Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 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 | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 | 5,373,055 | |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 41,074 | $ 40,711 |
Marketable securities | 18 | 22 |
Accounts receivable, net of reserves of $52 and $58, respectively | 339 | 356 |
Inventories, net | 336 | 204 |
Prepaid expenses and other current assets | 236 | 273 |
Total current assets | 42,003 | 41,566 |
Right-of-use lease assets | 41 | 75 |
Intangible assets, net | 46 | 57 |
Deferred income tax assets | 157 | 152 |
Total assets | 42,247 | 41,850 |
Current liabilities: | ||
Accounts payable | 223 | 93 |
Accrued compensation and commissions | 219 | 264 |
Income taxes payable | 73 | 41 |
Other accrued expenses | 106 | 76 |
Total current liabilities | 621 | 474 |
Other liabilities | 722 | 694 |
Total liabilities | 1,343 | 1,168 |
Contingencies (Note 12) | ||
Stockholders' equity: | ||
Common stock ($0.01 par value; 30,000,000 shares authorized; 5,454,639 shares issued and 5,373,055 shares outstanding as of June 30, 2024 and December 31, 2023) | 53 | 53 |
Treasury stock, at cost (81,584 shares as of June 30, 2024 and December 31, 2023) | (580) | (580) |
Additional paid-in capital | 46,367 | 46,349 |
Accumulated deficit | (6,902) | (7,060) |
Total LGL Group stockholders' equity | 38,938 | 38,762 |
Non-controlling interests | 1,966 | 1,920 |
Total stockholders' equity | 40,904 | 40,682 |
Total liabilities and stockholders' equity | $ 42,247 | $ 41,850 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 52 | $ 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) | 5,454,639 | 5,373,055 |
Common Stock, Shares, Outstanding (in shares) | 5,454,639 | 5,373,055 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Revenues: | |||||
Net sales | $ 531 | $ 403 | $ 923 | $ 844 | |
Net investment income | 538 | 275 | 1,037 | 473 | |
Net (losses) gains | (1) | 43 | (4) | 388 | |
Total revenues | 1,068 | 721 | 1,956 | 1,705 | |
Expenses: | |||||
Manufacturing cost of sales | 214 | 208 | 418 | 400 | |
Engineering, selling and administrative | 617 | 645 | 1,222 | 1,187 | |
Total expenses | 831 | 853 | 1,640 | 1,587 | |
Income (loss) from continuing operations before income taxes | 237 | (132) | 316 | 118 | |
Income tax (benefit) expense | 76 | (2) | 112 | 63 | |
Net income (loss) from continuing operations | 161 | (130) | 204 | 55 | |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | (28) | |
Net income (loss) | 161 | (130) | 204 | 27 | |
Less: Net income attributable to non-controlling interests | 24 | 0 | 46 | 0 | |
Net income (loss) attributable to LGL Group common stockholders | $ 137 | $ (130) | $ 158 | $ 27 | |
Income (loss) per common share attributable to LGL Group common stockholders: | |||||
Income (loss) from continuing operations (in dollars per share) | [1] | $ 0.03 | $ (0.02) | $ 0.03 | $ 0.01 |
Income (loss) from discontinued operations (in dollars per share) | [1] | 0 | 0 | 0 | (0.01) |
Net income (loss) attributable to LGL Group common stockholders (in dollars per share) | [1] | 0.03 | (0.02) | 0.03 | 0.01 |
Diluted (a): | |||||
Income (loss) from continuing operations (in dollars per share) | [1] | 0.02 | (0.02) | 0.03 | 0.01 |
Income (loss) from discontinued operations (in dollars per share) | [1] | 0 | 0 | 0 | (0.01) |
Net income (loss) attributable to LGL Group common stockholders (in dollars per share) | [1] | $ 0.02 | $ (0.02) | $ 0.03 | $ 0.01 |
Weighted average shares outstanding: | |||||
Basic (in shares) | 5,352,937 | 5,352,937 | 5,352,937 | 5,352,937 | |
Diluted (in shares) | [2] | 5,482,543 | 5,352,937 | 5,548,869 | 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.[2]For the three and six months ended June 30, 2023, weighted average shares used for calculating earnings per share excludes warrants to purchase 1,051,664 shares of common stock. |
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 | 27 | 27 | 0 | 27 |
Stock-based compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Consolidation of non-controlling interests | 0 | 0 | 0 | 0 | 0 | 1,872 | 1,872 |
Balance at Jun. 30, 2023 | 53 | (580) | 46,346 | (7,302) | 38,517 | 1,872 | 40,389 |
Balance at Mar. 31, 2023 | 53 | (580) | 46,346 | (7,172) | 38,647 | 0 | 38,647 |
Net income attributable to LGL Group or non-controlling interests | 0 | 0 | 0 | (130) | (130) | 0 | (130) |
Stock-based compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Consolidation of non-controlling interests | 0 | 0 | 0 | 0 | 0 | 1,872 | 1,872 |
Balance at Jun. 30, 2023 | 53 | (580) | 46,346 | (7,302) | 38,517 | 1,872 | 40,389 |
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 | 158 | 158 | 46 | 204 |
Stock-based compensation | 0 | 0 | 18 | 0 | 18 | 0 | 18 |
Consolidation of non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Balance at Jun. 30, 2024 | 53 | (580) | 46,367 | (6,902) | 38,938 | 1,966 | 40,904 |
Balance at Mar. 31, 2024 | 53 | (580) | 46,358 | (7,039) | 38,792 | 1,942 | 40,734 |
Net income attributable to LGL Group or non-controlling interests | 0 | 0 | 0 | 137 | 137 | 24 | 161 |
Stock-based compensation | 0 | 0 | 9 | 0 | 9 | 0 | 9 |
Consolidation of non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Balance at Jun. 30, 2024 | $ 53 | $ (580) | $ 46,367 | $ (6,902) | $ 38,938 | $ 1,966 | $ 40,904 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net income attributable to LGL Group or non-controlling interests | $ 204 | $ 27 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 0 | 1 |
Amortization of finite-lived intangible assets | 11 | 6 |
Stock-based compensation | 18 | 0 |
Realized loss on sale of marketable securities | 0 | 4,316 |
Unrealized loss (gain) on marketable securities | 4 | (4,704) |
Deferred income taxes | 17 | 18 |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable, net | 17 | 170 |
(Increase) decrease in inventories, net | (132) | 39 |
Decrease in prepaid expenses and other assets | 37 | 185 |
Decrease (increase) in accounts payable, accrued compensation, income taxes and commissions and other | 187 | (67) |
Total adjustments | 159 | (36) |
Net cash provided by (used in) operating activities | 363 | (9) |
Cash flows from investing activities: | ||
Cash from consolidation of LGL Systems | 0 | 1,869 |
Proceeds from sale of marketable securities | 0 | 16,947 |
Net cash provided by investing activities | 0 | 18,816 |
Increase in cash and cash equivalents | 363 | 18,807 |
Cash and cash equivalents at beginning of period | 40,711 | 21,507 |
Cash and cash equivalents at end of period | 41,074 | 40,314 |
Supplemental Disclosure: | ||
Income taxes paid | $ 76 | $ 134 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 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 six June 30, 2024 not may December 31, 2024 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 2. During the three six June 30, 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 June 30, 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 | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. The Company has identified two 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 each segment's assets as percentage of total assets. The following tables presents LGL Group's operations by segment: Three Months Ended June 30, 2024 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 531 $ — $ — $ 531 Net investment income — 315 223 538 Net (losses) gains — — (1 ) (1 ) Total revenues 531 315 222 1,068 Expenses: Manufacturing cost of sales 214 — — 214 Engineering, selling and administrative 243 78 296 617 Total expenses 457 78 296 831 Income (loss) from continuing operations before income taxes 74 237 (74 ) 237 Income tax expense — — 76 76 Net income (loss) from continuing operations 74 237 (150 ) 161 Income (loss) from discontinued operations, net of tax — — — — Net income (loss) 74 237 (150 ) 161 Less: Net income attributable to non-controlling interests — 24 — 24 Net income (loss) attributable to LGL Group common stockholders $ 74 $ 213 $ (150 ) $ 137 Three Months Ended June 30, 2023 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 403 $ — $ — $ 403 Net investment income — — 275 275 Net (losses) gains — — 43 43 Total revenues 403 — 318 721 Expenses: Manufacturing cost of sales 208 — — 208 Engineering, selling and administrative 173 — 472 645 Total expenses 381 — 472 853 Income (loss) from continuing operations before income taxes 22 — (154 ) (132 ) Income tax expense (benefit) — — (2 ) (2 ) Net income (loss) from continuing operations 22 — (152 ) (130 ) Income (loss) from discontinued operations, net of tax — — — — Net income (loss) 22 — (152 ) (130 ) Less: Net income attributable to non-controlling interests — — — — Net income (loss) attributable to LGL Group common stockholders $ 22 $ — $ (152 ) $ (130 ) Six Months Ended June 30, 2024 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 923 $ — $ — $ 923 Net investment income — 604 433 1,037 Net (losses) gains — — (4 ) (4 ) Total revenues 923 604 429 1,956 Expenses: Manufacturing cost of sales 418 — — 418 Engineering, selling and administrative 429 127 666 1,222 Total expenses 847 127 666 1,640 Income (loss) from continuing operations before income taxes 76 477 (237 ) 316 Income tax expense — — 112 112 Net income (loss) from continuing operations 76 477 (349 ) 204 Income (loss) from discontinued operations, net of tax — — — — Net income (loss) 76 477 (349 ) 204 Less: Net income attributable to non-controlling interests — 46 — 46 Net income (loss) attributable to LGL Group common stockholders $ 76 $ 431 $ (349 ) $ 158 Six Months Ended June 30, 2023 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 844 $ — $ — $ 844 Net investment income — — 473 473 Net (losses) gains — — 388 388 Total revenues 844 — 861 1,705 Expenses: Manufacturing cost of sales 400 — — 400 Engineering, selling and administrative 350 — 837 1,187 Total expenses 750 — 837 1,587 Income (loss) from continuing operations before income taxes 94 — 24 118 Income tax expense — — 63 63 Net income (loss) from continuing operations 94 — (39 ) 55 Income (loss) from discontinued operations, net of tax — — (28 ) (28 ) Net income (loss) 94 — (67 ) 27 Less: Net income attributable to non-controlling interests — — — — Net income (loss) attributable to LGL Group common stockholders $ 94 $ — $ (67 ) $ 27 The following table presents LGL Group's identifiable assets by segment: June 30, 2024 December 31, 2023 Electronic Instruments $ 835 $ 843 Merchant Investment 24,134 23,530 Corporate 17,278 17,477 Total $ 42,247 $ 41,850 The Company did not June 30, 2024 December 31, 2023 |
Note 4 - Investments
Note 4 - Investments | 6 Months Ended |
Jun. 30, 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 June 30, 2024 December 31, 2023 June 30, 2024 Cumulative Unrealized Fair Value Basis (Loss) Gain Equity securities $ 18 $ 34 $ (16 ) Total $ 18 $ 34 $ (16 ) 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest on cash and cash equivalents $ 538 $ 275 $ 1,037 $ 473 Net investment income $ 538 $ 275 $ 1,037 $ 473 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 The following table presents the components of Net gains (losses): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Marketable securities $ (1 ) $ 43 $ (4 ) $ 388 Net (losses) gains $ (1 ) $ 43 $ (4 ) $ 388 |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 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: June 30, 2024 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 40,612 $ — $ — $ 40,612 Marketable securities: Equity securities 18 — — 18 Total marketable securities 18 — — 18 Total $ 40,630 $ — $ — $ 40,630 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 June 30, 2024 December 31, 2023 There were no liabilities subject to fair value on a recurring basis as of June 30, 2024 December 31, 2023 Fair Value Measurements on a Non-Recurring Basis The Company has other assets that may may not 10 As of June 30, 2024 December 31, 2023 not Fair Value Information about Financial Instruments Not As of June 30, 2024 December 31, 2023 not |
Note 6 - Variable Interest Enti
Note 6 - Variable Interest Entities | 6 Months Ended |
Jun. 30, 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: June 30, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents $ 3,004 $ 2,932 Accounts receivable 14 14 Total current assets 3,018 2,946 Total assets $ 3,018 $ 2,946 Total liabilities $ — $ — As of June 30, 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. June 30, 2024 December 31, 2023 Total assets $ 595 $ 588 Maximum exposure to loss: On-balance sheet (a) 3 3 Off-balance sheet — — Total $ 3 $ 3 (a) As of June 30, 2024 December 31, 2023 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 | 6 Months Ended |
Jun. 30, 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 tables summarize income and expenses from transactions with related parties for the three six June 30, 2024 2023 Three Months Ended June 30, 2024 2023 Income Expense Income Expense GAMCO Investors, Inc. $ 441 $ — $ 388 $ — M-tron Industries, Inc. — (15 ) — 12 Total $ 441 $ (15 ) $ 388 $ 12 Six Months Ended June 30, 2024 2023 Income Expense Income Expense GAMCO Investors, Inc. $ 849 $ — $ 822 $ — M-tron Industries, Inc. — (29 ) — (4 ) Total $ 849 $ (29 ) $ 822 $ (4 ) The following table summarizes assets and liabilities with related parties as of June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities GAMCO Investors, Inc. $ 33,488 $ — $ 32,568 $ — M-tron Industries, Inc. — 74 — — Total $ 33,488 $ 74 $ 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 June 30, 2024 2023 six June 30, 2024 2023 not As of June 30, 2024 December 31, 2023 For the three June 30, 2024 three June 30, 2023 For the six June 30, 2024 six June 30, 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 June 30, 2024 2023 six June 30, 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 six June 30, 2024 2023 Other Transactions LGL Group and MtronPTI have agreed to share salaries and benefits related to certain employees incurred by the Company. For the three six June 30, 2024 50% LGL Group and MtronPTI agreed to share any excess Separation costs. Included in discontinued operations is $28, which represents 50% six June 30, 2023 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Jun. 30, 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 Company's effective tax rates on continuing operations for the three six June 30, 2024 three six June 30, 2023 |
Note 9 - Stock-Based Compensati
Note 9 - Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 9. Under the Company’s 2021 2011 may June 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Restricted stock awards $ 9 $ — $ 18 $ — Total $ 9 $ — $ 18 $ — 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 June 30, 2024 20,118 $ 5.22 $ 105 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 10. Shares Outstanding The following table presents a rollforward of outstanding shares for the periods indicated: Six Months Ended June 30, 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") | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator for EPS: Income (loss) from continuing operations $ 161 $ (130 ) $ 204 $ 55 Less: Net income from continuing operations attributable to non-controlling interests 24 — 46 — Income (loss) attributable to LGL Group common shareholders from continuing operations 137 (130 ) 158 55 Income (loss) from discontinued operations, net of tax — — — (28 ) Net income (loss) attributable to LGL Group common stockholders $ 137 $ (130 ) $ 158 $ 27 Denominator for EPS: Weighted average common shares outstanding - basic 5,352,937 5,352,937 5,352,937 5,352,937 Dilutive effects (a) Warrants 125,178 — 190,399 — Restricted stock 4,428 — 5,533 — Weighted average common shares outstanding - diluted 5,482,543 5,352,937 5,548,869 5,352,937 Income per common share attributable to LGL Group common stockholders: Basic (b) Income (loss) from continuing operations $ 0.03 $ (0.02 ) $ 0.03 $ 0.01 Income (loss) from discontinued operations — — — (0.01 ) Net income (loss) attributable to LGL Group common stockholders $ 0.03 $ (0.02 ) $ 0.03 $ 0.01 Diluted (b) Income (loss) from continuing operations $ 0.02 $ (0.02 ) $ 0.03 $ 0.01 Income (loss) from discontinued operations — — — (0.01 ) Net income (loss) attributable to LGL Group common stockholders $ 0.02 $ (0.02 ) $ 0.03 $ 0.01 (a) For the three six June 30, 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Raw materials $ 363 $ 271 Work in process 54 9 Finished goods 3 — Total gross inventory 420 280 Reserve for excess and obsolete inventory (84 ) (76 ) Inventories, net $ 336 $ 204 Intangible Assets, Net The components of intangible assets as of June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Intellectual property $ 214 $ 214 Gross intangible assets 214 214 Less: Accumulated amortization (168 ) (157 ) Intangible assets, net $ 46 $ 57 |
Note 14 - Domestic and Foreign
Note 14 - Domestic and Foreign Revenues | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 14. Significant foreign revenues from operations ( 10% Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Spain $ 56 $ 236 $ 104 $ 236 India 15 — 99 23 Romania — — 94 — Australia 87 5 87 5 Canada 11 47 12 90 All other foreign countries 15 46 47 57 Total foreign revenues $ 184 $ 334 $ 443 $ 411 Total domestic revenue $ 347 $ 69 $ 480 $ 433 The Company allocates its foreign revenue based on the customer's ship-to location. |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 5. Other Information During the three June 30, 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) | 6 Months Ended |
Jun. 30, 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 June 30, 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) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 2024 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 531 $ — $ — $ 531 Net investment income — 315 223 538 Net (losses) gains — — (1 ) (1 ) Total revenues 531 315 222 1,068 Expenses: Manufacturing cost of sales 214 — — 214 Engineering, selling and administrative 243 78 296 617 Total expenses 457 78 296 831 Income (loss) from continuing operations before income taxes 74 237 (74 ) 237 Income tax expense — — 76 76 Net income (loss) from continuing operations 74 237 (150 ) 161 Income (loss) from discontinued operations, net of tax — — — — Net income (loss) 74 237 (150 ) 161 Less: Net income attributable to non-controlling interests — 24 — 24 Net income (loss) attributable to LGL Group common stockholders $ 74 $ 213 $ (150 ) $ 137 Three Months Ended June 30, 2023 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 403 $ — $ — $ 403 Net investment income — — 275 275 Net (losses) gains — — 43 43 Total revenues 403 — 318 721 Expenses: Manufacturing cost of sales 208 — — 208 Engineering, selling and administrative 173 — 472 645 Total expenses 381 — 472 853 Income (loss) from continuing operations before income taxes 22 — (154 ) (132 ) Income tax expense (benefit) — — (2 ) (2 ) Net income (loss) from continuing operations 22 — (152 ) (130 ) Income (loss) from discontinued operations, net of tax — — — — Net income (loss) 22 — (152 ) (130 ) Less: Net income attributable to non-controlling interests — — — — Net income (loss) attributable to LGL Group common stockholders $ 22 $ — $ (152 ) $ (130 ) Six Months Ended June 30, 2024 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 923 $ — $ — $ 923 Net investment income — 604 433 1,037 Net (losses) gains — — (4 ) (4 ) Total revenues 923 604 429 1,956 Expenses: Manufacturing cost of sales 418 — — 418 Engineering, selling and administrative 429 127 666 1,222 Total expenses 847 127 666 1,640 Income (loss) from continuing operations before income taxes 76 477 (237 ) 316 Income tax expense — — 112 112 Net income (loss) from continuing operations 76 477 (349 ) 204 Income (loss) from discontinued operations, net of tax — — — — Net income (loss) 76 477 (349 ) 204 Less: Net income attributable to non-controlling interests — 46 — 46 Net income (loss) attributable to LGL Group common stockholders $ 76 $ 431 $ (349 ) $ 158 Six Months Ended June 30, 2023 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 844 $ — $ — $ 844 Net investment income — — 473 473 Net (losses) gains — — 388 388 Total revenues 844 — 861 1,705 Expenses: Manufacturing cost of sales 400 — — 400 Engineering, selling and administrative 350 — 837 1,187 Total expenses 750 — 837 1,587 Income (loss) from continuing operations before income taxes 94 — 24 118 Income tax expense — — 63 63 Net income (loss) from continuing operations 94 — (39 ) 55 Income (loss) from discontinued operations, net of tax — — (28 ) (28 ) Net income (loss) 94 — (67 ) 27 Less: Net income attributable to non-controlling interests — — — — Net income (loss) attributable to LGL Group common stockholders $ 94 $ — $ (67 ) $ 27 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, 2024 December 31, 2023 Electronic Instruments $ 835 $ 843 Merchant Investment 24,134 23,530 Corporate 17,278 17,477 Total $ 42,247 $ 41,850 |
Note 4 - Investments (Tables)
Note 4 - Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Marketable Securities [Table Text Block] | June 30, 2024 Cumulative Unrealized Fair Value Basis (Loss) Gain Equity securities $ 18 $ 34 $ (16 ) Total $ 18 $ 34 $ (16 ) 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest on cash and cash equivalents $ 538 $ 275 $ 1,037 $ 473 Net investment income $ 538 $ 275 $ 1,037 $ 473 |
Gain (Loss) on Securities [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Marketable securities $ (1 ) $ 43 $ (4 ) $ 388 Net (losses) gains $ (1 ) $ 43 $ (4 ) $ 388 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | June 30, 2024 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 40,612 $ — $ — $ 40,612 Marketable securities: Equity securities 18 — — 18 Total marketable securities 18 — — 18 Total $ 40,630 $ — $ — $ 40,630 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) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | June 30, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents $ 3,004 $ 2,932 Accounts receivable 14 14 Total current assets 3,018 2,946 Total assets $ 3,018 $ 2,946 Total liabilities $ — $ — June 30, 2024 December 31, 2023 Total assets $ 595 $ 588 Maximum exposure to loss: On-balance sheet (a) 3 3 Off-balance sheet — — Total $ 3 $ 3 |
Note 7 - Related Party Transa_2
Note 7 - Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Three Months Ended June 30, 2024 2023 Income Expense Income Expense GAMCO Investors, Inc. $ 441 $ — $ 388 $ — M-tron Industries, Inc. — (15 ) — 12 Total $ 441 $ (15 ) $ 388 $ 12 Six Months Ended June 30, 2024 2023 Income Expense Income Expense GAMCO Investors, Inc. $ 849 $ — $ 822 $ — M-tron Industries, Inc. — (29 ) — (4 ) Total $ 849 $ (29 ) $ 822 $ (4 ) June 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities GAMCO Investors, Inc. $ 33,488 $ — $ 32,568 $ — M-tron Industries, Inc. — 74 — — Total $ 33,488 $ 74 $ 32,568 $ — |
Note 9 - Stock-Based Compensa_2
Note 9 - Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Restricted stock awards $ 9 $ — $ 18 $ — Total $ 9 $ — $ 18 $ — |
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 June 30, 2024 20,118 $ 5.22 $ 105 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Six Months Ended June 30, 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) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator for EPS: Income (loss) from continuing operations $ 161 $ (130 ) $ 204 $ 55 Less: Net income from continuing operations attributable to non-controlling interests 24 — 46 — Income (loss) attributable to LGL Group common shareholders from continuing operations 137 (130 ) 158 55 Income (loss) from discontinued operations, net of tax — — — (28 ) Net income (loss) attributable to LGL Group common stockholders $ 137 $ (130 ) $ 158 $ 27 Denominator for EPS: Weighted average common shares outstanding - basic 5,352,937 5,352,937 5,352,937 5,352,937 Dilutive effects (a) Warrants 125,178 — 190,399 — Restricted stock 4,428 — 5,533 — Weighted average common shares outstanding - diluted 5,482,543 5,352,937 5,548,869 5,352,937 Income per common share attributable to LGL Group common stockholders: Basic (b) Income (loss) from continuing operations $ 0.03 $ (0.02 ) $ 0.03 $ 0.01 Income (loss) from discontinued operations — — — (0.01 ) Net income (loss) attributable to LGL Group common stockholders $ 0.03 $ (0.02 ) $ 0.03 $ 0.01 Diluted (b) Income (loss) from continuing operations $ 0.02 $ (0.02 ) $ 0.03 $ 0.01 Income (loss) from discontinued operations — — — (0.01 ) Net income (loss) attributable to LGL Group common stockholders $ 0.02 $ (0.02 ) $ 0.03 $ 0.01 |
Note 13 - Other Financial Sta_2
Note 13 - Other Financial Statement Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2024 December 31, 2023 Raw materials $ 363 $ 271 Work in process 54 9 Finished goods 3 — Total gross inventory 420 280 Reserve for excess and obsolete inventory (84 ) (76 ) Inventories, net $ 336 $ 204 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 30, 2024 December 31, 2023 Intellectual property $ 214 $ 214 Gross intangible assets 214 214 Less: Accumulated amortization (168 ) (157 ) Intangible assets, net $ 46 $ 57 |
Note 14 - Domestic and Foreig_2
Note 14 - Domestic and Foreign Revenues (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 2024 2023 Spain $ 56 $ 236 $ 104 $ 236 India 15 — 99 23 Romania — — 94 — Australia 87 5 87 5 Canada 11 47 12 90 All other foreign countries 15 46 47 57 Total foreign revenues $ 184 $ 334 $ 443 $ 411 Total domestic revenue $ 347 $ 69 $ 480 $ 433 |
Note 3 - Segment Information (D
Note 3 - Segment Information (Details Textual) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues: | ||||
Net sales | $ 531 | $ 403 | $ 923 | $ 844 |
Net investment income | 538 | 275 | 1,037 | 473 |
Net (losses) gains | (1) | 43 | (4) | 388 |
Total revenues | 1,068 | 721 | 1,956 | 1,705 |
Expenses: | ||||
Manufacturing cost of sales | 214 | 208 | 418 | 400 |
Engineering, selling and administrative | 617 | 645 | 1,222 | 1,187 |
Total expenses | 831 | 853 | 1,640 | 1,587 |
Income (loss) from continuing operations before income taxes | 237 | (132) | 316 | 118 |
Income tax (benefit) expense | 76 | (2) | 112 | 63 |
Net income (loss) from continuing operations | 161 | (130) | 204 | 55 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | (28) |
Net income attributable to LGL Group or non-controlling interests | 161 | (130) | 204 | 27 |
Less: Net income attributable to non-controlling interests | 24 | 0 | 46 | 0 |
Net income (loss) attributable to LGL Group common stockholders | 137 | (130) | 158 | 27 |
Operating Segments [Member] | Electronic Instruments [Member] | ||||
Revenues: | ||||
Net sales | 531 | 403 | 923 | 844 |
Net investment income | 0 | 0 | 0 | 0 |
Net (losses) gains | 0 | 0 | 0 | 0 |
Total revenues | 531 | 403 | 923 | 844 |
Expenses: | ||||
Manufacturing cost of sales | 214 | 208 | 418 | 400 |
Engineering, selling and administrative | 243 | 173 | 429 | 350 |
Total expenses | 457 | 381 | 847 | 750 |
Income (loss) from continuing operations before income taxes | 74 | 22 | 76 | 94 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
Net income (loss) from continuing operations | 74 | 22 | 76 | 94 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Net income attributable to LGL Group or non-controlling interests | 74 | 22 | 76 | 94 |
Less: Net income attributable to non-controlling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to LGL Group common stockholders | 74 | 22 | 76 | 94 |
Operating Segments [Member] | Merchant Investment [Member] | ||||
Revenues: | ||||
Net sales | 0 | 0 | 0 | 0 |
Net investment income | 315 | 0 | 604 | 0 |
Net (losses) gains | 0 | 0 | 0 | 0 |
Total revenues | 315 | 0 | 604 | 0 |
Expenses: | ||||
Manufacturing cost of sales | 0 | 0 | 0 | 0 |
Engineering, selling and administrative | 78 | 0 | 127 | 0 |
Total expenses | 78 | 0 | 127 | 0 |
Income (loss) from continuing operations before income taxes | 237 | 0 | 477 | 0 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
Net income (loss) from continuing operations | 237 | 0 | 477 | 0 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Net income attributable to LGL Group or non-controlling interests | 237 | 0 | 477 | 0 |
Less: Net income attributable to non-controlling interests | 24 | 0 | 46 | 0 |
Net income (loss) attributable to LGL Group common stockholders | 213 | 0 | 431 | 0 |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||||
Revenues: | ||||
Net sales | 0 | 0 | 0 | 0 |
Net investment income | 223 | 275 | 433 | 473 |
Net (losses) gains | (1) | 43 | (4) | 388 |
Total revenues | 222 | 318 | 429 | 861 |
Expenses: | ||||
Manufacturing cost of sales | 0 | 0 | 0 | 0 |
Engineering, selling and administrative | 296 | 472 | 666 | 837 |
Total expenses | 296 | 472 | 666 | 837 |
Income (loss) from continuing operations before income taxes | (74) | (154) | (237) | 24 |
Income tax (benefit) expense | 76 | (2) | 112 | 63 |
Net income (loss) from continuing operations | (150) | (152) | (349) | (39) |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | (28) |
Net income attributable to LGL Group or non-controlling interests | (150) | (152) | (349) | (67) |
Less: Net income attributable to non-controlling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to LGL Group common stockholders | $ (150) | $ (152) | $ (349) | $ (67) |
Note 3 - Segment Information _2
Note 3 - Segment Information - Assets and Capital Expenditures (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | $ 42,247 | $ 41,850 |
Operating Segments [Member] | Electronic Instruments [Member] | ||
Assets | 835 | 843 |
Operating Segments [Member] | Merchant Investment [Member] | ||
Assets | 24,134 | 23,530 |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||
Assets | $ 17,278 | $ 17,477 |
Note 4 - Investments - Details
Note 4 - Investments - Details of Marketable Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Fair value | $ 18 | $ 22 |
Basis | 34 | 34 |
Cumulative unrealized (loss) gain | (16) | (12) |
Equity Securities [Member] | ||
Fair value | 18 | 22 |
Basis | 34 | 34 |
Cumulative unrealized (loss) gain | $ (16) | $ (12) |
Note 4 - Investments - Net Inve
Note 4 - Investments - Net Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest on cash and cash equivalents | $ 538 | $ 275 | $ 1,037 | $ 473 |
Net investment income | $ 538 | $ 275 | $ 1,037 | $ 473 |
Note 4 - Investments - Net Gain
Note 4 - Investments - Net Gain (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Marketable securities | $ (1) | $ 43 | $ (4) | $ 388 |
Net (losses) gains | $ (1) | $ 43 | $ (4) | $ 388 |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 | Jun. 30, 2024 | Dec. 31, 2023 | |
Assets, Fair Value Disclosure | $ 40,630 | $ 40,251 | |
Cash and Cash Equivalents [Member] | |||
Assets, Fair Value Disclosure | [1] | 40,612 | 40,229 |
Equity Securities [Member] | |||
Assets, Fair Value Disclosure | 18 | 22 | |
Marketable Securities [Member] | |||
Assets, Fair Value Disclosure | 18 | 22 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure | 40,630 | 40,251 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Assets, Fair Value Disclosure | [1] | 40,612 | 40,229 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | |||
Assets, Fair Value Disclosure | 18 | 22 | |
Fair Value, Inputs, Level 1 [Member] | Marketable Securities [Member] | |||
Assets, Fair Value Disclosure | 18 | 22 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure | [1] | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure | [1] | $ 0 | $ 0 |
[1]As of June 30, 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 | Jun. 30, 2024 | Dec. 31, 2023 | Oct. 31, 2019 | |
Equity, Attributable to Noncontrolling Interest | $ 1,966 | $ 1,920 | ||
LGL System [Member] | ||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 99% | |||
LGL System [Member] | ||||
Equity, Attributable to Noncontrolling Interest | $ 1,966 | $ 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 | Jun. 30, 2024 | Dec. 31, 2023 | |
Cash and cash equivalents | $ 41,074 | $ 40,711 | |
Accounts receivable, net of reserves of $52 and $58, respectively | 339 | 356 | |
Total current assets | 42,003 | 41,566 | |
Total assets | 42,247 | 41,850 | |
Total liabilities | 1,343 | 1,168 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Total assets | 595 | 588 | |
On-balance sheet (a) | [1] | 3 | 3 |
Off-balance sheet | 0 | 0 | |
Total | 3 | 3 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Cash and cash equivalents | 3,004 | 2,932 | |
Accounts receivable, net of reserves of $52 and $58, respectively | 14 | 14 | |
Total current assets | 3,018 | 2,946 | |
Total assets | 3,018 | 2,946 | |
Total liabilities | $ 0 | $ 0 | |
[1]As of June 30, 2024 and December 31, 2023, our investment in LGL Nevada was recorded in Other assets in the Condensed Consolidated Balance Sheets. |
Note 7 - Related Party Transa_3
Note 7 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Oct. 07, 2022 | |
Investment Income, Net | $ 538 | $ 275 | $ 1,037 | $ 473 | |||
Gain (Loss) on Investments | $ (1) | $ 43 | (4) | 388 | |||
Income Taxes Paid | $ 76 | $ 134 | |||||
GAMCO Investors, Inc. [Member] | |||||||
Investment Expense Rate | 0.08% | 0.08% | 0.08% | 0.14% | |||
Funds Invested in Mutual Funds | $ 33,488 | $ 33,488 | $ 32,568 | ||||
Income From Mutual Funds | 441 | $ 388 | 849 | $ 822 | |||
Investment Income, Net | 331 | 452 | |||||
Gain (Loss) on Investments | 57 | 370 | |||||
MtronPTI [Member] | |||||||
Percentage of Shares Distribution Under Spinoff | 100% | ||||||
Salaries and Benefits Reimbursed | 27 | 53 | |||||
Excess Separation Costs | 28 | ||||||
MtronPTI [Member] | Transitional Administrative and Management Services Agreement [Member] | |||||||
Monthly Payment | 4 | 4 | |||||
Related Party Transaction, Amounts of Transaction | 12 | 12 | $ 24 | 24 | |||
MtronPTI [Member] | Tax Indemnity and Sharing Agreement [Member] | |||||||
Income Taxes Paid | $ 0 | $ 0 | $ 0 | $ 0 |
Note 7 - Related Party Transa_4
Note 7 - Related Party Transactions - Transactions With Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Income | $ 1,068 | $ 721 | $ 1,956 | $ 1,705 | |
Expense | (831) | (853) | (1,640) | (1,587) | |
Assets | 42,247 | 42,247 | $ 41,850 | ||
Liabilities | 1,343 | 1,343 | 1,168 | ||
GAMCO Investors, Inc. [Member] | |||||
Income | 441 | 388 | 849 | 822 | |
Expense | 0 | 0 | 0 | 0 | |
Assets | 33,488 | 33,488 | 32,568 | ||
Liabilities | 0 | 0 | 0 | ||
Mtron Industries Inc [Member] | |||||
Income | 0 | 0 | 0 | 0 | |
Expense | (15) | 12 | (29) | (4) | |
Assets | 0 | 0 | 0 | ||
Liabilities | 74 | 74 | 0 | ||
Related Party [Member] | |||||
Income | 441 | 388 | 849 | 822 | |
Expense | (15) | $ 12 | (29) | $ (4) | |
Assets | 33,488 | 33,488 | 32,568 | ||
Liabilities | $ 74 | $ 74 | $ 0 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 32.10% | 1.50% | 35.40% | 70% | ||
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) | Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Stock-based compensation expense | $ 9 | $ 0 | $ 18 | $ 0 |
Restricted Stock [Member] | ||||
Stock-based compensation expense | $ 9 | $ 0 | $ 18 | $ 0 |
Note 9 - Stock-Based Compensa_5
Note 9 - Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) $ / shares shares | |
Balance, number of shares (in shares) | shares | 20,118 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5,220 |
Balance, aggregate grant date fair value | $ | $ 105 |
Granted, number of shares (in shares) | shares | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Vested, number of shares (in shares) | shares | 0 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Canceled, number of shares (in shares) | shares | 0 |
Canceled, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Balance, number of shares (in shares) | shares | 20,118 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5,220 |
Note 10 - Stockholders' Equit_2
Note 10 - Stockholders' Equity - Rollforward of Outstanding Shares (Details) - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Shares, beginning of year (in shares) | 81,584 | |
Shares, end of period (in shares) | 81,584 | 81,584 |
Common Stock [Member] | ||
Shares, beginning of year (in shares) | 5,454,639 | 5,434,521 |
Stock-based compensation (in shares) | 0 | 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 | 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) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,051,664 | 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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Income (loss) from continuing operations | $ 161 | $ (130) | $ 204 | $ 55 | |
Less: Net income from continuing operations attributable to non-controlling interests | 24 | 0 | 46 | 0 | |
Income (loss) attributable to LGL Group common shareholders from continuing operations | 137 | (130) | 158 | 55 | |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | (28) | |
Net income (loss) attributable to LGL Group common stockholders | $ 137 | $ (130) | $ 158 | $ 27 | |
Weighted average common shares outstanding - basic (in shares) | 5,352,937 | 5,352,937 | 5,352,937 | 5,352,937 | |
Warrants (in shares) | [1] | 125,178 | 0 | 190,399 | 0 |
Restricted stock (in shares) | [1] | 4,428 | 0 | 5,533 | 0 |
Weighted average common shares outstanding - diluted (in shares) | [1] | 5,482,543 | 5,352,937 | 5,548,869 | 5,352,937 |
Income (loss) from continuing operations (in dollars per share) | [2] | $ 0.03 | $ (0.02) | $ 0.03 | $ 0.01 |
Income (loss) from discontinued operations (in dollars per share) | [2] | 0 | 0 | 0 | (0.01) |
Net income (loss) attributable to LGL Group common stockholders (in dollars per share) | [2] | 0.03 | (0.02) | 0.03 | 0.01 |
Income (loss) from continuing operations (in dollars per share) | [2] | 0.02 | (0.02) | 0.03 | 0.01 |
Income (loss) from discontinued operations (in dollars per share) | [2] | 0 | 0 | 0 | (0.01) |
Net income (loss) attributable to LGL Group common stockholders (in dollars per share) | [2] | $ 0.02 | $ (0.02) | $ 0.03 | $ 0.01 |
[1]For the three and six months ended June 30, 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 | Jun. 30, 2024 | Dec. 31, 2023 |
Raw materials | $ 363 | $ 271 |
Work in process | 54 | 9 |
Finished goods | 3 | 0 |
Total gross inventory | 420 | 280 |
Reserve for excess and obsolete inventory | (84) | (76) |
Inventories, net | $ 336 | $ 204 |
Note 13 - Other Financial Sta_4
Note 13 - Other Financial Statement Information - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Gross intangible assets | $ 214 | $ 214 |
Less: Accumulated amortization | (168) | (157) |
Intangible assets, net | 46 | 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net sales | $ 531 | $ 403 | $ 923 | $ 844 |
SPAIN | ||||
Net sales | 56 | 236 | 104 | 236 |
INDIA | ||||
Net sales | 15 | 0 | 99 | 23 |
ROMANIA | ||||
Net sales | 0 | 0 | 94 | 0 |
AUSTRALIA | ||||
Net sales | 87 | 5 | 87 | 5 |
CANADA | ||||
Net sales | 11 | 47 | 12 | 90 |
All Other Foreign Countries [Member] | ||||
Net sales | 15 | 46 | 47 | 57 |
Non-US [Member] | ||||
Net sales | 184 | 334 | 443 | 411 |
UNITED STATES | ||||
Net sales | $ 347 | $ 69 | $ 480 | $ 433 |