LGL GROUP INC
For the period ended Mar 31, 2024. Filed May 15, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 15, 2024
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Other Financial Statement Information
13. 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* March 31, 2024* and* December 31, 2023* are summarized below:
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Raw materials | $279 | $271 |
| Work in process | 14 | 9 |
| Total gross inventory | 293 | 280 |
| Reserve for excess and obsolete inventory | (80) | (76) |
| Inventories, net | $213 | $204 |
Intangible Assets, Net
The components of intangible assets as of* March 31, 2024* and* December 31, 2023* are summarized below:
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Intellectual property | $214 | $214 |
| Gross intangible assets | 214 | 214 |
| Less: Accumulated amortization | (162) | (157) |
| Intangible assets, net | $52 | $57 |
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