10-Q Filing

LGL GROUP INC CIK: 61004 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001564590-22-019907`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	lgl-10q_20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 31 Cash Flow Statement 43 Stockholders Equity 16

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$208.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.65M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$29.02M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$202.00K	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$16.17M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$22.82M	USD	Point-in-time
Accounts receivable, net of allowances of $202 and $208, respectively	`AccountsReceivableNetCurrent`	$5.25M	USD	Point-in-time
Accounts receivable, net of allowances of $202 and $208, respectively	`AccountsReceivableNetCurrent`	$4.67M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories, net	`InventoryNet`	$5.49M	USD	Point-in-time
Inventories, net	`InventoryNet`	$5.92M	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
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$467.00K	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$55.84M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	5.45M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	5.45M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$56.11M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	5.31M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	5.32M	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`	$4.87M	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$4.87M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$19.02M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$18.82M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$24.43M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$24.22M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$20.98M	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`	$3.44M	USD	Point-in-time
Right-of-use lease assets	`OperatingLeaseRightOfUseAsset`	$396.00K	USD	Point-in-time
Right-of-use lease assets	`OperatingLeaseRightOfUseAsset`	$369.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$252.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$234.00K	USD	Point-in-time
Deferred income tax assets	`DeferredIncomeTaxAssetsNet`	$75.00K	USD	Point-in-time
Deferred income tax assets	`DeferredIncomeTaxAssetsNet`	$34.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.00K	USD	Point-in-time
Total Assets	`Assets`	$60.23M	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`	$1.57M	USD	Point-in-time
Accrued compensation and commissions	`EmployeeRelatedLiabilitiesCurrent`	$1.55M	USD	Point-in-time
Accrued compensation and commissions	`EmployeeRelatedLiabilitiesCurrent`	$1.08M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$599.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$801.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$823.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$1.04M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.43M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.50M	USD	Point-in-time
Deferred income tax liability	`DeferredIncomeTaxLiabilitiesNet`	$124.00K	USD	Point-in-time
Long-term lease liabilities	`LongTermDebtAndCapitalLeaseObligations`	$587.00K	USD	Point-in-time
Long-term lease liabilities	`LongTermDebtAndCapitalLeaseObligations`	$613.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$5.16M	USD	Point-in-time
Total Liabilities	`Liabilities`	$5.08M	USD	Point-in-time
Contingencies (Note M)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Contingencies (Note M)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value - 30,000,000 shares authorized; 5,446,840 shares issued and 5,323,973 shares outstanding at March 31, 2022, and 5,446,840 shares issued and 5,308,973 shares outstanding at December 31, 2021	`CommonStockValue`	$53.00K	USD	Point-in-time
Common stock, $0.01 par value - 30,000,000 shares authorized; 5,446,840 shares issued and 5,323,973 shares outstanding at March 31, 2022, and 5,446,840 shares issued and 5,308,973 shares outstanding at December 31, 2021	`CommonStockValue`	$53.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$45.82M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$46.05M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$9.45M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$9.62M	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at March 31, 2022 and December 31, 2021	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at March 31, 2022 and December 31, 2021	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$55.15M	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`	$54.74M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$60.23M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$59.91M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.54M	USD	1 Quarter
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.11M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$5.06M	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`	$2.83M	USD	1 Quarter
OPERATING INCOME (LOSS)	`OperatingIncomeLoss`	$-60.00K	USD	1 Quarter
OPERATING INCOME (LOSS)	`OperatingIncomeLoss`	$221.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-7.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-3.00K	USD	1 Quarter
Loss on equity investment in unconsolidated subsidiary	`GainLossOnEquityInvestmentInUnconsolidatedSubsidiary`	$-76.00K	USD	1 Quarter
Investment income	`InvestmentIncomeNet`	$45.00K	USD	1 Quarter
Investment income	`InvestmentIncomeNet`	$127.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-16.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$45.00K	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$93.00K	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$22.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$243.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$33.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$6.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$74.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$169.00K	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`	5.32M	shares	1 Quarter
Net income	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Net income	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.35M	shares	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.35M	shares	1 Quarter
Net income	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Net income	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter

Cash Flow Statement 43 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$169.00K	USD	1 Quarter
Net income	`ProfitLoss`	$27.00K	USD	1 Quarter
Depreciation	`Depreciation`	$148.00K	USD	1 Quarter
Depreciation	`Depreciation`	$115.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$18.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$19.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$233.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$78.00K	USD	1 Quarter
Loss on equity investment in unconsolidated subsidiary	`IncomeLossFromEquityMethodInvestments`	$-76.00K	USD	1 Quarter
Realized loss on sale of marketable securities	`RealizedLossOnSaleOfMarketableSecurities`	$744.00K	USD	1 Quarter
Unrealized gain on marketable securities	`MarketableSecuritiesUnrealizedGainLoss`	$127.00K	USD	1 Quarter
Unrealized gain on marketable securities	`MarketableSecuritiesUnrealizedGainLoss`	$789.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$29.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$-165.00K	USD	1 Quarter
(Increase) decrease in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$588.00K	USD	1 Quarter
(Increase) decrease in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-209.00K	USD	1 Quarter
Increase in inventories, net	`IncreaseDecreaseInInventories`	$59.00K	USD	1 Quarter
Increase in inventories, net	`IncreaseDecreaseInInventories`	$427.00K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-31.00K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$156.00K	USD	1 Quarter
Increase in accounts payable, accrued compensation, income taxes and commissions and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$191.00K	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) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-554.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$402.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$55.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$207.00K	USD	1 Quarter
Proceeds from sale of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$397.00K	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$7.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.81M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-55.00K	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$347.00K	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-7.36M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.65M	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`	$29.02M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.65M	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`	$29.02M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaid`	$27.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$50.00K	USD	1 Quarter
Non-cash subscription agreement (Note C)	`NonCashSubscriptionAgreement`	$2.73M	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$55.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$39.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$39.87M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.74M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	5.31M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	5.32M	shares	Point-in-time
Net income	`NetIncomeLoss`	$169.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$27.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$233.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$78.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$55.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$39.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$39.87M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.74M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	5.31M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	5.32M	shares	Point-in-time

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