0001140361-23-014061 | 10-K | XBRL Viewer | Transact Technologies INC

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Summary of significant accounting policies, Allowance for doubtful accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts [Roll Forward]
Balance, beginning of period	$ 219	$ 220
Additions charged to costs and expenses	140	0
Deductions	(8)	(1)
Balance, end of period	$ 351	$ 219

Inventories

12 Months Ended

Dec. 31, 2022

Inventories [Abstract]

Inventories

3. Inventories

The components of inventories are:

	December 31,
(In thousands)	2022			2021	*
Raw materials and purchased component parts	$	8,884	$	5,499
Work-in-process		–		11
Finished goods		3,144		2,201
	$	12,028	$	7,711

*	see Note 16, Change in Accounting Principle

Income taxes, Valuation allowance on deferred tax assets (Details) - Foreign Net Operating Loss Carryforwards [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Valuation allowance [Roll Forward]
Balance, beginning of period	$ 733	$ 659
Subtractions released to income tax provisions	(77)	0
Additions charged to income tax provision	0	74
Balance, end of period	$ 656	$ 733

Quarterly results of operations (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Quarterly results of operations (unaudited) [Abstract]
Net sales	$ 17,958	$ 17,856	$ 12,623	$ 9,702	$ 11,123	$ 10,637	$ 9,325	$ 8,301	$ 58,139	$ 39,386
Gross profit	8,219	8,193	5,434	2,566	4,306	4,305	3,432	3,339	24,412	15,382
Net (loss) income	$ 260	$ 528	$ (2,376)	$ (4,348)	$ (823)	$ 901	$ (2,030)	$ (2,089)	$ (5,936)	$ (4,041)
Net (loss) income per common share [Abstract]
Basic (in dollars per share)	$ 0.03	$ 0.05	$ (0.24)	$ (0.44)	$ (0.08)	$ 0.1	$ (0.23)	$ (0.23)	$ (0.6)	$ (0.43)
Diluted (in dollars per share)	$ 0.03	$ 0.05	$ (0.24)	$ (0.44)	$ (0.08)	$ 0.09	$ (0.23)	$ (0.23)	$ (0.6)	$ (0.43)

- Definition

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

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Change in accounting principle, Effect of Change on Statements of Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Changes in Shareholders' Equity [Abstract]
Beginning balance				$ 38,984	$ 39,361			$ 30,125	$ 38,984	$ 30,125
Net loss	$ 260	$ 528	$ (2,376)	(4,348)	(823)	$ 901	$ (2,030)	(2,089)	(5,936)	(4,041)
Ending balance	33,862				38,984	39,361			33,862	38,984
Retained Earnings [Member]
Consolidated Statements of Changes in Shareholders' Equity [Abstract]
Beginning balance				15,566	16,389			19,607	15,566	19,607
Net loss									(5,936)	(4,041)
Ending balance	$ 9,630				15,566	16,389			9,630	15,566
Previously Reported [Member]
Consolidated Statements of Changes in Shareholders' Equity [Abstract]
Beginning balance				38,991	39,280			30,236	38,991	30,236
Net loss					(735)					(4,145)
Ending balance					38,991	39,280				38,991
Previously Reported [Member] \| Retained Earnings [Member]
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Beginning balance				15,573	16,308			19,718	15,573	19,718
Ending balance					15,573	16,308				15,573
Effect of Change [Member] \| Change in Method of Inventory Valuation to Average Costing [Member]
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Net loss					(88)					104
Ending balance					(7)	81				(7)
Effect of Change [Member] \| Retained Earnings [Member] \| Change in Method of Inventory Valuation to Average Costing [Member]
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Beginning balance				$ (7)	81			$ (111)	$ (7)	(111)
Ending balance					$ (7)	$ 81				$ (7)

- Definition

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

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Feb. 28, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	0-21121
Entity Registrant Name	TRANSACT TECHNOLOGIES INC
Entity Central Index Key	0001017303
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1456680
Entity Address, Address Line One	One Hamden Center
Entity Address, Address Line Two	2319 Whitney Avenue, Suite 3B
Entity Address, City or Town	Hamden
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06518
City Area Code	203
Local Phone Number	859-6800
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	TACT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 38,300,000
Entity Common Stock, Shares Outstanding		9,935,827
Auditor Firm ID	688
Auditor Name	Marcum LLP
Auditor Location	Hartford, Connecticut

Accrued liabilities

12 Months Ended

Dec. 31, 2022

Accrued liabilities [Abstract]

Accrued liabilities

6. Accrued liabilities

The components of accrued liabilities are:

	December 31,
(In thousands)	2022		2021
Salaries and compensation related	$	2,744	$	2,854
Taxes		530		79
Professional and consulting		371		285
Other		432		676
	$	4,077	$	3,894

Summary of significant accounting policies, Concentration of credit risk (Details) - Customer Concentration Risk [Member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable [Member] \| Chain Link Services [Member]
Concentration of credit risk [Abstract]
Concentration risk percentage	0.00%	10.00%
Accounts Receivable [Member] \| IGT [Member]
Concentration of credit risk [Abstract]
Concentration risk percentage	12.00%	3.00%
Accounts Receivable [Member] \| NCR Corporation [Member]
Concentration of credit risk [Abstract]
Concentration risk percentage	3.00%	11.00%
Accounts Receivable [Member] \| The Bright Group [Member]
Concentration of credit risk [Abstract]
Concentration risk percentage	11.00%	0.00%
Sales [Member] \| IGT [Member]
Concentration of credit risk [Abstract]
Concentration risk percentage	10.00%	9.00%

Borrowings

12 Months Ended

Dec. 31, 2022

Borrowings [Abstract]

Borrowings

8. Borrowings

Credit Facility

On March 13, 2020, we entered into a credit facility (the “Siena Credit Facility”) with Siena Lending Group LLC (the “Lender”) and terminated our credit facility with TD Bank, N.A. The Siena Credit Facility provides for a revolving credit line of up to $10.0 million and was originally scheduled to expire on March 13, 2023. Borrowings under the Siena Credit Facility bear a floating rate of interest equal to the greatest of (i) the prime rate plus 1.75%, (ii) the federal funds rate plus 2.25%, and (iii) 6.50%. The total deferred financing costs related to expenses incurred to complete the Siena Credit Facility was $245 thousand, which were reported as “Other current assets” in current assets and “Other assets” in non-current assets in the Consolidated Balance Sheets. We also pay a fee of 0.50% on unused borrowings under the Siena Credit Facility. Borrowings under the Siena Credit Facility are secured by a lien on substantially all the assets of the Company.

The Siena Credit Facility imposes a financial covenant on the Company and borrowings are subject to a borrowing base based on (i) 85% of eligible accounts receivable plus the lesser of (a) $5.0 million and (b) 50% of eligible raw material and 60% of finished goods inventory and restricts, among other things, our ability to incur additional indebtedness and create other liens. The three-month period from April 1, 2020 to June 30, 2020 was the first period we were subject to the original financial covenant, which required the Company to maintain a minimum EBITDA and continued through the 12-month period from April 1, 2020 to March 31, 2021. On July 21, 2021, the Company entered into an amendment (“Siena Credit Facility Amendment No. 1”) to the Siena Credit Facility. Siena Credit Facility Amendment No. 1 changed the financial covenant under the Siena Credit Facility from a minimum EBITDA covenant to an excess availability covenant requiring that the Company maintain excess availability of at least $750 thousand under the Siena Credit Facility, tested as of the end of each calendar month, beginning with the calendar month ending July 31, 2021. From July 31, 2021 through December 31, 2022, we remained in compliance with our excess availability covenant. As of December 31, 2022, we had $2.3 million of outstanding borrowings under the Siena Credit Facility and $3.9 million of net borrowing capacity available under the Siena Credit Facility.

On July 19, 2022, the Company and the Lender entered into Amendment No. 2 (“Siena Credit Facility Amendment No. 2”) to the Siena Credit Facility, as amended by Siena Credit Facility Amendment No. 1. Also on July 19, 2022, the Company and the Lender entered into an Amended and Restated Fee Letter (the “Amended Fee Letter”) in connection with the Siena Credit Facility Amendment No. 2. The Siena Credit Facility Amendment No. 2 did not modify the aggregate amount of the revolving commitment or the interest rate applicable to the loans.

The changes to the Siena Credit Facility provided for in Siena Credit Facility Amendment No. 2 include, among other things, the following:

(i)	The extension of the maturity date from March 13, 2023 to March 13, 2025; and

(ii)

The termination of the existing blocked account control agreement and entry into a new “springing” deposit account control agreement, permitting the Company to direct the use of funds in its deposit account until such time as (a) the sum of excess availability under Siena Credit Facility (as amended) and unrestricted cash is less than $5 million for 3 consecutive business days or (b) an event of default occurs and is continuing.

In addition, the Amended Fee Letter requires the Company, while it retains the ability to direct the use of funds in the deposit account, to maintain outstanding borrowings of at least $2,250,000 in principal amount. If the Company does not have the ability to direct the use of funds in the deposit account, then the Amended Fee Letter requires the Company to pay interest on at least $2,250,000 principal amount of loans, whether or not such amount of loans is actually outstanding.

PPP Loan

On May 1, 2020, the Company was granted the PPP Loan from Berkshire Bank in the aggregate amount of $2.2 million, pursuant to the PPP. Under the terms of the PPP, the PPP Loan would be forgiven to the extent that funds from the PPP Loan were used for payroll costs and costs to continue group health care benefits, as well as for interest on mortgage obligations incurred before February 15, 2020, rent under lease agreements in effect before February 15, 2020, utilities for which service began before February 15, 2020, and interest on debt obligations incurred before February 15, 2020, subject to conditions and limitations provided in the CARES Act. At least 60% (under the PPP terms, as amended) of the proceeds from the PPP Loan were required to be used for eligible payroll costs for the PPP Loan to be forgiven.

On July 8, 2021, the Company received notifications from Berkshire Bank and the SBA that the PPP Loan (including all interest accrued thereon) of $2.2 million had been fully forgiven by the SBA and that the forgiveness payment date was July 1, 2021. The forgiveness of the PPP Loan was reported as “Gain on forgiveness of long-term debt” in the Consolidated Statement of Operations during the year ended December 31, 2021.

- Definition

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

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1I
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+ Details

Quarterly results of operations (unaudited) (Tables)

12 Months Ended

Dec. 31, 2022

Quarterly results of operations (unaudited) [Abstract]

Quarterly Results of Operations

Our quarterly results of operations for 2022 and 2021 are as follows:

	Quarter Ended
(In thousands, except per share amounts)	March 31			June 30			September 30		December 31
2022:
Net sales	$	9,702		$	12,623		$	17,856	$	17,958
Gross profit		2,566			5,434			8,193		8,219
Net (loss) income		(4,348	)		(2,376	)		528		260
Net (loss) income per common share:
Basic		(0.44	)		(0.24	)		0.05		0.03
Diluted		(0.44	)		(0.24	)		0.05		0.03

2021:
Net sales	$	8,301		$	9,325		$	10,637	$	11,123
Gross profit		3,339			3,432			4,305		4,306
Net (loss) income		(2,089	)		(2,030	)		901		(823	)
Net (loss) income per common share:
Basic		(0.23	)		(0.23	)		0.10		(0.08	)
Diluted		(0.23	)		(0.23	)		0.09		(0.08	)

Description of business

12 Months Ended

Dec. 31, 2022

Description of business [Abstract]

Description of business

1. Description of business

TransAct Technologies Incorporated (together with its subsidiaries, “TransAct,” the “Company,” “we,” “us,” or “our”), which has its headquarters in Hamden, Connecticut and its primary operating facility in Ithaca, New York, operates in one operating segment: software-driven technology and printing solutions for high growth markets including food service technology, casino and gaming and “point of sale” (“POS”) automation markets. Our solutions are designed from the ground up based on market and customer requirements and are sold under the BOHA!^TM, AccuDate™, Epic, Ithaca®, and EPICENTRAL product brands. We sell our products to original equipment manufacturers, value-added resellers, select distributors, and directly to end-users. Our product distribution spans across the Americas, Europe, the Middle East, Africa, Asia, Australia, New Zealand, the Caribbean Islands and the South Pacific. TransAct also provides world-class service, spare parts, accessories and printing supplies to its growing worldwide installed base of products. We also generate revenue from the after-market side of the business, providing printer and terminal service, consumables and spare parts in addition to revenue from our two software solutions; (i) our line of BOHA! software applications used to automate the back-of-house operations of restaurants, convenience stores and food service operators and (ii) the EPICENTRAL Print System (“EPICENTRAL”), that enables casino operators to create promotional coupons and marketing messages and print them in real time at the slot machine.

Impact of the COVID-19 Pandemic and Global Supply Chain Disruptions

Since early 2020, the COVID-19 pandemic has continued to cause uncertainty and disruption in the global economy and financial markets. We have also been impacted by global supply chain issues, increased shipping costs and inflationary pressures, which have increased our costs and, in some instances, slowed our ability to deliver products to our customers. During 2021, our inventory levels decreased significantly as a result of these supply chain disruptions, and we experienced significantly lower sales levels. However, during 2022 we were able to increase our inventory levels and minimize the impact to our customers by successfully modifying our products that were affected by supply chain disruptions, as well as sourcing component parts from alternate suppliers. Although we were able to increase inventory levels during 2022 and expect to continue to do so in 2023, there can be no assurance that new or continuing supply chain disruptions will not affect our products or that we will be able to make timely modifications to address any future supply chain issues that arise. Further, while we have offset most of our cost increases by increasing prices of our products, there can be no guarantee that we will be able to offset any future cost increases should they arise. After a slowdown in the first quarter of 2022 resulting from the Omicron and other variants of COVID-19, we continued to experience demand recovery during the remainder of 2022. Based on our strong backlog position and continued market expansion, we expect this recovery to continue into 2023, though the exact timing and pace of recovery may be impacted by global economic conditions.

Balance Sheet, Cash Flow and Liquidity. We have taken the following actions to increase liquidity and strengthen our financial position in an effort to mitigate the negative impacts from the COVID-19 pandemic, supply chain disruptions and inflationary pressures:

●

Public Offering – On August 16, 2021, the Company raised net proceeds of $11.2 million (including the exercise of the underwriters overallotment option on August 20, 2021), after deducting underwriting discounts, commissions and offering expenses, through an underwritten public offering and sold an aggregate of 842,375 shares of common stock.

●

PPP Loan – On May 1, 2020, the Company was granted a $2.2 million loan (the “PPP Loan”) under the Paycheck Protection Program (the “PPP”) administered by the Small Business Administration (“SBA”) established under Division A, Title I of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, which enabled us to return employees we furloughed earlier in 2020 to full time employment and to restore employees to full pay following certain pay cuts. On July 8, 2021, we received notice that the PPP Loan had been forgiven as of July 1, 2021. See Note 8 for further details regarding the PPP Loan.

●

Employee Retention Credit – Under the provisions of the CARES Act, the Company is eligible for a refundable employee retention credit subject to certain criteria. In connection with the CARES Act, the Company recognized the employee retention credit during the fourth quarter of 2021 and recorded $1.5 million as “Gain from employee retention credit” in the Consolidated Statement of Operations for the year ended December 31, 2021 and the related receivable as “Employee retention credit receivable” in the Consolidated Balance Sheet as of December 31, 2021 and 2022. We received these funds in the first quarter of 2023.

●

On March 13, 2020, we entered into a Credit Facility with Siena Lending Group LLC that provides a revolving credit line of up to $10.0 million, subject to a borrowing base and on July 19, 2022, we entered into an amendment to extend the maturity of the facility to March 13, 2025. See Note 8 for further details regarding this facility.

●

Reduced Capital Expenditures – We limited capital expenditures during 2020 and 2021 and gradually increased these expenditures during 2022 as sales improved.

After reviewing whether conditions and/or events raise substantial doubt about our ability to meet future financial obligations over the 12 months following the date on which the Consolidated Financial Statements included in this “Form 10-K” were issued, including consideration of the actions taken to manage expenses and liquidity, we believe that our net cash to be provided by operations combined with our cash and cash equivalents and borrowing availability under our revolving credit facility will provide sufficient liquidity to fund our current obligations, capital spending, and working capital requirements and to comply with the financial covenants of our credit facility over at least 12 months following such issuance date.

Use of Assumptions and Estimates

Management’s belief that the Company will be able to fund its planned operations over the 12 months following the date on which the Consolidated Financial Statements were issued is based on assumptions which involve significant judgment and estimates of future revenues, inflation, rising interest rates, capital expenditures and other operating costs. Our current assumptions are that casinos and restaurants will remain open and consumer traffic will continue to increase during the balance of 2023. Though demand for our products at casinos has increased substantially in 2022, and we expect this trend to continue, we cannot predict the ultimate impact of the current economic environment, including inflation, rising interest rates and supply chain disruptions on our customers, which may impact sales. We believe that we are positioned to withstand the impact of any potential economic downturn or slower than anticipated economic recovery. However, despite our significant backlog of orders as of December 31, 2022 and increasing market share during 2022, should such conditions arise, we believe we will be able to take additional financial and operational actions to cut costs and/or increase liquidity.

In addition, the presentation of the accompanying audited Consolidated Financial Statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities. Our estimates include those related to revenue recognition, accounts receivable, inventory obsolescence, goodwill and intangible assets, the valuation of deferred tax assets and liabilities, depreciable lives of equipment, share-based compensation and contingent liabilities. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates used.

Smaller Reporting Company

As a smaller reporting company, as defined in Item 10(f)(1) of Regulation S-K, we may choose to prepare our disclosures relying on certain scaled disclosure requirements for smaller reporting companies in Regulation S-K and in Article 8 of Regulation S-X.

The scaled disclosure requirements for smaller reporting companies permit us (i) to include less extensive narrative disclosure than required of other reporting companies, particularly in the description of executive compensation in our proxy statement and (ii) to provide audited financial statements for two fiscal years in our Form 10-K, in contrast to other reporting companies, which must provide audited financial statements for three years.

We may lose our status as a smaller reporting company on the last day of the fiscal year in which we have (i) public float of at least $250 million as of the last day of the second fiscal quarter and (ii) if we have a public float that does not exceed $700 million as of the last day of the second fiscal quarter and at least $100 million in annual revenues.

Geographic area information

12 Months Ended

Dec. 31, 2022

Geographic area information [Abstract]

Geographic area information

13. Geographic area information

Information regarding our operations by geographic area is contained in the following table. These amounts in the geographic area table are based on the location of the customer and asset.

	Years Ended December 31,
(In thousands)	2022		2021
Net sales:
United States	$	44,034	$	32,400
International		14,105		6,986
Total	$	58,139	$	39,386

Fixed assets, net:
United States	$	2,252	$	1,770
International		529		914
Total	$	2,781	$	2,684

Sales to international customers were 24% and 18% of total sales in 2022 and 2021, respectively. Sales to Europe represented 68% and 53%, sales to the Pacific Rim (which includes Australia and Asia) represented 28% and 35%, and sales to Canada represented 4% and 11% of total international sales in 2022 and 2021, respectively. International long-lived assets consist of net fixed assets located at our foreign subsidiary in the UK, as well as our contract manufacturer in Thailand.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Shareholders' equity:
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	4,800,000	4,800,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	13,956,725	13,917,731
Common stock, shares outstanding (in shares)	9,911,883	9,872,889
Treasury stock (in shares)	4,044,842	4,044,842
Series A Preferred Stock [Member]
Shareholders' equity:
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000	200,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventories [Abstract]
Raw materials and purchased component parts	$ 8,884	$ 5,499
Work-in-process	0	11
Finished goods	3,144	2,201
Inventories	$ 12,028	$ 7,711

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Cash Flows for Operating Leases

The following information represents supplemental disclosure for the statement of cash flows related to operating leases (in thousands):

	Years Ended December 31,
	2022		2021
Operating cash outflows from leases	$	967	$	982

Additional Information Related to Leases

The following summarizes additional information related to our leases:

	Years Ended December 31,
	2022			2021
Weighted average remaining lease term (in years)		2.7			3.5
Weighted average discount rate		4.5	%		4.4	%

Maturity of Operating Lease Liabilities

The maturity of the Company’s operating lease liabilities are as follows (in thousands):

	December 31, 2022
2023	$	972
2024		1,022
2025		710
2026		20
Total undiscounted lease payments		2,724
Less imputed interest		166
Total lease liabilities	$	2,558

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventories [Abstract]

Inventories

The components of inventories are:

	December 31,
(In thousands)	2022			2021	*
Raw materials and purchased component parts	$	8,884	$	5,499
Work-in-process		–		11
Finished goods		3,144		2,201
	$	12,028	$	7,711

*	see Note 16, Change in Accounting Principle

Geographic area information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Geographical area information [Abstract]
Net sales	$ 17,958	$ 17,856	$ 12,623	$ 9,702	$ 11,123	$ 10,637	$ 9,325	$ 8,301	$ 58,139	$ 39,386
Fixed assets, net	2,781				2,684				2,781	2,684
United States [Member]
Geographical area information [Abstract]
Net sales									44,034	32,400
International [Member]
Geographical area information [Abstract]
Net sales									$ 14,105	$ 6,986
Sales [Member] \| Geographic Concentration Risk [Member] \| International [Member]
Geographical area information [Abstract]
Concentration risk percentage									24.00%	18.00%
Sales [Member] \| Geographic Concentration Risk [Member] \| Europe [Member]
Geographical area information [Abstract]
Concentration risk percentage									68.00%	53.00%
Sales [Member] \| Geographic Concentration Risk [Member] \| Pacific Rim [Member]
Geographical area information [Abstract]
Concentration risk percentage									28.00%	35.00%
Sales [Member] \| Geographic Concentration Risk [Member] \| Canada [Member]
Geographical area information [Abstract]
Concentration risk percentage									4.00%	11.00%
Reportable Geographical Components [Member] \| United States [Member]
Geographical area information [Abstract]
Net sales									$ 44,034	$ 32,400
Fixed assets, net	2,252				1,770				2,252	1,770
Reportable Geographical Components [Member] \| International [Member]
Geographical area information [Abstract]
Net sales									14,105	6,986
Fixed assets, net	$ 529				$ 914				$ 529	$ 914

Income taxes, Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets [Abstract]
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	$ 2,297	$ 1,978
Foreign net operating losses	676	624
State net operating losses	149	0
Depreciation	0	306
Capitalized R&D expenses	1,708	0
Inventory reserves	648	710
Deferred revenue	41	24
Warranty reserve	17	22
Stock compensation expense	769	796
Other accrued compensation	222	308
R&D credit carryforward	1,238	901
Other liabilities and reserves	463	250
Gross deferred tax assets	8,228	5,919
Valuation allowance	(656)	(733)
Net deferred tax assets	7,572	5,186
Deferred tax liabilities [Abstract]
Depreciation	196	0
Other	49	43
Net deferred tax liabilities	245	43
Total net deferred tax assets	$ 7,327	$ 5,143

Income taxes, Components of income tax benefit (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Current [Abstract]
Federal		$ 149	$ 26
State		110	51
Foreign		(83)	2
Income taxes current		176	79
Deferred [Abstract]
Federal		(1,924)	(2,057)
State		(217)	(62)
Foreign		0	(2)
Income taxes deferred		(2,141)	(2,121)
Income tax benefit	$ (413)	$ (1,965)	$ (2,042)
Effective tax rate		24.90%	33.60%
Federal statutory tax rate		21.00%	21.00%
Income taxes [Abstract]
Foreign income (loss) before taxes		$ 24	$ (404)
Federal [Member]
Income taxes [Abstract]
Net operating loss carryforwards not subject to expiration		10,900
State [Member]
Income taxes [Abstract]
Net operating loss carryforwards subject to expiration		200
Tax credit carryforwards subject to expiration		0
R&D Credit [Member]
Income taxes [Abstract]
Tax credit carryforwards subject to expiration		$ 1,200
Life of tax credit carry forward		20 years

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Beginning balance at Dec. 31, 2020	$ 130	$ 42,536	$ 19,607	$ (32,110)	$ (38)	$ 30,125
Beginning balance (in shares) at Dec. 31, 2020	8,931,385
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares from exercise of stock options	$ 0	436	0	0	0	436
Issuance of shares from exercise of stock options (in shares)	97,000
Issuance of common stock on restricted stock units	$ 0	0	0	0	0	0
Issuance of common stock on restricted stock units (in shares)	50,525
Issuance of common stock, net of issuance cost	$ 9	11,201	0	0	0	11,210
Issuance of common stock, net of issuance cost (in shares)	842,375
Relinquishments of stock options and deferred stock units to pay withholding taxes	$ 0	(133)	0	0	0	(133)
Relinquishments of stock options and deferred stock units to pay withholding taxes (in shares)	(48,396)
Share-based compensation expense	$ 0	1,206	0	0	0	1,206
Foreign currency translation adjustment, net of tax	0	0	0	0	181	181
Net loss	0	0	(4,041)	0	0	(4,041)
Ending balance at Dec. 31, 2021	$ 139	55,246	15,566	(32,110)	143	$ 38,984
Ending balance (in shares) at Dec. 31, 2021	9,872,889					13,917,731
Beginning balance at Sep. 30, 2021			16,389			$ 39,361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss						(823)
Ending balance at Dec. 31, 2021	$ 139	55,246	15,566	(32,110)	143	$ 38,984
Ending balance (in shares) at Dec. 31, 2021	9,872,889					13,917,731
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares from exercise of stock options	$ 0	0	0	0	0	$ 0
Issuance of shares from exercise of stock options (in shares)	17,500
Issuance of common stock on restricted stock units	$ 0	0	0	0	0	0
Issuance of common stock on restricted stock units (in shares)	47,931
Relinquishments of stock options and deferred stock units to pay withholding taxes	$ 0	(119)	0	0	0	(119)
Relinquishments of stock options and deferred stock units to pay withholding taxes (in shares)	(26,437)
Share-based compensation expense	$ 0	1,155	0	0	0	1,155
Foreign currency translation adjustment, net of tax	0	0	0	0	(222)	(222)
Net loss	0	0	(5,936)	0	0	(5,936)
Ending balance at Dec. 31, 2022	$ 139	$ 56,282	$ 9,630	$ (32,110)	$ (79)	$ 33,862
Ending balance (in shares) at Dec. 31, 2022	9,911,883					13,956,725

Stock incentive plans, Stock incentive plans (Details)	12 Months Ended
Stock incentive plans, Stock incentive plans (Details)	Dec. 31, 2022 Plan shares
Stock incentive plans [Abstract]
Number of stock incentive plans \| Plan	2
Stock Options [Member]
Stock incentive plans [Abstract]
Exercise price as a percentage of fair market value of common stock at date of grant	100.00%
Term of award	10 years
Stock Options [Member] \| Minimum [Member]
Stock incentive plans [Abstract]
Vesting period	2 years
Stock Options [Member] \| Maximum [Member]
Stock incentive plans [Abstract]
Vesting period	4 years
2014 Equity Incentive Plan [Member]
Stock incentive plans [Abstract]
Number of shares authorized (in shares)	2,200,000
Number of shares available for grant (in shares)	347,652
2014 Equity Incentive Plan [Member] \| Stock Options [Member]
Stock incentive plans [Abstract]
Term of award	10 years

Summary of significant accounting policies, Revenue recognition - Contract balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Summary of significant accounting policies [Abstract]
Revenue recognized	$ 1,100
Contract liabilities [Abstract]
Unbilled receivables, current	314	$ 392
Unbilled receivables, non-current	308	163
Customer pre-payments	(99)	(101)
Deferred revenue, current	(805)	(1,329)
Deferred revenue, non-current	(186)	(143)
Net contract (liabilities) assets	$ (468)	$ (1,018)

Stock repurchase program	12 Months Ended
Stock repurchase program	Dec. 31, 2022
Stock repurchase program [Abstract]
Stock repurchase program	12. Stock repurchase program We use the cost method to account for treasury stock purchases, under which the price paid for the stock is charged to the treasury stock account. Repurchases of our common stock are accounted for as of the settlement date. During 2022 and 2021, we did not repurchase any shares of our common stock. From January 1, 2005 through December 31, 2019, we repurchased a total of 4,044,842 shares of common stock for $32.1 million, at an average price of $7.94 per share.

Change in accounting principle (Tables)

12 Months Ended

Dec. 31, 2022

Change in accounting principle [Abstract]

Financial Statement Line Items Impacted by Change in Accounting Principle

The effect of the changes made to the Company’s Consolidated Balance Sheets for the periods presented are as follows:

	December 31, 2021
	Under FIFO Cost		Under Average Cost		Effect of Change
Inventories	$	7,720	$	7,711	$	(9	)
Deferred tax assets		5,141		5,143		2
Retained earnings		15,573		15,566		(7	)

The ending balance in retained earnings as of December 31, 2020 was adjusted from $19,718 to $19,607.

The effect of the changes made to the Company’s Consolidated Statements of Operations for the periods presented are as follows:

	Three months ended December 31, 2021									Year ended December 31, 2021
	Under FIFO Cost			Under Average Cost			Effect of Change			Under FIFO Cost			Under Average Cost			Effect of Change
Cost of sales	$	6,705		$	6,817		$	112		$	24,137		$	24,004		$	(133	)
Gross profit		4,418			4,306			(112	)		15,249			15,382			133
Operating loss		(2,485	)		(2,597	)		(112	)		(9,510	)		(9,377	)		133
Loss before income taxes		(1,124	)		(1,236	)		(112	)		(6,216	)		(6,083	)		133
Income tax benefit		389			413			24			2,071			2,042			(29	)
Net loss		(735	)		(823	)		(88	)		(4,145	)		(4,041	)		104

Net loss per common share:
Basic	$	(0.07	)	$	(0.08	)	$	(0.01	)	$	(0.45	)	$	(0.43	)	$	0.02
Diluted	$	(0.07	)	$	(0.08	)	$	(0.01	)	$	(0.45	)	$	(0.43	)	$	0.02

Shares used in per-share calculation:
Basic		9,848			9,848						9,298			9,298
Diluted		9,848			9,848						9,298			9,298

The effect of the changes made to the Company’s Consolidated Statements of Comprehensive Loss for the periods presented are as follows:

	Three months ended December 31, 2021									Year ended December 31, 2021
	Under FIFO Cost			Under Average Cost			Effect of Change			Under FIFO Cost			Under Average Cost			Effect of Change
Net loss	$	(735	)	$	(823	)	$	(88	)	$	(4,145	)	$	(4,041	)	$	104
Comprehensive loss		(662	)		(750	)		(88	)		(3,964	)		(3,860	)		104

The effect of the changes made to the Company’s Consolidated Statements of Cash Flows for the periods presented are as follows:

	Year ended December 31, 2021
	Under FIFO Cost			Under Average Cost			Effect of Change
Net loss	$	(4,145	)	$	(4,041	)	$	104
Deferred income tax benefit		(2,150	)		(2,121	)		29
Inventories		3,573			3,440			(133	)

The effect of the changes made to the Company’s Consolidated Statements of Changes in Shareholders’ Equity for the periods presented are as follows:

	Three months ended December 31, 2021									Year ended December 31, 2021
	Under FIFO Cost			Under Average Cost			Effect of Change			Under FIFO Cost			Under Average Cost			Effect of Change
Equity beginning balance	$	39,280		$	39,361		$	81		$	30,236		$	30,125		$	(111	)
Retained earnings - beginning of period		16,308			16,389			81			19,718			19,607			(111	)
Net loss		(735	)		(823	)		(88	)		(4,145	)		(4,041	)		104
Retained earnings - end of period		15,573			15,566			(7	)		15,573			15,566			(7	)
Equity ending balance		38,991			38,984			(7	)		38,991			38,984			(7	)

Borrowings (Details) - USD ($)		12 Months Ended
Borrowings (Details) - USD ($)	Jul. 01, 2021	Dec. 31, 2022	Jul. 21, 2021	May 01, 2020	Mar. 13, 2020
Sienna Credit Facility [Member]
Borrowings [Abstract]
Maximum borrowing capacity					$ 10,000,000
Interest rate		6.50%
Deferred financing costs					$ 245,000
Percentage fee on unused borrowings		0.50%
Percentage of eligible accounts receivable		85.00%
Eligible inventory		$ 5,000,000
Percentage of eligible raw material		50.00%
Percentage of eligible finished goods inventory		60.00%
Balance outstanding		$ 2,300,000
Additional borrowing capacity		3,900,000
Minimum excess availability and unrestricted cash required		$ 5,000,000
Number of days to maintain excess availability and unrestricted cash		3 days
Minimum principal amount to be maintained to direct use of funds in deposit account		$ 2,250,000
Minimum principal amount on which interest is paid		$ 2,250,000
Sienna Credit Facility [Member] \| Minimum [Member]
Borrowings [Abstract]
Additional borrowing capacity			$ 750,000
Sienna Credit Facility [Member] \| Prime Rate [Member]
Borrowings [Abstract]
Basis spread on variable rate		1.75%
Sienna Credit Facility [Member] \| Federal Funds Rate [Member]
Borrowings [Abstract]
Basis spread on variable rate		2.25%
PPP Loan [Member]
Borrowings [Abstract]
Face amount				$ 2,200,000
Loan forgiven	$ 2,200,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (5,936)	$ (4,041)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	1,155	1,206
Depreciation and amortization	1,332	957
Deferred income tax benefit	(2,141)	(2,121)
Loss on the disposal of fixed assets	2	9
Foreign currency transaction losses	6	272
Gain on forgiveness of long-term debt	0	(2,173)
Changes in operating assets and liabilities:
Accounts receivable	(6,421)	(4,217)
Employee retention credit receivable	0	(1,500)
Inventories	(4,378)	3,440
Prepaid income taxes	137	2,210
Other current and long-term assets	167	322
Accounts payable	3,103	2,534
Accrued liabilities and other liabilities	754	592
Net cash used in operating activities	(12,220)	(2,510)
Cash flows from investing activities:
Capital expenditures	(1,299)	(1,384)
Proceeds from the sale of fixed assets	0	8
Collection of note receivable	0	1,598
Net cash (used in) provided by investing activities	(1,299)	222
Cash flows from financing activities:
Proceeds from bank borrowings	2,250	0
Proceeds from stock option exercises	0	436
Proceeds from the issuance of common stock	0	12,214
Payment of common stock issuance costs	0	(1,014)
Withholding taxes paid on stock issuance	(119)	(133)
Payment of bank financing costs	(69)	(31)
Net cash provided by financing activities	2,062	11,472
Effect of exchange rate changes on cash and cash equivalents	(54)	(86)
(Decrease) increase in cash and cash equivalents	(11,511)	9,098
Cash and cash equivalents, beginning of period	19,457	10,359
Cash and cash equivalents, end of period	7,946	19,457
Supplemental cash flow information:
Interest paid	129	76
Income taxes paid	62	57
Non-cash capital expenditure items	$ 54	$ 82

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 58,139	$ 39,386
Cost of sales	33,727	24,004
Gross profit	24,412	15,382
Operating expenses:
Engineering, design and product development	8,570	7,475
Selling and marketing	11,326	7,658
General and administrative	12,193	9,626
Operating expenses	32,089	24,759
Operating loss	(7,677)	(9,377)
Interest and other income (expense):
Interest expense	(208)	(157)
Interest income	0	61
Other, net	(16)	(283)
Gain from employee retention credit	0	1,500
Gain on forgiveness of long-term debt	0	2,173
Interest and other income (expense)	(224)	3,294
Loss before income taxes	(7,901)	(6,083)
Income tax benefit	1,965	2,042
Net loss	$ (5,936)	$ (4,041)
Net loss per common share:
Basic (in dollars per share)	$ (0.6)	$ (0.43)
Diluted (in dollars per share)	$ (0.6)	$ (0.43)
Shares used in per-share calculation:
Basic (in shares)	9,905	9,298
Diluted (in shares)	9,905	9,298

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2022

Summary of significant accounting policies [Abstract]

Summary of significant accounting policies

2. Summary of significant accounting policies

Principles of consolidation: The accompanying Consolidated Financial Statements include the audited Consolidated Financial Statements of TransAct and its wholly-owned subsidiaries, which require consolidation, after the elimination of intercompany accounts, transactions and unrealized profit.

Use of estimates: The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and disclosure of contingent assets and liabilities as of the date of the Consolidated Financial Statements and the reported amounts of sales and expenses during the reporting period. Actual results could differ from those estimates.

Segment reporting: We apply the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280, “Segment Reporting.” We view our operations and manage our business as one segment: the design, development and marketing of software-driven technology and printing solutions and providing printer and terminal related software, services, supplies and spare parts. Factors used to identify TransAct’s single operating segment include the organizational structure of the Company and the financial information available for evaluation by the chief operating decision-maker in making decisions about how to allocate resources and assess performance.

Cash and cash equivalents: We consider all highly liquid investments with a maturity date of three months or less at date of purchase to be cash equivalents.

Allowance for doubtful accounts: We establish an allowance for doubtful accounts to ensure trade receivables are valued appropriately. We maintain an allowance for doubtful accounts based on a variety of factors, including the length of time receivables are past due, significant one-time events and historical experience. We record a specific allowance for individual accounts when we become aware of a customer’s inability to meet its financial obligations, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position. If circumstances related to customers change, we further adjust estimates of the recoverability of receivables.

The following table summarizes the activity recorded in the valuation account for accounts receivable:

	Years Ended December 31,
(In thousands)	2022			2021
Balance, beginning of period	$	219		$	220
Additions charged to costs and expenses		140			–
Deductions		(8	)		(1	)
Balance, end of period	$	351		$	219

Inventories: Inventories are stated at the lower of average cost or net realizable value. We review net realizable value based on estimated selling prices in the ordinary course of business less estimated costs of completions, disposal and transportation, historical usage and estimates of future demand. Based on these reviews, inventory write-downs are recorded, as necessary, to reflect estimated obsolescence, excess quantities and net realizable value.

Effective April 1, 2022, TransAct changed its method of inventory valuation from standard costing which approximated the “first-in, first-out” (“FIFO”) costing methodology to the average costing methodology. Comparative financial statements of prior periods have been adjusted to apply the new method retrospectively. See Note 16 for a discussion of the change in accounting principle during the second quarter of 2022.

Fixed assets: Fixed assets are stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives. The estimated useful life of tooling is five years; machinery and equipment is ten years; furniture and office equipment is five years to ten years; and computer software and equipment is three years to seven years. Leasehold improvements are amortized over the shorter of the term of the lease or the useful life of the asset. Costs related to repairs and maintenance are expensed as incurred. The costs of sold or retired assets are removed from the related asset and accumulated depreciation accounts and any gain or loss is recognized. Depreciation expense was $1.1 million and $0.7 million in 2022 and 2021, respectively.

Leases: We account for leases in accordance with ASC 842, “Leases” (“ASC 842”), which requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method for finance leases or on a straight-line basis over the term of the lease for operating leases. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less are accounted for based on existing guidance for operating leases. If risks and rewards are conveyed without the transfer of control, the lease is treated as financing. If the lessor does not convey risks and rewards or control, the lease is treated as operating.

We have elected certain practical expedients available under ASC 842 upon adoption. We have applied the practical expedient for short-term leases. We have lease agreements that include lease and non-lease components, and we have not elected the practical expedients to combine these components for any of our leases.

We enter into lease agreements for the use of real estate space and certain equipment under operating leases and we have no financing leases. We determine if an arrangement contains a lease at inception. Our leases are included in “Right-of-use asset” and “Lease liability” in our Consolidated Balance Sheets.

Right of use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease right of use assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term.

On April 26, 2022, we entered into an amendment to modify the expiration date of our lease on our Las Vegas, Nevada facility. The lease was set to expire on November 1, 2022 and the amendment extended the lease term to November 30, 2025. The lease amendment resulted in an increase to the right-of-use-asset and lease liability of $0.8 million. The lease amendment modified the base rent. On April 30, 2021, we entered into an amendment to modify the expiration date of our lease on our Hamden, CT facility. The lease, which was last amended on January 3, 2017, was scheduled to expire on April 30, 2027. The lease amendment modified the expiration date to October 31, 2025. The modification resulted in reducing the right-of-use-asset and lease liability by $0.3 million.

Lease expense is recognized on a straight-line basis over the lease term. As most of our leases do not provide an implicit rate, the Company determines its incremental borrowing rate by using the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Our lease right of use asset excludes lease incentives. Our leases have remaining lease terms of one year to four years, some of which include options to extend. The exercise of lease renewal options is at our sole discretion and our lease right of use assets and liabilities reflect only the options we are reasonably certain that we will exercise. Lease expense is recognized on a straight-line basis over the lease term.

Goodwill and intangible assets: We acquire businesses in purchase transactions that result in the recognition of goodwill and intangible assets. The determination of the value of intangible assets requires management to make estimates and assumptions. In accordance with ASC 350-20 “Goodwill,” acquired goodwill is not amortized but is subject to impairment testing at least annually and when an event occurs or circumstances change that indicate it is more likely than not an impairment exists. We perform a fair value-based impairment test to the carrying value of goodwill and indefinite-lived intangible assets on an annual basis and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis. The Company utilizes the option to first assess qualitative factors to determine whether it is necessary to perform the Step 1 quantitative goodwill impairment test in accordance with the applicable accounting standards. Under the qualitative assessment, management considers relevant events and circumstances including but not limited to macroeconomic conditions, industry and market considerations, Company performance and events directly affecting the Company. If the Company determines that the Step 1 quantitative impairment test is required, management estimates the fair value of the reporting unit primarily using the income approach, which reflects management’s cash flow projections, and also evaluates the fair value using the market approach. Factors considered that may trigger an interim period impairment review of either acquired goodwill or intangible assets are: significant underperformance relative to expected historical or projected future operating results; significant changes in the manner of use of acquired assets or the strategy for the overall business; significant negative industry or economic trends; and significant decline in market capitalization relative to net book value. Finite lived intangible assets are amortized and are tested for impairment when appropriate.

As of December 31, 2022, we have determined that no goodwill or intangible asset impairment has occurred and the fair value of goodwill was substantially higher than our carrying value based on our assessment as of December 31, 2022 when our annual review for impairment was performed.

Revenue recognition: We account for revenue in accordance with ASC Topic 606: Revenue from Contracts with Customers. In accordance with ASC 606, a performance obligation is a promise in a contract with a customer to transfer a distinct good or service to the customer. Some of our contracts with customers contain a single performance obligation, while other contracts contain multiple performance obligations (most commonly when contracts include a hardware product, software and extended warranties). A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring services to the customer. To the extent the transaction price includes variable consideration, such as price protection, reserves for returns and other allowances, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the “expected value” method or the “most likely amount” method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur.

For a majority of our revenue, which consists of printers, terminals, consumables, and replacement parts, the Company recognizes revenue as of a point of time. The transaction price is recognized upon shipment of the order when control of the goods is transferred to the customer and at the time the performance obligation is fulfilled. We also sell a software solution in our casino and gaming market, EPICENTRAL, that enables casino operators to create promotional coupons and marketing messages and to print them in real time at the slot machine. EPICENTRAL is primarily comprised of both a software component, which is licensed to the customer, and a hardware component. EPICENTRAL software and hardware are integrated to deliver the system’s full functionality. The transaction prices from EPICENTRAL software license and hardware are recognized upon installation and formal acceptance by the customer when control of the license is transferred to the customer. For out-of-warranty repairs, the transaction price is recognized after the repair work is completed and the printer or terminal is returned to the customer, as control of the product is transferred to the customer and our performance obligation is completed.

Performance obligations are satisfied over time if the customer receives the benefits as we perform work, if the customer controls the asset as it is being produced, or if the product being produced for the customer has no alternative use and we have a contractual right to payment. For our separately priced extended warranty, BOHA! cloud-based software applications, technical support for our food service technology terminals and maintenance agreements (including free one-year maintenance received by customers upon completion of EPICENTRAL installation) revenue is recognized over time as the customer receives the benefit. The transaction price from the maintenance services is recognized ratably over time, using output methods, as control of the services is transferred to the customer. Our cloud-based BOHA! software allows customers to use hosted software over the contract period on a subscription basis without taking possession of the software and the subscription price is recognized ratably over the contract period. For extended warranties, the transaction price is recognized ratably over the warranty period, using output methods, as control of the services is transferred to the customer.

When there is more than one performance obligation in a customer arrangement, the Company typically uses the “standalone selling price” method to determine the transaction price to allocate to each performance obligation. The Company sells the performance obligations separately and has established standalone selling prices for its products and services. In the case of an overall price discount, the discount is applied to each performance obligation proportionately based on standalone selling price. To determine the standalone selling price for initial EPICENTRAL installations, the Company uses the adjusted market assessment approach.

For contracts with terms of less than 12 months, the Company expenses sales commissions as they are incurred, since the expected amortization period of the cost to obtain a contract is less than 12 months.

Disaggregation of revenue

The following table disaggregates our revenue by market type, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Sales and usage-based taxes are excluded from revenues.

	Year Ended December 31, 2022
(In thousands)	United States		International		Total
Food service technology	$	11,602	$	762	$	12,364
POS automation		10,657		2		10,659
Casino and gaming		17,686		12,343		30,029
TransAct Services Group		4,089		998		5,087
Total net sales	$	44,034	$	14,105	$	58,139

	Year Ended December 31, 2021
(In thousands)	United States		International		Total
Food service technology	$	11,738	$	887	$	12,625
POS automation		4,817		8		4,825
Casino and gaming		10,173		5,129		15,302
Printrex		171		460		631
TransAct Services Group		5,501		502		6,003
Total net sales	$	32,400	$	6,986	$	39,386

Contract balances

Contract assets consist of unbilled receivables. Pursuant to the over-time revenue recognition model, revenue may be recognized prior to the customer being invoiced. An unbilled receivable is recorded to reflect revenue that is recognized when such revenue exceeds the amount invoiced to the customer. Unbilled receivables are separated into current and non-current assets and included within “Accounts Receivable, net” and “Other Assets” on the Consolidated Balance Sheets. We first recorded contract assets during 2020 upon the start of a long-term BOHA! contract.

Contract liabilities consist of customer prepayments and deferred revenue. Customer prepayments are reported as “Accrued Liabilities” in current liabilities in the Consolidated Balance Sheets and represent customer payments made in advance of performance obligations in instances where credit has not been extended and is recognized as revenue when the performance obligation is complete. Deferred revenue is reported separately in current liabilities and non-current liabilities and consists of our extended warranty contracts, technical support for our food service technology terminals, EPICENTRAL maintenance contracts and prepaid software subscriptions for our BOHA! software applications, and is recognized as revenue as (or when) we perform under the contract. During the year ended December 31, 2022, we recognized revenue of $1.1 million related to our contract liabilities as of December 31, 2021.

Net contract (liabilities) assets consist of the following:

	December 31,
(In thousands)	2022			2021
Unbilled receivables, current	$	392		$	314
Unbilled receivables, non-current		163			308
Customer pre-payments		(101	)		(99	)
Deferred revenue, current		(1,329	)		(805	)
Deferred revenue, non-current		(143	)		(186	)
Net contract (liabilities) assets	$	(1,018	)	$	(468	)

Remaining performance obligations

Remaining performance obligations represent the transaction price of firm orders for which a good or service has not been delivered to our customer. As of December 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $29.0 million. The Company expects to recognize revenue on $28.7 million of its remaining performance obligations within the next 12 months following December 31, 2022, $0.2 million within the next 24 months following December 31, 2022 and the balance of these remaining performance obligations within the next 36 months following December 31, 2022.

Concentration of credit risk: Financial instruments that potentially expose us to concentrations of credit risk are limited to cash and cash equivalents held by our banks in excess of insured limits and accounts receivable.

Accounts receivable from customers representing 10% or more of total accounts receivable, net were as follows:

	December 31,
	2022			2021
Chain Link Services		–			10	%
International Gaming Technology (“IGT”)		12	%		3	%
NCR Corporation		3	%		11	%
The Bright Group		11	%		–

Sales to customers representing 10% or more of total net sales were as follows:

	December 31,
	2022			2021
IGT		10	%		9	%

Engineering, design and product development: Engineering, design and product development expenses include expenses incurred in connection with specialized engineering and design to introduce new products and to customize existing products, and are expensed as a component of operating expenses as incurred. We recorded $8.6 million and $7.5 million of research and development expenses in 2022 and 2021, respectively.

Costs incurred in the engineering, design and product development of a computer software product are charged to expense until technological feasibility has been established, at which point all material software costs are capitalized within Intangible assets in our Consolidated Balance Sheet until the product is available for general release to customers. While judgment is required in determining when technological feasibility of a product is established, we have determined that it is reached after all high-risk development issues have been documented in a formal detailed plan design. The amortization of these costs has been included in cost of sales over the estimated life of the product. During 2019, we contracted several third-parties to develop software for our food service technology products, the cost for which we capitalized. Unamortized development costs for such software was $242 thousand and $396 thousand as of December 31, 2022 and 2021, respectively. The total amount charged to cost of sales for capitalized software development costs was $154 thousand in both 2022 and 2021.

Advertising: Advertising costs are expensed as incurred. Advertising expenses, which are included in selling and marketing expense on the accompanying Consolidated Statements of Operations for 2022 and 2021 totaled $3.1 million and $1.8 million, respectively. These expenses include items such as consulting, professional services, tradeshows, and print advertising.

Income taxes: The income tax amounts reflected in the accompanying Consolidated Financial Statements are accounted for under the liability method in accordance with ASC 740, “Income Taxes” (“ASC 740”). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. We assess the likelihood that net deferred tax assets will be realized from future taxable income, and to the extent that we believe that realization is not likely, we establish a valuation allowance. In accordance with ASC 740, we identified, evaluated and measured the amount of benefits to be recognized for our tax return positions.

Foreign currency translation: The financial position and results of operations of our foreign subsidiary in the UK are measured using local currency as the functional currency. Assets and liabilities of such subsidiary have been translated into U.S. dollars at the year-end exchange rate, related sales and expenses have been translated at the weighted average rate for the period, and shareholders’ equity has been translated at historical exchange rates. The resulting translation gains or losses, net of tax, are recorded in shareholders’ equity as a cumulative translation adjustment, which is a component of accumulated other comprehensive income and loss. Foreign currency transaction gains and losses, including those related to intercompany balances, are recognized in Other, net on the Consolidated Statements of Operations.

Share-based payments: At December 31, 2022, we have share-based employee compensation plans, which are described more fully in Note 9 - Stock incentive plans. We account for those plans under the recognition and measurement principles of ASC 718, “Compensation – Stock Compensation.” Share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense over the employee’s requisite service period.

We use the Black-Scholes option-pricing model to calculate the fair value of share-based awards. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate, dividend yield, market price of our underlying stock and exercise price. Many of these assumptions require judgment and are highly sensitive in the determination of compensation expense. Forfeitures are recognized as they occur.

Net loss per share: We report net income or loss per share in accordance with ASC 260, “Earnings per Share (EPS).” Under this guidance, basic EPS, which excludes dilution, is computed by dividing income or loss available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Diluted EPS includes in-the-money stock options using the treasury stock method. During a loss period, the assumed exercise of in-the-money stock options has an anti-dilutive effect, and therefore, these instruments are excluded from the computation of diluted EPS. See Note 11 - Earnings per share.

Change in accounting principle: See Note 16 for a discussion of a change in accounting principle which occurred in the second quarter of 2022. TransAct changed its method of inventory valuation from standard costing which approximates first-in first-out (“FIFO”) to the average costing methodology. All prior periods presented have been retrospectively adjusted to apply the new method of accounting. Certain prior period amounts have been adjusted to conform with the current year presentation.

Reclassifications: Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 7,946	$ 19,457
Accounts receivable, net	13,927	7,593
Employee retention credit receivable	1,500	1,500
Inventories	12,028	7,711
Prepaid income taxes	0	137
Other current assets	724	738
Total current assets	36,125	37,136
Fixed assets, net	2,781	2,684
Right-of-use asset	2,488	2,553
Goodwill	2,621	2,621
Deferred tax assets	7,327	5,143
Intangible assets, net	242	397
Other assets	248	400
Total noncurrent assets	15,707	13,798
Total assets	51,832	50,934
Current liabilities:
Current portion of revolving loan payable	2,250	0
Accounts payable	7,395	4,308
Accrued liabilities	4,077	3,894
Lease liability	875	789
Deferred revenue	1,329	805
Total current liabilities	15,926	9,796
Deferred revenue, net of current portion	143	186
Lease liability, net of current portion	1,683	1,781
Other liabilities	218	187
Total noncurrent liabilities	2,044	2,154
Total liabilities	17,970	11,950
Commitments and contingencies (see Notes 9 and 14)
Shareholders' equity:
Preferred stock	0	0
Common stock, $0.01 par value, 20,000,000 authorized at December 31, 2022 and 2021; 13,956,725 and 13,917,731 shares issued; 9,911,883 and 9,872,889 shares outstanding, at December 31, 2022 and 2021, respectively	139	139
Additional paid-in capital	56,282	55,246
Retained earnings	9,630	15,566
Accumulated other comprehensive (loss) income, net of tax	(79)	143
Treasury stock, 4,044,842 shares, at cost	(32,110)	(32,110)
Total shareholders' equity	33,862	38,984
Total liabilities and shareholders' equity	51,832	50,934
Series A Preferred Stock [Member]
Shareholders' equity:
Preferred stock	$ 0	$ 0

Change in accounting principle

12 Months Ended

Dec. 31, 2022

Change in accounting principle [Abstract]

Change in accounting principle

16. Change in accounting principle

Effective April 1, 2022, TransAct changed its method of inventory valuation from standard costing which approximated the FIFO costing methodology to the average costing methodology. We believe this methodology is preferable because it reflects a better estimate of inventory cost as we do not typically perform intensive manufacturing of our finished products, which are therefore better measured under average cost. In addition, our business is projected to include an increasing sales volume of software going forward, which better aligns with average costing. Comparative financial statements of prior periods have been adjusted to apply the new method retrospectively. Tax effects are calculated at the Company’s marginal tax rate, or the tax impact of incremental income changes rather than the average tax rate applied to our total net loss before income taxes. The following financial statement line items for the periods presented were impacted by the change in accounting principle.

The effect of the changes made to the Company’s Consolidated Balance Sheets for the periods presented are as follows:

	December 31, 2021
	Under FIFO Cost		Under Average Cost		Effect of Change
Inventories	$	7,720	$	7,711	$	(9	)
Deferred tax assets		5,141		5,143		2
Retained earnings		15,573		15,566		(7	)

The ending balance in retained earnings as of December 31, 2020 was adjusted from $19,718 to $19,607.

The effect of the changes made to the Company’s Consolidated Statements of Operations for the periods presented are as follows:

	Three months ended December 31, 2021									Year ended December 31, 2021
	Under FIFO Cost			Under Average Cost			Effect of Change			Under FIFO Cost			Under Average Cost			Effect of Change
Cost of sales	$	6,705		$	6,817		$	112		$	24,137		$	24,004		$	(133	)
Gross profit		4,418			4,306			(112	)		15,249			15,382			133
Operating loss		(2,485	)		(2,597	)		(112	)		(9,510	)		(9,377	)		133
Loss before income taxes		(1,124	)		(1,236	)		(112	)		(6,216	)		(6,083	)		133
Income tax benefit		389			413			24			2,071			2,042			(29	)
Net loss		(735	)		(823	)		(88	)		(4,145	)		(4,041	)		104

Net loss per common share:
Basic	$	(0.07	)	$	(0.08	)	$	(0.01	)	$	(0.45	)	$	(0.43	)	$	0.02
Diluted	$	(0.07	)	$	(0.08	)	$	(0.01	)	$	(0.45	)	$	(0.43	)	$	0.02

Shares used in per-share calculation:
Basic		9,848			9,848						9,298			9,298
Diluted		9,848			9,848						9,298			9,298

The effect of the changes made to the Company’s Consolidated Statements of Comprehensive Loss for the periods presented are as follows:

	Three months ended December 31, 2021									Year ended December 31, 2021
	Under FIFO Cost			Under Average Cost			Effect of Change			Under FIFO Cost			Under Average Cost			Effect of Change
Net loss	$	(735	)	$	(823	)	$	(88	)	$	(4,145	)	$	(4,041	)	$	104
Comprehensive loss		(662	)		(750	)		(88	)		(3,964	)		(3,860	)		104

The effect of the changes made to the Company’s Consolidated Statements of Cash Flows for the periods presented are as follows:

	Year ended December 31, 2021
	Under FIFO Cost			Under Average Cost			Effect of Change
Net loss	$	(4,145	)	$	(4,041	)	$	104
Deferred income tax benefit		(2,150	)		(2,121	)		29
Inventories		3,573			3,440			(133	)

The effect of the changes made to the Company’s Consolidated Statements of Changes in Shareholders’ Equity for the periods presented are as follows:

	Three months ended December 31, 2021									Year ended December 31, 2021
	Under FIFO Cost			Under Average Cost			Effect of Change			Under FIFO Cost			Under Average Cost			Effect of Change
Equity beginning balance	$	39,280		$	39,361		$	81		$	30,236		$	30,125		$	(111	)
Retained earnings - beginning of period		16,308			16,389			81			19,718			19,607			(111	)
Net loss		(735	)		(823	)		(88	)		(4,145	)		(4,041	)		104
Retained earnings - end of period		15,573			15,566			(7	)		15,573			15,566			(7	)
Equity ending balance		38,991			38,984			(7	)		38,991			38,984			(7	)

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Stock repurchase program (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended		180 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
Stock repurchase program [Abstract]
Common stock repurchased (in shares)	0	0	4,044,842
Value of common stock repurchased			$ 32.1
Average purchase price of common stock repurchased (in dollars per share)			$ 7.94

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2022
Subsequent events [Abstract]
Subsequent events	17. Subsequent events In the first quarter of 2023, we collected the $1.5 million employee retention credit receivable from the U.S. Government. The Company has evaluated all other events or transactions that occurred up to the date the consolidated financial statements were available to issue. Based upon this review, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the consolidated financial statements.

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [Abstract]
Net loss	$ 260	$ 528	$ (2,376)	$ (4,348)	$ (823)	$ 901	$ (2,030)	$ (2,089)	$ (5,936)	$ (4,041)
Shares [Abstract]
Basic: Weighted average common shares outstanding (in shares)					9,848				9,905	9,298
Add: Dilutive effect of outstanding equity awards as determined by the treasury stock method (in shares)									0	0
Diluted: Weighted average common and common equivalent shares outstanding (in shares)					9,848				9,905	9,298
Net loss per common share [Abstract]
Basic (in dollars per share)	$ 0.03	$ 0.05	$ (0.24)	$ (0.44)	$ (0.08)	$ 0.1	$ (0.23)	$ (0.23)	$ (0.6)	$ (0.43)
Diluted (in dollars per share)	$ 0.03	$ 0.05	$ (0.24)	$ (0.44)	$ (0.08)	$ 0.09	$ (0.23)	$ (0.23)	$ (0.6)	$ (0.43)
Stock Awards [Member]
Earnings per share [Abstract]
Anti-dilutive securities excluded from computation of earnings per dilutive share (in shares)									1,463,000	391,000

Income taxes

12 Months Ended

Dec. 31, 2022

Income taxes [Abstract]

Income taxes

10. Income taxes

The components of the income tax benefit are as follows:

	December 31,
(In thousands)	2022			2021
Current:
Federal	$	149		$	26
State		110			51
Foreign		(83	)		2
		176			79
Deferred:
Federal		(1,924	)		(2,057	)
State		(217	)		(62	)
Foreign		–			(2	)
		(2,141	)		(2,121	)
Income tax benefit	$	(1,965	)	$	(2,042	)

Our effective tax rates were (24.9%) and (33.6%) for 2022 and 2021, respectively. The tax benefit recorded for 2022 includes the recognition of stock option cancellations for which no benefit was realized and the benefit recorded for 2021 included the recognition of the gain on the forgiveness of the PPP Loan which was not taxable.

At December 31, 2022, we have $10.9 million of federal net operating loss carryforwards (with an unlimited carryforward), $0.2 million of tax-effected state net operating loss carryforwards (which have varying lives), $1.2 million in R&D credit carryforwards (which generally have a twenty year life), and no state tax credit carryforwards. Foreign income (loss) before taxes was $24 thousand and ($404) thousand in 2022 and 2021, respectively.

Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the Consolidated Financial Statements. Our deferred tax assets and liabilities were comprised of the following:

	December 31,
(In thousands)	2022			2021
Deferred tax assets:
Federal net operating losses	$	2,297		$	1,978
Foreign net operating losses		676			624
State net operating losses		149			–
Depreciation		–			306
Capitalized R&D expenses		1,708			–
Inventory reserves		648			710
Deferred revenue		41			24
Warranty reserve		17			22
Stock compensation expense		769			796
Other accrued compensation		222			308
R&D credit carryforward		1,238			901
Other liabilities and reserves		463			250
Gross deferred tax assets		8,228			5,919
Valuation allowance		(656	)		(733	)
Net deferred tax assets		7,572			5,186

Deferred tax liabilities:
Depreciation		196			–
Other		49			43
Net deferred tax liabilities		245			43
Total net deferred tax assets	$	7,327		$	5,143

As of December 31, 2022 and 2021, we had a $656 thousand and $733 thousand, respectively, of valuation allowances on our net operating loss carryforwards. The following table summarizes the activity recorded in the valuation allowance on the deferred tax assets:

	Year Ended December 31,
(In thousands)	2022			2021
Balance, beginning of period	$	733		$	659
Subtractions released to income tax provisions		(77	)		–
Additions charged to income tax provision		–			74
Balance, end of period	$	656		$	733

Differences between the U.S. statutory federal income tax rate and our effective income tax rate are analyzed below:

	Year Ended December 31,
	2022			2021

Federal statutory rate		21.0	%		21.0	%
PPP loan forgiveness		–			7.4
R&D credit		4.3			7.1
Stock award excess tax benefit		–			0.3
State income taxes, net of federal income taxes		1.1			0.1
Business meals and entertainment		–			(0.2	)
Miscellaneous permanent items		–			(0.3	)
Uncertain tax positions		(0.5	)		(0.4	)
Stock option cancellations		(1.9	)		(0.6	)
Valuation allowance and tax accruals		1.0			(1.2	)
Other		(0.1	)		0.4
Effective tax rate		24.9	%		33.6	%

We had $142 thousand and $144 thousand of total gross unrecognized tax benefits at December 31, 2022 and 2021, respectively that, if recognized, would favorably affect the effective income tax rate in any future periods. We are not aware of any events that could occur within the next twelve months that could cause a significant change in the total amount of unrecognized tax benefits. A tabular reconciliation of the gross amounts of unrecognized tax benefits at the beginning and end of the year is as follows:

	December 31,
(In thousands)	2022			2021
Balance, beginning of period	$	144		$	121
Tax positions taken during the current period		26			47
Lapse of statute of limitations		(28	)		(24	)
Balance, end of period	$	142		$	144

We expect $28 thousand of the $142 thousand of unrecognized tax benefits will reverse in 2023 upon the expiration of the statute of limitations.

We recognize interest and penalties related to uncertain tax positions in the income tax provision. We have accrued interest and penalties related to uncertain tax positions of $34 thousand and $20 thousand as of December 31, 2022 and 2021, respectively.

We are subject to U.S. federal income tax as well as income tax of certain state and foreign jurisdictions. We have substantially concluded all U.S. federal income tax, state and local, and foreign tax matters through 2018. However, our federal tax returns for the years 2019 through 2022 remain open to examination. Various state and foreign tax jurisdiction tax years remain open to examination as well, though we believe that any additional assessment would be immaterial to the Consolidated Financial Statements.

- Definition

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

+ References

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-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Summary of significant accounting policies, Revenue recognition - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Summary of significant accounting policies [Abstract]
Term of free maintenance upon completion of software installation									1 year
Disaggregation of revenue [Abstract]
Net sales	$ 17,958	$ 17,856	$ 12,623	$ 9,702	$ 11,123	$ 10,637	$ 9,325	$ 8,301	$ 58,139	$ 39,386
United States [Member]
Disaggregation of revenue [Abstract]
Net sales									44,034	32,400
International [Member]
Disaggregation of revenue [Abstract]
Net sales									14,105	6,986
Food Service Technology [Member]
Disaggregation of revenue [Abstract]
Net sales									12,364	12,625
Food Service Technology [Member] \| United States [Member]
Disaggregation of revenue [Abstract]
Net sales									11,602	11,738
Food Service Technology [Member] \| International [Member]
Disaggregation of revenue [Abstract]
Net sales									762	887
POS Automation [Member]
Disaggregation of revenue [Abstract]
Net sales									10,659	4,825
POS Automation [Member] \| United States [Member]
Disaggregation of revenue [Abstract]
Net sales									10,657	4,817
POS Automation [Member] \| International [Member]
Disaggregation of revenue [Abstract]
Net sales									2	8
Casino and Gaming [Member]
Disaggregation of revenue [Abstract]
Net sales									30,029	15,302
Casino and Gaming [Member] \| United States [Member]
Disaggregation of revenue [Abstract]
Net sales									17,686	10,173
Casino and Gaming [Member] \| International [Member]
Disaggregation of revenue [Abstract]
Net sales									12,343	5,129
Printrex [Member]
Disaggregation of revenue [Abstract]
Net sales										631
Printrex [Member] \| United States [Member]
Disaggregation of revenue [Abstract]
Net sales										171
Printrex [Member] \| International [Member]
Disaggregation of revenue [Abstract]
Net sales										460
TransAct Services Group [Member]
Disaggregation of revenue [Abstract]
Net sales									5,087	6,003
TransAct Services Group [Member] \| United States [Member]
Disaggregation of revenue [Abstract]
Net sales									4,089	5,501
TransAct Services Group [Member] \| International [Member]
Disaggregation of revenue [Abstract]
Net sales									$ 998	$ 502

Intangible assets, net (Details) - USD ($) $ in Thousands	12 Months Ended
Intangible assets, net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Identifiable intangible assets [Abstract]
Gross amount	$ 1,606	$ 1,606
Accumulated amortization	(1,364)	(1,209)
Amortization expense	155	186
Future amortization expense [Abstract]
2023	154
2024	88
Thereafter	0
Purchased Technology [Member]
Identifiable intangible assets [Abstract]
Gross amount	1,591	1,591
Accumulated amortization	(1,349)	(1,195)
Patents [Member]
Identifiable intangible assets [Abstract]
Gross amount	15	15
Accumulated amortization	$ (15)	$ (14)

Retirement savings plan (Details) - USD ($) $ in Thousands	12 Months Ended
Retirement savings plan (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Retirement savings plan [Abstract]
Employer matching contribution percentage	50.00%
Employee's contribution percentage for match	6.00%
Amount of matching contribution	$ 355	$ 312

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

14. Leases

Operating lease expense was $1.0 million for both years ended December 31, 2022 and 2021 and is reported as “Cost of sales,” “Engineering, design and product development expense,” “Selling and marketing expense,” and “General and administrative expense” in the Consolidated Statements of Operations. Operating costs include short-term lease costs, which were immaterial during the period.

The following information represents supplemental disclosure for the statement of cash flows related to operating leases (in thousands):

	Years Ended December 31,
	2022		2021
Operating cash outflows from leases	$	967	$	982

The following summarizes additional information related to our leases:

	Years Ended December 31,
	2022			2021
Weighted average remaining lease term (in years)		2.7			3.5
Weighted average discount rate		4.5	%		4.4	%

The maturity of the Company’s operating lease liabilities are as follows (in thousands):

	December 31, 2022
2023	$	972
2024		1,022
2025		710
2026		20
Total undiscounted lease payments		2,724
Less imputed interest		166
Total lease liabilities	$	2,558

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	$ 1,000	$ 1,000
Cash Flows Related to Operating Leases [Abstract]
Operating cash outflows from leases	$ 967	$ 982
Operating Lease Weighted Average Remaining Lease Term and Discount Rate [Abstract]
Weighted average remaining lease term	2 years 8 months 12 days	3 years 6 months
Weighted average discount rate	4.50%	4.40%
Maturity of Operating Lease Liabilities [Abstract]
2023	$ 972
2024	1,022
2025	710
2026	20
Total undiscounted lease payments	2,724
Less imputed interest	166
Total lease liabilities	$ 2,558

Description of business (Details) $ in Thousands		12 Months Ended
Description of business (Details) $ in Thousands	Aug. 16, 2021 USD ($) shares	Dec. 31, 2022 USD ($) Segment Solution	Dec. 31, 2021 USD ($)	May 01, 2020 USD ($)	Mar. 13, 2020 USD ($)
Description of business [Abstract]
Number of operating segments \| Segment		1
Number of software solutions from the after-market side of the business \| Solution		2
Description of business [Abstract]
Proceeds from Public Offering	$ 11,200	$ 0	$ 12,214
Shares sold in Public Offering (in shares) \| shares	842,375
Gain from employee retention credit		$ 0	$ 1,500
PPP Loan [Member]
Description of business [Abstract]
Face amount				$ 2,200
Sienna Credit Facility [Member]
Description of business [Abstract]
Maximum borrowing capacity					$ 10,000

Fixed assets, net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fixed assets [Abstract]
Fixed assets	$ 19,972	$ 18,199
Less: Accumulated depreciation and amortization	(17,656)	(16,736)
Fixed assets, net	2,781	2,684
Tooling, Machinery and Equipment [Member]
Fixed assets [Abstract]
Fixed assets	6,859	6,694
Furniture and Office Equipment [Member]
Fixed assets [Abstract]
Fixed assets	1,882	1,660
Computer Software and Equipment [Member]
Fixed assets [Abstract]
Fixed assets	8,348	6,973
Leasehold Improvements [Member]
Fixed assets [Abstract]
Fixed assets	2,883	2,872
Fixed Assets, Excluding Construction in-Process [Member]
Fixed assets [Abstract]
Fixed assets, net	2,316	1,463
Construction in-Process [Member]
Fixed assets [Abstract]
Fixed assets	$ 465	$ 1,221

Stock incentive plans

12 Months Ended

Dec. 31, 2022

Stock incentive plans [Abstract]

Stock incentive plans

9. Stock incentive plans

Stock incentive plans. We currently have two stock incentive plans: the 2005 Equity Incentive Plan and the 2014 Equity Incentive Plan, which provide for awards to executives, key employees, directors and consultants. The plans generally provide for awards in the form of: (i) incentive stock options, (ii) non-qualified stock options, (iii) restricted stock, (iv) restricted stock units (which may include performance-based vesting), (v) stock appreciation rights or (vi) limited stock appreciation rights. Awards granted under these plans have exercise prices equal to 100% of the fair market value of the common stock at the date of grant. Awards granted have a ten-year term and generally vest over a two-year to four-year period, unless automatically accelerated for certain defined events. As of May 2014, no new awards may be made under the 2005 Equity Incentive Plan. Under our 2014 Equity Incentive Plan, as amended in May 2020, we are authorized to grant awards of up to 2,200,000 shares of TransAct common stock. At December 31, 2022, 347,652 shares of common stock remained available for issuance under the 2014 Equity Incentive Plan.

Under the assumptions indicated below, the weighted-average per share fair value of stock option grants for 2022 and 2021 was $4.39 and $5.41, respectively. We also issued restricted stock units for certain executives and directors that vest over a specified period of time, and in some instances require achieving certain performance metrics. The weighted-average per share fair value of these restricted stock units was $8.43 and $10.27 in 2022 and 2021, respectively.

The table below indicates the key assumptions (on a weighted-average basis) used in the option valuation calculations for options granted in 2022 and 2021 and a discussion of our methodology for developing each of the assumptions used in the valuation model:

	Year Ended December 31,
	2022			2021
Expected option term (in years)		7.1			6.9
Expected volatility		51.3	%		50.5	%
Risk-free interest rate		2.2	%		1.2	%
Dividend yield		0.0	%		0.0	%

Expected Option Term - This is the weighted average period of time over which the options granted are expected to remain outstanding giving consideration to our historical exercise patterns. Options granted have a maximum term of ten years and an increase in the expected term will increase compensation expense.

Expected Volatility – The stock volatility for each grant is measured using the weighted average of historical daily price changes of our common stock over the most recent period approximately equal to the expected option term of the grant. An increase in the expected volatility factor will increase compensation expense.

Risk-Free Interest Rate - This is the U.S. Treasury rate in effect at the time of grant having a term approximately equal to the expected term of the option. An increase in the risk-free interest rate will increase compensation expense.

Dividend Yield –The dividend yield is calculated by dividing the annual dividend declared per common share by the weighted average market value of our common stock on the date of grant. An increase in the dividend yield will decrease compensation expense.

For both 2022 and 2021, we recorded $1.2 million of share-based compensation expense included primarily in general and administrative expense in our Consolidated Statements of Operations. We also recorded income tax benefits of $0.3 million in both 2022 and 2021, related to such share-based compensation. At December 31, 2022, these benefits are recorded as a deferred tax asset in the Consolidated Balance Sheets.

Equity award activity in the 2005 Equity Incentive Plan and the 2014 Equity Incentive Plan is summarized below:

	Stock Options					Restricted Stock Units
	Number of Shares			Average Price*		Number of Units			Average Price**
Outstanding at December 31, 2021		1,269,355		$	9.18		155,225		$	10.28
Granted		181,100			8.16		129,700			8.78
Exercised		(17,500	)		6.70		(47,931	)		10.22
Forfeited		(49,250	)		9.38		(22,708	)		10.27
Expired		(27,750	)		8.51		–			–
Outstanding at December 31, 2022		1,355,955		$	9.08		214,286		$	9.28

*	weighted average exercise price per share

**	weighted average grant stock price per share

The following summarizes information about equity awards outstanding that are vested and expect to vest and equity awards that are exercisable at December 31, 2022:

	Equity Awards Vested and Expected to Vest								Equity Awards That Are Exercisable
	Awards		Average Price*		Aggregate Intrinsic Value		Remaining Term**		Awards		Average Price*		Aggregate Intrinsic Value		Remaining Term**
Stock Options		1,355,955	$	9.08	$	224		5.0		971,865	$	9.23	$	93		3.7
Restricted stock units		145,687		–		921		2.1		–		–		–		–

*	weighted average exercise price per share

**	weighted-average contractual remaining term in years

Shares that are issued upon exercise of employee stock awards are newly issued shares and not issued from treasury stock. As of December 31, 2022, unrecognized compensation cost related to non-vested equity awards granted under our stock incentive plans is approximately $2.1 million, which is expected to be recognized over a weighted average period of 2.6 years.

The total fair value of awards vested was $1.6 million and $1.7 million during the years ended December 31, 2022 and 2021, respectively. The total intrinsic value (which is the amount by which the stock price exceeded the exercise price on the date of exercise) of stock options exercised during the years ended December 31, 2022 and 2021 was $40 thousand and $268 thousand, respectively, and cash received from option exercises was zero and $436 thousand in 2022 and 2021, respectively. 17,500 and 97,000 stock options were exercised during the year ended December 31, 2022 and 2021, respectively. We recorded a realized tax provision in 2022 and 2021 from equity-based awards of $13 thousand and $35 thousand, respectively, related to options exercised.

Retirement savings plan	12 Months Ended
Retirement savings plan	Dec. 31, 2022
Retirement savings plan [Abstract]
Retirement savings plan	7. Retirement savings plan We maintain a 401(k) plan under which all full-time employees are eligible to participate at the beginning of the month immediately following their date of hire. We match employees’ contributions at a rate of 50% of employees’ contributions up to the first 6% of the employees’ compensation contributed to the 401(k) plan. Our matching contributions were $355 thousand and $312 thousand in 2022 and 2021, respectively.

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2022

Summary of significant accounting policies [Abstract]

Allowance for Doubtful Accounts

The following table summarizes the activity recorded in the valuation account for accounts receivable:

	Years Ended December 31,
(In thousands)	2022			2021
Balance, beginning of period	$	219		$	220
Additions charged to costs and expenses		140			–
Deductions		(8	)		(1	)
Balance, end of period	$	351		$	219

Disaggregation of Revenue

Disaggregation of revenue

	Year Ended December 31, 2022
(In thousands)	United States		International		Total
Food service technology	$	11,602	$	762	$	12,364
POS automation		10,657		2		10,659
Casino and gaming		17,686		12,343		30,029
TransAct Services Group		4,089		998		5,087
Total net sales	$	44,034	$	14,105	$	58,139

	Year Ended December 31, 2021
(In thousands)	United States		International		Total
Food service technology	$	11,738	$	887	$	12,625
POS automation		4,817		8		4,825
Casino and gaming		10,173		5,129		15,302
Printrex		171		460		631
TransAct Services Group		5,501		502		6,003
Total net sales	$	32,400	$	6,986	$	39,386

Net Contract Liabilities

Net contract (liabilities) assets consist of the following:

	December 31,
(In thousands)	2022			2021
Unbilled receivables, current	$	392		$	314
Unbilled receivables, non-current		163			308
Customer pre-payments		(101	)		(99	)
Deferred revenue, current		(1,329	)		(805	)
Deferred revenue, non-current		(143	)		(186	)
Net contract (liabilities) assets	$	(1,018	)	$	(468	)

Concentration of Credit Risk

Accounts receivable from customers representing 10% or more of total accounts receivable, net were as follows:

	December 31,
	2022			2021
Chain Link Services		–			10	%
International Gaming Technology (“IGT”)		12	%		3	%
NCR Corporation		3	%		11	%
The Bright Group		11	%		–

Sales to customers representing 10% or more of total net sales were as follows:

	December 31,
	2022			2021
IGT		10	%		9	%

Stock incentive plans (Tables)

12 Months Ended

Dec. 31, 2022

Stock incentive plans [Abstract]

Assumptions Used in Option Valuation Calculations

	Year Ended December 31,
	2022			2021
Expected option term (in years)		7.1			6.9
Expected volatility		51.3	%		50.5	%
Risk-free interest rate		2.2	%		1.2	%
Dividend yield		0.0	%		0.0	%

Stock Option Activity

Equity award activity in the 2005 Equity Incentive Plan and the 2014 Equity Incentive Plan is summarized below:

	Stock Options					Restricted Stock Units
	Number of Shares			Average Price*		Number of Units			Average Price**
Outstanding at December 31, 2021		1,269,355		$	9.18		155,225		$	10.28
Granted		181,100			8.16		129,700			8.78
Exercised		(17,500	)		6.70		(47,931	)		10.22
Forfeited		(49,250	)		9.38		(22,708	)		10.27
Expired		(27,750	)		8.51		–			–
Outstanding at December 31, 2022		1,355,955		$	9.08		214,286		$	9.28

*	weighted average exercise price per share

**	weighted average grant stock price per share

Equity Awards Vested and Expected to Vest

The following summarizes information about equity awards outstanding that are vested and expect to vest and equity awards that are exercisable at December 31, 2022:

	Equity Awards Vested and Expected to Vest								Equity Awards That Are Exercisable
	Awards		Average Price*		Aggregate Intrinsic Value		Remaining Term**		Awards		Average Price*		Aggregate Intrinsic Value		Remaining Term**
Stock Options		1,355,955	$	9.08	$	224		5.0		971,865	$	9.23	$	93		3.7
Restricted stock units		145,687		–		921		2.1		–		–		–		–

*	weighted average exercise price per share

**	weighted-average contractual remaining term in years

Geographic area information (Tables)

12 Months Ended

Dec. 31, 2022

Geographic area information [Abstract]

Net Sales and Fixed Assets by Geographic Area

Information regarding our operations by geographic area is contained in the following table. These amounts in the geographic area table are based on the location of the customer and asset.

	Years Ended December 31,
(In thousands)	2022		2021
Net sales:
United States	$	44,034	$	32,400
International		14,105		6,986
Total	$	58,139	$	39,386

Fixed assets, net:
United States	$	2,252	$	1,770
International		529		914
Total	$	2,781	$	2,684

Intangible assets, net

12 Months Ended

Dec. 31, 2022

Intangible assets, net [Abstract]

Intangible assets, net

5. Intangible assets, net

Identifiable intangible assets are recorded in Intangible assets, net in the accompanying Consolidated Balance Sheets and are comprised of the following:

	December 31,
	2022					2021
(In thousands)	Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
Purchased technology	$	1,591	$	(1,349	)	$	1,591	$	(1,195	)
Patents		15		(15	)		15		(14	)
Total	$	1,606	$	(1,364	)	$	1,606	$	(1,209	)

Amortization expense was $155 thousand and $186 thousand in 2022 and 2021, respectively. Amortization expense for each of the next five years ending December 31 is expected to be as follows: $154 thousand in 2023 and $88 thousand in 2024; and none thereafter.

Summary of significant accounting policies, Segment reporting (Details)	12 Months Ended
	Dec. 31, 2022 Segment
Segment reporting [Abstract]
Number of business segments	1

Stock incentive plans, Share-based compensation expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation [Abstract]
Income tax benefit from share-based compensation expense	$ 0.3	$ 0.3
General and Administrative Expense [Member]
Share-based compensation [Abstract]
Share-based compensation expense	$ 1.2	$ 1.2

Quarterly results of operations (unaudited)

12 Months Ended

Dec. 31, 2022

Quarterly results of operations (unaudited) [Abstract]

Quarterly results of operations (unaudited)

15. Quarterly results of operations (unaudited)

Our quarterly results of operations for 2022 and 2021 are as follows:

	Quarter Ended
(In thousands, except per share amounts)	March 31			June 30			September 30		December 31
2022:
Net sales	$	9,702		$	12,623		$	17,856	$	17,958
Gross profit		2,566			5,434			8,193		8,219
Net (loss) income		(4,348	)		(2,376	)		528		260
Net (loss) income per common share:
Basic		(0.44	)		(0.24	)		0.05		0.03
Diluted		(0.44	)		(0.24	)		0.05		0.03

2021:
Net sales	$	8,301		$	9,325		$	10,637	$	11,123
Gross profit		3,339			3,432			4,305		4,306
Net (loss) income		(2,089	)		(2,030	)		901		(823	)
Net (loss) income per common share:
Basic		(0.23	)		(0.23	)		0.10		(0.08	)
Diluted		(0.23	)		(0.23	)		0.09		(0.08	)

Summary of significant accounting policies, Revenue Recognition - Remaining performance obligations (Details) $ in Millions	Dec. 31, 2022 USD ($)
Remaining performance obligations [Abstract]
Remaining performance obligations	$ 29.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Remaining performance obligations [Abstract]
Remaining performance obligations	$ 28.7
Expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Remaining performance obligations [Abstract]
Remaining performance obligations	$ 0.2
Expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Remaining performance obligations [Abstract]
Expected timing of satisfaction, period	12 months

Stock incentive plans, Stock options (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Remaining Term [Abstract]

Unrecognized compensation cost related to stock options

$ 2,100

Weighted average period to recognize compensation cost not yet recognized

2 years 7 months 6 days

Fair value of all awards vested

$ 1,600

$ 1,700

Intrinsic value of stock options exercised

268

Cash received from exercise of stock options

436

Excess tax benefit in provision for income taxes

$ (13)

$ (35)

2005 Equity Incentive Plan and 2014 Equity Incentive Plan [Member] | Stock Options [Member]

Number of Shares [Roll Forward]

Outstanding, beginning of period (in shares)

1,269,355

Granted (in shares)

181,100

Exercised (in shares)

(17,500)

(97,000)

Forfeited (in shares)

(49,250)

Expired (in shares)

(27,750)

Outstanding, end of period (in shares)

1,355,955

1,269,355

Options vested or expected to vest (in shares)

1,355,955

Options exercisable, end of period (in shares)

971,865

Weighted Average Exercise Price [Abstract]

Outstanding, beginning of period (in dollars per share)

^[1]

$ 9.18

Granted (in dollars per share)

^[1]

8.16

Exercised (in dollars per share)

^[1]

6.7

Forfeited (in dollars per share)

^[1]

9.38

Expired (in dollars per share)

^[1]

8.51

Outstanding, end of period (in dollars per share)

^[1]

9.08

$ 9.18

Options vested or expected to vest (in dollars per share)

^[1]

9.08

Options exercisable, end of period (in dollars per share)

^[1]

$ 9.23

Aggregate Intrinsic Value [Abstract]

Options vested and expected to vest

$ 224

Options exercisable, end of period

$ 93

Remaining Term [Abstract]

Options vested and expected to vest

^[2]

5 years

Options exercisable, end of period

^[2]

3 years 8 months 12 days

2005 Equity Incentive Plan and 2014 Equity Incentive Plan [Member] | Restricted Share Units [Member]

Number of Shares [Roll Forward]

Options vested or expected to vest (in shares)

145,687

Weighted Average Exercise Price [Abstract]

Options vested or expected to vest (in dollars per share)

^[1]

$ 0

Number of Units [Roll Forward]

Outstanding, beginning of period (in shares)

155,225

Granted (in shares)

129,700

Exercised (in shares)

(47,931)

Forfeited (in shares)

(22,708)

Expired (in shares)

Outstanding, end of period (in shares)

214,286

155,225

Weighted Average Grant Stock Price [Abstract]

Outstanding, beginning of period (in dollars per share)

^[3]

$ 10.28

Granted (in dollars per share)

^[3]

8.78

Exercised (in dollars per share)

^[3]

10.22

Forfeited (in dollars per share)

^[3]

10.27

Expired (in dollars per share)

^[3]

Outstanding, end of period (in dollars per share)

^[3]

$ 9.28

$ 10.28

Aggregate Intrinsic Value [Abstract]

Restricted stock units vested and expected to vest

$ 921

Remaining Term [Abstract]

Restricted stock units vested and expected to vest

^[2]

2 years 1 month 6 days

[1]	weighted average exercise price per share
[2]	weighted-average contractual remaining term in years
[3]	weighted average grant stock price per share

Income taxes, Unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income taxes [Abstract]
Unrecognized tax benefits that would favorably affect effective income tax rate if recognized	$ 142	$ 144
Unrecognized tax benefits [Roll Forward]
Unrecognized tax benefits, beginning of period	144	121
Tax positions taken during the current period	26	47
Lapse of statute of limitations	(28)	(24)
Unrecognized tax benefits, end of period	142	144
Expected decrease in unrecognized tax benefits in next year	28
Accrued interest and penalties related to uncertain tax positions	$ 34	$ 20

Income taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income taxes [Abstract]

Components of Income Tax Benefit

The components of the income tax benefit are as follows:

	December 31,
(In thousands)	2022			2021
Current:
Federal	$	149		$	26
State		110			51
Foreign		(83	)		2
		176			79
Deferred:
Federal		(1,924	)		(2,057	)
State		(217	)		(62	)
Foreign		–			(2	)
		(2,141	)		(2,121	)
Income tax benefit	$	(1,965	)	$	(2,042	)

Deferred Tax Assets and Liabilities

	December 31,
(In thousands)	2022			2021
Deferred tax assets:
Federal net operating losses	$	2,297		$	1,978
Foreign net operating losses		676			624
State net operating losses		149			–
Depreciation		–			306
Capitalized R&D expenses		1,708			–
Inventory reserves		648			710
Deferred revenue		41			24
Warranty reserve		17			22
Stock compensation expense		769			796
Other accrued compensation		222			308
R&D credit carryforward		1,238			901
Other liabilities and reserves		463			250
Gross deferred tax assets		8,228			5,919
Valuation allowance		(656	)		(733	)
Net deferred tax assets		7,572			5,186

Deferred tax liabilities:
Depreciation		196			–
Other		49			43
Net deferred tax liabilities		245			43
Total net deferred tax assets	$	7,327		$	5,143

Valuation Allowance on Deferred Tax Assets

	Year Ended December 31,
(In thousands)	2022			2021
Balance, beginning of period	$	733		$	659
Subtractions released to income tax provisions		(77	)		–
Additions charged to income tax provision		–			74
Balance, end of period	$	656		$	733

Statutory to Effective Tax Rate Reconciliation

Differences between the U.S. statutory federal income tax rate and our effective income tax rate are analyzed below:

	Year Ended December 31,
	2022			2021

Federal statutory rate		21.0	%		21.0	%
PPP loan forgiveness		–			7.4
R&D credit		4.3			7.1
Stock award excess tax benefit		–			0.3
State income taxes, net of federal income taxes		1.1			0.1
Business meals and entertainment		–			(0.2	)
Miscellaneous permanent items		–			(0.3	)
Uncertain tax positions		(0.5	)		(0.4	)
Stock option cancellations		(1.9	)		(0.6	)
Valuation allowance and tax accruals		1.0			(1.2	)
Other		(0.1	)		0.4
Effective tax rate		24.9	%		33.6	%

Unrecognized Tax Benefits

	December 31,
(In thousands)	2022			2021
Balance, beginning of period	$	144		$	121
Tax positions taken during the current period		26			47
Lapse of statute of limitations		(28	)		(24	)
Balance, end of period	$	142		$	144

Fixed assets, net

12 Months Ended

Dec. 31, 2022

Fixed assets, net [Abstract]

Fixed assets, net

4. Fixed assets, net

The components of fixed assets, net are:

	December 31,
(In thousands)	2022			2021
Tooling, machinery and equipment	$	6,859		$	6,694
Furniture and office equipment		1,882			1,660
Computer software and equipment		8,348			6,973
Leasehold improvements		2,883			2,872
		19,972			18,199
Less: Accumulated depreciation and amortization		(17,656	)		(16,736	)
		2,316			1,463
Construction in-process		465			1,221
	$	2,781		$	2,684

Change in accounting principle, Effect of Change on Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets [Abstract]
Inventories	$ 12,028	$ 7,711
Deferred tax assets	7,327	5,143
Retained earnings	$ 9,630	15,566	$ 19,607
Previously Reported [Member]
Consolidated Balance Sheets [Abstract]
Inventories		7,720
Deferred tax assets		5,141
Retained earnings		15,573	$ 19,718
Effect of Change [Member] \| Change in Method of Inventory Valuation to Average Costing [Member]
Consolidated Balance Sheets [Abstract]
Inventories		(9)
Deferred tax assets		2
Retained earnings		$ (7)

Subsequent events (Details) $ in Millions	3 Months Ended
Subsequent events (Details) $ in Millions	Mar. 31, 2023 USD ($)
Subsequent Event [Member]
Subsequent events [Abstract]
Employee retention credit receivable collected	$ 1.5

Fixed assets, net (Tables)

12 Months Ended

Dec. 31, 2022

Fixed assets, net [Abstract]

Fixed Assets, Net

The components of fixed assets, net are:

	December 31,
(In thousands)	2022			2021
Tooling, machinery and equipment	$	6,859		$	6,694
Furniture and office equipment		1,882			1,660
Computer software and equipment		8,348			6,973
Leasehold improvements		2,883			2,872
		19,972			18,199
Less: Accumulated depreciation and amortization		(17,656	)		(16,736	)
		2,316			1,463
Construction in-process		465			1,221
	$	2,781		$	2,684

Accrued liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Accrued liabilities [Abstract]

Accrued Liabilities

The components of accrued liabilities are:

	December 31,
(In thousands)	2022		2021
Salaries and compensation related	$	2,744	$	2,854
Taxes		530		79
Professional and consulting		371		285
Other		432		676
	$	4,077	$	3,894

Earnings per share

12 Months Ended

Dec. 31, 2022

Earnings per share [Abstract]

Earnings per share

11. Earnings per share

Earnings per share was computed as follows (in thousands, except per share amounts):

	Years Ended December 31,
	2022			2021
Net loss	$	(5,936	)	$	(4,041	)

Shares:
Basic: Weighted average common shares outstanding		9,905			9,298
Add: Dilutive effect of outstanding equity awards as determined by the treasury stock method		–			–
Diluted: Weighted average common and common equivalent shares outstanding		9,905			9,298

Net loss per common share:
Basic	$	(0.60	)	$	(0.43	)
Diluted		(0.60	)		(0.43	)

The computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock options, restricted stock units and performance stock awards, when the average market price of the common stock is lower than the exercise price of the related stock award during the period. These outstanding stock awards are not included in the computation of diluted earnings per share because the effect would be anti-dilutive. Furthermore, in periods when a net loss is reported, such as 2022 and 2021, basic and diluted net loss per common share are calculated using the same method. Anti-dilutive stock awards excluded from the computation of earnings per dilutive share were 1,463,000 and 391,000 at December 31, 2022 and 2021, respectively.

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2022

Intangible assets, net [Abstract]

Identifiable Intangible Assets

Identifiable intangible assets are recorded in Intangible assets, net in the accompanying Consolidated Balance Sheets and are comprised of the following:

	December 31,
	2022					2021
(In thousands)	Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
Purchased technology	$	1,591	$	(1,349	)	$	1,591	$	(1,195	)
Patents		15		(15	)		15		(14	)
Total	$	1,606	$	(1,364	)	$	1,606	$	(1,209	)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract]
Net loss	$ 260	$ 528	$ (2,376)	$ (4,348)	$ (823)	$ 901	$ (2,030)	$ (2,089)	$ (5,936)	$ (4,041)
Foreign currency translation adjustment, net of tax									(222)	181
Comprehensive loss					$ (750)				$ (6,158)	$ (3,860)

- Definition

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

+ References

+ Details

Change in accounting principle, Effect of Change on Statements of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Operations [Abstract]
Cost of sales					$ 6,817				$ 33,727	$ 24,004
Gross profit	$ 8,219	$ 8,193	$ 5,434	$ 2,566	4,306	$ 4,305	$ 3,432	$ 3,339	24,412	15,382
Operating loss					(2,597)				(7,677)	(9,377)
Loss before income taxes					(1,236)				(7,901)	(6,083)
Income tax benefit					413				1,965	2,042
Net loss	$ 260	$ 528	$ (2,376)	$ (4,348)	$ (823)	$ 901	$ (2,030)	$ (2,089)	$ (5,936)	$ (4,041)
Net (loss) income per common share [Abstract]
Basic (in dollars per share)	$ 0.03	$ 0.05	$ (0.24)	$ (0.44)	$ (0.08)	$ 0.1	$ (0.23)	$ (0.23)	$ (0.6)	$ (0.43)
Diluted (in dollars per share)	$ 0.03	$ 0.05	$ (0.24)	$ (0.44)	$ (0.08)	$ 0.09	$ (0.23)	$ (0.23)	$ (0.6)	$ (0.43)
Shares used in per-share calculation [Abstract]
Basic (in shares)					9,848				9,905	9,298
Diluted (in shares)					9,848				9,905	9,298
Previously Reported [Member]
Consolidated Statements of Operations [Abstract]
Cost of sales					$ 6,705					$ 24,137
Gross profit					4,418					15,249
Operating loss					(2,485)					(9,510)
Loss before income taxes					(1,124)					(6,216)
Income tax benefit					389					2,071
Net loss					$ (735)					$ (4,145)
Net (loss) income per common share [Abstract]
Basic (in dollars per share)					$ (0.07)					$ (0.45)
Diluted (in dollars per share)					$ (0.07)					$ (0.45)
Shares used in per-share calculation [Abstract]
Basic (in shares)					9,848					9,298
Diluted (in shares)					9,848					9,298
Effect of Change [Member] \| Change in Method of Inventory Valuation to Average Costing [Member]
Consolidated Statements of Operations [Abstract]
Cost of sales					$ 112					$ (133)
Gross profit					(112)					133
Operating loss					(112)					133
Loss before income taxes					(112)					133
Income tax benefit					24					(29)
Net loss					$ (88)					$ 104
Net (loss) income per common share [Abstract]
Basic (in dollars per share)					$ (0.01)					$ 0.02
Diluted (in dollars per share)					$ (0.01)					$ 0.02

Income taxes, Statutory to effective tax rate reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Effective Tax Rate Reconciliation [Abstract]
Federal statutory tax rate	21.00%	21.00%
PPP loan forgiveness	0.00%	7.40%
R&D credit	4.30%	7.10%
Stock award excess tax benefit	0.00%	0.30%
State income taxes, net of federal income taxes	1.10%	0.10%
Business meals and entertainment	0.00%	(0.20%)
Miscellaneous permanent items	0.00%	(0.30%)
Uncertain tax positions	(0.50%)	(0.40%)
Stock option cancellations	(1.90%)	(0.60%)
Valuation allowance and tax accruals	1.00%	(1.20%)
Other	(0.10%)	0.40%
Effective tax rate	24.90%	33.60%

Summary of significant accounting policies, Advertising (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Advertising [Abstract]
Advertising expense	$ 3.1	$ 1.8

Summary of significant accounting policies, Fixed assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fixed assets [Abstract]
Depreciation expense	$ 1.1	$ 0.7
Tooling [Member]
Fixed assets [Abstract]
Estimated useful life	5 years
Machinery and Equipment [Member]
Fixed assets [Abstract]
Estimated useful life	10 years
Furniture and Office Equipment [Member] \| Minimum [Member]
Fixed assets [Abstract]
Estimated useful life	5 years
Furniture and Office Equipment [Member] \| Maximum [Member]
Fixed assets [Abstract]
Estimated useful life	10 years
Computer Software and Equipment [Member] \| Minimum [Member]
Fixed assets [Abstract]
Estimated useful life	3 years
Computer Software and Equipment [Member] \| Maximum [Member]
Fixed assets [Abstract]
Estimated useful life	7 years

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings per share [Abstract]

Earnings per Share

Earnings per share was computed as follows (in thousands, except per share amounts):

	Years Ended December 31,
	2022			2021
Net loss	$	(5,936	)	$	(4,041	)

Shares:
Basic: Weighted average common shares outstanding		9,905			9,298
Add: Dilutive effect of outstanding equity awards as determined by the treasury stock method		–			–
Diluted: Weighted average common and common equivalent shares outstanding		9,905			9,298

Net loss per common share:
Basic	$	(0.60	)	$	(0.43	)
Diluted		(0.60	)		(0.43	)

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2022

Summary of significant accounting policies [Abstract]

Principles of consolidation

Use of estimates

Segment reporting

Cash and cash equivalents

Cash and cash equivalents: We consider all highly liquid investments with a maturity date of three months or less at date of purchase to be cash equivalents.

Allowance for doubtful accounts

The following table summarizes the activity recorded in the valuation account for accounts receivable:

	Years Ended December 31,
(In thousands)	2022			2021
Balance, beginning of period	$	219		$	220
Additions charged to costs and expenses		140			–
Deductions		(8	)		(1	)
Balance, end of period	$	351		$	219

Inventories

Fixed assets

Leases

Goodwill and intangible assets

Revenue recognition

Disaggregation of revenue

	Year Ended December 31, 2022
(In thousands)	United States		International		Total
Food service technology	$	11,602	$	762	$	12,364
POS automation		10,657		2		10,659
Casino and gaming		17,686		12,343		30,029
TransAct Services Group		4,089		998		5,087
Total net sales	$	44,034	$	14,105	$	58,139

	Year Ended December 31, 2021
(In thousands)	United States		International		Total
Food service technology	$	11,738	$	887	$	12,625
POS automation		4,817		8		4,825
Casino and gaming		10,173		5,129		15,302
Printrex		171		460		631
TransAct Services Group		5,501		502		6,003
Total net sales	$	32,400	$	6,986	$	39,386

Contract balances

Net contract (liabilities) assets consist of the following:

	December 31,
(In thousands)	2022			2021
Unbilled receivables, current	$	392		$	314
Unbilled receivables, non-current		163			308
Customer pre-payments		(101	)		(99	)
Deferred revenue, current		(1,329	)		(805	)
Deferred revenue, non-current		(143	)		(186	)
Net contract (liabilities) assets	$	(1,018	)	$	(468	)

Remaining performance obligations

Concentration of credit risk

Accounts receivable from customers representing 10% or more of total accounts receivable, net were as follows:

	December 31,
	2022			2021
Chain Link Services		–			10	%
International Gaming Technology (“IGT”)		12	%		3	%
NCR Corporation		3	%		11	%
The Bright Group		11	%		–

Sales to customers representing 10% or more of total net sales were as follows:

	December 31,
	2022			2021
IGT		10	%		9	%

Engineering, design and product development

Advertising

Income taxes

Foreign Currency Translation

Share-based payments

Net income and loss per share

Change in accounting principle and Reclassificiations

Reclassifications: Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year.

Summary of significant accounting policies, Engineering, design and product development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Engineering, design and product development [Abstract]
Research and development expense	$ 8,570	$ 7,475
Unamortized development costs of software	242	396
Amortization of capitalized software development costs	$ 154	$ 154

Change in accounting principle, Effect of Change on Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Comprehensive Loss [Abstract]
Net loss	$ 260	$ 528	$ (2,376)	$ (4,348)	$ (823)	$ 901	$ (2,030)	$ (2,089)	$ (5,936)	$ (4,041)
Comprehensive loss					(750)				$ (6,158)	(3,860)
Previously Reported [Member]
Consolidated Statements of Comprehensive Loss [Abstract]
Net loss					(735)					(4,145)
Comprehensive loss					(662)					(3,964)
Effect of Change [Member] \| Change in Method of Inventory Valuation to Average Costing [Member]
Consolidated Statements of Comprehensive Loss [Abstract]
Net loss					(88)					104
Comprehensive loss					$ (88)					$ 104

- Definition

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

+ References

+ Details

Stock incentive plans, Assumptions used in option valuation calculations (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock Options [Member]
Assumptions used in valuation model [Abstract]
Term of award	10 years
2014 Equity Incentive Plan [Member]
Assumptions used in valuation model [Abstract]
Expected option term	7 years 1 month 6 days	6 years 10 months 24 days
Expected volatility	51.30%	50.50%
Risk-free interest rate	2.20%	1.20%
Dividend yield	0.00%	0.00%
2014 Equity Incentive Plan [Member] \| Stock Options [Member]
Assumptions used in valuation model [Abstract]
Weighted average fair value of grants (in dollars per share)	$ 4.39	$ 5.41
Term of award	10 years
2014 Equity Incentive Plan [Member] \| Restricted Share Units [Member]
Assumptions used in valuation model [Abstract]
Weighted average fair value of grants (in dollars per share)	$ 8.43	$ 10.27

Accrued liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued liabilities [Abstract]
Salaries and compensation related	$ 2,744	$ 2,854
Taxes	530	79
Professional and consulting	371	285
Other	432	676
Accrued liabilities	$ 4,077	$ 3,894

Change in accounting principle, Effect of Change on Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Cash Flows [Abstract]
Net loss	$ 260	$ 528	$ (2,376)	$ (4,348)	$ (823)	$ 901	$ (2,030)	$ (2,089)	$ (5,936)	$ (4,041)
Deferred income tax benefit									(2,141)	(2,121)
Inventories									$ (4,378)	3,440
Previously Reported [Member]
Consolidated Statements of Cash Flows [Abstract]
Net loss					(735)					(4,145)
Deferred income tax benefit										(2,150)
Inventories										3,573
Effect of Change [Member] \| Change in Method of Inventory Valuation to Average Costing [Member]
Consolidated Statements of Cash Flows [Abstract]
Net loss					$ (88)					104
Deferred income tax benefit										29
Inventories										$ (133)

- Definition

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

+ References

+ Details

Summary of significant accounting policies, Goodwill and intangible assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Summary of significant accounting policies [Abstract]
Impairment of goodwill and intangible assets	$ 0

Summary of significant accounting policies, Leases (Details) - USD ($) $ in Millions	Apr. 26, 2022	Apr. 20, 2021	Dec. 31, 2022
Minimum [Member]
Leases [Abstract]
Remaining lease terms			1 year
Maximum [Member]
Leases [Abstract]
Remaining lease terms			4 years
Facility in Las Vegas, Nevada [Member]
Leases [Abstract]
Increase (decrease) in right-of-use-asset	$ 0.8
Increase (decrease) in operating lease liability	$ 0.8
Facility in Hamden, Connecticut [Member]
Leases [Abstract]
Increase (decrease) in right-of-use-asset		$ (0.3)
Increase (decrease) in operating lease liability		$ (0.3)