10-Q Filing

R F INDUSTRIES LTD CIK: 740664 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001437749-21-005709`
Period End Date	20210131
Filing Date	20210311
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	rfil-20210131.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 30 Cash Flow Statement 54 Stockholders Equity 21

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$66.00K	USD	Point-in-time
Trade accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$55.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.49M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.80M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $55 and $66, respectively	`AccountsReceivableNetCurrent`	$5.16M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $55 and $66, respectively	`AccountsReceivableNetCurrent`	$5.67M	USD	Point-in-time
Inventories	`InventoryNet`	$8.59M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	9.81M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	9.96M	shares	Point-in-time
Inventories	`InventoryNet`	$9.02M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.14M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	9.96M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$813.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	9.81M	shares	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$31.80M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$30.86M	USD	Point-in-time
Equipment and tooling	`MachineryAndEquipmentGross`	$3.92M	USD	Point-in-time
Equipment and tooling	`MachineryAndEquipmentGross`	$3.82M	USD	Point-in-time
Furniture and office equipment	`FurnitureAndFixturesGross`	$1.07M	USD	Point-in-time
Furniture and office equipment	`FurnitureAndFixturesGross`	$1.09M	USD	Point-in-time
Property, Plant and Equipment, Gross, Ending Balance	`PropertyPlantAndEquipmentGross`	$4.89M	USD	Point-in-time
Property, Plant and Equipment, Gross, Ending Balance	`PropertyPlantAndEquipmentGross`	$5.01M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.16M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.08M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$846.00K	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$810.00K	USD	Point-in-time
Operating lease right of use assets, net	`OperatingLeaseRightOfUseAsset`	$1.42M	USD	Point-in-time
Operating lease right of use assets, net	`OperatingLeaseRightOfUseAsset`	$1.18M	USD	Point-in-time
Goodwill	`Goodwill`	$2.47M	USD	Point-in-time
Goodwill	`Goodwill`	$2.47M	USD	Point-in-time
Amortizable intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.18M	USD	Point-in-time
Amortizable intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.02M	USD	Point-in-time
Non-amortizable intangible assets, trademarks	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$1.17M	USD	Point-in-time
Non-amortizable intangible assets, trademarks	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$1.17M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$834.00K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$68.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$70.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$70.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$40.63M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$39.83M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$40.82M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.48M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.51M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.57M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.62M	USD	Point-in-time
Current portion of PPP Loans	`LongTermDebtCurrent`	$1.70M	USD	Point-in-time
Current portion of PPP Loans	`LongTermDebtCurrent`	$2.10M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$874.00K	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$789.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$43.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$296.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	-	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$7.32M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$6.66M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$477.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$635.00K	USD	Point-in-time
PPP Loans	`LongTermDebtNoncurrent`	$685.00K	USD	Point-in-time
PPP Loans	`LongTermDebtNoncurrent`	$1.09M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$370.00K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$8.76M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$8.48M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock - authorized 20,000,000 shares of $0.01 par value; 9,962,456 and 9,814,118 shares issued and outstanding at January 31, 2021 and October 31, 2020, respectively	`CommonStockValue`	$98.00K	USD	Point-in-time
Common stock - authorized 20,000,000 shares of $0.01 par value; 9,962,456 and 9,814,118 shares issued and outstanding at January 31, 2021 and October 31, 2020, respectively	`CommonStockValue`	$100.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$22.95M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$23.44M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$9.02M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.62M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$32.16M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$31.94M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$31.53M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$32.06M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$40.82M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$40.63M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$12.41M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$10.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$9.16M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$7.40M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.61M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.25M	USD	1 Quarter
Engineering	`ResearchAndDevelopmentExpense`	$431.00K	USD	1 Quarter
Engineering	`ResearchAndDevelopmentExpense`	$596.00K	USD	1 Quarter
Selling and general	`SellingGeneralAndAdministrativeExpense`	$2.66M	USD	1 Quarter
Selling and general	`SellingGeneralAndAdministrativeExpense`	$2.76M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.19M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.25M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-589.00K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$1.00K	USD	1 Quarter
Other (expense) income	`NonoperatingIncomeExpense`	$11.00K	USD	1 Quarter
Other (expense) income	`NonoperatingIncomeExpense`	$-8.00K	USD	1 Quarter
(Loss) income before benefit for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-597.00K	USD	1 Quarter
(Loss) income before benefit for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$12.00K	USD	1 Quarter
Benefit from income taxes	`IncomeTaxExpenseBenefit`	$-14.00K	USD	1 Quarter
Benefit from income taxes	`IncomeTaxExpenseBenefit`	$-194.00K	USD	1 Quarter
Consolidated net (loss) income	`NetIncomeLoss`	$26.00K	USD	1 Quarter
Consolidated net (loss) income	`NetIncomeLoss`	$-403.00K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.86M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.56M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.86M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.87M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Consolidated net (loss) income	`NetIncomeLoss`	$26.00K	USD	1 Quarter
Consolidated net (loss) income	`NetIncomeLoss`	$-403.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$4.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$-15.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$255.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$237.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$187.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$123.00K	USD	1 Quarter
Tax payments related to shares cancelled for vested restricted stock awards	`TaxPaymentsRelatedToSharesCanceledForVestedRestrictedStockAwards`	-	USD	1 Quarter
Tax payments related to shares cancelled for vested restricted stock awards	`TaxPaymentsRelatedToSharesCanceledForVestedRestrictedStockAwards`	$11.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$766.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$62.00K	USD	1 Quarter
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-6.71M	USD	1 Quarter
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-529.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$433.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-638.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$1.33M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$20.00K	USD	1 Quarter
Right of use assets	`IncreaseDecreaseInRightOfUseAssets`	$-101.00K	USD	1 Quarter
Right of use assets	`IncreaseDecreaseInRightOfUseAssets`	$6.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$35.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.29M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-921.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$44.00K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-21.00K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-43.00K	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	-	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$296.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-370.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-121.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.61M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-577.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$53.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$116.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.95M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-116.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$391.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$385.00K	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$193.00K	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$198.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$385.00K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.85M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-308.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.54M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$14.39M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.80M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.49M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.54M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$14.39M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.80M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.49M	USD	Point-in-time
Supplemental cash flow information income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Supplemental cash flow information income taxes paid	`IncomeTaxesPaid`	$6.00K	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$32.16M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.53M	USD	Point-in-time
Balance	`StockholdersEquity`	$32.06M	USD	Point-in-time
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	118,189.00	shares	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$385.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$391.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$123.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$110.00K	USD	1 Quarter
Issuance of restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Issuance of restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Forfeiture of restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures`	-	USD	1 Quarter
Tax withholding related to vesting of restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$11.00K	USD	1 Quarter
Consolidated net income (loss)	`NetIncomeLoss`	$26.00K	USD	1 Quarter
Consolidated net income (loss)	`NetIncomeLoss`	$-403.00K	USD	1 Quarter
Issuance of common shares	`StockIssuedDuringPeriodValueNewIssues`	$77.00K	USD	1 Quarter
Dividends	`DividendsCommonStockCash`	$193.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$32.16M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.53M	USD	Point-in-time
Balance	`StockholdersEquity`	$32.06M	USD	Point-in-time

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