10-Q Filing

LGL GROUP INC CIK: 61004 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001437749-23-014553`
Period End Date	20230331
Filing Date	20230515
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	lglg20230331_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 42 Cash Flow Statement 44 Stockholders Equity 12

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Accounts Receivable, Allowance for Credit Loss, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$86.00K	USD	Point-in-time
Accounts Receivable, Allowance for Credit Loss, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$84.00K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.51M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.50M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, Shares Authorized (in shares)	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$16.59M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$16.89M	USD	Point-in-time
Common Stock, Shares Authorized (in shares)	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Accounts receivable, net of allowances of $84 and $86, respectively	`AccountsReceivableNetCurrent`	$543.00K	USD	Point-in-time
Common Stock, Shares, Issued (in shares)	`CommonStockSharesIssued`	5.48M	shares	Point-in-time
Accounts receivable, net of allowances of $84 and $86, respectively	`AccountsReceivableNetCurrent`	$509.00K	USD	Point-in-time
Common Stock, Shares, Issued (in shares)	`CommonStockSharesIssued`	5.43M	shares	Point-in-time
Common Stock, Shares, Outstanding (in shares)	`CommonStockSharesOutstanding`	5.35M	shares	Point-in-time
Inventories, net	`InventoryNet`	$237.00K	USD	Point-in-time
Common Stock, Shares, Outstanding (in shares)	`CommonStockSharesOutstanding`	5.35M	shares	Point-in-time
Inventories, net	`InventoryNet`	$265.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$551.00K	USD	Point-in-time
Treasury Stock, Common, Shares (in shares)	`TreasuryStockCommonShares`	81,584.00	shares	Point-in-time
Treasury Stock, Common, Shares (in shares)	`TreasuryStockCommonShares`	81,584.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$440.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$39.34M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$39.68M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$1.00K	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$1.00K	USD	Point-in-time
Right-of-use lease assets	`OperatingLeaseRightOfUseAsset`	$132.00K	USD	Point-in-time
Right-of-use lease assets	`OperatingLeaseRightOfUseAsset`	$103.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$73.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$78.00K	USD	Point-in-time
Deferred income tax assets	`DeferredIncomeTaxAssetsNet`	$206.00K	USD	Point-in-time
Deferred income tax assets	`DeferredIncomeTaxAssetsNet`	$234.00K	USD	Point-in-time
Total Assets	`Assets`	$39.78M	USD	Point-in-time
Total Assets	`Assets`	$40.07M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$361.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$310.00K	USD	Point-in-time
Accrued compensation and commissions	`EmployeeRelatedLiabilitiesCurrent`	$144.00K	USD	Point-in-time
Accrued compensation and commissions	`EmployeeRelatedLiabilitiesCurrent`	$170.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$106.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$272.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$777.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$587.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$708.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$643.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.29M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.42M	USD	Point-in-time
Contingencies (Note L)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Contingencies (Note L)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value - 30,000,000 shares authorized; 5,434,521 shares issued and 5,352,937 shares outstanding at March 31, 2023, and 5,434,521 shares issued and 5,352,937 shares outstanding at December 31, 2022	`CommonStockValue`	$53.00K	USD	Point-in-time
Common stock, $0.01 par value - 30,000,000 shares authorized; 5,434,521 shares issued and 5,352,937 shares outstanding at March 31, 2023, and 5,434,521 shares issued and 5,352,937 shares outstanding at December 31, 2022	`CommonStockValue`	$53.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$46.35M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$46.35M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$-7.17M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$-7.33M	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at March 31, 2023 and December 31, 2022	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at March 31, 2023 and December 31, 2022	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$55.15M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$38.49M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$38.65M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$54.74M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$39.78M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$40.07M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$441.00K	USD	1 Quarter
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$417.00K	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$242.00K	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$192.00K	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$1.02M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$558.00K	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-309.00K	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-847.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$198.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-4.00K	USD	1 Quarter
Investment income	`GainLossOnInvestments`	$345.00K	USD	1 Quarter
Investment income	`GainLossOnInvestments`	$45.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-12.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$531.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$42.00K	USD	1 Quarter
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$222.00K	USD	1 Quarter
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-805.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-166.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$65.00K	USD	1 Quarter
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$157.00K	USD	1 Quarter
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-639.00K	USD	1 Quarter
Income From Discontinued Operations, net of Tax	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	1 Quarter
Income From Discontinued Operations, net of Tax	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$808.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$169.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$157.00K	USD	1 Quarter
Continuing Operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.12	USD	1 Quarter
Continuing Operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.03	USD	1 Quarter
Discontinued Operations (in dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	$0.15	USD	1 Quarter
Discontinued Operations (in dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	-	USD	1 Quarter
Total Net Income per Basic Share (in dollars per share)	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Total Net Income per Basic Share (in dollars per share)	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Continuing Operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.03	USD	1 Quarter
Continuing Operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$-0.12	USD	1 Quarter
Discontinued Operations (in dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare`	-	USD	1 Quarter
Discontinued Operations (in dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare`	$0.15	USD	1 Quarter
Total Net Income per Diluted Share (in dollars per share)	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Total Net Income per Diluted Share (in dollars per share)	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	5.35M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	5.32M	shares	1 Quarter
Dilutive (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.32M	shares	1 Quarter
Dilutive (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.35M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$169.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$157.00K	USD	1 Quarter
Depreciation	`Depreciation`	$148.00K	USD	1 Quarter
Depreciation	`Depreciation`	-	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$18.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$5.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$233.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Realized loss on sale of marketable securities	`MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments`	$-744.00K	USD	1 Quarter
Realized loss on sale of marketable securities	`MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments`	$-2.10M	USD	1 Quarter
Unrealized gain on marketable securities	`MarketableSecuritiesUnrealizedGainLoss`	$2.45M	USD	1 Quarter
Unrealized gain on marketable securities	`MarketableSecuritiesUnrealizedGainLoss`	$789.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-165.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$28.00K	USD	1 Quarter
Decrease (increase) in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-34.00K	USD	1 Quarter
Decrease (increase) in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$588.00K	USD	1 Quarter
Decrease (increase) in inventories, net	`IncreaseDecreaseInInventories`	$-28.00K	USD	1 Quarter
Decrease (increase) in inventories, net	`IncreaseDecreaseInInventories`	$427.00K	USD	1 Quarter
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$111.00K	USD	1 Quarter
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-31.00K	USD	1 Quarter
Increase in accounts payable, accrued compensation, income taxes and commissions and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$154.00K	USD	1 Quarter
Increase in accounts payable, accrued compensation, income taxes and commissions and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$72.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-50.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-554.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$207.00K	USD	1 Quarter
Proceeds from sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$43.00K	USD	1 Quarter
Proceeds from sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$397.00K	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	-	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$7.00M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.81M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$43.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-7.36M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-7.00K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$21.65M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$21.50M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$29.02M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$21.51M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$21.65M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$21.50M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$29.02M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$21.51M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaid`	$134.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$50.00K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$55.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$38.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$38.65M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.74M	USD	Point-in-time
Net income	`NetIncomeLoss`	$169.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$157.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$233.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	-	USD	1 Quarter
Balance	`StockholdersEquity`	$55.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$38.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$38.65M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.74M	USD	Point-in-time

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