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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tel Instrument Electronics Corp (QB) | USOTC:TIKK | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -1.01% | 1.96 | 1.70 | 1.98 | 1.96 | 1.66 | 1.66 | 500 | 18:04:08 |
New Jersey
|
22-1441806
|
(State of incorporation)
|
(IRS Employer Identification Number)
|
|
|
One Branca Road
East Rutherford, New Jersey
|
07073
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of Each Class
|
Name of Exchange on Which Registered
|
Common Stock $.10 par value
|
NYSE - American
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
☒
|
|
|
Emerging growth company
|
☐
|
PART I.
|
|
Page
|
|
|
|
Item 1.
|
4 | |
|
|
|
Item 1A.
|
12 | |
|
|
|
Item 1B.
|
12 | |
|
|
|
Item 2.
|
12 | |
|
|
|
Item 3.
|
12 | |
|
|
|
Item 4.
|
13 | |
|
|
|
PART II.
|
|
|
|
|
|
Item 5.
|
14 | |
|
|
|
Item 6.
|
15 | |
|
|
|
Item 7.
|
15 | |
|
|
|
Item 7A.
|
22 | |
|
|
|
Item 8.
|
22 | |
|
|
|
Item 9.
|
49 | |
|
|
|
Item 9A.
|
49 | |
|
|
|
Item 9B.
|
49 | |
|
|
|
PART III.
|
|
|
|
|
|
Item 10.
|
50 | |
|
|
|
Item 11.
|
53 | |
|
|
|
Item 12.
|
56 | |
|
|
|
Item 13.
|
58 | |
|
|
|
Item 14.
|
59 | |
|
|
|
PART IV.
|
|
|
|
|
|
Item 15.
|
60 | |
|
|
|
62 |
•
|
the availability and adequacy of our cash flow to meet our requirements;
|
•
|
the final amount of damages related to the Aeroflex litigation;
|
•
|
economic, competitive, demographic, business and other conditions in our local and regional markets;
|
•
|
changes in our business and growth strategy;
|
•
|
changes or developments in laws, regulations or taxes in the electronics/aerospace industry;
|
•
|
actions taken or not taken by third-parties, including our vendors, customers and competitors;
|
•
|
the availability of additional capital; and
|
•
|
other factors discussed elsewhere in this Annual Report.
|
·
|
Transponder: Modes 1, 2, 3/A, C, 4 Mode S, EHS (Enhanced Surveillance) and Mode 5 (Levels 1 & 2)
|
·
|
ADS-B In and Out (transmit and receive) testing
|
·
|
Interrogator: Modes 1, 2, 3/A, C, 4, Mode S, Mode 5 (Levels 1 & 2), TCAS & ETCAS
|
·
|
Built-in KIV-77 CCI appliqué enclosure
|
·
|
Built in GPS with integrated GPS antenna provides accurate Date, TOD and LAT/LONG for positioning
|
·
|
Simple to use GO/NO-GO operation
|
·
|
Selected Mode S BDS register information
|
·
|
Comprehensive Interrogator and Transponder test Modes 1, 2, 3A, C, S, EHS, Mode 4 and Mode 5
|
·
|
Dual Crypto Capable - Out of the Box - No Mods or added options needed
|
·
|
Full TACAN testing of A/A, G/A and A/A BCN on all 252 TACAN channels X and Y
|
·
|
TCAS I, TCAS II and E-TCAS airborne systems intruder simulations
|
·
|
Modes 4 and 5 testing with a built in powered bay for the KIV-77 and KIV-78 Crypto Applique’
|
·
|
Full Testing of ADS-B in compliance with RTCA DO-260 A and B requirements
|
·
|
Light Weight compact package in a MILSPEC Class 1 Container
|
·
|
Long Lasting Battery
|
·
|
Supports Remote Client testing utilizing USB connection to any laptop or desktop computer
|
·
|
Large Full Color Display with User Friendly easy to navigate interface
|
·
|
Transponder: Modes 1, 2, 3/A, C, 4 Mode S, EHS (Enhanced Surveillance) and Mode 5
|
·
|
Interrogator: Modes 1, 2, 3/A, C, 4, Mode S, Mode 5, TCAS & ETCAS, Shipboard Processor
|
·
|
ADS-B (Automatic Dependent Surveillance Broadcast)TX & RX
|
·
|
Navigation: VOR, ILS, LOC, GS, MB, TACAN, VSWR
|
·
|
Sonobuoy
|
·
|
Link-4
|
·
|
ADF (Automatic Direction Finder)
|
·
|
VOR, LOC, GS, ILS and MB
|
·
|
ELT and EPIRB
|
·
|
SELCAL and VSWR
|
·
|
UHF and VHF Transmit and Receive
|
·
|
Remote software updates via Ethernet interface
|
·
|
Aircraft Audio Test
|
|
Commercial
|
Government
|
Total
|
|||||||||
|
||||||||||||
March 31, 2018
|
$
|
403,779
|
$
|
1,592,629
|
$
|
1,996,408
|
||||||
March 31, 2017
|
$
|
253,312
|
$
|
2,977,763
|
$
|
3,231,075
|
Fiscal Year
|
||||||||
Ended March 31,
|
||||||||
High
|
Low
|
|||||||
2019
|
||||||||
First Quarter
|
$
|
3.85
|
$
|
2.05
|
||||
2018
|
||||||||
First Quarter
|
$
|
5.10
|
$
|
3.20
|
||||
Second Quarter
|
4.00
|
3.25
|
||||||
Third Quarter
|
3.53
|
2.10
|
||||||
Fourth Quarter
|
3.31
|
2.15
|
||||||
2017 | ||||||||
First Quarter
|
$
|
4.66
|
$
|
4.05
|
||||
Second Quarter
|
4.55
|
3.53
|
||||||
Third Quarter
|
4.85
|
3.40
|
||||||
Fourth Quarter
|
6.09
|
4.25
|
Plan category
|
Number of securities to be issued upon exercise of outstanding options
|
Weighted average exercise price of outstanding options
|
Number of options remaining available for future issuance under Equity Compensation Plans
|
|||||||||
Equity Compensation Plans approved by shareholders
|
62,500
|
$
|
5.43
|
242,500
|
||||||||
Equity Compensation Plans not approved by shareholders
|
--
|
--
|
--
|
|||||||||
Total
|
62,500
|
$
|
5.43
|
242,500
|
|
Pages
|
(1) Financial Statements:
|
|
|
|
23 | |
|
|
24 | |
|
|
25 | |
|
|
26 | |
|
|
27 | |
|
|
28 |
ASSETS
|
March 31, 2018
|
March 31, 2017
|
||||||
Current assets:
|
||||||||
Cash
|
$
|
307,812
|
$
|
287,873
|
||||
Accounts receivable, net of allowance for doubtful accounts
of $7,500 and $7,500, respectively
|
1,095,049
|
1,556,382
|
||||||
Inventories, net
|
4,269,934
|
4,208,179
|
||||||
Restricted cash to support appeal bond
|
2,000,866
|
-
|
||||||
Prepaid expenses and other current assets
|
147,746
|
188,578
|
||||||
Total current assets
|
7,821,407
|
6,241,012
|
||||||
|
||||||||
Equipment and leasehold improvements, net
|
180,763
|
161,427
|
||||||
Deferred tax asset, net
|
63,500
|
-
|
||||||
Other assets
|
35,109
|
33,509
|
||||||
|
||||||||
Total assets
|
$
|
8,100,779
|
$
|
6,435,948
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
||||||||
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt
|
$
|
2,124
|
$
|
291,991
|
||||
Line of credit
|
1,000,000
|
200,000
|
||||||
Capital lease obligations – current portion
|
6,875
|
6,268
|
||||||
Accounts payable
|
2,307,813
|
1,428,320
|
||||||
Deferred revenues – current portion
|
60,051
|
123,720
|
||||||
Federal and state taxes payable
|
-
|
4,105
|
||||||
Accrued expenses - vacation pay, payroll and payroll withholdings
|
447,863
|
527,413
|
||||||
Accrued legal damages
|
5,059,990
|
2,800,000
|
||||||
Accrued expenses - related parties
|
31,151
|
45,586
|
||||||
Accrued expenses – other
|
241,419
|
599,049
|
||||||
Total current liabilities
|
9,157,286
|
6,026,452
|
||||||
|
||||||||
Capital lease obligations – long-term
|
6,885
|
13,760
|
||||||
Long-term debt, net of debt discount
|
-
|
2,124
|
||||||
Warrant liability
|
-
|
95,000
|
||||||
Deferred revenues – long-term
|
337,676
|
352,973
|
||||||
|
||||||||
Total liabilities
|
9,501,847
|
6,490,309
|
||||||
|
||||||||
Commitments and contingencies
|
||||||||
|
||||||||
Stockholders’ deficit
|
||||||||
Preferred stock, 1,000,000 shares authorized, par value $0.10 per share,
500,000 shares 8% Cumulative Series A Convertible Preferred issued and outstanding
|
3,035,998
|
-
|
||||||
Common stock, 4,000,000 shares authorized, par value $.10 per share,
3,255,887 and 3,255,887 shares issued and outstanding, respectively
|
325,586
|
325,586
|
||||||
Additional paid-in capital
|
8,046,975
|
8,107,369
|
||||||
Accumulated deficit
|
(12,809,627
|
)
|
(8,487,316
|
)
|
||||
|
||||||||
Total stockholders’ deficit
|
(1,401,068
|
)
|
(54,361
|
)
|
||||
|
||||||||
Total liabilities and stockholders’ deficit
|
$
|
8,100,779
|
$
|
6,435,948
|
|
For the years ended March 31,
|
|||||||
|
2018
|
2017
|
||||||
|
||||||||
Net sales
|
$
|
10,024,588
|
$
|
18,745,456
|
||||
|
||||||||
Cost of sales
|
6,894,779
|
12,061,341
|
||||||
|
||||||||
Gross margin
|
3,129,809
|
6,684,115
|
||||||
|
||||||||
Operating expenses:
|
||||||||
Selling, general and administrative
|
2,491,816
|
2,581,085
|
||||||
Litigation expenses
|
610,125
|
1,244,639
|
||||||
Legal damages
|
2,159,000
|
2,800,000
|
||||||
Engineering, research and development
|
2,275,508
|
2,430,322
|
||||||
|
||||||||
Total operating expenses
|
7,536,449
|
9,056,046
|
||||||
|
||||||||
Loss from operations
|
(4,406,640
|
)
|
(2,371,931
|
)
|
||||
|
||||||||
Other income (expense):
|
||||||||
Proceeds from life insurance
|
92,678
|
-
|
||||||
Interest income
|
866
|
-
|
||||||
Amortization of deferred financing costs
|
(3,363
|
)
|
(5,429
|
)
|
||||
Change in fair value of common stock warrants
|
95,000
|
321,203
|
||||||
Interest expense
|
(59,787
|
)
|
(40,431
|
)
|
||||
Interest expense - judgment
|
(100,960
|
)
|
-
|
|||||
Interest expense - related parties
|
(3,605
|
)
|
(18,736
|
)
|
||||
|
||||||||
Total other income
|
20,829
|
256,607
|
||||||
|
||||||||
Loss before income taxes
|
(4,385,811
|
)
|
(2,115,324
|
)
|
||||
|
||||||||
(Benefit) provision for income taxes
|
(63,500
|
)
|
2,644,115
|
|||||
|
||||||||
Net loss
|
(4,322,311
|
)
|
(4,759,439
|
)
|
||||
Preferred dividends
|
(90,667
|
)
|
-
|
|||||
Net loss attributable to common shareholders
|
$
|
(4,412,978
|
)
|
$
|
(4,759,439
|
)
|
||
|
||||||||
|
||||||||
Basic loss per common share
|
$
|
(1.36
|
)
|
$
|
(1.46
|
)
|
||
Diluted loss per common share
|
$
|
(1.36
|
)
|
$
|
(1.49
|
)
|
||
|
||||||||
Weighted average number of shares outstanding
|
||||||||
Basic
|
3,255,887
|
3,255,887
|
||||||
Diluted
|
3,255,887
|
3,266,842
|
|
Series A Convertible
Preferred Stock
|
Common
Stock
|
Additional
|
|||||||||||||||||||||||||
|
# of Shares
|
# of Shares
|
Paid-In
|
Accumulated
|
||||||||||||||||||||||||
|
Issued
|
Amount
|
Issued
|
Amount
|
Capital
|
Deficit
|
Total
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Balances at April 1, 2016
|
-
|
$
|
-
|
3,255,887
|
$
|
325,686
|
$
|
8,074,655
|
$
|
(3,727,877
|
)
|
$
|
4,672,364
|
|||||||||||||||
|
||||||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
-
|
-
|
32,714
|
-
|
32,714
|
|||||||||||||||||||||
Net loss
|
-
|
-
|
-
|
(4,759,439
|
)
|
(4,759,439
|
)
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Balances at March 31, 2017
|
-
|
-
|
3,255,887
|
$
|
325,586
|
$
|
8,107,369
|
$
|
(8,487,316
|
)
|
$
|
(54,361
|
)
|
|||||||||||||||
|
||||||||||||||||||||||||||||
Issuance of Series A Convertible Preferred Stock
|
500,000
|
2,945,331
|
-
|
-
|
-
|
-
|
2,945,331
|
|||||||||||||||||||||
8% Dividends on Preferred Stock
|
-
|
90,667
|
(90,667
|
)
|
-
|
|||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
-
|
-
|
30,273
|
-
|
30,273
|
|||||||||||||||||||||
Net loss
|
-
|
-
|
-
|
(4,322,311
|
)
|
(4,322,311
|
)
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Balances at March 31, 2018
|
500,000
|
$
|
3,035,998
|
3,255,887
|
$
|
325,586
|
$
|
8,046,975
|
$
|
(12,809,627
|
)
|
$
|
(1,401,068
|
)
|
|
For the years ended March 31,
|
|||||||
|
2018
|
2017
|
||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(4,322,311
|
)
|
$
|
(4,759,439
|
)
|
||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
||||||||
Deferred income taxes
|
(63,500
|
)
|
2,643,633
|
|||||
Depreciation and amortization
|
70,060
|
120,160
|
||||||
Amortization of deferred financing costs
|
3,363
|
5,429
|
||||||
Change in fair value of common stock warrant
|
(95,000
|
)
|
(321,203
|
)
|
||||
Provision for inventory obsolescence
|
90,000
|
40,000
|
||||||
Non-cash stock-based compensation
|
30,273
|
32,714
|
||||||
Changes in assets and liabilities:
|
||||||||
(Increase) decrease in accounts receivable
|
461,333
|
(102,021
|
)
|
|||||
Decrease (increase) in inventories
|
(151,755
|
)
|
430,853
|
|||||
Decrease (increase) in prepaid expenses and other assets
|
35,869
|
(62,574
|
)
|
|||||
Increase (decrease) in accounts payable
|
879,493
|
(258,149
|
)
|
|||||
Increase in accrued legal damages
|
2,259,990
|
2,800,000
|
||||||
Restricted cash for appeal bond
|
(2,000,866
|
)
|
-
|
|||||
(Decrease) increase in deferred revenues
|
(78,966
|
)
|
255,224
|
|||||
(Decrease) increase in federal and state taxes payable
|
(4,105
|
)
|
(49,518
|
)
|
||||
(Decrease) increase in accrued payroll, vacation pay & withholdings
|
(79,550
|
)
|
(309,176
|
)
|
||||
Decrease in accrued expenses – related party and other
|
(372,065
|
)
|
(70,396
|
)
|
||||
Decrease in other long-term liabilities
|
-
|
(7,800
|
)
|
|||||
Net cash (used in) provided by operating activities
|
(3,337,737
|
)
|
387,737
|
|||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Acquisition of equipment
|
(89,396
|
)
|
(88,069
|
)
|
||||
Net cash used in investing activities
|
(89,396
|
)
|
(88,069
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Proceeds from line of credit
|
800,000
|
200,000
|
||||||
Proceeds from issuance of convertible preferred stock
|
3,000,000
|
-
|
||||||
Expenses associated with convertible preferred stock
|
(54,669
|
)
|
-
|
|||||
Payment of warrant liability
|
-
|
(720,000
|
)
|
|||||
Repayment of subordinated notes - related parties
|
-
|
(25,000
|
)
|
|||||
Repayment of long-term debt
|
(291,991
|
)
|
(428,700
|
)
|
||||
Repayment of capitalized lease obligations
|
(6,268
|
)
|
(10,728
|
)
|
||||
Net cash provided by (used in) financing activities
|
3,447,072
|
(984,428
|
)
|
|||||
|
||||||||
Net (decrease) increase in cash
|
19,939
|
(684,760
|
)
|
|||||
Cash, beginning of year
|
287,873
|
972,633
|
||||||
Cash, end of year
|
$
|
307,812
|
$
|
287,873
|
||||
|
||||||||
Supplemental cash flow information:
|
||||||||
Taxes paid
|
$
|
-
|
$
|
50,000
|
||||
Interest paid
|
$
|
68,724
|
$
|
228,358
|
||||
Supplemental non-cash information:
|
||||||||
Capital lease obligations
|
$
|
-
|
$
|
-
|
|
March 31,
|
|||||||
|
2018
|
2017
|
||||||
Government
|
$
|
998,522
|
$
|
1,392,482
|
||||
Commercial
|
104,027
|
171,400
|
||||||
Less: Allowance for doubtful accounts
|
(7,500
|
)
|
(7,500
|
)
|
||||
|
$
|
1,095,049
|
$
|
1,556,382
|
|
March 31,
|
|||||||
|
2018
|
2017
|
||||||
Purchased parts
|
$
|
3,571,874
|
$
|
3,197,378
|
||||
Work-in-process
|
1,051,725
|
1,272,235
|
||||||
Finished goods
|
66,335
|
68,566
|
||||||
Less: Allowance for obsolete inventory
|
(420,000
|
)
|
(330,000
|
)
|
||||
|
$
|
4,269,934
|
$
|
4,208,179
|
|
March 31,
|
|||||||
|
2018
|
2017
|
||||||
Leasehold Improvements
|
$
|
95,858
|
$
|
95,858
|
||||
Machinery and equipment
|
1,657,961
|
1,574,058
|
||||||
Automobiles
|
23,712
|
23,712
|
||||||
Sales equipment
|
600,419
|
599,796
|
||||||
Assets under capitalized leases
|
637,189
|
637,189
|
||||||
Less: Accumulated depreciation & amortization
|
(2,834,376
|
)
|
(2,769,186
|
)
|
||||
|
$
|
180,763
|
$
|
161,427
|
|
March 31,
|
|||||||
|
2018
|
2017
|
||||||
|
||||||||
Accrued vacation pay
|
$
|
346,871
|
$
|
390,348
|
||||
Accrued compensation and payroll withholdings
|
100,992
|
137,065
|
||||||
|
||||||||
|
$
|
447,863
|
$
|
527,413
|
|
March 31,
|
|||||||
|
2018
|
2017
|
||||||
|
||||||||
Accrued commissions
|
33,370
|
72,171
|
||||||
Accrued legal costs
|
35,996
|
251,459
|
||||||
Warranty reserve
|
111,983
|
188,444
|
||||||
Accrued – other
|
60,070
|
86,975
|
||||||
|
||||||||
|
$
|
241,419
|
$
|
599,049
|
|
March 31,
|
|||||||
|
2018
|
2017
|
||||||
Warranty reserve, at beginning of period
|
$
|
188,444
|
$
|
208,102
|
||||
Warranty expense
|
4,823
|
107,735
|
||||||
Warranty deductions
|
(81,284
|
)
|
(127,393
|
)
|
||||
Warranty reserve, at end of period
|
$
|
111,983
|
$
|
188,444
|
|
March 31,
|
|||||||
|
2018
|
2017
|
||||||
|
||||||||
Interest and other expenses due to the Company’s President/CEO
|
31,151
|
45,586
|
||||||
|
||||||||
|
$
|
31,151
|
$
|
45,586
|
|
Fiscal Year Ended
|
|||||||
|
March 31,
|
March 31,
|
||||||
|
2018
|
2017
|
||||||
Current:
|
||||||||
Federal
|
$
|
-
|
$
|
(1,018
|
)
|
|||
State and local
|
1,500
|
1,500
|
||||||
|
||||||||
Total current tax provision
|
1,500
|
482
|
||||||
|
||||||||
Deferred:
|
||||||||
Federal
|
(65,000
|
)
|
2,643,357
|
|||||
State and local
|
-
|
276
|
||||||
|
||||||||
Total deferred tax provision
|
(65,000
|
)
|
2,643,633
|
|||||
|
||||||||
Total provision
|
$
|
(63,500
|
)
|
$
|
2,644,115
|
|
March 31,
|
March 31,
|
||||||
|
2018
|
2017
|
||||||
Deferred tax assets:
|
||||||||
Net operating loss carryforwards
|
$
|
1,482,880
|
$
|
1,645,868
|
||||
Tax credits
|
329,032
|
329,032
|
||||||
Charitable contributions
|
85
|
102
|
||||||
Legal damages
|
1,070,763
|
956,000
|
||||||
Allowance for doubtful accounts
|
1,587
|
2,561
|
||||||
Reserve for inventory obsolescence
|
88,878
|
112,671
|
||||||
Inventory capitalization
|
100,604
|
105,998
|
||||||
Vacation accrual
|
73,403
|
133,276
|
||||||
Warranty reserve
|
23,697
|
64,340
|
||||||
Deferred revenues
|
84,165
|
162,757
|
||||||
Stock options
|
15,801
|
25,494
|
||||||
Non-compete agreement
|
1,306
|
5,941
|
||||||
AMT credit
|
63,500
|
66,106
|
||||||
Depreciation
|
5,533
|
18,412
|
||||||
Deferred tax asset
|
3,341,234
|
3,628,558
|
||||||
Less valuation allowance
|
(3,277,734,
|
)
|
(3,628,558
|
)
|
||||
|
||||||||
Deferred tax asset, net
|
$
|
63,500
|
$
|
-0-
|
|
March 31,
|
March 31,
|
||||||
|
2018
|
2017
|
||||||
|
||||||||
Income tax (benefit) provision – statutory rate
|
$
|
(1,383,723
|
)
|
$
|
(711,344
|
)
|
||
Income tax expenses – state and local, net of federal benefit
|
(6,190
|
)
|
(2,404
|
)
|
||||
Permanent items
|
11,133
|
12,870
|
||||||
Change in value of warrants – permanent difference
|
(29,973
|
)
|
(109,209
|
)
|
||||
True-up of prior year’s deferred taxes
|
(10,228
|
)
|
(25,178
|
)
|
||||
Valuation allowance
|
(349,875
|
)
|
3,490,778
|
|||||
Rate changes
|
1,697,766
|
(7,776
|
)
|
|||||
Other
|
7,590
|
(3,622
|
)
|
|||||
|
||||||||
Income tax provision (benefit)
|
$
|
(63,500
|
)
|
$
|
2,644,115
|
2019
|
$
|
2,124
|
||
2020
|
-
|
|||
2021
|
-
|
|||
2022
|
-
|
|||
2023
|
-
|
|||
|
||||
Total Principal
|
2,124
|
|||
Less: Current Portion
|
(2,124
|
)
|
||
Total Long-Term Debt
|
$
|
-0-
|
|
Years Ended March 31,
|
|||
2019
|
$
|
321,406
|
||
2020
|
306,153
|
|||
2021
|
306,153
|
|||
2022
|
127,564
|
|||
2023
|
-
|
|||
|
$
|
1,061,276
|
2019
|
$
|
7,864
|
||
2020
|
7,209
|
|||
2021
|
-
|
|||
2022
|
-
|
|||
2023
|
--
|
|||
Total minimum lease payments
|
15,073
|
|||
Less amounts representing interest
|
(1,313
|
)
|
||
Present value of net minimum lease payments
|
13,760
|
|||
Less current portion
|
(6,875
|
)
|
||
Long-term capital lease obligation
|
$
|
6,885
|
|
2018
|
2017
|
||||||
United States
|
$
|
7,424,780
|
$
|
16,962,810
|
||||
Foreign countries
|
2,599,808
|
1,782,646
|
||||||
Total Avionics Sales
|
$
|
10,024,588
|
$
|
18,745,456
|
|
|
Dividend
|
|
|
Risk-free
|
|
|
|
|
|
|
|||
|
|
Yield
|
|
|
Interest rate
|
|
|
Volatility
|
|
|
Life
|
|||
2018
|
|
|
0.0%
|
2.39%
|
51.33%
|
|
5 years
|
|
Number of
Options
|
Average
Exercise Price
|
Average Remaining
Contractual Term
|
Aggregate
Intrinsic Value
|
||||||||||
Outstanding options at April 1, 2016
|
85,000
|
$
|
5.33
|
|||||||||||
Options granted
|
-
|
$
|
-
|
|||||||||||
Options exercised
|
-
|
$
|
-
|
|||||||||||
Options canceled/forfeited
|
(6,000
|
)
|
$
|
6.34
|
||||||||||
|
||||||||||||||
Outstanding options at March 31, 2017
|
79,000
|
$
|
5.26
|
2.5 years
|
$
|
28,900
|
||||||||
Options granted
|
7,500
|
$
|
3.31
|
|||||||||||
Options exercised
|
-
|
$
|
-
|
|||||||||||
Options canceled/forfeited
|
(14,000
|
)
|
$
|
4.17
|
||||||||||
|
||||||||||||||
Outstanding options at March 31, 2018
|
72,500
|
$
|
5.26
|
2.0 years
|
$
|
-0-
|
||||||||
Vested Options:
|
||||||||||||||
March 31, 2018:
|
24,000
|
$
|
5.67
|
1.5 years
|
$
|
-0-
|
||||||||
March 31, 2017:
|
33,800
|
$
|
4.59
|
1.9 years
|
$
|
28,460
|
Non-vested Shares
|
Shares
|
Weighted-Average
Grant-Date
Fair value
|
||||||
|
||||||||
Non-vested at April 1, 2017
|
45,600
|
$
|
5.76
|
|||||
Granted
|
7,500
|
$
|
3.31
|
|||||
Vested
|
(11,400
|
)
|
$
|
5.73
|
||||
Forfeited
|
(3,200
|
)
|
$
|
5.85
|
||||
Non-vested at March 31, 2018
|
38,500
|
$
|
5.28
|
|
March 31, 2018
|
March 31, 2017
|
||||||
Basic net loss per share computation:
|
||||||||
Net loss
|
$
|
(4,322,311
|
)
|
$
|
(4,759,439
|
)
|
||
Preferred dividends
|
(90,667
|
)
|
-
|
|||||
Net loss attributable to common shareholders
|
(4,412,978
|
)
|
(4,759,439
|
)
|
||||
Weighted-average common shares outstanding
|
3,255,887
|
3,255,887
|
||||||
Basic net loss per share
|
$
|
(1.36
|
)
|
$
|
(1.46
|
)
|
||
Diluted net loss per share computation
|
||||||||
Net loss
|
$
|
(4,322,311
|
)
|
$
|
(4,759,439
|
)
|
||
Change in fair value of warrants
|
-
|
(103,000
|
)
|
|||||
Preferred dividends
|
(90,667
|
)
|
-
|
|||||
Diluted loss
|
(4,412,978
|
)
|
(4,862,439
|
)
|
||||
Weighted-average common shares outstanding
|
3,255,887
|
3,255,887
|
||||||
Incremental shares attributable to the assumed exercise
of outstanding stock options and warrants
|
-
|
10,955
|
||||||
Total adjusted weighted-average shares
|
3,255,887
|
3,266,842
|
||||||
Diluted net loss per share
|
$
|
(1.36
|
)
|
$
|
(1.49
|
)
|
|
|
March 31, 2018
|
|
|
March 31, 2017
|
|
||
Convertible preferred stock
|
1,030,222
|
-
|
||||||
Stock options
|
|
|
72,500
|
|
|
|
61,000
|
|
Warrants
|
|
|
50,000
|
|
|
|
-
|
|
|
|
|
1,152,222
|
|
|
|
61,000
|
|
Avionics
|
Avionics
|
Avionics
|
Corporate/
|
|||||||||||||||||
2018
|
Government
|
Commercial
|
Total
|
Reconciling Items
|
Total
|
|||||||||||||||
Net sales
|
$
|
7,395,724
|
$
|
2,628,864
|
$
|
10,024,588
|
$
|
-
|
$
|
10,024,588
|
||||||||||
Cost of Sales
|
4,537,216
|
2,357,563
|
6,894,779
|
-
|
6,894,779
|
|||||||||||||||
|
||||||||||||||||||||
Gross Margin
|
2,858,508
|
271,301
|
3,129,809
|
-
|
3,129,809
|
|||||||||||||||
|
||||||||||||||||||||
Engineering, research, and development
|
2,275,508
|
-
|
2,275,508
|
|||||||||||||||||
Selling, general, and administrative
|
1,112,191
|
1,379,625
|
2,491,816
|
|||||||||||||||||
Litigation expenses
|
-
|
610,125
|
610,125
|
|||||||||||||||||
Legal damages
|
-
|
2,159,000
|
2,159,000
|
|||||||||||||||||
Amortization of deferred financing costs
|
-
|
3,363
|
3,363
|
|||||||||||||||||
Change in fair value of common stock warrant
|
-
|
(95,000
|
)
|
(95,000
|
)
|
|||||||||||||||
Proceeds from life insurance
|
-
|
(92,678
|
)
|
(92,678
|
)
|
|||||||||||||||
Interest income
|
-
|
(866
|
)
|
(866
|
)
|
|||||||||||||||
Interest expense, net
|
-
|
164,352
|
164,352
|
|||||||||||||||||
|
3,387,699
|
4,127,921
|
7,515,620
|
|||||||||||||||||
Income (loss) before income taxes
|
$
|
(257,890
|
)
|
$
|
(4,127,921
|
)
|
$
|
(4,385,811
|
)
|
|||||||||||
|
||||||||||||||||||||
Segment Assets
|
$
|
4,873,736
|
$
|
491,247
|
$
|
5,364,983
|
$
|
2,735,796
|
$
|
8,100,779
|
Avionics
|
Avionics
|
Avionics
|
Corporate/
|
|||||||||||||||||
2017
|
Government
|
Commercial
|
Total
|
Reconciling Items
|
Total
|
|||||||||||||||
Net sales
|
$
|
16,531,913
|
$
|
2,213,543
|
$
|
18,745,456
|
$
|
-
|
$
|
18,745,456
|
||||||||||
Cost of Sales
|
10,363,318
|
1,698,023
|
12,061,341
|
-
|
12,061,341
|
|||||||||||||||
|
||||||||||||||||||||
Gross Margin
|
6,168,595
|
515,520
|
6,684,115
|
-
|
6,684,115
|
|||||||||||||||
|
||||||||||||||||||||
Engineering, research, and development
|
2,430,322
|
-
|
2,430,322
|
|||||||||||||||||
Selling, general, and administrative
|
1,260,388
|
1,320,697
|
2,581,085
|
|||||||||||||||||
Litigation expenses
|
1,244,639
|
1,244,639
|
||||||||||||||||||
Legal damages
|
2,800,000
|
2,800,000
|
||||||||||||||||||
Amortization of deferred financing costs
|
-
|
5,429
|
5,429
|
|||||||||||||||||
Change in fair value of common stock warrant
|
-
|
(321,203
|
)
|
(321,203
|
)
|
|||||||||||||||
Interest expense, net
|
-
|
59,167
|
59,167
|
|||||||||||||||||
|
3,690,710
|
5,108,729
|
8,799,439
|
|||||||||||||||||
Income (loss) before income taxes
|
$
|
2,993,405
|
$
|
(5,108,729
|
)
|
$
|
(2,115,324
|
)
|
||||||||||||
|
||||||||||||||||||||
Segment Assets
|
$
|
4,264,168
|
$
|
1,500,393
|
$
|
5,764,561
|
$
|
671,387
|
$
|
6,435,948
|
|
Quarter Ended
|
|||||||||||||||
FY 2018
|
June 30
|
September 30
|
December 31
|
March 31
|
||||||||||||
|
||||||||||||||||
Net sales
|
$
|
3,542,077
|
$
|
1,787,165
|
$
|
2,625,793
|
$
|
2,069,553
|
||||||||
Gross margin
|
1,241,290
|
399,870
|
936,680
|
551,969
|
||||||||||||
Loss before income taxes
|
(286,091
|
)
|
(2,920,589
|
)
|
(333,436
|
)
|
(845,695
|
)
|
||||||||
Net loss
|
(286,091
|
)
|
(2,920,589
|
)
|
(333,436
|
)
|
(782,195
|
)
|
||||||||
Net loss attributable to common shareholders
|
(286,091
|
)
|
(2,920,589
|
)
|
(364,103
|
)
|
(842,195
|
)
|
||||||||
Basic income (loss) per share
|
(0.09
|
)
|
(0.90
|
)
|
(0.11
|
)
|
(0.26
|
)
|
||||||||
Diluted income (loss) per share
|
(0.12
|
)
|
(0.90
|
)
|
(0.11
|
)
|
(0.26
|
)
|
FY 2017
|
June 30
|
September 30
|
December 31
|
March 31
|
||||||||||||
Net sales
|
$
|
5,342,369
|
$
|
5,076,029
|
$
|
4,236,519
|
$
|
4,090,539
|
||||||||
Gross margin
|
1,876,653
|
1,825,588
|
1,634,251
|
1,347,623
|
||||||||||||
Income (loss) before taxes
|
578,053
|
381,815
|
177,895
|
(3,253,087
|
)
|
|||||||||||
Net income (loss)
|
410,309
|
272,055
|
141,513
|
(5,583,316
|
)
|
|||||||||||
Basic income (loss) per share
|
0.13
|
0.08
|
0.04
|
(1.71
|
)
|
|||||||||||
Diluted income (loss) per share
|
0.10
|
0.07
|
0.03
|
(1.72
|
)
|
March 31, 2018
|
Level I
|
Level II
|
Level III
|
Total
|
||||||||||||
|
||||||||||||||||
Warrant Liability
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Total Liabilities
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
March 31, 2017
|
Level I
|
Level II
|
Level III
|
Total
|
||||||||||||
|
||||||||||||||||
Warrant Liability
|
$
|
-
|
$
|
-
|
$
|
95,000
|
$
|
95,000
|
||||||||
Total Liabilities
|
$
|
-
|
$
|
-
|
$
|
95,000
|
$
|
95,000
|
|
March 31, 2018
|
March 31, 2017
|
||||||
Fair value, at beginning of period
|
$
|
95,000
|
$
|
1,136,203
|
||||
|
||||||||
New purchases and issuances
|
-
|
-
|
||||||
Sales and settlements
|
-
|
(720,000
|
)
|
|||||
Change in fair value
|
(95,000
|
)
|
(321,203
|
)
|
||||
|
||||||||
Fair value, at end of period
|
$
|
-
|
$
|
95,000
|
Name (age)
|
|
Position
|
|
Year First
Elected a Director
|
Stephen A. Fletcher (1)
(57)
|
|
Director
|
|
2011
|
|
|
|
|
|
George J. Leon (2) (3)
(74)
|
|
Director
|
|
1986
|
|
|
|
|
|
Jeffrey C. O’Hara, CPA (1) (4)
(60)
|
|
Director; President since August 2007; Chief Executive Officer since December 2010; Chief Operating Officer since June 2006; Vice President since 2005
|
|
1998
|
|
|
|
|
|
Robert A. Rice (2) (3)
(62)
|
|
Director
|
|
2004
|
|
|
|
|
|
Robert H. Walker (2) (3) (5)
(82)
|
|
Director and Chairman of the Board since April 2011
|
|
1984
|
|
|
|
|
|
(1) |
Mr. Fletcher is the son of Mr. Harold K. Fletcher, the former Chairman of the Company who passed away in April 2011, and the brother-in-law of Jeffrey C. O’Hara, the Company’s Chief Executive Officer
|
(2) |
Member of the Audit Committee
|
(3) |
Member of the Compensation Committee
|
(4) |
Mr. O’Hara has served as a member of the Board since 1998 and was appointed President of the Company in 2007, and as Chief Executive Officer in December 2010.
|
(5) |
Mr. Walker has served as a member of the Board since 1984 and was appointed Chairman of the Board in April 2011.
|
(6) |
Mr. Schirmer, the Company’s Chief Operating Officer, left the Company effective July 9, 2018. There were no disagreements with the Company, and the Company has entered into a consulting arrangement with Mr. Schirmer to provide assistance on an as needed basis.
|
Name and Principal Position
|
|
Fiscal Year
|
|
Salary ($) (1)
|
|
|
Incentive ($) (2)
|
|
|
Option Awards ($) (3)
|
|
|
All Other Compensation ($) (4)
|
|
|
Total ($)
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Jeffrey C. O’Hara, CEO President
|
|
2018
|
|
|
180,000
|
|
|
|
-
|
|
|
|
-
|
|
|
|
23,344
|
|
|
|
203,344
|
|
|
2017
|
|
|
175,000
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22,693
|
|
|
|
197,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michael Schirmer, Vice President of Operations (5)
|
|
2018
|
|
|
170,000
|
|
|
|
-
|
|
|
|
-
|
|
|
|
21,794
|
|
|
|
191,794
|
|
|
2017
|
|
|
167,500
|
|
|
|
-
|
|
|
|
-
|
|
|
|
21,794
|
|
|
|
189,294
|
|
|
Joseph P. Macaluso PAO
|
|
2018
|
|
|
140,000
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9,098
|
|
|
|
149,098
|
|
|
2017
|
|
|
140,000
|
|
|
|
-
|
|
|
|
-
|
|
|
|
12,867
|
|
|
|
152,867
|
|
(1) |
The amounts shown in this column represent the dollar value of base cash salary earned by each named executive officer (“NEO”).
|
(2) |
No incentive compensation was made to the NEO’s in 2018 and 2017, and therefore no amounts are shown.
|
(3) |
Amounts in this column represent the fair value required by ASC Topic 718 to be included in our financial statements for all options granted during that year (see Note 15 to Notes to the Consolidated Financial Statements).
|
(4) |
The amounts shown in this column represent amounts for medical and life insurance as well as the Company’s match in the 401(k) Plan.
|
(5) |
In July 2018, Mr. Schirmer left the Company as part of the Company’s cost reduction program.
|
Name
|
Number of Securities Underlying Unexercised Options (#)
Exercisable
|
Number of Securities Underlying Unexercised Options (#)
Unexercisable (1)
|
Option Exercise Price ($)
|
Option Expiration Date
|
|||||||||
|
|
||||||||||||
Joseph P. Macaluso
|
800
|
1,200
|
$
|
5.85
|
4/28/20
|
||||||||
|
|
||||||||||||
Jeffrey C. O’Hara
|
8,000
|
12,000
|
$
|
5.85
|
4/28/20
|
||||||||
|
|
||||||||||||
Michael Schirmer
|
10,000
|
-
|
$
|
4.22
|
11/01/18
|
||||||||
|
6,000
|
4,000
|
$
|
5.14
|
5/05/19
|
||||||||
|
4,000
|
6,000
|
$
|
5.85
|
4/28/20
|
Name
|
Cash Compensation(4)
|
Option Awards ($)(1)(2)
|
Total $
|
|||||||||
George J. Leon
|
$
|
10,000
|
$
|
-0-
|
$
|
10,000
|
||||||
Robert A. Rice
|
$
|
10,000
|
$
|
-0-
|
$
|
10,000
|
||||||
Robert H. Walker (3)
|
$
|
10,000
|
$
|
-0-
|
$
|
10,000
|
||||||
Stephen A. Fletcher
|
$
|
5,000
|
$
|
-0-
|
$
|
5,000
|
(1) |
Amounts in this column, if any, represent the fair value required by ASC 718 to be included in our financial statements for all options granted during fiscal year 2018.
|
(2) |
There are no options outstanding for the directors.
|
(3) |
Mr. Walker also receives a monthly stipend of $2,400 for his additional responsibility as Chairman of the Board.
|
(4) |
Directors have deferred payment of these fees until such time as the Company’s cash position improves.
|
Name and Address
|
Number of Shares
Beneficially Owned
|
Percentage
of Class (1)
|
|||||||
|
|||||||||
Named Directors and Officers
|
|||||||||
|
|||||||||
Stephen A. Fletcher, Director | 3,200 | (2) | 0 | % | |||||
3995 Oleander Court
|
|||||||||
Orange Beach, AL 36561
|
|||||||||
|
|||||||||
George J. Leon, Director
|
455,971
|
(3)
|
14.0
|
%
|
|||||
168 Redpath Avenue
|
|||||||||
Toronto, Ontario, Canada M4P 2K6
|
|||||||||
|
|||||||||
Jeffrey C. O’Hara, Director
|
256,356
|
(4)
|
7.8
|
%
|
|||||
853 Turnbridge Circle
|
|||||||||
Naperville, IL 60540
|
|||||||||
|
|||||||||
Robert A. Rice, Director
|
113,404
|
3.5
|
%
|
||||||
5 Roundabout Lane
|
|||||||||
Cape Elizabeth, ME 04107
|
|||||||||
|
|||||||||
Robert H. Walker, Director
|
75,053
|
2.3
|
%
|
||||||
27 Vantage Court
|
|||||||||
Port Jefferson, NY 11777
|
|||||||||
|
|||||||||
Joseph P. Macaluso, PAO
|
14,213
|
(5)
|
0.4
|
%
|
|||||
167 Tennis Court
|
|||||||||
Wall Township, NJ 07719
|
|||||||||
|
|||||||||
All officers and directors as a group (6 persons)
|
918,197
|
(6)
|
28.1
|
%
|
|||||
|
|||||||||
Vincent J. Dowling, Jr.
|
1,403,988
|
(7)
|
32.6
|
%
|
|||||
54 Ledyard Road
|
|||||||||
West Hartford, CT 06117
|
|||||||||
|
|||||||||
Mrs. Sadie Fletcher
|
640,907
|
(8)
|
8.8
|
%
|
|||||
657 Downing Lane
|
|||||||||
Williamsville, NY 14221
|
|||||||||
|
|||||||||
All officers, directors and 5% holders as a group (8 persons)
|
2,963,092
|
(9)
|
68.6
|
%
|
(1) |
The class includes 3,255,887 shares outstanding in the calculation of the percentage of shares owned by a party. The Common Stock deemed to be owned by the named party includes stock which is not outstanding but subject to currently exercisable options held by the individual named in accordance with Rule 13d-3(d)c) of the Exchange Act. The foregoing information is based on reports made by the named individuals.
|
(2) |
Mr. Stephen A. Fletcher is the son of Mr. Harold K. Fletcher, former Chief Executive Officer and director of the Company. Mr. Stephen A. Fletcher is the son of Mrs. Sadie Fletcher who beneficially owns 656,907 shares by virtue of the Estate of Harold K. Fletcher. Mr. Fletcher disclaims beneficial ownership of the shares owned by the Estate of Harold K. Fletcher.
|
(3) |
Includes 423,621 shares owned by the George Leon Family Trust, of which Mr. Leon is a beneficiary. Mr. Leon acts as manager of the trust assets pursuant to an informal family, oral arrangement, and disclaims beneficial ownership of the shares owned by the trust.
|
(4) |
Includes 12,000 shares subject to currently exercisable stock options owned by Mr. O’Hara.
|
(5) |
Includes 1,200 shares subject to currently exercisable stock options owned by Mr. Macaluso.
|
(6) |
Includes 13,200 shares subject to currently exercisable options held by all executive officers and directors of the Company (including those individually named above).
|
(7) |
Based on Form 13 G/A filed with the SEC on February 14, 2018 and furnished to the Company. Includes 50,000 shares subject to currently exercisable warrants. Also includes 1,000,000 shares of common stock that may be acquired upon conversion of the Series A Convertible Preferred Stock. The Holder(s) of the Series A Convertible Preferred Stock can vote together with the holders of the Company’s common stock (“Common Stock”) on an as-converted basis on each matter submitted to a vote of holders of Common Stock (whether at a meeting of shareholders or by written consent). In any such vote, the number of votes that may be cast by a Holder shall be equal to one (1) vote for each Conversion Share underlying such Holder’s outstanding shares of Series A Convertible Preferred Stock, subject to adjustment based on the applicable Maximum Conversion Amount, as of the record date for such vote or written consent or, if there is no specified record date, as of the date of such vote or written consent.
|
(8) |
Represents 640,907 shares owned by the Estate of Harold K. Fletcher, former Chief Executive Officer and director of the Company. Mrs. Fletcher is the mother of Stephen A. Fletcher, a director of the Company.
|
(9) |
Includes 13,200 shares subject to currently exercisable options held by all executive officers and directors of the Company (including those individually named above). Also 50,000 shares subject to currently exercisable warrants and 1,000,000 shares of common stock that may be acquired upon conversion of the Series A Convertible Preferred Stock (see 6 and 7 above).
|
Plan category
|
Number of securities to be issued upon exercise of outstanding options
|
Weighted average exercise price of outstanding options
|
Number of options remaining available for future issuance under Equity Compensation Plans
|
|||||||||
Equity Compensation Plans approved by shareholders
|
62,500
|
$
|
5.43
|
242,500
|
||||||||
Equity Compensation Plans not approved by shareholders
|
--
|
--
|
--
|
|||||||||
Total
|
62,500
|
$
|
5.43
|
242,500
|
|
2018
|
2017
|
||||||
|
||||||||
Audit Fees
|
$
|
145,100
|
$
|
142,100
|
||||
Audit-Related Fees
|
-
|
-
|
||||||
Total Audit and Audit-Related Fees
|
145,100
|
142,100
|
||||||
Tax Fees
|
-
|
-
|
||||||
All Other Fees
|
-
|
-
|
||||||
|
||||||||
Total
|
$
|
145,100
|
$
|
142,100
|
|
Pages
|
Financial Statements:
|
|
|
|
23 | |
|
|
24 | |
|
|
25 | |
|
|
26 | |
|
|
27 | |
|
|
28 |
(3.1) | |
(3.2)
|
|
(3.3)
|
Tel-Instrument Electronics Corp.’s By-Laws, as amended (incorporated by reference to Registration 33-18978 dated November 7, 1988).
|
(10.1)
|
|
(10.2)
|
|
(10.3)
|
|
(10.4)
|
2006 Stock Option Plan
|
(10.5)
|
|
(10.6)
|
|
(10.7)
|
|
(10.8)
|
|
(10.9)
|
|
(10.10)
|
|
(10.11)
|
|
(10.12)
|
|
(23.1)
|
|
(31.1)
|
|
(31.2)
|
|
(32.1)
|
|
(32.2)
|
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
Taxonomy Extension Schema Document
|
101.CAL
|
Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
Taxonomy Extension Label Linkbase Document
|
101.PRE
|
Taxonomy Extension Presentation Linkbase Document
|
|
TEL-INSTRUMENT ELECTRONICS CORP.
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
Dated: July 16, 2018
|
By:
|
/s/ Jeffrey C. O’Hara
|
|
|
|
Jeffrey C. O’Hara
|
|
|
|
CEO and Director
|
|
|
|
(Principal Executive Officer)
|
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
/s/ Jeffrey C. O’Hara
|
|
CEO, President, and Director
|
|
July 16, 2018
|
|
Jeffrey C. O’Hara
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Joseph P. Macaluso
|
|
Principal Accounting Officer
|
|
July 16, 2018
|
|
Joseph P. Macaluso
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Stephen A. Fletcher
|
|
Director
|
|
July 16, 2018
|
|
Stephen A. Fletcher
|
|
|
|
|
|
|
|
|
|
|
|
/s/ George J. Leon
|
|
Director
|
|
July 16, 2018
|
|
George J. Leon
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Robert A. Rice
|
|
Director
|
|
July 16, 2018
|
|
Robert A. Rice
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Robert H. Walker
|
|
Chairman of the Board, Director
|
|
July 16, 2018
|
|
Robert H. Walker
|
|
|
|
|
1 Year Tel Instrument Electronics (QB) Chart |
1 Month Tel Instrument Electronics (QB) Chart |
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