10-K Filing

LANTRONIX INC CIK: 1114925 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001683168-22-006109`
Period End Date	20220630
Filing Date	20220829
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	lantronix_i10k-063022_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 42 Cash Flow Statement 74 Stockholders Equity 17

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$321.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$340.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, Shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.74M	USD	Point-in-time
Preferred stock, Shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.22M	USD	Point-in-time
Preferred stock, Shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $340 and $321 at June 30, 2022 and 2021, respectively)	`AccountsReceivableNetCurrent`	$26.26M	USD	Point-in-time
Preferred stock, Shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $340 and $321 at June 30, 2022 and 2021, respectively)	`AccountsReceivableNetCurrent`	$13.52M	USD	Point-in-time
Preferred stock, Shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$37.68M	USD	Point-in-time
Preferred stock, Shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$15.06M	USD	Point-in-time
Contract manufacturers' receivable	`NontradeReceivables`	$3.45M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Contract manufacturers' receivable	`NontradeReceivables`	$1.96M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$2.88M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$5.42M	USD	Point-in-time
Common stock, Shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, Shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$43.15M	USD	Point-in-time
Common stock, Shares issued	`CommonStockSharesIssued`	29.09M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$90.03M	USD	Point-in-time
Common stock, Shares issued	`CommonStockSharesIssued`	35.13M	shares	Point-in-time
Common stock, Shares outstanding	`CommonStockSharesOutstanding`	35.13M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.65M	USD	Point-in-time
Common stock, Shares outstanding	`CommonStockSharesOutstanding`	29.09M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.58M	USD	Point-in-time
Goodwill	`Goodwill`	$20.77M	USD	Point-in-time
Goodwill	`Goodwill`	$15.81M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$9.36M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$14.56M	USD	Point-in-time
Lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$8.04M	USD	Point-in-time
Lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.43M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$325.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$240.00K	USD	Point-in-time
Total assets	`Assets`	$72.57M	USD	Point-in-time
Total assets	`Assets`	$137.37M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$20.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.12M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$4.94M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$4.73M	USD	Point-in-time
Current portion of long-term debt, net	`LongTermDebtCurrent`	$1.67M	USD	Point-in-time
Current portion of long-term debt, net	`LongTermDebtCurrent`	$1.47M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$8.48M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$7.33M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$22.86M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$35.52M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$14.27M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$2.21M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$1.40M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$7.68M	USD	Point-in-time
Total liabilities	`Liabilities`	$57.48M	USD	Point-in-time
Total liabilities	`Liabilities`	$26.47M	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value; 100,000,000 shares authorized; 35,129,301 and 29,087,714 shares issued and outstanding at June 30, 2022 and 2021, respectively	`CommonStockValue`	$4.00K	USD	Point-in-time
Common stock, $0.0001 par value; 100,000,000 shares authorized; 35,129,301 and 29,087,714 shares issued and outstanding at June 30, 2022 and 2021, respectively	`CommonStockValue`	$3.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$249.88M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$289.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-209.53M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-204.16M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$371.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$371.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$79.90M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$46.10M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$46.52M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$72.57M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$137.37M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Earnings Per Share, Basic	`EarningsPerShareBasic`	$-0.16	USD	Annual
Net revenue	`Revenues`	$71.48M	USD	Annual
Net revenue	`Revenues`	$129.66M	USD	Annual
Earnings Per Share, Basic	`EarningsPerShareBasic`	$-0.14	USD	Annual
Cost of revenue	`CostOfGoodsAndServicesSold`	$38.45M	USD	Annual
Cost of revenue	`CostOfGoodsAndServicesSold`	$74.07M	USD	Annual
Earnings Per Share, Diluted	`EarningsPerShareDiluted`	$-0.16	USD	Annual
Earnings Per Share, Diluted	`EarningsPerShareDiluted`	$-0.14	USD	Annual
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	28.71M	shares	Annual
Gross profit	`GrossProfit`	$33.02M	USD	Annual
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	32.67M	shares	Annual
Gross profit	`GrossProfit`	$55.59M	USD	Annual
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	28.71M	shares	Annual
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	32.67M	shares	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$20.81M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$34.53M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$17.69M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$11.11M	USD	Annual
Restructuring, severance and related charges	`SeveranceCosts1`	$795.00K	USD	Annual
Restructuring, severance and related charges	`SeveranceCosts1`	$506.00K	USD	Annual
Acquisition-related costs	`BusinessCombinationAcquisitionRelatedCosts`	$889.00K	USD	Annual
Acquisition-related costs	`BusinessCombinationAcquisitionRelatedCosts`	$841.00K	USD	Annual
Fair value remeasurement of earnout consideration	`FairValueRemeasurementOfEarnoutConsideration`	-	USD	Annual
Fair value remeasurement of earnout consideration	`FairValueRemeasurementOfEarnoutConsideration`	$1.11M	USD	Annual
Amortization of purchased intangible assets	`AmortizationOfIntangibleAssets`	$3.09M	USD	Annual
Amortization of purchased intangible assets	`AmortizationOfIntangibleAssets`	$5.59M	USD	Annual
Total operating expenses	`OperatingExpenses`	$60.60M	USD	Annual
Total operating expenses	`OperatingExpenses`	$36.36M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-5.01M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-3.34M	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-1.47M	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-315.00K	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-764.00K	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-197.00K	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$53.00K	USD	Annual
Loss before income taxes	`ProfitLoss`	$-3.85M	USD	Annual
Loss before income taxes	`ProfitLoss`	$-7.19M	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$1.83M	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$-195.00K	USD	Annual
Net loss and comprehensive loss	`NetIncomeLoss`	$-5.36M	USD	Annual
Net loss and comprehensive loss	`NetIncomeLoss`	$-4.04M	USD	Annual

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.36M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.04M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$3.58M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$6.25M	USD	Annual
Amortization of purchased intangible assets	`AmortizationOfPurchasedIntangibleAssets`	$3.09M	USD	Annual
Amortization of purchased intangible assets	`AmortizationOfPurchasedIntangibleAssets`	$5.59M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$817.00K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$1.03M	USD	Annual
Amortization of manufacturing profit in acquired inventory associated with acquisitions	`AmortizationOfAcquisitionCosts`	$7.00K	USD	Annual
Amortization of manufacturing profit in acquired inventory associated with acquisitions	`AmortizationOfAcquisitionCosts`	$380.00K	USD	Annual
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-193.00K	USD	Annual
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-4.00K	USD	Annual
Amortization of deferred debt issuance costs	`OtherAmortizationOfDeferredCharges`	$28.00K	USD	Annual
Amortization of deferred debt issuance costs	`OtherAmortizationOfDeferredCharges`	$261.00K	USD	Annual
Fair value remeasurement of earnout consideration	`FairValueRemeasurementOfEarnoutConsideration`	-	USD	Annual
Fair value remeasurement of earnout consideration	`FairValueRemeasurementOfEarnoutConsideration`	$1.11M	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-764.00K	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.47M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.10M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$1.28M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$15.27M	USD	Annual
Contract manufacturers' receivable	`IncreaseDecreaseNontradeReceivables`	$1.49M	USD	Annual
Contract manufacturers' receivable	`IncreaseDecreaseNontradeReceivables`	$1.62M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$2.18M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$1.59M	USD	Annual
Lease right-of-use assets	`IncreaseDecreaseInLeaseRightOfUseAsset`	$-1.53M	USD	Annual
Lease right-of-use assets	`IncreaseDecreaseInLeaseRightOfUseAsset`	$-1.56M	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$8.00K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$85.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$8.78M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.57M	USD	Annual
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-222.00K	USD	Annual
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$2.28M	USD	Annual
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-150.00K	USD	Annual
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-3.06M	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.30M	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.42M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.12M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$783.00K	USD	Annual
Cash payment for acquisitions, net of cash and cash equivalents acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$23.63M	USD	Annual
Cash payment for acquisitions, net of cash and cash equivalents acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.75M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-783.00K	USD	Annual
Net proceeds from issuances of common stock	`ProceedsFromIssuanceOfCommonStock`	$34.23M	USD	Annual
Net proceeds from issuances of common stock	`ProceedsFromIssuanceOfCommonStock`	$913.00K	USD	Annual
Tax withholding paid on behalf of employees for restricted shares	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.81M	USD	Annual
Tax withholding paid on behalf of employees for restricted shares	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$877.00K	USD	Annual
Earnout consideration paid	`EarnoutConsiderationPaid`	-	USD	Annual
Earnout consideration paid	`EarnoutConsiderationPaid`	$1.50M	USD	Annual
Net proceeds from issuance of debt	`ProceedsFromIssuanceOfDebt`	$28.80M	USD	Annual
Net proceeds from issuance of debt	`ProceedsFromIssuanceOfDebt`	-	USD	Annual
Payment of borrowings on term loan	`RepaymentsOfTermLoans`	$17.06M	USD	Annual
Payment of borrowings on term loan	`RepaymentsOfTermLoans`	$1.50M	USD	Annual
Net proceeds from borrowing on line of credit	`ProceedsFromLinesOfCredit`	-	USD	Annual
Net proceeds from borrowing on line of credit	`ProceedsFromLinesOfCredit`	$2.50M	USD	Annual
Payment of borrowings on line of credit	`RepaymentsOfLinesOfCredit`	-	USD	Annual
Payment of borrowings on line of credit	`RepaymentsOfLinesOfCredit`	$2.50M	USD	Annual
Payment of lease liabilities	`RepaymentsOfDebtAndCapitalLeaseObligations`	$9.00K	USD	Annual
Payment of lease liabilities	`RepaymentsOfDebtAndCapitalLeaseObligations`	$9.00K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$42.65M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.47M	USD	Annual
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$2.05M	USD	Annual
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$7.48M	USD	Annual
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.22M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.74M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.69M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.22M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.74M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.69M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$297.00K	USD	Annual
Interest paid	`InterestPaidNet`	$1.49M	USD	Annual
Income taxes paid	`IncomeTaxesPaidNet`	$200.00K	USD	Annual
Income taxes paid	`IncomeTaxesPaidNet`	$215.00K	USD	Annual

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$79.90M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$46.10M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$46.52M	USD	Point-in-time
Shares issued pursuant to equity offering, net	`StockIssuedDuringPeriodValueNewIssues`	$32.59M	USD	Annual
Shares issued pursuant to stock awards, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.63M	USD	Annual
Shares issued pursuant to stock awards, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$913.00K	USD	Annual
Tax withholding paid on behalf of employees for restricted shares	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$877.00K	USD	Annual
Tax withholding paid on behalf of employees for restricted shares	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.81M	USD	Annual
Fair value of warrants to purchase common stock issued with bank credit facility	`FairValueOfWarrantsToPurchaseCommonStockIssuedWithBankCreditFacility`	-	USD	Annual
Fair value of warrants to purchase common stock issued with bank credit facility	`FairValueOfWarrantsToPurchaseCommonStockIssuedWithBankCreditFacility`	$500.00K	USD	Annual
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.58M	USD	Annual
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.25M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.36M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.04M	USD	Annual
Ending balance, value	`StockholdersEquity`	$79.90M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$46.10M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$46.52M	USD	Point-in-time

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