10-Q Filing

M-TRON INDUSTRIES, INC. CIK: 1902314 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001437749-23-023115`
Period End Date	20230630
Filing Date	20230810
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	mpti20230630_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 50 Cash Flow Statement 52 Stockholders Equity 24

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, reserves	`AllowanceForDoubtfulAccountsReceivableCurrent`	$142.00K	USD	Point-in-time
Accounts receivable, reserves	`AllowanceForDoubtfulAccountsReceivableCurrent`	$112.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$926.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.32M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net of reserves of $112, and $142, respectively	`AccountsReceivableNetCurrent`	$5.75M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Accounts receivable, net of reserves of $112, and $142, respectively	`AccountsReceivableNetCurrent`	$5.20M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$7.52M	USD	Point-in-time
Inventories, net	`InventoryNet`	$8.71M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$327.00K	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`	$673.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$16.11M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$14.31M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	2.73M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	2.73M	shares	Point-in-time
Land	`Land`	$536.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	2.73M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	2.73M	shares	Point-in-time
Land	`Land`	$536.00K	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$4.94M	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$4.94M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$19.34M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$19.04M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$24.82M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$24.52M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$20.87M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$21.25M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$3.65M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$3.56M	USD	Point-in-time
Right-of-use lease asset	`OperatingLeaseRightOfUseAsset`	$147.00K	USD	Point-in-time
Right-of-use lease asset	`OperatingLeaseRightOfUseAsset`	$110.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$71.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$98.00K	USD	Point-in-time
Deferred income tax asset	`DeferredIncomeTaxAssetsNet`	$1.05M	USD	Point-in-time
Deferred income tax asset	`DeferredIncomeTaxAssetsNet`	$1.03M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$16.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$13.00K	USD	Point-in-time
Total Assets	`Assets`	$20.89M	USD	Point-in-time
Total Assets	`Assets`	$19.27M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.38M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.81M	USD	Point-in-time
Accrued compensation and commissions	`EmployeeRelatedLiabilitiesCurrent`	$1.63M	USD	Point-in-time
Accrued compensation and commissions	`EmployeeRelatedLiabilitiesCurrent`	$1.70M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$612.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$614.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$645.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$234.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.86M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.77M	USD	Point-in-time
Long-term lease liability	`OperatingLeaseLiabilityNoncurrent`	$76.00K	USD	Point-in-time
Long-term lease liability	`OperatingLeaseLiabilityNoncurrent`	$42.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.81M	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.93M	USD	Point-in-time
Contingencies (Note G)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Contingencies (Note G)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock - $0.01 par value; 5,000,000 shares authorized, none issued.	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock - $0.01 par value; 5,000,000 shares authorized, none issued.	`PreferredStockValue`	-	USD	Point-in-time
Common stock - $0.01 par value; 25,000,000 shares authorized; 2,725,670 and 2,726,798 shares issued and outstanding, respectively.	`CommonStockValue`	$27.00K	USD	Point-in-time
Common stock - $0.01 par value; 25,000,000 shares authorized; 2,725,670 and 2,726,798 shares issued and outstanding, respectively.	`CommonStockValue`	$27.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$14.01M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$14.10M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.04M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$212.00K	USD	Point-in-time
Total Equity	`StockholdersEquity`	$14.34M	USD	Point-in-time
Total Equity	`StockholdersEquity`	$18.30M	USD	Point-in-time
Total Equity	`StockholdersEquity`	$17.71M	USD	Point-in-time
Total Equity	`StockholdersEquity`	$14.75M	USD	Point-in-time
Total Equity	`StockholdersEquity`	$16.08M	USD	Point-in-time
Total Equity	`StockholdersEquity`	$16.85M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$19.27M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$20.89M	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$14.76M	USD	2 Qtrs
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$10.14M	USD	1 Quarter
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.06M	USD	1 Quarter
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$19.51M	USD	2 Qtrs
Manufacturing cost of sales	`ManufacturingCosts`	$9.23M	USD	2 Qtrs
Manufacturing cost of sales	`ManufacturingCosts`	$4.41M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$12.09M	USD	2 Qtrs
Manufacturing cost of sales	`ManufacturingCosts`	$5.92M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$5.09M	USD	2 Qtrs
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$4.11M	USD	2 Qtrs
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.65M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.05M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$603.00K	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$1.42M	USD	2 Qtrs
OPERATING INCOME	`OperatingIncomeLoss`	$1.56M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$2.33M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-7.00K	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-5.00K	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-5.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-2.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$22.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-26.00K	USD	2 Qtrs
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-9.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-18.00K	USD	2 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-31.00K	USD	2 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$17.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-11.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-25.00K	USD	2 Qtrs
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$592.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.58M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.39M	USD	2 Qtrs
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.30M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$281.00K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$305.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$106.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$471.00K	USD	2 Qtrs
NET INCOME	`NetIncomeLoss`	$619.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$1.28M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$553.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$1.10M	USD	2 Qtrs
NET INCOME	`NetIncomeLoss`	$486.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$1.83M	USD	2 Qtrs
Net Income per Basic Share (in dollars per share)	`EarningsPerShareBasic`	$0.68	USD	2 Qtrs
Net Income per Basic Share (in dollars per share)	`EarningsPerShareBasic`	$0.47	USD	1 Quarter
Net Income per Basic Share (in dollars per share)	`EarningsPerShareBasic`	$0.18	USD	1 Quarter
Net Income per Basic Share (in dollars per share)	`EarningsPerShareBasic`	$0.41	USD	2 Qtrs
Net income per Dilutive Share (in dollars per share)	`EarningsPerShareDiluted`	$0.47	USD	1 Quarter
Net income per Dilutive Share (in dollars per share)	`EarningsPerShareDiluted`	$0.41	USD	2 Qtrs
Net income per Dilutive Share (in dollars per share)	`EarningsPerShareDiluted`	$0.18	USD	1 Quarter
Net income per Dilutive Share (in dollars per share)	`EarningsPerShareDiluted`	$0.68	USD	2 Qtrs

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.10M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$486.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$619.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.83M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$553.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.28M	USD	1 Quarter
Depreciation	`Depreciation`	$385.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$313.00K	USD	2 Qtrs
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$27.00K	USD	2 Qtrs
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$27.00K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$287.00K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$211.00K	USD	2 Qtrs
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$20.00K	USD	2 Qtrs
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$214.00K	USD	2 Qtrs
Increase in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$548.00K	USD	2 Qtrs
Increase in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$334.00K	USD	2 Qtrs
Increase in inventories, net	`IncreaseDecreaseInInventories`	$907.00K	USD	2 Qtrs
Increase in inventories, net	`IncreaseDecreaseInInventories`	$1.20M	USD	2 Qtrs
Decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-34.00K	USD	2 Qtrs
Decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-349.00K	USD	2 Qtrs
(Increase) decrease in accounts payable, accrued compensation and commissions expense and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-300.00K	USD	2 Qtrs
(Increase) decrease in accounts payable, accrued compensation and commissions expense and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$225.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$964.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$779.00K	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$395.00K	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$302.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-302.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-395.00K	USD	2 Qtrs
Forfeiture of shares to pay taxes	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	2 Qtrs
Forfeiture of shares to pay taxes	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$82.00K	USD	2 Qtrs
Net transfers from LGL Group, Inc.	`NetTransfersFromToFormerParent`	-	USD	2 Qtrs
Net transfers from LGL Group, Inc.	`NetTransfersFromToFormerParent`	$62.00K	USD	2 Qtrs
Prepaid financing costs	`PaymentsOfFinancingCosts`	$20.00K	USD	2 Qtrs
Prepaid financing costs	`PaymentsOfFinancingCosts`	-	USD	2 Qtrs
Payments to related party	`RepaymentsOfRelatedPartyDebt`	$2.14M	USD	2 Qtrs
Payments to related party	`RepaymentsOfRelatedPartyDebt`	-	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-82.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.10M	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$395.00K	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.53M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.10M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$926.00K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.63M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.32M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.10M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$926.00K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.63M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.32M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$5.00K	USD	2 Qtrs
Cash paid for interest	`InterestPaidNet`	$7.00K	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$16.00K	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$97.00K	USD	2 Qtrs

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$14.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$18.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$17.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.75M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.85M	USD	Point-in-time
Net income	`NetIncomeLoss`	$553.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.83M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.28M	USD	1 Quarter
Net income	`NetIncomeLoss`	$486.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.10M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$619.00K	USD	1 Quarter
Adjustment to The LGL Group, Inc. transfer	`AdjustmentsToAdditionalPaidInCapitalTransfersToFormerParent`	$-219.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$71.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$140.00K	USD	1 Quarter
Forfeiture of shares to pay taxes	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$82.00K	USD	1 Quarter
Net transfers to LGL Group, Inc.	`EquityTransfersToFormerParent`	$240.00K	USD	1 Quarter
Net transfers to LGL Group, Inc.	`EquityTransfersToFormerParent`	$109.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$16.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$18.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$17.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.75M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.85M	USD	Point-in-time

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