10-K Filing

R F INDUSTRIES LTD CIK: 740664 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001437749-23-001684`
Period End Date	20221031
Filing Date	20230124
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	rfil20221031_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 30 Cash Flow Statement 60 Stockholders Equity 16

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Accounts Receivable, Allowance for Credit Loss, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$126.00K	USD	Point-in-time
Accounts Receivable, Allowance for Credit Loss, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$87.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.53M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.05M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	20.00M	shares	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
Trade accounts receivable, net of allowance for doubtful accounts of $207 and $87, respectively	`AccountsReceivableNetCurrent`	$13.52M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $207 and $87, respectively	`AccountsReceivableNetCurrent`	$14.81M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	10.06M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	10.19M	shares	Point-in-time
Inventories	`InventoryNet`	$21.05M	USD	Point-in-time
Inventories	`InventoryNet`	$11.18M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$5.85M	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`	10.19M	shares	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$46.25M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$40.65M	USD	Point-in-time
Equipment and tooling	`MachineryAndEquipmentGross`	$4.50M	USD	Point-in-time
Equipment and tooling	`MachineryAndEquipmentGross`	$3.99M	USD	Point-in-time
Furniture and office equipment	`FurnitureAndFixturesGross`	$3.45M	USD	Point-in-time
Furniture and office equipment	`FurnitureAndFixturesGross`	$1.09M	USD	Point-in-time
Property, Plant and Equipment, Gross, Ending Balance	`PropertyPlantAndEquipmentGross`	$7.94M	USD	Point-in-time
Property, Plant and Equipment, Gross, Ending Balance	`PropertyPlantAndEquipmentGross`	$5.07M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.77M	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`	$3.17M	USD	Point-in-time
Operating lease right of use assets, net	`OperatingLeaseRightOfUseAsset`	$13.48M	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`	$8.09M	USD	Point-in-time
Amortizable intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$15.30M	USD	Point-in-time
Amortizable intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$2.74M	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`	$389.00K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$1.82M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$295.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$70.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$89.57M	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`	$5.65M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$8.81M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$5.03M	USD	Point-in-time
Current portion of Term Loan	`LongTermDebtCurrent`	$2.42M	USD	Point-in-time
Current portion of Term Loan	`LongTermDebtCurrent`	-	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.89M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$832.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$759.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$9.37M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$19.54M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$675.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$15.03M	USD	Point-in-time
Term Loan, net of debt issuance cost	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Term Loan, net of debt issuance cost	`LongTermDebtNoncurrent`	$13.14M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$47.70M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$10.04M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock - authorized 20,000,000 shares of $0.01 par value; 10,198,700 and 10,058,571 shares issued and outstanding at October 31, 2022 and October 31, 2021, respectively	`CommonStockValue`	$102.00K	USD	Point-in-time
Common stock - authorized 20,000,000 shares of $0.01 par value; 10,198,700 and 10,058,571 shares issued and outstanding at October 31, 2022 and October 31, 2021, respectively	`CommonStockValue`	$101.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$25.12M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$24.30M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.20M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$16.65M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$39.60M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$41.87M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$32.06M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$89.57M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$49.65M	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`	$85.25M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$60.70M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$39.66M	USD	Annual
Gross profit	`GrossProfit`	$17.77M	USD	Annual
Gross profit	`GrossProfit`	$24.55M	USD	Annual
Engineering	`ResearchAndDevelopmentExpense`	$2.91M	USD	Annual
Engineering	`ResearchAndDevelopmentExpense`	$1.48M	USD	Annual
Selling and general	`SellingGeneralAndAdministrativeExpense`	$19.45M	USD	Annual
Selling and general	`SellingGeneralAndAdministrativeExpense`	$11.87M	USD	Annual
Total operating expenses	`OperatingExpenses`	$22.36M	USD	Annual
Total operating expenses	`OperatingExpenses`	$13.35M	USD	Annual
Operating income	`OperatingIncomeLoss`	$4.42M	USD	Annual
Operating income	`OperatingIncomeLoss`	$2.19M	USD	Annual
Other (expense) income	`NonoperatingIncomeExpense`	$-601.00K	USD	Annual
Other (expense) income	`NonoperatingIncomeExpense`	$2.80M	USD	Annual
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$7.22M	USD	Annual
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.59M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.04M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$139.00K	USD	Annual
Consolidated net income	`NetIncomeLoss`	$6.18M	USD	Annual
Consolidated net income	`NetIncomeLoss`	$1.45M	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.14	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.62	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.14	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.61	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	10.12M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.98M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.15M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.24M	shares	Annual

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Consolidated net income	`NetIncomeLoss`	$6.18M	USD	Annual
Consolidated net income	`NetIncomeLoss`	$1.45M	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$29.00K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$15.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.69M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$770.00K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$769.00K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$689.00K	USD	Annual
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	-	USD	Annual
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$6.00K	USD	Annual
Tax payments related to shares cancelled for vested restricted stock awards	`TaxPaymentsRelatedToSharesCanceledForVestedRestrictedStockAwards`	$16.00K	USD	Annual
Tax payments related to shares cancelled for vested restricted stock awards	`TaxPaymentsRelatedToSharesCanceledForVestedRestrictedStockAwards`	$21.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.43M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$445.00K	USD	Annual
PPP Loan and interest forgiveness	`GainsLossesOnExtinguishmentOfDebt`	$2.81M	USD	Annual
PPP Loan and interest forgiveness	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.50M	USD	Annual
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.88M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$2.59M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$6.15M	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$2.89M	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$2.08M	USD	Annual
Right of use assets	`IncreaseDecreaseInRightOfUseAssets`	$35.00K	USD	Annual
Right of use assets	`IncreaseDecreaseInRightOfUseAssets`	$-3.38M	USD	Annual
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$1.00K	USD	Annual
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$225.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.03M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.06M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$3.06M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$2.48M	USD	Annual
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$759.00K	USD	Annual
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-43.00K	USD	Annual
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-370.00K	USD	Annual
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	-	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.12M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.89M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.67M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$227.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-227.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-27.12M	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$150.00K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$605.00K	USD	Annual
Debt issuance cost	`PaymentsOfDebtIssuanceCosts`	$32.00K	USD	Annual
Debt issuance cost	`PaymentsOfDebtIssuanceCosts`	-	USD	Annual
Term Loan payments	`RepaymentsOfLongTermDebt`	$1.41M	USD	Annual
Term Loan payments	`RepaymentsOfLongTermDebt`	-	USD	Annual
Term Loan	`ProceedsFromIssuanceOfLongTermDebt`	$17.00M	USD	Annual
Term Loan	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$605.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$15.70M	USD	Annual
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-8.52M	USD	Annual
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.74M	USD	Annual
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.80M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.05M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.53M	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`	$13.05M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.53M	USD	Point-in-time
Supplemental cash flow information income taxes paid	`IncomeTaxesPaidNet`	$-314.00K	USD	Annual
Supplemental cash flow information income taxes paid	`IncomeTaxesPaidNet`	$949.00K	USD	Annual

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$39.60M	USD	Point-in-time
Balance	`StockholdersEquity`	$41.87M	USD	Point-in-time
Balance	`StockholdersEquity`	$32.06M	USD	Point-in-time
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	60,854.00	shares	Annual
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	195,528.00	shares	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$150.00K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$605.00K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$769.00K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$689.00K	USD	Annual
Tax withholding related to vesting of restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$16.00K	USD	Annual
Tax withholding related to vesting of restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$21.00K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$6.18M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$1.45M	USD	Annual
Balance	`StockholdersEquity`	$39.60M	USD	Point-in-time
Balance	`StockholdersEquity`	$41.87M	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.