The LGL Group, Inc. (LGL) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 09, 2022
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 Common Stock, Shares Outstanding		5,360,470
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
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 Rd
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32804
City Area Code	407
Local Phone Number	298-2000
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	LGL
Title of 12(b) Security	Common Stock, par value $0.01
Security Exchange Name	NYSEAMER
Warrants To Purchase Common Stock [Member]
Document Information [Line Items]
Trading Symbol	LGL WS
Title of 12(b) Security	Warrants to Purchase Common Stock, par value $0.01
Security Exchange Name	NYSEAMER

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 21,652	$ 29,016
Marketable securities	22,815	16,167
Accounts receivable, net of allowances of $202 and $208, respectively	5,255	4,667
Inventories, net	5,919	5,492
Prepaid expenses and other current assets	467	494
Total Current Assets	56,108	55,836
Property, plant and equipment:
Land	536	536
Buildings and improvements	4,869	4,869
Machinery and equipment	19,022	18,815
Gross property, plant and equipment	24,427	24,220
Less: accumulated depreciation	(20,985)	(20,837)
Net property, plant, and equipment	3,442	3,383
Right-of-use lease assets	369	396
Intangible assets, net	234	252
Deferred income tax assets	75	34
Other assets	1	5
Total Assets	60,229	59,906
Current Liabilities:
Accounts payable	1,568	1,455
Accrued compensation and commissions	1,084	1,549
Income taxes payable	801	599
Other accrued expenses	1,044	823
Total Current Liabilities	4,497	4,426
Deferred income tax liability		124
Long-term lease liabilities	587	613
Total Liabilities	5,084	5,163
Contingencies (Note M)
Stockholders’ Equity
Common stock, $0.01 par value - 30,000,000 shares authorized; 5,446,840 shares issued and 5,323,973 shares outstanding at March 31, 2022, and 5,446,840 shares issued and 5,308,973 shares outstanding at December 31, 2021	53	53
Additional paid-in capital	46,050	45,817
Retained earnings	9,622	9,453
Treasury stock, 81,584 shares held in treasury at cost at March 31, 2022 and December 31, 2021	(580)	(580)
Total Stockholders' Equity	55,145	54,743
Total Liabilities and Stockholders' Equity	$ 60,229	$ 59,906

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets:
Accounts receivable, allowances	$ 202	$ 208
Stockholders’ Equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	5,446,840	5,446,840
Common stock, shares outstanding (in shares)	5,323,973	5,308,973
Treasury stock, (in shares)	81,584	81,584

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
REVENUES	$ 8,108	$ 6,536
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Costs and expenses:
Manufacturing cost of sales	$ 5,061	$ 4,401
Engineering, selling and administrative	2,826	2,195
OPERATING INCOME (LOSS)	221	(60)
Other (expense) income:
Interest expense, net	(7)	(3)
Loss on equity investment in unconsolidated subsidiary		(76)
Investment income	45	127
Other (expense) income, net	(16)	45
Total other income, net	22	93
INCOME BEFORE INCOME TAXES	243	33
Income tax provision	74	6
NET INCOME	$ 169	$ 27
Basic per share information:
Weighted average shares outstanding	5,323,973	5,272,204
Net income	$ 0.03	$ 0.01
Diluted per share information:
Weighted average shares outstanding	5,345,202	5,350,571
Net income	$ 0.03	$ 0.01

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholder's Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Treasury Stock [Member]
Balance at Dec. 31, 2020	$ 39,765	$ 53	$ 45,477	$ (5,185)	$ (580)
Balance (in shares) at Dec. 31, 2020		5,272,204
Net income	27			27
Stock-based compensation	78		78
Balance at Mar. 31, 2021	39,870	$ 53	45,555	(5,158)	(580)
Balance (in shares) at Mar. 31, 2021		5,272,204
Balance at Dec. 31, 2021	$ 54,743	$ 53	45,817	9,453	(580)
Balance (in shares) at Dec. 31, 2021	5,308,973	5,308,973
Net income	$ 169			169
Stock-based compensation	233		233
Stock-based compensation (in shares)		15,000
Balance at Mar. 31, 2022	$ 55,145	$ 53	$ 46,050	$ 9,622	$ (580)
Balance (in shares) at Mar. 31, 2022	5,323,973	5,323,973

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES
Net income	$ 169,000	$ 27,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	148,000	115,000
Amortization of finite-lived intangible assets	18,000	19,000
Stock-based compensation	233,000	78,000
Loss on equity investment in unconsolidated subsidiary		76,000
Realized loss on sale of marketable securities	744,000
Unrealized gain on marketable securities	(789,000)	(127,000)
Deferred income tax expense	(165,000)	29,000
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable, net	(588,000)	209,000
Increase in inventories, net	(427,000)	(59,000)
Decrease (increase) in prepaid expenses and other assets	31,000	(156,000)
Increase in accounts payable, accrued compensation, income taxes and commissions and other	72,000	191,000
Net cash (used in) provided by operating activities	(554,000)	402,000
INVESTING ACTIVITIES
Capital expenditures	(207,000)	(55,000)
Proceeds from sale of marketable securities	397,000
Purchase of marketable securities	(7,000,000)
Net cash used in investing activities	(6,810,000)	(55,000)
(Decrease) increase in cash and cash equivalents	(7,364,000)	347,000
Cash and cash equivalents at beginning of period	29,016,000	18,331,000
Cash and cash equivalents at end of period	21,652,000	18,678,000
Supplemental Disclosure:
Income taxes paid	$ 50,000	27,000
Non-cash subscription agreement (Note C)		$ 2,725,000

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	A. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and the instructions to Form 10-Q. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022. The information included in this Form 10-Q should be read in conjunction with the

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 variable interest entity (“VIE”), LGL Systems Acquisition Holding Company, LLC (the “Sponsor”). Intercompany transactions and accounts have been eliminated in consolidation. The VIE served as the Sponsor to a special purpose acquisition company, LGL Systems Acquisition Corp. (the “SPAC” or “DFNS”). The SPAC (“NYSE”) VIE: Our sole interest in a VIE, the Sponsor, was 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 the entity. 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 were not the primary beneficiary of the VIE and that consolidation was not warranted. 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 non-executive Chairman of the Board, who is also a greater than 10% stockholder of the Company Equity-Method Investments: When the Company does not have a controlling financial interest in 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. In applying the equity method, we record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of earnings or losses of the investee. We record dividends or other equity distributions as reductions in the carrying value of the investment. Following the Sponsor’s September 2021 distribution of IRNT securities to the Company, as more fully described in Note C – Equity Investment in Unconsolidated Subsidiary, the Company’s remaining investment in the Sponsor is de minimis. Revenue Recognition The Company recognizes revenue from the sale of its products in accordance with the criteria in Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers Step 1: 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 K – Segment Information, and geographic markets in Note L – 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. Impairment of Long-Lived Assets Long-lived assets, including intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not 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 the fiscal quarter ended March 31, 2022. 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. Recent Accounting Pronouncements In Jun e 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-13, “ Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments ,” 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.

Equity Investment in Unconsolid

Equity Investment in Unconsolidated Subsidiary	3 Months Ended
	Mar. 31, 2022
Equity Method Investments And Joint Ventures [Abstract]
Equity Investment in Unconsolidated Subsidiary	C. Equity Investment in Unconsolidated Subsidiary In November 2019, the Company made its initial investment of $3,350,000 in the Sponsor of the SPAC and subscribed to an additional investment of $2,725,000 in March 2021, which was funded in May 2021. The incremental investment was part of the Sponsor syndication to participate in a private placement in connection with the IronNet Business Combination. As previously discussed, the SPAC completed On September 14, 2021, as a result of its Sponsor investment, the Company received 1,572,529 shares of IRNT common stock and 2,065,000 IRNT private warrants exchangeable into shares of IRNT common stock, representing an aggregate fair value of $65.3 million. On October 1, 2021, the Company exercised its 2,065,000 private warrants on a cashless basis and received 1,271,406 shares of IRNT common stock upon exercise. To date, the Company has disposed of 1,555,315 shares of its 2,843,935 shares of IRNT common stock and received related proceeds of approximately $19 million. At March 31, 2022, 1,288,620 shares of IRNT common stock remain in our portfolio. While LGL continues to hold an interest in the Sponsor, it is immaterial. Subsequent to the September 14, 2021 Sponsor distribution, the Company’s IRNT common stock and warrants have been classified as marketable securities under ASC 321, Investments – Equity Securities e Note D - Marketable Securities.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2022
Investments Debt And Equity Securities [Abstract]
Marketable Securities	D. The Company accounts for equity securities under ASC 321. Such securities are reported at fair value on the consolidated balance sheets, and the related unrealized gains and losses are reported in the consolidated statements of cash flows as non-cash adjustments to income. Any realized and unrealized appreciation or depreciation on investment securities is reported in the consolidated statements of operations as investment income or (loss). Investment income was $45,000 and $127,000 for the quarter ended March 31, 2022 and 2021, respectively. During the three months ended March 31, 2022, the Company incurred a realized loss on marketable securities of $744,000 for the sale of 50,000 shares of IRNT common stock and related derivatives. There were no realized gains or losses for the prior year quarter. During the three months ended March 31, 2022 and 2021, unrealized gain on marketable securities was $789,000 ($775,000 for IRNT-related securities) and $127,000, respectively. Details of marketable securities held at March 31, 2022 and December 31, 2021 are as follows (in thousands): Cumulative Unrealized Fair Value Basis (Loss) Gain IronNet Securities: March 31, 2022 1,288,620 common shares $ 4,897 $ 27,636 $ (22,739 ) Put options 1,088 408 680 5,985 28,044 (22,059 ) Equity funds and other securities 16,830 16,808 22 $ 22,815 $ 44,852 $ (22,037 ) IronNet Securities: December 31, 2021 1,338,620 common shares $ 5,106 $ 28,696 $ (23,590 ) Put options 1,245 489 756 6,351 29,185 (22,834 ) Equity funds and other securities 9,816 9,808 8 $ 16,167 $ 38,993 $ (22,826 ) The IRNT common shares was received by the Company as a result of the previously discussed Sponsor distribution. The fair value of these shares determined at the date of distribution represents the basis of these securities. At March 31, 2022 and December 31, 2021, the fair value of IRNT securities determined by applying a discount for lack of marketability to the publicly quoted market price of IRNT common stock . The Company has executed derivatives transactions as part of its plan to minimize the economic risk of IRNT share price volatility to its IRNT holdings. The Company held put options, covering shares of IRNT common stock with a second quarter 2022 expiration date, for 250,000 IRNT shares and 300,000 IRNT shares at March 31, 2022 and December 31, 2021, respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	E . Related Party Transactions Certain balances held and invested in various mutual funds are managed by a related entity (the "Fund Manager"). Marc Gabelli, the Company’s non-executive Chairman of the Board, who is also a greater than 10% stockholder, serves as an executive officer of the Fund Manager. The brokerage and fund transactions in 2022 and 2021 were directed solely at the discretion of the Company’s management. See Note F – Fair Value Measurements for further discussion of the investments in mutual funds that are managed by the Fund Manager. As of March 31, 2022 As of December 31, 2021 Members of our board of directors (the “Board”) including Marc Gabelli, John Mega, Timothy Foufas, Manjit Kalha and Michael Ferrantino, and members of our management Patrick Huvane and Michael Ferrantino, are members of the Sponsor. Robert LaPenta was a member of our Board until his resignation on September 27, 2021, as he joined IronNet as a board member upon the IRNT Business Combination. Robert LaPenta remains a passive member of the Sponsor. All except Mr. Kalha also served in various capacities of the SPAC but have all since resigned from the SPAC as of September 29, 2021. Prior to resignation, John Mega was President of the SPAC; Timothy Foufas was Chief Operating Officer of the SPAC; Robert LaPenta was Co- Chief Executive Officer and Chief Financial Officer

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	F . Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value guidance identifies three 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 adjusted for liquidity, when applicable. Assets measured at fair value on a recurring basis are summarized below (in thousands). Level 1 Level 2 Level 3 Total at March 31, 2022 Equity Security $ 4,932 $ — $ — $ 4,932 Equity Mutual Fund $ — $ 16,503 $ — $ 16,503 Commodity Mutual Fund $ — $ 293 $ — $ 293 Derivative Contract Asset $ 1,087 $ — $ — $ 1,087 U.S. Treasury Mutual Funds $ 12,889 $ — $ — $ 12,889 Level 1 Level 2 Level 3 Total at December 31, 2021 Equity Security $ 416 $ 4,734 $ — $ 5,150 Equity Mutual Fund $ — $ 9,523 $ — $ 9,523 Commodity Mutual Fund $ — $ 249 $ — $ 249 Derivative Contract Asset $ 1,245 $ — $ — $ 1,245 U.S. Treasury Mutual Funds $ 12,889 $ — $ — $ 12,889 As of March 31, 2022 and December 31, 2021, the Company had investments in four mutual funds. The Equity Mutual Fund noted above is invested in the Gabelli ABC Fund and the Commodity Mutual Fund was invested in the Gabelli Gold Fund. The U.S. Treasury Mutual Funds, included in cash and cash equivalents, are invested in the Gabelli US Treasury Money Market Fund and the BlackRock Liquidity Treasury Trust Money Market Fund. At December 31, 2021, the Company utilized a Level 2 category fair value measurement to value its investment in certain IronNet common stock holdings. Although IronNet common stock has a quoted price in active markets, a portion of the Company’s year-end IRNT holdings had sale restrictions requiring a discount for lack of marketability and classification as a Level 2 asset. The selling restriction on these 1,250,000 restricted IRNT shares lapsed in the first quarter 2022. The fair value of the IRNT shares without restrictions is determined based on the quoted price in active markets without such a discount and included in the Level 1 category .

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	G. Inventories Inventories are valued at the lower of cost or net realizable value using the FIFO (first-in, first-out) method. 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 reserve for excess and obsolete inventory as of March 31, 2022 and December 31, 2021 was $1,527,000 Inventories are comprised of the following (in thousands): March 31, 2022 December 31, 2021 Raw materials $ 2,642 $ 2,314 Work in process 2,375 2,196 Finished goods 902 982 Total Inventories, net $ 5,919 $ 5,492

Intangible Assets, Net

Intangible Assets, Net	3 Months Ended
	Mar. 31, 2022
Intangible Assets Net Excluding Goodwill [Abstract]
Intangible Assets, Net	H . Intangible Assets, Net Intangible assets are recorded at cost less accumulated amortization which is included in engineering, selling and administrative expenses on the accompanying condensed consolidated statements of operations. 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 year $194,000 and

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	I . Earnings Per Share The Company computes earnings per share in accordance with ASC 260, Earnings Per Share For both the three months ended March 31, 2022 and 2021, there were warrants to purchase 1,051,664 shares of common stock and options to purchase 25,000 shares of common stock excluded from the diluted earnings per share computation. The warrants and stock options were excluded because the impact of the assumed exercise of such warrants and stock options would have been anti-dilutive. The following table reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Weighted average shares outstanding - basic 5,323,973 5,272,204 Effect of diluted securities 21,229 78,367 Weighted average shares outstanding - diluted 5,345,202 5,350,571

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	J . Income Taxes The Company’s quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the period presented. To determine the annual effective tax rate, the Company estimates both the total income (loss) before income taxes for the full year and the jurisdictions in which that income (loss) is subject to tax. The actual effective tax rate for the full year may differ from these estimates if income (loss) before income taxes is greater than or less than what was estimated or if the allocation of income (loss) to jurisdictions in which it is taxed is different from the estimated allocations. The effective tax rate for the three months ended March 31, 2022 and March 31, 2021 was 30.5% and 18.2%, respectively. Differences between the Company’s effective income tax rate and the U.S. federal statutory rate are primarily the impact of research and development credits, the mix of earnings between jurisdictions, and state taxes .

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	K . Segment Information The Company has two reportable business segments, electronic components and electronic instruments. T he electronic components segment is focused on the design, manufacture and marketing of highly-engineered, high reliability frequency and spectrum control products. These electronic components ensure reliability and security in aerospace and defense communications, low noise and base accuracy for laboratory instruments, and synchronous data transfers throughout the wireless and Internet infrastructure. The electronic instruments segment is focused on the design and manufacture of high performance Frequency and Time Reference Standards that form the basis for timing and synchronization in various applications. Business segment information follows (in thousands): Three Months Ended March 31, 2022 2021 Revenues Electronic components $ 7,691 $ 6,254 Electronic instruments 417 282 Total consolidated revenues $ 8,108 $ 6,536 Operating Income (Loss) Electronic components $ 1,054 $ 349 Electronic instruments 8 16 Unallocated corporate expense (841 ) (425 ) Total operating income (loss) 221 (60 ) Interest expense, net (7 ) (3 ) Loss on equity investment in unconsolidated subsidiary — (76 ) Investment income 45 127 Other (expense) income, net (16 ) 45 Total other income, net 22 93 Income Before Income Taxes $ 243 $ 33 Operating income is equal to revenues less cost of sales and operating expenses (engineering, selling and administrative expenses).

Domestic and Foreign Revenues

Domestic and Foreign Revenues	3 Months Ended
	Mar. 31, 2022
Revenues [Abstract]
Domestic and Foreign Revenues	L . Domestic and Foreign Revenues Significant foreign revenues from operations (10% or more of foreign sales) follows (in thousands): Three Months Ended March 31, 2022 2021 Malaysia $ 1,293 $ 609 Hong Kong 237 189 All other foreign countries 866 550 Total foreign revenues $ 2,396 $ 1,348 Total domestic revenue $ 5,712 $ 5,188 The Company allocates its foreign revenue based on the customer's ship-to location.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Contingencies	M . Contingencies In the ordinary 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.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	N . Leases The Company leases certain manufacturing and office space and equipment. The Company determines 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 asset s , and other accrued expense s and long-term lease liabilit ies o n the Company’s condensed consolidated balance sheet s . Right-of-use lease asset s represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s 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 expected lease term. The Company use s its incremental borrowing rate at the lease commencement date in determining the present value of lease payments. Short-term l ease s with an initial term of 12 months or less are not recorded in the Company’s condensed consolidated balance sheet s ; the Company recognize s lease expense for these leases on a straight-line basis over the lease term. The Company leases certain property 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. Future minimum lease payment obligations under operating leases at March 31, 2022 are as follows (in thousands): 2022 $ 102 2023 137 2024 137 2025 12 Total lease payments 388 Less: interest (19 ) Total lease payments $ 369

Spin-Off

Spin-Off	3 Months Ended
	Mar. 31, 2022
Spin Off [Abstract]
Spin-Off	O. Spin In late 2021, the Company’s Board approved progressing with the Spin-Off (as defined below) of M-tron Industries, Inc. (together with its subsidiaries, “MtronPTI”) which is currently a wholly-owned subsidiary of the Company. On May 11, 2022, the Company filed a Definitive Proxy Statement with the SEC indicating its intention to secure stockholder approval of the transaction. A special meeting of stockholders to vote on the Spin-Off will be The Spin-Off, if approved by the Company’s stockholders, is expected to be effected through a pro rata issuance of shares of MtronPTI’s common stock to the Company’s stockholders structured as a tax-free distribution. Stockholders of the Company will receive one share of MtronPTI’s common stock for each share of the Company’s common stock held of record as of the close of business on the record date for the distribution. As a result, the Company’s stockholders as of the record date for the Spin-Off will also become the stockholders of MtronPTI after the Spin-Off. The Company will cease to have any ownership interest in MtronPTI following the Spin-Off, but the Company’s stockholders will, unless they sell their shares, be the stockholders of both the Company and MtronPTI. Management believes that, if completed, the potential Spin-Off of MtronPTI would enable stockholders to more clearly evaluate the performance and future potential of each entity on a standalone basis, while allowing each entity to pursue its own distinct business strategy and capital allocation policy. Separating MtronPTI as an independent, publicly-owned company positions both MtronPTI and LGL Group to create value for their respective stockholders. The Spin-Off would permit each company to tailor its strategic plans and growth opportunities, more efficiently raise and allocate resources, including capital raised through debt or equity offerings, provide flexibility to use its own stock as currency for incentive compensation and potential acquisitions and provide investors a more targeted investment opportunity. If stockholder approval of the Spin-Off transaction is obtained, the Company anticipates reporting MtronPTI as a discontinued operation. There can be no assurance that the potential Spin-Off transaction will be completed in the manner described above, or at all.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	P. As previously discussed, the Company holds certain shares of IRNT common stock received in connection with the IronNet Business Combination. IronNet filed a registration statement with the SEC effective September 23, 2021 to register these and other IRNT securities. IronNet filed its Annual Report on Form 10-K with the SEC on May 2, 2022 and is required to file a post-effective amendment to the aforementioned registration statement. On May 3, 2022, IronNet notified the Company that effective immediately, the Company’s will be unable to sell its related IRNT common stock holdings pursuant to the registration statement until notified by IronNet. The Company expects the restrictions will be lifted upon the SEC’s declaration of the effectiveness of the amended registration statement. On May 5, 2022, the Company sold its put options held at March 31, 2022 covering 250,000 shares of IRNT common stock for $1,263,000.

Summary of Significant Accoun_2

Summary of Significant Accounting Polices (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
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 variable interest entity (“VIE”), LGL Systems Acquisition Holding Company, LLC (the “Sponsor”). Intercompany transactions and accounts have been eliminated in consolidation. The VIE served as the Sponsor to a special purpose acquisition company, LGL Systems Acquisition Corp. (the “SPAC” or “DFNS”). The SPAC (“NYSE”) VIE: Our sole interest in a VIE, the Sponsor, was 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 the entity. 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 were not the primary beneficiary of the VIE and that consolidation was not warranted. 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 non-executive Chairman of the Board, who is also a greater than 10% stockholder of the Company Equity-Method Investments: When the Company does not have a controlling financial interest in 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. In applying the equity method, we record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of earnings or losses of the investee. We record dividends or other equity distributions as reductions in the carrying value of the investment. Following the Sponsor’s September 2021 distribution of IRNT securities to the Company, as more fully described in Note C – Equity Investment in Unconsolidated Subsidiary, the Company’s remaining investment in the Sponsor is de minimis.
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 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 K – Segment Information, and geographic markets in Note L – 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.
Impairments of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets, including intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not 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 the fiscal quarter ended March 31, 2022. 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In Jun e 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-13, “ Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments ,” 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.

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Investments Debt And Equity Securities [Abstract]
Details of Marketable Securities	Details of marketable securities held at March 31, 2022 and December 31, 2021 are as follows (in thousands): Cumulative Unrealized Fair Value Basis (Loss) Gain IronNet Securities: March 31, 2022 1,288,620 common shares $ 4,897 $ 27,636 $ (22,739 ) Put options 1,088 408 680 5,985 28,044 (22,059 ) Equity funds and other securities 16,830 16,808 22 $ 22,815 $ 44,852 $ (22,037 ) IronNet Securities: December 31, 2021 1,338,620 common shares $ 5,106 $ 28,696 $ (23,590 ) Put options 1,245 489 756 6,351 29,185 (22,834 ) Equity funds and other securities 9,816 9,808 8 $ 16,167 $ 38,993 $ (22,826 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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 at March 31, 2022 Equity Security $ 4,932 $ — $ — $ 4,932 Equity Mutual Fund $ — $ 16,503 $ — $ 16,503 Commodity Mutual Fund $ — $ 293 $ — $ 293 Derivative Contract Asset $ 1,087 $ — $ — $ 1,087 U.S. Treasury Mutual Funds $ 12,889 $ — $ — $ 12,889 Level 1 Level 2 Level 3 Total at December 31, 2021 Equity Security $ 416 $ 4,734 $ — $ 5,150 Equity Mutual Fund $ — $ 9,523 $ — $ 9,523 Commodity Mutual Fund $ — $ 249 $ — $ 249 Derivative Contract Asset $ 1,245 $ — $ — $ 1,245 U.S. Treasury Mutual Funds $ 12,889 $ — $ — $ 12,889

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Components of Inventory	Inventories are comprised of the following (in thousands): March 31, 2022 December 31, 2021 Raw materials $ 2,642 $ 2,314 Work in process 2,375 2,196 Finished goods 902 982 Total Inventories, net $ 5,919 $ 5,492

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Reconciliation of Basic to Diluted Weighted Average Shares Outstanding	The following table reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Weighted average shares outstanding - basic 5,323,973 5,272,204 Effect of diluted securities 21,229 78,367 Weighted average shares outstanding - diluted 5,345,202 5,350,571

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Reportable Business Segment	Business segment information follows (in thousands): Three Months Ended March 31, 2022 2021 Revenues Electronic components $ 7,691 $ 6,254 Electronic instruments 417 282 Total consolidated revenues $ 8,108 $ 6,536 Operating Income (Loss) Electronic components $ 1,054 $ 349 Electronic instruments 8 16 Unallocated corporate expense (841 ) (425 ) Total operating income (loss) 221 (60 ) Interest expense, net (7 ) (3 ) Loss on equity investment in unconsolidated subsidiary — (76 ) Investment income 45 127 Other (expense) income, net (16 ) 45 Total other income, net 22 93 Income Before Income Taxes $ 243 $ 33

Domestic and Foreign Revenues (

Domestic and Foreign Revenues (Tables)	3 Months Ended
	Mar. 31, 2022
Revenues [Abstract]
Significant Foreign Revenues from Operations	Significant foreign revenues from operations (10% or more of foreign sales) follows (in thousands): Three Months Ended March 31, 2022 2021 Malaysia $ 1,293 $ 609 Hong Kong 237 189 All other foreign countries 866 550 Total foreign revenues $ 2,396 $ 1,348 Total domestic revenue $ 5,712 $ 5,188 The Company allocates its foreign revenue based on the customer's ship-to location.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Future Minimum Payment Under Operating Lease Liabilities	Future minimum lease payment obligations under operating leases at March 31, 2022 are as follows (in thousands): 2022 $ 102 2023 137 2024 137 2025 12 Total lease payments 388 Less: interest (19 ) Total lease payments $ 369

Summary of Significant Accoun_3

Summary of Significant Accounting Polices - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
ASU 2014-09 [Member]
Summary Of Significant Accounting 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]
Summary Of Significant Accounting Policies [Line Items]
Equity method investment ownership percentage	20.00%
Percentage of sponsorship owned	10.00%	10.00%
Minimum [Member] | ASU 2014-09 [Member]
Summary Of Significant Accounting Policies [Line Items]
Customer due days	30 days
Minimum [Member] | LGL Systems Acquisition Holdings Company, LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of sponsorship owned	10.00%
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Equity method investment ownership percentage	50.00%
Maximum [Member] | ASU 2014-09 [Member]
Summary Of Significant Accounting Policies [Line Items]
Customer due days	60 days

Equity Investment in Unconsol_2

Equity Investment in Unconsolidated Subsidiary - Additional Information (Details) - USD ($)	Sep. 14, 2021	Nov. 30, 2019	Mar. 31, 2022	Dec. 31, 2021	Oct. 01, 2021	Mar. 31, 2021	Dec. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Contribution to fund purchase of private warrants		$ 3,350,000
Proceeds from subscription of investment		$ 2,725,000
Common stock, shares outstanding (in shares)			5,323,973	5,308,973
Common Stock [Member]
Schedule Of Equity Method Investments [Line Items]
Common stock, shares outstanding (in shares)			5,323,973	5,308,973		5,272,204	5,272,204
IronNet [Member]
Schedule Of Equity Method Investments [Line Items]
Common stock, shares outstanding (in shares)	1,572,529
Fair value	$ 65,300,000
IronNet [Member] | Common Stock [Member]
Schedule Of Equity Method Investments [Line Items]
Common stock, shares outstanding (in shares)			1,288,620		2,843,935
Common shares received upon exercise of warrants					1,271,406
Shares disposed			1,555,315
Received related proceeds of common stock			$ 19,000,000
Private Warrants [Member] | IronNet [Member]
Schedule Of Equity Method Investments [Line Items]
Warrant	2,065,000
Warrants exercised					2,065,000

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Marketable Securities [Line Items]
Investment income	$ 45,000	$ 127,000
Realized gain or (loss) on marketable securities		0
Unrealized gain on marketable securities	789,000	$ 127,000
IronNet [Member]
Marketable Securities [Line Items]
Realized gain or (loss) on marketable securities	$ (744,000)
Common stock and related derivatives shares sold	50,000
Unrealized gain on marketable securities	$ 775,000
IronNet [Member] | IronNet [Member] | Common Stock [Member]
Marketable Securities [Line Items]
Distribution of shares by sponsor subject to certain founder share restrictions			1,250,000
IronNet [Member] | IronNet [Member] | Put Options | Common Stock [Member]
Marketable Securities [Line Items]
Shares issued by sponsor	250,000		300,000

Marketable Securities - Details

Marketable Securities - Details of Marketable Securities (Details) - IronNet [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Fair Value	$ 22,815	$ 16,167
Basis	44,852	38,993
Cumulative Unrealized (Loss) Gain	(22,037)	(22,826)
Put Options [Member]
Marketable Securities [Line Items]
Fair Value	1,088	1,245
Basis	408	489
Cumulative Unrealized (Loss) Gain	680	756
IronNet Securities [Member]
Marketable Securities [Line Items]
Fair Value	5,985	6,351
Basis	28,044	29,185
Cumulative Unrealized (Loss) Gain	(22,059)	(22,834)
Equity Funds and Other Securities [Member]
Marketable Securities [Line Items]
Fair Value	16,830	9,816
Basis	16,808	9,808
Cumulative Unrealized (Loss) Gain	22	8
Common Stock [Member]
Marketable Securities [Line Items]
Fair Value	4,897	5,106
Basis	27,636	28,696
Cumulative Unrealized (Loss) Gain	$ (22,739)	$ (23,590)

Marketable Securities - Detai_2

Marketable Securities - Details of Marketable Securities (Parenthetical) (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
IronNet [Member] | Common Stock [Member]
Marketable Securities [Line Items]
Distribution of shares by sponsor	1,288,620	1,338,620

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Balance with Fund Manager	$ 22,619		$ 15,595
Fund management fee percent	0.50%
Other Income (Expense) [Member]
Related Party Transaction [Line Items]
Investment income generated from mutual funds	$ 24	$ 127
Cash and Cash Equivalents [Member]
Related Party Transaction [Line Items]
Balance with Fund Manager	5,823		5,823
Marketable Securities [Member]
Related Party Transaction [Line Items]
Balance with Fund Manager	$ 16,796		$ 9,772
Minimum [Member]
Related Party Transaction [Line Items]
Percentage of sponsorship owned	10.00%	10.00%

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Details) - Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Equity Security [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	$ 4,932	$ 5,150
Equity Mutual Fund [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	16,503	9,523
Commodity Mutual Fund [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	293	249
Derivative Contract Asset [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	1,087	1,245
U.S. Treasury Mutual Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	12,889	12,889
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	4,932	416
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Derivative Contract Asset [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	1,087	1,245
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury Mutual Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	12,889	12,889
Significant Other Observable Inputs (Level 2) [Member] | Equity Security [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets		4,734
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	16,503	9,523
Significant Other Observable Inputs (Level 2) [Member] | Commodity Mutual Fund [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	$ 293	$ 249

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Mar. 31, 2022MutualFundshares	Dec. 31, 2021MutualFund
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of mutual fund investment | MutualFund	4	4
IronNet [Member] | Common Stock [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Restricted shares | shares	1,250,000

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Reserve for excess and obsolete inventory	$ 1,527	$ 1,428

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Classification of Inventories [Abstract]
Raw materials	$ 2,642	$ 2,314
Work in process	2,375	2,196
Finished goods	902	982
Total Inventories, net	$ 5,919	$ 5,492

Intangible Assets, Net - Additi

Intangible Assets, Net - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets carrying value	$ 194,000	$ 212,000
Goodwill	$ 40,000	$ 40,000
Maximum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets	10 years

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities excluded from the diluted earnings per share computation (in shares)	25,000	25,000
Warrant [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities excluded from the diluted earnings per share computation (in shares)	1,051,664	1,051,664

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Basic to Diluted Weighted Average Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average shares outstanding - basic	5,323,973	5,272,204
Effect of diluted securities	21,229	78,367
Weighted average shares outstanding - diluted	5,345,202	5,350,571

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	30.50%	18.20%

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022Segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Segment Information - Schedule

Segment Information - Schedule of Reportable Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Revenues from operations	$ 8,108	$ 6,536
Operating Income (Loss)
Total operating income (loss)	221	(60)
Interest expense, net	(7)	(3)
Loss on equity investment in unconsolidated subsidiary		(76)
Investment income	45	127
Other (expense) income, net	(16)	45
Total other income, net	22	93
INCOME BEFORE INCOME TAXES	243	33
Unallocated corporate expense [Member]
Operating Income (Loss)
Total operating income (loss)	(841)	(425)
Electronic components [Member]
Revenues
Revenues from operations	7,691	6,254
Electronic components [Member] | Reportable Segment [Member]
Operating Income (Loss)
Total operating income (loss)	1,054	349
Electronic instruments [Member]
Revenues
Revenues from operations	417	282
Electronic instruments [Member] | Reportable Segment [Member]
Operating Income (Loss)
Total operating income (loss)	$ 8	$ 16

Domestic and Foreign Revenues -

Domestic and Foreign Revenues - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022
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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Entity Wide Revenue Major Customer [Line Items]
Revenues from operations	$ 8,108	$ 6,536
Malaysia [Member]
Entity Wide Revenue Major Customer [Line Items]
Revenues from operations	1,293	609
Hong Kong [Member]
Entity Wide Revenue Major Customer [Line Items]
Revenues from operations	237	189
All other foreign countries [Member]
Entity Wide Revenue Major Customer [Line Items]
Revenues from operations	866	550
Foreign [Member]
Entity Wide Revenue Major Customer [Line Items]
Revenues from operations	2,396	1,348
Domestic [Member]
Entity Wide Revenue Major Customer [Line Items]
Revenues from operations	$ 5,712	$ 5,188

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022
Lessee Lease Description [Line Items]
Operating lease, existence of option to extend	true
Maximum [Member]
Lessee Lease Description [Line Items]
Leases, initial term	12 months
Operating lease renewal term	10 years
Lessee operating lease term of certain property	5 years
Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease renewal term	1 year
Lessee operating lease term of certain property	1 year

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Payment Under Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
2022	$ 102
2023	137
2024	137
2025	12
Total lease payments	388
Less: interest	(19)
Total lease payments	$ 369

Spin-Off - Additional Informati

Spin-Off - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022shares
Spin Off [Abstract]
Right to receive common stock share	1

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - IronNet [Member] - Put Options - Subsequent Event [Member] - Common Stock [Member]	May 05, 2022USD ($)shares
Subsequent Event [Line Items]
Shares sold | shares	250,000
Shares sold value | $	$ 1,263,000