10-K Filing

ARTS WAY MANUFACTURING CO INC CIK: 7623 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001437749-21-002312`
Period End Date	20201130
Filing Date	20210209
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	artw-20201130.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 36 Cash Flow Statement 67 Stockholders Equity 10

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$51.17K	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`	$2.68K	USD	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $51,175 and $22,925 in 2020 and 2019, respectively	`AccountsReceivableNetCurrent`	$1.68M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $51,175 and $22,925 in 2020 and 2019, respectively	`AccountsReceivableNetCurrent`	$2.39M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$8.78M	USD	Point-in-time
Inventories, net	`InventoryNet`	$7.76M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cost and profit in excess of billings	`ContractWithCustomerAssetNetCurrent`	$726.67K	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cost and profit in excess of billings	`ContractWithCustomerAssetNetCurrent`	$56.03K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Net investment in sales-type leases, current	`CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent`	$28.35K	USD	Point-in-time
Net investment in sales-type leases, current	`CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent`	$148.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$61.28K	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$70.93K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	4.47M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	4.32M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$10.30M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.41M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$5.36M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	18,842.00	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	35,097.00	shares	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$5.22M	USD	Point-in-time
Assets held for lease, net	`AssetsHeldForLeaseNet`	$521.55K	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`	$2.67M	USD	Point-in-time
Net investment in sales-type leases, long-term	`CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesNoncurrent`	$5.78K	USD	Point-in-time
Net investment in sales-type leases, long-term	`CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesNoncurrent`	-	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$71.19K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$93.76K	USD	Point-in-time
Total assets	`Assets`	$19.35M	USD	Point-in-time
Total assets	`Assets`	$18.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.21M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.96M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$105.36K	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$198.22K	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`	$276.23K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$6.40K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.10K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.13M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.28M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$2.36M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$2.58M	USD	Point-in-time
Current portion of long-term debt	`LoansPayableCurrent`	$94.98K	USD	Point-in-time
Current portion of long-term debt	`LoansPayableCurrent`	$85.40K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.16M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.20M	USD	Point-in-time
Long-term portion of operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Long-term portion of operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$18.34K	USD	Point-in-time
Long-term debt, excluding current portion	`LongTermDebtNoncurrent`	$2.71M	USD	Point-in-time
Long-term debt, excluding current portion	`LongTermDebtNoncurrent`	$2.35M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.55M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.90M	USD	Point-in-time
Commitments and Contingencies (Notes 8, 9 and 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Notes 8, 9 and 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2020 and 2019; issued and outstanding 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 and outstanding 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 4,470,004 in 2020 and 4,321,087 in 2019	`CommonStockValue`	$43.21K	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares in 2020 and 2019; issued 4,470,004 in 2020 and 4,321,087 in 2019	`CommonStockValue`	$44.70K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.25M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.50M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$6.44M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.55M	USD	Point-in-time
Treasury stock, at cost (35,097 in 2020 and 18,842 in 2019 shares)	`TreasuryStockValue`	$78.05K	USD	Point-in-time
Treasury stock, at cost (35,097 in 2020 and 18,842 in 2019 shares)	`TreasuryStockValue`	$47.06K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$13.04M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$11.79M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.91M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$19.35M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$18.80M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$22.89M	USD	Annual
Sales	`Revenues`	$22.41M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$18.96M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$20.01M	USD	Annual
Gross profit	`GrossProfit`	$2.40M	USD	Annual
Gross profit	`GrossProfit`	$3.93M	USD	Annual
Engineering	`EngineeringExpense`	$476.72K	USD	Annual
Engineering	`EngineeringExpense`	$479.35K	USD	Annual
Selling	`SellingAndMarketingExpense`	$1.60M	USD	Annual
Selling	`SellingAndMarketingExpense`	$1.62M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$4.21M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$3.34M	USD	Annual
Total expenses	`OperatingExpenses`	$5.42M	USD	Annual
Total expenses	`OperatingExpenses`	$6.31M	USD	Annual
(Loss) from operations	`OperatingIncomeLoss`	$-3.91M	USD	Annual
(Loss) from operations	`OperatingIncomeLoss`	$-1.50M	USD	Annual
Interest expense	`InterestExpense`	$304.61K	USD	Annual
Interest expense	`InterestExpense`	$358.17K	USD	Annual
Other	`OtherNonoperatingIncomeExpense`	$1.25M	USD	Annual
Other	`OtherNonoperatingIncomeExpense`	$86.23K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$949.68K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-271.94K	USD	Annual
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.96M	USD	Annual
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.77M	USD	Annual
Income tax (benefit)	`IncomeTaxExpenseBenefit`	$-349.23K	USD	Annual
Income tax (benefit)	`IncomeTaxExpenseBenefit`	$-856.47K	USD	Annual
Net Income (Loss)	`NetIncomeLoss`	$-1.42M	USD	Annual
Net Income (Loss)	`NetIncomeLoss`	$-2.10M	USD	Annual
Basic Net Income (Loss) per share (in dollars per share)	`EarningsPerShareBasic`	$-0.33	USD	Annual
Basic Net Income (Loss) per share (in dollars per share)	`EarningsPerShareBasic`	$-0.48	USD	Annual
Diluted Net Income (Loss) per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.48	USD	Annual
Diluted Net Income (Loss) per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.33	USD	Annual
Weighted average outstanding shares used to compute basic net loss per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.28M	shares	Annual
Weighted average outstanding shares used to compute basic net loss per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.39M	shares	Annual
Weighted average outstanding shares used to compute diluted net loss per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.28M	shares	Annual
Weighted average outstanding shares used to compute diluted net loss per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.39M	shares	Annual

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net (loss)	`IncomeLossFromContinuingOperations`	$-1.42M	USD	Annual
Net (loss)	`IncomeLossFromContinuingOperations`	$-2.10M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$195.42K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$247.65K	USD	Annual
Increase in obsolete inventory reserves	`InventoryWriteDown`	$556.30K	USD	Annual
Increase in obsolete inventory reserves	`InventoryWriteDown`	$79.27K	USD	Annual
(Gain) Loss on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-25.20K	USD	Annual
(Gain) Loss on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$10.00K	USD	Annual
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$1.00M	USD	Annual
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$818.23K	USD	Annual
Accrued interest on deferred debt payments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAccruedInterestOnDeferredDebtPayments`	$7.54K	USD	Annual
Accrued interest on deferred debt payments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAccruedInterestOnDeferredDebtPayments`	-	USD	Annual
Change in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-2.17K	USD	Annual
Change in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$28.25K	USD	Annual
Debt forgiveness from Paycheck Protection Program loan	`DebtForgivenessPaycheckProtectionProgramLoanUnderCARESAct`	$1.24M	USD	Annual
Debt forgiveness from Paycheck Protection Program loan	`DebtForgivenessPaycheckProtectionProgramLoanUnderCARESAct`	-	USD	Annual
Deferred expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-353.63K	USD	Annual
Deferred expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-881.64K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$738.88K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$140.69K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-459.80K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-1.40M	USD	Annual
Net investment in sales-type leases	`IncreaseDecreaseInLeasingReceivables`	$-125.44K	USD	Annual
Net investment in sales-type leases	`IncreaseDecreaseInLeasingReceivables`	$-123.06K	USD	Annual
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-54.16K	USD	Annual
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-9.65K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$403.25K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$750.09K	USD	Annual
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$-723.46K	USD	Annual
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$857.94K	USD	Annual
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$92.86K	USD	Annual
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$-40.27K	USD	Annual
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	-	USD	Annual
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-5.30K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$136.95K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$239.54K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-856.31K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$807.75K	USD	Annual
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$447.02K	USD	Annual
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$693.41K	USD	Annual
Net proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$899.71K	USD	Annual
Net proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$191.76K	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$452.69K	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-501.65K	USD	Annual
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-219.00K	USD	Annual
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-927.00K	USD	Annual
Proceeds from term debt	`ProceedsFromPaycheckProtectionProgramUnderCARESAct`	$1.69M	USD	Annual
Proceeds from term debt	`ProceedsFromPaycheckProtectionProgramUnderCARESAct`	-	USD	Annual
Proceeds from term debt	`ProceedsFromPaycheckProtectionProgramUnderCARESAct`	$1.24M	USD	Point-in-time
Repayment of term debt	`RepaymentsOfLongTermDebt`	$85.40K	USD	Annual
Repayment of term debt	`RepaymentsOfLongTermDebt`	$314.49K	USD	Annual
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$31.00K	USD	Annual
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$19.32K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.36M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.26M	USD	Annual
Net (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-461.00	USD	Annual
Net (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-367.00	USD	Annual
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.15K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.51K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.68K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.15K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.51K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.68K	USD	Point-in-time
Interest	`InterestPaidNet`	$329.36K	USD	Annual
Interest	`InterestPaidNet`	$263.60K	USD	Annual
Income taxes	`IncomeTaxesPaid`	$28.51K	USD	Annual
Income taxes	`IncomeTaxesPaid`	$3.85K	USD	Annual

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$13.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.79M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.91M	USD	Point-in-time
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$216.65K	USD	Annual
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$176.09K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-1.42M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-2.10M	USD	Annual
Balance	`StockholdersEquity`	$13.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.79M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.91M	USD	Point-in-time

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