M-tron Industries (MPTI) 10-K 25 Mar 24 2023 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 18, 2024	Jun. 30, 2023
Document Information [Line Items]
Entity Central Index Key	0001902314
Entity Registrant Name	M-tron Industries, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-41391
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0457944
Entity Address, Address Line One	2525 Shader Road
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32804
City Area Code	407
Local Phone Number	298-2000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	MPTI
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 18,819,073
Entity Common Stock, Shares Outstanding		2,796,031
Auditor Name	PKF O’Connor Davies, LLP.
Auditor Location	New York, NY
Auditor Firm ID	127

Consolidated and Combined State

Consolidated and Combined Statements of Operations - USD ($) $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2023	Dec. 31, 2022
REVENUES	$ 10,773		$ 10,888		$ 10,140		$ 9,367		$ 8,673		$ 8,417		$ 7,064		$ 7,691		$ 41,168	$ 31,845
Costs and expenses:
Manufacturing cost of sales	6,080		6,230		5,921		6,171		5,580		5,688		4,412		4,819		24,402	20,499
Engineering, selling and administrative	4,753		2,625		2,654		2,435		2,265		2,099		2,049		2,058		12,467	8,471
OPERATING INCOME	(60)		2,033		1,565		761		828		630		603		814		4,299	2,875
Other income (expense):
Interest income (expense), net	13		1		(5)		(2)		(5)		(1)		(2)		(3)		7	(11)
Other income (expense), net	100		12		22		(40)		(228)		(15)		(9)		(17)		94	(269)
Total other income (expense), net	113		13		17		(42)		(233)		(16)		(11)		(20)		101	(280)
INCOME BEFORE INCOME TAXES	53		2,046		1,582		719		595		614		592		794		4,400	2,595
Income tax provision	(20)		460		305		166		405		111		106		175		911	797
NET INCOME	$ 73		$ 1,586		$ 1,277		$ 553		$ 190		$ 503		$ 486		$ 619		$ 3,489	$ 1,798
Net Income per Basic Share (in dollars per share)	$ 0.03	[1]	$ 0.59	[1]	$ 0.47	[1]	$ 0.21	[1]	$ 0.07	[2],[3]	$ 0.19	[2],[3]	$ 0.18	[2],[3]	$ 0.23	[2],[3]	$ 1.29	$ 0.67
Net income per Dilutive Share (in dollars per share)	$ 0.03	[1],[4]	$ 0.57	[1],[4]	$ 0.47	[1],[4]	$ 0.2	[1],[4]									$ 1.28	$ 0.67
[1]Due to changes in stock prices during the year and timing of issuances of shares, the cumulative total of quarterly net income (loss) per share amounts may not equal the net income per share for the year.[2]Due to changes in stock prices during the year and timing of issuances of shares, the cumulative total of quarterly net income per share amounts may not equal the net income per share for the year.[3]For periods prior to the Separation, basic shares at the Separation date are being utilized for the calculation of basic and diluted net income per share. For additional information regarding the basic shares at the Separation date, see Note A. Description of Business, Basis of Presentation and Summary of Significant Accounting Policies, under “Earnings per Share”.[4]Due to changes in stock prices during the year and timing of issuances of shares, the cumulative total of quarterly net income (loss) per share amounts may not equal the net income per share for the year.

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 3,913	$ 926
Accounts receivable, net of allowances of $141 and $142, respectively	4,802	5,197
Inventories, net	8,884	7,518
Prepaid expenses and other current assets	588	673
Total Current Assets	18,187	14,314
Property, Plant and Equipment
Land	536	536
Buildings and improvements	5,216	4,937
Machinery and equipment	20,046	19,044
Gross property, plant and equipment	25,798	24,517
Less: accumulated depreciation	(21,667)	(20,870)
Net property, plant and equipment	4,131	3,647
Right-of-use lease asset	97	147
Intangible assets, net	45	98
Deferred income tax asset	1,835	1,051
Other assets	10	16
Total Assets	24,305	19,273
Current Liabilities:
Accounts payable	1,300	2,381
Accrued compensation and commissions expense	2,196	1,627
Other accrued expenses	611	614
Income taxes payable	277	234
Total Current Liabilities	4,384	4,856
Long-term lease liability	26	76
Total Liabilities	4,410	4,932
Contingencies (Note I)
Stockholders' Equity
Preferred stock - $0.01 par value; 5,000,000 shares authorized, none issued	0	0
Common stock - $0.01 par value; 25,000,000 shares authorized; 2,786,321 and 2,726,798 shares issued and outstanding, respectively.	27	27
Additional paid-in capital	16,167	14,102
Retained earnings	3,701	212
Total Equity	19,895	14,341
Total Liabilities and Stockholders' Equity	$ 24,305	$ 19,273

Consolidated and Combined Bal_2

Consolidated and Combined Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable, reserves	$ 141	$ 142
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	2,786,321	2,726,798
Common stock, shares outstanding (in shares)	2,786,321	2,726,798

Consolidated and Combined Sta_2

Consolidated and Combined Statements of Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Net Investment by Former Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021	$ 0	$ 0	$ 16,849	$ 0	$ 16,849
Net income	0	0	1,586	212	1,798
Net transfers to The LGL Group, Inc.	0	0	(4,386)	0	(4,386)
Transfer by The LGL Group, Inc. to Capital and Paid-in Capital	27	14,022	(14,049)	0	0
Share-based Compensation and Other	0	80	0	0	80
Balance at Dec. 31, 2022	27	14,102	0	212	14,341
Net income	0	0	0	3,489	3,489
Adjustment to The LGL Group, Inc. transfer	0	(219)	0	0	(219)
Stock-based compensation expense	0	2,421	0	0	2,421
Forfeiture of shares to pay taxes	0	(137)	0	0	(137)
Balance at Dec. 31, 2023	$ 27	$ 16,167	$ 0	$ 3,701	$ 19,895

Consolidated and Combined Sta_3

Consolidated and Combined Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES
Net income	$ 3,489,000	$ 1,798,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	797,000	671,000
Amortization of finite-lived intangible assets	53,000	54,000
Stock-based compensation expense	2,421,000	458,000
Deferred income tax provision	(784,000)	1,136,000
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable, net	395,000	(1,202,000)
Increase in inventories, net	(1,366,000)	(2,297,000)
Decrease (increase) in prepaid expenses and other assets	91,000	(422,000)
(Decrease) increase in accounts payable, accrued compensation and commissions expense, and other	(691,000)	1,846,000
Net cash provided by operating activities	4,405,000	2,042,000
INVESTING ACTIVITIES
Capital expenditures	(1,281,000)	(936,000)
Net cash used in investing activities	(1,281,000)	(936,000)
FINANCING ACTIVITIES
Forfeiture of shares to pay taxes	(137,000)	(10,000)
Amounts drawn on line of credit	4,120,000	1,300,000
Repayments on line of credit	(4,120,000)	(1,300,000)
Net transfers from LGL Group, Inc.	0	(309,000)
Prepaid financing costs	0	(20,000)
Payments to related party	0	(2,476,000)
Net cash used in financing activities	(137,000)	(2,815,000)
Increase (decrease) in cash and cash equivalents	2,987,000	(1,709,000)
Cash and cash equivalents at beginning of year	926,000	2,635,000
Cash and cash equivalents at end of year	3,913,000	926,000
Cash paid for taxes	1,629,000	36,000
Cash paid for interest	$ 6,000	$ 9,000

Note A - Description of Busines

Note A - Description of Business, Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	A. Description of Business, Basis of Presentation and Summary of Significant Accounting Policies Description of Business M-tron Industries, Inc. (the “Company”, “we”, “our” or “us”) was founded in 1965 The Company’s operations include its two principal subsidiaries: Piezo Technology, Inc. ("PTI"), and M-tron Asia, LLC ("Mtron"). The Company has operations in Orlando, Florida; Yankton, South Dakota; and Noida, India, and has a sales office in Hong Kong. The Company and its subsidiaries currently operate together as a single group under the MtronPTI brand (“MtronPTI”). The Company offers a wide range of precision frequency control and spectrum control solutions including radio frequency (“RF”), microwave and millimeter wave filters; cavity, crystal, ceramic, lumped element and switched filters; high performance and high frequency OCXOs, integrated PLL OCXOs, TCXOs, VCXOs, low jitter and harsh environment oscillators; crystal resonators, Integrated Microwave Assemblies (IMA), and state-of-the-art solid state power amplifier products. MtronPTI s Separation On October 7, 2022, Basis of Presentation - Consolidated and Combined Financial Statements The Company’s financial statements for periods through the Separation are combined financial statements prepared on a “carve-out” basis as discussed below. The Company’s financial statements for the period from October 7, 2022 December 31, 2023 The Consolidated and Combined Financial Statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These Consolidated and Combined Financial Statements may not not Basis of Presentation Prior to Separation Through the Separation date, the Company's combined financial statements are prepared on a "carve-out" basis. The Consolidated and Combined Financial Statements have been derived from the consolidated financial statements and accounting records of LGL Group in conformity with GAAP. The Consolidated and Combined Financial Statements include the accounts of the Company and all of its majority-owned subsidiaries. Intercompany transactions and accounts have been eliminated. Transactions between the Company and LGL Group have been included in these Consolidated and Combined Financial Statements. The aggregate net effect of transactions between the Company and related parties that have been historically settled other than in cash are reflected in the Consolidated and Combined Statements of Cash Flows as Net Transfers from LGL Group, Inc. For additional information, see Note B – Related Party Transactions. The debt and associated interest expense in these Consolidated and Combined Financial Statements relate to third Cash and Cash Equivalents in the Consolidated Balance Sheets represent Cash and Cash Equivalents held by the Company at the respective period-ends. The Consolidated and Combined Statements of Operations include an allocation for certain corporate and shared service functions historically provided by LGL Group, including, but not may not may not During the periods prior to the Separation that are presented in these Consolidated and Combined Financial Statements, the Company’s income tax expense has been included in the LGL Group’ income tax returns. Income tax expense contained in the Consolidated and Combined Financial Statements for periods prior to the Separation is presented on a separate return basis, as if the Company had filed its own income tax returns. Post-Separation, the Company filed a consolidated U.S. federal income tax return as well as separate and combined income tax returns in various state, local and international jurisdictions. Income tax expense contained in the Consolidated and Combined Financial Statements for the period after the Separation is based on the consolidated results of the Company on a standalone basis. Uses of Estimates The preparation of the Consolidated and Combined Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with no three Accounts Receivable Accounts receivable consists principally of amounts due from both domestic and foreign customers. Credit is extended based on an evaluation of the customer's financial condition and collateral is not The Company maintains an allowance for credit losses for estimated uncollectible accounts receivable. Our reserves for estimated credit losses are based upon historical experience, specific customer collection issues, current conditions and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual terms of our receivables and other financial assets. Accounts are written off against the allowance account when they are determined to no Inventories Inventories are valued at the lower of cost or net realizable value using the FIFO ( first first The Company maintains a reserve for inventory based on estimated losses that result from inventory that becomes obsolete or for which the Company has excess inventory levels. In determining these estimates, the Company performs an analysis on current demand and usage for each inventory item over historical time periods. Based on that analysis, the Company reserves a percentage of the inventory amount within each time period based on historical demand and usage patterns of specific items in inventory. Property, Plant and Equipment, Net Property, plant and equipment are recorded at cost less accumulated depreciation and include expenditures for major improvements. Maintenance and repairs are charged to operations as incurred. Depreciation is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the assets, which range from 5 years to 35 years for buildings and improvements, and from 3 years to 10 years for other fixed assets. Property, plant and equipment are periodically reviewed for indicators of impairment. If any such indicators were noted, the Company would assess the appropriateness of the assets' carrying value and record any impairment at that time. Depreciation expense was $797,000 for 2023 2022 Intangible Assets Intangible assets are recorded at cost less accumulated amortization. Amortization is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the assets, which range up to 10 years. The intangible assets consist of intellectual property and goodwill. The net carrying value of the amortizable intangible assets was $5,000 and $58,000 as of December 31, 2023 2022 2024. not December 31, 2023 2022 Warranties The Company offers a standard one may not not not Each month, the Company records a specific warranty reserve for approved RMAs covering products that have not not not Revenue Recognition The Company recognizes revenue from the sale of its products in accordance with the criteria in Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers Step 1: Step 2: Step 3: Step 4: Step 5: The Company meets these conditions upon the Company’s satisfaction of the performance obligation, usually at the time of shipment to the customer, because control passes to the customer at that time. Our standard payment terms for customers are net due within 30 none 60 The Company provides disaggregated revenue details by geographic markets in Note J – Domestic and Foreign Revenues. The Company offers a limited right of return and/or authorized price protection provisions in its agreements with certain electronic component distributors who resell the Company's products to original equipment manufacturers or electronic manufacturing services companies. As a result, the Company estimates and records a reserve for future returns and other charges against revenue at the time of shipment consistent with the terms of sale. The reserve is estimated based on historical experience with each respective distributor. These reserves and charges are immaterial as the Company does not not Practical Expedients: - The Company applies the practical expedient for shipping and handling as fulfillment costs. - The Company expenses sales commissions as sales and marketing expenses in the period they are incurred. Shipping Costs Amounts billed to customers related to shipping and handling are classified as revenue, and the Company's shipping and handling costs are included in manufacturing cost of sales. Research and Development Costs Research and development costs are charged to operations as incurred. Such costs were $2,216,000 for 2023 2022 Stock-Based Compensation The Company measures the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the requisite service period, typically the vesting period. The Company estimates the fair value of stock options on the grant date using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model requires subjective assumptions, including future stock price volatility and expected time to exercise, which greatly affect the calculated values. There is no not zero Restricted stock awards are measured at the fair value of the Company's common stock on the date of the grant and recognized over the respective service period. Earnings Per Share The Company computes earnings per share in accordance with ASC 260, Earnings Per Share. As a result of the Separation, on October 7, 2022, Options representing 183.300 Years Ended December 31, 2023 2022 Weighted average shares outstanding - basic 2,696,445 2,676,480 Effect of dilutive securities 37,057 44 Weighted average shares outstanding - diluted 2,733,502 2,676,524 Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, taxes currently payable or refundable are accrued, and deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are also recognized for realizable operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted income tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in the Company’s Consolidated and Combined Statement of Operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not not The Global Intangible Low-Taxed Income ("GILTI") provisions of the Tax Cuts and Jobs Act of 2017, December 22, 2017 ( may 2023 2022 In determining the Company’s provision for income taxes, the Company considers permanent differences between book and tax income and statutory income tax rates. The Company follows a two first not second 50% may may Effective for tax years beginning after December 31, 2021, 174 1986, 174, December 31, 2021. 5 15 41 The Company includes its tax contingencies accrual, including accrued penalties and interest, in Other Long-term Liabilities on the Consolidated Balance Sheets unless the liability is expected to be paid within one Concentration Risks For the year ended December 31, 2023 December 31, 2022 second December 31, 2023 December 31, 2022 A significant portion of the Company's accounts receivable is concentrated with a relatively small number of customers. As of December 31, 2023 December 31, 2022 At various times throughout the year and at December 31, 2023 2022 not Segment Information The Company reports segment information in accordance with ASC 280, Segment Information 280" 280 not Impairments of Long-Lived Assets Long-lived assets, including intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not The Company performed an assessment to determine if there were any indicators of impairment as a result of the operating conditions at the end of each 2023 December 31, 2023. not no Financial Instruments Cash and cash equivalents, trade accounts receivable, trade accounts payable and accrued expenses are carried at cost which approximates fair value due to the short-term maturity of these instruments. Foreign Currency Translation The assets and liabilities of international operations are remeasured at the exchange rates in effect at the balance sheet date for monetary assets and liabilities and at historical rates for nonmonetary assets and liabilities, with the related remeasurement gains or losses reported within the consolidated statement of operations. The results of international operations are remeasured at the monthly average exchange rates. The Company's foreign subsidiaries and respective operations' functional currency is the U.S. dollar. The Company has determined this based upon the majority of transactions with customers as well as intercompany transactions and parental support being based in U.S. dollars. The Company has recognized a remeasurement gain of $71,000 and loss of $82,000 in 2023 2022 Recently Issued Accounting Pronouncements In November 2023, 2023 07, Improvements to Reportable Segment Disclosures December 15, 2023. December 2023, 2023 09, Improvements to Income Tax Disclosures December 15, 2024. not not In June 2016, 2016 13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments January 1, 2023,

Note B - Related Party Transact

Note B - Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	B. Related Party Transactions The Consolidated and Combined Financial Statements are prepared on a standalone basis through the date of Separation and have been derived from the consolidated financial statements and accounting records of LGL Group through the date of Separation. The following discussion summarizes activity between the Company and LGL Group prior to the Separation. Allocation of General Corporate Expenses For purposes of preparing these Consolidated and Combined Financial Statements on a “carve-out” basis, for periods prior to the Separation we have allocated a portion of LGL Group’s corporate expenses totaling $946,000 to the Company for the year ended December 31, 2022 Net Transfers to LGL Group, Inc. The following table presents the components of Net Transfers to LGL Group, Inc. in the Consolidated and Combined Statements of Stockholders’ Equity for the year ended December 31, 2022 December 31, 2022 (in thousands) Corporate Expense Allocations $ 325 Share-based Compensation Expense 378 Assumed Income Tax Payments (644 ) Write off Intercompany Balance (4,445 ) Total Net Transfers to LGL Group $ (4,386 ) LGL Group’s board of directors initially approved a budget of $400,000 for Separation costs. However, the total Separation costs incurred through December 31, 2022 December 31, 2022 December 31, 2023 Cash Investments The Company has a balance of $2,765,000 in the Gabelli US Treasury Money Market Fund, which is managed by Gabelli Funds, LLC ("Fund Manager"), all of which was classified within Cash and cash equivalents on the Consolidated Balance Sheets. The Fund Manager is related to the Company through certain of our shareholders and receives a fund management fee of approximately 8 December 31, 2023,

Note C - Inventories

Note C - Inventories	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Inventory Disclosure [Text Block]	C. Inventories The Company reduces the value of its inventories to net realizable value when the net realizable value is believed to be less than the cost of the item. The inventory reserve for excess and obsolescence inventory as of December 31, 2023 2022 December 31, 2023 2022 December 31, 2023 2022 (in thousands) Raw materials $ 3,594 $ 3,335 Work in process 3,805 3,173 Finished goods 1,485 1,010 Total Inventories, net $ 8,884 $ 7,518

Note D - Income Taxes

Note D - Income Taxes	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	D. Income Taxes Prior to the Separation, the Company's U.S. operations and certain of its non-U.S. operations were historically included in the income tax returns of LGL Group or its subsidiaries. For the periods prior to the Separation, the income tax expense and all tax liabilities that are presented in these financial statements were calculated on a "carve-out" basis, which applied the accounting guidance as if the Company filed income tax returns on a standalone, separate return basis. The Company believes the assumptions supporting its allocation and presentation of income taxes on a separate return basis are reasonable. However, the Company's tax results, as presented in these financial statements for periods prior to the Separation, may not Post-Separation, the Company filed a consolidated U.S. federal income tax return as well as separate and combined income tax returns in various state, local and international jurisdictions. Income tax expense for the period prior to the Separation is based on the combined financial statements prepared on a "carve-out" basis. Income tax expense for the period after the Separation is based on the consolidated results of the Company on a standalone basis. Income before income taxes for the years ended December 31, 2023 2022 2023 2022 (in thousands) United States $ 3,966 $ 1,705 Foreign 434 890 Total $ 4,400 $ 2,595 Income tax provision for the years ended December 31, 2023 2022 2023 2022 (in thousands) Current: Federal $ 1,308 $ 703 State and local 314 188 Foreign 72 213 Total Current 1,694 1,104 Deferred: Federal (662 ) (263 ) State and local (121 ) (78 ) Foreign — 34 Net deferred (783 ) (307 ) Income tax provision $ 911 $ 797 A reconciliation of the provision for income taxes and the amount computed by applying the statutory federal income tax rate to income before income taxes is detailed below: 2023 2022 (in thousands) Tax provision at expected statutory rate $ 924 $ 544 State taxes, net of federal benefit 143 91 Permanent differences 14 83 Tax credits (201 ) (61 ) Foreign tax expense, and other 55 161 Change in rate 5 — Other (29 ) (21 ) Provision for income taxes $ 911 $ 797 Effective tax rate 20.7 % 30.7 % Deferred income taxes for 2023 2022 December 31, 2023 2022 December 31, 2023 December 31, 2022 Deferred Tax Deferred Tax Asset Liability Asset Liability (in thousands) Inventory reserve $ 306 $ — $ 320 $ — Other reserves and accruals 307 — 181 — Capitalized Sec. 174 R&E 855 — 432 — Fixed assets 43 399 39 80 Stock-based compensation 540 — 61 — Other 173 23 84 36 Tax credit carryforwards 33 — 50 — Total deferred income taxes 2,257 $ 422 1,167 $ 116 Net deferred tax assets $ 1,835 $ 1,051 As of December 31, 2023 2023 2022 (in thousands) Balance at January 1 $ 77 $ 448 Deductions for tax positions of prior years (27 ) — Additions based on tax positions related to the current year 61 77 Transfer to LGL Group, Inc. — (448 ) Balance at December 31 $ 111 $ 77 The Company will recognize any interest and penalties related to unrecognized tax positions in Income Tax Provision in the Consolidated and Combined Statements of Operations. Our total accrued interest and penalties associated with uncertain tax positions were immaterial as of December 31, 2023 not 12 As of December 31, 2023 2027. The Company filed a U.S. federal income tax return as well as income tax returns in various states and in non-U.S. jurisdictions. The Company filed its initial consolidated U.S. federal income tax return in October 2023, no On August 19, 2022,

Note E - Revolving Credit Agree

Note E - Revolving Credit Agreement	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	E. Revolving Credit Agreement On June 15, 2022, June 15, 2025 first first December 31, 2023 2022

Note F - Leases

Note F - Leases	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	F. Leases The Company leases certain manufacturing and office space and equipment. We determine if an arrangement is a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of identified property, plant or equipment (an identified asset) for a period of time in exchange for consideration. Amounts associated with operating leases, which are not 12 not The Company leases certain property and equipment under operating leases with terms that range from one five not Total operating lease costs amounted to $270,000 and $349,000 for the years ended December 31, 2023 2022 At December 31, 2023 2022 December 31, 2023 2022 December 31, 2023 2022 Future minimum lease payment obligations under operating leases are as follows (in thousands): 2023 2024 $ 73 2025 30 Total lease payments 103 Less: interest (6 ) Present value of lease payments $ 97

Note G - Stock-based Compensati

Note G - Stock-based Compensation	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	G. Stock-Based Compensation Prior to the Separation, certain Company employees participated in LGL Group’s stock plan ("LGL Group's Plan"). In connection with the Separation, the Company's board of directors (the “Board”) approved the Amended and Restated 2022 “2022 2022 2022 may December 31, 2023 2022 In connection with the Separation, restricted stock and stock option awards granted to Company employees under LGL Group's Plan were converted to awards representing 60,039 shares of the Company's common stock (the "Converted Awards") under the Company's 2022 For the period prior to the Separation, the share-based compensation expense recognized by the Company was based on grants related directly to Company employees. Total stock-based compensation expense for the years ended December 31, 2023 2022 Restricted Stock Awards Restricted stock awards are measured at a value equal to the market price of the Company's common stock on the date of grant which is recognized over the service period of the award. The following table provides the Company’s restricted stock activity from the Separation date to December 31, 2023 Aggregate Grant Date Fair value Number of Shares Weighted Average Grant Date Fair Value (in thousands) Unvested Converted Awards as of October 7, 2022 50,329 $ 12.15 $ 611 Vested (3,093 ) 11.64 (36 ) Balance at December 31, 2022 47,236 12.18 575 Restricted shares issued 69,597 11.37 791 Vested (36,937 ) 11.78 (447 ) Balance at December 31, 2023 79,896 $ 11.50 $ 919 As of December 31, 2023 Stock Options Stock options granted to Company employees under LGL Group's Plan were converted to awards representing 9,710 shares of the Company's common stock in 2022. The Company estimates the fair value of stock options on the grant date using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model requires subjective assumptions, including future stock price volatility and expected time to exercise, which greatly affect the calculated values. There is no not zero The Company estimates the fair value of stock option awards on the grant date using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions: Year Ended December 31, 2023 December 31, 2022 Stock option plans: Expected stock price volatility 58 % 31 % Expected dividend yield 0 % 0 % Risk free interest rate 4.55 % 3.32 % Average expected life (in years) 1.50 1.00 A summary of option activity for the period from Separation to December 31, 2023, Number of Options Outstanding Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding and exercisable at October 7, 2022 9,710 $ 13.10 $ 4.02 1.9 $ - Outstanding and exercisable at December 31, 2022 9,710 $ 13.10 $ 4.02 1.9 $ - Granted 183,300 $ 36.06 $ 10.98 Outstanding and exercisable at December 31, 2023 193,010 $ 34.90 $ 10.63 2.9 $ 219.4

Note H - Employee Benefit Plan

Note H - Employee Benefit Plan	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Retirement Benefits [Text Block]	H. Employee Benefit Plan The Company offers a defined contribution plan for eligible employees that includes discretionary matching contributions up to 50% of the first January 2023. 2023 2022 second

Note I - Contingencies

Note I - Contingencies	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	I. Contingencies In the normal course of business, the Company and its subsidiaries may not none

Note J - Domestic and Foreign R

Note J - Domestic and Foreign Revenues	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	J. Domestic and Foreign Revenues Significant foreign revenues from operations ( 10% Years Ended December 31, 2023 2022 (in thousands) Malaysia $ 5,339 $ 5,334 Australia 1,587 124 All other foreign countries 4,138 3,948 Total foreign revenues $ 11,064 $ 9,406 Total domestic revenues $ 30,104 $ 22,439 The Company allocates its foreign revenue based on the customer's ship-to location.

Note K - Quarterly Financial Da

Note K - Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Quarterly Financial Information [Text Block]	K. Quarterly Financial Data (Unaudited) The following table provides summarized quarterly financial data for 2023 Q1 Q2 Q3 Q4 2023 2023 2023 2023 REVENUES $ 9,367 $ 10,140 $ 10,888 $ 10,773 Costs and expenses: Manufacturing cost of sales 6,171 5,921 6,230 6,080 Engineering, selling and administrative 2,435 2,654 2,625 4,753 OPERATING INCOME (LOSS) 761 1,565 2,033 (60 ) Other Expense (Income): Interest (expense) income, net (2 ) (5 ) 1 13 Other (expense) income, net (40 ) 22 12 100 Total other (expense) income, net (42 ) 17 13 113 INCOME BEFORE INCOME TAXES 719 1,582 2,046 53 Income tax provision (benefit) 166 305 460 (20 ) NET INCOME (LOSS) $ 553 $ 1,277 $ 1,586 $ 73 Net Income (Loss) per Basic Share (a) $ 0.21 $ 0.47 $ 0.59 $ 0.03 Net Income (Loss) per Diluted Share (a) $ 0.20 $ 0.47 $ 0.57 $ 0.03 (a) Due to changes in stock prices during the year and timing of issuances of shares, the cumulative total of quarterly net income (loss) per share amounts may not The following table provides summarized quarterly financial data for 2022 Q1 Q2 Q3 Q4 2022 2022 2022 2022 REVENUES $ 7,691 $ 7,064 $ 8,417 $ 8,673 Costs and expenses: Manufacturing cost of sales 4,819 4,412 5,688 5,580 Engineering, selling and administrative 2,058 2,049 2,099 2,265 OPERATING INCOME 814 603 630 828 Other Expense: Interest expense, net (3 ) (2 ) (1 ) (5 ) Other expense, net (17 ) (9 ) (15 ) (228 ) Total other expense, net (20 ) (11 ) (16 ) (233 ) INCOME BEFORE INCOME TAXES 794 592 614 595 Income tax provision 175 106 111 405 NET INCOME $ 619 $ 486 $ 503 $ 190 Net Income per Basicand Diluted Share (a) (b) $ 0.23 $ 0.18 $ 0.19 $ 0.07 (a) Due to changes in stock prices during the year and timing of issuances of shares, the cumulative total of quarterly net income per share amounts may not (b) For periods prior to the Separation, basic shares at the Separation date are being utilized for the calculation of basic and diluted net income per share. For additional information regarding the basic shares at the Separation date, see Note A. Description of Business, Basis of Presentation and Summary of Significant Accounting Policies, under “Earnings per Share”.

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	9B. Other Information. During the three December 31, 2023, none 16 10b5 1 10b5 1 408
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation - Consolidated and Combined Financial Statements The Company’s financial statements for periods through the Separation are combined financial statements prepared on a “carve-out” basis as discussed below. The Company’s financial statements for the period from October 7, 2022 December 31, 2023 The Consolidated and Combined Financial Statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These Consolidated and Combined Financial Statements may not not Basis of Presentation Prior to Separation Through the Separation date, the Company's combined financial statements are prepared on a "carve-out" basis. The Consolidated and Combined Financial Statements have been derived from the consolidated financial statements and accounting records of LGL Group in conformity with GAAP. The Consolidated and Combined Financial Statements include the accounts of the Company and all of its majority-owned subsidiaries. Intercompany transactions and accounts have been eliminated. Transactions between the Company and LGL Group have been included in these Consolidated and Combined Financial Statements. The aggregate net effect of transactions between the Company and related parties that have been historically settled other than in cash are reflected in the Consolidated and Combined Statements of Cash Flows as Net Transfers from LGL Group, Inc. For additional information, see Note B – Related Party Transactions. The debt and associated interest expense in these Consolidated and Combined Financial Statements relate to third Cash and Cash Equivalents in the Consolidated Balance Sheets represent Cash and Cash Equivalents held by the Company at the respective period-ends. The Consolidated and Combined Statements of Operations include an allocation for certain corporate and shared service functions historically provided by LGL Group, including, but not may not may not During the periods prior to the Separation that are presented in these Consolidated and Combined Financial Statements, the Company’s income tax expense has been included in the LGL Group’ income tax returns. Income tax expense contained in the Consolidated and Combined Financial Statements for periods prior to the Separation is presented on a separate return basis, as if the Company had filed its own income tax returns. Post-Separation, the Company filed a consolidated U.S. federal income tax return as well as separate and combined income tax returns in various state, local and international jurisdictions. Income tax expense contained in the Consolidated and Combined Financial Statements for the period after the Separation is based on the consolidated results of the Company on a standalone basis.
Use of Estimates, Policy [Policy Text Block]	Uses of Estimates The preparation of the Consolidated and Combined Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with no three
Accounts Receivable [Policy Text Block]	Accounts Receivable Accounts receivable consists principally of amounts due from both domestic and foreign customers. Credit is extended based on an evaluation of the customer's financial condition and collateral is not The Company maintains an allowance for credit losses for estimated uncollectible accounts receivable. Our reserves for estimated credit losses are based upon historical experience, specific customer collection issues, current conditions and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual terms of our receivables and other financial assets. Accounts are written off against the allowance account when they are determined to no
Inventory, Policy [Policy Text Block]	Inventories Inventories are valued at the lower of cost or net realizable value using the FIFO ( first first The Company maintains a reserve for inventory based on estimated losses that result from inventory that becomes obsolete or for which the Company has excess inventory levels. In determining these estimates, the Company performs an analysis on current demand and usage for each inventory item over historical time periods. Based on that analysis, the Company reserves a percentage of the inventory amount within each time period based on historical demand and usage patterns of specific items in inventory.
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Plant and Equipment, Net Property, plant and equipment are recorded at cost less accumulated depreciation and include expenditures for major improvements. Maintenance and repairs are charged to operations as incurred. Depreciation is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the assets, which range from 5 years to 35 years for buildings and improvements, and from 3 years to 10 years for other fixed assets. Property, plant and equipment are periodically reviewed for indicators of impairment. If any such indicators were noted, the Company would assess the appropriateness of the assets' carrying value and record any impairment at that time. Depreciation expense was $797,000 for 2023 2022
Goodwill and Intangible Assets, Policy [Policy Text Block]	Intangible Assets Intangible assets are recorded at cost less accumulated amortization. Amortization is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the assets, which range up to 10 years. The intangible assets consist of intellectual property and goodwill. The net carrying value of the amortizable intangible assets was $5,000 and $58,000 as of December 31, 2023 2022 2024. not December 31, 2023 2022
Standard Product Warranty, Policy [Policy Text Block]	Warranties The Company offers a standard one may not not not Each month, the Company records a specific warranty reserve for approved RMAs covering products that have not not not
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition The Company recognizes revenue from the sale of its products in accordance with the criteria in Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers Step 1: Step 2: Step 3: Step 4: Step 5: The Company meets these conditions upon the Company’s satisfaction of the performance obligation, usually at the time of shipment to the customer, because control passes to the customer at that time. Our standard payment terms for customers are net due within 30 none 60 The Company provides disaggregated revenue details by geographic markets in Note J – Domestic and Foreign Revenues. The Company offers a limited right of return and/or authorized price protection provisions in its agreements with certain electronic component distributors who resell the Company's products to original equipment manufacturers or electronic manufacturing services companies. As a result, the Company estimates and records a reserve for future returns and other charges against revenue at the time of shipment consistent with the terms of sale. The reserve is estimated based on historical experience with each respective distributor. These reserves and charges are immaterial as the Company does not not Practical Expedients: - The Company applies the practical expedient for shipping and handling as fulfillment costs. - The Company expenses sales commissions as sales and marketing expenses in the period they are incurred.
Shipping Cost [Policy Text Block]	Shipping Costs Amounts billed to customers related to shipping and handling are classified as revenue, and the Company's shipping and handling costs are included in manufacturing cost of sales.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Costs Research and development costs are charged to operations as incurred. Such costs were $2,216,000 for 2023 2022
Share-Based Payment Arrangement [Policy Text Block]	Stock-Based Compensation The Company measures the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the requisite service period, typically the vesting period. The Company estimates the fair value of stock options on the grant date using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model requires subjective assumptions, including future stock price volatility and expected time to exercise, which greatly affect the calculated values. There is no not zero Restricted stock awards are measured at the fair value of the Company's common stock on the date of the grant and recognized over the respective service period.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share The Company computes earnings per share in accordance with ASC 260, Earnings Per Share. As a result of the Separation, on October 7, 2022, Options representing 183.300 Years Ended December 31, 2023 2022 Weighted average shares outstanding - basic 2,696,445 2,676,480 Effect of dilutive securities 37,057 44 Weighted average shares outstanding - diluted 2,733,502 2,676,524
Income Tax, Policy [Policy Text Block]	Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, taxes currently payable or refundable are accrued, and deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are also recognized for realizable operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted income tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in the Company’s Consolidated and Combined Statement of Operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not not The Global Intangible Low-Taxed Income ("GILTI") provisions of the Tax Cuts and Jobs Act of 2017, December 22, 2017 ( may 2023 2022 In determining the Company’s provision for income taxes, the Company considers permanent differences between book and tax income and statutory income tax rates. The Company follows a two first not second 50% may may Effective for tax years beginning after December 31, 2021, 174 1986, 174, December 31, 2021. 5 15 41 The Company includes its tax contingencies accrual, including accrued penalties and interest, in Other Long-term Liabilities on the Consolidated Balance Sheets unless the liability is expected to be paid within one
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration Risks For the year ended December 31, 2023 December 31, 2022 second December 31, 2023 December 31, 2022 A significant portion of the Company's accounts receivable is concentrated with a relatively small number of customers. As of December 31, 2023 December 31, 2022 At various times throughout the year and at December 31, 2023 2022 not
Segment Reporting, Policy [Policy Text Block]	Segment Information The Company reports segment information in accordance with ASC 280, Segment Information 280" 280 not
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairments of Long-Lived Assets Long-lived assets, including intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not The Company performed an assessment to determine if there were any indicators of impairment as a result of the operating conditions at the end of each 2023 December 31, 2023. not no
Fair Value of Financial Instruments, Policy [Policy Text Block]	Financial Instruments Cash and cash equivalents, trade accounts receivable, trade accounts payable and accrued expenses are carried at cost which approximates fair value due to the short-term maturity of these instruments.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation The assets and liabilities of international operations are remeasured at the exchange rates in effect at the balance sheet date for monetary assets and liabilities and at historical rates for nonmonetary assets and liabilities, with the related remeasurement gains or losses reported within the consolidated statement of operations. The results of international operations are remeasured at the monthly average exchange rates. The Company's foreign subsidiaries and respective operations' functional currency is the U.S. dollar. The Company has determined this based upon the majority of transactions with customers as well as intercompany transactions and parental support being based in U.S. dollars. The Company has recognized a remeasurement gain of $71,000 and loss of $82,000 in 2023 2022
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements In November 2023, 2023 07, Improvements to Reportable Segment Disclosures December 15, 2023. December 2023, 2023 09, Improvements to Income Tax Disclosures December 15, 2024. not not In June 2016, 2016 13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments January 1, 2023,

Note A - Description of Busin_2

Note A - Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Years Ended December 31, 2023 2022 Weighted average shares outstanding - basic 2,696,445 2,676,480 Effect of dilutive securities 37,057 44 Weighted average shares outstanding - diluted 2,733,502 2,676,524

Note B - Related Party Transa_2

Note B - Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	December 31, 2022 (in thousands) Corporate Expense Allocations $ 325 Share-based Compensation Expense 378 Assumed Income Tax Payments (644 ) Write off Intercompany Balance (4,445 ) Total Net Transfers to LGL Group $ (4,386 )

Note C - Inventories (Tables)

Note C - Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 31, 2023 2022 (in thousands) Raw materials $ 3,594 $ 3,335 Work in process 3,805 3,173 Finished goods 1,485 1,010 Total Inventories, net $ 8,884 $ 7,518

Note D - Income Taxes (Tables)

Note D - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]	2023 2022 (in thousands) United States $ 3,966 $ 1,705 Foreign 434 890 Total $ 4,400 $ 2,595
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	2023 2022 (in thousands) Current: Federal $ 1,308 $ 703 State and local 314 188 Foreign 72 213 Total Current 1,694 1,104 Deferred: Federal (662 ) (263 ) State and local (121 ) (78 ) Foreign — 34 Net deferred (783 ) (307 ) Income tax provision $ 911 $ 797
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2023 2022 (in thousands) Tax provision at expected statutory rate $ 924 $ 544 State taxes, net of federal benefit 143 91 Permanent differences 14 83 Tax credits (201 ) (61 ) Foreign tax expense, and other 55 161 Change in rate 5 — Other (29 ) (21 ) Provision for income taxes $ 911 $ 797 Effective tax rate 20.7 % 30.7 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2023 December 31, 2022 Deferred Tax Deferred Tax Asset Liability Asset Liability (in thousands) Inventory reserve $ 306 $ — $ 320 $ — Other reserves and accruals 307 — 181 — Capitalized Sec. 174 R&E 855 — 432 — Fixed assets 43 399 39 80 Stock-based compensation 540 — 61 — Other 173 23 84 36 Tax credit carryforwards 33 — 50 — Total deferred income taxes 2,257 $ 422 1,167 $ 116 Net deferred tax assets $ 1,835 $ 1,051
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]	2023 2022 (in thousands) Balance at January 1 $ 77 $ 448 Deductions for tax positions of prior years (27 ) — Additions based on tax positions related to the current year 61 77 Transfer to LGL Group, Inc. — (448 ) Balance at December 31 $ 111 $ 77

Note F - Leases (Tables)

Note F - Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	2023 2024 $ 73 2025 30 Total lease payments 103 Less: interest (6 ) Present value of lease payments $ 97

Note G - Stock-based Compensa_2

Note G - Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Nonvested Restricted Stock Shares Activity [Table Text Block]	Aggregate Grant Date Fair value Number of Shares Weighted Average Grant Date Fair Value (in thousands) Unvested Converted Awards as of October 7, 2022 50,329 $ 12.15 $ 611 Vested (3,093 ) 11.64 (36 ) Balance at December 31, 2022 47,236 12.18 575 Restricted shares issued 69,597 11.37 791 Vested (36,937 ) 11.78 (447 ) Balance at December 31, 2023 79,896 $ 11.50 $ 919
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Year Ended December 31, 2023 December 31, 2022 Stock option plans: Expected stock price volatility 58 % 31 % Expected dividend yield 0 % 0 % Risk free interest rate 4.55 % 3.32 % Average expected life (in years) 1.50 1.00
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Number of Options Outstanding Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding and exercisable at October 7, 2022 9,710 $ 13.10 $ 4.02 1.9 $ - Outstanding and exercisable at December 31, 2022 9,710 $ 13.10 $ 4.02 1.9 $ - Granted 183,300 $ 36.06 $ 10.98 Outstanding and exercisable at December 31, 2023 193,010 $ 34.90 $ 10.63 2.9 $ 219.4

Note J - Domestic and Foreign_2

Note J - Domestic and Foreign Revenues (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	Years Ended December 31, 2023 2022 (in thousands) Malaysia $ 5,339 $ 5,334 Australia 1,587 124 All other foreign countries 4,138 3,948 Total foreign revenues $ 11,064 $ 9,406 Total domestic revenues $ 30,104 $ 22,439

Note K - Quarterly Financial _2

Note K - Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Quarterly Financial Information [Table Text Block]	Q1 Q2 Q3 Q4 2023 2023 2023 2023 REVENUES $ 9,367 $ 10,140 $ 10,888 $ 10,773 Costs and expenses: Manufacturing cost of sales 6,171 5,921 6,230 6,080 Engineering, selling and administrative 2,435 2,654 2,625 4,753 OPERATING INCOME (LOSS) 761 1,565 2,033 (60 ) Other Expense (Income): Interest (expense) income, net (2 ) (5 ) 1 13 Other (expense) income, net (40 ) 22 12 100 Total other (expense) income, net (42 ) 17 13 113 INCOME BEFORE INCOME TAXES 719 1,582 2,046 53 Income tax provision (benefit) 166 305 460 (20 ) NET INCOME (LOSS) $ 553 $ 1,277 $ 1,586 $ 73 Net Income (Loss) per Basic Share (a) $ 0.21 $ 0.47 $ 0.59 $ 0.03 Net Income (Loss) per Diluted Share (a) $ 0.20 $ 0.47 $ 0.57 $ 0.03 Q1 Q2 Q3 Q4 2022 2022 2022 2022 REVENUES $ 7,691 $ 7,064 $ 8,417 $ 8,673 Costs and expenses: Manufacturing cost of sales 4,819 4,412 5,688 5,580 Engineering, selling and administrative 2,058 2,049 2,099 2,265 OPERATING INCOME 814 603 630 828 Other Expense: Interest expense, net (3 ) (2 ) (1 ) (5 ) Other expense, net (17 ) (9 ) (15 ) (228 ) Total other expense, net (20 ) (11 ) (16 ) (233 ) INCOME BEFORE INCOME TAXES 794 592 614 595 Income tax provision 175 106 111 405 NET INCOME $ 619 $ 486 $ 503 $ 190 Net Income per Basicand Diluted Share (a) (b) $ 0.23 $ 0.18 $ 0.19 $ 0.07

Note A - Description of Busin_3

Note A - Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details Textual)	3 Months Ended								12 Months Ended
	Dec. 31, 2023 USD ($) shares	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) shares	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Oct. 07, 2022 shares
Number of Subsidiaries									2
Depreciation									$ 797,000	$ 671,000
Finite-Lived Intangible Asset, Useful Life (Year)					10 years					10 years
Finite-Lived Intangible Assets, Net	$ 5,000				$ 58,000				5,000	$ 58,000
Goodwill	$ 5,000				$ 40,000				$ 5,000	40,000
Standard and Extended Product Warranty, Term (Year)									1 year
Research and Development Expense									$ 2,216,000	$ 2,006,000
Common Stock, Shares, Outstanding (in shares) | shares	2,786,321				2,726,798				2,786,321	2,726,798	2,670,000
Revenue from Contract with Customer, Excluding Assessed Tax	$ 10,773,000	$ 10,888,000	$ 10,140,000	$ 9,367,000	$ 8,673,000	$ 8,417,000	$ 7,064,000	$ 7,691,000	$ 41,168,000	$ 31,845,000
Gain (Loss), Foreign Currency Transaction, before Tax									(71,000)	(82,000)
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Largest Customer [Member]
Revenue from Contract with Customer, Excluding Assessed Tax									$ 12,921,000	$ 8,190,000
Concentration Risk, Percentage									31.40%	25.70%
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Second Largest Customer [Member]
Revenue from Contract with Customer, Excluding Assessed Tax									$ 7,822,000	$ 4,857,000
Concentration Risk, Percentage									19%	15.30%
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Number of Major Customers									4	4
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Four Largest Customers [Member]
Concentration Risk, Percentage									76.40%	53.80%
Accounts Receivable, after Allowance for Credit Loss	$ 3,774,000				$ 2,872,000				$ 3,774,000	$ 2,872,000
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares									183,300
Minimum [Member] | Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years								5 years
Minimum [Member] | Other Capitalized Property Plant and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	3 years								3 years
Maximum [Member] | Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	35 years								35 years
Maximum [Member] | Other Capitalized Property Plant and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years								10 years

Note A - Description of Busin_4

Note A - Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Weighted Average Shares for Basic and Diluted Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Weighted average shares outstanding - basic (in shares)	2,696,445	2,676,480
Effect of dilutive securities (in shares)	37,057	44
Weighted average shares outstanding - diluted (in shares)	2,733,502	2,676,524

Note B - Related Party Transa_3

Note B - Related Party Transactions (Details Textual) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Engineering, Selling and Administrative	$ 4,753,000	$ 2,625,000	$ 2,654,000	$ 2,435,000	$ 2,265,000	$ 2,099,000	$ 2,049,000	$ 2,058,000	$ 12,467,000	$ 8,471,000
Other Nonoperating Income (Expense)	100,000	$ 12,000	$ 22,000	$ (40,000)	(228,000)	$ (15,000)	$ (9,000)	$ (17,000)	94,000	(269,000)
Cash and Cash Equivalents, at Carrying Value	3,913,000				$ 926,000				3,913,000	926,000
LGL Group Inc. [Member]
Budgeted Spin-off Costs										400,000
Actual Spin-off Costs										838,000
Actual Spin Off Costs Excess of Budgeted Amount										438,000
LGL Group Inc. [Member] | Corporate Expenses [Member]
Engineering, Selling and Administrative										946,000
LGL Group Inc. [Member] | Separation Costs [Member]
Other Nonoperating Income (Expense)									28,000	$ 219,000
Percentage of Spin Off Costs Excess of Budgeted Amount Included in Other Expense										50%
Gabelli US Treasury Money Market Fund [Member]
Cash and Cash Equivalents, at Carrying Value	$ 2,765,000								2,765,000
Investment Income, Interest									$ 12,000

Note B - Related Party Transa_4

Note B - Related Party Transactions - Components of Net Transfers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net transfers from LGL Group, Inc.	$ 0	$ (309)
LGL Group Inc. [Member]
Corporate Expense Allocations		325
Share-based Compensation Expense		378
Assumed Income Tax Payments		(644)
Write off Intercompany Balance		(4,445)
Net transfers from LGL Group, Inc.		$ (4,386)

Note C - Inventories (Details T

Note C - Inventories (Details Textual) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Inventory Valuation Reserves	$ 1,268,000	$ 1,318,000

Note C - Inventories - Schedule

Note C - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Raw materials	$ 3,594	$ 3,335
Work in process	3,805	3,173
Finished goods	1,485	1,010
Total Inventories, net	$ 8,884	$ 7,518

Note D - Income Taxes (Details

Note D - Income Taxes (Details Textual) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unrecognized Tax Benefits	$ 111,000	$ 77,000	$ 448,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	111,000
Tax Credit Carryforward, Amount	$ 33,000

Note D - Income Taxes - Income

Note D - Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
United States	$ 3,966	$ 1,705
Foreign	434	890
Total	$ 4,400	$ 2,595

Note D - Income Taxes - Provisi

Note D - Income Taxes - Provision for Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Federal									$ 1,308	$ 703
State and local									314	188
Foreign									72	213
Total Current									1,694	1,104
Federal									(662)	(263)
State and local									(121)	(78)
Foreign									0	34
Net deferred									(783)	(307)
Provision for income taxes	$ (20)	$ 460	$ 305	$ 166	$ 405	$ 111	$ 106	$ 175	$ 911	$ 797

Note D - Income Taxes - Reconci

Note D - Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Tax provision at expected statutory rate									$ 924	$ 544
State taxes, net of federal benefit									143	91
Permanent differences									14	83
Tax credits									(201)	(61)
Foreign tax expense, and other									55	161
Change in rate									5	0
Other									(29)	(21)
Provision for income taxes	$ (20)	$ 460	$ 305	$ 166	$ 405	$ 111	$ 106	$ 175	$ 911	$ 797
Effective tax rate									20.70%	30.70%

Note D - Income Taxes - Schedul

Note D - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory reserve, deferred assets	$ 306	$ 320
Inventory reserve, deferred liability	0	0
Other reserves and accruals, deferred assets	307	181
Other reserves and accruals, deferred liability	0	0
Capitalized Sec. 174 R&E, deferred assets	855	432
Fixed assets, deferred assets	43	39
Fixed assets, deferred liability	399	80
Stock-based compensation, deferred assets	540	61
Other, deferred assets	173	84
Other, deferred liability	23	36
Tax credit carryforwards, deferred assets	33	50
Total deferred income taxes, deferred assets	2,257	1,167
Total deferred income taxes, deferred liability	422	116
Net deferred tax assets	$ 1,835	$ 1,051

Note D - Income Taxes - Sched_2

Note D - Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance at January 1	$ 77,000	$ 448,000
Deductions for tax positions of prior years	(27,000)	0
Additions based on tax positions related to the current year	61,000	77,000
Transfer to LGL Group, Inc.	0	(448,000)
Balance at December 31	$ 111,000	$ 77,000

Note E - Revolving Credit Agr_2

Note E - Revolving Credit Agreement (Details Textual) - Revolving Credit Facility [Member] - Fifth Third Bank, National Association [Member] - USD ($)	Jun. 15, 2022	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument, Face Amount	$ 5,000,000
SOFR Floor	0%
Long-Term Line of Credit		$ 0	$ 0
Debt Instrument, Maturity Date	Jun. 15, 2025
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	2.25%

Note F - Leases (Details Textua

Note F - Leases (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Lease, Cost	$ 270,000	$ 349,000
Operating Lease, Liability	$ 97,000	$ 147,000
Operating Lease, Weighted Average Discount Rate, Percent	7.60%	6.30%
Operating Lease, Weighted Average Remaining Lease Term (Year)	1 year	2 years
Other Accrued Expenses [Member]
Operating Lease, Liability, Current		$ 71,000
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Year)		1 year
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Year)		5 years

Note F - Leases - Future Minimu

Note F - Leases - Future Minimum Lease Payment Obligations Under Operating Leases (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
2024	$ 73,000
2025	30,000
Total lease payments	103,000
Less: interest	(6,000)
Present value of lease payments	$ 97,000	$ 147,000

Note G - Stock-based Compensa_3

Note G - Stock-based Compensation (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 28, 2021
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 14 days
Share-Based Payment Arrangement, Option [Member]
Conversion of Stock, Shares Issued (in shares)		9,710
Share-Based Payment Arrangement, Expense	$ 2,421,000	$ 458,000
Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 699,000
Incentive Plan 2022 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)			500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	380,074
Conversion of Stock, Shares Issued (in shares)	60,039

Note G - Stock-based Compensa_4

Note G - Stock-based Compensation - Summary of Nonvested Restricted Stock Activity (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Oct. 07, 2022
Unvested Converted Awards, shares (in shares)	50,329	47,236
Unvested Converted Awards, weighted average grant date fair value (in dollars per share)	$ 12.15	$ 12.18
Unvested Converted Awards, aggregate grant date fair value	$ 575	$ 919	$ 611
Vested, shares (in shares)	(3,093)	(36,937)
Vested, weighted average grant date fair value (in dollars per share)	$ 11.64	$ 11.78
Vested, aggregate grant date fair value	$ (36)	$ (447)
Unvested Converted Awards, shares (in shares)	47,236	79,896
Unvested Converted Awards, weighted average grant date fair value (in dollars per share)	$ 12.18	$ 11.5
Restricted shares issued (in shares)		69,597
Restricted shares issued (in dollars per share)		$ 11.37
Restricted shares issued		$ 791
Balance at December 31, 2023 (in shares)	47,236	79,896
Unvested Converted Awards, weighted average grant date fair value (in dollars per share)	$ 12.18	$ 11.5

Note G - Stock-Based Compensa_5

Note G - Stock-Based Compensation - Stock Option Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Expected stock price volatility	58%	31%
Expected dividend yield	0%	0%
Risk free interest rate	4.55%	3.32%
Average expected life (in years) (Year)	1 year 6 months	1 year

Note G - Stock-based Compensa_6

Note G - Stock-based Compensation Plan - Stock Option Activity (Details) - USD ($)			12 Months Ended
	Dec. 31, 2022	Oct. 07, 2022	Dec. 31, 2023
Outstanding and exercisable, Number of Options Outstanding (in shares)	9,710	9,710	193,010
Outstanding and exercisable, Weighted Average Exercise Price (in dollars per share)	$ 13.1	$ 13.1	$ 34.9
Outstanding and exercisable, Weighted Average Grant Date Fair Value (in dollars per share)	$ 4.02	$ 4.02	$ 10.63
Outstanding and exercisable, Weighted Average Remaining Term (Year)	1 year 10 months 24 days	1 year 10 months 24 days	2 years 10 months 24 days
Outstanding and exercisable, Aggregate Intrinsic Value	$ 0	$ 0	$ 219,400
Granted, Number of Options Outstanding (in shares)			183,300
Granted, Weighted Average Exercise Price (in dollars per share)			$ 36.06
Granted, Weighted Average Grant Date Fair Value (in dollars per share)			$ 10.98

Note H - Employee Benefit Plan

Note H - Employee Benefit Plan (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	50%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	6%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 162,000	$ 89,000
Vesting After Second Year [Member]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage	20%
Vesting in Year Six [Member]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage	100%

Note J - Domestic and Foreign_3

Note J - Domestic and Foreign Revenues (Details Textual)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Geographic Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Minimum [Member] | Non-US [Member]
Concentration Risk, Percentage	10%	10%

Note J - Domestic and Foreign_4

Note J - Domestic and Foreign Revenues - Revenues From Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Revenues	$ 10,773	$ 10,888	$ 10,140	$ 9,367	$ 8,673	$ 8,417	$ 7,064	$ 7,691	$ 41,168	$ 31,845
MALAYSIA
Revenues									5,339	5,334
AUSTRALIA
Revenues									1,587	124
All Other Foreign Countries [Member]
Revenues									4,138	3,948
Non-US [Member]
Revenues									11,064	9,406
UNITED STATES
Revenues									$ 30,104	$ 22,439

Note K - Quarterly Financial _3

Note K - Quarterly Financial Data (Unaudited) - Summary of Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2023	Dec. 31, 2022
REVENUES	$ 10,773		$ 10,888		$ 10,140		$ 9,367		$ 8,673		$ 8,417		$ 7,064		$ 7,691		$ 41,168	$ 31,845
Manufacturing cost of sales	6,080		6,230		5,921		6,171		5,580		5,688		4,412		4,819		24,402	20,499
Engineering, selling and administrative	4,753		2,625		2,654		2,435		2,265		2,099		2,049		2,058		12,467	8,471
OPERATING INCOME (LOSS)	(60)		2,033		1,565		761		828		630		603		814		4,299	2,875
Interest income (expense), net	13		1		(5)		(2)		(5)		(1)		(2)		(3)		7	(11)
Other income (expense), net	100		12		22		(40)		(228)		(15)		(9)		(17)		94	(269)
Total other (expense) income, net	113		13		17		(42)		(233)		(16)		(11)		(20)		101	(280)
INCOME BEFORE INCOME TAXES	53		2,046		1,582		719		595		614		592		794		4,400	2,595
Income tax provision	(20)		460		305		166		405		111		106		175		911	797
Net income	$ 73		$ 1,586		$ 1,277		$ 553		$ 190		$ 503		$ 486		$ 619		$ 3,489	$ 1,798
Net Income per Basic Share (in dollars per share)	$ 0.03	[1]	$ 0.59	[1]	$ 0.47	[1]	$ 0.21	[1]	$ 0.07	[2],[3]	$ 0.19	[2],[3]	$ 0.18	[2],[3]	$ 0.23	[2],[3]	$ 1.29	$ 0.67
Net income per Dilutive Share (in dollars per share)	$ 0.03	[1],[4]	$ 0.57	[1],[4]	$ 0.47	[1],[4]	$ 0.2	[1],[4]									$ 1.28	$ 0.67
[1]Due to changes in stock prices during the year and timing of issuances of shares, the cumulative total of quarterly net income (loss) per share amounts may not equal the net income per share for the year.[2]Due to changes in stock prices during the year and timing of issuances of shares, the cumulative total of quarterly net income per share amounts may not equal the net income per share for the year.[3]For periods prior to the Separation, basic shares at the Separation date are being utilized for the calculation of basic and diluted net income per share. For additional information regarding the basic shares at the Separation date, see Note A. Description of Business, Basis of Presentation and Summary of Significant Accounting Policies, under “Earnings per Share”.[4]Due to changes in stock prices during the year and timing of issuances of shares, the cumulative total of quarterly net income (loss) per share amounts may not equal the net income per share for the year.