0001140361-24-013040 | 10-K | XBRL Viewer | Transact Technologies INC

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Summary of significant accounting policies, Segment reporting (Details)	12 Months Ended
	Dec. 31, 2023 Segment
Segment reporting [Abstract]
Number of business segments	1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]
Net income (loss)	$ 4,748	$ (5,936)
Foreign currency translation adjustment, net of tax	30	(222)
Comprehensive income (loss)	$ 4,778	$ (6,158)

- Definition

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

+ References

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-Name Accounting Standards Codification
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+ Details

Retirement savings plan	12 Months Ended
Retirement savings plan	Dec. 31, 2023
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, net of applied forfeitures, were $230 thousand and $355 thousand in 2023 and 2022, respectively.

Stock incentive plans (Tables)

12 Months Ended

Dec. 31, 2023

Stock incentive plans [Abstract]

Assumptions Used in Option Valuation Calculations

The table below indicates the key assumptions (on a weighted-average basis) used in the option valuation calculations for options granted in 2023 and 2022 and a discussion of our methodology for developing each of the assumptions used in the valuation model:

	Years ended December 31,
	2023			2022
Expected option term (in years)		7.0			7.1
Expected volatility		55.6	%		51.3	%
Risk-free interest rate		4.2	%		2.2	%
Dividend yield		0.0	%		0.0	%

Stock Option Activity

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

	Stock Options					Restricted Stock Units
	Number of Shares			Average Price*		Number of Units			Average Price**
Outstanding at December 31, 2022		1,355,955		$	9.08		214,286		$	9.28
Granted		309,800			6.91		210,100			7.21
Exercised		(1,875	)		4.25		(58,705	)		9.55
Forfeited		(271,655	)		7.72		(181,145	)		8.34
Expired		(77,750	)		8.90		–			–
Outstanding at December 31, 2023		1,314,475		$	8.82		184,536		$	7.76

*	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, 2023:

	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		1,314,475	$	8.82	$	316		4.0		968,972	$	9.31	$	167		2.2
Restricted stock units		184,536		–		1,288		2.7		–		–		–		–

*	weighted average exercise price per share

**	weighted-average contractual remaining term in years

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Remaining Term [Abstract]

Unrecognized compensation cost related to stock options

$ 4,100

Weighted average period to recognize compensation cost not yet recognized

3 years 3 months 18 days

Fair value of all awards vested

$ 1,300

$ 1,600

Intrinsic value of stock options exercised

Cash received from exercise of stock options

Excess tax benefit in provision for income taxes

$ 0

$ (13)

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

Number of Shares [Roll Forward]

Outstanding, beginning of period (in shares)

1,355,955

Granted (in shares)

309,800

Exercised (in shares)

(1,875)

(17,500)

Forfeited (in shares)

(271,655)

Expired (in shares)

(77,750)

Outstanding, end of period (in shares)

1,314,475

1,355,955

Options vested or expected to vest (in shares)

1,314,475

Options exercisable, end of period (in shares)

968,972

Weighted Average Exercise Price [Abstract]

Outstanding, beginning of period (in dollars per share)

^[1]

$ 9.08

Granted (in dollars per share)

^[1]

6.91

Exercised (in dollars per share)

^[1]

4.25

Forfeited (in dollars per share)

^[1]

7.72

Expired (in dollars per share)

^[1]

8.9

Outstanding, end of period (in dollars per share)

^[1]

8.82

$ 9.08

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

^[1]

8.82

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

^[1]

$ 9.31

Aggregate Intrinsic Value [Abstract]

Options vested and expected to vest

$ 316

Options exercisable, end of period

$ 167

Remaining Term [Abstract]

Options vested and expected to vest

^[2]

4 years

Options exercisable, end of period

^[2]

2 years 2 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)

184,536

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)

214,286

Granted (in shares)

210,100

Exercised (in shares)

(58,705)

Forfeited (in shares)

(181,145)

Expired (in shares)

Outstanding, end of period (in shares)

184,536

214,286

Weighted Average Grant Stock Price [Abstract]

Outstanding, beginning of period (in dollars per share)

^[3]

$ 9.28

Granted (in dollars per share)

^[3]

7.21

Exercised (in dollars per share)

^[3]

9.55

Forfeited (in dollars per share)

^[3]

8.34

Expired (in dollars per share)

^[3]

Outstanding, end of period (in dollars per share)

^[3]

$ 7.76

$ 9.28

Aggregate Intrinsic Value [Abstract]

Restricted stock units vested and expected to vest

$ 1,288

Remaining Term [Abstract]

Restricted stock units vested and expected to vest

^[2]

2 years 8 months 12 days

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

Summary of significant accounting policies, Revenue recognition - Contract balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary of significant accounting policies [Abstract]
Revenue recognized	$ 1,400
Net contract (liabilities) assets [Abstract]
Unbilled receivables, current	145	$ 392
Unbilled receivables, non-current	120	163
Customer pre-payments	(155)	(101)
Deferred revenue, current	(1,079)	(1,329)
Deferred revenue, non-current	(209)	(143)
Net contract (liabilities) assets	$ (1,178)	$ (1,018)

Fixed assets, net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fixed assets [Abstract]
Fixed assets	$ 20,725	$ 19,972
Less: Accumulated depreciation and amortization	(18,646)	(17,656)
Fixed assets, net	2,421	2,781
Tooling, Machinery and Equipment [Member]
Fixed assets [Abstract]
Fixed assets	7,562	6,859
Furniture and Office Equipment [Member]
Fixed assets [Abstract]
Fixed assets	2,078	1,882
Computer Software and Equipment [Member]
Fixed assets [Abstract]
Fixed assets	8,190	8,348
Leasehold Improvements [Member]
Fixed assets [Abstract]
Fixed assets	2,895	2,883
Fixed Assets, Excluding Construction in-Process [Member]
Fixed assets [Abstract]
Fixed assets, net	2,079	2,316
Construction in-Process [Member]
Fixed assets [Abstract]
Fixed assets	$ 342	$ 465

Stock incentive plans, Stock incentive plans (Details)	12 Months Ended
Stock incentive plans, Stock incentive plans (Details)	Dec. 31, 2023 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)	2,900,000
Number of shares available for grant (in shares)	981,769
2014 Equity Incentive Plan [Member] \| Stock Options [Member]
Stock incentive plans [Abstract]
Term of award	10 years

Quarterly results of operations (unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

Quarterly results of operations (unaudited) [Abstract]

Quarterly Results of Operations

Our quarterly results of operations for 2023 and 2022 are as follows:

	Quarter Ended
(In thousands, except per share amounts)	March 31			June 30			September 30		December 31
2023:
Net sales	$	22,270		$	19,906		$	17,190	$	13,265
Gross profit		12,255			10,858			8,916		6,371
Net income (loss)		3,139			765			906		(62	)
Net income (loss) per common share:
Basic		0.32			0.08			0.09		(0.01	)
Diluted		0.31			0.08			0.09		(0.01	)

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

Income taxes, Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets [Abstract]
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	$ 0	$ 2,297
Foreign net operating losses	733	676
State net operating losses	84	149
Accrued severance	165	0
Capitalized R&D expenses	3,127	1,708
Inventory reserves	896	648
Deferred revenue	31	41
Warranty reserve	24	17
Stock compensation expense	790	769
Other accrued compensation	404	222
R&D credit carryforward	695	1,238
Other Assets	360	0
Other liabilities and reserves	0	463
Gross deferred tax assets	7,309	8,228
Valuation allowance	(719)	(656)
Net deferred tax assets	6,590	7,572
Deferred tax liabilities [Abstract]
Depreciation and amortization	237	196
Other	49	49
Net deferred tax liabilities	286	245
Total net deferred tax assets	$ 6,304	$ 7,327

Stock incentive plans, Share-based compensation expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based compensation [Abstract]
Income tax benefit from share-based compensation expense	$ 0.2	$ 0.3
General and Administrative Expense [Member]
Share-based compensation [Abstract]
Share-based compensation expense	$ 0.9	$ 1.2

Retirement savings plan (Details) - USD ($) $ in Thousands	12 Months Ended
Retirement savings plan (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Retirement savings plan [Abstract]
Employer matching contribution percentage	50.00%
Employee's contribution percentage for match	6.00%
Matching contributions, net of applied forfeitures	$ 230	$ 355

Borrowings

12 Months Ended

Dec. 31, 2023

Borrowings [Abstract]

Borrowings

8. Borrowings

Credit Facility

On March 13, 2020, we entered into the Loan and Security Agreement governing 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 were $245 thousand. 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. Borrowings under the Siena Credit Facility are subject to a borrowing base based on 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.

The Siena Credit Facility imposes a financial covenant on the Company and restricts, among other things, our ability to incur additional indebtedness and create other liens. 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 ended July 31, 2021. From July 31, 2021 through December 31, 2023, we remained in compliance with our excess availability covenant.

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 Siena Credit Facility Amendment No. 2. 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 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.

On May 1, 2023, the Company and the Lender agreed to a letter amendment to the Loan and Security Agreement governing the Siena Credit Facility. Prior to such amendment, Section 7.1(m) of the Loan and Security Agreement governing the Siena Credit Facility required that any successor to the Company’s former Chief Executive Officer be reasonably acceptable to the Lender. This amendment confirmed that Mr. Dillon, the Company’s current Chief Executive Officer, is an acceptable successor, and applied the same requirement to any future successor to Mr. Dillon as Chief Executive Officer.

As of December 31, 2023, we had $2.3 million of outstanding borrowings under the Siena Credit Facility and $5.9 million of net borrowing capacity available under the Siena Credit Facility.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1E
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Summary of significant accounting policies, Revenue recognition - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Summary of significant accounting policies [Abstract]
Term of free maintenance upon completion of software installation									1 year
Disaggregation of revenue [Abstract]
Net sales	$ 13,265	$ 17,190	$ 19,906	$ 22,270	$ 17,958	$ 17,856	$ 12,623	$ 9,702	$ 72,631	$ 58,139
United States [Member]
Disaggregation of revenue [Abstract]
Net sales									58,060	44,034
International [Member]
Disaggregation of revenue [Abstract]
Net sales									14,571	14,105
Food Service Technology [Member]
Disaggregation of revenue [Abstract]
Net sales									16,308	12,364
Food Service Technology [Member] \| United States [Member]
Disaggregation of revenue [Abstract]
Net sales									15,159	11,602
Food Service Technology [Member] \| International [Member]
Disaggregation of revenue [Abstract]
Net sales									1,149	762
POS Automation [Member]
Disaggregation of revenue [Abstract]
Net sales									6,922	10,659
POS Automation [Member] \| United States [Member]
Disaggregation of revenue [Abstract]
Net sales									6,805	10,657
POS Automation [Member] \| International [Member]
Disaggregation of revenue [Abstract]
Net sales									117	2
Casino and Gaming [Member]
Disaggregation of revenue [Abstract]
Net sales									41,192	30,029
Casino and Gaming [Member] \| United States [Member]
Disaggregation of revenue [Abstract]
Net sales									28,715	17,686
Casino and Gaming [Member] \| International [Member]
Disaggregation of revenue [Abstract]
Net sales									12,477	12,343
TransAct Services Group [Member]
Disaggregation of revenue [Abstract]
Net sales									8,209	5,087
TransAct Services Group [Member] \| United States [Member]
Disaggregation of revenue [Abstract]
Net sales									7,381	4,089
TransAct Services Group [Member] \| International [Member]
Disaggregation of revenue [Abstract]
Net sales									$ 828	$ 998

Quarterly results of operations (unaudited)

12 Months Ended

Dec. 31, 2023

Quarterly results of operations (unaudited) [Abstract]

Quarterly results of operations (unaudited)

15. Quarterly results of operations (unaudited)

Our quarterly results of operations for 2023 and 2022 are as follows:

	Quarter Ended
(In thousands, except per share amounts)	March 31			June 30			September 30		December 31
2023:
Net sales	$	22,270		$	19,906		$	17,190	$	13,265
Gross profit		12,255			10,858			8,916		6,371
Net income (loss)		3,139			765			906		(62	)
Net income (loss) per common share:
Basic		0.32			0.08			0.09		(0.01	)
Diluted		0.31			0.08			0.09		(0.01	)

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

Description of business	12 Months Ended
Description of business	Dec. 31, 2023
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. Current Business Trends After strong demand during the year due in part to our primary competitor’s struggle to deliver products in the face of supply chain constraints, in late 2023, we began to see indications of a temporary slowdown in demand in the casino and gaming market, as customers that had built up excess inventory due to supply chain concerns advised us that they would temporarily reduce orders until their stock normalized. This slowdown impacted our results in the fourth quarter of 2023, and we expect this trend to continue to impact results in 2024. Further, our primary competitor in the casino and gaming market has resumed supplying product with increasing volume in 2024, which has begun to result in downward pricing pressure in that market and could exacerbate the demand slowdown, either of which could negatively impact our worldwide casino and gaming sales. In addition, we have experienced cost increases as a result of current economic conditions, most of which we have been able to offset by increasing prices of our products. However, there can be no guarantee that we will be able to increase prices sufficiently to offset any future such cost increases that cannot be predicted, and we may be impacted by supply chain disruptions, inflationary pressures and other global economic conditions that may affect the markets we serve and from which we source our supplies and parts. Balance Sheet, Cash Flow and Liquidity. During the third quarter of 2023, we began a cost reduction initiative to reduce our overall level of operating expenses that includes reducing employee headcount, trade show, advertising and other promotional marketing expenses, certain third party engineering resources and other expenses, and to a lesser extent, certain general and administrative expenses. We expect these actions will result in approximately $3 million of annualized savings beginning in 2024, partially offset by typical annual inflationary and cost of living increases in operating expenses. Notwithstanding the foregoing, there is no assurance that the cost-cutting efforts we have taken to bring expenses in line with our revenue and mitigate the impact of global economic conditions such as supply chain disruptions and inflation are sufficient or adequate, and we may be required to take additional measures, as the ultimate extent of the effects of these risks on the Company, our financial condition, results of operations, liquidity, and cash flows are uncertain and are dependent on evolving developments which cannot be predicted at this time. 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 Annual Report on Form 10-K (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 remain strong during 2024. Though demand for our products at casinos has increased substantially post-COVID, 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 and we would 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 will cease to be a smaller reporting company if we have (i) equal to or greater than $250 million in market value of our shares held by non-affiliates as of the last business day of our second fiscal quarter and (ii) if the market value of our shares held by non-affiliates does not exceed $700 million as of the last business day of our second fiscal quarter, equal to or greater than $100 million in annual revenues for the most recent fiscal year.

Intangible assets, net (Details) - USD ($) $ in Thousands	12 Months Ended
Intangible assets, net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Identifiable intangible assets [Abstract]
Gross amount	$ 1,606	$ 1,606
Accumulated amortization	(1,518)	(1,364)
Amortization expense	154	155
Future amortization expense [Abstract]
2024	88
Thereafter	0
Purchased Technology [Member]
Identifiable intangible assets [Abstract]
Gross amount	1,591	1,591
Accumulated amortization	(1,503)	(1,349)
Patents [Member]
Identifiable intangible assets [Abstract]
Gross amount	15	15
Accumulated amortization	$ (15)	$ (15)

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings per share [Abstract]

Earnings per Share

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

	Years Ended December 31,
	2023		2022
Net income (loss)	$	4,748	$	(5,936	)

Shares:
Basic: Weighted average common shares outstanding		9,951		9,905
Add: Dilutive effect of outstanding equity awards as determined by the treasury stock method		70		–
Diluted: Weighted average common and common equivalent shares outstanding		10,021		9,905

Net income (loss) per common share:
Basic	$	0.48	$	(0.60	)
Diluted		0.47		(0.60	)

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2023

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.

Accounts receivable and credit losses: The Company records accounts receivable when the right to consideration becomes unconditional. We establish an allowance for expected credit losses to ensure trade receivables are valued appropriately.

We are exposed to credit losses primarily through our net sales of products and services to our customers which are recorded as Accounts Receivable, net on the Consolidated Balance Sheets. We evaluate each customer’s ability to pay through assessing customer creditworthiness, historical experience and current economic conditions through a reasonable forecast period. Factors considered in our evaluation of assessing collectability and risk include: underlying value of any collateral or security interests, significant past due balances, historical losses and existing economic conditions including country and political risk. There can be no assurance that actual results will not differ from estimates or that consideration of these factors in the future will not result in an increase or decrease to the allowance for credit losses. We may require collateral or prepayment to mitigate credit risk.

We estimate expected credit losses of financial assets with similar risk characteristics. We determine an asset is impaired when our assessment identifies there is a risk that we will be unable to collect amounts due according to the contractual terms of the agreement. We monitor our ongoing credit exposure through reviews of customer balances against contract terms and due dates, current economic conditions and dispute resolution. Estimated credit losses are written off in the period in which the financial asset is no longer collectible.

The following table summarizes the activity recorded in the allowance for expected credit losses related to accounts receivable:

	Years Ended December 31,
(In thousands)	2023			2022
Balance, beginning of period	$	351		$	219
Additions charged to costs and expenses		606			140
Deductions		(189	)		(8	)
Balance, end of period	$	768		$	351

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.

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 $1.3 and $1.1 million in 2023 and 2022, 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 assets” and “Lease liabilities” 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.

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.

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, 2023, 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, 2023 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, 2023
(In thousands)	United States		International		Total
Food service technology	$	15,159	$	1,149	$	16,308
POS automation		6,805		117		6,922
Casino and gaming		28,715		12,477		41,192
TransAct Services Group		7,381		828		8,209
Total net sales	$	58,060	$	14,571	$	72,631

	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

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, 2023, we recognized revenue of $1.4 million related to our contract liabilities as of December 31, 2022.

Net contract (liabilities) assets consist of the following:

	December 31,
(In thousands)	2023			2022
Unbilled receivables, current	$	145		$	392
Unbilled receivables, non-current		120			163
Customer pre-payments		(155	)		(101	)
Deferred revenue, current		(1,079	)		(1,329	)
Deferred revenue, non-current		(209	)		(143	)
Net contract (liabilities) assets	$	(1,178	)	$	(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 December 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $8.2 million. The Company expects to recognize revenue on $7.9 million of its remaining performance obligations within the next 12 months following December 31, 2023, $0.2 million within the next 24 months following December 31, 2023 and the balance of these remaining performance obligations within the next 36 months following December 31, 2023.

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,
	2023			2022
International Gaming Technology (“IGT”)		28	%		12	%
The Bright Group		9	%		11	%

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

	December 31,
	2023			2022
IGT		15	%		10	%

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 $9.4 million and $8.6 million of research and development expenses in 2023 and 2022, 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.

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 2023 and 2022 totaled $1.7 million and $3.1 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, 2023, 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 income (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.

Recently issued accounting pronouncements:

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Consolidated Financial Statements.

On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). The amendments improve reportable segment disclosures requirements and clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. These amendments are effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. These segment disclosure requirements must be applied retrospectively to all periods presented in the financial statements. We are currently evaluating the impact of adopting this standard; however, we do not expect it to have a material impact on our Consolidated Financial Statements.

On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). This ASU requires the use of consistent categories and greater disaggregation in tax rate reconciliations and income taxes paid disclosures. These amendments are effective for fiscal years beginning after December 15, 2024. These income tax disclosure requirements can be applied either prospectively or retrospectively to all periods presented in the financial statements. We are currently evaluating the impact of adopting this standard; however, we do not expect it to have a material impact on our Consolidated Financial Statements.

Fixed assets, net

12 Months Ended

Dec. 31, 2023

Fixed assets, net [Abstract]

Fixed assets, net

4. Fixed assets, net

The components of fixed assets, net are:

	December 31,
(In thousands)	2023			2022
Tooling, machinery and equipment	$	7,562		$	6,859
Furniture and office equipment		2,078			1,882
Computer software and equipment		8,190			8,348
Leasehold improvements		2,895			2,883
		20,725			19,972
Less: Accumulated depreciation and amortization		(18,646	)		(17,656	)
		2,079			2,316
Construction in-process		342			465
	$	2,421		$	2,781

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

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.

Accounts receivable and credit losses

The following table summarizes the activity recorded in the allowance for expected credit losses related to accounts receivable:

	Years Ended December 31,
(In thousands)	2023			2022
Balance, beginning of period	$	351		$	219
Additions charged to costs and expenses		606			140
Deductions		(189	)		(8	)
Balance, end of period	$	768		$	351

Inventories

Fixed assets

Leases

Goodwill and intangible assets

Revenue recognition

Disaggregation of revenue

	Year Ended December 31, 2023
(In thousands)	United States		International		Total
Food service technology	$	15,159	$	1,149	$	16,308
POS automation		6,805		117		6,922
Casino and gaming		28,715		12,477		41,192
TransAct Services Group		7,381		828		8,209
Total net sales	$	58,060	$	14,571	$	72,631

	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

Contract balances

Net contract (liabilities) assets consist of the following:

	December 31,
(In thousands)	2023			2022
Unbilled receivables, current	$	145		$	392
Unbilled receivables, non-current		120			163
Customer pre-payments		(155	)		(101	)
Deferred revenue, current		(1,079	)		(1,329	)
Deferred revenue, non-current		(209	)		(143	)
Net contract (liabilities) assets	$	(1,178	)	$	(1,018	)

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,
	2023			2022
International Gaming Technology (“IGT”)		28	%		12	%
The Bright Group		9	%		11	%

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

	December 31,
	2023			2022
IGT		15	%		10	%

Engineering, design and product development

Advertising

Income taxes

Foreign Currency Translation

Share-based payments

Net income (loss) per share

Recently issued accounting pronouncements

Recently issued accounting pronouncements:

Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income taxes [Abstract]

Components of Income Tax Expense (Benefit)

The components of the income tax expense (benefit) are as follows:

	December 31,
(In thousands)	2023			2022
Current:
Federal	$	(1	)	$	149
State		51			110
Foreign		85			(83	)
		135			176
Deferred:
Federal		825			(1,924	)
State		132			(217	)
Foreign		63			–
		1,020			(2,141	)
Income tax expense (benefit)	$	1,155		$	(1,965	)

Deferred Tax Assets and Liabilities

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)	2023			2022
Deferred tax assets:
Federal net operating losses	$	–		$	2,297
Foreign net operating losses		733			676
State net operating losses		84			149
Accrued severance		165			–
Capitalized R&D expenses		3,127			1,708
Inventory reserves		896			648
Deferred revenue		31			41
Warranty reserve		24			17
Stock compensation expense		790			769
Other accrued compensation		404			222
R&D credit carryforward		695			1,238
Other Assets		360			–
Other liabilities and reserves		–			463
Gross deferred tax assets		7,309			8,228
Valuation allowance		(719	)		(656	)
Net deferred tax assets		6,590			7,572

Deferred tax liabilities:
Depreciation and amortization		237			196
Other		49			49
Net deferred tax liabilities		286			245
Total net deferred tax assets	$	6,304		$	7,327

Valuation Allowance on Deferred Tax Assets

As of December 31, 2023 and 2022, we had a $719 thousand and $656 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)	2023		2022
Balance, beginning of period	$	656	$	733
Subtractions released to income tax provisions		–		(77	)
Additions charged to income tax provision		63		–
Balance, end of period	$	719	$	656

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,
	2023			2022

Federal statutory rate		21.0	%		21.0	%
R&D credit		(5.9	)		4.3
Foreign-derived intangible income deduction		(1.7	)		–
Stock award excess tax benefit		0.4			–
State income taxes, net of federal income taxes		2.5			1.1
Business meals and entertainment		0.3			–
Executive compensation limitation		0.6			–
Uncertain tax positions		0.5			(0.5	)
Stock option cancellations		0.6			(1.9	)
Valuation allowance and tax accruals		1.0			1.0
Other		0.3			(0.1	)
Effective tax rate		19.6	%		24.9	%

Unrecognized Tax Benefits

We had $197 thousand and $142 thousand of total gross unrecognized tax benefits at December 31, 2023 and 2022, 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)	2023			2022
Balance, beginning of period	$	142		$	144
Tax positions taken during the current period		83			26
Lapse of statute of limitations		(28	)		(28	)
Balance, end of period	$	197		$	142

Summary of significant accounting policies, Goodwill and intangible assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Summary of significant accounting policies [Abstract]
Impairment of goodwill and intangible assets	$ 0

Income taxes

12 Months Ended

Dec. 31, 2023

Income taxes [Abstract]

Income taxes

10. Income taxes

The components of the income tax expense (benefit) are as follows:

	December 31,
(In thousands)	2023			2022
Current:
Federal	$	(1	)	$	149
State		51			110
Foreign		85			(83	)
		135			176
Deferred:
Federal		825			(1,924	)
State		132			(217	)
Foreign		63			–
		1,020			(2,141	)
Income tax expense (benefit)	$	1,155		$	(1,965	)

Our effective tax rates were 19.6% and (24.9%) for 2023 and 2022, respectively. The tax benefit recorded for 2022 includes the recognition of stock option cancellations for which no benefit was realized.

At December 31, 2023, we have no federal net operating loss carryforwards, $0.1 million of tax-effected state net operating loss carryforwards, $0.7 million in R&D credit carryforwards, and no state tax credit carryforwards. Foreign income before taxes were $322 thousand and $24 thousand in 2023 and 2022, respectively.

	December 31,
(In thousands)	2023			2022
Deferred tax assets:
Federal net operating losses	$	–		$	2,297
Foreign net operating losses		733			676
State net operating losses		84			149
Accrued severance		165			–
Capitalized R&D expenses		3,127			1,708
Inventory reserves		896			648
Deferred revenue		31			41
Warranty reserve		24			17
Stock compensation expense		790			769
Other accrued compensation		404			222
R&D credit carryforward		695			1,238
Other Assets		360			–
Other liabilities and reserves		–			463
Gross deferred tax assets		7,309			8,228
Valuation allowance		(719	)		(656	)
Net deferred tax assets		6,590			7,572

Deferred tax liabilities:
Depreciation and amortization		237			196
Other		49			49
Net deferred tax liabilities		286			245
Total net deferred tax assets	$	6,304		$	7,327

	Year Ended December 31,
(In thousands)	2023		2022
Balance, beginning of period	$	656	$	733
Subtractions released to income tax provisions		–		(77	)
Additions charged to income tax provision		63		–
Balance, end of period	$	719	$	656

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

	Year Ended December 31,
	2023			2022

Federal statutory rate		21.0	%		21.0	%
R&D credit		(5.9	)		4.3
Foreign-derived intangible income deduction		(1.7	)		–
Stock award excess tax benefit		0.4			–
State income taxes, net of federal income taxes		2.5			1.1
Business meals and entertainment		0.3			–
Executive compensation limitation		0.6			–
Uncertain tax positions		0.5			(0.5	)
Stock option cancellations		0.6			(1.9	)
Valuation allowance and tax accruals		1.0			1.0
Other		0.3			(0.1	)
Effective tax rate		19.6	%		24.9	%

	December 31,
(In thousands)	2023			2022
Balance, beginning of period	$	142		$	144
Tax positions taken during the current period		83			26
Lapse of statute of limitations		(28	)		(28	)
Balance, end of period	$	197		$	142

We expect $40 thousand of the $197 thousand of unrecognized tax benefits will reverse in 2024 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 $25 thousand and $34 thousand as of December 31, 2023 and 2022, 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 2019. However, our federal tax returns for the years 2020 through 2023 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Summary of significant accounting policies, Leases (Details) - USD ($) $ in Millions	Apr. 26, 2022	Dec. 31, 2023
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 in right-of-use-asset	$ 0.8
Increase in operating lease liability	$ 0.8

Income taxes, Components of income tax expense (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current [Abstract]
Federal	$ (1)	$ 149
State	51	110
Foreign	85	(83)
Income taxes current	135	176
Deferred [Abstract]
Federal	825	(1,924)
State	132	(217)
Foreign	63	0
Income taxes deferred	1,020	(2,141)
Income tax expense (benefit)	$ 1,155	$ (1,965)
Effective tax rate	19.60%	24.90%
Federal statutory tax rate	21.00%	21.00%
Income taxes [Abstract]
Foreign income before taxes	$ 322	$ 24
Federal [Member]
Income taxes [Abstract]
Net operating loss carryforwards not subject to expiration	0
State [Member]
Income taxes [Abstract]
Net operating loss carryforwards subject to expiration	100
Tax credit carryforwards subject to expiration	0
R&D Credit [Member]
Income taxes [Abstract]
Tax credit carryforwards subject to expiration	$ 700

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 12,321	$ 7,946
Accounts receivable (net of allowance for expected credit losses of $768 and $351)	9,824	13,927
Employee retention credit receivable	0	1,500
Inventories	17,759	12,028
Prepaid income taxes	322	0
Other current assets	773	724
Total current assets	40,999	36,125
Fixed assets, net	2,421	2,781
Right-of-use assets	1,602	2,488
Goodwill	2,621	2,621
Deferred tax assets	6,304	7,327
Intangible assets, net	88	242
Other assets	163	248
Total noncurrent assets	13,199	15,707
Total assets	54,198	51,832
Current liabilities:
Revolving loan payable	2,250	2,250
Accounts payable	4,431	7,395
Accrued liabilities	4,947	4,077
Lease liabilities	929	875
Deferred revenue	1,079	1,329
Total current liabilities	13,636	15,926
Deferred revenue, net of current portion	209	143
Lease liabilities, net of current portion	720	1,683
Other liabilities	219	218
Total noncurrent liabilities	1,148	2,044
Total liabilities	14,784	17,970
Commitments and contingencies (see Notes 8 and 14)
Shareholders' equity:
Preferred stock	0	0
Common stock, $0.01 par value, 20,000,000 authorized at December 31, 2023 and 2022; 14,003,653 and 13,956,725 shares issued; 9,958,811 and 9,911,883 shares outstanding, at December 31, 2023 and 2022, respectively	140	139
Additional paid-in capital	57,055	56,282
Retained earnings	14,378	9,630
Accumulated other comprehensive loss, net of tax	(49)	(79)
Treasury stock, 4,044,842 shares, at cost	(32,110)	(32,110)
Total shareholders' equity	39,414	33,862
Total liabilities and shareholders' equity	54,198	51,832
Series A Preferred Stock [Member]
Shareholders' equity:
Preferred stock	$ 0	$ 0

Earnings per share

12 Months Ended

Dec. 31, 2023

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,
	2023		2022
Net income (loss)	$	4,748	$	(5,936	)

Shares:
Basic: Weighted average common shares outstanding		9,951		9,905
Add: Dilutive effect of outstanding equity awards as determined by the treasury stock method		70		–
Diluted: Weighted average common and common equivalent shares outstanding		10,021		9,905

Net income (loss) per common share:
Basic	$	0.48	$	(0.60	)
Diluted		0.47		(0.60	)

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 in 2022, 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 1.1 million and 1.5 million at December 31, 2023 and 2022, respectively.

Stock repurchase program (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended		180 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	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

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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, 2021	$ 139	$ 55,246	$ 15,566	$ (32,110)	$ 143	$ 38,984
Beginning balance (in shares) at Dec. 31, 2021	9,872,889
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options	$ 0	0	0	0	0	0
Issuance of common stock 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
Relinquishment of stock awards and deferred stock units to pay withholding taxes	$ 0	(119)	0	0	0	(119)
Relinquishment of stock awards 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 income (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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options	$ 0	0	0	0	0	$ 0
Issuance of common stock from exercise of stock options (in shares)	1,875
Issuance of common stock on restricted stock units	$ 1	0	0	0	0	1
Issuance of common stock on restricted stock units (in shares)	58,705
Relinquishment of stock awards and deferred stock units to pay withholding taxes	$ 0	(87)	0	0	0	(87)
Relinquishment of stock awards and deferred stock units to pay withholding taxes (in shares)	(13,652)
Share-based compensation expense	$ 0	860	0	0	0	860
Foreign currency translation adjustment, net of tax	0	0	0	0	30	30
Net income (loss)	0	0	4,748	0	0	4,748
Ending balance at Dec. 31, 2023	$ 140	$ 57,055	$ 14,378	$ (32,110)	$ (49)	$ 39,414
Ending balance (in shares) at Dec. 31, 2023	9,958,811					14,003,653

Geographic area information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Geographical area information [Abstract]
Net sales	$ 13,265	$ 17,190	$ 19,906	$ 22,270	$ 17,958	$ 17,856	$ 12,623	$ 9,702	$ 72,631	$ 58,139
Fixed assets, net	2,421				2,781				2,421	2,781
United States [Member]
Geographical area information [Abstract]
Net sales									58,060	44,034
International [Member]
Geographical area information [Abstract]
Net sales									$ 14,571	$ 14,105
Sales [Member] \| Geographic Concentration Risk [Member] \| International [Member]
Geographical area information [Abstract]
Concentration risk percentage									20.00%	24.00%
Sales [Member] \| Geographic Concentration Risk [Member] \| Europe [Member]
Geographical area information [Abstract]
Concentration risk percentage									64.00%	68.00%
Sales [Member] \| Geographic Concentration Risk [Member] \| Pacific Rim [Member]
Geographical area information [Abstract]
Concentration risk percentage									29.00%	28.00%
Sales [Member] \| Geographic Concentration Risk [Member] \| Canada [Member]
Geographical area information [Abstract]
Concentration risk percentage									4.00%	4.00%
Reportable Geographical Components [Member] \| United States [Member]
Geographical area information [Abstract]
Net sales									$ 58,060	$ 44,034
Fixed assets, net	945				2,252				945	2,252
Reportable Geographical Components [Member] \| International [Member]
Geographical area information [Abstract]
Net sales									14,571	14,105
Fixed assets, net	$ 1,476				$ 529				$ 1,476	$ 529

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 72,631	$ 58,139
Cost of sales	34,231	33,727
Gross profit	38,400	24,412
Operating expenses:
Engineering, design and product development	9,442	8,570
Selling and marketing	9,934	11,326
General and administrative	13,318	12,193
Operating expenses	32,694	32,089
Operating income (loss)	5,706	(7,677)
Interest and other income (expense):
Interest expense	(310)	(208)
Interest income	55	0
Other, net	452	(16)
Interest and other income (expense)	197	(224)
Income (loss) before income taxes	5,903	(7,901)
Income tax (expense) benefit	(1,155)	1,965
Net income (loss)	$ 4,748	$ (5,936)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.48	$ (0.6)
Diluted (in dollars per share)	$ 0.47	$ (0.6)
Shares used in per-share calculation:
Basic (in shares)	9,951	9,905
Diluted (in shares)	10,021	9,905

Geographic area information (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022
Net sales:
United States	$	58,060	$	44,034
International		14,571		14,105
Total	$	72,631	$	58,139

Fixed assets, net:
United States	$	945	$	2,252
International		1,476		529
Total	$	2,421	$	2,781

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

14. Leases

Operating lease expense was $1.1 million and $1.0 million for the years ended December 31, 2023 and 2022, 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 Consolidated Statements of Operations. Operating costs include short-term lease costs.

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

	Years Ended December 31,
	2023		2022
Operating cash outflows from leases	$	1,013	$	967

The following summarizes additional information related to our leases:

	Years Ended December 31,
	2023			2022
Weighted average remaining lease term (in years)		1.7			2.7
Weighted average discount rate		4.4	%		4.5	%

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

	December 31, 2023
2024	$	985
2025		713
2026		22
Total undiscounted lease payments		1,720
Less imputed interest		71
Total lease liabilities	$	1,649

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 1,100	$ 1,000
Cash Flows Related to Operating Leases [Abstract]
Operating cash outflows from leases	$ 1,013	$ 967
Operating Lease Weighted Average Remaining Lease Term and Discount Rate [Abstract]
Weighted average remaining lease term	1 year 8 months 12 days	2 years 8 months 12 days
Weighted average discount rate	4.40%	4.50%
Maturity of Operating Lease Liabilities [Abstract]
2024	$ 985
2025	713
2026	22
Total undiscounted lease payments	1,720
Less imputed interest	71
Total lease liabilities	$ 1,649

Inventories

12 Months Ended

Dec. 31, 2023

Inventories [Abstract]

Inventories

3. Inventories

The components of inventories are:

	December 31,
(In thousands)	2023			2022
Raw materials and purchased component parts	$	9,382	$	8,884
Finished goods		8,377		3,144
	$	17,759	$	12,028

Income taxes, Unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income taxes [Abstract]
Unrecognized tax benefits that would favorably affect effective income tax rate if recognized	$ 197	$ 142
Unrecognized tax benefits [Roll Forward]
Unrecognized tax benefits, beginning of period	142	144
Tax positions taken during the current period	83	26
Lapse of statute of limitations	(28)	(28)
Unrecognized tax benefits, end of period	197	142
Expected decrease in unrecognized tax benefits in next year	40
Accrued interest and penalties related to uncertain tax positions	$ 25	$ 34

Stock repurchase program	12 Months Ended
Stock repurchase program	Dec. 31, 2023
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 2023 and 2022, 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.

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2023
Subsequent events [Abstract]
Subsequent events	17. Subsequent events The Company has evaluated all 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 subsequent events that would have required adjustment or disclosure in the consolidated financial statements.

Summary of significant accounting policies, Revenue recognition - Remaining performance obligations (Details) $ in Millions	Dec. 31, 2023 USD ($)
Remaining performance obligations [Abstract]
Remaining performance obligations	$ 8.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Remaining performance obligations [Abstract]
Remaining performance obligations	$ 7.9
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]
Remaining performance obligations	$ 0.2
Expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Remaining performance obligations [Abstract]
Remaining performance obligations
Expected timing of satisfaction, period	12 months

Income taxes, Valuation allowance on deferred tax assets (Details) - Foreign Net Operating Loss Carryforwards [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Valuation allowance [Roll Forward]
Balance, beginning of period	$ 656	$ 733
Subtractions released to income tax provisions	0	(77)
Additions charged to income tax provision	63	0
Balance, end of period	$ 719	$ 656

Stock incentive plans

12 Months Ended

Dec. 31, 2023

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 2023, we are authorized to grant awards of up to 2,900,000 shares of TransAct common stock. At December 31, 2023, 981,769 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 2023 and 2022 was $4.16 and $4.39, 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 $7.21 and $8.43 in 2023 and 2022, respectively.

	Years ended December 31,
	2023			2022
Expected option term (in years)		7.0			7.1
Expected volatility		55.6	%		51.3	%
Risk-free interest rate		4.2	%		2.2	%
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.

We recorded $0.9 and $1.2 million of share-based compensation expense for 2023 and 2022, respectively, included primarily in general and administrative expense in our Consolidated Statements of Operations. We also recorded income tax benefits of $0.2 million in 2023 and $0.3 million in 2022, related to such share-based compensation. At December 31, 2023, 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, as amended, is summarized below:

	Stock Options					Restricted Stock Units
	Number of Shares			Average Price*		Number of Units			Average Price**
Outstanding at December 31, 2022		1,355,955		$	9.08		214,286		$	9.28
Granted		309,800			6.91		210,100			7.21
Exercised		(1,875	)		4.25		(58,705	)		9.55
Forfeited		(271,655	)		7.72		(181,145	)		8.34
Expired		(77,750	)		8.90		–			–
Outstanding at December 31, 2023		1,314,475		$	8.82		184,536		$	7.76

*	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, 2023:

	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		1,314,475	$	8.82	$	316		4.0		968,972	$	9.31	$	167		2.2
Restricted stock units		184,536		–		1,288		2.7		–		–		–		–

*	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, 2023, unrecognized compensation cost related to non-vested equity awards granted under our stock incentive plans is approximately $4.1 million, which is expected to be recognized over a weighted average period of 3.3 years.

The total fair value of awards vested was $1.3 million and $1.6 million during the years ended December 31, 2023 and 2022, 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, 2023 and 2022 was $3 thousand and $40 thousand, respectively, and cash received from option exercises was zero in both 2023 and 2022. 1,875 and 17,500 stock options were exercised during the year ended December 31, 2023 and 2022, respectively. We recorded a realized tax provision in 2023 and 2022 from equity-based awards of zero and $13 thousand, respectively, related to options exercised.

Stock incentive plans, Assumptions used in option valuation calculations (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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	7 years 1 month 6 days
Expected volatility	55.60%	51.30%
Risk-free interest rate	4.20%	2.20%
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)	$ 4.16	$ 4.39
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)	$ 7.21	$ 8.43

Quarterly results of operations (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Quarterly results of operations (unaudited) [Abstract]
Net sales	$ 13,265	$ 17,190	$ 19,906	$ 22,270	$ 17,958	$ 17,856	$ 12,623	$ 9,702	$ 72,631	$ 58,139
Gross profit	6,371	8,916	10,858	12,255	8,219	8,193	5,434	2,566	38,400	24,412
Net income (loss)	$ (62)	$ 906	$ 765	$ 3,139	$ 260	$ 528	$ (2,376)	$ (4,348)	$ 4,748	$ (5,936)
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.01)	$ 0.09	$ 0.08	$ 0.32	$ 0.03	$ 0.05	$ (0.24)	$ (0.44)	$ 0.48	$ (0.6)
Diluted (in dollars per share)	$ (0.01)	$ 0.09	$ 0.08	$ 0.31	$ 0.03	$ 0.05	$ (0.24)	$ (0.44)	$ 0.47	$ (0.6)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

+ Details

- Definition

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

+ References

+ Details

- 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

Leases (Tables)

12 Months Ended

Dec. 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):

	Years Ended December 31,
	2023		2022
Operating cash outflows from leases	$	1,013	$	967

Additional Information Related to Leases

The following summarizes additional information related to our leases:

	Years Ended December 31,
	2023			2022
Weighted average remaining lease term (in years)		1.7			2.7
Weighted average discount rate		4.4	%		4.5	%

Maturity of Operating Lease Liabilities

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

	December 31, 2023
2024	$	985
2025		713
2026		22
Total undiscounted lease payments		1,720
Less imputed interest		71
Total lease liabilities	$	1,649

Borrowings (Details) - Sienna Credit Facility [Member] - USD ($)	12 Months Ended
	Dec. 31, 2023	Jul. 21, 2021	Mar. 13, 2020
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%
Additional borrowing capacity	$ 5,900,000
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
Balance outstanding	$ 2,300,000
Minimum [Member]
Borrowings [Abstract]
Additional borrowing capacity		$ 750,000
Prime Rate [Member]
Borrowings [Abstract]
Basis spread on variable rate	1.75%
Federal Funds Rate [Member]
Borrowings [Abstract]
Basis spread on variable rate	2.25%

Related party transactions	12 Months Ended
Related party transactions	Dec. 31, 2023
Related party transactions [Abstract]
Related party transactions	16. Related party transactions One of the Company’s directors serves as President and Chief Executive Officer of The One Group Hospitality, Inc. The Company sold various food service technology products to The One Group Hospitality, Inc. on an arms’ length basis totaling $246 thousand and $37 thousand in 2023 and 2022, respectively. The Company’s accounts receivable from The One Group Hospitality, Inc. amounted to $34 thousand and $4 thousand in 2023 and 2022, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Allowance for expected credit losses	$ 768	$ 351
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)	14,003,653	13,956,725
Common stock, shares outstanding (in shares)	9,958,811	9,911,883
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

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 78,500,000
Entity Common Stock, Shares Outstanding		9,964,674
Auditor Firm ID	688
Auditor Name	Marcum LLP
Auditor Location	Hartford, Connecticut

Description of business (Details) $ in Thousands	12 Months Ended
Description of business (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) Segment Solution	Dec. 31, 2022 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]
Operating expenses		$ 32,694	$ 32,089
Forecast [Member]
Description of business [Abstract]
Operating expenses	$ (3,000)

Accrued liabilities

12 Months Ended

Dec. 31, 2023

Accrued liabilities [Abstract]

Accrued liabilities

6. Accrued liabilities

The components of accrued liabilities are:

	December 31,
(In thousands)	2023		2022
Salaries and compensation related	$	3,455	$	2,744
Taxes		870		530
Professional and consulting		161		371
Other		461		432
	$	4,947	$	4,077

Accrued liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued liabilities [Abstract]
Salaries and compensation related	$ 3,455	$ 2,744
Taxes	870	530
Professional and consulting	161	371
Other	461	432
Accrued liabilities	$ 4,947	$ 4,077

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventories [Abstract]

Inventories

The components of inventories are:

	December 31,
(In thousands)	2023			2022
Raw materials and purchased component parts	$	9,382	$	8,884
Finished goods		8,377		3,144
	$	17,759	$	12,028

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 4,748	$ (5,936)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Share-based compensation expense	860	1,155
Depreciation and amortization	1,489	1,332
Deferred income tax benefit	1,020	(2,141)
Loss on the disposal of fixed assets	0	2
Foreign currency transaction losses	(30)	6
Changes in operating assets and liabilities:
Accounts receivable	4,248	(6,421)
Employee retention credit receivable	1,500	0
Inventories	(5,658)	(4,378)
Prepaid income taxes	(322)	137
Other current and long-term assets	(10)	167
Accounts payable	(2,988)	3,103
Accrued liabilities and other liabilities	650	754
Net cash provided by (used in) operating activities	5,507	(12,220)
Cash flows from investing activities:
Capital expenditures	(901)	(1,299)
Net cash used in investing activities	(901)	(1,299)
Cash flows from financing activities:
Proceeds from bank borrowings	0	2,250
Withholding taxes paid on stock issuance	(87)	(119)
Payment of bank financing costs	0	(69)
Net cash (used in) provided by financing activities	(87)	2,062
Effect of exchange rate changes on cash and cash equivalents	(144)	(54)
Increase (decrease) in cash and cash equivalents	4,375	(11,511)
Cash and cash equivalents, beginning of period	7,946	19,457
Cash and cash equivalents, end of period	12,321	7,946
Supplemental cash flow information:
Interest paid	268	129
Income taxes paid	160	62
Non-cash capital expenditures	$ 23	$ 54

Intangible assets, net

12 Months Ended

Dec. 31, 2023

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,
	2023					2022
(In thousands)	Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
Purchased technology	$	1,591	$	(1,503	)	$	1,591	$	(1,349	)
Patents		15		(15	)		15		(15	)
Total	$	1,606	$	(1,518	)	$	1,606	$	(1,364	)

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

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of significant accounting policies [Abstract]

Allowance for Expected Credit Losses

The following table summarizes the activity recorded in the allowance for expected credit losses related to accounts receivable:

	Years Ended December 31,
(In thousands)	2023			2022
Balance, beginning of period	$	351		$	219
Additions charged to costs and expenses		606			140
Deductions		(189	)		(8	)
Balance, end of period	$	768		$	351

Disaggregation of Revenue

Disaggregation of revenue

	Year Ended December 31, 2023
(In thousands)	United States		International		Total
Food service technology	$	15,159	$	1,149	$	16,308
POS automation		6,805		117		6,922
Casino and gaming		28,715		12,477		41,192
TransAct Services Group		7,381		828		8,209
Total net sales	$	58,060	$	14,571	$	72,631

	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

Net Contract (Liabilities) Assets

Net contract (liabilities) assets consist of the following:

	December 31,
(In thousands)	2023			2022
Unbilled receivables, current	$	145		$	392
Unbilled receivables, non-current		120			163
Customer pre-payments		(155	)		(101	)
Deferred revenue, current		(1,079	)		(1,329	)
Deferred revenue, non-current		(209	)		(143	)
Net contract (liabilities) assets	$	(1,178	)	$	(1,018	)

Concentration of Credit Risk

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

	December 31,
	2023			2022
International Gaming Technology (“IGT”)		28	%		12	%
The Bright Group		9	%		11	%

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

	December 31,
	2023			2022
IGT		15	%		10	%

Related party transactions (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Abstract]
Sales revenue	$ 13,265	$ 17,190	$ 19,906	$ 22,270	$ 17,958	$ 17,856	$ 12,623	$ 9,702	$ 72,631	$ 58,139
Accounts receivable	9,824				13,927				9,824	13,927
Related Party [Member] \| The One Group Hospitality, Inc [Member]
Related Party Transaction [Abstract]
Sales revenue									246	37
Accounts receivable	$ 34				$ 4				$ 34	$ 4

- Definition

+ References

+ Details

Income taxes, Statutory to effective tax rate reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Effective Tax Rate Reconciliation [Abstract]
Federal statutory tax rate	21.00%	21.00%
R&D credit	(5.90%)	4.30%
Foreign-derived intangible income deduction	(1.70%)	0.00%
Stock award excess tax benefit	0.40%	0.00%
State income taxes, net of federal income taxes	2.50%	1.10%
Business meals and entertainment	0.30%	0.00%
Executive compensation limitation	0.60%	0.00%
Uncertain tax positions	0.50%	(0.50%)
Stock option cancellations	0.60%	(1.90%)
Valuation allowance and tax accruals	1.00%	1.00%
Other	0.30%	(0.10%)
Effective tax rate	19.60%	24.90%

Summary of significant accounting policies, Concentration of credit risk (Details) - Customer Concentration Risk [Member]	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable [Member] \| IGT [Member]
Concentration of credit risk [Abstract]
Concentration risk percentage	28.00%	12.00%
Accounts Receivable [Member] \| The Bright Group [Member]
Concentration of credit risk [Abstract]
Concentration risk percentage	9.00%	11.00%
Sales [Member] \| IGT [Member]
Concentration of credit risk [Abstract]
Concentration risk percentage	15.00%	10.00%

Fixed assets, net (Tables)

12 Months Ended

Dec. 31, 2023

Fixed assets, net [Abstract]

Fixed Assets, Net

The components of fixed assets, net are:

	December 31,
(In thousands)	2023			2022
Tooling, machinery and equipment	$	7,562		$	6,859
Furniture and office equipment		2,078			1,882
Computer software and equipment		8,190			8,348
Leasehold improvements		2,895			2,883
		20,725			19,972
Less: Accumulated depreciation and amortization		(18,646	)		(17,656	)
		2,079			2,316
Construction in-process		342			465
	$	2,421		$	2,781

Geographic area information

12 Months Ended

Dec. 31, 2023

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)	2023		2022
Net sales:
United States	$	58,060	$	44,034
International		14,571		14,105
Total	$	72,631	$	58,139

Fixed assets, net:
United States	$	945	$	2,252
International		1,476		529
Total	$	2,421	$	2,781

Sales to international customers were 20% and 24% of total sales in 2023 and 2022, respectively. Sales to Europe represented 64% and 68%, sales to the Pacific Rim (which includes Australia and Asia) represented 29% and 28%, and sales to Canada represented 4% of total international sales in both 2023 and 2022, 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Summary of significant accounting policies, Engineering, design and product development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Engineering, design and product development [Abstract]
Research and development expense	$ 9,442	$ 8,570

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventories [Abstract]
Raw materials and purchased component parts	$ 9,382	$ 8,884
Finished goods	8,377	3,144
Inventories	$ 17,759	$ 12,028

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023					2022
(In thousands)	Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
Purchased technology	$	1,591	$	(1,503	)	$	1,591	$	(1,349	)
Patents		15		(15	)		15		(15	)
Total	$	1,606	$	(1,518	)	$	1,606	$	(1,364	)

Summary of significant accounting policies, Fixed assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fixed assets [Abstract]
Depreciation expense	$ 1.3	$ 1.1
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

Accrued liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued liabilities [Abstract]

Accrued Liabilities

The components of accrued liabilities are:

	December 31,
(In thousands)	2023		2022
Salaries and compensation related	$	3,455	$	2,744
Taxes		870		530
Professional and consulting		161		371
Other		461		432
	$	4,947	$	4,077

Summary of significant accounting policies, Advertising (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Advertising [Abstract]
Advertising expense	$ 1.7	$ 3.1

Summary of significant accounting policies, Accounts receivable and credit losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Allowances for expected credit losses [Roll Forward]
Balance, beginning of period	$ 351	$ 219
Additions charged to costs and expenses	606	140
Deductions	(189)	(8)
Balance, end of period	$ 768	$ 351

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Earnings per share [Abstract]
Net income (loss)	$ (62)	$ 906	$ 765	$ 3,139	$ 260	$ 528	$ (2,376)	$ (4,348)	$ 4,748	$ (5,936)
Shares [Abstract]
Basic: Weighted average common shares outstanding (in shares)									9,951	9,905
Add: Dilutive effect of outstanding equity awards as determined by the treasury stock method (in shares)									70	0
Diluted: Weighted average common and common equivalent shares outstanding (in shares)									10,021	9,905
Net income (loss) per common share [Abstract]
Basic (in dollars per share)	$ (0.01)	$ 0.09	$ 0.08	$ 0.32	$ 0.03	$ 0.05	$ (0.24)	$ (0.44)	$ 0.48	$ (0.6)
Diluted (in dollars per share)	$ (0.01)	$ 0.09	$ 0.08	$ 0.31	$ 0.03	$ 0.05	$ (0.24)	$ (0.44)	$ 0.47	$ (0.6)
Stock Awards [Member]
Earnings per share [Abstract]
Anti-dilutive securities excluded from computation of earnings per dilutive share (in shares)									1,100	1,500