10-Q Filing

ALPHA PRO TECH LTD CIK: 884269 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001437749-22-011656`
Period End Date	20220331
Filing Date	20220510
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	apt20220331_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 34 Cash Flow Statement 46 Stockholders Equity 20

Balance Sheet 61 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$64.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$71.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.31M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.24M	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
Accounts receivable, net of allowance for doubtful accounts of $71,000 as of March 31, 2022 and $64,000 as of December 31, 2021	`AccountsReceivableNetCurrent`	$3.40M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $71,000 as of March 31, 2022 and $64,000 as of December 31, 2021	`AccountsReceivableNetCurrent`	$7.21M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Accounts receivable, related party	`AccountsReceivableRelatedPartiesCurrent`	$1.60M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	12.95M	shares	Point-in-time
Accounts receivable, related party	`AccountsReceivableRelatedPartiesCurrent`	$1.38M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.12M	shares	Point-in-time
Inventories	`InventoryNet`	$24.97M	USD	Point-in-time
Inventories	`InventoryNet`	$23.88M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$6.21M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$6.94M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$53.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$53.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.06M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.99M	USD	Point-in-time
Goodwill	`Goodwill`	$55.00K	USD	Point-in-time
Goodwill	`Goodwill`	$55.00K	USD	Point-in-time
Definite-lived intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.00K	USD	Point-in-time
Definite-lived intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.00K	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.65M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.42M	USD	Point-in-time
Equity investment in unconsolidated affiliate	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$6.17M	USD	Point-in-time
Equity investment in unconsolidated affiliate	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$6.12M	USD	Point-in-time
Total assets	`Assets`	$67.89M	USD	Point-in-time
Total assets	`Assets`	$67.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$528.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$522.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.25M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.25M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$542.00K	USD	Point-in-time
Lease liabilities	`OperatingLeaseLiabilityCurrent`	$883.00K	USD	Point-in-time
Lease liabilities	`OperatingLeaseLiabilityCurrent`	$887.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.95M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.66M	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.82M	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.59M	USD	Point-in-time
Deferred income tax liabilities, net	`DeferredIncomeTaxLiabilitiesNet`	$791.00K	USD	Point-in-time
Deferred income tax liabilities, net	`DeferredIncomeTaxLiabilitiesNet`	$791.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.27M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.33M	USD	Point-in-time
Commitments and contingincies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingincies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.01 par value: 50,000,000 shares authorized; 12,945,341 and 13,115,341 shares outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$132.00K	USD	Point-in-time
Common stock, $.01 par value: 50,000,000 shares authorized; 12,945,341 and 13,115,341 shares outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$130.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	-	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$63.31M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$62.49M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$61.78M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$63.44M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$62.62M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$60.02M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$67.89M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$67.77M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$23.16M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$17.66M	USD	1 Quarter
Cost of goods sold, excluding depreciation and amortization	`CostOfGoodsAndServicesSold`	$11.22M	USD	1 Quarter
Cost of goods sold, excluding depreciation and amortization	`CostOfGoodsAndServicesSold`	$13.98M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.18M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.44M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.31M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.58M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$198.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$212.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.52M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.78M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$4.40M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$1.92M	USD	1 Quarter
Equity in income of unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$322.00K	USD	1 Quarter
Equity in income of unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$49.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$1.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$1.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$50.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$323.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossAttributableToParent`	$1.97M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossAttributableToParent`	$4.73M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.01M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$452.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.52M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.72M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.28	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.27	USD	1 Quarter
Basic weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.34M	shares	1 Quarter
Basic weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.06M	shares	1 Quarter
Diluted weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.72M	shares	1 Quarter
Diluted weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.16M	shares	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.52M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.72M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$101.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$55.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$198.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$212.00K	USD	1 Quarter
Equity in income of unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$322.00K	USD	1 Quarter
Equity in income of unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$49.00K	USD	1 Quarter
Operating lease expense, net of accretion	`OperatingLeaseExpenseNetOfAccretion`	$228.00K	USD	1 Quarter
Operating lease expense, net of accretion	`OperatingLeaseExpenseNetOfAccretion`	$220.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$3.81M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-1.38M	USD	1 Quarter
Accounts receivable, related party	`IncreaseDecreaseInDueFromRelatedParties`	$370.00K	USD	1 Quarter
Accounts receivable, related party	`IncreaseDecreaseInDueFromRelatedParties`	$214.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.09M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.03M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-736.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$4.01M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.79M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-714.00K	USD	1 Quarter
Customer advance payments of orders	`IncreaseDecreaseInContractWithCustomerLiability`	-	USD	1 Quarter
Customer advance payments of orders	`IncreaseDecreaseInContractWithCustomerLiability`	$-96.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-219.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-227.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.18M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.22M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$130.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$133.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-133.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-130.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromPaymentsForStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromPaymentsForStockOptionsExercised`	$308.00K	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$2.37M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$756.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-756.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.06M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.07M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.41M	USD	1 Quarter
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.31M	USD	Point-in-time
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$14.24M	USD	Point-in-time
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.88M	USD	Point-in-time
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.29M	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.31M	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$14.24M	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.88M	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.29M	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance (in shares)	`CommonStockSharesOutstanding`	12.95M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	13.12M	shares	Point-in-time
Balance	`StockholdersEquity`	$61.78M	USD	Point-in-time
Balance	`StockholdersEquity`	$63.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$62.62M	USD	Point-in-time
Balance	`StockholdersEquity`	$60.02M	USD	Point-in-time
Net income	`NetIncomeLoss`	$1.52M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.72M	USD	1 Quarter
Common stock repurchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$2.37M	USD	1 Quarter
Common stock repurchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$756.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$101.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$55.00K	USD	1 Quarter
Options exercised (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	0.00	shares	1 Quarter
Options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$308.00K	USD	1 Quarter
Balance (in shares)	`CommonStockSharesOutstanding`	12.95M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	13.12M	shares	Point-in-time
Balance	`StockholdersEquity`	$61.78M	USD	Point-in-time
Balance	`StockholdersEquity`	$63.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$62.62M	USD	Point-in-time
Balance	`StockholdersEquity`	$60.02M	USD	Point-in-time

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