0001437749-24-009623 | 10-Q/A | XBRL Viewer

Note 11 - Stock-based Compensation Plan

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Text Block]

(11)

STOCK-BASED COMPENSATION PLAN

As of September 30, 2023, 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 2022 Form 10-K. In addition, on June 21, 2023, our stockholders approved the inTEST Corporation 2023 Stock Incentive Plan (the “2023 Plan”) which replaces the Fourth Amended and Restated 2014 Stock Plan (the “2014 Plan”). No further awards can be granted under the 2014 Plan. The maximum number of shares of common stock available for grant and issuance under the 2023 Plan is (a) 350,000, plus (b) the number of shares of common stock available for issuance under the 2014 Plan on the date the 2023 Plan was approved by stockholders, plus (c) any shares of common stock that are subject to awards granted under the 2014 Plan that expire, are forfeited or canceled or terminate for any other reason on or after the date the 2023 Plan was approved by stockholders, without the issuance of shares. The number of shares available to be issued under the 2023 Plan as of the date of its approval was 1,117,942.

Our unvested restricted stock awards and stock options are accounted for based on their grant date fair value. As of September 30, 2023, total compensation expense to be recognized in future periods is $3,450. The weighted average period over which this expense is expected to be recognized is 2.2 years.

The following table summarizes the compensation expense we recorded during the three and nine months ended September 30, 2023 and 2022 related to unvested shares of restricted stock and stock options:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2023			2022		2023		2022
Cost of revenues	$	28		$	18	$	76	$	44
Selling expense		9			9		30		23
Engineering and product development expense		(1	)		6		18		43
General and administrative expense		508			417		1,499		1,263
	$	544		$	450	$	1,623	$	1,373

There was no compensation expense capitalized in the three and nine months ended September 30, 2023 or 2022.

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 nine months ended September 30, 2023 and 2022 was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

	2023			2022
Risk-free interest rate		3.93	%		2.05	%
Dividend yield		0.00	%		0.00	%
Expected common stock market price volatility factor		.57			.55
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 nine months ended September 30, 2023 and 2022 was $9.43 and $4.53, respectively.

The following table summarizes the activity related to stock options for the nine months ended September 30, 2023:

	Number of Shares			Weighted Average Exercise Price
Options outstanding, January 1, 2023 (167,886 exercisable)		580,419			8.91
Granted		93,860			16.25
Exercised		(124,550	)		7.85
Canceled		(43,426	)		9.82
Options outstanding, September 30, 2023 (173,032 exercisable)		506,303			10.45

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, 2023 are discussed in more detail in Note 15 to the consolidated financial statement in our 2022 Form 10-K. There have been no significant changes to our assumptions related to the expected vesting percentages for any of these performance-based awards as of September 30, 2023.

On March 8, 2023, our Chief Executive Officer ("CEO"), Chief Financial Officer ("CFO") and certain other members of our senior management received restricted stock awards totaling 18,888 shares valued at $303 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 of restricted stock awarded on March 8, 2023. The final vesting percentage will be based on the achievement of certain performance metrics related to consolidated revenue for specified time periods as determined by the Compensation Committee of our Board of Directors. As of September 30, 2023, we have estimated that these shares will vest at 100% of the original amount. On May 8, 2023 the newly appointed president of our Environmental Technologies segment received restricted stock awards totaling 5,081 shares valued at $108 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 of restricted stock awarded on May 8, 2023. The final vesting percentage will be based on the achievement of certain performance metrics including revenue and income from operations for specified time periods as determined by the Compensation Committee of our Board of Directors in consultation with our CEO and CFO. As of September 30, 2023, we have estimated that these shares will vest at 100% of the original amount.

During the third quarter of 2023, our CEO and CFO vested in restricted stock awards where the final vesting percentage was based on the achievement of specified performance metrics related to our consolidated results for the three-year period ended June 30, 2023. During the quarter ended June 30, 2022, we had adjusted our assessment of the probable final vesting percentage for these shares from 100% to 150% and the expense being recorded related to these shares was adjusted accordingly as of that date. On August 24, 2023, these shares vested at the 150% level, as expected, and, as a result, 40,557 additional shares of common stock were issued. At the original grant dates of these awards, shares totaling 100% of the respective awards were issued. These additional shares issued on August 24, 2023 represented the additional 50% that vested.

The following table summarizes the activity related to unvested restricted stock awards for the nine months ended September 30, 2023:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2023		288,450			7.80
Granted		97,461			16.43
Vested		(169,636	)		7.79
Forfeited		(17,491	)		10.08
Unvested shares outstanding, September 30, 2023		198,784			11.72

The total fair value of the restricted stock awards that vested during the nine months ended September 30, 2023 and 2022 was $1,688 and $550, respectively, as of the vesting dates of these awards.

Note 14 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Identifiable Assets	$ 135,418	$ 110,066
Corporate, Non-Segment [Member]
Identifiable Assets	28,143	4,017
Electronic Test [Member] \| Operating Segments [Member]
Identifiable Assets	32,406	31,143
Environmental Technologies [Member] \| Operating Segments [Member]
Identifiable Assets	17,349	18,040
Process Technologies [Member] \| Operating Segments [Member]
Identifiable Assets	$ 57,520	$ 56,866

- Definition

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

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+ Details

Note 14 - Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	As Restated						As Restated
*Revenue:*
Electronic Test	$	11,547		$	10,408		$	32,911		$	28,983
Environmental Technologies		7,000			7,631			23,178			22,131
Process Technologies		12,394			12,732			39,329			33,309
Total revenue	$	30,941		$	30,771		$	95,418		$	84,423

*Income from divisional operations:*
Electronic Test	$	3,268		$	2,406		$	8,487		$	6,486
Environmental Technologies		523			1,021			2,479			2,893
Process Technologies		2,094			2,465			7,362			5,764
Total income from divisional operations		5,885			5,892			18,328			15,143
Corporate expenses		(2,902	)		(2,138	)		(7,416	)		(6,312	)
Acquired intangible amortization		(515	)		(595	)		(1,582	)		(2,142	)
Interest expense		(168	)		(179	)		(526	)		(457	)
Other income (expense)		423			59			678			32
Earnings before income tax expense	$	2,723		$	3,039		$	9,482		$	6,264

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	As Restated				As Restated
*Revenue:*
U.S.	$	10,272	$	12,619	$	31,274	$	35,921
Foreign		20,669		18,152		64,144		48,502
	$	30,941	$	30,771	$	95,418	$	84,423

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

	September 30,		December 31,
	2023		2022
*Property and equipment:*
U.S.	$	2,529	$	2,658
Foreign		614		474
	$	3,143	$	3,132

Asset [Member]

Notes Tables

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

	September 30,		December 31,
	2023		2022
	As Restated
*Identifiable assets:*
Electronic Test	$	32,406	$	31,143
Environmental Technologies		17,349		18,040
Process Technologies		57,520		56,866
Corporate		28,143		4,017
	$	135,418	$	110,066

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 41,685			$ 13,434
Restricted cash	0			1,142
Trade accounts receivable, net of allowance for credit losses of $499 and $496, respectively	20,710			21,215
Inventories	22,156			22,565
Prepaid expenses and other current assets	2,006			1,695
Total current assets	86,557			60,051
Property and equipment:
Machinery and equipment	6,829			6,625
Leasehold improvements	3,581			3,242
Gross property and equipment	10,410			9,867
Less: accumulated depreciation	(7,267)			(6,735)
Net property and equipment	3,143			3,132
Right-of-use assets, net	4,755			5,770
Goodwill	21,578			21,605
Net Carrying Amount	16,959			18,559
Deferred tax assets	1,381			280
Restricted certificates of deposit	100			100
Other assets	945			569
Total assets	135,418			110,066
Current liabilities:
Current portion of Term Note	4,100			4,100
Current portion of operating lease liabilities	1,730			1,645
Accounts payable	7,296			7,394
Accrued wages and benefits	4,030			3,907
Accrued professional fees	1,188			884
Customer deposits and deferred revenue	4,398			4,498
Accrued sales commissions	1,176			1,468
Domestic and foreign income taxes payable	1,119			1,409
Other current liabilities	1,557			1,564
Total current liabilities	26,594			26,869
Operating lease liabilities, net of current portion	3,501			4,705
Term Note, net of current portion	8,967			12,042
Contingent consideration	1,002			1,039
Deferred revenue, net of current portion	1,033			0
Other liabilities	397			455
Total liabilities	41,494			45,110
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; 12,237,070 and 11,063,271 shares issued, respectively	122			111
Additional paid-in capital	53,960			31,987
Retained earnings	40,741			32,854
Accumulated other comprehensive earnings	2			218
Treasury stock, at cost; 75,758 and 34,308 shares, respectively	(901)			(214)
Total stockholders' equity	93,924	$ 92,064	$ 68,498	64,956	$ 60,421	$ 58,120	$ 56,001	$ 54,823
Total liabilities and stockholders' equity	$ 135,418			$ 110,066

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, Common [Member]	Total
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	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						5,217
Balance (in shares) at Sep. 30, 2022	11,057,858
Balance at Sep. 30, 2022	$ 111	31,516	29,610	(602)	(214)	60,421
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	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 surrendered by employees to satisfy tax liability at vesting of stock-based awards	$ 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
Net earnings	0	0	2,524	0	0	2,524
Other comprehensive earnings	0	0	0	(766)	0	(766)
Amortization of deferred compensation related to stock-based awards	$ 0	450	0	0	0	450
Forfeitures of unvested shares of restricted stock (in shares)	(5,944)
Forfeitures of unvested shares of restricted stock	$ 0	0	0	0	0	0
Stock options exercised (in shares)	8,060
Stock options exercised	$ 0	38	0	0		38
Shares issued under Employee Stock Purchase Plan (in shares)	7,034
Shares issued under Employee Stock Purchase Plan	$ 1	54	0	0	0	55
Balance (in shares) at Sep. 30, 2022	11,057,858
Balance at Sep. 30, 2022	$ 111	31,516	29,610	(602)	(214)	60,421
Balance (in shares) at Dec. 31, 2022	11,063,271
Balance at Dec. 31, 2022	$ 111	31,987	32,854	218	(214)	64,956
Net earnings	0	0	2,817	0	0	2,817
Other comprehensive earnings	0	0	0	71	0	71
Amortization of deferred compensation related to stock-based awards	$ 0	474	0	0	0	474
Issuance of unvested shares of restricted stock (in shares)	90,588
Issuance of unvested shares of restricted stock	$ 1	(1)	0	0	0	0
Forfeitures of unvested shares of restricted stock (in shares)	(13,271)
Forfeitures of unvested shares of restricted stock	$ 0	0	0	0	0	0
Stock options exercised (in shares)	25,200
Stock options exercised	$ 0	165	0	0	0	165
Shares issued under Employee Stock Purchase Plan (in shares)	2,292
Shares issued under Employee Stock Purchase Plan	$ 0	48	0	0	0	48
Shares surrendered by employees to satisfy tax liability at vesting of stock-based awards	$ 0	0	0	0	(33)	(33)
Balance (in shares) at Mar. 31, 2023	11,168,080
Balance at Mar. 31, 2023	$ 112	32,673	35,671	289	(247)	68,498
Balance (in shares) at Dec. 31, 2022	11,063,271
Balance at Dec. 31, 2022	$ 111	31,987	32,854	218	(214)	64,956
Net earnings						$ 7,887
Stock options exercised (in shares)						124,550
Balance (in shares) at Sep. 30, 2023	12,237,070
Balance at Sep. 30, 2023	$ 122	53,960	40,741	2	(901)	$ 93,924
Balance (in shares) at Mar. 31, 2023	11,168,080
Balance at Mar. 31, 2023	$ 112	32,673	35,671	289	(247)	68,498
Net earnings	0	0	2,793	0	0	2,793
Other comprehensive earnings	0	0	0	181	0	181
Amortization of deferred compensation related to stock-based awards	$ 0	605	0	0	0	605
Issuance of unvested shares of restricted stock (in shares)	6,873
Issuance of unvested shares of restricted stock	$ 0	0	0	0	0	0
Stock options exercised (in shares)	86,600
Stock options exercised	$ 1	734	0	0	0	735
Shares issued under Employee Stock Purchase Plan (in shares)	1,870
Shares issued under Employee Stock Purchase Plan	$ 0	49	0	0	0	49
Shares surrendered by employees to satisfy tax liability at vesting of stock-based awards	$ 0	0	0	0	(41)	(41)
Shares issued pursuant to At-the-Market Offering (in shares)	921,797
Shares issued pursuant to At-the-Market Offering	$ 9	19,235	0	0	0	19,244
Balance (in shares) at Jun. 30, 2023	12,185,220
Balance at Jun. 30, 2023	$ 122	53,296	38,464	470	(288)	92,064
Net earnings	0	0	2,277	0	0	2,277
Other comprehensive earnings	0	0	0	(468)	0	(468)
Amortization of deferred compensation related to stock-based awards	$ 0	544	0	0	0	544
Forfeitures of unvested shares of restricted stock (in shares)	(4,220)
Forfeitures of unvested shares of restricted stock	$ 0	0	0	0	0	0
Stock options exercised (in shares)	12,750
Stock options exercised	$ 0	78	0	0	0	78
Shares issued under Employee Stock Purchase Plan (in shares)	2,763
Shares issued under Employee Stock Purchase Plan	$ 0	42	0	0	0	42
Shares surrendered by employees to satisfy tax liability at vesting of stock-based awards	$ 0	0	0	0	(613)	(613)
Issuance of additional shares of restricted stock related to performance-based awards which vested in the period (in shares)	40,557
Balance (in shares) at Sep. 30, 2023	12,237,070
Balance at Sep. 30, 2023	$ 122	$ 53,960	$ 40,741	$ 2	$ (901)	$ 93,924

Note 5 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2023 USD ($)
2023 (remainder)	$ 511
2024	1,965
2025	1,757
2026	1,148
2027	$ 654

Note 12 - Employee Stock Purchase Plan

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Employee Stock Purchase Plan [Text Block]

(12)

EMPLOYEE STOCK PURCHASE PLAN

The inTEST Corporation Employee Stock Purchase Plan (the “ESPP”) was adopted by the Board in April 2021 subject to approval by our stockholders, which occurred on June 23, 2021 at our Annual Meeting of Stockholders. The ESPP provides our eligible employees with an opportunity to purchase common stock through accumulated payroll deductions at a discounted purchase price. The ESPP 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 nine months ended September 30, 2023, employees purchased 6,925 shares of our common stock through the ESPP at a cost of $118. The closing market price of our common stock on the dates of purchase were $20.74, $26.26 and $15.17, respectively. The prices paid by employees were $17.63, $22.32 and $12.89, respectively, which represented a 15% discount. The total amount of the discount of $21 was recorded as compensation expense in our consolidated statements of operations. During the nine months ended September 30, 2022, employees purchased 21,749 shares of our stock through the ESPP at a cost of $148. The closing market price on the dates of purchase were $10.73, $6.82 and $7.63, respectively. The prices paid by employees were $9.12, $5.80 and $6.49, respectively, which represented a 15% discount. The total amount of the discount of $28 was recorded as compensation expense in our consolidated statements of operations.

From the effective date of the ESPP through September 30, 2023, a total of 38,077 shares of our common stock have been purchased by employees through the ESPP at a cost of $358. We have recorded a total of $63 of compensation expense in our consolidated statements of operations related to these shares.

Note 14 - Segment Information (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer, Including Assessed Tax	$ 30,941	$ 30,771	$ 95,418	$ 84,423
Non-US [Member]
Revenue from Contract with Customer, Including Assessed Tax	20,669	18,152	64,144	48,502
UNITED STATES
Revenue from Contract with Customer, Including Assessed Tax	10,272	$ 12,619	31,274	$ 35,921
Revision of Prior Period, Error Correction, Adjustment [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ (1,722)		(1,722)
Revision of Prior Period, Error Correction, Adjustment [Member] \| Non-US [Member]
Revenue from Contract with Customer, Including Assessed Tax			(1,324)
Revision of Prior Period, Error Correction, Adjustment [Member] \| UNITED STATES
Revenue from Contract with Customer, Including Assessed Tax			$ (398)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Note 11 - Stock-based Compensation Plan - Unvested Stock Activity (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Unvested shares outstanding (in shares) \| shares	288,450
Unvested shares outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 7.8
Granted, number of shares (in shares) \| shares	97,461
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 16.43
Vested, number of shares (in shares) \| shares	(169,636)
Vested, weighted average exercise price (in dollars per share) \| $ / shares	$ 7.79
Forfeited, number of shares (in shares) \| shares	(17,491)
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	$ 10.08
Unvested shares outstanding (in shares) \| shares	198,784
Unvested shares outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 11.72

Note 2 - Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Significant Accounting Policies [Text Block]

(2)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Use of Estimates

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

In the opinion of management, the accompanying unaudited, restated consolidated financial statements include all adjustments necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Except as disclosed elsewhere in this Form 10-Q/A, all such adjustments are of a normal and recurring nature. 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 Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”) filed on March 22, 2023 with the Securities and Exchange Commission.

Reclassification

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

Subsequent Events

We have made an assessment of our operations and determined that there were no material subsequent events requiring adjustment to, or disclosure in, our consolidated financial statements for the nine months ended September 30, 2023.

Business Combinations

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

Cash, Cash Equivalents and Restricted Cash

Short-term investments that have maturities of three months or less when purchased are considered to be cash equivalents and are carried at cost, which approximates fair value. Our cash balances, which are deposited with highly reputable financial institutions, at times may exceed the federally insured limits. We have not experienced any losses related to these cash balances and believe the credit risk to be minimal.

Restricted cash at December 31, 2022 represented amounts deposited at our bank in the Netherlands to support a bank guarantee which one of the customers of our Process Technologies segment required as a condition of paying a deposit on a large order they placed with us in 2022. The related order was Euro denominated. The amount of the deposit and related guarantee declined as shipments were made against the order. At September 30, 2023 this deposit had been fully utilized and the bank guarantee had therefore lapsed. At December 31, 2022, the amount of the deposit, and, accordingly, the guarantee, was EUR 1,067, or $1,142.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets and the consolidated statements of cash flows:

	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	41,685	$	13,434
Restricted cash		-		1,142

Total cash, cash equivalents and restricted cash	$	41,685	$	14,576

Trade Accounts Receivable and Allowance for Credit Losses

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. We grant credit to customers and generally require no collateral. To minimize our risk, we perform ongoing credit evaluations of our customers' financial condition. As discussed below under “Effect of Recently Adopted Amendments to Authoritative Accounting Guidance”, effective January 1, 2023, we follow the guidance in Accounting Standards Codification (“ASC”) Topic 326 (Financial Instruments – Credit Losses) in developing our estimate of the allowance for credit losses related to our accounts receivable. The allowance for credit losses is our best estimate of the amount of expected credit losses in our existing accounts receivable. In establishing the amount of allowance for credit losses, we consider all information available as of the reporting date including information related to past events, such as historical loss rates and actual incurred losses, as well as current conditions that may indicate future risk of loss and any other factors of which we are aware, that we believe could impact the ultimate collectability of the related receivables in future periods.

Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not have any significant off-balance sheet credit exposure related to our customers. Cash flows from accounts receivable are recorded in operating cash flows.

For the nine months ended September 30, 2023, there were no significant changes in the amount of the allowance for credit losses. During the nine months ended September 30, 2023, we recorded a bad debt recovery of $79. This amount had been fully written off prior to our acquisition of Acculogic and was no longer in our accounts receivable balance. There was no bad debt expense or recovery recorded during the nine months ended September 30, 2022.

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, restricted cash, 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 10. 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 4 for further disclosures related to the fair value of our liabilities for contingent consideration.

Goodwill, Intangible and Long-Lived Assets

We have three reportable segments which are also our 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 group. If impairment is indicated, the asset group is written down to its estimated fair value. The cash flow estimates used to determine the impairment, if any, contain management's best estimates using appropriate assumptions and projections at that time.

Revenue Recognition

We recognize revenue in accordance with the guidance in ASC Topic 606 (Revenue from Contracts with Customers). We recognize revenue for the sale of products or services when our performance obligations under the terms of a contract with a customer are satisfied and control of the product or service has been transferred to the customer. Generally, this occurs when we ship a product or perform a service. In certain cases, recognition of revenue is deferred until the product is received by the customer or at some other point in the future when we have determined that we have satisfied our performance obligations under the contract. Our contracts with customers may include a combination of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. In addition to the sale of products and services, we also lease certain of our equipment to customers under short-term lease agreements. We recognize revenue from equipment leases on a straight-line basis over the lease term.

Revenue is recorded in an amount that reflects the consideration we expect to receive in exchange for those products or services. We do not have any material variable consideration arrangements, or any material payment terms with our customers other than standard payment terms which generally range from net 30 to net 90 days. We generally do not provide a right of return to our customers. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.

Nature of Products and Services

We are a global supplier of innovative test and process technology 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 product lines, and Ambrell Corporation’s (“Ambrell”) precision induction heating systems, including EKOHEAT® and EASYHEAT^TM 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. Occasionally we procure and sell materials/components on behalf of and to our customers.

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 credit losses, is included in current assets on our consolidated balance sheets. In certain instances, we also receive customer deposits in advance of invoicing and recording of accounts receivable. Customer deposits are included in current liabilities on our consolidated balance sheets. To the extent that we do not recognize revenue at the same time as we invoice, we record a liability for deferred revenue. Deferred revenue estimated to be recognized within the next twelve months is included in current liabilities. Deferred revenue that we estimate will be recognized beyond twelve months is recorded in Other Liabilities on our consolidated balance sheets. Any non-inventoriable costs associated with deferred revenue are also deferred and recorded in Prepaid Expenses and Other Current Assets or Other Assets on our consolidated balance sheets, depending on when the related deferred revenue is expected to be recognized.

As discussed above, we follow the guidance in ASC Topic 326 in developing our estimate of the allowance for credit losses related to our accounts receivable. The allowance for credit losses is our best estimate of the amount of expected credit losses in our existing accounts receivable. We monitor the collectability of accounts receivable on an ongoing basis and record charges for bad debt expense in the period when we determine that a loss is expected to occur based on our assessment.

Costs to Obtain a Contract with a Customer

The only costs we incur associated with obtaining contracts with customers are sales commissions that we pay to our internal sales personnel or third-party sales representatives. These costs are calculated based on set percentages of the selling price of each product or service sold. Commissions are considered earned by our internal sales personnel at the time we recognize revenue for a particular transaction. Commissions are considered earned by third-party sales representatives at the time that revenue is recognized for a particular transaction. We record commission expense in our consolidated statements of operations at the time the commission is earned. Commissions earned but not yet paid are included in current liabilities on our balance sheets.

Product Warranties

In connection with the sale of our products, we generally provide standard one- or two-year product warranties which are detailed in our terms and conditions and communicated to our customers. Our standard warranties are not offered for sale separately from our products; therefore, there is not a separate performance obligation related to our standard warranties. We record estimated warranty expense for our standard warranties at the time of sale based upon historical claims experience. We offer customers an option to separately purchase an extended warranty on certain products. In the case of extended warranties, we recognize revenue in the amount of the sale price for the extended warranty on a straight-line basis over the extended warranty period. We record costs incurred to provide service under an extended warranty at the time the service is provided. Warranty expense is included in selling expense in our consolidated statements of operations.

See Notes 6 and 14 for further information about our revenue from contracts with customers.

Inventories

Inventories are valued at cost on a first-in, first-out basis, not in excess of net realizable 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.

Leases

We account for leases in accordance with ASC Topic 842 (Leases). We determine if an arrangement is a lease at inception. A lease contract is within scope if the contract has an identified asset (property, plant or equipment) and grants the lessee the right to control the use of the asset during the lease term. The identified asset may be either explicitly or implicitly specified in the contract. In addition, the supplier must not have any practical ability to substitute a different asset and would not economically benefit from doing so for the lease contract to be in scope. The lessee’s right to control the use of the asset during the term of the lease must include the ability to obtain substantially all of the economic benefits from the use of the asset as well as decision-making authority over how the asset will be used. Leases are classified as either operating leases or finance leases based on the guidance in ASC Topic 842. Operating leases are included in operating lease ROU assets and operating lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment and financing lease liabilities. We do not currently have any financing leases.

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

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

Operating lease payments are included in cash outflows from operating activities on our consolidated statements of cash flows. Amortization of 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 9 for further disclosures regarding our leases.

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 4 and 10. 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 earnings (loss) within stockholders’ equity and are amortized to interest expense over the term of the related debt.

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. At September 30, 2023, $193 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 $259 at September 30, 2023. At September 30, 2023, we were in compliance with the employment targets as specified in the grant agreement with the city of Rochester.

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 11.

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 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Weighted average common shares outstanding - basic		11,886,005		10,695,867		11,294,306		10,655,469
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		326,312		168,673		371,544		185,175
Weighted average common shares and common share equivalents outstanding - diluted		12,212,317		10,864,540		11,665,850		10,840,644

Average number of potentially dilutive securities excluded from calculation because their effect was anti-dilutive during the period		107,666		518,145		119,585		491,014

Effect of Recently Adopted 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 were effective for us for reporting periods beginning after December 15, 2022. The amendments replaced the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The amendments require a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We adopted the amendments when they became effective for us on January 1, 2023. The adoption of these amendments did not have any impact on our consolidated financial statements.

Note 7 - Major Customers (Details Textual)	9 Months Ended
Note 7 - Major Customers (Details Textual)	Sep. 30, 2023
Number of Major Customers	1
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Texas Instruments Incorporated [Member]
Concentration Risk, Percentage	15.00%

Note 9 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
2023 (remainder)	$ 484
2024	1,898
2025	1,003
2026	704
2027	701
Thereafter	944
Total lease payments	5,734
Less imputed interest	(503)
Total	$ 5,231

Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Weighted average common shares outstanding - basic (in shares)	11,886,005	10,695,867	11,294,306	10,655,469
Unvested shares of restricted stock and employee stock options (in shares)	326,312	168,673	371,544	185,175
Weighted average common shares and common share equivalents outstanding - diluted (in shares)	12,212,317	10,864,540	11,665,850	10,840,644
Average number of potentially dilutive securities excluded from calculation because their effect was anti-dilutive during the period (in shares)	107,666	518,145	119,585	491,014

Note 6 - Revenue From Contracts With Customers (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	As Restated				As Restated
*Revenue by customer type:*
End user	$	21,139	$	21,548	$	64,720	$	60,785
OEM/Integrator		9,802		9,223		30,698		23,638
	$	30,941	$	30,771	$	95,418	$	84,423

*Revenue by product type:*
Thermal test	$	4,742	$	5,836	$	16,734	$	16,844
Thermal process		11,518		11,026		33,212		27,990
Semiconductor test		8,573		7,770		25,432		20,409
Video imaging		1,945		2,447		7,027		6,692
Flying probe and in-circuit testers		2,012		1,605		4,588		5,359
Service/other		2,151		2,087		8,425		7,129
	$	30,941	$	30,771	$	95,418	$	84,423

*Revenue by market:*
Semiconductor	$	18,476	$	19,170	$	54,992	$	48,969
Industrial		2,456		2,130		8,399		7,859
Automotive (including Electric Vehicles)		1,775		1,621		5,914		7,971
Life Sciences		1,330		1,715		3,978		3,583
Defense/aerospace		3,392		1,914		10,121		4,830
Security		967		871		2,869		2,239
Other		2,545		3,350		9,145		8,972
	$	30,941	$	30,771	$	95,418	$	84,423

Note 5 - Goodwill and Intangible Assets - Changes in Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Balance	$ 21,605
Impact of foreign currency translation adjustments	(27)
Balance	$ 21,578

- Definition

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.

+ References + Details

Note 3 - Restatement of Previously Issued Consolidated Financial Statements (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

	September 30, 2023
	As Previously Reported			Adjustments			As Restated

ASSETS
Current assets:
Cash and cash equivalents	$	41,685		$	-		$	41,685
Restricted cash		-			-			-
Trade accounts receivable, net of allowance for credit losses of $499 and $496, respectively		20,710			-			20,710
Inventories		22,156			-			22,156
Prepaid expenses and other current assets		1,672			334			2,006
Total current assets		86,223			334			86,557
Property and equipment:
Machinery and equipment		6,829			-			6,829
Leasehold improvements		3,581			-			3,581
Gross property and equipment		10,410			-			10,410
Less: accumulated depreciation		(7,267	)		-			(7,267	)
Net property and equipment		3,143			-			3,143
Right-of-use assets, net		4,755			-			4,755
Goodwill		21,578			-			21,578
Intangible assets, net		16,959			-			16,959
Deferred tax assets		1,381			-			1,381
Restricted certificates of deposit		100			-			100
Other assets		444			501			945
Total assets	$	134,583		$	835		$	135,418

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of Term Note	$	4,100		$	-		$	4,100
Current portion of operating lease liabilities		1,730			-			1,730
Accounts payable		7,296			-			7,296
Accrued wages and benefits		4,030			-			4,030
Accrued professional fees		1,188			-			1,188
Customer deposits and deferred revenue		3,709			689			4,398
Accrued sales commissions		1,248			(72	)		1,176
Domestic and foreign income taxes payable		1,245			(126	)		1,119
Other current liabilities		1,557			-			1,557
Total current liabilities		26,103			491			26,594
Operating lease liabilities, net of current portion		3,501			-			3,501
Term Note, net of current portion		8,967			-			8,967
Contingent consideration		1,002			-			1,002
Deferred revenue, net of current portion		-			1,033			1,033
Other liabilities		397			-			397
Total liabilities		39,970			1,524			41,494
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding		-			-			-
Common stock, $0.01 par value; 20,000,000 shares authorized; 12,237,070 and 11,063,271 shares issued, respectively		122			-			122
Additional paid-in capital		53,960			-			53,960
Retained earnings		41,430			(689	)		40,741
Accumulated other comprehensive earnings		2			-			2
Treasury stock, at cost; 75,758 and 34,308 shares, respectively		(901	)		-			(901	)
Total stockholders' equity		94,613			(689	)		93,924
Total liabilities and stockholders' equity	$	134,583		$	835		$	135,418

	Three Months Ended September 30, 2023									Nine Months Ended September 30, 2023
	As Previously Reported			Adjustments			As Restated			As Previously Reported			Adjustments			As Restated
Revenue	$	32,663		$	(1,722	)	$	30,941		$	97,140		$	(1,722	)	$	95,418
Cost of revenue		17,329			(835	)		16,494			51,724			(835	)		50,889
Gross profit		15,334			(887	)		14,447			45,416			(887	)		44,529

Operating expenses:
Selling expense		4,367			(72	)		4,295			13,483			(72	)		13,411
Engineering and product development expense		1,802			-			1,802			5,689			-			5,689
General and administrative expense		5,882			-			5,882			16,099			-			16,099
Total operating expenses		12,051			(72	)		11,979			35,271			(72	)		35,199

Operating income		3,283			(815	)		2,468			10,145			(815	)		9,330
Interest expense		(168	)		-			(168	)		(526	)		-			(526	)
Other income		423			-			423			678			-			678

Earnings before income tax expense		3,538			(815	)		2,723			10,297			(815	)		9,482
Income tax expense		572			(126	)		446			1,721			(126	)		1,595

Net earnings	$	2,966		$	(689	)	$	2,277		$	8,576		$	(689	)	$	7,887

Earnings per common share - basic	$	0.25		$	(0.06	)	$	0.19		$	0.76		$	(0.06	)	$	0.70

Weighted average common shares outstanding - basic		11,886,005						11,886,005			11,294,306						11,294,306

Earnings per common share - diluted	$	0.24		$	(0.05	)	$	0.19		$	0.74		$	(0.06	)	$	0.68

Weighted average common shares and common share equivalents outstanding - diluted		12,212,317						12,212,317			11,665,850						11,665,850

	Nine Months Ended September 30, 2023
	As Previously Reported			Adjustments			As Restated
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$	8,576		$	(689	)	$	7,887
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization		3,515			-			3,515
Provision for excess and obsolete inventory		385			-			385
Foreign exchange loss		17			-			17
Amortization of deferred compensation related to stock-based awards		1,623			-			1,623
Discount on shares sold under Employee Stock Purchase Plan		21			-			21
Loss on disposal of property and equipment		164			-			164
Deferred income tax benefit		(1,101	)		-			(1,101	)
Adjustment to contingent consideration liability		(358	)		-			(358	)
Changes in assets and liabilities:
Trade accounts receivable		480			-			480
Inventories		(9	)		-			(9	)
Prepaid expenses and other current assets		21			(334	)		(313	)
Other assets		9			(501	)		(492	)
Operating lease liabilities		(1,275	)		-			(1,275	)
Accounts payable		(100	)		-			(100	)
Accrued wages and benefits		125			-			125
Accrued professional fees		305			-			305
Customer deposits and deferred revenue		(794	)		689			(105	)
Accrued sales commissions		(220	)		(72	)		(292	)
Domestic and foreign income taxes payable		(166	)		(126	)		(292	)
Other current liabilities		320			-			320
Deferred revenue, net of current portion		-			1,033			1,033
Other liabilities		(17	)		-			(17	)
Net cash provided by (used in) operating activities		11,521			-			11,521

CASH FLOWS FROM INVESTING ACTIVITIES
Refund of final working capital adjustment related to Acculogic		-			-			-
Purchase of property and equipment		(983	)		-			(983	)
Purchase of short-term investments		-			-			-
Net cash used in investing activities		(983	)		-			(983	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from public offering of common stock		19,244			-			19,244
Repayments of Term Note		(3,075	)		-			(3,075	)
Proceeds from shares sold under Employee Stock Purchase Plan		118			-			118
Proceeds from stock options exercised		978			-			978
Settlement of employee tax liabilities in connection with treasury stock transaction		(687	)		-			(687	)
Net cash provided by (used in) financing activities		16,578			-			16,578

Effects of exchange rates on cash		(7	)		-			(7	)

Net cash provided by (used in) all activities		27,109			-			27,109
Cash, cash equivalents and restricted cash at beginning of period		14,576			-			14,576
Cash and cash equivalents at end of period	$	41,685		$	-		$	41,685

Note 3 - Restatement of Previously Issued Consolidated Financial Statements

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Error Correction [Text Block]

(3)

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

We have restated our consolidated financial statements as of and for the three and nine months ended September 30, 2023.

Errors were discovered during the course of management’s review of our financial statements in the process of closing the year ended December 31, 2023 and in conjunction with the year-end audit. The errors were related to revenue recognized for the three and nine months ended September 30, 2023. The restatement reflects the reversal of revenue related to the sale of discontinued material/components purchased on behalf of customers where the associated materials/components were still physically located with us and the materials/components are expected to be applied to future product orders for these customers. These transactions were all fully paid for and legal title of the materials/components has transferred to the customer. However, these facts alone are not sufficient for revenue recognition under U.S. GAAP for such an arrangement. The restatement also reflects the reversal of the related costs of these material/components along with adjustments to commissions earned and income tax expense for the affected periods.

Regarding our previously reported unaudited consolidated balance sheet as of September 30, 2023, the following table presents an increase to deferred revenue of $1,722, of which $689 was a current liability and $1,033 was a non-current liability, an increase to deferred costs of $835, of which $334 was a current asset and $591 was a non-current asset, a reduction of accrued sales commission of $72 and a reduction of domestic and foreign taxes payable of $126.

UNAUDITED CONSOLIDATED BALANCE SHEET

(In thousands, except share and per share data)

	September 30, 2023
	As Previously Reported			Adjustments			As Restated

ASSETS
Current assets:
Cash and cash equivalents	$	41,685		$	-		$	41,685
Restricted cash		-			-			-
Trade accounts receivable, net of allowance for credit losses of $499 and $496, respectively		20,710			-			20,710
Inventories		22,156			-			22,156
Prepaid expenses and other current assets		1,672			334			2,006
Total current assets		86,223			334			86,557
Property and equipment:
Machinery and equipment		6,829			-			6,829
Leasehold improvements		3,581			-			3,581
Gross property and equipment		10,410			-			10,410
Less: accumulated depreciation		(7,267	)		-			(7,267	)
Net property and equipment		3,143			-			3,143
Right-of-use assets, net		4,755			-			4,755
Goodwill		21,578			-			21,578
Intangible assets, net		16,959			-			16,959
Deferred tax assets		1,381			-			1,381
Restricted certificates of deposit		100			-			100
Other assets		444			501			945
Total assets	$	134,583		$	835		$	135,418

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of Term Note	$	4,100		$	-		$	4,100
Current portion of operating lease liabilities		1,730			-			1,730
Accounts payable		7,296			-			7,296
Accrued wages and benefits		4,030			-			4,030
Accrued professional fees		1,188			-			1,188
Customer deposits and deferred revenue		3,709			689			4,398
Accrued sales commissions		1,248			(72	)		1,176
Domestic and foreign income taxes payable		1,245			(126	)		1,119
Other current liabilities		1,557			-			1,557
Total current liabilities		26,103			491			26,594
Operating lease liabilities, net of current portion		3,501			-			3,501
Term Note, net of current portion		8,967			-			8,967
Contingent consideration		1,002			-			1,002
Deferred revenue, net of current portion		-			1,033			1,033
Other liabilities		397			-			397
Total liabilities		39,970			1,524			41,494
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding		-			-			-
Common stock, $0.01 par value; 20,000,000 shares authorized; 12,237,070 and 11,063,271 shares issued, respectively		122			-			122
Additional paid-in capital		53,960			-			53,960
Retained earnings		41,430			(689	)		40,741
Accumulated other comprehensive earnings		2			-			2
Treasury stock, at cost; 75,758 and 34,308 shares, respectively		(901	)		-			(901	)
Total stockholders' equity		94,613			(689	)		93,924
Total liabilities and stockholders' equity	$	134,583		$	835		$	135,418

Regarding our previously reported unaudited consolidated statements of operations for the three and nine months ended September 30, 2023, the following table presents a decrease in revenue of $1,722, a decrease in cost of revenue of $835, a decrease in sales commission expense of $72 and a reduction in income tax expense of $126.

UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands, except share and per share data)

	Three Months Ended September 30, 2023									Nine Months Ended September 30, 2023
	As Previously Reported			Adjustments			As Restated			As Previously Reported			Adjustments			As Restated
Revenue	$	32,663		$	(1,722	)	$	30,941		$	97,140		$	(1,722	)	$	95,418
Cost of revenue		17,329			(835	)		16,494			51,724			(835	)		50,889
Gross profit		15,334			(887	)		14,447			45,416			(887	)		44,529

Operating expenses:
Selling expense		4,367			(72	)		4,295			13,483			(72	)		13,411
Engineering and product development expense		1,802			-			1,802			5,689			-			5,689
General and administrative expense		5,882			-			5,882			16,099			-			16,099
Total operating expenses		12,051			(72	)		11,979			35,271			(72	)		35,199

Operating income		3,283			(815	)		2,468			10,145			(815	)		9,330
Interest expense		(168	)		-			(168	)		(526	)		-			(526	)
Other income		423			-			423			678			-			678

Earnings before income tax expense		3,538			(815	)		2,723			10,297			(815	)		9,482
Income tax expense		572			(126	)		446			1,721			(126	)		1,595

Net earnings	$	2,966		$	(689	)	$	2,277		$	8,576		$	(689	)	$	7,887

Earnings per common share - basic	$	0.25		$	(0.06	)	$	0.19		$	0.76		$	(0.06	)	$	0.70

Weighted average common shares outstanding - basic		11,886,005						11,886,005			11,294,306						11,294,306

Earnings per common share - diluted	$	0.24		$	(0.05	)	$	0.19		$	0.74		$	(0.06	)	$	0.68

Weighted average common shares and common share equivalents outstanding - diluted		12,212,317						12,212,317			11,665,850						11,665,850

The following table presents the impact of the adjustments discussed above on the unaudited consolidated cash flow statement for the nine months ending September 30, 2023:

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOW

(In thousands)

	Nine Months Ended September 30, 2023
	As Previously Reported			Adjustments			As Restated
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$	8,576		$	(689	)	$	7,887
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization		3,515			-			3,515
Provision for excess and obsolete inventory		385			-			385
Foreign exchange loss		17			-			17
Amortization of deferred compensation related to stock-based awards		1,623			-			1,623
Discount on shares sold under Employee Stock Purchase Plan		21			-			21
Loss on disposal of property and equipment		164			-			164
Deferred income tax benefit		(1,101	)		-			(1,101	)
Adjustment to contingent consideration liability		(358	)		-			(358	)
Changes in assets and liabilities:
Trade accounts receivable		480			-			480
Inventories		(9	)		-			(9	)
Prepaid expenses and other current assets		21			(334	)		(313	)
Other assets		9			(501	)		(492	)
Operating lease liabilities		(1,275	)		-			(1,275	)
Accounts payable		(100	)		-			(100	)
Accrued wages and benefits		125			-			125
Accrued professional fees		305			-			305
Customer deposits and deferred revenue		(794	)		689			(105	)
Accrued sales commissions		(220	)		(72	)		(292	)
Domestic and foreign income taxes payable		(166	)		(126	)		(292	)
Other current liabilities		320			-			320
Deferred revenue, net of current portion		-			1,033			1,033
Other liabilities		(17	)		-			(17	)
Net cash provided by (used in) operating activities		11,521			-			11,521

CASH FLOWS FROM INVESTING ACTIVITIES
Refund of final working capital adjustment related to Acculogic		-			-			-
Purchase of property and equipment		(983	)		-			(983	)
Purchase of short-term investments		-			-			-
Net cash used in investing activities		(983	)		-			(983	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from public offering of common stock		19,244			-			19,244
Repayments of Term Note		(3,075	)		-			(3,075	)
Proceeds from shares sold under Employee Stock Purchase Plan		118			-			118
Proceeds from stock options exercised		978			-			978
Settlement of employee tax liabilities in connection with treasury stock transaction		(687	)		-			(687	)
Net cash provided by (used in) financing activities		16,578			-			16,578

Effects of exchange rates on cash		(7	)		-			(7	)

Net cash provided by (used in) all activities		27,109			-			27,109
Cash, cash equivalents and restricted cash at beginning of period		14,576			-			14,576
Cash and cash equivalents at end of period	$	41,685		$	-		$	41,685

Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability		$ (358)	$ 0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| General and Administrative Expense [Member]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ (358)
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Other Current Liabilities [Member]
Business Combination, Contingent Consideration, Liability, Current				$ 324

Note 9 - Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating lease cost	$ 396	$ 330	$ 1,199	$ 973
Short-term lease cost	$ 3	$ 7	$ 10	$ 51
Weighted average remaining lease term (in years) (Year)	4 years 6 months		4 years 6 months
Weighted average discount rate	4.40%		4.40%
Minimum [Member]
Range of remaining lease terms (in years) (Year)			6 months
Maximum [Member]
Range of remaining lease terms (in years) (Year)			7 years 7 months 6 days

Note 5 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Balance	$ 10,190
Impact of foreign currency translation adjustments	(13)
Amortization	(1,582)
Balance	$ 8,595

Note 9 - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Operating Lease, Right-of-Use Asset, Periodic Reduction	$ 390	$ 334	$ 1,172	$ 972
Operating Lease, Right-of-Use Asset	$ 4,755		4,755		$ 5,770
Increase (Decrease) in Operating Lease Liability			$ (1,275)	$ (1,064)
Environmental Technologies in Germany [Member]
Lessee, Operating Lease, Term of Contract (Month)	25 months		25 months
Operating Lease, Right-of-Use Asset	$ 90		$ 90
Increase (Decrease) in Operating Lease Liability			$ 90
Process Technologies [Member] \| Automobile Lease, One [Member]
Lessee, Operating Lease, Term of Contract (Month)	36 months		36 months
Process Technologies [Member] \| Automobile Lease, Two [Member]
Lessee, Operating Lease, Term of Contract (Month)	48 months		48 months
Process Technologies [Member] \| Automobile Leases [Member]
Operating Lease, Right-of-Use Asset	$ 71		$ 71
Increase (Decrease) in Operating Lease Liability			$ 71

Note 2 - Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Cash, Cash Equivalents and Restricted Cash [Table Text Block]

	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	41,685	$	13,434
Restricted cash		-		1,142

Total cash, cash equivalents and restricted cash	$	41,685	$	14,576

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Weighted average common shares outstanding - basic		11,886,005		10,695,867		11,294,306		10,655,469
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		326,312		168,673		371,544		185,175
Weighted average common shares and common share equivalents outstanding - diluted		12,212,317		10,864,540		11,665,850		10,840,644

Average number of potentially dilutive securities excluded from calculation because their effect was anti-dilutive during the period		107,666		518,145		119,585		491,014

Note 11 - Stock-based Compensation Plan - Stock Option Activity (Details) (Parentheticals) - shares	Sep. 30, 2023	Dec. 31, 2022
Options exercisable (in shares)	173,032	167,886

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	$ 7,887	$ 5,217
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	3,515	3,674
Provision for excess and obsolete inventory	385	307
Foreign exchange loss	17	107
Amortization of deferred compensation related to stock-based awards	1,623	1,373
Discount on shares sold under Employee Stock Purchase Plan	(21)	(28)
Loss on disposal of property and equipment	164	45
Deferred income tax benefit	(1,101)	(1,162)
Adjustment to contingent consideration liability	(358)	0
Changes in assets and liabilities:
Trade accounts receivable	480	(4,900)
Inventories	(9)	(8,549)
Prepaid expenses and other current assets	(313)	(907)
Other assets	(492)	(1)
Operating lease liabilities	(1,275)	(1,064)
Accounts payable	(100)	3,947
Accrued wages and benefits	125	(527)
Accrued professional fees	305	(153)
Customer deposits and deferred revenue	(105)	(827)
Accrued sales commissions	(292)	310
Domestic and foreign income taxes payable	(292)	(672)
Other current liabilities	320	35
Deferred revenue, net of current portion	1,033	0
Other liabilities	(17)	61
Net cash provided by (used in) operating activities	11,521	(3,658)
CASH FLOWS FROM INVESTING ACTIVITIES
Refund of final working capital adjustment related to Acculogic	0	371
Purchase of property and equipment	(983)	(1,043)
Purchase of short-term investments	0	(3,494)
Net cash used in investing activities	(983)	(4,166)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from public offering of common stock	19,244	0
Proceeds from shares sold under Employee Stock Purchase Plan	118	148
Proceeds from stock options exercised	978	38
Settlement of employee tax liabilities in connection with treasury stock transaction	(687)	(10)
Net cash provided by (used in) financing activities	16,578	(2,757)
Effects of exchange rates on cash	(7)	(576)
Net cash provided by (used in) all activities	27,109	(11,157)
Cash, cash equivalents and restricted cash at beginning of period	14,576	21,195
Cash and cash equivalents at end of period	41,685	10,038
Cash payments for:
Domestic and foreign income taxes	2,988	2,926
Term Note [Member]
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of Term Note	$ (3,075)	$ (2,933)

Note 5 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Indefinite-lived Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Balance	$ 8,369
Impact of foreign currency translation adjustments	(5)
Balance	$ 8,364

Note 10 - Debt - Future Maturities of Long-term Debt (Details) $ in Thousands	Sep. 30, 2023 USD ($)
2023 (remainder)	$ 1,025
2024	4,100
2025	4,100
2026	3,842
Long-Term Debt	$ 13,067

- Definition

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

+ References + Details

Note 10 - Debt (Details Textual) - M&T Bank [Member] - USD ($) $ in Thousands	Dec. 29, 2021	Oct. 28, 2021	Oct. 15, 2021	Sep. 30, 2023	Sep. 20, 2022
October 2021 Agreement [Member]
Debt Instrument, Term (Year)			5 years
Debt Instrument, Interest Rate in Event of Default			2.00%
October 2021 Agreement [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 10,000
October 2021 Agreement [Member] \| 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%		7.40%
Amended Loan Agreement [Member]
Long-Term Line of Credit, Total				$ 0
Amended Loan Agreement [Member] \| Term Note [Member]
Debt Instrument, Face Amount					$ 50,500
Debt Instrument, Unused Borrowing Capacity, Amount				$ 30,000

Note 4 - Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Fair Value Disclosures [Text Block]

(4)

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 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 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 10 is measured at fair value on a recurring basis using Level 2 inputs. The contingent consideration liability on our balance sheets is measured at fair value on a recurring basis using Level 3 inputs. Our contingent consideration liability is a result of our acquisition of Acculogic on December 21, 2021, and represents the estimated fair value of the additional cash consideration payable that is contingent upon sales to Electric Vehicle (“EV”) or battery customers. Our acquisition of Acculogic and this liability are both discussed further in Note 3 to our consolidated financial statements in our 2022 Form 10-K. As of September 30, 2023, this liability was classified as long-term. As of December 31, 2022, $324 of this liability was classified as current and was included in Other Current Liabilities on our balance sheet. During the quarter ended September 30, 2023, the total amount of this liability was adjusted down by $358 as a result of a reduction in our forecast for sales to EV and battery customers in the five-year period following the acquisition. The decrease in the amount of the liability during the third quarter of 2023 was included in General and Administrative Expenses on our statement of operations.

The following fair value hierarchy table presents information about assets and (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 September 30, 2023
Contingent consideration liability – Acculogic	$	(1,002	)	$	-	$	-	$	(1,002	)
Interest rate swap	$	413		$	-	$	413	$	-

	Amounts at			Fair Value Measurement Using
	Fair Value			Level 1		Level 2		Level 3
As of December 31, 2022
Contingent consideration liability – Acculogic	$	(1,363	)	$	-	$	-	$	(1,363	)
Interest rate swap	$	528		$	-	$	528	$	-

Changes in the fair value of our Level 3 contingent consideration liabilities for the nine months ended September 30, 2023 were as follows:

	Nine Months Ended September 30, 2023
Balance at beginning of period	$	1,363
Impact of foreign currency translation adjustments		(3	)
Adjustment to contingent consideration liability as a result of reduction in expected payout		(358	)

Balance at end of period	$	1,002

- Definition

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.

+ References + Details

Note 2 - Summary of Significant Accounting Policies (Details Textual) € in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Mar. 31, 2022 USD ($)	May 31, 2018 USD ($)
Restricted Cash	$ 0	$ 1,142
Accounts Receivable, Allowance for Credit Loss, Recovery	79
Accounts Receivable, Credit Loss Expense (Reversal)	0
Deferred Grant Proceeds	259
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	$ 193
Bank Guarantee on Customer Order Deposit [Member]
Restricted Cash		$ 1,142	€ 1,067

Note 11 - Stock-based Compensation Plan (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2023			2022		2023		2022
Cost of revenues	$	28		$	18	$	76	$	44
Selling expense		9			9		30		23
Engineering and product development expense		(1	)		6		18		43
General and administrative expense		508			417		1,499		1,263
	$	544		$	450	$	1,623	$	1,373

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

	2023			2022
Risk-free interest rate		3.93	%		2.05	%
Dividend yield		0.00	%		0.00	%
Expected common stock market price volatility factor		.57			.55
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, 2023 (167,886 exercisable)		580,419			8.91
Granted		93,860			16.25
Exercised		(124,550	)		7.85
Canceled		(43,426	)		9.82
Options outstanding, September 30, 2023 (173,032 exercisable)		506,303			10.45

Nonvested Restricted Stock Shares Activity [Table Text Block]

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2023		288,450			7.80
Granted		97,461			16.43
Vested		(169,636	)		7.79
Forfeited		(17,491	)		10.08
Unvested shares outstanding, September 30, 2023		198,784			11.72

Note 5 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Net Carrying Amount	$ 16,959	$ 18,559
Finite-lived, Gross Carrying Amount	20,634	20,660
Finite-lived, Accumulated Amortization	12,039	10,470
Net Carrying Amount, finite-lived	8,595	10,190
Indefinite-lived, Gross Carrying Amount	8,364	8,369
Net Carrying Amount, indefinite-lived	8,364	8,369
Intangible Assets, Gross Carrying Amount	28,998	29,029
Net Carrying Amount	16,959	18,559
Trademarks [Member]
Indefinite-lived, Gross Carrying Amount	8,364	8,369
Net Carrying Amount, indefinite-lived	8,364	8,369
Customer Relationships [Member]
Finite-lived, Gross Carrying Amount	16,296	16,313
Finite-lived, Accumulated Amortization	9,251	7,990
Net Carrying Amount, finite-lived	7,045	8,323
Patented Technology [Member]
Finite-lived, Gross Carrying Amount	2,848	2,855
Finite-lived, Accumulated Amortization	1,298	988
Net Carrying Amount, finite-lived	1,550	1,867
Patents [Member]
Finite-lived, Gross Carrying Amount	590	590
Finite-lived, Accumulated Amortization	590	590
Net Carrying Amount, finite-lived	0	0
Customer Backlog [Member]
Finite-lived, Gross Carrying Amount	490	492
Finite-lived, Accumulated Amortization	490	492
Net Carrying Amount, finite-lived	0	0
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	3,761	4,139
Net Carrying Amount	3,761	4,139
Environmental Technologies [Member]
Net Carrying Amount	804	832
Net Carrying Amount	804	832
Process Technologies [Member]
Net Carrying Amount	12,394	13,588
Net Carrying Amount	$ 12,394	$ 13,588

Note 1 - Nature of Operations (Details Textual)		3 Months Ended	9 Months Ended
Note 1 - Nature of Operations (Details Textual)	May 11, 2023 USD ($) shares	Jun. 30, 2023 USD ($)	Sep. 30, 2023
Number of Operating Segments			3
Stock Issued During Period, Value, New Issues		$ 19,244,000
At-the-Market Issuance Sales Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares	921,797
Aggregate Offering Price of Stock	$ 20,000
Stock Issued During Period, Value, New Issues	$ 19,244
Commission Fee, Percentage of Gross Proceeds	3.00%

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Note 10 - Debt

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

(10)

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 September 30, 2023 and December 31, 2022 consisted of the following:

L/C

Lease

Letters of Credit
Amount Outstanding

Facility

Original L/C
Issue Date

Expiration
Date

September 30,
2023

Dec. 31,
2022

Mt. Laurel, NJ

3/29/2010

4/30/2024

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 with M&T Bank (“M&T”) which, on October 28, 2021, was amended by the Joinder and Amendment to Amended and Restated Loan and Security Agreement and which, on December 30, 2021, was further amended by the Joinder and Second Amendment to Amended and Restated Loan and Security Agreement (as amended, the “Loan Agreement”).

The Loan Agreement included a $25,000 non-revolving delayed draw term note (the “Term Note”) and a $10,000 revolving credit facility (the “Revolving Facility” and together with the Term Note, the “Credit Facility”). The Credit Facility had a five-year contract period that began on the Closing Date and expired on October 15, 2026, and draws under the Term Note were permissible for two years.

On September 20, 2022, we further amended the Loan Agreement by entering into a Third Amendment to Amended and Restated Loan and Security Agreement (the Loan Agreement, as amended by the Third Amendment, the “Amended Loan Agreement”) and the Third Amended and Restated Delayed Draw Term Note. Under the Amended Loan Agreement, the maximum loan amount that we may borrow under the Term Note increased from $25,000 to $50,500, which raises the available funding at September 30, 2023 to $30,000. Under the Amended Loan Agreement, the maturity date of the Term Note and Revolving Facility were also extended to September 19, 2027 (the “Contract Period”). At September 30, 2023, we had not borrowed any amounts under the $10 million Revolving Facility. Our borrowings under the Term Note are discussed below and occurred prior to entering into the Amended Loan Agreement.

The principal balance of the Revolving Facility and the principal balance of any amount drawn under the Term Note accrues 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 Amended Loan 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 Amended Loan 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 Amended Loan 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 Amended Loan 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 Amended Loan 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 September 30, 2023, it was approximately 7.4% based on current leverage. Effective November 1, 2023, this rate remained the same.

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

2023 (remainder)	$	1,025
2024		4,100
2025		4,100
2026		3,842
	$	13,067

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Topic 470
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-Section 50
-Paragraph 1E
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

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-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Note 11 - Stock-based Compensation Plan - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Expense	$ 544	$ 450	$ 1,623	$ 1,373
Cost of Sales [Member]
Share-Based Payment Arrangement, Expense	28	18	76	44
Selling and Marketing Expense [Member]
Share-Based Payment Arrangement, Expense	9	9	30	23
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expense	(1)	6	18	43
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expense	$ 508	$ 417	$ 1,499	$ 1,263

Consolidated Statements of Comprehensive Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net earnings	$ 2,277	$ 2,524	$ 7,887	$ 5,217
Unrealized gain (loss) on interest rate swap agreement	(44)	169	(115)	578
Foreign currency translation adjustments	(424)	(935)	(101)	(1,774)
Comprehensive earnings	$ 1,809	$ 1,758	$ 7,671	$ 4,021

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Note 11 - Stock-based Compensation Plan (Details Textual) - USD ($)			1 Months Ended	3 Months Ended			9 Months Ended
	Aug. 24, 2023	Mar. 08, 2023	Aug. 31, 2020	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 21, 2023
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)							$ 9.43	$ 4.53
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)							97,461
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value							$ 1,688,000	$ 550,000
Restricted Stock [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)							4 years
Restricted Stock [Member] \| Independent Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)							1 year
Restricted Stock [Member] \| Independent Directors [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage							25.00%
Restricted Stock [Member] \| Chief Executive Officer and Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		100.00%					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)		18,888
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Value		$ 303,000
Restricted Stock [Member] \| President of Environmental Technologies [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 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)		5,081
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Value		$ 108,000
The 2023 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)									350,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)									1,117,942
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 3,450			$ 3,450
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)							2 years 2 months 12 days
Restricted Stock Vesting in Three Years [Member] \| Restricted Stock [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares)	40,557
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued, Percentage	100.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional Award Vesting Rights, Percentage	50.00%
Restricted Stock Vesting in Three Years [Member] \| Restricted Stock [Member] \| Vesting Based On Performance Metrics [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	150.00%		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%

Note 4 - Fair Value Measurements - Changes in the Fair Value of Level 3 Contingent Consideration Liabilities (Details) - Contingent Consideration Liabilities [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Balance	$ 1,363
Impact of foreign currency translation adjustments	3
Adjustment to contingent consideration liability as a result of reduction in expected payout	(358)
Balance	$ 1,002

Note 10 - Debt (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Schedule Of Outstanding Letters Of Credit [Table Text Block]

L/C

Lease

Letters of Credit
Amount Outstanding

Facility

Original L/C
Issue Date

Expiration
Date

September 30,
2023

Dec. 31,
2022

Mt. Laurel, NJ

3/29/2010

4/30/2024

4/30/2031

Mansfield, MA

10/27/2010

12/31/2024

100

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

2023 (remainder)	$	1,025
2024		4,100
2025		4,100
2026		3,842
	$	13,067

Note 8 - Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	September 30, 2023		December 31, 2022
Raw materials	$	16,987	$	16,888
Work in process		1,985		2,432
Inventory consigned to others		70		59
Finished goods		3,114		3,186
Total inventories	$	22,156	$	22,565

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Excess and obsolete inventory charges	$	119	$	77	$	385	$	307

Note 1 - Nature of Operations

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Nature of Operations [Text Block]

(1)

NATURE OF OPERATIONS

We are a global supplier of innovative test and process technology solutions for use in manufacturing and testing across a wide range of markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We have three operating segments which are also our reportable segments and reporting units: Electronic Test, Environmental Technologies and Process Technologies.

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 production 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 Inc. and its affiliates (“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 production 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.

On May 11, 2023, we entered into an At-the-Market Issuance Sales Agreement (the "Sales Agreement") pursuant to which we issued and sold 921,797 shares of our common stock having an aggregate offering price of $20,000 between May 11, 2023 and May 31, 2023. We received net proceeds from the sale of these shares of $19,244 after payment of commissions of 3.0% of the gross proceeds and other fees related to the sale of these shares.

Note 11 - Stock-based Compensation Plan - Stock Options Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member]	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Risk-free interest rate	3.93%	2.05%
Dividend yield	0.00%	0.00%
Expected common stock market price volatility factor	0.57%	0.55%
Weighted average expected life of stock options (years) (Year)	6 years 3 months	6 years 3 months

Note 9 - Leases (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Lease, Cost [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Operating lease cost	$	396	$	330	$	1,199	$	973
Short-term lease cost	$	3	$	7	$	10	$	51

Range of remaining lease terms (in years)	0.5	to	7.6
Weighted average remaining lease term (in years)		4.5
Weighted average discount rate		4.4%

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

2023 (remainder)	$	484
2024		1,898
2025		1,003
2026		704
2027		701
Thereafter		944
Total lease payments	$	5,734
Less imputed interest		(503	)
Total	$	5,231

Note 14 - Segment Information

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(14)

SEGMENT INFORMATION

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). We operate our business worldwide and sell our products both domestically and internationally. All of our segments sell to semiconductor manufacturers, third-party test and assembly houses and ATE manufacturers and to a variety of markets outside of the semi market, including the automotive, defense/aerospace, industrial, life sciences, security and other markets. With regard to the information that has been restated, as further described in Note 3, the amounts that were adjusted were all within our Process Technologies segment. Of the $1,722 in total revenue that we reversed, $1,324 was from foreign customers and $398 was from customers in the U.S.

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 interest expense, other income (expense), corporate expenses and acquired intangible amortization.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	As Restated						As Restated
*Revenue:*
Electronic Test	$	11,547		$	10,408		$	32,911		$	28,983
Environmental Technologies		7,000			7,631			23,178			22,131
Process Technologies		12,394			12,732			39,329			33,309
Total revenue	$	30,941		$	30,771		$	95,418		$	84,423

*Income from divisional operations:*
Electronic Test	$	3,268		$	2,406		$	8,487		$	6,486
Environmental Technologies		523			1,021			2,479			2,893
Process Technologies		2,094			2,465			7,362			5,764
Total income from divisional operations		5,885			5,892			18,328			15,143
Corporate expenses		(2,902	)		(2,138	)		(7,416	)		(6,312	)
Acquired intangible amortization		(515	)		(595	)		(1,582	)		(2,142	)
Interest expense		(168	)		(179	)		(526	)		(457	)
Other income (expense)		423			59			678			32
Earnings before income tax expense	$	2,723		$	3,039		$	9,482		$	6,264

	September 30,		December 31,
	2023		2022
	As Restated
*Identifiable assets:*
Electronic Test	$	32,406	$	31,143
Environmental Technologies		17,349		18,040
Process Technologies		57,520		56,866
Corporate		28,143		4,017
	$	135,418	$	110,066

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	As Restated				As Restated
*Revenue:*
U.S.	$	10,272	$	12,619	$	31,274	$	35,921
Foreign		20,669		18,152		64,144		48,502
	$	30,941	$	30,771	$	95,418	$	84,423

	September 30,		December 31,
	2023		2022
*Property and equipment:*
U.S.	$	2,529	$	2,658
Foreign		614		474
	$	3,143	$	3,132

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Note 13 - Employee Benefit Plans

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Retirement Benefits [Text Block]

(13)

EMPLOYEE BENEFIT PLANS

We have defined contribution 401(k) plans for our employees who work in the U.S. These plans include the inTEST Corporation Incentive Savings Plan (the “inTEST Plan”) and the Ambrell Corporation Savings & Profit Sharing Plan (the "Ambrell Plan"). During the quarter ended September 30, 2023, the Ambrell Plan, which is discussed further below, was merged into the inTEST Plan.

As of September 30, 2023, all permanent employees of Acculogic Ltd, Ambrell, inTEST Corporation, inTEST EMS LLC, Temptronic Corporation and Videology, who are at least 18 years of age, are eligible to participate in the inTEST 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.

Prior to the merger with the inTEST Plan, all permanent employees of Ambrell were immediately eligible to participate in the Ambrell Plan upon employment and were eligible for employer matching contributions after completing six months of service, as defined in the Ambrell Plan. The Ambrell Plan allowed eligible employees to make voluntary contributions up to 100% of compensation, up to the federal government contribution limits. We made 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 nine months ended September 30, 2023, we recorded expense of $100 and $671, respectively, for matching contributions to both plans. For the three and nine months ended September 30, 2022 we recorded expense of $83 and $433, respectively, for matching contributions to the inTEST Plan, and $46 and $232, respectively, for matching contributions to the Ambrell Plan.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Note 14 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue	$ 30,941	$ 30,771	$ 95,418	$ 84,423
UNITED STATES
Revenue	10,272	12,619	31,274	35,921
Non-US [Member]
Revenue	$ 20,669	$ 18,152	$ 64,144	$ 48,502

- Definition

+ References

+ Details

Note 14 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net revenues	$ 30,941	$ 30,771	$ 95,418	$ 84,423
Earnings before income tax expense	2,723	3,039	9,482	6,264
Earnings before income tax expense	2,723	3,039	9,482	6,264
Acquired intangible amortization	(515)	(595)	(1,582)	(2,142)
Interest expense	168	179	526	457
Other income (expense)	423	59	678	32
Operating Segments [Member]
Net revenues	30,941	30,771	95,418	84,423
Earnings before income tax expense	5,885	5,892	18,328	15,143
Earnings before income tax expense	5,885	5,892	18,328	15,143
Operating Segments [Member] \| Electronic Test [Member]
Net revenues	11,547	10,408	32,911	28,983
Earnings before income tax expense	3,268	2,406	8,487	6,486
Earnings before income tax expense	3,268	2,406	8,487	6,486
Operating Segments [Member] \| Environmental Technologies [Member]
Net revenues	7,000	7,631	23,178	22,131
Earnings before income tax expense	523	1,021	2,479	2,893
Earnings before income tax expense	523	1,021	2,479	2,893
Operating Segments [Member] \| Process Technologies [Member]
Net revenues	12,394	12,732	39,329	33,309
Earnings before income tax expense	2,094	2,465	7,362	5,764
Earnings before income tax expense	2,094	2,465	7,362	5,764
Corporate, Non-Segment [Member]
Earnings before income tax expense	(2,902)	(2,138)	(7,416)	(6,312)
Earnings before income tax expense	$ (2,902)	$ (2,138)	$ (7,416)	$ (6,312)

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Entity Central Index Key	0001036262
Entity Registrant Name	INTEST CORP
Amendment Flag	true
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Document Type	10-Q/A
Amendment Description	Amendment No. 1
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		12,164,698

Note 3 - Restatement of Previously Issued Consolidated Financial Statements - Financial Statements (Details) (Parentheticals) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 499	$ 496
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)	12,237,070	11,063,271
Treasury stock, shares (in shares)	75,758	34,308

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 499	$ 496
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)	12,237,070	11,063,271
Treasury stock, shares (in shares)	75,758	34,308

Note 5 - Goodwill and Intangible Assets - Component of Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill	$ 21,578	$ 21,605
Electronic Test [Member]
Goodwill	3,364	3,369
Environmental Technologies [Member]
Goodwill	1,817	1,817
Process Technologies [Member]
Goodwill	$ 16,397	$ 16,419

- Definition

+ References + Details

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue	$ 30,941			$ 30,771			$ 95,418	$ 84,423
Cost of revenue	16,494			16,873			50,889	45,964
Gross profit	14,447			13,898			44,529	38,459
Operating expenses:
Selling expense	4,295			4,009			13,411	11,498
Engineering and product development expense	1,802			1,866			5,689	5,649
General and administrative expense	5,882			4,864			16,099	14,623
Total operating expenses	11,979			10,739			35,199	31,770
Operating income	2,468			3,159			9,330	6,689
Interest expense	(168)			(179)			(526)	(457)
Other income	423			59			678	32
Earnings before income tax expense	2,723			3,039			9,482	6,264
Income tax expense	446			515			1,595	1,047
Net earnings	$ 2,277	$ 2,793	$ 2,817	$ 2,524	$ 2,116	$ 577	$ 7,887	$ 5,217
Earnings per common share - basic (in dollars per share)	$ 0.19			$ 0.24			$ 0.7	$ 0.49
Weighted average common shares outstanding - basic (in shares)	11,886,005			10,695,867			11,294,306	10,655,469
Earnings per common share - diluted (in dollars per share)	$ 0.19			$ 0.23			$ 0.68	$ 0.48
Weighted average common shares and common share equivalents outstanding - diluted (in shares)	12,212,317			10,864,540			11,665,850	10,840,644

Note 6 - Revenue From Contracts With Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue	$ 30,941	$ 30,771	$ 95,418	$ 84,423
Semiconductor Market [Member]
Revenue	18,476	19,170	54,992	48,969
Industrial Market [Member]
Revenue	2,456	2,130	8,399	7,859
Automotive [Member]
Revenue	1,775	1,621	5,914	7,971
Life Sciences [Member]
Revenue	1,330	1,715	3,978	3,583
Defense/ Aerospace [Member]
Revenue	3,392	1,914	10,121	4,830
Security [Member]
Revenue	967	871	2,869	2,239
Other Multi Markets [Member]
Revenue	2,545	3,350	9,145	8,972
Thermal Testing Products [Member]
Revenue	4,742	5,836	16,734	16,844
Thermal Process [Member]
Revenue	11,518	11,026	33,212	27,990
Semiconductor Production Test Products [Member]
Revenue	8,573	7,770	25,432	20,409
Video Imaging [Member]
Revenue	1,945	2,447	7,027	6,692
Flying Probe and In-circuit Testers [Member]
Revenue	2,012	1,605	4,588	5,359
Service and Other Products [Member]
Revenue	2,151	2,087	8,425	7,129
End User [Member]
Revenue	21,139	21,548	64,720	60,785
OEM and Integrators [Member]
Revenue	$ 9,802	$ 9,223	$ 30,698	$ 23,638

Note 14 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property and Equipment	$ 3,143	$ 3,132
UNITED STATES
Property and Equipment	2,529	2,658
Non-US [Member]
Property and Equipment	$ 614	$ 474

Note 5 - Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

(5)

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 nine months ended September 30, 2023 are as follows:

Balance - January 1, 2023	$	21,605
Impact of foreign currency translation adjustments		(27	)
Balance - September 30, 2023	$	21,578

Goodwill was comprised of the following at September 30, 2023 and December 31, 2022:

	September 30,		December 31,
	2023		2022
Electronic Test	$	3,364	$	3,369
Environmental Technologies		1,817		1,817
Process Technologies		16,397		16,419

Total goodwill	$	21,578	$	21,605

Intangible Assets

Changes in the amount of the carrying value of indefinite-lived intangible assets for the nine months ended September 30, 2023 are as follows:

Balance - January 1, 2023	$	8,369
Impact of foreign currency translation adjustments		(5	)
Balance – September 30, 2023	$	8,364

Changes in the amount of the carrying value of finite-lived intangible assets for the nine months ended September 30, 2023 are as follows:

Balance - January 1, 2023	$	10,190
Impact of foreign currency translation adjustments		(13	)
Amortization		(1,582	)
Balance - September 30, 2023	$	8,595

Intangible assets were allocated to our reporting segments at September 30, 2023 and December 31, 2022 as follows:

	September 30,		December 31,
	2023		2022
Electronic Test	$	3,761	$	4,139
Environmental Technologies		804		832
Process Technologies		12,394		13,588

Total intangible assets	$	16,959	$	18,559

The following tables provide further detail about our intangible assets as of September 30, 2023 and December 31, 2022:

	September 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	16,296	$	9,251	$	7,045
Technology		2,848		1,298		1,550
Patents		590		590		-
Backlog		490		490		-
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		20,634		12,039		8,595
Indefinite-lived intangible assets:
Trademarks		8,364		-		8,364
Total intangible assets	$	28,998	$	12,039	$	16,959

	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	16,313	$	7,990	$	8,323
Technology		2,855		988		1,867
Patents		590		590		-
Backlog		492		492		-
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		20,660		10,470		10,190
Indefinite-lived intangible assets:
Trademarks		8,369		-		8,369
Total intangible assets	$	29,029	$	10,470	$	18,559

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 be based on the pattern in which the economic benefits of the intangible asset are expected to be consumed. None of our intangible assets have any residual value.

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

2023 (remainder)	$	511
2024	$	1,965
2025	$	1,757
2026	$	1,148
2027	$	654

Note 8 - Inventories - Inventories (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Raw materials	$ 16,987		$ 16,987		$ 16,888
Work in process	1,985		1,985		2,432
Inventory consigned to others	70		70		59
Finished goods	3,114		3,114		3,186
Total inventories	22,156		22,156		$ 22,565
Excess and obsolete inventory charges	$ 119	$ 77	$ 385	$ 307

Note 13 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
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		$ 83		$ 433
The Ambrell Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay			10.00%
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
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 100	$ 46	$ 671	$ 232

Note 9 - Leases

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

(9)

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 nine months ended September 30, 2023 and 2022 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Operating lease cost	$	396	$	330	$	1,199	$	973
Short-term lease cost	$	3	$	7	$	10	$	51

The following is additional information about our leases as of September 30, 2023:

Range of remaining lease terms (in years)	0.5	to	7.6
Weighted average remaining lease term (in years)		4.5
Weighted average discount rate		4.4%

Maturities of lease liabilities as of September 30, 2023 were as follows:

2023 (remainder)	$	484
2024		1,898
2025		1,003
2026		704
2027		701
Thereafter		944
Total lease payments	$	5,734
Less imputed interest		(503	)
Total	$	5,231

Cash Flow Information

Total amortization of ROU assets was $390 and $1,172 for the three months and nine months ended September 30, 2023, respectively, and $334 and $972 for the three months and nine months ended September 30, 2022, respectively.

During the nine months ended September 30, 2023, we entered into a 25-month lease for a facility for our Environmental Technologies segment’s operation in Germany. At the effective date of this lease, we recorded a non-cash increase in our ROU assets and operating lease liabilities of approximately $90. During this same period, we entered into two auto leases, one with a 36-month term and one with a 48-month term, for employees of our Process Technologies segment both of whom are based in Europe. At the effective date of these leases, we recorded non-cash increases in our ROU assets and operating lease liabilities totaling approximately $71.

Note 10 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
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, 2024
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 11 - Stock-based Compensation Plan - Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Options outstanding, number of shares (in shares) \| shares	580,419
Options outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 8.91
Granted, number of shares (in shares) \| shares	93,860
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 16.25
Exercised, number of shares (in shares) \| shares	(124,550)
Exercised, weighted average exercise price (in dollars per share) \| $ / shares	$ 7.85
Canceled, number of shares (in shares) \| shares	(43,426)
Canceled, weighted average exercise price (in dollars per share) \| $ / shares	$ 9.82
Options outstanding, number of shares (in shares) \| shares	506,303
Options outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 10.45

Note 5 - Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Changes in Goodwill [Table Text Block]

Balance - January 1, 2023	$	21,605
Impact of foreign currency translation adjustments		(27	)
Balance - September 30, 2023	$	21,578

Schedule of Goodwill [Table Text Block]

	September 30,		December 31,
	2023		2022
Electronic Test	$	3,364	$	3,369
Environmental Technologies		1,817		1,817
Process Technologies		16,397		16,419

Total goodwill	$	21,578	$	21,605

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

Balance - January 1, 2023	$	8,369
Impact of foreign currency translation adjustments		(5	)
Balance – September 30, 2023	$	8,364

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

Balance - January 1, 2023	$	10,190
Impact of foreign currency translation adjustments		(13	)
Amortization		(1,582	)
Balance - September 30, 2023	$	8,595

Schedule Of Intangible Assets [Table Text Block]

	September 30,		December 31,
	2023		2022
Electronic Test	$	3,761	$	4,139
Environmental Technologies		804		832
Process Technologies		12,394		13,588

Total intangible assets	$	16,959	$	18,559

	September 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	16,296	$	9,251	$	7,045
Technology		2,848		1,298		1,550
Patents		590		590		-
Backlog		490		490		-
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		20,634		12,039		8,595
Indefinite-lived intangible assets:
Trademarks		8,364		-		8,364
Total intangible assets	$	28,998	$	12,039	$	16,959

	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	16,313	$	7,990	$	8,323
Technology		2,855		988		1,867
Patents		590		590		-
Backlog		492		492		-
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		20,660		10,470		10,190
Indefinite-lived intangible assets:
Trademarks		8,369		-		8,369
Total intangible assets	$	29,029	$	10,470	$	18,559

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

2023 (remainder)	$	511
2024	$	1,965
2025	$	1,757
2026	$	1,148
2027	$	654

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Note 3 - Restatement of Previously Issued Consolidated Financial Statements (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Contract with Customer, Liability, Current	$ 4,398		$ 4,398		$ 4,498
Contract with Customer, Liability, Noncurrent	1,033		1,033		0
Accrued Sales Commission, Current	1,176		1,176		1,468
Taxes Payable, Current	1,119		1,119		$ 1,409
Revenue from Contract with Customer, Including Assessed Tax	30,941	$ 30,771	95,418	$ 84,423
Cost of Revenue	16,494	16,873	50,889	45,964
Income Tax Expense (Benefit)	446	$ 515	1,595	$ 1,047
Revision of Prior Period, Error Correction, Adjustment [Member]
Contract with Customer, Liability	1,722		1,722
Contract with Customer, Liability, Current	689		689
Contract with Customer, Liability, Noncurrent	1,033		1,033
Deferred Costs	835		835
Deferred Costs, Current	334		334
Deferred Costs, Noncurrent	591		591
Accrued Sales Commission, Current	(72)		(72)
Taxes Payable, Current	(126)		(126)
Revenue from Contract with Customer, Including Assessed Tax	(1,722)		(1,722)
Cost of Revenue	(835)		(835)
Sales Commissions and Fees			(72)
Income Tax Expense (Benefit)	$ (126)		$ (126)

Note 6 - Revenue From Contracts With Customers

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(6)

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 customer and product type for the three and nine months ended September 30, 2022 has been reclassified to be consistent with how the information for the current period is presented. See also Note 14 for information about revenue by operating segment and geographic region. With regard to the information that has been restated, as further described in Note 3, the amounts that were adjusted were all within our Process Technologies segment and were from OEM/Integrators. Of the $1,722 in total revenue that we reversed, $1,291 was related to thermal process products and $431 was related to video imaging products.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	As Restated				As Restated
*Revenue by customer type:*
End user	$	21,139	$	21,548	$	64,720	$	60,785
OEM/Integrator		9,802		9,223		30,698		23,638
	$	30,941	$	30,771	$	95,418	$	84,423

*Revenue by product type:*
Thermal test	$	4,742	$	5,836	$	16,734	$	16,844
Thermal process		11,518		11,026		33,212		27,990
Semiconductor test		8,573		7,770		25,432		20,409
Video imaging		1,945		2,447		7,027		6,692
Flying probe and in-circuit testers		2,012		1,605		4,588		5,359
Service/other		2,151		2,087		8,425		7,129
	$	30,941	$	30,771	$	95,418	$	84,423

*Revenue by market:*
Semiconductor	$	18,476	$	19,170	$	54,992	$	48,969
Industrial		2,456		2,130		8,399		7,859
Automotive (including Electric Vehicles)		1,775		1,621		5,914		7,971
Life Sciences		1,330		1,715		3,978		3,583
Defense/aerospace		3,392		1,914		10,121		4,830
Security		967		871		2,869		2,239
Other		2,545		3,350		9,145		8,972
	$	30,941	$	30,771	$	95,418	$	84,423

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Note 7 - Major Customers

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

(7)

MAJOR CUSTOMERS

During the nine months ended September 30, 2023, one customer accounted for 15% 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 nine months ended September 30, 2023. During the nine months ended September 30, 2022, no customer accounted for 10% or more of our consolidated revenue.

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

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

Reclassification, Comparability Adjustment [Policy Text Block]

Reclassification

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

Subsequent Events, Policy [Policy Text Block]

Business Combinations Policy [Policy Text Block]

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets and the consolidated statements of cash flows:

	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	41,685	$	13,434
Restricted cash		-		1,142

Total cash, cash equivalents and restricted cash	$	41,685	$	14,576

Receivable [Policy Text Block]

Trade Accounts Receivable and Allowance for Credit Losses

Fair Value Measurement, Policy [Policy Text Block]

Fair Value of Financial Instruments

Goodwill Intangible And Long Lived Assets [Policy Text Block]

Goodwill, Intangible and Long-Lived Assets

We have three reportable segments which are also our reporting units: Electronic Test, Environmental Technologies and Process Technologies.

Revenue [Policy Text Block]

Nature of Products and Services

Types of Contracts with Customers

Contract Balances

Costs to Obtain a Contract with a Customer

Product Warranties

See Notes 6 and 14 for further information about our revenue from contracts with customers.

Inventory, Policy [Policy Text Block]

Inventories

Lessee, Leases [Policy Text Block]

Leases

See Note 9 for further disclosures regarding our leases.

Derivatives, Policy [Policy Text Block]

Interest Rate Swap Agreement

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

Share-Based Payment Arrangement [Policy Text Block]

Income Tax, Policy [Policy Text Block]

Earnings Per Share, Policy [Policy Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Weighted average common shares outstanding - basic		11,886,005		10,695,867		11,294,306		10,655,469
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options		326,312		168,673		371,544		185,175
Weighted average common shares and common share equivalents outstanding - diluted		12,212,317		10,864,540		11,665,850		10,840,644

Average number of potentially dilutive securities excluded from calculation because their effect was anti-dilutive during the period		107,666		518,145		119,585		491,014

New Accounting Pronouncements, Policy [Policy Text Block]

Effect of Recently Adopted Amendments to Authoritative Accounting Guidance

Note 6 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer, Including Assessed Tax	$ 30,941	$ 30,771	$ 95,418	$ 84,423
Thermal Testing Products [Member]
Revenue from Contract with Customer, Including Assessed Tax	4,742	5,836	16,734	16,844
Video Imaging [Member]
Revenue from Contract with Customer, Including Assessed Tax	1,945	$ 2,447	7,027	$ 6,692
Revision of Prior Period, Error Correction, Adjustment [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ (1,722)		(1,722)
Revision of Prior Period, Error Correction, Adjustment [Member] \| Thermal Testing Products [Member]
Revenue from Contract with Customer, Including Assessed Tax			(1,291)
Revision of Prior Period, Error Correction, Adjustment [Member] \| Video Imaging [Member]
Revenue from Contract with Customer, Including Assessed Tax			$ (431)

- Definition

+ References

+ Details

Note 12 - Employee Stock Purchase Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended	9 Months Ended		24 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Jun. 23, 2021
Stock Issued During Period, Value, Employee Stock Purchase Plan	$ 42	$ 49	$ 48	$ 55	$ 65	$ 56
Share Price (in dollars per share)	$ 15.17	$ 26.26	$ 20.74					$ 15.17		$ 15.17
Share-based Compensation Arrangement by Share-based Payment Award, Discount Amount								$ 21	$ 28
Employee Stock Purchase Plan [Member]
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)										38,077
Stock Issued During Period, Value, Employee Stock Purchase Plan										$ 358
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									$ 28
Share-Based Payment Arrangement, Expense										$ 63
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)								6,925	21,749
Stock Issued During Period, Value, Employee Stock Purchase Plan								$ 118	$ 148
Share Price (in dollars per share)				$ 7.63	$ 6.82	$ 10.73	$ 6.82		$ 7.63
Shares Issued, Price Per Share (in dollars per share)	$ 12.89	$ 22.32	$ 17.63	$ 6.49	$ 5.8	$ 9.12	$ 5.8	$ 12.89	$ 6.49	$ 12.89
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									$ 21

Note 4 - Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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 September 30, 2023
Contingent consideration liability – Acculogic	$	(1,002	)	$	-	$	-	$	(1,002	)
Interest rate swap	$	413		$	-	$	413	$	-

	Amounts at			Fair Value Measurement Using
	Fair Value			Level 1		Level 2		Level 3
As of December 31, 2022
Contingent consideration liability – Acculogic	$	(1,363	)	$	-	$	-	$	(1,363	)
Interest rate swap	$	528		$	-	$	528	$	-

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

	Nine Months Ended September 30, 2023
Balance at beginning of period	$	1,363
Impact of foreign currency translation adjustments		(3	)
Adjustment to contingent consideration liability as a result of reduction in expected payout		(358	)

Balance at end of period	$	1,002

Note 4 - Fair Value Measurements - Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Interest Rate Swap [Member]
Interest rate swap	$ 413	$ 528
Interest rate swap	413	528
Fair Value, Inputs, Level 1 [Member] \| Interest Rate Swap [Member]
Interest rate swap	0	0
Interest rate swap	0	0
Fair Value, Inputs, Level 2 [Member] \| Interest Rate Swap [Member]
Interest rate swap	413	528
Interest rate swap	413	528
Fair Value, Inputs, Level 3 [Member] \| Interest Rate Swap [Member]
Interest rate swap	0	0
Interest rate swap	0	0
Acculogic [Member]
Contingent consideration liability	(1,002)	(1,363)
Acculogic [Member] \| Fair Value, Inputs, Level 1 [Member]
Contingent consideration liability	0	0
Acculogic [Member] \| Fair Value, Inputs, Level 2 [Member]
Contingent consideration liability	0	0
Acculogic [Member] \| Fair Value, Inputs, Level 3 [Member]
Contingent consideration liability	$ (1,002)	$ (1,363)

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

Note 2 - Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Cash and cash equivalents	$ 41,685	$ 13,434
Restricted cash	0	1,142
Total cash, cash equivalents and restricted cash	$ 41,685	$ 14,576

Note 3 - Restatement of Previously Issued Consolidated Financial Statements - Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents	$ 41,685						$ 41,685		$ 13,434
Restricted cash	0						0		1,142
Trade accounts receivable, net of allowance for credit losses of $499 and $496, respectively	20,710						20,710		21,215
Inventories	22,156						22,156		22,565
Prepaid expenses and other current assets	2,006						2,006		1,695
Total current assets	86,557						86,557		60,051
Machinery and equipment	6,829						6,829		6,625
Leasehold improvements	3,581						3,581		3,242
Gross property and equipment	10,410						10,410		9,867
Less: accumulated depreciation	(7,267)						(7,267)		(6,735)
Net property and equipment	3,143						3,143		3,132
Right-of-use assets, net	4,755						4,755		5,770
Goodwill	21,578						21,578		21,605
Net Carrying Amount	16,959						16,959		18,559
Deferred tax assets	1,381						1,381		280
Restricted certificates of deposit	100						100		100
Other assets	945						945		569
Total assets	135,418						135,418		110,066
Current portion of Term Note	4,100						4,100		4,100
Current portion of operating lease liabilities	1,730						1,730		1,645
Accounts payable	7,296						7,296		7,394
Accrued wages and benefits	4,030						4,030		3,907
Accrued professional fees	1,188						1,188		884
Customer deposits and deferred revenue	4,398						4,398		4,498
Accrued sales commissions	1,176						1,176		1,468
Domestic and foreign income taxes payable	1,119						1,119		1,409
Other current liabilities	1,557						1,557		1,564
Total current liabilities	26,594						26,594		26,869
Operating lease liabilities, net of current portion	3,501						3,501		4,705
Term Note, net of current portion	8,967						8,967		12,042
Contingent consideration	1,002						1,002		1,039
Deferred revenue, net of current portion	1,033						1,033		0
Other liabilities	397						397		455
Total liabilities	41,494						41,494		45,110
Commitments and Contingencies
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding	0						0		0
Common stock, $0.01 par value; 20,000,000 shares authorized; 12,237,070 and 11,063,271 shares issued, respectively	122						122		111
Additional paid-in capital	53,960						53,960		31,987
Retained earnings	40,741						40,741		32,854
Accumulated other comprehensive earnings	2						2		218
Treasury stock, at cost; 75,758 and 34,308 shares, respectively	(901)						(901)		(214)
Total stockholders' equity	93,924	$ 92,064	$ 68,498	$ 60,421	$ 58,120	$ 56,001	93,924	$ 60,421	64,956	$ 54,823
Total liabilities and stockholders' equity	135,418						135,418		$ 110,066
Revenue	30,941			30,771			95,418	84,423
Cost of revenue	16,494			16,873			50,889	45,964
Gross profit	14,447			13,898			44,529	38,459
Selling expense	4,295			4,009			13,411	11,498
Engineering and product development expense	1,802			1,866			5,689	5,649
General and administrative expense	5,882			4,864			16,099	14,623
Total operating expenses	11,979			10,739			35,199	31,770
Operating income	2,468			3,159			9,330	6,689
Interest expense	(168)			(179)			(526)	(457)
Other income	423			59			678	32
Earnings before income tax expense	2,723			3,039			9,482	6,264
Income tax expense	446			515			1,595	1,047
Net earnings	$ 2,277	$ 2,793	2,817	$ 2,524	$ 2,116	577	$ 7,887	$ 5,217
Earnings per common share - basic (in dollars per share)	$ 0.19			$ 0.24			$ 0.7	$ 0.49
Weighted average common shares outstanding - basic (in shares)	11,886,005			10,695,867			11,294,306	10,655,469
Earnings per common share - diluted (in dollars per share)	$ 0.19			$ 0.23			$ 0.68	$ 0.48
Weighted average common shares and common share equivalents outstanding - diluted (in shares)	12,212,317			10,864,540			11,665,850	10,840,644
Depreciation and amortization							$ 3,515	$ 3,674
Provision for excess and obsolete inventory	$ 119			$ 77			385	307
Foreign exchange loss							17	107
Amortization of deferred compensation related to stock-based awards							1,623	1,373
Discount on shares sold under Employee Stock Purchase Plan							21	28
Loss on disposal of property and equipment							164	45
Deferred income tax benefit							(1,101)	(1,162)
Adjustment to contingent consideration liability							(358)	0
Trade accounts receivable							480	(4,900)
Inventories							(9)	(8,549)
Prepaid expenses and other current assets							(313)	(907)
Other assets							(492)	(1)
Operating lease liabilities							(1,275)	(1,064)
Accounts payable							(100)	3,947
Accrued wages and benefits							125	(527)
Accrued professional fees							305	(153)
Customer deposits and deferred revenue							(105)	(827)
Accrued sales commissions							(292)	310
Domestic and foreign income taxes payable							(292)	(672)
Other current liabilities							320	35
Deferred revenue, net of current portion							1,033	0
Other liabilities							(17)	61
Net cash provided by (used in) operating activities							11,521	(3,658)
Refund of final working capital adjustment related to Acculogic							0	371
Purchase of property and equipment							(983)	(1,043)
Purchase of short-term investments							0	(3,494)
Net cash used in investing activities							(983)	(4,166)
Net proceeds from public offering of common stock							19,244	0
Proceeds from shares sold under Employee Stock Purchase Plan							118	148
Proceeds from stock options exercised							978	38
Settlement of employee tax liabilities in connection with treasury stock transaction							(687)	(10)
Net cash provided by (used in) financing activities							16,578	(2,757)
Effects of exchange rates on cash							(7)	(576)
Net cash provided by (used in) all activities							27,109	(11,157)
Cash, cash equivalents and restricted cash at beginning of period			14,576			$ 21,195	14,576	21,195
Cash and cash equivalents at end of period	41,685			$ 10,038			41,685	10,038
Term Note [Member]
Repayments of Term Note							(3,075)	$ (2,933)
Previously Reported [Member]
Cash and cash equivalents	41,685						41,685
Restricted cash	0						0
Trade accounts receivable, net of allowance for credit losses of $499 and $496, respectively	20,710						20,710
Inventories	22,156						22,156
Prepaid expenses and other current assets	1,672						1,672
Total current assets	86,223						86,223
Machinery and equipment	6,829						6,829
Leasehold improvements	3,581						3,581
Gross property and equipment	10,410						10,410
Less: accumulated depreciation	(7,267)						(7,267)
Net property and equipment	3,143						3,143
Right-of-use assets, net	4,755						4,755
Goodwill	21,578						21,578
Net Carrying Amount	16,959						16,959
Deferred tax assets	1,381						1,381
Restricted certificates of deposit	100						100
Other assets	444						444
Total assets	134,583						134,583
Current portion of Term Note	4,100						4,100
Current portion of operating lease liabilities	1,730						1,730
Accounts payable	7,296						7,296
Accrued wages and benefits	4,030						4,030
Accrued professional fees	1,188						1,188
Customer deposits and deferred revenue	3,709						3,709
Accrued sales commissions	1,248						1,248
Domestic and foreign income taxes payable	1,245						1,245
Other current liabilities	1,557						1,557
Total current liabilities	26,103						26,103
Operating lease liabilities, net of current portion	3,501						3,501
Term Note, net of current portion	8,967						8,967
Contingent consideration	1,002						1,002
Deferred revenue, net of current portion	0						0
Other liabilities	397						397
Total liabilities	39,970						39,970
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; 12,237,070 and 11,063,271 shares issued, respectively	122						122
Additional paid-in capital	53,960						53,960
Retained earnings	41,430						41,430
Accumulated other comprehensive earnings	2						2
Treasury stock, at cost; 75,758 and 34,308 shares, respectively	(901)						(901)
Total stockholders' equity	94,613						94,613
Total liabilities and stockholders' equity	134,583						134,583
Revenue	32,663						97,140
Cost of revenue	17,329						51,724
Gross profit	15,334						45,416
Selling expense	4,367						13,483
Engineering and product development expense	1,802						5,689
General and administrative expense	5,882						16,099
Total operating expenses	12,051						35,271
Operating income	3,283						10,145
Interest expense	(168)						(526)
Other income	423						678
Earnings before income tax expense	3,538						10,297
Income tax expense	572						1,721
Net earnings	$ 2,966						$ 8,576
Earnings per common share - basic (in dollars per share)	$ 0.25						$ 0.76
Weighted average common shares outstanding - basic (in shares)	11,886,005						11,294,306
Earnings per common share - diluted (in dollars per share)	$ 0.24						$ 0.74
Weighted average common shares and common share equivalents outstanding - diluted (in shares)	12,212,317						11,665,850
Depreciation and amortization							$ 3,515
Provision for excess and obsolete inventory							385
Foreign exchange loss							17
Amortization of deferred compensation related to stock-based awards							1,623
Discount on shares sold under Employee Stock Purchase Plan							21
Loss on disposal of property and equipment							164
Deferred income tax benefit							(1,101)
Adjustment to contingent consideration liability							(358)
Trade accounts receivable							480
Inventories							(9)
Prepaid expenses and other current assets							21
Other assets							9
Operating lease liabilities							(1,275)
Accounts payable							(100)
Accrued wages and benefits							125
Accrued professional fees							305
Customer deposits and deferred revenue							(794)
Accrued sales commissions							(220)
Domestic and foreign income taxes payable							(166)
Other current liabilities							320
Deferred revenue, net of current portion							0
Other liabilities							(17)
Net cash provided by (used in) operating activities							11,521
Refund of final working capital adjustment related to Acculogic							0
Purchase of property and equipment							(983)
Purchase of short-term investments							0
Net cash used in investing activities							(983)
Net proceeds from public offering of common stock							19,244
Proceeds from shares sold under Employee Stock Purchase Plan							118
Proceeds from stock options exercised							978
Settlement of employee tax liabilities in connection with treasury stock transaction							(687)
Net cash provided by (used in) financing activities							16,578
Effects of exchange rates on cash							(7)
Net cash provided by (used in) all activities							27,109
Cash, cash equivalents and restricted cash at beginning of period			14,576				14,576
Cash and cash equivalents at end of period	$ 41,685						41,685
Previously Reported [Member] \| Term Note [Member]
Repayments of Term Note							(3,075)
Revision of Prior Period, Error Correction, Adjustment [Member]
Cash and cash equivalents	0						0
Restricted cash	0						0
Trade accounts receivable, net of allowance for credit losses of $499 and $496, respectively	0						0
Inventories	0						0
Prepaid expenses and other current assets	334						334
Total current assets	334						334
Machinery and equipment	0						0
Leasehold improvements	0						0
Gross property and equipment	0						0
Less: accumulated depreciation	0						0
Net property and equipment	0						0
Right-of-use assets, net	0						0
Goodwill	0						0
Net Carrying Amount	0						0
Deferred tax assets	0						0
Restricted certificates of deposit	0						0
Other assets	501						501
Total assets	835						835
Current portion of Term Note	0						0
Current portion of operating lease liabilities	0						0
Accounts payable	0						0
Accrued wages and benefits	0						0
Accrued professional fees	0						0
Customer deposits and deferred revenue	689						689
Accrued sales commissions	(72)						(72)
Domestic and foreign income taxes payable	(126)						(126)
Other current liabilities	0						0
Total current liabilities	491						491
Operating lease liabilities, net of current portion	0						0
Term Note, net of current portion	0						0
Contingent consideration	0						0
Deferred revenue, net of current portion	1,033						1,033
Other liabilities	0						0
Total liabilities	1,524						1,524
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; 12,237,070 and 11,063,271 shares issued, respectively	0						0
Additional paid-in capital	0						0
Retained earnings	(689)						(689)
Accumulated other comprehensive earnings	0						0
Treasury stock, at cost; 75,758 and 34,308 shares, respectively	0						0
Total stockholders' equity	(689)						(689)
Total liabilities and stockholders' equity	835						835
Revenue	(1,722)						(1,722)
Cost of revenue	(835)						(835)
Gross profit	(887)						(887)
Selling expense	(72)						(72)
Engineering and product development expense	0						0
General and administrative expense	0						0
Total operating expenses	(72)						(72)
Operating income	(815)						(815)
Interest expense	0						0
Other income	0						0
Earnings before income tax expense	(815)						(815)
Income tax expense	(126)						(126)
Net earnings	$ (689)						$ (689)
Earnings per common share - basic (in dollars per share)	$ (0.06)						$ (0.06)
Weighted average common shares outstanding - basic (in shares)
Earnings per common share - diluted (in dollars per share)	$ (0.05)						$ (0.06)
Weighted average common shares and common share equivalents outstanding - diluted (in shares)
Depreciation and amortization							$ 0
Provision for excess and obsolete inventory							0
Foreign exchange loss							0
Amortization of deferred compensation related to stock-based awards							0
Discount on shares sold under Employee Stock Purchase Plan							0
Loss on disposal of property and equipment							0
Deferred income tax benefit							0
Adjustment to contingent consideration liability							0
Trade accounts receivable							0
Inventories							0
Prepaid expenses and other current assets							(334)
Other assets							(501)
Operating lease liabilities							0
Accounts payable							0
Accrued wages and benefits							0
Accrued professional fees							0
Customer deposits and deferred revenue							689
Accrued sales commissions							(72)
Domestic and foreign income taxes payable							(126)
Other current liabilities							0
Deferred revenue, net of current portion							1,033
Other liabilities							0
Net cash provided by (used in) operating activities							0
Refund of final working capital adjustment related to Acculogic							0
Purchase of property and equipment							0
Purchase of short-term investments							0
Net cash used in investing activities							0
Net proceeds from public offering of common stock							0
Proceeds from shares sold under Employee Stock Purchase Plan							0
Proceeds from stock options exercised							0
Settlement of employee tax liabilities in connection with treasury stock transaction							0
Net cash provided by (used in) financing activities							0
Effects of exchange rates on cash							0
Net cash provided by (used in) all activities							0
Cash, cash equivalents and restricted cash at beginning of period			$ 0				0
Cash and cash equivalents at end of period	$ 0						0
Revision of Prior Period, Error Correction, Adjustment [Member] \| Term Note [Member]
Repayments of Term Note							$ 0

Note 8 - Inventories

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

(8)

INVENTORIES

Inventories held at September 30, 2023 and December 31, 2022 were comprised of the following:

	September 30, 2023		December 31, 2022
Raw materials	$	16,987	$	16,888
Work in process		1,985		2,432
Inventory consigned to others		70		59
Finished goods		3,114		3,186
Total inventories	$	22,156	$	22,565

Total charges incurred for excess and obsolete inventory for the three months and nine months ended September 30, 2023 and 2022 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Excess and obsolete inventory charges	$	119	$	77	$	385	$	307