TAITRON COMPONENTS INC Files Quarterly Report (10-Q) for Period Ended March 31, 2024

TL;DR

<b>TAITRON COMPONENTS INC filed its quarterly report for the period ending March 31, 2024, confirming compliance with filing requirements.</b>

AI Summary

TAITRON COMPONENTS INC (TAIT) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. TAITRON COMPONENTS INC filed a 10-Q report for the quarterly period ended March 31, 2024. The company is incorporated in California and has an IRS Employer Identification No. of 95-4249240. Its principal executive offices are located at 28040 West Harrison Parkway, Valencia, California. TAITRON COMPONENTS INC's Class A common stock is traded under the symbol TAIT on the NASDAQ Capital Market. The company has confirmed it has filed all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking TAITRON COMPONENTS INC, this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Investors and analysts can use this report to assess the company's financial health, recent performance, and future outlook.

Risk Assessment

Risk Level: low — TAITRON COMPONENTS INC shows low risk based on this filing. The filing is a routine quarterly report (10-Q) and does not contain significant new financial data or material events, indicating a stable operational status.

Analyst Insight

Monitor future 10-Q filings for detailed financial results and management's discussion of performance trends.

Key Numbers

• 2024-03-31 — Quarterly Period End Date (Report covers the period ended March 31, 2024.)
• 2024-05-15 — Filing Date (Date the 10-Q was filed.)
• 0-25844 — SEC File Number (Commission File Number for TAITRON COMPONENTS INC.)
• 95-4249240 — IRS Number (IRS Employer Identification No.)

Key Players & Entities

• TAITRON COMPONENTS INC (company) — Registrant name
• March 31, 2024 (date) — Quarterly period ended
• 0001185185-24-000523 (filing_id) — Accession Number
• 20240515 (date) — Filing date
• NASDAQ Capital Market (exchange) — Exchange where Class A common stock is registered
• TAIT (ticker) — Trading Symbol for Class A common stock
• California (location) — State of incorporation
• 28040 West Harrison Parkway, Valencia, California 91355 (address) — Principal executive offices

FAQ

Industry Context

TAITRON COMPONENTS INC operates in the wholesale of electronic parts and equipment sector.

Regulatory Implications

The company is subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion.
2. Track future SEC filings for ongoing financial and operational updates.
3. Analyze the company's performance against industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date TAITRON COMPONENTS INC submitted its 10-Q to the SEC.

Year-Over-Year Comparison

This is a standard quarterly filing (10-Q) for the period ended March 31, 2024, indicating ongoing reporting compliance.

Key Financial Figures

• $0 — nths ended March 31, 2024 and 2023 were $0. The allowance for sales returns and do
• $7,000 — , 2024 and December 31, 2023 aggregated $7,000. Inventory – Inventory, consisting pri
• $2,670,000 — had inventory balances in the amount of $2,670,000 and $2,597,000 at March 31, 2024 and De
• $2,597,000 — alances in the amount of $2,670,000 and $2,597,000 at March 31, 2024 and December 31, 2023
• $5,143,000 — resented net of valuation allowances of $5,143,000 and $5,141,000, respectively. We evalua
• $5,141,000 — valuation allowances of $5,143,000 and $5,141,000, respectively. We evaluate inventories
• $963,000 — es in the first quarter of 2024 totaled $963,000 versus $2,086,000 in the comparable per
• $2,086,000 — quarter of 2024 totaled $963,000 versus $2,086,000 in the comparable period for 2023, a de
• $1,123,000 — mparable period for 2023, a decrease of $1,123,000 or 53.8% over the same period last year
• $496,000 — rofit for the first quarter of 2024 was $496,000 versus $1,153,000 in the comparable per
• $1,153,000 — rst quarter of 2024 was $496,000 versus $1,153,000 in the comparable period for 2023, and
• $570,000 — es in the first quarter of 2024 totaled $570,000 versus $590,000 in the comparable perio
• $590,000 — quarter of 2024 totaled $570,000 versus $590,000 in the comparable period for 2023. The
• $20,000 — in the comparable period for 2023. The $20,000 decrease was primarily driven by lower
• $556,000 — , net, in the first quarter of 2024 was $556,000 versus $221,000 in the comparable perio

Filing Documents

• taitron20240331_10q.htm (10-Q) — 476KB
• ex_672192.htm (EX-31.1) — 9KB
• ex_672193.htm (EX-31.2) — 8KB
• ex_672194.htm (EX-32) — 6KB
• 0001185185-24-000523.txt (&nbsp;) — 2500KB
• tait-20240331.xsd (EX-101.SCH) — 21KB
• tait-20240331_cal.xml (EX-101.CAL) — 24KB
• tait-20240331_def.xml (EX-101.DEF) — 105KB
• tait-20240331_lab.xml (EX-101.LAB) — 181KB
• tait-20240331_pre.xml (EX-101.PRE) — 103KB
• taitron20240331_10q_htm.xml (XML) — 231KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations and Comprehensive Income 2 Condensed Consolidated Statements of Shareholders' Equity 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 10 Item 4.

Controls and Procedures

Controls and Procedures 10

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal proceedings

Legal proceedings 11 Item 1A.

Risk Factors

Risk Factors 11 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 11 Item 3. Defaults Upon Senior Securities 11 Item 4. Mine Safety Disclosures 11 Item 5. Other Information 11 Item 6. Exhibits 11

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) TAITRON COMPONENTS INCORPORATED Condensed Consolidated Balance Sheets March 31, December 31, 2024 2023 Assets (Unaudited) Current assets: Cash and cash equivalents $ 5,547,000 $ 6,205,000 Accounts receivable, less allowances of $ 7,000 227,000 92,000 Short-term investments (Note 2) 4,484,000 3,630,000 Inventories, less reserves for obsolescence of $ 5,143,000 , and $ 5,141,000 , respectively (Note 3) 2,670,000 2,597,000 Prepaid expenses and other current assets 353,000 283,000 Total current assets 13,281,000 12,807,000 Property and equipment, net 2,974,000 2,970,000 Deferred taxes 2,045,000 2,043,000 Other assets (Note 4) 186,000 186,000 Total assets $ 18,486,000 $ 18,006,000 Liabilities and Equity Current liabilities: Accounts payable $ 488,000 $ 194,000 Accrued liabilities 892,000 969,000 Total current liabilities 1,380,000 1,163,000 Commitments and contingencies (Note 6) Equity: Shareholders' equity: Preferred stock, $ 0.001 par value. Authorized 5,000,000 shares; None issued or outstanding - - Class A common stock, $ 0.001 par value. Authorized 20,000,000 shares; 5,258,568 shares issued and outstanding 5,000 5,000 Class B common stock, $ 0.001 par value. Authorized, issued and outstanding 762,612 shares 1,000 1,000 Additional paid-in capital 11,478,000 11,474,000 Accumulated other comprehensive income ( 53,000 ) ( 61,000 ) Retained earnings 5,675,000 5,424,000 Total equity 17,106,000 16,843,000 Total liabilities and equity $ 18,486,000 $ 18,006,000 See accompanying notes to condensed consolidated financial statements (unaudited). 1 Index TAITRON COMPONENTS INCORPORATED Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended March 31, 2024 2023 (Unaudited) (Unaudited) Net product revenue $ 963,000 $ 2,086,000 Cost of produc

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations . The following discussion should be read in conjunction with the condensed consolidated financial statements, including the related notes, appearing in Item 1 of Part 1 of this quarterly report on Form 10-Q, as well as our most recent annual report on Form 10-K for the year ended December 31, 2023. This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ( " Securities Act " ), and Section 21E of the Securities Exchange Act of 1934, as amended (the " Exchange Act " ) with respect to the financial condition, results of operations and business of the Company. Forward-looking statements usually are denoted by words or phrases such as " believes, " " expects, " " projects, " " estimates, " " anticipates, " " will likely result " or similar expressions. We wish to caution readers that all forward-looking statements are necessarily speculative and not to place undue reliance on forward-looking statements, which speak only as of the date made, and to advise readers that actual results could vary due to a variety of risks and uncertainties, including the risks described in our Annual Report on Form 10-K for the year ended December 31, 2023 and other reports we file with the Securities and Exchange Commission. Except as required by law, we undertake no obligation to update forward-looking statements. References to "Taitron," the "Company," "we," "our" and "us" refer to Taitron Components Incorporated and its wholly owned divisions, unless the context otherwise requires. Critical Accounting Policies and Estimates Use of Estimates - Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare our condensed consolidated financial statements in conformity with accounting principles generally ac

Quantitative and Qualitative Disclosures About Market Risk. - Not applicable

Item 3. Quantitative and Qualitative Disclosures About Market Risk. - Not applicable.

Controls and Procedures

Item 4. Controls and Procedures. Evaluation of Disclosure Controls and Procedures Our management has evaluated, under the supervision and with the participation of our principal executive and principal financial officers, the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 (the "Exchange Act"). Based on that evaluation, our principal executive and pr

View Full Filing

View this 10-Q filing on SEC EDGAR