$TIKK
TEL INSTRUMENT ELECTRONICS CORP

2024 Q1 Form 10-Q Financial Statement

#000118518524000154 Filed on February 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $1.974M $2.403M
YoY Change -3.07% 3.21%
Cost Of Revenue $578.8K $1.435M
YoY Change -54.43% 0.03%
Gross Profit $1.395M $968.1K
YoY Change 82.05% 8.33%
Gross Profit Margin 70.68% 40.29%
Selling, General & Admin $594.6K $414.5K
YoY Change 22.42% -28.3%
% of Gross Profit 42.61% 42.81%
Research & Development $242.1K $306.5K
YoY Change -22.34% -17.33%
% of Gross Profit 17.35% 31.66%
Depreciation & Amortization $10.30K $11.19K
YoY Change -38.51% 29.51%
% of Gross Profit 0.74% 1.16%
Operating Expenses $836.6K $721.0K
YoY Change 4.93% -24.87%
Operating Profit $558.6K $247.1K
YoY Change -1905.4% -474.27%
Interest Expense -$46.53K -$22.94K
YoY Change -24.01% -64.9%
% of Operating Profit -8.33% -9.28%
Other Income/Expense, Net $26.03K -$22.94K
YoY Change -4666.67% -104.07%
Pretax Income $528.2K $224.2K
YoY Change -560.84% -54.9%
Income Tax $180.3K $90.36K
% Of Pretax Income 34.13% 40.31%
Net Earnings $253.5K $133.8K
YoY Change -267.96% -65.92%
Net Earnings / Revenue 12.84% 5.57%
Basic Earnings Per Share $0.01
Diluted Earnings Per Share $0.08 $0.02
COMMON SHARES
Basic Shares Outstanding 3.256M shares 3.256M shares
Diluted Shares Outstanding 5.611M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $132.0K $220.8K
YoY Change -96.56% -93.29%
Cash & Equivalents $132.0K $220.8K
Short-Term Investments
Other Short-Term Assets $214.0K $243.7K
YoY Change -90.21% -89.34%
Inventory $5.412M $4.320M
Prepaid Expenses $186.2K $216.0K
Receivables $1.111M $1.176M
Other Receivables $211.00 $210.00
Total Short-Term Assets $6.868M $5.961M
YoY Change -38.43% -45.08%
LONG-TERM ASSETS
Property, Plant & Equipment $73.20K $83.50K
YoY Change -14.06% 1.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $35.11K $35.11K
YoY Change 0.0% 0.0%
Total Long-Term Assets $3.883M $4.125M
YoY Change -9.15% -3.55%
TOTAL ASSETS
Total Short-Term Assets $6.868M $5.961M
Total Long-Term Assets $3.883M $4.125M
Total Assets $10.75M $10.09M
YoY Change -30.32% -33.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.277M $804.4K
YoY Change 295.85% 42.77%
Accrued Expenses $578.9K $659.9K
YoY Change 266.6% -90.54%
Deferred Revenue
YoY Change
Short-Term Debt $690.0K $690.0K
YoY Change 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.619M $2.237M
YoY Change -67.66% -70.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $45.50K $48.14K
YoY Change -97.07% -96.94%
Total Long-Term Liabilities $45.50K $48.14K
YoY Change -97.07% -96.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.619M $2.237M
Total Long-Term Liabilities $45.50K $48.14K
Total Liabilities $3.898M $3.582M
YoY Change -59.6% -61.41%
SHAREHOLDERS EQUITY
Retained Earnings -$6.007M -$6.355M
YoY Change -5.39% 1.23%
Common Stock $325.6K $325.6K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.854M $6.504M
YoY Change
Total Liabilities & Shareholders Equity $10.75M $10.09M
YoY Change -30.32% -33.34%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $253.5K $133.8K
YoY Change -267.96% -65.92%
Depreciation, Depletion And Amortization $10.30K $11.19K
YoY Change -38.51% 29.51%
Cash From Operating Activities -$88.78K -$134.6K
YoY Change -27.89% -9.88%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $1.500K
YoY Change -100.0% -126.83%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$1.500K
YoY Change -100.0% -126.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -88.78K -134.6K
Cash From Investing Activities 0.000 -1.500K
Cash From Financing Activities 0.000 0.000
Net Change In Cash -88.78K -136.1K
YoY Change -116.23% -5.34%
FREE CASH FLOW
Cash From Operating Activities -$88.78K -$134.6K
Capital Expenditures $0.00 $1.500K
Free Cash Flow -$88.78K -$136.1K
YoY Change -37.96% -5.34%

Facts In Submission

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><span style="text-decoration:underline">Note 1 </span>–<span style="text-decoration:underline"> Business, Organization and Liquidity</span></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i>Business and Organization</i></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Tel-Instrument Electronics Corp. (“Tel,” “TIC” or the “Company”) has been in business since 1947. The Company is a leading designer and manufacturer of avionics test and measurement instruments for the global, commercial air transport, general aviation, and government/military defense markets. Tel provides instruments to test, measure, calibrate, and repair a wide range of airborne navigation and communication equipment. The Company sells its equipment in both domestic and international markets. Tel continues to develop new products in anticipation of customers’ needs and to maintain its strong market position. Its development of multi-function testers has made it easier for customers to perform ramp tests with less operator training, fewer test sets, and lower product support costs. The Company has become a major manufacturer and supplier of Identification Friend or Foe (“IFF”) flight line test equipment over the last two decades.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company is publicly traded and was quoted on the Over the Counter Marketplace (“OTCQB”) under the symbol “TIKK.”</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>Liquidity </i></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">On December 31, 2023, the Company had positive net working capital of $3,723,705, as compared to working capital of $3,058,638 at March 31, 2023.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Bank of America line of credit has been extended from December 31, 2023 maturity to June 30, 2024 maturity. As of December 31, 2023, the $690,000 line of credit was fully used.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">On December 31, 2023, the Company had $220,791 of cash on hand.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company had a $6 million sales backlog on December 31, 2023.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company had recorded total damages of $6,559,233 including interest of $1,659,233 as a result of the jury verdict associated with the Aeroflex litigation as well as the Court’s decision on punitive damages. A decision on the case was rendered and released on July 21, 2023, the Kansas Appeals Court rejected each of TIC’s appeal arguments. TIC paid the full judgement amount of $6,559,233 on September 15, 2023.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Employee Retention Credit (ERC) is a refundable tax credit for businesses that continued to pay employees while shut down due to the COVID-19 pandemic or had significant declines in gross receipts from March 13, 2020 to December 31, 2021. Eligible employers can claim the ERC on an original or adjusted employment tax return for a period within those dates. The Company filed adjusted employment tax returns for quarters one and two of calendar year 2021, and $628,401 of income was recognized during the nine month period ended December 2022. The refund of $628,401 was received on June 1, 2023.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Moving forward, we believe that our expected cash flows from operations and fulfillment of our $6 million open orders will be sufficient to operate in the normal course of business for at least the next 12 months from the issuance date of these unaudited condensed consolidated financial statements.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Currently, the Company has no material future capital expenditure requirements.</p>
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CY2022Q4 us-gaap Revenues
Revenues
2328254 usd
CY2022Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1434547 usd
CY2022Q4 us-gaap Gross Profit
GrossProfit
893707 usd
CY2022Q4 tikk Tota Operatingand Nonoperatingl Expenses
TotaOperatingandNonoperatinglExpenses
396684 usd
CY2022Q4 us-gaap Income Loss From Continuing Operations Before Interest Expense Interest Income Income Taxes Extraordinary Items Noncontrolling Interests Net
IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet
497023 usd
us-gaap Revenues
Revenues
6835123 usd
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
4212971 usd
us-gaap Gross Profit
GrossProfit
2622152 usd
CY2023Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
133809 usd
CY2022Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
392627 usd
CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3255887 shares
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3255887 shares
CY2023Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
2354747 shares
CY2022Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
1899778 shares
CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5610634 shares
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5155665 shares
CY2023Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
us-gaap Net Income Loss
NetIncomeLoss
-6052 usd
us-gaap Net Income Loss
NetIncomeLoss
-317610 usd
us-gaap Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
257128 usd
us-gaap Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
240000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-263180 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-557610 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3255887 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3255887 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.17
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-263180 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-557610 usd
us-gaap Convertible Preferred Dividends Net Of Tax
ConvertiblePreferredDividendsNetOfTax
0 usd
us-gaap Convertible Preferred Dividends Net Of Tax
ConvertiblePreferredDividendsNetOfTax
0 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-263180 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-557610 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3255887 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3255887 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3255887 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3255887 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.17
CY2023Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
99000 shares
CY2022Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
111500 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2453747 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2011278 shares
CY2023Q4 us-gaap Revenues
Revenues
2403099 usd
CY2023Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1434981 usd
CY2023Q4 us-gaap Gross Profit
GrossProfit
968118 usd
CY2023Q4 tikk Tota Operatingand Nonoperatingl Expenses
TotaOperatingandNonoperatinglExpenses
743945 usd
CY2023Q4 us-gaap Income Loss From Continuing Operations Before Interest Expense Interest Income Income Taxes Extraordinary Items Noncontrolling Interests Net
IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet
224173 usd
tikk Tota Operatingand Nonoperatingl Expenses
TotaOperatingandNonoperatinglExpenses
2630541 usd
us-gaap Income Loss From Continuing Operations Before Interest Expense Interest Income Income Taxes Extraordinary Items Noncontrolling Interests Net
IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet
-8389 usd
us-gaap Revenues
Revenues
6594768 usd
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
4312405 usd
us-gaap Gross Profit
GrossProfit
2282363 usd
tikk Tota Operatingand Nonoperatingl Expenses
TotaOperatingandNonoperatinglExpenses
2684422 usd
us-gaap Income Loss From Continuing Operations Before Interest Expense Interest Income Income Taxes Extraordinary Items Noncontrolling Interests Net
IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet
-402059 usd
us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
6600000 usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Entity Central Index Key
EntityCentralIndexKey
0000096885

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