0000950170-24-027907 | 10-K | XBRL Viewer

Print Document View Excel Document

Accounting Policies - Accounting Policies (Detail Narrative)			12 Months Ended
	Jun. 01, 2023 USD ($)	Jun. 01, 2022 USD ($)	Dec. 31, 2023 USD ($) Customer	Dec. 31, 2022 USD ($) Customer	Jan. 01, 2022 USD ($)
Accounting Policies [Line Items]
Foreign currency transaction gains (losses) during period			$ (39,410)	$ (288,191)
Allowance for doubtful accounts			$ 567,015	1,060,812	$ 34,220,635
Weighted average intangible assets amortization period			8 years
Revenue milestone period			2 years
Payment disbursed by Escrow Agent			$ 750,000	9,622,391
Shipping costs during period			8,638,865	11,328,276
Advertising costs during period			1,817,783	$ 1,563,430
Live Safely Products, LLC
Accounting Policies [Line Items]
Business acquisition, contingent liability		$ 1,500,000	750,000
Purchase price placed in escrow			1,500,000
Disburse to the seller payment	$ 750,000	$ 750,000
Fair value of remaining contingent consideration			$ 750,000
Exceeded 10% of Consolidated Net Sales
Accounting Policies [Line Items]
Number of major customers \| Customer			2	2
Minimum \| Live Safely Products, LLC
Accounting Policies [Line Items]
Weighted average intangible assets amortization period		5 years
Minimum \| Buildings
Accounting Policies [Line Items]
Asset useful life			10 years
Minimum \| Machinery and Equipment
Accounting Policies [Line Items]
Asset useful life			3 years
Minimum \| Exceeded 10% of Consolidated Net Sales \| Major Customer \| Two Major Customers
Accounting Policies [Line Items]
Net sales to major customers			12.00%	10.00%
Maximum \| Live Safely Products, LLC
Accounting Policies [Line Items]
Weighted average intangible assets amortization period		15 years
Maximum \| Buildings
Accounting Policies [Line Items]
Asset useful life			39 years
Maximum \| Machinery and Equipment
Accounting Policies [Line Items]
Asset useful life			10 years
Maximum \| Exceeded 10% of Consolidated Net Sales \| Major Customer \| Two Major Customers
Accounting Policies [Line Items]
Net sales to major customers			14.00%	15.00%

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
STOCKHOLDERS' EQUITY
Common stock, par value	$ 2.5	$ 2.5
Common stock, shares issued	5,190,072	5,083,051
Common stock, shares, Outstanding	3,645,200	3,538,179
Treasury stock, shares	1,544,872	1,544,872

Profit Sharing

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Profit Sharing

6. Profit Sharing

The Company has a qualified 401k plan covering substantially all of its United States employees. Annual Company contributions to this plan are determined by the Company’s Compensation Committee. For the years ended December 31, 2023 and 2022, the Company contributed 50% of employee’s contributions, up to the first 6% contributed by each employee. Total contribution expense under this 401k plan was $428,047 in 2023 and $426,594 in 2022.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Information Tables [Abstract]

Financial Data By Segment Table

Financial data by segment:

(000’s omitted)


Year Ended December 31, 2023
	United States		Canada		Europe		Consolidated
Net sales	$	163,205	$	13,891	$	14,405	$	191,501
Operating income		11,477		866		845		13,188
Assets		131,382		8,557		9,302		149,241
Additions to property, plant and equipment		4,626		—		47		4,673
Depreciation and amortization		4,833		102		76		5,011


Year Ended December 31, 2022
	United States		Canada		Europe		Consolidated
Net sales	$	165,205	$	13,779	$	14,978	$	193,962
Operating income		4,783		1,136		354		6,273
Assets		144,466		9,078		10,833		164,377
Additions to property, plant and equipment		4,174		52		79		4,305
Depreciation and amortization		4,398		96		84		4,578

Reconciliation of Segment Operating Income to Consolidated Income Before Taxes

The following is a reconciliation of segment operating income to consolidated income before taxes:

(000’s omitted)


	2023			2022
Total operating income	$	13,188		$	6,273
Interest expense, net		(2,977	)		(2,364	)
Gain on sale of business		12,564			—
Other (expense), net		(41	)		(247	)
Consolidated income before taxes	$	22,734		$	3,662

Revenue by Geographic Area

The table below presents revenue by geographic area. Revenues are attributed to countries based on location of the customer.

(000’s omitted)


Revenues	2023		2022
United States	$	162,070	$	163,546
International:
Canada		13,891		13,779
Europe		14,405		14,978
Other		1,135		1,659
Total International	$	29,431	$	30,416
Total Revenues	$	191,501	$	193,962

Stock Option Plans - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Options outstanding at the beginning of the year	1,617,672	1,537,052
Options granted	163,500	133,250
Options forfeited	(6,938)	(6,562)
Options exercised	(175,473)	(46,068)
Options outstanding at the end of the year	1,598,761	1,617,672
Options exercisable at the end of the year	1,138,706	1,132,174
Common stock available for future grants at the end of the year	3,250	166,750
Weighted average exercise price per share:
Granted	$ 30.47	$ 29.35
Forfeited	20.68	31.50
Exercised	16.95	12.73
Outstanding	26.77	25.30
Exercisable	$ 24.82	$ 22.83

Profit Sharing (Details Narrative) - USD ($)	12 Months Ended
Profit Sharing (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Company contributions to 401k plan	50.00%
Employee contributions to profit 401k plan	6.00%
Total contribution expense	$ 428,047	$ 426,594

Long-Term Debt and Shareholders' Equity (Details Narrative)		12 Months Ended
	Nov. 08, 2023	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 shares	Nov. 14, 2019 shares
Long Term Debt And Stockholders Equity [Line Items]
Credit facility interest rate	SOFR +1.75%
Deferred financing cost		$ 13,164,358,000
Outstanding borrowings under revolving loan agreement		59,667,000
Amount available for borrowing under revolving loan agreement		$ 51,835,642,000
Purchase of treasury stock \| shares		0	0
Shares that may be purchased under repurchase programs \| shares		160,365
Minimum
Long Term Debt And Stockholders Equity [Line Items]
Credit facility interest rate	SOFR +1.60%
Increased ratio of funded debt to EBITDA	0.0475
Maximum
Long Term Debt And Stockholders Equity [Line Items]
Credit facility interest rate	SOFR + 2.35%
Increased ratio of funded debt to EBITDA	0.0575
Shares authorized to be repurchased during period \| shares				200,000
HSBC Bank
Long Term Debt And Stockholders Equity [Line Items]
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%
HSBC Bank \| Maximum
Long Term Debt And Stockholders Equity [Line Items]
Credit facility borrowing capacity		$ 65,000,000
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
Mortgage maturity date		December 1, 2031
Minimum annual mortgage payments due, 2024		$ 419,309
Minimum annual mortgage payments due, 2025		436,946
Minimum annual mortgage payments due, 2026		454,112
Minimum annual mortgage payments due, 2027		471,949
Minimum annual mortgage payments due, 2028		489,510
Minimum annual mortgage payments due, thereafter		$ 8,439,472

Segment Information - Reconciliation of Segment Operating Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation Of Segment Operating Income Details [Abstract]
Operating income	$ 13,188,617	$ 6,273,302
Interest expense, net	2,977,164	2,364,461
Gain on sale of business	12,564,153
Other (expense), net	(41,002)	(246,396)
Income before income tax expense	$ 22,734,604	$ 3,662,445

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases Tables [Abstract]

Information Related to Leases

Information related to leases (dollars in 000’s):


	Year ended			Year ended
Operating cash flow information:	December 31, 2023			December 31, 2022
Operating lease cost	$	1,344		$	1,239
Operating lease - cash flow	$	1,406		$	1,281


Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	581		$	545

	December 31, 2023			December 31, 2022
Weighted-average remaining lease term	2.0 years			3.0 years
Weighted-average discount rate		5	%		5	%

Future Minimum Lease Payments

Future minimum lease payments under non-cancellable leases as of December 31, 2023:

(dollars in 000’s):



2024	$	1,177
2025		887
2026		165
Total future minimum lease payments	$	2,229
Less: imputed interest		(104	)
Present value of lease liabilities - current		1,099
Present value of lease liabilities - non-current	$	1,026

Stock Option Plans - Assumptions Used to Value Option Grants (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life in years	7 years	7 years
Interest rate	4.17%	2.79%
Volatility	0.422%	0.413%
Dividend yield	1.8%	1.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Stock Option Plans (Details Narrative) - USD ($)	12 Months Ended
Stock Option Plans (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Shares available for grant	3,250	166,750
Cash settlement of stock options	$ 292,153	$ 108,155
Shares related to settlement of stock options	20,256	10,067
Weighted average remaining contractual term	6 years
Stock-based compensation	$ 1,940,443	$ 1,803,302
Unrecognized compensation cost	$ 3,539,238
Unrecognized compensation cost recognition period	3 years
Weighted average fair value at the date of grant	$ 12.65	$ 11.14
Aggregate intrinsic value of outstanding options	$ 25,727,340	$ 1,622,738
Aggregate intrinsic value of exercisable options	20,536,948	1,565,553
Aggregate intrinsic value of options exercised	$ 2,646,835	$ 747,730
Employee Plan
Vesting term	Options granted under the 2012 Employee Plan vest 25% one day after the first anniversary of the grant date and 25% one day after each of the next three anniversaries. Under the terms of the 2012 Employee Plan, no option may be granted under that plan after the tenth anniversary of the adoption of the plan.
2005 Director Plan
Vesting term	The Initial Option vested 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option became fully exercisable one day after the date of grant. The exercise price of each option granted equaled the fair market value of the Common Stock on the date the option was granted and expired ten (10) years from the date of grant.
Shares authorized under plan	180,000
Shares offered under initial option	5,000
Shares offered under annual option	5,000
2017 Director Plan
Vesting term	The Initial Option vests 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option becomes fully exercisable one day after the date of grant. The exercise price of each option granted equals the fair market value of the Common Stock on the date the option is granted and expires ten (10) years from the date of grant.
Shares available for grant	0
Shares authorized under plan	50,000
Shares offered under initial option	5,000
Shares offered under annual option	5,000
Cash fee paid to non salaried directors	$ 48,500
2022 Employee Plan
Vesting term	Options granted under the 2022 Employee Plan vest 25% one day after the first anniversary of the grant date and 25% one day after each of the next three anniversaries. As of December 31, 2023, the number of shares available for grant under the 2022 Employee Plan is 3,250. Under the terms of the 2022 Employee Plan, no option may be granted under that plan after the tenth anniversary of the adoption of the plan.
Shares available for grant	3,250

Segment Information (Details Narrative)	12 Months Ended
Segment Information (Details Narrative)	Dec. 31, 2023	Dec. 31, 2022
Segment Information Details Narrative [Abstract]
Direct import sales to total net sales ratio	6.00%	8.00%

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The amounts of income tax expense reflected in operations is as follows:


	2023		2022
Current:
Federal	$	3,405,403	$	65,263
State		397,174		192,215
Foreign		544,251		664,766
Total:	$	4,346,828	$	922,244

Deferred:
Federal	$	554,763	$	(238,408	)
State		39,853		(56,157	)
Total:		594,616		(294,565	)
Total Income Tax Expense:	$	4,941,444	$	627,679

A summary of United States and foreign income before income taxes follows:


	2023		2022
United States	$	18,984,939	$	(142,095	)
Foreign		3,749,665		3,804,540
Total:	$	22,734,604	$	3,662,445

As discussed in Note 10 below, for segment reporting, direct import sales are included in the United States segment. However, the revenues are earned by our Hong Kong subsidiary and related income taxes are paid in Hong Kong whose rate approximates 16.5%. As such, income of the Asian subsidiary is included in the foreign income before taxes.

The following schedule reconciles the amounts of income taxes computed at the United States statutory rates to the actual amounts reported in operations:


	2023			2022
Federal income taxes at 21% statutory rate	$	4,774,267		$	716,122
State and local taxes, net of federal income tax effect		612,818			120,922
Stock options		(385,601	)		(128,169	)
Permanent items		183,139			—
Foreign tax rate difference		(243,179	)		(81,196	)
Provision for income taxes:	$	4,941,444		$	627,679

The following summarizes deferred income tax assets and liabilities:


	2023			2022
Deferred income tax liabilities:
Property, plant and equipment	$	2,328,345		$	2,004,200
Intangible assets		1,336,996			1,278,478
Other		609,817			251,655
Total deferred tax liabilities		4,275,158			3,534,333

Deferred income tax assets:
Net operating loss carryover		930,000			1,170,000
Stock compensation		1,964,332			1,687,357
Asset valuations		852,308			1,109,954
Other		559,174			431,737
Total deferred tax assets		4,305,814			4,399,048
Less: valuation allowance		(930,000	)		(1,170,000	)
Total deferred tax assets, net		3,375,814			3,229,048
Net deferred income tax liability:	$	899,344		$	305,285

The Company files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The Company is no longer subject to U.S. federal examination for years before 2020, state and local examinations for year before 2019 and foreign examinations before 2020. The Company evaluated its tax positions for year which remain subject to examination by major tax jurisdictions, in accordance with the requirements of ASC 740 and as a result, concluded no adjustment was necessary.

The Company’s evaluation of uncertain tax positions was performed for the tax years ended December 31, 2020 and forward, the tax years which remain subject to examination by major tax jurisdictions as of December 31, 2023.

Due to the uncertain nature of the realization of the Company's deferred income tax assets based on past performance of its German subsidiary, the Company has recorded a valuation allowance for the amount of deferred income tax assets which are not expected to be realized. This valuation allowance, all of which is related to deferred tax assets resulting from net operating losses of the Company’s German subsidiary of approximately $.9 million, is subject to periodic review, and, if the allowance is reduced, the tax benefit will be recorded in future operations as a reduction of the Company's tax expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Other Accrued Liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Customer Rebates	$ 5,720,898	$ 5,533,802
Contingent Liability - Safety Made	750,000	1,330,000
Accrued Compensation	2,585,124	791,231
Dividend Payable	546,710	495,406
Income Taxes Payable	362,741	533,746
Other	2,442,799	2,015,798
Total other accrued liabilities	$ 12,408,272	$ 10,699,983

Cash, Cash Equivalents and Restricted Cash

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

14. Cash, Cash Equivalents and Restricted Cash

(dollars in 000’s):


	December 31,		December 31,
	2023		2022
Cash and cash equivalents	$	4,796	$	6,100
Restricted Cash - current		750		750
Restricted Cash - non-current		-		750
Total cash, cash equivalents and restricted cash	$	5,546	$	7,600

Restricted cash, which is reported within other short-term and long-term assets in the consolidated balance sheets consists of the contingent payment held in escrow related to the acquisition of certain assets of Safety Made. See Note 16 – Business Combinations and Divestitures for additional information related to the acquisition of certain assets of Safety Made.

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Payment of taxes on gain on sale of business	$ 2,907,000	$ 2,907,000

Long-Term Debt and Shareholders' Equity - Schedule of Long-Term Debt (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less debt issuance costs	$ (13,164,358,000)
Long-term mortgage payable less current maturities	13,104,691	$ 49,915,649
Mortgage Payable - HSBC Bank N.A.
Debt Instrument [Line Items]
Mortgage payable - HSBC Bank N.A.	10,823,033	11,232,990
Less debt issuance costs	(119,736)	(134,790)
Long-term mortgage payable	10,703,297	11,098,200
Less current maturities	419,309	404,588
Long-term mortgage payable less current maturities	$ 10,283,988	$ 10,693,612

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

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

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

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

+ References + Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

The calculation of earnings per share is as follows:


	2023		2022
Numerator:
Net income	$	17,793,160	$	3,034,766
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding		3,572,144		3,527,626
Effect of diluted employee stock options		85,553		191,624
Denominator for dilutive earnings per share		3,657,697		3,719,250
Basic earnings per share	$	4.98	$	0.86
Diluted earnings per share	$	4.86	$	0.82

Operations

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Operations

1. Operations

The operations of Acme United Corporation (the “Company”) consist of three reportable segments. The operations of the Company are structured and evaluated based on geographic location. The three reportable segments operate in the United States (including Asian operations), Canada and Europe. Principal products across all segments are first aid kits and medical products, scissors, shears, knives, and sharpeners, which are sold primarily to wholesale, contract and retail distributors, office supply super stores, mass market retailers, industrial and medical distributors, school supply distributors, drug store retailers, sporting goods stores, hardware chains and wholesale florists.

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

3. Inventories

Inventories consisted of:


	December 31,
	2023		2022
Finished goods	$	39,315,594	$	45,371,042
Work in process		208,212		408,346
Materials and supplies		15,946,186		17,545,818
Inventories:	$	55,469,992	$	63,325,206

Inventories are stated net of valuation allowances for slow moving and obsolete inventory of $1,338,211 as of December 31, 2023 and $1,720,350 as of December 31, 2022.

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories


	December 31,
	2023		2022
Finished goods	$	39,315,594	$	45,371,042
Work in process		208,212		408,346
Materials and supplies		15,946,186		17,545,818
Inventories:	$	55,469,992	$	63,325,206

Stock Option Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Option Activity

A summary of changes in options issued under the Company’s stock option plans follows:


	2023			2022
Options outstanding at the beginning of the year		1,617,672			1,537,052
Options granted		163,500			133,250
Options forfeited		(6,938	)		(6,562	)
Options exercised		(175,473	)		(46,068	)
Options outstanding at the end of the year		1,598,761			1,617,672
Options exercisable at the end of the year		1,138,706			1,132,174
Common stock available for future grants at the end of the year		3,250			166,750
Weighted average exercise price per share:
Granted	$	30.47		$	29.35
Forfeited		20.68			31.50
Exercised		16.95			12.73
Outstanding		26.77			25.30
Exercisable		24.82			22.83

Summary of Options Outstanding

A summary of options outstanding as December 31, 2023 is as follows:


Options Outstanding						Options Exercisable
Range of Exercise Prices	Number Outstanding		Weighted- Average Remaining Contractual Life (Years)	Weighted- Average Exercise Price		Number Exercisable		Weighted- Average Exercise Price
$16.71 to $21.62		311,625	3	$	19.73		311,625	$	19.73
$21.63 to $23.29		379,562	6		22.81		327,940		22.77
$23.30 to $27.77		300,450	4		24.43		290,450		24.45
$27.78 to $31.56		311,624	9		29.88		48,191		28.98
$31.57 to $39.56		295,500	8		38.37		160,500		38.33
		1,598,761					1,138,706

Assumptions Used to Value Option Grants

The assumptions used to value option grants for the years ended December 31, 2023 and 2022 were as follows:


	2023			2022
Expected life in years	7			7
Interest rate		4.17	%		2.79	%
Volatility	0.422			0.413
Dividend yield		1.8	%		1.9	%

Intangible Assets and Goodwill (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 2,111,078	$ 1,815,508
Estimated aggregate amortization expense:
2024	2,270,276
2025	1,981,863
2026	1,689,565
2027	1,361,196
2028	$ 1,244,529

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

9. 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: (i) first aid and medical; and (ii) cutting, sharpening and measuring. The first aid and medical category includes first aid kits and refills and a variety of safety products. The cutting and sharpening category includes scissors, knives, paper trimmers, pencil sharpeners and other sharpening tools. 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. The Company generally recognizes 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. The repayment terms are typically between 30 and 90 days, but they vary dependent 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 receivables” in the 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 accordingly, 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 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 fulfillment 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 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.”

Disaggregation of Revenues

The following table represents external net sales disaggregated by product category, by segment:

For the twelve months ended December 31, 2023

(amounts in 000's)


	United States		Canada		Europe		Total
First Aid and Safety	$	104,932	$	8,160	$	1,369	$	114,461
Cutting and Sharpening		58,273		5,731		13,036		77,040
Total Net Sales	$	163,205	$	13,891	$	14,405	$	191,501

For the twelve months ended December 31, 2022
	United States		Canada		Europe		Total
First Aid and Safety	$	95,820	$	7,110	$	1,702	$	104,632
Cutting and Sharpening		69,385		6,669		13,276		89,330
Total Net Sales	$	165,205	$	13,779	$	14,978	$	193,962

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Tradename	$ 10,007,698	$ 10,007,698
Customer List	18,824,198	18,502,207
Non-Compete	1,247,536	1,247,536
Slice License Agreement	379,921	379,921
Patents	2,271,980	2,271,980
Subtotal	32,731,333	32,409,342
Accumulated amortization	13,729,885	11,618,807
Intangible Assets	19,001,448	20,790,535
Goodwill	8,188,829	8,188,829
Total:	$ 27,190,277	$ 28,979,364

Stock Option Plans - Summary of Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number outstanding \| shares	1,598,761
Number exercisable \| shares	1,138,706
$16.71 to $21.62
Range of exercise prices, lower range	$ 16.71
Range of exercise prices, upper range	$ 21.62
Number outstanding \| shares	311,625
Options outstanding weighted-average remaining contractual life (years)	3 years
Options outstanding weighted-average exercise price	$ 19.73
Number exercisable \| shares	311,625
Options exercisable weighted-average exercise price	$ 19.73
$21.63 to $23.29
Range of exercise prices, lower range	21.63
Range of exercise prices, upper range	$ 23.29
Number outstanding \| shares	379,562
Options outstanding weighted-average remaining contractual life (years)	6 years
Options outstanding weighted-average exercise price	$ 22.81
Number exercisable \| shares	327,940
Options exercisable weighted-average exercise price	$ 22.77
$23.30 to $27.77
Range of exercise prices, lower range	23.3
Range of exercise prices, upper range	$ 27.77
Number outstanding \| shares	300,450
Options outstanding weighted-average remaining contractual life (years)	4 years
Options outstanding weighted-average exercise price	$ 24.43
Number exercisable \| shares	290,450
Options exercisable weighted-average exercise price	$ 24.45
$27.78 to $31.56
Range of exercise prices, lower range	27.78
Range of exercise prices, upper range	$ 31.56
Number outstanding \| shares	311,624
Options outstanding weighted-average remaining contractual life (years)	9 years
Options outstanding weighted-average exercise price	$ 29.88
Number exercisable \| shares	48,191
Options exercisable weighted-average exercise price	$ 28.98
$31.57 to $39.56
Range of exercise prices, lower range	31.57
Range of exercise prices, upper range	$ 39.56
Number outstanding \| shares	295,500
Options outstanding weighted-average remaining contractual life (years)	8 years
Options outstanding weighted-average exercise price	$ 38.37
Number exercisable \| shares	160,500
Options exercisable weighted-average exercise price	$ 38.33

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net sales	$ 191,500,947	$ 193,962,357
Cost of goods sold	119,290,712	130,403,572
Gross profit	72,210,235	63,558,785
Selling, general and administrative expenses	59,021,618	57,285,483
Operating income	13,188,617	6,273,302
Non-operating items:
Interest expense	(3,096,481)	(2,396,431)
Interest income	119,317	31,970
Interest expense, net	(2,977,164)	(2,364,461)
Gain on sale of business	12,564,153
Other expense	(41,002)	(246,396)
Total other income (expense), net	12,523,151	(246,396)
Income before income tax expense	22,734,604	3,662,445
Income tax expense	4,941,444	627,679
Net income	$ 17,793,160	$ 3,034,766
Basic earnings per share	$ 4.98	$ 0.86
Diluted earnings per share	$ 4.86	$ 0.82

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Information [Abstract]

Segment Information

10. Segment Information

The Company reports financial information based on the organizational structure used by the Company’s chief operating decision maker 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 maker reviews 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 devices, measuring instruments and safety products for school, office, home, hardware, sporting and industrial use.

Domestic sales orders are filled primarily from the Company’s distribution centers and facilities in North Carolina, Washington, Massachusetts, Tennessee, Florida, California and New Hampshire. 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 6% and 8% of the Company’s total net sales in 2023 and 2022, respectively.

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 the years ended December 31, 2023 and 2022:

Financial data by segment:

(000’s omitted)


Year Ended December 31, 2023
	United States		Canada		Europe		Consolidated
Net sales	$	163,205	$	13,891	$	14,405	$	191,501
Operating income		11,477		866		845		13,188
Assets		131,382		8,557		9,302		149,241
Additions to property, plant and equipment		4,626		—		47		4,673
Depreciation and amortization		4,833		102		76		5,011


Year Ended December 31, 2022
	United States		Canada		Europe		Consolidated
Net sales	$	165,205	$	13,779	$	14,978	$	193,962
Operating income		4,783		1,136		354		6,273
Assets		144,466		9,078		10,833		164,377
Additions to property, plant and equipment		4,174		52		79		4,305
Depreciation and amortization		4,398		96		84		4,578

The following is a reconciliation of segment operating income to consolidated income before taxes:

(000’s omitted)


	2023			2022
Total operating income	$	13,188		$	6,273
Interest expense, net		(2,977	)		(2,364	)
Gain on sale of business		12,564			—
Other (expense), net		(41	)		(247	)
Consolidated income before taxes	$	22,734		$	3,662

The table below presents revenue by geographic area. Revenues are attributed to countries based on location of the customer.

(000’s omitted)


Revenues	2023		2022
United States	$	162,070	$	163,546
International:
Canada		13,891		13,779
Europe		14,405		14,978
Other		1,135		1,659
Total International	$	29,431	$	30,416
Total Revenues	$	191,501	$	193,962

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Leases (Details Narrative) - USD ($) $ in Millions	12 Months Ended
Leases (Details Narrative) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Lessee Lease Description [Line Items]
Operating lease expense	$ 1.3	$ 1.2
Cost of Goods Sold
Lessee Lease Description [Line Items]
Operating lease expense	0.4	0.4
Selling, General and Administrative Expenses
Lessee Lease Description [Line Items]
Operating lease expense	$ 0.7	$ 0.8

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Estimates	Estimates – The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most sensitive and significant accounting estimates relate to customer rebates, valuation allowances for deferred income tax assets, obsolete and slow-moving inventories, potentially uncollectible accounts receivable, intangibles and stock-based compensation. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation – The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned by the Company. All significant intercompany accounts and transactions are eliminated in consolidation.
Translation of Foreign Currency	Translation of Foreign Currency – For foreign operations whose functional currencies are not U.S. dollars, assets and liabilities are translated at rates in effect at the end of the year; revenues and expenses are translated at average rates in effect during the year. Resulting translation adjustments are made directly to accumulated other comprehensive income. Foreign currency transaction gains and losses are recognized in operating results. Included in other income (expense), net were foreign currency transaction losses of $39,410 and $288,191 in 2023 and 2022, respectively.
Cash Equivalents	Cash Equivalents – Investments with an original maturity of three months or less, as well as time deposits and certificates of deposit that are readily redeemable at the date of purchase, are considered cash equivalents.
Accounts Receivable	Accounts Receivable – The Company provides an allowance for doubtful accounts based upon a review of outstanding accounts receivable, historical collection information and existing economic conditions. The allowance for doubtful accounts represents estimated uncollectible accounts receivables associated with potential customer defaults on contractual obligations, usually due to potential insolvencies. The allowance includes amounts for certain customers where a risk of default has been specifically identified. In addition, the allowance includes a provision for customer defaults based on historical experience. The Company actively monitors its accounts receivable balances, and its historical experience of annual accounts receivable write-offs has been negligible. Accounts receivable are shown less an allowance for doubtful accounts of $567,015 at December 31, 2023 and $1,060,812 at December 31, 2022. As of January 1, 2022, accounts receivable, less an allowance for doubtful accounts was $34,220,635.
Inventories	Inventories – Inventories are stated at the lower of cost, or net realizable value, determined by the first-in, first-out method for our cutting products. Cost for our first aid and medical products is computed using standard cost, which approximates actual cost on a first in, first out basis.
Property, Plant and Equipment and Depreciation	Property, Plant and Equipment, and Depreciation – Property, plant and equipment are recorded at cost. Depreciation is computed by the straight-line method over the estimated useful lives of the assets. The range of estimated useful lives of these assets are as follows: buildings and building improvements useful lives range from 10 to 39 years; machinery and equipment useful lives range from 3 to 10 years. The Company tests its property, plant and equipment whenever events or changes in circumstances (triggering event) indicate that its carrying amount may not be recoverable. During 2023 and 2022, there were no triggering events that would indicate its carrying amount may not be recoverable. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives.
Intangible Assets and Goodwill	Intangible Assets and Goodwill – Intangible assets with finite useful lives are recorded at cost upon acquisition and amortized over the term of the related contract, if any, or useful life, as applicable. Intangible assets held by the Company with finite useful lives include patents and trademarks. Patents and trademarks are amortized over their estimated useful lives. The weighted average amortization period for intangible assets at December 31, 2023 was 8 years. The Company periodically reviews the values recorded for finite lived intangible assets whenever events or changes in circumstances (triggering event) indicate that its carrying amount may not be recoverable. During 2023 and 2022, there were no triggering events that would indicate its carrying amount may not be recoverable. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives. The Company annually reviews goodwill to assess recoverability from future operations whenever events or changes in circumstances indicate that its carrying amounts may not be recoverable. At December 31, 2023 and 2022, the Company assessed the recoverability of its intangible assets and goodwill and believed that there were no events or circumstances present that would require a test of recoverability on those assets. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives.
Contingent Consideration	Contingent Consideration - As part of the acquisition of Safety Made, $1.5 million of the purchase price was placed in escrow to be paid to the sellers, contingent on the acquired business meeting certain revenue milestones over a two-year period, commencing on the date of the acquisition. The fair value of the contingent liability at each reporting date is based on certain estimates and judgements made by management. Those estimates are made from the most relevant data available at that time and include historical data and future projections. On June 1, 2023, the Escrow Agent disbursed to the Seller a payment of $750,000, as determined by the calculation outlined in the purchase agreement. At December 31, 2023, the fair value of the remaining contingent consideration was $750,000.
Deferred Income Taxes	Deferred Income Taxes – Deferred income taxes are provided for the differences between the financial statement and tax bases of assets and liabilities, and on operating loss carryovers, using tax rates in effect in years in which the differences are expected to reverse.
Leases	Leases – 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. Lessees and lessors may elect to apply a package of practical expedients permitting entities not to reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. These practical expedients must be elected as a package and consistently applied. The Company elected to apply the package of practical expedients upon adoption. ROU assets and lease liabilities are recognized at the commencement date of the lease 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 the Company’s 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 arrangements 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.
Revenue Recognition	Revenue Recognition – The Company's revenues result from the sale of goods or services and reflect the consideration to which the Company expects to be entitled. The Company records revenue based on a five-step model in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"). For its contracts with customers, the Company identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognizes the revenue when (or as) the performance obligation is transferred to the customer. A good or service is transferred when (or as) the customer obtains control of that good or service. Depending on the contractual terms of each customer, revenue is recognized either at the time of shipment or upon delivery. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Customer rebates and incentives are earned based on promotional programs in place, volume of purchases or other factors are also estimated at the time of revenue recognition and recorded as a reduction of that revenue. Refer to Note 9 – Revenue from Contracts with Customers, for a more detailed discussion.
Shipping Costs	Shipping Costs – The costs of shipping product to the Company’s customers ($8,638,865 in 2023 and $11,328,276 in 2022) are included in selling, general and administrative expenses.
Advertising Costs	Advertising Costs – The Company expenses the production costs of advertising the first time that the related advertising takes place. Advertising costs ($1,817,783 in 2023 and $1,563,430 in 2022) are included in selling, general and administrative expenses.
Concentration	Concentration – The Company performs ongoing credit evaluations of its customers and generally does not require collateral for the extension of credit. Allowances for credit losses are provided and have been within management's expectations. The Company had two customers in 2023 and 2022, that individually exceeded 10% of consolidated net sales. Net sales to these customers were approximately 14% and 12% of consolidated net sales in 2023 and 15% and 10% in 2022.
Recently Issued and Adopted Accounting Standards	Recently Issued Accounting Standards In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires additional categories of information about federal, state and foreign income taxes to be included in effective tax rate reconciliation disclosure. Additionally, the newly added categories also apply to the income taxes paid disclosure. Implementation of said additions are subject to quantitative thresholds. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adopting ASU 2023-09.

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning Balance at Dec. 31, 2021	$ 77,081,961	$ 12,654,787	$ (15,995,622)	$ 11,930,067	$ (1,380,648)	$ 69,873,377
Beginning Balance, shares at Dec. 31, 2021		3,520,646
Net income	3,034,766					3,034,766
Other comprehensive income (loss)	(707,251)				(707,251)
Stock compensation expense	1,803,302			1,803,302
Distribution to shareholders	(1,940,911)					(1,940,911)
Issuance of common stock	84,715	$ 18,669		66,046
Issuance of common stock,shares		7,466
Cash settlement of stock options	$ (108,155)			(108,155)
Purchase of treasury stock(shares)	0
Net share settlement of stock options	$ (218,295)	$ 25,168		(243,463)
Net share settlement of stock options, (shares)		10,067
Ending Balance at Dec. 31, 2022	$ 79,030,132	$ 12,698,624	(15,995,622)	13,447,797	(2,087,899)	70,967,232
Ending Balance, shares at Dec. 31, 2022	3,538,179	3,538,179
Net income	$ 17,793,160					17,793,160
Other comprehensive income (loss)	(382,312)				(382,312)
Stock compensation expense	1,940,443			1,940,443
Distribution to shareholders	(2,044,458)					(2,044,458)
Issuance of common stock	1,452,520	$ 216,914		1,235,606
Issuance of common stock,shares		86,765
Cash settlement of stock options	$ (292,153)			(292,153)
Purchase of treasury stock(shares)	0
Net share settlement of stock options	$ (363,273)	$ 50,640		(413,913)
Net share settlement of stock options, (shares)		20,256
Ending Balance at Dec. 31, 2023	$ 97,898,684	$ 12,966,178	$ (15,995,622)	$ 15,917,781	$ (1,705,587)	$ 86,715,934
Ending Balance, shares at Dec. 31, 2023	3,645,200	3,645,200

Leases - Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases Details [Abstract]
Operating lease cost	$ 1,344	$ 1,239
Operating lease - cash flow	1,406	1,281
ROU assets obtained in exchange for lease liabilities	$ 581	$ 545
Weighted-average remaining lease term	2 years	3 years
Weighted-average discount rate	5.00%	5.00%

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 4,795,953	$ 6,100,409
Accounts receivable, less allowance	26,234,421	32,603,463
Inventories	55,469,992	63,325,206
Prepaid expenses and other current assets	4,773,464	2,820,935
Restricted cash	750,000	750,000
Total current assets	92,023,830	105,600,013
Property, plant and equipment:
Land	2,387,093	1,979,474
Buildings and building improvements	17,501,583	16,614,149
Machinery and equipment	34,704,536	31,491,637
Total property, plant and equipment	54,593,212	50,085,260
Less: accumulated depreciation	26,568,275	23,669,724
Net property, plant and equipment	28,024,937	26,415,536
Intangible assets, less accumulated amortization	19,001,448	20,790,535
Goodwill	8,188,829	8,188,829
Operating lease right-of-use asset, net	2,002,272	2,632,191
Other assets - restricted cash		750,000
Total assets	149,241,316	164,377,104
Current liabilities:
Accounts payable	12,101,735	10,514,288
Operating lease liability - current portion	1,098,942	1,130,244
Current portion of mortgage payable	419,309	404,588
Other accrued liabilities	12,391,998	10,077,542
Total current liabilities	26,011,984	22,126,662
Long-term debt	13,104,691	49,915,649
Mortgage payable, net of current portion	10,283,988	10,693,612
Operating lease liability - non-current portion	1,026,351	1,683,323
Deferred income taxes	899,344	305,285
Other non-current liabilities	16,274	622,441
Total liabilities	51,342,632	85,346,972
STOCKHOLDERS' EQUITY
Common stock, par value $2.50: - 5,190,072 shares issued and 3,645,200 shares outstanding in 2023; 5,083,051 shares issued and 3,538,179 shares outstanding in 2022	12,966,178	12,698,624
Treasury stock, at cost, 1,544,872 shares in 2023 and 2022	(15,995,622)	(15,995,622)
Additional paid-in capital	15,917,781	13,447,797
Accumulated other comprehensive loss	(1,705,587)	(2,087,899)
Retained earnings	86,715,934	70,967,232
Total stockholders' equity	97,898,684	79,030,132
Total liabilities and stockholders' equity	$ 149,241,316	$ 164,377,104

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated Comprehensive Loss

The components of accumulated other comprehensive loss follow:


	Foreign currency translation adjustment			Total
Balances, December 31, 2021	$	(1,380,648	)	$	(1,380,648	)
Translation adjustment		(707,251	)		(707,251	)
Balances, December 31, 2022	$	(2,087,899	)	$	(2,087,899	)
Translation adjustment		382,312			382,312
Balances, December 31, 2023	$	(1,705,587	)	$	(1,705,587	)

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Loss

13. Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss follow:


	Foreign currency translation adjustment			Total
Balances, December 31, 2021	$	(1,380,648	)	$	(1,380,648	)
Translation adjustment		(707,251	)		(707,251	)
Balances, December 31, 2022	$	(2,087,899	)	$	(2,087,899	)
Translation adjustment		382,312			382,312
Balances, December 31, 2023	$	(1,705,587	)	$	(1,705,587	)

Leases - Future Minimum Lease Payments (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Future Minimum Lease Payments:
2024	$ 1,177,000
2025	887,000
2026	165,000
Total future minimum lease payments	2,229,000
Less: imputed interest	(104,000)
Present value of lease liabilities - current	1,098,942	$ 1,130,244
Present value of lease liabilities - non-current	$ 1,026,351	$ 1,683,323

Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Accounting Policies

2. Accounting Policies

Estimates – The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most sensitive and significant accounting estimates relate to customer rebates, valuation allowances for deferred income tax assets, obsolete and slow-moving inventories, potentially uncollectible accounts receivable, intangibles and stock-based compensation. Actual results could differ from those estimates.

Principles of Consolidation – The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned by the Company. All significant intercompany accounts and transactions are eliminated in consolidation.

Translation of Foreign Currency – For foreign operations whose functional currencies are not U.S. dollars, assets and liabilities are translated at rates in effect at the end of the year; revenues and expenses are translated at average rates in effect during the year. Resulting translation adjustments are made directly to accumulated other comprehensive income. Foreign currency transaction gains and losses are recognized in operating results. Included in other income (expense), net were foreign currency transaction losses of $39,410 and $288,191 in 2023 and 2022, respectively.

Cash Equivalents – Investments with an original maturity of three months or less, as well as time deposits and certificates of deposit that are readily redeemable at the date of purchase, are considered cash equivalents.

Accounts Receivable – The Company provides an allowance for doubtful accounts based upon a review of outstanding accounts receivable, historical collection information and existing economic conditions. The allowance for doubtful accounts represents estimated uncollectible accounts receivables associated with potential customer defaults on contractual obligations, usually due to potential insolvencies. The allowance includes amounts for certain customers where a risk of default has been specifically identified. In addition, the allowance includes a provision for customer defaults based on historical experience. The Company actively monitors its accounts receivable balances, and its historical experience of annual accounts receivable write-offs has been negligible. Accounts receivable are shown less an allowance for doubtful accounts of $567,015 at December 31, 2023 and $1,060,812 at December 31, 2022. As of January 1, 2022, accounts receivable, less an allowance for doubtful accounts was $34,220,635.

Inventories – Inventories are stated at the lower of cost, or net realizable value, determined by the first-in, first-out method for our cutting products. Cost for our first aid and medical products is computed using standard cost, which approximates actual cost on a first in, first out basis.

Property, Plant and Equipment, and Depreciation – Property, plant and equipment are recorded at cost. Depreciation is computed by the straight-line method over the estimated useful lives of the assets. The range of estimated useful lives of these assets are as follows: buildings and building improvements useful lives range from 10 to 39 years; machinery and equipment useful lives range from 3 to 10 years. The Company tests its property, plant and equipment whenever events or changes in circumstances (triggering event) indicate that its carrying amount may not be recoverable. During 2023 and 2022, there were no triggering events that would indicate its carrying amount may not be recoverable. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives.

Intangible Assets and Goodwill – Intangible assets with finite useful lives are recorded at cost upon acquisition and amortized over the term of the related contract, if any, or useful life, as applicable. Intangible assets held by the Company with finite useful lives include patents and trademarks. Patents and trademarks are amortized over their estimated useful lives. The weighted average amortization period for intangible assets at December 31, 2023 was 8 years. The Company periodically reviews the values recorded for finite lived intangible assets whenever events or changes in circumstances (triggering event) indicate that its carrying amount may not be recoverable. During 2023 and 2022, there were no triggering events that would indicate its carrying amount may not be recoverable. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives. The Company annually reviews goodwill to assess recoverability from future operations whenever events or changes in circumstances indicate that its carrying amounts may not be recoverable. At December 31, 2023 and 2022, the Company assessed the recoverability of its intangible assets and goodwill and believed that there were no events or circumstances

present that would require a test of recoverability on those assets. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives.

Contingent Consideration - As part of the acquisition of Safety Made, $1.5 million of the purchase price was placed in escrow to be paid to the sellers, contingent on the acquired business meeting certain revenue milestones over a two-year period, commencing on the date of the acquisition. The fair value of the contingent liability at each reporting date is based on certain estimates and judgements made by management. Those estimates are made from the most relevant data available at that time and include historical data and future projections. On June 1, 2023, the Escrow Agent disbursed to the Seller a payment of $750,000, as determined by the calculation outlined in the purchase agreement. At December 31, 2023, the fair value of the remaining contingent consideration was $750,000.

Deferred Income Taxes – Deferred income taxes are provided for the differences between the financial statement and tax bases of assets and liabilities, and on operating loss carryovers, using tax rates in effect in years in which the differences are expected to reverse.

Leases – 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.

Lessees and lessors may elect to apply a package of practical expedients permitting entities not to reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. These practical expedients must be elected as a package and consistently applied. The Company elected to apply the package of practical expedients upon adoption.

ROU assets and lease liabilities are recognized at the commencement date of the lease 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 the Company’s 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 arrangements 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.

Revenue Recognition – The Company's revenues result from the sale of goods or services and reflect the consideration to which the Company expects to be entitled. The Company records revenue based on a five-step model in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"). For its contracts with customers, the Company identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognizes the revenue when (or as) the performance obligation is transferred to the customer. A good or service is transferred when (or as) the customer obtains control of that good or service. Depending on the contractual terms of each customer, revenue is recognized either at the time of shipment or upon delivery. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Customer rebates and incentives are earned based on promotional programs in place, volume of purchases or other factors are also estimated at the time of revenue recognition and recorded as a reduction of that revenue. Refer to Note 9 – Revenue from Contracts with Customers, for a more detailed discussion.

Shipping Costs – The costs of shipping product to the Company’s customers ($8,638,865 in 2023 and $11,328,276 in 2022) are included in selling, general and administrative expenses.

Advertising Costs – The Company expenses the production costs of advertising the first time that the related advertising takes place. Advertising costs ($1,817,783 in 2023 and $1,563,430 in 2022) are included in selling, general and administrative expenses.

Concentration – The Company performs ongoing credit evaluations of its customers and generally does not require collateral for the extension of credit. Allowances for credit losses are provided and have been within management's expectations. The Company had two customers in 2023 and 2022, that individually exceeded 10% of consolidated net sales. Net sales to these customers were approximately 14% and 12% of consolidated net sales in 2023 and 15% and 10% in 2022.

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires additional categories of information about federal, state and foreign income taxes to be included in effective tax rate reconciliation disclosure. Additionally, the newly added categories also apply to the income taxes paid disclosure. Implementation of said additions are subject to quantitative thresholds. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adopting ASU 2023-09.

Accumulated Other Comprehensive Loss - Accumulated Comprehensive Loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accumulated other comprehensive income (loss), beginning balance	$ (2,087,899)	$ (1,380,648)
Translation adjustment	382,312	(707,251)
Accumulated other comprehensive income (loss), ending balance	(1,705,587)	(2,087,899)
Foreign Currency Translation Adjustment
Accumulated other comprehensive income (loss), beginning balance	(2,087,899)	(1,380,648)
Translation adjustment	382,312	(707,251)
Accumulated other comprehensive income (loss), ending balance	$ (1,705,587)	$ (2,087,899)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Stock Option Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Option Plans

11. Stock Option Plans

The Company grants stock options under the 2022 Employee Stock Option Plan (the “2022 Employee Plan”) and under the 2017 Non-Salaried Director Stock Option Plan (the “2017 Director Plan”). The Company also has two plans under which the Company no longer grants options but under which certain options remain outstanding: the 2005 Non-Salaried Director Stock Option Plan (the “2005 Director Plan”) and the 2012 Employee Stock Option Plan (the “2012 Employee Plan”).

The 2022 Employee Plan, which was approved by the shareholders of the Company at the April 20, 2022, Annual Meeting, provides for the issuance of incentive and non-qualified stock options at an exercise price equal to the fair market value of the Common Stock on the date the option is granted. The terms of the options granted are subject to the provisions of the 2022 Employee Plan. Options granted under the 2022 Employee Plan vest 25% one day after the first anniversary of the grant date and 25% one day after each of the next three anniversaries. As of December 31, 2023, the number of shares available for grant under the 2022 Employee Plan is 3,250. Under the terms of the 2022 Employee Plan, no option may be granted under that plan after the tenth anniversary of the adoption of the plan.

The 2012 Employee Plan, which became effective April 23, 2012, provides for the issuance of incentive and non-qualified stock options at an exercise price equal to the fair market value of the Common Stock on the date the option is granted. The terms of the options granted are subject to the provisions of the 2012 Employee Plan. Options granted under the 2012 Employee Plan vest 25% one day after the first anniversary of the grant date and 25% one day after each of the next three anniversaries. Under the terms of the 2012 Employee Plan, no option may be granted under that plan after the tenth anniversary of the adoption of the plan.

The 2017 Director Plan provides for the issuance of stock options for up to a total of 50,000 shares of the Company's common stock to non-salaried directors. Under the 2017 Director Plan, Directors elected after the effective date and at subsequent Annual Meetings who have not received any prior grants under the plan or previous plans shall receive an initial grant of an option to purchase 5,000 shares of Common Stock (the “Initial Option”). Each year, each elected non-salaried Director not receiving an Initial Option will receive an option to purchase 5,000 shares of Common Stock (the “Annual Option”). The Initial Option vests 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option becomes fully exercisable one day after the date of grant. The exercise price of each option granted

equals the fair market value of the Common Stock on the date the option is granted and expires ten (10) years from the date of grant. The 2017 Director Plan provides that the Board of Directors has the authority to increase or decrease the number of shares of Common Stock which are the subject of the annual or initial option grants to directors. No options may be granted under the 2017 Director Plan after the tenth anniversary of the adoption of the Plan, i.e., after April 24, 2027. As of December 31, 2023, there were no shares available for grant under the 2017 Director Plan. Annual Options were customarily granted to non-salaried Directors on the date of the respective Annual Meeting of Shareholders. However, in 2023, there were no options available for grant under the 2017 Director Plan. As a result, options were not granted to Directors in 2023. Because the Company did not make the customary annual grant of options to the non-salaried directors in 2023, the Company, instead, paid a cash fee to each of the non-salaried directors in an amount equal to $48,500.

The 2005 Director Plan, as amended, provided for the issuance of stock options for up to a total of 180,000 shares of the Company's common stock to non-salaried directors. Under the 2005 Director Plan, Directors elected on April 25, 2005 and at subsequent Annual Meetings who had not received any prior grant under this or previous plans received an initial grant of an option to purchase 5,000 shares of Common Stock (the “Initial Option”). Each year, each elected Director not receiving an Initial Option received a 5,000 share option (the “Annual Option”). The Initial Option vested 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option became fully exercisable one day after the date of grant. The exercise price of each option granted equaled the fair market value of the Common Stock on the date the option was granted and expired ten (10) years from the date of grant. As provided in the Director Plan, no options could be granted under the 2005 Director Plan after the tenth anniversary of the adoption of the Plan, i.e., after April 25, 2015.

The Company’s stock option plans for both employees and directors permit options to be exercised on a net basis and receive either cash or shares of the Company’s Common Stock. Specifically, optionees may, at the time of exercise of an option and subject to the consent of the Company, elect either (i) to receive from the Company cash in an amount equal to the number of shares of Common Stock subject to the option (or portion thereof) that is being exercised multiplied by the excess of (a) the fair market value per share over (b) the exercise price per share of the option (a “net cash settlement”); or (ii) to make payment of the exercise price of the option by reduction in the number of shares of Common Stock otherwise deliverable upon exercise of such option by the number of shares having an aggregate fair market value equal to the total exercise price of the option (or portion thereof). In 2023 and 2022, the Company paid a total of approximately $292,153 and $108,155 respectively, to optionees who had elected a net cash settlement of their respective share options. In 2023 and 2022, the Company issued 20,256 and 10,067 shares, respectively, to optionees who had elected a net share settlement.

A summary of changes in options issued under the Company’s stock option plans follows:


	2023			2022
Options outstanding at the beginning of the year		1,617,672			1,537,052
Options granted		163,500			133,250
Options forfeited		(6,938	)		(6,562	)
Options exercised		(175,473	)		(46,068	)
Options outstanding at the end of the year		1,598,761			1,617,672
Options exercisable at the end of the year		1,138,706			1,132,174
Common stock available for future grants at the end of the year		3,250			166,750
Weighted average exercise price per share:
Granted	$	30.47		$	29.35
Forfeited		20.68			31.50
Exercised		16.95			12.73
Outstanding		26.77			25.30
Exercisable		24.82			22.83

A summary of options outstanding as December 31, 2023 is as follows:


Options Outstanding						Options Exercisable
Range of Exercise Prices	Number Outstanding		Weighted- Average Remaining Contractual Life (Years)	Weighted- Average Exercise Price		Number Exercisable		Weighted- Average Exercise Price
$16.71 to $21.62		311,625	3	$	19.73		311,625	$	19.73
$21.63 to $23.29		379,562	6		22.81		327,940		22.77
$23.30 to $27.77		300,450	4		24.43		290,450		24.45
$27.78 to $31.56		311,624	9		29.88		48,191		28.98
$31.57 to $39.56		295,500	8		38.37		160,500		38.33
		1,598,761					1,138,706

The weighted average remaining contractual life of all outstanding stock options is 6 years.

Stock-Based Compensation

Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period. The Company uses the Black-Scholes option pricing model to determine the fair value of employee and non-employee director stock options. The determination of the fair value of stock-based payment awards on the date of grant, using an option-pricing model, is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected term”), the estimated volatility of the Company’s Common Stock price over the expected term (“volatility”) and the number of options that will not fully vest in accordance with applicable vesting requirements (“forfeitures”).

The Company estimates the expected term of options granted by evaluating various factors, including the vesting period, historical employee information, as well as current and historical stock prices and market conditions. The Company estimates the volatility of its common stock by calculating historical volatility based on the closing stock price on the last day of each of the 84 months leading up to the month the option was granted. The risk-free interest rate that the Company uses in the option valuation model is the interest rate on U.S. Treasury zero-coupon bond issues with remaining terms similar to the expected term of the options granted. Historical information was the basis for calculating the dividend yield. The Company is required to estimate forfeitures at the time of grant and to revise those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company used a mix of historical data and future assumptions to estimate pre-vesting option forfeitures and to record stock-based compensation expense only for those awards that are expected to vest. All stock-based payment awards are amortized over the requisite service periods of the awards, which are generally the vesting periods.

The assumptions used to value option grants for the years ended December 31, 2023 and 2022 were as follows:


	2023			2022
Expected life in years	7			7
Interest rate		4.17	%		2.79	%
Volatility	0.422			0.413
Dividend yield		1.8	%		1.9	%

Total stock-based compensation recognized in the Company’s consolidated statements of operations for the years ended December 31, 2023 and 2022 were $1,940,443 and $1,803,302, respectively. At December 31, 2023, there was approximately $3,539,238 of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested stock-based payments granted to the Company’s employees. As of December 31, 2023, the remaining unamortized expense is expected to be recognized over a weighted average period of 3 years.

The weighted average fair value at the date of grant for options granted during 2023 and 2022 was $12.65 and $11.14 per option, respectively. The aggregate intrinsic value of outstanding options was $25,727,340 and $1,622,738 at December 31, 2023 and 2022, respectively. The aggregate intrinsic value of exercisable options was $20,536,948 and $1,565,553 at December 31, 2023 and 2022, respectively. The aggregate intrinsic value of options exercised during 2023 and 2022 was $2,646,835 and $747,730, respectively.

Business Combinations and Divestitures

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Business Combinations and Divestitures

16. Business Combinations and Divestitures

On June 1, 2022, the Company purchased certain assets of Live Safely Products, LLC (d/b/a “Safety Made”) for approximately $11 million, including $1.5 million of which is contingent upon meeting certain annual financial targets during 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
Backlog		23
Non-Compete		920
Tradename		1,990
Customer list		2,210
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. 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.

As part of the acquisition of Safety Made, $1.5 million of the purchase price was placed in escrow to be paid to the sellers, contingent on the acquired business meeting certain revenue milestones over a two-year period, commencing on the date of the acquisition. The fair value of the contingent liability at each reporting date is based on certain estimates and judgements made by management. Those estimates are made from the most relevant data available at that time and include historical data and future projections. On June 1, 2023, the Escrow Agent disbursed to the Seller a payment of $750,000, as determined by the calculation outlined in the purchase agreement. At December 31, 2023, the fair value of the remaining contingent consideration was $750,000.

The remaining $750,000 contingent payment that is being held in escrow is classified as restricted cash and is recorded in other current assets on the consolidated balance sheet.

Divestitures

On November 1, 2023, the Company sold the assets of its Camillus Cutlery and Cuda business lines (the “Business”) to GSM Holdings, Inc., a Delaware corporation (“GSM Holdings”), pursuant to an Asset Purchase Agreement entered into on the same date.

The purchase price for the Business was $19.8 million. At closing, GSM Holdings paid $18.3 million to the Company; the balance of the purchase price, $1.5 million, is subject to a 12-month holdback as a non-exclusive source of recovery primarily to satisfy indemnification claims under the Asset Purchase Agreement. The divestiture resulted in a gain of $12.6 million, which was recorded within Other Income, net in the consolidated statements of operations. The gain, net of tax, was approximately $9.6 million.

Sales of Camillus and Cuda products represented approximately 6% of the total net sales in 2023. The divestiture did not meet the criteria for reporting as discontinued operations.

Income Taxes - Income Tax Expense (Details) - USD ($)	12 Months Ended
Income Taxes - Income Tax Expense (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 3,405,403	$ 65,263
State	397,174	192,215
Foreign	544,251	664,766
Total Current	4,346,828	922,244
Deferred:
Federal	554,763	(238,408)
State	39,853	(56,157)
Total Deferred	594,616	(294,565)
Total Income Tax Expense	$ 4,941,444	$ 627,679

Earnings Per Share - Earnings Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 17,793,160	$ 3,034,766
Weighted average shares outstanding	3,572,144	3,527,626
Effect of diluted employee stock options	85,553	191,624
Denominator for dilutive earnings per share	3,657,697	3,719,250
Basic earnings per share	$ 4.98	$ 0.86
Diluted earnings per share	$ 4.86	$ 0.82

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Long-Term Debt and Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Debt [Abstract]

Long-Term Debt and Shareholders' Equity

8. Long-Term 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. The revolving loan agreement provides for borrowings of up to $65 million at an interest rate of Secured Overnight Financing Rate (“SOFR”) plus 1.75%; interest is payable monthly. The credit facility has an expiration date of 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, acquisitions, dividends, share repurchases, and other operating 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 increase was in effect during the four quarters commencing in the third quarter of 2022 and ending with the three months ended June 30, 2023. The increase for those four quarters ranged from a low of 4.75 to 1 to a high of 5.75 to 1. The amendment also modified the interest rate from SOFR +1.75% to range from SOFR +1.60% up to a high of SOFR + 2.35% on a basis that varies quarterly with the funded debt to EBITDA ratio. As of December 31, 2023, the Company was in compliance with the covenants under the revolving loan agreement as then in effect.

As of December 31, 2023, $13,164,358, excluding deferred financing cost of $59,667, was outstanding and $51,835,642 was available for borrowing under the Company’s revolving loan agreement.

The Company’s manufacturing and distribution facilities in Rocky Mount, NC and Vancouver, WA were financed by a fixed rate mortgage with HSBC Bank, N.A. 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. Long-term debt associated with the mortgage consisted of the following at December 31, 2023 and 2022:



	December 31, 2023			December 31, 2022
Mortgage payable - HSBC Bank N.A.	$	10,823,033		$	11,232,990
Less debt issuance costs		(119,736	)		(134,790	)
		10,703,297			11,098,200
Less current maturities		419,309			404,588
Long-term mortgage payable less current maturities	$	10,283,988		$	10,693,612

Minimum annual mortgage payments are due as follows: 2024 - $419,309; 2025 - $436,946; 2026 - $454,112; 2027 - $471,949; 2028 - $489,510; and thereafter - $8,439,472

On November 14, 2019, the Company announced a Common Stock repurchase program of up to a total of 200,000 shares. The program does not have an expiration date. During the years ended December 31, 2023 and 2022, the Company did not repurchase any shares of its Common Stock. As of December 31, 2023, a total of 160,365 shares may be purchased in the future under the repurchase program.

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

+ References

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

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

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

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

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

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

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

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

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

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

+ Details

Segment Information - Segment Revenues (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Total Revenues	$ 191,500,947	$ 193,962,357
United States
Total Revenues	162,070,000	163,546,000
Canada
Total Revenues	13,891,000	13,779,000
Europe
Total Revenues	14,405,000	14,978,000
Other International
Total Revenues	1,135,000	1,659,000
Total International
Total Revenues	$ 29,431,000	$ 30,416,000

- Definition

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).

+ References

+ Details

Business Combinations and Divestitures (Details Narrative) - USD ($)				12 Months Ended
	Nov. 01, 2023	Jun. 01, 2023	Jun. 01, 2022	Dec. 31, 2023
Business Acquisition [Line Items]
Identified intangible assets, useful lives				8 years
Gain on sale of business				$ 12,564,153
Divestitures gain, net of tax				9,644,000
Asset Purchase Agreement \| GSM Holdings
Business Acquisition [Line Items]
Asset acquisition agreement date	Nov. 01, 2023
Purchase price of the business	$ 19,800,000
Amount recieved from sale of asset	18,300,000
Remaining purchase price under asset acquisition	1,500,000
Divestitures gain, net of tax	$ 9,600,000
Percent of total net sales	6.00%
Other Income, Net \| Asset Purchase Agreement \| GSM Holdings
Business Acquisition [Line Items]
Gain on sale of business	$ 12,600,000
Live Safely Products, LLC
Business Acquisition [Line Items]
Purchase price			$ 11,000,000
Business acquisition, contingent liability			1,500,000	750,000
Disburse to the seller payment		$ 750,000	$ 750,000
Live Safely Products, LLC \| Other Current Assets
Business Acquisition [Line Items]
Business acquisition, contingent liability				$ 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

Cash, Cash Equivalents and Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

Summary of Cash, Cash Equivalents and Restricted Cash


	December 31,		December 31,
	2023		2022
Cash and cash equivalents	$	4,796	$	6,100
Restricted Cash - current		750		750
Restricted Cash - non-current		-		750
Total cash, cash equivalents and restricted cash	$	5,546	$	7,600

Segment Information - Financial Data by Segment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net sales	$ 191,500,947	$ 193,962,357
Operating income	13,188,617	6,273,302
Assets	149,241,316	164,377,104
Additions to property, plant and equipment	4,673,000	4,305,000
Depreciation and amortization	5,011,000	4,578,000
United States Segment
Net sales	163,205,000	165,205,000
Operating income	11,477,000	4,783,000
Assets	131,382,000	144,466,000
Additions to property, plant and equipment	4,626,000	4,174,000
Depreciation and amortization	4,833,000	4,398,000
Canada Segment
Net sales	13,891,000	13,779,000
Operating income	866,000	1,136,000
Assets	8,557,000	9,078,000
Additions to property, plant and equipment		52,000
Depreciation and amortization	102,000	96,000
Europe Segment
Net sales	14,405,000	14,978,000
Operating income	845,000	354,000
Assets	9,302,000	10,833,000
Additions to property, plant and equipment	47,000	79,000
Depreciation and amortization	$ 76,000	$ 84,000

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

15. 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.

Operating lease cost was $1.3 million and $1.2 million for the years ended December 31, 2023 and 2022, respectively. For the years ended December 31, 2023 and 2022, $0.4 million was included in cost of goods sold and $0.7 million and $0.8 million, respectively, was included in selling, general and administrative expenses in the accompanying consolidated statements of operations.

Information related to leases (dollars in 000’s):


	Year ended			Year ended
Operating cash flow information:	December 31, 2023			December 31, 2022
Operating lease cost	$	1,344		$	1,239
Operating lease - cash flow	$	1,406		$	1,281


Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	581		$	545

	December 31, 2023			December 31, 2022
Weighted-average remaining lease term	2.0 years			3.0 years
Weighted-average discount rate		5	%		5	%

Future minimum lease payments under non-cancellable leases as of December 31, 2023:

(dollars in 000’s):



2024	$	1,177
2025		887
2026		165
Total future minimum lease payments	$	2,229
Less: imputed interest		(104	)
Present value of lease liabilities - current		1,099
Present value of lease liabilities - non-current	$	1,026

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Condensed Consolidated Statements Of Comprehensive Loss Income [Abstract]
Net income	$ 17,793,160	$ 3,034,766
Other comprehensive income (loss)
Foreign currency translation	382,312	(707,251)
Comprehensive income	$ 18,175,472	$ 2,327,515

- Definition

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

+ References

+ Details

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Mar. 03, 2024	Jun. 30, 2023
Cover [Abstract]
Entity Registrant Name	ACME UNITED CORP
Entity Central Index Key	0000002098
Document Type	10-K
Document Period End Date	Dec. 31, 2023
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		3,645,200
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Entity Public Float			$ 77,642,161
Trading Symbol	ACU
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	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 Annual Report	true
Document Transition Report	false
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
ICFR Auditor Attestation Flag	true
Auditor Name	Marcum LLP
Auditor Location	Boston, Massachusetts
Auditor Firm Id	688
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE (1) Certain portions of the Company’s Proxy Statement for the Annual Meeting scheduled for April 22, 2024 are incorporated into the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, in Part III.

Business Combinations and Divestitures (Tables)

12 Months Ended

Dec. 31, 2023

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
Backlog		23
Non-Compete		920
Tradename		1,990
Customer list		2,210
Goodwill		3,389
Total assets	$	10,879

Other Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Other Accrued Liabilities

5. Other Accrued Liabilities

The Company’s other current and non-current accrued liabilities consisted of:


	December 31,
	2023		2022
Customer Rebates	$	5,720,898	$	5,533,802
Contingent Liability - Safety Made		750,000		1,330,000
Accrued Compensation		2,585,124		791,231
Dividend Payable		546,710		495,406
Income Taxes Payable		362,741		533,746
Other		2,442,799		2,015,798
Total:	$	12,408,272	$	10,699,983

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net sales	$ 191,501	$ 193,962
Cutting and Sharpening
Net sales	77,040	89,330
First Aid and Safety
Net sales	114,461	104,632
United States
Net sales	163,205	165,205
United States \| Cutting and Sharpening
Net sales	58,273	69,385
United States \| First Aid and Safety
Net sales	104,932	95,820
Europe
Net sales	14,405	14,978
Europe \| Cutting and Sharpening
Net sales	13,036	13,276
Europe \| First Aid and Safety
Net sales	1,369	1,702
Canada
Net sales	13,891	13,779
Canada \| Cutting and Sharpening
Net sales	5,731	6,669
Canada \| First Aid and Safety
Net sales	$ 8,160	$ 7,110

Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Liabilities

The Company’s other current and non-current accrued liabilities consisted of:


	December 31,
	2023		2022
Customer Rebates	$	5,720,898	$	5,533,802
Contingent Liability - Safety Made		750,000		1,330,000
Accrued Compensation		2,585,124		791,231
Dividend Payable		546,710		495,406
Income Taxes Payable		362,741		533,746
Other		2,442,799		2,015,798
Total:	$	12,408,272	$	10,699,983

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net income	$ 17,793,160	$ 3,034,766
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	2,956,513	2,762,276
Amortization of intangible assets	2,111,078	1,815,508
Stock compensation expense	1,940,443	1,803,302
Deferred income taxes	594,059	(293,995)
Non-cash lease adjustment	(57,648)	(42,570)
Provision for excess and obsolete inventory	171,476	189,874
Provision for doubtful accounts	(129,219)	199,996
Amortization of deferred financing costs	39,405	30,151
Change in earnout liability	170,000
Gain on sale of business, net of tax of $2,907,000	(9,644,000)
Changes in operating assets and liabilities
Accounts receivable	6,329,398	1,839,243
Inventories	3,648,679	(9,606,835)
Prepaid expenses and other current assets	(950,338)	(173,341)
Accounts payable	1,552,352	1,914,813
Other accrued liabilities	2,374,137	(581,449)
Total adjustments	11,106,335	(143,027)
Net cash provided by operating activities	28,899,495	2,891,739
Investing activities:
Purchase of property, plant and equipment	(4,673,717)	(4,304,264)
Purchase of intellectual property	(301,736)	(300,000)
Proceeds from sale of business	13,152,613
Acquisition of Safety Made	(750,000)	(9,622,391)
Net cash provided by (used in) investing activities	7,427,160	(14,226,655)
Financing activities:
Net (repayments) borrowings of long-term debt	(36,835,642)	16,848,326
Repayments on mortgage	(409,624)	(401,410)
Distributions to stockholders	(1,993,049)	(1,903,346)
Cash settlement of stock options	(292,153)	(108,155)
Tax paid on net share settlement of stock options	(363,272)	(243,463)
Issuance of common stock	1,452,520	84,715
Net cash (used in) provided by financing activities	(38,441,220)	14,276,667
Effect of exchange rate changes	60,110	(184,691)
Net (decrease) increase in cash and cash equivalents and restricted cash	(2,054,455)	2,757,060
Cash, cash equivalents and restricted cash at beginning of year	7,600,409	4,843,349
Cash, cash equivalents and restricted cash at end of year	5,545,954	7,600,409
Supplemental cash flow information:
Cash paid for income taxes	5,771,876	978,378
Cash paid for interest expense	3,179,184	2,124,144
Non-cash investing activities
Safety Made acquisition contingent consideration	750,000	1,330,000
Non-cash financing activities
Dividends accrued not paid	$ 546,710	$ 495,406

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

4. Intangible Assets and Goodwill

The Company’s intangible assets and goodwill consisted of:


	December 31,
	2023		2022
Tradename	$	10,007,698	$	10,007,698
Customer List		18,824,198		18,502,207
Non-Compete		1,247,536		1,247,536
Slice License Agreement		379,921		379,921
Patents		2,271,980		2,271,980
Subtotal		32,731,333		32,409,342
Less: Accumulated Amortization		13,729,885		11,618,807
Intangible Assets	$	19,001,448	$	20,790,535
Goodwill	$	8,188,829	$	8,188,829
Total:	$	27,190,277	$	28,979,364

Amortization expense for intangible assets for the years ended December 31, 2023 and 2022 were $2,111,078 and $1,815,508, respectively. The estimated aggregate amortization expense for each of the next five years, calculated on a similar basis, is as follows: 2024 - $2,270,276; 2025 - $1,981,863; 2026 - $1,689,565; 2027 - $1,361,196; and 2028 - $1,244,529.

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

The Company’s intangible assets and goodwill consisted of:


	December 31,
	2023		2022
Tradename	$	10,007,698	$	10,007,698
Customer List		18,824,198		18,502,207
Non-Compete		1,247,536		1,247,536
Slice License Agreement		379,921		379,921
Patents		2,271,980		2,271,980
Subtotal		32,731,333		32,409,342
Less: Accumulated Amortization		13,729,885		11,618,807
Intangible Assets	$	19,001,448	$	20,790,535
Goodwill	$	8,188,829	$	8,188,829
Total:	$	27,190,277	$	28,979,364

Business Combinations and Divestitures - 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
Goodwill	3,389
Total assets	10,879
Backlog
Intangible Assets
Intangible assets	23
Non-Compete
Intangible Assets
Intangible assets	920
Tradename
Intangible Assets
Intangible assets	1,990
Customer List
Intangible Assets
Intangible assets	$ 2,210

Earnings Per Share (Details Narrative) - shares	12 Months Ended
Earnings Per Share (Details Narrative) - shares	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Options excluded from earnings per share calculation	591,624	296,438

Income Taxes - US and Foreign Income Before Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ 18,984,939	$ (142,095)
Foreign	3,749,665	3,804,540
Income before income tax expense	$ 22,734,604	$ 3,662,445

- Definition

+ References

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Tax Expense

The amounts of income tax expense reflected in operations is as follows:


	2023		2022
Current:
Federal	$	3,405,403	$	65,263
State		397,174		192,215
Foreign		544,251		664,766
Total:	$	4,346,828	$	922,244

Deferred:
Federal	$	554,763	$	(238,408	)
State		39,853		(56,157	)
Total:		594,616		(294,565	)
Total Income Tax Expense:	$	4,941,444	$	627,679

US and Foreign Income Before Income Taxes

A summary of United States and foreign income before income taxes follows:


	2023		2022
United States	$	18,984,939	$	(142,095	)
Foreign		3,749,665		3,804,540
Total:	$	22,734,604	$	3,662,445

US Statutory Rate Reconciliation

The following schedule reconciles the amounts of income taxes computed at the United States statutory rates to the actual amounts reported in operations:


	2023			2022
Federal income taxes at 21% statutory rate	$	4,774,267		$	716,122
State and local taxes, net of federal income tax effect		612,818			120,922
Stock options		(385,601	)		(128,169	)
Permanent items		183,139			—
Foreign tax rate difference		(243,179	)		(81,196	)
Provision for income taxes:	$	4,941,444		$	627,679

Deferred Tax Assets and Liabilities

The following summarizes deferred income tax assets and liabilities:


	2023			2022
Deferred income tax liabilities:
Property, plant and equipment	$	2,328,345		$	2,004,200
Intangible assets		1,336,996			1,278,478
Other		609,817			251,655
Total deferred tax liabilities		4,275,158			3,534,333

Deferred income tax assets:
Net operating loss carryover		930,000			1,170,000
Stock compensation		1,964,332			1,687,357
Asset valuations		852,308			1,109,954
Other		559,174			431,737
Total deferred tax assets		4,305,814			4,399,048
Less: valuation allowance		(930,000	)		(1,170,000	)
Total deferred tax assets, net		3,375,814			3,229,048
Net deferred income tax liability:	$	899,344		$	305,285

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

12. Earnings Per Share

The calculation of earnings per share is as follows:


	2023		2022
Numerator:
Net income	$	17,793,160	$	3,034,766
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding		3,572,144		3,527,626
Effect of diluted employee stock options		85,553		191,624
Denominator for dilutive earnings per share		3,657,697		3,719,250
Basic earnings per share	$	4.98	$	0.86
Diluted earnings per share	$	4.86	$	0.82

For 2023 and 2022, respectively, 591,624 and 296,438 stock options were excluded from diluted earnings per share calculations because they would have been anti-dilutive.

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
Income Taxes (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets resulting from net operating losses	$ 930,000	$ 1,170,000
Hong Kong
Hong Kong income tax rate	16.50%

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax liabilities:
Property, plant and equipment	$ 2,328,345	$ 2,004,200
Intangible assets	1,336,996	1,278,478
Other	609,817	251,655
Total deferred tax liabilities	4,275,158	3,534,333
Deferred income tax assets:
Net operating loss carryover	930,000	1,170,000
Stock compensation	1,964,332	1,687,357
Asset valuations	852,308	1,109,954
Other	559,174	431,737
Total deferred tax assets	4,305,814	4,399,048
Less: valuation allowance	(930,000)	(1,170,000)
Total deferred tax assets, net	3,375,814	3,229,048
Net deferred income tax liability:	$ 899,344	$ 305,285

Long-Term Debt and Shareholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2023

Long Term Debt And Stockholders Equity [Abstract]

Schedule of Long-Term Debt

Long-term debt associated with the mortgage consisted of the following at December 31, 2023 and 2022:



	December 31, 2023			December 31, 2022
Mortgage payable - HSBC Bank N.A.	$	10,823,033		$	11,232,990
Less debt issuance costs		(119,736	)		(134,790	)
		10,703,297			11,098,200
Less current maturities		419,309			404,588
Long-term mortgage payable less current maturities	$	10,283,988		$	10,693,612

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Inventories (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventory valuation allowance	$ 1,338,211	$ 1,720,350

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenues

The following table represents external net sales disaggregated by product category, by segment:

For the twelve months ended December 31, 2023

(amounts in 000's)


	United States		Canada		Europe		Total
First Aid and Safety	$	104,932	$	8,160	$	1,369	$	114,461
Cutting and Sharpening		58,273		5,731		13,036		77,040
Total Net Sales	$	163,205	$	13,891	$	14,405	$	191,501

For the twelve months ended December 31, 2022
	United States		Canada		Europe		Total
First Aid and Safety	$	95,820	$	7,110	$	1,702	$	104,632
Cutting and Sharpening		69,385		6,669		13,276		89,330
Total Net Sales	$	165,205	$	13,779	$	14,978	$	193,962

Income Taxes - US Statutory Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal income taxes at 21% statutory rate	$ 4,774,267	$ 716,122
State and local taxes, net of federal income tax effect	612,818	120,922
Stock options	(385,601)	(128,169)
Permanent items	183,139
Foreign tax rate difference	(243,179)	(81,196)
Total Income Tax Expense	$ 4,941,444	$ 627,679

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Inventories - Inventories (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 39,315,594	$ 45,371,042
Work in process	208,212	408,346
Materials and supplies	15,946,186	17,545,818
Inventories:	$ 55,469,992	$ 63,325,206

Cash, Cash Equivalents and Restricted Cash - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 4,795,953	$ 6,100,409
Restricted cash	750,000	750,000
Restricted Cash - non-current		750,000
Total cash, cash equivalents and restricted cash	$ 5,545,954	$ 7,600,409	$ 4,843,349