0001564590-22-037198 | 10-Q | XBRL Viewer

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 04, 2022
Cover [Abstract]
Entity Registrant Name	ACME UNITED CORP
Entity Central Index Key	0000002098
Document Type	10-Q
Document Period End Date	Sep. 30, 2022
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		3,534,729
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
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	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 4,218	$ 4,843
Accounts receivable, less allowance of $938 in 2022 and $1,007 in 2021	40,149	34,221
Inventories	66,210	53,552
Prepaid expenses and other current assets	3,989	2,635
Restricted cash	750
Total current assets	115,316	95,251
Property, plant and equipment:
Land	1,969	1,761
Buildings	16,282	13,456
Machinery and equipment	30,514	29,760
Total property, plant and equipment	48,765	44,977
Less: accumulated depreciation	22,723	20,950
Net property, plant and equipment	26,042	24,027
Operating lease right-of-use asset, net	2,891	3,130
Goodwill	8,189	4,800
Intangible assets, less accumulated amortization	21,296	17,231
Other assets - restricted cash	750
Total assets	174,484	144,439
Current liabilities:
Accounts payable	11,771	8,977
Operating lease liability - current portion	1,142	1,000
Current portion of mortgage payable	389	389
Other current liabilities	11,138	9,909
Total current liabilities	24,440	20,275
Long-term debt	57,131	33,037
Mortgage payable, net of current portion	10,803	11,081
Operating lease liability - non-current portion	1,949	2,365
Other non-current liabilities	1,180	599
Total liabilities	95,503	67,357
Commitments and Contingencies (see note 2)
STOCKHOLDERS' EQUITY
Common stock, par value $2.50: authorized 8,000,000 shares; 5,079,601 shares issued and 3,534,729 shares outstanding in 2022 and 5,065,518 shares issued and 3,520,646 shares outstanding in 2021	12,690	12,655
Additional paid-in capital	13,058	11,930
Retained earnings	72,060	69,873
Treasury stock, at cost - 1,544,872 shares in 2022 and 2021	(15,996)	(15,996)
Accumulated other comprehensive loss:
Translation adjustment	(2,831)	(1,380)
Total stockholders’ equity	78,981	77,082
Total liabilities and stockholders’ equity	$ 174,484	$ 144,439

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
STOCKHOLDERS' EQUITY
Accounts receivable, allowance	$ 938	$ 1,007
Common stock, par value	$ 2.50	$ 2.50
Common stock, shares authorized	8,000,000	8,000,000
Common stock, shares issued	5,079,601	5,065,518
Common stock, shares outstanding	3,534,729	3,520,646
Treasury stock, shares	1,544,872	1,544,872

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Condensed Consolidated Statements Of Operations
Net sales	$ 49,744	$ 47,923	$ 149,849	$ 136,295
Cost of goods sold	33,819	30,918	100,374	87,550
Gross profit	15,925	17,005	49,475	48,745
Selling, general and administrative expenses	14,972	14,044	43,176	39,028
Operating income	953	2,961	6,299	9,717
Non-operating items:
Interest expense	722	230	1,459	682
Interest income	(8)	(2)	(16)	(11)
Interest expense, net	714	228	1,443	671
PPP loan forgiveness				(3,508)
Other expense, net	209	68	354	213
Total other expense (income), net	209	68	354	(3,295)
Income before income tax expense	30	2,665	4,502	12,341
Income tax (benefit) expense	(34)	619	870	1,019
Net income	$ 64	$ 2,046	$ 3,632	$ 11,322
Basic earnings per share	$ 0.02	$ 0.58	$ 1.03	$ 3.28
Diluted earnings per share	$ 0.02	$ 0.50	$ 0.96	$ 2.85
Weighted average number of common shares outstanding-denominator used for basic per share computations	3,530,000	3,542,000	3,525,000	3,449,000
Weighted average number of dilutive stock options outstanding	162,000	516,000	256,000	520,000
Denominator used for diluted per share computations	3,692,000	4,058,000	3,781,000	3,969,000
Dividends declared per share	$ 0.14	$ 0.13	$ 0.41	$ 0.39

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Condensed Consolidated Statements Of Comprehensive Loss Income [Abstract]
Net income	$ 64	$ 2,046	$ 3,632	$ 11,322
Other comprehensive loss:
Foreign currency translation adjustment	(904)	(310)	(1,451)	(330)
Comprehensive (loss) income	$ (840)	$ 1,736	$ 2,181	$ 10,992

- 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, 2020	$ 62,717	$ 12,101	$ (14,522)	$ 7,931	$ (826)	$ 58,033
Beginning Balance, shares at Dec. 31, 2020		3,338,913
Net income	11,322					11,322
Other comprehensive loss	(330)				(330)
Stock compensation expense	1,341			1,341
Distributions to shareholders	(1,357)					(1,357)
Issuance of common stock	3,066	$ 552		2,514
Issuance of common stock (shares)		220,774
Cash settlement of stock options	(211)			(211)
Ending Balance at Sep. 30, 2021	76,548	$ 12,653	(14,522)	11,575	(1,156)	67,998
Ending Balance, shares at Sep. 30, 2021		3,559,687
Beginning Balance at Jun. 30, 2021	74,452	$ 12,576	(14,522)	10,829	(846)	66,415
Beginning Balance, shares at Jun. 30, 2021		3,529,208
Net income	2,046					2,046
Other comprehensive loss	(310)				(310)
Stock compensation expense	455			455
Distributions to shareholders	(463)					(463)
Issuance of common stock	368	$ 77		291
Issuance of common stock (shares)		30,479
Ending Balance at Sep. 30, 2021	76,548	$ 12,653	(14,522)	11,575	(1,156)	67,998
Ending Balance, shares at Sep. 30, 2021		3,559,687
Beginning Balance at Dec. 31, 2021	$ 77,082	$ 12,655	(15,996)	11,930	(1,380)	69,873
Beginning Balance, shares at Dec. 31, 2021	3,520,646	3,520,646
Net income	$ 3,632					3,632
Other comprehensive loss	(1,451)				(1,451)
Stock compensation expense	1,405			1,405
Distributions to shareholders	(1,445)					(1,445)
Issuance of common stock	78	$ 15		63
Issuance of common stock (shares)		5,966
Cash settlement of stock options	(108)			(108)
Net share settlement of stock options	(212)	$ 20		(232)
Net share settlement of stock options, (shares)		8,117
Ending Balance at Sep. 30, 2022	$ 78,981	$ 12,690	(15,996)	13,058	(2,831)	72,060
Ending Balance, shares at Sep. 30, 2022	3,534,729	3,534,729
Beginning Balance at Jun. 30, 2022	$ 79,823	$ 12,657	(15,996)	12,598	(1,927)	72,491
Beginning Balance, shares at Jun. 30, 2022		3,521,373
Net income	64					64
Other comprehensive loss	(904)				(904)
Stock compensation expense	637			637
Distributions to shareholders	(495)					(495)
Issuance of common stock	68	$ 13		55
Issuance of common stock (shares)		5,239
Net share settlement of stock options	(212)	$ 20		(232)
Net share settlement of stock options, (shares)		8,117
Ending Balance at Sep. 30, 2022	$ 78,981	$ 12,690	$ (15,996)	$ 13,058	$ (2,831)	$ 72,060
Ending Balance, shares at Sep. 30, 2022	3,534,729	3,534,729

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 3,632,000	$ 11,322,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	2,006,000	1,809,000
Amortization of intangible assets	1,298,000	1,111,000
Non-cash lease expense		170,000
Stock compensation expense	1,405,000	1,341,000
Provision for bad debt	75,000	79,000
PPP loan forgiveness		(3,508,000)
Amortization of deferred financing costs	11,000
Changes in operating assets and liabilities:
Accounts receivable	(5,836,000)	(9,060,000)
Inventories	(12,807,000)	1,678,000
Prepaid expenses and other assets	(1,393,000)	(859,000)
Accounts payable	3,048,000	(959,000)
Other accrued liabilities	954,000	(145,000)
Total adjustments	(11,239,000)	(8,343,000)
Net cash (used in) provided by operating activities	(7,607,000)	2,979,000
Cash flows from investing activities:
Purchase of property, plant and equipment	(3,299,000)	(4,792,000)
Purchase of intellectual property	(300,000)
Acquisition of Safety Made	(9,609,000)
Net cash used in investing activities	(13,208,000)	(4,792,000)
Cash flows from financing activities:
Net borrowings of long-term debt	24,094,000	1,687,000
Tax paid on net share settlement of stock options	(211,000)
Cash settlement of stock options	(108,000)	(211,000)
Repayments on mortgage	(290,000)	(200,000)
Proceeds from issuance of common stock	78,000	3,066,000
Distributions to shareholders	(1,408,000)	(1,329,000)
Net cash provided by financing activities	22,155,000	3,013,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(465,000)	(61,000)
Net change in cash, cash equivalents and restricted cash	875,000	1,139,000
Cash, cash equivalents and restricted cash at beginning of period	4,843,000	4,167,000
Cash, cash equivalents and restricted cash at end of period	5,718,000	5,306,000
Supplemental cash flow information:
Cash paid for income taxes	242,000	1,070,000
Cash paid for interest	1,292,000	$ 660,000
Non-cash investing activities
Safety Made acquisition contingent consideration	$ 1,270,000

Basis of Presentation

9 Months Ended

Sep. 30, 2022

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, 2021 for such disclosures. The condensed consolidated balance sheet as of December 31, 2021 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 2021 Annual Report on Form 10-K.

The Company has evaluated events and transactions subsequent to September 30, 2022 and through the date these condensed consolidated financial statements were issued.

Commitment and Contingencies

9 Months Ended

Sep. 30, 2022

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

9 Months Ended

Sep. 30, 2022

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) first aid and medical; and (b) cutting, sharpening and measuring. The cutting, sharpening and measuring category includes scissors, knives, paper trimmers, pencil sharpeners and other sharpening tools. The first aid and medical category includes first aid kits and refills, over-the-counter medications and a variety of medical 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 September 30, 2022

	United States		Canada		Europe		Total
Cutting, Sharpening and Measuring	$	17,934	$	1,799	$	2,792	$	22,525
First Aid and Medical		25,009		1,830		380		27,219

Total Net Sales	$	42,943	$	3,629	$	3,172	$	49,744

For the three months ended September 30, 2021

	United States		Canada		Europe		Total
Cutting, Sharpening and Measuring	$	18,769	$	1,932	$	2,863	$	23,564
First Aid and Medical		22,291		1,653		415		24,359

Total Net Sales	$	41,060	$	3,585	$	3,278	$	47,923

For the nine months ended September 30, 2022

	United States		Canada		Europe		Total
Cutting, Sharpening and Measuring	$	55,221	$	5,584	$	9,905	$	70,710
First Aid and Medical		72,368		5,536		1,235		79,139

Total Net Sales	$	127,589	$	11,120	$	11,140	$	149,849

For the nine months ended September 30, 2021

	United States		Canada		Europe		Total
Cutting, Sharpening and Measuring	$	50,507	$	5,571	$	10,271	$	66,349
First Aid and Medical		63,441		5,336		1,169		69,946

Total Net Sales	$	113,948	$	10,907	$	11,440	$	136,295

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 606
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-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Debt and Shareholders' Equity

9 Months Ended

Sep. 30, 2022

Long Term Debt And Stockholders Equity [Abstract]

Debt and Shareholders' Equity

4. Debt and Shareholders’ Equity

Long-term debt consists of (i) borrowings under the Company’s revolving loan agreement with HSBC Bank, N.A.(“HSBC”) and (ii) amounts outstanding under the fixed rate mortgage on the Company’s manufacturing and distribution facilities in Rocky Mount, NC and Vancouver, WA. On May 31, 2022, the Company amended its revolving loan agreement with HSBC Bank, N.A. The amended agreement increased the amount available for borrowing from $50 million to $65 million, at an interest rate of Secured Overnight Financing Rate (“SOFR”) plus 1.75%; interest is payable monthly. In addition, the expiration date of the revolving loan agreement was extended to May 31, 2026. The Company must pay a facility fee, payable quarterly, in an amount equal to one eighth of one percent (.125%) per annum of the average daily unused portion of the revolving credit line. The facility is intended to provide liquidity for growth, share repurchases, dividends, acquisitions, and other business activities. Under the revolving loan agreement, the Company is required to maintain specific amounts of funded debt to EBITDA, a fixed charge coverage ratio and must have annual net income greater than $0, measured as of the end of each fiscal year. On November 8, 2022, the revolving loan agreement was amended to increase the ratio of funded debt to EBITDA. The amendment is in effect for the four quarters

commencing in the third quarter of 2022 and includes an increase in the funded debt to EBITDA ratio for the four quarters ranging from a low of 4.75 to 1 to a high of 5.75 to 1. The amendment also increases the interest rate from SOFR +1.75% up to a high of SOFR + 2.35% on a basis that varies on a quarterly basis with the leverage ratio. The increase in the ratio brought the Company into compliance with the covenant as of September 30, 2022, and going forward, provides the Company with flexibility to conduct its business in light of current and anticipated economic conditions. As of September 30, 2022, the Company was in compliance with the covenants under the revolving loan agreement, as amended.

As of September 30, 2022 and December 31, 2021, the Company had outstanding borrowings of $57,131,000 and $33,037,000, respectively, under the Company’s revolving loan agreement with HSBC.

The Company’s manufacturing and distribution facilities in Rocky Mount, NC and Vancouver, WA were financed by a fixed rate mortgage with HSBC at a fixed interest rate of 3.8%. The Company entered into the agreement on December 1, 2021. Commencing on January 1, 2022, payments of principal and interest are due monthly, with all amounts outstanding due on maturity on December 1, 2031. As of September 30, 2022 and December 31, 2021, long-term debt related to the mortgage consisted of the following (amounts in ‘000’s):

	September 30, 2022			December 31, 2021

Mortgage Payable - HSBC		$ 11,331			$ 11,620
Less debt issuance costs		(139	)		(150	)
		11,192			11,470
Less current maturities		389			389
Long-term mortgage payable less current maturities		$ 10,803			$ 11,081

During the three and nine months ended September 30, 2022, the Company issued a total of 5,239 and 5,966 shares of common stock, respectively, and received aggregate proceeds of $67,658 and $77,658 upon exercise of employee stock options, respectively. During the nine months ended September 30, 2022, the Company, at its discretion, paid approximately $108,000 to optionees who had elected (subject to the approval of the Company) a net cash settlement of certain of their respective options. Also, during the three and nine months ended September 30, 2022, the Company issued 8,117 shares of common stock to optionees who had elected a net share settlement of certain of their respective option.

Segment Information

9 Months Ended

Sep. 30, 2022

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 over both, on a consolidated basis, and as such, 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 first aid and medical products, cutting and sharpening devices and measuring instruments 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 8% and 9% of the Company’s total net sales for the three and nine months ended September 30, 2022, respectively, compared to 7% and 8% respectively, for the comparable periods in 2021.

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 nine months ended September 30, 2022 and 2021:

Financial data by segment:

(in thousands)

	Three Months Ended September 30,					Nine Months Ended September 30,
Sales to external customers:	2022			2021		2022		2021
United States	$	42,943		$	41,060	$	127,589	$	113,948
Canada		3,629			3,585		11,120		10,907
Europe		3,172			3,278		11,140		11,440
Consolidated	$	49,744		$	47,923	$	149,849	$	136,295

Operating income:
United States	$	767		$	2,425	$	5,032	$	7,231
Canada		354			418		1,214		1,452
Europe		(168	)		118		53		1,034
Consolidated	$	953		$	2,961	$	6,299	$	9,717

Interest expense, net		714			228		1,443		671
Other expense (income) , net		209			68		354		(3,295	)
Consolidated income before income taxes	$	30		$	2,665	$	4,502	$	12,341

Assets by segment:

(in thousands)

	September 30,		December 31,
	2022		2021
United States	$	154,980	$	125,521
Canada		9,399		9,100
Europe		10,105		9,818
Consolidated	$	174,484	$	144,439

- 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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 32
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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 9: 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 https://asc.fasb.org/topic&trid=2134510

+ Details

Stock Based Compensation

9 Months Ended

Sep. 30, 2022

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 approximately $637,000 and $1,405,000 for the three and nine months ended September 30, 2022, respectively, compared to approximately $455,000 and $1,341,000 for the three and nine months ended September 30, 2021, respectively.

As of September 30, 2022, there was a total of $3,995,873 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

9 Months Ended

Sep. 30, 2022

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. The Company’s contingent liability related to the acquisition of Safety Made is recorded at its acquisition date fair value of approximately $1.3 million, of which $690,000 is recorded in other current liabilities and $580,000 is recorded in other non-current liabilities on the condensed consolidated balance sheet as of September 30, 2022. Changes in the fair value of the liability are recorded in earnings. There is no change during the three month period ended September 30, 2022.

- 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

9 Months Ended

Sep. 30, 2022

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 and nine months ended September 30, 2022 and 2021, lease expense in the amount of $0.1 million was included in cost of goods sold and $0.3 million and $0.2 million, respectively, were included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations.

Information related to leases (in thousands):

	Three Months Ended		Three Months Ended
Operating cash flow information:	September 30, 2022		September 30, 2021
Operating lease cost	$	308	$	297
Operating lease - cash flow	$	319	$	236

Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	334	$	-

	Nine Months Ended		Nine Months Ended
Operating cash flow information:	September 30, 2022		September 30, 2021
Operating lease cost	$	926	$	994
Operating lease - cash flow	$	964	$	796


Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	545	$	1,575

	September 30, 2022			September 30, 2021
Weighted-average remaining lease term	3.0 years			4.0 years
Weighted-average discount rate		5	%		5	%

Future minimum lease payments under non-cancellable leases as of September 30, 2022:

2022 (remaining)	$	324
2023		1,234
2024		914
2025		689
2026		155
Thereafter		-

Total future minimum lease payments	$	3,316
Less: imputed interest		(225	)
Present value of lease liabilities - current		1,142
Present value of lease liabilities - non-current	$	1,949

Business Combinations

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Business Combinations

9. Business Combinations

On June 1, 2022, the Company purchased the assets of Live Safely Products, LLC (d/b/a “Safety Made”) for approximately $11 million, including $1.5 million which is contingent upon meeting certain financial targets over a two-year period. Based in Keene, NH, Safety Made is a leading manufacturer of first aid kits for the promotional products industry.

The purchase price was allocated to assets acquired as follows (in thousands):

Assets:
Accounts receivable	$	512
Inventory		944
Prepaid Expense		14
Property, plant and equipment		877
Intangible assets		5,143
Goodwill		3,389
Total assets	$	10,879

The acquisition was accounted for as a business combination, pursuant to ASC 805 – Business Combinations. All assets acquired in the acquisition are included in the Company’s United States operating segment. Management’s assessment of the valuation of intangible assets is preliminary and finalization of the Company’s purchase price accounting assessment may result in changes to the valuation of the identified intangible assets. Intangible assets include Customer List, Trade Names, Non-Compete Agreements, and Goodwill. The useful lives of the identified intangible assets range from 5 years to 15 years.

The $1.5 million contingent payment that is being held in escrow is classified as restricted cash. Of this amount, $750,000 is recorded in current assets, with the remaining $750,000 reported in other long-term assets on the condensed consolidated balance sheet.

Other Accrued Liabilities

9 Months Ended

Sep. 30, 2022

Payables And Accruals [Abstract]

Other Accrued Liabilities

10. Other Accrued Liabilities

Other current accrued liabilities consisted of (in thousands):

	September 30,		December 31,
	2022		2021
Customer Rebates	$	6,228	$	5,414
Accrued Compensation		1,465		1,586
Dividend Payable		495		458
Income Tax Payable		801		564
Other		2,149		1,887
Total:	$	11,138	$	9,909

Cash, Cash Equivalents and Restricted Cash

9 Months Ended

Sep. 30, 2022

Cash And Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

11. Cash, Cash Equivalents and Restricted Cash

(in thousands):

	September 30, 2022		December 31, 2021
Cash and cash equivalents	$	4,218	$	4,843
Restricted Cash - current		750		-
Restricted Cash - non-current		750		-
Total cash, cash equivalents and restricted cash	$	5,718	$	4,843

Restricted cash, which is reported within other short-term and long term assets in the condensed consolidated balance sheets consists of the contingent payment held in escrow related to the acquisition of Safety Made. See Note 9 for additional information related to the acquisition of Safety Made.

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

12. Intangible Assets and Goodwill

The Company’s intangible assets and goodwill consisted of (in thousands):

	September 30		December 31
	2022		2021
Customer List	$	18,670	$	16,137
Tradenames		9,985		7,995
Patents		2,272		2,272
Non-Compete		1,170		250
License Agreement		380		380
Subtotal		32,477		27,034
Less: Accumulated Amortization		11,181		9,803
Intangible Assets	$	21,296	$	17,231

Goodwill	$	8,189	$	4,800
Total:	$	29,485	$	22,031

The useful lives of the identified intangible assets range from 5 years to 15 years.

Inventories

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories

13. Inventories

Inventories consisted of (in thousands):

	2022		2021
Finished goods	$	51,189	$	40,412
Work in process		724		89
Materials and supplies		14,297		13,051
Inventories:	$	66,210	$	53,552

Inventories are stated at the lower of cost or net realizable value, determined by the first-in, first-out method.

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022

	United States		Canada		Europe		Total
Cutting, Sharpening and Measuring	$	17,934	$	1,799	$	2,792	$	22,525
First Aid and Medical		25,009		1,830		380		27,219

Total Net Sales	$	42,943	$	3,629	$	3,172	$	49,744

For the three months ended September 30, 2021

	United States		Canada		Europe		Total
Cutting, Sharpening and Measuring	$	18,769	$	1,932	$	2,863	$	23,564
First Aid and Medical		22,291		1,653		415		24,359

Total Net Sales	$	41,060	$	3,585	$	3,278	$	47,923

For the nine months ended September 30, 2022

	United States		Canada		Europe		Total
Cutting, Sharpening and Measuring	$	55,221	$	5,584	$	9,905	$	70,710
First Aid and Medical		72,368		5,536		1,235		79,139

Total Net Sales	$	127,589	$	11,120	$	11,140	$	149,849

For the nine months ended September 30, 2021

	United States		Canada		Europe		Total
Cutting, Sharpening and Measuring	$	50,507	$	5,571	$	10,271	$	66,349
First Aid and Medical		63,441		5,336		1,169		69,946

Total Net Sales	$	113,948	$	10,907	$	11,440	$	136,295

Debt and Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Long Term Debt And Stockholders Equity [Abstract]

Schedule of Long-Term Debt

As of September 30, 2022 and December 31, 2021, long-term debt related to the mortgage consisted of the following (amounts in ‘000’s):

	September 30, 2022			December 31, 2021

Mortgage Payable - HSBC		$ 11,331			$ 11,620
Less debt issuance costs		(139	)		(150	)
		11,192			11,470
Less current maturities		389			389
Long-term mortgage payable less current maturities		$ 10,803			$ 11,081

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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+ Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Information Tables [Abstract]

Financial Data By Segment Table

The following table sets forth certain financial data by segment for three and nine months ended September 30, 2022 and 2021:

Financial data by segment:

(in thousands)

	Three Months Ended September 30,					Nine Months Ended September 30,
Sales to external customers:	2022			2021		2022		2021
United States	$	42,943		$	41,060	$	127,589	$	113,948
Canada		3,629			3,585		11,120		10,907
Europe		3,172			3,278		11,140		11,440
Consolidated	$	49,744		$	47,923	$	149,849	$	136,295

Operating income:
United States	$	767		$	2,425	$	5,032	$	7,231
Canada		354			418		1,214		1,452
Europe		(168	)		118		53		1,034
Consolidated	$	953		$	2,961	$	6,299	$	9,717

Interest expense, net		714			228		1,443		671
Other expense (income) , net		209			68		354		(3,295	)
Consolidated income before income taxes	$	30		$	2,665	$	4,502	$	12,341

Assets by segment:

(in thousands)

	September 30,		December 31,
	2022		2021
United States	$	154,980	$	125,521
Canada		9,399		9,100
Europe		10,105		9,818
Consolidated	$	174,484	$	144,439

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases Tables [Abstract]

Information Related to Leases

Information related to leases (in thousands):

	Three Months Ended		Three Months Ended
Operating cash flow information:	September 30, 2022		September 30, 2021
Operating lease cost	$	308	$	297
Operating lease - cash flow	$	319	$	236

Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	334	$	-

	Nine Months Ended		Nine Months Ended
Operating cash flow information:	September 30, 2022		September 30, 2021
Operating lease cost	$	926	$	994
Operating lease - cash flow	$	964	$	796


Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	545	$	1,575

	September 30, 2022			September 30, 2021
Weighted-average remaining lease term	3.0 years			4.0 years
Weighted-average discount rate		5	%		5	%

Future Minimum Lease Payments

Future minimum lease payments under non-cancellable leases as of September 30, 2022:

2022 (remaining)	$	324
2023		1,234
2024		914
2025		689
2026		155
Thereafter		-

Total future minimum lease payments	$	3,316
Less: imputed interest		(225	)
Present value of lease liabilities - current		1,142
Present value of lease liabilities - non-current	$	1,949

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Schedule of Purchase Price Allocation to Assets Acquired

The purchase price was allocated to assets acquired as follows (in thousands):

Assets:
Accounts receivable	$	512
Inventory		944
Prepaid Expense		14
Property, plant and equipment		877
Intangible assets		5,143
Goodwill		3,389
Total assets	$	10,879

Other Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Payables And Accruals [Abstract]

Accrued Liabilities

Other current accrued liabilities consisted of (in thousands):

	September 30,		December 31,
	2022		2021
Customer Rebates	$	6,228	$	5,414
Accrued Compensation		1,465		1,586
Dividend Payable		495		458
Income Tax Payable		801		564
Other		2,149		1,887
Total:	$	11,138	$	9,909

Cash, Cash Equivalents and Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2022

Cash And Cash Equivalents [Abstract]

Summary of Cash, Cash Equivalents and Restricted Cash

	September 30, 2022		December 31, 2021
Cash and cash equivalents	$	4,218	$	4,843
Restricted Cash - current		750		-
Restricted Cash - non-current		750		-
Total cash, cash equivalents and restricted cash	$	5,718	$	4,843

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

The Company’s intangible assets and goodwill consisted of (in thousands):

	September 30		December 31
	2022		2021
Customer List	$	18,670	$	16,137
Tradenames		9,985		7,995
Patents		2,272		2,272
Non-Compete		1,170		250
License Agreement		380		380
Subtotal		32,477		27,034
Less: Accumulated Amortization		11,181		9,803
Intangible Assets	$	21,296	$	17,231

Goodwill	$	8,189	$	4,800
Total:	$	29,485	$	22,031

Inventories (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of (in thousands):

	2022		2021
Finished goods	$	51,189	$	40,412
Work in process		724		89
Materials and supplies		14,297		13,051
Inventories:	$	66,210	$	53,552

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net sales	$ 49,744	$ 47,923	$ 149,849	$ 136,295
Cutting, Sharpening and Measuring
Net sales	22,525	23,564	70,710	66,349
First Aid and Medical
Net sales	27,219	24,359	79,139	69,946
United States
Net sales	42,943	41,060	127,589	113,948
United States \| Cutting, Sharpening and Measuring
Net sales	17,934	18,769	55,221	50,507
United States \| First Aid and Medical
Net sales	25,009	22,291	72,368	63,441
Canada
Net sales	3,629	3,585	11,120	10,907
Canada \| Cutting, Sharpening and Measuring
Net sales	1,799	1,932	5,584	5,571
Canada \| First Aid and Medical
Net sales	1,830	1,653	5,536	5,336
Europe
Net sales	3,172	3,278	11,140	11,440
Europe \| Cutting, Sharpening and Measuring
Net sales	2,792	2,863	9,905	10,271
Europe \| First Aid and Medical
Net sales	$ 380	$ 415	$ 1,235	$ 1,169

Debt and Shareholders' Equity (Details Narrative)		1 Months Ended	3 Months Ended		9 Months Ended
Debt and Shareholders' Equity (Details Narrative)	Nov. 08, 2022	May 31, 2022 USD ($)	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) shares	May 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Long Term Debt And Stockholders Equity [Line Items]
Aggregate proceeds from exercise of employee stock options			$ 67,658		$ 77,658
Cash settlement of stock options					$ 108,000	$ 211,000
Common Stock
Long Term Debt And Stockholders Equity [Line Items]
Issuance of common stock (shares) \| shares			5,239	30,479	5,966	220,774
Stock issued during period shares new issues related to net share settlement \| shares			8,117		8,117
Minimum \| Subsequent Event
Long Term Debt And Stockholders Equity [Line Items]
Credit facility interest rate	SOFR +1.75%
Increased ratio of funded debt to EBITDA	4.75
Maximum \| Subsequent Event
Long Term Debt And Stockholders Equity [Line Items]
Credit facility interest rate	SOFR + 2.35%
Increased ratio of funded debt to EBITDA	5.75
HSBC Bank
Long Term Debt And Stockholders Equity [Line Items]
Credit facility borrowing capacity		$ 65,000,000					$ 50,000,000
Credit facility interest rate		Secured Overnight Financing Rate (“SOFR”) plus 1.75%
Revolving agreement expiration date		May 31, 2026
Facility fee per annum		0.125%
Outstanding borrowings under revolving loan agreement			$ 57,131,000		$ 57,131,000			$ 33,037,000
HSBC Bank \| Secured Overnight Financing Rate (“SOFR”)
Long Term Debt And Stockholders Equity [Line Items]
Interest rate		1.75%
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 funded debt to EBITDA, a fixed charge coverage ratio and must have annual net income greater than $0, measured as of the end of each fiscal year.commencing in the third quarter of 2022 and includes an increase in the funded debt to EBITDA ratio for the four quarters ranging from a low of 4.75 to 1 to a high of 5.75 to 1. The amendment also increases the interest rate from SOFR +1.75% up to a high of SOFR + 2.35% on a basis that varies on a quarterly basis with the leverage ratio. The increase in the ratio brought the Company into compliance with the covenant as of September 30, 2022, and going forward, provides the Company with flexibility to conduct its business in light of current and anticipated economic conditions. As of September 30, 2022, the Company was in compliance with the covenants under the revolving loan agreement, as amended
Fixed interest rate			3.80%		3.80%
Mortgage maturity date					December 1, 2031

Debt and Shareholders' Equity - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 57,131	$ 33,037
Mortgage Payable - HSBC Bank N.A.
Debt Instrument [Line Items]
Mortgage Payable - HSBC	11,331	11,620
Less debt issuance costs	(139)	(150)
Long-term mortgage payable	11,192	11,470
Less current maturities	389	389
Long-term debt	$ 10,803	$ 11,081

- Definition

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

+ References + Details

Segment Information (Details Narrative)	3 Months Ended		9 Months Ended
Segment Information (Details Narrative)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Information Details Narrative [Abstract]
Direct import sales to total net sales ratio	8.00%	7.00%	9.00%	8.00%

Segment Information - Financial Data by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Sales to external customers	$ 49,744	$ 47,923	$ 149,849	$ 136,295
Operating income	953	2,961	6,299	9,717
Interest expense, net	714	228	1,443	671
Other expense (income) , net	209	68	354	(3,295)
Consolidated income before income taxes	30	2,665	4,502	12,341
Assets	174,484		174,484		$ 144,439
United States Segment
Sales to external customers	42,943	41,060	127,589	113,948
Operating income	767	2,425	5,032	7,231
Assets	154,980		154,980		125,521
Canada Segment
Sales to external customers	3,629	3,585	11,120	10,907
Operating income	354	418	1,214	1,452
Assets	9,399		9,399		9,100
Europe Segment
Sales to external customers	3,172	3,278	11,140	11,440
Operating income	(168)	$ 118	53	$ 1,034
Assets	$ 10,105		$ 10,105		$ 9,818

- Definition

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

+ References

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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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based compensation expense	$ 637,000	$ 455,000	$ 1,405,000	$ 1,341,000
Unrecognized compensation cost	$ 3,995,873		$ 3,995,873
Unrecognized compensation cost recognition period			3 years

Fair Value Measurements (Details Narrative) - USD ($)	3 Months Ended
Fair Value Measurements (Details Narrative) - USD ($)	Sep. 30, 2022	Jun. 01, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Business acquisition, contingent liability		$ 1,300,000
Changes in fair value liability	$ 0
Other Current Liabilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Business acquisition, contingent liability	690,000
Other Noncurrent Liabilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Business acquisition, contingent liability	$ 580,000

Leases (Details Narrative) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases (Details Narrative) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cost of Goods Sold
Lessee Lease Description [Line Items]
Operating lease expense	$ 0.1	$ 0.1	$ 0.1	$ 0.1
Selling, General and Administrative Expenses
Lessee Lease Description [Line Items]
Operating lease expense	$ 0.3	$ 0.2	$ 0.3	$ 0.2

Leases - Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases Details [Abstract]
Operating lease cost	$ 308	$ 297	$ 926	$ 994
Operating lease - cash flow	319	$ 236	964	796
ROU assets obtained in exchange for lease liabilities	$ 334		$ 545	$ 1,575
Weighted-average remaining lease term	3 years	4 years	3 years	4 years
Weighted-average discount rate	5.00%	5.00%	5.00%	5.00%

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Future Minimum Lease Payments:
2022 (remaining)	$ 324
2023	1,234
2024	914
2025	689
2026	155
Total future minimum lease payments	3,316
Less: imputed interest	(225)
Present value of lease liabilities - current	1,142	$ 1,000
Present value of lease liabilities - non-current	$ 1,949	$ 2,365

Business Combinations (Details Narrative) - USD ($)		9 Months Ended
Business Combinations (Details Narrative) - USD ($)	Jun. 01, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Business combination, contingent	$ 1,300,000
Minimum
Business Acquisition [Line Items]
Identified intangible assets, useful lives		5 years
Maximum
Business Acquisition [Line Items]
Identified intangible assets, useful lives		15 years
Live Safely Products, LLC
Business Acquisition [Line Items]
Purchase price	11,000,000
Business combination, contingent	1,500,000
Live Safely Products, LLC \| Other Current Assets
Business Acquisition [Line Items]
Business combination, contingent	750,000
Live Safely Products, LLC \| Other Long-term Assets
Business Acquisition [Line Items]
Business combination, contingent	$ 750,000
Live Safely Products, LLC \| Minimum
Business Acquisition [Line Items]
Identified intangible assets, useful lives	5 years
Live Safely Products, LLC \| Maximum
Business Acquisition [Line Items]
Identified intangible assets, useful lives	15 years

Business Combinations - Schedule of Purchase Price Allocation to Assets Acquired (Details) - Live Safely Products, LLC $ in Thousands	Jun. 01, 2022 USD ($)
Assets:
Accounts receivable	$ 512
Inventory	944
Prepaid Expense	14
Property, plant and equipment	877
Intangible assets	5,143
Goodwill	3,389
Total assets	$ 10,879

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables And Accruals [Abstract]
Customer Rebates	$ 6,228	$ 5,414
Accrued Compensation	1,465	1,586
Dividend Payable	495	458
Income Tax Payable	801	564
Other	2,149	1,887
Total:	$ 11,138	$ 9,909

Cash, Cash Equivalents and Restricted Cash - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 4,218	$ 4,843
Restricted cash	750
Restricted Cash - non-current	750
Total cash, cash equivalents and restricted cash	$ 5,718	$ 4,843	$ 5,306	$ 4,167

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Customer List	$ 18,670	$ 16,137
Tradenames	9,985	7,995
Patents	2,272	2,272
Non-Compete	1,170	250
License Agreement	380	380
Subtotal	32,477	27,034
Less: Accumulated Amortization	11,181	9,803
Intangible Assets	21,296	17,231
Goodwill	8,189	4,800
Total:	$ 29,485	$ 22,031

Intangible Assets and Goodwill (Details Narrative)	9 Months Ended
Intangible Assets and Goodwill (Details Narrative)	Sep. 30, 2022
Minimum
Finite Lived Intangible Assets [Line Items]
Identified intangible assets, useful lives	5 years
Maximum
Finite Lived Intangible Assets [Line Items]
Identified intangible assets, useful lives	15 years

Inventories - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 51,189		$ 40,412
Work in process	724		89
Materials and supplies	14,297		13,051
Inventories:	$ 66,210	$ 53,552	$ 53,552