0001564590-21-042125 | 10-Q | XBRL Viewer

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 02, 2021
Cover [Abstract]
Entity Registrant Name	ACME UNITED CORP
Entity Central Index Key	0000002098
Document Type	10-Q
Document Period End Date	Jun. 30, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		3,538,708
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Trading Symbol	ACU
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity File Number	01-07698
Entity Tax Identification Number	06-0236700
Entity Address, Address Line One	1 Waterview Drive
Entity Address, City or Town	Shelton
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06484
City Area Code	203
Local Phone Number	254-6060
Entity Interactive Data Current	Yes
Title of 12(b) Security	$2.50 par value Common Stock
Security Exchange Name	NYSEAMER
Entity Incorporation, State or Country Code	CT
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 3,240	$ 4,167
Accounts receivable, less allowance of $1,104 in 2021 and $1,152 in 2020	36,270	27,173
Inventories	48,691	50,704
Prepaid expenses and other current assets	2,234	1,642
Total current assets	90,435	83,686
Property, plant and equipment:
Land	1,768	1,770
Buildings	13,518	12,899
Machinery and equipment	27,455	24,524
Total property, plant and equipment	42,741	39,193
Less: accumulated depreciation	20,332	18,954
Net property, plant and equipment	22,409	20,239
Operating lease right-of-use asset, net	3,476	2,422
Goodwill	4,800	4,800
Intangible assets, less accumulated amortization	18,019	18,721
Total assets	139,139	129,868
Current liabilities:
Accounts payable	8,021	7,601
Operating lease liability - current portion	919	873
Current portion of mortgage payable	267	267
Other accrued liabilities	10,278	11,460
Total current liabilities	19,485	20,201
Long-term debt	39,550	38,767
Mortgage payable, net of current portion	2,778	2,911
Operating lease liability - non-current portion	2,764	1,654
Other non-current liabilities	110	110
Total liabilities	64,687	67,151
Commitments and Contingencies (see note 2)
STOCKHOLDERS' EQUITY
Common stock, par value $2.50: authorized 8,000,000 shares; issued - 4,840,571 shares in 2020 and 2019, including treasury stock	12,576	12,101
Additional paid-in capital	10,829	7,931
Retained earnings	66,415	58,033
Treasury stock, at cost - 1,501,658 shares in 2021 and 2020	(14,522)	(14,522)
Accumulated other comprehensive loss:
Translation adjustment	(846)	(826)
Total stockholders’ equity	74,452	62,717
Total liabilities and stockholders’ equity	$ 139,139	129,868
PPP Loan
Current liabilities:
Long-term debt		$ 3,508

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
STOCKHOLDERS' EQUITY
Accounts receivable, allowance	$ 1,104	$ 1,152
Common stock, par value	$ 2.50	$ 2.50
Common stock, shares authorized	8,000,000	8,000,000
Common stock, shares issued	5,030,866	4,840,571
Treasury stock, shares	1,501,658	1,501,658

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Statements Of Operations
Net sales	$ 44,847	$ 44,042	$ 88,372	$ 79,817
Cost of goods sold	28,694	27,989	56,632	50,234
Gross profit	16,153	16,053	31,740	29,583
Selling, general and administrative expenses	12,364	11,670	24,983	23,191
Operating income	3,789	4,383	6,757	6,392
Non-operating items:
Interest expense	(226)	(245)	(452)	(568)
Interest income	3	11	9	14
Interest expense, net	(223)	(234)	(443)	(554)
PPP loan forgiveness	3,508		3,508
Other (expense) income, net	(68)	1	(145)	(37)
Total other income (expense), net	3,440	1	3,363	(37)
Income before income tax expense	7,006	4,150	9,677	5,801
Income tax (benefit) expense	(224)	951	400	1,325
Net income	$ 7,230	$ 3,199	$ 9,277	$ 4,476
Basic earnings per share	$ 2.16	$ 0.96	$ 2.72	$ 1.34
Diluted earnings per share	$ 1.82	$ 0.92	$ 2.34	$ 1.28
Weighted average number of common shares outstanding-denominator used for basic per share computations	3,347,000	3,349,000	3,410,000	3,344,000
Weighted average number of dilutive stock options outstanding	617,000	132,000	551,000	155,000
Denominator used for diluted per share computations	3,964,000	3,481,000	3,961,000	3,499,000
Dividends declared per share	$ 0.13	$ 0.12	$ 0.26	$ 0.24

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Statements Of Comprehensive Loss Income [Abstract]
Net income	$ 7,230	$ 3,199	$ 9,277	$ 4,476
Other comprehensive income (loss):
Foreign currency translation adjustment	168	201	(20)	(128)
Comprehensive income	$ 7,398	$ 3,400	$ 9,257	$ 4,348

- Definition

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

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+ Details

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning Balance at Dec. 31, 2019	$ 55,704	$ 12,094	$ (14,235)	$ 8,262	$ (1,988)	$ 51,571
Beginning Balance, shares at Dec. 31, 2019		3,350,833
Net income	4,476					4,476
Other comprehensive income (loss)	(128)				(128)
Stock compensation expense	602			602
Distributions to shareholders	(800)					(800)
Cash settlement of stock options	(560)			(560)
Purchase of treasury stock	(287)		(287)
Purchase of treasury stock (shares)		(14,420)
Ending Balance at Jun. 30, 2020	59,007	$ 12,094	(14,522)	8,304	(2,116)	55,247
Ending Balance, shares at Jun. 30, 2020		3,336,413
Beginning Balance at Mar. 31, 2020	55,824	$ 12,094	(14,449)	8,048	(2,317)	52,448
Beginning Balance, shares at Mar. 31, 2020		3,340,114
Net income	3,199					3,199
Other comprehensive income (loss)	201				201
Stock compensation expense	359			359
Distributions to shareholders	(400)					(400)
Cash settlement of stock options	(103)			(103)
Purchase of treasury stock	(73)		(73)
Purchase of treasury stock (shares)		(3,701)
Ending Balance at Jun. 30, 2020	59,007	$ 12,094	(14,522)	8,304	(2,116)	55,247
Ending Balance, shares at Jun. 30, 2020		3,336,413
Beginning Balance at Dec. 31, 2020	62,717	$ 12,101	(14,522)	7,931	(826)	58,033
Beginning Balance, shares at Dec. 31, 2020		3,338,913
Net income	9,277					9,277
Other comprehensive income (loss)	(20)				(20)
Stock compensation expense	886			886
Distributions to shareholders	(895)					(895)
Issuance of common stock	2,698	$ 475		2,223
Issuance of common stock (shares)		190,295
Cash settlement of stock options	(211)			(211)
Ending Balance at Jun. 30, 2021	74,452	$ 12,576	(14,522)	10,829	(846)	66,415
Ending Balance, shares at Jun. 30, 2021		3,529,208
Beginning Balance at Mar. 31, 2021	64,627	$ 12,145	(14,522)	8,375	(1,014)	59,643
Beginning Balance, shares at Mar. 31, 2021		3,356,614
Net income	7,230					7,230
Other comprehensive income (loss)	168				168
Stock compensation expense	580			580
Distributions to shareholders	(458)					(458)
Issuance of common stock	2,516	$ 431		2,085
Issuance of common stock (shares)		172,594
Cash settlement of stock options	(211)			(211)
Ending Balance at Jun. 30, 2021	$ 74,452	$ 12,576	$ (14,522)	$ 10,829	$ (846)	$ 66,415
Ending Balance, shares at Jun. 30, 2021		3,529,208

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 9,277,000	$ 4,476,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	1,176,000	1,125,000
Amortization of intangible assets	742,000	659,000
Non-cash lease expense	43,000	47,000
Stock compensation expense	886,000	602,000
Provision for bad debt	54,000	619,000
PPP loan forgiveness	(3,508,000)
Changes in operating assets and liabilities:
Accounts receivable	(9,072,000)	(8,598,000)
Inventories	2,007,000	(4,675,000)
Prepaid expenses and other current assets	(593,000)	(414,000)
Accounts payable	346,000	1,961,000
Other accrued liabilities	(1,215,000)	1,845,000
Total adjustments	(9,134,000)	(6,829,000)
Net cash provided by (used in) operating activities	143,000	(2,353,000)
Cash flows from investing activities:
Purchase of property, plant and equipment	(3,351,000)	(1,323,000)
Net cash used in investing activities	(3,351,000)	(3,397,000)
Cash flows from financing activities:
Net borrowings of long-term debt	782,000	2,502,000
Cash settlement of stock options	(211,000)	(560,000)
Repayments on mortgage	(133,000)	(133,000)
Proceeds from issuance of common stock	2,698,000
Distributions to shareholders	(871,000)	(800,000)
Purchase of treasury shares		(287,000)
Net cash provided by financing activities	2,265,000	4,230,000
Effect of exchange rate changes on cash and cash equivalents	16,000	(63,000)
Net change in cash and cash equivalents	(927,000)	(1,583,000)
Cash and cash equivalents at beginning of period	4,167,000	6,822,000
Cash and cash equivalents at end of period	3,240,000	5,239,000
Supplemental cash flow information:
Cash paid for income taxes	952,000	371,000
Cash paid for interest	$ 440,000	548,000
PPP Loan
Cash flows from financing activities:
Proceeds from PPP Loan		3,508,000
First Aid Central
Cash flows from investing activities:
Acquisition of First Aid Central		$ (2,074,000)

Basis of Presentation

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

1. Basis of Presentation

The accompanying condensed consolidated financial statements include all adjustments necessary to present fairly the financial position, results of operations and cash flows of Acme United Corporation (the “Company”). These adjustments are of a normal, recurring nature. However, the financial statements do not include all the disclosures normally required by accounting principles generally accepted in the United States of America or those normally made in the Company's Annual Report on Form 10-K. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2020 for such disclosures. The condensed consolidated balance sheet as of December 31, 2020 was derived from the audited consolidated balance sheet as of that date. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto included in the Company’s 2020 Annual Report on Form 10-K.

The Company has evaluated events and transactions subsequent to June 30, 2021 and through the date these condensed consolidated financial statements were issued.

Recently Issued and Adopted Accounting Standards

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The update eliminates, clarifies and modifies certain guidance related to the accounting for income taxes. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, i.e. commencing with our current fiscal year. The adoption of ASU 2019-12 did not have a material effect on the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The amendments in this update eliminate Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. The Company adopted this standard on January 1, 2020. The adoption of this standard has not had an impact on the financial statements of the Company.

Commitment and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitment and Contingencies

2. Commitment and Contingencies

There are no pending material legal proceedings to which the Company is a party, or, to the actual knowledge of the Company, contemplated by any governmental authority.

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

3. Revenue from Contracts with Customers

Nature of Goods and Services

The Company recognizes revenue from the sales of a broad line of products that are grouped into two main categories: (a) cutting, sharpening and measuring; and (b) first aid and safety. The cutting, sharpening and measuring category includes scissors, knives, paper trimmers, pencil sharpeners and other sharpening tools. The first aid and safety category includes first aid kits and refills, over-the-counter medications and a variety of safety products. Revenue recognition is evaluated through the following five steps: (i) identification of the contract or contracts with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied.

When Performance Obligations Are Satisfied

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Revenue is generated by the sale of the Company’s products to its customers. Sales contracts (purchase orders) generally have a single performance obligation that is satisfied at a point in time, with shipment or delivery, depending on the terms of the underlying contract. Revenue is measured based on the consideration specified in the contract. The amount of consideration we receive and revenue we recognize is impacted by incentives ("customer rebates"), including sales rebates, which are generally tied to sales volume levels, in-store promotional allowances, shared media and customer catalogue allowances and other cooperative advertising arrangements; freight allowance programs offered to our customers; and allowance for returns and discounts. We generally recognize customer rebate costs as a deduction to gross sales at the time that the associated revenue is recognized.

Significant Payment Terms

Payment terms for each customer are dependent on the agreed upon contractual repayment terms. Payment terms typically are between 30 and 90 days and vary depending on the size of the customer and its risk profile to the Company. Some customers receive discounts for early payment.

Product Returns

The Company accepts product returns in the normal course of business. The Company estimates reserves for returns and the related refunds to customers based on historical experience. Reserves for returned merchandise are included as a component of “Accounts receivable” in the condensed consolidated balance sheets.

Practical Expedient Usage and Accounting Policy Elections

For the Company’s contracts that have an original duration of one year or less, the Company uses the practical expedient in ASC 606-10-32-18 applicable to such contracts and does not consider the time value of money in relation to significant financing components. The effect of applying this practical expedient election did not have an impact on the Company’s condensed consolidated financial statements.

Per ASC 606-10-25-18B, the Company has elected to account for shipping and handling activities that occur after the customer has obtained control as a fulfilment activity instead of a performance obligation. Furthermore, shipping and handling activities performed before transfer of control of the product also do not constitute a separate and distinct performance obligation. The effect of applying this practical expedient election did not have an impact on the Company’s condensed consolidated financial statements.

The Company has elected to exclude from the transaction price those amounts which relate to sales and other taxes that are assessed by governmental authorities and that are imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer.

Applying the practical expedient in ASC 340-40-25-4, Other Assets and Deferred Costs, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred. These costs are included in “Selling, general and administrative expenses.” The effect of applying this practical expedient did not have an impact on the Company’s condensed consolidated financial statements.

Disaggregation of Revenues

The following table represents external net sales disaggregated by product category, by segment (amounts in thousands):

For the three months ended June 30, 2021

	United States		Canada		Europe		Total
Cutting, Sharpening and Measuring	$	16,162	$	2,091	$	3,677	$	21,930
First Aid and Safety		20,678		1,899	$	340		22,917

Total Net Sales	$	36,840	$	3,990	$	4,017	$	44,847

For the three months ended June 30, 2020

	United States		Canada		Europe		Total
Cutting, Sharpening and Measuring	$	19,699	$	1,247	$	2,891	$	23,837
First Aid and Safety		18,773		1,141		291		20,205

Total Net Sales	$	38,472	$	2,388	$	3,182	$	44,042

For the six months ended June 30, 2021

	U.S.		Canada		Europe		Total
Cutting, Sharpening and Measuring	$	31,726	$	3,640	$	7,420	$	42,786
First Aid and Safety		41,162		3,683		741		45,586

Total Net Sales	$	72,888	$	7,323	$	8,161	$	88,372

For the six months ended June 30, 2020

	U.S.		Canada		Europe		Total
Cutting, Sharpening and Measuring	$	31,427	$	2,661	$	5,497	$	39,585
First Aid and Safety		37,488		2,141		603		40,232

Total Net Sales	$	68,915	$	4,802	$	6,100	$	79,817

- Definition

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

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+ Details

Debt and Shareholders' Equity

6 Months Ended

Jun. 30, 2021

Long Term Debt And Stockholders Equity [Abstract]

Debt and Shareholders' Equity

4. Debt and Shareholders’ Equity

Long-term debt consists of borrowings under the Company’s revolving loan agreement with HSBC Bank, N.A. The agreement provides for borrowings of up to $50 million at Prime Rate less 1.25%. The credit facility has an expiration date of May 24, 2023. The Company must pay a facility fee, payable quarterly, in an amount equal to two tenths of one percent (.20%) per annum of the average daily unused portion of the revolving credit line. The facility is intended to provide liquidity for working capital, growth, dividends, acquisitions, share repurchases and other business activities. Under the revolving loan agreement, the Company is required to maintain specific amounts of tangible net worth, a specified debt to net worth ratio and a fixed charge coverage ratio and must have annual net income greater than zero, measured as of the end of each fiscal year. As of June 30, 2021, the Company was in compliance with the covenants then in effect under the loan agreement.

As of June 30, 2021, and December 31, 2020, the Company had outstanding borrowings of $39,550,000 and $38,767,000, respectively, under the Company’s revolving loan agreement with HSBC.

On October 26, 2017, the Company exercised its option to purchase its First Aid Only manufacturing and distribution center in Vancouver, WA for $4.0 million. The property consists of 53,000 square feet of office, manufacturing, and warehouse space on 2.86 acres. The purchase was financed by a variable rate mortgage with HSBC Bank, N.A. at an interest rate of LIBOR plus 2.5%. Commencing on December 1, 2017, principal payments of $22,222 are due monthly, with all amounts outstanding due on maturity on October 31, 2024.

During the three months ended June 30, 2021, the Company issued a total of 172,594 shares of common stock and received aggregate proceeds of $2,517,000 upon exercise of employee stock options. During the six months ended June 30, 2021, the Company issued a total of 190,295 shares of common stock and received aggregate proceeds of $2,698,000 upon exercise of employee stock options. Also during the three and six months ended June 30, 2021, the Company, at its discretion, paid approximately $211,000 to optionees who had elected (subject to the approval of the Company) a net cash settlement of their respective options.

Also included in long term debt at December 31,2020 was the amount then outstanding under a Paycheck Protection Program (PPP) loan; the loan was forgiven in the quarter ended June 30, 2021. See Note 9 – Paycheck Protection Program Loan for additional details.

Segment Information

6 Months Ended

Jun. 30, 2021

Segment Information [Abstract]

Segment Information

5. Segment Information

The Company reports financial information based on the organizational structure used by the Company’s chief operating decision makers for making operating and investment decisions and for assessing performance. The Company’s reportable business segments consist of: (1) United States; (2) Canada; and (3) Europe. As described below, the activities of the Company’s Asian operations are closely linked to those of the U.S. operations; accordingly, the Company’s chief operating decision makers review the financial results of both on a consolidated basis, and the results of the Asian operations have been aggregated with the results of the United States operations to form one reportable segment called the “United States segment” or “U.S. segment”. Each reportable segment derives its revenue from the sales of cutting and sharpening devices, measuring instruments and first aid and safety products for school, office, home, hardware, sporting and industrial use.

Domestic sales orders are filled primarily from the Company’s distribution centers in North Carolina, Washington, Massachusetts, Tennessee, Florida and California. The Company is responsible for the costs of shipping, insurance, customs clearance, duties, storage and distribution related to such products. Orders filled from the Company’s inventory are generally for less than container-sized lots.

Direct import sales are products sold by the Company’s Asian subsidiary, directly to major U.S. retailers, who take ownership of the products in Asia. These sales are completed by delivering product to the customers’ common carriers at the shipping points in Asia. Direct import sales are made in larger quantities than domestic sales, typically full containers. Direct import sales represented approximately 10% and 8% of the Company’s total net sales for the three and six months ended June 30, 2021, compared to 14% and 11% for the comparable period in 2020.

The Chief Operating Decision Maker evaluates the performance of each operating segment based on segment revenues and operating income. Segment revenues are defined as total revenues, including both external customer revenue and inter-segment revenue. Segment operating earnings are defined as segment revenues, less cost of goods sold and operating expenses. Identifiable assets by segment are those assets used in the respective reportable segment’s operations. Inter-segment amounts are eliminated to arrive at consolidated financial results.

The following table sets forth certain financial data by segment for three and six months ended June 30, 2021 and 2020:

Financial data by segment:

(in thousands)

	Three months ended June 30,						Six months ended June 30,
Sales to external customers:	2021			2020			2021			2020
United States	$	36,840		$	38,476		$	72,888		$	68,922
Canada		3,990			2,381			7,322			4,800
Europe		4,017			3,185			8,162			6,095
Consolidated	$	44,847		$	44,042		$	88,372		$	79,817

Operating income:
United States	$	2,675		$	3,685		$	4,807		$	5,253
Canada		662			366			1,034			573
Europe		452			332			916			566
Consolidated	$	3,789		$	4,383		$	6,757		$	6,392

Interest expense, net		(223	)		(234	)		(443	)		(554	)
Other income (expense), net		3,440			1			3,363			(37	)
Consolidated income before income taxes	$	7,006		$	4,150		$	9,677		$	5,801

Assets by segment:

(in thousands)

	June 30,		December 31,
	2021		2020
United States	$	120,848	$	113,831
Canada		8,722		7,432
Europe		9,569		8,605
Consolidated	$	139,139	$	129,868

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-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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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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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Stock Based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Based Compensation

6. Stock Based Compensation

The Company recognizes share-based compensation at the fair value of the equity instrument on the grant date. Compensation expense is recognized over the required service period, which is generally the vesting period of the equity instrument. Share-based compensation expense was $580,000 and $886,000 for the three and six months ended June 30, 2021, respectively, compared to $359,000 and $602,000 for the three and six months ended June 30, 2020, respectively.

As of June 30, 2021, there was a total of $1,730,226 of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested share-based payments granted to the Company’s employees. As of that date, the remaining unamortized expense was expected to be recognized over a weighted average period of approximately three years.

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Measurements [Abstract]

Fair Value Measurements

7. Fair Value Measurements

The carrying value of the Company’s bank debt is a reasonable estimate of fair value because of the nature of its payment terms and maturity.

- 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

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

8. Leases

The Company has operating leases for office and warehouse space and equipment under various arrangements which provide the right to use the underlying asset and require lease payments for the lease term. The Company’s lease portfolio consists of operating leases which expire at various dates through 2026.

Certain of the Company’s lease arrangements contain renewal provisions, exercisable at the Company's option. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other leases are recorded on the balance sheet with right-of-use (“ROU”) assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease.

ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. As most of our leases do not provide an implicit rate, the present value of lease payments is determined primarily using our incremental borrowing rate based on the information available at the lease commencement date. The incremental borrowing rate is the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term on an amount equal to the lease payments in a similar economic environment. Lease agreements with lease and non-lease components are generally accounted for as a single lease component. The Company’s operating lease expense is recognized on a straight-line basis over the lease term. For the three months ended June 30, 2021, lease expense in the amount of $0.1 million was included in cost of goods sold and $0.2 million was included in selling, general and administrative expenses in the accompanying condensed consolidated statement of operations. For the six months ended June 30, 2021, lease expense in the amount of $0.2 million was included in cost of goods sold and $0.4 million was included in selling, general and administrative expenses in the accompanying condensed consolidated statement of operations.

Information related to leases (in thousands):

	Three months ended		Three months ended
Operating cash flow information:	June 30, 2021		June 30, 2020
Operating lease cost	$	336	$	308
Operating lease - cash flow	$	294	$	296

Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	-	$	-

	Six months ended		Six months ended
Operating cash flow information:	June 30, 2021		June 30, 2020
Operating lease cost	$	672	$	615
Operating lease - cash flow	$	588	$	567


Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	1,575	$	-

	June 30, 2021			June 30, 2020
Weighted-average remaining lease term	4.0 years			4.0 years
Weighted-average discount rate		5	%		5	%

Future minimum lease payments under non-cancellable leases as of June 30, 2021:

2021 (remaining)	$	511
2022		1,084
2023		964
2024		703
2025		613
Thereafter		140

Total future minimum lease payments	$	4,015
Less: imputed interest		(332	)
Present value of lease liabilities - current		919
Present value of lease liabilities - non-current	$	2,764

Paycheck Protection Program Loan

6 Months Ended

Jun. 30, 2021

Paycheck Protection Program Loans [Abstract]

Paycheck Protection Program Loan

9. Paycheck Protection Program Loan

On May 7, 2020, the Company received a two-year loan (the “PPP Loan”) from HSBC Bank USA, N.A., the lender, in the amount of $3,508,047 under the Paycheck Protection Program established by the Coronavirus Aid, Relief and Economic Security Act (CARES Act). Monthly payments of principal and interest were deferred until the application for forgiveness submitted by the Company had been acted upon, as described below.

Under the CARES Act, all or a portion of the PPP Loan was eligible to be forgiven by the U.S. Small Business Administration (“SBA”) and the lender, upon application by the Company, provided that the Company shall have used the loan proceeds for certain eligible purposes. The Company used the loan proceeds solely for payment of payroll and otherwise in a manner which it believed would satisfy the requirements for

loan forgiveness. In August 2020, the Company submitted an application for forgiveness of the entire amount of the PPP Loan to the lender. The lender approved the forgiveness application and, on August 26, 2020, submitted the Company’s application to the SBA for its approval. The PPP Loan was fully forgiven by the SBA and on June 9, 2021, payment in the amount of $3,508,047 was made by the SBA to the lender. The Company recorded the amount forgiven as income in the quarter ended June 30, 2021.

Other Accrued Liabilities

6 Months Ended

Jun. 30, 2021

Payables And Accruals [Abstract]

Other Accrued Liabilities

10. Other Accrued Liabilities

Other current accrued liabilities consisted of (in thousands):

	June 30,		December 31,
	2021		2020
Customer Rebates	$	5,989	$	6,068
Accrued Compensation		1,094		3,072
Dividend Payable		458		435
Other		2,737		1,885
Total:	$	10,278	$	11,460

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Disaggregation of Revenues

The following table represents external net sales disaggregated by product category, by segment (amounts in thousands):

For the three months ended June 30, 2021

	United States		Canada		Europe		Total
Cutting, Sharpening and Measuring	$	16,162	$	2,091	$	3,677	$	21,930
First Aid and Safety		20,678		1,899	$	340		22,917

Total Net Sales	$	36,840	$	3,990	$	4,017	$	44,847

For the three months ended June 30, 2020

	United States		Canada		Europe		Total
Cutting, Sharpening and Measuring	$	19,699	$	1,247	$	2,891	$	23,837
First Aid and Safety		18,773		1,141		291		20,205

Total Net Sales	$	38,472	$	2,388	$	3,182	$	44,042

For the six months ended June 30, 2021

	U.S.		Canada		Europe		Total
Cutting, Sharpening and Measuring	$	31,726	$	3,640	$	7,420	$	42,786
First Aid and Safety		41,162		3,683		741		45,586

Total Net Sales	$	72,888	$	7,323	$	8,161	$	88,372

For the six months ended June 30, 2020

	U.S.		Canada		Europe		Total
Cutting, Sharpening and Measuring	$	31,427	$	2,661	$	5,497	$	39,585
First Aid and Safety		37,488		2,141		603		40,232

Total Net Sales	$	68,915	$	4,802	$	6,100	$	79,817

Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Information Tables [Abstract]

Financial Data By Segment Table

The following table sets forth certain financial data by segment for three and six months ended June 30, 2021 and 2020:

Financial data by segment:

(in thousands)

	Three months ended June 30,						Six months ended June 30,
Sales to external customers:	2021			2020			2021			2020
United States	$	36,840		$	38,476		$	72,888		$	68,922
Canada		3,990			2,381			7,322			4,800
Europe		4,017			3,185			8,162			6,095
Consolidated	$	44,847		$	44,042		$	88,372		$	79,817

Operating income:
United States	$	2,675		$	3,685		$	4,807		$	5,253
Canada		662			366			1,034			573
Europe		452			332			916			566
Consolidated	$	3,789		$	4,383		$	6,757		$	6,392

Interest expense, net		(223	)		(234	)		(443	)		(554	)
Other income (expense), net		3,440			1			3,363			(37	)
Consolidated income before income taxes	$	7,006		$	4,150		$	9,677		$	5,801

Assets by segment:

(in thousands)

	June 30,		December 31,
	2021		2020
United States	$	120,848	$	113,831
Canada		8,722		7,432
Europe		9,569		8,605
Consolidated	$	139,139	$	129,868

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases Tables [Abstract]

Information Related to Leases

Information related to leases (in thousands):

	Three months ended		Three months ended
Operating cash flow information:	June 30, 2021		June 30, 2020
Operating lease cost	$	336	$	308
Operating lease - cash flow	$	294	$	296

Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	-	$	-

	Six months ended		Six months ended
Operating cash flow information:	June 30, 2021		June 30, 2020
Operating lease cost	$	672	$	615
Operating lease - cash flow	$	588	$	567


Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	1,575	$	-

	June 30, 2021			June 30, 2020
Weighted-average remaining lease term	4.0 years			4.0 years
Weighted-average discount rate		5	%		5	%

Future Minimum Lease Payments

Future minimum lease payments under non-cancellable leases as of June 30, 2021:

2021 (remaining)	$	511
2022		1,084
2023		964
2024		703
2025		613
Thereafter		140

Total future minimum lease payments	$	4,015
Less: imputed interest		(332	)
Present value of lease liabilities - current		919
Present value of lease liabilities - non-current	$	2,764

Other Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Payables And Accruals [Abstract]

Accrued Liabilities

Other current accrued liabilities consisted of (in thousands):

	June 30,		December 31,
	2021		2020
Customer Rebates	$	5,989	$	6,068
Accrued Compensation		1,094		3,072
Dividend Payable		458		435
Other		2,737		1,885
Total:	$	10,278	$	11,460

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net sales	$ 44,847	$ 44,042	$ 88,372	$ 79,817
Cutting, Sharpening and Measuring
Net sales	21,930	23,837	42,786	39,585
First Aid and Safety
Net sales	22,917	20,205	45,586	40,232
United States
Net sales	36,840	38,472	72,888	68,915
United States \| Cutting, Sharpening and Measuring
Net sales	16,162	19,699	31,726	31,427
United States \| First Aid and Safety
Net sales	20,678	18,773	41,162	37,488
Canada
Net sales	3,990	2,388	7,323	4,802
Canada \| Cutting, Sharpening and Measuring
Net sales	2,091	1,247	3,640	2,661
Canada \| First Aid and Safety
Net sales	1,899	1,141	3,683	2,141
Europe
Net sales	4,017	3,182	8,161	6,100
Europe \| Cutting, Sharpening and Measuring
Net sales	3,677	2,891	7,420	5,497
Europe \| First Aid and Safety
Net sales	$ 340	$ 291	$ 741	$ 603

Debt and Shareholders' Equity (Details Narrative)		3 Months Ended	6 Months Ended
Debt and Shareholders' Equity (Details Narrative)	Oct. 26, 2017 USD ($) ft²	Jun. 30, 2021 USD ($) shares	Jun. 30, 2021 USD ($) shares	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Oct. 26, 2017 a
Long Term Debt And Stockholders Equity [Line Items]
Outstanding borrowings under revolving loan agreement		$ 39,550,000,000	$ 39,550,000,000		$ 38,767,000,000
Aggregate proceeds from exercise of employee stock options		2,517,000	2,698,000
Cash settlement of stock options		$ 211,000	$ 211,000	$ 560,000
Common Stock
Long Term Debt And Stockholders Equity [Line Items]
Issuance of common stock (shares) \| shares		172,594	190,295
HSBC Bank
Long Term Debt And Stockholders Equity [Line Items]
Credit facility borrowing capacity		$ 50,000,000	$ 50,000,000
Credit facility interest rate			Prime Rate less 1.25%
Credit facility expiration date			May 24, 2023
Facility fee per annum			20.00%
HSBC Bank \| Prime Rate
Long Term Debt And Stockholders Equity [Line Items]
Interest rate			1.25%
First Aid Only Distribution Center
Long Term Debt And Stockholders Equity [Line Items]
Covenant terms and compliance			Under the revolving loan agreement, the Company is required to maintain specific amounts of tangible net worth, a specified debt to net worth ratio and a fixed charge coverage ratio and must have annual net income greater than zero, measured as of the end of each fiscal year. As of June 30, 2021, the Company was in compliance with the covenants then in effect under the loan agreement
Purchase price	$ 4,000,000.0
Area of real estate property	53,000					2.86
Variable rate mortgage interest rate			interest rate of LIBOR plus 2.5%
Monthly payment	$ 22,222
Mortgage maturity date			October 31, 2024
First Aid Only Distribution Center \| LIBOR Rate
Long Term Debt And Stockholders Equity [Line Items]
Interest rate	2.50%

Segment Information (Details Narrative)	3 Months Ended		6 Months Ended
Segment Information (Details Narrative)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Information Details Narrative [Abstract]
Direct import sales to total net sales ratio	10.00%	14.00%	8.00%	11.00%

Segment Information - Financial Data by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Sales to external customers	$ 44,847	$ 44,042	$ 88,372	$ 79,817
Operating income	3,789	4,383	6,757	6,392
Interest expense, net	(223)	(234)	(443)	(554)
Other income (expense), net	3,440	1	3,363	(37)
Consolidated income before income taxes	7,006	4,150	9,677	5,801
Assets	139,139		139,139		$ 129,868
United States Segment
Sales to external customers	36,840	38,476	72,888	68,922
Operating income	2,675	3,685	4,807	5,253
Assets	120,848		120,848		113,831
Canada Segment
Sales to external customers	3,990	2,381	7,322	4,800
Operating income	662	366	1,034	573
Assets	8,722		8,722		7,432
Europe Segment
Sales to external customers	4,017	3,185	8,162	6,095
Operating income	452	$ 332	916	$ 566
Assets	$ 9,569		$ 9,569		$ 8,605

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

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Stock Based Compensation (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based compensation expense	$ 580,000	$ 359,000	$ 886,000	$ 602,000
Unrecognized compensation cost	$ 1,730,226		$ 1,730,226
Unrecognized compensation cost recognition period			3 years

Leases (Details Narrative) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Leases (Details Narrative) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2021
Cost of Goods Sold
Lessee Lease Description [Line Items]
Operating lease expense	$ 0.1	$ 0.2
Selling, General and Administrative Expenses
Lessee Lease Description [Line Items]
Operating lease expense	$ 0.2	$ 0.4

Leases - Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating cash flow information:
Operating lease cost	$ 336	$ 308	$ 672	$ 615
Operating lease - cash flow	$ 294	$ 296	588	$ 567
Non-cash activity:
ROU assets obtained in exchange for lease liabilities			$ 1,575
Weighted-average remaining lease term	4 years	4 years	4 years	4 years
Weighted-average discount rate	5.00%	5.00%	5.00%	5.00%

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Future Minimum Lease Payments:
2021 (remaining)	$ 511
2022	1,084
2023	964
2024	703
2025	613
Thereafter	140
Total future minimum lease payments	4,015
Less: imputed interest	(332)
Present value of lease liabilities - current	919	$ 873
Present value of lease liabilities - non-current	$ 2,764	$ 1,654

Paycheck Protection Program Loan (Details Narrative) - USD ($)			3 Months Ended	6 Months Ended
	Jun. 09, 2021	May 07, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Paycheck Protection Program Loans [Line Items]
PPP loan forgiveness			$ 3,508,000	$ 3,508,000
PPP Loan
Paycheck Protection Program Loans [Line Items]
Proceeds from PPP Loan		$ 3,508,047			$ 3,508,000
Maturity period		2 years
PPP loan forgiveness	$ 3,508,047

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Customer Rebates	$ 5,989	$ 6,068
Accrued Compensation	1,094	3,072
Dividend Payable	458	435
Other	2,737	1,885
Total:	$ 10,278	$ 11,460