10-Q Filing

ARTS WAY MANUFACTURING CO INC CIK: 7623 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001437749-20-007708`
Period End Date	20200229
Filing Date	20200414
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	artw-20200229.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 36 Cash Flow Statement 60 Stockholders Equity 12

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$32.61K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$22.93K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.15K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.29K	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $32,611 and $22,925 in 2020 and 2019, respectively	`AccountsReceivableNetCurrent`	$2.66M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $32,611 and $22,925 in 2020 and 2019, respectively	`AccountsReceivableNetCurrent`	$1.68M	USD	Point-in-time
Inventories, net	`InventoryNet`	$9.31M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$8.78M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$9.31M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cost and profit in excess of billings	`ContractWithCustomerAssetNetCurrent`	$512.62K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cost and profit in excess of billings	`ContractWithCustomerAssetNetCurrent`	$726.67K	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Net investment in sales-type leases, current	`NetInvestmentInLeaseCurrent`	$116.56K	USD	Point-in-time
Net investment in sales-type leases, current	`NetInvestmentInLeaseCurrent`	$148.00K	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	4.32M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$262.41K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	4.37M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$70.93K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.87M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.41M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	18,842.00	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	29,359.00	shares	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$5.36M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$5.45M	USD	Point-in-time
Assets held for lease, net	`AssetsHeldForLeaseNet`	$667.92K	USD	Point-in-time
Assets held for lease, net	`AssetsHeldForLeaseNet`	$713.78K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$1.79M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$1.91M	USD	Point-in-time
Net investment in sales-type leases, long-term	`NetInvestmentInLeaseNoncurrent`	$5.78K	USD	Point-in-time
Net investment in sales-type leases, long-term	`NetInvestmentInLeaseNoncurrent`	-	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$104.18K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$71.19K	USD	Point-in-time
Total assets	`Assets`	$21.00M	USD	Point-in-time
Total assets	`Assets`	$19.35M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.21M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.55M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$105.36K	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$222.27K	USD	Point-in-time
Billings in Excess of Cost and Profit	`ContractWithCustomerLiabilityCurrentBillingInExcessOfCostAndProfit`	$88.93K	USD	Point-in-time
Billings in Excess of Cost and Profit	`ContractWithCustomerLiabilityCurrentBillingInExcessOfCostAndProfit`	$434.13K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$6.40K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$23.98K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.11M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.13M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$2.58M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$3.84M	USD	Point-in-time
Current portion of long-term debt	`LoansPayableCurrent`	$86.50K	USD	Point-in-time
Current portion of long-term debt	`LoansPayableCurrent`	$85.40K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.27M	USD	Point-in-time
Long-term portion of operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$25.15K	USD	Point-in-time
Long-term portion of operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Long-term debt, excluding current portion	`LongTermDebtNoncurrent`	$2.35M	USD	Point-in-time
Long-term debt, excluding current portion	`LongTermDebtNoncurrent`	$2.33M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.55M	USD	Point-in-time
Total liabilities	`Liabilities`	$9.62M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2020 and 2019; issued 0 shares in 2020 and 2019.	`PreferredStockValue`	-	USD	Point-in-time
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2020 and 2019; issued 0 shares in 2020 and 2019.	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares in 2020 and 2019; issued 4,374,837 in 2020 and 4,321,087 in 2019	`CommonStockValue`	$43.75K	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares in 2020 and 2019; issued 4,374,837 in 2020 and 4,321,087 in 2019	`CommonStockValue`	$43.21K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.29M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.25M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.11M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.55M	USD	Point-in-time
Treasury stock, at cost (29,359 in 2020 and 18,842 in 2019 shares)	`TreasuryStockValue`	$47.06K	USD	Point-in-time
Treasury stock, at cost (29,359 in 2020 and 18,842 in 2019 shares)	`TreasuryStockValue`	$66.12K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$13.04M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$11.37M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$12.49M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$11.79M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$21.00M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$19.35M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$4.12M	USD	1 Quarter
Sales	`Revenues`	$5.03M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.52M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.05M	USD	1 Quarter
Gross profit	`GrossProfit`	$977.16K	USD	1 Quarter
Gross profit	`GrossProfit`	$604.84K	USD	1 Quarter
Engineering	`EngineeringExpense`	$147.21K	USD	1 Quarter
Engineering	`EngineeringExpense`	$109.85K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$455.68K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$343.35K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$836.91K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$881.32K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.45M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.33M	USD	1 Quarter
Income (Loss) from operations	`OperatingIncomeLoss`	$-722.62K	USD	1 Quarter
Income (Loss) from operations	`OperatingIncomeLoss`	$-469.70K	USD	1 Quarter
Interest expense	`InterestExpense`	$85.04K	USD	1 Quarter
Interest expense	`InterestExpense`	$83.27K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$9.20K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$26.82K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-58.22K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-74.08K	USD	1 Quarter
Income (Loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-543.77K	USD	1 Quarter
Income (Loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-780.84K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-174.91K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-106.58K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-605.93K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-437.19K	USD	1 Quarter
Net Income (Loss) per share (in dollars per share)	`EarningsPerShareBasic`	$-0.14	USD	1 Quarter
Net Income (Loss) per share (in dollars per share)	`EarningsPerShareBasic`	$-0.10	USD	1 Quarter
Diluted Net Income (Loss) per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.10	USD	1 Quarter
Diluted Net Income (Loss) per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.14	USD	1 Quarter
Weighted average outstanding shares used to compute basic net income per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.32M	shares	1 Quarter
Weighted average outstanding shares used to compute basic net income per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.24M	shares	1 Quarter
Weighted average outstanding shares used to compute diluted net income per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.32M	shares	1 Quarter
Weighted average outstanding shares used to compute diluted net income per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.24M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net (loss) from continuing operations	`IncomeLossFromContinuingOperations`	$-605.93K	USD	1 Quarter
Net (loss) from continuing operations	`IncomeLossFromContinuingOperations`	$-437.19K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$65.55K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$37.58K	USD	1 Quarter
Gain on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.25K	USD	1 Quarter
Gain on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$15.09K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$289.07K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$227.46K	USD	1 Quarter
Bad debt expense (recovery)	`ProvisionForDoubtfulAccounts`	$10.21K	USD	1 Quarter
Bad debt expense (recovery)	`ProvisionForDoubtfulAccounts`	$8.03K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$170.80K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$125.25K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$132.99K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$987.52K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$535.92K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-48.42K	USD	1 Quarter
Net investment in sales-type leases	`IncreaseDecreaseInLeasingReceivables`	$-12.79K	USD	1 Quarter
Net investment in sales-type leases	`IncreaseDecreaseInLeasingReceivables`	$-37.23K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$191.48K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$177.12K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$349.26K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-7.57K	USD	1 Quarter
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$559.25K	USD	1 Quarter
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$-462.52K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$116.91K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$569.17K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-4.37K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$17.58K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-36.98K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-130.05K	USD	1 Quarter
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-960.13K	USD	1 Quarter
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-713.41K	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$267.14K	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$53.06K	USD	1 Quarter
Net proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.25K	USD	1 Quarter
Net proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$893.71K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-265.89K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$840.66K	USD	1 Quarter
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$1.27M	USD	1 Quarter
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$136.00K	USD	1 Quarter
Repayment of term debt	`RepaymentsOfLongTermDebt`	$20.78K	USD	1 Quarter
Repayment of term debt	`RepaymentsOfLongTermDebt`	$252.70K	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$10.82K	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$19.06K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-127.52K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.23M	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-267.00	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$142.00	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$3.25K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$3.51K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$3.29K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$3.15K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$3.25K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$3.51K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$3.29K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$3.15K	USD	Point-in-time
Interest	`InterestPaidNet`	$81.19K	USD	1 Quarter
Interest	`InterestPaidNet`	$77.24K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$260.00	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$1.09K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$13.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.37M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.79M	USD	Point-in-time
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$54.73K	USD	1 Quarter
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$18.52K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-605.93K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-437.19K	USD	1 Quarter
Balance	`StockholdersEquity`	$13.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.37M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.79M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.