Taitron Components Inc. Files Q3 2024 10-Q Report

TL;DR

TAITRON Components filed its 10-Q for Q3 2024. All systems go.

AI Summary

Taitron Components Inc. filed its 10-Q report for the quarterly period ended September 30, 2024. The company, incorporated in California, operates in the wholesale of electronic parts and equipment. Its principal executive offices are located at 28040 West Harrison Parkway, Valencia, California.

Why It Matters

This filing provides investors with an update on Taitron Components Inc.'s financial performance and operational status for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing routine financial and operational information.

Key Players & Entities

• TAITRON COMPONENTS INC (company) — Registrant
• September 30, 2024 (date) — Quarterly period end date
• 28040 West Harrison Parkway, Valencia, California 91355 (location) — Principal executive offices address
• Class A common stock (security) — Registered security

FAQ

Key Financial Figures

• $0 — ended September 30, 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
• $2,998,000 — had inventory balances in the amount of $2,998,000 and $2,597,000 at September 30, 2024 an
• $2,597,000 — alances in the amount of $2,998,000 and $2,597,000 at September 30, 2024 and December 31,
• $5,149,000 — resented net of valuation allowances of $5,149,000 and $5,141,000, respectively. We evalua
• $5,141,000 — valuation allowances of $5,149,000 and $5,141,000, respectively. We evaluate inventories
• $1,187,000 — es in the third quarter of 2024 totaled $1,187,000 versus $1,563,000 in the comparable per
• $1,563,000 — arter of 2024 totaled $1,187,000 versus $1,563,000 in the comparable period for 2023, a de
• $376,000 — mparable period for 2023, a decrease of $376,000 or 24.1% over the same period last year
• $552,000 — rofit for the third quarter of 2024 was $552,000 versus $918,000 in the comparable perio
• $918,000 — ird quarter of 2024 was $552,000 versus $918,000 in the comparable period for 2023, and
• $530,000 — es in the third quarter of 2024 totaled $530,000 versus $530,000 in the comparable perio
• $163,000 — , net, in the third quarter of 2024 was $163,000 versus $13,000 in the comparable period
• $13,000 — ird quarter of 2024 was $163,000 versus $13,000 in the comparable period for 2023. Othe

Filing Documents

• taitron20240930_10q.htm (10-Q) — 695KB
• ex_746297.htm (EX-31.1) — 8KB
• ex_746298.htm (EX-31.2) — 8KB
• ex_746299.htm (EX-32) — 5KB
• 0001185185-24-001122.txt ( ) — 3006KB
• tait-20240930.xsd (EX-101.SCH) — 18KB
• tait-20240930_cal.xml (EX-101.CAL) — 24KB
• tait-20240930_def.xml (EX-101.DEF) — 108KB
• tait-20240930_lab.xml (EX-101.LAB) — 178KB
• tait-20240930_pre.xml (EX-101.PRE) — 108KB
• taitron20240930_10q_htm.xml (XML) — 337KB

- 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 11 Item 4.

Controls and Procedures

Controls and Procedures 11

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal proceedings

Legal proceedings 12 Item 1A.

Risk Factors

Risk Factors 12 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 12 Item 3. Defaults Upon Senior Securities 12 Item 4. Mine Safety Disclosures 12 Item 5. Other Information 12 Item 6. Exhibits 12

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) TAITRON COMPONENTS INCORPORATED Condensed Consolidated Balance Sheets September 30, December 31, 2024 2023 Assets (Unaudited) Current assets: Cash and cash equivalents $ 4,708,000 $ 6,205,000 Accounts receivable, less allowances of $ 7,000 623,000 92,000 Short-term investments (Note 2) 4,912,000 3,630,000 Inventories, less reserves for obsolescence of $ 5,149,000 , and $ 5,141,000 , respectively (Note 3) 2,998,000 2,597,000 Prepaid expenses and other current assets 137,000 283,000 Total current assets 13,378,000 12,807,000 Property and equipment, net 3,068,000 2,970,000 Deferred taxes 2,045,000 2,043,000 Other assets (Note 4) 186,000 186,000 Total assets $ 18,677,000 $ 18,006,000 Liabilities and Equity Current liabilities: Accounts payable $ 725,000 $ 194,000 Accrued liabilities 792,000 969,000 Total current liabilities 1,517,000 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 11,483,000 11,474,000 Accumulated other comprehensive loss ( 53,000 ) ( 61,000 ) Retained earnings 5,724,000 5,424,000 Total equity 17,160,000 16,843,000 Total liabilities and equity $ 18,677,000 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (Unaudited) (Unaudited) (Unau

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

View Full Filing

View this 10-Q filing on SEC EDGAR