0001437749-22-020138 | 10-Q | XBRL Viewer

Inventory Disclosure [Text Block]

(10)

INVENTORIES

Inventories held at June 30, 2022 and December 31, 2021 were comprised of the following:

	June 30, 2022		December 31, 2021
Raw materials	$	13,687	$	10,403
Work in process		1,728		1,250
Inventory consigned to others		50		44
Finished goods		2,054		1,166
Total inventories	$	17,519	$	12,863

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021

Excess and obsolete inventory charges	$	107	$	54	$	230	$	93

Note 5 - Fair Value Measurements - Changes in the Fair Value of Level 3 Contingent Consideration Liabilities (Details) - Contingent Consideration Liabilities [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Balance	$ 1,109
Impact of foreign currency translation adjustments	5
Balance	1,614
Acculogic [Member]
Adjustment to contingent consideration liability in connection with the acquisition of Acculogic	$ 500

Note 13 - Stock-based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 09, 2022	Aug. 31, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total			$ 3,970		$ 3,970
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					2 years 8 months 12 days
Share-based Payment Arrangement, Amount Capitalized			0	$ 0	$ 0	$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)					$ 4.53	$ 5.70
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value					$ 436	$ 577
Share-Based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)					10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					4 years
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					123,533
Restricted Stock [Member] \| Restricted Stock Vesting in Three Years [Member]
Share-Based Payment Arrangement, Accelerated Cost			$ 130
Restricted Stock [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%	150.00%
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] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					4 years
Restricted Stock [Member] \| Independent Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					1 year
Restricted Stock [Member] \| Independent Directors [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage					25.00%
Restricted Stock [Member] \| Independent Directors [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage					25.00%
Restricted Stock [Member] \| Independent Directors [Member] \| Share-based 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] \| Chief Executive Officer and Chief Financial Officer [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%
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	20,493
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Value	$ 200

Note 13 - Stock-based Compensation Plan - Stock Options Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member]	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Risk-free interest rate	2.05%	1.03%
Dividend yield	0.00%	0.00%
Expected common stock market price volatility factor	55.00%	50.00%
Weighted average expected life of stock options (years) (Year)	6 years 3 months	6 years 3 months

Note 13 - Stock-based Compensation Plan - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement, Expense	$ 551	$ 454	$ 923	$ 723
Cost of Sales [Member]
Share-Based Payment Arrangement, Expense	15	7	26	7
Selling and Marketing Expense [Member]
Share-Based Payment Arrangement, Expense	7	6	14	9
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expense	18	16	37	26
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expense	$ 511	$ 425	$ 846	$ 681

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

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

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, 2021 (the “2021 Form 10-K”) filed on March 23, 2022 with the Securities and Exchange Commission.

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, 2022.

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

Investment, Policy [Policy Text Block]

Short-term Investments

Our short-term investments consist of investments in U.S. treasury bills with original maturities of six months. We account for these investments in accordance with Accounting Standards Codification (“ASC”) Topic 320 (Investments – Debt and Equity Securities). These investments have been classified as held-to-maturity. Held-to-maturity investment securities are financial instruments for which we have both the intent and the ability to hold them to maturity. Held-to-maturity securities are reported at the investment’s amortized cost as of the reporting date. See Note 4 for additional disclosures related to our short-term investments.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, short-term investments, accounts receivable, accounts payable, accrued expenses, our credit facility, interest rate swaps and our liabilities for contingent consideration. Our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at cost which approximates fair value, due to the short maturities of the accounts. Our short-term investments are classified as held-to-maturity and carried at amortized cost. Our credit facility and our interest rate swap are discussed further below and in Note 12. Our liabilities for contingent consideration are accounted for in accordance with the guidance in ASC Topic 820 (Fair Value Measurement). ASC Topic 820 establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). Our contingent consideration liabilities are measured at fair value on a recurring basis using Level 3 inputs which are inputs that are unobservable and significant to the overall fair value measurement. These unobservable inputs reflect our assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. See Note 5 for further disclosures related to the fair value of our liabilities for contingent consideration.

Goodwill Intangible And Long Lived Assets [Policy Text Block]

Goodwill, Intangible and Long-Lived Assets

As discussed in Notes 1 and 16, during the year ended December 31, 2021, we managed our business as two operating segments which were also our reportable segments and reporting units: Thermal and EMS. Effective January 1, 2022, we reorganized our operating segments. Accordingly, for 2022, we have three operating segments which are also our reportable segments and reporting units: Electronic Test, Environmental Technologies and Process Technologies.

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 at the beginning of 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 at the beginning of 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 right-of-use (“ROU”) assets, are assessed for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are 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 in targeted markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We sell thermal management products including ThermoStreams, ThermoChambers, process chillers, refrigerators and freezers, which we sell under our Temptronic, Sigma, Thermonics and North Sciences (formerly Z-Sciences) product lines, and Ambrell Corporation’s (“Ambrell”) precision induction heating systems, including EKOHEAT and EASYHEAT products. As a result of the acquisition of Videology, we sell industrial-grade circuit board mounted video digital cameras and related devices, systems and software. We sell semiconductor ATE interface solutions which include manipulators, docking hardware and electrical interface products. As a result of the acquisition of Acculogic, we sell robotics-based electronic production test equipment. We provide post-warranty service and support for the equipment we sell. We sell semiconductor ATE interface solutions and certain thermal management products to the semi market. We also sell many of our products to various other markets including the automotive, defense/aerospace, industrial, life sciences and security 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 consolidated 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 8 and 16 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. Our criteria identify obsolete material as material that has not been used in a work order during the prior twenty-four 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). We determine if an arrangement is a lease at inception. A lease contract is within scope if the contract has an identified asset (property, plant or equipment) and grants the lessee the right to control the use of the asset during the lease term. The identified asset may be either explicitly or implicitly specified in the contract. In addition, the supplier must not have any practical ability to substitute a different asset and would not economically benefit from doing so for the lease contract to be in scope. The lessee’s right to control the use of the asset during the term of the lease must include the ability to obtain substantially all of the economic benefits from the use of the asset as well as decision-making authority over how the asset will be used. Leases are classified as either operating leases or finance leases based on the guidance in ASC Topic 842. Operating leases are included in operating lease ROU assets and operating lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment and finance lease liabilities. We do not currently have any finance leases.

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

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

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

We have made an accounting policy election not to apply the recognition requirements of ASC Topic 842 to short-term leases (leases with a term of one year or less at the commencement date of the lease). Lease expense for short-term lease payments is recognized on a straight-line basis over the lease term.

See Note 11 for further disclosures regarding our leases.

Derivatives, Policy [Policy Text Block]

Interest Rate Swap Agreement

We are exposed to interest rate risk on our floating-rate debt. We have entered into an interest rate swap agreement to effectively convert our floating-rate debt to a fixed-rate basis for a portion of our floating rate debt, as discussed further in Notes 5 and 12. The principal objective of this agreement is to eliminate the variability of the cash flows for interest payments associated with our floating-rate debt, thus reducing the impact of interest rate changes on future interest payment cash flows. We have elected to apply the hedge accounting rules in accordance with ASC Topic 815 (Derivatives and Hedging). Further, we have determined that this agreement qualifies for the shortcut method of hedge accounting. Changes in the fair value of interest rate swap agreements designated as cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity and are amortized to interest expense over the term of the related debt.

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

Contingent Liability for Repayment of State and Local Grant Funds Received

In connection with leasing a 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 $550 to help offset a portion of the cost of the leasehold improvements we made to this facility. The final payment of $87 was received during the three months ended March 31, 2022. 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 2024. If we fail to meet these employment targets, we may be required to repay a proportionate share of the proceeds. As of June 30, 2022, $285 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 consolidated 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 $226 at June 30, 2022. As of June 30, 2022, we were in compliance with the employment targets as specified in the grant agreement with the city of Rochester.

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, which is then amortized to expense over the service periods. See further disclosures related to our stock-based compensation plans in Note 13.

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]

Earnings Per Common Share

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

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Weighted average common shares outstanding - basic		10,653,268		10,442,916		10,635,270		10,386,183
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		161,531		322,020		193,426		259,198
Weighted average common shares and common share equivalents outstanding - diluted		10,814,799		10,764,936		10,828,696		10,645,381

Average number of potentially dilutive securities excluded from calculation		608,322		274,345		477,448		307,069

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 U.S. GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The amendments require a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We plan to adopt the amendments when they become effective for us on January 1, 2023. We are currently evaluating the impact the adoption of these amendments will have on our consolidated financial statements.

Note 13 - Stock-based Compensation Plan - Stock Option Activity (Details) (Parentheticals)	Jun. 30, 2022 shares
Options exercisable (in shares)	59,195
Options exercisable (in shares)	174,871

Note 6 - Restructuring and Other Charges (Tables)

6 Months Ended

Jun. 30, 2022

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

Balance - January 1, 2022	$	70
Cash payments		(7	)
Adjustments to accruals		(63	)
Balance - June 30, 2022	$	-

Note 15 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
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	$ 134	$ 100	$ 350	$ 271
The Ambrell Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay			10.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 85	$ 44	$ 186	$ 87
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent			100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match			50.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount			$ 5

Note 16 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Identifiable Assets	$ 106,025	$ 103,905
Corporate, Non-Segment [Member]
Identifiable Assets	6,090	10,123
Electronic Test [Member]
Identifiable Assets	28,735	26,251
Environmental Technologies [Member]
Identifiable Assets	16,900	15,411
Process Technologies [Member]
Identifiable Assets	$ 54,300	$ 52,120

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Note 4 - Short-term Investments - Held-to-maturity Securities (Details) - US Treasury Securities [Member] $ in Thousands	Jun. 30, 2022 USD ($)
Amortized cost basis	$ 3,485
Gross unrealized gains	0
Fair value	$ 3,485

Note 1 - Nature of Operations

6 Months Ended

Jun. 30, 2022

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, life sciences, security and semiconductor. During the year ended December 31, 2021, we managed our business as two operating segments which were also our reportable segments and reporting units: Thermal Products ("Thermal") and Electromechanical Solutions ("EMS"). As discussed further in Note 16, effective January 1, 2022, we reorganized our operating segments. Accordingly, for 2022, we have three operating segments which are also our reportable segments and reporting units: Electronic Test, Environmental Technologies and Process Technologies. Prior period information has been reclassified to be comparable to the current period’s presentation.

The consolidated entity is comprised of inTEST Corporation and our wholly-owned subsidiaries. We manufacture our products in the U.S., Canada and the Netherlands. Marketing and support activities are conducted worldwide from our facilities in the U.S., Canada, Germany, Singapore, the Netherlands and the U.K. We operate our business worldwide and sell our products both domestically and internationally.

All 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. In addition, we sell our products to a variety of different types of customers with varying levels of discounts and commission expense. As a result of changes in both the mix of products sold as well as customer mix in any given period, our consolidated gross margin can vary significantly from period to period.

The semiconductor market (“semi” or the “semi market”) which includes both the broader semiconductor market, as well as the more specialized automated test equipment (“ATE”) and wafer processing sectors within the broader semiconductor market, has historically been the largest single market in which we operate. The semi market is characterized by rapid technological change, competitive pricing pressures and cyclical as well as seasonal market patterns. The semi market is also subject to periods of significant expansion or contraction in demand. In addition to the semi market, we sell into a variety of other markets. Our intention is to continue diversifying our markets, our product offerings within the markets we serve and our customer base across all of our markets with the goal of reducing our dependence on any one market, product or customer. In particular, we are seeking to reduce the impact of volatility in the semi market on our results of operations.

Our Electronic Test segment sells its products to semiconductor manufacturers and third-party test and assembly houses (end user sales) and to 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 semi market. With the acquisition of Acculogic in December 2021, our Electronic Test segment also sells its products to customers in markets outside the semi market including the automotive, defense/aerospace, industrial and life sciences markets. Our Environmental Technologies segment sells its products to end users and OEMs within the ATE sector of the semi market. It also sells its products to customers in a variety of other markets other than the semi market, including the automotive, defense/aerospace, industrial and life sciences markets. Our Process Technologies segment sells its products to customers in the wafer processing sector within the semi market. It also sells its products to customers in a variety of other markets other than the semi market, including the automotive, defense/aerospace, industrial, life sciences and security markets.

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, downward pricing pressures from customers, our reliance on a relatively few number of customers for a significant portion of our sales and our ability to safeguard patented technology and intellectual property in a rapidly evolving market. In addition, we are exposed to the risk of obsolescence of our inventory depending on the mix of future business and technological changes within the markets that we serve. Part of our strategy for growth includes potential acquisitions that may cause us to incur substantial expense in reviewing and evaluating potential transactions. We may or may not be successful in locating suitable businesses to acquire and in closing acquisitions of businesses we pursue. In addition, we may not be able to successfully integrate any business we do acquire with our existing business and we may not be able to operate the acquired business profitably. As a result of these or other factors, we may experience significant period-to-period fluctuations in future operating results.

COVID-19 Pandemic

With respect to the COVID-19 pandemic, we are following the guidance of the Centers for Disease Control and Prevention (“CDC”) and the local regulatory authorities in regions outside the U.S. While in most cases we are no longer requiring employees to wear masks indoors in our domestic locations, we continue to closely monitor the case numbers in individual facilities and have temporarily reinstituted mask requirements when we have deemed it prudent to do so. We are encouraging all employees to receive COVID-19 vaccinations and boosters, if possible. We are continuing to conduct temperature screenings and encouraging all employees to maintain social distancing when appropriate. We are also continuing to allow employees to work remotely either part-time or full-time in circumstances when possible. During April 2022, an increase in COVID-19 cases at one of our facilities resulted in a loss of production time. Additionally, the shutdowns in China required us to find alternate plans for delivery of our products to the country. Although we were able to take actions to lessen the impact of these events on our business, if the spread of COVID-19 or its variants continues to worsen, we may experience additional lost production time or further interruption in our ability to ship our products to our customers. In addition, if one or more of our significant customers or suppliers is impacted, or if significant additional governmental regulations and restrictions are imposed, our business could be negatively impacted in the future. We continue to monitor the situation closely and will adjust our operations as necessary to protect the health and well-being of our employees and to minimize the impact on our business operations. 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 two years.

Note 2 - Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Weighted average common shares outstanding - basic		10,653,268		10,442,916		10,635,270		10,386,183
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		161,531		322,020		193,426		259,198
Weighted average common shares and common share equivalents outstanding - diluted		10,814,799		10,764,936		10,828,696		10,645,381

Average number of potentially dilutive securities excluded from calculation		608,322		274,345		477,448		307,069

Note 7 - Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Changes in Goodwill [Table Text Block]

Balance - January 1, 2022	$	21,448
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 for contingent consideration and intangible assets related to acquisition of Acculogic (see Note 3)		451
Impact of foreign currency translation adjustments		(179	)
Balance - June 30, 2022	$	21,720

Schedule of Goodwill [Table Text Block]

	June 30,		December 31,
	2022		2021
Electronic Test	$	3,521	$	3,055
Environmental Technologies		1,817		1,817
Process Technologies		16,382		16,576

Total goodwill	$	21,720	$	21,448

Schedule of Indefinite-Lived Intangible Assets [Table Text Block]

Balance - January 1, 2022	$	8,428
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 related to acquisition of Acculogic (see Note 3)		20
Impact of foreign currency translation adjustments		(41	)
Balance - June 30, 2022	$	8,407

Schedule of Finite-Lived Intangible Assets [Table Text Block]

Balance - January 1, 2022	$	13,206
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 related to acquisition of Acculogic (see Note 3)		29
Impact of foreign currency translation adjustments		(188	)
Amortization		(1,547	)
Balance - June 30, 2022	$	11,500

Schedule Of Intangible Assets [Table Text Block]

	June 30,		December 31,
	2022		2021
Electronic Test:	$	4,632	$	5,074
Environmental Technologies		862		893
Process Technologies		14,413		15,667

Total intangible assets	$	19,907	$	21,634

	June 30, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	16,428	$	7,093	$	9,335
Technology		2,912		788		2,124
Patents		590		588		2
Backlog		495		456		39
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		20,835		9,335		11,500
Indefinite-lived intangible assets:
Trademarks		8,407		-		8,407
Total intangible assets	$	29,242	$	9,335	$	19,907

	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	16,544	$	6,160	$	10,384
Technology		2,950		569		2,381
Patents		590		585		5
Backlog		521		85		436
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		21,015		7,809		13,206
Indefinite-lived intangible assets:
Trademarks		8,428		-		8,428
Total intangible assets	$	29,443	$	7,809	$	21,634

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

2022 (remainder)	$	1,160
2023	$	2,112
2024	$	1,989
2025	$	1,778
2026	$	1,169

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Note 12 - Debt (Tables)

6 Months Ended

Jun. 30, 2022

Schedule Of Outstanding Letters Of Credit [Table Text Block]

L/C

Lease

Letters of Credit
Amount Outstanding

Facility

Original L/C
Issue Date

Expiration
Date

June 30,
2022

Dec. 31,
2021

Mt. Laurel, NJ

3/29/2010

4/30/2023

4/30/2031

Mansfield, MA

10/27/2010

12/31/2024

100

Schedule of Maturities of Long-Term Debt [Table Text Block]

2022 (remainder)	$	2,192
2023		4,100
2024		4,100
2025		4,100
2026		3,700
	$	18,192

Note 1 - Nature of Operations (Details Textual)	6 Months Ended	12 Months Ended
Note 1 - Nature of Operations (Details Textual)	Jun. 30, 2022	Dec. 31, 2021
Number of Operating Segments	3	2

Note 3 - Acquisitions (Tables)

6 Months Ended

Jun. 30, 2022

Business Acquisition, Pro Forma Information [Table Text Block]

	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
Revenue	$	24,119	$	45,974
Net earnings	$	3,229	$	6,061
Diluted earnings per share	$	0.30	$	0.57

	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
Revenue	$	24,550	$	46,836
Net earnings	$	2,582	$	4,767
Diluted earnings per share	$	0.24	$	0.45

Acculogic [Member]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Goodwill	$	3,363
Identifiable intangible assets		5,123
Tangible assets acquired and liabilities assumed:
Cash		312
Trade accounts receivable		2,259
Inventories		1,329
Other current assets		240
Property and equipment		156
Accounts payable		(406	)
Accrued expenses		(2,950	)
Total purchase price	$	9,426

Note 14 - Employee Stock Purchase Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2022	Jun. 23, 2021
Stock Issued During Period, Value, Employee Stock Purchase Plan	$ 65	$ 56
Share Price (in dollars per share)	$ 6.82	$ 10.73	$ 6.82	$ 6.82
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)					250,000
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)			14,715	18,706
Stock Issued During Period, Value, Employee Stock Purchase Plan			$ 121	$ 146
Shares Issued, Price Per Share (in dollars per share)	$ 5.80	$ 9.12	$ 5.80	$ 5.80
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date			15.00%
Share-based Compensation Arrangement by Share-based Payment Award, Discount Amount			$ 18
Share-Based Payment Arrangement, Expense			$ 26

Note 16 - Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting Disclosure [Text Block]

(16)

SEGMENT INFORMATION

During the year ended December 31, 2021, we managed our business as two operating segments which were also our reportable segments and reporting units: Thermal and EMS. As previously discussed in Note 1, effective January 1, 2022, we reorganized our segments to better align with our plan to manage and report our business going forward. This change in our operating and reporting structure reflects the evolution of our business, particularly as a result of the broadening of our product portfolio through the acquisitions we completed in the fourth quarter of 2021, which are discussed more fully in Note 3. Accordingly, for 2022, we have three operating segments which are also our reportable segments and reporting units: Electronic Test (which includes our semiconductor test equipment, flying probe and in-circuit testers), Environmental Technologies (which includes our thermal test, process and storage products) and Process Technologies (which includes our induction heating and video imaging products). Prior period information has been reclassified to be comparable to the current period’s presentation.

Our management team, including our CEO who is also our Chief Operating Decision Maker as defined under U.S. GAAP, evaluates the performance of our operating segments primarily on income from divisional operations which represents earnings before income tax expense and excludes other income (expense), corporate expenses and acquired intangible amortization.

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
*Revenue:*
Electronic Test	$	9,797		$	9,054		$	18,575		$	17,555
Environmental Technologies		7,507			6,647			14,500			12,845
Process Technologies		12,267			6,119			20,577			10,976
Total revenue	$	29,571		$	21,820		$	53,652		$	41,376

*Income from divisional operations:*
Electronic Test	$	2,193		$	3,237		$	4,080		$	6,224
Environmental Technologies		1,070			1,113			1,872			2,036
Process Technologies		2,569			1,161			3,299			1,617
Total income from divisional operations		5,832			5,511			9,251			9,877
Corporate expenses		(2,339	)		(2,171	)		(4,174	)		(3,653	)
Acquired intangible amortization		(765	)		(305	)		(1,547	)		(609	)
Other income (expense)		(158	)		21			(305	)		19
Earnings before income tax expense	$	2,570		$	3,056		$	3,225		$	5,634

	June 30,		December 31,
	2022		2021
*Identifiable assets:*
Electronic Test	$	28,735	$	26,251
Environmental Technologies		16,900		15,411
Process Technologies		54,300		52,120
Corporate		6,090		10,123
	$	106,025	$	103,905

The following table provides information about our geographic areas of operation. Revenue is based on the location to which the goods are shipped.

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
*Revenue:*
U.S.	$	14,068	$	6,632	$	23,302	$	12,379
Foreign		15,503		15,188		30,350		28,997
	$	29,571	$	21,820	$	53,652	$	41,376

	June 30,		December 31,
	2022		2021
*Property and equipment:*
U.S.	$	2,566	$	2,346
Foreign		392		342
	$	2,958	$	2,688

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

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Note 3 - Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Videology [Member]
Revenue	$ 24,119	$ 45,974
Net earnings	$ 3,229	$ 6,061
Diluted earnings per share (in dollars per share)	$ 0.30	$ 0.57
Acculogic [Member]
Revenue	$ 24,550	$ 46,836
Net earnings	$ 2,582	$ 4,767
Diluted earnings per share (in dollars per share)	$ 0.24	$ 0.45

Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Weighted average common shares outstanding - basic (in shares)	10,653,268	10,442,916	10,635,270	10,386,183
Unvested shares of restricted stock and employee stock options (in shares)	161,531	322,020	193,426	259,198
Weighted average common shares and common share equivalents outstanding - diluted (in shares)	10,814,799	10,764,936	10,828,696	10,645,381
Average number of potentially dilutive securities excluded from calculation (in shares)	608,322	274,345	477,448	307,069

Note 6 - Restructuring and Other Charges - Changes in Accrued Restructuring (Details) - EMS Segment Restructuring and Facility Consolidation [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Beginning balance	$ 70
Cash payments	(7)
Adjustments to accruals	(63)
Balance	$ 0

Note 11 - Leases (Tables)

6 Months Ended

Jun. 30, 2022

Lease, Cost [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021

Operating lease cost	$	317	$	294	$	643	$	618
Short-term lease cost	$	14	$	32	$	44	$	40

Range of remaining lease terms (in years)	0.8	to	8.8
Weighted average remaining lease term (in years)		5.3
Weighted average discount rate		4.1%

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

2022 (remainder)	$	816
2023		1,626
2024		1,567
2025		734
2026		467
Thereafter		1,378
Total lease payments	$	6,588
Less imputed interest		(630	)
Total	$	5,958

Note 5 - Fair Value Measurements - Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 21, 2021	Oct. 06, 2021
Interest Rate Swap [Member]
Interest rate swap	$ 388
Fair Value, Inputs, Level 1 [Member] \| Interest Rate Swap [Member]
Interest rate swap	0
Fair Value, Inputs, Level 2 [Member] \| Interest Rate Swap [Member]
Interest rate swap	388
Fair Value, Inputs, Level 3 [Member] \| Interest Rate Swap [Member]
Interest rate swap	0
Z-Sciences [Member]
Contingent consideration liability	179		$ 200
Z-Sciences [Member] \| Fair Value, Inputs, Level 1 [Member]
Contingent consideration liability	0
Z-Sciences [Member] \| Fair Value, Inputs, Level 2 [Member]
Contingent consideration liability	0
Z-Sciences [Member] \| Fair Value, Inputs, Level 3 [Member]
Contingent consideration liability	179
Acculogic [Member]
Contingent consideration liability	1,435	$ 1,430
Acculogic [Member] \| Fair Value, Inputs, Level 1 [Member]
Contingent consideration liability	0
Acculogic [Member] \| Fair Value, Inputs, Level 2 [Member]
Contingent consideration liability	0
Acculogic [Member] \| Fair Value, Inputs, Level 3 [Member]
Contingent consideration liability	$ 1,435

Note 10 - Inventories - Inventories (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Raw materials	$ 13,687		$ 13,687		$ 10,403
Work in process	1,728		1,728		1,250
Inventory consigned to others	50		50		44
Finished goods	2,054		2,054		1,166
Total inventories	17,519		17,519		$ 12,863
Excess and obsolete inventory charges	$ 107	$ 54	$ 230	$ 93

Note 16 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property and Equipment	$ 2,958	$ 2,688
UNITED STATES
Property and Equipment	2,566	2,346
Non-US [Member]
Property and Equipment	$ 392	$ 342

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, 2020	10,562,200
Balance at Dec. 31, 2020	$ 106	$ 26,851	$ 17,110	$ 889	$ (204)	$ 44,752
Net earnings	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
Balance at Dec. 31, 2020	$ 106	26,851	17,110	889	(204)	44,752
Net earnings						4,821
Balance (in shares) at Jun. 30, 2021	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	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
Balance at Jun. 30, 2021	$ 108	28,574	21,931	812	(204)	51,221
Balance (in shares) at Dec. 31, 2021	10,910,460
Balance at Dec. 31, 2021	$ 109	29,931	24,393	594	(204)	54,823
Net earnings	0	0	577	0	0	577
Other comprehensive earnings (loss)	0	0	0	173	0	173
Amortization of deferred compensation related to stock-based awards	$ 0	372	0	0	0	372
Issuance of unvested shares of restricted stock (in shares)	79,489
Issuance of unvested shares of restricted stock	$ 1	(1)	0	0	0	0
Shares issued under Employee Stock Purchase Plan (in shares)	5,245
Shares issued under Employee Stock Purchase Plan	$ 0	56	0	0	0	56
Balance (in shares) at Mar. 31, 2022	10,995,194
Balance at Mar. 31, 2022	$ 110	30,358	24,970	767	(204)	56,001
Balance (in shares) at Dec. 31, 2021	10,910,460
Balance at Dec. 31, 2021	$ 109	29,931	24,393	594	(204)	54,823
Net earnings						$ 2,693
Stock options exercised (in shares)						(0)
Balance (in shares) at Jun. 30, 2022	11,048,708
Balance at Jun. 30, 2022	$ 110	30,974	27,086	164	(214)	$ 58,120
Balance (in shares) at Mar. 31, 2022	10,995,194
Balance at Mar. 31, 2022	$ 110	30,358	24,970	767	(204)	56,001
Net earnings	0	0	2,116	0	0	2,116
Other comprehensive earnings (loss)	0	0	0	(603)	0	(603)
Amortization of deferred compensation related to stock-based awards	$ 0	551	0	0	0	551
Issuance of unvested shares of restricted stock (in shares)	44,044
Issuance of unvested shares of restricted stock	$ 0	0	0	0	0	0
Shares issued under Employee Stock Purchase Plan (in shares)	9,470
Shares issued under Employee Stock Purchase Plan	$ 0	65	0	0	0	65
Shares redeemed into treasury stock	$ 0	0	0	0	(10)	(10)
Balance (in shares) at Jun. 30, 2022	11,048,708
Balance at Jun. 30, 2022	$ 110	$ 30,974	$ 27,086	$ 164	$ (214)	$ 58,120

Note 7 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Intangible Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Balance	$ 13,206
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 related to acquisition of Acculogic (see Note 3)	29
Impact of foreign currency translation adjustments	(188)
Amortization	(1,547)
Balance	$ 11,500

Note 14 - Employee Stock Purchase Plan

6 Months Ended

Jun. 30, 2022

Employee Stock Purchase Plan [Text Block]

(14)

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 became 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 thereunder. 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.

During the six months ended June 30, 2022, employees purchased 14,715 shares of our stock through the ESPP at a cost of $121. The closing market price on the dates of purchase were $10.73 and $6.82, respectively. The prices paid by employees were $9.12 and $5.80, respectively, which represented a 15% discount. The total amount of the discount of $18 was recorded as compensation expense in our consolidated statements of operations. From the effective date of the ESPP through June 30, 2022, a total of 18,706 shares of stock have been purchased by employees through the ESPP at a cost of $146. We have recorded a total of $26 of compensation expense in our consolidated statements of operations related to these shares.

Note 12 - Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Text Block]

(12)

DEBT

Letters of Credit

We have issued letters of credit as the security deposits for certain of our domestic leases. These letters of credit are secured by pledged certificates of deposit which are classified as Restricted Certificates of Deposit on our 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, 2022 and December 31, 2021 consisted of the following:

L/C

Lease

Letters of Credit
Amount Outstanding

Facility

Original L/C
Issue Date

Expiration
Date

June 30,
2022

Dec. 31,
2021

Mt. Laurel, NJ

3/29/2010

4/30/2023

4/30/2031

Mansfield, MA

10/27/2010

12/31/2024

100

Credit Facility

On October 15, 2021 (the “Closing Date”), we entered into an Amended and Restated Loan and Security Agreement (the “October 2021 Agreement”) with M&T Bank (“M&T”). The October 2021 Agreement includes a $25,000 non-revolving delayed draw term note (the “Term Note”) and a $10,000 revolving credit facility. The October 2021 Agreement has a five year contract period that began on the Closing Date and expires on October 15, 2026 (the “Contract Period”), and draws under the Term Note will be permissible for two years. As of June 30, 2022, we had not borrowed any amounts under the revolving credit facility, and we had $4,500 available under our Term Note. Our borrowings under the Term Note are discussed below. Interest expense for the three and six months ended June 30, 2022 was $141 and $278, respectively. There was no interest expense in the three or six months ended June 30, 2021.

The principal balance of the revolving credit facility and the principal balance of any amount drawn under the Term Note will accrue interest based on the secured overnight financing rate for U.S. government securities (“SOFR”) or a bank-defined base rate plus an applicable margin, depending on leverage. Each draw under the Term Note will have an option for us of either (i) up to a five year amortizing term loan with a balloon due at maturity, or (ii) up to a five year term with up to seven years amortization with a balloon due at maturity. Any amortization greater than five years will be subject to an excess cash flow recapture. The October 2021 Agreement also allows us to enter into hedging contracts with M&T, including interest rate swap agreements, interest rate cap agreements, interest rate collar agreements, or any other agreements or that are designed to protect us against fluctuations in interest rates or currency exchange rates.

The October 2021 Agreement contains customary default provisions, including but not limited to the failure by us to repay obligations when due, violation of provisions or representations provided in the October 2021 Agreement, bankruptcy by us, suspension of our business or any of our subsidiaries and certain material judgments. After expiration of the Contract Period or if a continued event of default occurs, interest will accrue on the principal balance at a rate of 2% in excess of the then applicable non-default interest rate. The October 2021 Agreement includes customary affirmative, negative and financial covenants, including a maximum ratio of consolidated funded debt to consolidated EBITDA and a fixed charge coverage ratio. Our obligations under the October 2021 Agreement are secured by liens on substantially all of our tangible and intangible assets that are owned as of the Closing Date or acquired thereafter.

On October 28, 2021, we drew $12,000 under the Term Note to finance the acquisition of Videology as discussed above. We also entered into an interest rate swap agreement with M&T as of this date which is designed to protect us against fluctuations in interest rates during the five year repayment and amortization period. As a result, the annual interest rate we expect to pay for this draw under the Term Note is fixed at approximately 3.2% based on current leverage.

On December 29, 2021, we drew $8,500 under the Term Note to finance the acquisition of Acculogic as discussed above. We did not enter into an interest rate swap agreement with M&T related to this draw. The annual interest rate we expect to pay for this draw under the Term Note is variable. At June 30, 2022 it was approximately 2.8% based on current leverage. Effective August, 1 2022 this rate had increased to approximately 3.6%.

The following table sets forth the maturities of long-term debt for each of the next five years:

2022 (remainder)	$	2,192
2023		4,100
2024		4,100
2025		4,100
2026		3,700
	$	18,192

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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Note 7 - Goodwill and Intangible Assets - Component of Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Goodwill	$ 21,720	$ 21,448
Electronic Test [Member]
Goodwill	3,521	3,055
Environmental Technologies [Member]
Goodwill	1,817	1,817
Process Technologies [Member]
Goodwill	$ 16,382	$ 16,576

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Note 7 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Indefinite-lived Intangible Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Balance	$ 8,428
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 related to acquisition of Acculogic (see Note 3)	20
Impact of foreign currency translation adjustments	(41)
Balance	$ 8,407

Note 7 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2022 USD ($)
2022 (remainder)	$ 1,160
2023	2,112
2024	1,989
2025	1,778
2026	$ 1,169

Note 16 - Segment Information (Details Textual)	6 Months Ended	12 Months Ended
Note 16 - Segment Information (Details Textual)	Jun. 30, 2022	Dec. 31, 2021
Number of Reportable Segments	3	2

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$ 2,693	$ 4,821
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	2,528	1,461
Provision for excess and obsolete inventory	230	93
Foreign exchange loss	98	4
Amortization of deferred compensation related to stock-based awards	923	723
Loss on disposal of property and equipment	61	13
Deferred income tax benefit	(805)	(81)
Changes in assets and liabilities:
Trade accounts receivable	(6,607)	(4,419)
Inventories	(4,894)	(1,326)
Prepaid expenses and other current assets	(87)	246
Restricted certificates of deposit	0	40
Other assets	(395)	(6)
Operating lease liabilities	(701)	(641)
Accounts payable	3,506	1,105
Accrued wages and benefits	(981)	663
Accrued professional fees	(471)	(72)
Customer deposits and deferred revenue	(264)	499
Accrued sales commissions	219	399
Domestic and foreign income taxes payable	(477)	284
Other current liabilities	264	63
Other liabilities	61	(7)
Net cash provided by (used in) operating activities	(5,099)	3,862
CASH FLOWS FROM INVESTING ACTIVITIES
Refund of final working capital adjustment related to Acculogic	371	0
Purchase of property and equipment	(708)	(463)
Purchase of short-term investments	(3,477)	0
Net cash used in investing activities	(3,814)	(463)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock options exercised	0	1,002
Proceeds from shares sold under Employee Stock Purchase Plan	121	0
Shares redeemed into treasury stock	(10)	0
Net cash provided by (used in) financing activities	(1,797)	1,002
Effects of exchange rates on cash	58	(53)
Net cash provided by (used in) all activities	(10,652)	4,348
Cash and cash equivalents at beginning of period	21,195	10,277
Cash and cash equivalents at end of period	10,543	14,625
Cash payments for:
Domestic and foreign income taxes	1,865	610
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES:
Decrease in fair value of assets acquired	(371)
Increase in liability for contingent consideration	500
Increase in fair value of intangible assets	(49)
Increase in goodwill	(451)
Term Note [Member]
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of Term Note	$ (1,908)	$ 0

Note 5 - Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Text Block]

(5)

FAIR VALUE MEASUREMENTS

ASC Topic 820 (Fair Value Measurement) establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.

ASC Topic 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a three-tier fair value hierarchy that distinguishes among the following:

Level 1 Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access.

Level 2 Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly.

Level 3 Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Recurring Fair Value Measurements

The interest rate swap agreement we entered into in connection with our Term Note, as discussed further in Notes 2 and 12 is measured at fair value on a recurring basis using Level 2 inputs. The contingent consideration liabilities on our balance sheet are measured at fair value on a recurring basis using Level 3 inputs. Our contingent consideration liabilities are a result of our acquisitions of Z-Sciences on October 6, 2021 and Acculogic on December 21, 2021. The contingent consideration liability for Z-Sciences represents the estimated fair value of the additional cash consideration payable that is contingent upon the continued employment with us of the Z-Sciences founder as discussed more fully in Note 3. It is included in Other Current Liabilities on our balance sheet. At June 30, 2022, we have assumed this payment will be made. The contingent consideration liability for Acculogic represents the estimated fair value of the additional cash consideration payable that is contingent upon sales to EV or battery customers as described further in Note 3. This amount was increased by $500 during the six months ended June 30, 2022 in connection with finalizing this aspect of the purchase price allocation.

The following fair value hierarchy table presents information about liabilities measured at fair value on a recurring basis:

	Amounts at		Fair Value Measurement Using
	Fair Value		Level 1		Level 2		Level 3
As of June 30, 2022
Contingent consideration liability – Z-Sciences	$	179	$	-	$	-	$	179
Contingent consideration liability – Acculogic	$	1,435	$	-	$	-	$	1,435
Interest rate swap	$	388	$	-	$	388	$	-

Changes in the fair value of our Level 3 contingent consideration liabilities for the six months ended June 30, 2022 were as follows:

	Six Months Ended June 30, 2022
Balance at beginning of period	$	1,109
Adjustment to contingent consideration liability in connection with the acquisition of Acculogic		500
Impact of foreign currency translation adjustments		5

Balance at end of period	$	1,614

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Note 3 - Acquisitions

6 Months Ended

Jun. 30, 2022

Business Combination Disclosure [Text Block]

(3)

ACQUISITIONS

Z-Sciences

As discussed further in Note 3 to our consolidated financial statements in our 2021 Form 10-K, on October 6, 2021, we acquired substantially all of the assets of Z-Sciences Corp. (“Z-Sciences”), a developer of ultra-cold storage solutions for the medical cold chain market. The Z-Sciences product line was re-branded as “North Sciences” after our acquisition. The acquisition enhances our medical offerings and increases our presence in the life sciences market which is a key target market for us. Z-Sciences was founded in 2004. Its founder joined us as a consultant and is expected to become an employee in 2022. As of June 30, 2022, he was still a consultant. The purchase price for Z-Sciences was $500 in cash, subject to a customary post-closing working capital adjustment, $300 of which was paid at closing. The remaining $200, adjusted for the final working capital amount, will be paid on the one-year anniversary of closing based on the seller complying with the terms of his employment agreement. This amount has been recorded as a contingent consideration liability on our balance sheet at June 30, 2022 as our current assumption is that this liability will be paid out in October 2022. It is included in Other Current Liabilities. The fair value of this liability at June 30, 2022 approximates its cost due to the short maturity. In addition to his salary, in connection with his prospective employment, Z-Sciences’ founder will receive a multi-year restricted stock award with vesting provisions which would be contingent upon achieving future performance milestones related to sales growth and profitability of products related to the Z-Sciences business for the fiscal years from 2022 through 2026. The award will be valued at a maximum of $1,800. The actual numbers of shares to be awarded will be based on the stock price on the date of grant with a cap of 200,000 shares at the 100% attainment level of the vesting provisions that are defined in the restricted stock award agreement. The value of the award will be recorded as compensation expense in our consolidated statement of operations on a straight-line basis over the period in which the shares vest.

The acquisition of Z-Sciences has been accounted for as a business combination using purchase accounting, and, accordingly, the results of Z-Sciences have been included in our consolidated results of operations from the date of acquisition. The allocation of the Z-Sciences’ purchase price was based on fair values as of October 6, 2021. Further information about the allocation of the purchase price is discussed in Note 3 to our consolidated financial statements in our 2021 Form 10-K.

Unaudited pro forma information which would give effect to the acquisition of Z-Sciences as if the acquisition occurred on January 1, 2021 is not presented because the financial results for Z-Sciences prior to our acquisition are considered immaterial.

Videology

As discussed further in Note 3 to our consolidated financial statements in our 2021 Form 10-K, on October 28, 2021, we acquired substantially all of the assets of Videology Imaging Solutions Inc. and Videology Imaging Solutions Europe B.V. (collectively, “Videology”), a global designer, developer and manufacturer of OEM digital streaming and image capturing solutions. The acquisition of Videology expands our process technology solutions, diversifies our reach into key targeted markets and broadens our customer base. It also builds on our process technology platforms by expanding our automation capabilities to add future product solutions with imaging data and analytical tools. The purchase price for Videology was $12,000 paid in cash at closing subject to a customary post-closing working capital adjustment.

The acquisition of Videology has been accounted for as a business combination using purchase accounting, and, accordingly, the results of Videology have been included in our consolidated results of operations from the date of acquisition. The allocation of the Videology purchase price was based on fair values as of October 27, 2021. Further information about the allocation of the purchase price, and goodwill and intangible assets recorded as a result of the acquisition is discussed in Note 3 to our consolidated financial statements in our 2021 Form 10-K.

The following unaudited pro forma information gives effect to the acquisition of Videology as if the acquisition occurred on January 1, 2021. These proforma summaries do not reflect any operating efficiencies or costs savings that may be achieved by the combined businesses. These proforma summaries are presented for informational purposes only and are not necessarily indicative of what the actual results of operations would have been had the acquisition taken place as of that date, nor are they indicative of future consolidated results of operations:

	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
Revenue	$	24,119	$	45,974
Net earnings	$	3,229	$	6,061
Diluted earnings per share	$	0.30	$	0.57

The pro forma results shown above do not reflect the impact on general and administrative expense of investment advisory costs, legal costs and other costs of $288 incurred by us as a direct result of the transaction.

Acculogic

As discussed further in Note 3 to our consolidated financial statements in our 2021 Form 10-K, on December 21, 2021, we completed our acquisition of Acculogic Inc. and its affiliates (collectively, “Acculogic”), a global manufacturer of robotics-based electronic production test equipment and application support services. The acquisition was completed by acquiring all of the outstanding capital stock of Acculogic. The Acculogic acquisition adds electronics test capabilities with new technologies and services as well as broadens our customer base, furthers our end market diversification and expands our international footprint. The purchase price for Acculogic was approximately $8,500 paid in cash at closing subject to a customary post-closing working capital adjustment. In addition, we may pay the seller up to an additional CAD $5,000 in the five-year period from 2022 through 2026. The additional payments will be based on a percent of net invoices for which payments have been received on systems sold to electric vehicle ("EV") or battery customers in excess of CAD $2,500 per year in each of the five years. The maximum payment is capped at CAD $5,000, which equates to approximately $3,900 at June 30, 2022. To estimate the fair value of the contingent consideration at the acquisition date, an option-based income approach using a Monte Carlo simulation model was utilized due to the non-linear payout structure. As of the acquisition date, this resulted in an estimated fair value of $1,430. This amount was recorded as a contingent consideration liability and included in the purchase price as of the acquisition date. In future reporting periods, this same approach will be utilized to estimate the fair value of the contingent consideration at each reporting date. Changes in the amount of the estimated fair value of the earnouts since the acquisition date will be recorded as operating expenses in our consolidated statement of operations in the quarter in which they occur. At June 30, 2022, there has been no change in the estimated fair value of the contingent consideration.

The acquisition of Acculogic has been accounted for as a business combination using purchase accounting, and, accordingly, the results of Acculogic have been included in our consolidated results of operations from the date of acquisition. During the quarter ended June 30, 2022, the post-closing working capital adjustment was finalized and resulted in a reduction in the purchase price of $371 as a result of a reduction in the estimated fair value of accounts receivable acquired. The allocation of the purchase price for Acculogic is now complete.

The allocation of the Acculogic purchase price which is presented below was based on estimated fair values as of December 21, 2021. The change from the preliminary purchase allocation presented at March 31, 2022 reflects the finalization of the post-closing working capital adjustment described above.

The excess of the purchase price over the identifiable intangible and net tangible assets was allocated to goodwill and is not deductible for tax purposes. Goodwill is attributed to synergies that are expected to result from the operations of the combined businesses.

The total purchase price of $9,426, which includes $1,430 for the estimated fair value of contingent consideration, has been allocated as follows:

Goodwill	$	3,363
Identifiable intangible assets		5,123
Tangible assets acquired and liabilities assumed:
Cash		312
Trade accounts receivable		2,259
Inventories		1,329
Other current assets		240
Property and equipment		156
Accounts payable		(406	)
Accrued expenses		(2,950	)
Total purchase price	$	9,426

Further information about the intangible assets recorded as a result of the acquisition is discussed in Note 3 to our consolidated financial statements in our 2021 Form 10-K.

The following unaudited pro forma information gives effect to the acquisition of Acculogic as if the acquisition occurred on January 1, 2021. These proforma summaries do not reflect any operating efficiencies or costs savings that may be achieved by the combined businesses. These proforma summaries are presented for informational purposes only and are not necessarily indicative of what the actual results of operations would have been had the acquisition taken place as of that date, nor are they indicative of future consolidated results of operations:

	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
Revenue	$	24,550	$	46,836
Net earnings	$	2,582	$	4,767
Diluted earnings per share	$	0.24	$	0.45

The pro forma results shown above do not reflect the impact on general and administrative expense of investment advisory costs, legal costs and other costs of $1,297 incurred by us as a direct result of the transaction.

Note 8 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total	$ 0	$ 0

Note 11 - Leases

6 Months Ended

Jun. 30, 2022

Lessee, Operating Leases [Text Block]

(11)

LEASES

As previously discussed in Note 2, we account for our leases in accordance with the guidance in ASC Topic 842. We lease our offices, warehouse facilities and certain equipment under non-cancellable operating leases that expire at various dates through 2031. Total operating lease and short-term lease costs for the three and six months ended June 30, 2022 and 2021, respectively, were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021

Operating lease cost	$	317	$	294	$	643	$	618
Short-term lease cost	$	14	$	32	$	44	$	40

The following is additional information about our leases as of June 30, 2022:

Range of remaining lease terms (in years)	0.8	to	8.8
Weighted average remaining lease term (in years)		5.3
Weighted average discount rate		4.1%

Maturities of lease liabilities as of June 30, 2022 were as follows:

2022 (remainder)	$	816
2023		1,626
2024		1,567
2025		734
2026		467
Thereafter		1,378
Total lease payments	$	6,588
Less imputed interest		(630	)
Total	$	5,958

Cash Flow Information

Total amortization of ROU assets was $329 and $638 for the three months and six months ended June 30, 2022, respectively, and $249 and $529 for the three months and six months ended June 30, 2021, respectively.

During the three months ended March 31, 2022, we executed an amendment to the lease for our facility in Singapore which extended the term for a period of 24 months commencing on April 1, 2022 and expiring on March 31, 2024. At the effective date of this modification, we recorded a non-cash increase in our ROU assets and operating lease liabilities of approximately $51.

Note 12 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Letters of Credit Amount Outstanding	$ 100	$ 100
Mt Laurel [Member]
Line of Credit, Issue Date	Mar. 29, 2010
Line of Credit, Expiration Date	Apr. 30, 2023
Lease Expiration Date	Apr. 30, 2031
Letters of Credit Amount Outstanding	$ 50	50
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 - Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Inventory, Current [Table Text Block]

	June 30, 2022		December 31, 2021
Raw materials	$	13,687	$	10,403
Work in process		1,728		1,250
Inventory consigned to others		50		44
Finished goods		2,054		1,166
Total inventories	$	17,519	$	12,863

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021

Excess and obsolete inventory charges	$	107	$	54	$	230	$	93

Note 6 - Restructuring and Other Charges (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Electronic Test [Member]
Restructuring Charges, Total	$ 0	$ 197

Note 8 - Revenue From Contracts With Customers (Tables)

6 Months Ended

Jun. 30, 2022

Disaggregation of Revenue [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
*Revenue by customer type:*
End user	$	23,114	$	19,266	$	42,693	$	36,925
OEM/Integrator		6,457		2,554		10,959		4,451
	$	29,571	$	21,820	$	53,652	$	41,376

*Revenue by product type:*
Thermal test	$	5,951	$	4,537	$	11,008	$	8,842
Thermal process		9,968		6,807		16,964		12,373
Semiconductor test		6,891		8,954		13,239		17,274
Video imaging		2,395		-		4,245		-
Flying probe and in-circuit testers		2,065		-		3,754		-
Service/other		2,301		1,522		4,442		2,887
	$	29,571	$	21,820	$	53,652	$	41,376

*Revenue by market:*
Semiconductor	$	16,409	$	15,677	$	29,799	$	28,997
Industrial		2,930		1,524		5,729		2,951
Automotive (including Electric Vehicles)		3,594		842		6,350		2,169
Defense/aerospace		1,423		1,522		2,916		2,774
Life Sciences		1,169		586		1,868		1,229
Security		794		-		1,368		-
Other		3,252		1,669		5,622		3,256
	$	29,571	$	21,820	$	53,652	$	41,376

Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 0.5
Acculogic [Member]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 0.5

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue	$ 29,571	$ 21,820	$ 53,652	$ 41,376
Cost of revenue	16,023	10,858	29,091	20,893
Gross profit	13,548	10,962	24,561	20,483
Operating expenses:
Selling expense	4,033	2,605	7,489	5,008
Engineering and product development expense	1,859	1,356	3,783	2,678
General and administrative expense	4,928	3,769	9,759	6,930
Restructuring and other charges	0	197	0	252
Total operating expenses	10,820	7,927	21,031	14,868
Operating income	2,728	3,035	3,530	5,615
Other income (expense)	(158)	21	(305)	19
Earnings before income tax expense	2,570	3,056	3,225	5,634
Income tax expense	454	447	532	813
Net earnings	$ 2,116	$ 2,609	$ 2,693	$ 4,821
Earnings per common share - basic (in dollars per share)	$ 0.20	$ 0.25	$ 0.25	$ 0.46
Weighted average common shares outstanding - basic (in shares)	10,653,268	10,442,916	10,635,270	10,386,183
Earnings per common share - diluted (in dollars per share)	$ 0.20	$ 0.24	$ 0.25	$ 0.45
Weighted average common shares and common share equivalents outstanding - diluted (in shares)	10,814,799	10,764,936	10,828,696	10,645,381

Note 5 - Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

	Amounts at		Fair Value Measurement Using
	Fair Value		Level 1		Level 2		Level 3
As of June 30, 2022
Contingent consideration liability – Z-Sciences	$	179	$	-	$	-	$	179
Contingent consideration liability – Acculogic	$	1,435	$	-	$	-	$	1,435
Interest rate swap	$	388	$	-	$	388	$	-

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Six Months Ended June 30, 2022
Balance at beginning of period	$	1,109
Adjustment to contingent consideration liability in connection with the acquisition of Acculogic		500
Impact of foreign currency translation adjustments		5

Balance at end of period	$	1,614

Note 4 - Short-term Investments (Tables)

6 Months Ended

Jun. 30, 2022

Debt Securities, Held-to-Maturity [Table Text Block]

Amortized

Cost Basis

Gross

Unrealized

Gains

Fair

Value

As of June 30, 2022

U.S. treasury bills

3,485

Note 13 - Stock-based Compensation Plan - Unvested Stock Activity (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Unvested shares outstanding (in shares) \| shares	262,533
Unvested shares outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 7.16
Granted, number of shares (in shares) \| shares	123,533
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 9.21
Vested, number of shares (in shares) \| shares	(51,710)
Vested, weighted average exercise price (in dollars per share) \| $ / shares	$ 8.93
Forfeited, number of shares (in shares) \| shares	0
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	$ 0
Unvested shares outstanding (in shares) \| shares	334,356
Unvested shares outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 7.65

Note 15 - Employee Benefit Plans

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Text Block]

(15)

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 and Videology 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 and six months ended June 30, 2022 we recorded $134 and $350 of expense for matching contributions, respectively. For the three and six months ended June 30, 2021 we recorded $100 and $271 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 and six months ended June 30, 2022 we recorded $85 and $186 of expense for matching contributions, respectively. For the three and six months ended June 30, 2021 we recorded $44 and $87 of expense for matching contributions, respectively.

The entire disclosure for retirement benefits.

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Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Allowance for doubtful accounts	$ 210	$ 213
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)	11,048,708	10,910,460
Treasury stock, shares (in shares)	34,308	33,077

Note 3 - Acquisitions (Details Textual) $ in Millions					3 Months Ended	6 Months Ended
Note 3 - Acquisitions (Details Textual) $ in Millions	Dec. 21, 2021 USD ($)	Dec. 21, 2021 CAD ($)	Oct. 28, 2021 USD ($)	Oct. 06, 2021 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 21, 2021 CAD ($)
Z-Sciences [Member]
Business Combination, Consideration Transferred, Total				$ 500,000
Payments to Acquire Businesses, Gross				300,000
Business Combination, Contingent Consideration, Liability, Total				$ 200,000	$ 179,000	$ 179,000
Z-Sciences [Member] \| Restricted Stock Award [Member] \| Achieving Future Performance Milestones [Member]
Business Acquisition, Equity Interest Issued or Issuable, Vesting Percentage				100.00%
Z-Sciences [Member] \| Maximum [Member] \| Restricted Stock Award [Member] \| Achieving Future Performance Milestones [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable				$ 1,800,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) \| shares				200,000
Videology [Member]
Payments to Acquire Businesses, Gross			$ 12,000,000
Business Acquisition, Transaction Costs			$ 288,000
Acculogic [Member]
Business Combination, Consideration Transferred, Total	$ 9,426,000
Payments to Acquire Businesses, Gross	8,500
Business Combination, Contingent Consideration, Liability, Total	1,430,000				1,435,000	1,435,000
Business Acquisition, Transaction Costs								$ 1,297,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets					$ (371,000)
Acculogic [Member] \| Payments Based on Performance Metrics [Member]
Business Combination, Contingent Consideration, Liability, Total	$ 1,430,000								$ 5.0
Minimum Amount Required for Invoices Received		$ 2.5
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High						$ 3,900	$ 5.0

Note 9 - Major Customers

6 Months Ended

Jun. 30, 2022

Concentration Risk Disclosure [Text Block]

(9)

MAJOR CUSTOMERS

During the six months ended June 30, 2022, no customer accounted for 10% or more of our consolidated revenue. During the six months ended June 30, 2021, one customer accounted for 14% of our consolidated revenue. This revenue was primarily generated by our Electronic Test segment. No other customers accounted for 10% or more of our consolidated revenue during the six months ended June 30, 2021.

Note 11 - Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating lease cost	$ 317	$ 294	$ 643	$ 618
Short-term lease cost	$ 14	$ 32	$ 44	$ 40
Weighted average remaining lease term (in years) (Year)	5 years 3 months 18 days		5 years 3 months 18 days
Weighted average discount rate	4.10%		4.10%
Minimum [Member]
Range of remaining lease terms (in years) (Year)			9 months 18 days
Maximum [Member]
Range of remaining lease terms (in years) (Year)			8 years 9 months 18 days

Note 6 - Restructuring and Other Charges

6 Months Ended

Jun. 30, 2022

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

(6)

RESTRUCTURING AND OTHER CHARGES

During 2021, we recorded restructuring and other charges related to various actions including the consolidation of manufacturing for certain of our Electronic Test segment’s products and changes in our executive management team. These charges are discussed more fully in Note 5 to our consolidated financial statements in our 2021 Form 10-K. There were no restructuring and other charges incurred in the six months ended June 30, 2022. During the six months ended June 30, 2021, we incurred $197 of charges associated with finalizing the integration of the aforementioned manufacturing operations of our Electronic Test segment and the retirement of our former Chief Financial Officer.

Accrued Restructuring

The liability for accrued restructuring that remained at January 1, 2022 related to costs associated with the move of our corporate office from our Mansfield, Massachusetts facility to our facility in New Jersey, as discussed more fully in Note 5 to our consolidated financial statements in our 2021 Form 10-K. 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, 2022 were as follows:

Balance - January 1, 2022	$	70
Cash payments		(7	)
Adjustments to accruals		(63	)
Balance - June 30, 2022	$	-

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2022	Jul. 31, 2022
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	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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		11,020,400

Note 7 - Goodwill and Intangible Assets - Changes in Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Balance	$ 21,448
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 for contingent consideration and intangible assets related to acquisition of Acculogic (see Note 3)	451
Impact of foreign currency translation adjustments	(179)
Balance	$ 21,720

Note 7 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Net Carrying Amount	$ 19,907	$ 21,634
Finite-lived, Gross Carrying Amount	20,835	21,015
Finite-lived, Accumulated Amortization	9,335	7,809
Net Carrying Amount, finite-lived	11,500	13,206
Indefinite-lived, Gross Carrying Amount	8,407	8,428
Net Carrying Amount, indefinite-lived	8,407	8,428
Intangible Assets, Gross Carrying Amount	29,242	29,443
Net Carrying Amount	19,907	21,634
Trademarks [Member]
Indefinite-lived, Gross Carrying Amount	8,407	8,428
Net Carrying Amount, indefinite-lived	8,407	8,428
Customer Relationships [Member]
Finite-lived, Gross Carrying Amount	16,428	16,544
Finite-lived, Accumulated Amortization	7,093	6,160
Net Carrying Amount, finite-lived	9,335	10,384
Patented Technology [Member]
Finite-lived, Gross Carrying Amount	2,912	2,950
Finite-lived, Accumulated Amortization	788	569
Net Carrying Amount, finite-lived	2,124	2,381
Patents [Member]
Finite-lived, Gross Carrying Amount	590	590
Finite-lived, Accumulated Amortization	588	585
Net Carrying Amount, finite-lived	2	5
Customer Backlog [Member]
Finite-lived, Gross Carrying Amount	495	521
Finite-lived, Accumulated Amortization	456	85
Net Carrying Amount, finite-lived	39	436
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
Electronic Test [Member]
Net Carrying Amount	4,632	5,074
Net Carrying Amount	4,632	5,074
Environmental Technologies [Member]
Net Carrying Amount	862	893
Net Carrying Amount	862	893
Process Technologies [Member]
Net Carrying Amount	14,413	15,667
Net Carrying Amount	$ 14,413	$ 15,667

Note 3 - Acquisitions - Total Purchase Consideration (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 21, 2021
Goodwill	$ 21,720	$ 21,448
Acculogic [Member]
Goodwill			$ 3,363
Identifiable intangible assets			5,123
Cash			312
Trade accounts receivable			2,259
Inventories			1,329
Other current assets			240
Property and equipment			156
Accounts payable			(406)
Accrued expenses			(2,950)
Total purchase price			$ 9,426

Note 13 - Stock-based Compensation Plan (Tables)

6 Months Ended

Jun. 30, 2022

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cost of revenues	$	15	$	7	$	26	$	7
Selling expense		7		6		14		9
Engineering and product development expense		18		16		37		26
General and administrative expense		511		425		846		681
	$	551	$	454	$	923	$	723

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

	2022			2021
Risk-free interest rate		2.05	%		1.03	%
Dividend yield		0.00	%		0.00	%
Expected common stock market price volatility factor		.55			.50
Weighted average expected life of stock options (years)		6.25			6.25

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

	Number of Shares		Weighted Average Exercise Price
Options outstanding, January 1, 2022 (59,195 exercisable)		408,869		9.07
Granted		202,540		8.45
Exercised		-		-
Canceled		-		-
Options outstanding, June 30, 2022 (174,871 exercisable)		611,409		8.86

Nonvested Restricted Stock Shares Activity [Table Text Block]

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2022		262,533			7.16
Granted		123,533			9.21
Vested		(51,710	)		8.93
Forfeited		-			-
Unvested shares outstanding, June 30, 2022		334,356			7.65

Consolidated Statements of Comprehensive Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net earnings	$ 2,116	$ 2,609	$ 2,693	$ 4,821
Unrealized gain on interest rate swap agreement	99	0	409	0
Foreign currency translation adjustments	(702)	24	(839)	(77)
Comprehensive earnings	$ 1,513	$ 2,633	$ 2,263	$ 4,744

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

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Note 9 - Major Customers (Details Textual)	6 Months Ended
Note 9 - Major Customers (Details Textual)	Jun. 30, 2021
Number of Major Customers	1
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| One Customer [Member]
Concentration Risk, Percentage	14.00%

Note 11 - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Note 11 - Leases (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Apr. 01, 2022	Dec. 31, 2021
Operating Lease, Right-of-Use Asset, Amortization Expense	$ 329	$ 249	$ 638	$ 529
Operating Lease, Right-of-Use Asset	5,320		5,320			$ 5,919
Operating Lease, Liability, Total	$ 5,958		$ 5,958
Lease Agreement, Ambrell’s Netherlands Facility [Member]
Lessee, Operating Lease, Renewal Term (Month)					24 months
Operating Lease, Right-of-Use Asset					$ 51
Operating Lease, Liability, Total					$ 51

Note 4 - Short-term Investments

6 Months Ended

Jun. 30, 2022

Investment [Text Block]

(4)

SHORT-TERM INVESTMENTS

Our short-term investments at June 30, 2022 consist of investments in U.S. treasury bills which were purchased in April 2022 and which have original maturities of six months. They are all classified as held-to-maturity. Additional information about these investments at June 30, 2022 is as follows:

Amortized

Cost Basis

Gross

Unrealized

Gains

Fair

Value

As of June 30, 2022

U.S. treasury bills

3,485

Note 7 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Text Block]

(7)

GOODWILL AND INTANGIBLE ASSETS

We have three operating segments which are also our reporting units: Electronic Test, Environmental Technologies and Process Technologies. Goodwill and intangible assets on our balance sheets are the result of our acquisitions.

Goodwill

Changes in the amount of the carrying value of goodwill for the six months ended June 30, 2022 are as follows:

Balance - January 1, 2022	$	21,448
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 for contingent consideration and intangible assets related to acquisition of Acculogic (see Note 3)		451
Impact of foreign currency translation adjustments		(179	)
Balance - June 30, 2022	$	21,720

Goodwill was comprised of the following at June 30, 2022 and December 31, 2021:

	June 30,		December 31,
	2022		2021
Electronic Test	$	3,521	$	3,055
Environmental Technologies		1,817		1,817
Process Technologies		16,382		16,576

Total goodwill	$	21,720	$	21,448

Intangible Assets

Changes in the amount of the carrying value of indefinite-lived intangible assets for the six months ended June 30, 2022 are as follows:

Balance - January 1, 2022	$	8,428
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 related to acquisition of Acculogic (see Note 3)		20
Impact of foreign currency translation adjustments		(41	)
Balance - June 30, 2022	$	8,407

Changes in the amount of the carrying value of finite-lived intangible assets for the six months ended June 30, 2022 are as follows:

Balance - January 1, 2022	$	13,206
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 related to acquisition of Acculogic (see Note 3)		29
Impact of foreign currency translation adjustments		(188	)
Amortization		(1,547	)
Balance - June 30, 2022	$	11,500

Intangible assets were allocated to our reporting segments at June 30, 2022 and December 31, 2021 as follows:

	June 30,		December 31,
	2022		2021
Electronic Test:	$	4,632	$	5,074
Environmental Technologies		862		893
Process Technologies		14,413		15,667

Total intangible assets	$	19,907	$	21,634

The following tables provide further detail about our intangible assets as of June 30, 2022 and December 31, 2021:

	June 30, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	16,428	$	7,093	$	9,335
Technology		2,912		788		2,124
Patents		590		588		2
Backlog		495		456		39
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		20,835		9,335		11,500
Indefinite-lived intangible assets:
Trademarks		8,407		-		8,407
Total intangible assets	$	29,242	$	9,335	$	19,907

	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	16,544	$	6,160	$	10,384
Technology		2,950		569		2,381
Patents		590		585		5
Backlog		521		85		436
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		21,015		7,809		13,206
Indefinite-lived intangible assets:
Trademarks		8,428		-		8,428
Total intangible assets	$	29,443	$	7,809	$	21,634

We generally amortize our finite-lived intangible assets over their estimated useful lives based on the pattern in which the economic benefits of the intangible assets are expected to be consumed, or on a straight-line basis, if an alternate amortization method cannot be reliably determined. Any such alternate amortization method would. None of our intangible assets have any residual value.

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

2022 (remainder)	$	1,160
2023	$	2,112
2024	$	1,989
2025	$	1,778
2026	$	1,169

Note 8 - Revenue From Contracts With Customers

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Text Block]

(8)

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. The information about revenue by market for the three months and six months ended June 30, 2021 has been reclassified to be consistent with how the information for the current period is presented. See also Note 16 for information about revenue by operating segment and geographic region.

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
*Revenue by customer type:*
End user	$	23,114	$	19,266	$	42,693	$	36,925
OEM/Integrator		6,457		2,554		10,959		4,451
	$	29,571	$	21,820	$	53,652	$	41,376

*Revenue by product type:*
Thermal test	$	5,951	$	4,537	$	11,008	$	8,842
Thermal process		9,968		6,807		16,964		12,373
Semiconductor test		6,891		8,954		13,239		17,274
Video imaging		2,395		-		4,245		-
Flying probe and in-circuit testers		2,065		-		3,754		-
Service/other		2,301		1,522		4,442		2,887
	$	29,571	$	21,820	$	53,652	$	41,376

*Revenue by market:*
Semiconductor	$	16,409	$	15,677	$	29,799	$	28,997
Industrial		2,930		1,524		5,729		2,951
Automotive (including Electric Vehicles)		3,594		842		6,350		2,169
Defense/aerospace		1,423		1,522		2,916		2,774
Life Sciences		1,169		586		1,868		1,229
Security		794		-		1,368		-
Other		3,252		1,669		5,622		3,256
	$	29,571	$	21,820	$	53,652	$	41,376

There were no significant changes in the amount of the allowance for doubtful accounts for the three and six months ended June 30, 2022.

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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Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 10,543	$ 21,195
Short term investments	3,485	0
Trade accounts receivable, net of allowance for doubtful accounts of $210 and $213, respectively	22,489	16,536
Inventories	17,519	12,863
Prepaid expenses and other current assets	1,550	1,483
Total current assets	55,586	52,077
Property and equipment:
Machinery and equipment	6,076	5,733
Leasehold improvements	3,206	3,001
Gross property and equipment	9,282	8,734
Less: accumulated depreciation	(6,324)	(6,046)
Net property and equipment	2,958	2,688
Right-of-use assets, net	5,320	5,919
Goodwill	21,720	21,448
Net Carrying Amount	19,907	21,634
Restricted certificates of deposit	100	100
Other assets	434	39
Total assets	106,025	103,905
Current liabilities:
Current portion of Term Note	4,100	4,100
Current portion of operating lease liabilities	1,419	1,371
Accounts payable	7,802	4,281
Accrued wages and benefits	3,090	4,080
Accrued professional fees	573	1,048
Customer deposits and deferred revenue	5,701	6,038
Accrued sales commissions	1,077	863
Domestic and foreign income taxes payable	1,536	2,024
Other current liabilities	1,598	1,267
Total current liabilities	26,896	25,072
Operating lease liabilities, net of current portion	4,539	5,248
Term Note, net of current portion	14,092	16,000
Deferred tax liabilities	574	1,379
Contingent consideration	1,330	930
Other liabilities	474	453
Total liabilities	47,905	49,082
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; 11,048,708 and 10,910,460 shares issued, respectively	110	109
Additional paid-in capital	30,974	29,931
Retained earnings	27,086	24,393
Accumulated other comprehensive earnings	164	594
Treasury stock, at cost; 34,308 and 33,077 shares, respectively	(214)	(204)
Total stockholders' equity	58,120	54,823
Total liabilities and stockholders' equity	$ 106,025	$ 103,905

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($)	Dec. 31, 2021	Mar. 31, 2022 USD ($)	May 31, 2018 USD ($)
Number of Operating Segments	3	2
Deferred Grant Proceeds	$ 226
City of Rochester and State of New York [Member]
Contingent Liability, Repayment of State and Local Grant Funds Received			$ 87	$ 550
Covenant, Future Amount Receivable	$ 285

Note 12 - Debt (Details Textual) - October 2021 Agreement [Member] - M&T Bank [Member] - USD ($) $ in Thousands				3 Months Ended		6 Months Ended
	Dec. 29, 2021	Oct. 28, 2021	Oct. 15, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Aug. 01, 2022
Debt Instrument, Term (Year)			5 years
Long-Term Line of Credit, Total				$ 0		$ 0
Debt Instrument, Remaining Borrowing Capacity				4,500		4,500
Interest Expense, Debt, Total				$ 141	$ 0	$ 278	$ 0
Debt Instrument, Interest Rate in Event of Default			2.00%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 10,000
Term Note [Member]
Debt Instrument, Face Amount			$ 25,000
Debt Instrument, Draw Period (Year)			2 years
Proceeds from Issuance of Long-term Debt, Total	$ 8,500	$ 12,000
Debt Instrument, Interest Rate, Effective Percentage		3.20%		2.80%		2.80%
Term Note [Member] \| Subsequent Event [Member]
Debt Instrument, Interest Rate, Effective Percentage								3.60%

Note 16 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net revenues	$ 29,571	$ 21,820	$ 53,652	$ 41,376
Earnings before income tax expense	2,570	3,056	3,225	5,634
Acquired intangible amortization	(765)	(305)	(1,547)	(609)
Other income (expense)	(158)	21	(305)	19
Operating Segments [Member]
Net revenues	29,571	21,820	53,652	41,376
Earnings before income tax expense	5,832	5,511	9,251	9,877
Operating Segments [Member] \| Electronic Test [Member]
Net revenues	9,797	9,054	18,575	17,555
Earnings before income tax expense	2,193	3,237	4,080	6,224
Operating Segments [Member] \| Environmental Technologies [Member]
Net revenues	7,507	6,647	14,500	12,845
Earnings before income tax expense	1,070	1,113	1,872	2,036
Operating Segments [Member] \| Process Technologies [Member]
Net revenues	12,267	6,119	20,577	10,976
Earnings before income tax expense	2,569	1,161	3,299	1,617
Corporate, Non-Segment [Member]
Earnings before income tax expense	$ (2,339)	$ (2,171)	$ (4,174)	$ (3,653)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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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.

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Note 11 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
2022 (remainder)	$ 816
2023	1,626
2024	1,567
2025	734
2026	467
Thereafter	1,378
Total lease payments	6,588
Less imputed interest	(630)
Total	$ 5,958

Note 13 - Stock-based Compensation Plan

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Text Block]

(13)

STOCK-BASED COMPENSATION PLAN

As of June 30, 2022, we had unvested restricted stock awards and stock options granted under stock-based compensation plans that are described more fully in Note 15 to the consolidated financial statements in our 2021 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, 2022, total compensation expense to be recognized in future periods is $3,970. The weighted average period over which this expense is expected to be recognized is 2.7 years.

The following table summarizes the compensation expense we recorded during the three and six months ended June 30, 2022 and 2021 related to unvested shares of restricted stock and stock options:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cost of revenues	$	15	$	7	$	26	$	7
Selling expense		7		6		14		9
Engineering and product development expense		18		16		37		26
General and administrative expense		511		425		846		681
	$	551	$	454	$	923	$	723

There was no compensation expense capitalized in three and six months ended June 30, 2022 or 2021.

Stock Options

We record compensation expense for stock options based on the fair market 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, 2022 and 2021 was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

	2022			2021
Risk-free interest rate		2.05	%		1.03	%
Dividend yield		0.00	%		0.00	%
Expected common stock market price volatility factor		.55			.50
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, 2022 and 2021 was $4.53 and $5.70, respectively.

The following table summarizes the activity related to stock options for the six months ended June 30, 2022:

	Number of Shares		Weighted Average Exercise Price
Options outstanding, January 1, 2022 (59,195 exercisable)		408,869		9.07
Granted		202,540		8.45
Exercised		-		-
Canceled		-		-
Options outstanding, June 30, 2022 (174,871 exercisable)		611,409		8.86

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).

Since August 2020, we have increasingly granted performance-based restricted stock awards where the ultimate number of shares that vest can vary between 0% and 150% of the amount of the original award and is based on the achievement of specified performance metrics. Vesting for these awards is generally cliff vesting at the end of the period over which the performance metrics are measured. Compensation expense for these awards is recorded on a straight-line basis over the vesting period and is based on the expected final vesting percentage, which is re-assessed at the end of each reporting period and adjusted with a catch-up adjustment, as needed. Our initial assumption at the grant date of these awards is that the award will vest at the 100% level. The awards granted prior to January 1, 2022 are discussed in more detail in Note 15 to the consolidated financial statement in our 2021 Form 10-K. During the three months ended June 30, 2022, as a result of our quarter end re-assessment of the probable final vesting percentages for our performance-based awards, we adjusted the probable final vesting percentage for the awards that will vest on August 24, 2023 from 100% to 150%. As a result, we recorded a catch-up adjustment of $130 during the three months ended June 30, 2022. There have been no significant changes to our assumptions related to the expected vesting percentages for any other performance-based awards as of June 30, 2022.

On March 9, 2022, our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") received restricted stock awards totaling 20,493 shares valued at $200 as of the date of grant. These shares 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 9, 2022. The final vesting percentage will be based on the achievement of certain performance metrics, including 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, 2022, we have estimated that these shares will vest at 100% of the original amount.

The following table summarizes the activity related to unvested restricted stock awards for the six months ended June 30, 2022:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2022		262,533			7.16
Granted		123,533			9.21
Vested		(51,710	)		8.93
Forfeited		-			-
Unvested shares outstanding, June 30, 2022		334,356			7.65

The total fair value of the restricted stock awards that vested during the six months ended June 30, 2022 and 2021 was $436 and $577, respectively, as of the vesting dates of these awards.

Note 16 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue	$ 29,571	$ 21,820	$ 53,652	$ 41,376
UNITED STATES
Revenue	14,068	6,632	23,302	12,379
Non-US [Member]
Revenue	$ 15,503	$ 15,188	$ 30,350	$ 28,997

Note 13 - Stock-based Compensation Plan - Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Options outstanding, number of shares (in shares) \| shares	408,869
Options outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 9.07
Granted, number of shares (in shares) \| shares	202,540
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 8.45
Exercised, number of shares (in shares) \| shares	0
Exercised, weighted average exercise price (in dollars per share) \| $ / shares	$ 0
Canceled, number of shares (in shares) \| shares	0
Canceled, weighted average exercise price (in dollars per share) \| $ / shares	$ 0
Options outstanding, number of shares (in shares) \| shares	611,409
Options outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 8.86

Note 16 - Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
*Revenue:*
Electronic Test	$	9,797		$	9,054		$	18,575		$	17,555
Environmental Technologies		7,507			6,647			14,500			12,845
Process Technologies		12,267			6,119			20,577			10,976
Total revenue	$	29,571		$	21,820		$	53,652		$	41,376

*Income from divisional operations:*
Electronic Test	$	2,193		$	3,237		$	4,080		$	6,224
Environmental Technologies		1,070			1,113			1,872			2,036
Process Technologies		2,569			1,161			3,299			1,617
Total income from divisional operations		5,832			5,511			9,251			9,877
Corporate expenses		(2,339	)		(2,171	)		(4,174	)		(3,653	)
Acquired intangible amortization		(765	)		(305	)		(1,547	)		(609	)
Other income (expense)		(158	)		21			(305	)		19
Earnings before income tax expense	$	2,570		$	3,056		$	3,225		$	5,634

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
*Revenue:*
U.S.	$	14,068	$	6,632	$	23,302	$	12,379
Foreign		15,503		15,188		30,350		28,997
	$	29,571	$	21,820	$	53,652	$	41,376

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

	June 30,		December 31,
	2022		2021
*Property and equipment:*
U.S.	$	2,566	$	2,346
Foreign		392		342
	$	2,958	$	2,688

Asset [Member]

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

	June 30,		December 31,
	2022		2021
*Identifiable assets:*
Electronic Test	$	28,735	$	26,251
Environmental Technologies		16,900		15,411
Process Technologies		54,300		52,120
Corporate		6,090		10,123
	$	106,025	$	103,905

Note 12 - Debt - Future Maturities of Long-term Debt (Details) $ in Thousands	Jun. 30, 2022 USD ($)
2022 (remainder)	$ 2,192
2023	4,100
2024	4,100
2025	4,100
2026	3,700
Long-Term Debt, Total	$ 18,192

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.