10-K Filing

R F INDUSTRIES LTD CIK: 740664 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001437749-22-000928`
Period End Date	20211031
Filing Date	20220114
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	rfil20211031_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 30 Cash Flow Statement 52 Stockholders Equity 17

Balance Sheet 75 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`	$87.00K	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, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.05M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $87 and $66, respectively	`AccountsReceivableNetCurrent`	$13.52M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $87 and $66, respectively	`AccountsReceivableNetCurrent`	$5.67M	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
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	9.81M	shares	Point-in-time
Inventories	`InventoryNet`	$11.18M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	10.06M	shares	Point-in-time
Inventories	`InventoryNet`	$8.59M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$813.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.89M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	10.06M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	9.81M	shares	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$30.86M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$40.65M	USD	Point-in-time
Equipment and tooling	`MachineryAndEquipmentGross`	$3.82M	USD	Point-in-time
Equipment and tooling	`MachineryAndEquipmentGross`	$3.99M	USD	Point-in-time
Furniture and office equipment	`FurnitureAndFixturesGross`	$1.09M	USD	Point-in-time
Furniture and office equipment	`FurnitureAndFixturesGross`	$1.07M	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`	$5.07M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.36M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.08M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$810.00K	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$708.00K	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`	$1.45M	USD	Point-in-time
Goodwill	`Goodwill`	$2.47M	USD	Point-in-time
Goodwill	`Goodwill`	$2.47M	USD	Point-in-time
Amortizable intangible assets	`FiniteLivedIntangibleAssetsNet`	$2.74M	USD	Point-in-time
Amortizable intangible assets	`FiniteLivedIntangibleAssetsNet`	$3.18M	USD	Point-in-time
Trademarks	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$1.17M	USD	Point-in-time
Trademarks	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$1.17M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$834.00K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$389.00K	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`	$40.82M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$49.65M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.48M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.57M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$5.03M	USD	Point-in-time
Current portion of PPP Loan	`LongTermDebtCurrent`	-	USD	Point-in-time
Current portion of PPP Loan	`LongTermDebtCurrent`	$1.70M	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`	$874.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$832.00K	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$9.37M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$6.66M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$675.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$635.00K	USD	Point-in-time
PPP Loan	`LongTermDebtNoncurrent`	-	USD	Point-in-time
PPP Loan	`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`	$10.04M	USD	Point-in-time
Common stock - authorized 20,000,000 shares of $0.01 par value; 10,058,571 and 9,814,118 shares issued and outstanding at October 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; 10,058,571 and 9,814,118 shares issued and outstanding at October 31, 2021 and October 31, 2020, respectively	`CommonStockValue`	$101.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$24.30M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$22.95M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.20M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$9.02M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$39.60M	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`	$49.65M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$40.82M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$57.42M	USD	Annual
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$43.04M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$39.66M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$31.48M	USD	Annual
Gross profit	`GrossProfit`	$17.77M	USD	Annual
Gross profit	`GrossProfit`	$11.57M	USD	Annual
Engineering	`ResearchAndDevelopmentExpense`	$1.48M	USD	Annual
Engineering	`ResearchAndDevelopmentExpense`	$1.99M	USD	Annual
Selling and general	`SellingGeneralAndAdministrativeExpense`	$9.98M	USD	Annual
Selling and general	`SellingGeneralAndAdministrativeExpense`	$11.87M	USD	Annual
Total operating expense	`OperatingExpenses`	$13.35M	USD	Annual
Total operating expense	`OperatingExpenses`	$11.97M	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$4.42M	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$-403.00K	USD	Annual
Other income (loss)	`NonoperatingIncomeExpense`	$-45.00K	USD	Annual
Other income (loss)	`NonoperatingIncomeExpense`	$2.80M	USD	Annual
Income (loss) before provision (benefit) for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-448.00K	USD	Annual
Income (loss) before provision (benefit) for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$7.22M	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$-367.00K	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$1.04M	USD	Annual
Consolidated net income (loss)	`NetIncomeLoss`	$6.18M	USD	Annual
Consolidated net income (loss)	`NetIncomeLoss`	$-81.00K	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.62	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.61	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.98M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.68M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.15M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.68M	shares	Annual

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Consolidated net income (loss)	`NetIncomeLoss`	$6.18M	USD	Annual
Consolidated net income (loss)	`NetIncomeLoss`	$-81.00K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$29.00K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$16.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.01M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$770.00K	USD	Annual
Share-based Payment Arrangement, Noncash Expense, Total	`ShareBasedCompensation`	$556.00K	USD	Annual
Share-based Payment Arrangement, Noncash Expense, Total	`ShareBasedCompensation`	$769.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$445.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-790.00K	USD	Annual
Tax payments related to shares cancelled for vested restricted stock awards	`TaxPaymentsRelatedToSharesCanceledForVestedRestrictedStockAwards`	$16.00K	USD	Annual
PPP Loan forgiveness	`GainsLossesOnExtinguishmentOfDebt`	$2.81M	USD	Annual
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-6.78M	USD	Annual
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.88M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-442.00K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$2.59M	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$2.08M	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$113.00K	USD	Annual
Right of use asset	`IncreaseDecreaseInRightOfUseAssets`	$35.00K	USD	Annual
Right of use asset	`IncreaseDecreaseInRightOfUseAssets`	$-88.00K	USD	Annual
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$1.00K	USD	Annual
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$2.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.04M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.03M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-1.37M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$2.48M	USD	Annual
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-43.00K	USD	Annual
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$22.00K	USD	Annual
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-966.00K	USD	Annual
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-370.00K	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.55M	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.12M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$227.00K	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$235.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-227.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.14M	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$605.00K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$445.00K	USD	Annual
Dividends paid	`PaymentsOfDividendsCommonStock`	-	USD	Annual
Dividends paid	`PaymentsOfDividendsCommonStock`	$388.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$605.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.85M	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.26M	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.74M	USD	Annual
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.54M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.05M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.80M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.54M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.05M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.80M	USD	Point-in-time
Supplemental cash flow information income taxes paid	`IncomeTaxesPaid`	$415.00K	USD	Annual
Supplemental cash flow information income taxes paid	`IncomeTaxesPaid`	$949.00K	USD	Annual

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$39.60M	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`	241,209.00	shares	Annual
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	195,528.00	shares	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$445.00K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$605.00K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$473.00K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$769.00K	USD	Annual
Issuance of common shares	`StockIssuedDuringPeriodValueNewIssues`	$82.00K	USD	Annual
Dividends	`DividendsCommonStockCash`	$388.00K	USD	Annual
Consolidated net income (loss)	`NetIncomeLoss`	$6.18M	USD	Annual
Consolidated net income (loss)	`NetIncomeLoss`	$-81.00K	USD	Annual
Tax withholding related to vesting of restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$16.00K	USD	Annual
Balance	`StockholdersEquity`	$39.60M	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.