10-Q Filing

LGL GROUP INC CIK: 61004 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-027015`
Period End Date	20210331
Filing Date	20210512
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	lgl-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 29 Cash Flow Statement 44 Stockholders Equity 19

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.33M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.68M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$189.00K	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$191.00K	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$5.92M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$5.79M	USD	Point-in-time
Accounts receivable, net of allowances of $191 and $189, respectively	`AccountsReceivableNetCurrent`	$4.12M	USD	Point-in-time
Accounts receivable, net of allowances of $191 and $189, respectively	`AccountsReceivableNetCurrent`	$3.91M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories, net	`InventoryNet`	$5.34M	USD	Point-in-time
Inventories, net	`InventoryNet`	$5.28M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$365.00K	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$257.00K	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$33.78M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	5.38M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$34.21M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	5.41M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	5.27M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	5.27M	shares	Point-in-time
Treasury stock, (in shares)	`TreasuryStockCommonShares`	81,584.00	shares	Point-in-time
Land	`Land`	$536.00K	USD	Point-in-time
Treasury stock, (in shares)	`TreasuryStockCommonShares`	81,584.00	shares	Point-in-time
Land	`Land`	$536.00K	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$4.82M	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$4.81M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$17.77M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$17.82M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$23.12M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$23.18M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$20.45M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$20.34M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$2.73M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$2.79M	USD	Point-in-time
Right-of-use lease assets	`OperatingLeaseRightOfUseAsset`	$422.00K	USD	Point-in-time
Right-of-use lease assets	`OperatingLeaseRightOfUseAsset`	$396.00K	USD	Point-in-time
Equity investment in unconsolidated subsidiary	`EquityInvestmentInUnconsolidatedSubsidiary`	$5.72M	USD	Point-in-time
Equity investment in unconsolidated subsidiary	`EquityInvestmentInUnconsolidatedSubsidiary`	$3.07M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$308.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$327.00K	USD	Point-in-time
Deferred income taxes, net	`DeferredIncomeTaxAssetsNet`	$3.05M	USD	Point-in-time
Deferred income taxes, net	`DeferredIncomeTaxAssetsNet`	$3.02M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$16.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$64.00K	USD	Point-in-time
Total Assets	`Assets`	$43.45M	USD	Point-in-time
Total Assets	`Assets`	$46.45M	USD	Point-in-time
Subscription agreement payable (Note C)	`SubscriptionAgreementPayable`	$2.73M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.26M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.52M	USD	Point-in-time
Accrued compensation and commissions	`EmployeeRelatedLiabilitiesCurrent`	$1.32M	USD	Point-in-time
Accrued compensation and commissions	`EmployeeRelatedLiabilitiesCurrent`	$1.49M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$575.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$808.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$6.31M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.40M	USD	Point-in-time
Long-term lease liabilities	`LongTermDebtAndCapitalLeaseObligations`	$272.00K	USD	Point-in-time
Long-term lease liabilities	`LongTermDebtAndCapitalLeaseObligations`	$293.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.69M	USD	Point-in-time
Total Liabilities	`Liabilities`	$6.58M	USD	Point-in-time
Contingencies (Note N)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Contingencies (Note N)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 5,383,300 shares issued and 5,272,204 shares outstanding at March 31, 2021, and 5,409,550 shares issued and 5,272,204 shares outstanding at December 31, 2020	`CommonStockValue`	$53.00K	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 5,383,300 shares issued and 5,272,204 shares outstanding at March 31, 2021, and 5,409,550 shares issued and 5,272,204 shares outstanding at December 31, 2020	`CommonStockValue`	$53.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$45.48M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$45.55M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.16M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.18M	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at March 31, 2021 and December 31, 2020	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at March 31, 2021 and December 31, 2020	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$39.77M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$39.87M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$38.40M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$34.89M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$43.45M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$46.45M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.54M	USD	1 Quarter
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.62M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$5.66M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$4.40M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.19M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.30M	USD	1 Quarter
OPERATING (LOSS) INCOME	`OperatingIncomeLoss`	$-60.00K	USD	1 Quarter
OPERATING (LOSS) INCOME	`OperatingIncomeLoss`	$660.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-3.00K	USD	1 Quarter
Loss on equity investment in unconsolidated subsidiary	`GainLossOnEquityInvestmentInUnconsolidatedSubsidiary`	$-39.00K	USD	1 Quarter
Loss on equity investment in unconsolidated subsidiary	`GainLossOnEquityInvestmentInUnconsolidatedSubsidiary`	$-76.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$172.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-384.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$93.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-423.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$33.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$237.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$6.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$54.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$183.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$27.00K	USD	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	5.27M	shares	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	5.05M	shares	1 Quarter
Net income	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Net income	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.10M	shares	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.35M	shares	1 Quarter
Net income	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Net income	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$27.00K	USD	1 Quarter
Net income	`ProfitLoss`	$183.00K	USD	1 Quarter
Depreciation	`Depreciation`	$115.00K	USD	1 Quarter
Depreciation	`Depreciation`	$116.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$19.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$19.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$10.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$78.00K	USD	1 Quarter
Loss from equity investment in unconsolidated subsidiary	`IncomeLossFromEquityMethodInvestments`	$-76.00K	USD	1 Quarter
Loss from equity investment in unconsolidated subsidiary	`IncomeLossFromEquityMethodInvestments`	$-39.00K	USD	1 Quarter
Unrealized (gain) loss on marketable securities	`MarketableSecuritiesUnrealizedGainLoss`	$127.00K	USD	1 Quarter
Unrealized (gain) loss on marketable securities	`MarketableSecuritiesUnrealizedGainLoss`	$-325.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$59.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$29.00K	USD	1 Quarter
Decrease (increase) in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-209.00K	USD	1 Quarter
Decrease (increase) in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$374.00K	USD	1 Quarter
(Increase) decrease in inventories, net	`IncreaseDecreaseInInventories`	$59.00K	USD	1 Quarter
(Increase) decrease in inventories, net	`IncreaseDecreaseInInventories`	$-30.00K	USD	1 Quarter
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$156.00K	USD	1 Quarter
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-126.00K	USD	1 Quarter
Increase in accounts payable, accrued compensation and commissions and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$191.00K	USD	1 Quarter
Increase in accounts payable, accrued compensation and commissions and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$389.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$922.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$402.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$55.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$56.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-56.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-55.00K	USD	1 Quarter
Proceeds from at-the-market stock sales	`ProceedsFromStockPlans`	$3.25M	USD	1 Quarter
Proceeds from stock option exercise	`ProceedsFromStockOptionsExercised`	$58.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.31M	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$347.00K	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.18M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.45M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.33M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.68M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.63M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.45M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.33M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.68M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.63M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$27.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$72.00K	USD	1 Quarter
Non-cash subscription agreement (Note C)	`NonCashSubscriptionAgreement`	$2.73M	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Stock issuance costs	`StockIssuanceCosts`	$346.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$39.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$39.87M	USD	Point-in-time
Balance	`StockholdersEquity`	$38.40M	USD	Point-in-time
Balance	`StockholdersEquity`	$34.89M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	5.27M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	5.27M	shares	Point-in-time
Net income	`NetIncomeLoss`	$183.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$27.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$58.00K	USD	1 Quarter
At-the-market stock sales, net of costs	`StockIssuedDuringPeriodValueNewIssues`	$3.25M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$10.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$78.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$39.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$39.87M	USD	Point-in-time
Balance	`StockholdersEquity`	$38.40M	USD	Point-in-time
Balance	`StockholdersEquity`	$34.89M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	5.27M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	5.27M	shares	Point-in-time

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