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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2020	Jul. 31, 2020
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 Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		10,439,573
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Title of 12(b) Security	Common Stock, par value $0.01 per share

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 7,424	$ 7,612
Trade accounts receivable, net of allowance for doubtful accounts of $210 and $211, respectively	9,457	9,296
Inventories	7,930	7,182
Prepaid expenses and other current assets	445	805
Total current assets	25,256	24,895
Property and equipment:
Machinery and equipment	5,452	5,269
Leasehold improvements	2,424	2,424
Gross property and equipment	7,876	7,693
Less: accumulated depreciation	(5,581)	(5,273)
Net property and equipment	2,295	2,420
Right-of-use assets, net	5,365	4,842
Goodwill	13,738	13,738
Intangible assets, net	13,034	13,654
Restricted certificates of deposit	140	140
Other assets	30	26
Total assets	59,858	59,715
Current liabilities:
Accounts payable	2,618	1,984
Accrued wages and benefits	1,873	2,007
Accrued professional fees	740	805
Customer deposits and deferred revenue	670	456
Accrued sales commissions	483	442
Current portion of operating lease liabilities	1,237	1,302
Domestic and foreign income taxes payable	768	868
Other current liabilities	401	497
Total current liabilities	8,790	8,361
Operating lease liabilities, net of current portion	4,383	3,794
Deferred tax liabilities	2,054	2,263
Other liabilities	452	463
Total liabilities	15,679	14,881
Commitments and Contingencies
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; 10,459,150 and 10,413,982 shares issued, respectively	105	104
Additional paid-in capital	26,576	26,256
Retained earnings	17,032	18,005
Accumulated other comprehensive earnings	670	673
Treasury stock, at cost; 33,077 shares	(204)	(204)
Total stockholders' equity	44,179	44,834
Total liabilities and stockholders' equity	$ 59,858	$ 59,715

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 210	$ 211
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)	10,459,150	10,413,982
Treasury stock, shares (in shares)	33,077	33,077

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net revenues	$ 13,275	$ 14,352	$ 24,505	$ 32,414
Cost of revenues	7,208	7,633	13,571	16,859
Gross margin	6,067	6,719	10,934	15,555
Operating expenses:
Selling expense	1,761	2,087	3,813	4,461
Engineering and product development expense	1,217	1,208	2,509	2,492
General and administrative expense	2,888	3,718	5,772	7,455
Total operating expenses	5,866	7,013	12,094	14,408
Operating income (loss)	201	(294)	(1,160)	1,147
Other income (loss)	(18)	(6)	(50)	15
Earnings (loss) before income tax expense (benefit)	183	(300)	(1,210)	1,162
Income tax expense (benefit)	13	(113)	(237)	211
Net earnings (loss)	$ 170	$ (187)	$ (973)	$ 951
Net earnings (loss) per common share - basic (in dollars per share)	$ 0.02	$ (0.02)	$ (0.10)	$ 0.09
Weighted average common shares outstanding - basic (in shares)	10,252,490	10,411,276	10,236,672	10,398,147
Net earnings (loss) per common share - diluted (in dollars per share)	$ 0.02	$ (0.02)	$ (0.10)	$ 0.09
Weighted average common shares and common share equivalents outstanding - diluted (in shares)	10,258,917	10,411,276	10,236,672	10,419,914

Consolidated Statements of Comprehensive Earnings (Loss) Unaudited - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net earnings (loss)	$ 170	$ (187)	$ (973)	$ 951
Foreign currency translation adjustments	35	59	(3)	(24)
Comprehensive earnings (loss)	$ 205	$ (128)	$ (976)	$ 927

- Definition

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

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+ Details

Consolidated Statements of Stockholders' Equity (Unaudited) - 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, 2018	10,523,035
Balance at Dec. 31, 2018	$ 105	$ 26,513	$ 15,683	$ 783	$ (204)	$ 42,880
Net earnings (loss)			1,138			1,138
Other comprehensive earnings (loss)				(83)		(83)
Amortization of deferred compensation related to stock-based awards		183				183
Issuance of unvested shares of restricted stock (in shares)	80,300
Issuance of unvested shares of restricted stock	$ 1	(1)
Balance (in shares) at Mar. 31, 2019	10,603,335
Balance at Mar. 31, 2019	$ 106	26,695	16,821	700	(204)	44,118
Balance (in shares) at Dec. 31, 2018	10,523,035
Balance at Dec. 31, 2018	$ 105	26,513	15,683	783	(204)	42,880
Net earnings (loss)						951
Balance (in shares) at Jun. 30, 2019	10,626,390
Balance at Jun. 30, 2019	$ 106	26,908	16,634	759	(204)	44,203
Balance (in shares) at Mar. 31, 2019	10,603,335
Balance at Mar. 31, 2019	$ 106	26,695	16,821	700	(204)	44,118
Net earnings (loss)			(187)			(187)
Other comprehensive earnings (loss)				59		59
Amortization of deferred compensation related to stock-based awards		213				213
Issuance of unvested shares of restricted stock (in shares)	35,380
Issuance of unvested shares of restricted stock
Forfeiture of unvested shares of restricted stock (in shares)	(12,325)
Balance (in shares) at Jun. 30, 2019	10,626,390
Balance at Jun. 30, 2019	$ 106	26,908	16,634	759	(204)	$ 44,203
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
Net earnings (loss)			(1,143)			(1,143)
Other comprehensive earnings (loss)				(38)		(38)
Amortization of deferred compensation related to stock-based awards		187				187
Issuance of unvested shares of restricted stock (in shares)	58,160
Issuance of unvested shares of restricted stock	$ 1	(1)
Forfeiture of unvested shares of restricted stock (in shares)	(8,315)
Repurchase and retirement of common stock (in shares)	(13,767)					(13,767)
Repurchase and retirement of common stock		(74)				$ (74)
Balance (in shares) at Mar. 31, 2020	10,450,060
Balance at Mar. 31, 2020	$ 105	26,368	16,862	635	(204)	$ 43,766
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
Net earnings (loss)						$ (973)
Balance (in shares) at Jun. 30, 2020	10,459,150					10,459,150
Balance at Jun. 30, 2020	$ 105	26,576	17,032	670	(204)	$ 44,179
Balance (in shares) at Mar. 31, 2020	10,450,060
Balance at Mar. 31, 2020	$ 105	26,368	16,862	635	(204)	43,766
Net earnings (loss)			170			170
Other comprehensive earnings (loss)				35		35
Amortization of deferred compensation related to stock-based awards		208				208
Issuance of unvested shares of restricted stock (in shares)	15,840
Issuance of unvested shares of restricted stock
Forfeiture of unvested shares of restricted stock (in shares)	(6,750)
Balance (in shares) at Jun. 30, 2020	10,459,150					10,459,150
Balance at Jun. 30, 2020	$ 105	$ 26,576	$ 17,032	$ 670	$ (204)	$ 44,179

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	$ (973)	$ 951
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	1,584	1,598
Payment of earnout for 2018 related to Ambrell acquisition		(12,167)
Provision for excess and obsolete inventory	305	243
Foreign exchange loss	37	17
Amortization of deferred compensation related to stock-based awards	395	396
Loss on disposal of property and equipment		17
Proceeds from sale of demonstration equipment, net of gain		59
Deferred income tax benefit	(209)	(189)
Changes in assets and liabilities:
Trade accounts receivable	(205)	1,364
Inventories	(1,054)	(908)
Prepaid expenses and other current assets	359	132
Restricted certificates of deposit		35
Other assets	(4)	(1)
Accounts payable	635	626
Accrued wages and benefits	(133)	(941)
Accrued professional fees	(63)	104
Customer deposits and deferred revenue	217	(542)
Accrued sales commissions	41	(189)
Operating lease liabilities	(652)	(668)
Domestic and foreign income taxes payable	(100)	5
Other current liabilities	(94)	(156)
Other liabilities	(5)	263
Net cash provided by (used in) operating activities	81	(9,951)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(190)	(298)
Net cash used in investing activities	(190)	(298)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Paycheck Protection Program loans	2,829
Repayments of Paycheck Protection Program loans	(2,829)
Proceeds from revolving credit facility	2,800
Repayments of revolving credit facility	(2,800)
Repurchases of common stock	(74)
Net cash used in financing activities	(74)
Effects of exchange rates on cash	(5)	(18)
Net cash used in all activities	(188)	(10,267)
Cash and cash equivalents at beginning of period	7,612	17,861
Cash and cash equivalents at end of period	7,424	7,594
Cash payments for:
Domestic and foreign income taxes	$ 73	$ 396

Note 1 - Nature of Operations

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Nature of Operations [Text Block]

(

)

NATURE OF OPERATIONS

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 customers; 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 began 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.

COVID-

Pandemic

In early

January 2020,

a human infection was traced to a novel strain of coronavirus, referred to as “COVID-

19”.

COVID-

has subsequently spread to virtually all parts of the world and has caused massive disruptions in the global economy. On

March 11, 2020,

the World Health Organization (“WHO”) officially declared COVID-

a pandemic. Our business has been, and will continue to be, adversely affected by COVID-

19.

Since

March 17, 2020,

several 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 COVID-

and the need to contain it. As of

July 2020,

all of the states in which we operate had begun the process of re-opening to varying degrees. However, some of these states have paused their re-opening plans or reversed actions they had taken with respect to their re-opening plans because of increased spread. Despite these changes, all of our operations remain deemed “critical and essential business operations” under the various governmental COVID-

mandates which has allowed us to continue to operate our business with certain modifications as discussed below.

The impact of COVID-

on our operations has been intensified because it has occurred and continues during a time when our business operations continue to be negatively affected by a global downturn in the Semi Market. The Semi Market, from which approximately half of our net revenues are derived, has been in a cyclical downturn since the beginning of

2019.

This downturn has resulted in significant declines in our net revenues from the Semi Market and contributed to the net loss we recorded in the

first

half of

2020

$973.

Our net revenues from the Semi Market for the

first

half of

2020

totaled

$11,869

compared to

$17,752

in the

first

half of

2019.

During the

first

quarter of

2020,

before the spread of COVID-

19,

we had started to see indications that the downturn was coming to an end and that the beginning of the next cyclical upturn in the Semi Market was imminent. However, COVID-

impacted this timing, and, as a result, the recovery in the Semi Market has been delayed by at least a quarter, if

not

more. Although we have seen increasing order rates from our customers in the Semi Market during the

second

quarter of

2020,

there can be

assurance that this will continue, in particular, if the spread of COVID-

not

further contained and the global economy continues to be negatively impacted.

During

2019,

we made adjustments to reduce our fixed cost structure, which included staff reductions and limits on all discretionary spending. As a result of the delay in the Semi Market recovery discussed above and the impacts of COVID-

on our operations, we have taken actions to further reduce our fixed cost structure with the goal of limiting future losses and maintaining an adequate level of liquidity to operate our business. To date, these additional actions have included further staff reductions, the temporary closure of our EMS manufacturing facility in Fremont, California for approximately

three

weeks beginning in late

March

and the temporary closure of our Thermal segment manufacturing facility in Mansfield, Massachusetts for a

two

-week period at the beginning of

April.

As discussed further in Note

April 10, 2020,

we entered into a Loan and Security Agreement (the “Agreement”) with M&T Bank (“M&T”). Under the terms of the Agreement, M&T has provided us with a

$7,500

revolving credit facility. This revolving credit facility was put in place to provide us with additional liquidity in response to the current business environment as a result of COVID-

19.

As of the date of the filing of this report, all of our facilities are open. While we do

not

currently have any further plans for facility closures, if the current pace of COVID-

cannot be sufficiently slowed and the spread of the virus is

not

contained, our business operations could be further interrupted. In addition, the aftermarket service and support that we provide to our customers has been, and we expect will continue to be, adversely impacted by COVID-

due to travel restrictions which continue to exist in some locations and limitations on visitors allowed into customer facilities, which has resulted in some of these activities being reduced or suspended. Therefore, the net revenues associated with these aftermarket service and support activities, which typically range from

10%

of our consolidated net revenues,

may

continue to be depressed. If the spread of the virus cannot be contained, 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 in the future if demand slows down, which could have a material negative impact on our business, results of operations and financial condition. The funds we

may

be able to draw down under the Agreement

may

not

be sufficient to prevent the need to take further actions, such as staff reductions, facility closures or other salary and benefits adjustments for remaining employees. As a result of our current level of working capital as well as the availability of the revolving credit facility under the Agreement, we currently expect to have sufficient liquidity to operate our business throughout the balance of

2020,

as further described in this report.

Generally, 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 COVID-

19.

We have experienced, and expect that we

may

continue to experience, price increases and/or lack of availability from our normal suppliers for the materials needed to produce our products in a timely manner and/or with the level of margins we typically expect to achieve. We are working to mitigate and address these delays and price increases, but there can be

assurance that we will

not

experience delays or price increases in the future which could have a material negative impact on our business, results of operations and financial condition.

We have implemented workplace safeguards designed to protect the health and well-being of our employees. A significant number of employees have been authorized to work from home and have been provided with the tools and technology necessary to do so. However, the process of working remotely

may

result in those employees

not

being as effective or responsive to our customers' needs as they would be under more normal conditions. This could result in lost business opportunities or have other negative impacts on our business. Remaining employees in our facilities are following WHO and Centers for Disease Control and Prevention (“CDC”) recommended safety practices, as well as state and local directives, but there can be

assurances that we can successfully avoid

one

or more of our employees contracting COVID-

and entering our facilities while infected. Should this occur, or should we have employees who become ill or otherwise are unable to work, we

may

experience limitations in employee resources or

may

be required to close affected facilities for a time to clean and disinfect appropriately.

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 COVID-

may

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

may

emerge concerning the severity of COVID-

and steps taken to contain COVID-

or treat its impact, among others. The adverse effects of COVID-

on our business could be material in future periods.

Note 2 - Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

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 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.

In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Form

-K for the year ended

December 31, 2019 (

“2019

Form

-K”) filed on

March 23, 2020

with the Securities and Exchange Commission ("SEC").

Reclassification

Certain prior period amounts have been reclassified to be comparable with the current period'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

six

months ended

June 30, 2020

other than those described in Note

under “COVID-

Pandemic” and in Note

13.

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 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.

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 to customers 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 payment terms which generally range from net

to net

days. 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 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 sell thermal management products including 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. We sell semiconductor ATE interface solutions which include manipulators, docking hardware and electrical interface products. We provide post-warranty service and support 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, energy, 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 set percentages 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

- or

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.

See 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.

Leases

We account for leases in accordance with ASC Topic

842

(Leases) which was effective for us as of

January 1, 2019.

Upon adoption of ASC Topic

842,

we elected the package of practical expedients which included the grandfathering of the lease classification that had been made under prior guidance and, accordingly, we did

not

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

842.

All of our lease contracts are still being treated as operating leases. We do

not

currently have any lease contracts that meet the criteria to be categorized as financing leases. We did

not

elect the hindsight practical expedient and, therefore, did

not

reevaluate the lease terms that we used under prior guidance. The implementation of ASC Topic

842

had a significant impact on our consolidated balance sheet as a result of recording right-of-use assets and lease liabilities for all 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 ASC Topic

842

did

not

have a significant impact on our pattern of expense recognition for any of our multi-year 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 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

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 finance leases. We do

not

have embedded leases nor do we have any initial direct costs related to our lease contracts.

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 in our consolidated statements of cash flows.

We have made an accounting policy election

not

to apply the recognition requirements of ASC

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 Note

for further disclosures regarding our leases.

Contingent Liability for Repayment of State and Local Grant Proceeds

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 received grants totaling

$463

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

June 30, 2020,

$423

of the total proceeds received could still be required to be repaid if we do

not

meet the targets. We have recorded this amount as a contingent liability which is included in other liabilities on our balance sheet. Those portions of the proceeds which are

longer subject to repayment are reclassified to deferred grant proceeds and amortized to income on a straight-line basis over the remaining lease term for the Rochester facility. Deferred grant proceeds are included in other current liabilities and other liabilities on our balance sheet and totaled

$33

June 30, 2020.

As of

December 31, 2019,

we were

not

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

December 31, 2019.

As of

June 30, 2020,

we are still

not

in compliance with these employment targets. We have until

December 31, 2020

to come into compliance with the targets as outlined in the waiver received for the year ended

December 31, 2019.

If we do

not

achieve compliance, we will need to apply for an additional waiver or we

may

be required to repay a proportionate share of the proceeds.

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 granted, which is then amortized to expense over the service periods. See further disclosures related to our stock-based compensation plan in Note

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.

Net Earnings (Loss) Per Common Share

Net earnings (loss) per common share - basic is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding during each period. Net earnings (loss) per common share - diluted is computed by dividing net earnings (loss) 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:

	Three Months Ended June 30,				Six Months Ended June 30,
	20 20		201 9		20 20		201 9
Weighted average common shares outstanding - basic		10,252,490		10,411,276		10,236,672		10,398,147
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		6,427		-		-		21,767
Weighted average common shares and common share equivalents outstanding - diluted		10,258,917		10,411,276		10,236,672		10,419,914

Average number of potentially dilutive securities excluded from calculation		711,499		618,071		719,832		423,962

Effect of Recently Issued Amendments to Authoritative Accounting Guidance

June 2016,

the Financial Accounting Standards Board (“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

6 Months Ended

Jun. 30, 2020

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

Goodwill

Goodwill totaled

$13,738

at both

June 30, 2020

and

December 31, 2019

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

six

months ended

June 30, 2020

are as follows:

Balance - January 1, 2020	$	6,944
Amortization		(620	)
Balance June 30, 2020	$	6,324

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

June 30, 2020

and

December 31, 2019:

	June 3 0 , 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	10,480	$	4,354	$	6,126
Technology		600		436		164
Patents		590		556		34
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		12,080		5,756		6,324
Indefinite-lived intangible assets:
Trademarks		6,710		-		6,710
Total intangible assets	$	18,790	$	5,756	$	13,034

	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

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

$309

and

$620

for the

three

months and

six

months ended

June 30, 2020,

respectively, and

$315

and

$632

for the

three

months and

six

months ended

June 30, 2019,

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

five

years:

2020 (remainder)	$	614
2021	$	1,226
2022	$	1,167
2023	$	1,067
2024	$	980

Assessment for Impairment of Goodwill and Long-Lived Assets

As discussed in Note

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. Long-lived assets 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. As a result of recent market conditions and trends, including the significant ongoing impact of COVID-

on the global economy, we performed a qualitative review of facts and circumstances to determine whether it was more likely than

not

that our goodwill or long-lived assets were impaired and if, as a result, a quantitative impairment assessment was required to be performed as of

June 30, 2020.

Our review included identifying and weighting the significant factors that have impacted our business operations in recent months, both positively and negatively. We considered the nature of these factors, including whether they were ongoing and related to our core business and markets, or non-recurring and reflected macro-economic or global events that are

not

directly related to our core business and markets. As a result of our qualitative review, we determined that is was more likely than

not

that our goodwill and long-lived assets were

not

impaired and, therefore,

quantitative assessment for impairment was required and, thus

not

performed, as of

June 30, 2020.

As a result of the ongoing uncertainty surrounding the impact of COVID-

on our operations, we expect to perform similar qualitative reviews at various points throughout the balance of

2020.

There can be

assurance that we will be able to continue to conclude that it is more likely than

not

that our goodwill and long-lived assets are

not

impaired. We

may

determine that we need to perform a quantitative assessment for impairment at some point prior to the

fourth

quarter, when our annual assessment typically occurs. Such a quantitative assessment could result in a determination that an impairment exists which would result in recording an impairment charge. The amount of any such impairment charge could be material. Any future impairment charge recorded could materially adversely impact our balance sheet and results of operations and could result in our being unable to borrow funds that would otherwise be available under our revolving credit facility discussed in Note

Note 4 - Revenue From Contracts With Customers

6 Months Ended

Jun. 30, 2020

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.

	Three Months Ended June 30,				Six Months Ended June 30,
	20 20		201 9		20 20		201 9
Net revenues by customer type:
End user	$	11,946	$	13,106	$	21,867	$	29,143
OEM/Integrator		1,329		1,246		2,638		3,271
	$	13,275	$	14,352	$	24,505	$	32,414

Net revenues by product type:
Thermal test	$	3,703	$	4,282	$	7,850	$	9,249
Thermal process		4,563		4,660		8,311		10,668
Semiconductor test		3,665		3,609		5,489		8,893
Service/other		1,344		1,801		2,855		3,604
	$	13,275	$	14,352	$	24,505	$	32,414

Net revenues by market:
Semi Market	$	6,858	$	7,641	$	11,869	$	17,752
Industrial		3,899		4,279		8,126		10,225
Defense/aerospace		1,496		1,150		2,904		2,132
Telecommunications		597		691		1,008		1,284
Other Multi Markets		425		591		598		1,021
	$	13,275	$	14,352	$	24,505	$	32,414

There was

not

a significant change in the amount of the allowance for doubtful accounts for the

six

months ended

June

30,

2020.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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+ Details

Note 5 - Major Customers

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

(

)

MAJOR CUSTOMERS

During the

six

months ended

June 30, 2020,

customer accounted for

10%

or more of our consolidated net revenues. During the

six

months ended

June 30, 2019,

Texas Instruments Incorporated accounted for

12%

of our consolidated net revenues. While both of our segments sold to this customer, these revenues were primarily generated by our EMS segment.

other customers accounted for

10%

or more of our consolidated net revenues during the

six

months ended

June 30, 2019.

Note 6 - Inventories

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

(

)

INVENTORIES

Inventories held at

June 30, 2020

and

December 31, 2019

were comprised of the following:

	June 3 0 , 2020		December 31, 2019
Raw materials	$	5,326	$	5,369
Work in process		1,544		949
Inventory consigned to others		45		54
Finished goods		1,015		810
Total inventories	$	7,930	$	7,182

Total charges incurred for excess and obsolete inventory for the

three

months and

six

months ended

June 30, 2020

and

2019,

respectively, were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	20 20		201 9		20 20		201 9

Excess and obsolete inventory charges	$	134	$	136	$	305	$	243

Note 7 - Leases

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

(

)

LEASES

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

2028.

Total operating lease and short-term lease costs for the

three

months and

six

months ended

June 30, 2020

and

2019

were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	20 20		201 9		20 20		201 9

Operating lease cost	$	389	$	370	$	781	$	736
Short-term lease cost	$	10	$	14	$	22	$	27

The following is additional information about our leases as of

June 30, 2020:

Range of remaining lease terms (in years)	0.6	to	7.8
Weighted average remaining lease term (in years)			5.3
Weighted average discount rate			4.8%

Maturities of lease liabilities as of

June 30, 2020

were as follows:

2020 (remainder)	$	770
2021		1,252
2022		1,089
2023		1,106
2024		1,140
Thereafter		1,012
Total lease payments	$	6,369
Less imputed interest		(749	)
Total	$	5,620

Supplemental Cash Flow Information

Total amortization of right of use assets was

$328

and

$653

for the

three

months and

six

months ended

June 30, 2020,

respectively, and

$295

and

$601

for the

three

months and

six

months ended

June 30, 2019,

respectively.

During the

six

months ended

June 30, 2020,

we recorded a non-cash increase in our ROU assets and operating lease liabilities as a result of a modification of the lease for our EMS facility in Fremont, California. On

January 23, 2020,

we executed an amendment to this lease, which extended the term for a period of

months commencing on

November 1, 2020

and expiring on

November 30, 2025.

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

$1,176.

During the

six

months ended

June 30, 2019,

we recorded a non-cash decrease in our ROU assets and operating lease liabilities as a result of a modification of the lease for Ambrell's U.K. facility. This lease 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.

In addition, on

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

$1,819

Note 8 - Debt

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

(

)

DEBT

Letters of Credit

We have issued letters of credit as 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.

Our outstanding letters of credit at

June 30, 2020

and

December 31, 2019

consisted of the following:

				Letters of Credit Amount Outstanding
	Original L/C Issue Date	L/C Expiration Date	Lease Expiration Date	June 3 0 , 2020		December 31, 2019
Mt. Laurel, NJ	3/29/2010	4/30/2021	4/30/2021	$	90	$	90
Mansfield, MA	10/27/2010	12/31/2024	12/31/2024		50		50
				$	140	$	140

Line of Credit

As previously indicated in Note

April 10, 2020 (

the “Closing Date”) we entered into the Agreement with M&T. Under the terms of the Agreement, M&T has provided us with a

$7,500

revolving credit facility under which our domestic subsidiaries, Ambrell, EMS LLC, Temptronic and Silicon Valley, are guarantors (collectively, the “Guarantors”). The revolving credit facility has a

364

-day contract period that began on the Closing Date and expires on

April 9, 2021 (

the “Contract Period”). The principal balance of the revolving credit facility accrues interest at the LIBOR rate plus

2.5%.

In the event the current LIBOR rate is

longer available or representative, the Agreement includes a mechanism for providing an alternate benchmark. Interest payments are due on a monthly basis, and principal payments are due, along with any accrued and unpaid interest thereon, on the earlier of (a) the expiration of the Contract Period, or (b) on demand upon the occurrence of an event of default that is continuing. As of

June 30, 2020,

we had

$7,500

available to borrow under this facility.

The Agreement contains customary events of default including, but

not

limited to, the failure by us to repay obligations when due, violation of provisions or representations provided in the Agreement, bankruptcy of inTEST Corporation, suspension of the business of inTEST Corporation or any of our subsidiaries and certain material judgments. After expiration of the Contract Period, or if during the continuance of an event of default, interest will accrue on the principal balance at a rate of

in excess of the then applicable non-default interest rate. Our obligations under the Agreement are secured by liens on substantially all our tangible and intangible assets. The Agreement includes customary affirmative, negative and financial covenants, including a maximum ratio of assets to liabilities and a fixed charge coverage ratio.

This facility was put in place to provide us with additional liquidity in response to the current business environment, as a result of COVID-

19.

During the

three

months ended

June 30, 2020,

we drew down

$2,800

on our revolving credit facility. This amount was fully repaid during this same period.

Paycheck Protection Program Loans

As discussed more fully in Note

to our consolidated financial statements in our Quarterly Report on Form

-Q for the

three

months ended

March 31, 2020 (

“Q1

2020

Form

-Q”) filed on

May 13, 2020

with the Securities and Exchange Commission, during

April 2020

we applied for and received loans through the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) administered by the U.S. Small Business Administration (the “SBA”) totaling

$2,829.

We repaid the full amount of the PPP loans on

May 5, 2020

with the applicable interest.

Note 9 - Stock-based Compensation

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

(

)

STOCK-BASED COMPENSATION

As of

June 30, 2020,

we had unvested restricted stock awards and stock options granted under stock-based compensation plans that are described more fully in Note

to the consolidated financial statements in our

2019

Form

-K.

As of

June 30, 2020,

total unrecognized compensation expense related to unvested restricted stock awards and stock options was

$1,676.

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

2.7

years. The following table shows the allocation of the compensation expense we recorded during the

three

months and

six

months ended

June 30, 2020

and

2019,

respectively, related to stock-based compensation:

	Three Months Ended June 30,				Six Months Ended June 30,
	20 20		201 9		20 20		201 9
Cost of revenues	$	-	$	-	$	-	$	-
Selling expense		3		4		6		4
Engineering and product development expense		11		12		21		15
General and administrative expense		194		197		368		377
	$	208	$	213	$	395	$	396

There was

stock-based compensation expense capitalized in the

three

months or

six

months ended

June 30, 2020

2019.

Restricted Stock Awards

We record compensation expense for restricted stock awards 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 for employees and over

one

year for our independent directors (

25%

at each of

March 31,

June 30,

September 30,

and

December 31

of the year in which they were granted).

The following table summarizes the activity related to unvested shares of restricted stock for the

six

months ended

June

30,

2020:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2020		165,031		$	6.55
Granted		74,000			3.59
Vested		(61,636	)		4.90
Forfeited		(15,065	)		5.02
Unvested shares outstanding, June 30, 2020		162,330			5.61

The total fair value of the shares that vested during the

six

months ended

June 30, 2020

and

2019

was

$210

and

$292,

respectively, as of the vesting dates of these shares.

Stock Options

We record compensation expense for stock options based on the fair 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 the

six

months ended

June 30, 2020

and

2019

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

	2020			2019
Risk-free interest rate		0.46	%		2.38	%
Dividend yield		0.00	%		0.00	%
Expected common stock market price volatility factor		.44			.41
Weighted average expected life of stock options (years)		6.25			6.25

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

six

months ended

June 30, 2020

and

2019

was

$1.48

and

$2.78,

respectively.

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

six

months ended

June 30, 2020:

	Number of Shares			Weighted Average Grant Date Fair Value
Options outstanding, January 1, 2020 (87,900 exercisable)		506,810		$	6.89
Granted		113,980			3.49
Exercised		-			-
Forfeited		(27,140	)		6.30
Options outstanding, June 30, 2020 (202,055 exercisable)		593,650			6.26

Note 10 - Stock Repurchase Plan

6 Months Ended

Jun. 30, 2020

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 quarter ended

March 31, 2020,

we repurchased

13,767

under the

2019

Repurchase Plan at a cost of

$74,

including fees paid to our broker. On

March 2, 2020,

we suspended repurchases under the

2019

Repurchase Plan. For the term of the

2019

Repurchase Plan through

June 30, 2020,

we have repurchased a total of

243,075

shares at a cost of

$1,216,

which includes fees paid to our broker of

$6.

All of the repurchased shares were retired.

Note 11 - Employee Benefit Plans

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Retirement Benefits [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, inTEST EMS LLC (“EMS LLC”), Temptronic Corporation (“Temptronic”) and inTEST Silicon Valley Corporation (“Silicon Valley”) 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

three

months and

six

months ended

June 30, 2020

we recorded

$92

and

$257

of expense for matching contributions, respectively. For the

three

months and

six

months ended

June 30, 2019

we recorded

$92

and

$282

of expense for matching contributions, 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

three

months and

six

months ended

June 30, 2020

we recorded

$15

and

$32

of expense for matching contributions, respectively. For the

three

months and

six

months ended

June 30, 2019

we recorded

$14

and

$37

of expense for matching contributions, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Note 12 - Segment Information

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(

)

SEGMENT INFORMATION

We have

two

reportable segments, Thermal and EMS, which are also our reporting units. 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.

	Three Months Ended June 30,						Six Months Ended June 30,
	20 20			201 9			20 20			201 9
Net Revenues:
Thermal	$	9,476		$	10,519		$	18,810		$	23,153
EMS		3,799			3,833			5,695			9,261
	$	13,275		$	14,352		$	24,505		$	32,414
Earnings (loss) before income tax expense (benefit):
Thermal	$	(13	)	$	309		$	(439	)	$	1,453
EMS		261			102			(743	)		1,149
Corporate		(65	)		(711	)		(28	)		(1,440	)
	$	183		$	(300	)	$	(1,210	)	$	1,162
Net earnings (loss):
Thermal	$	(3	)	$	298		$	(353	)	$	1,189
EMS		226			125			(598	)		940
Corporate		(53	)		(610	)		(22	)		(1,178	)
	$	170		$	(187	)	$	(973	)	$	951

	June 3 0 , 2020		December 31, 2019
Identifiable assets:
Thermal	$	51,380	$	51,621
EMS		7,704		7,319
Corporate		774		775
	$	59,858	$	59,715

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

	Three Months Ended June 30,				Six Months Ended June 30,
	20 20		201 9		20 20		201 9
Net revenues:
U.S.	$	4,954	$	6,283	$	10,673	$	13,093
Foreign		8,321		8,069		13,832		19,321
	$	13,275	$	14,352	$	24,505	$	32,414

	June 3 0 , 2020		December 31, 2019
Property and equipment:
U.S.	$	1,920	$	2,163
Foreign		375		257
	$	2,295	$	2,420

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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+ Details

Note 13 - Subsequent Events

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

(

)

SUBSEQUENT EVENTS

Executive Management Changes

August 6, 2020,

our Board of Directors accepted the resignation of James Pelrin as President and Chief Executive Officer (“CEO”) and as a director. In connection with his resignation, we entered into a Separation and Consulting Agreement (the “Separation Agreement”) with Mr. Pelrin dated

August 6, 2020

pursuant to which Mr. Pelrin has agreed to provide consulting services for

three

months, subject to an extension of up to an additional

three

months at our option. The Separation Agreement also provides that Mr. Pelrin is entitled to severance and other benefits. The full text of the Separation Agreement is included as Exhibit

10.1

to our Current Report on Form

-K (

“8

-K”) filed on

August 11, 2020

with the SEC.

August 6, 2020,

our Board of Directors approved, effective as of

August 24, 2020 (

the “Start Date”), the appointment of Richard N. Grant, Jr. to the position of President and CEO and to fill the vacancy on our Board of Directors left by Mr. Pelrin's resignation. We entered into a letter agreement with Mr. Grant, subject to his appointment as our President, CEO and a director, which appointments occurred on

August 6, 2020

and are effective as of the Start Date. The full text of the letter agreement is included as Exhibit

10.2

to our

- K filed on

August 11, 2020

with the SEC.

August 6, 2020,

our Board of Directors appointed Hugh T. Regan, Jr., our Chief Financial Officer and Treasurer, as interim President and CEO until Mr. Grant assumes his position as President and CEO.

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

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

Basis of Presentation and Use of Estimates

-K for the year ended

December 31, 2019 (

“2019

Form

-K”) filed on

March 23, 2020

with the Securities and Exchange Commission ("SEC").

Reclassification, Comparability Adjustment [Policy Text Block]

Reclassification

Certain prior period amounts have been reclassified to be comparable with the current period'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

six

months ended

June 30, 2020

other than those described in Note

under “COVID-

Pandemic” and in Note

13.

Business Combinations Policy [Policy Text Block]

Business Combinations

third

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 payment terms which generally range from net

to net

days. 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

- or

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

See 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

Lessee, Leases [Policy Text Block]

Leases

We account for leases in accordance with ASC Topic

842

(Leases) which was effective for us as of

January 1, 2019.

Upon adoption of ASC Topic

842,

we elected the package of practical expedients which included the grandfathering of the lease classification that had been made under prior guidance and, accordingly, we did

not

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

842.

All of our lease contracts are still being treated as operating leases. We do

not

currently have any lease contracts that meet the criteria to be categorized as financing leases. We did

not

elect the hindsight practical expedient and, therefore, did

not

reevaluate the lease terms that we used under prior guidance. The implementation of ASC Topic

842

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

none

842

did

not

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 finance leases. We do

not

have embedded leases nor do we have any initial direct costs related to our lease contracts.

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

We have made an accounting policy election

not

to apply the recognition requirements of ASC

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 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 Proceeds

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 received grants totaling

$463

2023.

If we fail to meet these employment targets, we

may

be required to repay a proportionate share of the proceeds. As of

June 30, 2020,

$423

of the total proceeds received could still be required to be repaid if we do

not

meet the targets. We have recorded this amount as a contingent liability which is included in other liabilities on our balance sheet. Those portions of the proceeds which are

$33

June 30, 2020.

As of

December 31, 2019,

we were

not

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

December 31, 2019.

As of

June 30, 2020,

we are still

not

in compliance with these employment targets. We have until

December 31, 2020

to come into compliance with the targets as outlined in the waiver received for the year ended

December 31, 2019.

If we do

not

achieve compliance, we will need to apply for an additional waiver or we

may

be required to repay a proportionate share of the proceeds.

Share-based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

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

718

Income Tax, Policy [Policy Text Block]

Income Taxes

not

that such assets will

not

be realized.

Earnings Per Share, Policy [Policy Text Block]

Net Earnings (Loss) Per Common Share

	Three Months Ended June 30,				Six Months Ended June 30,
	20 20		201 9		20 20		201 9
Weighted average common shares outstanding - basic		10,252,490		10,411,276		10,236,672		10,398,147
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		6,427		-		-		21,767
Weighted average common shares and common share equivalents outstanding - diluted		10,258,917		10,411,276		10,236,672		10,419,914

Average number of potentially dilutive securities excluded from calculation		711,499		618,071		719,832		423,962

New Accounting Pronouncements, Policy [Policy Text Block]

Effect of Recently Issued Amendments to Authoritative Accounting Guidance

June 2016,

the Financial Accounting Standards Board (“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)

6 Months Ended

Jun. 30, 2020

Notes Tables

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

	Three Months Ended June 30,				Six Months Ended June 30,
	20 20		201 9		20 20		201 9
Weighted average common shares outstanding - basic		10,252,490		10,411,276		10,236,672		10,398,147
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		6,427		-		-		21,767
Weighted average common shares and common share equivalents outstanding - diluted		10,258,917		10,411,276		10,236,672		10,419,914

Average number of potentially dilutive securities excluded from calculation		711,499		618,071		719,832		423,962

Note 3 - Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020	$	6,944
Amortization		(620	)
Balance June 30, 2020	$	6,324

Schedule Of Intangible Assets [Table Text Block]

	June 3 0 , 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	10,480	$	4,354	$	6,126
Technology		600		436		164
Patents		590		556		34
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		12,080		5,756		6,324
Indefinite-lived intangible assets:
Trademarks		6,710		-		6,710
Total intangible assets	$	18,790	$	5,756	$	13,034

	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

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

2020 (remainder)	$	614
2021	$	1,226
2022	$	1,167
2023	$	1,067
2024	$	980

Note 4 - Revenue From Contracts With Customers (Tables)

6 Months Ended

Jun. 30, 2020

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
	20 20		201 9		20 20		201 9
Net revenues by customer type:
End user	$	11,946	$	13,106	$	21,867	$	29,143
OEM/Integrator		1,329		1,246		2,638		3,271
	$	13,275	$	14,352	$	24,505	$	32,414

Net revenues by product type:
Thermal test	$	3,703	$	4,282	$	7,850	$	9,249
Thermal process		4,563		4,660		8,311		10,668
Semiconductor test		3,665		3,609		5,489		8,893
Service/other		1,344		1,801		2,855		3,604
	$	13,275	$	14,352	$	24,505	$	32,414

Net revenues by market:
Semi Market	$	6,858	$	7,641	$	11,869	$	17,752
Industrial		3,899		4,279		8,126		10,225
Defense/aerospace		1,496		1,150		2,904		2,132
Telecommunications		597		691		1,008		1,284
Other Multi Markets		425		591		598		1,021
	$	13,275	$	14,352	$	24,505	$	32,414

Note 6 - Inventories (Tables)

6 Months Ended

Jun. 30, 2020

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	June 3 0 , 2020		December 31, 2019
Raw materials	$	5,326	$	5,369
Work in process		1,544		949
Inventory consigned to others		45		54
Finished goods		1,015		810
Total inventories	$	7,930	$	7,182

	Three Months Ended June 30,				Six Months Ended June 30,
	20 20		201 9		20 20		201 9

Excess and obsolete inventory charges	$	134	$	136	$	305	$	243

Note 7 - Leases (Tables)

6 Months Ended

Jun. 30, 2020

Notes Tables

Lease, Cost [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
	20 20		201 9		20 20		201 9

Operating lease cost	$	389	$	370	$	781	$	736
Short-term lease cost	$	10	$	14	$	22	$	27

Range of remaining lease terms (in years)	0.6	to	7.8
Weighted average remaining lease term (in years)			5.3
Weighted average discount rate			4.8%

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

2020 (remainder)	$	770
2021		1,252
2022		1,089
2023		1,106
2024		1,140
Thereafter		1,012
Total lease payments	$	6,369
Less imputed interest		(749	)
Total	$	5,620

Note 8 - Debt (Tables)

6 Months Ended

Jun. 30, 2020

Notes Tables

Schedule Of Outstanding Letters Of Credit [Table Text Block]

				Letters of Credit Amount Outstanding
	Original L/C Issue Date	L/C Expiration Date	Lease Expiration Date	June 3 0 , 2020		December 31, 2019
Mt. Laurel, NJ	3/29/2010	4/30/2021	4/30/2021	$	90	$	90
Mansfield, MA	10/27/2010	12/31/2024	12/31/2024		50		50
				$	140	$	140

Note 9 - Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Notes Tables

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

	Three Months Ended June 30,				Six Months Ended June 30,
	20 20		201 9		20 20		201 9
Cost of revenues	$	-	$	-	$	-	$	-
Selling expense		3		4		6		4
Engineering and product development expense		11		12		21		15
General and administrative expense		194		197		368		377
	$	208	$	213	$	395	$	396

Schedule of Nonvested Share Activity [Table Text Block]

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2020		165,031		$	6.55
Granted		74,000			3.59
Vested		(61,636	)		4.90
Forfeited		(15,065	)		5.02
Unvested shares outstanding, June 30, 2020		162,330			5.61

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

	2020			2019
Risk-free interest rate		0.46	%		2.38	%
Dividend yield		0.00	%		0.00	%
Expected common stock market price volatility factor		.44			.41
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 Grant Date Fair Value
Options outstanding, January 1, 2020 (87,900 exercisable)		506,810		$	6.89
Granted		113,980			3.49
Exercised		-			-
Forfeited		(27,140	)		6.30
Options outstanding, June 30, 2020 (202,055 exercisable)		593,650			6.26

Note 12 - Segment Information (Tables)

6 Months Ended

Jun. 30, 2020

Notes Tables

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

	Three Months Ended June 30,						Six Months Ended June 30,
	20 20			201 9			20 20			201 9
Net Revenues:
Thermal	$	9,476		$	10,519		$	18,810		$	23,153
EMS		3,799			3,833			5,695			9,261
	$	13,275		$	14,352		$	24,505		$	32,414
Earnings (loss) before income tax expense (benefit):
Thermal	$	(13	)	$	309		$	(439	)	$	1,453
EMS		261			102			(743	)		1,149
Corporate		(65	)		(711	)		(28	)		(1,440	)
	$	183		$	(300	)	$	(1,210	)	$	1,162
Net earnings (loss):
Thermal	$	(3	)	$	298		$	(353	)	$	1,189
EMS		226			125			(598	)		940
Corporate		(53	)		(610	)		(22	)		(1,178	)
	$	170		$	(187	)	$	(973	)	$	951

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

	Three Months Ended June 30,				Six Months Ended June 30,
	20 20		201 9		20 20		201 9
Net revenues:
U.S.	$	4,954	$	6,283	$	10,673	$	13,093
Foreign		8,321		8,069		13,832		19,321
	$	13,275	$	14,352	$	24,505	$	32,414

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

	June 3 0 , 2020		December 31, 2019
Property and equipment:
U.S.	$	1,920	$	2,163
Foreign		375		257
	$	2,295	$	2,420

Asset [Member]

Notes Tables

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

	June 3 0 , 2020		December 31, 2019
Identifiable assets:
Thermal	$	51,380	$	51,621
EMS		7,704		7,319
Corporate		774		775
	$	59,858	$	59,715

Note 1 - Nature of Operations (Details Textual) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Apr. 10, 2020 USD ($)
Number of Operating Segments					2
Net Income (Loss) Attributable to Parent, Total	$ 170	$ (1,143)	$ (187)	$ 1,138	$ (973)	$ 951
Revenue from Contract with Customer, Including Assessed Tax	13,275		14,352		24,505	32,414
M&T [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity							$ 7,500
Semiconductor Market [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 6,858		$ 7,641		$ 11,869	$ 17,752

- Definition

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

+ References

+ Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	Jun. 30, 2020 USD ($)
Deferred Grant Proceeds	$ 33
City of Rochester and State of New York [Member]
Contingent Liability, Repayment of State and Local Grant Funds Received	463
Covenant, Future Amount Receivable	$ 423

Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Weighted average common shares outstanding - basic (in shares)	10,252,490	10,411,276	10,236,672	10,398,147
Unvested shares of restricted stock and employee stock options (in shares)	6,427			21,767
Weighted average common shares and common share equivalents outstanding - diluted (in shares)	10,258,917	10,411,276	10,236,672	10,419,914
Average number of potentially dilutive securities excluded from calculation (in shares)	711,499	618,071	719,832	423,962

Note 3 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Goodwill, Ending Balance	$ 13,738		$ 13,738		$ 13,738
Amortization of Intangible Assets, Total	$ 309	$ 315	$ 620	$ 632

Note 3 - Goodwill and Intangible Assets - Component of Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
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	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Balance			$ 6,944
Amortization	$ (309)	$ (315)	(620)	$ (632)
Balance	$ 6,324		$ 6,324

Note 3 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finite-lived, Gross Carrying Amount	$ 12,080	$ 12,080
Finite-lived, Accumulated Amortization	5,756	5,136
Net Carrying Amount	6,324	6,944
Intangible Assets, Gross Carrying Amount	18,790	18,790
Net Carrying Amount	13,034	13,654
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	4,354	3,805
Net Carrying Amount	6,126	6,675
Patented Technology [Member]
Finite-lived, Gross Carrying Amount	600	600
Finite-lived, Accumulated Amortization	436	380
Net Carrying Amount	164	220
Patents [Member]
Finite-lived, Gross Carrying Amount	590	590
Finite-lived, Accumulated Amortization	556	541
Net Carrying Amount	34	49
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	Jun. 30, 2020 USD ($)
2020 (remainder)	$ 614
2021	1,226
2022	1,167
2023	1,067
2024	$ 980

Note 4 - Revenue From Contracts With Customers (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2020 USD ($)
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total	$ 0

Note 4 - Revenue From Contracts With Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net revenues	$ 13,275	$ 14,352	$ 24,505	$ 32,414
Semiconductor Market [Member]
Net revenues	6,858	7,641	11,869	17,752
Industrial Market [Member]
Net revenues	3,899	4,279	8,126	10,225
Defense/ Aerospace [Member]
Net revenues	1,496	1,150	2,904	2,132
Telecommunications Market [Member]
Net revenues	597	691	1,008	1,284
Other Multi Markets [Member]
Net revenues	425	591	598	1,021
Thermal Testing Products [Member]
Net revenues	3,703	4,282	7,850	9,249
Thermal Process [Member]
Net revenues	4,563	4,660	8,311	10,668
Semiconductor Production Test Products [Member]
Net revenues	3,665	3,609	5,489	8,893
Service and Other Products [Member]
Net revenues	1,344	1,801	2,855	3,604
End User [Member]
Net revenues	11,946	13,106	21,867	29,143
OEM and Integrators [Member]
Net revenues	$ 1,329	$ 1,246	$ 2,638	$ 3,271

Note 5 - Major Customers (Details Textual)	6 Months Ended
Note 5 - Major Customers (Details Textual)	Jun. 30, 2020	Jun. 30, 2019
Number of Major Customers	0
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Texas Instruments Incorporated [Member]
Concentration Risk, Percentage		12.00%

Note 6 - Inventories - Inventories Held (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Raw materials	$ 5,326		$ 5,326		$ 5,369
Work in process	1,544		1,544		949
Inventory consigned to others	45		45		54
Finished goods	1,015		1,015		810
Total inventories	7,930		7,930		$ 7,182
Excess and obsolete inventory charges	$ 134	$ 136	$ 305	$ 243

Note 7 - Leases (Details Textual) $ in Thousands		3 Months Ended		6 Months Ended
Note 7 - Leases (Details Textual) $ in Thousands	Apr. 08, 2019 USD ($) ft²	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jan. 23, 2020	Mar. 31, 2019
Operating Lease, Right-of-Use Asset, Amortization Expense		$ 328	$ 295	$ 653	$ 601
Mansfield, Massachusetts [Member]
Lessee, Operating Lease, Renewal Term (Month)	3 years 120 days
Increase in Operating Lease Liabilities and Right-of-Use Assets, Non-cash	$ 1,819
Operating Lease, Increase in Area (Square Foot) \| ft²	6,100
Lease Agreement, EMS Facility in Fremont, California [Member]
Lessee, Operating Lease, Renewal Term (Month)						5 years 30 days
Increase in Operating Lease Liabilities and Right-of-Use Assets, Non-cash				$ 1,176
Lease Agreement, Ambrell’s U.K [Member]
Lessee, Operating Lease, Term of Contract (Year)							15 years
Decrease In Operating Lease Liabilities and Right-of-Use Assets, Non-cash					$ 486

Note 7 - Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating lease cost	$ 389	$ 370	$ 781	$ 736
Short-term lease cost	$ 10	$ 14	$ 22	$ 27
Weighted average remaining lease term (in years) (Year)	5 years 109 days		5 years 109 days
Weighted average discount rate	4.80%		4.80%
Minimum [Member]
Range of remaining lease terms (in years) (Year)			219 days
Maximum [Member]
Range of remaining lease terms (in years) (Year)			7 years 292 days

Note 7 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2020 USD ($)
2020 (remainder)	$ 770
2021	1,252
2022	1,089
2023	1,106
2024	1,140
Thereafter	1,012
Total lease payments	6,369
Less imputed interest	(749)
Total	$ 5,620

Note 8 - Debt (Details Textual) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended
Note 8 - Debt (Details Textual) - USD ($) $ in Thousands	Apr. 10, 2020	Apr. 30, 2020	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Proceeds from Lines of Credit, Total				$ 2,800
Proceeds from Paycheck Protection Program Under CARES Act		$ 2,829
M&T [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 7,500
Line of Credit Facility, Current Borrowing Capacity			$ 7,500	$ 7,500
Debt Instrument, Interest Rate, Stated Percentage	2.00%
Proceeds from Lines of Credit, Total			$ 2,800
M&T [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%

Note 8 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Letters of Credit Amount Outstanding	$ 140	$ 140
Mt Laurel [Member]
Line of Credit, Issue Date	Mar. 29, 2010
Line of Credit, Expiration Date	Apr. 30, 2021
Lease Expiration Date	Apr. 30, 2021
Letters of Credit Amount Outstanding	$ 90	90
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 9 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 1,676		$ 1,676
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			2 years 255 days
Share-based Payment Arrangement, Amount Capitalized	$ 0	$ 0	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 1.48	$ 2.78
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 210,000	$ 292,000
Restricted Stock [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			4 years
Restricted Stock [Member] \| Independent Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			1 year
Restricted Stock [Member] \| Independent Directors [Member] \| Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Restricted Stock [Member] \| Independent Directors [Member] \| Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Restricted Stock [Member] \| Independent Directors [Member] \| Share-based Payment Arrangement, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Restricted Stock [Member] \| Independent Directors [Member] \| Share-based Compensation Award, Tranche Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)			10 years

Note 9 - Stock-based Compensation Plan - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Allocation of Share-based Compensation Expense	$ 208	$ 213	$ 395	$ 396
Cost of Sales [Member]
Allocation of Share-based Compensation Expense
Selling and Marketing Expense [Member]
Allocation of Share-based Compensation Expense	3	4	6	4
Research and Development Expense [Member]
Allocation of Share-based Compensation Expense	11	12	21	15
General and Administrative Expense [Member]
Allocation of Share-based Compensation Expense	$ 194	$ 197	$ 368	$ 377

Note 9 - Stock-based Compensation Plan - Unvested Stock Activity (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2020 $ / shares shares
Unvested shares outstanding (in shares) \| shares	165,031
Unvested shares outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 6.55
Granted, number of shares (in shares) \| shares	74,000
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 3.59
Vested, number of shares (in shares) \| shares	(61,636)
Vested, weighted average exercise price (in dollars per share) \| $ / shares	$ 4.90
Forfeited, number of shares (in shares) \| shares	(15,065)
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	$ 5.02
Unvested shares outstanding (in shares) \| shares	162,330
Unvested shares outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 5.61

Note 9 - Stock-based Compensation Plan - Stock Options Valuation Assumptions (Details) - Share-based Payment Arrangement, Option [Member]	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Risk-free interest rate	0.46%	2.38%
Dividend yield	0.00%	0.00%
Expected common stock market price volatility factor	0.44%	0.41%
Weighted average expected life of stock options (years) (Year)	6 years 91 days	6 years 91 days

Note 9 - Stock-based Compensation - Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2020 $ / shares shares
Options outstanding, number of shares (in shares)	506,810
Options outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 6.89
Granted, number of shares (in shares)	113,980
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 3.49
Exercised, number of shares (in shares)
Forfeited, number of shares (in shares)	(27,140)
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	$ 6.30
Options outstanding, number of shares (in shares)	593,650
Options outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 6.26

Note 9 - Stock-based Compensation - Stock Option Activity (Details) (Parentheticals) - shares	Jun. 30, 2020	Dec. 31, 2019
Options exercisable (in shares)	202,055	87,900

Note 10 - Stock Repurchase Plan (Details Textual) - USD ($) $ in Thousands	3 Months Ended	56 Months Ended
	Mar. 31, 2020	Jun. 30, 2020	Jul. 31, 2019
Stock Repurchase Program, Authorized Amount			$ 3,000
Stock Repurchased and Retired During Period, Shares (in shares)	13,767	243,075
Stock Repurchased and Retired During Period, Value	$ 74	$ 1,216
Payments for Stock Repurchased Broker Fees		$ 6

Note 11 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
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 (Year)			4 years
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 92	$ 92	$ 257	$ 282
The Ambrell Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay			2.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 15	$ 14	$ 32	$ 37
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent			100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match			25.00%

Note 12 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Net revenues	$ 13,275		$ 14,352		$ 24,505	$ 32,414
Earnings (loss) before income tax expense (benefit)	183		(300)		(1,210)	1,162
Net earnings (loss)	170	$ (1,143)	(187)	$ 1,138	(973)	951
Corporate, Non-Segment [Member]
Earnings (loss) before income tax expense (benefit)	(65)		(711)		(28)	(1,440)
Net earnings (loss)	(53)		(610)		(22)	(1,178)
Thermal Testing Products [Member] \| Operating Segments [Member]
Net revenues	9,476		10,519		18,810	23,153
Earnings (loss) before income tax expense (benefit)	(13)		309		(439)	1,453
Net earnings (loss)	(3)		298		(353)	1,189
EMS [Member] \| Operating Segments [Member]
Net revenues	3,799		3,833		5,695	9,261
Earnings (loss) before income tax expense (benefit)	261		102		(743)	1,149
Net earnings (loss)	$ 226		$ 125		$ (598)	$ 940

- Definition

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

Note 12 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Identifiable Assets	$ 59,858	$ 59,715
Corporate, Non-Segment [Member]
Identifiable Assets	774	775
Thermal Testing Products [Member]
Identifiable Assets	51,380	51,621
EMS [Member]
Identifiable Assets	$ 7,704	$ 7,319

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

Note 12 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net revenues	$ 13,275	$ 14,352	$ 24,505	$ 32,414
UNITED STATES
Net revenues	4,954	6,283	10,673	13,093
Non-US [Member]
Net revenues	$ 8,321	$ 8,069	$ 13,832	$ 19,321

- Definition

+ References

+ Details

Note 12 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Property and Equipment	$ 2,295	$ 2,420
UNITED STATES
Property and Equipment	1,920	2,163
Non-US [Member]
Property and Equipment	$ 375	$ 257

Note 13 - Subsequent Events (Details Textual) - Former President and Chief Executive Officer [Member] - Subsequent Event [Member]	Aug. 06, 2020
Consulting Period (Month)	90 days
Consulting Renewal Period (Month)	90 days