Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 10, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000061004 | |
Entity Registrant Name | LGL GROUP INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-00106 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 38-1799862 | |
Entity Address, Address Line One | 2525 Shader Rd. | |
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 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,352,937 | |
Warrant [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to Purchase Common Stock, par value $0.01 | |
Trading Symbol | LGL WS | |
Security Exchange Name | NYSEAMER | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | LGL | |
Security Exchange Name | NYSEAMER |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 40,314,000 | $ 21,507,000 |
Marketable securities | 25,000 | 16,585,000 |
Accounts receivable, net of reserves of $58 and $86, respectively | 373,000 | 543,000 |
Inventories, net | 226,000 | 265,000 |
Prepaid expenses and other current assets | 266,000 | 440,000 |
Total Current Assets | 41,204,000 | 39,340,000 |
Net property, plant, and equipment | 0 | 1,000 |
Right-of-use lease assets | 87,000 | 132,000 |
Intangible assets, net | 72,000 | 78,000 |
Deferred income tax assets | 216,000 | 234,000 |
Total Assets | 41,579,000 | 39,785,000 |
LIABILITIES AND EQUITY | ||
Common stock, $0.01 par value - 30,000,000 shares authorized; 5,434,521 shares issued and 5,352,937 shares outstanding at June 30, 2023 and December 31, 2022 | 53,000 | 53,000 |
Additional paid-in capital | 46,346,000 | 46,346,000 |
Retained earnings | (7,302,000) | (7,329,000) |
Treasury stock, 81,584 shares held in treasury at cost at June 30, 2023 and December 31, 2022 | (580,000) | (580,000) |
Stockholders' Equity | 38,517,000 | 38,490,000 |
Non-controlling interests | 1,872,000 | 0 |
Total Equity | 40,389,000 | 38,490,000 |
Total liabilities and equity | 41,579,000 | 39,785,000 |
Current Liabilities: | ||
Accounts payable | 58,000 | 310,000 |
Accrued compensation and commissions | 238,000 | 170,000 |
Income taxes payable | 0 | 1,000 |
Other accrued expenses | 207,000 | 106,000 |
Total Current Liabilities | 503,000 | 587,000 |
Other liabilities | 687,000 | 708,000 |
Total Liabilities | 1,190,000 | 1,295,000 |
Contingencies (Note M) |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 58 | $ 86 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 30,000,000 | 30,000,000 |
Common Stock, Shares, Issued (in shares) | 5,434,521 | 5,352,937 |
Common Stock, Shares, Outstanding (in shares) | 5,434,521 | 5,352,937 |
Treasury Stock, Common, Shares (in shares) | 81,584 | 81,584 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
REVENUES | $ 403 | $ 370 | $ 844 | $ 787 |
Costs and expenses: | ||||
Manufacturing cost of sales | 208 | 227 | 400 | 469 |
Engineering, selling and administrative | 633 | 623 | 1,191 | 1,645 |
OPERATING LOSS | (438) | (480) | (747) | (1,327) |
Other income (expense): | ||||
Interest income, net | 275 | 9 | 473 | 5 |
Investment income (loss) | 43 | (2,373) | 388 | (2,328) |
Other (expense) income, net | (12) | 1 | (24) | 2 |
Total other income (expense), net | 306 | (2,363) | 837 | (2,321) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (132) | (2,843) | 90 | (3,648) |
Income tax (benefit) expense | (2) | (588) | 63 | (754) |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | (130) | (2,255) | 27 | (2,894) |
Income from discontinued operations, net of tax | 0 | 457 | 0 | 1,265 |
NET (LOSS) INCOME | $ (130) | $ (1,798) | $ 27 | $ (1,629) |
Net (Loss) Income per Basic Share: | ||||
Continuing operations (in dollars per share) | $ (0.02) | $ (0.42) | $ 0.01 | $ (0.54) |
Discontinued operations (in dollars per share) | 0 | 0.08 | 0 | 0.23 |
Total Net (Loss) Income per Basic Share (in dollars per share) | (0.02) | (0.34) | 0.01 | (0.31) |
Net (Loss) Income per Diluted Share: | ||||
Continuing operations (in dollars per share) | (0.02) | (0.42) | 0.01 | (0.54) |
Discontinued operations (in dollars per share) | 0 | 0.08 | 0 | 0.23 |
Total Net (Loss) Income per Diluted Share (in dollars per share) | $ (0.02) | $ (0.34) | $ 0.01 | $ (0.31) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 5,352,937 | 5,334,187 | 5,352,937 | 5,329,080 |
Dilutive (in shares) | 5,352,937 | 5,334,187 | 5,352,937 | 5,329,080 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 5,308,973 | |||||
Balance at Dec. 31, 2021 | $ 53 | $ 45,817 | $ 9,453 | $ (580) | $ 0 | $ 54,743 |
Net income loss | $ 0 | 0 | 169 | 0 | 0 | 169 |
Stock-based compensation (in shares) | 0 | |||||
Stock-based compensation | $ 0 | 233 | 0 | 0 | 0 | 233 |
Balance (in shares) at Mar. 31, 2022 | 5,308,973 | |||||
Balance at Mar. 31, 2022 | $ 53 | 46,050 | 9,622 | (580) | 0 | 55,145 |
Net income loss | $ 0 | 0 | (1,798) | 0 | 0 | (1,798) |
Stock-based compensation (in shares) | 0 | |||||
Stock-based compensation | $ 0 | 70 | 0 | 0 | 0 | 70 |
Shares withheld to pay taxes | $ 0 | (50) | 0 | 0 | 0 | (50) |
Balance (in shares) at Jun. 30, 2022 | 5,308,973 | |||||
Balance at Jun. 30, 2022 | $ 53 | 46,070 | 7,824 | (580) | 0 | 53,367 |
Balance (in shares) at Dec. 31, 2022 | 5,349,187 | |||||
Balance at Dec. 31, 2022 | $ 53 | 46,346 | (7,329) | (580) | 0 | 38,490 |
Net income loss | $ 0 | 0 | 157 | 0 | 0 | 157 |
Stock-based compensation (in shares) | 3,750 | |||||
Stock-based compensation | $ 0 | 0 | 0 | 0 | 0 | 0 |
Balance (in shares) at Mar. 31, 2023 | 5,352,937 | |||||
Balance at Mar. 31, 2023 | $ 53 | 46,346 | (7,172) | (580) | 0 | 38,647 |
Net income loss | 0 | 0 | (130) | 0 | 0 | (130) |
Consolidation of non-controlling interests | $ 0 | 0 | 0 | 0 | 1,872 | 1,872 |
Balance (in shares) at Jun. 30, 2023 | 5,352,937 | |||||
Balance at Jun. 30, 2023 | $ 53 | $ 46,346 | $ (7,302) | $ (580) | $ 1,872 | $ 40,389 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 27 | $ (1,629) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation | 1 | 313 |
Amortization of finite-lived intangible assets | 6 | 38 |
Stock-based compensation | 0 | 303 |
Realized loss (gain) on sale of marketable securities | 4,316 | (112) |
Unrealized (loss) gain on marketable securities | (4,703) | 2,441 |
Deferred income taxes | 18 | (589) |
Changes in operating assets and liabilities: | ||
Decrease (increase) in accounts receivable, net | 170 | (44) |
Decrease (increase) in inventories, net | 39 | (880) |
Decrease in prepaid expenses and other assets | 185 | 168 |
Decrease in accounts payable, accrued compensation, income taxes and commissions and other | (68) | (896) |
Net cash used in operating activities | (9) | (887) |
INVESTING ACTIVITIES | ||
Capital expenditures | 0 | (395) |
Cash from consolidation of LGL Systems | 1,869 | 0 |
Proceeds from sale of marketable securities | 16,947 | 1,661 |
Purchase of marketable securities | 0 | (7,000) |
Net cash provided by (used in) investing activities | 18,816 | (5,734) |
FINANCING ACTIVITIES | ||
Payment for taxes related to net share settlement of equity awards | 0 | (50) |
Prepaid financing costs | 0 | (20) |
Net cash provided by financing activities | 0 | (70) |
Decrease in cash and cash equivalents | 18,807 | (6,691) |
Cash and cash equivalents at beginning of period | 21,507 | 29,016 |
Cash and cash equivalents at end of period | 40,314 | 22,325 |
Supplemental Disclosure: | ||
Income taxes paid | $ 134 | $ 735 |
Note A - Basis of Presentation
Note A - Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | A. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and the instructions to Form 10 three six June 30, 2023 not may December 31, 2023. 10 10 December 31, 2022 April 17, 2023. The Company was incorporated in 1928 2007, The Company’s manufacturing business is operated through its subsidiary Precise Time and Frequency, LLC ("PTF"). The Company has operations in Wakefield, Massachusetts. As part of our ongoing efforts developing our merchant investment segment, the Company took additional steps and solidified its role as the Managing Partner of a syndicated investment partnership. We have pursued opportunities for direct investing for control, direct investing as a minority with the ability to influence such as through Board representation and direct investing to build an industry platform to acquire and build along an industry vertical. Spin-Off of M-tron Industries, Inc. On October 7, 2022 The Separation was achieved through LGL’s distribution (the “Distribution”) of 100% of the shares of MtronPTI's common stock to holders of LGL's common stock as of the close of business on the record date of September 30, 2022. one first 2023, six June 30, 2023, three six June 30, 2022, The historical financial results of the MtronPTI business for periods prior to the distribution date along with the related direct costs of the Spin-Off are reflected in the Company’s condensed consolidated financial statements as discontinued operations. Unless otherwise noted, discussion in these Notes to Consolidated Financial Statements refers to our continuing operations. Refer to Note C – Discontinued Operations, for additional information regarding the discontinued operations. LGL believes that the spin-off of MtronPTI would enable shareholders to more clearly evaluate the performance and future potential of each entity on a standalone basis, while allowing each to pursue its own distinct business strategy and capital allocation policy. Separating MtronPTI as an independent, publicly owned company positions the business to increase value to both MtronPTI and LGL Group. The spin-off permits each company to tailor its strategic plans and growth opportunities, more efficiently raise and allocate resources, including capital raised through debt or equity offerings, flexibly use its own stock as currency for teammate incentive compensation and potential acquisitions and provide investors a more targeted investment opportunity. Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its majority-owned subsidiaries along with any variable interest entity (“VIE”) for which it has been determined to be the primary beneficiary. During June 2023, not not The Company consolidates entities in which the Company has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first A variable interest in a VIE is an investment that will absorb portions of the VIE’s expected losses and/or receive portions of the VIE’s expected residual returns. The Company’s variable interests in VIEs include limited membership interests and common equity. VIE Consolidation Analysis The enterprise with a controlling financial interest in a VIE is known as the primary beneficiary and consolidates the VIE. The Company determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: • Which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; • Which variable interest holder has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; • The VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; • The VIE’s capital structure; • The terms between the VIE and its variable interest holders and other parties involved with the VIE; and • Related-party relationships. The Company reassesses its evaluation of whether an entity is a VIE when certain reconsideration events occur. The Company reassesses its determination of whether it is the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. During June 2023, Equity-Method Investments: not 20% 50% 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 terms for customers are net due within 30 none 60 The Company provides disaggregated revenue details by geographic markets in Note K – 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. Impairment 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 We performed an assessment to determine if there were any indicators of impairment as a result of the operating conditions resulting at the end of the fiscal quarter ended June 30, 2023 not no Concentration Risks Our cash and cash equivalents are invested primarily in two June 30, 2023, no $250,000. Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments January 1, 2023, |
Note B - Non-controlling Intere
Note B - Non-controlling Interests | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | B. Non-Controlling Interests During June 2023, |
Note C - Discontinued Operation
Note C - Discontinued Operations | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | C. Discontinued Operations On October 7, 2022, 205 20, Presentation of Financial Statements - Discontinued Operations The following table summarizes the significant line items included in Income from Discontinued Operations, Net of Tax in the Consolidated Statements of Operations for three six June 30, 2022 Three Months Ended Six Months Ended June 30, 2022 June 30, 2022 Revenues $ 7,064 $ 14,755 Manufacturing cost of sales (4,412 ) (9,231 ) Engineering, selling and administrative (2,048 ) (3,852 ) Interest expense, net (2 ) (5 ) Other expense, net (9 ) (26 ) Income from discontinued operations before income taxes 593 1,641 Income tax provision 136 376 Income from discontinued operations, net of tax $ 457 $ 1,265 The cash flows related to discontinued operations have not Six Months Ended June 30, 2022 Depreciation $ 313 Amortization of finite-lived intangible assets $ 27 Stock-based compensation expense $ 287 Capital expenditures $ 395 |
Note D - Marketable Securities
Note D - Marketable Securities | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | D. Marketable Securities The Company accounts for equity securities under ASC 321. Details of marketable securities held at June 30, 2023 December 31, 2022 Cumulative Unrealized Fair Value Basis Loss June 30, 2023 Equity security 25 33 (8 ) $ 25 $ 33 $ (8 ) December 31, 2022 198,750 $ 46 $ 4,273 $ (4,227 ) Equity funds and other securities 16,539 17,024 (485 ) $ 16,585 $ 21,297 $ (4,712 ) The shares of IRNT common stock were received by the Company as a result of a distribution, with the basis of these securities being determined using the fair value on the date of distribution. |
Note E - Related Party Transact
Note E - Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | E. Related Party Transactions Certain balances held and invested in various mutual funds are managed by a related entity (the "Fund Manager"). Marc Gabelli, the Company’s non-executive Chairman of the Board, who is also a greater than 10% stockholder, serves as an executive officer of the Fund Manager. The brokerage and fund transactions in 2023 2022 As of June 30, 2023 As of December 31, 2022 Certain members of our board of directors (the “Board”), including Marc Gabelli, Timothy Foufas, Manjit Kalha and Michael Ferrantino, and three Transactions with M-tron Industries, Inc. LGL Group and MtronPTI entered into an Amended and Restated Transitional Administrative and Management Services Agreement, which sets out the terms for services to be provided between the two MtronPTI and LGL Group have agreed to share any excess Separation costs. Included in discontinued operations is an amount of $28,000 which represents 50% March 31, 2023. At June 30, 2023 December 31, 2022 Transactions with LGL Systems Acquisition Holdings, LLC. LGL Group invested $1 million into LGL Systems during June 2023 |
Note F - Fair Value Measurement
Note F - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | F. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value guidance identifies three The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three 1 3 Classification within the fair value hierarchy is based upon the objectivity of the inputs that are significant to the valuation of an asset or liability as of the measurement date. The three Level 1 Level 2 1 2 not Level 3 may Assets To estimate the market value of its cash and cash equivalents and marketable securities, the Company obtains current market pricing from quoted market sources or uses pricing for identical securities adjusted for liquidity, when applicable. Assets measured at fair value on a recurring basis are summarized below (in thousands). Level 1 Level 2 Level 3 Total at June 30, 2023 Equity Securities $ 25 $ — $ — $ 25 U.S. Treasury Mutual Funds $ 40,058 $ — $ — $ 40,058 Level 1 Level 2 Level 3 Total at December 31, 2022 Equity Securities $ 68 $ — $ — $ 68 Equity Mutual Fund $ — $ 16,294 $ — $ 16,294 Commodity Mutual Fund $ — $ 222 $ — $ 222 U.S. Treasury Mutual Funds $ 17,722 $ — $ — $ 17,722 As of June 30, 2023 December 31, 2022 four December 31, 2022 |
Note G - Inventories
Note G - Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | G. Inventories Inventories are valued at the lower of cost or net realizable value using the FIFO ( first first June 30, 2023 December 31, 2022 Inventories are comprised of the following (in thousands): June 30, 2023 December 31, 2022 Raw materials $ 218 $ 258 Work in process 8 7 Total Inventories, net $ 226 $ 265 |
Note H - Stock-Based Compensati
Note H - Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | H. Stock-Based Compensation Under the Company’s 2021 2011 In January 2023, six June 30, 2022 June 30, 2023 |
Note I - Earnings Per Share
Note I - Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | I. Earnings Per Share The Company computes earnings per share in accordance with ASC 260, Earnings Per Share For both the three six June 30, 2023 three six June 30, 2022 The following table reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding for the three six June 30, 2023 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Weighted average shares outstanding - basic 5,352,937 5,334,187 5,352,937 5,329,080 Effect of diluted securities — — — — Weighted average shares outstanding - diluted 5,352,937 5,334,187 5,352,937 5,329,080 |
Note J - Income Taxes
Note J - Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | J. Income Taxes The Company’s quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the period presented. To determine the annual effective tax rate, the Company estimates both the total income (loss) before income taxes for the full year and the jurisdictions in which that income (loss) is subject to tax. The actual effective tax rate for the full year may The effective tax rate on continuing operations for the six June 30, 2023 2022 |
Note K - Domestic and Foreign R
Note K - Domestic and Foreign Revenues | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | K. Domestic and Foreign Revenues The Company allocates its foreign revenue based on the customer's ship-to location. Significant foreign revenues from operations ( 10% Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Canada $ 47 $ 16 $ 90 $ 49 Spain 236 21 236 31 France 5 — 9 125 Romania — 55 — 90 All other foreign countries 69 25 76 67 Total foreign revenues $ 357 $ 117 $ 411 $ 362 Total domestic revenue $ 46 $ 253 $ 433 $ 425 |
Note L - Segment Information
Note L - Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | L. Segment Information The Company has identified two Income (loss) from operations is equal to revenues, interest income, and investment income (loss) less manufacturing cost of sales and engineering, selling and administrative expenses. Identifiable assets of the segments are those used in each of their respective operations. Total assets of $41,579,000 includes $22,925,000 for the merchant investment business, $1,221,000 for the electronic instruments business, and $17,353,000 for the holding company. Holding company represents general corporate assets which are principally cash and cash equivalents, short-term investments and certain other investments and receivables along with deferred tax balances. For the Three Months Ended June 30, 2023 For the Three Months Ended June 30, 2022 Electronic Instruments Merchant Investment Holding Company Consolidated Electronic Instruments Merchant Investment Holding Company Consolidated REVENUES $ 403 $ — $ — $ 403 $ 370 $ — $ — $ 370 Interest income, net — 255 20 275 — — 9 9 Investment income (loss) — — 43 43 — — (2,373 ) (2,373 ) Costs and expenses: Manufacturing cost of sales (208 ) — — (208 ) (227 ) — — (227 ) Engineering, selling and administrative (173 ) (88 ) (372 ) (633 ) (165 ) — (458 ) (623 ) Other expense, net — — (12 ) (12 ) — — 1 1 INCOME (LOSS) FROM OPERATIONS $ 22 $ 167 $ (321 ) $ (132 ) $ (22 ) $ — $ (2,821 ) $ (2,843 ) For the Six Months Ended June 30, 2023 For the Six Months Ended June 30, 2022 Electronic Instruments Merchant Investment Holding Company Consolidated Electronic Instruments Merchant Investment Holding Company Consolidated REVENUES $ 844 $ — $ — $ 844 $ 787 $ — $ — $ 787 Interest income, net — 255 218 473 — — 5 5 Investment income (loss) — — 388 388 — — (2,328 ) (2,328 ) Costs and expenses: Manufacturing cost of sales (400 ) — — (400 ) (469 ) — — (469 ) Engineering, selling and administrative (350 ) (88 ) (753 ) (1,191 ) (332 ) — (1,313 ) (1,645 ) Other expense, net — — (24 ) (24 ) — — 2 2 INCOME (LOSS) FROM OPERATIONS $ 94 $ 167 $ (171 ) $ 90 $ (14 ) $ — $ (3,634 ) $ (3,648 ) |
Note M - Contingencies
Note M - Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | M. Contingencies In the ordinary course of business, the Company and its subsidiaries may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its majority-owned subsidiaries along with any variable interest entity (“VIE”) for which it has been determined to be the primary beneficiary. During June 2023, not not The Company consolidates entities in which the Company has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first A variable interest in a VIE is an investment that will absorb portions of the VIE’s expected losses and/or receive portions of the VIE’s expected residual returns. The Company’s variable interests in VIEs include limited membership interests and common equity. VIE Consolidation Analysis The enterprise with a controlling financial interest in a VIE is known as the primary beneficiary and consolidates the VIE. The Company determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: • Which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; • Which variable interest holder has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; • The VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; • The VIE’s capital structure; • The terms between the VIE and its variable interest holders and other parties involved with the VIE; and • Related-party relationships. The Company reassesses its evaluation of whether an entity is a VIE when certain reconsideration events occur. The Company reassesses its determination of whether it is the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. During June 2023, Equity-Method Investments: not 20% 50% |
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 terms for customers are net due within 30 none 60 The Company provides disaggregated revenue details by geographic markets in Note K – 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. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment 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 We performed an assessment to determine if there were any indicators of impairment as a result of the operating conditions resulting at the end of the fiscal quarter ended June 30, 2023 not no |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration Risks Our cash and cash equivalents are invested primarily in two June 30, 2023, no $250,000. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments January 1, 2023, |
Note C - Discontinued Operati_2
Note C - Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended Six Months Ended June 30, 2022 June 30, 2022 Revenues $ 7,064 $ 14,755 Manufacturing cost of sales (4,412 ) (9,231 ) Engineering, selling and administrative (2,048 ) (3,852 ) Interest expense, net (2 ) (5 ) Other expense, net (9 ) (26 ) Income from discontinued operations before income taxes 593 1,641 Income tax provision 136 376 Income from discontinued operations, net of tax $ 457 $ 1,265 Six Months Ended June 30, 2022 Depreciation $ 313 Amortization of finite-lived intangible assets $ 27 Stock-based compensation expense $ 287 Capital expenditures $ 395 |
Note D - Marketable Securities
Note D - Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Marketable Securities [Table Text Block] | Cumulative Unrealized Fair Value Basis Loss June 30, 2023 Equity security 25 33 (8 ) $ 25 $ 33 $ (8 ) December 31, 2022 198,750 $ 46 $ 4,273 $ (4,227 ) Equity funds and other securities 16,539 17,024 (485 ) $ 16,585 $ 21,297 $ (4,712 ) |
Note F - Fair Value Measureme_2
Note F - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total at June 30, 2023 Equity Securities $ 25 $ — $ — $ 25 U.S. Treasury Mutual Funds $ 40,058 $ — $ — $ 40,058 Level 1 Level 2 Level 3 Total at December 31, 2022 Equity Securities $ 68 $ — $ — $ 68 Equity Mutual Fund $ — $ 16,294 $ — $ 16,294 Commodity Mutual Fund $ — $ 222 $ — $ 222 U.S. Treasury Mutual Funds $ 17,722 $ — $ — $ 17,722 |
Note G - Inventories (Tables)
Note G - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2023 December 31, 2022 Raw materials $ 218 $ 258 Work in process 8 7 Total Inventories, net $ 226 $ 265 |
Note I - Earnings Per Share (Ta
Note I - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Weighted average shares outstanding - basic 5,352,937 5,334,187 5,352,937 5,329,080 Effect of diluted securities — — — — Weighted average shares outstanding - diluted 5,352,937 5,334,187 5,352,937 5,329,080 |
Note K - Domestic and Foreign_2
Note K - Domestic and Foreign Revenues (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Canada $ 47 $ 16 $ 90 $ 49 Spain 236 21 236 31 France 5 — 9 125 Romania — 55 — 90 All other foreign countries 69 25 76 67 Total foreign revenues $ 357 $ 117 $ 411 $ 362 Total domestic revenue $ 46 $ 253 $ 433 $ 425 |
Note L - Segment Information (T
Note L - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Three Months Ended June 30, 2023 For the Three Months Ended June 30, 2022 Electronic Instruments Merchant Investment Holding Company Consolidated Electronic Instruments Merchant Investment Holding Company Consolidated REVENUES $ 403 $ — $ — $ 403 $ 370 $ — $ — $ 370 Interest income, net — 255 20 275 — — 9 9 Investment income (loss) — — 43 43 — — (2,373 ) (2,373 ) Costs and expenses: Manufacturing cost of sales (208 ) — — (208 ) (227 ) — — (227 ) Engineering, selling and administrative (173 ) (88 ) (372 ) (633 ) (165 ) — (458 ) (623 ) Other expense, net — — (12 ) (12 ) — — 1 1 INCOME (LOSS) FROM OPERATIONS $ 22 $ 167 $ (321 ) $ (132 ) $ (22 ) $ — $ (2,821 ) $ (2,843 ) For the Six Months Ended June 30, 2023 For the Six Months Ended June 30, 2022 Electronic Instruments Merchant Investment Holding Company Consolidated Electronic Instruments Merchant Investment Holding Company Consolidated REVENUES $ 844 $ — $ — $ 844 $ 787 $ — $ — $ 787 Interest income, net — 255 218 473 — — 5 5 Investment income (loss) — — 388 388 — — (2,328 ) (2,328 ) Costs and expenses: Manufacturing cost of sales (400 ) — — (400 ) (469 ) — — (469 ) Engineering, selling and administrative (350 ) (88 ) (753 ) (1,191 ) (332 ) — (1,313 ) (1,645 ) Other expense, net — — (24 ) (24 ) — — 2 2 INCOME (LOSS) FROM OPERATIONS $ 94 $ 167 $ (171 ) $ 90 $ (14 ) $ — $ (3,634 ) $ (3,648 ) |
Note A - Basis of Presentation
Note A - Basis of Presentation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Oct. 07, 2022 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Mtron Industries Inc [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0% | ||||
Spinoff [Member] | Mtron Industries Inc [Member] | |||||
Percentage of Shares Distribution Under Spinoff | 100% | ||||
Right to Receive Common Stock Share for Each Share (in shares) | 0.5 | ||||
Excess Separation Costs | $ 28,000 | $ 28,000 | |||
Spin Off Costs | $ 232,000 | $ 55,000 | $ 343,000 |
Note B - Non-controlling Inte_2
Note B - Non-controlling Interests (Details Textual) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Equity, Attributable to Noncontrolling Interest | $ 1,872,000 | $ 0 |
Lynch Capital [Member] | ||
Investment Owned, Balance, Principal Amount | 1,000,000 | |
LGL System [Member] | ||
Equity, Attributable to Noncontrolling Interest | $ 1,872,000 | |
LGL Nevada [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1% | |
LGL Nevada [Member] | ||
Investment Owned, Balance, Principal Amount | $ 4,000 |
Note C - Discontinued Operati_3
Note C - Discontinued Operations - Financial Statement Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | $ 7,064 | $ 14,755 | ||
Manufacturing cost of sales | (4,412) | (9,231) | ||
Engineering, selling and administrative | (2,048) | (3,852) | ||
Interest expense, net | (2) | (5) | ||
Other expense, net | (9) | (26) | ||
Income from discontinued operations before income taxes | 593 | 1,641 | ||
Income tax provision | 136 | 376 | ||
Income from discontinued operations, net of tax | $ 0 | $ 457 | $ 0 | 1,265 |
Depreciation | 313 | |||
Amortization of finite-lived intangible assets | 27 | |||
Stock-based compensation expense | 287 | |||
Capital expenditures | $ 395 |
Note D - Marketable Securitie_2
Note D - Marketable Securities - Details of Marketable Securities (Details) - Iron Net [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair value | $ 25 | |
Basis | 33 | |
Cumulative unrealized (loss) gain | (8) | |
Equity Funds And Other Securities [Member] | ||
Fair value | 25 | $ 16,539 |
Basis | 33 | 17,024 |
Cumulative unrealized (loss) gain | $ (8) | (485) |
Common Stock [Member] | ||
Fair value | 46 | |
Basis | 4,273 | |
Cumulative unrealized (loss) gain | $ (4,227) | |
Distribution of shares by sponsor (in shares) | 198,750 |
Note D - Marketable Securitie_3
Note D - Marketable Securities - Details of Marketable Securities (Details) (Parentheticals) | Dec. 31, 2022 shares |
Iron Net [Member] | Common Stock [Member] | |
Distribution of shares by sponsor (in shares) | 198,750 |
Note E - Related Party Transa_2
Note E - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 10% | |||
Assets under Management, Carrying Amount | $ 31,980,000 | $ 26,811,000 | ||
Fund Management Fee, Percent | 0.08% | |||
LGL System [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 35% | |||
Lynch Capital [Member] | ||||
Investment Owned, Balance, Principal Amount | $ 1,000,000 | |||
LGL System [Member] | Investment, Affiliated Issuer [Member] | ||||
Membership Interest Amount | 929,000 | |||
LGL System [Member] | Investment, Unaffiliated Issuer [Member] | ||||
Membership Interest Amount | 961,000 | |||
LGL System [Member] | ||||
Investment Owned, Balance, Principal Amount | 1,000,000 | |||
LGL System [Member] | Lynch Capital [Member] | ||||
Investment Owned, Balance, Principal Amount | 1,000,000 | |||
Mtron Industries Inc [Member] | Spinoff [Member] | ||||
Excess Separation Costs | $ 28,000 | 28,000 | ||
Mtron Industries Inc [Member] | ||||
Accounts Receivable, after Allowance for Credit Loss | 0 | $ 6,000 | ||
Mtron Industries Inc [Member] | Monthly Payment [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 4,000 | |||
Cash and Cash Equivalents [Member] | ||||
Assets under Management, Carrying Amount | 10,295,000 | |||
Marketable Securities [Member] | ||||
Assets under Management, Carrying Amount | $ 16,516,000 |
Note F - Fair Value Measureme_3
Note F - Fair Value Measurements (Details Textual) | Jun. 30, 2023 | Dec. 31, 2022 |
Number of Mutual Fund Investments | 2 | 4 |
Note F - Fair Value Measureme_4
Note F - Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Equity Securities [Member] | ||
Assets, Fair Value Disclosure | $ 25 | $ 68 |
U S Treasury Mutual Fund [Member] | ||
Assets, Fair Value Disclosure | 40,058 | 17,722 |
Equity Mutual Fund [Member] | ||
Assets, Fair Value Disclosure | 16,294 | |
Commodity Mutual Fund [Member] | ||
Assets, Fair Value Disclosure | 222 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Assets, Fair Value Disclosure | 25 | 68 |
Fair Value, Inputs, Level 1 [Member] | U S Treasury Mutual Fund [Member] | ||
Assets, Fair Value Disclosure | $ 40,058 | 17,722 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 2 [Member] | Equity Mutual Fund [Member] | ||
Assets, Fair Value Disclosure | 16,294 | |
Fair Value, Inputs, Level 2 [Member] | Commodity Mutual Fund [Member] | ||
Assets, Fair Value Disclosure | $ 222 |
Note G - Inventories (Details T
Note G - Inventories (Details Textual) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Valuation Reserves | $ 68,000 | $ 49,000 |
Note G - Inventories - Schedule
Note G - Inventories - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Raw materials | $ 218 | $ 258 |
Work in process | 8 | 7 |
Total Inventories, net | $ 226 | $ 265 |
Note H - Stock-Based Compensa_2
Note H - Stock-Based Compensation (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | ||
Restricted Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 3,750 | ||
Share-Based Payment Arrangement, Expense | $ 17,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 |
Note I - Earnings Per Share (De
Note I - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,051,664 | 1,051,664 | ||
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 25,000 | 25,000 | ||
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 56,283 | 56,283 |
Note I - Earnings Per Share - R
Note I - Earnings Per Share - Reconciliation of Basic to Diluted Weighted Average Shares Outstanding (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Basic (in shares) | 5,352,937 | 5,334,187 | 5,352,937 | 5,329,080 |
Effect of diluted securities (in shares) | 0 | 0 | 0 | 0 |
Dilutive (in shares) | 5,352,937 | 5,334,187 | 5,352,937 | 5,329,080 |
Note J - Income Taxes (Details
Note J - Income Taxes (Details Textual) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 70% | 20.70% |
Note K - Domestic and Foreign_3
Note K - Domestic and Foreign Revenues - Schedule of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
REVENUES | $ 403 | $ 370 | $ 844 | $ 787 |
CANADA | ||||
REVENUES | 47 | 16 | 90 | 49 |
SPAIN | ||||
REVENUES | 236 | 21 | 236 | 31 |
FRANCE | ||||
REVENUES | 5 | 0 | 9 | 125 |
ROMANIA | ||||
REVENUES | 0 | 55 | 0 | 90 |
All Other Foreign Countries [Member] | ||||
REVENUES | 69 | 25 | 76 | 67 |
Non-US [Member] | ||||
REVENUES | 357 | 117 | 411 | 362 |
UNITED STATES | ||||
REVENUES | $ 46 | $ 253 | $ 433 | $ 425 |
Note L - Segment Information (D
Note L - Segment Information (Details Textual) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | $ 41,579,000 | $ 39,785,000 |
Operating Segments [Member] | Merchant Investment [Member] | ||
Assets | 22,925,000 | |
Operating Segments [Member] | Electronic Instruments [Member] | ||
Assets | 1,221,000 | |
Corporate, Non-Segment [Member] | ||
Assets | $ 17,353,000 |
Note L - Segment Information -
Note L - Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
REVENUES | $ 403 | $ 370 | $ 844 | $ 787 |
Interest income, net | 275 | 9 | 473 | 5 |
Investment income (loss) | 43 | (2,373) | 388 | (2,328) |
Manufacturing cost of sales | (208) | (227) | (400) | (469) |
Engineering, selling and administrative | (633) | (623) | (1,191) | (1,645) |
Other expense, net | (12) | 1 | (24) | 2 |
INCOME (LOSS) FROM OPERATIONS | (132) | (2,843) | 90 | (3,648) |
Operating Segments [Member] | Electronic Instruments [Member] | ||||
REVENUES | 403 | 370 | 844 | 787 |
Interest income, net | 0 | 0 | 0 | 0 |
Investment income (loss) | 0 | 0 | 0 | 0 |
Manufacturing cost of sales | (208) | (227) | (400) | (469) |
Engineering, selling and administrative | (173) | (165) | (350) | (332) |
Other expense, net | 0 | 0 | 0 | 0 |
INCOME (LOSS) FROM OPERATIONS | 22 | (22) | 94 | (14) |
Operating Segments [Member] | Merchant Investment [Member] | ||||
REVENUES | 0 | 0 | 0 | 0 |
Interest income, net | 255 | 0 | 255 | 0 |
Investment income (loss) | 0 | 0 | 0 | 0 |
Manufacturing cost of sales | 0 | 0 | 0 | 0 |
Engineering, selling and administrative | (88) | 0 | (88) | 0 |
Other expense, net | 0 | 0 | 0 | 0 |
INCOME (LOSS) FROM OPERATIONS | 167 | 0 | 167 | 0 |
Corporate, Non-Segment [Member] | ||||
REVENUES | 0 | 0 | 0 | 0 |
Interest income, net | 20 | 9 | 218 | 5 |
Investment income (loss) | 43 | (2,373) | 388 | (2,328) |
Manufacturing cost of sales | 0 | 0 | 0 | 0 |
Engineering, selling and administrative | (372) | (458) | (753) | (1,313) |
Other expense, net | (12) | 1 | (24) | 2 |
INCOME (LOSS) FROM OPERATIONS | $ (321) | $ (2,821) | $ (171) | $ (3,634) |