10-Q Filing

ALPHA PRO TECH LTD CIK: 884269 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001437749-23-013539`
Period End Date	20230331
Filing Date	20230510
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	apt20230331_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 53 Income Statement 34 Cash Flow Statement 44 Stockholders Equity 22 Comprehensive Income 6

Balance Sheet 53 line items

Line Item	Tag	Value	Unit	Period
Common Stock, Par or Stated Value Per Share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, Par or Stated Value Per Share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.82M	USD	Point-in-time
Common Stock, Shares Authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.29M	USD	Point-in-time
Common Stock, Shares Authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common Stock, Shares, Outstanding, Ending Balance (in shares)	`CommonStockSharesOutstanding`	12.14M	shares	Point-in-time
Common Stock, Shares, Outstanding, Ending Balance (in shares)	`CommonStockSharesOutstanding`	12.23M	shares	Point-in-time
Inventories	`InventoryNet`	$24.40M	USD	Point-in-time
Inventories	`InventoryNet`	$24.09M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$4.90M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$4.71M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$52.56M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$51.76M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.74M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.79M	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`	$1.00K	USD	Point-in-time
Definite-lived intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$1.00K	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.49M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.73M	USD	Point-in-time
Equity investment in unconsolidated affiliate	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$4.96M	USD	Point-in-time
Equity investment in unconsolidated affiliate	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$4.72M	USD	Point-in-time
Total assets	`Assets`	$64.06M	USD	Point-in-time
Total assets	`Assets`	$64.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$383.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$674.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$833.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$387.00K	USD	Point-in-time
Lease liabilities	`OperatingLeaseLiabilityCurrent`	$903.00K	USD	Point-in-time
Lease liabilities	`OperatingLeaseLiabilityCurrent`	$899.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.41M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.67M	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$632.00K	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$875.00K	USD	Point-in-time
Deferred income tax liabilities, net	`DeferredIncomeTaxLiabilitiesNet`	$764.00K	USD	Point-in-time
Deferred income tax liabilities, net	`DeferredIncomeTaxLiabilitiesNet`	$764.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.04M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.07M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.01 par value: 50,000,000 shares authorized; 12,135,556 and 12,226,306 shares outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$122.00K	USD	Point-in-time
Common stock, $.01 par value: 50,000,000 shares authorized; 12,135,556 and 12,226,306 shares outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$123.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$62.22M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$62.12M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.49M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.35M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$61.75M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$60.99M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$62.42M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$60.76M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$64.06M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$64.80M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$13.80M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$17.66M	USD	1 Quarter
Cost of goods sold, excluding depreciation and amortization	`CostOfGoodsAndServicesSold`	$8.82M	USD	1 Quarter
Cost of goods sold, excluding depreciation and amortization	`CostOfGoodsAndServicesSold`	$11.22M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.44M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.98M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.31M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.31M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$212.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$243.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.52M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.56M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$426.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$1.92M	USD	1 Quarter
Equity in income of unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$109.00K	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`	$158.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$267.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$50.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossAttributableToParent`	$1.97M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossAttributableToParent`	$693.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$141.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$452.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$552.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.52M	USD	1 Quarter
Basic earnings per common share (in dollars per share)	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Basic earnings per common share (in dollars per share)	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Diluted earnings per common share (in dollars per share)	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Diluted earnings per common share (in dollars per share)	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Basic weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	12.15M	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`	13.16M	shares	1 Quarter
Diluted weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.19M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$552.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.52M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$55.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$22.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$212.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$243.00K	USD	1 Quarter
Equity in income of unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$109.00K	USD	1 Quarter
Equity in income of unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$49.00K	USD	1 Quarter
Operating lease expense, net of accretion	`OperatingLeaseExpenseNetOfAccretion`	$237.00K	USD	1 Quarter
Operating lease expense, net of accretion	`OperatingLeaseExpenseNetOfAccretion`	$228.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$3.81M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$3.02M	USD	1 Quarter
Accounts receivable, related party	`IncreaseDecreaseInDueFromRelatedParties`	$214.00K	USD	1 Quarter
Accounts receivable, related party	`IncreaseDecreaseInDueFromRelatedParties`	$-865.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-303.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.09M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-190.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-736.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-737.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-714.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-227.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-239.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.70M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.18M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$133.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$289.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-289.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-133.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromPaymentsForStockOptionsExercised`	$350.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromPaymentsForStockOptionsExercised`	-	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$756.00K	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$833.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-756.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-483.00K	USD	1 Quarter
Decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.47M	USD	1 Quarter
Decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.07M	USD	1 Quarter
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.82M	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`	$16.29M	USD	Point-in-time
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.31M	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.82M	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`	$16.29M	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.31M	USD	Point-in-time

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Balance as of December 31, 2022 (in shares)	`CommonStockSharesOutstanding`	12.14M	shares	Point-in-time
Balance as of December 31, 2022 (in shares)	`CommonStockSharesOutstanding`	12.23M	shares	Point-in-time
Balance as of December 31, 2022	`StockholdersEquity`	$61.75M	USD	Point-in-time
Balance as of December 31, 2022	`StockholdersEquity`	$60.99M	USD	Point-in-time
Balance as of December 31, 2022	`StockholdersEquity`	$62.42M	USD	Point-in-time
Balance as of December 31, 2022	`StockholdersEquity`	$60.76M	USD	Point-in-time
Net income	`NetIncomeLoss`	$552.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.52M	USD	1 Quarter
Common stock repurchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$833.00K	USD	1 Quarter
Common stock repurchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$756.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$22.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$55.00K	USD	1 Quarter
Options exercised (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	109,250.00	shares	1 Quarter
Options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$350.00K	USD	1 Quarter
Other comprehensive income (loss)- foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-153.00K	USD	1 Quarter
Other comprehensive income (loss)- foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$137.00K	USD	1 Quarter
Balance as of March 31, 2023 (in shares)	`CommonStockSharesOutstanding`	12.14M	shares	Point-in-time
Balance as of March 31, 2023 (in shares)	`CommonStockSharesOutstanding`	12.23M	shares	Point-in-time
Balance as of March 31, 2023	`StockholdersEquity`	$61.75M	USD	Point-in-time
Balance as of March 31, 2023	`StockholdersEquity`	$60.99M	USD	Point-in-time
Balance as of March 31, 2023	`StockholdersEquity`	$62.42M	USD	Point-in-time
Balance as of March 31, 2023	`StockholdersEquity`	$60.76M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$552.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.52M	USD	1 Quarter
Other comprehensive income (loss)- foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-153.00K	USD	1 Quarter
Other comprehensive income (loss)- foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$137.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$689.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.37M	USD	1 Quarter

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