10-Q Filing

R F INDUSTRIES LTD CIK: 740664 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001437749-23-006362`
Period End Date	20230131
Filing Date	20230313
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	rfil20230131_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 30 Cash Flow Statement 54 Stockholders Equity 17

Balance Sheet 78 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`	$271.00K	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.77M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.53M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $271 and $126, respectively	`AccountsReceivableNetCurrent`	$14.81M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $271 and $126, respectively	`AccountsReceivableNetCurrent`	$13.90M	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
Common Stock, Shares, Issued (in shares)	`CommonStockSharesIssued`	10.19M	shares	Point-in-time
Inventories	`InventoryNet`	$21.05M	USD	Point-in-time
Common Stock, Shares, Issued (in shares)	`CommonStockSharesIssued`	10.29M	shares	Point-in-time
Inventories	`InventoryNet`	$20.94M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$3.18M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	10.29M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	10.19M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$5.85M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$41.80M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$46.25M	USD	Point-in-time
Equipment and tooling	`MachineryAndEquipmentGross`	$4.62M	USD	Point-in-time
Equipment and tooling	`MachineryAndEquipmentGross`	$4.50M	USD	Point-in-time
Furniture and office equipment	`FurnitureAndFixturesGross`	$4.45M	USD	Point-in-time
Furniture and office equipment	`FurnitureAndFixturesGross`	$3.45M	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`	$9.07M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.88M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.77M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.19M	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`	$12.71M	USD	Point-in-time
Goodwill	`Goodwill`	$8.09M	USD	Point-in-time
Goodwill	`Goodwill`	$8.09M	USD	Point-in-time
Amortizable intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$14.87M	USD	Point-in-time
Amortizable intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$15.30M	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`	$1.82M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$1.95M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$295.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$295.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$85.14M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$89.57M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$49.74M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.65M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.85M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$5.57M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$8.81M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.13M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	-	USD	Point-in-time
Current portion of Term Loan	`LongTermDebtCurrent`	$2.42M	USD	Point-in-time
Current portion of Term Loan	`LongTermDebtCurrent`	$2.42M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.89M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.73M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$759.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.04M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$16.74M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$19.54M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$14.87M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$15.03M	USD	Point-in-time
Term Loan, net of debt issuance cost	`LongTermDebtNoncurrent`	$12.53M	USD	Point-in-time
Term Loan, net of debt issuance cost	`LongTermDebtNoncurrent`	$13.14M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$44.14M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$47.70M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock - authorized 20,000,000 shares of $0.01 par value; 10,291,067 and 10,193,287 shares issued and outstanding at January 31, 2023 and October 31, 2022, respectively	`CommonStockValue`	$103.00K	USD	Point-in-time
Common stock - authorized 20,000,000 shares of $0.01 par value; 10,291,067 and 10,193,287 shares issued and outstanding at January 31, 2023 and October 31, 2022, respectively	`CommonStockValue`	$102.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$25.12M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$25.41M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.49M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$16.65M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$41.00M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$41.87M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$39.45M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$39.60M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$89.57M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$85.14M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$16.92M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$18.34M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$12.83M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$13.26M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.09M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.08M	USD	1 Quarter
Engineering	`ResearchAndDevelopmentExpense`	$961.00K	USD	1 Quarter
Engineering	`ResearchAndDevelopmentExpense`	$454.00K	USD	1 Quarter
Selling and general	`SellingGeneralAndAdministrativeExpense`	$5.29M	USD	1 Quarter
Selling and general	`SellingGeneralAndAdministrativeExpense`	$3.99M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.25M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.45M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.17M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-362.00K	USD	1 Quarter
Other (expense) income	`NonoperatingIncomeExpense`	$-153.00K	USD	1 Quarter
Other (expense) income	`NonoperatingIncomeExpense`	$5.00K	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.32M	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-357.00K	USD	1 Quarter
Benefit from income taxes	`IncomeTaxExpenseBenefit`	$-80.00K	USD	1 Quarter
Benefit from income taxes	`IncomeTaxExpenseBenefit`	$-160.00K	USD	1 Quarter
Consolidated net loss	`NetIncomeLoss`	$-1.16M	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`	$-0.11	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.11	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	10.07M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	10.22M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.22M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.07M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Consolidated net loss	`NetIncomeLoss`	$-1.16M	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`	$64.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$541.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$180.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$139.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$212.00K	USD	1 Quarter
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$2.00K	USD	1 Quarter
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	-	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`	$7.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-136.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$23.00K	USD	1 Quarter
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-843.00K	USD	1 Quarter
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.01M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-117.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.30M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-2.67M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$693.00K	USD	1 Quarter
Right of use assets	`IncreaseDecreaseInRightOfUseAssets`	$-383.00K	USD	1 Quarter
Right of use assets	`IncreaseDecreaseInRightOfUseAssets`	$15.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-122.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-803.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-3.25M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$625.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.13M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$283.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$889.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$557.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.13M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$103.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-103.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.13M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$85.00K	USD	1 Quarter
Term Loan payments	`RepaymentsOfLongTermDebt`	$606.00K	USD	1 Quarter
Term Loan payments	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-521.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$454.00K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-762.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.77M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.53M	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`	$13.51M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.77M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.53M	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`	$13.51M	USD	Point-in-time
Supplemental cash flow information income taxes paid	`IncomeTaxesPaidNet`	$156.00K	USD	1 Quarter
Supplemental cash flow information income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$41.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$41.87M	USD	Point-in-time
Balance	`StockholdersEquity`	$39.45M	USD	Point-in-time
Balance	`StockholdersEquity`	$39.60M	USD	Point-in-time
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	45,000.00	shares	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$85.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$139.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$212.00K	USD	1 Quarter
Issuance of restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Tax withholding related to vesting of restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$7.00K	USD	1 Quarter
Tax withholding related to vesting of restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$13.00K	USD	1 Quarter
Consolidated net loss	`NetIncomeLoss`	$-1.16M	USD	1 Quarter
Consolidated net loss	`NetIncomeLoss`	$-277.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$41.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$41.87M	USD	Point-in-time
Balance	`StockholdersEquity`	$39.45M	USD	Point-in-time
Balance	`StockholdersEquity`	$39.60M	USD	Point-in-time

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