Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 $0.01 | |
Trading Symbol | LGL | |
Security Exchange Name | NYSEAMER |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 40,871 | $ 40,711 |
Marketable securities | 19 | 22 |
Accounts receivable, net of reserves of $53 and $58, respectively | 269 | 356 |
Inventories, net | 213 | 204 |
Prepaid expenses and other current assets | 315 | 273 |
Total current assets | 41,687 | 41,566 |
Right-of-use lease assets | 61 | 75 |
Intangible assets, net | 52 | 57 |
Deferred income tax assets | 151 | 152 |
Total assets | 41,951 | 41,850 |
Current liabilities: | ||
Accounts payable | 235 | 93 |
Accrued compensation and commissions | 172 | 264 |
Income taxes payable | 14 | 41 |
Other accrued expenses | 95 | 76 |
Total current liabilities | 516 | 474 |
Other liabilities | 701 | 694 |
Total liabilities | 1,217 | 1,168 |
Stockholders' equity: | ||
Common stock ($0.01 par value; 30,000,000 shares authorized; 5,434,521 shares issued and 5,352,937 shares outstanding as of March 31, 2024 and December 31, 2023) | 53 | 53 |
Treasury stock, at cost (81,584 shares as of March 31, 2024 and December 31, 2023) | (580) | (580) |
Additional paid-in capital | 46,358 | 46,349 |
Accumulated deficit | (7,039) | (7,060) |
Total LGL Group stockholders' equity | 38,792 | 38,762 |
Non-controlling interests | 1,942 | 1,920 |
Total stockholders' equity | 40,734 | 40,682 |
Total liabilities and stockholders' equity | $ 41,951 | $ 41,850 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 53 | $ 58 |
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 | 5,434,521 |
Common Stock, Shares, Outstanding (in shares) | 5,352,937 | 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 | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Revenues: | |||
Net sales | $ 392 | $ 441 | |
Net investment income | 499 | 198 | |
Net (losses) gains | (3) | 345 | |
Total revenues | 888 | 984 | |
Expenses: | |||
Manufacturing cost of sales | 204 | 192 | |
Engineering, selling and administrative | 605 | 542 | |
Total expenses | 809 | 734 | |
Income from continuing operations before income taxes | 79 | 250 | |
Income tax expense | 36 | 65 | |
Net income from continuing operations | 43 | 185 | |
Income (loss) from discontinued operations, net of tax | 0 | (28) | |
Net income | 43 | 157 | |
Less: Net income attributable to non-controlling interests | 22 | 0 | |
Net income attributable to LGL Group common stockholders | $ 21 | $ 157 | |
Income (loss) per common share attributable to LGL Group common stockholders: | |||
Income from continuing operations (in dollars per share) | [1] | $ 0 | $ 0.03 |
Income (loss) from discontinued operations (in dollars per share) | [1] | 0 | (0.01) |
Net income attributable to LGL Group common stockholders (in dollars per share) | [1] | 0 | 0.03 |
Diluted (a): | |||
Income from continuing operations (in dollars per share) | [1] | 0 | 0.03 |
Income (loss) from discontinued operations (in dollars per share) | [1] | 0 | (0.01) |
Net income attributable to LGL Group common stockholders (in dollars per share) | [1] | $ 0 | $ 0.03 |
Weighted average shares outstanding: | |||
Basic (in shares) | 5,352,937 | 5,352,937 | |
Diluted (in shares) | 5,604,430 | 5,352,937 | |
[1]Basic and diluted earnings per share are calculated using actual, unrounded amounts. Therefore, the components of earnings per share may not sum to its corresponding total. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2022 | $ 53 | $ (580) | $ 46,346 | $ (7,329) | $ 38,490 | $ 0 | $ 38,490 |
Net income attributable to LGL Group or non-controlling interests | 0 | 0 | 0 | 157 | 157 | 0 | 157 |
Stock-based compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Balance at Mar. 31, 2023 | 53 | (580) | 46,346 | (7,172) | 38,647 | 0 | 38,647 |
Balance at Dec. 31, 2023 | 53 | (580) | 46,349 | (7,060) | 38,762 | 1,920 | 40,682 |
Net income attributable to LGL Group or non-controlling interests | 0 | 0 | 0 | 21 | 21 | 22 | 43 |
Stock-based compensation | 0 | 0 | 9 | 0 | 9 | 0 | 9 |
Balance at Mar. 31, 2024 | $ 53 | $ (580) | $ 46,358 | $ (7,039) | $ 38,792 | $ 1,942 | $ 40,734 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income attributable to LGL Group or non-controlling interests | $ 43 | $ 157 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Amortization of finite-lived intangible assets | 5 | 5 |
Stock-based compensation | 9 | 0 |
Realized loss on sale of marketable securities | 0 | 2,102 |
Unrealized loss (gain) on marketable securities | 3 | (2,447) |
Deferred income taxes | 23 | 28 |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable, net | 87 | 34 |
(Increase) decrease in inventories, net | (9) | 28 |
Increase in prepaid expenses and other assets | (42) | (111) |
Decrease in accounts payable, accrued compensation, income taxes and commissions and other | 41 | 154 |
Total adjustments | 117 | (207) |
Net cash provided by (used in) operating activities | 160 | (50) |
Cash flows from investing activities: | ||
Proceeds from sale of marketable securities | 0 | 43 |
Net cash provided by investing activities | 0 | 43 |
Increase (decrease) in cash and cash equivalents | 160 | (7) |
Cash and cash equivalents at beginning of period | 40,711 | 21,507 |
Cash and cash equivalents at end of period | 40,871 | 21,500 |
Supplemental Disclosure: | ||
Income taxes paid | $ 76 | $ 134 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. The LGL Group, Inc. is a holding company engaged in services, merchant investment, and manufacturing business activities. The Company was incorporated in 1928 2007. The Company’s manufacturing business is operated through its subsidiary Precise Time and Frequency, LLC ("PTF"), which has operations in Wakefield, Massachusetts. PTF is engaged in the design of high-performance Frequency and Time Reference Standards that form the basis for timing and synchronization in various applications. These unaudited Condensed Consolidated Financial Statements do not 10 December 31, 2023 2023 April 1, 2024 December 31, 2023 2023 The Condensed Consolidated Financial Statements include the accounts of The LGL Group, Inc., its majority-owned subsidiaries, and variable interest entities ("VIEs") of which we are the primary beneficiary. In the opinion of management, these Condensed Consolidated Financial Statements contain all adjustments (consisting of normal recurring adjustments, including eliminations of material intercompany accounts and transactions) considered necessary for a fair statement of the results presented herein. Operating results for the three March 31, 2024 not may December 31, 2024 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 2. During the three March 31, 2024 no 2023 For additional information, refer to Note 2 2023 Annual Report. Use of Estimates The preparation of financial statements in conformity with U.S. 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. 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 as of the periods ended March 31, 2024 December 31, 2023 not no Future Application of Accounting Standards Segment Reporting In November 2023, 2023 07, 280 2023 07" December 15, 2023, December 15, 2024, Income Taxes In December 2023, 2023 09, "Income Taxes (Topic 740 2023 09" December 15, 2024, |
Note 3 - Segment Information
Note 3 - Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. The Company has identified two reportable business segments: Electronic Instruments and Merchant Investment. These segments are consistent with the manner in which the chief operating decision maker reviews the business to assess performance and allocate resources. A brief description of each segment is below: The Electronic Instruments segment includes all products manufactured and sold by PTF. The Merchant Investment segment includes all activity produced by Lynch Capital International, LLC ("Lynch Capital"). The Company includes in Corporate the following corporate and business activities: • corporate level assets and financial obligations such as cash and cash equivalents invested in highly liquid U.S. Treasury money market funds and other marketable securities; • other items not • intercompany eliminations. The Electronic Instruments and Merchant Investment segments are allocated overhead expenses based on total assets. The following tables presents LGL Group's operations by segment: Three Months Ended March 31, 2024 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 392 $ — $ — $ 392 Net investment income — 289 210 499 Net (losses) gains — — (3 ) (3 ) Total revenues 392 289 207 888 Expenses: Manufacturing cost of sales 204 — — 204 Engineering, selling and administrative 186 49 370 605 Total expenses 390 49 370 809 Income (loss) from continuing operations before income taxes 2 240 (163 ) 79 Income tax expense — — 36 36 Net income (loss) from continuing operations 2 240 (199 ) 43 Income (loss) from discontinued operations, net of tax — — — — Net income 2 240 (199 ) 43 Less: Net income attributable to non-controlling interests — 22 — 22 Net income (loss) attributable to LGL Group common stockholders $ 2 $ 218 $ (199 ) $ 21 Three Months Ended March 31, 2023 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 441 $ — $ — $ 441 Net investment income — — 198 198 Net (losses) gains — — 345 345 Total revenues 441 — 543 984 Expenses: Manufacturing cost of sales 192 — — 192 Engineering, selling and administrative 177 — 365 542 Total expenses 369 — 365 734 Income (loss) from continuing operations before income taxes 72 — 178 250 Income tax expense — — 65 65 Net income (loss) from continuing operations 72 — 113 185 Income (loss) from discontinued operations, net of tax — — (28 ) (28 ) Net income 72 — 85 157 Less: Net income attributable to non-controlling interests — — — — Net income (loss) attributable to LGL Group common stockholders $ 72 $ — $ 85 $ 157 The following table presents LGL Group's identifiable assets by segment: March 31, 2024 December 31, 2023 Electronic Instruments $ 710 $ 843 Merchant Investment 23,819 23,530 Corporate 17,422 17,477 Total $ 41,951 $ 41,850 The Company did not March 31, 2024 December 31, 2023 |
Note 4 - Investments
Note 4 - Investments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Marketable Securities Details of marketable securities held as of March 31, 2024 December 31, 2023 March 31, 2024 Cumulative Unrealized Fair Value Basis (Loss) Gain Equity securities $ 19 $ 34 $ (15 ) Total $ 19 $ 34 $ (15 ) December 31, 2023 Cumulative Unrealized Fair Value Basis (Loss) Gain Equity securities $ 22 $ 34 $ (12 ) Total $ 22 $ 34 $ (12 ) Net Investment Income Net investment income represents income primarily from the following sources: • Income earned from investments in money market funds (recorded in Cash and cash equivalents) • Dividends received from Marketable securities • Income from unconsolidated or equity method investments The following table presents the components of Net investment income: Three Months Ended March 31, 2024 2023 Interest on cash and cash equivalents $ 499 $ 198 Net investment income $ 499 $ 198 Net Gains (Losses) Net gains and losses are determined by specific identification. The net realized gains and losses are generated primarily from the following sources: • Realized gains and losses from investments in Marketable securities • Changes in the fair value of investments in Marketable securities • Change in the fair value of derivatives The following table presents the components of Net gains (losses): Three Months Ended March 31, 2024 2023 Marketable securities $ (3 ) $ 345 Net (losses) gains $ (3 ) $ 345 |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. 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 Fair Value Hierarchy 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 The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to asset and liabilities across the levels discussed above, and the observability of the inputs used determines the appropriate level in the fair value hierarchy for the respective asset or liability. Valuation Methodologies of Financial Instruments Measured at Fair Value Cash and cash equivalents Equity securities Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents information about assets measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of inputs used: March 31, 2024 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 40,580 $ — $ — $ 40,580 Marketable securities: Equity securities 19 — — 19 Total marketable securities 19 — — 19 Total $ 40,599 $ — $ — $ 40,599 December 31, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 40,229 $ — $ — $ 40,229 Marketable securities: Equity securities 22 — — 22 Total marketable securities 22 — — 22 Total $ 40,251 $ — $ — $ 40,251 (a) As of March 31, 2024 December 31, 2023 There were no liabilities subject to fair value on a recurring basis as of March 31, 2024 December 31, 2023 Fair Value Measurements on a Non-Recurring Basis The Company has other assets that may may not 10 As of March 31, 2024 December 31, 2023 not Fair Value Information about Financial Instruments Not As of March 31, 2024 December 31, 2023 not |
Note 6 - Variable Interest Enti
Note 6 - Variable Interest Entities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 6. The Company holds variable interests in certain entities in the form of equity investments. The Company consolidates an entity under the variable interest entity ("VIE") guidance when it is determined the Company is the primary beneficiary. The Company has no not During June 2023, Consolidated VIEs The Company's only consolidated VIE is LGL Systems. The following table summarizes the assets and liabilities of LGL Systems included in the Condensed Consolidated Balance Sheets: March 31, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents $ 2,980 $ 2,932 Accounts receivable 14 14 Total current assets 2,994 2,946 Total assets $ 2,994 $ 2,946 Total liabilities $ — $ — As of March 31, 2024 December 31, 2023 Unconsolidated VIEs The Company's only unconsolidated VIE is LGL Nevada. We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE and (ii) other commitments and guarantees to the VIE. March 31, 2024 December 31, 2023 Total assets $ 591 $ 588 Maximum exposure to loss: On-balance sheet (a) 3 3 Off-balance sheet (b) — — Total $ 3 $ 3 (a) As of March 31, 2024 December 31, 2023 (b) This amount represents our remaining unfunded commitment to LGL Nevada. LGL Systems Nevada Management Partners LLC LGL Nevada was formed in October 2019 four two |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 7. In the normal course of business, the Company enters into various transactions with affiliated companies. Parties are considered to be related of one The following table summarizes income and expenses from transactions with related parties for the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Income Expense Income Expense GAMCO Investors, Inc. $ 408 $ — $ 434 $ — M-tron Industries, Inc. — (14 ) — (16 ) Total $ 408 $ (14 ) $ 434 $ (16 ) The following table summarizes assets and liabilities with related parties as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Assets Liabilities Assets Liabilities GAMCO Investors, Inc. $ 32,977 $ — $ 32,568 $ — M-tron Industries, Inc. 5 — — — Total $ 32,982 $ — $ 32,568 $ — The material agreements whereby the Company generates revenues and expenses with affiliated entities are discussed below: Investment Activity with GAMCO Investors, Inc. Certain balances held and invested in various mutual funds are managed or advised by GAMCO Investors, Inc. or one three March 31, 2024 2023 not As of March 31, 2024 December 31, 2023 For the three March 31, 2024 three March 31, 2023 Transactions with M-tron Industries, Inc. Transitional Administrative and Management Services Agreement On October 7, 2022, September 30, 2022, LGL Group and MtronPTI entered into an Amended and Restated Transitional Administrative and Management Services Agreement ("MtronPTI TSA"), which sets out the terms for services to be provided between the two For the three March 31, 2024 2023 Tax Indemnity and Sharing Agreement LGL Group and MtronPTI entered into a Tax Indemnity and Sharing Agreement ("MtronPTI Tax Agreement"), which sets out the terms for which party would be responsible for taxes imposed on the Company if the distribution, together with certain related transactions, were to fail to qualify as a tax-free transaction under Internal Revenue Code ("IRC") Sections 355 368 1 For the three March 31, 2024 2023 Other Transactions MtronPTI and LGL Group have agreed to share salaries and benefits related to certain employees incurred by the Company. For the three March 31, 2024 50% MtronPTI and LGL Group have agreed to share any excess Separation costs. Included in discontinued operations is $28, which represents 50% March 31, 2023. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. 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 three March 31, 2024 2023 |
Note 9 - Stock-Based Compensati
Note 9 - Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 9. Under the Company’s 2021 2011 may March 31, 2024 The following table summarizes stock-based compensation expense, which includes expenses related to awards granted under the Plan for the periods indicated: Three Months Ended March 31, 2024 2023 Restricted stock awards $ 9 $ — Total $ 9 $ — Restricted Stock Awards The following table summarizes restricted stock awards activity for the period indicated: Number of Shares Weighted Average Grant Date Fair Value Aggregate Grant Date Fair Value Balance as of December 31, 2023 20,118 $ 5.22 $ 105 Granted — — — Vested — — — Canceled — — — Balance as of March 31, 2024 20,118 $ 5.22 $ 105 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 10. Shares Outstanding The following table presents a rollforward of outstanding shares for the periods indicated: Three Months Ended March 31, 2024 Year Ended December 31, 2023 Common Stock Issued Held in Treasury Common Stock Outstanding Common Stock Issued Held in Treasury Common Stock Outstanding Shares, beginning of year 5,454,639 (81,584 ) 5,373,055 5,434,521 (81,584 ) 5,352,937 Stock-based compensation — 20,118 — 20,118 Shares, end of period 5,454,639 (81,584 ) 5,373,055 5,454,639 (81,584 ) 5,373,055 |
Note 11 - Earnings Per Share ("
Note 11 - Earnings Per Share ("EPS") | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. The following table presents a reconciliation of Net income (loss) and shares used in calculating basis and diluted net income (loss) per common share for the periods indicated: Three Months Ended March 31, 2024 2023 Numerator for EPS: Income from continuing operations $ 43 $ 185 Less: Net income from continuing operations attributable to non-controlling interests 22 — Income attributable to LGL Group common shareholders from continuing operations 21 185 Income from discontinued operations, net of tax — (28 ) Net income attributable to LGL Group common stockholders $ 21 $ 157 Denominator for EPS: Weighted average common shares outstanding - basic 5,352,937 5,352,937 Dilutive effects (a) Warrants 246,422 — Restricted stock 5,071 — Weighted average common shares outstanding - diluted 5,604,430 5,352,937 Income per common share attributable to LGL Group common stockholders: Basic (b) Income from continuing operations $ 0.00 $ 0.03 Income from discontinued operations — (0.01 ) Net income attributable to LGL Group common stockholders $ 0.00 $ 0.03 Diluted (b) Income from continuing operations $ 0.00 $ 0.03 Income from discontinued operations — (0.01 ) Net income attributable to LGL Group common stockholders $ 0.00 $ 0.03 (a) For the three March 31, 2023 (b) Basic and diluted earnings per share are calculated using actual, unrounded amounts. Therefore, the components of earnings per share may not |
Note 12 - Contingencies
Note 12 - Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. In the normal course of business, the Company and its subsidiaries may not none |
Note 13 - Other Financial State
Note 13 - Other Financial Statement Information | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 13. Inventories, Net 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 components of inventory as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Raw materials $ 279 $ 271 Work in process 14 9 Total gross inventory 293 280 Reserve for excess and obsolete inventory (80 ) (76 ) Inventories, net $ 213 $ 204 Intangible Assets, Net The components of intangible assets as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Intellectual property $ 214 $ 214 Gross intangible assets 214 214 Less: Accumulated amortization (162 ) (157 ) Intangible assets, net $ 52 $ 57 |
Note 14 - Domestic and Foreign
Note 14 - Domestic and Foreign Revenues | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 14. Significant foreign revenues from operations ( 10% Three Months Ended March 31, 2024 2023 Romania $ 94 $ — India 84 23 Spain 48 — Canada 1 43 All other foreign countries 32 11 Total foreign revenues $ 259 $ 77 Total domestic revenue $ 133 $ 364 The Company allocates its foreign revenue based on the customer's ship-to location. |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. The Company has evaluated events and transactions that occurred after the balance sheet data through the date that the Condensed Consolidated Financial Statements were issued. Based upon this review, the Company did not |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Other Information During the three March 31, 2024 none 16 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. 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. |
Impairment or Disposal of Long-Lived 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 as of the periods ended March 31, 2024 December 31, 2023 not no |
New Accounting Pronouncements, Policy [Policy Text Block] | Future Application of Accounting Standards Segment Reporting In November 2023, 2023 07, 280 2023 07" December 15, 2023, December 15, 2024, Income Taxes In December 2023, 2023 09, "Income Taxes (Topic 740 2023 09" December 15, 2024, |
Note 3 - Segment Information (T
Note 3 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2024 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 392 $ — $ — $ 392 Net investment income — 289 210 499 Net (losses) gains — — (3 ) (3 ) Total revenues 392 289 207 888 Expenses: Manufacturing cost of sales 204 — — 204 Engineering, selling and administrative 186 49 370 605 Total expenses 390 49 370 809 Income (loss) from continuing operations before income taxes 2 240 (163 ) 79 Income tax expense — — 36 36 Net income (loss) from continuing operations 2 240 (199 ) 43 Income (loss) from discontinued operations, net of tax — — — — Net income 2 240 (199 ) 43 Less: Net income attributable to non-controlling interests — 22 — 22 Net income (loss) attributable to LGL Group common stockholders $ 2 $ 218 $ (199 ) $ 21 Three Months Ended March 31, 2023 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 441 $ — $ — $ 441 Net investment income — — 198 198 Net (losses) gains — — 345 345 Total revenues 441 — 543 984 Expenses: Manufacturing cost of sales 192 — — 192 Engineering, selling and administrative 177 — 365 542 Total expenses 369 — 365 734 Income (loss) from continuing operations before income taxes 72 — 178 250 Income tax expense — — 65 65 Net income (loss) from continuing operations 72 — 113 185 Income (loss) from discontinued operations, net of tax — — (28 ) (28 ) Net income 72 — 85 157 Less: Net income attributable to non-controlling interests — — — — Net income (loss) attributable to LGL Group common stockholders $ 72 $ — $ 85 $ 157 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, 2024 December 31, 2023 Electronic Instruments $ 710 $ 843 Merchant Investment 23,819 23,530 Corporate 17,422 17,477 Total $ 41,951 $ 41,850 |
Note 4 - Investments (Tables)
Note 4 - Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Marketable Securities [Table Text Block] | March 31, 2024 Cumulative Unrealized Fair Value Basis (Loss) Gain Equity securities $ 19 $ 34 $ (15 ) Total $ 19 $ 34 $ (15 ) December 31, 2023 Cumulative Unrealized Fair Value Basis (Loss) Gain Equity securities $ 22 $ 34 $ (12 ) Total $ 22 $ 34 $ (12 ) |
Investment Income [Table Text Block] | Three Months Ended March 31, 2024 2023 Interest on cash and cash equivalents $ 499 $ 198 Net investment income $ 499 $ 198 |
Gain (Loss) on Securities [Table Text Block] | Three Months Ended March 31, 2024 2023 Marketable securities $ (3 ) $ 345 Net (losses) gains $ (3 ) $ 345 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | March 31, 2024 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 40,580 $ — $ — $ 40,580 Marketable securities: Equity securities 19 — — 19 Total marketable securities 19 — — 19 Total $ 40,599 $ — $ — $ 40,599 December 31, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 40,229 $ — $ — $ 40,229 Marketable securities: Equity securities 22 — — 22 Total marketable securities 22 — — 22 Total $ 40,251 $ — $ — $ 40,251 |
Note 6 - Variable Interest En_2
Note 6 - Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | March 31, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents $ 2,980 $ 2,932 Accounts receivable 14 14 Total current assets 2,994 2,946 Total assets $ 2,994 $ 2,946 Total liabilities $ — $ — March 31, 2024 December 31, 2023 Total assets $ 591 $ 588 Maximum exposure to loss: On-balance sheet (a) 3 3 Off-balance sheet (b) — — Total $ 3 $ 3 |
Note 7 - Related Party Transa_2
Note 7 - Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Three Months Ended March 31, 2024 2023 Income Expense Income Expense GAMCO Investors, Inc. $ 408 $ — $ 434 $ — M-tron Industries, Inc. — (14 ) — (16 ) Total $ 408 $ (14 ) $ 434 $ (16 ) March 31, 2024 December 31, 2023 Assets Liabilities Assets Liabilities GAMCO Investors, Inc. $ 32,977 $ — $ 32,568 $ — M-tron Industries, Inc. 5 — — — Total $ 32,982 $ — $ 32,568 $ — |
Note 9 - Stock-Based Compensa_2
Note 9 - Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2024 2023 Restricted stock awards $ 9 $ — Total $ 9 $ — |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Aggregate Grant Date Fair Value Balance as of December 31, 2023 20,118 $ 5.22 $ 105 Granted — — — Vested — — — Canceled — — — Balance as of March 31, 2024 20,118 $ 5.22 $ 105 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Three Months Ended March 31, 2024 Year Ended December 31, 2023 Common Stock Issued Held in Treasury Common Stock Outstanding Common Stock Issued Held in Treasury Common Stock Outstanding Shares, beginning of year 5,454,639 (81,584 ) 5,373,055 5,434,521 (81,584 ) 5,352,937 Stock-based compensation — 20,118 — 20,118 Shares, end of period 5,454,639 (81,584 ) 5,373,055 5,454,639 (81,584 ) 5,373,055 |
Note 11 - Earnings Per Share _2
Note 11 - Earnings Per Share ("EPS") (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended March 31, 2024 2023 Numerator for EPS: Income from continuing operations $ 43 $ 185 Less: Net income from continuing operations attributable to non-controlling interests 22 — Income attributable to LGL Group common shareholders from continuing operations 21 185 Income from discontinued operations, net of tax — (28 ) Net income attributable to LGL Group common stockholders $ 21 $ 157 Denominator for EPS: Weighted average common shares outstanding - basic 5,352,937 5,352,937 Dilutive effects (a) Warrants 246,422 — Restricted stock 5,071 — Weighted average common shares outstanding - diluted 5,604,430 5,352,937 Income per common share attributable to LGL Group common stockholders: Basic (b) Income from continuing operations $ 0.00 $ 0.03 Income from discontinued operations — (0.01 ) Net income attributable to LGL Group common stockholders $ 0.00 $ 0.03 Diluted (b) Income from continuing operations $ 0.00 $ 0.03 Income from discontinued operations — (0.01 ) Net income attributable to LGL Group common stockholders $ 0.00 $ 0.03 |
Note 13 - Other Financial Sta_2
Note 13 - Other Financial Statement Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2024 December 31, 2023 Raw materials $ 279 $ 271 Work in process 14 9 Total gross inventory 293 280 Reserve for excess and obsolete inventory (80 ) (76 ) Inventories, net $ 213 $ 204 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2024 December 31, 2023 Intellectual property $ 214 $ 214 Gross intangible assets 214 214 Less: Accumulated amortization (162 ) (157 ) Intangible assets, net $ 52 $ 57 |
Note 14 - Domestic and Foreig_2
Note 14 - Domestic and Foreign Revenues (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended March 31, 2024 2023 Romania $ 94 $ — India 84 23 Spain 48 — Canada 1 43 All other foreign countries 32 11 Total foreign revenues $ 259 $ 77 Total domestic revenue $ 133 $ 364 |
Note 3 - Segment Information (D
Note 3 - Segment Information (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Number of Reportable Segments | 2 | |
Segment, Expenditure, Addition to Long-Lived Assets | $ 0 | $ 0 |
Note 3 - Segment Information -
Note 3 - Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Net sales | $ 392 | $ 441 |
Net investment income | 499 | 198 |
Net (losses) gains | (3) | 345 |
Total revenues | 888 | 984 |
Expenses: | ||
Manufacturing cost of sales | 204 | 192 |
Engineering, selling and administrative | 605 | 542 |
Total expenses | 809 | 734 |
Income (loss) from continuing operations before income taxes | 79 | 250 |
Income tax expense | 36 | 65 |
Net income (loss) from continuing operations | 43 | 185 |
Income (loss) from discontinued operations, net of tax | 0 | (28) |
Net income attributable to LGL Group or non-controlling interests | 43 | 157 |
Less: Net income attributable to non-controlling interests | 22 | 0 |
Net income (loss) attributable to LGL Group common stockholders | 21 | 157 |
Operating Segments [Member] | Electronic Instruments [Member] | ||
Revenues: | ||
Net sales | 392 | 441 |
Net investment income | 0 | 0 |
Net (losses) gains | 0 | 0 |
Total revenues | 392 | 441 |
Expenses: | ||
Manufacturing cost of sales | 204 | 192 |
Engineering, selling and administrative | 186 | 177 |
Total expenses | 390 | 369 |
Income (loss) from continuing operations before income taxes | 2 | 72 |
Income tax expense | 0 | 0 |
Net income (loss) from continuing operations | 2 | 72 |
Income (loss) from discontinued operations, net of tax | 0 | 0 |
Net income attributable to LGL Group or non-controlling interests | 2 | 72 |
Less: Net income attributable to non-controlling interests | 0 | 0 |
Net income (loss) attributable to LGL Group common stockholders | 2 | 72 |
Operating Segments [Member] | Merchant Investment [Member] | ||
Revenues: | ||
Net sales | 0 | 0 |
Net investment income | 289 | 0 |
Net (losses) gains | 0 | 0 |
Total revenues | 289 | 0 |
Expenses: | ||
Manufacturing cost of sales | 0 | 0 |
Engineering, selling and administrative | 49 | 0 |
Total expenses | 49 | 0 |
Income (loss) from continuing operations before income taxes | 240 | 0 |
Income tax expense | 0 | 0 |
Net income (loss) from continuing operations | 240 | 0 |
Income (loss) from discontinued operations, net of tax | 0 | 0 |
Net income attributable to LGL Group or non-controlling interests | 240 | 0 |
Less: Net income attributable to non-controlling interests | 22 | 0 |
Net income (loss) attributable to LGL Group common stockholders | 218 | 0 |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||
Revenues: | ||
Net sales | 0 | 0 |
Net investment income | 210 | 198 |
Net (losses) gains | (3) | 345 |
Total revenues | 207 | 543 |
Expenses: | ||
Manufacturing cost of sales | 0 | 0 |
Engineering, selling and administrative | 370 | 365 |
Total expenses | 370 | 365 |
Income (loss) from continuing operations before income taxes | (163) | 178 |
Income tax expense | 36 | 65 |
Net income (loss) from continuing operations | (199) | 113 |
Income (loss) from discontinued operations, net of tax | 0 | (28) |
Net income attributable to LGL Group or non-controlling interests | (199) | 85 |
Less: Net income attributable to non-controlling interests | 0 | 0 |
Net income (loss) attributable to LGL Group common stockholders | $ (199) | $ 85 |
Note 3 - Segment Information _2
Note 3 - Segment Information - Assets and Capital Expenditures (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | $ 41,951 | $ 41,850 |
Operating Segments [Member] | Electronic Instruments [Member] | ||
Assets | 710 | 843 |
Operating Segments [Member] | Merchant Investment [Member] | ||
Assets | 23,819 | 23,530 |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||
Assets | $ 17,422 | $ 17,477 |
Note 4 - Investments - Details
Note 4 - Investments - Details of Marketable Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair value | $ 19 | $ 22 |
Basis | 34 | 34 |
Cumulative unrealized (loss) gain | (15) | (12) |
Equity Securities [Member] | ||
Fair value | 19 | 22 |
Basis | 34 | 34 |
Cumulative unrealized (loss) gain | $ (15) | $ (12) |
Note 4 - Investments - Net Inve
Note 4 - Investments - Net Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest on cash and cash equivalents | $ 499 | $ 198 |
Net investment income | $ 499 | $ 198 |
Note 4 - Investments - Net Gain
Note 4 - Investments - Net Gain (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Marketable securities | $ (3) | $ 345 |
Net (losses) gains | $ (3) | $ 345 |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Asset Impairment Charges | $ 0 | $ 0 |
Fair Value, Recurring [Member] | ||
Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Note 5 - Fair Value Measureme_4
Note 5 - Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Assets, Fair Value Disclosure | $ 40,599 | $ 40,251 | |
Cash and Cash Equivalents [Member] | |||
Assets, Fair Value Disclosure | [1] | 40,580 | 40,229 |
Equity Securities [Member] | |||
Assets, Fair Value Disclosure | 19 | 22 | |
Marketable Securities [Member] | |||
Assets, Fair Value Disclosure | 19 | 22 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure | 40,599 | 40,251 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Assets, Fair Value Disclosure | [1] | 40,580 | 40,229 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | |||
Assets, Fair Value Disclosure | 19 | 22 | |
Fair Value, Inputs, Level 1 [Member] | Marketable Securities [Member] | |||
Assets, Fair Value Disclosure | 19 | 22 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Assets, Fair Value Disclosure | [1] | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Marketable Securities [Member] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Assets, Fair Value Disclosure | [1] | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Marketable Securities [Member] | |||
Assets, Fair Value Disclosure | $ 0 | $ 0 | |
[1]As of March 31, 2024 and December 31, 2023, included investments in money market mutual funds managed or advised by GAMCO Investors, Inc. |
Note 6 - Variable Interest En_3
Note 6 - Variable Interest Entities (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Oct. 31, 2019 | |
Equity, Attributable to Noncontrolling Interest | $ 1,942 | $ 1,920 | ||
LGL System [Member] | ||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 99% | |||
LGL System [Member] | ||||
Equity, Attributable to Noncontrolling Interest | $ 1,942 | $ 1,920 | ||
Lynch Capital [Member] | LGL Nevada [Member] | ||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 4 | |||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 1% | |||
Lynch Capital [Member] | LGL System [Member] | ||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 1,000 | |||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 34.80% |
Note 6 - Variable Interest En_4
Note 6 - Variable Interest Entities - VIEs (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Cash and cash equivalents | $ 40,871 | $ 40,711 | |
Accounts receivable, net of reserves of $53 and $58, respectively | 269 | 356 | |
Total current assets | 41,687 | 41,566 | |
Total assets | 41,951 | 41,850 | |
Total liabilities | 1,217 | 1,168 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Cash and cash equivalents | 2,980 | 2,932 | |
Accounts receivable, net of reserves of $53 and $58, respectively | 14 | 14 | |
Total current assets | 2,994 | 2,946 | |
Total assets | 2,994 | 2,946 | |
Total liabilities | 0 | 0 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Total assets | 591 | 588 | |
On-balance sheet (a) | [1] | 3 | 3 |
Off-balance sheet (b) | [2] | 0 | 0 |
Total | $ 3 | $ 3 | |
[1]As of March 31, 2024 and December 31, 2023, our investment in LGL Nevada was recorded in Other assets in the Condensed Consolidated Balance Sheets.[2]This amount represents our remaining unfunded commitments to LGL Nevada. |
Note 7 - Related Party Transa_3
Note 7 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | |||
Mar. 03, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Oct. 07, 2022 | |
Investment Income, Net | $ 499 | $ 198 | |||
Gain (Loss) on Investments | (3) | 345 | |||
Income Taxes Paid | $ 76 | $ 134 | |||
GAMCO Investors, Inc. [Member] | |||||
Investment Expense Rate | 0.08% | 0.40% | |||
Funds Invested in Mutual Funds | $ 32,977 | $ 32,568 | |||
Income From Mutual Funds | $ 408 | $ 434 | |||
Investment Income, Net | 121 | ||||
Gain (Loss) on Investments | 313 | ||||
MtronPTI [Member] | |||||
Percentage of Shares Distribution Under Spinoff | 100% | ||||
Salaries and Benefits Reimbursed | 26 | ||||
Excess Separation Costs | 28 | ||||
MtronPTI [Member] | Transitional Administrative and Management Services Agreement [Member] | |||||
Monthly Payment | 4 | ||||
Related Party Transaction, Amounts of Transaction | 12 | 12 | |||
MtronPTI [Member] | Tax Indemnity and Sharing Agreement [Member] | |||||
Income Taxes Paid | $ 0 | $ 0 |
Note 7 - Related Party Transa_4
Note 7 - Related Party Transactions - Transactions With Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Income | $ 888 | $ 984 | |
Expense | (809) | (734) | |
Assets | 41,951 | $ 41,850 | |
Liabilities | 1,217 | 1,168 | |
GAMCO Investors, Inc. [Member] | |||
Income | 408 | 434 | |
Expense | 0 | 0 | |
Assets | 32,977 | 32,568 | |
Liabilities | 0 | 0 | |
Mtron Industries Inc [Member] | |||
Income | 0 | 0 | |
Expense | (14) | (16) | |
Assets | 5 | 0 | |
Liabilities | 0 | 0 | |
Related Party [Member] | |||
Income | 408 | 434 | |
Expense | (14) | $ (16) | |
Assets | 32,982 | 32,568 | |
Liabilities | $ 0 | $ 0 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 46.20% | 29.30% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Note 9 - Stock-Based Compensa_3
Note 9 - Stock-Based Compensation (Details Textual) | Mar. 31, 2024 shares |
Incentive Plan 2011 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 955,070 |
Note 9 - Stock-based Compensa_4
Note 9 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock-based compensation expense | $ 9 | $ 0 |
Restricted Stock [Member] | ||
Stock-based compensation expense | $ 9 | $ 0 |
Note 9 - Stock-Based Compensa_5
Note 9 - Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Balance, number of shares (in shares) | 20,118 | |
Balance, weighted average grant date fair value (in dollars per share) | $ 5.22 | |
Balance, aggregate grant date fair value | $ 105 | $ 105 |
Granted, number of shares (in shares) | 0 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 0 | |
Vested, number of shares (in shares) | 0 | |
Vested, weighted average grant date fair value (in dollars per share) | $ 0 | |
Canceled, number of shares (in shares) | 0 | |
Canceled, weighted average grant date fair value (in dollars per share) | $ 0 | |
Balance, number of shares (in shares) | 20,118 | |
Balance, weighted average grant date fair value (in dollars per share) | $ 5.22 |
Note 10 - Stockholders' Equit_2
Note 10 - Stockholders' Equity - Rollforward of Outstanding Shares (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Shares, beginning of year (in shares) | 81,584 | |
Shares, end of period (in shares) | 81,584 | |
Common Stock [Member] | ||
Shares, beginning of year (in shares) | 5,454,639 | 5,434,521 |
Stock-based compensation (in shares) | 20,118 | |
Shares, end of period (in shares) | 5,454,639 | 5,454,639 |
Treasury Stock, Common [Member] | ||
Shares, beginning of year (in shares) | (81,584) | (81,584) |
Stock-based compensation (in shares) | 0 | |
Shares, end of period (in shares) | (81,584) | (81,584) |
Common Stock Outstanding [Member] | ||
Shares, beginning of year (in shares) | 5,373,055 | 5,352,937 |
Stock-based compensation (in shares) | 0 | 20,118 |
Shares, end of period (in shares) | 5,373,055 | 5,373,055 |
Note 11 - Earnings Per Share _3
Note 11 - Earnings Per Share ("EPS") (Details Textual) | 3 Months Ended |
Mar. 31, 2023 shares | |
Warrant [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,051,664 |
Note 11 - Earnings Per Share _4
Note 11 - Earnings Per Share ("EPS") - Reconciliation of Basic to Diluted Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Income from continuing operations | $ 43 | $ 185 | |
Less: Net income from continuing operations attributable to non-controlling interests | 22 | 0 | |
Income attributable to LGL Group common shareholders from continuing operations | 21 | 185 | |
Income from discontinued operations, net of tax | 0 | (28) | |
Net income attributable to LGL Group common stockholders | $ 21 | $ 157 | |
Weighted average common shares outstanding - basic (in shares) | 5,352,937 | 5,352,937 | |
Warrants (in shares) | [1] | 246,422 | 0 |
Restricted stock (in shares) | [1] | 5,071 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 5,604,430 | 5,352,937 | |
Income from continuing operations (in dollars per share) | [2] | $ 0 | $ 0.03 |
Income from discontinued operations (in dollars per share) | [2] | 0 | (0.01) |
Net income attributable to LGL Group common stockholders (in dollars per share) | [2] | 0 | 0.03 |
Income from continuing operations (in dollars per share) | [2] | 0 | 0.03 |
Income from discontinued operations (in dollars per share) | [2] | 0 | (0.01) |
Net income attributable to LGL Group common stockholders (in dollars per share) | [2] | $ 0 | $ 0.03 |
[1]For the three months ended March 31, 2023, weighted average shares used for calculating earnings per share excludes warrants to purchase 1,051,664 shares of common stock.[2]Basic and diluted earnings per share are calculated using actual, unrounded amounts. Therefore, the components of earnings per share may not sum to its corresponding total. |
Note 13 - Other Financial Sta_3
Note 13 - Other Financial Statement Information - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Raw materials | $ 279 | $ 271 |
Work in process | 14 | 9 |
Total gross inventory | 293 | 280 |
Reserve for excess and obsolete inventory | (80) | (76) |
Inventories, net | $ 213 | $ 204 |
Note 13 - Other Financial Sta_4
Note 13 - Other Financial Statement Information - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Gross intangible assets | $ 214 | $ 214 |
Less: Accumulated amortization | (162) | (157) |
Intangible assets, net | 52 | 57 |
Intellectual Property [Member] | ||
Gross intangible assets | $ 214 | $ 214 |
Note 14 - Domestic and Foreig_3
Note 14 - Domestic and Foreign Revenues - Schedule of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net sales | $ 392 | $ 441 |
ROMANIA | ||
Net sales | 94 | 0 |
INDIA | ||
Net sales | 84 | 23 |
SPAIN | ||
Net sales | 48 | 0 |
CANADA | ||
Net sales | 1 | 43 |
All Other Foreign Countries [Member] | ||
Net sales | 32 | 11 |
Non-US [Member] | ||
Net sales | 259 | 77 |
UNITED STATES | ||
Net sales | $ 133 | $ 364 |