$SODI
SOLITRON DEVICES INC

2023 Q1 Form 10-Q Financial Statement

#000165495423000512 Filed on January 18, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4
Revenue $1.499M $584.0K
YoY Change -24.14% -76.34%
Cost Of Revenue $1.295M $905.0K
YoY Change -30.26% -45.87%
Gross Profit $204.0K -$321.0K
YoY Change 71.43% -140.33%
Gross Profit Margin 13.61% -54.97%
Selling, General & Admin $517.0K $460.0K
YoY Change -18.84% -7.44%
% of Gross Profit 253.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $130.0K $95.00K
YoY Change 83.1% 37.68%
% of Gross Profit 63.73%
Operating Expenses $517.0K $460.0K
YoY Change -18.84% -7.44%
Operating Profit -$313.0K -$781.0K
YoY Change -39.58% -361.2%
Interest Expense $539.0K $27.00K
YoY Change -1383.33% -3.57%
% of Operating Profit
Other Income/Expense, Net $6.000K $289.0K
YoY Change -94.06% 51.31%
Pretax Income $232.0K -$492.0K
YoY Change -150.54% -200.41%
Income Tax
% Of Pretax Income
Net Earnings $232.0K -$492.0K
YoY Change -150.54% -200.41%
Net Earnings / Revenue 15.48% -84.25%
Basic Earnings Per Share
Diluted Earnings Per Share $0.11 -$236.1K
COMMON SHARES
Basic Shares Outstanding 2.083M shares 2.083M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.342M $2.004M
YoY Change -29.97% -64.73%
Cash & Equivalents $1.447M $617.0K
Short-Term Investments $1.895M $1.387M
Other Short-Term Assets $203.0K $254.0K
YoY Change 3.57% -41.61%
Inventory $2.415M $2.484M
Prepaid Expenses
Receivables $784.0K $235.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.730M $7.489M
YoY Change -12.35% -25.7%
LONG-TERM ASSETS
Property, Plant & Equipment $7.360M $7.448M
YoY Change 49.41% 53.98%
Goodwill
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.00K $15.00K
YoY Change 250.0% -93.3%
Total Long-Term Assets $7.374M $7.463M
YoY Change 33.13% 46.45%
TOTAL ASSETS
Total Short-Term Assets $7.730M $7.489M
Total Long-Term Assets $7.374M $7.463M
Total Assets $15.10M $14.95M
YoY Change 5.2% -1.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $141.0K $298.0K
YoY Change 4.44% 2.41%
Accrued Expenses $907.0K $794.0K
YoY Change 2.14% -22.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $110.0K $112.0K
YoY Change -1.79% 2.75%
Total Short-Term Liabilities $1.189M $1.242M
YoY Change 2.59% -16.42%
LONG-TERM LIABILITIES
Long-Term Debt $2.648M $2.675M
YoY Change -3.88% -3.88%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.648M $2.675M
YoY Change -3.88% -3.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.189M $1.242M
Total Long-Term Liabilities $2.648M $2.675M
Total Liabilities $3.837M $3.917M
YoY Change -2.04% -8.37%
SHAREHOLDERS EQUITY
Retained Earnings $10.82M $10.59M
YoY Change 8.26% 1.29%
Common Stock $1.855M $21.00K
YoY Change 0.0% -98.87%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.412M $1.412M
YoY Change 0.0% 0.0%
Treasury Stock Shares 487.8K shares 487.8K shares
Shareholders Equity $11.27M $11.04M
YoY Change
Total Liabilities & Shareholders Equity $15.10M $14.95M
YoY Change 5.2% -1.47%

Cashflow Statement

Concept 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $232.0K -$492.0K
YoY Change -150.54% -200.41%
Depreciation, Depletion And Amortization $130.0K $95.00K
YoY Change 83.1% 37.68%
Cash From Operating Activities -$652.0K $417.0K
YoY Change 462.07% -51.51%
INVESTING ACTIVITIES
Capital Expenditures $42.00K $530.0K
YoY Change -105.6% -17766.67%
Acquisitions
YoY Change
Other Investing Activities $1.550M -$50.00K
YoY Change -678.36% -26.47%
Cash From Investing Activities $1.508M -$580.0K
YoY Change -248.13% 716.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -26.00K -26.00K
YoY Change 4.0% 8.33%
NET CHANGE
Cash From Operating Activities -652.0K 417.0K
Cash From Investing Activities 1.508M -580.0K
Cash From Financing Activities -26.00K -26.00K
Net Change In Cash 830.0K -189.0K
YoY Change -171.61% -124.71%
FREE CASH FLOW
Cash From Operating Activities -$652.0K $417.0K
Capital Expenditures $42.00K $530.0K
Free Cash Flow -$694.0K -$113.0K
YoY Change -209.46% -113.09%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity Central Index Key
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dei Amendment Flag
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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
EntityRegistrantName
SOLITRON DEVICES, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
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901 Sansburys Way
dei Entity Address City Or Town
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dei Entity Address State Or Province
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dei Entity Address Postal Zip Code
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dei City Area Code
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dei Local Phone Number
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dei Entity Current Reporting Status
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dei Entity Filer Category
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us-gaap Use Of Estimates
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The financial statements are prepared in accordance with GAAP. Preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses and related disclosures. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable. The Company could have reasonably used different accounting estimates. This applies in particular to inventory and valuation allowance for deferred tax assets. Actual results could differ significantly from our estimates. To the extent that there are material differences between these estimates and actual results, the Company’s future financial statement presentation, financial condition, results of operations and cash flows will be affected. The ultimate impact from COVID-19 on the Company’s operations and financial results during fiscal 2023 will depend on, among other things, the ultimate severity and scope of the pandemic, the pace at which governmental and private travel restrictions and public concerns about public gatherings will ease, and the speed with which the economy recovers. The Company is not able to fully quantify the impact that these factors will have on the Company’s financial results during fiscal 2023 and beyond. The Company believes COVID-19 had a negative impact on the Company’s bookings in fiscal 2022, which will negatively impact fiscal 2023 net sales.</p>
CY2022Q4 sodi Fair Value Of Short Term Investment
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us-gaap Concentration Risk Credit Risk
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<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 November 30, 2022, all non-interest bearing checking accounts were FDIC insured to a limit of $250,000. Deposits in excess of FDIC insured limits were approximately $322,000 at November 30, 2022, as compared to $3,448,000 at February 28, 2022.  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>
CY2022Q4 us-gaap Cash Fdic Insured Amount
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CY2022Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
322000 usd
CY2022Q1 us-gaap Cash Uninsured Amount
CashUninsuredAmount
3448000 usd
CY2022Q4 sodi Revenue Recognitions Sales Returns Reserve For Sales Returns Beginning Balance
RevenueRecognitionsSalesReturnsReserveForSalesReturnsBeginningBalance
471000 usd
CY2021Q4 sodi Revenue Recognitions Sales Returns Reserve For Sales Returns Beginning Balance
RevenueRecognitionsSalesReturnsReserveForSalesReturnsBeginningBalance
354000 usd
CY2022Q4 sodi Accrued Allowances
AccruedAllowances
0 usd
CY2021Q4 sodi Accrued Allowances
AccruedAllowances
117000 usd
CY2022Q4 sodi Credits Issued
CreditsIssued
0 usd
CY2021Q4 sodi Credits Issued
CreditsIssued
0 usd
CY2022Q4 sodi Revenue Recognitions Sales Returns Reserve For Sales Returns Ending Balance
RevenueRecognitionsSalesReturnsReserveForSalesReturnsEndingBalance
471000 usd
CY2021Q4 sodi Revenue Recognitions Sales Returns Reserve For Sales Returns Ending Balance
RevenueRecognitionsSalesReturnsReserveForSalesReturnsEndingBalance
471000 usd
CY2022Q4 us-gaap Inventory Gross
InventoryGross
7071000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
4587000 usd
CY2022Q4 sodi Inventory Net Total
InventoryNetTotal
2484000 usd
CY2022Q1 us-gaap Inventory Gross
InventoryGross
7637000 usd
CY2022Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
5377000 usd
CY2022Q1 sodi Inventory Net Total
InventoryNetTotal
2260000 usd
CY2022Q4 sodi Other Inventory Net Of Reserve
OtherInventoryNetOfReserve
782000 usd
CY2022Q1 sodi Other Inventory Net Of Reserve
OtherInventoryNetOfReserve
965000 usd
sodi Inventory Consisted
InventoryConsisted
100% of the wafer bank inventory, net of reserves, consisted of wafers manufactured between calendar year 2018 and 2022
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
284000 usd
CY2022Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
375000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
31000 usd
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
8000 usd
CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
8000 usd
CY2022Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
18000 usd
CY2022Q4 sodi Return Allowance
ReturnAllowance
471000 usd
CY2022Q1 sodi Return Allowance
ReturnAllowance
471000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
0 usd
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
16000 usd
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
794000 usd
CY2022Q1 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
888000 usd
CY2022Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
584000 usd
CY2021Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2468000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4907000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
10308000 usd
CY2022Q4 sodi Concentration Risk Percentage One
ConcentrationRiskPercentageOne
0.85 pure
CY2021Q4 sodi Concentration Risk Percentage One
ConcentrationRiskPercentageOne
0.79 pure
sodi Concentration Risk Percentage One
ConcentrationRiskPercentageOne
0.43 pure
sodi Concentration Risk Percentage One
ConcentrationRiskPercentageOne
0.78 pure
CY2022Q4 sodi Concentration Risk Suppliers
ConcentrationRiskSuppliers
0.68 pure
CY2021Q4 sodi Concentration Risk Suppliers
ConcentrationRiskSuppliers
0.72 pure
sodi Concentration Risk Suppliers
ConcentrationRiskSuppliers
0.61 pure
sodi Concentration Risk Suppliers
ConcentrationRiskSuppliers
0.54 pure
CY2022Q4 us-gaap Assets Net
AssetsNet
6000 usd
CY2022Q1 us-gaap Assets Net
AssetsNet
12000 usd
sodi Description Of Extended Current Lease With Its Landlord
DescriptionOfExtendedCurrentLeaseWithItsLandlord
On October 1, 2014, the Company extended its current lease with its landlord, CF EB REO II LLC, for the occupancy and use of its 47,000 square foot facility located at 3301 Electronics Way, West Palm Beach, Florida 33407 (the “Lease”)
sodi Lease Rental Expense Per Month
LeaseRentalExpensePerMonth
31555 usd

Files In Submission

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0001654954-23-000512-index-headers.html Edgar Link pending
0001654954-23-000512-index.html Edgar Link pending
0001654954-23-000512.txt Edgar Link pending
0001654954-23-000512-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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sodi-20221130_def.xml Edgar Link unprocessable
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sodi-20221130_pre.xml Edgar Link unprocessable
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