0001140361-23-024738 | 10-Q | XBRL Viewer | Transact Technologies INC

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventories [Abstract]
Raw materials and purchased component parts	$ 9,720	$ 8,884
Finished goods	2,670	3,144
Inventories	$ 12,390	$ 12,028

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]
Net income (loss)	$ 3,139	$ (4,348)
Foreign currency translation adjustment, net of tax	2	(42)
Comprehensive income (loss)	$ 3,141	$ (4,390)

- Definition

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

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+ Details

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings per Share [Abstract]

Earnings per Share

The following table sets forth the reconciliation of basic and diluted weighted average shares outstanding (as adjusted, see Note 9):

	Three Months Ended
	March 31,
	2023		2022
	(In thousands, except per-share data)
Net income (loss)	$	3,139	$	(4,348	)

Shares:
Basic: Weighted average common shares outstanding		9,930		9,886
Add: Dilutive effect of outstanding options and restricted stock units as determined by the treasury stock method		113		–
Diluted: Weighted average common and common equivalent shares outstanding		10,043		9,886

Net income (loss) per common share:
Basic	$	0.32	$	(0.44	)
Diluted	$	0.31	$	(0.44	)

Leases (Tables)

3 Months Ended

Mar. 31, 2023

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):

	Three Months Ended
	March 31,
	2023		2022
Operating cash outflows from leases	$	252	$	230

Additional Information Related to Leases

The following summarizes additional information related to our leases as of March 31, 2023 and December 31, 2022:

	March 31, 2023			December 31, 2022
Weighted average remaining lease term (in years)		2.5			2.7
Weighted average discount rate		4.5	%		4.5	%

Maturity of Operating Lease Liabilities

The maturity of the Company’s operating lease liabilities as of March 31, 2023 and December 31, 2022 were as follows (in thousands):

	March 31, 2023		December 31, 2022
2023	$	723	$	972
2024		1,024		1,022
2025		712		710
2026		22		20
Total undiscounted lease payments		2,481		2,724
Less imputed interest		141		166
Total lease liabilities	$	2,340	$	2,558

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings per Share [Abstract]
Net income (loss)	$ 3,139	$ (4,348)
Shares [Abstract]
Basic: Weighted average common shares outstanding (in shares)	9,930	9,886
Add: Dilutive effect of outstanding options and restricted stock units as determined by the treasury stock method (in shares)	113	0
Diluted: Weighted average common and common equivalent shares outstanding (in shares)	10,043	9,886
Net income (loss) per common share [Abstract]
Basic (in dollars per share)	$ 0.32	$ (0.44)
Diluted (in dollars per share)	$ 0.31	$ (0.44)
Stock Awards [Member]
Earnings per share [Abstract]
Anti-dilutive securities excluded from computation of earnings per dilutive share (in shares)		943

Change in Accounting Method, Effect of Change on Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net loss	$ 3,139	$ (4,348)
Comprehensive loss	$ 3,141	(4,390)
Previously Reported [Member]
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net loss		(4,013)
Comprehensive loss		(4,055)
Effect of Change [Member] \| Change in Method of Inventory Valuation to Average Costing [Member]
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net loss		(335)
Comprehensive loss		$ (335)

- 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 Method, Effect of Change on Statements of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Operations [Abstract]
Cost of sales	$ 10,015	$ 7,136
Gross profit	12,255	2,566
Operating loss	3,813	(5,604)
Loss before income taxes	3,768	(5,703)
Income tax benefit	(629)	1,355
Net loss	$ 3,139	$ (4,348)
Net Loss per Common Share [Abstract]
Basic (in dollars per share)	$ 0.32	$ (0.44)
Diluted (in dollars per share)	$ 0.31	$ (0.44)
Shares Used in Per-Share Calculation [Abstract]
Basic (in shares)	9,930	9,886
Diluted (in shares)	10,043	9,886
Previously Reported [Member]
Condensed Consolidated Statements of Operations [Abstract]
Cost of sales		$ 6,708
Gross profit		2,994
Operating loss		(5,176)
Loss before income taxes		(5,275)
Income tax benefit		1,262
Net loss		$ (4,013)
Net Loss per Common Share [Abstract]
Basic (in dollars per share)		$ (0.41)
Diluted (in dollars per share)		$ (0.41)
Shares Used in Per-Share Calculation [Abstract]
Basic (in shares)		9,886
Diluted (in shares)		9,886
Effect of Change [Member] \| Change in Method of Inventory Valuation to Average Costing [Member]
Condensed Consolidated Statements of Operations [Abstract]
Cost of sales		$ 428
Gross profit		(428)
Operating loss		(428)
Loss before income taxes		(428)
Income tax benefit		93
Net loss		$ (335)
Net Loss per Common Share [Abstract]
Basic (in dollars per share)		$ (0.03)
Diluted (in dollars per share)		$ (0.03)

Revenue, Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of revenue [Abstract]
Net sales	$ 22,270	$ 9,702
United States [Member]
Disaggregation of revenue [Abstract]
Net sales	17,597	7,102
International [Member]
Disaggregation of revenue [Abstract]
Net sales	4,673	2,600
Food Service Technology [Member]
Disaggregation of revenue [Abstract]
Net sales	3,458	2,130
Food Service Technology [Member] \| United States [Member]
Disaggregation of revenue [Abstract]
Net sales	3,263	1,946
Food Service Technology [Member] \| International [Member]
Disaggregation of revenue [Abstract]
Net sales	195	184
POS Automation [Member]
Disaggregation of revenue [Abstract]
Net sales	1,797	1,300
POS Automation [Member] \| United States [Member]
Disaggregation of revenue [Abstract]
Net sales	1,782	1,300
POS Automation [Member] \| International [Member]
Disaggregation of revenue [Abstract]
Net sales	15	0
Casino and Gaming [Member]
Disaggregation of revenue [Abstract]
Net sales	15,811	4,762
Casino and Gaming [Member] \| United States [Member]
Disaggregation of revenue [Abstract]
Net sales	11,569	2,788
Casino and Gaming [Member] \| International [Member]
Disaggregation of revenue [Abstract]
Net sales	4,242	1,974
TransAct Services Group [Member]
Disaggregation of revenue [Abstract]
Net sales	1,204	1,510
TransAct Services Group [Member] \| United States [Member]
Disaggregation of revenue [Abstract]
Net sales	983	1,068
TransAct Services Group [Member] \| International [Member]
Disaggregation of revenue [Abstract]
Net sales	$ 221	$ 442

- Definition

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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+ Details

Debt (Details) - Sienna Credit Facility [Member] - USD ($)	3 Months Ended
	Mar. 31, 2023	Jul. 21, 2021	Mar. 13, 2020
Debt [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%
Additional borrowing capacity	$ 6,400,000
Balance outstanding	2,300,000
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
Minimum [Member]
Debt [Abstract]
Additional borrowing capacity		$ 750,000
Prime Rate [Member]
Debt [Abstract]
Basis spread on variable rate	1.75%
Federal Funds Rate [Member]
Debt [Abstract]
Basis spread on variable rate	2.25%

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2023
Significant Accounting Policies [Abstract]
Credit Losses	In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU and its related amendments (collectively, the “Credit Loss Standard”) modifies the impairment model to utilize an expected loss methodology in place of the incurred loss methodology for financial instruments, including trade receivables, contract assets and off-balance sheet credit exposures. The Credit Loss Standard requires consideration of a broader range of information to estimate expected credit losses, including historical information, current economic conditions and a reasonable forecast period. This Credit Loss Standard requires that the statement of operations reflect estimates of expected credit losses for newly recognized financial assets as well as changes in the estimate of expected credit losses that have taken place during the period, which may result in earlier recognition of certain losses. We adopted this standard effective January 1, 2023, and this standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements. We are exposed to credit losses primarily through our sales of products and software to commercial customers which are recorded as Accounts receivable, net on the Condensed Consolidated Balance Sheets. Our method for developing our allowance for credit losses involves making informed judgments regarding whether an adjustment is necessary to our historical loss experiences to reflect our expectations around current economic conditions and reasonable and supportable forecast periods, where applicable. We utilize current economic market data as well as other internal and external information available to us to inform our decision making in this process.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 35
-Paragraph 7A
-URI https://asc.fasb.org/extlink&oid=125515542&loc=SL120269220-210453

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 6,644	$ 7,946
Accounts receivable, net	17,022	13,927
Employee retention credit receivable	0	1,500
Inventories	12,390	12,028
Other current assets	910	724
Total current assets	36,966	36,125
Fixed assets, net of accumulated depreciation of $17,869 and $17,656, respectively	2,882	2,781
Right-of-use asset, net	2,274	2,488
Goodwill	2,621	2,621
Deferred tax assets	6,828	7,327
Intangible assets, net of accumulated amortization of $1,402 and $1,364, respectively	204	242
Other assets	225	248
Total noncurrent assets	15,034	15,707
Total assets	52,000	51,832
Current liabilities:
Current portion of revolving loan payable	2,250	2,250
Accounts payable	4,574	7,395
Accrued liabilities	4,061	4,077
Lease liability	891	875
Deferred revenue	1,205	1,329
Total current liabilities	12,981	15,926
Deferred revenue, net of current portion	148	143
Lease liability, net of current portion	1,449	1,683
Other liabilities	226	218
Total noncurrent liabilities	1,823	2,044
Total liabilities	14,804	17,970
Commitments and contingencies (see Notes 5 and 7)
Shareholders' equity:
Common stock, $0.01 par value, 20,000,000 shares authorized; 13,998,535 and 13,956,725 shares issued, respectively; 9,953,693 and 9,911,883 shares outstanding, respectively	140	139
Additional paid-in capital	56,474	56,282
Retained earnings	12,769	9,630
Accumulated other comprehensive loss, net of tax	(77)	(79)
Treasury stock, at cost (4,044,842 shares)	(32,110)	(32,110)
Total shareholders' equity	37,196	33,862
Total liabilities and shareholders' equity	$ 52,000	$ 51,832

Revenue, Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2023 USD ($)
Remaining performance obligations [Abstract]
Remaining performance obligations	$ 20.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Remaining performance obligations [Abstract]
Remaining performance obligations	$ 20.2
Expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
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]: 2025-04-01
Remaining performance obligations [Abstract]
Remaining performance obligations
Expected timing of satisfaction, period	12 months

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 3,139	$ (4,348)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Share-based compensation expense	278	296
Depreciation and amortization	352	228
Deferred income taxes	501	(1,355)
Foreign currency transaction losses	21	35
Changes in operating assets and liabilities:
Accounts receivable	(3,044)	680
Employee retention credit receivable	1,500	0
Inventories	(351)	(916)
Other current and long-term assets	(175)	(778)
Accounts payable	(2,846)	(400)
Accrued liabilities and other liabilities	(132)	(261)
Net cash used in operating activities	(757)	(6,819)
Cash flows from investing activities:
Capital expenditures	(378)	(496)
Net cash used in investing activities	(378)	(496)
Cash flows from financing activities:
Withholding taxes paid on stock issuances	(86)	(119)
Net cash used in financing activities	(86)	(119)
Effect of exchange rate changes on cash and cash equivalents	(81)	(29)
Decrease in cash and cash equivalents	(1,302)	(7,463)
Cash and cash equivalents, beginning of period	7,946	19,457
Cash and cash equivalents, end of period	6,644	11,994
Supplemental schedule of non-cash investing activities:
Non-cash capital expenditure items	$ 25	$ 174

Revenue

3 Months Ended

Mar. 31, 2023

Revenue [Abstract]

Revenue

3. Revenue

We account for revenue in accordance with ASC Topic 606: Revenue from Contracts with Customers.

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.

	Three Months Ended
	March 31,
	2023						2022
	(In thousands)
	United States		International		Total		United States		International		Total
Food service technology	$	3,263	$	195	$	3,458	$	1,946	$	184	$	2,130
POS automation		1,782		15		1,797		1,300		–		1,300
Casino and gaming		11,569		4,242		15,811		2,788		1,974		4,762
TransAct Services Group		983		221		1,204		1,068		442		1,510
Total net sales	$	17,597	$	4,673	$	22,270	$	7,102	$	2,600	$	9,702

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” in the Condensed Consolidated Balance Sheets.

Contract liabilities consist of customer pre-payments and deferred revenue. Customer prepayments are reported as “Accrued liabilities” in current liabilities in the Condensed Consolidated Balance Sheets and represent customer payments made in advance of performance obligations in instances where credit has not been extended and are 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. For the three months ended March 31, 2023, we recognized revenue of $0.9 million related to our contract liabilities at December 31, 2022. Total net contract liabilities consisted of the following:

	March 31, 2023			December 31, 2022
	(In thousands)
Unbilled receivables, current	$	322		$	392
Unbilled receivables, non-current		150			163
Customer pre-payments		(7	)		(101	)
Deferred revenue, current		(1,205	)		(1,329	)
Deferred revenue, non-current		(148	)		(143	)
Total net contract liabilities	$	(888	)	$	(1,018	)

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 March 31, 2023, the aggregate amount of transaction prices allocated to remaining performance obligations was $20.4 million. The Company expects to recognize revenue of $20.2 million of its remaining performance obligations within the next 12 months following March 31, 2023, $0.2 million within the next 24 months following March 31, 2023 and the balance of these remaining performance obligations recognized within the next 36 months following March 31, 2023.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 30, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,953,693

Change in Accounting Method

3 Months Ended

Mar. 31, 2023

Change in Accounting Method [Abstract]

Change in Accounting Method

9. Change in Accounting Method

Effective April 1, 2022, TransAct changed its method of inventory valuation from standard costing which approximates FIFO 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. 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 (dollars in thousands).

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

	Three months ended March 31, 2022
	Under FIFO Cost			Under Average Cost			Effect of Change
Cost of sales	$	6,708		$	7,136		$	428
Gross profit		2,994			2,566			(428	)
Operating loss		(5,176	)		(5,604	)		(428	)
Loss before income taxes		(5,275	)		(5,703	)		(428	)
Income tax benefit		1,262			1,355			93
Net loss		(4,013	)		(4,348	)		(335	)

Net loss per common share:
Basic	$	(0.41	)	$	(0.44	)	$	(0.03	)
Diluted	$	(0.41	)	$	(0.44	)	$	(0.03	)

Shares used in per-share calculation:
Basic		9,886			9,886
Diluted		9,886			9,886

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

	Three months ended March 31, 2022
	Under FIFO Cost			Under Average Cost			Effect of Change
Net loss	$	(4,013	)	$	(4,348	)	$	(335	)
Comprehensive loss		(4,055	)		(4,390	)		(335	)

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

	Three months ended March 31, 2022
	Under FIFO Cost			Under Average Cost			Effect of Change
Net loss	$	(4,013	)	$	(4,348	)	$	(335	)
Deferred income taxes		(1,262	)		(1,355	)		(93	)
Inventories		(1,344	)		(916	)		428

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

	Three months ended March 31, 2022
	Under FIFO Cost			Under Average Cost			Effect of Change
Equity beginning balance	$	38,991		$	38,984		$	(7	)
Retained earnings -- beginning of period		15,573			15,566			(7	)
Net loss		(4,013	)		(4,348	)		(335	)
Retained earnings -- end of period		11,560			11,218			(342	)
Equity ending balance		35,113			34,771			(342	)

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events On April 5, 2023, the Company announced that on April 4, 2023, Bart C. Shuldman had resigned as the Company’s Chief Executive Officer and as a director of the Company, effective immediately (the “Effective Time”). Mr. Shuldman’s resignation as director is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. On April 4, 2023, the Board of Directors appointed John M. Dillon, a Board member, to serve as interim Chief Executive Officer of the Company, effective as of the Effective Time. In this capacity, Mr. Dillon serves as the Company’s principal executive officer. Mr. Dillon will continue to serve on the Board of Directors, but has resigned from his position as Audit Committee chair and from his membership on each of the committees of the Board of Directors. On May 8, 2023, the Board of Directors removed the “interim” designation and the Company announced that Mr. Dillon would continue in the role of Chief Executive Officer indefinitely, subject to the terms of his employment agreement. See Exhibit 10.1 “Separation Agreement and General Release, dated April 20, 2023 between the Company and Bart C. Shuldman” and Exhibit 10.2 “Letter Agreement dated April 24, 2023 between the Company and John M. Dillon” in Item 6. Exhibits of this Quarterly Report on Form 10-Q. On May 1, 2023, TransAct and Siena Lending Group LLC signed a Letter Amendment to the Siena Credit Facility. Section 7.1(m) of the Siena Credit Facility requires that any successor to Mr. Shuldman be reasonably acceptable to Siena Lending Group LLC and this Letter Amendment confirmed that Mr. Dillon is an acceptable successor to Mr. Shuldman. The Company has evaluated all events or transactions that occurred up to the date the Condensed Consolidated Financial Statements were available to be issued. Based upon this review, the Company did not identify any additional subsequent events that would have required adjustment or disclosure in the Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Fixed assets, accumulated depreciation	$ 17,869	$ 17,656
Intangible assets, accumulated amortization	$ 1,402	$ 1,364
Shareholders' equity:
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)	13,998,535	13,956,725
Common stock, shares outstanding (in shares)	9,953,693	9,911,883
Treasury stock (in shares)	4,044,842	4,044,842

Debt	3 Months Ended
Debt	Mar. 31, 2023
Debt [Abstract]
Debt	5. Debt Credit Facility On March 13, 2020, we entered into a credit facility (the “Siena Credit Facility”) with Siena Lending Group LLC (the “Lender”). 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 Condensed 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 March 31, 2023, we remained in compliance with our excess availability covenant. As of March 31, 2023, we had $2.3 million of outstanding borrowings under the Siena Credit Facility and $6.4 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 the 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.

- 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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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Taxes [Abstract]
Income Taxes	8. Income Taxes We recorded income tax expense in the first quarter of 2023 of $0.6 million at an effective tax rate of 16.7%, compared to an income tax benefit during the first quarter of 2022 of $1.4 million at an effective tax rate of 23.8%. The effective tax rate for the first quarter of 2023 is lower than the effective tax rate for the first quarter of 2022 due to the impact from the research and development (“R&D”) credit. In periods with pre-tax income, such as the first quarter of 2023, the R&D credit has the effect of lowering the effective tax rate. In periods with pre-tax losses, such as first quarter of 2022, the R&D credit has the effect of raising the effective tax rate. We are subject to U.S. federal income tax, as well as income tax in certain U.S. state and foreign jurisdictions. We have substantially concluded all U.S. federal, state and local income tax, and foreign tax regulatory examination matters through 2018. However, our federal tax returns for the years 2019 through 2022 remain open to examination. Various U.S. state and foreign tax jurisdiction tax years remain open to examination as well, but we believe that any additional assessment would be immaterial to the Condensed Consolidated Financial Statements. The Company maintains a valuation allowance against certain deferred tax assets where realization is not certain.

- 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.

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Change in Accounting Method, Effect of Change on Statements of Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Changes in Shareholders' Equity [Abstract]
Beginning balance	$ 33,862	$ 38,984
Net loss	3,139	(4,348)
Ending balance	37,196	34,771
Retained Earnings [Member]
Condensed Consolidated Statements of Changes in Shareholders' Equity [Abstract]
Beginning balance	9,630	15,566
Net loss	3,139	(4,348)
Ending balance	$ 12,769	11,218
Previously Reported [Member]
Condensed Consolidated Statements of Changes in Shareholders' Equity [Abstract]
Beginning balance		38,991
Net loss		(4,013)
Ending balance		35,113
Previously Reported [Member] \| Retained Earnings [Member]
Condensed Consolidated Statements of Changes in Shareholders' Equity [Abstract]
Beginning balance		15,573
Ending balance		11,560
Effect of Change [Member] \| Change in Method of Inventory Valuation to Average Costing [Member]
Condensed Consolidated Statements of Changes in Shareholders' Equity [Abstract]
Beginning balance		(7)
Net loss		(335)
Ending balance		(342)
Effect of Change [Member] \| Retained Earnings [Member] \| Change in Method of Inventory Valuation to Average Costing [Member]
Condensed Consolidated Statements of Changes in Shareholders' Equity [Abstract]
Beginning balance		(7)
Ending balance		$ (342)

- Definition

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

+ References

+ Details

- 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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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Total
Beginning balance at Dec. 31, 2021	$ 139	$ 55,246	$ 15,566	$ (32,110)	$ 143	$ 38,984
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from restricted stock units	0
Share-based compensation expense		296
Relinquishment of stock awards to pay for withholding taxes		(119)
Net income (loss)			(4,348)			(4,348)
Foreign currency translation adjustment, net of tax					(42)	(42)
Ending balance at Mar. 31, 2022	139	55,423	11,218	(32,110)	101	$ 34,771
Supplemental Share Information:
Issuance of shares from stock awards (in shares)						63
Relinquishment of stock awards to pay withholding taxes (in shares)						26
Beginning balance at Dec. 31, 2022	139	56,282	9,630	(32,110)	(79)	$ 33,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from restricted stock units	1
Share-based compensation expense		278
Relinquishment of stock awards to pay for withholding taxes		(86)
Net income (loss)			3,139			3,139
Foreign currency translation adjustment, net of tax					2	2
Ending balance at Mar. 31, 2023	$ 140	$ 56,474	$ 12,769	$ (32,110)	$ (77)	$ 37,196
Supplemental Share Information:
Issuance of shares from stock awards (in shares)						54
Relinquishment of stock awards to pay withholding taxes (in shares)						12

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

7. Leases

We account for leases in accordance with ASC Topic 842: 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. Our leases are included in “Right-of-use-assets” and “Lease liabilities” in our Condensed Consolidated Balance Sheets. Our leases have various lease terms, some of which include options to extend. Lease expense is recognized on a straight-line basis over the lease term.

Operating lease expense for the three months ended March 31, 2023 and 2022 was $237 thousand and $237 thousand, respectively, and is reported as “Cost of sales”, “Engineering, design and product development expense”, “Selling and marketing expense”, and “General and administrative expense” in the Condensed Consolidated Statements of Operations. Operating lease expenses include short-term lease costs, which were immaterial during the periods presented.

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

	Three Months Ended
	March 31,
	2023		2022
Operating cash outflows from leases	$	252	$	230

The following summarizes additional information related to our leases as of March 31, 2023 and December 31, 2022:

	March 31, 2023			December 31, 2022
Weighted average remaining lease term (in years)		2.5			2.7
Weighted average discount rate		4.5	%		4.5	%

The maturity of the Company’s operating lease liabilities as of March 31, 2023 and December 31, 2022 were as follows (in thousands):

	March 31, 2023		December 31, 2022
2023	$	723	$	972
2024		1,024		1,022
2025		712		710
2026		22		20
Total undiscounted lease payments		2,481		2,724
Less imputed interest		141		166
Total lease liabilities	$	2,340	$	2,558

Revenue, Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Revenue [Abstract]
Revenue recognized	$ 900
Contract liabilities [Abstract]
Unbilled receivables, current	322	$ 392
Unbilled receivables, non-current	150	163
Customer pre-payments	(7)	(101)
Deferred revenue, current	(1,205)	(1,329)
Deferred revenue, non-current	(148)	(143)
Total net contract liabilities	$ (888)	$ (1,018)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 22,270	$ 9,702
Cost of sales	10,015	7,136
Gross profit	12,255	2,566
Operating expenses:
Engineering, design and product development	2,269	2,283
Selling and marketing	2,757	2,683
General and administrative	3,416	3,204
Operating expenses	8,442	8,170
Operating income (loss)	3,813	(5,604)
Interest and other (expense) income:
Interest, net	(66)	(64)
Other, net	21	(35)
Interest and other (expense) income	(45)	(99)
Income (loss) before income taxes	3,768	(5,703)
Income tax expense (benefit)	629	(1,355)
Net income (loss)	$ 3,139	$ (4,348)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.32	$ (0.44)
Diluted (in dollars per share)	$ 0.31	$ (0.44)
Shares used in per-share calculations:
Basic (in shares)	9,930	9,886
Diluted (in shares)	10,043	9,886

Change in Accounting Method (Tables)

3 Months Ended

Mar. 31, 2023

Change in Accounting Method [Abstract]

Financial Statement Line Items Impacted by Change in Accounting Method

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

	Three months ended March 31, 2022
	Under FIFO Cost			Under Average Cost			Effect of Change
Cost of sales	$	6,708		$	7,136		$	428
Gross profit		2,994			2,566			(428	)
Operating loss		(5,176	)		(5,604	)		(428	)
Loss before income taxes		(5,275	)		(5,703	)		(428	)
Income tax benefit		1,262			1,355			93
Net loss		(4,013	)		(4,348	)		(335	)

Net loss per common share:
Basic	$	(0.41	)	$	(0.44	)	$	(0.03	)
Diluted	$	(0.41	)	$	(0.44	)	$	(0.03	)

Shares used in per-share calculation:
Basic		9,886			9,886
Diluted		9,886			9,886

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

	Three months ended March 31, 2022
	Under FIFO Cost			Under Average Cost			Effect of Change
Net loss	$	(4,013	)	$	(4,348	)	$	(335	)
Comprehensive loss		(4,055	)		(4,390	)		(335	)

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

	Three months ended March 31, 2022
	Under FIFO Cost			Under Average Cost			Effect of Change
Net loss	$	(4,013	)	$	(4,348	)	$	(335	)
Deferred income taxes		(1,262	)		(1,355	)		(93	)
Inventories		(1,344	)		(916	)		428

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

	Three months ended March 31, 2022
	Under FIFO Cost			Under Average Cost			Effect of Change
Equity beginning balance	$	38,991		$	38,984		$	(7	)
Retained earnings -- beginning of period		15,573			15,566			(7	)
Net loss		(4,013	)		(4,348	)		(335	)
Retained earnings -- end of period		11,560			11,218			(342	)
Equity ending balance		35,113			34,771			(342	)

Inventories

3 Months Ended

Mar. 31, 2023

Inventories [Abstract]

Inventories

4. Inventories

The components of inventories were:

	March 31, 2023		December 31, 2022
	(In thousands)

Raw materials and purchased component parts	$	9,720	$	8,884
Finished goods		2,670		3,144
	$	12,390	$	12,028

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue [Abstract]

Disaggregation of Revenue

	Three Months Ended
	March 31,
	2023						2022
	(In thousands)
	United States		International		Total		United States		International		Total
Food service technology	$	3,263	$	195	$	3,458	$	1,946	$	184	$	2,130
POS automation		1,782		15		1,797		1,300		–		1,300
Casino and gaming		11,569		4,242		15,811		2,788		1,974		4,762
TransAct Services Group		983		221		1,204		1,068		442		1,510
Total net sales	$	17,597	$	4,673	$	22,270	$	7,102	$	2,600	$	9,702

Net Contract Liabilities

Total net contract liabilities consisted of the following:

	March 31, 2023			December 31, 2022
	(In thousands)
Unbilled receivables, current	$	322		$	392
Unbilled receivables, non-current		150			163
Customer pre-payments		(7	)		(101	)
Deferred revenue, current		(1,205	)		(1,329	)
Deferred revenue, non-current		(148	)		(143	)
Total net contract liabilities	$	(888	)	$	(1,018	)

Earnings per Share

3 Months Ended

Mar. 31, 2023

Earnings per Share [Abstract]

Earnings per Share

6. Earnings per Share

The following table sets forth the reconciliation of basic and diluted weighted average shares outstanding (as adjusted, see Note 9):

	Three Months Ended
	March 31,
	2023		2022
	(In thousands, except per-share data)
Net income (loss)	$	3,139	$	(4,348	)

Shares:
Basic: Weighted average common shares outstanding		9,930		9,886
Add: Dilutive effect of outstanding options and restricted stock units as determined by the treasury stock method		113		–
Diluted: Weighted average common and common equivalent shares outstanding		10,043		9,886

Net income (loss) per common share:
Basic	$	0.32	$	(0.44	)
Diluted	$	0.31	$	(0.44	)

The computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock options and restricted stock units, when the average market price of the common stock is lower than the exercise price of the related stock award during the period, as the inclusion of these stock awards in the computation of diluted earnings would be anti-dilutive. For the three months ended March 31, 2022, there were 943 thousand of potentially dilutive shares consisting of stock awards that were excluded from the calculation of earnings per diluted share. Furthermore, in periods when a net loss is reported, such as the three months ended March 31, 2022, basic and diluted net loss per common share are calculated using the same method.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Taxes [Abstract]
Income tax expense (benefit)	$ 629	$ (1,355)
Effective tax rate	16.70%	23.80%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Basis of Presentation

3 Months Ended

Mar. 31, 2023

Basis of Presentation [Abstract]

Basis of presentation

1. Basis of Presentation

The accompanying unaudited financial statements of TransAct Technologies Incorporated (“TransAct”, the “Company”, “we”, “us”, or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP to be included in full year financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the periods presented have been included and are of a normal recurring nature. The December 31, 2022 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These interim financial statements should be read in conjunction with the audited financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”).

See Note 9 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.

The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.

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

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 the balance of 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 and continued market share expansion due to certain competitors’ inability to supply product, we expect this recovery to continue into 2023, though the future 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:

●

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.

●

Credit Facility -- 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 5 for further details regarding this facility.

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 Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q 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 the date that the Condensed Consolidated Financial Statements were issued.

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 Condensed 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 remain strong during the remainder 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, should conditions warrant, 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 unaudited 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.

Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. See Note 9 for a discussion of a change in accounting policy which occurred in the second quarter of 2022.

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 237	$ 237
Cash Flows Related to Operating Leases [Abstract]
Operating cash outflows from leases	$ 252	$ 230
Operating Lease Weighted Average Remaining Lease Term and Discount Rate [Abstract]
Weighted average remaining lease term	2 years 6 months		2 years 8 months 12 days
Weighted average discount rate	4.50%		4.50%
Maturity of Operating Lease Liabilities [Abstract]
2023	$ 723		$ 972
2024	1,024		1,022
2025	712		710
2026	22		20
Total undiscounted lease payments	2,481		2,724
Less imputed interest	141		166
Total lease liabilities	$ 2,340		$ 2,558

Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventories [Abstract]

Inventories

The components of inventories were:

	March 31, 2023		December 31, 2022
	(In thousands)

Raw materials and purchased component parts	$	9,720	$	8,884
Finished goods		2,670		3,144
	$	12,390	$	12,028

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2023
Significant Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies For a discussion of our significant accounting policies, see Note 2, Summary of significant accounting policies within Part II, Item 8. “Financial Statements and Supplementary Data” in the Annual Report on Form 10-K for the year ended December 31, 2022. There have been no changes to our significant accounting policies since our Annual Report on 10-K for the year ended December 31, 2022. Recently Adopted Accounting Pronouncement In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU and its related amendments (collectively, the “Credit Loss Standard”) modifies the impairment model to utilize an expected loss methodology in place of the incurred loss methodology for financial instruments, including trade receivables, contract assets and off-balance sheet credit exposures. The Credit Loss Standard requires consideration of a broader range of information to estimate expected credit losses, including historical information, current economic conditions and a reasonable forecast period. This Credit Loss Standard requires that the statement of operations reflect estimates of expected credit losses for newly recognized financial assets as well as changes in the estimate of expected credit losses that have taken place during the period, which may result in earlier recognition of certain losses. We adopted this standard effective January 1, 2023, and this standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements. We are exposed to credit losses primarily through our sales of products and software to commercial customers which are recorded as Accounts receivable, net on the Condensed Consolidated Balance Sheets. Our method for developing our allowance for credit losses involves making informed judgments regarding whether an adjustment is necessary to our historical loss experiences to reflect our expectations around current economic conditions and reasonable and supportable forecast periods, where applicable. We utilize current economic market data as well as other internal and external information available to us to inform our decision making in this process.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2023
Basis of Presentation [Abstract]
Basis of Accounting	The accompanying unaudited financial statements of TransAct Technologies Incorporated (“TransAct”, the “Company”, “we”, “us”, or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP to be included in full year financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the periods presented have been included and are of a normal recurring nature. The December 31, 2022 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These interim financial statements should be read in conjunction with the audited financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”).
Use of Assumptions and Estimates	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 Condensed 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 remain strong during the remainder 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, should conditions warrant, 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 unaudited 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.
Reclassifications	Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year.

Change in Accounting Method, Effect of Change on Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Cash Flows [Abstract]
Net income (loss)	$ 3,139	$ (4,348)
Deferred income taxes	501	(1,355)
Inventories	$ (351)	(916)
Previously Reported [Member]
Condensed Consolidated Statements of Cash Flows [Abstract]
Net income (loss)		(4,013)
Deferred income taxes		(1,262)
Inventories		(1,344)
Effect of Change [Member] \| Change in Method of Inventory Valuation to Average Costing [Member]
Condensed Consolidated Statements of Cash Flows [Abstract]
Net income (loss)		(335)
Deferred income taxes		(93)
Inventories		$ 428

- Definition

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

+ References

+ Details

Basis of Presentation (Details) - USD ($) $ in Millions	12 Months Ended
Basis of Presentation (Details) - USD ($) $ in Millions	Dec. 31, 2021	Mar. 13, 2020
Basis of presentation [Abstract]
Gain from employee retention credit	$ 1.5
Sienna Credit Facility [Member]
Basis of presentation [Abstract]
Maximum borrowing capacity		$ 10.0