2021 Q3 Form 10-Q Financial Statement

#000165495421010954 Filed on October 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $4.230M $3.103M
YoY Change 36.32% 28.22%
Cost Of Revenue $2.010M $1.978M
YoY Change 1.62% 1.02%
Gross Profit $2.220M $1.125M
YoY Change 97.33% 143.51%
Gross Profit Margin 52.48% 36.26%
Selling, General & Admin $659.0K $526.0K
YoY Change 25.29% -21.73%
% of Gross Profit 29.68% 46.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $65.00K $60.00K
YoY Change 8.33% 11.11%
% of Gross Profit 2.93% 5.33%
Operating Expenses $659.0K $526.0K
YoY Change 25.29% -21.73%
Operating Profit $1.561M $599.0K
YoY Change 160.6% -385.24%
Interest Expense -$5.000K $0.00
YoY Change -100.0%
% of Operating Profit -0.32% 0.0%
Other Income/Expense, Net $889.0K $36.00K
YoY Change 2369.44%
Pretax Income $2.450M $635.0K
YoY Change 285.83% -398.12%
Income Tax
% Of Pretax Income
Net Earnings $2.450M $635.0K
YoY Change 285.83% -398.12%
Net Earnings / Revenue 57.92% 20.46%
Basic Earnings Per Share
Diluted Earnings Per Share $1.176M $308.2K
COMMON SHARES
Basic Shares Outstanding 2.083M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.816M $3.012M
YoY Change 59.89% 243.05%
Cash & Equivalents $4.482M $2.819M
Short-Term Investments $334.0K $193.0K
Other Short-Term Assets $339.0K $249.0K
YoY Change 36.14% 30.37%
Inventory $2.505M $3.168M
Prepaid Expenses
Receivables $2.085M $1.782M
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.745M $8.211M
YoY Change 18.68% 41.69%
LONG-TERM ASSETS
Property, Plant & Equipment $4.903M $888.0K
YoY Change 452.14% -35.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $88.00K $44.00K
YoY Change 100.0% -6.38%
Total Long-Term Assets $5.129M $932.0K
YoY Change 450.32% -34.37%
TOTAL ASSETS
Total Short-Term Assets $9.745M $8.211M
Total Long-Term Assets $5.129M $932.0K
Total Assets $14.87M $9.143M
YoY Change 62.68% 26.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $323.0K $325.0K
YoY Change -0.62% -1.81%
Accrued Expenses $1.040M $1.331M
YoY Change -21.86% 83.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $109.0K
YoY Change
Total Short-Term Liabilities $1.649M $1.685M
YoY Change -2.14% 53.74%
LONG-TERM LIABILITIES
Long-Term Debt $2.807M $824.0K
YoY Change 240.66%
Other Long-Term Liabilities $153.0K
YoY Change -74.46%
Total Long-Term Liabilities $2.807M $977.0K
YoY Change 187.31% 63.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.649M $1.685M
Total Long-Term Liabilities $2.807M $977.0K
Total Liabilities $4.464M $2.662M
YoY Change 67.69% 57.05%
SHAREHOLDERS EQUITY
Retained Earnings $9.967M
YoY Change
Common Stock $1.855M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.41M $6.481M
YoY Change
Total Liabilities & Shareholders Equity $14.87M $9.143M
YoY Change 62.68% 26.72%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $2.450M $635.0K
YoY Change 285.83% -398.12%
Depreciation, Depletion And Amortization $65.00K $60.00K
YoY Change 8.33% 11.11%
Cash From Operating Activities $1.690M $433.0K
YoY Change 290.3% -776.56%
INVESTING ACTIVITIES
Capital Expenditures -$163.0K -$17.00K
YoY Change 858.82% -73.85%
Acquisitions
YoY Change
Other Investing Activities -$39.00K $53.00K
YoY Change -173.58% -1866.67%
Cash From Investing Activities -$202.0K $36.00K
YoY Change -661.11% -152.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -25.00K 801.0K
YoY Change -103.12%
NET CHANGE
Cash From Operating Activities 1.690M 433.0K
Cash From Investing Activities -202.0K 36.00K
Cash From Financing Activities -25.00K 801.0K
Net Change In Cash 1.463M 1.270M
YoY Change 15.2% -1062.12%
FREE CASH FLOW
Cash From Operating Activities $1.690M $433.0K
Capital Expenditures -$163.0K -$17.00K
Free Cash Flow $1.853M $450.0K
YoY Change 311.78% 44900.0%

Facts In Submission

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">1. THE COMPANY AND OPERATIONS</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Solitron Devices, Inc., a Delaware corporation (“Solitron,” the “Company,” “we,” “us,” or “our”), designs, develops, manufactures, and markets solid-state semiconductor components and related devices primarily for the military and aerospace markets. The Company was incorporated under the laws of the State of New York in 1959 and reincorporated under the laws of the State of Delaware in August 1987.</p>
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and account receivables. The Company places its cash with high credit quality institutions. At times, such amounts may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on the accounts. As of August 31, 2021, all non-interest bearing checking accounts were FDIC insured to a limit of $250,000. Deposits in excess of FDIC insured limits were approximately $3,510,000 at August 31, 2021, as compared to $2,344,000 at August 31, 2020. With respect to the account receivables, most of the Company’s products are custom made pursuant to contracts with customers whose end-products are sold to the United States Government. The Company performs ongoing credit evaluations of its customers’ financial condition and maintains allowances for potential credit losses. Actual losses and allowances have historically been within management’s expectations. </p>
CY2021Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 USD
CY2021Q3 us-gaap Cash Uninsured Amount
CashUninsuredAmount
3510000 USD
us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of condensed financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates, and the differences could be material. Such estimates include depreciable life, valuation allowance, and allowance for inventory obsolescence.</p>
CY2021Q3 sodi Accrued Return Allowance Current
AccruedReturnAllowanceCurrent
446000 USD
CY2021Q1 sodi Accrued Return Allowance Current
AccruedReturnAllowanceCurrent
354000 USD
CY2021Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
200000 USD
us-gaap Revenue Recognition Sales Returns
RevenueRecognitionSalesReturns
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%"><tbody><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>August 31, </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2021</strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong> </strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong> </strong></p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>August 31, </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Beginning Balance</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">354,000</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">126,000</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Accrued Allowances</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">92,000</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">199,000</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Credits Issued</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Ending Balance</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">446,000</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">325,000</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table>
CY2021Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
810000 USD
CY2021Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
842000 USD
CY2021Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1680000 USD
CY2021Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1830000 USD
CY2021Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
15000 USD
CY2021Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
49000 USD
CY2021Q3 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
1086000 USD
CY2021Q1 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
1154000 USD
CY2021Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
70000 USD
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
0 USD
sodi Repurchased Shares Of Common Stock
RepurchasedSharesOfCommonStock
2493 shares
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5000 USD
CY2021Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
328000 USD
CY2021Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
293000 USD
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
0 USD
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3000 USD
CY2021Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
66000 USD
CY2021Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
15000 USD
CY2021Q3 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.74 pure
CY2020Q3 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.72 pure
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.78 pure
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.74 pure
CY2021Q3 us-gaap Assets Net
AssetsNet
17000 USD
CY2021Q1 us-gaap Assets Net
AssetsNet
22000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
31555 USD
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
202000 USD
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
153000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
155000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
155000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2000 USD
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
153000 USD
CY2021 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
383000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
377000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
388000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
388000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
377000 USD

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