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Subsequent Events | 9 Months Ended
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Sep. 30, 2022
Subsequent Events [Abstract] |
Subsequent Events | O.Subsequent Events M-tron Industries, Inc. Separation On October 7, 2022, the Separation of MtronPTI was completed through LGL’s distribution of 100% of the shares of MtronPTI's common stock to holders of LGL's common stock as of the close of business on the record date of September 30, 2022. As a result of the Distribution, LGL's stockholders of record received one-half share of MtronPTI's common stock for every share of LGL's common stock. On October 7, 2022, MtronPTI became an independent, public company trading on the NYSE American under the stock symbol "MPTI". LGL retained no ownership interest in MtronPTI as of the completion of the Separation. In connection with the Separation, MtronPTI wrote off $4,439,000 of intercompany receivables due from LGL, which brought intercompany balances to zero, and left MtronPTI with a cash balance of approximately $1,000,000 as of the date of the Separation. The Company canceled 52,533 restricted LGL shares and 10,000 options that had been issued to MtronPTI management, effective on October 7, 2022. Changes in Officers and Directors On October 7, 2022, John S. Mega and Bel Lazar resigned from the LGL Board to join MtronPTI as directors, and James W. Tivy resigned as Chief Financial Officer of LGL to join MtronPTI as its Chief Financial Officer. In addition, effective as of 12:01 a.m. Eastern Time on October 7, 2022, Marc J. Gabelli was appointed to serve as the Chief Executive Officer of LGL, and James W. Tivy was appointed to serve as the Chief Accounting Officer of LGL. Ivan Arteaga, who currently serves on the Board as a director of LGL, was appointed to serve as the Chief Financial Officer of LGL. Adjustment of Warrant Price and Target Price for Acceleration On October 19, 2022, LGL issued a press release (the "Press Release") announcing the adjustment to the terms of exercise for its warrants, as a result of its M-tron Industries, Inc. Spin-Off. LGL has approximately 5.25 million “European Style” warrants outstanding, exercisable at a 5 for 1 ratio into LGL shares only at the earlier of (i) the expiration of the warrant term, which is November 16, 2025, or (ii) subject to a date acceleration if triggered only after the average volume weighted average price (“VWAP”) of LGL common stock for 30 consecutive trading days is greater than or equal to the acceleration trigger price. The warrants are publicly listed on the NYSE American under the symbol LGL.WS. The distribution of MtronPTI shares is a qualifying dilutive event that requires an adjustment, with the exercise price of the warrants and the trigger price for the potential acceleration of the exercise date for its warrants to be adjusted using the calculation provided within the warrant agreement. Effective October 18, 2022, the warrant exercise price, originally set at $12.50, was adjusted to $4.75, and the target trigger price for potential acceleration of the exercise date, originally set at $17.50, was adjusted to $6.65.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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