10-K Filing

LANTRONIX INC CIK: 1114925 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001683168-23-006386`
Period End Date	20230630
Filing Date	20230912
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	lantronix_i10k-063023_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 42 Cash Flow Statement 74 Stockholders Equity 16

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred Stock Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred Stock Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.22M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.45M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$26.26M	USD	Point-in-time
Preferred Stock Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$27.68M	USD	Point-in-time
Common Stock par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$37.68M	USD	Point-in-time
Inventories, net	`InventoryNet`	$49.74M	USD	Point-in-time
Contract manufacturers' receivable	`NontradeReceivables`	$3.02M	USD	Point-in-time
Common Stock Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Contract manufacturers' receivable	`NontradeReceivables`	$3.45M	USD	Point-in-time
Common Stock Issued	`CommonStockSharesIssued`	36.88M	shares	Point-in-time
Common Stock Issued	`CommonStockSharesIssued`	35.13M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$2.66M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$5.42M	USD	Point-in-time
Common Stock Outstanding	`CommonStockSharesOutstanding`	36.88M	shares	Point-in-time
Common Stock Outstanding	`CommonStockSharesOutstanding`	35.13M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$96.55M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$90.03M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.63M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.65M	USD	Point-in-time
Goodwill	`Goodwill`	$20.77M	USD	Point-in-time
Goodwill	`Goodwill`	$27.82M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$14.56M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$10.56M	USD	Point-in-time
Lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$11.58M	USD	Point-in-time
Lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$8.04M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$472.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$325.00K	USD	Point-in-time
Total assets	`Assets`	$137.37M	USD	Point-in-time
Total assets	`Assets`	$151.62M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$20.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.40M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$4.73M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$2.43M	USD	Point-in-time
Current portion of long-term debt, net	`LongTermDebtCurrent`	$2.74M	USD	Point-in-time
Current portion of long-term debt, net	`LongTermDebtCurrent`	$1.67M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$8.48M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$28.81M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$46.39M	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`	$16.22M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$7.68M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$11.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$74.07M	USD	Point-in-time
Total liabilities	`Liabilities`	$57.48M	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; 36,875,586 and 35,129,301 shares issued and outstanding at June 30, 2023 and 2022, respectively	`CommonStockValue`	$4.00K	USD	Point-in-time
Common stock, $0.0001 par value; 100,000,000 shares authorized; 36,875,586 and 35,129,301 shares issued and outstanding at June 30, 2023 and 2022, respectively	`CommonStockValue`	$4.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$289.05M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$295.69M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-209.53M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-218.50M	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`	$77.56M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$46.10M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$79.90M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$137.37M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$151.62M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Earnings Per Share, Basic	`EarningsPerShareBasic`	$-0.25	USD	Annual
Net revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$129.66M	USD	Annual
Earnings Per Share, Basic	`EarningsPerShareBasic`	$-0.16	USD	Annual
Net revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$131.19M	USD	Annual
Earnings Per Share, Diluted	`EarningsPerShareDiluted`	$-0.16	USD	Annual
Cost of revenue	`CostOfGoodsAndServicesSold`	$74.07M	USD	Annual
Earnings Per Share, Diluted	`EarningsPerShareDiluted`	$-0.25	USD	Annual
Cost of revenue	`CostOfGoodsAndServicesSold`	$74.92M	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, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	36.26M	shares	Annual
Gross profit	`GrossProfit`	$56.26M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$34.53M	USD	Annual
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	36.26M	shares	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$36.95M	USD	Annual
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	32.67M	shares	Annual
Research and development	`ResearchAndDevelopmentExpense`	$19.62M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$17.69M	USD	Annual
Restructuring, severance and related charges	`SeveranceCosts1`	$795.00K	USD	Annual
Restructuring, severance and related charges	`SeveranceCosts1`	$693.00K	USD	Annual
Acquisition-related costs	`BusinessCombinationAcquisitionRelatedCosts`	$315.00K	USD	Annual
Acquisition-related costs	`BusinessCombinationAcquisitionRelatedCosts`	$889.00K	USD	Annual
Fair value remeasurement of earnout consideration	`FairValueRemeasurementOfEarnoutConsideration`	$-447.00K	USD	Annual
Fair value remeasurement of earnout consideration	`FairValueRemeasurementOfEarnoutConsideration`	$1.11M	USD	Annual
Amortization of purchased intangible assets	`AmortizationOfIntangibleAssets`	$5.59M	USD	Annual
Amortization of purchased intangible assets	`AmortizationOfIntangibleAssets`	$5.80M	USD	Annual
Total operating expenses	`OperatingExpenses`	$60.60M	USD	Annual
Total operating expenses	`OperatingExpenses`	$62.94M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-6.67M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-5.01M	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-1.47M	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-1.49M	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-764.00K	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$53.00K	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-73.00K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-8.23M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.19M	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$748.00K	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$-1.83M	USD	Annual
Net loss and comprehensive loss	`NetIncomeLoss`	$-8.98M	USD	Annual
Net loss and comprehensive loss	`NetIncomeLoss`	$-5.36M	USD	Annual

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.98M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.36M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$6.21M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$6.25M	USD	Annual
Amortization of purchased intangible assets	`AmortizationOfIntangibleAssets`	$5.59M	USD	Annual
Amortization of purchased intangible assets	`AmortizationOfIntangibleAssets`	$5.80M	USD	Annual
Depreciation and amortization	`Depreciation`	$1.74M	USD	Annual
Depreciation and amortization	`Depreciation`	$1.03M	USD	Annual
Amortization of manufacturing profit in acquired inventory associated with acquisitions	`AmortizationOfManufacturingProfitInAcquiredInventoryAssociatedWithAcquisitions`	$380.00K	USD	Annual
Amortization of manufacturing profit in acquired inventory associated with acquisitions	`AmortizationOfManufacturingProfitInAcquiredInventoryAssociatedWithAcquisitions`	$225.00K	USD	Annual
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-15.00K	USD	Annual
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-4.00K	USD	Annual
Amortization of deferred debt issuance costs	`OtherAmortizationOfDeferredCharges`	$104.00K	USD	Annual
Amortization of deferred debt issuance costs	`OtherAmortizationOfDeferredCharges`	$261.00K	USD	Annual
Fair value remeasurement of earnout consideration	`FairValueRemeasurementOfEarnoutConsideration`	$-447.00K	USD	Annual
Fair value remeasurement of earnout consideration	`FairValueRemeasurementOfEarnoutConsideration`	$1.11M	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-764.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-480.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.47M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$8.69M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$15.27M	USD	Annual
Contract manufacturers' receivable	`IncreaseDecreaseNontradeReceivables`	$1.49M	USD	Annual
Contract manufacturers' receivable	`IncreaseDecreaseNontradeReceivables`	$-435.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-3.04M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.18M	USD	Annual
Lease right-of-use assets	`IncreaseDecreaseInLeaseRightOfUseAsset`	$-1.56M	USD	Annual
Lease right-of-use assets	`IncreaseDecreaseInLeaseRightOfUseAsset`	$-2.09M	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$18.00K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$85.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$8.78M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-8.57M	USD	Annual
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-2.56M	USD	Annual
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-222.00K	USD	Annual
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-3.06M	USD	Annual
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$9.37M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.42M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$237.00K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.12M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.67M	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`	$4.65M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.75M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.32M	USD	Annual
Net proceeds from issuances of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.25M	USD	Annual
Net proceeds from issuances of common stock	`ProceedsFromIssuanceOfCommonStock`	$34.23M	USD	Annual
Tax withholding paid on behalf of employees for restricted shares	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$821.00K	USD	Annual
Tax withholding paid on behalf of employees for restricted shares	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.81M	USD	Annual
Earnout consideration paid	`EarnoutConsiderationPaid`	-	USD	Annual
Earnout consideration paid	`EarnoutConsiderationPaid`	$1.50M	USD	Annual
Net proceeds from issuance of debt	`ProceedsFromIssuanceOfDebt`	$4.91M	USD	Annual
Net proceeds from issuance of debt	`ProceedsFromIssuanceOfDebt`	$28.80M	USD	Annual
Payment of borrowings on term loan	`RepaymentsOfTermLoans`	$1.99M	USD	Annual
Payment of borrowings on term loan	`RepaymentsOfTermLoans`	$17.06M	USD	Annual
Net proceeds from borrowing on line of credit	`ProceedsFromLinesOfCredit`	$2.00M	USD	Annual
Net proceeds from borrowing on line of credit	`ProceedsFromLinesOfCredit`	$2.50M	USD	Annual
Payment of borrowings on line of credit	`RepaymentsOfLinesOfCredit`	$2.00M	USD	Annual
Payment of borrowings on line of credit	`RepaymentsOfLinesOfCredit`	$2.50M	USD	Annual
Payment of lease liabilities	`RepaymentsOfDebtAndCapitalLeaseObligations`	$30.00K	USD	Annual
Payment of lease liabilities	`RepaymentsOfDebtAndCapitalLeaseObligations`	$9.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.32M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$42.65M	USD	Annual
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$7.48M	USD	Annual
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-3.77M	USD	Annual
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.45M	USD	Point-in-time
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 end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.45M	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
Interest paid	`InterestPaidNet`	$1.56M	USD	Annual
Interest paid	`InterestPaidNet`	$1.49M	USD	Annual
Income taxes paid	`IncomeTaxesPaid`	$539.00K	USD	Annual
Income taxes paid	`IncomeTaxesPaid`	$215.00K	USD	Annual

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$77.56M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$46.10M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$79.90M	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`	$1.25M	USD	Annual
Tax withholding paid on behalf of employees for restricted shares	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.81M	USD	Annual
Tax withholding paid on behalf of employees for restricted shares	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$821.00K	USD	Annual
Fair value of warrants to purchase common stock issued with bank credit facility	`FairValueOfWarrantToPurchaseCommonStockIssuedWithBankCreditFacility`	$500.00K	USD	Annual
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.25M	USD	Annual
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.21M	USD	Annual
Net loss	`NetIncomeLoss`	$-8.98M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.36M	USD	Annual
Ending balance, value	`StockholdersEquity`	$77.56M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$46.10M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$79.90M	USD	Point-in-time

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