10-Q Filing

M-TRON INDUSTRIES, INC. CIK: 1902314 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001564590-23-007180`
Period End Date	20230331
Filing Date	20230511
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	mpti-10q_20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 24 Cash Flow Statement 41 Stockholders Equity 15

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, reserves	`AllowanceForDoubtfulAccountsReceivableCurrent`	$142.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Accounts receivable, reserves	`AllowanceForDoubtfulAccountsReceivableCurrent`	$135.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$926.00K	USD	Point-in-time
Accounts receivable, net of reserves of $135, and $142, respectively	`AccountsReceivableNetCurrent`	$5.20M	USD	Point-in-time
Accounts receivable, net of reserves of $135, and $142, respectively	`AccountsReceivableNetCurrent`	$5.50M	USD	Point-in-time
Inventories, net	`InventoryNet`	$8.47M	USD	Point-in-time
Inventories, net	`InventoryNet`	$7.52M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$673.00K	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$474.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$14.31M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$15.57M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	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
Land	`Land`	$536.00K	USD	Point-in-time
Land	`Land`	$536.00K	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$4.94M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$4.94M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	2.73M	shares	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$19.12M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	2.73M	shares	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$19.04M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$24.59M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$24.52M	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
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$20.87M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$21.07M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$3.53M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$3.65M	USD	Point-in-time
Right-of-use lease asset	`OperatingLeaseRightOfUseAsset`	$128.00K	USD	Point-in-time
Right-of-use lease asset	`OperatingLeaseRightOfUseAsset`	$147.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$85.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$98.00K	USD	Point-in-time
Deferred income tax asset	`DeferredIncomeTaxAssetsNet`	$1.07M	USD	Point-in-time
Deferred income tax asset	`DeferredIncomeTaxAssetsNet`	$1.05M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$15.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$16.00K	USD	Point-in-time
Total Assets	`Assets`	$19.27M	USD	Point-in-time
Total Assets	`Assets`	$20.39M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.38M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.21M	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$1.63M	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$1.34M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$614.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$711.00K	USD	Point-in-time
Income Tax Payable	`AccruedIncomeTaxesCurrent`	$234.00K	USD	Point-in-time
Income Tax Payable	`AccruedIncomeTaxesCurrent`	$330.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$5.59M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.86M	USD	Point-in-time
Long-term lease liability	`LongTermDebtAndCapitalLeaseObligations`	$59.00K	USD	Point-in-time
Long-term lease liability	`LongTermDebtAndCapitalLeaseObligations`	$76.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.93M	USD	Point-in-time
Total Liabilities	`Liabilities`	$5.65M	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`	$14.10M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$13.95M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$212.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$765.00K	USD	Point-in-time
Total Equity	`StockholdersEquity`	$14.75M	USD	Point-in-time
Total Equity	`StockholdersEquity`	$14.34M	USD	Point-in-time
Total Equity	`StockholdersEquity`	$17.71M	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`	$20.39M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.69M	USD	1 Quarter
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$9.37M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$4.82M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$6.17M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.06M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.44M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$761.00K	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$814.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-3.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-2.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-40.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-17.00K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-42.00K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-20.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$794.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$719.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$175.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$166.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$619.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$553.00K	USD	1 Quarter
Net Income per Basic Share	`EarningsPerShareBasic`	$0.21	USD	1 Quarter
Net Income per Basic Share	`EarningsPerShareBasic`	$0.23	USD	1 Quarter
Net income per Dilutive Share	`EarningsPerShareDiluted`	$0.20	USD	1 Quarter
Net income per Dilutive Share	`EarningsPerShareDiluted`	$0.23	USD	1 Quarter

Cash Flow Statement 41 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$553.00K	USD	1 Quarter
Net income	`ProfitLoss`	$619.00K	USD	1 Quarter
Depreciation	`Depreciation`	$148.00K	USD	1 Quarter
Depreciation	`Depreciation`	$195.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$13.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$13.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$71.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$219.00K	USD	1 Quarter
Deferred income tax (provision) expense	`DeferredIncomeTaxExpenseBenefit`	$-19.00K	USD	1 Quarter
Deferred income tax (provision) expense	`DeferredIncomeTaxExpenseBenefit`	$189.00K	USD	1 Quarter
Increase in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$905.00K	USD	1 Quarter
Increase in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$303.00K	USD	1 Quarter
Increase in inventories, net	`IncreaseDecreaseInInventories`	$948.00K	USD	1 Quarter
Increase in inventories, net	`IncreaseDecreaseInInventories`	$431.00K	USD	1 Quarter
Decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-31.00K	USD	1 Quarter
Decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-200.00K	USD	1 Quarter
Increase (decrease) in accounts payable, accrued compensation and commissions expense and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-43.00K	USD	1 Quarter
Increase (decrease) in accounts payable, accrued compensation and commissions expense and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$517.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$279.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-160.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$78.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$207.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-207.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-78.00K	USD	1 Quarter
Net transfers (to) from LGL Group, Inc.	`NetTransfersFromToFormerParent`	$21.00K	USD	1 Quarter
Payments to related party	`RepaymentsOfRelatedPartyDebt`	$729.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-708.00K	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$201.00K	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.07M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.13M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.63M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.56M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$926.00K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.56M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$926.00K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.63M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.13M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$2.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$3.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$85.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$9.00K	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$14.75M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$17.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.85M	USD	Point-in-time
Balance, Shares	`CommonStockSharesOutstanding`	2.73M	shares	Point-in-time
Balance, Shares	`CommonStockSharesOutstanding`	2.73M	shares	Point-in-time
Net income	`NetIncomeLoss`	$619.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$553.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$71.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$14.75M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$17.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.85M	USD	Point-in-time
Balance, Shares	`CommonStockSharesOutstanding`	2.73M	shares	Point-in-time
Balance, Shares	`CommonStockSharesOutstanding`	2.73M	shares	Point-in-time

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