10-Q Filing

R F INDUSTRIES LTD CIK: 740664 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001437749-22-006504`
Period End Date	20220131
Filing Date	20220317
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	rfil20220131_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 30 Cash Flow Statement 52 Stockholders Equity 15

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$83.00K	USD	Point-in-time
Trade accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$87.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.51M	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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $83 and $87, respectively	`AccountsReceivableNetCurrent`	$10.51M	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 $83 and $87, respectively	`AccountsReceivableNetCurrent`	$13.52M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	10.06M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	10.10M	shares	Point-in-time
Inventories	`InventoryNet`	$13.48M	USD	Point-in-time
Inventories	`InventoryNet`	$11.18M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	10.06M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	10.10M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$3.59M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.89M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$41.08M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$40.65M	USD	Point-in-time
Equipment and tooling	`MachineryAndEquipmentGross`	$3.99M	USD	Point-in-time
Equipment and tooling	`MachineryAndEquipmentGross`	$4.08M	USD	Point-in-time
Furniture and office equipment	`FurnitureAndFixturesGross`	$1.09M	USD	Point-in-time
Furniture and office equipment	`FurnitureAndFixturesGross`	$1.10M	USD	Point-in-time
Property, Plant and Equipment, Gross, Ending Balance	`PropertyPlantAndEquipmentGross`	$5.07M	USD	Point-in-time
Property, Plant and Equipment, Gross, Ending Balance	`PropertyPlantAndEquipmentGross`	$5.18M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.45M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.36M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$708.00K	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$727.00K	USD	Point-in-time
Operating lease right of use assets, net	`OperatingLeaseRightOfUseAsset`	$1.45M	USD	Point-in-time
Operating lease right of use assets, net	`OperatingLeaseRightOfUseAsset`	$1.20M	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`	$2.74M	USD	Point-in-time
Amortizable intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$2.64M	USD	Point-in-time
Non-amortizable intangible assets	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$1.17M	USD	Point-in-time
Non-amortizable intangible assets	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$1.17M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$366.00K	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`	$49.65M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$49.74M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$40.63M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.38M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$5.03M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$5.66M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$698.00K	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$832.00K	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$9.37M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$9.74M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$675.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$545.00K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$10.04M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$10.28M	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; 10,096,175 and 10,058,571 shares issued and outstanding at January 31, 2022 and October 31, 2021, respectively	`CommonStockValue`	$101.00K	USD	Point-in-time
Common stock - authorized 20,000,000 shares of $0.01 par value; 10,096,175 and 10,058,571 shares issued and outstanding at January 31, 2022 and October 31, 2021, respectively	`CommonStockValue`	$101.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$24.30M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$24.43M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$14.92M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.20M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$39.45M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$32.16M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$32.06M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$39.60M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$49.65M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$49.74M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$10.00M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$16.92M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$7.40M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$12.83M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.08M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.61M	USD	1 Quarter
Engineering	`ResearchAndDevelopmentExpense`	$454.00K	USD	1 Quarter
Engineering	`ResearchAndDevelopmentExpense`	$431.00K	USD	1 Quarter
Selling and general	`SellingGeneralAndAdministrativeExpense`	$2.76M	USD	1 Quarter
Selling and general	`SellingGeneralAndAdministrativeExpense`	$3.99M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.19M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.45M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-589.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-362.00K	USD	1 Quarter
Other income (expense)	`NonoperatingIncomeExpense`	$5.00K	USD	1 Quarter
Other income (expense)	`NonoperatingIncomeExpense`	$-8.00K	USD	1 Quarter
Loss before benefit for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-597.00K	USD	1 Quarter
Loss before benefit for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-357.00K	USD	1 Quarter
Benefit from income taxes	`IncomeTaxExpenseBenefit`	$-194.00K	USD	1 Quarter
Benefit from income taxes	`IncomeTaxExpenseBenefit`	$-80.00K	USD	1 Quarter
Consolidated net loss	`NetIncomeLoss`	$-403.00K	USD	1 Quarter
Consolidated net loss	`NetIncomeLoss`	$-277.00K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	10.07M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.86M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.07M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.86M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Consolidated net loss	`NetIncomeLoss`	$-403.00K	USD	1 Quarter
Consolidated net loss	`NetIncomeLoss`	$-277.00K	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`	$237.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$180.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$123.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$139.00K	USD	1 Quarter
Tax payments related to shares cancelled for vested restricted stock awards	`TaxPaymentsRelatedToSharesCanceledForVestedRestrictedStockAwards`	$13.00K	USD	1 Quarter
Tax payments related to shares cancelled for vested restricted stock awards	`TaxPaymentsRelatedToSharesCanceledForVestedRestrictedStockAwards`	$11.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$23.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$766.00K	USD	1 Quarter
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-529.00K	USD	1 Quarter
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.01M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.30M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$433.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$1.33M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$693.00K	USD	1 Quarter
Right of use assets	`IncreaseDecreaseInRightOfUseAssets`	$6.00K	USD	1 Quarter
Right of use assets	`IncreaseDecreaseInRightOfUseAssets`	$15.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-122.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$35.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$44.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$625.00K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-43.00K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$296.00K	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	-	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-370.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	-	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-577.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$557.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$103.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$116.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-116.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-103.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$385.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$385.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-308.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$454.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.51M	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, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.05M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.51M	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
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.05M	USD	Point-in-time
Supplemental cash flow information income taxes paid	`IncomeTaxesPaid`	$6.00K	USD	1 Quarter
Supplemental cash flow information income taxes paid	`IncomeTaxesPaid`	$156.00K	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$39.45M	USD	Point-in-time
Balance	`StockholdersEquity`	$32.16M	USD	Point-in-time
Balance	`StockholdersEquity`	$32.06M	USD	Point-in-time
Balance	`StockholdersEquity`	$39.60M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$123.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$139.00K	USD	1 Quarter
Tax withholding related to vesting of restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$11.00K	USD	1 Quarter
Tax withholding related to vesting of restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$13.00K	USD	1 Quarter
Consolidated net loss	`NetIncomeLoss`	$-403.00K	USD	1 Quarter
Consolidated net loss	`NetIncomeLoss`	$-277.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$39.45M	USD	Point-in-time
Balance	`StockholdersEquity`	$32.16M	USD	Point-in-time
Balance	`StockholdersEquity`	$32.06M	USD	Point-in-time
Balance	`StockholdersEquity`	$39.60M	USD	Point-in-time
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$385.00K	USD	1 Quarter

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