Nortech Systems (NSYS) 10-Q14 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2024	May 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity Registrant Name	NORTECH SYSTEMS INCORPORATED
Entity File Number	0-13257
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-1681094
Entity Address, Address Line One	7550 Meridian Circle N., Suite # 150
Entity Address, City or Town	Maple Grove
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55369
City Area Code	952
Local Phone Number	345-2244
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	NSYS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		2,756,677
Entity Central Index Key	0000722313
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net sales	$ 34,215	$ 34,888
Cost of goods sold	28,767	29,404
Gross profit	5,448	5,484
Operating Expenses
Selling expenses	805	890
General and administrative expenses	3,170	3,265
Research and development expenses	318	276
Total operating expenses	4,293	4,431
Income from operations	1,155	1,053
Other expense
Interest expense	(167)	(110)
Total other expense	(167)	(110)
Income before income taxes	988	943
Income tax expense	223	262
Net income	$ 765	$ 681
Income per common share: (in dollars per share)	$ 0.28	$ 0.25
Weighted average number of common shares outstanding - basic (in shares)	2,742,511	2,692,033
Diluted (in dollars per share)	$ 0.26	$ 0.23
Weighted average number of common shares outstanding - dilutive (in shares)	2,908,457	2,903,635
Other comprehensive income
Foreign currency translation (loss) gain	$ (183)	$ 40
Comprehensive income, net of tax	$ 582	$ 721

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash	$ 4,028	$ 960
Restricted cash	0	715
Accounts receivable, less allowances of $292 and $358, respectively	16,051	19,279
Inventories, net	22,951	21,660
Contract assets	14,194	14,481
Prepaid assets and other assets	1,892	1,698
Total current assets	59,116	58,793
Property and equipment, net	6,134	6,513
Operating lease assets, net	7,339	6,917
Deferred tax assets	2,640	2,641
Other intangible assets, net	223	263
Total assets	75,452	75,127
Current liabilities:
Current portion of finance lease obligations	296	356
Current portion of operating lease obligations	1,235	1,033
Accounts payable	15,217	15,924
Accrued payroll and commissions	4,771	4,138
Customer deposits	3,139	4,068
Other accrued liabilities	1,063	1,063
Total current liabilities	25,721	26,582
Long-term liabilities:
Long-term line of credit	6,170	5,815
Long-term finance lease obligations, net of current portion	168	209
Long-term operating lease obligations, net of current portion	6,977	6,763
Other long-term liabilities	410	414
Total long-term liabilities	13,725	13,201
Total liabilities	39,446	39,783
Shareholders' equity:
Preferred stock, $1 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding	250	250
Common stock - $0.01 par value; 9,000,000 shares authorized; 2,747,678 and 2,740,178 shares issued and outstanding, respectively	27	27
Additional paid-in capital	17,009	16,929
Accumulated other comprehensive loss	(715)	(532)
Retained earnings	19,435	18,670
Total shareholders' equity	36,006	35,344
Total liabilities and shareholders' equity	$ 75,452	$ 75,127

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable allowance	$ 292	$ 358
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred Stock, Shares Authorized (in shares)	1,000,000	1,000,000
Preferred Stock, Shares Outstanding (in shares)	250,000	250,000
Preferred stock, shares issued (in shares)	250,000	250,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	9,000,000	9,000,000
Common Stock, Shares, Issued (in shares)	2,755,178	2,740,178
Common stock, shares outstanding (in shares)		2,740,178

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 765	$ 681
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	482	505
Compensation on stock-based awards	80	99
Change in inventory reserves	76	32
Change in accounts receivable allowances	(66)	(32)
Other, net	(4)	(15)
Changes in current operating assets and liabilities:
Accounts receivable	3,215	(206)
Inventories	(1,400)	1,075
Contract assets	287	(823)
Prepaid expenses and other current assets	(328)	(600)
Accounts payable	(8)	(1,799)
Accrued payroll and commissions	640	1,244
Customer deposits	(926)	1,315
Other accrued liabilities	15	242
Net cash provided by operating activities	2,828	1,718
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property and equipment	9	0
Purchases of property and equipment	(744)	(496)
Net cash used in investing activities	(735)	(496)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit	32,768	31,133
Payments to line of credit	(32,394)	(32,145)
Principal payments on financing leases	(100)	(96)
Stock option exercises	0	35
Net cash provided by (used in) financing activities	274	(1,073)
Effect of exchange rate changes on cash	(14)	3
Net change in cash and cash equivalents	2,353	152
Cash and cash equivalents - beginning of period	1,675	2,481
Cash and cash equivalents - end of period	4,028	2,633
Reconciliation of cash and restricted cash reported within the condensed consolidated balance sheets:
Cash	4,028	1,267
Restricted cash	0	1,366
Total cash and restricted cash reported in the condensed consolidated statements of cash flows	4,028	2,633
Supplemental disclosure of cash flow information:
Cash paid for interest	134	129
Cash paid for income taxes	141	112
Supplemental noncash investing and financing activities:
Property and equipment purchases in accounts payable	16	78
Operating lease assets acquired under operating lease	$ 719	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Preferred Stock [Member]	Common Stock [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Total
Balance (in shares) at Dec. 31, 2022	0	250,000	0	2,691,000
Balance at Dec. 31, 2022	$ 0	$ 250	$ 0	$ 27	$ 0	$ 16,347	$ 0	$ (370)	$ (30)	$ 11,826	$ (30)	$ 28,080
Net income		0		0		0		0		681		681
Foreign currency translation adjustment		$ 0		$ 0		0		40		0		40
Stock option exercises (in shares)		0		10,000
Stock option exercises		$ 0		$ 0		35		0		0		35
Compensation on stock-based awards		$ 0		$ 0		99		0		0		99
Balance (in shares) at Mar. 31, 2023		250,000		2,701,000
Balance at Mar. 31, 2023		$ 250		$ 27		16,481		(330)		12,477		28,905
Balance (in shares) at Dec. 31, 2023		250,000		2,740,000
Balance at Dec. 31, 2023		$ 250		$ 27		16,929		(532)		18,670		35,344
Net income		0		0		0		0		765		765
Foreign currency translation adjustment		0		0		0		(183)		0		$ (183)
Stock option exercises (in shares)												0
Compensation on stock-based awards		$ 0		$ 0		80		0		0		$ 80
Issuance for stock-based awards (in shares)		0		15,000
Issuance for stock-based awards		$ 0		$ 0		0		0		0		0
Balance (in shares) at Mar. 31, 2024		250,000		2,755,000
Balance at Mar. 31, 2024		$ 250		$ 27		$ 17,009		$ (715)		$ 19,435		$ 36,006

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	3 Months Ended
Note 1 - Summary of Significant Accounting Policies	Mar. 31, 2024
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements for the interim periods have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Company has omitted footnote disclosures that would substantially duplicate the disclosures contained in the Company’s audited consolidated financial statements. These unaudited condensed consolidated financial statements should be read together with the audited consolidated financial statements for the year ended December 31, 2023, and notes thereto included in our Annual Report on Form 10-K as filed with the SEC. The condensed consolidated financial statements include the accounts of Nortech Systems Incorporated and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. All dollar amounts are stated in thousands of U.S. dollars. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our consolidated financial statements. Estimates also affect the reported amounts of net sales and expenses during each reporting period. Significant items subject to estimates and assumptions include the valuation allowance for inventories, accounts receivable allowances, realizability of deferred tax assets and long-lived asset recovery. Actual results could differ from those estimates. Recently Issued New Accounting Standards In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting Topic (280): Improvements to Reportable Segment Disclosure In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures Out‐of‐Period Correction Inventories Inventories are as follows: March 31, December 31, 2024 2023 Raw materials $ 22,143 $ 20,863 Work in process 992 1,033 Finished goods 1,059 934 Reserves (1,243 ) (1,170 ) Total inventories $ 22,951 $ 21,660 Other Intangible Assets Other intangible assets as of March 31, 2024 and December 31, 2023 are as follows: Customer Relationships Patents Total Balances as of January 1, 2023 $ 216 $ 206 $ 422 Amortization 144 15 159 Balances as of December 31, 2023 $ 72 $ 191 $ 263 Amortization 36 4 40 Balances as of March 31, 2024 $ 36 $ 187 $ 223 Intangible assets are amortized on a straight-line basis over their estimated useful lives. The weighted average remaining amortization period of our intangible assets is 2.4 years. Of the patents value as of March 31, 2024, $77 are being amortized and $110 are in process and a patent has not yet been issued. Amortization expense of finite life intangible assets for both the three months ended March 31, 2024 and 2023 was $40. As of March 31, 2024, estimated future annual amortization expense (except projects in process) related to these assets is as follows: Year Amount 2024 $ 47 2025 14 2026 14 2027 14 2028 14 Thereafter 10 Total $ 113

Note 2 - Concentration of Credi

Note 2 - Concentration of Credit Risk and Major Customers	3 Months Ended
Note 2 - Concentration of Credit Risk and Major Customers	Mar. 31, 2024
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	NOTE 2. CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash, accounts receivable, and contract assets. With regard to cash, we maintain our excess cash balances in checking accounts at primarily two financial institutions, one one We have certain customers whose revenue individually represented 10% or more of net sales, or whose accounts receivable balances individually represented 10% or more of gross accounts receivable. Two One As of March 31, 2024, two two Contract assets for three two Export sales from the U.S. represented approximately 3% and 4% of net sales for the three months ended March 31, 2024 and 2023, respectively.

Note 3 - Revenue

Note 3 - Revenue	3 Months Ended
Note 3 - Revenue	Mar. 31, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE 3. REVENUE Revenue Recognition Revenue under contract manufacturing agreements that was recognized over time accounted for approximately 74% of net sales for both the three months ended March 31, 2024 and 2023. Contract Assets Contract assets, recorded as such in the Condensed Consolidated Balance Sheet, consist of unbilled amounts related to revenue recognized over time. Significant changes in the contract assets balance during the three months ended March 31, 2024 were as follows: Balances as of January 1, 2024 $ 14,481 Increase (decrease) attributed to: Amounts transferred over time to contract assets 25,214 Amounts invoiced during the period (25,501 ) Balance outstanding as of March 31, 2024 $ 14,194 We expect substantially all of the remaining performance obligations for the contract assets recorded as of March 31, 2024, to be transferred to receivables within 90 days, with any remaining amounts to be transferred within 180 days. We bill our customers upon shipment with payment terms of up to 120 days. The following tables summarize our net sales by market for the three months ended March 31, 2024 and 2023, respectively: Three Months Ended March 31, 2024 Product/ Service Transferred Over Time Product Transferred at Point in Time Noncash Consideration 1 Total Net Sales by Market Medical $ 14,240 $ 5,245 $ 797 $ 20,282 Aerospace and defense 5,545 242 73 5,860 Industrial 5,429 2,347 297 8,073 Total net sales $ 25,214 $ 7,834 $ 1,167 $ 34,215 Three Months Ended March 31, 2023 Product/ Service Transferred Over Time Product Transferred at Point in Time Noncash Consideration 1 Total Net Sales by Market Medical $ 15,725 $ 5,061 $ 586 $ 21,372 Aerospace and defense 6,590 2,408 474 9,472 Industrial 3,415 550 79 4,044 Total net sales $ 25,730 $ 8,019 $ 1,139 $ 34,888 1

Note 4 - Financing Arrangements

Note 4 - Financing Arrangements	3 Months Ended
Note 4 - Financing Arrangements	Mar. 31, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 4. FINANCING ARRANGEMENTS We had a credit agreement with Bank of America, which was entered into on June 15, 2017 and provides for a line of credit arrangement of $16,000 that was to expire on June 15, 2026. On February 29, 2024, we replaced the asset backed line of credit agreement with a $15,000 Senior Secured Revolving Line of Credit with Bank of America (the “Revolver”). The Revolver allows for borrowings at a defined base rate, or at the one, three or six month Secured Overnight Finance Rate, also known as “SOFR”, plus a defined margin. If the Company prepays SOFR borrowings before their contractual maturity, the Company has agreed to compensate the bank for lost margin, as defined in the Revolver agreement. The Company is required to quarterly pay a 20-basis point fee on the unused portion of the Revolver. The Revolver requires the Company to maintain no more than 2.5 times leverage ratio and at least a 1.25 times minimum fixed charges coverage ratio, both of which are defined in the Revolver agreement. The Company met the covenants for the period ended March 31, 2024. There are no subjective acceleration clauses under the Revolver that would accelerate the maturity of outstanding borrowings. The Revolver contains certain covenants which, among other things, require the Company to adhere to regular reporting requirements, abide by shareholder dividend limitations, maintain certain financial performance, and limit the amount of annual capital expenditures. The Revolver is secured by substantially all the Company’s assets and expires on February 28, 2027. Amounts borrowed on the Revolver are subject to variations in the SOFR index rate. Under the prior credit agreement with Bank of America, the line of credit borrowing availability was restricted by a defined asset borrowing base, and interest was based on variations in the Bloomberg Short-Term Bank Yield (BSBY) index rate. Our line of credit bears interest at a weighted-average interest rate of 9.4% and 8.3% as of March 31, 2024 and December 31, 2023, respectively. We had borrowings on our line of credit of $6,220 and $5,846 outstanding as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 we had unused availability on the line of credit of $8,780. The line of credit is shown net of debt issuance costs of $50 and $31 on the condensed consolidated balance sheet as of March 31, 2024 and December 31, 2023, respectively.

Note 5 - Leases

Note 5 - Leases	3 Months Ended
Note 5 - Leases	Mar. 31, 2024
Notes to Financial Statements
Lease Disclosure [Text Block]	NOTE 5. LEASES We have operating leases for certain manufacturing sites, office space, and equipment. Most leases include the option to renew, with renewal terms that can extend the lease term from one five The components of lease expense were as follows: March 31, March 31, Lease Cost 2024 2023 Operating lease cost $ 596 $ 567 Finance lease interest cost 7 12 Finance lease amortization expense 131 182 Total lease cost $ 734 $ 761 Supplemental condensed consolidated balance sheet information related to leases was as follows: Balance Sheet Location March 31, 2024 December 31, 2023 Assets Finance lease assets Property and equipment, net $ 504 $ 636 Operating lease assets Operating lease assets, net 7,339 6,917 Total leased assets $ 7,843 $ 7,553 Liabilities Current Current finance lease liabilities Current portion of finance lease obligations $ 296 $ 356 Current operating lease liabilities Current portion of operating lease obligations 1,235 1,033 Noncurrent Long-term finance lease liabilities Long-term finance lease liabilities, net of current portion 168 209 Long-term operating lease liabilities Long-term operating lease obligations, net of current portion 6,977 6,763 Total lease liabilities $ 8,676 $ 8,361 Supplemental condensed consolidated statement of cash flows information related to leases was as follows: March 31, March 31, 2024 2023 Operating Leases Cash paid for amounts included in the measurement of lease liabilities $ 459 $ 493 Property acquired under operating lease $ 719 $ - Future payments of lease liabilities as of March 31, 2024 were as follows: Operating Leases Finance Leases Total 2024 $ 1,397 $ 271 $ 1,668 2025 1,635 106 1,741 2026 1,581 108 1,689 2027 1,286 - 1,286 2028 1,279 - 1,279 Thereafter 4,539 - 4,539 Total lease payments $ 11,717 $ 485 $ 12,202 Less: imputed interest (3,505 ) (21 ) (3,526 ) Present value of lease liabilities $ 8,212 $ 464 $ 8,676 The lease term and discount rate as of March 31, 2024 were as follows: Weighted-average remaining lease term (years) Operating leases 7.9 Finance leases 1.7 Weighted-average discount rate Operating leases 8.1 % Finance leases 5.3 %

Note 6 - Stock Based Awards

Note 6 - Stock Based Awards	3 Months Ended
Note 6 - Stock Based Awards	Mar. 31, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	NOTE 6. STOCK BASED AWARDS Stock-based compensation expense was reported as follows in the condensed consolidated statements of operations within General and Administration expenses of $80 and $99 for the three months ended March 31, 2024 and 2023, respectively. Stock Options In May 2017, the shareholders approved the 2017 Stock Incentive Plan which authorized the issuance of 350,000 shares. An additional 50,000, 175,000 and 100,000 shares were authorized in March 2020, May 2022, and May 2023, respectively. There were no Total compensation expense related to stock options was $56 and $68 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, there was $776 of unrecognized compensation related to stock options which will be recognized over a weighted average period of 3.3 years. Following is the status of option activity for the three months ended and as of March 31, 2024: Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding – December 31, 2023 458,700 $ 6.63 6.53 $ 1,432 Granted - - Exercised - - Forfeited (6,200 ) 11.10 Outstanding – March 31, 2024 452,500 $ 6.57 6.57 $ 3,066 Exercisable on March 31, 2024 294,100 $ 4.71 4.71 $ 2,530 Restricted Stock Units During the periods ended March 31, 2024 and 2023, we granted 0 restricted stock units (“RSUs”). Total compensation expense related to the RSUs was $24 and $31 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, total unrecognized compensation expense related to the RSUs was $109, which will vest over a weighted average period of 1.0 years. Following is the status of restricted stock activity for the three months ended and as of March 31, 2024: Shares Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding – December 31, 2023 27,000 1.0 $ 254 Granted - Vested (15,000 ) Forfeited - Outstanding – March 31, 2024 12,000 1.0 $ 160

Note 7 - Net Income Per Share D

Note 7 - Net Income Per Share Data	3 Months Ended
Note 7 - Net Income Per Share Data	Mar. 31, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 7. NET INCOME PER SHARE DATA Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average number of common shares outstanding using the treasury stock method during the period. The Company’s potentially dilutive common shares are those that result from dilutive common stock options and non-vested stock relating to restricted stock units. The calculation of diluted income per share excluded 38,405 and 28,637 in weighted average shares for the three months ended March 31, 2024 and 2023, respectively, as their effect was anti-dilutive. Basic and diluted weighted average shares outstanding were as follows: Three Months Ended March 31, (In thousands) 2024 2023 Basic weighted average shares outstanding 2,742,511 2,692,033 Dilutive effect of outstanding stock options and non-vested restricted stock units 165,946 211,602 Diluted weighted average shares outstanding 2,908,457 2,903,635

Note 8 - Income Taxes

Note 8 - Income Taxes	3 Months Ended
Note 8 - Income Taxes	Mar. 31, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 8. INCOME TAXES On a quarterly basis, we estimate what our effective tax rate will be for the full fiscal year and record a quarterly income tax provision based on the anticipated rate. As the year progresses, we refine our estimate based on the facts and circumstances, including discrete events. Our effective tax rate for the three months ended March 31, 2024 was 22.6%. Our effective tax rate for the three months ended March 31, 2023 was 27.8%. The decrease in the effective tax rate is attributable to the application of a valuation allowance during the three-month period ended March 31, 2023 and inclusion of estimated research and development tax credits in the three months ended March 31, 2024, partially offset by increased taxes on foreign entities.

Note 9 - Payroll Tax Deferral

Note 9 - Payroll Tax Deferral	3 Months Ended
Note 9 - Payroll Tax Deferral	Mar. 31, 2024
Notes to Financial Statements
Employee Retention Credit [Text Block]	NOTE 9. PAYROLL TAX DEFERRAL On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law which allowed for the deferral of the employer portion of social security taxes incurred through the end of calendar 2020. During the year ended December 31, 2023, the Company remitted $1,158 to the Internal Revenue Service (“IRS”) related to the deferral of payroll taxes, of which $785 was recorded as a refund receivable as of December 31, 2023, with a corresponding liability due. These amounts were settled during the three months ended March 31, 2024.

Note 10 - Related Party Transac

Note 10 - Related Party Transactions	3 Months Ended
Note 10 - Related Party Transactions	Mar. 31, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 10. RELATED PARTY TRANSACTIONS David Kunin, our Chairman, is a minority owner of Abilitech Medical, Inc. We have accounts receivable related to Abilitech of $85. Payments of $28 were received during the three months ended March 31, 2024. Abilitech has ceased operations and therefore we do not believe that Abilitech will pay the Company for outstanding accounts receivable, and we have recorded a full allowance against the gross amount. The Company believes that transactions with Abilitech were on terms comparable to those that the Company could reasonably expect in an arm's length transaction with an unrelated third party. David Kunin, our Chairman, is a minority owner (less than 10

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	ITEM 5. OTHER INFORMATION None
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements for the interim periods have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Company has omitted footnote disclosures that would substantially duplicate the disclosures contained in the Company’s audited consolidated financial statements. These unaudited condensed consolidated financial statements should be read together with the audited consolidated financial statements for the year ended December 31, 2023, and notes thereto included in our Annual Report on Form 10-K as filed with the SEC. The condensed consolidated financial statements include the accounts of Nortech Systems Incorporated and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. All dollar amounts are stated in thousands of U.S. dollars.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our consolidated financial statements. Estimates also affect the reported amounts of net sales and expenses during each reporting period. Significant items subject to estimates and assumptions include the valuation allowance for inventories, accounts receivable allowances, realizability of deferred tax assets and long-lived asset recovery. Actual results could differ from those estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued New Accounting Standards In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting Topic (280): Improvements to Reportable Segment Disclosure In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
Error Correction [Policy Text Block]	Out‐of‐Period Correction
Inventory, Policy [Policy Text Block]	Inventories Inventories are as follows: March 31, December 31, 2024 2023 Raw materials $ 22,143 $ 20,863 Work in process 992 1,033 Finished goods 1,059 934 Reserves (1,243 ) (1,170 ) Total inventories $ 22,951 $ 21,660
Intangible Assets, Finite-Lived, Policy [Policy Text Block]	Other Intangible Assets Other intangible assets as of March 31, 2024 and December 31, 2023 are as follows: Customer Relationships Patents Total Balances as of January 1, 2023 $ 216 $ 206 $ 422 Amortization 144 15 159 Balances as of December 31, 2023 $ 72 $ 191 $ 263 Amortization 36 4 40 Balances as of March 31, 2024 $ 36 $ 187 $ 223 Intangible assets are amortized on a straight-line basis over their estimated useful lives. The weighted average remaining amortization period of our intangible assets is 2.4 years. Of the patents value as of March 31, 2024, $77 are being amortized and $110 are in process and a patent has not yet been issued. Amortization expense of finite life intangible assets for both the three months ended March 31, 2024 and 2023 was $40. As of March 31, 2024, estimated future annual amortization expense (except projects in process) related to these assets is as follows: Year Amount 2024 $ 47 2025 14 2026 14 2027 14 2028 14 Thereafter 10 Total $ 113

Note 1 - Summary of Significa_2

Note 1 - Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, 2024 2023 Raw materials $ 22,143 $ 20,863 Work in process 992 1,033 Finished goods 1,059 934 Reserves (1,243 ) (1,170 ) Total inventories $ 22,951 $ 21,660
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Customer Relationships Patents Total Balances as of January 1, 2023 $ 216 $ 206 $ 422 Amortization 144 15 159 Balances as of December 31, 2023 $ 72 $ 191 $ 263 Amortization 36 4 40 Balances as of March 31, 2024 $ 36 $ 187 $ 223
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Year Amount 2024 $ 47 2025 14 2026 14 2027 14 2028 14 Thereafter 10 Total $ 113

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)	3 Months Ended
Note 3 - Revenue (Tables)	Mar. 31, 2024
Notes Tables
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	Balances as of January 1, 2024 $ 14,481 Increase (decrease) attributed to: Amounts transferred over time to contract assets 25,214 Amounts invoiced during the period (25,501 ) Balance outstanding as of March 31, 2024 $ 14,194
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2024 Product/ Service Transferred Over Time Product Transferred at Point in Time Noncash Consideration 1 Total Net Sales by Market Medical $ 14,240 $ 5,245 $ 797 $ 20,282 Aerospace and defense 5,545 242 73 5,860 Industrial 5,429 2,347 297 8,073 Total net sales $ 25,214 $ 7,834 $ 1,167 $ 34,215 Three Months Ended March 31, 2023 Product/ Service Transferred Over Time Product Transferred at Point in Time Noncash Consideration 1 Total Net Sales by Market Medical $ 15,725 $ 5,061 $ 586 $ 21,372 Aerospace and defense 6,590 2,408 474 9,472 Industrial 3,415 550 79 4,044 Total net sales $ 25,730 $ 8,019 $ 1,139 $ 34,888

Note 5 - Leases (Tables)

Note 5 - Leases (Tables)	3 Months Ended
Note 5 - Leases (Tables)	Mar. 31, 2024
Notes Tables
Lease, Cost [Table Text Block]	March 31, March 31, Lease Cost 2024 2023 Operating lease cost $ 596 $ 567 Finance lease interest cost 7 12 Finance lease amortization expense 131 182 Total lease cost $ 734 $ 761 March 31, March 31, 2024 2023 Operating Leases Cash paid for amounts included in the measurement of lease liabilities $ 459 $ 493 Property acquired under operating lease $ 719 $ - Weighted-average remaining lease term (years) Operating leases 7.9 Finance leases 1.7 Weighted-average discount rate Operating leases 8.1 % Finance leases 5.3 %
Schedule of Supplemental Balance Sheet Information Related to Leases [Table Text Block]	Balance Sheet Location March 31, 2024 December 31, 2023 Assets Finance lease assets Property and equipment, net $ 504 $ 636 Operating lease assets Operating lease assets, net 7,339 6,917 Total leased assets $ 7,843 $ 7,553 Liabilities Current Current finance lease liabilities Current portion of finance lease obligations $ 296 $ 356 Current operating lease liabilities Current portion of operating lease obligations 1,235 1,033 Noncurrent Long-term finance lease liabilities Long-term finance lease liabilities, net of current portion 168 209 Long-term operating lease liabilities Long-term operating lease obligations, net of current portion 6,977 6,763 Total lease liabilities $ 8,676 $ 8,361
Schedule of Lease Liability Maturity [Table Text Block]	Operating Leases Finance Leases Total 2024 $ 1,397 $ 271 $ 1,668 2025 1,635 106 1,741 2026 1,581 108 1,689 2027 1,286 - 1,286 2028 1,279 - 1,279 Thereafter 4,539 - 4,539 Total lease payments $ 11,717 $ 485 $ 12,202 Less: imputed interest (3,505 ) (21 ) (3,526 ) Present value of lease liabilities $ 8,212 $ 464 $ 8,676

Note 6 - Stock Based Awards (Ta

Note 6 - Stock Based Awards (Tables)	3 Months Ended
Note 6 - Stock Based Awards (Tables)	Mar. 31, 2024
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding – December 31, 2023 458,700 $ 6.63 6.53 $ 1,432 Granted - - Exercised - - Forfeited (6,200 ) 11.10 Outstanding – March 31, 2024 452,500 $ 6.57 6.57 $ 3,066 Exercisable on March 31, 2024 294,100 $ 4.71 4.71 $ 2,530
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Shares Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding – December 31, 2023 27,000 1.0 $ 254 Granted - Vested (15,000 ) Forfeited - Outstanding – March 31, 2024 12,000 1.0 $ 160

Note 7 - Net Income Per Share_2

Note 7 - Net Income Per Share Data (Tables)	3 Months Ended
Note 7 - Net Income Per Share Data (Tables)	Mar. 31, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, (In thousands) 2024 2023 Basic weighted average shares outstanding 2,742,511 2,692,033 Dilutive effect of outstanding stock options and non-vested restricted stock units 165,946 211,602 Diluted weighted average shares outstanding 2,908,457 2,903,635

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Cost of Goods and Services Sold	$ 28,767,000	$ 29,404,000
Finite-Lived Intangible Assets, Remaining Amortization Period	2 years 4 months 24 days
Finite-Lived Intangible Assets, Net	$ 223,000		$ 263,000	$ 422,000
Amortization of Intangible Assets	40,000	$ 40,000	$ 159,000
Patents Received [Member]
Finite-Lived Intangible Assets, Net	77,000
Patents In Process [Member]
Finite-Lived Intangible Assets, Net	110,000
Revision of Prior Period, Error Correction, Adjustment [Member]
Accrued Liabilities, Current	178,000
Cost of Goods and Services Sold	$ (178)

Note 1 - Summary of Significa_4

Note 1 - Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Raw Materials	$ 22,143	$ 20,863
Work in Process	992	1,033
Finished Goods	1,059	934
Reserves	(1,243)	(1,170)
Total	$ 22,951	$ 21,660

Note 1 - Summary of Significa_5

Note 1 - Summary of Significant Accounting Policies - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Balance	$ 263	$ 422	$ 422
Amortization	40	40	159
Balance	223		263
Customer Relationships [Member]
Balance	72	216	216
Amortization	36		144
Balance	36		72
Patents [Member]
Balance	191	$ 206	206
Amortization	4		15
Balance	$ 187		$ 191

Note 1 - Summary of Significa_6

Note 1 - Summary of Significant Accounting Policies - Estimated Future Annual Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total	$ 223	$ 263	$ 422
Finite-lived Intangible Assets, Excluding Projects in Process [Member]
2024	47
2025	14
2026	14
2027	14
2028	14
Thereafter	10
Total	$ 113

Note 2 - Concentration of Cre_2

Note 2 - Concentration of Credit Risk and Major Customers (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Cash and Cash Equivalents, at Carrying Value	$ 4,028	$ 1,267	$ 960
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 4,028	$ 2,633
Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk Number of Customers	2	1
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Two Customers [Member]
Concentration Risk, Percentage	35%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| One Customer [Member]
Concentration Risk, Percentage		29%
Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Concentration Risk Number of Customers	2	2
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Two Customers [Member]
Concentration Risk, Percentage	37%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| One Customer [Member]
Concentration Risk, Percentage		35%
Contract Assets Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk Number of Customers	3	2
Contract Assets Benchmark [Member] \| Customer Concentration Risk [Member] \| One Customer [Member]
Concentration Risk, Percentage	41%	34%
UNITED STATES
Excess Cash Balances, Number of High Credit Quality Financial Institutions	1
CHINA
Excess Cash Balances, Number of High Credit Quality Financial Institutions	1
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 930
MEXICO
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 7
Non-US [Member] \| Revenue Benchmark [Member] \| Geographic Concentration Risk [Member]
Concentration Risk, Percentage	3%	4%

Note 3 - Revenue (Details Textu

Note 3 - Revenue (Details Textual)	3 Months Ended
Note 3 - Revenue (Details Textual)	Mar. 31, 2024	Mar. 31, 2023
Percentage of Revenue Transferred to Customers	74%	74%

Note 3 - Revenue - Contract Ass

Note 3 - Revenue - Contract Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Balance outstanding		$ 14,481
Amounts transferred over time to contract assets	$ 25,214
Amounts invoiced during the period	(25,501)
Balance outstanding at March 31, 2023	$ 14,194

Note 3 - Revenue - Disaggregati

Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Net sales		$ 34,215	$ 34,888
Medical [Member]
Net sales		20,282	21,372
Aerospace and Defense [Member]
Net sales		5,860	9,472
Industrial [Member]
Net sales		8,073	4,044
Transferred over Time [Member]
Net sales		25,214	25,730
Transferred over Time [Member] \| Medical [Member]
Net sales		14,240	15,725
Transferred over Time [Member] \| Aerospace and Defense [Member]
Net sales		5,545	6,590
Transferred over Time [Member] \| Industrial [Member]
Net sales		5,429	3,415
Transferred at Point in Time [Member]
Net sales		7,834	8,019
Transferred at Point in Time [Member] \| Medical [Member]
Net sales		5,245	5,061
Transferred at Point in Time [Member] \| Aerospace and Defense [Member]
Net sales		242	2,408
Transferred at Point in Time [Member] \| Industrial [Member]
Net sales		2,347	550
Noncash Consideration [Member]
Net sales	[1]	1,167	1,139
Noncash Consideration [Member] \| Medical [Member]
Net sales	[1]	797	586
Noncash Consideration [Member] \| Aerospace and Defense [Member]
Net sales	[1]	73	474
Noncash Consideration [Member] \| Industrial [Member]
Net sales	[1]	$ 297	$ 79

[1]Noncash consideration represents material provided by the customer used in the build of the product.

Note 4 - Financing Arrangemen_2

Note 4 - Financing Arrangements (Details Textual) - Bank of America [Member] - Credit Agreement [Member] - Line of Credit [Member] $ in Thousands		3 Months Ended	12 Months Ended
	Feb. 29, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 15, 2017 USD ($)
Line of Credit Facility, Maximum Borrowing Capacity	$ 15,000			$ 16,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.20%
Debt Instrument, Maximum Leverage Ratio	2.5
Debt Instrument, Minimum Fixed Charges Coverage Ratio	1.25
Debt Instrument, Interest Rate During Period		9.40%	8.30%
Long-Term Line of Credit		$ 6,220	$ 5,846
Line of Credit Facility, Remaining Borrowing Capacity		8,780
Debt Issuance Costs, Net		$ 50	$ 31

Note 5 - Leases (Details Textua

Note 5 - Leases (Details Textual)	Mar. 31, 2024
Minimum [Member]
Lessee, Operating Lease, Renewal Term	1 year
Maximum [Member]
Lessee, Operating Lease, Renewal Term	5 years

Note 5 - Leases - Lease Cost (D

Note 5 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
Operating lease cost	$ 596	$ 567
Cash paid for amounts included in the measurement of lease liabilities	459	493
Operating leases (Year)			7 years 10 months 24 days
Finance lease interest cost	7	12
Finance leases (Year)			1 year 8 months 12 days
Operating lease assets acquired under operating lease	719	0
Finance lease amortization expense	131	182
Operating leases			8.10%
Finance leases			5.30%
Total lease cost	$ 734	$ 761

Note 5 - Leases - Supplemental

Note 5 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating lease assets	$ 504	$ 636
Finance lease assets	7,339	6,917
Total leased assets	7,843	7,553
Operating lease assets	296	356
Operating lease assets	1,235	1,033
Operating lease assets	168	209
Operating lease assets	6,977	6,763
Operating lease assets	8,676	8,361
Property and Equipment [Member]
Finance lease assets	$ 7,339	$ 6,917

Note 5 - Leases - Maturity of L

Note 5 - Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Remaining 2024, operating leases	$ 1,397
Remaining 2024, finance leases	271
Remaining 2024	1,668
2025, operating leases	1,635
2025, finance leases	106
2025	1,741
2026, operating leases	1,581
2026, finance leases	108
2026	1,689
2027, operating leases	1,286
2027, finance leases	0
2027	1,286
2028, operating lease	1,279
2028, finance leases	0
2028	1,279
Therafter, operating leases	4,539
Therafter, finance leases	0
Therafter	4,539
Total lease payments, operating leases	11,717
Total lease payments, finance leases	485
Total lease payments	12,202
Less: Interest, operating leases	(3,505)
Less: Interest, finance leases	(21)
Less: Interest	(3,526)
Present value of lease liabilities, operating leases	8,212
Present value of lease liabilities, finance leases	464
Operating lease assets	$ 8,676	$ 8,361

Note 6 - Stock Based Awards (De

Note 6 - Stock Based Awards (Details Textual) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2020	Mar. 31, 2024	Mar. 31, 2023	May 31, 2017
Share-Based Payment Arrangement, Expense				$ 80	$ 99
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross				0
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Expense				$ 56	68
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 776
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition				3 years 3 months 18 days
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expense				$ 24	$ 31
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 109
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition				1 year
Stock Incentive Plan 2017 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized						350,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized	100,000	175,000	50,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross				0	0
Stock Incentive Plan 2017 [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period				0	0

Note 6 - Stock Based Awards - O

Note 6 - Stock Based Awards - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Outstanding, shares (in shares)	458,700
Outstanding, weighted average exercise price (in dollars per share)	$ 6.63
Outstanding – weighted average remaining contractual term (Year)	6 years 6 months 25 days	6 years 6 months 10 days
Outstanding – aggregate intrinsic value	$ 3,066	$ 1,432
Granted, shares (in shares)	0
Granted, weighted average exercise price (in dollars per share)	$ 0
Exercised, shares (in shares)	0
Exercised, weighted average exercise price (in dollars per share)	$ 0
Forefeited, shares (in shares)	(6,200)
Forefeited, weighted average exercise price (in dollars per share)	$ 11.1
Outstanding, shares (in shares)	452,500	458,700
Outstanding, weighted average exercise price (in dollars per share)	$ 6.57	$ 6.63
Exercisable, shares (in shares)	294,100
Exercisable, weighted average exercise price (in dollars per share)	$ 4.71
Exercisable, weighted average remaining contractual term (Year)	4 years 8 months 15 days
Exercisable, aggregate intrinsic value	$ 2,530

Note 6 - Stock Based Awards - R

Note 6 - Stock Based Awards - Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	0
Restricted Stock [Member]
Outstanding – shares (in shares)	27,000
Outstanding – weighted average remaining contractual term (in dollars per share)	$ 1
Outstanding – aggregate intrinsic value	$ 160	$ 254
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	0
Vested, shares (in shares)	(15,000)
Forfeited, shares (in shares)	0
Outstanding , shares (in shares)	12,000
Outstanding – weighted average remaining contractual term (in dollars per share)	$ 1

Note 7 - Net Income Per Share_3

Note 7 - Net Income Per Share Data (Details Textual) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	38,405	28,637

Note 7 - Net Income Per Share (

Note 7 - Net Income Per Share (Details) - shares	3 Months Ended
Note 7 - Net Income Per Share (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
Weighted average number of common shares outstanding - basic (in shares)	2,742,511	2,692,033
Dilutive effect of outstanding stock options and non-vested restricted stock units (in shares)	165,946	211,602
Diluted weighted average shares outstanding (in shares)	2,908,457	2,903,635

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual)	3 Months Ended
Note 8 - Income Taxes (Details Textual)	Mar. 31, 2024	Mar. 31, 2023
Effective Income Tax Rate Reconciliation, Percent	22.60%	27.80%

Note 9 - Payroll Tax Deferral (

Note 9 - Payroll Tax Deferral (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Social Security Tax Payment Deferred		$ 1,158
Tax Credit Receivable	$ 785

Note 10 - Related Party Trans_2

Note 10 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Agreement Between the BIRD Foundation, the Company, and MARPE Technologies, LTD [Member]
Agreement, Conditional Grant	$ 1,000
Agreement, Exclusive Manufacturing Rights, Term (Year)	10 years
Abilitech Medical, Inc [Member] \| Loss on Long-Term Purchase Commitment [Member]
Accounts Receivable, after Allowance for Credit Loss	$ 85
Abilitech Medical, Inc [Member] \| Payments Received for Delivery of EMS Products [Member]
Related Party Transaction, Amounts of Transaction	$ 28
David Kunin [Member] \| Marpe Technologies, LTD [Member] \| Maximum [Member]
Ownership, Percent	10%
Marpe Technologies, LTD [Member] \| Agreement Between the BIRD Foundation, the Company, and MARPE Technologies, LTD [Member]
Accounts Receivable, after Allowance for Credit Loss	$ 0		$ 20
Related Party Transaction, Amounts of Transaction	0	$ 67
Agreement, Conditional Grant Matching Amount	500
Unbilled Contracts Receivable	$ 21		$ 39