v3.25.3

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash	$ 1,271	$ 916
Accounts receivable, less allowances of $186 and $196, respectively	18,810	14,875
Inventories, net	18,425	21,638
Contract assets	15,328	13,792
Prepaid assets and other assets	5,372	4,094
Total current assets	59,206	55,315
Property and equipment, net	5,322	6,232
Operating lease assets, net	7,306	8,139
Deferred tax assets	2,763	2,575
Other intangible assets, net	160	174
Total assets	74,757	72,435
Current liabilities:
Line of credit	12,030
Accounts payable	11,678	11,582
Accrued payroll and commissions	2,402	1,841
Customer deposits	4,716	5,140
Current portion of operating lease obligations	1,319	1,175
Current portion of finance lease obligations	239	143
Notes payable		344
Other accrued liabilities	1,221	1,203
Total current liabilities	33,605	21,428
Long-term liabilities:
Long-term line of credit		8,634
Long-term operating lease obligations, net of current portion	6,795	7,773
Long-term finance lease obligations, net of current portion	713	311
Other long-term liabilities	287	284
Total long-term liabilities	7,795	17,002
Total liabilities	41,400	38,430
Shareholders’ equity:
Preferred stock, $1 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding	250	250
Common stock - $0.01 par value; 9,000,000 shares authorized; 2,786,134 and 2,760,793 shares issued and outstanding, respectively	28	28
Additional paid-in capital	17,721	17,329
Accumulated other comprehensive loss	(868)	(977)
Retained earnings	16,226	17,375
Total shareholders’ equity	33,357	34,005
Total liabilities and shareholders’ equity	$ 74,757	$ 72,435

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

NORTECH SYSTEMS INC 10-Q