10-K Filing

LGL GROUP INC CIK: 61004 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001564590-22-011892`
Period End Date	20211231
Filing Date	20220328
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	lgl-10k_20211231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 34 Cash Flow Statement 56 Stockholders Equity 23

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$208.00K	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$189.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.33M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$29.02M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$16.17M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$5.79M	USD	Point-in-time
Accounts receivable, net of allowances of $208 and $189, respectively	`AccountsReceivableNetCurrent`	$4.12M	USD	Point-in-time
Accounts receivable, net of allowances of $208 and $189, respectively	`AccountsReceivableNetCurrent`	$4.67M	USD	Point-in-time
Inventories, net	`InventoryNet`	$5.28M	USD	Point-in-time
Inventories, net	`InventoryNet`	$5.49M	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$494.00K	USD	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
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	5.45M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$33.78M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	5.41M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$55.84M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	5.27M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	5.31M	shares	Point-in-time
Treasury stock, (in shares)	`TreasuryStockCommonShares`	81,584.00	shares	Point-in-time
Land	`Land`	$536.00K	USD	Point-in-time
Land	`Land`	$536.00K	USD	Point-in-time
Treasury stock, (in shares)	`TreasuryStockCommonShares`	81,584.00	shares	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$4.81M	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$4.87M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$18.82M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$17.77M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$24.22M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$23.12M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$20.34M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$20.84M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$3.38M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$2.79M	USD	Point-in-time
Right-of-use lease asset	`OperatingLeaseRightOfUseAsset`	$422.00K	USD	Point-in-time
Right-of-use lease asset	`OperatingLeaseRightOfUseAsset`	$396.00K	USD	Point-in-time
Equity investment in unconsolidated subsidiary	`EquityInvestmentInUnconsolidatedSubsidiary`	$3.07M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$252.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$327.00K	USD	Point-in-time
Deferred income tax asset	`DeferredIncomeTaxAssetsNet`	$34.00K	USD	Point-in-time
Deferred income tax asset	`DeferredIncomeTaxAssetsNet`	$3.05M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$16.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.00K	USD	Point-in-time
Total Assets	`Assets`	$43.45M	USD	Point-in-time
Total Assets	`Assets`	$59.91M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.24M	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$1.55M	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$1.32M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$25.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$599.00K	USD	Point-in-time
Other accrued expenses and liabilities	`OtherLiabilitiesCurrent`	$823.00K	USD	Point-in-time
Other accrued expenses and liabilities	`OtherLiabilitiesCurrent`	$808.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.40M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.43M	USD	Point-in-time
Deferred income tax liability	`DeferredIncomeTaxLiabilitiesNet`	$124.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$293.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$613.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.69M	USD	Point-in-time
Total Liabilities	`Liabilities`	$5.16M	USD	Point-in-time
Contingencies (Note O)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Contingencies (Note O)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value - 30,000,000 and 10,000,000 shares authorized as of December 31, 2021 and 2020, respectively; 5,446,840 shares issued and 5,308,973 shares outstanding at December 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 - 30,000,000 and 10,000,000 shares authorized as of December 31, 2021 and 2020, respectively; 5,446,840 shares issued and 5,308,973 shares outstanding at December 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`	$45.82M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$45.48M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-5.18M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$9.45M	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at December 31, 2021 and 2020	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at December 31, 2021 and 2020	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$34.89M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$39.77M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$54.74M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$43.45M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$59.91M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$31.16M	USD	Annual
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$28.14M	USD	Annual
Manufacturing cost of sales	`ManufacturingCosts`	$20.23M	USD	Annual
Manufacturing cost of sales	`ManufacturingCosts`	$18.07M	USD	Annual
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$9.51M	USD	Annual
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$10.86M	USD	Annual
OPERATING (LOSS) INCOME	`OperatingIncomeLoss`	$1.42M	USD	Annual
OPERATING (LOSS) INCOME	`OperatingIncomeLoss`	$-786.00K	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-11.00K	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-11.00K	USD	Annual
Gain (loss) on equity investment in unconsolidated subsidiary	`GainLossOnEquityInvestmentInUnconsolidatedSubsidiary`	$59.45M	USD	Annual
Gain (loss) on equity investment in unconsolidated subsidiary	`GainLossOnEquityInvestmentInUnconsolidatedSubsidiary`	$-262.00K	USD	Annual
Realized (loss) income on marketable securities	`MarketableSecuritiesRealizedGainLoss`	$74.00K	USD	Annual
Realized (loss) income on marketable securities	`MarketableSecuritiesRealizedGainLoss`	$-16.96M	USD	Annual
Unrealized (loss) gain on marketable securities	`MarketableSecuritiesUnrealizedGainLoss`	$139.00K	USD	Annual
Unrealized (loss) gain on marketable securities	`MarketableSecuritiesUnrealizedGainLoss`	$-22.95M	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$11.00K	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-51.00K	USD	Annual
Total other income (expense), net	`NonoperatingIncomeExpense`	$-111.00K	USD	Annual
Total other income (expense), net	`NonoperatingIncomeExpense`	$19.54M	USD	Annual
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.30M	USD	Annual
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$18.76M	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$4.12M	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$336.00K	USD	Annual
NET INCOME	`NetIncomeLoss`	$14.64M	USD	Annual
NET INCOME	`NetIncomeLoss`	$968.00K	USD	Annual
Weighted average number of shares used in basic earnings per share calculation	`WeightedAverageNumberOfSharesOutstandingBasic`	5.28M	shares	Annual
Weighted average number of shares used in basic earnings per share calculation	`WeightedAverageNumberOfSharesOutstandingBasic`	5.17M	shares	Annual
Basic net income per share	`EarningsPerShareBasic`	$0.19	USD	Annual
Basic net income per share	`EarningsPerShareBasic`	$2.77	USD	Annual
Weighted average number of shares used in diluted earnings per share calculation	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.33M	shares	Annual
Weighted average number of shares used in diluted earnings per share calculation	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.22M	shares	Annual
Diluted net income per share	`EarningsPerShareDiluted`	$0.19	USD	Annual
Diluted net income per share	`EarningsPerShareDiluted`	$2.74	USD	Annual

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$14.64M	USD	Annual
Net income	`ProfitLoss`	$968.00K	USD	Annual
Depreciation	`Depreciation`	$453.00K	USD	Annual
Depreciation	`Depreciation`	$501.00K	USD	Annual
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$75.00K	USD	Annual
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$75.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$790.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$413.00K	USD	Annual
(Gain) loss on equity investment in unconsolidated subsidiary	`IncomeLossFromEquityMethodInvestments`	$59.45M	USD	Annual
(Gain) loss on equity investment in unconsolidated subsidiary	`IncomeLossFromEquityMethodInvestments`	$-262.00K	USD	Annual
Realized loss on sale of marketable securities	`RealizedLossOnSaleOfMarketableSecurities`	$17.38M	USD	Annual
Unrealized loss (gain) on marketable securities	`MarketableSecuritiesUnrealizedGainLoss`	$139.00K	USD	Annual
Unrealized loss (gain) on marketable securities	`MarketableSecuritiesUnrealizedGainLoss`	$-22.95M	USD	Annual
Non-cash donation of IRNT common stock	`NonCashDonationOfIRNTCommonStock`	$-1.32M	USD	Annual
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$3.14M	USD	Annual
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$255.00K	USD	Annual
(Increase) decrease in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$545.00K	USD	Annual
(Increase) decrease in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-323.00K	USD	Annual
(Increase) decrease in inventories, net	`IncreaseDecreaseInInventories`	$212.00K	USD	Annual
(Increase) decrease in inventories, net	`IncreaseDecreaseInInventories`	$-736.00K	USD	Annual
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$226.00K	USD	Annual
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-194.00K	USD	Annual
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$574.00K	USD	Annual
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-8.00K	USD	Annual
Increase (decrease) in accounts payable, accrued compensation and commissions expense and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$801.00K	USD	Annual
Increase (decrease) in accounts payable, accrued compensation and commissions expense and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-717.00K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.35M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.19M	USD	Annual
Subscription agreement funding	`PaymentsToSubscriptionAgreementFunding`	$2.73M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.10M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$407.00K	USD	Annual
Proceeds from sale of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$18.55M	USD	Annual
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$5.32M	USD	Annual
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$21.00K	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$9.41M	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-428.00K	USD	Annual
Proceeds from issuance of at-the-market stock sales	`ProceedsFromStockPlans`	$3.25M	USD	Annual
Share-related issuance costs	`PaymentsOfStockIssuanceCosts`	$202.00K	USD	Annual
Proceeds from stock option exercise	`ProceedsFromStockOptionsExercised`	$178.00K	USD	Annual
Proceeds from stock option exercise	`ProceedsFromStockOptionsExercised`	$85.00K	USD	Annual
Payment for taxes related to net share settlement of equity awards	`PaymentForTaxesRelatedToNetShareSettlementOfEquityAwards`	$23.00K	USD	Annual
Payment for taxes related to net share settlement of equity awards	`PaymentForTaxesRelatedToNetShareSettlementOfEquityAwards`	$251.00K	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-73.00K	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.11M	USD	Annual
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$5.88M	USD	Annual
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$10.69M	USD	Annual
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.45M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.02M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.33M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.45M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.02M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.33M	USD	Point-in-time
Distribution of IRNT securities by Sponsor (unconsolidated subsidiary)	`NonCashDistributionOfIronNetSecuritiesBySponsor`	$65.25M	USD	Annual
Interest paid	`InterestPaidNet`	$3.00K	USD	Annual
Income taxes paid	`IncomeTaxesPaid`	$60.00K	USD	Annual
Income taxes paid	`IncomeTaxesPaid`	$72.00K	USD	Annual

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$34.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$39.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.74M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	5.27M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	5.31M	shares	Point-in-time
Net income	`NetIncomeLoss`	$14.64M	USD	Annual
Net income	`NetIncomeLoss`	$968.00K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$178.00K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$85.00K	USD	Annual
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	33,050.00	shares	Annual
Repurchase of shares exercised	`StockRepurchasedDuringPeriodValue`	$23.00K	USD	Annual
Repurchase of shares exercised	`StockRepurchasedDuringPeriodValue`	$251.00K	USD	Annual
Repurchase of shares exercised, (in shares)	`StockRepurchasedDuringPeriodShares`	0.00	shares	Annual
Repurchase of shares exercised, (in shares)	`StockRepurchasedDuringPeriodShares`	0.00	shares	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$790.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$413.00K	USD	Annual
At-the market stock sales	`StockIssuedDuringPeriodValueNewIssues`	$3.25M	USD	Annual
Share-related issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$202.00K	USD	Annual
Balance	`StockholdersEquity`	$34.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$39.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.74M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	5.27M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	5.31M	shares	Point-in-time

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