UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 8-K

 


 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 12, 2021

 

TEL-INSTRUMENT ELECTRONICS CORP.

(Exact name of registrant as specified in its charter)

 

New Jersey

001-31990

22-1441806

(State or other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

One Branca Road

East Rutherford, New Jersey 07073

(Address of principal executive offices)

 

(201) 933-1600

(Telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

N/A

 

N/A

 

N/A

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

Item 2.02.  Results of Operations and Financial Condition.

 

On August 12, 2021, the Company announced its financial results for the quarter ended June 30, 2021. The information furnished under this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. 

 

A copy of the Company’s press release is attached hereto as Exhibit 99.1.

 

Item 9.01.  Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.

 

Description

     

99.1* 

 

Press release dated August 12, 2021.

104

 

Cover Page Interactive Data File (formatted as Inline XBRL)

 

*Filed herewith

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

TEL-INSTRUMENT ELECTRONICS CORP.

   
       

Date: August 13, 2021

By:

Jeffrey OHara

 
   

Name: Jeffrey O’Hara

 
   

Title: Chief Executive Officer

 

 

 

 

Item 9.01

 

TEL-INSTRUMENT ELECTRONICS CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   

June 30,

2021

   

March 31,

2021

 
   

(unaudited)

         

ASSETS

               
                 

Current assets:

               

Cash

  $ 4,758,819     $ 3,485,275  

Accounts receivable, net

    1,318,276       1,933,321  

Inventories, net

    3,051,343       3,437,989  

Restricted cash to support appeal bond

    2,011,050       2,011,050  

Prepaid expenses and other current assets

    259,556       263,067  

Total current assets

    11,399,044       11,130,702  
                 

Equipment and leasehold improvements, net

    169,388       200,769  

Operating lease right-of-use assets

    1,867,505       1,922,805  

Deferred tax asset, net

    2,521,926       2,675,040  

Other long-term assets

    35,109       35,110  

Total assets

  $ 15,992,972     $ 15,964,426  
                 

LIABILITIES & STOCKHOLDERS’ EQUITY

               
                 

Current liabilities:

               

Operating lease liabilities – current portion

  $ 194,469     $ 201,883  

Accounts payable

    384,559       906,149  

Deferred revenues – current portion

    154,382       150,709  

Accrued expenses ‐- vacation pay, payroll and payroll withholdings

    542,074       457,232  

Accrued legal damages

    5,940,943       5,889,023  

Accrued expenses - other

    331,848       365,975  

Total current liabilities

    7,548,275       7,970,971  
                 

Operating lease liabilities – long-term

    1,673,036       1,720,921  

Long Term Debt - PPP

    722,577       722,577  

Deferred revenues – long-term

    329,886       332,428  
                 

Total liabilities

    10,273,774       10,746,897  
                 

Commitments and contingencies

               
                 

Stockholders’ equity:

               

Preferred stock, 1,000,000 shares authorized, par value $0.10 per share

               

Preferred stock, 500,000 shares 8% Cumulative Series A Convertible Preferred

issued and outstanding, par value $0.10 per share

    3,695,998       3,695,998  

Preferred stock, 166,667 shares 8% Cumulative Series B Convertible Preferred

issued and outstanding, par value $0.10 per share

    1,147,367       1,147,367  

Common stock, 7,000,000 shares authorized, par value $0.10 per share,

3,255,887 shares issued and outstanding, respectively

    325,586       325,586  

Additional paid-in capital

    7,244,788       7,318,620  

Accumulated deficit

    (6,694,541

)

    (7,270,042

)

Total stockholders’ equity

    5,719,198       5,217,529  

Total liabilities and stockholders’ equity

  $ 15,992,972     $ 15,964,426  

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   

Three Months Ended

 
   

June 30,

2021

   

June 30,

2020

 
                 

Net sales

  $ 4,132,393     $ 2,939,437  

Cost of sales

    2,117,646       1,434,826  
                 

Gross margin

    2,014,747       1,504,611  
                 

Operating expenses:

               

Selling, general and administrative

    554,031       661,251  

Litigation expenses

    1,181       2,696  

Engineering, research, and development

    693,575       631,953  

Total operating expenses

    1,248,787       1,295,900  
                 

Income from operations

    765,960       208,711  
                 

Other income (expense):

               

Interest income

    984       2,846  

Other income

    13,593       13,854  

Interest expense - judgment

    (51,920

)

    (75,144

)

Interest expense

    -       (9,780

)

Total other net (expense)

    (37,343

)

    (68,224

)

                 

Income before income taxes

    728,617       140,487  
                 

Income tax expense

    153,116       29,507  
                 

Net income

    575,501       110,980  
                 

Preferred stock dividends

    (80,000

)

    (80,000

)

                 

Net income attributable to common shareholders

  $ 495,501     $ 30,980  
                 

Basic income per common share

  $ 0.15     $ 0.01  

Diluted income per common share

  $ 0.11     $ 0.01  
                 

Weighted average shares outstanding:

               

Basic

    3,255,887       3,255,887  

Diluted

    5,095,665       3,255,887  

 

 
NONE false 0000096885 0000096885 2021-08-12 2021-08-12
Tel Instrument Electronics (QB) (USOTC:TIKK)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Tel Instrument Electronics (QB) Charts.
Tel Instrument Electronics (QB) (USOTC:TIKK)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Tel Instrument Electronics (QB) Charts.