our reporting units requires management to make significant estimates and assumptions including the selection of control premiums, discount rates, terminal growth rates, forecasts of revenue and expense growth rates, income tax rates, changes in working capital, depreciation, amortization and capital expenditures. Changes in assumptions concerning future financial results or other underlying assumptions could have a significant impact on either the fair value of the reporting unit or the amount of the goodwill impairment charge.

Indefinite-lived intangible assets are assessed for impairment annually in the

fourth

quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. As a part of the impairment assessment, we have the option to perform a qualitative assessment to determine whether it is more likely than

not

that an indefinite-lived intangible asset is impaired. If, as a result of our qualitative assessment, we determine that it is more-likely-than-

not

that the fair value of the indefinite-lived intangible asset is less than its carrying amount, the quantitative impairment test is required; otherwise,

further testing is required. The quantitative impairment test consists of a comparison of the fair value of the intangible asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.

Long-lived assets, which consist of finite-lived intangible assets and property and equipment, are assessed for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets

may

not

be fully recoverable or that the useful lives of these assets are

longer appropriate. Each impairment test is based on a comparison of the estimated undiscounted cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value. The cash flow estimates used to determine the impairment, if any, contain management's best estimates using appropriate assumptions and projections at that time.

Revenue Recognition

We recognize revenue in accordance with the guidance in ASC Topic

606

(Revenue from Contracts with Customers). We recognize revenue for the sale of products or services when our performance obligations under the terms of a contract with a customer are satisfied and control of the product or service has been transferred to the customer. Generally, this occurs when we ship a product or perform a service. In certain cases, recognition of revenue is deferred until the product is received by the customer or at some other point in the future when we have determined that we have satisfied our performance obligations under the contract. Our contracts with customers

may

include a combination of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. In addition to the sale of products and services, we also lease certain of our equipment under short-term lease agreements. We recognize revenue from equipment leases on a straight-line basis over the lease term.

Revenue is recorded in an amount that reflects the consideration we expect to receive in exchange for those products or services. We do

not

have any material variable consideration arrangements, or any material payment terms with our customers other than standard net

30,

net

or net

day payment terms. We generally do

not

provide a right of return to our customers. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.

Nature of Products and Services

We sell thermal management products and semiconductor ATE interface solutions. Our thermal management products include ThermoStreams, ThermoChambers and process chillers, which we sell under our Temptronic, Sigma and Thermonics product lines, and Ambrell’s precision induction heating systems, including EkoHeat and EasyHeat products. Our semiconductor ATE interface solutions include manipulators, docking hardware and electrical interface products. We provide post-warranty service for the equipment we sell. We sell semiconductor ATE interface solutions and certain thermal management products to the Semi Market. We also sell our thermal management products to various other markets including the automotive, defense/aerospace, industrial and telecommunications markets.

We lease certain of our equipment under short-term leasing agreements with original lease terms of

six

months or less. Our lease agreements do

not

contain purchase options.

Types of Contracts with Customers

Our contracts with customers are generally structured as individual purchase orders which specify the exact products or services being sold or equipment being leased along with the selling price, service fee or monthly lease amount for each individual item on the purchase order. Payment terms and any other customer-specific acceptance criteria are also specified on the purchase order. We generally do

not

have any customer-specific acceptance criteria, other than that the product performs within the agreed upon specifications. We test substantially all products manufactured as part of our quality assurance process to determine that they comply with specifications prior to shipment to a customer.

Contract Balances

We record accounts receivable at the time of invoicing. Accounts receivable, net of the allowance for doubtful accounts, is included in current assets on our balance sheet. To the extent that we do

not

recognize revenue at the same time as we invoice, we record a liability for deferred revenue. In certain instances, we also receive customer deposits in advance of invoicing and recording of accounts receivable. Deferred revenue and customer deposits are included in current liabilities on our consolidated balance sheets.

The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, if any, historical experience, and other currently available evidence.

Costs to Obtain a Contract with a Customer

The only costs we incur associated with obtaining contracts with customers are sales commissions that we pay to our internal sales personnel or

third

-party sales representatives. These costs are calculated based on an established percentage of the selling price of each product or service sold. Commissions are considered earned by our internal sales personnel at the time we recognize revenue for a particular transaction. Commissions are considered earned by

third

-party sales representatives at the time that revenue is recognized for a particular transaction. We record commission expense in our consolidated statements of operations at the time the commission is earned. Commissions earned but

not

yet paid are included in current liabilities on our balance sheets.

Product Warranties

In connection with the sale of our products, we generally provide standard

one

two

year product warranties which are detailed in our terms and conditions and communicated to our customers. Our standard warranties are

not

offered for sale separately from our products, therefore there is

not

a separate performance obligation related to our standard warranties. We record estimated warranty expense for our standard warranties at the time of sale based upon historical claims experience. In very limited cases, we offer customers an option to separately purchase an extended warranty for certain of our products. In the case of extended warranties, we recognize revenue in the amount of the sale price for the extended warranty on a straight-line basis over the extended warranty period. We record costs incurred to provide service under an extended warranty at the time the service is provided. Warranty expense is included in selling expense in our consolidated statements of operations.

Refer to Notes

and

for further information about our revenue from contracts with customers.

Inventories

Inventories are valued at cost on a

first

-in,

first

-out basis,

not

in excess of market value. Cash flows from the sale of inventories are recorded in operating cash flows. On a quarterly basis, we review our inventories and record excess and obsolete inventory charges based upon our established objective excess and obsolete inventory criteria. These criteria identify material that has

not

been used in a work order during the prior

twelve

months and the quantity of material on hand that is greater than the average annual usage of that material over the prior

three

years. In certain cases, additional excess and obsolete inventory charges are recorded based upon current market conditions, anticipated product life cycles, new product introductions and expected future use of the inventory. The excess and obsolete inventory charges we record establish a new cost basis for the related inventories. We incurred excess and obsolete inventory charges of

$391

and

$285

for the years ended

December 31, 2019

and

2018,

respectively.

Property and Equipment

Machinery and equipment are stated at cost, except for machinery and equipment acquired in a business combination, which are stated at fair value at the time of acquisition. As previously discussed above under "Goodwill, Intangible and Long-Lived Assets," machinery and equipment that has been determined to be impaired is written down to its fair value at the time of the impairment. Depreciation is based upon the estimated useful life of the assets using the straight-line method. The estimated useful lives range from

one

ten

years. Leasehold improvements are recorded at cost and amortized over the shorter of the lease term or the estimated useful life of the asset. Total depreciation expense was

$685

and

$768

for the years ended

December 31, 2019

and

2018,

respectively.

Leases

We account for leases in accordance with ASC Topic

842

(Leases). We determine if an arrangement is a lease at inception. A lease contract is within scope if the contract has an identified asset (property, plant or equipment) and grants the lessee the right to control the use of the asset during the lease term. The identified asset

may

be either explicitly or implicitly specified in the contract. In addition, the supplier must

not

have any practical ability to substitute a different asset and would

not

economically benefit from doing so for the lease contract to be in scope. The lessee’s right to control the use of the asset during the term of the lease must include the ability to obtain substantially all of the economic benefits from the use of the asset as well as decision-making authority over how the asset will be used. Leases are classified as either operating leases or finance leases based on the guidance in ASC Topic

842.

Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment and financing lease liabilities. We do

not

currently have any financing leases.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term.

None

of our leases provide an implicit rate; therefore, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms

may

include options to extend or terminate the lease. We include these options in the determination of the amount of the ROU asset and lease liability when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Certain of our operating leases contain predetermined fixed escalations of minimum rentals and rent holidays during the original lease terms. Rent holidays are periods during which we have control of the leased facility but are

not

obligated to pay rent. For these leases, our ROU asset and lease liability are calculated including any rent holiday in the determination of the life of the lease.

We have lease agreements which contain both lease and non-lease components, which are generally accounted for separately. In addition to the monthly rental payments due, most of our leases for our offices and warehouse facilities include non-lease components representing our portion of the common area maintenance, property taxes and insurance charges incurred by the landlord for the facilities which we occupy. These amounts are

not

included in the calculation of the ROU assets and lease liabilities as they are based on actual charges incurred in the periods to which they apply.

Operating lease payments are included in cash outflows from operating activities on our consolidated statements of cash flows. Amortization of right of use assets is presented separately from the change in operating lease liabilities and is included in Depreciation and Amortization on our consolidated statements of cash flows.

We have made an accounting policy election

not

to apply the recognition requirements of ASC Topic

842

to short-term leases (leases with a term of

one

year or less at the commencement date of the lease). Lease expense for short-term lease payments is recognized on a straight-line basis over the lease term.

See “Effect of Recently Adopted Amendments to Authoritative Accounting Guidance” below and Note

for further disclosures regarding our leases.

Contingent Liability for Repayment of State and Local Grant Funds Received

In connection with leasing a new facility in Rochester, New York, which our subsidiary, Ambrell, occupied in

May 2018,

we entered into agreements with the city of Rochester and the state of New York under which we

may

receive grants totaling up to

$550

to help offset a portion of the cost of the leasehold improvements we have made to this facility. In exchange for the funds we

may

receive under these agreements, we are required to create and maintain specified levels of employment in this location through various dates ending in

2023.

If we fail to meet these employment targets, we

may

be required to repay a proportionate share of the funds received. As of

December 31, 2019,

we have received

$463

in grant funds. We do

not

expect to receive the remaining

$87

of grant funds during

2020,

as we currently do

not

expect to increase our number of employees to the level required to receive these funds during

2020.

As of

December 31, 2019,

we are

not

in compliance with the employment targets as specified in the grant agreement with the city of Rochester. We have applied for and received a waiver of this requirement for the year ended

December 31, 2019.

We have recorded the amounts received under these agreements as a contingent liability on our balance sheet. As time passes, portions of the funds received will

longer be subject to repayment if we have met the employment requirements of the agreements. Amounts that we are irrevocably entitled to keep will be reclassified to deferred revenue and amortized to income on a straight-line basis over the remaining lease term for the Rochester facility.

Stock-Based Compensation

We account for stock-based compensation in accordance with ASC Topic

718

(Compensation - Stock Compensation) which requires that employee share-based equity awards be accounted for under the fair value method and requires the use of an option pricing model for estimating fair value of stock options, which is then amortized to expense over the service periods. See further disclosures related to our stock-based compensation plans in Note

12.

Engineering and Product Development

Engineering and product development costs, which consist primarily of the salary and related benefits costs of our technical staff, as well as the cost of materials used in product development, are expensed as incurred.

Foreign Currency

For our foreign subsidiaries whose functional currencies are

not

the U.S. dollar, assets and liabilities are translated using the exchange rate in effect at the balance sheet date. The results of operations are translated using an average exchange rate for the period. The effects of rate fluctuations in translating assets and liabilities of these international operations into U.S. dollars are included in accumulated other comprehensive earnings in stockholders' equity. Transaction gains or losses are included in net earnings. For the years ended

December 31, 2019

and

2018,

foreign currency transaction losses were

and

$165,

respectively.

Income Taxes

The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carryforwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than

not

that such assets will

not

be realized. See Note

for additional information regarding income taxes.

Net Earnings Per Common Share

Net earnings per common share - basic is computed by dividing net earnings by the weighted average number of common shares outstanding during each period. Net earnings per common share - diluted is computed by dividing net earnings by the weighted average number of common shares and common share equivalents outstanding during each period. Common share equivalents represent unvested shares of restricted stock and stock options and are calculated using the treasury stock method. Common share equivalents are excluded from the calculation if their effect is anti-dilutive.

The table below sets forth, for the periods indicated, a reconciliation of weighted average common shares outstanding - basic to weighted average common shares and common share equivalents outstanding - diluted and the average number of potentially dilutive securities that were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive:

	Years Ended December 31,
	2019		2018

Weighted average common shares outstanding–basic		10,373,164		10,347,947
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		18,811		34,247
Weighted average common shares and common share equivalents outstanding–diluted		10,391,975		10,382,194
Average number of potentially dilutive securities excluded from calculation		523,485		216,420

Effect of Recently Adopted Amendments to Authoritative Accounting Guidance

February 2016,

the Financial Accounting Standards Board (“FASB”) issued amendments to the current guidance on accounting for lease transactions, which is presented in ASC Topic

842.

Subsequent to

February 2016,

the FASB has issued additional clarifying guidance on certain aspects of this new guidance, along with certain practical expedients that

may

be applied. The intent of the updated guidance is to increase transparency and comparability among organizations by requiring lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by leases and to disclose key information about leasing arrangements. Under the new guidance, a lessee is required to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than

months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The

two

permitted transition methods under the guidance are the modified retrospective transition approach, which requires application of the guidance for all comparative periods presented, and the cumulative effect adjustment approach, which requires prospective application at the adoption date.

The amendments were effective for us as of

January 1, 2019.

We adopted the amendments on

January 1, 2019

using the cumulative effect adjustment approach. Accordingly, prior periods have

not

been restated. We have decided to elect the package of practical expedients, which includes the grandfathering of lease classification and, accordingly, we have

not

re-evaluated any of our leases for classification purposes in connection with the implementation of ASC Topic

842.

They are all still being treated as operating leases under ASC Topic

842.

We do

not

currently have any lease contracts that meet the criteria to be categorized as financing leases under ASC Topic

842.

We have

embedded leases, nor do we have any initial direct costs. We are

not

electing the hindsight practical expedient and therefore are

not

reevaluating the lease terms that we used under ASC Topic

840.The

implementation of this new guidance had a significant impact on our consolidated balance sheet as a result of recording ROU assets and lease liabilities for all of our multi-year leases. Under prior guidance,

none

of these leases had any related asset recorded on our balance sheets. The only related liability recorded on our balance sheets was the amount which represented the difference between the lease payments we had made and the straight-line rent expense we had recorded in our statements of operations. The implementation of this new guidance did

not

have a significant impact on our pattern of expense recognition for any of our multi-year leases. See “Leases” above and Note

for further disclosures regarding our leases.

Effect of Recently Issued Amendments to Authoritative Accounting Guidance

June 2016,

the FASB issued amendments to the guidance for accounting for credit losses. In

November 2019,

the FASB deferred the effective date of these amendments for certain companies, including smaller reporting companies. As a result of the deferral, the amendments are effective for us for reporting periods beginning after

December 15, 2022.

The amendments replace the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The amendments require a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the

first

reporting period in which the guidance is effective. We plan to adopt the amendments when they become effective for us on

January 1, 2023.

We are currently evaluating the impact the adoption of these amendments will have on our consolidated financial statements.

December 2019,

the FASB issued amendments to the accounting for income taxes, which add new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic

740

(Income Taxes) and changing the accounting for certain income tax transactions. The amendments are effective for us as of

January 1, 2021.

Early adoption is permitted. We plan to adopt the amendments when they become effective for us on

January 1, 2021.

We do

not

expect these amendments to have a material impact on our consolidated financial statements.

Note 3 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

(

)

GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets on our balance sheets are the result of our acquisitions of Sigma Systems Corp. ("Sigma") in

October 2008,

Thermonics, Inc. ("Thermonics") in

January 2012

and Ambrell in

May 2017.

All of our goodwill and intangible assets are allocated to our Thermal segment.

Goodwill

Goodwill totaled

$13,738

at both

December 31, 2019

and

2018

and was comprised of the following:

Sigma	$	1,656
Thermonics		50
Ambrell		12,032
Total	$	13,738

Intangible Assets

Changes in the amount of the carrying value of finite-lived intangible assets for the years ended

December 31, 2019

and

2018

are as follows:

Balance - January 1, 2018	$	9,304
Amortization		(1,103	)
Balance - December 31, 2018		8,201
Amortization		(1,257	)
Balance - December 31, 2019	$	6,944

The following tables provide further detail about our intangible assets as of

December 31, 2019

and

2018:

	December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	10,480	$	3,805	$	6,675
Technology		600		380		220
Patents		590		541		49
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		12,080		5,136		6,944
Indefinite-lived intangible assets:
Trademarks		6,710		-		6,710
Total intangible assets	$	18,790	$	5,136	$	13,654

	December 31, 2018
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	10,480	$	2,717	$	7,763
Technology		600		250		350
Patents		590		502		88
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		12,080		3,879		8,201
Indefinite-lived intangible assets:
Trademarks		6,710		-		6,710
Total intangible assets	$	18,790	$	3,879	$	14,911

We generally amortize our finite-lived intangible assets over their estimated useful lives on a straight-line basis, unless an alternate amortization method can be reliably determined. Any such alternate amortization method would be based on the pattern in which the economic benefits of the intangible asset are expected to be consumed.

None

of our intangible assets have any residual value.

Total amortization expense for our finite-lived intangible assets was

$1,257

and

$1,103,

respectively, for the years ended

December 31, 2019

and

2018.

The following table sets forth the estimated annual amortization expense for each of the next

five

years:

2020	$	1,233
2021	$	1,227
2022	$	1,167
2023	$	1,067
2024	$	980

Impairment of Goodwill and Indefinite Life Intangible Assets

During

December 2019

and

2018,

we assessed our goodwill and indefinite life intangible asset for impairment in accordance with the requirements of ASC Topic

350

using a quantitative approach. Our goodwill impairment assessment is based upon the income approach, which estimates the fair value of our reporting units based upon a discounted cash flow approach. This fair value is then reconciled to our market capitalization at year end with an appropriate control premium. The discount rates used in

2019

and

2018

for the discounted cash flows were

20.0%

and

18.5%,

respectively. The selection of these rates was based upon our analysis of market-based estimates of capital costs and discount rates. The determination of the fair value of our reporting units requires management to make significant estimates and assumptions including the selection of control premiums, discount rates, terminal growth rates, forecasts of revenue and expense growth rates, income tax rates, changes in working capital, depreciation, amortization and capital expenditures. Changes in assumptions concerning future financial results or other underlying assumptions could have a significant impact on either the fair value of the reporting unit or the amount of the goodwill impairment charge.

During the goodwill impairment assessment in both

2019

and

2018,

we compared the fair value of our Thermal reporting unit with its carrying value. This assessment indicated

impairment existed as the fair value of the reporting unit exceeded its carrying value in both

2019

and

2018.

During the indefinite life intangible asset impairment assessment in both

2019

and

2018,

we compared the fair value of our indefinite life intangible assets with their carrying values. This assessment indicated

impairment existed as the fair value of the indefinite life intangible assets exceeded their carrying values in both

2019

and

2018.

Impairment of Long-Lived Assets and Finite-lived Intangible Assets

During

2019

and

2018,

we did

not

review any of our long-lived assets for impairment as there were

events or changes in business circumstances that would indicate an impairment might exist.

Note 4 - Revenue From Contracts With Customers

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(

)

REVENUE FROM CONTRACTS WITH CUSTOMERS

The following tables provide additional information about our revenue from contracts with customers, including revenue by customer and product type and revenue by market. See also Note

for information about revenue by operating segment and geographic region.

	Years Ended December 31,
	2019		2018
Net revenues by customer type:
End user	$	55,074	$	68,093
OEM/Integrator		5,586		10,470
	$	60,660	$	78,563
Net revenues by product type:
Thermal test	$	17,631	$	23,654
Thermal process		20,079		25,739
Semiconductor test		16,273		21,445
Service/other		6,677		7,725
	$	60,660	$	78,563
Net revenues by market:
Semi	$	30,953	$	45,378
Industrial		21,231		21,220
Defense/aerospace		4,842		4,943
Telecommunications		1,845		5,574
Other Multimarket		1,789		1,448
	$	60,660	$	78,563

Changes in the amount of the allowance for doubtful accounts for the years ended

December 31, 2019

and

2018

are as follows:

Balance - January 1, 2018	$	213
Bad debt expense		20
Write-offs		-
Balance - December 31, 2018		233
Bad debt expense		3
Write-offs		(25	)
Balance - December 31, 2019	$	211

Note 5 - Major Customers

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

(

)

MAJOR CUSTOMERS

During the years ended

December 31, 2019

and

2018,

Texas Instruments Incorporated accounted for

10%

and

11%

of our consolidated net revenues, respectively. While both of our operating segments sold products to this customer, these revenues were primarily generated by our EMS segment. During the years ended

December 31, 2019

and

2018,

other customer accounted for

10%

or more of our consolidated net revenues.

Note 6 - Inventories

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Inventory Disclosure [Text Block]

(

)

INVENTORIES

Inventories held at

December 31

were comprised of the following:

	2019		2018
Raw materials	$	5,369	$	4,654
Work in process		949		1,026
Inventory consigned to others		54		62
Finished goods		810		778
Total inventories	$	7,182	$	6,520

Note 7 - Leases

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

(

)

LEASES

As previously discussed in Note

we account for our leases in accordance with the guidance in ASC Topic

842,

which was effective for us as of

January 1, 2019.

In connection with the implementation of ASC Topic

842,

we recorded non-cash increases in operating lease liabilities and ROU assets of

$5,197

and

$4,816,

respectively, as of the effective date of this guidance.

We lease our offices, warehouse facilities and certain equipment under non-cancellable operating leases that expire at various dates through

2028.

Total operating lease and short-term lease costs for years ended

December 31, 2019

and

2018,

respectively, were as follows:

	Years Ended December 31,
	2019		2018

Operating lease cost	$	1,476	$	1,513
Short-term lease cost	$	51	$	55

The following is additional information about our leases as of

December 31, 2019:

Range of remaining lease terms (in years)	0.8	to	8.4
Weighted average remaining lease term (in years)		5.5
Weighted average discount rate		5.0%

Maturities of lease liabilities as of

December 31, 2019

were as follows:

2020	$	1,527
2021		1,007
2022		824
2023		834
2024		859
Thereafter		766
Total lease payments	$	5,817
Less imputed interest		(721	)
Total	$	5,096

Cash Flow Information

Total amortization of right of use assets for the year ended

December 31, 2019

was

$1,251.

Supplemental cash flow information related to leases for the year ended

December 31, 2019

was as follows:

Non-cash increases (decreases) in operating lease liabilities and ROU assets as a result of lease modifications:
Modification to Ambrell’s U.K. facility lease	$	(486	)
Modification to lease for facility in Mansfield, Massachusetts	$	1,811
Modification to Ambrell’s Netherlands facility lease	$	(48	)

The lease for Ambrell’s U.K. facility had an original term of

years, which extended through

August 2029.

The lease included the option to terminate the lease at specified points in time without penalty. We exercised this option in

March 2019,

and the lease expired in

September 2019.

At the effective date of this modification, we recorded a reduction in our ROU assets and operating lease liabilities of approximately

$486.

April 8, 2019,

we executed an amendment to the lease for our facility in Mansfield, Massachusetts that extended the term of the lease for an additional

forty

months to

December 31, 2024

and expanded the amount of leased space by approximately

6,100

square feet. The current rate per square foot that is in place through

August 31, 2021 (

the original expiration date of the lease) did

not

change. After

August 31, 2021,

there are predetermined fixed escalations of the rate as outlined in the amendment. As a result of this modification, we recorded an increase in our ROU assets and operating lease liabilities of approximately

$1,811.

During the

third

quarter of

2019,

the lease for a portion of Ambrell’s facility in the Netherlands was modified to reduce the term of that lease to expire in

September 2019

as that portion of the space was

longer needed. At the effective date of this modification, we recorded a reduction in our ROU assets and operating lease liabilities of approximately

$48.

Prior Period Disclosures under ASC Topic

840

(Leases)

Prior to

January 1, 2019,

we accounted for our leases in accordance with the guidance in ASC Topic

840.

Under the guidance in ASC Topic

840,

total rental expense for the year ended

December 31, 2018

was

$1,848

which includes costs for common area maintenance, property taxes and insurance charges incurred by the landlord for the facilities which we occupy. These costs are

not

included in operating lease cost under the guidance in ASC Topic

842.

The aggregate minimum rental commitments under the non-cancellable operating leases in effect at

December 31, 2018

were as follows:

2019	$	1,710
2020		1,612
2021		868
2022		296
2023		286
Thereafter		1,421
Total	$	6,193

Note 8 - Other Current Liabilities

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

(

)

OTHER CURRENT LIABILITIES

Other current liabilities at

December 31

were comprised of the following:

	2019		2018
Accrued warranty	$	334	$	346
Accrued rent/facility costs		25		406
Other		138		356
Total other current liabilities	$	497	$	1,108

Note 9 - Debt

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

(

)

DEBT

Letters of Credit

We have issued letters of credit as the security deposits for certain of our domestic leases. These letters of credit are secured by pledged certificates of deposit which are classified as Restricted Certificates of Deposit on our balance sheets. The terms of our leases require us to renew these letters of credit at least

days prior to their expiration dates for successive terms of

not

less than

one

year until lease expiration. In accordance with the terms of our lease, the letter of credit related to our facility in Mt. Laurel, New Jersey was reduced from

$125

$90

April 1, 2019.

Our outstanding letters of credit at

December 31, 2019

and

2018

consisted of the following:

L/C

Lease

Letters of Credit
Amount Outstanding

Facility

Original L/C
Issue Date

Expiration
Date

Dec. 31
2019

Dec. 31
2018

Mt. Laurel, NJ

3/29/2010

3/31/2020

4/30/2021

125

Mansfield, MA

10/27/2010

12/31/2024

140

175

Note 10 - Income Taxes

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(

)

INCOME TAXES

We are subject to Federal and certain state income taxes. In addition, we are taxed in certain foreign countries.

On

December 22, 2017

the President of the United States signed into law the Tax Act. One of the principal elements of the Tax was a

one

-time transition tax that was imposed on the previously unremitted earnings of our foreign subsidiaries. Due to the complexities involved in determining the previously unremitted earnings of our foreign subsidiaries, at

December 31, 2017,

we recorded a provisional amount for the transition tax payable on those unremitted earnings. The provisional amount recorded, net of related foreign tax credits, was a tax of

$476.

During the

first

half of

2018

we completed the process of obtaining, preparing and analyzing the required information, including a Section

965

analysis and an earnings and profits study. As a result, we determined that

transition tax was due, and, accordingly, during the

second

quarter of

2018

we reversed the

$476

that had been accrued in the

fourth

quarter of

2017.

Earnings before income taxes was as follows:

	Years Ended December 31,
	201 9		201 8
Domestic	$	1,804	$	3,647
Foreign		800		1,396
Total	$	2,604	$	5,043

Income tax expense (benefit) was as follows:

	Years Ended December 31,
	201 9			201 8
Current
Domestic – Federal	$	510		$	1,352
Domestic – state		101			190
Foreign		97			381
Total	$	708		$	1,923
Deferred
Domestic – Federal	$	(413	)	$	103
Domestic – state		(13	)		(20	)
Foreign		-			-
Total		(426	)		83
Income tax expense	$	282		$	2,006

Deferred income taxes reflect the net tax effect of net operating loss and tax credit carryforwards as well as temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following is a summary of the significant components of our deferred tax assets and liabilities as of

December 31, 2019

and

2018:

	December 31,
	201 9			201 8
Deferred tax assets:
Operating lease liabilities	$	1,123		$	-
Net operating loss (state and foreign)		280			299
Inventories		247			212
Accrued vacation pay and stock-based compensation		279			184
Tax credit carryforwards		112			81
Allowance for doubtful accounts		44			46
Accrued warranty		19			20
Acquisition costs		12			13
Other		13			18
Total		2,129			873
Valuation allowance		(234	)		(241	)
Deferred tax assets		1,895			632
Deferred tax liabilities:
Net intangible assets		(2,923	)		(3,167	)
Right of use assets		(1,066	)		-
Depreciation of property and equipment		(169	)		(154	)
Deferred tax liabilities		(4,158	)		(3,321	)
Net deferred tax liabilities	$	(2,263	)	$	(2,689	)

The net change in the valuation allowance for the years ended

December 31, 2019

and

2018

was a decrease of

and

$129,

respectively. In assessing the ability to realize the deferred tax assets, we consider whether it is more likely than

not

that some portion or all of the deferred tax assets will

not

be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. In order to fully realize the total deferred tax assets, we will need to generate future taxable income prior to the expiration of net operating loss and tax credit carryforwards which expire in various years through

2039.

An analysis of the effective tax rate for the years ended

December 31, 2019

and

2018

and a reconciliation from the expected statutory rate of

21%

is as follows:

	Years Ended December 31,
	201 9			201 8
Expected income tax provision at U.S. statutory rate	$	547		$	1,059
Increase (decrease) in tax from:
Restricted stock		114			67
Dividend from foreign subsidiaries		97			175
NOL carryforwards utilized		32			118
Global intangible low taxed income		30			57
Nondeductible expenses		4			1,466
Current year tax credits (foreign and research)		(234	)		(553	)
Domestic tax expense (benefit), net of Federal benefit		(184	)		310
Section 250 foreign derived intangible income deduction		(145	)		(233	)
Foreign income tax rate differences		(51	)		90
Changes in valuation allowance		(7	)		(129	)
Federal transition tax payable		-			(476	)
Other		79			55
Income tax expense	$	282		$	2,006

In accounting for income taxes, we follow the guidance in ASC Topic

740

(Income Taxes) regarding the recognition and measurement of uncertain tax positions in our financial statements. Recognition involves a determination of whether it is more likely than

not

that a tax position will be sustained upon examination with the presumption that the tax position will be examined by the appropriate taxing authority having full knowledge of all relevant information. Our policy is to record interest and penalties associated with unrecognized tax benefits as additional income taxes in the statement of operations. As of

December 31, 2019

and

2018,

we did

not

have an accrual for uncertain tax positions.

Note 11 - Legal Proceedings

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Legal Matters and Contingencies [Text Block]

(

)

LEGAL PROCEEDINGS

From time to time we

may

be a party to legal proceedings occurring in the ordinary course of business. We are

not

currently involved in any legal proceedings the resolution of which we believe could have a material effect on our business, financial position, results of operations or long-term liquidity.

Note 12 - Stock-based Compensation Plan

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

(

)

STOCK-BASED COMPENSATION PLAN

As of

December 31, 2019,

we have unvested restricted stock awards and stock options outstanding which were granted under the inTEST Corporation

2007

Stock Plan (the

"2007

Stock Plan") and the inTEST Corporation Second Amended and Restated

2014

Stock Plan (the

"2014

Stock Plan"). The

2007

Stock Plan was approved at our annual meeting of stockholders held on

June 13, 2007

and permitted the granting of stock options or restricted stock for up to

500,000

shares of our common stock to officers, other key employees and consultants.

further grants

may

be made under the

2007

Stock Plan. The

2014

Stock Plan was originally approved at our annual meeting of stockholders held on

June 25, 2014

and permits the granting of stock options, restricted stock, stock appreciation rights or restricted stock units for up to

500,000

shares of our common stock to directors, officers, other key employees and consultants. On

June 27, 2018,

our stockholders approved the amendment and restatement of the

2014

Stock Plan to increase the number of shares of common stock that

may

be delivered pursuant to awards granted under the

2014

Stock Plan from

500,000

1,000,000

shares. On

June 19, 2019,

our stockholders approved the amendment and restatement of the

2014

Stock Plan to increase the number of shares of common stock that

may

be delivered pursuant to awards granted under the

2014

Stock Plan from

1,000,000

2,000,000

shares. As of

December 31, 2019,

there were

1,198,935

aggregate shares available to grant under the

2014

Plan.

Our unvested restricted stock awards and stock options are accounted for based on their grant date fair value. As of

December

31,

2019,

total compensation expense to be recognized in future periods is

$1,779.

The weighted average period over which this expense is expected to be recognized is

2.7

years.

The following table summarizes the compensation expense we recorded during

2019

and

2018,

related to unvested shares of restricted stock and stock options.

	Years Ended December 31,
	2019		2018
Cost of revenues	$	-	$	-
Selling expense		8		-
Engineering and product development expense		35		9
General and administrative expense		841		645
	$	884	$	654

There was

compensation expense capitalized in

2019

2018.

Stock Options

We record compensation expense for stock options based on the fair market value of the options as of the grant date.

option

may

be granted with an exercise period in excess of

ten

years from the date of grant. Generally, stock options will be granted with an exercise price equal to the fair market value of our stock on the date of grant and will vest over

four

years.

The fair value for stock options granted during

2019

and

2018

was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

	2019			2018
Risk-free interest rate		2.35	%		2.75	%
Dividend yield		0.00	%		0.00	%
Expected common stock market price volatility factor		.42			.39
Weighted average expected life of stock options (years)		6.25			6.25

The per share weighted average fair value of stock options issued during

2019

and

2018

was

$2.75

and

$3.50,

respectively.

The following table summarizes the activity related to stock options for the

two

years ended

December 31, 2019:

	Number of Shares			Weighted Average Exercise Price
Options outstanding, January 1, 2018		76,400		$	5.98
Granted		189,800			8.14
Exercised		-			-
Canceled		(1,800	)		4.37
Options outstanding, December 31, 2018 (21,800 exercisable)		264,400			7.54
Granted		249,460			6.25
Exercised		-			-
Canceled		(7,050	)		8.45
Options outstanding, December 31, 2019 (87,900 exercisable)		506,810			6.89

Restricted Stock Awards

We record compensation expense for restricted stock awards (unvested shares) based on the quoted market price of our stock at the grant date and amortize the expense over the vesting period. Restricted stock awards generally vest over

four

years, except for restricted stock awards granted to our directors, which vest over

one

year.

The following table summarizes the activity related to unvested shares for the

two

years ended

December 31, 2019:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2018		75,225		$	5.29
Granted		95,600			8.24
Vested		(56,075	)		7.18
Forfeited		-			-
Unvested shares outstanding, December 31, 2018		114,750			6.92
Granted		132,580			6.31
Vested		(69,974	)		6.60
Forfeited		(12,325	)		7.14
Unvested shares outstanding, December 31, 2019		165,031			6.55

The total fair value of the shares that vested during the years ended

December 31, 2019

and

2018

was

$426

and

$423,

respectively, as of the vesting dates of these shares.

Note 13 - Stock Repurchase Plan

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Stock Repurchase Plan [Text Block]

(

)

STOCK REPURCHASE PLAN

July 31, 2019,

our Board of Directors authorized the repurchase of up to

$3,000

of our common stock from time to time on the open market, in compliance with Rule

10b

under the Securities Exchange Act of

1934,

as amended (the “Exchange Act”), or in privately negotiated transactions pursuant to a newly authorized stock repurchase plan (the

“2019

Repurchase Plan”). Repurchases

may

be made under a Rule

10b5

plan entered into with RW Baird & Co., which would permit shares to be repurchased when we might otherwise be precluded from doing so under insider trading laws and our internal trading windows. The

2019

Repurchase Plan does

not

obligate us to purchase any particular amount of common stock and

may

be suspended or discontinued at any time without prior notice. The

2019

Repurchase Plan is funded using our operating cash flow or available cash. Purchases began on

September 18, 2019

under this plan. During the year ended

December 31, 2019,

we repurchased

229,308

shares under the

2019

Repurchase Plan at a cost of

$1,142,

which includes fees paid to our broker of

$6.

All of the repurchased shares were retired. On

March 2, 2020,

we suspended repurchases under the

2019

Repurchase Plan.

In addition, on

July 31, 2019,

our Board of Directors terminated the

2015

Stock Repurchase Plan which had been authorized on

October 27, 2015

and under which we had repurchased a total of

297,020

shares at a cost of

$1,195.

The shares were repurchased between

December 2015

and

January 2017.

All of the repurchased shares were retired.

Note 14 - Employee Benefit Plans

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

(

)

EMPLOYEE BENEFIT PLANS

We have defined contribution

401

(k) plans for our employees who work in the U.S. All permanent employees of inTEST Corporation, Temptronic Corporation (“Temptronic”) and inTEST Silicon Valley Corporation who are at least

years of age are eligible to participate in the inTEST Corporation Incentive Savings Plan. We match employee contributions dollar for dollar up to

10%

of the employee's annual compensation, with a maximum limit of

$5.

Employer contributions vest ratably over

four

years. Matching contributions are discretionary. For the years ended

December 31, 2019

and

2018,

expense under the plan was

$382

and

$299,

respectively.

All permanent employees of Ambrell are immediately eligible to participate in the Ambrell Corporation Savings & Profit Sharing Plan (the "Ambrell Plan") upon employment and are eligible for employer matching contributions after completing

one

year of service, as defined in the Ambrell Plan. The Ambrell Plan allows eligible employees to make voluntary contributions up to

100%

of compensation, up to the federal government contribution limits. We will make a matching contribution of

25%

of each employee's contributions up to a maximum of

of such employee's annual compensation. For the years ended

December 31, 2019

and

2018,

expense under the plan was

$49

and

$68,

respectively.

Note 15 - Segment Information

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(

)

SEGMENT INFORMATION

We have

two

reportable segments, which are also our reporting units, Thermal and EMS. Thermal includes the operations of Temptronic, Thermonics, Sigma, inTEST Thermal Solutions GmbH (Germany), inTEST Pte, Limited (Singapore) and Ambrell. Sales of this segment consist primarily of temperature management systems which we design, manufacture and market under our Temptronic, Thermonics and Sigma product lines, and precision induction heating systems which are designed, manufactured and marketed by Ambrell. In addition, this segment provides post-warranty service and support. EMS includes the operations of our manufacturing facilities in Mt. Laurel, New Jersey and Fremont, California. Sales of this segment consist primarily of manipulator, docking hardware and tester interface products, which we design, manufacture and market.

We operate our business worldwide and sell our products both domestically and internationally. Both of our segments sell to semiconductor manufacturers,

third

-party test and assembly houses and ATE manufacturers. Thermal also sells into a variety of markets outside of the Semi Market, including the automotive, defense/aerospace, energy, industrial, telecommunications and other markets.

	Years Ended December 31,
	2019		2018
Net revenues from unaffiliated customers:
Thermal	$	43,823	$	55,994
EMS		16,837		22,569
	$	60,660	$	78,563
Depreciation/amortization:
Thermal	$	1,810	$	1,739
EMS		118		122
Corporate		14		10
	$	1,942	$	1,871

	Years Ended December 31,
	2019			2018
Operating income (loss):
Thermal	$	2,334		$	1,218
EMS		1,725			5,382
Corporate		(1,510	)		(1,420	)
	$	2,549		$	5,180
Earnings (loss) before income tax expense (benefit):
Thermal	$	2,370		$	1,024
EMS		1,767			5,416
Corporate		(1,533	)		(1,397	)
	$	2,604		$	5,043
Income tax expense (benefit):
Thermal	$	257		$	1,331
EMS		194			910
Corporate		(169	)		(235	)
	$	282		$	2,006
Net earnings (loss):
Thermal	$	2,113		$	(307	)
EMS		1,573			4,506
Corporate		(1,364	)		(1,162	)
	$	2,322		$	3,037
Capital expenditures:
Thermal	$	501		$	2,149
EMS		46			50
Corporate		73			13
	$	620		$	2,212

	December 31,
	2019		2018
Identifiable assets:
Thermal	$	51,621	$	55,343
EMS		7,319		6,692
Corporate		775		5,152
	$	59,715	$	67,187

The following table provides information about our geographic areas of operation. Net revenues from unaffiliated customers are based on the location to which the goods are shipped.

	Years Ended December 31,
	2019		2018
Net revenues from unaffiliated customers:
U.S.	$	25,283	$	25,517
Foreign		35,377		53,046
	$	60,660	$	78,563

	December 31,
	2019		2018
Property and equipment:
U.S.	$	2,163	$	2,327
Foreign		257		390
	$	2,420	$	2,717

Note 16 - Quarterly Consolidated Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Quarterly Financial Information [Text Block]

(

)

QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

The following tables present certain unaudited consolidated quarterly financial information for each of the

eight

quarters ended

December 31, 2019.

In our opinion, this quarterly information has been prepared on the same basis as the consolidated financial statements and includes all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the information for the periods presented. The results of operations for any quarter are

not

necessarily indicative of results for the full year or for any future period.

Year-over-year quarterly comparisons of our results of operations

may

not

be as meaningful as the sequential quarterly comparisons set forth below that tend to reflect the cyclical and seasonal activity of the Semi Market. Quarterly fluctuations in expenses are related directly to sales activity and volume and

may

also reflect the timing of operating expenses incurred throughout the year.

	Quarters Ended
	3/31/19		6/30/19			9/30/19		12/31/19			Total
Net revenues	$	18,062	$	14,352		$	14,632	$	13,614		$	60,660
Gross margin		8,836		6,719			7,205		6,465			29,225
Earnings (loss) before income tax expense		1,462		(300	)		794		648			2,604
Income tax expense (benefit)		324		(113	)		147		(76	)		282
Net earnings (loss)		1,138		(187	)		647		724			2,322

Net earnings (loss) per common share – basic	$	0.11	$	(0.02	)	$	0.06	$	0.07		$	0.22
Weighted average common shares outstanding – basic		10,385,017		10,411,276			10,421,383		10,274,980			10,373,164
Net earnings (loss) per common share – diluted	$	0.11	$	(0.02	)	$	0.06	$	0.07		$	0.22
Weighted average common shares outstanding – diluted		10,414,330		10,411,276			10,429,536		10,298,535			10,391,975

	Quarters Ended
	3/31/18 (1)		6/30/18 (2)(3)		9/30/18 (4)			12/31/18 (5)			Total
Net revenues	$	18,871	$	21,097	$	20,160		$	18,435		$	78,563
Gross margin		9,395		10,910		10,092			9,004			39,401
Earnings (loss) before income tax expense		982		4,396		162			(497	)		5,043
Income tax expense		601		382		728			295			2,006
Net earnings (loss)		381		4,014		(566	)		(792	)		3,037

Net earnings (loss) per common share – basic	$	0.04	$	0.39	$	(0.05	)	$	(0.08	)	$	0.29
Weighted average common shares outstanding – basic		10,326,309		10,342,674		10,355,673			10,367,132			10,347,947
Net earnings (loss) per common share – diluted	$	0.04	$	0.39	$	(0.05	)	$	(0.08	)	$	0.29
Weighted average common shares outstanding – diluted		10,365,306		10,370,318		10,355,673			10,367,132			10,382,194

	( 1 )	The quarter ended March 31, 2018 includes a $1,726 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
	( 2 )	The quarter ended June 30, 2018 includes a $710 reduction in the fair value of contingent consideration, which was not taxable.
	( 3 )	The quarter ended June 30, 2018 includes the reversal of certain adjustments originally recorded in the quarter ended December 31, 2017 which were related to tax legislation enacted in December 2017, as discussed in Note 10.
	( 4 )	The quarter ended September 30, 2018 includes $3,057 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
	( 5 )	The quarter ended December 31, 2018 includes a $2,828 increase in the fair value of contingent consideration, which was not deductible for tax purposes.

Note 17 - Subsequent Events

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

(

)

SUBSEQUENT EVENTS

Leases

January 23, 2020,

we executed an amendment to the lease for our facility in Fremont, California, which extended the term of the lease for a period of

months commencing on

November 1, 2020

and expiring on

November 30, 2025.

Beginning on

November 1, 2020,

the scheduled base rent payments under the lease will be as follows:

Period	Monthly Base Rent
11/1/2020 – 11/30/2020	$	0.00
12/1/2020 – 10/31/2021	$	21,257.10
11/1/2021 – 10/31/2022	$	21,894.81
11/1/2022 – 10/31/2023	$	22,551.66
11/1/2023 – 10/31/2024	$	23,228.21
11/1/2024 – 10/31/2025	$	23,925.05
11/1/2025 – 11/30/2025	$	24,642.80

At the effective date of this modification, we will record an increase in our ROU assets and operating lease liabilities of approximately

$1,176.

COVID-

Pandemic

In early

January 2020,

a human infection originating in China was traced to a novel strain of coronavirus. The virus has subsequently spread to other parts of the world, including the U.S. and Europe, and has caused unprecedented disruptions in the global economy as efforts to contain the spread of the virus have intensified. On

March 11, 2020,

the World Health Organization officially declared this coronavirus outbreak (also referred to as COVID-

) a pandemic. Our business has been and will continue to be adversely affected by the coronavirus pandemic. Since

March 17, 2020,

a number of states, including all of the states in which we have manufacturing facilities, have instituted ‘shelter-in place’ orders as well as guidance in response to the pandemic and the need to contain it. We are carefully reviewing all rules, regulations, and orders and responding accordingly. On

March 17, 2020,

we temporarily shut down our EMS manufacturing facility in Fremont, California. As of the date of this filing, all of our other manufacturing facilities remain open. If the current pace of the coronavirus pandemic cannot be slowed and the spread of the virus is

not

contained, our business operations could be further delayed or interrupted. We expect that government and health authorities

may

announce new or extend existing restrictions, which could require us to make further adjustments to our operations in order to comply with any such restrictions. These adjustments to our operations could include additional facility closures. We

may

also experience limitations in employee resources. Global supply chains and the timely availability of products have been and will continue to be materially disrupted by quarantines, factory slowdowns or shutdowns, border closings and travel restrictions resulting from the coronavirus pandemic. The adverse effects of the coronavirus pandemic on our business could be material in future periods.

The duration of any business disruption and related financial impact cannot be reasonably estimated at this time but

may

materially affect our ability to operate our business and result in additional costs. The extent to which the coronavirus pandemic

may

impact our operating results, financial condition, and cash flows will depend on future developments, which are highly uncertain and cannot be predicted as of the time of this filing, including new information that

may

emerge concerning the severity of the coronavirus and steps taken to contain the coronavirus or treat its impact, among others.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

inTEST CORPORATION
SCHEDULE II -- VALUATION AND QUALIFYING ACCOUNTS

(in thousands)

	Balance at Beginning of Period		Expense (Recovery)		Deductions			Balance at End of Period

Year Ended December 31, 2019
Allowance for doubtful accounts	$	233	$	3	$	(25	)	$	211
Warranty reserve		346		243		(255	)		334

Year Ended December 31, 2018
Allowance for doubtful accounts	$	213	$	20	$	-		$	233
Warranty reserve		233		452		(339	)		346

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis Of Presentation And Use Of Estimates [Policy Text Block]

Basis of Presentation and Use of Estimates

Reclassification, Policy [Policy Text Block]

Reclassification

Certain prior year amounts have been reclassified to be comparable with the current year's presentation.

Subsequent Events, Policy [Policy Text Block]

Subsequent Events

We have made an assessment of our operations and determined that there were

material subsequent events requiring adjustment to, or disclosure in, our consolidated financial statements for the year ended

December 31, 2019

other than those described in Notes

and

17.

Business Combinations Policy [Policy Text Block]

Business Combinations

third

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Short-term investments that have maturities of

three

may

exceed the federally insured limits. We have

not

experienced any losses related to these cash balances and believe the credit risk to be minimal.

Receivable [Policy Text Block]

Trade Accounts Receivable and Allowance for Doubtful Accounts

Trade accounts receivable are recorded at the invoiced amount and do

not

bear interest. We grant credit to customers and generally require

not

have any off-balance sheet credit exposure related to our customers. We recorded bad debt expense of

and

$20

for the years ended

December 31, 2019

and

2018,

respectively. Cash flows from accounts receivable are recorded in operating cash flows.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value of Financial Instruments

Our financial instruments, principally accounts receivable and accounts payable, are carried at cost which approximates fair value, due to the short maturities of the accounts.

Goodwill Intangible And Long Lived Assets [Policy Text Block]

Goodwill, Intangible and Long-Lived Assets

We account for goodwill and intangible assets in accordance with Accounting Standards Codification (“ASC”) Topic

350

fourth

quarter on a reporting unit basis, or more frequently when events and circumstances occur indicating that the recorded goodwill

may

not

that the fair value of a reporting unit is less than its carrying amount. If, as a result of our qualitative assessment, we determine that it is more-likely-than-

not

that the fair value of the reporting unit is greater than its carrying amount, a quantitative goodwill impairment test is

not

required. However, if, as a result of our qualitative assessment, we determine it is more-likely-than-

not

that the fair value of a reporting unit is less than its carrying amount, or, if we choose

not

Indefinite-lived intangible assets are assessed for impairment annually in the

fourth

not

that an indefinite-lived intangible asset is impaired. If, as a result of our qualitative assessment, we determine that it is more-likely-than-

not

that the fair value of the indefinite-lived intangible asset is less than its carrying amount, the quantitative impairment test is required; otherwise,

may

not

be fully recoverable or that the useful lives of these assets are

Revenue [Policy Text Block]

Revenue Recognition

We recognize revenue in accordance with the guidance in ASC Topic

606

may

Revenue is recorded in an amount that reflects the consideration we expect to receive in exchange for those products or services. We do

not

have any material variable consideration arrangements, or any material payment terms with our customers other than standard net

30,

net

or net

day payment terms. We generally do

not

provide a right of return to our customers. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.

Nature of Products and Services

We lease certain of our equipment under short-term leasing agreements with original lease terms of

six

months or less. Our lease agreements do

not

contain purchase options.

Types of Contracts with Customers

not

Contract Balances

We record accounts receivable at the time of invoicing. Accounts receivable, net of the allowance for doubtful accounts, is included in current assets on our balance sheet. To the extent that we do

not

Costs to Obtain a Contract with a Customer

The only costs we incur associated with obtaining contracts with customers are sales commissions that we pay to our internal sales personnel or

third

not

yet paid are included in current liabilities on our balance sheets.

Product Warranties

In connection with the sale of our products, we generally provide standard

one

two

year product warranties which are detailed in our terms and conditions and communicated to our customers. Our standard warranties are

not

offered for sale separately from our products, therefore there is

not

Refer to Notes

and

for further information about our revenue from contracts with customers.

Inventory, Policy [Policy Text Block]

Inventories

Inventories are valued at cost on a

first

-in,

first

-out basis,

not

been used in a work order during the prior

twelve

months and the quantity of material on hand that is greater than the average annual usage of that material over the prior

three

$391

and

$285

for the years ended

December 31, 2019

and

2018,

respectively.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

one

ten

years. Leasehold improvements are recorded at cost and amortized over the shorter of the lease term or the estimated useful life of the asset. Total depreciation expense was

$685

and

$768

for the years ended

December 31, 2019

and

2018,

respectively.

Lessee, Leases [Policy Text Block]

Leases

We account for leases in accordance with ASC Topic

842

may

be either explicitly or implicitly specified in the contract. In addition, the supplier must

not

have any practical ability to substitute a different asset and would

not

842.

not

currently have any financing leases.

None

may

not

obligated to pay rent. For these leases, our ROU asset and lease liability are calculated including any rent holiday in the determination of the life of the lease.

not

included in the calculation of the ROU assets and lease liabilities as they are based on actual charges incurred in the periods to which they apply.

We have made an accounting policy election

not

to apply the recognition requirements of ASC Topic

842

to short-term leases (leases with a term of

one

year or less at the commencement date of the lease). Lease expense for short-term lease payments is recognized on a straight-line basis over the lease term.

See “Effect of Recently Adopted Amendments to Authoritative Accounting Guidance” below and Note

for further disclosures regarding our leases.

Contingent Liability, Repayment of State and Local Grant Funds Received, Policy [Policy Text Block]

Contingent Liability for Repayment of State and Local Grant Funds Received

In connection with leasing a new facility in Rochester, New York, which our subsidiary, Ambrell, occupied in

May 2018,

we entered into agreements with the city of Rochester and the state of New York under which we

may

receive grants totaling up to

$550

to help offset a portion of the cost of the leasehold improvements we have made to this facility. In exchange for the funds we

may

receive under these agreements, we are required to create and maintain specified levels of employment in this location through various dates ending in

2023.

If we fail to meet these employment targets, we

may

be required to repay a proportionate share of the funds received. As of

December 31, 2019,

we have received

$463

in grant funds. We do

not

expect to receive the remaining

$87

of grant funds during

2020,

as we currently do

not

expect to increase our number of employees to the level required to receive these funds during

2020.

As of

December 31, 2019,

we are

not

in compliance with the employment targets as specified in the grant agreement with the city of Rochester. We have applied for and received a waiver of this requirement for the year ended

December 31, 2019.

We have recorded the amounts received under these agreements as a contingent liability on our balance sheet. As time passes, portions of the funds received will

Share-based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

We account for stock-based compensation in accordance with ASC Topic

718

12.

Research and Development Expense, Policy [Policy Text Block]

Engineering and Product Development

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency

For our foreign subsidiaries whose functional currencies are

not

December 31, 2019

and

2018,

foreign currency transaction losses were

and

$165,

respectively.

Income Tax, Policy [Policy Text Block]

Income Taxes

not

that such assets will

not

be realized. See Note

for additional information regarding income taxes.

Earnings Per Share, Policy [Policy Text Block]

Net Earnings Per Common Share

	Years Ended December 31,
	2019		2018

Weighted average common shares outstanding–basic		10,373,164		10,347,947
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		18,811		34,247
Weighted average common shares and common share equivalents outstanding–diluted		10,391,975		10,382,194
Average number of potentially dilutive securities excluded from calculation		523,485		216,420

New Accounting Pronouncements, Policy [Policy Text Block]

Effect of Recently Adopted Amendments to Authoritative Accounting Guidance

February 2016,

the Financial Accounting Standards Board (“FASB”) issued amendments to the current guidance on accounting for lease transactions, which is presented in ASC Topic

842.

Subsequent to

February 2016,

the FASB has issued additional clarifying guidance on certain aspects of this new guidance, along with certain practical expedients that

may

months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The

two

The amendments were effective for us as of

January 1, 2019.

We adopted the amendments on

January 1, 2019

using the cumulative effect adjustment approach. Accordingly, prior periods have

not

been restated. We have decided to elect the package of practical expedients, which includes the grandfathering of lease classification and, accordingly, we have

not

re-evaluated any of our leases for classification purposes in connection with the implementation of ASC Topic

842.

They are all still being treated as operating leases under ASC Topic

842.

We do

not

currently have any lease contracts that meet the criteria to be categorized as financing leases under ASC Topic

842.

We have

embedded leases, nor do we have any initial direct costs. We are

not

electing the hindsight practical expedient and therefore are

not

reevaluating the lease terms that we used under ASC Topic

840.The

none

not

have a significant impact on our pattern of expense recognition for any of our multi-year leases. See “Leases” above and Note

for further disclosures regarding our leases.

Effect of Recently Issued Amendments to Authoritative Accounting Guidance

June 2016,

the FASB issued amendments to the guidance for accounting for credit losses. In

November 2019,

December 15, 2022.

first

reporting period in which the guidance is effective. We plan to adopt the amendments when they become effective for us on

January 1, 2023.

We are currently evaluating the impact the adoption of these amendments will have on our consolidated financial statements.

December 2019,

the FASB issued amendments to the accounting for income taxes, which add new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic

740

(Income Taxes) and changing the accounting for certain income tax transactions. The amendments are effective for us as of

January 1, 2021.

Early adoption is permitted. We plan to adopt the amendments when they become effective for us on

January 1, 2021.

We do

not

expect these amendments to have a material impact on our consolidated financial statements.

Note 2 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of Weighted Average Number of Shares [Table Text Block]

	Years Ended December 31,
	2019		2018

Weighted average common shares outstanding–basic		10,373,164		10,347,947
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		18,811		34,247
Weighted average common shares and common share equivalents outstanding–diluted		10,391,975		10,382,194
Average number of potentially dilutive securities excluded from calculation		523,485		216,420

Note 3 - Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of Goodwill [Table Text Block]

Sigma	$	1,656
Thermonics		50
Ambrell		12,032
Total	$	13,738

Schedule of Carrying Value of Finite-lived Intangible Assets [Table Text Block]

Balance - January 1, 2018	$	9,304
Amortization		(1,103	)
Balance - December 31, 2018		8,201
Amortization		(1,257	)
Balance - December 31, 2019	$	6,944

Schedule Of Intangible Assets [Table Text Block]

	December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	10,480	$	3,805	$	6,675
Technology		600		380		220
Patents		590		541		49
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		12,080		5,136		6,944
Indefinite-lived intangible assets:
Trademarks		6,710		-		6,710
Total intangible assets	$	18,790	$	5,136	$	13,654

	December 31, 2018
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	10,480	$	2,717	$	7,763
Technology		600		250		350
Patents		590		502		88
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		12,080		3,879		8,201
Indefinite-lived intangible assets:
Trademarks		6,710		-		6,710
Total intangible assets	$	18,790	$	3,879	$	14,911

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

2020	$	1,233
2021	$	1,227
2022	$	1,167
2023	$	1,067
2024	$	980

Note 4 - Revenue From Contracts With Customers (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Years Ended December 31,
	2019		2018
Net revenues by customer type:
End user	$	55,074	$	68,093
OEM/Integrator		5,586		10,470
	$	60,660	$	78,563
Net revenues by product type:
Thermal test	$	17,631	$	23,654
Thermal process		20,079		25,739
Semiconductor test		16,273		21,445
Service/other		6,677		7,725
	$	60,660	$	78,563
Net revenues by market:
Semi	$	30,953	$	45,378
Industrial		21,231		21,220
Defense/aerospace		4,842		4,943
Telecommunications		1,845		5,574
Other Multimarket		1,789		1,448
	$	60,660	$	78,563

Schedule of Changes in Allowance for Doubtful Accounts Receivable [Table Text Block]

Balance - January 1, 2018	$	213
Bad debt expense		20
Write-offs		-
Balance - December 31, 2018		233
Bad debt expense		3
Write-offs		(25	)
Balance - December 31, 2019	$	211

Note 6 - Inventories (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	2019		2018
Raw materials	$	5,369	$	4,654
Work in process		949		1,026
Inventory consigned to others		54		62
Finished goods		810		778
Total inventories	$	7,182	$	6,520

Note 7 - Leases (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Lease, Cost [Table Text Block]

	Years Ended December 31,
	2019		2018

Operating lease cost	$	1,476	$	1,513
Short-term lease cost	$	51	$	55

Range of remaining lease terms (in years)	0.8	to	8.4
Weighted average remaining lease term (in years)		5.5
Weighted average discount rate		5.0%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

2020	$	1,527
2021		1,007
2022		824
2023		834
2024		859
Thereafter		766
Total lease payments	$	5,817
Less imputed interest		(721	)
Total	$	5,096

Schedule of Leases Cash Flow Information [Table Text Block]

Non-cash increases (decreases) in operating lease liabilities and ROU assets as a result of lease modifications:
Modification to Ambrell’s U.K. facility lease	$	(486	)
Modification to lease for facility in Mansfield, Massachusetts	$	1,811
Modification to Ambrell’s Netherlands facility lease	$	(48	)

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

2019	$	1,710
2020		1,612
2021		868
2022		296
2023		286
Thereafter		1,421
Total	$	6,193

Note 8 - Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Current Liabilities [Table Text Block]

	2019		2018
Accrued warranty	$	334	$	346
Accrued rent/facility costs		25		406
Other		138		356
Total other current liabilities	$	497	$	1,108

Note 9 - Debt (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule Of Outstanding Letters Of Credit [Table Text Block]

L/C

Lease

Letters of Credit
Amount Outstanding

Facility

Original L/C
Issue Date

Expiration
Date

Dec. 31
2019

Dec. 31
2018

Mt. Laurel, NJ

3/29/2010

3/31/2020

4/30/2021

125

Mansfield, MA

10/27/2010

12/31/2024

140

175

Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	Years Ended December 31,
	201 9		201 8
Domestic	$	1,804	$	3,647
Foreign		800		1,396
Total	$	2,604	$	5,043

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Years Ended December 31,
	201 9			201 8
Current
Domestic – Federal	$	510		$	1,352
Domestic – state		101			190
Foreign		97			381
Total	$	708		$	1,923
Deferred
Domestic – Federal	$	(413	)	$	103
Domestic – state		(13	)		(20	)
Foreign		-			-
Total		(426	)		83
Income tax expense	$	282		$	2,006

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	201 9			201 8
Deferred tax assets:
Operating lease liabilities	$	1,123		$	-
Net operating loss (state and foreign)		280			299
Inventories		247			212
Accrued vacation pay and stock-based compensation		279			184
Tax credit carryforwards		112			81
Allowance for doubtful accounts		44			46
Accrued warranty		19			20
Acquisition costs		12			13
Other		13			18
Total		2,129			873
Valuation allowance		(234	)		(241	)
Deferred tax assets		1,895			632
Deferred tax liabilities:
Net intangible assets		(2,923	)		(3,167	)
Right of use assets		(1,066	)		-
Depreciation of property and equipment		(169	)		(154	)
Deferred tax liabilities		(4,158	)		(3,321	)
Net deferred tax liabilities	$	(2,263	)	$	(2,689	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Years Ended December 31,
	201 9			201 8
Expected income tax provision at U.S. statutory rate	$	547		$	1,059
Increase (decrease) in tax from:
Restricted stock		114			67
Dividend from foreign subsidiaries		97			175
NOL carryforwards utilized		32			118
Global intangible low taxed income		30			57
Nondeductible expenses		4			1,466
Current year tax credits (foreign and research)		(234	)		(553	)
Domestic tax expense (benefit), net of Federal benefit		(184	)		310
Section 250 foreign derived intangible income deduction		(145	)		(233	)
Foreign income tax rate differences		(51	)		90
Changes in valuation allowance		(7	)		(129	)
Federal transition tax payable		-			(476	)
Other		79			55
Income tax expense	$	282		$	2,006

Note 12 - Stock-based Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Years Ended December 31,
	2019		2018
Cost of revenues	$	-	$	-
Selling expense		8		-
Engineering and product development expense		35		9
General and administrative expense		841		645
	$	884	$	654

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	2019			2018
Risk-free interest rate		2.35	%		2.75	%
Dividend yield		0.00	%		0.00	%
Expected common stock market price volatility factor		.42			.39
Weighted average expected life of stock options (years)		6.25			6.25

Share-based Payment Arrangement, Option, Activity [Table Text Block]

	Number of Shares			Weighted Average Exercise Price
Options outstanding, January 1, 2018		76,400		$	5.98
Granted		189,800			8.14
Exercised		-			-
Canceled		(1,800	)		4.37
Options outstanding, December 31, 2018 (21,800 exercisable)		264,400			7.54
Granted		249,460			6.25
Exercised		-			-
Canceled		(7,050	)		8.45
Options outstanding, December 31, 2019 (87,900 exercisable)		506,810			6.89

Schedule of Nonvested Share Activity [Table Text Block]

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2018		75,225		$	5.29
Granted		95,600			8.24
Vested		(56,075	)		7.18
Forfeited		-			-
Unvested shares outstanding, December 31, 2018		114,750			6.92
Granted		132,580			6.31
Vested		(69,974	)		6.60
Forfeited		(12,325	)		7.14
Unvested shares outstanding, December 31, 2019		165,031			6.55

Note 15 - Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Years Ended December 31,
	2019		2018
Net revenues from unaffiliated customers:
Thermal	$	43,823	$	55,994
EMS		16,837		22,569
	$	60,660	$	78,563
Depreciation/amortization:
Thermal	$	1,810	$	1,739
EMS		118		122
Corporate		14		10
	$	1,942	$	1,871

	Years Ended December 31,
	2019			2018
Operating income (loss):
Thermal	$	2,334		$	1,218
EMS		1,725			5,382
Corporate		(1,510	)		(1,420	)
	$	2,549		$	5,180
Earnings (loss) before income tax expense (benefit):
Thermal	$	2,370		$	1,024
EMS		1,767			5,416
Corporate		(1,533	)		(1,397	)
	$	2,604		$	5,043
Income tax expense (benefit):
Thermal	$	257		$	1,331
EMS		194			910
Corporate		(169	)		(235	)
	$	282		$	2,006
Net earnings (loss):
Thermal	$	2,113		$	(307	)
EMS		1,573			4,506
Corporate		(1,364	)		(1,162	)
	$	2,322		$	3,037
Capital expenditures:
Thermal	$	501		$	2,149
EMS		46			50
Corporate		73			13
	$	620		$	2,212

Revenue from External Customers by Geographic Areas [Table Text Block]

	Years Ended December 31,
	2019		2018
Net revenues from unaffiliated customers:
U.S.	$	25,283	$	25,517
Foreign		35,377		53,046
	$	60,660	$	78,563

Long-lived Assets by Geographic Areas [Table Text Block]

	December 31,
	2019		2018
Property and equipment:
U.S.	$	2,163	$	2,327
Foreign		257		390
	$	2,420	$	2,717

Asset [Member]

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	December 31,
	2019		2018
Identifiable assets:
Thermal	$	51,621	$	55,343
EMS		7,319		6,692
Corporate		775		5,152
	$	59,715	$	67,187

Note 16 - Quarterly Consolidated Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Quarterly Financial Information [Table Text Block]

	Quarters Ended
	3/31/19		6/30/19			9/30/19		12/31/19			Total
Net revenues	$	18,062	$	14,352		$	14,632	$	13,614		$	60,660
Gross margin		8,836		6,719			7,205		6,465			29,225
Earnings (loss) before income tax expense		1,462		(300	)		794		648			2,604
Income tax expense (benefit)		324		(113	)		147		(76	)		282
Net earnings (loss)		1,138		(187	)		647		724			2,322

Net earnings (loss) per common share – basic	$	0.11	$	(0.02	)	$	0.06	$	0.07		$	0.22
Weighted average common shares outstanding – basic		10,385,017		10,411,276			10,421,383		10,274,980			10,373,164
Net earnings (loss) per common share – diluted	$	0.11	$	(0.02	)	$	0.06	$	0.07		$	0.22
Weighted average common shares outstanding – diluted		10,414,330		10,411,276			10,429,536		10,298,535			10,391,975

	Quarters Ended
	3/31/18 (1)		6/30/18 (2)(3)		9/30/18 (4)			12/31/18 (5)			Total
Net revenues	$	18,871	$	21,097	$	20,160		$	18,435		$	78,563
Gross margin		9,395		10,910		10,092			9,004			39,401
Earnings (loss) before income tax expense		982		4,396		162			(497	)		5,043
Income tax expense		601		382		728			295			2,006
Net earnings (loss)		381		4,014		(566	)		(792	)		3,037

Net earnings (loss) per common share – basic	$	0.04	$	0.39	$	(0.05	)	$	(0.08	)	$	0.29
Weighted average common shares outstanding – basic		10,326,309		10,342,674		10,355,673			10,367,132			10,347,947
Net earnings (loss) per common share – diluted	$	0.04	$	0.39	$	(0.05	)	$	(0.08	)	$	0.29
Weighted average common shares outstanding – diluted		10,365,306		10,370,318		10,355,673			10,367,132			10,382,194

Note 17 - Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Lessee, Operating Lease, Scheduled Base Rent Payments [Table Text Block]

Period	Monthly Base Rent
11/1/2020 – 11/30/2020	$	0.00
12/1/2020 – 10/31/2021	$	21,257.10
11/1/2021 – 10/31/2022	$	21,894.81
11/1/2022 – 10/31/2023	$	22,551.66
11/1/2023 – 10/31/2024	$	23,228.21
11/1/2024 – 10/31/2025	$	23,925.05
11/1/2025 – 11/30/2025	$	24,642.80

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Valuation Allowances and Reserves [Table Text Block]

	Balance at Beginning of Period		Expense (Recovery)		Deductions			Balance at End of Period

Year Ended December 31, 2019
Allowance for doubtful accounts	$	233	$	3	$	(25	)	$	211
Warranty reserve		346		243		(255	)		334

Year Ended December 31, 2018
Allowance for doubtful accounts	$	213	$	20	$	-		$	233
Warranty reserve		233		452		(339	)		346

Note 1 - Nature of Operations (Details Textual)	12 Months Ended
Note 1 - Nature of Operations (Details Textual)	Dec. 31, 2019
Number of Operating Segments	2
Number of Reportable Segments	2

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	May 31, 2018
Accounts Receivable, Credit Loss Expense (Reversal)	$ 3	$ 20
Inventory Write-down	391	285
Depreciation, Total	685	768
Contingent Liability, Repayment of State and Local Grant Funds Received	463	200
Foreign Currency Transaction Gain (Loss), before Tax, Total	(3)	$ (165)
City of Rochester and State of New York [Member]
Covenant, Future Amount Receivable	$ 87		$ 550
Minimum [Member]
Property, Plant and Equipment, Useful Life	1 year
Maximum [Member]
Property, Plant and Equipment, Useful Life	10 years
Thermal Products and Mechanical Products [Member]
Equipment Leased To Customers Initial Term	180 days

Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

^[1]

Sep. 30, 2018

^[2]

Jun. 30, 2018

^[3],[4]

Mar. 31, 2018

^[5]

Dec. 31, 2019

Dec. 31, 2018

Weighted average common shares outstanding–basic (in shares)

10,274,980

10,421,383

10,411,276

10,385,017

10,367,132

10,355,673

10,342,674

10,326,309

10,373,164

10,347,947

Unvested shares of restricted stock and employee stock options (in shares)

18,811

34,247

Weighted average common shares and common share equivalents outstanding – diluted (in shares)

10,298,535

10,429,536

10,411,276

10,414,330

10,367,132

10,355,673

10,370,318

10,365,306

10,391,975

10,382,194

Average number of potentially dilutive securities excluded from calculation (in shares)

523,485

216,420

[1]	The quarter ended December 31, 2018 includes a $2,828 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[2]	The quarter ended September 30, 2018 includes $3,057 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[3]	The quarter ended June 30, 2018 includes a $710 reduction in the fair value of contingent consideration, which was not taxable.
[4]	The quarter ended June 30, 2018 includes the reversal of certain adjustments originally recorded in the quarter ended December 31, 2017 which were related to tax legislation enacted in December 2017, as discussed in Note 10.
[5]	The quarter ended March 31, 2018 includes a $1,726 increase in the fair value of contingent consideration, which was not deductible for tax purposes.

Note 3 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Goodwill, Ending Balance	$ 13,738	$ 13,738
Amortization of Intangible Assets, Total	$ 1,257	$ 1,103
Discounted Cash Flows, Discount Rate	20.00%	18.50%
Goodwill and Intangible Asset Impairment, Total	$ 0	$ 0

Note 3 - Goodwill and Intangible Assets - Component of Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Goodwill	$ 13,738	$ 13,738
Sigma [Member]
Goodwill	1,656
Thermonics [Member]
Goodwill	50
Ambrell [Member]
Goodwill	$ 12,032

Note 3 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Balance	$ 8,201	$ 9,304
Amortization	(1,257)	(1,103)
Balance	$ 6,944	$ 8,201

Note 3 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-lived, Gross Carrying Amount	$ 12,080	$ 12,080
Finite-lived, Accumulated Amortization	5,136	3,879
Net Carrying Amount	6,944	8,201	$ 9,304
Intangible Assets, Gross Carrying Amount	18,790	18,790
Net Carrying Amount	13,654	14,911
Trademarks [Member]
Indefinite-lived, Gross Carrying Amount	6,710	6,710
Net Carrying Amount	6,710	6,710
Customer Relationships [Member]
Finite-lived, Gross Carrying Amount	10,480	10,480
Finite-lived, Accumulated Amortization	3,805	2,717
Net Carrying Amount	6,675	7,763
Patented Technology [Member]
Finite-lived, Gross Carrying Amount	600	600
Finite-lived, Accumulated Amortization	380	250
Net Carrying Amount	220	350
Patents [Member]
Finite-lived, Gross Carrying Amount	590	590
Finite-lived, Accumulated Amortization	541	502
Net Carrying Amount	49	88
Computer Software, Intangible Asset [Member]
Finite-lived, Gross Carrying Amount	270	270
Finite-lived, Accumulated Amortization	270	270
Net Carrying Amount
Trade Names [Member]
Finite-lived, Gross Carrying Amount	140	140
Finite-lived, Accumulated Amortization	140	140
Net Carrying Amount

Note 3 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2019 USD ($)
2020	$ 1,233
2021	1,227
2022	1,167
2023	1,067
2024	$ 980

Note 4 - Revenue From Contracts With Customers - Disaggregation of Revenues (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

^[1]

Sep. 30, 2018

^[2]

Jun. 30, 2018

^[3],[4]

Mar. 31, 2018

^[5]

Dec. 31, 2019

Dec. 31, 2018

Net revenues

$ 13,614

$ 14,632

$ 14,352

$ 18,062

$ 18,435

$ 20,160

$ 21,097

$ 18,871

$ 60,660

$ 78,563

Semiconductor Market [Member]

Net revenues

30,953

45,378

Industrial Market [Member]

Net revenues

21,231

21,220

Defense/ Aerospace [Member]

Net revenues

4,842

4,943

Telecommunications Market [Member]

Net revenues

1,845

5,574

Other Non-semiconductors Markets [Member]

Net revenues

1,789

1,448

Thermal Testing Products [Member]

Net revenues

17,631

23,654

Thermal Process [Member]

Net revenues

20,079

25,739

Semiconductor Production Test Products [Member]

Net revenues

16,273

21,445

Service and Other Products [Member]

Net revenues

6,677

7,725

End User [Member]

Net revenues

55,074

68,093

OEM and Integrators [Member]

Net revenues

$ 5,586

$ 10,470

[1]	The quarter ended December 31, 2018 includes a $2,828 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[2]	The quarter ended September 30, 2018 includes $3,057 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[3]	The quarter ended June 30, 2018 includes a $710 reduction in the fair value of contingent consideration, which was not taxable.
[4]	The quarter ended June 30, 2018 includes the reversal of certain adjustments originally recorded in the quarter ended December 31, 2017 which were related to tax legislation enacted in December 2017, as discussed in Note 10.
[5]	The quarter ended March 31, 2018 includes a $1,726 increase in the fair value of contingent consideration, which was not deductible for tax purposes.

Note 4 - Revenue From Contracts With Customers - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Balance	$ 233	$ 213
Bad debt expense	3	20
Write-offs	(25)
Balance	$ 211	$ 233

Note 5 - Major Customers (Details Textual)	12 Months Ended
Note 5 - Major Customers (Details Textual)	Dec. 31, 2019	Dec. 31, 2018
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Texas Instruments Incorporated [Member]
Concentration Risk, Percentage	10.00%	11.00%

Note 6 - Inventories - Inventories Held (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Raw materials	$ 5,369	$ 4,654
Work in process	949	1,026
Inventory consigned to others	54	62
Finished goods	810	778
Total inventories	$ 7,182	$ 6,520

Note 7 - Leases (Details Textual) $ in Thousands			1 Months Ended	3 Months Ended	12 Months Ended
Note 7 - Leases (Details Textual) $ in Thousands	Apr. 08, 2019 USD ($) ft²	Jan. 01, 2019 USD ($)	Mar. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Increase (Decrease) in Operating Lease Liabilities					$ (1,378)
Operating Lease, Right-of-Use Asset, Amortization					1,251
Operating Leases, Rent Expense, Total						$ 1,848
UNITED KINGDOM
Decrease In Operating Lease Liabilities and Right-of-Use Assets, Non-cash			$ 486		486
UNITED KINGDOM \| Previous Accounting Guidance [Member]
Lessee, Operating Lease, Term of Contract			15 years
Mansfield, Massachusetts [Member]
Operating Lease, Remaining Lease Term	3 years 120 days
Operating Lease, Increase in Area \| ft²	6,100
Increase in Operating Lease Liabilities and Right-of-Use Assets, Non-cash	$ 1,811				1,811
NETHERLANDS
Decrease In Operating Lease Liabilities and Right-of-Use Assets, Non-cash				$ 48	$ 48
Accounting Standards Update 2016-02 [Member]
Increase (Decrease) in Operating Lease Liabilities		$ 5,197
Increase (Decrease) in Operating Lease Right-of-Use Assets		$ 4,816

Note 7 - Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating lease cost	$ 1,476	$ 1,513
Short-term lease cost	$ 51	$ 55
Weighted average remaining lease term (in years) (Year)	5 years 182 days
Weighted average discount rate	5.00%
Minimum [Member]
Range of remaining lease terms (in years) (Year)	292 days
Maximum [Member]
Range of remaining lease terms (in years) (Year)	8 years 146 days

Note 7 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2019 USD ($)
2020	$ 1,527
2021	1,007
2022	824
2023	834
2024	859
Thereafter	766
Total lease payments	5,817
Less imputed interest	(721)
Total	$ 5,096

Note 7 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 08, 2019	Mar. 31, 2019	Sep. 30, 2019	Dec. 31, 2019
UNITED KINGDOM
Non-cash decreases in operating lease liabilities and right-of-use assets as a result of lease modifications		$ (486)		$ (486)
Mansfield, Massachusetts [Member]
Non-cash increases in operating lease liabilities and right-of-use assets as a result of lease modifications	$ 1,811			1,811
NETHERLANDS
Non-cash decreases in operating lease liabilities and right-of-use assets as a result of lease modifications			$ (48)	$ (48)

Note 7 - Leases - Minimum Rental Commitments Under Noncancellable Operating Leases (Details) $ in Thousands	Dec. 31, 2018 USD ($)
2019	$ 1,710
2020	1,612
2021	868
2022	296
2023	286
Thereafter	1,421
Total	$ 6,193

Note 8 - Other Current Liabilities - Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accrued warranty	$ 334	$ 346
Accrued rent/facility costs	25	406
Other	138	356
Total other current liabilities	$ 497	$ 1,108

Note 9 - Debt (Details Textual) - Letter of Credit [Member] - USD ($) $ in Thousands	Dec. 31, 2019	Apr. 01, 2019	Mar. 31, 2019	Dec. 31, 2018
Letters of Credit Outstanding, Amount	$ 140			$ 175
Mt Laurel [Member]
Letters of Credit Outstanding, Amount	$ 90	$ 90	$ 125	$ 125

Note 9 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Apr. 01, 2019	Mar. 31, 2019	Dec. 31, 2018
Letters of Credit Amount Outstanding	$ 140			$ 175
Mt Laurel [Member]
Line of Credit, Issue Date	Mar. 29, 2010
Line of Credit, Expiration Date	Mar. 31, 2020
Lease Expiration Date	Apr. 30, 2021
Letters of Credit Amount Outstanding	$ 90	$ 90	$ 125	125
Mansfield [Member]
Line of Credit, Issue Date	Oct. 27, 2010
Line of Credit, Expiration Date	Dec. 31, 2024
Lease Expiration Date	Dec. 31, 2024
Letters of Credit Amount Outstanding	$ 50			$ 50

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Federal Transition Tax Payable, Amount			$ (476)	$ 476
Reversal of Transition Tax Payable	$ 476
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		$ 7	$ 129
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%	21.00%

Note 10 - Income Taxes - Earnings Before Income Taxes (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

^[1]

Sep. 30, 2018

^[2]

Jun. 30, 2018

^[3],[4]

Mar. 31, 2018

^[5]

Dec. 31, 2019

Dec. 31, 2018

Domestic

$ 1,804

$ 3,647

Foreign

800

1,396

Total

$ 648

$ 794

$ (300)

$ 1,462

$ (497)

$ 162

$ 4,396

$ 982

$ 2,604

$ 5,043

[1]	The quarter ended December 31, 2018 includes a $2,828 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[2]	The quarter ended September 30, 2018 includes $3,057 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[3]	The quarter ended June 30, 2018 includes a $710 reduction in the fair value of contingent consideration, which was not taxable.
[4]	The quarter ended June 30, 2018 includes the reversal of certain adjustments originally recorded in the quarter ended December 31, 2017 which were related to tax legislation enacted in December 2017, as discussed in Note 10.
[5]	The quarter ended March 31, 2018 includes a $1,726 increase in the fair value of contingent consideration, which was not deductible for tax purposes.

Note 10 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

^[1]

Sep. 30, 2018

^[2]

Jun. 30, 2018

^[3],[4]

Mar. 31, 2018

^[5]

Dec. 31, 2019

Dec. 31, 2018

Current

Domestic – Federal

$ 510

$ 1,352

Domestic – state

101

190

Foreign

381

Total

708

1,923

Deferred

Domestic – Federal

(413)

103

Domestic – state

(13)

(20)

Foreign

Total

(426)

Income tax expense

$ (76)

$ 147

$ (113)

$ 324

$ 295

$ 728

$ 382

$ 601

$ 282

$ 2,006

[1]	The quarter ended December 31, 2018 includes a $2,828 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[2]	The quarter ended September 30, 2018 includes $3,057 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[3]	The quarter ended June 30, 2018 includes a $710 reduction in the fair value of contingent consideration, which was not taxable.
[4]	The quarter ended June 30, 2018 includes the reversal of certain adjustments originally recorded in the quarter ended December 31, 2017 which were related to tax legislation enacted in December 2017, as discussed in Note 10.
[5]	The quarter ended March 31, 2018 includes a $1,726 increase in the fair value of contingent consideration, which was not deductible for tax purposes.

Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Operating lease liabilities	$ 1,123
Net operating loss (state and foreign)	280	299
Inventories	247	212
Accrued vacation pay and stock-based compensation	279	184
Tax credit carryforwards	112	81
Allowance for doubtful accounts	44	46
Accrued warranty	19	20
Acquisition costs	12	13
Other	13	18
Total	2,129	873
Valuation allowance	(234)	(241)
Deferred tax assets	1,895	632
Deferred tax liabilities:
Net intangible assets	(2,923)	(3,167)
Right of use assets	(1,066)
Depreciation of property and equipment	(169)	(154)
Deferred tax liabilities	(4,158)	(3,321)
Net deferred tax liabilities	$ (2,263)	$ (2,689)

Note 10 - Income Taxes - Effective Tax Rate Analysis and Reconciliation of Expected Statutory Rate (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

^[1]

Sep. 30, 2018

^[2]

Jun. 30, 2018

^[3],[4]

Mar. 31, 2018

^[5]

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Expected income tax provision at U.S. statutory rate

$ 547

$ 1,059

Increase (decrease) in tax from:

Restricted stock

114

Dividend from foreign subsidiaries

175

NOL carryforwards utilized

118

Global intangible low taxed income

Nondeductible expenses

1,466

Current year tax credits (foreign and research)

(234)

(553)

Domestic tax expense (benefit), net of Federal benefit

(184)

310

Section 250 foreign derived intangible income deduction

(145)

(233)

Foreign income tax rate differences

(51)

Changes in valuation allowance

(7)

(129)

Effective Income Tax Rate Reconciliation, Federal Transition Tax Payable, Amount

(476)

$ 476

Other

Income tax expense

$ (76)

$ 147

$ (113)

$ 324

$ 295

$ 728

$ 382

$ 601

$ 282

$ 2,006

[1]	The quarter ended December 31, 2018 includes a $2,828 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[2]	The quarter ended September 30, 2018 includes $3,057 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[3]	The quarter ended June 30, 2018 includes a $710 reduction in the fair value of contingent consideration, which was not taxable.
[4]	The quarter ended June 30, 2018 includes the reversal of certain adjustments originally recorded in the quarter ended December 31, 2017 which were related to tax legislation enacted in December 2017, as discussed in Note 10.
[5]	The quarter ended March 31, 2018 includes a $1,726 increase in the fair value of contingent consideration, which was not deductible for tax purposes.

Note 12 - Stock-based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jun. 19, 2019	Jun. 27, 2018	Jun. 25, 2014	Jun. 13, 2007
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 1,779
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 255 days
Share-based Payment Arrangement, Amount Capitalized	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 426	$ 423
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 2.75	$ 3.50
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Restricted Stock [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Stock Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized						500,000
Stock Plan 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			2,000,000	1,000,000	500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,198,935

Note 12 - Stock-based Compensation Plan - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Allocation of Share-based Compensation Expense	$ 884	$ 654
Cost of Sales [Member]
Allocation of Share-based Compensation Expense
Selling and Marketing Expense [Member]
Allocation of Share-based Compensation Expense	8
Research and Development Expense [Member]
Allocation of Share-based Compensation Expense	35	9
General and Administrative Expense [Member]
Allocation of Share-based Compensation Expense	$ 841	$ 645

Note 12 - Stock-based Compensation Plan - Stock Options Valuation Assumptions (Details) - Share-based Payment Arrangement, Option [Member]	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Risk-free interest rate	2.35%	2.75%
Dividend yield	0.00%	0.00%
Expected common stock market price volatility factor	0.42%	0.39%
Weighted average expected life of stock options (years) (Year)	6 years 91 days	6 years 91 days

Note 12 - Stock-based Compensation Plan - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Options outstanding, number of shares (in shares)	264,400	76,400
Options outstanding, weighted average exercise price (in dollars per share)	$ 7.54	$ 5.98
Granted, number of shares (in shares)	249,460	189,800
Granted, weighted average exercise price (in dollars per share)	$ 6.25	$ 8.14
Exercised, number of shares (in shares)
Canceled, number of shares (in shares)	7,050	1,800
Canceled, weighted average exercise price (in dollars per share)	$ 8.45	$ 4.37
Options outstanding, number of shares (in shares)	506,810	264,400
Options outstanding, weighted average exercise price (in dollars per share)	$ 6.89	$ 7.54

Note 12 - Stock-based Compensation Plan - Stock Option Activity (Details) (Parentheticals) - shares	Dec. 31, 2019	Dec. 31, 2018
Options exercisable (in shares)	87,900	21,800

Note 12 - Stock-based Compensation Plan - Unvested Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Granted, number of shares (in shares)	249,460	189,800
Restricted Stock [Member]
Unvested shares (in shares)	114,750	75,225
Unvested shares, weighted average exercise price (in dollars per share)	$ 6.92	$ 5.29
Granted, number of shares (in shares)	132,580	95,600
Granted, weighted average exercise price (in dollars per share)	$ 6.31	$ 8.24
Vested, number of shares (in shares)	(69,974)	(56,075)
Vested, weighted average exercise price (in dollars per share)	$ 6.60	$ 7.18
Forfeited, number of shares (in shares)	(12,325)
Forfeited, weighted average exercise price (in dollars per share)	$ 7.14
Unvested shares (in shares)	165,031	114,750
Unvested shares, weighted average exercise price (in dollars per share)	$ 6.55	$ 6.92

Note 13 - Stock Repurchase Plan (Details Textual) - USD ($) $ in Thousands	12 Months Ended	45 Months Ended
	Dec. 31, 2019	Jul. 31, 2019
Stock Repurchase Program, Authorized Amount		$ 3,000
Stock Repurchased and Retired During Period, Shares	229,308	297,020
Stock Repurchased and Retired During Period, Value	$ 1,142	$ 1,195
Payments for Stock Repurchased Broker Fees	$ 6

Note 14 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
401(k) Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	10.00%
Defined Contribution Plan Maximum Annual Employer Matching Contribution Per Emplyee Amount	$ 5
Defined Contribution Plan Employer Matching Contribution Vesting Period	4 years
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 382	$ 299
The Ambrell Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	2.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 49	$ 68
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	25.00%

Note 15 - Segment Information (Details Textual)	12 Months Ended
Note 15 - Segment Information (Details Textual)	Dec. 31, 2019
Number of Reportable Segments	2

Note 15 - Segment Information - Segment Information (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

^[1]

Sep. 30, 2018

^[2]

Jun. 30, 2018

^[3],[4]

Mar. 31, 2018

^[5]

Dec. 31, 2019

Dec. 31, 2018

Net revenues

$ 13,614

$ 14,632

$ 14,352

$ 18,062

$ 18,435

$ 20,160

$ 21,097

$ 18,871

$ 60,660

$ 78,563

Depreciation/amortization

1,942

1,871

Operating income (loss)

2,549

5,180

Earnings (loss) before income tax expense (benefit)

648

794

(300)

1,462

(497)

162

4,396

982

2,604

5,043

Income tax expense (benefit)

(76)

147

(113)

324

295

728

382

601

282

2,006

Net earnings

$ 724

$ 647

$ (187)

$ 1,138

$ (792)

$ (566)

$ 4,014

$ 381

2,322

3,037

Capital expenditures

620

2,212

Corporate, Non-Segment [Member]

Depreciation/amortization

Operating income (loss)

(1,510)

(1,420)

Earnings (loss) before income tax expense (benefit)

(1,533)

(1,397)

Income tax expense (benefit)

(169)

(235)

Net earnings

(1,364)

(1,162)

Capital expenditures

Thermal Testing Products [Member] | Operating Segments [Member]

Net revenues

43,823

55,994

Depreciation/amortization

1,810

1,739

Operating income (loss)

2,334

1,218

Earnings (loss) before income tax expense (benefit)

2,370

1,024

Income tax expense (benefit)

257

1,331

Net earnings

2,113

(307)

Capital expenditures

501

2,149

EMS [Member] | Operating Segments [Member]

Net revenues

16,837

22,569

Depreciation/amortization

118

122

Operating income (loss)

1,725

5,382

Earnings (loss) before income tax expense (benefit)

1,767

5,416

Income tax expense (benefit)

194

910

Net earnings

1,573

4,506

Capital expenditures

$ 46

$ 50

[1]	The quarter ended December 31, 2018 includes a $2,828 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[2]	The quarter ended September 30, 2018 includes $3,057 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[3]	The quarter ended June 30, 2018 includes a $710 reduction in the fair value of contingent consideration, which was not taxable.
[4]	The quarter ended June 30, 2018 includes the reversal of certain adjustments originally recorded in the quarter ended December 31, 2017 which were related to tax legislation enacted in December 2017, as discussed in Note 10.
[5]	The quarter ended March 31, 2018 includes a $1,726 increase in the fair value of contingent consideration, which was not deductible for tax purposes.

Note 15 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Identifiable Assets	$ 59,715	$ 67,187
Corporate, Non-Segment [Member]
Identifiable Assets	775	5,152
Thermal Testing Products [Member]
Identifiable Assets	51,621	55,343
EMS [Member]
Identifiable Assets	$ 7,319	$ 6,692

Note 15 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

^[1]

Sep. 30, 2018

^[2]

Jun. 30, 2018

^[3],[4]

Mar. 31, 2018

^[5]

Dec. 31, 2019

Dec. 31, 2018

Net revenues

$ 13,614

$ 14,632

$ 14,352

$ 18,062

$ 18,435

$ 20,160

$ 21,097

$ 18,871

$ 60,660

$ 78,563

UNITED STATES

Net revenues

25,283

25,517

Non-US [Member]

Net revenues

$ 35,377

$ 53,046

[1]	The quarter ended December 31, 2018 includes a $2,828 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[2]	The quarter ended September 30, 2018 includes $3,057 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[3]	The quarter ended June 30, 2018 includes a $710 reduction in the fair value of contingent consideration, which was not taxable.
[4]	The quarter ended June 30, 2018 includes the reversal of certain adjustments originally recorded in the quarter ended December 31, 2017 which were related to tax legislation enacted in December 2017, as discussed in Note 10.
[5]	The quarter ended March 31, 2018 includes a $1,726 increase in the fair value of contingent consideration, which was not deductible for tax purposes.

Note 15 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property and Equipment	$ 2,420	$ 2,717
UNITED STATES
Property and Equipment	2,163	2,327
Non-US [Member]
Property and Equipment	$ 257	$ 390

Note 16 - Quarterly Consolidated Financial Data (Unaudited) (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability Including Earnout Payable	$ 2,828	$ 3,057	$ (710)	$ 1,726

Note 16 - Quarterly Consolidated Financial Data (Unaudited) - Quarterly Consolidated Financial Data (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

^[1]

Sep. 30, 2018

^[2]

Jun. 30, 2018

^[3],[4]

Mar. 31, 2018

^[5]

Dec. 31, 2019

Dec. 31, 2018

Net revenues

$ 13,614

$ 14,632

$ 14,352

$ 18,062

$ 18,435

$ 20,160

$ 21,097

$ 18,871

$ 60,660

$ 78,563

Gross margin

6,465

7,205

6,719

8,836

9,004

10,092

10,910

9,395

29,225

39,401

Earnings (loss) before income tax expense

648

794

(300)

1,462

(497)

162

4,396

982

2,604

5,043

Income tax expense (benefit)

(76)

147

(113)

324

295

728

382

601

282

2,006

Net earnings (loss)

$ 724

$ 647

$ (187)

$ 1,138

$ (792)

$ (566)

$ 4,014

$ 381

$ 2,322

$ 3,037

Net earnings (loss) per common share – basic (in dollars per share)

$ 0.07

$ 0.06

$ (0.02)

$ 0.11

$ (0.08)

$ (0.05)

$ 0.39

$ 0.04

$ 0.22

$ 0.29

Weighted average common shares outstanding – basic (in shares)

10,274,980

10,421,383

10,411,276

10,385,017

10,367,132

10,355,673

10,342,674

10,326,309

10,373,164

10,347,947

Net earnings (loss) per common share – diluted (in dollars per share)

$ 0.07

$ 0.06

$ (0.02)

$ 0.11

$ (0.08)

$ (0.05)

$ 0.39

$ 0.04

$ 0.22

$ 0.29

Weighted average common shares outstanding – diluted (in shares)

10,298,535

10,429,536

10,411,276

10,414,330

10,367,132

10,355,673

10,370,318

10,365,306

10,391,975

10,382,194

[1]	The quarter ended December 31, 2018 includes a $2,828 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[2]	The quarter ended September 30, 2018 includes $3,057 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[3]	The quarter ended June 30, 2018 includes a $710 reduction in the fair value of contingent consideration, which was not taxable.
[4]	The quarter ended June 30, 2018 includes the reversal of certain adjustments originally recorded in the quarter ended December 31, 2017 which were related to tax legislation enacted in December 2017, as discussed in Note 10.
[5]	The quarter ended March 31, 2018 includes a $1,726 increase in the fair value of contingent consideration, which was not deductible for tax purposes.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Note 17 - Subsequent Events (Details Textual) - CALIFORNIA - Subsequent Event [Member] $ in Thousands	Jan. 23, 2020 USD ($)
Lessee, Operating Lease, Renewal Term	5 years 30 days
Increase in Operating Lease Liabilities and Right-of-Use Assets, Non-cash	$ 1,176

Note 17 - Subsequent Events (Details) - Subsequent Event [Member]	Jan. 23, 2020 USD ($)
11/1/2020 – 11/30/2020	$ 0
12/1/2020 – 10/31/2021	21,257.10
11/1/2021 – 10/31/2022	21,894.81
11/1/2022 – 10/31/2023	22,551.66
11/1/2023 – 10/31/2024	23,228.21
11/1/2024 – 10/31/2025	23,925.05
11/1/2025 – 11/30/2025	$ 24,642.80

Schedule II Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-09, Allowance, Credit Loss [Member]
Balance at Beginning of Period	$ 233	$ 213
Expense (Recovery)	3	20
Deductions	(25)
Balance at End of Period	211	233
SEC Schedule, 12-09, Reserve, Warranty [Member]
Balance at Beginning of Period	346	233
Expense (Recovery)	243	452
Deductions	(255)	(339)
Balance at End of Period	$ 334	$ 346