0001437749-21-006901 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2020	Mar. 15, 2021	Jun. 30, 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 Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		10,703,056
Entity Public Float			$ 33,823,258
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Title of 12(b) Security	Common Stock, par value $0.01 per share

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 10,277	$ 7,612
Trade accounts receivable, net of allowance for doubtful accounts of $212 and $211, respectively	8,435	9,296
Inventories	7,476	7,182
Prepaid expenses and other current assets	776	805
Total current assets	26,964	24,895
Property and equipment:
Machinery and equipment	5,356	5,269
Leasehold improvements	2,636	2,424
Gross property and equipment	7,992	7,693
Less: accumulated depreciation	(5,642)	(5,273)
Net property and equipment	2,350	2,420
Right of use assets, net	6,387	4,842
Goodwill	13,738	13,738
Intangible assets, net	12,421	13,654
Restricted certificates of deposit	140	140
Other assets	30	26
Total assets	62,030	59,715
Current liabilities:
Accounts payable	2,424	1,984
Accrued wages and benefits	1,944	2,007
Accrued professional fees	776	805
Customer deposits and deferred revenue	396	456
Accrued sales commission	472	442
Current portion of operating lease liabilities	1,215	1,302
Domestic and foreign income taxes payable	825	868
Other current liabilities	804	497
Total current liabilities	8,856	8,361
Operating lease liabilities, net of current portion	6,050	3,794
Deferred tax liabilities	1,922	2,263
Other liabilities	450	463
Total liabilities	17,278	14,881
Commitments and Contingencies (Note 12)
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; 10,562,200 and 10,413,982 shares issued, respectively	106	104
Additional paid-in capital	26,851	26,256
Retained earnings	17,110	18,005
Accumulated other comprehensive earnings	889	673
Treasury stock, at cost; 33,077 shares	(204)	(204)
Total stockholders' equity	44,752	44,834
Total liabilities and stockholders' equity	$ 62,030	$ 59,715

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 212	$ 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)	10,562,200	10,413,982
Treasury stock, shares (in shares)	33,077	33,077

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net revenues	$ 53,823	$ 60,660
Cost of revenues	29,719	31,435
Gross margin	24,104	29,225
Operating expenses:
Selling expense	7,522	8,460
Engineering and product development expense	5,070	4,964
General and administrative expense	11,444	13,012
Restructuring and other charges	1,285	240
Total operating expenses	25,321	26,676
Operating income (loss)	(1,217)	2,549
Other income (loss)	(14)	55
Earnings (loss) before income tax expense (benefit)	(1,231)	2,604
Income tax expense (benefit)	(336)	282
Net earnings (loss)	$ (895)	$ 2,322
Net earnings (loss) per common share – basic (in dollars per share)	$ (0.09)	$ 0.22
Weighted average common shares outstanding – basic (in shares)	10,256,560	10,373,164
Net earnings (loss) per common share – diluted (in dollars per share)	$ (0.09)	$ 0.22
Weighted average common shares and common share equivalents outstanding – diluted (in shares)	10,256,560	10,391,975

Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net earnings (loss)	$ (895)	$ 2,322
Foreign currency translation adjustments	216	(110)
Comprehensive earnings (loss)	$ (679)	$ 2,212

- 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 - 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)			2,322			2,322
Other comprehensive earnings (loss)				(110)		(110)
Amortization of deferred compensation related to stock-based awards		884				884
Issuance of unvested shares of restricted stock (in shares)	132,580
Issuance of unvested shares of restricted stock	$ 1	1
Issuance of unvested shares of restricted stock	$ (1)	(1)
Forfeiture of unvested shares of restricted stock (in shares)	(12,325)
Repurchase and retirement of common stock (in shares)	(229,308)
Repurchase and retirement of common stock	$ (2)	(1,140)				$ (1,142)
Balance (in shares) at Dec. 31, 2019	10,413,982					10,413,982
Balance at Dec. 31, 2019	$ 104	26,256	18,005	673	(204)	$ 44,834
Net earnings (loss)			(895)			(895)
Other comprehensive earnings (loss)				216		216
Amortization of deferred compensation related to stock-based awards		671				671
Issuance of unvested shares of restricted stock (in shares)	229,110
Issuance of unvested shares of restricted stock	$ 2	2
Issuance of unvested shares of restricted stock	$ (2)	(2)
Forfeiture of unvested shares of restricted stock (in shares)	(67,125)
Repurchase and retirement of common stock (in shares)	(13,767)
Repurchase and retirement of common stock		(74)				$ (74)
Balance (in shares) at Dec. 31, 2020	10,562,200					10,562,200
Balance at Dec. 31, 2020	$ 106	$ 26,851	$ 17,110	$ 889	$ (204)	$ 44,752

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	$ (895)	$ 2,322
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	3,174	3,193
Impairment of right of use assets	612
Payment of earnout related to Ambrell acquisition		(12,167)
Provision for excess and obsolete inventory	444	391
Foreign exchange loss	26	3
Amortization of deferred compensation related to stock-based awards	671	884
Proceeds from sale of demonstration equipment, net of gain	82	167
Loss on disposal of property and equipment	22	55
Deferred income tax benefit	(341)	(426)
Changes in assets and liabilities:
Trade accounts receivable	887	1,244
Inventories	(717)	(1,058)
Prepaid expenses and other current assets	35	(129)
Restricted certificates of deposit		35
Other assets	(4)	(1)
Accounts payable	430	197
Accrued wages and benefits	(70)	(912)
Accrued professional fees	(31)	31
Customer deposits and deferred revenue	(62)	(797)
Accrued sales commission	29	(261)
Operating lease liabilities	(1,297)	(1,378)
Domestic and foreign income taxes payable	(48)	171
Other current liabilities	301	31
Net cash provided by (used in) operating activities	3,248	(8,405)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(658)	(620)
Proceeds from sale of property and equipment	10
Net cash used in investing activities	(648)	(620)
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)	(1,142)
Net cash used in financing activities	(74)	(1,142)
Effects of exchange rates on cash	139	(82)
Net cash provided by (used in) all activities	2,665	(10,249)
Cash and cash equivalents at beginning of period	7,612	17,861
Cash and cash equivalents at end of period	10,277	7,612
Cash payments for:
Domestic and foreign income taxes	54	535
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of unvested shares of restricted stock	971	837
Forfeiture of unvested shares of restricted stock	$ (405)	$ (88)

Note 1 - Nature of Operations

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Nature of Operations [Text Block]

(

)

NATURE OF OPERATIONS

two

operating segments which are also our reportable segments and reporting units: Thermal Products ("Thermal") and Electromechanical Solutions ("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. These sales all fall within the ATE sector of the broader semiconductor market. Our Thermal segment sells its products to many of these same types of customers; however, it also sells to customers in the wafer processing sector within the broader semiconductor market and to customers in a variety of other markets outside the semiconductor market, including the automotive, defense/aerospace, industrial (including consumer products packaging, fiber optics and other sectors within the broader industrial market), medical and telecommunications markets.

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 referred to our markets as “Semiconductor” (which included 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 included 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. Part of our strategy for growth includes potential acquisitions 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

Our net revenues from all of the markets we serve were significantly affected by COVID-

during the

first

half of

2020.

The impact of COVID-

on our net revenues from the Semi Market was intensified during the

first

half of the year because our business operations were also being negatively affected by a global downturn in the Semi Market at that time. The Semi Market, from which approximately half of our net revenues are derived, entered a cyclical downturn in the beginning 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. These indications included increased quoting activity and order levels for the

first

quarter of

2020

as compared to the

fourth

quarter of

2019.

However, we believe COVID-

delayed the recovery in the Semi Market as the increase in activity leveled off during late

March 2020.

Although we saw slightly increased order rates from our customers in the Semi Market during the

second

and

third

quarters of

2020,

it was

not

until the

fourth

quarter of

2020

that we saw a significant increase in our orders from the Semi Market which we believe indicates that we have now entered the next cyclical upturn. During the

fourth

quarter of

2020,

our orders from the Semi Market increased

53%

sequentially and were

141%

higher than in the

fourth

quarter of

2019,

the low point of the prior cyclical downturn for the products that we sell. We believe the level of increase in our orders from the Semi Market during the

fourth

quarter of

2020

reflects a combination of increased demand in the market resulting from the interruption of the normal recovery in the Semi Market cycle caused by the onset of COVID-

in the

first

half of

2020,

as well as increased demand for semiconductors, generally. We believe this increase in demand is being driven both by changing technology as well as increased use of technology across all aspects of daily life, such as in devices that facilitate remote work and education, smart technology used in homes and businesses, the increase in the amount of integrated circuits used in the automotive industry and changes occurring in the telecommunications and mobility markets.

As of the date of this filing, all of our operations continue to be 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. These modifications include a significant number of our employees working remotely. Such employees have been provided with the tools and technology necessary to do so. Additionally, we have implemented workplace safeguards designed to protect the health and well-being of our employees. Employees who remain in our facilities are following World Health Organization (“WHO”) and Centers for Disease Control and Prevention (“CDC”) recommended safety practices, as well as state and local directives. We have had occasions where

one

or more employees have contracted COVID-

and entered our facilities while infected. To date, we have managed these occurrences with minimal disruption to our business while protecting other employees, but there can be

assurances that we can avoid similar occurrences in the future or, that in such cases, we can avoid significant disruption of our operations.

The aftermarket service and support that we provide to our customers has been, and we expect

may

continue to be, adversely impacted by COVID-

19.

Specifically, the travel restrictions that remain in place, coupled with limitations on visitors into customer facilities, have resulted in the reduction or suspension of certain activities. The net revenues associated with these aftermarket service and support activities typically range from

10%

of our consolidated net revenues. Although these net revenues returned to a more typical range during the

third

and

fourth

quarters of

2020,

if the spread of COVID-

or variations of the virus worsen, these revenues

may

be reduced in future periods.

While the negative impact of COVID-

on our business was reduced significantly in the

second

half of

2020,

the spread of the virus or variants of the virus could worsen and

one

or more of our significant customers or suppliers could be impacted, or significant additional governmental regulations and restrictions could be imposed, thus negatively impacting our business in the future. As a result of our current level of working capital as well as the availability of our revolving credit facility, which is discussed in Note

to our consolidated financial statements, we currently expect to have sufficient liquidity to operate our business throughout

2021,

as further described in this Report. Our revolving credit facility will mature on

April 9, 2021.

Note 2 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 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 ("U.S. GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain of our accounts, including inventories, long-lived assets, goodwill, identifiable intangibles and deferred tax assets and liabilities including related valuation allowances, are particularly impacted by estimates.

Reclassification

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

Subsequent Events

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

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

December 31, 2020.

Business Combinations

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

third

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

Restructuring and Other Charges

In accordance with the guidance in Accounting Standards Codification (“ASC”) Topic

420

(Exit or Disposal Cost Obligations), we recognize a liability for restructuring costs at fair value only when the liability is incurred. Workforce-related charges are accrued when it is determined that a liability has been incurred, which is generally after individuals have been notified of their termination dates and expected severance benefits. Depending on the timing of the termination dates, these charges

may

be recognized upon notification or ratably over the remaining required service period of the employees. Plans to consolidate excess facilities

may

result in lease termination fees and impairment charges related to our right-of-use (“ROU”) assets that are associated with the leases for these facilities. Other long-lived assets that

may

be impaired as a result of restructuring consist of property and equipment, goodwill and intangible assets. Asset impairment charges included in restructuring and other charges are based on an estimate of the amounts and timing of future cash flows related to the expected future remaining use and ultimate sale or disposal of the asset, and, in the case of our ROU assets, would include expected future sublease rental income, if applicable. These estimates are derived using the guidance in ASC Topic

842

(Leases), ASC Topic

360

(Property, Plant and Equipment) and ASC Topic

350

(Intangibles - Goodwill and Other).

Cash and Cash Equivalents

Short-term investments that have maturities of

three

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

may

exceed the federally insured limits. We have

not

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

Trade Accounts Receivable and Allowance for Doubtful Accounts

Trade accounts receivable are recorded at the invoiced amount and do

not

bear interest. We grant credit to customers and generally require

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

not

have any significant off-balance sheet credit exposure related to our customers. There was

bad debt expense recorded for the year ended

December 31, 2020.

We recorded bad debt expense of

for the year ended

December 31, 2019.

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

Fair Value of Financial Instruments

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

Goodwill, Intangible and Long-Lived Assets

We have

two

operating segments which are also our reporting units: Thermal and EMS. 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, property and equipment and right-of-use (“ROU”) 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. 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 innovative test and process solutions for use in manufacturing and testing across a wide range of markets including automotive, defense/aerospace, industrial, medical, 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, industrial, medical 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. We incurred excess and obsolete inventory charges of

$444

and

$391

for the years ended

December 31, 2020

and

2019,

respectively.

Property and Equipment

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

one

ten

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

$630

and

$685

for the years ended

December 31, 2020

and

2019,

respectively.

Leases

We account for leases in accordance with ASC Topic

842

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

may

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

not

have any practical ability to substitute a different asset and would

not

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

842.

Operating leases are included in operating lease ROU assets and operating lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment and financing lease liabilities. We do

not

currently have any financing leases.

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

None

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

may

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

not

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

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

not

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

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

We have made an accounting policy election

not

to apply the recognition requirements of ASC Topic

842

to short-term leases (leases with a term of

one

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

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

for further disclosures regarding our leases.

Contingent Liability for Repayment of State and Local Grant Funds Received

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

May 2018,

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

December 31, 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

$27

December 31, 2020.

As of

December 31, 2020,

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, 2020.

We have until

December 31, 2021

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

December 31, 2020.

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

13.

Engineering and Product Development

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

Foreign Currency

For our foreign subsidiaries whose functional currencies are

not

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

December 31, 2020

and

2019,

foreign currency transaction losses were

$26

and

$3,

respectively.

Income Taxes

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

not

that such assets will

not

be realized. See Note

for additional information regarding income taxes.

Net Earnings (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 (loss) per share because their effect was anti-dilutive:

	Years Ended December 31,
	2020		2019

Weighted average common shares outstanding–basic		10,256,560		10,373,164
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		-		18,811
Weighted average common shares and common share equivalents outstanding–diluted		10,256,560		10,391,975
Average number of potentially dilutive securities excluded from calculation		717,015		523,485

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 - Restructuring and Other Charges

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Restructuring, Impairment, and Other Activities Disclosure [Text Block]

(

)

RESTRUCTURING AND OTHER CHARGES

EMS Segment Restructuring and Facility Consolidation

September 21, 2020,

we notified employees in our Fremont, California facility of a plan to consolidate all manufacturing for our EMS segment into our manufacturing operations located in Mt. Laurel, New Jersey. The consolidation was substantially completed during the

fourth

quarter of

2020

and resulted in the termination of certain employees at the Fremont location. Prior to the consolidation, our interface products were manufactured in the Fremont facility, and our manipulator and docking hardware products were manufactured in the Mt. Laurel facility. The consolidation was undertaken to better serve customers through streamlined operations and reduce the fixed annual operating costs for the EMS segment. A small engineering and sales office will be maintained in northern California.

As a result of this action, we incurred charges for severance and other

one

-time termination benefits, other associated costs, including moving and production start-up costs, and charges related to exiting the facility, including an impairment charge related to the ROU asset for the lease of the Fremont facility. The total costs incurred in

2020

related to this action were

$903.

We expect to incur additional charges in the

first

half of

2021

as we finalize the integration of the manufacturing operations. These additional costs are expected to range from

$100

$150.

We intend to try to sublease our facility located in Fremont, California. When manufacturing operations ceased in the Fremont facility on

December 28, 2020,

we recorded a non-cash impairment charge of

$522

related to the ROU asset for the lease of the Fremont facility as we do

not

currently expect to sublet the facility for the full remaining term of the lease. As of

December 31, 2020,

after recording the impairment charge, the ROU asset related to this facility totaled

$597.

Details of the cash and non-cash charges recorded during the year ended

December 31, 2020

related to the EMS segment restructuring and facility consolidation are below. These costs are included in restructuring and other charges on our consolidated statement of operations for the year ended

December 31. 2020.

	Cash Charges		Non-Cash Charges		Total Charges
Severance and other one-time termination benefits	$	69	$	-	$	69
Other associated costs		159		-		159
Impairment of ROU asset		-		522		522
Costs related to subletting the Fremont, CA facility		153		-		153
Total	$	381	$	522	$	903

Executive Management Changes

August 6, 2020,

James Pelrin resigned 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 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 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 became effective as of the Start Date. The letter agreement is included as Exhibit

10.2

to our

-K filed on

August 11, 2020

with the SEC.

Total costs incurred during the year ended

December 31, 2020

related to these executive management changes were

$514,

which consisted of fees for the executive management search firm, legal fees related to the transition, and severance and consulting fees paid to our former CEO. These costs were partially offset by the reversal of

$117

of expense related to stock-based compensation awards forfeited at his termination date by our former CEO.

In addition, in connection with these actions, we have reduced the administrative footprint in our Mansfield, Massachusetts corporate office associated with the reestablishment of the Mt. Laurel, New Jersey office as our corporate headquarters. We recorded a non-cash impairment charge of

$90

during the

fourth

quarter of

2020

related to the ROU asset associated with the lease of the corporate space in Mansfield and a cash charge of

$99

for other costs related to reducing the size of this facility. We intend to try to sublease this space, but we do

not

currently expect to sublet it for the full remaining term of the lease. As of

December 31, 2020,

after recording the impairment charge, the ROU asset related to this space totaled

$139.

We do

not

expect to incur any additional costs related to these actions after

December 31, 2020.

Details of the cash and non-cash charges recorded during the year ended

December 31, 2020

related to these actions are below. These severance and

one

-time termination benefits, the impairment charge and the costs associated with subletting the facility in Mansfield are included in restructuring and other charges on our consolidated statement of operations for the year ended

December 31. 2020.

The other associated costs in the table below are included in general and administrative expense on our consolidated statement of operations for the year ended

December 31, 2020.

	Cash Charges		Non-Cash Charges		Total Charges
Severance and other one-time termination benefits	$	133	$	-	$	133
Other associated costs		381		-		381
Impairment of ROU asset		-		90		90
Costs related to subletting the Mansfield, MA facility		99		-		99
Total	$	613	$	90	$	703

Other Charges

In addition to the charges discussed above, during

2020,

we recorded cash charges for severance and other

one

-time termination benefits of

$46

and other costs of

$14

related to headcount reductions and employee relocation. The headcount reductions were primarily in our Thermal segment as a result of a slow-down in business activity early in the year. These costs are included in restructuring and other charges on our consolidated statement of operations for the year ended

December 31. 2020.

Consolidation of Ambrell

s European Operations

During the year ended

December 31, 2019,

we recorded

$240

of restructuring and other charges which were primarily related to the consolidation of Ambrell's European operations. These costs included severance and other

one

-time termination benefits of

$137

and other costs related to the consolidation of

$103.

Accrued Restructuring

The liability for accrued restructuring charges is included in other current liabilities on our consolidated balance sheet. Changes in the amount of the liability for accrued restructuring for the years ended

December 31, 2020

and

2019

are as follows:

Balance - January 1, 2019	$	-
Accruals for severance and other one-time termination benefits		137
Accruals for costs related to the consolidation of Ambrell's European operations		103
Cash payments		(240	)
Balance - December 31, 2019		-
Accruals for severance and other one-time termination benefits		248
Accruals for costs related to subletting the Fremont, CA facility		153
Accruals for costs related to subletting the Mansfield, MA facility		98
Cash payments		(159	)
Balance - December 31, 2020	$	340

Note 4 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

(

)

GOODWILL AND INTANGIBLE ASSETS

We have

two

operating segments which are also our reporting units: Thermal and EMS. Goodwill and intangible assets on our balance sheets are the result of our acquisitions of Sigma Systems Corp. ("Sigma") in

October 2008,

Thermonics, Inc. ("Thermonics") in

January 2012

and Ambrell in

May 2017.

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

Goodwill

Goodwill totaled

$13,738

at both

December 31, 2020

and

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 years ended

December 31, 2020

and

2019

are as follows:

Balance - January 1, 2019	$	8,201
Amortization		(1,257	)
Balance - December 31, 2019		6,944
Amortization		(1,233	)
Balance - December 31, 2020	$	5,711

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

December 31, 2020

and

2019:

	December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	10,480	$	4,912	$	5,568
Technology		600		477		123
Patents		590		570		20
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		12,080		6,369		5,711
Indefinite-lived intangible assets:
Trademarks		6,710		-		6,710
Total intangible assets	$	18,790	$	6,369	$	12,421

	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.

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

five

years:

2021	$	1,227
2022	$	1,167
2023	$	1,067
2024	$	980
2025	$	905

Impairment of Goodwill and Indefinite Life Intangible Assets

During

December 2020

and

2019,

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

350

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

2020

and

2019

for the discounted cash flows was

20.0%

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

During the goodwill impairment assessment in both

2020

and

2019,

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

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

2020

and

2019.

During the indefinite life intangible asset impairment assessment in both

2020

and

2019,

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

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

2020

and

2019.

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

During

2020

and

2019,

we did

not

review any of our long-lived assets for impairment other than the ROU assets related to the leases for our facilities in Fremont, CA and Mansfield, MA as discussed further in Notes

and

There were

events or changes in business circumstances that would indicate an impairment might exist other than the events identified and discussed in Note

related to these specific long-lived assets.

Note 5 - Revenue From Contracts With Customers

12 Months Ended

Dec. 31, 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.

	Years Ended December 31,
	2020		2019
Net revenues by customer type:
End user	$	48,041	$	55,074
OEM/Integrator		5,782		5,586
	$	53,823	$	60,660
Net revenues by product type:
Thermal test	$	15,768	$	17,631
Thermal process		18,966		20,079
Semiconductor test		13,112		16,273
Service/other		5,977		6,677
	$	53,823	$	60,660
Net revenues by market:
Semi Market	$	26,870	$	30,953
Industrial		17,341		21,231
Defense/aerospace		6,314		4,842
Telecommunications		1,715		1,845
Other Multi Markets		1,583		1,789
	$	53,823	$	60,660

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

December 31, 2020

and

2019

are as follows:

Balance - January 1, 2019	$	233
Bad debt expense		3
Write-offs		(25	)
Balance - December 31, 2019		211
Bad debt expense		-
Write-offs		-
Foreign currency translation adjustments		1
Balance - December 31, 2020	$	212

- 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
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Note 6 - Major Customers

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

(

)

MAJOR CUSTOMERS

During the year ended

December 31, 2020,

customer accounted for

10%

or more of our consolidated net revenues. During the year ended

December 31, 2019,

Texas Instruments Incorporated accounted

10%

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

December 31, 2019,

other customer accounted for

10%

or more of our consolidated net revenues.

Note 7 - Inventories

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

(

)

INVENTORIES

Inventories held at

December 31

were comprised of the following:

	2020		2019
Raw materials	$	5,371	$	5,369
Work in process		1,085		949
Inventory consigned to others		45		54
Finished goods		975		810
Total inventories	$	7,476	$	7,182

Note 8 - Leases

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

(

)

LEASES

As previously discussed in Note

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

842.

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

2031.

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

December 31, 2020

and

2019,

respectively, were as follows:

	Years Ended December 31,
	2020		2019

Operating lease cost	$	1,583	$	1,476
Short-term lease cost	$	47	$	51

The following is additional information about our leases as of

December 31, 2020:

Range of remaining lease terms (in years)	0.1	to	10.0
Weighted average remaining lease term (in years)		6.4
Weighted average discount rate		4.3%

Maturities of lease liabilities as of

December 31, 2020

were as follows:

2021	$	1,481
2022		1,405
2023		1,416
2024		1,395
2025		722
Thereafter		1,845
Total lease payments	$	8,264
Less imputed interest		(999	)
Total	$	7,265

Cash Flow Information

Total amortization of right of use assets for the years ended

December 31, 2020

and

2019

was

$1,294

and

$1,251,

respectively.

ROU Asset Impairment Charges

During the

fourth

quarter of

2020,

we recorded charges for non-cash impairments related to certain of our ROU assets as discussed further in Note

The total of these charges was

$612.

In determining whether our ROU assets were impaired, we considered the intended future use of the assets, including whether we expect to be able to sublease the related facilities. In both cases, we expect to eventually be able to sublease the facilities, but we currently do

not

expect to successfully negotiate a sublease for either facility in

2021.

Our projected future cash inflows from sublease income reflect this expectation. In order to determine whether an impairment existed, we compared all future cash outflows related to the lease for the underlying ROU asset and compared this with our projected future cash inflows from the sublease. We developed several scenarios to model the expected timing and amount of sublease income we expect to receive. In all cases, the future cash outflows exceeded the expected future cash inflows, resulting in the conclusion that the ROU assets were impaired. We then discounted the projected deficit in each scenario using our estimated cost of capital and probability weighted the results to determine the amount of the impairment charge to record. To the extent that our estimate of future cash inflows exceeds the amount we ultimately receive from any sublease we enter into for these facilities, we

may

need to record an additional impairment charge related to these ROU assets in a future period.

Lease Modifications and Additions

Supplemental cash flow information related to leases for the years ended

December 31, 2020

and

2019

was as follows:

Year ended December 31, 2020
Non-cash increases (decreases) in operating lease liabilities and ROU assets as a result of lease modifications and the execution of new leases:
Modification to lease for facility in Fremont, California	$	1,176
Modification to lease for facility in Mt. Laurel, New Jersey	$	2,051
Modification to lease for Ambrell's Netherlands facility	$	133
Additions to automobile leases	$	91

January 23, 2020,

we executed an amendment to the lease for our EMS facility in Fremont, California, 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.

September 22, 2020,

we executed an amendment to the lease for our EMS facility in Mt. Laurel, New Jersey, which extended the term of the existing lease for a period of

120

months commencing on

May 1, 2021.

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

$2,051.

In addition, effective on

August 1, 2021,

the leased space will be reduced to approximately

33,650

square feet.

October 1, 2020,

the lease for Ambrell's Netherlands facility automatically renewed for an additional

three

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

$133.

During the

fourth

quarter of

2020,

we executed new leases for automobiles for certain of our employees in Europe. At the dates of execution, we recorded increases in our ROU assets and operating lease liabilities. The total increase recorded in

2020

related to these new leases was approximately

$91.

Year ended December 31, 2019
Non-cash increases (decreases) in operating lease liabilities and ROU assets as a result of lease modifications:
Modification to lease for Ambrell's U.K. facility	$	(486	)
Modification to lease for facility in Mansfield, Massachusetts	$	1,811
Modification to lease for Ambrell's Netherlands facility	$	(48	)

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

years, which extended through

August 2029.

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

March 2019,

and the lease expired in

September 2019.

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

$486.

April 8, 2019,

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

forty

months to

December 31, 2024

and expanded the amount of leased space by approximately

6,100

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

August 31, 2021 (

the original expiration date of the lease) did

not

change. After

August 31, 2021,

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

$1,811.

During the

third

quarter of

2019,

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

September 2019

as that portion of the space was

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

$48.

Note 9 - Other Current Liabilities

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

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

(

)

OTHER CURRENT LIABILITIES

Other current liabilities at

December 31

were comprised of the following:

	2020		2019
Accrued restructuring	$	340	$	-
Accrued warranty		235		334
Other		229		163
Total other current liabilities	$	804	$	497

Note 10 - Debt

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

(

)

DEBT

Letters of Credit

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

days prior to their expiration dates for successive terms of

not

less than

one

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

$125

$90

April 1, 2019.

Our outstanding letters of credit at

December 31, 2020

and

2019

consisted of the following:

L/C

Lease

Letters of Credit

Amount Outstanding

Facility

Original L/C

Issue Date

Expiration

Date

Expiration

Date

Dec. 31

2020

Dec. 31

2019

Mt. Laurel, NJ

3/29/2010

4/30/2021

4/30/2031

Mansfield, MA

10/27/2010

12/31/2024

140

Line of Credit

April 10, 2020 (

the “Closing Date”) we entered into a Loan and Security Agreement (the “Agreement”) with M&T Bank (“M&T”) which was amended on

December 16, 2020.

Under the terms of the amended Agreement, M&T has provided us with a

$7,500

revolving credit facility under which our domestic subsidiaries, Ambrell, inTEST EMS LLC (“EMS LLC”), Temptronic Corporation (“Temptronic”) and inTEST Silicon Valley Corporation (“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

2.0%.

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

December 31, 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 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. We did

not

borrow under this revolving credit facility at any other time during

2020.

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

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 administered by the U.S. Small Business Administration totaling

$2,829.

We repaid the full amount of the PPP loans on

May 5, 2020

with the applicable interest.

Note 11 - Income Taxes

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(

)

INCOME TAXES

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

Earnings (loss) before income taxes was as follows:

	Years Ended December 31,
	2020			2019
Domestic	$	(2,017	)	$	1,804
Foreign		786			800
Total	$	(1,231	)	$	2,604

Income tax expense (benefit) was as follows:

	Years Ended December 31,
	2020			2019
Current
Domestic – Federal	$	(182	)	$	510
Domestic – state		53			101
Foreign		135			97
Total	$	6		$	708
Deferred
Domestic – Federal	$	(299	)	$	(413	)
Domestic – state		(7	)		(13	)
Foreign		(36	)		-
Total		(342	)		(426	)
Income tax expense	$	(336	)	$	282

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

December 31, 2020

and

2019:

	December 31,
	2020			2019
Deferred tax assets:
Operating lease liabilities	$	1,601		$	1,123
Inventories		321			247
Accrued vacation pay and stock-based compensation		252			279
Net operating loss (state and foreign)		241			280
Allowance for doubtful accounts		44			44
Accrued warranty		13			19
Acquisition costs		10			12
Tax credit carryforwards		5			112
Other		71			13
Total		2,558			2,129
Valuation allowance		(169	)		(234	)
Deferred tax assets		2,389			1,895
Deferred tax liabilities:
Net intangible assets		(2,697	)		(2,923	)
Right of use assets		(1,400	)		(1,066	)
Depreciation of property and equipment		(214	)		(169	)
Deferred tax liabilities		(4,311	)		(4,158	)
Net deferred tax liabilities	$	(1,922	)	$	(2,263	)

The net change in the valuation allowance for the years ended

December 31, 2020

and

2019

was a decrease of

$65

and

$7,

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

not

that some portion or all of the deferred tax assets will

not

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

2040.

An analysis of the effective tax rate for the years ended

December 31, 2020

and

2019

and a reconciliation from the expected statutory rate of

21%

is as follows:

	Years Ended December 31,
	2020			2019
Expected income tax expense (benefit) at U.S. statutory rate	$	(259	)	$	547
Increase (decrease) in tax from:
Dividend from foreign subsidiaries		83			97
NOL carryforwards utilized		64			32
Restricted stock compensation		62			114
Global intangible low taxed income		35			30
Nondeductible expenses		8			4
Current year tax credits (foreign and research)		(82	)		(234	)
Domestic tax benefit, net of Federal benefit		(68	)		(184	)
Changes in valuation allowance		(65	)		(7	)
Foreign income tax rate differences		(34	)		(51	)
Section 250 foreign derived intangible income deduction		(9	)		(145	)
Other		(71	)		79
Income tax expense (benefit)	$	(336	)	$	282

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

740

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

not

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

December 31, 2020

and

2019,

we did

not

have an accrual for uncertain tax positions.

We file U.S. income tax returns and multiple state and foreign income tax returns. With few exceptions, the U.S. and state income tax returns filed for the tax years ended

December 31, 2017

and thereafter are subject to examination by the relevant taxing authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Note 12 - Legal Proceedings

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Legal Matters and Contingencies [Text Block]

(

)

LEGAL PROCEEDINGS

From time to time we

may

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

not

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

Note 13 - Stock-based Compensation Plan

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

(

)

STOCK-BASED COMPENSATION PLAN

As of

December 31, 2020,

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

2014

Stock Plan (the

"2014

Stock Plan"). The

2014

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

June 25, 2014

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

500,000

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

June 27, 2018,

our stockholders approved the amendment and restatement of the

2014

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

may

be delivered pursuant to awards granted under the

2014

Stock Plan from

500,000

1,000,000

shares. On

June 19, 2019,

our stockholders approved the amendment and restatement of the

2014

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

may

be delivered pursuant to awards granted under the

2014

Stock Plan from

1,000,000

2,000,000

shares. As of

December 31, 2020,

there were

1,067,979

aggregate shares available to grant under the

2014

Plan.

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

December

31,

2020,

total compensation expense to be recognized in future periods is

$1,353.

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

2.6

years.

The following table summarizes the compensation expense we recorded during

2020

and

2019,

related to unvested shares of restricted stock and stock options:

	Years Ended December 31,
	2020		2019
Cost of revenues	$	-	$	-
Selling expense		12		8
Engineering and product development expense		42		35
General and administrative expense		617		841
	$	671	$	884

There was

compensation expense capitalized in

2020

2019.

Stock Options

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

option

may

be granted with an exercise period in excess of

ten

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

four

years.

The fair value for stock options granted during

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	%		2.35	%
Dividend yield		0.00	%		0.00	%
Expected common stock market price volatility factor		.44			.42
Weighted average expected life of stock options (years)		6.25			6.25

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

2020

and

2019

was

$1.48

and

$2.75,

respectively.

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

two

years ended

December 31, 2020:

	Number of Shares			Weighted Average Exercise Price
Options outstanding, January 1, 2019		264,400			7.54
Granted		249,460			6.25
Exercised		-			-
Canceled		(7,050	)		8.45
Options outstanding, December 31, 2019 (87,900 exercisable)		506,810			6.89
Granted		113,980			3.49
Exercised		-			-
Canceled		(182,590	)		6.31
Options outstanding, December 31, 2020 (204,630 exercisable)		438,200			6.25

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).

August 24, 2020,

our new President and CEO received

two

restricted stock awards totaling

141,610

shares valued at

$650

as of the date of grant, which was also his hire date. Of the total shares awarded,

66,448

shares vest over

years (

25%

at each anniversary) and

75,162

vest on the

third

anniversary of the grant date at a vesting percentage that could range from

150%

of the number of shares awarded on

August 24, 2020.

The final vesting percentage will be based on the achievement of certain performance metrics, including net revenue compound annual growth rate and diluted earnings per share excluding amortization of intangibles, for specified time periods as determined by the Compensation Committee of our Board of Directors. As of

December 31, 2020,

we have estimated that these shares will vest at

100%

of the original amount awarded and are recording expense based on this estimate on a straight-line basis over the

three

year vesting period. Our estimate of the final expected vesting percentage will be reassessed and adjusted, as needed, at the end of each reporting period.

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

two

years ended

December 31, 2020:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2019		114,750			6.92
Granted		132,580			6.31
Vested		(69,974	)		6.60
Forfeited		(12,325	)		7.14
Unvested shares outstanding, December 31, 2019		165,031			6.55
Granted		229,110			4.24
Vested		(89,861	)		5.32
Forfeited		(67,125	)		6.03
Unvested shares outstanding, December 31, 2020		237,155			4.93

The total fair value of the restricted stock awards that vested during the years ended

December 31, 2020

and

2019

was

$357

and

$426,

respectively, as of the vesting dates of these awards.

Note 14 - Stock Repurchase Plans

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Stock Repurchase Plan [Text Block]

(

)

STOCK REPURCHASE PLANS

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

shares 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

December 31, 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.

In addition, on

July 31, 2019,

our Board of Directors terminated the

2015

Stock Repurchase Plan which had been authorized on

October 27, 2015

and under which we had repurchased a total of

297,020

shares at a cost of

$1,195.

The shares were repurchased between

December 2015

and

January 2017.

All of the repurchased shares were retired.

Note 15 - Employee Benefit Plans

12 Months Ended

Dec. 31, 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, EMS LLC, Temptronic and 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 years ended

December 31, 2020

and

2019

we recorded

$331

and

$382

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

six

months 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

50%

of each employee's contributions up to a maximum of

10%

of the employee's deferral with a maximum limit of

$5.

For the years ended

December 31, 2020

and

2019

we recorded

$62

and

$49

of expense for matching contributions, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Note 16 - Segment Information

12 Months Ended

Dec. 31, 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. See Note

for information related to the planned closure of our manufacturing facility in Fremont, California.

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, industrial, medical, telecommunications and other markets.

	Years Ended December 31,
	2020			2019
Net revenues from unaffiliated customers:
Thermal	$	40,209		$	43,823
EMS		13,614			16,837
	$	53,823		$	60,660
Depreciation/amortization:
Thermal	$	1,727		$	1,810
EMS		109			118
Corporate		27			14
	$	1,863		$	1,942
Operating income (loss):
Thermal	$	325		$	2,334
EMS		(1,113	)		1,725
Corporate		(429	)		(1,510	)
	$	(1,217	)	$	2,549
Earnings (loss) before income tax expense (benefit):
Thermal	$	306		$	2,370
EMS		(1,077	)		1,767
Corporate		(460	)		(1,533	)
	$	(1,231	)	$	2,604
Income tax expense (benefit):
Thermal	$	84		$	257
EMS		(294	)		194
Corporate		(126	)		(169	)
	$	(336	)	$	282
Net earnings (loss):
Thermal	$	222		$	2,113
EMS		(783	)		1,573
Corporate		(334	)		(1,364	)
	$	(895	)	$	2,322
Capital expenditures:
Thermal	$	371		$	501
EMS		284			46
Corporate		3			73
	$	658		$	620

	December 31,
	2020		2019
Identifiable assets:
Thermal	$	50,782	$	51,621
EMS		9,667		7,319
Corporate		1,581		775
	$	62,030	$	59,715

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

	Years Ended December 31,
	2020		2019
Net revenues from unaffiliated customers:
U.S.	$	22,211	$	25,283
Foreign		31,612		35,377
	$	53,823	$	60,660

	December 31,
	2020		2019
Property and equipment:
U.S.	$	2,053	$	2,163
Foreign		297		257
	$	2,350	$	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.

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+ Details

Note 17 - Quarterly Consolidated Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Quarterly Financial Information [Text Block]

(

)

QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

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

eight

quarters ended

December 31, 2020.

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

not

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

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

may

not

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

may

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

	Quarters Ended
	3/31/20 (1)			6/30/20 (2)		9/30/20 (3)			12/31/20 (4)			Total
Net revenues	$	11,230		$	13,275	$	14,443		$	14,875		$	53,823
Gross margin		4,867			6,067		6,450			6,720			24,104
Earnings (loss) before income tax expense (benefit)		(1,393	)		183		433			(454	)		(1,231	)
Income tax expense (benefit)		(250	)		13		(25	)		(74	)		(336	)
Net earnings (loss)		(1,143	)		170		458			(380	)		(895	)

Net earnings (loss) per common share – basic	$	(0.11	)	$	0.02	$	0.04		$	(0.04	)	$	(0.09	)
Weighted average common shares outstanding – basic		10,220,853			10,252,490		10,269,995			10,282,903			10,256,560
Net earnings (loss) per common share – diluted	$	(0.11	)	$	0.02	$	0.04		$	(0.04	)	$	(0.09	)
Weighted average common shares outstanding – diluted		10,220,853			10,258,917		10,287,562			10,282,903			10,256,560

	Quarters Ended
	3/31/19		6/30/19 (5)			9/30/19 (6)		12/31/19			Total
Net revenues	$	18,062	$	14,352		$	14,632	$	13,614		$	60,660
Gross margin		8,836		6,719			7,205		6,465			29,225
Earnings (loss) before income tax expense (benefit)		1,462		(300	)		794		648			2,604
Income tax expense (benefit)		324		(113	)		147		(76	)		282
Net earnings (loss)		1,138		(187	)		647		724			2,322

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

	( 1 )	The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 3.
	( 2 )	The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 3.
	( 3 )	The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 3.
	( 4 )	The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 3
	( 5 )	The quarter ended June 30, 2019 includes $223 of restructuring and other charges which are discussed in Note 3.
	( 6 )	The quarter ended September 30, 2019 includes $17 of restructuring and other charges which are discussed in Note 3.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

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

inTEST CORPORATION

SCHEDULE II -- VALUATION AND QUALIFYING ACCOUNTS

(in thousands)

	Balance at Beginning of Period		Expense (Recovery)		Deductions			Foreign Currency Translation Adjustments		Balance at End of Period

Year Ended December 31, 2020
Allowance for doubtful accounts	$	211	$	-	$	-		$	1	$	212
Warranty reserve		334		32		(131	)		-		235

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

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

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

Basis of Presentation and Use of Estimates

Reclassification, Comparability Adjustment [Policy Text Block]

Reclassification

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

Subsequent Events, Policy [Policy Text Block]

Subsequent Events

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

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

December 31, 2020.

Business Combinations Policy [Policy Text Block]

Business Combinations

third

Restructuring And Other Charges [Policy Text Block]

Restructuring and Other Charges

In accordance with the guidance in Accounting Standards Codification (“ASC”) Topic

420

may

be recognized upon notification or ratably over the remaining required service period of the employees. Plans to consolidate excess facilities

may

result in lease termination fees and impairment charges related to our right-of-use (“ROU”) assets that are associated with the leases for these facilities. Other long-lived assets that

may

842

(Leases), ASC Topic

360

(Property, Plant and Equipment) and ASC Topic

350

(Intangibles - Goodwill and Other).

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Short-term investments that have maturities of

three

may

exceed the federally insured limits. We have

not

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

Receivable [Policy Text Block]

Trade Accounts Receivable and Allowance for Doubtful Accounts

Trade accounts receivable are recorded at the invoiced amount and do

not

bear interest. We grant credit to customers and generally require

not

have any significant off-balance sheet credit exposure related to our customers. There was

bad debt expense recorded for the year ended

December 31, 2020.

We recorded bad debt expense of

for the year ended

December 31, 2019.

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

Fair Value Measurement, Policy [Policy Text Block]

Fair Value of Financial Instruments

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

Goodwill Intangible And Long Lived Assets [Policy Text Block]

Goodwill, Intangible and Long-Lived Assets

We have

two

operating segments which are also our reporting units: Thermal and EMS. 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

$444

and

$391

for the years ended

December 31, 2020

and

2019,

respectively.

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

Property and Equipment

one

ten

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

$630

and

$685

for the years ended

December 31, 2020

and

2019,

respectively.

Lessee, Leases [Policy Text Block]

Leases

We account for leases in accordance with ASC Topic

842

may

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

not

have any practical ability to substitute a different asset and would

not

842.

not

currently have any financing leases.

None

may

not

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

not

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

We have made an accounting policy election

not

to apply the recognition requirements of ASC Topic

842

to short-term leases (leases with a term of

one

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

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

for further disclosures regarding our leases.

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

Contingent Liability for Repayment of State and Local Grant Funds Received

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

May 2018,

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

December 31, 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

$27

December 31, 2020.

As of

December 31, 2020,

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, 2020.

We have until

December 31, 2021

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

December 31, 2020.

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

13.

Research and Development Expense, Policy [Policy Text Block]

Engineering and Product Development

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency

For our foreign subsidiaries whose functional currencies are

not

December 31, 2020

and

2019,

foreign currency transaction losses were

$26

and

$3,

respectively.

Income Tax, Policy [Policy Text Block]

Income Taxes

not

that such assets will

not

be realized. See Note

for additional information regarding income taxes.

Earnings Per Share, Policy [Policy Text Block]

Net Earnings (Loss) Per Common Share

	Years Ended December 31,
	2020		2019

Weighted average common shares outstanding–basic		10,256,560		10,373,164
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		-		18,811
Weighted average common shares and common share equivalents outstanding–diluted		10,256,560		10,391,975
Average number of potentially dilutive securities excluded from calculation		717,015		523,485

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)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

	Years Ended December 31,
	2020		2019

Weighted average common shares outstanding–basic		10,256,560		10,373,164
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		-		18,811
Weighted average common shares and common share equivalents outstanding–diluted		10,256,560		10,391,975
Average number of potentially dilutive securities excluded from calculation		717,015		523,485

Note 3 - Restructuring and Other Charges (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Restructuring and Related Costs [Table Text Block]

	Cash Charges		Non-Cash Charges		Total Charges
Severance and other one-time termination benefits	$	69	$	-	$	69
Other associated costs		159		-		159
Impairment of ROU asset		-		522		522
Costs related to subletting the Fremont, CA facility		153		-		153
Total	$	381	$	522	$	903

	Cash Charges		Non-Cash Charges		Total Charges
Severance and other one-time termination benefits	$	133	$	-	$	133
Other associated costs		381		-		381
Impairment of ROU asset		-		90		90
Costs related to subletting the Mansfield, MA facility		99		-		99
Total	$	613	$	90	$	703

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

Balance - January 1, 2019	$	-
Accruals for severance and other one-time termination benefits		137
Accruals for costs related to the consolidation of Ambrell's European operations		103
Cash payments		(240	)
Balance - December 31, 2019		-
Accruals for severance and other one-time termination benefits		248
Accruals for costs related to subletting the Fremont, CA facility		153
Accruals for costs related to subletting the Mansfield, MA facility		98
Cash payments		(159	)
Balance - December 31, 2020	$	340

Note 4 - Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 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, 2019	$	8,201
Amortization		(1,257	)
Balance - December 31, 2019		6,944
Amortization		(1,233	)
Balance - December 31, 2020	$	5,711

Schedule Of Intangible Assets [Table Text Block]

	December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	10,480	$	4,912	$	5,568
Technology		600		477		123
Patents		590		570		20
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		12,080		6,369		5,711
Indefinite-lived intangible assets:
Trademarks		6,710		-		6,710
Total intangible assets	$	18,790	$	6,369	$	12,421

	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]

2021	$	1,227
2022	$	1,167
2023	$	1,067
2024	$	980
2025	$	905

Note 5 - Revenue From Contracts With Customers (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Years Ended December 31,
	2020		2019
Net revenues by customer type:
End user	$	48,041	$	55,074
OEM/Integrator		5,782		5,586
	$	53,823	$	60,660
Net revenues by product type:
Thermal test	$	15,768	$	17,631
Thermal process		18,966		20,079
Semiconductor test		13,112		16,273
Service/other		5,977		6,677
	$	53,823	$	60,660
Net revenues by market:
Semi Market	$	26,870	$	30,953
Industrial		17,341		21,231
Defense/aerospace		6,314		4,842
Telecommunications		1,715		1,845
Other Multi Markets		1,583		1,789
	$	53,823	$	60,660

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

Balance - January 1, 2019	$	233
Bad debt expense		3
Write-offs		(25	)
Balance - December 31, 2019		211
Bad debt expense		-
Write-offs		-
Foreign currency translation adjustments		1
Balance - December 31, 2020	$	212

Note 7 - Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	2020		2019
Raw materials	$	5,371	$	5,369
Work in process		1,085		949
Inventory consigned to others		45		54
Finished goods		975		810
Total inventories	$	7,476	$	7,182

Note 8 - Leases (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Lease, Cost [Table Text Block]

	Years Ended December 31,
	2020		2019

Operating lease cost	$	1,583	$	1,476
Short-term lease cost	$	47	$	51

Range of remaining lease terms (in years)	0.1	to	10.0
Weighted average remaining lease term (in years)		6.4
Weighted average discount rate		4.3%

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

2021	$	1,481
2022		1,405
2023		1,416
2024		1,395
2025		722
Thereafter		1,845
Total lease payments	$	8,264
Less imputed interest		(999	)
Total	$	7,265

Supplemental Cash Flow Infomation, Lessee [Table Text Block]

Year ended December 31, 2020
Non-cash increases (decreases) in operating lease liabilities and ROU assets as a result of lease modifications and the execution of new leases:
Modification to lease for facility in Fremont, California	$	1,176
Modification to lease for facility in Mt. Laurel, New Jersey	$	2,051
Modification to lease for Ambrell's Netherlands facility	$	133
Additions to automobile leases	$	91

Year ended December 31, 2019
Non-cash increases (decreases) in operating lease liabilities and ROU assets as a result of lease modifications:
Modification to lease for Ambrell's U.K. facility	$	(486	)
Modification to lease for facility in Mansfield, Massachusetts	$	1,811
Modification to lease for Ambrell's Netherlands facility	$	(48	)

Note 9 - Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Current Liabilities [Table Text Block]

	2020		2019
Accrued restructuring	$	340	$	-
Accrued warranty		235		334
Other		229		163
Total other current liabilities	$	804	$	497

Note 10 - Debt (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule Of Outstanding Letters Of Credit [Table Text Block]

L/C

Lease

Letters of Credit

Amount Outstanding

Facility

Original L/C

Issue Date

Expiration

Date

Expiration

Date

Dec. 31

2020

Dec. 31

2019

Mt. Laurel, NJ

3/29/2010

4/30/2021

4/30/2031

Mansfield, MA

10/27/2010

12/31/2024

140

Note 11 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

	Years Ended December 31,
	2020			2019
Domestic	$	(2,017	)	$	1,804
Foreign		786			800
Total	$	(1,231	)	$	2,604

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

	Years Ended December 31,
	2020			2019
Current
Domestic – Federal	$	(182	)	$	510
Domestic – state		53			101
Foreign		135			97
Total	$	6		$	708
Deferred
Domestic – Federal	$	(299	)	$	(413	)
Domestic – state		(7	)		(13	)
Foreign		(36	)		-
Total		(342	)		(426	)
Income tax expense	$	(336	)	$	282

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

	December 31,
	2020			2019
Deferred tax assets:
Operating lease liabilities	$	1,601		$	1,123
Inventories		321			247
Accrued vacation pay and stock-based compensation		252			279
Net operating loss (state and foreign)		241			280
Allowance for doubtful accounts		44			44
Accrued warranty		13			19
Acquisition costs		10			12
Tax credit carryforwards		5			112
Other		71			13
Total		2,558			2,129
Valuation allowance		(169	)		(234	)
Deferred tax assets		2,389			1,895
Deferred tax liabilities:
Net intangible assets		(2,697	)		(2,923	)
Right of use assets		(1,400	)		(1,066	)
Depreciation of property and equipment		(214	)		(169	)
Deferred tax liabilities		(4,311	)		(4,158	)
Net deferred tax liabilities	$	(1,922	)	$	(2,263	)

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

	Years Ended December 31,
	2020			2019
Expected income tax expense (benefit) at U.S. statutory rate	$	(259	)	$	547
Increase (decrease) in tax from:
Dividend from foreign subsidiaries		83			97
NOL carryforwards utilized		64			32
Restricted stock compensation		62			114
Global intangible low taxed income		35			30
Nondeductible expenses		8			4
Current year tax credits (foreign and research)		(82	)		(234	)
Domestic tax benefit, net of Federal benefit		(68	)		(184	)
Changes in valuation allowance		(65	)		(7	)
Foreign income tax rate differences		(34	)		(51	)
Section 250 foreign derived intangible income deduction		(9	)		(145	)
Other		(71	)		79
Income tax expense (benefit)	$	(336	)	$	282

Note 13 - Stock-based Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

	Years Ended December 31,
	2020		2019
Cost of revenues	$	-	$	-
Selling expense		12		8
Engineering and product development expense		42		35
General and administrative expense		617		841
	$	671	$	884

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

	2020			2019
Risk-free interest rate		0.46	%		2.35	%
Dividend yield		0.00	%		0.00	%
Expected common stock market price volatility factor		.44			.42
Weighted average expected life of stock options (years)		6.25			6.25

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

	Number of Shares			Weighted Average Exercise Price
Options outstanding, January 1, 2019		264,400			7.54
Granted		249,460			6.25
Exercised		-			-
Canceled		(7,050	)		8.45
Options outstanding, December 31, 2019 (87,900 exercisable)		506,810			6.89
Granted		113,980			3.49
Exercised		-			-
Canceled		(182,590	)		6.31
Options outstanding, December 31, 2020 (204,630 exercisable)		438,200			6.25

Schedule of Nonvested Share Activity [Table Text Block]

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2019		114,750			6.92
Granted		132,580			6.31
Vested		(69,974	)		6.60
Forfeited		(12,325	)		7.14
Unvested shares outstanding, December 31, 2019		165,031			6.55
Granted		229,110			4.24
Vested		(89,861	)		5.32
Forfeited		(67,125	)		6.03
Unvested shares outstanding, December 31, 2020		237,155			4.93

Note 16 - Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

	Years Ended December 31,
	2020			2019
Net revenues from unaffiliated customers:
Thermal	$	40,209		$	43,823
EMS		13,614			16,837
	$	53,823		$	60,660
Depreciation/amortization:
Thermal	$	1,727		$	1,810
EMS		109			118
Corporate		27			14
	$	1,863		$	1,942
Operating income (loss):
Thermal	$	325		$	2,334
EMS		(1,113	)		1,725
Corporate		(429	)		(1,510	)
	$	(1,217	)	$	2,549
Earnings (loss) before income tax expense (benefit):
Thermal	$	306		$	2,370
EMS		(1,077	)		1,767
Corporate		(460	)		(1,533	)
	$	(1,231	)	$	2,604
Income tax expense (benefit):
Thermal	$	84		$	257
EMS		(294	)		194
Corporate		(126	)		(169	)
	$	(336	)	$	282
Net earnings (loss):
Thermal	$	222		$	2,113
EMS		(783	)		1,573
Corporate		(334	)		(1,364	)
	$	(895	)	$	2,322
Capital expenditures:
Thermal	$	371		$	501
EMS		284			46
Corporate		3			73
	$	658		$	620

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

	Years Ended December 31,
	2020		2019
Net revenues from unaffiliated customers:
U.S.	$	22,211	$	25,283
Foreign		31,612		35,377
	$	53,823	$	60,660

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

	December 31,
	2020		2019
Property and equipment:
U.S.	$	2,053	$	2,163
Foreign		297		257
	$	2,350	$	2,420

Asset [Member]

Notes Tables

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

	December 31,
	2020		2019
Identifiable assets:
Thermal	$	50,782	$	51,621
EMS		9,667		7,319
Corporate		1,581		775
	$	62,030	$	59,715

Note 17 - Quarterly Consolidated Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Quarterly Financial Information [Table Text Block]

	Quarters Ended
	3/31/20 (1)			6/30/20 (2)		9/30/20 (3)			12/31/20 (4)			Total
Net revenues	$	11,230		$	13,275	$	14,443		$	14,875		$	53,823
Gross margin		4,867			6,067		6,450			6,720			24,104
Earnings (loss) before income tax expense (benefit)		(1,393	)		183		433			(454	)		(1,231	)
Income tax expense (benefit)		(250	)		13		(25	)		(74	)		(336	)
Net earnings (loss)		(1,143	)		170		458			(380	)		(895	)

Net earnings (loss) per common share – basic	$	(0.11	)	$	0.02	$	0.04		$	(0.04	)	$	(0.09	)
Weighted average common shares outstanding – basic		10,220,853			10,252,490		10,269,995			10,282,903			10,256,560
Net earnings (loss) per common share – diluted	$	(0.11	)	$	0.02	$	0.04		$	(0.04	)	$	(0.09	)
Weighted average common shares outstanding – diluted		10,220,853			10,258,917		10,287,562			10,282,903			10,256,560

	Quarters Ended
	3/31/19		6/30/19 (5)			9/30/19 (6)		12/31/19			Total
Net revenues	$	18,062	$	14,352		$	14,632	$	13,614		$	60,660
Gross margin		8,836		6,719			7,205		6,465			29,225
Earnings (loss) before income tax expense (benefit)		1,462		(300	)		794		648			2,604
Income tax expense (benefit)		324		(113	)		147		(76	)		282
Net earnings (loss)		1,138		(187	)		647		724			2,322

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

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Valuation Allowances and Reserves [Table Text Block]

	Balance at Beginning of Period		Expense (Recovery)		Deductions			Foreign Currency Translation Adjustments		Balance at End of Period

Year Ended December 31, 2020
Allowance for doubtful accounts	$	211	$	-	$	-		$	1	$	212
Warranty reserve		334		32		(131	)		-		235

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

Note 1 - Nature of Operations (Details Textual)	12 Months Ended
Note 1 - Nature of Operations (Details Textual)	Dec. 31, 2020
Number of Operating Segments	2
Number of Reportable Segments	2

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Accounts Receivable, Credit Loss Expense (Reversal)	$ 0	$ 3
Number of Operating Segments	2
Number of Reportable Segments	2
Inventory Write-down	$ 444	391
Depreciation, Total	630	685
Deferred Grant Proceeds	27
Foreign Currency Transaction Gain (Loss), before Tax, Total	(26)	$ (3)
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
Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	1 year
Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years

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

3 Months Ended

12 Months Ended

Dec. 31, 2020

^[1]

Sep. 30, 2020

^[2]

Jun. 30, 2020

^[3]

Mar. 31, 2020

^[4]

Dec. 31, 2019

Sep. 30, 2019

^[5]

Jun. 30, 2019

^[6]

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Weighted average common shares outstanding–basic (in shares)

10,282,903

10,269,995

10,252,490

10,220,853

10,274,980

10,421,383

10,411,276

10,385,017

10,256,560

10,373,164

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

18,811

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

10,282,903

10,287,562

10,258,917

10,220,853

10,298,535

10,429,536

10,411,276

10,414,330

10,256,560

10,391,975

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

717,015

523,485

[1]	The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 3.
[2]	The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 3.
[3]	The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 3.
[4]	The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 3.
[5]	The quarter ended September 30, 2019 includes $17 of restructuring and other charges which are discussed in Note 3.
[6]	The quarter ended June 30, 2019 includes $223 of restructuring and other charges which are discussed in Note 3.

Note 3 - Restructuring and Other Charges (Details Textual) - USD ($) $ in Thousands		3 Months Ended						6 Months Ended	12 Months Ended
	Dec. 28, 2020	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Lease, Impairment Loss		$ 612							$ 612
Operating Lease, Right-of-Use Asset		6,387							6,387	4,842
Restructuring Charges, Total		1,078	$ 161	$ 38	$ 8	$ 17	$ 223
Lease Agreement, EMS Facility in Mt. Laurel, New Jersey [Member]
Operating Lease, Right-of-Use Asset		139							139
Severance and Other One-Time Termination Benefits [Member]
Restructuring Charges, Total									248	137
EMS Segment Restructuring and Facility Consolidation [Member]
Restructuring and Related Costs, Incurred Cost, Total									903
Operating Lease, Impairment Loss	$ 522								522
Operating Lease, Right-of-Use Asset		597							597
Other Restructuring Costs									159
EMS Segment Restructuring and Facility Consolidation [Member] \| Minimum [Member] \| Forecast [Member]
Restructuring and Related Costs, Incurred Cost, Total								$ 100
EMS Segment Restructuring and Facility Consolidation [Member] \| Maximum [Member] \| Forecast [Member]
Restructuring and Related Costs, Incurred Cost, Total								$ 150
Executive Management Changes [Member]
Operating Lease, Impairment Loss		$ 90							90
Restructuring Charges, Total									514
Share-based Payment Arrangement, Reversal of Expense									117
Other Restructuring Costs									381
Executive Management Changes [Member] \| Facility Size Reduction [Member]
Other Restructuring Costs									99
Other Restructuring Actions [Member] \| Headcount Reductions and Employee Relocation [Member]
Other Restructuring Costs									46
Other Restructuring Actions [Member] \| Employee Relocation [Member]
Other Restructuring Costs									$ 14
Ambrell European Operations Consolidation [Member]
Restructuring Charges, Total										240
Ambrell European Operations Consolidation [Member] \| Severance and Other One-Time Termination Benefits [Member]
Restructuring Charges, Total										137
Ambrell European Operations Consolidation [Member] \| Facility Closing [Member]
Restructuring Charges, Total										$ 103

Note 3 - Restructuring and Other Charges - Restructuring and Related Costs (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Dec. 28, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Impairment of ROU asset		$ 612	$ 612
EMS Segment Restructuring and Facility Consolidation [Member]
Severance and other one-time termination benefits			69
Other associated costs			159
Impairment of ROU asset	$ 522		522
Costs related to subletting the Fremont, CA facility			153
Total			903
Executive Management Changes [Member]
Severance and other one-time termination benefits			133
Other associated costs			381
Impairment of ROU asset		$ 90	90
Total			703
Costs related to subletting the Mansfield, MA facility			99
Cash Charges [Member] \| EMS Segment Restructuring and Facility Consolidation [Member]
Severance and other one-time termination benefits			69
Other associated costs			159
Impairment of ROU asset
Costs related to subletting the Fremont, CA facility			153
Total			381
Cash Charges [Member] \| Executive Management Changes [Member]
Severance and other one-time termination benefits			133
Other associated costs			381
Impairment of ROU asset
Total			613
Costs related to subletting the Mansfield, MA facility			99
Non-Cash Charges [Member] \| EMS Segment Restructuring and Facility Consolidation [Member]
Severance and other one-time termination benefits
Other associated costs
Impairment of ROU asset			522
Costs related to subletting the Fremont, CA facility
Total			522
Non-Cash Charges [Member] \| Executive Management Changes [Member]
Severance and other one-time termination benefits
Other associated costs
Impairment of ROU asset			90
Total			90
Costs related to subletting the Mansfield, MA facility

Note 3 - Restructuring and Other Charges - Changes in Accrued Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended						12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Beginning balance				$ 0			$ 0	$ 0
Restructuring Charges, Total	$ 1,078	$ 161	$ 38	$ 8	$ 17	$ 223
Cash payments							(159)	(240)
Balance	$ 340						340	0
Ambrell European Operations Consolidation [Member]
Restructuring Charges, Total								240
Severance and Other One-Time Termination Benefits [Member]
Restructuring Charges, Total							248	137
Severance and Other One-Time Termination Benefits [Member] \| Ambrell European Operations Consolidation [Member]
Restructuring Charges, Total								137
Facility Closing [Member] \| Ambrell European Operations Consolidation [Member]
Restructuring Charges, Total								$ 103
Subletting Costs of the Fremont CA Facility [Member]
Restructuring Charges, Total							153
Subletting Costs of the Mansfield MA Facility [Member]
Restructuring Charges, Total							$ 98

Note 4 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of Operating Segments	2
Number of Reportable Segments	2
Goodwill, Ending Balance	$ 13,738	$ 13,738
Discounted Cash Flows, Discount Rate	20.00%	20.00%
Goodwill and Intangible Asset Impairment, Total	$ 0	$ 0

Note 4 - Goodwill and Intangible Assets - Component of Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Goodwill	$ 13,738	$ 13,738
Sigma [Member]
Goodwill	1,656
Thermonics [Member]
Goodwill	50
Ambrell [Member]
Goodwill	$ 12,032

Note 4 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Balance	$ 6,944	$ 8,201
Amortization	(1,233)	(1,257)
Balance	$ 5,711	$ 6,944

Note 4 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-lived, Gross Carrying Amount	$ 12,080	$ 12,080
Finite-lived, Accumulated Amortization	6,369	5,136
Net Carrying Amount	5,711	6,944	$ 8,201
Intangible Assets, Gross Carrying Amount	18,790	18,790
Net Carrying Amount	12,421	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	4,912	3,805
Net Carrying Amount	5,568	6,675
Patented Technology [Member]
Finite-lived, Gross Carrying Amount	600	600
Finite-lived, Accumulated Amortization	477	380
Net Carrying Amount	123	220
Patents [Member]
Finite-lived, Gross Carrying Amount	590	590
Finite-lived, Accumulated Amortization	570	541
Net Carrying Amount	20	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 4 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2020 USD ($)
2021	$ 1,227
2022	1,167
2023	1,067
2024	980
2025	$ 905

Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenues (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

^[1]

Sep. 30, 2020

^[2]

Jun. 30, 2020

^[3]

Mar. 31, 2020

^[4]

Dec. 31, 2019

Sep. 30, 2019

^[5]

Jun. 30, 2019

^[6]

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Net revenues

$ 14,875

$ 14,443

$ 13,275

$ 11,230

$ 13,614

$ 14,632

$ 14,352

$ 18,062

$ 53,823

$ 60,660

Semiconductor Market [Member]

Net revenues

26,870

30,953

Industrial Market [Member]

Net revenues

17,341

21,231

Defense/ Aerospace [Member]

Net revenues

6,314

4,842

Telecommunications Market [Member]

Net revenues

1,715

1,845

Other Multi Markets [Member]

Net revenues

1,583

1,789

Thermal Testing Products [Member]

Net revenues

15,768

17,631

Thermal Process [Member]

Net revenues

18,966

20,079

Semiconductor Production Test Products [Member]

Net revenues

13,112

16,273

Service and Other Products [Member]

Net revenues

5,977

6,677

End User [Member]

Net revenues

48,041

55,074

OEM and Integrators [Member]

Net revenues

$ 5,782

$ 5,586

[1]	The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 3.
[2]	The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 3.
[3]	The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 3.
[4]	The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 3.
[5]	The quarter ended September 30, 2019 includes $17 of restructuring and other charges which are discussed in Note 3.
[6]	The quarter ended June 30, 2019 includes $223 of restructuring and other charges which are discussed in Note 3.

Note 5 - Revenue From Contracts With Customers - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Balance	$ 211	$ 233
Bad debt expense		3
Write-offs		(25)
Foreign currency translation adjustments	1
Balance	$ 212	$ 211

Note 6 - Major Customers (Details Textual)	12 Months Ended
Note 6 - Major Customers (Details Textual)	Dec. 31, 2020	Dec. 31, 2019
Number of Major Customers	0	0
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Texas Instruments Incorporated [Member]
Concentration Risk, Percentage		10.00%

Note 7 - Inventories - Inventories Held (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Raw materials	$ 5,371	$ 5,369
Work in process	1,085	949
Inventory consigned to others	45	54
Finished goods	975	810
Total inventories	$ 7,476	$ 7,182

Note 8 - Leases (Details Textual) $ in Thousands			3 Months Ended		9 Months Ended		12 Months Ended
Note 8 - Leases (Details Textual) $ in Thousands	Oct. 01, 2020 USD ($)	Apr. 08, 2019 USD ($) ft²	Dec. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 22, 2020 ft²	Jan. 23, 2020	Mar. 31, 2019
Operating Lease, Right-of-Use Asset, Amortization Expense							$ 1,294	$ 1,251
Operating Lease, Impairment Loss			$ 612				612
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		$ 1,811
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		1,176
Lease Agreement, EMS Facility in Mt. Laurel, New Jersey [Member]
Lessee, Operating Lease, Renewal Term (Month)									10 years
Increase in Operating Lease Liabilities and Right-of-Use Assets, Non-cash							2,051
Area of Real Estate Property (Square Foot) \| ft²									33,650
Lease Agreement, Ambrell’s Netherlands Facility [Member]
Lessee, Operating Lease, Renewal Term (Month)	3 years
Increase in Operating Lease Liabilities and Right-of-Use Assets, Non-cash	$ 133						133
Decrease In Operating Lease Liabilities and Right-of-Use Assets, Non-cash				$ 48				48
Automobile Leases [Member]
Increase in Operating Lease Liabilities and Right-of-Use Assets, Non-cash			$ 91				$ 91
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		$ 486

Note 8 - Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating lease cost	$ 1,583	$ 1,476
Short-term lease cost	$ 47	$ 51
Weighted average remaining lease term (in years) (Year)	6 years 146 days
Weighted average discount rate	4.30%
Minimum [Member]
Range of remaining lease terms (in years) (Year)	36 days
Maximum [Member]
Range of remaining lease terms (in years) (Year)	10 years

Note 8 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2020 USD ($)
2021	$ 1,481
2022	1,405
2023	1,416
2024	1,395
2025	722
Thereafter	1,845
Total lease payments	8,264
Less imputed interest	(999)
Total	$ 7,265

Note 8 - Leases - Lease Modifications (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 01, 2020	Dec. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Lease Agreement, EMS Facility in Fremont, California [Member]
Non-cash increases in operating lease liabilites and ROU assets				$ 1,176		$ 1,176
Lease Agreement, Ambrell’s U.K [Member]
Modification to lease for Ambrell’s U.K. facility					$ (486)		$ (486)
Lease Agreement, EMS Facility in Mt. Laurel, New Jersey [Member]
Non-cash increases in operating lease liabilites and ROU assets						2,051
Lease for Facility in Mansfield, Massachusetts [Member]
Non-cash increases in operating lease liabilites and ROU assets							1,811
Lease Agreement, Ambrell’s Netherlands Facility [Member]
Non-cash increases in operating lease liabilites and ROU assets	$ 133					133
Modification to lease for Ambrell’s U.K. facility			$ (48)				$ (48)
Automobile Leases [Member]
Non-cash increases in operating lease liabilites and ROU assets		$ 91				$ 91

Note 9 - Other Current Liabilities - Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accrued restructuring	$ 340
Accrued warranty	235	334
Other	229	163
Total other current liabilities	$ 804	$ 497

Note 10 - Debt (Details Textual) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
Note 10 - Debt (Details Textual) - USD ($) $ in Thousands	Apr. 10, 2020	Apr. 30, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Apr. 01, 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					$ 125
Letters of Credit Outstanding, Amount						$ 90
Line of Credit Facility, Current Borrowing Capacity				$ 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	2.00%

Note 10 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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, 2031
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 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ (65)	$ (7)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%

Note 11 - Income Taxes - Earnings Before Income Taxes (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

^[1]

Sep. 30, 2020

^[2]

Jun. 30, 2020

^[3]

Mar. 31, 2020

^[4]

Dec. 31, 2019

Sep. 30, 2019

^[5]

Jun. 30, 2019

^[6]

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Domestic

$ (2,017)

$ 1,804

Foreign

786

800

Total

$ (454)

$ 433

$ 183

$ (1,393)

$ 648

$ 794

$ (300)

$ 1,462

$ (1,231)

$ 2,604

[1]	The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 3.
[2]	The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 3.
[3]	The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 3.
[4]	The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 3.
[5]	The quarter ended September 30, 2019 includes $17 of restructuring and other charges which are discussed in Note 3.
[6]	The quarter ended June 30, 2019 includes $223 of restructuring and other charges which are discussed in Note 3.

Note 11 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

^[1]

Sep. 30, 2020

^[2]

Jun. 30, 2020

^[3]

Mar. 31, 2020

^[4]

Dec. 31, 2019

Sep. 30, 2019

^[5]

Jun. 30, 2019

^[6]

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Domestic – Federal

$ (182)

$ 510

101

135

708

(299)

(413)

Domestic – state

(7)

(13)

Foreign

(36)

Total

(341)

(426)

Income tax expense (benefit)

$ (74)

$ (25)

$ 13

$ (250)

$ (76)

$ 147

$ (113)

$ 324

$ (336)

$ 282

[1]	The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 3.
[2]	The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 3.
[3]	The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 3.
[4]	The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 3.
[5]	The quarter ended September 30, 2019 includes $17 of restructuring and other charges which are discussed in Note 3.
[6]	The quarter ended June 30, 2019 includes $223 of restructuring and other charges which are discussed in Note 3.

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 11 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Operating lease liabilities	$ 1,601	$ 1,123
Inventories	321	247
Accrued vacation pay and stock-based compensation	252	279
Net operating loss (state and foreign)	241	280
Allowance for doubtful accounts	44	44
Accrued warranty	13	19
Acquisition costs	10	12
Tax credit carryforwards	5	112
Other	71	13
Total	2,558	2,129
Valuation allowance	(169)	(234)
Deferred tax assets	2,389	1,895
Deferred tax liabilities:
Net intangible assets	(2,697)	(2,923)
Right of use assets	(1,400)	(1,066)
Depreciation of property and equipment	(214)	(169)
Deferred tax liabilities	(4,311)	(4,158)
Net deferred tax liabilities	$ (1,922)	$ (2,263)

Note 11 - Income Taxes - Effective Tax Rate Analysis and Reconciliation of Expected Statutory Rate (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

^[1]

Sep. 30, 2020

^[2]

Jun. 30, 2020

^[3]

Mar. 31, 2020

^[4]

Dec. 31, 2019

Sep. 30, 2019

^[5]

Jun. 30, 2019

^[6]

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Expected income tax expense (benefit) at U.S. statutory rate

$ (259)

$ 547

Dividend from foreign subsidiaries

NOL carryforwards utilized

Restricted stock compensation

114

Global intangible low taxed income

Nondeductible expenses

Current year tax credits (foreign and research)

(82)

(234)

Domestic tax benefit, net of Federal benefit

(68)

(184)

Changes in valuation allowance

(65)

(7)

Foreign income tax rate differences

(34)

(51)

Section 250 foreign derived intangible income deduction

(9)

(145)

Other

(71)

Income tax expense (benefit)

$ (74)

$ (25)

$ 13

$ (250)

$ (76)

$ 147

$ (113)

$ 324

$ (336)

$ 282

[1]	The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 3.
[2]	The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 3.
[3]	The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 3.
[4]	The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 3.
[5]	The quarter ended September 30, 2019 includes $17 of restructuring and other charges which are discussed in Note 3.
[6]	The quarter ended June 30, 2019 includes $223 of restructuring and other charges which are discussed in Note 3.

Note 13 - Stock-based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Aug. 24, 2020	Mar. 31, 2020	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Jun. 19, 2019	Jun. 27, 2018	Jun. 25, 2014
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total					$ 1,353
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					2 years 219 days
Share-based Payment Arrangement, Amount Capitalized					$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value					$ 357	$ 426
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)					10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					4 years
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	$ 2.75
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					229,110	132,580
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%
Restricted Stock [Member] \| President [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	141,610
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value	$ 650
Stock Plan 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)							2,000,000	1,000,000	500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)					1,067,979
Restricted Stock Vesting in Four Years [Member] \| Restricted Stock [Member] \| President [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, Equity Instruments Other than Options, Grants in Period (in shares)	66,448
Restricted Stock Vesting in Four Years [Member] \| Restricted Stock [Member] \| President [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 Vesting in Four Years [Member] \| Restricted Stock [Member] \| President [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 Vesting in Four Years [Member] \| Restricted Stock [Member] \| President [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 Vesting in Four Years [Member] \| Restricted Stock [Member] \| President [Member] \| Share-based Compensation Award, Tranche Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
Restricted Stock Vesting in Three Years [Member] \| Restricted Stock [Member] \| President [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	75,162
Restricted Stock Vesting in Three Years [Member] \| Restricted Stock [Member] \| President [Member] \| Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage					100.00%
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range	0.00%
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range	150.00%

Note 13 - Stock-based Compensation Plan - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Allocation of Share-based Compensation Expense	$ 671	$ 884
Cost of Sales [Member]
Allocation of Share-based Compensation Expense
Selling and Marketing Expense [Member]
Allocation of Share-based Compensation Expense	12	8
Research and Development Expense [Member]
Allocation of Share-based Compensation Expense	42	35
General and Administrative Expense [Member]
Allocation of Share-based Compensation Expense	$ 617	$ 841

Note 13 - Stock-based Compensation Plan - Stock Options Valuation Assumptions (Details) - Share-based Payment Arrangement, Option [Member]	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Risk-free interest rate	0.46%	2.35%
Dividend yield	0.00%	0.00%
Expected common stock market price volatility factor	0.44%	0.42%
Weighted average expected life of stock options (years) (Year)	6 years 91 days	6 years 91 days

Note 13 - Stock-based Compensation Plan - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Options outstanding, number of shares (in shares)	506,810	264,400
Options outstanding, weighted average exercise price (in dollars per share)	$ 6.89	$ 7.54
Granted, number of shares (in shares)	113,980	249,460
Granted, weighted average exercise price (in dollars per share)	$ 3.49	$ 6.25
Exercised, number of shares (in shares)
Canceled, number of shares (in shares)	182,590	7,050
Canceled, weighted average exercise price (in dollars per share)	$ 6.31	$ 8.45
Options outstanding, number of shares (in shares)	438,200	506,810
Options outstanding, weighted average exercise price (in dollars per share)	$ 6.25	$ 6.89

Note 13 - Stock-based Compensation Plan - Stock Option Activity (Details) (Parentheticals) - shares	Dec. 31, 2020	Dec. 31, 2019
Options exercisable (in shares)	204,630	87,900

Note 13 - Stock-based Compensation Plan - Unvested Stock Activity (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Unvested shares outstanding (in shares)	165,031	114,750
Unvested shares outstanding, weighted average exercise price (in dollars per share)	$ 6.55	$ 6.92
Granted, number of shares (in shares)	229,110	132,580
Granted, weighted average exercise price (in dollars per share)	$ 4.24	$ 6.31
Vested, number of shares (in shares)	(89,861)	(69,974)
Vested, weighted average exercise price (in dollars per share)	$ 5.32	$ 6.60
Forfeited, number of shares (in shares)	(67,125)	(12,325)
Forfeited, weighted average exercise price (in dollars per share)	$ 6.03	$ 7.14
Unvested shares outstanding (in shares)	237,155	165,031
Unvested shares outstanding, weighted average exercise price (in dollars per share)	$ 4.93	$ 6.55

Note 14 - Stock Repurchase Plans (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended		45 Months Ended	62 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2019	Dec. 31, 2020
Stock Repurchase Program, Authorized Amount				$ 3,000
Stock Repurchased and Retired During Period, Shares (in shares)	13,767			297,020	243,075
Stock Repurchased and Retired During Period, Value	$ 74	$ 74	$ 1,142	$ 1,195	$ 1,216
Payments for Stock Repurchased Broker Fees					$ 6

Note 15 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 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	$ 331	$ 382
The Ambrell Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	10.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 62	$ 49
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	50.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount	$ 5

Note 16 - Segment Information - Segment Information (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

^[1]

Sep. 30, 2020

^[2]

Jun. 30, 2020

^[3]

Mar. 31, 2020

^[4]

Dec. 31, 2019

Sep. 30, 2019

^[5]

Jun. 30, 2019

^[6]

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Net revenues

$ 14,875

$ 14,443

$ 13,275

$ 11,230

$ 13,614

$ 14,632

$ 14,352

$ 18,062

$ 53,823

$ 60,660

Depreciation/amortization

1,863

1,942

Operating income (loss)

(1,217)

2,549

Earnings (loss) before income tax expense (benefit)

(454)

433

183

(1,393)

648

794

(300)

1,462

(1,231)

2,604

Income tax expense (benefit)

(74)

(25)

(250)

(76)

147

(113)

324

(336)

282

Net earnings (loss)

$ (380)

$ 458

$ 170

$ (1,143)

$ 724

$ 647

$ (187)

$ 1,138

(895)

2,322

Capital expenditures

658

620

Corporate, Non-Segment [Member]

Depreciation/amortization

Operating income (loss)

(429)

(1,510)

Earnings (loss) before income tax expense (benefit)

(460)

(1,533)

Income tax expense (benefit)

(126)

(169)

Net earnings (loss)

(334)

(1,364)

Capital expenditures

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

Net revenues

40,209

43,823

Depreciation/amortization

1,727

1,810

Operating income (loss)

325

2,334

Earnings (loss) before income tax expense (benefit)

306

2,370

Income tax expense (benefit)

257

Net earnings (loss)

222

2,113

Capital expenditures

371

501

EMS [Member] | Operating Segments [Member]

Net revenues

13,614

16,837

Depreciation/amortization

109

118

Operating income (loss)

(1,113)

1,725

Earnings (loss) before income tax expense (benefit)

(1,077)

1,767

Income tax expense (benefit)

(294)

194

Net earnings (loss)

(783)

1,573

Capital expenditures

$ 284

$ 46

[1]	The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 3.
[2]	The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 3.
[3]	The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 3.
[4]	The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 3.
[5]	The quarter ended September 30, 2019 includes $17 of restructuring and other charges which are discussed in Note 3.
[6]	The quarter ended June 30, 2019 includes $223 of restructuring and other charges which are discussed in Note 3.

Note 16 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Identifiable Assets	$ 62,030	$ 59,715
Corporate, Non-Segment [Member]
Identifiable Assets	1,581	775
Thermal Testing Products [Member]
Identifiable Assets	50,782	51,621
EMS [Member]
Identifiable Assets	$ 9,667	$ 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
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-Topic 942
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-Section S99
-Paragraph 1
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+ Details

Note 16 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

^[1]

Sep. 30, 2020

^[2]

Jun. 30, 2020

^[3]

Mar. 31, 2020

^[4]

Dec. 31, 2019

Sep. 30, 2019

^[5]

Jun. 30, 2019

^[6]

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Net revenues

$ 14,875

$ 14,443

$ 13,275

$ 11,230

$ 13,614

$ 14,632

$ 14,352

$ 18,062

$ 53,823

$ 60,660

UNITED STATES

Net revenues

22,211

25,283

Non-US [Member]

Net revenues

$ 31,612

$ 35,377

[1]	The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 3.
[2]	The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 3.
[3]	The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 3.
[4]	The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 3.
[5]	The quarter ended September 30, 2019 includes $17 of restructuring and other charges which are discussed in Note 3.
[6]	The quarter ended June 30, 2019 includes $223 of restructuring and other charges which are discussed in Note 3.

- 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
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-Paragraph 1
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+ Details

Note 16 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property and Equipment	$ 2,350	$ 2,420
UNITED STATES
Property and Equipment	2,053	2,163
Non-US [Member]
Property and Equipment	$ 297	$ 257

Note 17 - Quarterly Consolidated Financial Data (Unaudited) (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019
Restructuring Charges, Total	$ 1,078	$ 161	$ 38	$ 8	$ 17	$ 223

Note 17 - Quarterly Consolidated Financial Data (Unaudited) - Quarterly Consolidated Financial Data (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

^[1]

Sep. 30, 2020

^[2]

Jun. 30, 2020

^[3]

Mar. 31, 2020

^[4]

Dec. 31, 2019

Sep. 30, 2019

^[5]

Jun. 30, 2019

^[6]

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Net revenues

$ 14,875

$ 14,443

$ 13,275

$ 11,230

$ 13,614

$ 14,632

$ 14,352

$ 18,062

$ 53,823

$ 60,660

Gross margin

6,720

6,450

6,067

4,867

6,465

7,205

6,719

8,836

24,104

29,225

Earnings (loss) before income tax expense (benefit)

(454)

433

183

(1,393)

648

794

(300)

1,462

(1,231)

2,604

Income tax expense (benefit)

(74)

(25)

(250)

(76)

147

(113)

324

(336)

282

Net earnings (loss)

$ (380)

$ 458

$ 170

$ (1,143)

$ 724

$ 647

$ (187)

$ 1,138

$ (895)

$ 2,322

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

$ (0.04)

$ 0.04

$ 0.02

$ (0.11)

$ 0.07

$ 0.06

$ (0.02)

$ 0.11

$ (0.09)

$ 0.22

Weighted average common shares outstanding – basic (in shares)

10,282,903

10,269,995

10,252,490

10,220,853

10,274,980

10,421,383

10,411,276

10,385,017

10,256,560

10,373,164

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

$ (0.04)

$ 0.04

$ 0.02

$ (0.11)

$ 0.07

$ 0.06

$ (0.02)

$ 0.11

$ (0.09)

$ 0.22

Weighted average common shares outstanding – diluted (in shares)

10,282,903

10,287,562

10,258,917

10,220,853

10,298,535

10,429,536

10,411,276

10,414,330

10,256,560

10,391,975

[1]	The quarter ended December 31, 2020 includes $1,078 of restructuring and other charges which are discussed in Note 3.
[2]	The quarter ended September 30, 2020 includes $161 of restructuring and other charges which are discussed in Note 3.
[3]	The quarter ended June 30, 2020 includes $38 of restructuring and other charges which are discussed in Note 3.
[4]	The quarter ended March 31, 2020 includes $8 of restructuring and other charges which are discussed in Note 3.
[5]	The quarter ended September 30, 2019 includes $17 of restructuring and other charges which are discussed in Note 3.
[6]	The quarter ended June 30, 2019 includes $223 of restructuring and other charges which are discussed in Note 3.

- Definition

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

+ References

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

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Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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

Schedule II Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Allowance, Credit Loss [Member]
Balance at Beginning of Period	$ 211	$ 233
Expense (Recovery)		3
Deductions		(25)
Foreign Currency Adjustment	1
Balance at End of Period	212	211
SEC Schedule, 12-09, Reserve, Warranty [Member]
Balance at Beginning of Period	334	346
Expense (Recovery)	32	243
Deductions	(131)	(255)
Foreign Currency Adjustment
Balance at End of Period	$ 235	$ 334