10-K Filing

ARTS WAY MANUFACTURING CO INC CIK: 7623 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001437749-22-003662`
Period End Date	20211130
Filing Date	20220217
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	artw20211130_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 36 Cash Flow Statement 71 Stockholders Equity 12

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$38.19K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$51.17K	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
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.66K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $38,188 and $51,175 in 2021 and 2020, respectively	`AccountsReceivableNetCurrent`	$2.39M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	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 $38,188 and $51,175 in 2021 and 2020, respectively	`AccountsReceivableNetCurrent`	$2.66M	USD	Point-in-time
Inventories, net	`InventoryNet`	$7.76M	USD	Point-in-time
Inventories, net	`InventoryNet`	$9.21M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cost and profit in excess of billings	`ContractWithCustomerAssetNetCurrent`	$177.28K	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
Net investment in sales-type leases, current	`NetInvestmentInLeaseCurrent`	$28.35K	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	`NetInvestmentInLeaseCurrent`	-	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	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`	$121.17K	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	4.47M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$10.30M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.17M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	4.58M	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
Treasury stock (in shares)	`TreasuryStockShares`	44,532.00	shares	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$5.24M	USD	Point-in-time
Assets held for lease, net	`AssetsHeldForLeaseNet`	$521.55K	USD	Point-in-time
Assets held for lease, net	`AssetsHeldForLeaseNet`	$521.55K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.67M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.62M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$93.76K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$299.03K	USD	Point-in-time
Total assets	`Assets`	$20.85M	USD	Point-in-time
Total assets	`Assets`	$18.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.96M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.74M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$278.51K	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$198.22K	USD	Point-in-time
Billings in excess of cost and profit	`ContractWithCustomerLiabilityCurrentBillingInExcessOfCostAndProfit`	$280.76K	USD	Point-in-time
Billings in excess of cost and profit	`ContractWithCustomerLiabilityCurrentBillingInExcessOfCostAndProfit`	$276.23K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.10K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$5.50K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.21M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.28M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$4.07M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$2.36M	USD	Point-in-time
Current portion of long-term debt	`LoansPayableCurrent`	$99.46K	USD	Point-in-time
Current portion of long-term debt	`LoansPayableCurrent`	$94.98K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.16M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.69M	USD	Point-in-time
Long-term portion of finance lease liabilities	`FinanceLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Long-term portion of finance lease liabilities	`FinanceLeaseLiabilityNoncurrent`	$142.39K	USD	Point-in-time
Long-term portion of operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$34.93K	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`	$2.64M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$10.50M	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 2021 and 2020; issued and outstanding 0 shares in 2021 and 2020.	`PreferredStockValue`	-	USD	Point-in-time
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2021 and 2020; issued and outstanding 0 shares in 2021 and 2020.	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares in 2021 and 2020; issued 4,583,504 in 2021 and 4,470,004 in 2020	`CommonStockValue`	$45.84K	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares in 2021 and 2020; issued 4,583,504 in 2021 and 4,470,004 in 2020	`CommonStockValue`	$44.70K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.50M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.76M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$6.44M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$6.66M	USD	Point-in-time
Treasury stock, at cost (44,532 in 2021 and 35,097 in 2020 shares)	`TreasuryStockValue`	$108.52K	USD	Point-in-time
Treasury stock, at cost (44,532 in 2021 and 35,097 in 2020 shares)	`TreasuryStockValue`	$78.05K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$10.35M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.91M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$11.79M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$18.80M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$20.85M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$24.97M	USD	Annual
Sales	`Revenues`	$22.41M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$20.01M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$18.37M	USD	Annual
Gross profit	`GrossProfit`	$6.60M	USD	Annual
Gross profit	`GrossProfit`	$2.40M	USD	Annual
Engineering	`EngineeringExpense`	$505.08K	USD	Annual
Engineering	`EngineeringExpense`	$476.72K	USD	Annual
Selling	`SellingAndMarketingExpense`	$2.01M	USD	Annual
Selling	`SellingAndMarketingExpense`	$1.62M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$3.55M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$4.21M	USD	Annual
Total expenses	`OperatingExpenses`	$6.07M	USD	Annual
Total expenses	`OperatingExpenses`	$6.31M	USD	Annual
Income (Loss) from operations	`OperatingIncomeLoss`	$523.41K	USD	Annual
Income (Loss) from operations	`OperatingIncomeLoss`	$-3.91M	USD	Annual
Interest expense	`InterestExpense`	$313.49K	USD	Annual
Interest expense	`InterestExpense`	$304.61K	USD	Annual
Other	`OtherNonoperatingIncomeExpense`	$1.25M	USD	Annual
Other	`OtherNonoperatingIncomeExpense`	$56.97K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-256.52K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$949.68K	USD	Annual
Income (Loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$266.89K	USD	Annual
Income (Loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.96M	USD	Annual
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-856.47K	USD	Annual
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$54.26K	USD	Annual
Net Income (Loss)	`NetIncomeLoss`	$212.63K	USD	Annual
Net Income (Loss)	`NetIncomeLoss`	$-2.10M	USD	Annual
Basic Net Income (Loss) per share (in dollars per share)	`EarningsPerShareBasic`	$-0.48	USD	Annual
Basic Net Income (Loss) per share (in dollars per share)	`EarningsPerShareBasic`	$0.05	USD	Annual
Diluted Net Income (Loss) per share (in dollars per share)	`EarningsPerShareDiluted`	$0.05	USD	Annual
Diluted Net Income (Loss) per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.48	USD	Annual
Weighted average outstanding shares used to compute basic net loss per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.52M	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`	4.39M	shares	Annual
Weighted average outstanding shares used to compute diluted net loss per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.52M	shares	Annual

Cash Flow Statement 71 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`IncomeLossFromContinuingOperations`	$212.63K	USD	Annual
Net income (loss)	`IncomeLossFromContinuingOperations`	$-2.10M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$265.54K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$247.65K	USD	Annual
Increase (Decrease) in obsolete inventory reserves	`InventoryWriteDown`	$556.30K	USD	Annual
Increase (Decrease) in obsolete inventory reserves	`InventoryWriteDown`	$-638.63K	USD	Annual
(Gain) Loss on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$17.93K	USD	Annual
(Gain) Loss on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-25.20K	USD	Annual
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$613.41K	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`	$16.98K	USD	Annual
Change in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-12.99K	USD	Annual
Change in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$28.25K	USD	Annual
Debt forgiveness from Paycheck Protection Program loan	`DebtForgivenessPaycheckProtectionProgramLoanUnderCARESAct`	-	USD	Annual
Debt forgiveness from Paycheck Protection Program loan	`DebtForgivenessPaycheckProtectionProgramLoanUnderCARESAct`	$1.24M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$45.80K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-881.64K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$738.88K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$259.44K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-459.80K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$809.07K	USD	Annual
Net investment in sales-type leases	`IncreaseDecreaseInLeasingReceivables`	$-28.35K	USD	Annual
Net investment in sales-type leases	`IncreaseDecreaseInLeasingReceivables`	$-125.44K	USD	Annual
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$59.89K	USD	Annual
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-9.65K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$750.09K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-218.31K	USD	Annual
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$857.94K	USD	Annual
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$-116.72K	USD	Annual
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$80.28K	USD	Annual
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$92.86K	USD	Annual
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-5.30K	USD	Annual
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$4.40K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$136.95K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-120.27K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-856.31K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-985.85K	USD	Annual
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$620.28K	USD	Annual
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$693.41K	USD	Annual
Net proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$191.76K	USD	Annual
Net proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$20.81K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-599.48K	USD	Annual
Net cash 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`	$1.72M	USD	Annual
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	-	USD	Annual
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$9.05K	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`	$90.18K	USD	Annual
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$31.00K	USD	Annual
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$30.47K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.59M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.36M	USD	Annual
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-26.00	USD	Annual
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-461.00	USD	Annual
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.66K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.15K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.68K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.66K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.15K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.68K	USD	Point-in-time
Interest	`InterestPaidNet`	$270.62K	USD	Annual
Interest	`InterestPaidNet`	$263.60K	USD	Annual
Income taxes	`IncomeTaxesPaid`	$28.51K	USD	Annual
Income taxes	`IncomeTaxesPaid`	$1.68K	USD	Annual
Right-of-use (ROU) assets acquired	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$27.88K	USD	Annual
Right-of-use (ROU) assets acquired	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$219.94K	USD	Annual

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$10.35M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.79M	USD	Point-in-time
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$235.07K	USD	Annual
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$216.65K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$212.63K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-2.10M	USD	Annual
Net Income	`NetIncomeLoss`	$212.63K	USD	Annual
Net Income	`NetIncomeLoss`	$-2.10M	USD	Annual
Balance	`StockholdersEquity`	$10.35M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.91M	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.