0001437749-21-019703 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2021	Jul. 31, 2021
Document Information [Line Items]
Entity Central Index Key	0001036262
Entity Registrant Name	INTEST CORP
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-36117
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-2370659
Entity Address, Address Line One	804 East Gate Drive, Suite 200
Entity Address, City or Town	Mt. Laurel
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08054
City Area Code	856
Local Phone Number	505-8800
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	INTT
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,782,782

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 14,625	$ 10,277
Trade accounts receivable, net of allowance for doubtful accounts of $212	12,832	8,435
Inventories	8,702	7,476
Prepaid expenses and other current assets	528	776
Total current assets	36,687	26,964
Property and equipment:
Machinery and equipment	5,409	5,356
Leasehold improvements	2,909	2,636
Gross property and equipment	8,318	7,992
Less: accumulated depreciation	(5,856)	(5,642)
Net property and equipment	2,462	2,350
Right-of-use assets, net	5,852	6,387
Goodwill	13,738	13,738
Intangible assets, net	11,812	12,421
Restricted certificates of deposit	100	140
Other assets	36	30
Total assets	70,687	62,030
Current liabilities:
Accounts payable	3,524	2,424
Accrued wages and benefits	2,605	1,944
Accrued professional fees	704	776
Customer deposits and deferred revenue	892	396
Accrued sales commissions	871	472
Current portion of operating lease liabilities	1,147	1,215
Domestic and foreign income taxes payable	1,107	825
Other current liabilities	867	804
Total current liabilities	11,717	8,856
Operating lease liabilities, net of current portion	5,471	6,050
Deferred tax liabilities	1,841	1,922
Other liabilities	437	450
Total liabilities	19,466	17,278
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.01 par value; 20,000,000 shares authorized; 10,815,859 and 10,562,200 shares issued, respectively	108	106
Additional paid-in capital	28,574	26,851
Retained earnings	21,931	17,110
Accumulated other comprehensive earnings	812	889
Treasury stock, at cost; 33,077 shares	(204)	(204)
Total stockholders' equity	51,221	44,752
Total liabilities and stockholders' equity	$ 70,687	$ 62,030

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Allowance for doubtful accounts	$ 212	$ 212
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)	10,815,859	10,562,200
Treasury stock, shares (in shares)	33,077	33,077

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net revenues	$ 21,820	$ 13,275	$ 41,376	$ 24,505
Cost of revenues	10,858	7,208	20,893	13,571
Gross margin	10,962	6,067	20,483	10,934
Operating expenses:
Selling expense	2,605	1,761	5,008	3,813
Engineering and product development expense	1,356	1,217	2,678	2,509
General and administrative expense	3,769	2,850	6,930	5,726
Restructuring and other charges	197	38	252	46
Total operating expenses	7,927	5,866	14,868	12,094
Operating income (loss)	3,035	201	5,615	(1,160)
Other income (loss)	21	(18)	19	(50)
Earnings (loss) before income tax expense (benefit)	3,056	183	5,634	(1,210)
Income tax expense (benefit)	447	13	813	(237)
Net earnings (loss)	$ 2,609	$ 170	$ 4,821	$ (973)
Net earnings (loss) per common share - basic (in dollars per share)	$ 0.25	$ 0.02	$ 0.46	$ (0.10)
Weighted average common shares outstanding - basic (in shares)	10,442,916	10,252,490	10,386,183	10,236,672
Net earnings (loss) per common share - diluted (in dollars per share)	$ 0.24	$ 0.02	$ 0.45	$ (0.10)
Weighted average common shares and common share equivalents outstanding - diluted (in shares)	10,764,936	10,258,917	10,645,381	10,236,672

Consolidated Statements of Comprehensive Earnings (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net earnings (loss)	$ 2,609	$ 170	$ 4,821	$ (973)
Foreign currency translation adjustments	24	35	(77)	(3)
Comprehensive earnings (loss)	$ 2,633	$ 205	$ 4,744	$ (976)

- Definition

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

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+ Details

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Dec. 31, 2019	10,413,982
Balance at Dec. 31, 2019	$ 104	$ 26,256	$ 18,005	$ 673	$ (204)	$ 44,834
Net earnings (loss)	0	0	(1,143)	0	0	(1,143)
Other comprehensive earnings (loss)	0	0	0	(38)	0	(38)
Amortization of deferred compensation related to stock-based awards	$ 0	187	0	0	0	187
Issuance of unvested shares of restricted stock (in shares)	58,160
Issuance of unvested shares of restricted stock	$ 1	(1)	0	0	0	0
Forfeiture of unvested shares of restricted stock (in shares)	(8,315)
Forfeiture of unvested shares of restricted stock	$ 0	0	0	0	0	0
Repurchase and retirement of common stock (in shares)	(13,767)
Repurchase and retirement of common stock	$ 0	(74)	0	0	0	(74)
Balance (in shares) at Mar. 31, 2020	10,450,060
Balance at Mar. 31, 2020	$ 105	26,368	16,862	635	(204)	43,766
Balance (in shares) at Dec. 31, 2019	10,413,982
Balance at Dec. 31, 2019	$ 104	26,256	18,005	673	(204)	44,834
Net earnings (loss)						(973)
Balance (in shares) at Jun. 30, 2020	10,459,150
Balance at Jun. 30, 2020	$ 105	26,576	17,032	670	(204)	44,179
Balance (in shares) at Mar. 31, 2020	10,450,060
Balance at Mar. 31, 2020	$ 105	26,368	16,862	635	(204)	43,766
Net earnings (loss)	0	0	170	0	0	170
Other comprehensive earnings (loss)	0	0	0	35	0	35
Amortization of deferred compensation related to stock-based awards	$ 0	208	0	0	0	208
Issuance of unvested shares of restricted stock (in shares)	15,840
Issuance of unvested shares of restricted stock	$ 0	0	0	0	0	0
Forfeiture of unvested shares of restricted stock (in shares)	(6,750)
Forfeiture of unvested shares of restricted stock	$ 0	0	0	0	0	0
Balance (in shares) at Jun. 30, 2020	10,459,150
Balance at Jun. 30, 2020	$ 105	26,576	17,032	670	(204)	$ 44,179
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
Net earnings (loss)	0	0	2,212	0	0	2,212
Other comprehensive earnings (loss)	0	0	0	(101)	0	(101)
Amortization of deferred compensation related to stock-based awards	$ 0	269	0	0	0	269
Issuance of unvested shares of restricted stock (in shares)	81,468
Issuance of unvested shares of restricted stock	$ 1	(1)	0	0	0	0
Stock options exercised (in shares)	99,740
Stock options exercised	$ 1	716	0	0	0	717
Balance (in shares) at Mar. 31, 2021	10,743,408
Balance at Mar. 31, 2021	$ 108	27,835	19,322	788	(204)	$ 47,849
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
Net earnings (loss)						$ 4,821
Stock options exercised (in shares)						145,575
Balance (in shares) at Jun. 30, 2021	10,815,859					10,815,859
Balance at Jun. 30, 2021	$ 108	28,574	21,931	812	(204)	$ 51,221
Balance (in shares) at Mar. 31, 2021	10,743,408
Balance at Mar. 31, 2021	$ 108	27,835	19,322	788	(204)	47,849
Net earnings (loss)	0	0	2,609	0	0	2,609
Other comprehensive earnings (loss)	0	0	0	24	0	24
Amortization of deferred compensation related to stock-based awards	$ 0	454	0	0	0	454
Issuance of unvested shares of restricted stock (in shares)	44,741
Issuance of unvested shares of restricted stock	$ 0	0	0	0	0	0
Stock options exercised (in shares)	45,835
Stock options exercised	$ 0	285	0	0	0	285
Forfeiture of unvested shares of restricted stock (in shares)	(18,125)
Forfeiture of unvested shares of restricted stock	$ 0	0	0	0	0	$ 0
Balance (in shares) at Jun. 30, 2021	10,815,859					10,815,859
Balance at Jun. 30, 2021	$ 108	$ 28,574	$ 21,931	$ 812	$ (204)	$ 51,221

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	$ 4,821	$ (973)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	1,461	1,584
Provision for excess and obsolete inventory	93	305
Foreign exchange loss	4	37
Amortization of deferred compensation related to stock-based awards	723	395
Loss on disposal of property and equipment	27	0
Proceeds from sale of demonstration equipment, net of gain	(14)	0
Deferred income tax benefit	(81)	(209)
Changes in assets and liabilities:
Trade accounts receivable	(4,419)	(205)
Inventories	(1,326)	(1,054)
Prepaid expenses and other current assets	246	359
Restricted certificates of deposit	40	0
Other assets	(6)	(4)
Accounts payable	1,105	635
Accrued wages and benefits	663	(133)
Customer deposits and deferred revenue	499	217
Accrued sales commissions	399	41
Operating lease liabilities	(641)	(652)
Domestic and foreign income taxes payable	284	(100)
Other current liabilities	(9)	(157)
Other liabilities	(7)	(5)
Net cash provided by operating activities	3,862	81
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(463)	(190)
Net cash used in investing activities	(463)	(190)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock options exercised	1,002	0
Repurchases of common stock	0	(74)
Proceeds from Paycheck Protection Program loans	0	2,829
Repayments of Paycheck Protection Program loans	0	(2,829)
Proceeds from revolving credit facility	0	2,800
Repayments of revolving credit facility	0	(2,800)
Net cash provided by (used in) financing activities	1,002	(74)
Effects of exchange rates on cash	(53)	(5)
Net cash provided by (used in) all activities	4,348	(188)
Cash and cash equivalents at beginning of period	10,277	7,612
Cash and cash equivalents at end of period	14,625	7,424
Cash payments for:
Domestic and foreign income taxes	$ 610	$ 73

Note 1 - Nature of Operations

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Nature of Operations [Text Block]

(1)

NATURE OF OPERATIONS

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 manage our business as 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.

We refer to the broader semiconductor market, including the more specialized 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 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 the review and evaluation of potential transactions. We may or may not be successful in locating suitable businesses to acquire or 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 our future operating results.

COVID-19 Pandemic

During the second quarter of 2021, as more Americans became vaccinated and the spread of COVID-19 appeared to be lessening, governmental mandates and restrictions in the regions in the U.S. where we operate our business were reduced or eliminated. As a result, we began the process of reopening our offices in these regions. As of the date of this Report, due to the increasing spread of COVID-19 variants in the U.S., several regulatory authorities have either reinstated certain COVID-19 mandates or restrictions or have indicated they are considering taking such actions. We are following the guidance of the Centers for Disease Control and Prevention (“CDC”). Accordingly, as of the date of this Report, our U.S. offices remain open, but we are requiring all employees to wear masks and maintain appropriate social distancing. As of the date of this Report, our offices in Europe have also reopened to varying degrees, while our employees in Asia remain under more significant restrictions. Our employees outside of the U.S. continue to follow the guidance of their local regulatory authorities, which in most cases includes wearing masks, observing social distancing, limiting travel and quarantining after travel, as required.

While the negative impact of COVID-19 on our business was reduced significantly in the second half of 2020 and the first half of 2021, the spread of the virus or variants of the virus could continue to 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. We continue to monitor the situation closely in the regions in which we operate in the U.S. and abroad and will adjust our operations as necessary to protect the health and well-being of our employees. To the extent that further governmental mandates or restrictions are implemented in the future, we currently expect to be able to continue to operate our business in a manner similar to how we have operated over the past year. As a result of our current level of working capital as well as the availability under our revolving credit facility, which is discussed in Note 9, we currently expect to have sufficient liquidity to operate our business throughout 2021.

Note 2 - Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Significant Accounting Policies [Text Block]

(2)

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 (“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, deferred tax assets and liabilities, including related valuation allowances, and performance-based stock compensation are particularly impacted by estimates.

In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”) filed on March 23, 2021 with the Securities and Exchange Commission.

Reclassification

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

Subsequent Events

We have made an assessment of our operations and determined that there were no material subsequent events requiring adjustment to, or disclosure in, our consolidated financial statements for the six months ended June 30, 2021 other than those described in Note 15.

Business Combinations

Acquired businesses are accounted for using the purchase method of accounting, which requires that the purchase price be allocated to the net assets acquired at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Fair values of intangible assets are estimated by valuation models prepared by our management and third-party advisors. The assets purchased and liabilities assumed have been reflected in our consolidated balance sheets, and the results are included in the consolidated statements of operations and consolidated statements of cash flows from the date of acquisition. Any change in the fair value of acquisition-related contingent consideration subsequent to the acquisition date, including changes from events after the acquisition date, will be recognized in the consolidated statement of operations in the period of the estimated fair value change. Acquisition-related transaction costs, including legal and accounting fees and other external costs directly related to the acquisition, are recognized separately from the acquisition and expensed as incurred in general and administrative expense in the consolidated statements of operations.

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).

Goodwill, Intangible and Long-Lived Assets

We account for goodwill and intangible assets in accordance with 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, no 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 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 no 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 30 to net 90 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 Corporation’s (“Ambrell”) 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 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. We offer customers an option to separately purchase an extended warranty on certain 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 5 and 14 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. Our criteria identify excess material as the quantity of material on hand that is greater than the average annual usage of that material over the prior three years. Effective January 1, 2021, our criteria identify obsolete material as material that has not been used in a work order during the prior twenty-four months. Prior to January 1, 2021, these criteria identified obsolete material as material that had not been used in a work order during the prior twelve months. In certain cases, additional excess and obsolete inventory charges are recorded based upon current market conditions, anticipated product life cycles, new product introductions and expected future use of the inventory. The excess and obsolete inventory charges we record establish a new cost basis for the related inventories.

Leases

We account for leases in accordance with ASC Topic 842 (Leases) which was effective for us as of January 1, 2019. Upon adoption of ASC Topic 842, we elected the package of practical expedients which included the grandfathering of the lease classification that had been made under prior guidance and, accordingly, we did not re-evaluate any of our leases for classification purposes in connection with the implementation of ASC Topic 842. All our lease contracts are still being treated as operating leases. We do not currently have any lease contracts that meet the criteria to be categorized as finance leases. We did not elect the hindsight practical expedient and therefore did not reevaluate the lease terms that we used under prior guidance. The implementation of ASC Topic 842 had a significant impact on our consolidated balance sheet as a result of recording ROU assets and lease liabilities for all our multi-year leases. Under prior guidance, none of these leases had any related asset recorded on our balance sheets. The only related liability recorded on our balance sheets was the amount which represented the difference between the lease payments we had made and the straight-line rent expense we had recorded in our statements of operations. The implementation of ASC Topic 842 did not have a significant impact on our pattern of expense recognition for any of our multi-year leases.

We determine if an arrangement is a lease at inception. A lease contract is within scope if the contract has an identified asset (property, plant or equipment) and grants the lessee the right to control the use of the asset during the lease term. The identified asset may be either explicitly or implicitly specified in the contract. In addition, the supplier must not have any practical ability to substitute a different asset and would not economically benefit from doing so for the lease contract to be in scope. The lessee’s right to control the use of the asset during the term of the lease must include the ability to obtain substantially all the economic benefits from the use of the asset as well as decision-making authority over how the asset will be used. Leases are classified as either operating leases or finance leases based on the guidance in ASC 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 finance lease liabilities. We do not currently have any finance leases. We do not have embedded leases nor do we have any initial direct costs related to our lease contracts.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. None of our leases provide an implicit rate; therefore, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease. We include these options in the determination of the amount of the ROU asset and lease liability when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Certain of our operating leases contain predetermined fixed escalations of minimum rentals and rent holidays during the original lease terms. Rent holidays are periods during which we have control of the leased facility but are not obligated to pay rent. For these leases, our ROU asset and lease liability are calculated including any rent holiday in the determination of the life of the lease.

We have lease agreements which contain both lease and non-lease components, which are generally accounted for separately. In addition to the monthly rental payments due, most of our leases for our offices and warehouse facilities include non-lease components representing our portion of the common area maintenance, property taxes and insurance charges incurred by the landlord for the facilities which we occupy. These amounts are not included in the calculation of the ROU assets and lease liabilities as they are based on actual charges incurred in the periods to which they apply.

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

We have made an accounting policy election not to apply the recognition requirements of ASC 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 Note 8 for further disclosures regarding our leases.

Contingent Liability for Repayment of State and Local Grant Proceeds

In connection with leasing a new facility in Rochester, New York, which our subsidiary, Ambrell, occupied in May 2018, we entered into agreements with the city of Rochester and the state of New York under which we received grants totaling $463 to help offset a portion of the cost of the leasehold improvements we have made to this facility. In exchange for the funds we received under these agreements, we are required to create and maintain specified levels of employment in this location through various dates ending in 2023. If we fail to meet these employment targets, we may be required to repay a proportionate share of the proceeds. As of June 30, 2021, $370 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 no 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 $78 at June 30, 2021.

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. The waiver provided us until December 31, 2021 to come into compliance with the targets as outlined in the waiver. As of June 30, 2021, we were in compliance with those targets.

Stock-Based Compensation

We account for stock-based compensation in accordance with ASC Topic 718 (Compensation - Stock Compensation), which requires that employee share-based equity awards be accounted for under the fair value method and requires the use of an option pricing model for estimating fair value of stock options granted, which is then amortized to expense over the service periods. See further disclosures related to our stock-based compensation plan in Note 10.

Income Taxes

The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carryforwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized.

Net Earnings (Loss) Per Common Share

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

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

Three Months Ended
June 30,

Six Months Ended
June 30,

2021

2020

2021

2020

Weighted average common shares outstanding - basic
10,442,916 10,252,490 10,386,183 10,236,672

Potentially dilutive securities:

Unvested shares of restricted stock and employee stock options
322,020 6,427 259,198 -

Weighted average common shares and common share equivalents outstanding - diluted
10,764,936 10,258,917 10,645,381 10,236,672

Average number of potentially dilutive securities excluded from calculation
274,345 711,499 307,069 719,832

Effect of Recently Issued Amendments to Authoritative Accounting Guidance

In 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 do not currently expect that the adoption of these amendments will have a material impact on our consolidated financial statements.

Note 3 - Restructuring and Other Charges

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

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

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RESTRUCTURING AND OTHER CHARGES

EMS Segment Restructuring and Facility Consolidation

As discussed in Note 3 to our consolidated financial statements in our 2020 Form 10-K, on 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 of manufacturing operations resulted in the closure of the Fremont facility and the termination of certain employees at that location. As a result of the consolidation, 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. These charges are more fully discussed in Note 3 to our consolidated financial statements in our 2020 Form 10-K. During the six months ended June 30, 2021, we incurred $132 of additional charges associated with finalizing the integration of the manufacturing operations. All of these charges were cash charges and are included in restructuring and other charges in our consolidated statement of operations. The integration of our EMS manufacturing operations has taken longer than originally anticipated, primarily as a result of the significant increase in our business activity in the first half of 2021. During the second quarter of 2021, we delayed some final integration activities and instead allocated our resources to meet customer demand for shipments of our products. We currently expect to complete the integration of the EMS manufacturing operations in the third quarter of 2021 and expect to incur additional cash charges in the range of $50 to $100.

Executive Management Changes

On June 10, 2021, our Board of Directors (the “Board”) accepted the retirement of Hugh T. Regan, Jr. from the positions of Chief Financial Officer, Treasurer, and Secretary (the “Retirement”). In connection with the Retirement, we entered into a Separation and Consulting Agreement (the “Separation and Consulting Agreement”) with Mr. Regan effective June 11, 2021 pursuant to which Mr. Regan has agreed to provide consulting services for three months, subject to an extension of up to an additional three months at our option. The Separation and Consulting Agreement also provides that Mr. Regan is entitled to a severance benefit of $120. In connection with the Retirement, we have also agreed that certain options issued to Mr. Regan in March 2020 to purchase shares of our common stock that remained unvested on the date of the Retirement shall continue to vest after the Retirement and expire one year from their respective vesting dates. The full text of the Separation and Consulting Agreement is included as Exhibit 10.1 to our Current Report on Form 8-K filed on June 14, 2021.

On June 10, 2021, the Board approved, effective as of June 14, 2021 (the “Start Date”), the appointment of Duncan Gilmour to the position of Chief Financial Officer, Treasurer, and Secretary. Mr. Gilmour entered into a letter agreement (the “Letter Agreement”), dated June 10, 2021, subject to his appointment as our Chief Financial Officer, Treasurer, and Secretary, which appointments were approved on June 10, 2021 and are effective as of the Start Date. The full text of the Letter Agreement is included as Exhibit 10.2 to our Current Report on Form 8-K filed on June 14, 2021.

Total costs incurred during the six months ended June 30, 2021 related to these executive management changes were $347, which consisted of $136 for legal fees related to the transition, $120 for severance paid to our former Chief Financial Officer (“CFO”) and $91 of stock-based compensation expense, primarily as a result of the modification of the March 2020 option awards issued to our former CFO, as discussed above. The $120 of severance is included in restructuring and other charges in our consolidated statement of operations. The balance of the costs are included in general and administrative expense in our consolidated statement of operations. We expect to incur an additional $24 in consulting fees during the third quarter of 2021 related to these actions.

Other Restructuring Actions

During the six months ended June 30, 2020, we recorded cash charges for severance and other one-time termination benefits of $46 related to headcount reductions in our corporate office and at Ambrell.

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 six months ended June 30, 2021 is as follows:

	EMS Facility Consolidation			CFO Retirement		Total
Balance - January 1, 2021	$	340		$	-	$	340
Accruals for severance		-			120		120
Accruals for other costs associated with facility consolidation		132			-		132
Cash payments		(250	)		-		(250	)
Balance – June 30, 2021	$	222		$	120	$	342

Note 4 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

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

Goodwill

Goodwill totaled $13,738 at both June 30, 2021 and December 31, 2020 and was comprised of the following:

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

Intangible Assets

Changes in the amount of the carrying value of finite-lived intangible assets for the six months ended June 30, 2021 are as follows:

Balance - January 1, 2021	$	5,711
Amortization		(609	)
Balance June 30, 2021	$	5,102

The following tables provide further detail about our intangible assets as of June 30, 2021 and December 31, 2020:

	June 30, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	10,480	$	5,474	$	5,006
Technology		600		516		84
Patents		590		578		12
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		12,080		6,978		5,102
Indefinite-lived intangible assets:
Trademarks		6,710		-		6,710
Total intangible assets	$	18,790	$	6,978	$	11,812

	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

We generally amortize our finite-lived intangible assets over their estimated useful lives on a straight-line basis, unless an alternate amortization method can be reliably determined. Any such alternate amortization method would be based on the pattern in which the economic benefits of the intangible asset are expected to be consumed. None of our intangible assets have any residual value.

Total amortization expense for our finite-lived intangible assets was $305 and $609 for the three months and six months ended June 30, 2021, respectively, and $309 and $620 for the three months and six months ended June 30, 2020, respectively. The following table sets forth the estimated annual amortization expense for each of the next five years:

2021 (remainder)	$	618
2022	$	1,167
2023	$	1,067
2024	$	980
2025	$	905

Note 5 - Revenue From Contracts With Customers

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(5)

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 14 for information about revenue by operating segment and geographic region.

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
*Net revenues by customer type:*
End user	$	19,266	$	11,946	$	36,925	$	21,867
OEM/Integrator		2,554		1,329		4,451		2,638
	$	21,820	$	13,275	$	41,376	$	24,505

*Net revenues by product type:*
Thermal test	$	4,537	$	3,703	$	8,842	$	7,850
Thermal process		6,807		4,563		12,373		8,311
Semiconductor production test		8,954		3,665		17,274		5,489
Service/other		1,522		1,344		2,887		2,855
	$	21,820	$	13,275	$	41,376	$	24,505

*Net revenues by market:*
Semi Market	$	15,677	$	6,858	$	28,997	$	11,869
Multimarket:
Industrial		4,244		3,899		8,072		8,126
Defense/aerospace		1,268		1,496		2,397		2,904
Telecommunications		215		597		555		1,008
Other Multimarket		416		425		1,355		598
	$	21,820	$	13,275	$	41,376	$	24,505

There was not a significant change in the amount of the allowance for doubtful accounts for the six months ended June 30, 2021.

- 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.

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+ Details

Note 6 - Major Customers

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

(6)

MAJOR CUSTOMERS

During the six months ended June 30, 2021, Texas Instruments Incorporated accounted for 14% of our consolidated net revenues. While both of our segments sold to this customer, these revenues were primarily generated by our EMS segment. No other customers accounted for 10% or more of our consolidated net revenues during the six months ended June 30, 2021. During the six months ended June 30, 2020, no customer accounted for 10% or more of our consolidated net revenues.

Note 7 - Inventories

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

(7)

INVENTORIES

Inventories held at June 30, 2021 and December 31, 2020 were comprised of the following:

	June 30, 2021		December 31, 2020
Raw materials	$	6,382	$	5,371
Work in process		1,036		1,085
Inventory consigned to others		44		45
Finished goods		1,240		975
Total inventories	$	8,702	$	7,476

Total charges incurred for excess and obsolete inventory for the three months and six months ended June 30, 2021 and 2020, respectively, were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

Excess and obsolete inventory charges	$	54	$	134	$	93	$	305

Note 8 - Leases

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

(8)

LEASES

We lease our offices, warehouse facilities and certain equipment under non-cancellable operating leases which expire at various dates through 2031. Total operating lease and short-term lease costs for the three months and six months ended June 30, 2021 and 2020 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

Operating lease cost	$	294	$	389	$	618	$	781
Short-term lease cost	$	32	$	10	$	40	$	22

The following is additional information about our leases as of June 30, 2021:

Range of remaining lease terms (in years)	0.8	to	9.8
Weighted average remaining lease term (in years)			6.3
Weighted average discount rate			4.3	%

Maturities of lease liabilities as of June 30, 2021 were as follows:

2021 (remainder)	$	706
2022		1,403
2023		1,414
2024		1,398
2025		722
Thereafter		1,845
Total lease payments	$	7,488
Less imputed interest		(870	)
Total	$	6,618

Supplemental Cash Flow Information

Total amortization of ROU assets was $249 and $529 for the three months and six months ended June 30, 2021, respectively, and $328 and $653 for the three months and six months ended June 30, 2020, respectively.

During the six months ended June 30, 2020, we recorded a non-cash increase in our ROU assets and operating lease liabilities as a result of a modification of the lease for our EMS facility in Fremont, California. On January 23, 2020, we executed an amendment to this lease, which extended the term for a period of 61 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.

Note 9 - Debt

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

(9)

DEBT

Letters of Credit

We have issued letters of credit as security deposits for certain of our domestic leases. These letters of credit are secured by pledged certificates of deposit which are classified as Restricted Certificates of Deposit on our consolidated balance sheets. The terms of our leases require us to renew these letters of credit at least 30 days prior to their expiration dates for successive terms of not less than one year until lease expiration.

Our outstanding letters of credit at June 30, 2021 and December 31, 2020 consisted of the following:

				Letters of Credit Amount Outstanding
	Original L/C Issue Date	L/C Expiration Date	Lease Expiration Date	June 30, 2021		December 31, 2020
Mt. Laurel, NJ	3/29/2010	4/30/2022	4/30/2031	$	50	$	90
Mansfield, MA	10/27/2010	12/31/2024	12/31/2024		50		50
				$	100	$	140

Line of Credit

As discussed more fully in Note 10 to our consolidated financial statements in our 2020 Form 10-K, on April 10, 2020, we entered into a Loan and Security Agreement (the “Agreement”) with M&T Bank (“M&T”). Under the terms of the Agreement, M&T has provided us with a $7,500 revolving credit facility which is guaranteed by our subsidiaries. This facility was put in place at that time to provide us with additional liquidity in response to the business environment resulting from the COVID-19 pandemic. This facility, which had no outstanding balance, was set to mature on April 9, 2021. On April 10, 2021, we amended our Agreement with M&T, with the execution of the Second Amendment to the Agreement (the “Second Amendment”). Under the terms of the Second Amendment, the maximum amount available under the revolving credit facility was increased from $7,500 to $10,000, and an unused facility fee of fifteen basis points per annum was added. This facility was amended to provide us with additional liquidity to operate our business, if needed. This facility will mature on April 9, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Note 10 - Stock-based Compensation

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

(10)

STOCK-BASED COMPENSATION

As of June 30, 2021, we had unvested restricted stock awards and stock options granted under stock-based compensation plans that are described more fully in Note 13 to the consolidated financial statements in our 2020 Form 10-K.

Our unvested restricted stock awards and stock options are accounted for based on their grant date fair value. As of June 30, 2021, total compensation expense to be recognized in future periods is $3,296. The weighted average period over which this expense is expected to be recognized is 2.9 years. The following table shows the allocation of the compensation expense we recorded during the three months and six months ended June 30, 2021 and 2020, respectively, related to stock-based compensation:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cost of revenues	$	7	$	-	$	7	$	-
Selling expense		6		3		9		6
Engineering and product development expense		16		11		26		21
General and administrative expense		425		194		681		368
	$	454	$	208	$	723	$	395

There was no stock-based compensation expense capitalized in the three months or six months ended June 30, 2021 or 2020.

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).

On 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 4 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 0% to 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 June 30, 2021, 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 is reassessed and adjusted, as needed, at the end of each reporting period.

On March 10, 2021, we issued restricted stock awards totaling 18,000 shares to members of the senior management within our operating segments. These shares will vest on the third anniversary of the grant date at a vesting percentage that could range from 0% to 150% of the number of shares awarded on March 10, 2021. The final vesting percentage will be based on the achievement of certain performance metrics related to the operating results of the business units for which these members of management are responsible. As of June 30, 2021, 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 is reassessed and adjusted, as needed, at the end of each reporting period.

On June 14, 2021, our new CFO received two restricted stock awards totaling 7,941 shares valued at $133 as of the date of grant, which was also his hire date. Of the total shares awarded, 1,988 shares vest over 4 years (25% at each anniversary) and 5,953 vest on August 24, 2023 at a vesting percentage that could range from 0% to 150% of the number of shares awarded on June 14, 2021. 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 June 30, 2021, 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 vesting period. Our estimate of the final expected vesting percentage is reassessed and adjusted, as needed, at the end of each reporting period.

The following table summarizes the activity related to unvested shares of restricted stock for the six months ended June 30, 2021:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2021		237,155		$	4.93
Granted		126,209			11.74
Vested		(45,744	)		7.87
Forfeited		(18,125	)		9.02
Unvested shares outstanding, June 30, 2021		299,495			7.10

The total fair value of the shares that vested during the six months ended June 30, 2021 and 2020 was $577 and $210, respectively, as of the vesting dates of these shares.

Stock Options

We record compensation expense for stock options based on the fair value of the options as of the grant date. No option may be granted with an exercise period in excess of ten years from the date of grant. Generally, stock options will be granted with an exercise price equal to the fair market value of our stock on the date of grant and will vest over four years.

The fair value for stock options granted during the six months ended June 30, 2021 and 2020 was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

	2021			2020
Risk-free interest rate		1.03	%		0.46	%
Dividend yield		0.00	%		0.00	%
Expected common stock market price volatility factor		.50			.44
Weighted average expected life of stock options (years)		6.25			6.25

The per share weighted average fair value of stock options issued during the six months ended June 30, 2021 and 2020 was $5.70 and $1.48, respectively.

The following table summarizes the activity related to stock options for the six months ended June 30, 2021:

	Number of Shares			Weighted Average Grant Date Fair Value
Options outstanding, January 1, 2021 (204,630 exercisable)		438,200		$	6.25
Granted		282,404			11.77
Exercised		(145,575	)		6.89
Forfeited		(80,550	)		9.55
Options outstanding, June 30, 2021 (142,230 exercisable)		494,479			8.67

Note 11 - Stock Repurchase Plan

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Stock Repurchase Plan [Text Block]

(11)

STOCK REPURCHASE PLAN

On 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-18 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 are to be made under a Rule 10b5-1 plan entered into with RW Baird & Co., which permits 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 can 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. On March 2, 2020, we suspended repurchases under the 2019 Repurchase Plan. From the adoption of the 2019 Repurchase Plan through the suspension of the plan, we repurchased a total of 243,075 shares at a cost of $1,216, which includes fees paid to our broker of $6. All of the repurchased shares were retired.

Note 12 - Employee Stock Purchase Plan

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Employee Stock Purchase Plan [Text Block]

(12)

EMPLOYEE STOCK PURCHASE PLAN

The inTEST Corporation Employee Stock Purchase Plan (the “ESPP”) was adopted by the Board in April 2021 subject to approval by our stockholders, which occurred on June 23, 2021 at our Annual Meeting of Stockholders. The ESPP provides our eligible employees with an opportunity to purchase common stock through accumulated payroll deductions at a discounted purchase price. The ESPP will become effective on October 1, 2021.

The ESPP provides that an aggregate of up to 250,000 shares of our common stock will be available for issuance under the ESPP. The shares of our common stock purchasable under the ESPP will be shares of authorized but unissued or reacquired shares, including shares repurchased by us on the open market.

Note 13 - Employee Benefit Plans

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Retirement Benefits [Text Block]

(13)

EMPLOYEE BENEFIT PLANS

We have defined contribution 401(k) plans for our employees who work in the U.S. All permanent employees of inTEST Corporation, inTEST EMS LLC, Temptronic Corporation (“Temptronic”) and inTEST Silicon Valley Corporation who are at least 18 years of age are eligible to participate in the inTEST Corporation Incentive Savings Plan. We match employee contributions dollar for dollar up to 10% of the employee's annual compensation, with a maximum limit of $5. Employer contributions vest ratably over four years. Matching contributions are discretionary. For the three months and six months ended June 30, 2021, we recorded $100 and $271 of expense for matching contributions, respectively. For the three months and six months ended June 30, 2020, we recorded $92 and $257 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 three months and six months ended June 30, 2021, we recorded $44 and $87 of expense for matching contributions, respectively. For the three months and six months ended June 30, 2020, we recorded $15 and $32 of expense for matching contributions, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Note 14 - Segment Information

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(14)

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, prior to the consolidation of manufacturing operations late in the fourth quarter of 2020, Fremont, California. Sales of this segment consist primarily of manipulator, docking hardware and tester interface products, which we design, manufacture and market.

We operate our business worldwide and sell our products both domestically and internationally. Both of our segments sell to semiconductor manufacturers, third-party test and assembly houses and ATE manufacturers. Thermal also sells into a variety of markets outside of the Semi Market, including the automotive, defense/aerospace, medical, industrial, telecommunications and other markets.

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
*Net Revenues:*
Thermal	$	12,766		$	9,476		$	23,821		$	18,810
EMS		9,054			3,799			17,555			5,695
	$	21,820		$	13,275		$	41,376		$	24,505
*Earnings (loss) before income tax expense (benefit):*
Thermal	$	1,023		$	(13	)	$	1,126		$	(439	)
EMS		2,869			261			5,489			(743	)
Corporate		(836	)		(65	)		(981	)		(28	)
	$	3,056		$	183		$	5,634		$	(1,210	)
*Net earnings (loss):*
Thermal	$	875		$	(3	)	$	963		$	(353	)
EMS		2,449			226			4,697			(598	)
Corporate		(715	)		(53	)		(839	)		(22	)
	$	2,609		$	170		$	4,821		$	(973	)

	June 30, 2021		December 31, 2020
*Identifiable assets:*
Thermal	$	53,096	$	50,782
EMS		15,647		9,667
Corporate		1,944		1,581
	$	70,687	$	62,030

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
*Net revenues:*
U.S.	$	6,632	$	4,954	$	12,379	$	10,673
Foreign		15,188		8,321		28,997		13,832
	$	21,820	$	13,275	$	41,376	$	24,505

	June 30, 2021		December 31, 2020
*Net property and equipment:*
U.S.	$	2,162	$	2,053
Foreign		300		297
	$	2,462	$	2,350

- Definition

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

+ References

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+ Details

Note 15 - Subsequent Events

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Subsequent Events [Text Block]

(15)

SUBSEQUENT EVENTS

As discussed further in Note 3 to our consolidated financial statements in our 2020 Form 10-K, during the fourth quarter of 2020 we consolidated all manufacturing for our EMS segment into our manufacturing operations located in Mt. Laurel, New Jersey. Prior to the consolidation, our interface products were manufactured in our facility in Fremont, California. As a result of the consolidation and our decision to cease manufacturing in California, we incurred charges related to exiting our facility in Fremont, including an impairment charge of $522 related to the ROU asset for the lease of this facility. At the time of the consolidation of manufacturing operations, we intended to try to sublease the facility in Fremont, but we did not expect to sublet the facility for the full remaining term of the lease.

On July 19, 2021, we executed a sublease for our facility in Fremont. The sublease will commence in September 2021 and ends November 30, 2025, which is the termination date of our lease for this facility. We entered into this sublease approximately 14 months earlier than we had estimated in December 2020. As a result, we will record approximately $350 of incremental sublease income above the level that we had estimated at the time that we recorded the impairment charge in December 2020. This income will be recorded ratably over the term of the sublease and will be included in other income in our consolidated statements of operations.

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

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

Reclassification, Comparability Adjustment [Policy Text Block]

Reclassification

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

Subsequent Events, Policy [Policy Text Block]

Subsequent Events

We have made an assessment of our operations and determined that there were no material subsequent events requiring adjustment to, or disclosure in, our consolidated financial statements for the six months ended June 30, 2021 other than those described in Note 15.

Business Combinations Policy [Policy Text Block]

Business Combinations

Acquired businesses are accounted for using the purchase method of accounting, which requires that the purchase price be allocated to the net assets acquired at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Fair values of intangible assets are estimated by valuation models prepared by our management and third-party advisors. The assets purchased and liabilities assumed have been reflected in our consolidated balance sheets, and the results are included in the consolidated statements of operations and consolidated statements of cash flows from the date of acquisition. Any change in the fair value of acquisition-related contingent consideration subsequent to the acquisition date, including changes from events after the acquisition date, will be recognized in the consolidated statement of operations in the period of the estimated fair value change. Acquisition-related transaction costs, including legal and accounting fees and other external costs directly related to the acquisition, are recognized separately from the acquisition and expensed as incurred in general and administrative expense in the consolidated statements of operations.

Restructuring And Other Charges [Policy Text Block]

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).

Goodwill Intangible And Long Lived Assets [Policy Text Block]

Goodwill, Intangible and Long-Lived Assets

We account for goodwill and intangible assets in accordance with 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, no 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 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 no 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 [Policy Text Block]

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 30 to net 90 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 Corporation’s (“Ambrell”) 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 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. We offer customers an option to separately purchase an extended warranty on certain 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 5 and 14 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 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. Our criteria identify excess material as the quantity of material on hand that is greater than the average annual usage of that material over the prior three years. Effective January 1, 2021, our criteria identify obsolete material as material that has not been used in a work order during the prior twenty-four months. Prior to January 1, 2021, these criteria identified obsolete material as material that had not been used in a work order during the prior twelve months. 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.

Lessee, Leases [Policy Text Block]

Leases

We account for leases in accordance with ASC Topic 842 (Leases) which was effective for us as of January 1, 2019. Upon adoption of ASC Topic 842, we elected the package of practical expedients which included the grandfathering of the lease classification that had been made under prior guidance and, accordingly, we did not re-evaluate any of our leases for classification purposes in connection with the implementation of ASC Topic 842. All our lease contracts are still being treated as operating leases. We do not currently have any lease contracts that meet the criteria to be categorized as finance leases. We did not elect the hindsight practical expedient and therefore did not reevaluate the lease terms that we used under prior guidance. The implementation of ASC Topic 842 had a significant impact on our consolidated balance sheet as a result of recording ROU assets and lease liabilities for all our multi-year leases. Under prior guidance, none of these leases had any related asset recorded on our balance sheets. The only related liability recorded on our balance sheets was the amount which represented the difference between the lease payments we had made and the straight-line rent expense we had recorded in our statements of operations. The implementation of ASC Topic 842 did not have a significant impact on our pattern of expense recognition for any of our multi-year leases.

We determine if an arrangement is a lease at inception. A lease contract is within scope if the contract has an identified asset (property, plant or equipment) and grants the lessee the right to control the use of the asset during the lease term. The identified asset may be either explicitly or implicitly specified in the contract. In addition, the supplier must not have any practical ability to substitute a different asset and would not economically benefit from doing so for the lease contract to be in scope. The lessee’s right to control the use of the asset during the term of the lease must include the ability to obtain substantially all the economic benefits from the use of the asset as well as decision-making authority over how the asset will be used. Leases are classified as either operating leases or finance leases based on the guidance in ASC 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 finance lease liabilities. We do not currently have any finance leases. We do not have embedded leases nor do we have any initial direct costs related to our lease contracts.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. None of our leases provide an implicit rate; therefore, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease. We include these options in the determination of the amount of the ROU asset and lease liability when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Certain of our operating leases contain predetermined fixed escalations of minimum rentals and rent holidays during the original lease terms. Rent holidays are periods during which we have control of the leased facility but are not obligated to pay rent. For these leases, our ROU asset and lease liability are calculated including any rent holiday in the determination of the life of the lease.

We have lease agreements which contain both lease and non-lease components, which are generally accounted for separately. In addition to the monthly rental payments due, most of our leases for our offices and warehouse facilities include non-lease components representing our portion of the common area maintenance, property taxes and insurance charges incurred by the landlord for the facilities which we occupy. These amounts are not included in the calculation of the ROU assets and lease liabilities as they are based on actual charges incurred in the periods to which they apply.

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

We have made an accounting policy election not to apply the recognition requirements of ASC 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 Note 8 for further disclosures regarding our leases.

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

Contingent Liability for Repayment of State and Local Grant Proceeds

In connection with leasing a new facility in Rochester, New York, which our subsidiary, Ambrell, occupied in May 2018, we entered into agreements with the city of Rochester and the state of New York under which we received grants totaling $463 to help offset a portion of the cost of the leasehold improvements we have made to this facility. In exchange for the funds we received under these agreements, we are required to create and maintain specified levels of employment in this location through various dates ending in 2023. If we fail to meet these employment targets, we may be required to repay a proportionate share of the proceeds. As of June 30, 2021, $370 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 no 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 $78 at June 30, 2021.

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. The waiver provided us until December 31, 2021 to come into compliance with the targets as outlined in the waiver. As of June 30, 2021, we were in compliance with those targets.

Share-based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

We account for stock-based compensation in accordance with ASC Topic 718 (Compensation - Stock Compensation), which requires that employee share-based equity awards be accounted for under the fair value method and requires the use of an option pricing model for estimating fair value of stock options granted, which is then amortized to expense over the service periods. See further disclosures related to our stock-based compensation plan in Note 10.

Income Tax, Policy [Policy Text Block]

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.

Earnings Per Share, Policy [Policy Text Block]

Net Earnings (Loss) Per Common Share

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

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Weighted average common shares outstanding - basic		10,442,916		10,252,490		10,386,183		10,236,672
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		322,020		6,427		259,198		-
Weighted average common shares and common share equivalents outstanding - diluted		10,764,936		10,258,917		10,645,381		10,236,672

Average number of potentially dilutive securities excluded from calculation		274,345		711,499		307,069		719,832

New Accounting Pronouncements, Policy [Policy Text Block]

Effect of Recently Issued Amendments to Authoritative Accounting Guidance

In 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 do not currently expect that the adoption of these amendments will have a material impact on our consolidated financial statements.

Note 2 - Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Notes Tables

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Weighted average common shares outstanding - basic		10,442,916		10,252,490		10,386,183		10,236,672
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		322,020		6,427		259,198		-
Weighted average common shares and common share equivalents outstanding - diluted		10,764,936		10,258,917		10,645,381		10,236,672

Average number of potentially dilutive securities excluded from calculation		274,345		711,499		307,069		719,832

Note 3 - Restructuring and Other Charges (Tables)

6 Months Ended

Jun. 30, 2021

Notes Tables

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

	EMS Facility Consolidation			CFO Retirement		Total
Balance - January 1, 2021	$	340		$	-	$	340
Accruals for severance		-			120		120
Accruals for other costs associated with facility consolidation		132			-		132
Cash payments		(250	)		-		(250	)
Balance – June 30, 2021	$	222		$	120	$	342

Note 4 - Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

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, 2021	$	5,711
Amortization		(609	)
Balance June 30, 2021	$	5,102

Schedule Of Intangible Assets [Table Text Block]

	June 30, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	10,480	$	5,474	$	5,006
Technology		600		516		84
Patents		590		578		12
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		12,080		6,978		5,102
Indefinite-lived intangible assets:
Trademarks		6,710		-		6,710
Total intangible assets	$	18,790	$	6,978	$	11,812

	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

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

2021 (remainder)	$	618
2022	$	1,167
2023	$	1,067
2024	$	980
2025	$	905

Note 5 - Revenue From Contracts With Customers (Tables)

6 Months Ended

Jun. 30, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
*Net revenues by customer type:*
End user	$	19,266	$	11,946	$	36,925	$	21,867
OEM/Integrator		2,554		1,329		4,451		2,638
	$	21,820	$	13,275	$	41,376	$	24,505

*Net revenues by product type:*
Thermal test	$	4,537	$	3,703	$	8,842	$	7,850
Thermal process		6,807		4,563		12,373		8,311
Semiconductor production test		8,954		3,665		17,274		5,489
Service/other		1,522		1,344		2,887		2,855
	$	21,820	$	13,275	$	41,376	$	24,505

*Net revenues by market:*
Semi Market	$	15,677	$	6,858	$	28,997	$	11,869
Multimarket:
Industrial		4,244		3,899		8,072		8,126
Defense/aerospace		1,268		1,496		2,397		2,904
Telecommunications		215		597		555		1,008
Other Multimarket		416		425		1,355		598
	$	21,820	$	13,275	$	41,376	$	24,505

Note 7 - Inventories (Tables)

6 Months Ended

Jun. 30, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	June 30, 2021		December 31, 2020
Raw materials	$	6,382	$	5,371
Work in process		1,036		1,085
Inventory consigned to others		44		45
Finished goods		1,240		975
Total inventories	$	8,702	$	7,476

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

Excess and obsolete inventory charges	$	54	$	134	$	93	$	305

Note 8 - Leases (Tables)

6 Months Ended

Jun. 30, 2021

Notes Tables

Lease, Cost [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

Operating lease cost	$	294	$	389	$	618	$	781
Short-term lease cost	$	32	$	10	$	40	$	22

Range of remaining lease terms (in years)	0.8	to	9.8
Weighted average remaining lease term (in years)			6.3
Weighted average discount rate			4.3	%

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

2021 (remainder)	$	706
2022		1,403
2023		1,414
2024		1,398
2025		722
Thereafter		1,845
Total lease payments	$	7,488
Less imputed interest		(870	)
Total	$	6,618

Note 9 - Debt (Tables)

6 Months Ended

Jun. 30, 2021

Notes Tables

Schedule Of Outstanding Letters Of Credit [Table Text Block]

				Letters of Credit Amount Outstanding
	Original L/C Issue Date	L/C Expiration Date	Lease Expiration Date	June 30, 2021		December 31, 2020
Mt. Laurel, NJ	3/29/2010	4/30/2022	4/30/2031	$	50	$	90
Mansfield, MA	10/27/2010	12/31/2024	12/31/2024		50		50
				$	100	$	140

Note 10 - Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Notes Tables

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cost of revenues	$	7	$	-	$	7	$	-
Selling expense		6		3		9		6
Engineering and product development expense		16		11		26		21
General and administrative expense		425		194		681		368
	$	454	$	208	$	723	$	395

Schedule of Nonvested Share Activity [Table Text Block]

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2021		237,155		$	4.93
Granted		126,209			11.74
Vested		(45,744	)		7.87
Forfeited		(18,125	)		9.02
Unvested shares outstanding, June 30, 2021		299,495			7.10

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

	2021			2020
Risk-free interest rate		1.03	%		0.46	%
Dividend yield		0.00	%		0.00	%
Expected common stock market price volatility factor		.50			.44
Weighted average expected life of stock options (years)		6.25			6.25

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

	Number of Shares			Weighted Average Grant Date Fair Value
Options outstanding, January 1, 2021 (204,630 exercisable)		438,200		$	6.25
Granted		282,404			11.77
Exercised		(145,575	)		6.89
Forfeited		(80,550	)		9.55
Options outstanding, June 30, 2021 (142,230 exercisable)		494,479			8.67

Note 14 - Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Notes Tables

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
*Net Revenues:*
Thermal	$	12,766		$	9,476		$	23,821		$	18,810
EMS		9,054			3,799			17,555			5,695
	$	21,820		$	13,275		$	41,376		$	24,505
*Earnings (loss) before income tax expense (benefit):*
Thermal	$	1,023		$	(13	)	$	1,126		$	(439	)
EMS		2,869			261			5,489			(743	)
Corporate		(836	)		(65	)		(981	)		(28	)
	$	3,056		$	183		$	5,634		$	(1,210	)
*Net earnings (loss):*
Thermal	$	875		$	(3	)	$	963		$	(353	)
EMS		2,449			226			4,697			(598	)
Corporate		(715	)		(53	)		(839	)		(22	)
	$	2,609		$	170		$	4,821		$	(973	)

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
*Net revenues:*
U.S.	$	6,632	$	4,954	$	12,379	$	10,673
Foreign		15,188		8,321		28,997		13,832
	$	21,820	$	13,275	$	41,376	$	24,505

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

	June 30, 2021		December 31, 2020
*Net property and equipment:*
U.S.	$	2,162	$	2,053
Foreign		300		297
	$	2,462	$	2,350

Asset [Member]

Notes Tables

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

	June 30, 2021		December 31, 2020
*Identifiable assets:*
Thermal	$	53,096	$	50,782
EMS		15,647		9,667
Corporate		1,944		1,581
	$	70,687	$	62,030

Note 1 - Nature of Operations (Details Textual)	6 Months Ended
Note 1 - Nature of Operations (Details Textual)	Jun. 30, 2021
Number of Operating Segments	2

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	Jun. 30, 2021 USD ($)
Deferred Grant Proceeds	$ 78
City of Rochester and State of New York [Member]
Contingent Liability, Repayment of State and Local Grant Funds Received	463
Covenant, Future Amount Receivable	$ 370

Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Weighted average common shares outstanding - basic (in shares)	10,442,916	10,252,490	10,386,183	10,236,672
Unvested shares of restricted stock and employee stock options (in shares)	322,020	6,427	259,198	0
Weighted average common shares and common share equivalents outstanding - diluted (in shares)	10,764,936	10,258,917	10,645,381	10,236,672
Average number of potentially dilutive securities excluded from calculation (in shares)	274,345	711,499	307,069	719,832

Note 3 - Restructuring and Other Charges (Details Textual) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Jun. 10, 2021	Sep. 30, 2021	Jun. 30, 2021
EMS Segment Restructuring and Facility Consolidation [Member]
Restructuring and Related Costs, Incurred Cost, Total			$ 132
EMS Segment Restructuring and Facility Consolidation [Member] \| Minimum [Member] \| Forecast [Member]
Restructuring and Related Costs, Incurred Cost, Total		$ 50
EMS Segment Restructuring and Facility Consolidation [Member] \| Maximum [Member] \| Forecast [Member]
Restructuring and Related Costs, Incurred Cost, Total		100
Executive Management Changes [Member]
Restructuring and Related Costs, Incurred Cost, Total			347
Executive Management Changes [Member] \| Employee Severance [Member]
Restructuring and Related Costs, Incurred Cost, Total	$ 120		120
Executive Management Changes [Member] \| Employee Severance [Member] \| Restructuring and Other Charges [Member]
Restructuring and Related Costs, Incurred Cost, Total			120
Executive Management Changes [Member] \| Legal Fees [Member]
Restructuring and Related Costs, Incurred Cost, Total			136
Executive Management Changes [Member] \| Forecast [Member] \| Consulting Fees [Member]
Restructuring and Related Costs, Incurred Cost, Total		$ 24
Stock-based Compensation Expense [Member] \| Modification Cost [Member]
Restructuring and Related Costs, Incurred Cost, Total			91
Other Restructuring Actions [Member] \| Headcount Reductions and Employee Relocation [Member]
Other Restructuring Costs			$ 46

Note 3 - Restructuring and Other Charges - Changes in Accrued Restructuring (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Beginning balance	$ 340
Cash payments	(250)
Balance	342
Employee Severance [Member]
Restructuring chargers, accruals	120
Facility Closing [Member]
Restructuring chargers, accruals	132
EMS Segment Restructuring and Facility Consolidation [Member]
Beginning balance	340
Cash payments	(250)
Balance	222
EMS Segment Restructuring and Facility Consolidation [Member] \| Employee Severance [Member]
Restructuring chargers, accruals	0
EMS Segment Restructuring and Facility Consolidation [Member] \| Facility Closing [Member]
Restructuring chargers, accruals	132
Executive Management Changes [Member]
Beginning balance	0
Cash payments	0
Balance	120
Executive Management Changes [Member] \| Employee Severance [Member]
Restructuring chargers, accruals	120
Executive Management Changes [Member] \| Facility Closing [Member]
Restructuring chargers, accruals	$ 0

Note 4 - Goodwill and Intangible Assets (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Number of Operating Segments			2
Goodwill, Ending Balance	$ 13,738		$ 13,738		$ 13,738
Amortization of Intangible Assets, Total	$ 305	$ 309	$ 609	$ 620

Note 4 - Goodwill and Intangible Assets - Component of Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
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	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Balance			$ 5,711
Amortization	$ (305)	$ (309)	(609)	$ (620)
Balance	$ 5,102		$ 5,102

Note 4 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finite-lived, Gross Carrying Amount	$ 12,080	$ 12,080
Finite-lived, Accumulated Amortization	6,978	6,369
Net Carrying Amount, finite-lived	5,102	5,711
Intangible Assets, Gross Carrying Amount	18,790	18,790
Net Carrying Amount	11,812	12,421
Trademarks [Member]
Indefinite-lived, Gross Carrying Amount	6,710	6,710
Net Carrying Amount, indefinite-lived	6,710	6,710
Customer Relationships [Member]
Finite-lived, Gross Carrying Amount	10,480	10,480
Finite-lived, Accumulated Amortization	5,474	4,912
Net Carrying Amount, finite-lived	5,006	5,568
Patented Technology [Member]
Finite-lived, Gross Carrying Amount	600	600
Finite-lived, Accumulated Amortization	516	477
Net Carrying Amount, finite-lived	84	123
Patents [Member]
Finite-lived, Gross Carrying Amount	590	590
Finite-lived, Accumulated Amortization	578	570
Net Carrying Amount, finite-lived	12	20
Computer Software, Intangible Asset [Member]
Finite-lived, Gross Carrying Amount	270	270
Finite-lived, Accumulated Amortization	270	270
Net Carrying Amount, finite-lived	0	0
Trade Names [Member]
Finite-lived, Gross Carrying Amount	140	140
Finite-lived, Accumulated Amortization	140	140
Net Carrying Amount, finite-lived	$ 0	$ 0

Note 4 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2021 USD ($)
2021 (remainder)	$ 618
2022	1,167
2023	1,067
2024	980
2025	$ 905

Note 5 - Revenue From Contracts With Customers (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total	$ 0

Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net revenues	$ 21,820	$ 13,275	$ 41,376	$ 24,505
Semiconductor Market [Member]
Net revenues	15,677	6,858	28,997	11,869
Industrial Market [Member]
Net revenues	4,244	3,899	8,072	8,126
Defense/ Aerospace [Member]
Net revenues	1,268	1,496	2,397	2,904
Telecommunications Market [Member]
Net revenues	215	597	555	1,008
Other Multi Markets [Member]
Net revenues	416	425	1,355	598
Thermal Testing Products [Member]
Net revenues	4,537	3,703	8,842	7,850
Thermal Process [Member]
Net revenues	6,807	4,563	12,373	8,311
Semiconductor Production Test Products [Member]
Net revenues	8,954	3,665	17,274	5,489
Service and Other Products [Member]
Net revenues	1,522	1,344	2,887	2,855
End User [Member]
Net revenues	19,266	11,946	36,925	21,867
OEM and Integrators [Member]
Net revenues	$ 2,554	$ 1,329	$ 4,451	$ 2,638

Note 6 - Major Customers (Details Textual)	6 Months Ended
Note 6 - Major Customers (Details Textual)	Jun. 30, 2021	Jun. 30, 2020
Number of Major Customers	0	0
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Texas Instruments Incorporated [Member]
Concentration Risk, Percentage	14.00%

Note 7 - Inventories - Inventories (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Raw materials	$ 6,382		$ 6,382		$ 5,371
Work in process	1,036		1,036		1,085
Inventory consigned to others	44		44		45
Finished goods	1,240		1,240		975
Total inventories	8,702		8,702		$ 7,476
Excess and obsolete inventory charges	$ 54	$ 134	$ 93	$ 305

Note 8 - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Note 8 - Leases (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Lease, Right-of-Use Asset, Amortization Expense	$ 249	$ 529	$ 328	$ 653
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability			$ 1,176

Note 8 - Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating lease cost	$ 294	$ 389	$ 618	$ 781
Short-term lease cost	$ 32	$ 10	$ 40	$ 22
Weighted average remaining lease term (in years) (Year)	6 years 3 months 18 days		6 years 3 months 18 days
Weighted average discount rate	4.30%		4.30%
Minimum [Member]
Range of remaining lease terms (in years) (Year)			9 months 18 days
Maximum [Member]
Range of remaining lease terms (in years) (Year)			9 years 9 months 18 days

Note 8 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2021 USD ($)
2021 (remainder)	$ 706
2022	1,403
2023	1,414
2024	1,398
2025	722
Thereafter	1,845
Total lease payments	7,488
Less imputed interest	(870)
Total	$ 6,618

Note 9 - Debt (Details Textual) - USD ($) $ in Millions	Apr. 09, 2021	Mar. 31, 2021	Apr. 10, 2020
M&T [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10.0	$ 7.5	$ 7.5

Note 9 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Letters of Credit Amount Outstanding	$ 100	$ 140
Mt Laurel [Member]
Line of Credit, Issue Date	Mar. 29, 2010
Line of Credit, Expiration Date	Apr. 30, 2022
Lease Expiration Date	Apr. 30, 2031
Letters of Credit Amount Outstanding	$ 50	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 10 - Stock-based Compensation (Details Textual) - USD ($)				3 Months Ended		4 Months Ended	6 Months Ended		12 Months Ended
	Jun. 14, 2021	Mar. 10, 2021	Aug. 24, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total				$ 3,296		$ 3,296	$ 3,296
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)							2 years 10 months 24 days
Share-based Payment Arrangement, Amount Capitalized				$ 0	$ 0		$ 0	$ 0
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, Vested in Period, Fair Value							$ 577,000	$ 210,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)							10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)							$ 5.70	$ 1.48
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)							126,209
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 Compensation Award, Tranche Four [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 Payment Arrangement, Tranche Two [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			$ 650,000
Restricted Stock [Member] \| President [Member] \| Restricted Stock Vesting in Four Years [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 [Member] \| President [Member] \| Restricted Stock Vesting in Three Years [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			75,162
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%
Restricted Stock [Member] \| President [Member] \| Share-based Payment Arrangement, Tranche One [Member] \| Restricted Stock Vesting in Four Years [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Restricted Stock [Member] \| President [Member] \| Share-based Payment Arrangement, Tranche One [Member] \| Restricted Stock Vesting in Three Years [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			3 years
Restricted Stock [Member] \| President [Member] \| Share-based Compensation Award, Tranche Four [Member] \| Restricted Stock Vesting in Four Years [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Restricted Stock [Member] \| President [Member] \| Share-based Payment Arrangement, Tranche Three [Member] \| Restricted Stock Vesting in Four Years [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Restricted Stock [Member] \| President [Member] \| Share-based Payment Arrangement, Tranche Two [Member] \| Restricted Stock Vesting in Four Years [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Restricted Stock [Member] \| President [Member] \| Vesting Based On Performance Metrics [Member] \| Restricted Stock Vesting in Three Years [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage									100.00%
Restricted Stock [Member] \| Members of The Senior Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		18,000
Restricted Stock [Member] \| Members of The Senior Management [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%
Restricted Stock [Member] \| Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	7,941
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Fair Value	$ 133,000
Restricted Stock [Member] \| Chief Financial Officer [Member] \| Restricted Stock Vesting in Four Years [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)	1,988
Restricted Stock [Member] \| Chief Financial Officer [Member] \| Restricted Stock Vesting on August 24, 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	5,953
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%
Restricted Stock [Member] \| Chief Financial Officer [Member] \| Share-based Payment Arrangement, Tranche One [Member] \| Restricted Stock Vesting in Four Years [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
Restricted Stock [Member] \| Chief Financial Officer [Member] \| Share-based Compensation Award, Tranche Four [Member] \| Restricted Stock Vesting in Four Years [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
Restricted Stock [Member] \| Chief Financial Officer [Member] \| Share-based Payment Arrangement, Tranche Three [Member] \| Restricted Stock Vesting in Four Years [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
Restricted Stock [Member] \| Chief Financial Officer [Member] \| Share-based Payment Arrangement, Tranche Two [Member] \| Restricted Stock Vesting in Four Years [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
Restricted Stock [Member] \| Chief Financial Officer [Member] \| Vesting Based On Performance Metrics [Member] \| Restricted Stock Vesting on August 24, 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage							100.00%

Note 10 - Stock-based Compensation - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Allocation of Share-based Compensation Expense	$ 454	$ 208	$ 723	$ 395
Cost of Sales [Member]
Allocation of Share-based Compensation Expense	7	0	7	0
Selling and Marketing Expense [Member]
Allocation of Share-based Compensation Expense	6	3	9	6
Research and Development Expense [Member]
Allocation of Share-based Compensation Expense	16	11	26	21
General and Administrative Expense [Member]
Allocation of Share-based Compensation Expense	$ 425	$ 194	$ 681	$ 368

Note 10 - Stock-based Compensation - Unvested Stock Activity (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Unvested shares outstanding (in shares) \| shares	237,155
Unvested shares outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 4.93
Granted, number of shares (in shares) \| shares	126,209
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 11.74
Vested, number of shares (in shares) \| shares	(45,744)
Vested, weighted average exercise price (in dollars per share) \| $ / shares	$ 7.87
Forfeited, number of shares (in shares) \| shares	(18,125)
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	$ 9.02
Unvested shares outstanding (in shares) \| shares	299,495
Unvested shares outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 7.10

Note 10 - Stock-based Compensation - Stock Options Valuation Assumptions (Details) - Share-based Payment Arrangement, Option [Member]	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Risk-free interest rate	1.03%	0.46%
Dividend yield	0.00%	0.00%
Expected common stock market price volatility factor	50.00%	44.00%
Weighted average expected life of stock options (years) (Year)	6 years 3 months	6 years 3 months

Note 10 - Stock-based Compensation - Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Options outstanding, number of shares (in shares) \| shares	438,200
Options outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 6.25
Granted, number of shares (in shares) \| shares	282,404
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 11.77
Exercised, number of shares (in shares) \| shares	(145,575)
Exercised, weighted average exercise price (in dollars per share) \| $ / shares	$ 6.89
Forfeited, number of shares (in shares) \| shares	(80,550)
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	$ 9.55
Options outstanding, number of shares (in shares) \| shares	494,479
Options outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 8.67

Note 10 - Stock-based Compensation - Stock Option Activity (Details) (Parentheticals) - shares	Jun. 30, 2021	Dec. 31, 2020
Options exercisable (in shares)	142,230	204,630

Note 11 - Stock Repurchase Plan (Details Textual) - USD ($) $ in Thousands	3 Months Ended	52 Months Ended
	Mar. 31, 2020	Mar. 02, 2020	Jul. 31, 2019
Stock Repurchase Program, Authorized Amount			$ 3,000
Stock Repurchased and Retired During Period, Shares (in shares)		243,075
Stock Repurchased and Retired During Period, Value	$ 74	$ 1,216
Payments for Stock Repurchased Broker Fees		$ 6

Note 12 - Employee Stock Purchase Plan (Details Textual)	Jun. 23, 2021 shares
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	250,000

Note 13 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
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	$ 100	$ 92	$ 271	$ 257
The Ambrell Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay			10.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 44	$ 15	$ 87	$ 32
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 14 - Segment Information (Details Textual)	6 Months Ended
Note 14 - Segment Information (Details Textual)	Jun. 30, 2021
Number of Reportable Segments	2

Note 14 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Net revenues	$ 21,820		$ 13,275		$ 41,376	$ 24,505
Earnings (loss) before income tax expense (benefit)	3,056		183		5,634	(1,210)
Net earnings (loss)	2,609	$ 2,212	170	$ (1,143)	4,821	(973)
Corporate, Non-Segment [Member]
Earnings (loss) before income tax expense (benefit)	(836)		(65)		(981)	(28)
Net earnings (loss)	(715)		(53)		(839)	(22)
Thermal Testing Products [Member] \| Operating Segments [Member]
Net revenues	12,766		9,476		23,821	18,810
Earnings (loss) before income tax expense (benefit)	1,023		(13)		1,126	(439)
Net earnings (loss)	875		(3)		963	(353)
EMS [Member] \| Operating Segments [Member]
Net revenues	9,054		3,799		17,555	5,695
Earnings (loss) before income tax expense (benefit)	2,869		261		5,489	(743)
Net earnings (loss)	$ 2,449		$ 226		$ 4,697	$ (598)

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

Note 14 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Identifiable Assets	$ 70,687	$ 62,030
Corporate, Non-Segment [Member]
Identifiable Assets	1,944	1,581
Thermal Testing Products [Member]
Identifiable Assets	53,096	50,782
EMS [Member]
Identifiable Assets	$ 15,647	$ 9,667

- 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

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+ Details

Note 14 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net revenues	$ 21,820	$ 13,275	$ 41,376	$ 24,505
UNITED STATES
Net revenues	6,632	4,954	12,379	10,673
Non-US [Member]
Net revenues	$ 15,188	$ 8,321	$ 28,997	$ 13,832

- Definition

+ References

+ Details

Note 14 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property and Equipment	$ 2,462	$ 2,350
UNITED STATES
Property and Equipment	2,162	2,053
Non-US [Member]
Property and Equipment	$ 300	$ 297

Note 15 - Subsequent Events (Details Textual) - USD ($) $ in Thousands	Jul. 19, 2021	Dec. 28, 2020
Subsequent Event [Member]
Incremental Sublease Income Above Impairment Charge	$ 350
EMS Segment Restructuring and Facility Consolidation [Member]
Operating Lease, Impairment Loss		$ 522