10-K Filing

R F INDUSTRIES LTD CIK: 740664 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001437749-24-002469`
Period End Date	20231031
Filing Date	20240129
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	rfil20231031_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 30 Cash Flow Statement 63 Stockholders Equity 18

Balance Sheet 76 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`	$244.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.90M	USD	Point-in-time
Common Stock, Shares Authorized (in shares)	`CommonStockSharesAuthorized`	20.00M	shares	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
Trade accounts receivable, net of allowance for doubtful accounts of $271 and $126, respectively	`AccountsReceivableNetCurrent`	$14.81M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $271 and $126, respectively	`AccountsReceivableNetCurrent`	$10.28M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories	`InventoryNet`	$21.05M	USD	Point-in-time
Common Stock, Shares, Issued (in shares)	`CommonStockSharesIssued`	10.19M	shares	Point-in-time
Inventories	`InventoryNet`	$18.73M	USD	Point-in-time
Common Stock, Shares, Issued (in shares)	`CommonStockSharesIssued`	10.34M	shares	Point-in-time
Common Stock, Shares, Outstanding (in shares)	`CommonStockSharesOutstanding`	10.34M	shares	Point-in-time
Common Stock, Shares, Outstanding (in shares)	`CommonStockSharesOutstanding`	10.19M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.14M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$5.85M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$46.25M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$36.04M	USD	Point-in-time
Equipment and tooling	`MachineryAndEquipmentGross`	$4.50M	USD	Point-in-time
Equipment and tooling	`MachineryAndEquipmentGross`	$4.80M	USD	Point-in-time
Furniture and office equipment	`FurnitureAndFixturesGross`	$5.63M	USD	Point-in-time
Furniture and office equipment	`FurnitureAndFixturesGross`	$3.45M	USD	Point-in-time
Property, Plant and Equipment, Gross	`PropertyPlantAndEquipmentGross`	$7.94M	USD	Point-in-time
Property, Plant and Equipment, Gross	`PropertyPlantAndEquipmentGross`	$10.43M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$5.50M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.77M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.92M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.17M	USD	Point-in-time
Operating lease right of use assets, net	`OperatingLeaseRightOfUseAsset`	$15.69M	USD	Point-in-time
Operating lease right of use assets, net	`OperatingLeaseRightOfUseAsset`	$13.48M	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`	$15.30M	USD	Point-in-time
Amortizable intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$13.60M	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`	$2.49M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$295.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$277.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$89.57M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$82.28M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.65M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.20M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$4.57M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$8.81M	USD	Point-in-time
Revolving credit facility	`LinesOfCreditCurrent`	-	USD	Point-in-time
Revolving credit facility	`LinesOfCreditCurrent`	$1.00M	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`	$1.31M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$759.00K	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$19.54M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$12.51M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$19.28M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$15.03M	USD	Point-in-time
Term Loan, net of debt issuance cost	`LongTermDebtNoncurrent`	$13.14M	USD	Point-in-time
Term Loan, net of debt issuance cost	`LongTermDebtNoncurrent`	$10.72M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$42.52M	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; 10,290,377 and 10,193,287 shares issued and outstanding at April 30, 2023 and October 31, 2022, respectively	`CommonStockValue`	$102.00K	USD	Point-in-time
Common stock - authorized 20,000,000 shares of $0.01 par value; 10,290,377 and 10,193,287 shares issued and outstanding at April 30, 2023 and October 31, 2022, respectively	`CommonStockValue`	$104.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$26.09M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$25.12M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.57M	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`	$39.76M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$41.87M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$89.57M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$82.28M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$85.25M	USD	Annual
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$72.17M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$60.70M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$52.63M	USD	Annual
Gross profit	`GrossProfit`	$19.54M	USD	Annual
Gross profit	`GrossProfit`	$24.55M	USD	Annual
Engineering	`ResearchAndDevelopmentExpense`	$2.91M	USD	Annual
Engineering	`ResearchAndDevelopmentExpense`	$3.15M	USD	Annual
Selling and general	`SellingGeneralAndAdministrativeExpense`	$20.18M	USD	Annual
Selling and general	`SellingGeneralAndAdministrativeExpense`	$19.45M	USD	Annual
Total operating expenses	`OperatingExpenses`	$22.36M	USD	Annual
Total operating expenses	`OperatingExpenses`	$23.33M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$2.19M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-3.80M	USD	Annual
Other (expense) income	`NonoperatingIncomeExpense`	$-453.00K	USD	Annual
Other (expense) income	`NonoperatingIncomeExpense`	$-601.00K	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.25M	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.59M	USD	Annual
Benefit from income taxes	`IncomeTaxExpenseBenefit`	$-1.17M	USD	Annual
Benefit from income taxes	`IncomeTaxExpenseBenefit`	$139.00K	USD	Annual
Consolidated net loss	`NetIncomeLoss`	$1.45M	USD	Annual
Consolidated net loss	`NetIncomeLoss`	$-3.08M	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.14	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.30	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.30	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.14	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	10.28M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	10.12M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.28M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.24M	shares	Annual

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Cash Acquired from Acquisition	`CashAcquiredFromAcquisition`	$33.00K	USD	Annual
Consolidated net loss	`NetIncomeLoss`	$1.45M	USD	Annual
Consolidated net loss	`NetIncomeLoss`	$-3.08M	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$102.00K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$15.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.43M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.69M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$898.00K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$689.00K	USD	Annual
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$6.00K	USD	Annual
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$9.00K	USD	Annual
Tax payments related to shares cancelled for vested restricted stock awards	`TaxPaymentsRelatedToSharesCanceledForVestedRestrictedStockAwards`	$12.00K	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`	$-677.00K	USD	Annual
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.50M	USD	Annual
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.43M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-2.32M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$6.15M	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-3.71M	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$2.89M	USD	Annual
Right of use assets	`IncreaseDecreaseInRightOfUseAssets`	$-1.48M	USD	Annual
Right of use assets	`IncreaseDecreaseInRightOfUseAssets`	$-3.38M	USD	Annual
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-18.00K	USD	Annual
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$225.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.06M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.45M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$3.06M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-4.24M	USD	Annual
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$759.00K	USD	Annual
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-759.00K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.89M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.18M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.67M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.48M	USD	Annual
Purchase of Microlab, net of cash acquired ($33)	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	Annual
Purchase of Microlab, net of cash acquired ($33)	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$24.44M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.48M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-27.12M	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$87.00K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$150.00K	USD	Annual
Debt issuance cost	`PaymentsOfDebtIssuanceCosts`	$32.00K	USD	Annual
Debt issuance cost	`PaymentsOfDebtIssuanceCosts`	-	USD	Annual
Line of credit payments	`RepaymentsOfLinesOfCredit`	$1.00M	USD	Annual
Line of credit payments	`RepaymentsOfLinesOfCredit`	-	USD	Annual
Revolving credit facility	`ProceedsFromLinesOfCredit`	$2.00M	USD	Annual
Revolving credit facility	`ProceedsFromLinesOfCredit`	-	USD	Annual
Term Loan payments	`RepaymentsOfLongTermDebt`	$1.41M	USD	Annual
Term Loan payments	`RepaymentsOfLongTermDebt`	$2.42M	USD	Annual
Term Loan	`ProceedsFromIssuanceOfLongTermDebt`	$17.00M	USD	Annual
Term Loan	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$15.70M	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.34M	USD	Annual
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-8.52M	USD	Annual
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$365.00K	USD	Annual
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`	$4.90M	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`	$4.90M	USD	Point-in-time
Supplemental cash flow information income taxes paid	`IncomeTaxesPaidNet`	$642.00K	USD	Annual
Supplemental cash flow information income taxes paid	`IncomeTaxesPaidNet`	$-314.00K	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$39.60M	USD	Point-in-time
Balance	`StockholdersEquity`	$39.76M	USD	Point-in-time
Balance	`StockholdersEquity`	$41.87M	USD	Point-in-time
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	60,854.00	shares	Annual
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	45,000.00	shares	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$85.00K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$150.00K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$898.00K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$689.00K	USD	Annual
Issuance of restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	Annual
Tax withholding related to vesting of restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$21.00K	USD	Annual
Tax withholding related to vesting of restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$12.00K	USD	Annual
Net income	`NetIncomeLoss`	$1.45M	USD	Annual
Net income	`NetIncomeLoss`	$-3.08M	USD	Annual
Issuance of restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	Annual
Balance	`StockholdersEquity`	$39.60M	USD	Point-in-time
Balance	`StockholdersEquity`	$39.76M	USD	Point-in-time
Balance	`StockholdersEquity`	$41.87M	USD	Point-in-time

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