10-K Filing

ALPHA PRO TECH LTD CIK: 884269 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001437749-22-005979`
Period End Date	20211231
Filing Date	20220311
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	apt20211231_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 36 Cash Flow Statement 52 Stockholders Equity 22

Balance Sheet 61 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$71.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$64.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.31M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.29M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $64,000 as of December 31, 2021 and $71,000 as of December 31, 2020	`AccountsReceivableNetCurrent`	$8.13M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $64,000 as of December 31, 2021 and $71,000 as of December 31, 2020	`AccountsReceivableNetCurrent`	$3.40M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.42M	shares	Point-in-time
Accounts receivable, related party	`AccountsReceivableRelatedPartiesCurrent`	$905.00K	USD	Point-in-time
Accounts receivable, related party	`AccountsReceivableRelatedPartiesCurrent`	$1.38M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.12M	shares	Point-in-time
Inventories	`InventoryNet`	$24.97M	USD	Point-in-time
Inventories	`InventoryNet`	$16.75M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$6.94M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$6.09M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$55.16M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$53.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.35M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.06M	USD	Point-in-time
Goodwill	`Goodwill`	$55.00K	USD	Point-in-time
Goodwill	`Goodwill`	$55.00K	USD	Point-in-time
Definite-lived intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$7.00K	USD	Point-in-time
Definite-lived intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.00K	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.65M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.54M	USD	Point-in-time
Equity investment in unconsolidated affiliate	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$6.12M	USD	Point-in-time
Equity investment in unconsolidated affiliate	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$5.55M	USD	Point-in-time
Total assets	`Assets`	$67.89M	USD	Point-in-time
Total assets	`Assets`	$68.66M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.98M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$528.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.25M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.79M	USD	Point-in-time
Customer advance payments of orders	`ContractWithCustomerLiabilityCurrent`	-	USD	Point-in-time
Customer advance payments of orders	`ContractWithCustomerLiabilityCurrent`	$209.00K	USD	Point-in-time
Lease liabilities	`OperatingLeaseLiabilityCurrent`	$867.00K	USD	Point-in-time
Lease liabilities	`OperatingLeaseLiabilityCurrent`	$883.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.85M	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.82M	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$2.72M	USD	Point-in-time
Deferred income tax liabilities, net	`DeferredIncomeTaxLiabilitiesNet`	$791.00K	USD	Point-in-time
Deferred income tax liabilities, net	`DeferredIncomeTaxLiabilitiesNet`	$563.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.27M	USD	Point-in-time
Total liabilities	`Liabilities`	$9.13M	USD	Point-in-time
Commitments and contingincies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingincies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.01 par value: 50,000,000 shares authorized; 13,115,341 and 13,419,847 shares outstanding as of December 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$135.00K	USD	Point-in-time
Common stock, $.01 par value: 50,000,000 shares authorized; 13,115,341 and 13,419,847 shares outstanding as of December 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$132.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$409.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$62.49M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$58.99M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$59.53M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$32.94M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$62.62M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$68.66M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$67.89M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$68.64M	USD	Annual
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$102.70M	USD	Annual
Cost of goods sold, excluding depreciation and amortization	`CostOfGoodsAndServicesSold`	$52.22M	USD	Annual
Cost of goods sold, excluding depreciation and amortization	`CostOfGoodsAndServicesSold`	$43.34M	USD	Annual
Gross profit	`GrossProfit`	$50.48M	USD	Annual
Gross profit	`GrossProfit`	$25.30M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$16.55M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$18.17M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$817.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$729.00K	USD	Annual
Total operating expenses	`OperatingExpenses`	$17.37M	USD	Annual
Total operating expenses	`OperatingExpenses`	$18.90M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$31.58M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$7.93M	USD	Annual
Equity in income of unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$710.00K	USD	Annual
Equity in income of unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$571.00K	USD	Annual
Loss on marketable securities	`DebtSecuritiesAvailableForSaleGainLoss`	$-62.00K	USD	Annual
Loss on marketable securities	`DebtSecuritiesAvailableForSaleGainLoss`	-	USD	Annual
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$18.00K	USD	Annual
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$2.00K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$666.00K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$573.00K	USD	Annual
Income before provision for income taxes	`IncomeLossAttributableToParent`	$8.50M	USD	Annual
Income before provision for income taxes	`IncomeLossAttributableToParent`	$32.25M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.74M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.36M	USD	Annual
Net income	`NetIncomeLoss`	$6.76M	USD	Annual
Net income	`NetIncomeLoss`	$26.89M	USD	Annual
Basic earnings per common share (in dollars per share)	`EarningsPerShareBasic`	$0.51	USD	Annual
Basic earnings per common share (in dollars per share)	`EarningsPerShareBasic`	$2.00	USD	Annual
Diluted earnings per common share (in dollars per share)	`EarningsPerShareDiluted`	$0.50	USD	Annual
Diluted earnings per common share (in dollars per share)	`EarningsPerShareDiluted`	$1.92	USD	Annual
Basic weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.23M	shares	Annual
Basic weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.45M	shares	Annual
Diluted weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.50M	shares	Annual
Diluted weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.97M	shares	Annual

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$6.76M	USD	Annual
Net income	`NetIncomeLoss`	$26.89M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$375.00K	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$315.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$817.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$729.00K	USD	Annual
Loss on marketable securities	`DebtSecuritiesAvailableForSaleGainLoss`	$-62.00K	USD	Annual
Loss on marketable securities	`DebtSecuritiesAvailableForSaleGainLoss`	-	USD	Annual
Equity in income of unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$710.00K	USD	Annual
Equity in income of unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$571.00K	USD	Annual
Operating lease expense, net of accretion	`OperatingLeaseExpenseNetOfAccretion`	$887.00K	USD	Annual
Operating lease expense, net of accretion	`OperatingLeaseExpenseNetOfAccretion`	$-357.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$228.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$47.00K	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$4.56M	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-4.74M	USD	Annual
Accounts receivable, related party	`IncreaseDecreaseInDueFromRelatedParties`	$181.00K	USD	Annual
Accounts receivable, related party	`IncreaseDecreaseInDueFromRelatedParties`	$478.00K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$8.22M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$5.45M	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$2.50M	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$856.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.00M	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.35M	USD	Annual
Customer advance payments of orders	`IncreaseDecreaseInContractWithCustomerLiability`	$-209.00K	USD	Annual
Customer advance payments of orders	`IncreaseDecreaseInContractWithCustomerLiability`	$209.00K	USD	Annual
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$367.00K	USD	Annual
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-886.00K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-480.00K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$18.27M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.52M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.14M	USD	Annual
Proceeds from sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	-	USD	Annual
Proceeds from sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$273.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.52M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-862.00K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromPaymentsForStockOptionsExercised`	$427.00K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromPaymentsForStockOptionsExercised`	$2.00M	USD	Annual
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$4.41M	USD	Annual
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$2.67M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-668.00K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.98M	USD	Annual
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.99M	USD	Annual
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$16.74M	USD	Annual
Cash and cash equivalents, beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.55M	USD	Point-in-time
Cash and cash equivalents, beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.31M	USD	Point-in-time
Cash and cash equivalents, beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.29M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.55M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.31M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.29M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$1.82M	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$4.14M	USD	Annual

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Balance (in shares)	`CommonStockSharesOutstanding`	13.42M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	13.12M	shares	Point-in-time
Balance	`StockholdersEquity`	$59.53M	USD	Point-in-time
Balance	`StockholdersEquity`	$32.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$62.62M	USD	Point-in-time
Common stock repurchased and retired (in shares)	`StockRepurchasedAndRetiredDuringPeriodShares`	439,000.00	shares	Annual
Common stock repurchased and retired (in shares)	`StockRepurchasedAndRetiredDuringPeriodShares`	223,100.00	shares	Annual
Common stock repurchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$4.41M	USD	Annual
Common stock repurchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$2.67M	USD	Annual
Options exercised (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	134,494.00	shares	Annual
Options exercised (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	757,674.00	shares	Annual
Options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$2.00M	USD	Annual
Options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$427.00K	USD	Annual
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$315.00K	USD	Annual
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$375.00K	USD	Annual
Net income	`NetIncomeLoss`	$6.76M	USD	Annual
Net income	`NetIncomeLoss`	$26.89M	USD	Annual
Balance as of December 31, 2020 (in shares)	`CommonStockSharesOutstanding`	13.42M	shares	Point-in-time
Balance as of December 31, 2020 (in shares)	`CommonStockSharesOutstanding`	13.12M	shares	Point-in-time
Balance	`StockholdersEquity`	$59.53M	USD	Point-in-time
Balance	`StockholdersEquity`	$32.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$62.62M	USD	Point-in-time

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