LGL GROUP INC
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
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FY2023 · Filed Apr 1, 2024
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Other Financial Statement Information
15. Other Financial Statement Information
Inventories, Net
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 components of inventory as of* December 31, 2023and2022* are summarized below:
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Raw materials | $271 | $307 |
| Work in process | 9 | 7 |
| Total gross inventory | 280 | 314 |
| Reserve for excess and obsolete inventory | (76) | (49) |
| Inventories, net | $204 | $265 |
Property, Plant and Equipment, Net
The components of property, plant and equipment as of* December 31, 2023and2022* are summarized below:
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Machinery and equipment | $639 | $639 |
| Gross property, plant and equipment | 639 | 639 |
| Less: Accumulated depreciation | (639) | (638) |
| Property, plant and equipment, net | $— | $1 |
Intangible Assets, Net
The components of intangible assets as of* December 31, 2023and2022* are summarized below:
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Intellectual property | $214 | $214 |
| Gross intangible assets | 214 | 214 |
| Less: Accumulated amortization | (157) | (136) |
| Intangible assets, net | $57 | $78 |
68
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