The LGL Group, Inc. (LGL) 10-K 29 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 16, 2021	Jun. 30, 2020
Document Information [Line Items]
Entity Registrant Name	LGL GROUP INC
Entity Central Index Key	0000061004
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Public Float			$ 28,398,415
Entity Common Stock, Shares Outstanding		5,327,966
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	001-00106
Entity Tax Identification Number	38-1799862
Entity Address, Address Line One	2525 Shader Road
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32804
City Area Code	407
Local Phone Number	298-2000
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	false
Entity Voluntary Filers	No
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE None.
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	LGL
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NYSE
Warrants To Purchase Common Stock [Member]
Document Information [Line Items]
Trading Symbol	LGL WS
Title of 12(b) Security	Warrants to Purchase Common Stock, $0.01 par value
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 18,331	$ 12,453
Marketable securities	5,791	5,631
Accounts receivable, net of allowances of $189 and $109, respectively	4,122	4,445
Inventories, net	5,280	6,016
Prepaid expenses and other current assets	257	365
Total Current Assets	33,781	28,910
Property, Plant and Equipment
Land	536	536
Buildings and improvements	4,810	4,651
Machinery and equipment	17,775	17,527
Gross property, plant and equipment	23,121	22,714
Less: accumulated depreciation	(20,336)	(19,883)
Net property, plant and equipment	2,785	2,831
Right-of-use lease asset	422	331
Equity investment in unconsolidated subsidiary	3,072	3,334
Intangible assets, net	327	402
Deferred income taxes, net	3,052	3,307
Other assets	16	102
Total Assets	43,455	39,217
Current Liabilities:
Accounts payable	1,265	1,865
Accrued compensation and commissions expense	1,324	1,832
Other accrued expenses	808	387
Total Current Liabilities	3,397	4,084
Long-term lease liability	293	240
Total Liabilities	3,690	4,324
Contingencies (Note N)
Stockholders' Equity
Common stock, $0.01 par value - 10,000,000 shares authorized; 5,409,550 shares issued and 5,272,204 shares outstanding at December 31, 2020, and 5,014,647 shares issued and 4,933,063 shares outstanding at December 31, 2019	53	50
Additional paid-in capital	45,477	41,576
Accumulated deficit	(5,185)	(6,153)
Treasury stock, 81,584 shares held in treasury at cost at December 31, 2020 and 2019	(580)	(580)
Total Stockholders' Equity	39,765	34,893
Total Liabilities and Stockholders' Equity	$ 43,455	$ 39,217

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current Assets:
Accounts receivable, allowances	$ 189	$ 109
Stockholders' Equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	5,409,550	5,014,647
Common stock, shares outstanding (in shares)	5,272,204	4,933,063
Treasury stock, (in shares)	81,584	81,584

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
REVENUES	$ 31,162	$ 31,897
Type of Revenue [Extensible List]		us-gaap:ProductMember
Costs and expenses:
Manufacturing cost of sales	20,233	$ 19,381
Engineering, selling and administrative	9,514	9,077
OPERATING INCOME	1,415	3,439
Other (Expense) Income:
Interest (expense) income, net	(11)	2
Loss on equity investment in unconsolidated subsidiary	(262)	(16)
Other income, net	162	484
Total other (expense) income, net	(111)	470
INCOME BEFORE INCOME TAXES	1,304	3,909
Income tax provision (benefit)	336	(3,107)
NET INCOME	$ 968	$ 7,016
Basic per share information:
Weighted average number of shares used in basic earnings per share calculation	5,173,430	4,883,923
Basic net income per share	$ 0.19	$ 1.44
Diluted per share information:
Weighted average number of shares used in diluted earnings per share calculation	5,216,859	4,977,595
Diluted net income per share	$ 0.19	$ 1.41

Consolidated Statements of Stoc

Consolidated Statements of Stockholder's Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Treasury Stock [Member]
Balance at Dec. 31, 2018	$ 27,323	$ 49	$ 41,023	$ (13,169)	$ (580)
Balance (in shares) at Dec. 31, 2018		4,831,178
Net income	7,016			7,016
Exercise of stock options	442	$ 1	441
Exercise of stock options (in shares)		96,748
Repurchase of shares exercised, (in shares)		(734)
Stock-based compensation	112		112
Stock-based compensation (in shares)		5,871
Balance at Dec. 31, 2019	$ 34,893	$ 50	41,576	(6,153)	(580)
Balance (in shares) at Dec. 31, 2019	4,933,063	4,933,063
Net income	$ 968			968
Exercise of stock options	$ 85		85
Exercise of stock options (in shares)	20,329	20,329
Repurchase of shares exercised	$ (23)		(23)
Repurchase of shares exercised, (in shares)		(2,295)
Stock-based compensation	790		790
Stock-based compensation (in shares)		57,382
At-the market stock sales	3,254	$ 3	3,251
At-the-market stock sales, (in shares)		263,725
Share-related issuance costs	(202)		(202)
Balance at Dec. 31, 2020	$ 39,765	$ 53	$ 45,477	$ (5,185)	$ (580)
Balance (in shares) at Dec. 31, 2020	5,272,204	5,272,204

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES
Net income	$ 968,000	$ 7,016,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	453,000	418,000
Amortization of finite-lived intangible assets	75,000	75,000
Loss from equity investment in unconsolidated subsidiary	262,000	16,000
Stock-based compensation	790,000	112,000
Deferred income tax expense (benefit)	255,000	(3,180,000)
(Gain) on marketable securities	(139,000)	(206,000)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable, net	323,000	(1,051,000)
Decrease (increase) in inventories, net	736,000	(1,550,000)
Decrease (increase) in prepaid expenses and other assets	194,000	(225,000)
(Decrease) increase in accounts payable, accrued compensation and commissions expense and other	(725,000)	1,241,000
Net cash provided by operating activities	3,192,000	2,666,000
INVESTING ACTIVITIES
Purchase of marketable securities	(21,000)	(5,050,000)
Equity investment in unconsolidated subsidiary		(3,350,000)
Capital expenditures	(407,000)	(1,163,000)
Proceeds from sale of marketable securities		3,400,000
Net cash used in investing activities	(428,000)	(6,163,000)
FINANCING ACTIVITIES
Proceeds from issuance of at-the-market stock sales	3,254,000
Share-related issuance costs	(202,000)
Net proceeds from stock option exercise	62,000	442,000
Net cash provided by financing activities	3,114,000	442,000
Increase (decrease) in cash and cash equivalents	5,878,000	(3,055,000)
Cash and cash equivalents at beginning of year	12,453,000	15,508,000
Cash and cash equivalents at end of year	18,331,000	12,453,000
Supplemental Disclosure:
Cash paid for interest	3,000	6,000
Cash paid for income taxes	$ 60,000	$ 86,000

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	A. The consolidated financial statements include the accounts of The LGL Group, Inc. (the “Company”, “we”, “our” or “us”) and all of its majority-owned subsidiaries except its sole variable interest entity (“VIE”), LGL Systems Acquisition Holding Company, LLC. Intercompany transactions and accounts have been eliminated in consolidation. These consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Certain amounts in prior years’ consolidated financial statements have been reclassified to conform to the current year presentation. The Company was incorporated in 1928 under the laws of the State of Indiana and reincorporated under the laws of the State of Delaware in 2007, and is a diversified holding company with subsidiaries engaged in the design, manufacturing and marketing of highly-engineered, high reliability frequency and spectrum control products used to control the frequency or timing of signals in electronic circuits and in the design of high performance Frequency and Time Reference Standards that form the basis for timing and synchronization in various applications. The Company operates through its two principal subsidiaries, (1) M-tron Industries, Inc. ("MtronPTI"), which includes the operations of Piezo Technology, Inc. ("PTI") and M-tron Asia, LLC ("Mtron"), and (2) Precise Time and Frequency, LLC ("PTF"). The Company has operations in Orlando, Florida; Yankton, South Dakota; Wakefield, Massachusetts; and Noida, India. MtronPTI also has sales offices in Austin, Texas and Hong Kong. In 2019, the Company created an intermediate holding company, M-tron Systems Holdings, LLC, for its existing operating assets and reorganized to facilitate opportunities to further diversify its portfolio. The Company formed three subsidiaries: M-tron Systems Holdings, LLC, LGL Systems Acquisition Holding Company, LLC and LGL Systems Acquisition Corp. LGL Systems Acquisition Holding Company, LLC (the “Sponsor”) is the sponsor of LGL Systems Acquisition Corp., a special purpose acquisition company, commonly referred to as a “SPAC” or blank check company, formed for the purpose of effecting a business combination in the aerospace, defense and communications industries (the “SPAC”). The SPAC is listed on the NYSE American

Summary of Significant Accounti

Summary of Significant Accounting Polices	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Polices	B. Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its majority-owned subsidiaries except its sole VIE, LGL Systems Acquisition Holding Company, LLC, the Sponsor. Intercompany transactions and accounts have been eliminated in consolidation. VIE: Our sole interest in a VIE, the Sponsor, is accounted for under the equity method of accounting and not consolidated. Determining whether to consolidate a VIE requires judgement in assessing whether an entity is a VIE and if we are the entity’s primary beneficiary. If we are the primary beneficiary of a VIE, we are required to consolidate it. To determine if we are the primary beneficiary, we evaluate whether we have the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation included identification of significant activities and an assessment of our ability to direct those activities, based on operating and other legal agreements as well as governance provisions. As a result of our review, we concluded that we are not the primary beneficiary of the VIE and that consolidation is not warranted. The Company reassesses its evaluation of whether an entity is a VIE when certain reconsideration events occur. The Company reassesses its determination of whether it is the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. Equity-Method Investments: When the Company is not the primary beneficiary of an entity but can exert significant influence over the entity’s operating and financial policies, the investment is accounted for either (i) under the equity method of accounting or (ii) at fair value by electing the fair value option available under GAAP. Significant influence generally exists when the Company owns 20% to 50% of the entity’s common stock or in-substance common stock. The Company reports the equity income (loss) from its investment in the Sponsor on a one-quarter lag basis Uses of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents consist of highly-liquid investments with no maturity or with a maturity of less than three months when purchased. Marketable Securities Marketable equity securities are categorized as available-for-sale securities and are reported at fair value, with the change in fair value being recorded in the consolidated statement of operations. Accounts Receivable Accounts receivable consists principally of amounts due from both domestic and foreign customers. Credit is extended based on an evaluation of the customer's financial condition and collateral is not required. In relation to export sales, the Company requires letters of credit supporting a significant portion of the sales price prior to production to limit exposure to credit risk. Certain credit sales are made to industries that are subject to cyclical economic changes. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. These allowances are maintained at a level that management believes is sufficient to cover potential credit losses. Estimates are based on historical collection experience, current trends, credit policy and the relationship between accounts receivable and revenues. In determining these estimates, the Company examines historical write-offs of its receivables and reviews each customer's account to identify any specific customer collection issues. If the financial condition of its customers were to deteriorate, resulting in an impairment of their ability to make payment, additional allowances might be required. Inventories Inventories are valued at the lower of cost or net realizable value using the FIFO (first-in, first-out) method. The Company maintains a reserve for inventory based on estimated losses that result from inventory that becomes obsolete or for which the Company has excess inventory levels. In determining these estimates, the Company performs an analysis on current demand and usage for each inventory item over historical time periods. Based on that analysis, the Company reserves a percentage of the inventory amount within each time period based on historical demand and usage patterns of specific items in inventory. Property, Plant and Equipment, Net Property, plant and equipment are recorded at cost less accumulated depreciation and include expenditures for major improvements. Maintenance and repairs are charged to operations as incurred. Depreciation is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the assets, which range from 5 years to 35 years for buildings and improvements, and from 3 years to 10 years for other fixed assets. Property, plant and equipment are periodically reviewed for indicators of impairment. If any such indicators were noted, the Company would assess the appropriateness of the assets' carrying value and record any impairment at that time. Depreciation expense was approximately $453,000 for 2020 and $418,000 for 2019. Intangible Assets Intangible assets are recorded at cost less accumulated amortization. Amortization is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the assets, which range up to 10 years. The intangible assets consist of intellectual property and goodwill. The net carrying value of the amortizable intangible assets was $287,000 and $362,000 as of December 31, 2020 and 2019, respectively. Goodwill, which is not amortizable, was $40,000 as of both December 31, 2020 and 2019. The estimated aggregate amortization expense for intangible assets, excluding goodwill, for each of the remaining years of the estimated useful life is as follows (in thousands): 2021 $ 75 2022 75 2023 75 2024 26 2025 and thereafter 36 Total $ 287 Warranties The Company offers a standard one-year warranty. The Company tests its products prior to shipment in order to ensure that they meet each customer's requirements based upon specifications received from each customer at the time its order is received and accepted. The Company's customers may request to return products for various reasons, including, but not limited to, the customers' belief that the products are not performing to specification. The Company's return policy states that it will accept product returns only with prior authorization and if the product does not meet customer specifications, in which case the product would be replaced or repaired. To accommodate the Company's customers, each request for return is reviewed; and if and when it is approved, a return materials authorization ("RMA") is issued to the customer. Each month, the Company records a specific warranty reserve for approved RMAs covering products that have not yet been returned. The Company does not maintain a general warranty reserve because, historically, valid warranty returns resulting from a product not meeting specifications or being non-functional have been de minimis. As of December 31, 2020 and 2019, accrued warranty expense was $21,000 and $29,000, respectively. Revenue Recognition The Company recognizes revenue from the sale of its products in accordance with the criteria in Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, which are: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. The Company meets these conditions upon the Company’s satisfaction of the performance obligation, usually at the time of shipment to the customer, because control passes to the customer at that time. Our standard terms for customers are net due within 30 days, with a few exceptions, none regularly exceeding 60 days. The Company provides disaggregated revenue details by segment in Note O – Segment Information, and geographic markets in Note P – Domestic and Foreign Revenues. The Company offers a limited right of return and/or authorized price protection provisions in its agreements with certain electronic component distributors who resell the Company's products to original equipment manufacturers or electronic manufacturing services companies. As a result, the Company estimates and records a reserve for future returns and other charges against revenue at the time of shipment consistent with the terms of sale. The reserve is estimated based on historical experience with each respective distributor. These reserves and charges are immaterial as the Company does not have a history of significant price protection adjustments or returns. The Company provides a standard assurance warranty that does not create a performance obligation. Practical Expedients: - The Company applies the practical expedient for shipping and handling as fulfillment costs. - The Company expenses sales commissions as sales and marketing expenses in the period they are incurred. Shipping Costs Amounts billed to customers related to shipping and handling are classified as revenue, and the Company's shipping and handling costs are included in manufacturing cost of sales. Research and Development Costs Research and development costs are charged to operations as incurred. Such costs were approximately $2,142,000 and $2,004,000 in 2020 and 2019, respectively, and are included within engineering, selling and administrative expenses. Stock-Based Compensation The Company measures the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the requisite service period, typically the vesting period. The Company estimates the fair value of stock options on the grant date using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model requires subjective assumptions, including future stock price volatility and expected time to exercise, which greatly affect the calculated values. There is no expected dividend rate. Historical Company information was the basis for the expected volatility assumption as the Company believes that the historical volatility over the life of the option is indicative of expected volatility in the future. The risk-free interest rate is based on the U.S. Treasury zero-coupon rates with a remaining term equal to the expected term of the option. The Company records any forfeitures in the period that the shares are forfeited. Restricted stock awards are measured at the market price of the Company's common stock on the date of the grant and recognized over the respective service period. Earnings Per Share The Company computes earnings per share in accordance with ASC 260, Earnings Per Share. For the year ended December 31, 2020, there were warrants to purchase 1,051,664 shares of common stock and options to purchase 25,000 shares of common stock that were excluded from the diluted earnings per share computation. For the year ended December 31, 2019, there were 25,000 shares of common stock that were excluded from the diluted earnings per share computation. The warrants and options were excluded from these calculations because the impact of the assumed exercise of such warrants and stock options would have been anti-dilutive. Years Ended December 31, 2020 2019 Weighted average shares outstanding - basic 5,173,430 4,883,923 Effect of diluted securities 43,429 93,672 Weighted average shares outstanding - diluted 5,216,859 4,977,595 Income Taxes The Company's deferred income tax assets represent (a) temporary differences between the financial statement carrying amount and the tax basis of existing assets and liabilities that will result in deductible amounts in future years and (b) the tax effects of net operating loss carryforwards. The Company periodically undertakes a review of its valuation allowance and it evaluates all positive and negative factors that may affect whether it is more likely than not that the Company would realize its future tax benefits from its deferred tax balances. Pursuant to ASC 740, Income Taxes (“ASC 740”) The Company recognizes interest and/or penalties, if any, related to income tax matters in income tax expense. Concentration Risks In 2020, the Company's largest customer, a defense contract manufacturer, accounted for $5,324,000, or 17.1%, of the Company's total revenues, compared to $3,187,000, or 10.0%, of the Company’s total revenues in 2019. The Company’s second largest customer, an electronics contract manufacturing company, accounted for $4,351,000, or 14.0%, of the Company's total revenues, compared to $5,522,000, or 17.3%, A significant portion of the Company's accounts receivable is concentrated with a relatively small number of customers. As of December 31, 2020, four of the Company's largest customers accounted for approximately $1,856,000, or 43.1%, of accounts receivable. As of December 31, 2019, four of the Company's largest customers accounted for approximately $1,841,000, or 40%, of accounts receivable. The Company carefully evaluates the creditworthiness of its customers in deciding to extend credit and utilizes letters of credit to further limit credit risk for export sales. As a result of these policies, the Company has experienced very low historical bad debt expense and believes the related risk to be minimal. At various times throughout the year and at December 31, 2020 and 2019, some deposits held at financial institutions were in excess of federally insured limits. The Company has not experienced any losses related to these balances. Segment Information The Company reports segment information in accordance with ASC 280, Segment Information Impairments of Long-Lived Assets Long-lived assets, including intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Long-lived assets are grouped with other assets to the lowest level to which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Management assesses the recoverability of the carrying cost of the assets based on a review of projected undiscounted cash flows. If an asset is held for sale, management reviews its estimated fair value less cost to sell. Fair value is determined using pertinent market information, including appraisals or broker's estimates, and/or projected discounted cash flows. In the event an impairment loss is identified, it is recognized based on the amount by which the carrying value exceeds the estimated fair value of the long-lived asset. We performed an assessment to determine if there were any indicators of impairment as a result of the operating conditions resulting from the coronavirus (“COVID-19”) pandemic at the end of each 2020 fiscal quarter, including December 31, 2020. We concluded that, while there were events and circumstances in the macro-environment that did impact us, we did not experience any entity-specific indicators of asset impairment and no triggering events occurred. Financial Instruments Cash and cash equivalents, trade accounts receivable, trade accounts payable and accrued expenses are carried at cost which approximates fair value due to the short-term maturity of these instruments. Foreign Currency Translation The assets and liabilities of international operations are remeasured at the exchange rates in effect at the balance sheet date for monetary assets and liabilities and at historical rates for nonmonetary assets and liabilities, with the related remeasurement gains or losses reported within the consolidated statement of operations. The results of international operations are remeasured at the monthly average exchange rates. The Company's foreign subsidiaries and respective operations' functional currency is the U.S. dollar. The Company has determined this based upon the majority of transactions with customers as well as intercompany transactions and parental support being based in U.S. dollars. The Company has recognized a remeasurement loss of $95,000 and $13,000 in 2020 and 2019, respectively, which is included within other income, net in the Consolidated Statements of Operations. Recently Issued Accounting Pronouncements In Jun e 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “ Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments (ASU 2016-13 ),” which changes the impairment model for most financial assets. The standard replaces the incurred loss model with the current expected credit loss (“CECL”) model to estimate credit losses for financial assets. The provisions of the standard are effective for the Company on January 1, 2023; early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its financial statements. Other accounting standards that have been issued by the FASB or other standard-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements.

Equity Investment in Unconsolid

Equity Investment in Unconsolidated Subsidiary	12 Months Ended
	Dec. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
Equity Investment in Unconsolidated Subsidiary	C. On November 6, 2019, the Company invested $3.35 million in LGL Systems Acquisition Holding Company, LLC, a partially owned subsidiary that serves as the Sponsor of the SPAC. The SPAC is a publicly-traded company on the NYSE American under the ticker symbol “DFNS” which was formed for the purpose of effecting a business combination in the aerospace, defense and communications industries. The Sponsor holds 100% of the SPAC’s Class B common shares, which are restricted and non-tradable and 5,200,000 private warrants. The Sponsor purchased the private warrants in a private placement that closed simultaneously with the consummation of the SPAC’s initial public offering (“SPAC IPO”). Each private warrant is exercisable to purchase one share of common stock of the SPAC at an exercise price of $11.50 per share. The Company contributed 62.2% of the Sponsor’s risk capital to effect the SPAC IPO. The SPAC IPO closed on November 12, 2019; proceeds from the SPAC IPO totaled $172.5 million. If the SPAC does not complete a business combination within 24 months from the closing of the SPAC IPO, the proceeds from the sale of the private warrants will be used to fund the redemption of the shares sold in the SPAC IPO (subject to the requirements of applicable law); and the private warrants will expire worthless. The Sponsor holds 20% of the total common shares (Class A and Class B) in the SPAC along with the 5,200,000 private warrants. (See Note Q – Subsequent Event.) The Sponsor is managed by LGL Systems Nevada Management Partners LLC (“Nevada GP”), an affiliated entity deemed to be under the significant influence of Marc Gabelli, the Company’s Chairman of the Board. The Company has determined that it is not the primary beneficiary of the Sponsor, as Nevada GP has the power to direct the activities of the Sponsor that most significantly impact the Sponsor’s economic performance through an operating agreement. The Company, therefore, accounts for the Sponsor under the equity method of accounting. For the years ended December 31, 2020 and 2019, the Company recognized a loss on equity investment in unconsolidated subsidiary of $262,000 and $16,000, respectively. The Company has recognized a cumulative loss of $278,000 on its investment in the unconsolidated Sponsor as December 31, 2020.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	D. Certain balances held and invested in various mutual funds are managed by a related entity (the "Fund Manager"). Marc Gabelli, the Company’s non-executive Chairman of the Board, who is also a greater than 10% stockholder, currently serves as an executive officer of the Fund Manager. The brokerage and fund transactions in 2020 and 2019 were directed solely at the discretion of the Company’s management. As of December 31, 2020, the balance with the Fund Manager totaled $19,063,000, including $13,283,000 which is classified within cash and cash equivalents on the accompanying Consolidated Balance Sheets, and $5,780,000 which is classified as marketable securities on the accompanying Consolidated Balance Sheets. Amounts invested generated $213,000 of realized and unrealized investment income during 2020 that is included within other income, net on the accompanying Consolidated Statements of Operations. As of December 31, 2019, the balance with the Fund Manager totaled $14,536,000, including $8,915,000 which is classified within cash and cash equivalents on the accompanying Consolidated Balance Sheets, and $5,621,000 which is classified as marketable securities on the accompanying Consolidated Balance Sheets. Amounts invested generated $493,000 of realized and unrealized investment income during 2019 that is included within other income, net on the accompanying Consolidated Statements of Operations. Fund management fees earned by the Fund Manager are anticipated to average less than 0.25% of the asset balances under management on an annual basis. Marc Gabelli serves as Chairman and Chief Executive Officer of the SPAC, has invested in the Sponsor and is the initial managing member of Nevada GP, the manager of the Sponsor. Timothy Foufas, a member of the Company’s board of directors (the “Board”) is also a member and investor of the Sponsor, Chief Operating Officer of the SPAC and is a member of Nevada GP. Robert LaPenta, a member of the Board, is also a member and investor of the Sponsor, Executive Vice President and Chief Financial Officer of the SPAC and is a member of Nevada GP. John Mega, a member of the Board, is also a member and investor of the Sponsor and the President of the SPAC. Patrick Huvane, the Company’s Senior Vice President of Business Development, is a member of both the Company’s and the SPAC’s management team and an investor in the Sponsor. Michael J. Ferrantino, a member of the Board, is also a member and investor of the Sponsor and a board member for the SPAC. Under separate arrangement, these people may be eligible to receive incentive compensation should the SPAC complete a successful acquisition. On May 2, 2019, the Company agreed to loan the Sponsor an aggregate of up to $150,000 to cover expenses related to the SPAC IPO pursuant to a promissory note (the “SPAC Note”). This loan was non-interest bearing and payable on the earlier of (i) April 30, 2020, (ii) the completion of the SPAC IPO or (iii) the date on which the Company determined not to proceed with the SPAC IPO. The SPAC Note was repaid on December 19, 2019.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	E. 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 primary valuation techniques: the market approach, the income approach and the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to observable inputs such as quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The maximization of observable inputs and the minimization of the use of unobservable inputs are required. 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 levels within the fair value hierarchy are characterized as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Unobservable inputs for the asset or liability for which there is little, if any, market activity for the asset or liability at the measurement date. Unobservable inputs reflect the Company's own assumptions about what market participants would use to price the asset or liability. These inputs may include internally developed pricing models, discounted cash flow methodologies as well as instruments for which the fair value determination requires significant management judgment. Assets To estimate the market value of its cash and cash equivalents and marketable securities, the Company obtains current market pricing from quoted market sources or uses pricing for identical securities. Assets measured at fair value on a recurring basis are summarized below. (in thousands) Level 1 Level 2 Level 3 Total December 31, 2020 Marketable Equity Security $ 11 $ — $ — $ 11 Equity Mutual Fund $ — $ 5,780 $ — $ 5,780 U.S. Treasury Mutual Fund $ 13,282 $ — $ — $ 13,282 (in thousands) Level 1 Level 2 Level 3 Total December 31, 2019 Marketable Equity Security $ 10 $ — $ — $ 10 Equity Mutual Fund $ — $ 5,621 $ — $ 5,621 U.S. Treasury Mutual Fund $ 8,915 $ — $ — $ 8,915 There were no transfers to or from level 3 during the reporting periods. As of December 31, 2020 and 2019, the Company had investments in two mutual funds. The Equity Mutual Fund noted above is invested in the Gabelli ABC Fund, and the U.S. Treasury Mutual Fund is invested in the Gabelli US Treasury Money Market Fund. The Company reviews goodwill annually and the carrying value of long-lived assets whenever events and circumstances indicate that the carrying amounts of the assets may not be recoverable. If it is determined that the assets are impaired, the carrying value would be reduced to estimated recoverable value.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories	F. The Company reduces the value of its inventories to net realizable value when the net realizable value is believed to be less than the cost of the item. The inventory reserve for excess and obsolescence inventory as of December 31, 2020 and 2019 was $1,219,000 and $1,015,000, respectively. The components of inventory as of December 31, 2020 and 2019 are summarized below: December 31, 2020 2019 (in thousands) Raw materials $ 2,080 $ 2,134 Work in process 2,467 2,640 Finished goods 733 1,242 Total Inventories, net $ 5,280 $ 6,016

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	G. Income Taxes The Company periodically undertakes a review of its valuation allowance and evaluates all positive and negative factors that may affect whether it is more likely than not that the Company would realize its future tax benefits from its deferred tax balances. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become realizable. In 2014, the Company introduced a number of changes, most notably the decision to exit the low-margin, high-volume telecommunications market and focus on engineered solutions in the aerospace and defense markets. This turnaround plan was engineered and executed by the Company’s management with the consent of the Board. Over the following years, the negative factors that caused the Company to produce continuing losses in the U.S. tax jurisdiction were eliminated with the result being sustained increases in the Company’s sales, revenues and backlog. Margins from its new and improved products and services have increased, and the Company maintains a strong backlog of orders with its customers. As these changes supported and continue to support the assertion that it is more likely than not that substantially all of the Company’s net deferred tax assets will be utilized, during the third quarter of 2019, $3,344,000 of the Company’s valuation allowance of its deferred tax assets was reversed. Income tax provision (benefit) for the years ended December 31, 2020 and 2019 is as follows: 2020 2019 (in thousands) Current: Federal $ — $ — State and local 31 30 Foreign 50 43 Total Current 81 73 Deferred: Federal 238 1,322 State and local (6 ) 147 Foreign 32 60 Total before change in valuation allowance 264 1,529 Change in valuation allowance (9 ) (4,709 ) Net deferred 255 (3,180 ) Income tax provision (benefit) $ 336 $ (3,107 ) A reconciliation of the provision (benefit) for income taxes and the amount computed by applying the statutory federal income tax rate to income before income taxes is detailed below: 2020 2019 (in thousands) Tax provision at expected statutory rate $ 274 $ 821 State taxes, net of federal benefit 31 92 Permanent differences 45 34 Credits 7 (108 ) Foreign tax expense, and other 1 13 Change in rate (38 ) 63 Change in valuation allowance (9 ) (4,709 ) Provision to return 15 — Permanent true-ups — 687 Other 10 — Provision (benefit) for income taxes $ 336 $ (3,107 ) Deferred income taxes for 2020 and 2019 were provided for the temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities. Tax effects of temporary differences and carry-forwards at December 31, 2020 and 2019 were as follows: December 31, 2020 December 31, 2019 Deferred Tax Deferred Tax Asset Liability Asset Liability (in thousands) Inventory reserve $ 286 $ — $ 239 $ — Fixed assets — 58 — 100 Other reserves and accruals 311 — 358 — Stock-based compensation 8 — 6 — Other — 12 — 18 Tax credit carryforwards 1,717 — 1,724 — Federal tax loss carryforwards 892 — 1,169 — State tax loss carryforwards 252 — 250 — Foreign tax loss carryforwards 35 — 67 — Total deferred income taxes 3,501 $ 70 3,813 $ 118 Valuation allowance (379 ) (388 ) Net deferred tax assets $ 3,052 $ 3,307 Deferred tax assets totaled $3.5 million at December 31, 2020 which includes the tax effect of federal, state and foreign net operating loss carryforwards and our federal tax credits. We recognize federal, state and foreign net operating loss carryforwards and our federal tax credits as deferred tax assets, subject to valuation allowances. At each balance sheet date, we estimate the amount of carryforwards that are not expected to be used prior to expiration of the carryforward period. The Company has a total gross federal NOL carryforward of $4,254,000 as of December 31, 2020. This federal NOL carryforward expires through 2038, if not utilized prior to that date. The Company has total state NOL carryforwards of $5,815,000 as of December 31, 2020. These state NOL balances expire between 2037 and 2047. The Company has research and development tax credit carryforwards of approximately $1,717,000 at December 31, 2020 that can be used to reduce future income tax liabilities and expire principally between 2021 and 2039. The tax effect of the carryforwards that are not expected to be used prior to their expiration is included in the valuation allowance. At December 31, 2020, the balance in the Company’s valuation allowance was $379,000 consisting primarily of research and development tax credits expiring between 2021 and 2025. The Company files income tax returns in the U.S. federal, various state, Hong Kong and India jurisdictions. The statute of limitations for assessment by the Internal Revenue Service ("IRS") and state tax authorities is open for tax returns for years ended December 31, 2017, 2018 and 2019; although carryforward attributes that were generated prior to tax year 2017, including NOL carryforwards and tax credits, may still be adjusted upon examination by the IRS or state tax authorities, if they either have been or will be used in a future period. The Company is generally subject to examinations by foreign tax authorities from 2015 to the present. The Company will recognize any interest and penalties related to unrecognized tax positions in income tax expense. At the date of adoption of ASC 740, the Company did not have a liability for unrecognized tax positions. As of December 31, 2020, management assessed the balances of the Company’s deferred tax assets and liabilities and has determined that it has not taken any aggressive tax positions that may be considered uncertain under ASC 740.

Revolving Credit Agreement

Revolving Credit Agreement	12 Months Ended
	Dec. 31, 2020
Line Of Credit Facility [Abstract]
Revolving Credit Agreement	H. Revolving Credit Agreement On May 12, 2020, MtronPTI and PTI (collectively, the “Borrowers”), both operating subsidiaries of the Company, entered into a loan agreement for a revolving line of credit with Synovus Bank, an unaffiliated entity, as the lender (“Lender”), for up to $3.5 million (the “Loan Agreement”), such amount to be used for working capital and general operations. The Loan Agreement is evidenced by a promissory note dated May 12, 2020 that matures on May 12, 2022 (the “Note”) and a corresponding security agreement (the “Security Agreement”). The Note bears interest at the London Inter-bank Offered Rate (“LIBOR”) 30-day rate plus 2.50% with a floor of 0.50%. Upon discontinuance or lack of availability of the LIBOR rate, Lender is required to determine a comparable equivalent replacement rate. Accrued interest-only payments are due on a monthly basis until the maturity date. The Borrowers may prepay all or any portion of the loans under the Loan Agreement at any time, without fee, premium or penalty. The Loan Agreement also includes a clean-up provision; whereby, during each 12-month period, the outstanding balance must remain at zero for 30 consecutive days. In accordance with the Security Agreement, all property of the Borrowers, both tangible and intangible, will serve as security for borrowings under the Loan Agreement. At December 31, 2020, the Company had no The Loan Agreement contains various affirmative and negative covenants that are customary for lines of credit and transactions of this type which the Company is in compliance with, including limitations on the incurrence of debt and liabilities by the Borrowers, as well as financial reporting requirements. The Loan Agreement also imposes certain financial covenants based on Debt Service Coverage Ratio and the Ratio of Total Liabilities to Total Net Worth (as such terms are defined in the Loan Agreement). In the event of default, the Lender has the right to terminate its commitment to make loans pursuant to the Loan Agreement and to accelerate the payment on any unpaid principal amount of all outstanding loans and interest thereon. All loans pursuant to the Loan Agreement are secured by a continuing and unconditional first priority security interest in and to any and all property of the Borrowers.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	I. We lease certain manufacturing and office space and equipment. We determine if an arrangement is a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of identified property, plant or equipment (an identified asset) for a period of time in exchange for consideration. Amounts associated with operating leases, which are not short-term, are included in right-of-use lease assets, other accrued expenses and long-term lease liabilities in our Consolidated Balance Sheets. Right-of-use lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our incremental borrowing rate at the lease commencement date in determining the present value of lease payments. Short-term leases, leases with an initial term of 12 months or less, are not recorded in the Consolidated Balance Sheets; we recognize lease expense for these short-term leases on a straight-line basis over the lease term. The Company leases certain property and equipment, including warehousing, and sales and distribution equipment, under operating leases with terms that range from one to five years. Certain of these leases have one or more options to renew, with renewal terms that can extend the lease term from one to 10 years or more, and the exercise of lease renewal options under these leases is at our sole discretion. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. During the year ended December 31, 2020, we renewed our leases on our facilities in India, resulting in the addition of $188,000 in right-of-use lease assets in exchange for operating lease liabilities. Total operating leases costs amounted to $611,000 and $564,000 for the years ended December 31, 2020 and 2019, respectively. Our total lease obligation is $422,000 of which the current portion of $129,000 is included in other accrued expenses on the consolidated balance sheet at December 31, 2019. Future minimum lease payment obligations under operating leases are as follows (in thousands): 2020 2021 $ 137 2022 112 2023 112 2024 112 2025 13 Total lease payments 486 Less: interest (64 ) Total lease payments $ 422

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Stockholders Equity Note [Abstract]
Stockholders' Equity	J. Common Stock Warrant Dividend On October 27, 2020, the board of directors declared a dividend of warrants to purchase shares of the Company’s common stock (the “Common Stock Warrants”). Pursuant to the warrant agreement, each holder of the Company’s common stock received one warrant for each share of common stock owned; five warrants will entitle their holder to purchase one share of the Company’s common stock at an exercise price of $12.50. The warrants are exercisable on the earlier of their expiration date, November 16, 2025, or such date that the 30-day volume weighted average price per share of the Company’s common stock is greater than or equal to $17.50. The Company distributed 5,258,320 Common Stock Warrants on November 16, 2020 to holders of record of outstanding shares of the Company’s common stock as of the close of business on November 9, 2020. The Common Stock Warrants are listed on the NYSE American and trade under the symbol "LGL WS." The Common Stock Warrants were measured at fair value determined to be $3.6 million on the declaration date using a Monte Carlo 1,051,664 shares of common stock were registered with the Securities and Exchange Commission pursuant to a registration statement on Form S-1 in connection with the Common Stock Warrants. The Company did not receive any proceeds from the distribution of the warrants. Assuming that all the warrants are exercised, the net proceeds from the exercise of the warrants and issuance of the shares of common stock will be approximately $13.0 million. The Company incurred $202,000 of costs in connection with the registration of the shares of common stock and the related Common Stock Warrants which were recorded against additional paid-in capital. ATM Offering On January 22, 2020, the Company entered into an Open Market Sales Agreement (the “Sales Agreement”) with Jefferies LLC, as sales agent (“Jefferies”), pursuant to which the Company may offer and sell, from time to time, in what is deemed to be an “at the market offering” (“ATM Offering”) through Jefferies, shares of the Company’s common stock, par value $0.01 per share, having an aggregate offering price of up to $15,000,000. Shares sold under the Sales Agreement are issued pursuant to the shelf registration statement on Form S-3 (File No. 333-235767), filed by the Company with the SEC on December 31, 2019, which was declared effective on January 8, 2020. The Company filed a prospectus supplement with the SEC on January 23, 2020 in connection with the offer and sale of the shares pursuant to the Sales Agreement. During February and March of 2020, 263,725 shares were sold under the Sales Agreement, at an average price per share of $13.65, generating net proceeds of approximately $3,492,000 after brokerage charges of $108,000 were deducted and paid to Jefferies. Form S-3 and at-the-market registration costs were approximately $238,000 and were charged to additional paid-in capital. The Sales Agreement and ATM Offering remain in effect in accordance with their terms. Share Repurchase Program On August 29, 2011, the Board authorized the Company to repurchase up to 100,000 shares of its common stock in accordance with applicable securities laws. This authorization increased the total number of shares authorized and available for repurchase under the Company's existing share repurchase program to 540,000 shares, at such times, amounts and prices as the Company shall deem appropriate. As of December 31, 2020, the Company had repurchased a total of 81,584 shares of common stock at a cost of $580,000, which shares are currently held in treasury.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	K. On August 4, 2011, the Company's stockholders approved the 2011 Incentive Plan. 500,000 shares of common stock were authorized for issuance under the 2011 Incentive Plan. On June 16, 2016, the Company's stockholders approved the Amended and Restated 2011 Incentive Plan (the “Plan”) which increased the number of shares of common stock authorized for issuance under the Plan to 750,000 shares of common stock. The Company believes that such awards better align the interests of its employees with those of its shareholders. Option awards are generally granted with an exercise price either at or 10% above the market price of the Company's common stock at the date of grant; those option awards generally have 5-year contractual terms and generally vest over three years. Restricted stock awards are measured at a value equal to the market price of the Company's common stock on the date of grant which is recognized over the service period of the shares. Total stock-based compensation expense for the years ended December 31, 2020 and 2019 was $790,000 and $112,000, respectively. Stock Options The following table summarizes information about stock options outstanding and exercisable at December 31, 2020: Number of Shares Outstanding Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in thousands) Option Balances at December 31, 2019 78,379 $ 7.43 $ 2.00 2.7 $ 593 Options Granted - - - - - Options Exercised (20,329 ) 4.21 0.98 - - Options Forfeited - - - - - Option Balances at December 31, 2020 58,050 $ 8.56 $ 2.37 2.5 $ 236 Options Exercisable at December 31, 2020 38,123 $ 6.80 $ 1.66 1.9 $ 220 There were no options granted during 2020; the weighted-average grant-date fair value of options granted during 2019 was $4.02. As of December 31, 2020, there was approximately $65,000 of total unrecognized compensation expense related to unvested share-based compensation arrangements for stock options, which will be recognized over the weighted average remaining term of these awards (2.5 years). The Company bases expected volatility on the weighted average historical stock volatility of the Company's common stock. There is no dividend rate, as dividends are not expected to be paid. The expected term utilizes historical data to estimate the period of time that the options are expected to remain unexercised. The Company bases risk-free rates on the U.S. Treasury zero-coupon rates with a remaining term equal to the expected term of the option. The Company records any forfeitures in the period that the shares are forfeited. The inputs to the option valuation model for the options granted during the year ended December 31, 2019 were expected volatility of 40%, dividend rate of zero, expected term of 3.55 years and a risk-free rate of 1.63%. Restricted Stock Awards A summary of the Company’s restricted stock awards for the year ended December 31, 2020 follows: Number of Shares Weighted Average Grant Date Fair Value Aggregate Grant Date Fair value (in thousands) Balance at December 31, 2019 - $ — $ — Granted 113,144 10.30 1,165 Vested (57,382 ) 11.15 (640 ) Balance at December 31, 2020 55,762 $ 9.42 $ 525 As of December 31, 2020, there was $415,000 of total unrecognized compensation cost related to nonvested shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of 2.2 years. Total fair value of shares vested during the years ended December 31, 2020 and 2019 was $640,000 and $86,000, respectively. During the year ended December 31, 2020, the Company issued 113,144 restricted stock awards with a weighted average grant date fair value of $10.30 per share. Certain of these shares, with a grant date fair value of $11.15 per share, vested immediately (57,382); the remaining 55,762, with a grant date fair value of $9.42 per share, will vest during the next three years. At December 31, 2020, 290,091 shares remained available for future issuance under the Plan.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plan	L. Employee Benefit Plan The Company offers a defined contribution plan for eligible employees in which the Company makes discretionary contributions up to 50% of the first 6% of eligible compensation contributed by participants. The Company contributed approximately $119,000 and $115,000 in discretionary contributions during 2020 and 2019, respectively. Participants vest in employer contributions starting after their second year of service at 20% increments, vesting 100% in year six.

Payroll Protection Program

Payroll Protection Program	12 Months Ended
	Dec. 31, 2020
Debt Default Longterm Debt [Abstract]
Payroll Protection Program	M. Payroll Protection Program On April 15, 2020, PTI, MtronPTI and PTF, all operating subsidiaries of the Company, entered into loans with City National Bank of Florida, a national banking association, as the lender, in an aggregate principal amount of $1,907,500 pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act. On May 14, 2020, the Company returned all amounts pursuant to such loans and such loans were thereby terminated.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Contingencies	N. In the normal course of business, the Company and its subsidiaries may become defendants in certain product liability, patent infringement, worker claims and other litigation. The Company records a liability when it is probable that a loss has been incurred and the amount is reasonably estimable. The Company is not involved in any legal proceedings other than routine litigation arising in the normal course of business, none of which the Company believes will have a material adverse effect on the Company's business, financial condition or results of operations.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Information	O. The Company has identified two reportable business segments from operations: electronic components, which includes all products manufactured and sold by MtronPTI, and electronic instruments, which includes all products manufactured and sold by PTF. The Company's foreign operations in Hong Kong and India fall under MtronPTI. Operating income is equal to revenues less cost of sales and operating expenses, excluding investment income, interest expense, loss on equity investment and income taxes. Identifiable assets of the segment are those used in its operations and exclude general corporate assets. General corporate assets are principally cash and cash equivalents, short-term investments, tax assets and certain other investments and receivables. Business segment information for the years ended December 31, 2020 and 2019 follows: Years Ended December 31, 2020 2019 (in thousands) Revenues from Operations Electronic components $ 29,980 $ 30,553 Electronic instruments 1,182 1,344 Total consolidated revenues $ 31,162 $ 31,897 Operating Income from Operations Electronic components $ 2,844 $ 4,726 Electronic instruments 85 257 Unallocated corporate expense (1,514 ) (1,544 ) Consolidated total operating income 1,415 3,439 Interest (expense) income, net (11 ) 2 Loss on equity investment in unconsolidated subsidiary (262 ) (16 ) Other income, net 162 484 Total other (expense) income (111 ) 470 Income Before Income Taxes $ 1,304 $ 3,909 Capital Expenditures Electronic components $ 407 $ 1,163 Electronic instruments — — General corporate — — Total capital expenditures $ 407 $ 1,163 Total Assets Electronic components $ 15,014 $ 16,218 Electronic instruments 1,106 1,171 General corporate 27,335 21,828 Consolidated total assets $ 43,455 $ 39,217

Domestic and Foreign Revenues

Domestic and Foreign Revenues	12 Months Ended
	Dec. 31, 2020
Revenues [Abstract]
Domestic and Foreign Revenues	P. Significant foreign revenues from operations (10% or more of foreign sales) were as follows : Years Ended December 31, 2020 2019 (in thousands) Malaysia $ 2,842 $ 4,329 Hong Kong 1,211 919 Australia 974 13 All other foreign countries 2,383 3,239 Total foreign revenues $ 7,410 $ 8,500 Total domestic revenues $ 23,752 $ 23,397 The Company allocates its foreign revenue based on the customer's ship-to location .

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Event	Q. Subsequent Event On March 19, 2021, the Company announced it invested $2,725,000 into its unconsolidated subsidiary, the Sponsor of the SPAC. The investment will be part of the Sponsor syndication of $5.66 million organized to participate in a $125 million private placement (“PIPE”) purchase of 12,500,000 shares of DFNS Class A common stock. The PIPE is in connection with the recent announcement by IronNet Cybersecurity, Inc. (“IronNet”) of the definitive business combination agreement reached between IronNet and DFNS. The PIPE and business combination are expected to close in the third quarter of 2021, after the required approval by the shareholders of DFNS and the fulfillment of certain other conditions. With the PIPE proceeds, the minimum financing needed to complete the business combination will be achieved. While the syndicated PIPE investment increases the Company’s commitment to the pro forma IronNet company, its position is not expected to be material to the pro forma capitalization. Upon completion of the business combination, which is subject to regulatory and other approvals, the combined company will be renamed IronNet Cybersecurity, Inc and will be listed on the NYSE American and trade under the ticker symbol “IRNT”.

Summary of Significant Accoun_2

Summary of Significant Accounting Polices (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Organization	The Company was incorporated in 1928 under the laws of the State of Indiana and reincorporated under the laws of the State of Delaware in 2007, and is a diversified holding company with subsidiaries engaged in the design, manufacturing and marketing of highly-engineered, high reliability frequency and spectrum control products used to control the frequency or timing of signals in electronic circuits and in the design of high performance Frequency and Time Reference Standards that form the basis for timing and synchronization in various applications. The Company operates through its two principal subsidiaries, (1) M-tron Industries, Inc. ("MtronPTI"), which includes the operations of Piezo Technology, Inc. ("PTI") and M-tron Asia, LLC ("Mtron"), and (2) Precise Time and Frequency, LLC ("PTF"). The Company has operations in Orlando, Florida; Yankton, South Dakota; Wakefield, Massachusetts; and Noida, India. MtronPTI also has sales offices in Austin, Texas and Hong Kong. In 2019, the Company created an intermediate holding company, M-tron Systems Holdings, LLC, for its existing operating assets and reorganized to facilitate opportunities to further diversify its portfolio. The Company formed three subsidiaries: M-tron Systems Holdings, LLC, LGL Systems Acquisition Holding Company, LLC and LGL Systems Acquisition Corp. LGL Systems Acquisition Holding Company, LLC (the “Sponsor”) is the sponsor of LGL Systems Acquisition Corp., a special purpose acquisition company, commonly referred to as a “SPAC” or blank check company, formed for the purpose of effecting a business combination in the aerospace, defense and communications industries (the “SPAC”). The SPAC is listed on the NYSE American
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its majority-owned subsidiaries except its sole VIE, LGL Systems Acquisition Holding Company, LLC, the Sponsor. Intercompany transactions and accounts have been eliminated in consolidation. VIE: Our sole interest in a VIE, the Sponsor, is accounted for under the equity method of accounting and not consolidated. Determining whether to consolidate a VIE requires judgement in assessing whether an entity is a VIE and if we are the entity’s primary beneficiary. If we are the primary beneficiary of a VIE, we are required to consolidate it. To determine if we are the primary beneficiary, we evaluate whether we have the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation included identification of significant activities and an assessment of our ability to direct those activities, based on operating and other legal agreements as well as governance provisions. As a result of our review, we concluded that we are not the primary beneficiary of the VIE and that consolidation is not warranted. The Company reassesses its evaluation of whether an entity is a VIE when certain reconsideration events occur. The Company reassesses its determination of whether it is the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. When the Company is not the primary beneficiary of an entity but can exert significant influence over the entity’s operating and financial policies, the investment is accounted for either (i) under the equity method of accounting or (ii) at fair value by electing the fair value option available under GAAP. Significant influence generally exists when the Company owns 20% to 50% of the entity’s common stock or in-substance common stock. The Company reports the equity income (loss) from its investment in the Sponsor on a one-quarter lag basis
Uses of Estimates	Uses of Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents
Marketable Securities	Marketable Securities
Accounts Receivable	Accounts Receivable
Inventories	Inventories Inventories are valued at the lower of cost or net realizable value using the FIFO (first-in, first-out) method.
Property, Plant and Equipment, Net	Property, Plant and Equipment, Net Property, plant and equipment are recorded at cost less accumulated depreciation and include expenditures for major improvements. Maintenance and repairs are charged to operations as incurred. Depreciation is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the assets, which range from 5 years to 35 years for buildings and improvements, and from 3 years to 10 years for other fixed assets. Property, plant and equipment are periodically reviewed for indicators of impairment. If any such indicators were noted, the Company would assess the appropriateness of the assets' carrying value and record any impairment at that time. Depreciation expense was approximately $453,000 for 2020 and $418,000 for 2019.
Intangible Assets	Intangible Assets 2021 $ 75 2022 75 2023 75 2024 26 2025 and thereafter 36 Total $ 287
Warranties	Warranties The Company offers a standard one-year warranty. The Company tests its products prior to shipment in order to ensure that they meet each customer's requirements based upon specifications received from each customer at the time its order is received and accepted. The Company's customers may request to return products for various reasons, including, but not limited to, the customers' belief that the products are not performing to specification. The Company's return policy states that it will accept product returns only with prior authorization and if the product does not meet customer specifications, in which case the product would be replaced or repaired. To accommodate the Company's customers, each request for return is reviewed; and if and when it is approved, a return materials authorization ("RMA") is issued to the customer. Each month, the Company records a specific warranty reserve for approved RMAs covering products that have not yet been returned. The Company does not maintain a general warranty reserve because, historically, valid warranty returns resulting from a product not meeting specifications or being non-functional have been de minimis. As of December 31, 2020 and 2019, accrued warranty expense was $21,000 and $29,000, respectively.
Revenue Recognition	Revenue Recognition The Company recognizes revenue from the sale of its products in accordance with the criteria in Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, which are: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. The Company meets these conditions upon the Company’s satisfaction of the performance obligation, usually at the time of shipment to the customer, because control passes to the customer at that time. Our standard terms for customers are net due within 30 days, with a few exceptions, none regularly exceeding 60 days. The Company provides disaggregated revenue details by segment in Note O – Segment Information, and geographic markets in Note P – Domestic and Foreign Revenues. The Company offers a limited right of return and/or authorized price protection provisions in its agreements with certain electronic component distributors who resell the Company's products to original equipment manufacturers or electronic manufacturing services companies. As a result, the Company estimates and records a reserve for future returns and other charges against revenue at the time of shipment consistent with the terms of sale. The reserve is estimated based on historical experience with each respective distributor. These reserves and charges are immaterial as the Company does not have a history of significant price protection adjustments or returns. The Company provides a standard assurance warranty that does not create a performance obligation. Practical Expedients: - The Company applies the practical expedient for shipping and handling as fulfillment costs.
Shipping Costs	Shipping Costs
Research and Development Costs	Research and Development Costs
Stock-Based Compensation	Stock-Based Compensation The Company measures the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the requisite service period, typically the vesting period. The Company estimates the fair value of stock options on the grant date using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model requires subjective assumptions, including future stock price volatility and expected time to exercise, which greatly affect the calculated values. There is no expected dividend rate. Historical Company information was the basis for the expected volatility assumption as the Company believes that the historical volatility over the life of the option is indicative of expected volatility in the future. The risk-free interest rate is based on the U.S. Treasury zero-coupon rates with a remaining term equal to the expected term of the option. The Company records any forfeitures in the period that the shares are forfeited.
Earnings Per Share	Earnings Per Share The Company computes earnings per share in accordance with ASC 260, Earnings Per Share. For the year ended December 31, 2020, there were warrants to purchase 1,051,664 shares of common stock and options to purchase 25,000 shares of common stock that were excluded from the diluted earnings per share computation. For the year ended December 31, 2019, there were 25,000 shares of common stock that were excluded from the diluted earnings per share computation. The warrants and options were excluded from these calculations because the impact of the assumed exercise of such warrants and stock options would have been anti-dilutive. Years Ended December 31, 2020 2019 Weighted average shares outstanding - basic 5,173,430 4,883,923 Effect of diluted securities 43,429 93,672 Weighted average shares outstanding - diluted 5,216,859 4,977,595
Income Taxes	Income Taxes The Company's deferred income tax assets represent (a) temporary differences between the financial statement carrying amount and the tax basis of existing assets and liabilities that will result in deductible amounts in future years and (b) the tax effects of net operating loss carryforwards. The Company periodically undertakes a review of its valuation allowance and it evaluates all positive and negative factors that may affect whether it is more likely than not that the Company would realize its future tax benefits from its deferred tax balances. Pursuant to ASC 740, Income Taxes (“ASC 740”)
Concentration Risks	Concentration Risks In 2020, the Company's largest customer, a defense contract manufacturer, accounted for $5,324,000, or 17.1%, of the Company's total revenues, compared to $3,187,000, or 10.0%, of the Company’s total revenues in 2019. The Company’s second largest customer, an electronics contract manufacturing company, accounted for $4,351,000, or 14.0%, of the Company's total revenues, compared to $5,522,000, or 17.3%, A significant portion of the Company's accounts receivable is concentrated with a relatively small number of customers. As of December 31, 2020, four of the Company's largest customers accounted for approximately $1,856,000, or 43.1%, of accounts receivable. As of December 31, 2019, four of the Company's largest customers accounted for approximately $1,841,000, or 40%, of accounts receivable. The Company carefully evaluates the creditworthiness of its customers in deciding to extend credit and utilizes letters of credit to further limit credit risk for export sales. As a result of these policies, the Company has experienced very low historical bad debt expense and believes the related risk to be minimal.
Segment Information	Segment Information Segment Information
Impairments of Long-Lived Assets	Impairments of Long-Lived Assets are grouped with other assets to the lowest level to which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Management assesses the recoverability of the carrying cost of the assets based on a review of projected undiscounted cash flows. If an asset is held for sale, management reviews its estimated fair value less cost to sell. Fair value is determined using pertinent market information, including appraisals or broker's estimates, and/or projected discounted cash flows. In the event an impairment loss is identified, it is recognized based on the amount by which the carrying value exceeds the estimated fair value of the long-lived asset.
Financial Instruments	Financial Instruments
Foreign Currency Translation	Foreign Currency Translation The assets and liabilities of international operations are remeasured at the exchange rates in effect at the balance sheet date for monetary assets and liabilities and at historical rates for nonmonetary assets and liabilities, with the related remeasurement gains or losses reported within the consolidated statement of operations. The results of international operations are remeasured at the monthly average exchange rates. The Company's foreign subsidiaries and respective operations' functional currency is the U.S. dollar. The Company has determined this based upon the majority of transactions with customers as well as intercompany transactions and parental support being based in U.S. dollars. The Company has recognized a remeasurement loss of $95,000 and $13,000 in 2020 and 2019, respectively, which is included within other income, net in the Consolidated Statements of Operations.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements e 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “ Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments (ASU 2016-13 ),” which changes the impairment model for most financial assets. The standard replaces the incurred loss model with the current expected credit loss (“CECL”) model to estimate credit losses for financial assets. The provisions of the standard are effective for the Company on January 1, 2023; early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Polices (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Future Amortization Expense of Finite-Lived Intangible Assets	The estimated aggregate amortization expense for intangible assets, excluding goodwill, for each of the remaining years of the estimated useful life is as follows (in thousands): 2021 $ 75 2022 75 2023 75 2024 26 2025 and thereafter 36 Total $ 287
Reconciliation of Basic to Diluted Weighted Average Shares Outstanding	The warrants and options were excluded from these calculations because the impact of the assumed exercise of such warrants and stock options would have been anti-dilutive. Years Ended December 31, 2020 2019 Weighted average shares outstanding - basic 5,173,430 4,883,923 Effect of diluted securities 43,429 93,672 Weighted average shares outstanding - diluted 5,216,859 4,977,595

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on Recurring Basis	Assets measured at fair value on a recurring basis are summarized below. (in thousands) Level 1 Level 2 Level 3 Total December 31, 2020 Marketable Equity Security $ 11 $ — $ — $ 11 Equity Mutual Fund $ — $ 5,780 $ — $ 5,780 U.S. Treasury Mutual Fund $ 13,282 $ — $ — $ 13,282 (in thousands) Level 1 Level 2 Level 3 Total December 31, 2019 Marketable Equity Security $ 10 $ — $ — $ 10 Equity Mutual Fund $ — $ 5,621 $ — $ 5,621 U.S. Treasury Mutual Fund $ 8,915 $ — $ — $ 8,915

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Components of Inventory	The components of inventory as of December 31, 2020 and 2019 are summarized below: December 31, 2020 2019 (in thousands) Raw materials $ 2,080 $ 2,134 Work in process 2,467 2,640 Finished goods 733 1,242 Total Inventories, net $ 5,280 $ 6,016

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Provision for Income Tax (Benefit)	Income tax provision (benefit) for the years ended December 31, 2020 and 2019 is as follows: 2020 2019 (in thousands) Current: Federal $ — $ — State and local 31 30 Foreign 50 43 Total Current 81 73 Deferred: Federal 238 1,322 State and local (6 ) 147 Foreign 32 60 Total before change in valuation allowance 264 1,529 Change in valuation allowance (9 ) (4,709 ) Net deferred 255 (3,180 ) Income tax provision (benefit) $ 336 $ (3,107 )
Reconciliation of Provision (Benefit) for Income Taxes	A reconciliation of the provision (benefit) for income taxes and the amount computed by applying the statutory federal income tax rate to income before income taxes is detailed below: 2020 2019 (in thousands) Tax provision at expected statutory rate $ 274 $ 821 State taxes, net of federal benefit 31 92 Permanent differences 45 34 Credits 7 (108 ) Foreign tax expense, and other 1 13 Change in rate (38 ) 63 Change in valuation allowance (9 ) (4,709 ) Provision to return 15 — Permanent true-ups — 687 Other 10 — Provision (benefit) for income taxes $ 336 $ (3,107 )
Tax Effects of Temporary Differences and Carry-Forwards	Deferred income taxes for 2020 and 2019 were provided for the temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities. Tax effects of temporary differences and carry-forwards at December 31, 2020 and 2019 were as follows: December 31, 2020 December 31, 2019 Deferred Tax Deferred Tax Asset Liability Asset Liability (in thousands) Inventory reserve $ 286 $ — $ 239 $ — Fixed assets — 58 — 100 Other reserves and accruals 311 — 358 — Stock-based compensation 8 — 6 — Other — 12 — 18 Tax credit carryforwards 1,717 — 1,724 — Federal tax loss carryforwards 892 — 1,169 — State tax loss carryforwards 252 — 250 — Foreign tax loss carryforwards 35 — 67 — Total deferred income taxes 3,501 $ 70 3,813 $ 118 Valuation allowance (379 ) (388 ) Net deferred tax assets $ 3,052 $ 3,307

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of Future Minimum Payment Under Operating Lease Liabilities	Future minimum lease payment obligations under operating leases are as follows (in thousands): 2020 2021 $ 137 2022 112 2023 112 2024 112 2025 13 Total lease payments 486 Less: interest (64 ) Total lease payments $ 422

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Information About Stock Options Outstanding and Exercisable	The following table summarizes information about stock options outstanding and exercisable at December 31, 2020: Number of Shares Outstanding Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in thousands) Option Balances at December 31, 2019 78,379 $ 7.43 $ 2.00 2.7 $ 593 Options Granted - - - - - Options Exercised (20,329 ) 4.21 0.98 - - Options Forfeited - - - - - Option Balances at December 31, 2020 58,050 $ 8.56 $ 2.37 2.5 $ 236 Options Exercisable at December 31, 2020 38,123 $ 6.80 $ 1.66 1.9 $ 220
Summary of Restricted Stock Awards	A summary of the Company’s restricted stock awards for the year ended December 31, 2020 follows: Number of Shares Weighted Average Grant Date Fair Value Aggregate Grant Date Fair value (in thousands) Balance at December 31, 2019 - $ — $ — Granted 113,144 10.30 1,165 Vested (57,382 ) 11.15 (640 ) Balance at December 31, 2020 55,762 $ 9.42 $ 525

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Reportable Business Segment	Business segment information for the years ended December 31, 2020 and 2019 follows: Years Ended December 31, 2020 2019 (in thousands) Revenues from Operations Electronic components $ 29,980 $ 30,553 Electronic instruments 1,182 1,344 Total consolidated revenues $ 31,162 $ 31,897 Operating Income from Operations Electronic components $ 2,844 $ 4,726 Electronic instruments 85 257 Unallocated corporate expense (1,514 ) (1,544 ) Consolidated total operating income 1,415 3,439 Interest (expense) income, net (11 ) 2 Loss on equity investment in unconsolidated subsidiary (262 ) (16 ) Other income, net 162 484 Total other (expense) income (111 ) 470 Income Before Income Taxes $ 1,304 $ 3,909 Capital Expenditures Electronic components $ 407 $ 1,163 Electronic instruments — — General corporate — — Total capital expenditures $ 407 $ 1,163 Total Assets Electronic components $ 15,014 $ 16,218 Electronic instruments 1,106 1,171 General corporate 27,335 21,828 Consolidated total assets $ 43,455 $ 39,217

Domestic and Foreign Revenues (

Domestic and Foreign Revenues (Tables)	12 Months Ended
	Dec. 31, 2020
Revenues [Abstract]
Significant Foreign Revenues from Operations	Significant foreign revenues from operations (10% or more of foreign sales) were as follows : Years Ended December 31, 2020 2019 (in thousands) Malaysia $ 2,842 $ 4,329 Hong Kong 1,211 919 Australia 974 13 All other foreign countries 2,383 3,239 Total foreign revenues $ 7,410 $ 8,500 Total domestic revenues $ 23,752 $ 23,397 The Company allocates its foreign revenue based on the customer's ship-to location .

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of Operating Segments	2

Summary of Significant Accoun_4

Summary of Significant Accounting Polices - Additional Information (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)	Dec. 31, 2020USD ($)SegmentCustomershares	Dec. 31, 2019USD ($)Customershares
Accounting And Reporting Policies [Line Items]
Depreciation expense		$ 453,000	$ 418,000
Intangible assets carrying value		287,000	362,000
Goodwill		$ 40,000	40,000
Term of warranty		1 year
Accrued warranty expense		$ 21,000	29,000
Research and development costs		$ 2,142,000	2,004,000
Warrants to purchase, common stock | shares		1,051,664
Deferred tax asset, valuation allowance eliminated	$ (3,344,000,000)		(3,344,000,000)
Revenue concentration greater than 10%		$ 31,162,000	31,897,000
Number of identified reportable segments | Segment		2
Re-measurement gain (loss)		$ (95,000)	(13,000)
Revenues [Member] | Customer Concentration Risk [Member] | Defense Contract Manufacturer [Member]
Accounting And Reporting Policies [Line Items]
Revenue concentration greater than 10%		$ 5,324,000	$ 3,187,000
Concentration risk, percentage		17.10%	10.00%
Revenues [Member] | Customer Concentration Risk [Member] | Electronics Contract Manufacturer [Member]
Accounting And Reporting Policies [Line Items]
Revenue concentration greater than 10%		$ 4,351,000	$ 5,522,000
Concentration risk, percentage		14.00%	17.30%
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Accounting And Reporting Policies [Line Items]
Concentration risk, percentage		43.10%	40.00%
Accounts receivable		$ 1,856,000	$ 1,841,000
Number of large customers | Customer		4	4
Options [Member]
Accounting And Reporting Policies [Line Items]
Securities excluded from the diluted earnings per share computation (in shares) | shares		25,000	25,000
ASU 2014-09 [Member]
Accounting And Reporting Policies [Line Items]
Revenue, performance obligation, description of timing		The Company meets these conditions upon the Company’s satisfaction of the performance obligation, usually at the time of shipment to the customer, because control passes to the customer at that time. Our standard terms for customers are net due within 30 days, with a few exceptions, none regularly exceeding 60 days.
Minimum [Member]
Accounting And Reporting Policies [Line Items]
Equity method investment ownership percentage		20.00%
Minimum [Member] | ASU 2014-09 [Member]
Accounting And Reporting Policies [Line Items]
Customer due days		30 days
Minimum [Member] | Buildings and Improvements [Member]
Accounting And Reporting Policies [Line Items]
Property, Plant and Equipment, Useful Life		5 years
Minimum [Member] | Other Fixed Assets [Member]
Accounting And Reporting Policies [Line Items]
Property, Plant and Equipment, Useful Life		3 years
Maximum [Member]
Accounting And Reporting Policies [Line Items]
Equity method investment ownership percentage		50.00%
Estimated useful life of intangible assets		10 years
Maximum [Member] | ASU 2014-09 [Member]
Accounting And Reporting Policies [Line Items]
Customer due days		60 days
Maximum [Member] | Buildings and Improvements [Member]
Accounting And Reporting Policies [Line Items]
Property, Plant and Equipment, Useful Life		35 years
Maximum [Member] | Other Fixed Assets [Member]
Accounting And Reporting Policies [Line Items]
Property, Plant and Equipment, Useful Life		10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Polices - Future Amortization Expense of Finite-Lived Intangible Assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2021	$ 75,000
2022	75,000
2023	75,000
2024	26,000
2025 and thereafter	36,000
Total	$ 287,000	$ 362,000

Summary of Significant Accoun_6

Summary of Significant Accounting Polices - Reconciliation of Basic to Diluted Weighted Average Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average shares outstanding - basic	5,173,430	4,883,923
Effect of diluted securities	43,429	93,672
Weighted average shares outstanding - diluted	5,216,859	4,977,595

Equity Investment in Unconsol_2

Equity Investment in Unconsolidated Subsidiary - Additional Information (Details) - LGL Systems Acquisition Holdings Company, LLC [Member] - USD ($)	Nov. 12, 2019	Nov. 06, 2019	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Contribution to fund purchase of private warrants		$ 3,350,000
Percentage of risk capital contributed to effect IPO		62.20%
Number of restricted and non-tradeable shares held		5,200,000
Equity losses			$ 262,000	$ 16,000
Cumulative loss on investments			$ 278,000
SPAC [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage of sponsorship owned	20.00%
Class of warrants held	5,200,000
SPAC [Member] | SPAC [Member]
Schedule Of Equity Method Investments [Line Items]
Amount raised through offering	$ 172,500,000
Private Placement [Member]
Schedule Of Equity Method Investments [Line Items]
Warrant exercise/ strike price		$ 11.50
Common Class B [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage of sponsorship owned		100.00%
Common Stock [Member] | Private Placement [Member]
Schedule Of Equity Method Investments [Line Items]
Warrant exercisable to purchase common stock		1

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	May 02, 2019	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Balance with Fund Manager		$ 19,063,000	$ 14,536,000
Investment income generated from mutual funds		$ 139,000	$ 206,000
Minimum [Member]
Related Party Transaction [Line Items]
Percentage of stockholders controlling a related party		10.00%	10.00%
Maximum [Member]
Related Party Transaction [Line Items]
Fund management fee percent		0.25%
Aggregate loan amount to cover expense related to SPAC IPO pursuant to promissory note	$ 150,000
Other Income [Member]
Related Party Transaction [Line Items]
Investment income generated from mutual funds		$ 213,000	$ 493,000
Cash and Cash Equivalents [Member]
Related Party Transaction [Line Items]
Balance with Fund Manager		13,283,000	8,915,000
Marketable Securities [Member]
Related Party Transaction [Line Items]
Balance with Fund Manager		$ 5,780,000	$ 5,621,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Details) - Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Equity Security [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	$ 11	$ 10
Equity Mutual Fund [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	5,780	5,621
U.S. Treasury Mutual Fund [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	13,282	8,915
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Security [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	11	10
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury Mutual Fund [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	13,282	8,915
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Fund [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	$ 5,780	$ 5,621

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Thousands	Dec. 31, 2020USD ($)MutualFund	Dec. 31, 2019USD ($)MutualFund
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of mutual fund investment | MutualFund	2	2
Non-Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities, fair value disclosure, non-recurring | $	$ 0	$ 0

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Reserve for excess and obsolete inventory	$ 1,219,000	$ 1,015,000

Inventories - Schedule of Compo

Inventories - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Classification of Inventories [Abstract]
Raw materials	$ 2,080	$ 2,134
Work in process	2,467	2,640
Finished goods	733	1,242
Total Inventories, net	$ 5,280	$ 6,016

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Tax [Line Items]
Deferred tax asset, valuation allowance eliminated	$ (3,344,000,000)		$ (3,344,000,000)
Net balance of deferred tax asset		$ 3,500,000
Deferred tax asset, valuation allowance		$ 379,000	$ 388,000
Earliest Tax Year [Member]
Income Tax [Line Items]
Tax credit carryforwards expiration year		2037
Tax credits expiration year		2021
Latest Tax Year [Member]
Income Tax [Line Items]
Tax credit carryforwards expiration year		2047
Tax credits expiration year		2025
Research and Development Credit Carryforwards [Member]
Income Tax [Line Items]
Tax credit carryforward amount		$ 1,717,000
Research and Development Credit Carryforwards [Member] | Earliest Tax Year [Member]
Income Tax [Line Items]
Tax credit carryforwards expiration year		2021
Research and Development Credit Carryforwards [Member] | Latest Tax Year [Member]
Income Tax [Line Items]
Tax credit carryforwards expiration year		2039
Federal [Member]
Income Tax [Line Items]
Net operating loss carryforwards		$ 4,254,000
Operating loss carryforwards expiration year		2038
State [Member]
Income Tax [Line Items]
Net operating loss carryforwards		$ 5,815,000

Income Taxes - Provision for In

Income Taxes - Provision for Income Tax (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Current:
State and local	$ 31	$ 30
Foreign	50	43
Total Current	81	73
Deferred:
Federal	238	1,322
State and local	(6)	147
Foreign	32	60
Total before change in valuation allowance	264	1,529
Change in valuation allowance	(9)	(4,709)
Net deferred	255	(3,180)
Income tax provision (benefit)	$ 336	$ (3,107)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Provision (Benefit) for Income Taxes [Abstract]
Tax provision at expected statutory rate	$ 274	$ 821
State taxes, net of federal benefit	31	92
Permanent differences	45	34
Credits	7	(108)
Foreign tax expense, and other	1	13
Change in rate	(38)	63
Change in valuation allowance	(9)	(4,709)
Provision to return	15	0
Permanent true-ups	0	687
Other	10	0
Income tax provision (benefit)	$ 336	$ (3,107)

Income Taxes - Tax Effects of T

Income Taxes - Tax Effects of Temporary Differences and Carry-Forwards (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets [Abstract]
Inventory reserve	$ 286,000	$ 239,000
Other reserves and accruals	311,000	358,000
Stock-based compensation	8,000	6,000
Tax credit carryforwards	1,717,000	1,724,000
Federal tax loss carryforwards	892,000	1,169,000
State tax loss carryforwards	252,000	250,000
Foreign tax loss carryforwards	35,000	67,000
Total deferred income taxes	3,501,000	3,813,000
Valuation allowance	(379,000)	(388,000)
Total deferred income tax liabilities	70,000	118,000
Net deferred tax assets	3,052,000	3,307,000
Deferred Tax Liabilities [Abstract]
Fixed assets	58,000	100,000
Other	12,000	18,000
Total deferred income tax liabilities	$ 70,000	$ 118,000

Revolving Credit Agreement - Ad

Revolving Credit Agreement - Additional Information (Details) - Revolving Credit Facility - USD ($)	May 12, 2020	Dec. 31, 2020
Line Of Credit Facility [Line Items]
Principal amount of loan	$ 3,500,000
Promissory note maturity date	May 12, 2022
Description of variable rate	(“LIBOR”) 30-day rate plus 2.50% with a floor of 0.50%.
Notes outstanding borrowings amount		$ 0
Maximum [Member]
Line Of Credit Facility [Line Items]
Interest rate	2.50%
Minimum [Member]
Line Of Credit Facility [Line Items]
Interest rate	0.50%

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lessee Lease Description [Line Items]
Operating lease, existence of option to extend	true
Right-of-use lease assets in exchange for operating lease liabilities	$ 188,000
Lease obligation payable	422,000
Rent expense under operating leases	$ 611,000	$ 564,000
Other accrued expenses		$ 129,000
Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease renewal term	1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Operating lease renewal term	10 years

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Payment Under Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 137
2022	112
2023	112
2024	112
2025	13
Total lease payments	486
Less: interest	(64)
Total lease payments	$ 422
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesMember

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)	Oct. 27, 2020USD ($)warrant$ / shares	Jan. 22, 2020USD ($)$ / shares	Mar. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Aug. 29, 2011shares
Equity Class Of Treasury Stock [Line Items]
Sale of stock price per share | $ / shares	$ 12.50
Common stock distribution value	$ 5,258,320,000
Valuation model description	The expected life of 5 years was based on the estimated term of the Common Stock Warrants, the volatility factor of 46.5% was based on historical volatilities of the Company’s common stock and the exercise price of $12.50 per share of the Company’s common stock was based on the terms of the warrant agreement.
Common stock, shares authorized (in shares) | shares				10,000,000	10,000,000
Proceeds from the exercise of the warrants and issuance of the common shares				$ 13,000,000
Common stock issuance cost				$ 202,000
Common stock, par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Form S-3 and ATM registration costs				$ 202,000
Number of shares authorized and available for repurchase (in shares) | shares				540,000		100,000
Treasury stock, (in shares) | shares				81,584	81,584
Value of repurchased common stock				$ 580,000	$ 580,000
Open Market Sale Agreement [Member]
Equity Class Of Treasury Stock [Line Items]
Sale of stock price per share | $ / shares			$ 13.65
Common stock, par value (in dollars per share) | $ / shares		$ 0.01
At-the-market stock sales, (in shares) | shares			263,725
Amount raised through offering			$ 3,492,000
Brokerage charges			$ 108,000
Form S-3 and ATM registration costs				$ 238,000
Warrant
Equity Class Of Treasury Stock [Line Items]
number of warrants entitle their holder to purchase share | warrant	5
number of warrants received by each shareholder per share | warrant	1
Common Stock Warrants fair value	$ 3,600,000
Common stock, shares authorized (in shares) | shares				1,051,664
Maximum [Member]
Equity Class Of Treasury Stock [Line Items]
Sale of stock price per share | $ / shares	$ 17.50
Maximum [Member] | Open Market Sale Agreement [Member]
Equity Class Of Treasury Stock [Line Items]
Aggregate offering price		$ 15,000,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jun. 16, 2016	Aug. 04, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		40.00%
Dividend rate	0.00%	0.00%
Expected term (in years)		3 years 6 months 18 days
Risk-free rate		1.63%
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of options either at or above market price	10.00%
Term of award	5 years
Vesting period of award	3 years
Stock-based compensation expense	$ 790,000	$ 112,000
Options Granted (in shares)	0
Options Granted		$ 4.02
Unrecognized compensation expense	$ 65,000
Unrecognized compensation expense, recognition period	2 years 6 months
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of award	3 years
Unrecognized compensation expense	$ 415,000
Unrecognized compensation expense, recognition period	2 years 2 months 12 days
Fair value of shares vested	$ 640,000	$ 86,000
Stock-based compensation (in shares)	113,144
Weighted average grant date fair value of fully vested shares	$ 10.30
Weighted Average Grant Date Fair Value, Vested	$ 11.15
Number of Shares, Vested	57,382
Number of shares outstanding (in shares)	55,762
Weighted average grant date fair value (in per share)	$ 9.42
2011 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)			750,000	500,000
Number of shares remaining available for future issuance (in shares)	290,091

Stock-Based Compensation - Info

Stock-Based Compensation - Information About Stock Options Outstanding and Exercisable (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of Shares Outstanding [Roll Forward]
Option Balances, beginning of period (in shares)	78,379
Options Exercised (in shares)	(20,329)
Option Balances, end of period (in shares)	58,050	78,379
Options Exercisable end of period (in shares)	38,123
Options, Weighted Average Exercise Price [Roll Forward]
Option Balances, beginning of period (in dollars per share)	$ 7.43
Options Exercised (in dollars per share)	4.21
Option Balances, end of period (in dollars per share)	8.56	$ 7.43
Options Exercisable, end of period (in dollars per share)	6.80
Weighted Average Grant Date Fair Value [Roll Forward]
Option Balances, beginning of period	2
Options Exercised	0.98
Option Balances, end of period	2.37	$ 2
Options Exercisable, end of period	$ 1.66
Options, Additional Disclosures [Abstract]
Weighted average years remaining, outstanding	2 years 6 months	2 years 8 months 12 days
Weighted average years remaining, exercisable, end of period	1 year 10 months 24 days
Aggregate intrinsic value, outstanding	$ 236	$ 593
Aggregate intrinsic value, exercisable	$ 220

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Restricted Stock Awards (Details) - Restricted Stock [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Number of Shares Outstanding [Roll Forward]
Number of Shares, Granted | shares	113,144
Number of Shares, Vested | shares	(57,382)
Number of Shares, Ending balance | shares	55,762
Weighted Average Grant Date Fair Value [Roll Forward]
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 10.30
Weighted Average Grant Date Fair Value, Vested | $ / shares	11.15
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 9.42
Aggregate Grant Date Fair value [Roll Forward]
Aggregate Grant Date Fair value, Granted | $	$ 1,165
Aggregate Grant Date Fair value, Vested | $	(640)
Aggregate Grant Date Fair value, Ending balance | $	$ 525

Employee Benefit Plan - Additio

Employee Benefit Plan - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]
Employer matching contribution, percentage	50.00%
Employer matching contribution of employees' contribution, percentage	6.00%
Employer matching contribution amount	$ 119,000	$ 115,000
Annual vesting percentage of employer contributions	20.00%
Vesting period of employer matching contributions	6 years
Vesting percentage of employer contributions by year six	100.00%

Payroll Protection Program - Ad

Payroll Protection Program - Additional Information (Details)	Apr. 15, 2020USD ($)
Paycheck Protection Program [Member] | "CARES Act" [Member] | City National Bank of Florida [Member] | Promissory Notes [Member]
Debt Instrument [Line Items]
Principal amount of loan	$ 1,907,500

Segment Information - Additiona

Segment Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020Segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Segment Information - Schedule

Segment Information - Schedule of Reportable Business Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenues from Operations
Revenues from operations	$ 31,162	$ 31,897
Operating Income from Operations
Consolidated total operating income	1,415	3,439
Interest (expense) income, net	(11)	2
Loss on equity investment in unconsolidated subsidiary	(262)	(16)
Other income, net	162	484
Total other (expense) income, net	(111)	470
INCOME BEFORE INCOME TAXES	1,304	3,909
Capital Expenditures
Total capital expenditures	407	1,163
Total Assets
Total assets	43,455	39,217
Unallocated corporate expense [Member]
Operating Income from Operations
Consolidated total operating income	(1,514)	(1,544)
Total Assets
Total assets	27,335	21,828
Electronic components [Member]
Revenues from Operations
Revenues from operations	29,980	30,553
Electronic components [Member] | Reportable Segment [Member]
Operating Income from Operations
Consolidated total operating income	2,844	4,726
Capital Expenditures
Total capital expenditures	407	1,163
Total Assets
Total assets	15,014	16,218
Electronic instruments [Member]
Revenues from Operations
Revenues from operations	1,182	1,344
Electronic instruments [Member] | Reportable Segment [Member]
Operating Income from Operations
Consolidated total operating income	85	257
Total Assets
Total assets	$ 1,106	$ 1,171

Domestic and Foreign Revenues -

Domestic and Foreign Revenues - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020
Foreign [Member] | Sales Revenue, Segment [Member] | Customer Concentration Risk [Member]
Entity Wide Revenue Major Customer [Line Items]
Portion of foreign sales	10.00%

Domestic and Foreign Revenues_2

Domestic and Foreign Revenues - Significant Foreign Revenues from Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Entity Wide Revenue Major Customer [Line Items]
Revenues from operations	$ 31,162	$ 31,897
Malaysia [Member]
Entity Wide Revenue Major Customer [Line Items]
Revenues from operations	2,842	4,329
Hong Kong [Member]
Entity Wide Revenue Major Customer [Line Items]
Revenues from operations	1,211	919
Australia [Member]
Entity Wide Revenue Major Customer [Line Items]
Revenues from operations	974	13
All other foreign countries [Member]
Entity Wide Revenue Major Customer [Line Items]
Revenues from operations	2,383	3,239
Foreign [Member]
Entity Wide Revenue Major Customer [Line Items]
Revenues from operations	7,410	8,500
Domestic [Member]
Entity Wide Revenue Major Customer [Line Items]
Revenues from operations	$ 23,752	$ 23,397

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details) - USD ($)	Mar. 19, 2021	Nov. 06, 2019
LGL Systems Acquisition Holdings Company, LLC [Member]
Subsequent Event [Line Items]
Contribution to fund purchase of private warrants		$ 3,350,000
Subsequent Event [Member] | IronNet Cybersecurity, Inc. [Member]
Subsequent Event [Line Items]
Number of sponsorship owned, shares	5,660,000
Class of warrants held	12,500,000
Subsequent Event [Member] | PIPE [Member]
Subsequent Event [Line Items]
Aggregate loan amount to cover expense related to SPAC IPO pursuant to promissory note	$ 125,000,000
Subsequent Event [Member] | LGL Systems Acquisition Holdings Company, LLC [Member]
Subsequent Event [Line Items]
Contribution to fund purchase of private warrants	$ 2,725,000