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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended July 1, 2023
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from _____ to _____
Commission
file number 0-19882
KOPIN
CORPORATION
(Exact
name of registrant as specified in its charter)
Delaware |
|
04-2833935 |
State
or other jurisdiction of
incorporation
or organization |
|
(I.R.S.
Employer
Identification
No.) |
|
|
|
125
North Drive, Westborough, MA |
|
01581-3335 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (508) 870-5959
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.01 |
|
KOPN |
|
Nasdaq
Capital Market |
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class |
|
Outstanding
as of August 4, 2023 |
Common
Stock, par value $0.01 |
|
114,295,151 |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
|
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
|
Smaller
reporting company |
☒ |
|
|
|
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. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒
Kopin
Corporation
INDEX
|
|
Page
No. |
Part I – Financial Information |
|
|
|
|
Item
1. |
Condensed Consolidated Financial Statements (Unaudited) |
3 |
|
|
|
|
Condensed Consolidated Balance Sheets at July 1, 2023 (Unaudited) and December 31, 2022 |
3 |
|
|
|
|
Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended July 1, 2023 and June 25, 2022 |
4 |
|
|
|
|
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) for the three and six months ended July 1, 2023 and June 25, 2022 |
5 |
|
|
|
|
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) for the three and six months ended July 1, 2023 and June 25, 2022 |
6 |
|
|
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended July 1, 2023 and June 25, 2022 |
7 |
|
|
|
|
Notes to Unaudited Condensed Consolidated Financial Statements |
8 |
|
|
|
Item
2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
18 |
|
|
|
Item
3. |
Quantitative and Qualitative Disclosures About Market Risk |
23 |
|
|
|
Item
4. |
Controls and Procedures |
23 |
|
|
|
Part II – Other Information |
24 |
|
|
|
Item
1. |
Legal Proceedings |
24 |
|
|
|
Item
1A. |
Risk Factors |
24 |
|
|
|
Item
2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
25 |
|
|
|
Item
6. |
Exhibits |
25 |
|
|
|
Signatures |
26 |
Part
1. FINANCIAL INFORMATION
Item
1. Condensed Consolidated Financial Statements (Unaudited)
KOPIN
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| |
| | |
| |
| |
July 1, 2023 | | |
December 31, 2022 | |
| |
(unaudited) | | |
| |
ASSETS | |
| | |
| |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 10,106,668 | | |
$ | 8,258,878 | |
Marketable debt securities, at fair value | |
| 15,563,133 | | |
| 4,388,778 | |
Accounts receivable, net of allowance of $1,103,000 in 2023 and $303,000 in 2022 | |
| 6,171,241 | | |
| 6,537,891 | |
Contract assets and unbilled receivables | |
| 4,108,406 | | |
| 4,068,364 | |
Inventory | |
| 7,878,018 | | |
| 6,426,400 | |
Prepaid taxes | |
| 176,085 | | |
| 105,495 | |
Prepaid expenses and other current assets | |
| 1,917,503 | | |
| 1,074,867 | |
Total current assets | |
| 45,921,054 | | |
| 30,860,673 | |
Property, plant and equipment, net | |
| 1,800,346 | | |
| 1,831,641 | |
Operating lease right-of-use assets | |
| 2,847,836 | | |
| 3,168,520 | |
Other assets | |
| 169,132 | | |
| 170,132 | |
Equity investments | |
| 4,626,081 | | |
| 7,721,206 | |
Total assets | |
$ | 55,364,449 | | |
$ | 43,752,172 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 6,506,987 | | |
$ | 5,438,980 | |
Accrued payroll and expenses | |
| 1,912,188 | | |
| 2,879,139 | |
Accrued warranty | |
| 2,165,000 | | |
| 1,966,000 | |
Contract liabilities and billings in excess of revenues earned | |
| 554,967 | | |
| 930,500 | |
Operating lease liabilities | |
| 796,073 | | |
| 786,928 | |
Accrued post-retirement benefits | |
| 790,000 | | |
| 790,000 | |
Other accrued liabilities | |
| 1,642,432 | | |
| 1,182,346 | |
Customer deposits | |
| 78,883 | | |
| — | |
Deferred tax liabilities | |
| 462,985 | | |
| 482,739 | |
Total current liabilities | |
| 14,909,515 | | |
| 14,456,632 | |
Noncurrent contract liabilities and asset retirement obligations | |
| 260,242 | | |
| 248,284 | |
Operating lease liabilities, net of current portion | |
| 2,182,886 | | |
| 2,576,883 | |
Accrued post-retirement benefits, net of current portion | |
| 694,996 | | |
| 1,110,000 | |
Other long-term obligations, net of current portion | |
| 1,390,705 | | |
| 1,369,758 | |
Total liabilities | |
| 19,438,344 | | |
| 19,761,557 | |
Commitments and contingencies | |
| - | | |
| - | |
Stockholders’ equity: | |
| | | |
| | |
Preferred stock, par value $.01 per share: authorized, 3,000 shares; none issued | |
| — | | |
| — | |
Common stock, par value $.01 per share: authorized, 150,000,000 shares; issued 114,365,786 shares in 2023 and 94,920,060 shares in 2022; outstanding 110,305,990 in 2023 and 92,883,524 in 2022, respectively | |
| 1,103,765 | | |
| 929,540 | |
Additional paid-in capital | |
| 382,941,171 | | |
| 360,567,631 | |
Treasury stock (70,635 shares in 2023 and 2022, at cost) | |
| (103,127 | ) | |
| (103,127 | ) |
Accumulated other comprehensive income | |
| 1,200,045 | | |
| 1,176,068 | |
Accumulated deficit | |
| (349,215,749 | ) | |
| (338,406,815 | ) |
Total Kopin Corporation stockholders’ equity | |
| 35,926,105 | | |
| 24,163,297 | |
Noncontrolling interest | |
| — | | |
| (172,682 | ) |
Total Kopin Corporation stockholders’ equity | |
| 35,926,105 | | |
| 23,990,615 | |
Total liabilities and stockholders’ equity | |
$ | 55,364,449 | | |
$ | 43,752,172 | |
See
notes to unaudited condensed consolidated financial statements
KOPIN
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
Three months ended | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Revenues: | |
| | |
| | |
| | |
| |
Net product revenues | |
$ | 6,011,393 | | |
$ | 9,003,658 | | |
$ | 13,666,109 | | |
$ | 15,511,186 | |
Research and development revenues | |
| 3,884,225 | | |
| 2,806,109 | | |
| 6,780,676 | | |
| 7,714,142 | |
Other revenues | |
| 564,238 | | |
| 99,265 | | |
| 771,262 | | |
| 262,126 | |
Total revenues | |
| 10,459,856 | | |
| 11,909,032 | | |
| 21,218,047 | | |
| 23,487,454 | |
Expenses: | |
| | | |
| | | |
| | | |
| | |
Cost of product revenues | |
| 5,697,063 | | |
| 7,906,250 | | |
| 12,321,164 | | |
| 15,689,129 | |
Research and development | |
| 3,132,259 | | |
| 5,145,375 | | |
| 5,444,476 | | |
| 10,553,988 | |
Selling, general and administration | |
| 6,466,120 | | |
| 4,327,468 | | |
| 11,114,250 | | |
| 8,792,016 | |
Total expenses | |
| 15,295,442 | | |
| 17,379,093 | | |
| 28,879,890 | | |
| 35,035,133 | |
Loss from operations | |
| (4,835,586 | ) | |
| (5,470,061 | ) | |
| (7,661,843 | ) | |
| (11,547,679 | ) |
Other (expense) income | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 222,700 | | |
| 12,552 | | |
| 324,465 | | |
| 19,532 | |
Other income (expense), net | |
| 35,765 | | |
| (3,586 | ) | |
| 72,795 | | |
| (4,727 | ) |
(Loss) gain on investments | |
| (3,327,347 | ) | |
| — | | |
| (3,327,347 | ) | |
| 4,700,000 | |
Foreign currency transaction losses | |
| (236,911 | ) | |
| (150,094 | ) | |
| (139,004 | ) | |
| (114,979 | ) |
Total other (expense) income | |
| (3,305,793 | ) | |
| (141,128 | ) | |
| (3,069,091 | ) | |
| 4,599,826 | |
Tax provision | |
| (39,000 | ) | |
| (36,000 | ) | |
| (78,000 | ) | |
| (72,000 | ) |
Net loss | |
| (8,180,379 | ) | |
| (5,647,189 | ) | |
| (10,808,934 | ) | |
| (7,019,853 | ) |
Net loss attributable to the noncontrolling interest | |
| — | | |
| 257 | | |
| — | | |
| 280 | |
Net loss attributable to Kopin Corporation | |
$ | (8,180,379 | ) | |
$ | (5,646,932 | ) | |
$ | (10,808,934 | ) | |
$ | (7,019,573 | ) |
Net loss per share | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
$ | (0.07 | ) | |
$ | (0.06 | ) | |
$ | (0.10 | ) | |
$ | (0.08 | ) |
Weighted average number of common shares outstanding | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 109,911,244 | | |
| 90,300,999 | | |
| 107,473,813 | | |
| 90,211,742 | |
See
notes to unaudited condensed consolidated financial statements
KOPIN
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
Three months ended | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Net loss | |
$ | (8,180,379 | ) | |
$ | (5,647,189 | ) | |
$ | (10,808,934 | ) | |
$ | (7,019,853 | ) |
Other comprehensive loss, net of tax: | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustments | |
| 32,190 | | |
| (35,421 | ) | |
| 42,184 | | |
| (41,353 | ) |
Unrealized holding loss on marketable securities | |
| (14,440 | ) | |
| (71,329 | ) | |
| (18,207 | ) | |
| (178,779 | ) |
Reclassification of holding losses in net loss | |
| — | | |
| — | | |
| — | | |
| (522 | ) |
Other comprehensive income (loss), net of tax | |
| 17,750 | | |
| (106,750 | ) | |
| 23,977 | | |
| (220,654 | ) |
Comprehensive loss | |
| (8,162,629 | ) | |
| (5,753,939 | ) | |
| (10,784,957 | ) | |
| (7,240,507 | ) |
Comprehensive loss attributable to the noncontrolling interest | |
| — | | |
| 257 | | |
| — | | |
| 280 | |
Comprehensive loss attributable to Kopin Corporation | |
$ | (8,162,629 | ) | |
$ | (5,753,682 | ) | |
$ | (10,784,957 | ) | |
$ | (7,240,227 | ) |
See
notes to unaudited condensed consolidated financial statements
KOPIN
CORPORATION
Condensed
Consolidated Statements of Stockholders’ Equity
(Unaudited)
| |
Shares | | |
Amount | | |
Capital | | |
Stock | | |
Income | | |
Deficit | | |
Equity | | |
Interest | | |
Equity | |
| |
Common Stock | | |
Additional Paid-in | | |
Treasury | | |
Accumulated Other Comprehensive | | |
Accumulated | | |
Total Kopin Corporation Stockholders’ | | |
Noncontrolling | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Stock | | |
Income | | |
Deficit | | |
Equity | | |
Interest | | |
Equity | |
Balance, December 31, 2022 | |
| 92,954,159 | | |
$ | 929,540 | | |
$ | 360,567,631 | | |
$ | (103,127 | ) | |
$ | 1,176,068 | | |
$ | (338,406,815 | ) | |
$ | 24,163,297 | | |
$ | (172,682 | ) | |
$ | 23,990,615 | |
Vesting of restricted stock | |
| 17,500 | | |
| 175 | | |
| (175 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Stock-based compensation expense | |
| - | | |
| - | | |
| 194,190 | | |
| - | | |
| - | | |
| - | | |
| 194,190 | | |
| - | | |
| 194,190 | |
Other comprehensive income | |
| - | | |
| - | | |
| - | | |
| - | | |
| 6,227 | | |
| - | | |
| 6,227 | | |
| - | | |
| 6,227 | |
Issuance of common stock and pre-funded warrants, net
of costs | |
| 17,000,000 | | |
| 170,000 | | |
| 21,165,000 | | |
| - | | |
| - | | |
| - | | |
| 21,335,000 | | |
| - | | |
| 21,335,000 | |
Acquisition of noncontrolling interest | |
| - | | |
| - | | |
| (172,682 | ) | |
| - | | |
| - | | |
| - | | |
| (172,682 | ) | |
| 172,682 | | |
| - | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,628,555 | ) | |
| (2,628,555 | ) | |
| - | | |
| (2,628,555 | ) |
Balance, April 1, 2023 | |
| 109,971,659 | | |
$ | 1,099,715 | | |
$ | 381,753,964 | | |
$ | (103,127 | ) | |
$ | 1,182,295 | | |
$ | (341,035,370 | ) | |
$ | 42,897,477 | | |
$ | - | | |
$ | 42,897,477 | |
Vesting of restricted stock | |
| 404,966 | | |
| 4,050 | | |
| (4,050 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Stock-based compensation expense | |
| - | | |
| - | | |
| 1,191,257 | | |
| - | | |
| - | | |
| - | | |
| 1,191,257 | | |
| - | | |
| 1,191,257 | |
Other comprehensive income | |
| - | | |
| - | | |
| - | | |
| - | | |
| 17,750 | | |
| - | | |
| 17,750 | | |
| - | | |
| 17,750 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (8,180,379 | ) | |
| (8,180,379 | ) | |
| - | | |
| (8,180,379 | ) |
Balance, July 1, 2023 | |
| 110,376,625 | | |
$ | 1,103,765 | | |
$ | 382,941,171 | | |
$ | (103,127 | ) | |
$ | 1,200,045 | | |
$ | (349,215,749 | ) | |
$ | 35,926,105 | | |
$ | - | | |
$ | 35,926,105 | |
| |
Common Stock | | |
Additional Paid-in | | |
Treasury | | |
Accumulated Other Comprehensive | | |
Accumulated | | |
Total Kopin Corporation Stockholders’ | | |
Noncontrolling | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Stock | | |
Income | | |
Deficit | | |
Equity | | |
Interest | | |
Equity | |
Balance, December 25, 2021 | |
| 90,069,169 | | |
$ | 900,691 | | |
$ | 356,931,157 | | |
$ | (366,110 | ) | |
$ | 1,414,351 | | |
$ | (319,080,898 | ) | |
$ | 39,799,191 | | |
$ | (172,334 | ) | |
$ | 39,626,857 | |
Vesting of restricted stock | |
| 154,421 | | |
| 1,544 | | |
| (1,544 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Stock-based compensation expense | |
| - | | |
| - | | |
| 656,073 | | |
| - | | |
| - | | |
| - | | |
| 656,073 | | |
| - | | |
| 656,073 | |
Other comprehensive loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (113,906 | ) | |
| - | | |
| (113,906 | ) | |
| - | | |
| (113,906 | ) |
Restricted stock for tax withholding obligations | |
| - | | |
| - | | |
| - | | |
| (95,613 | ) | |
| - | | |
| - | | |
| (95,613 | ) | |
| - | | |
| (95,613 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,372,641 | ) | |
$ | (1,372,641 | ) | |
| (23 | ) | |
| (1,372,664 | ) |
Balance, March 26, 2022 | |
| 90,223,590 | | |
$ | 902,235 | | |
$ | 357,585,686 | | |
$ | (461,723 | ) | |
$ | 1,300,445 | | |
$ | (320,453,539 | ) | |
$ | 38,873,104 | | |
$ | (172,357 | ) | |
$ | 38,700,747 | |
Balance | |
| 90,223,590 | | |
$ | 902,235 | | |
$ | 357,585,686 | | |
$ | (461,723 | ) | |
$ | 1,300,445 | | |
$ | (320,453,539 | ) | |
$ | 38,873,104 | | |
$ | (172,357 | ) | |
$ | 38,700,747 | |
Vesting of restricted stock | |
| 50,000 | | |
| 500 | | |
| (500 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Stock-based compensation expense | |
| - | | |
| - | | |
| 417,033 | | |
| - | | |
| - | | |
| - | | |
| 417,033 | | |
| - | | |
| 417,033 | |
Other comprehensive loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (106,750 | ) | |
| - | | |
| (106,750 | ) | |
| - | | |
| (106,750 | ) |
Sale of registered stock | |
| 1,529,047 | | |
| 15,290 | | |
| 1,550,092 | | |
| 461,723 | | |
| - | | |
| - | | |
| 2,027,105 | | |
| - | | |
| 2,027,105 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (5,646,932 | ) | |
| (5,646,932 | ) | |
| (257 | ) | |
| (5,647,189 | ) |
Balance, June 25, 2022 | |
| 91,802,637 | | |
$ | 918,025 | | |
$ | 359,552,311 | | |
$ | - | | |
$ | 1,193,695 | | |
$ | (326,100,471 | ) | |
$ | 35,563,560 | | |
$ | (172,614 | ) | |
$ | 35,390,946 | |
Balance | |
| 91,802,637 | | |
$ | 918,025 | | |
$ | 359,552,311 | | |
$ | - | | |
$ | 1,193,695 | | |
$ | (326,100,471 | ) | |
$ | 35,563,560 | | |
$ | (172,614 | ) | |
$ | 35,390,946 | |
See
notes to unaudited condensed consolidated financial statements
KOPIN
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
| | |
| |
| |
Six months ended | | |
Six months ended | |
| |
July 1, 2023 | | |
June 25, 2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (10,808,934 | ) | |
$ | (7,019,853 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 387,779 | | |
| 535,253 | |
Accretion of premium or discount on marketable debt securities | |
| — | | |
| 128 | |
Stock-based compensation | |
| 1,385,449 | | |
| 1,073,106 | |
Foreign currency losses | |
| 51,950 | | |
| 124,741 | |
Change in allowance for credit losses | |
| 790,950 | | |
| (5,576 | ) |
Write-off of excess inventory | |
| 292,405 | | |
| 1,454,688 | |
Investment impairment (unrealized gains on investments) | |
| 2,887,893 | | |
| (4,700,000 | ) |
Loss on sale of property and plant | |
| — | | |
| 202,670 | |
Income taxes | |
| 78,210 | | |
| 71,672 | |
Changes in other non-cash items | |
| 198,194 | | |
| 453,072 | |
Changes in assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (1,565,340 | ) | |
| 6,106,734 | |
Contract assets and unbilled receivables | |
| (96,923 | ) | |
| (3,126,437 | ) |
Inventory | |
| (1,685,961 | ) | |
| (1,892,935 | ) |
Prepaid expenses, other current assets and other assets | |
| (929,086 | ) | |
| (393,939 | ) |
Accounts payable and accrued expenses | |
| 1,396,840 | | |
| (3,296,577 | ) |
Contract liabilities and billings in excess of revenue earned | |
| (375,499 | ) | |
| (1,023,859 | ) |
Net cash used in operating activities | |
| (7,992,073 | ) | |
| (11,437,112 | ) |
Cash flows from investing activities: | |
| | | |
| | |
Other assets | |
| (483 | ) | |
| 4,337 | |
Capital expenditures | |
| (350,631 | ) | |
| (604,944 | ) |
Equity investment purchase | |
| — | | |
| (499,998 | ) |
Proceeds from sale of marketable debt securities | |
| 6,466,917 | | |
| 1,000,000 | |
Net cash used in investing activities | |
| (11,508,976 | ) | |
| (3,600,635 | ) |
Cash flows from financing activities: | |
| | | |
| | |
Sale of treasury stock, net of costs | |
| — | | |
| 461,723 | |
Issuance of common stock and pre-funded warrants, net of costs | |
| 21,335,000 | | |
| 1,565,382 | |
Settlements of restricted stock for tax withholding obligations | |
| — | | |
| (95,613 | ) |
Net cash provided by financing activities | |
| 21,335,000 | | |
| 1,931,492 | |
Effect of exchange rate changes on cash | |
| 13,839 | | |
| (51,457 | ) |
Net increase (decrease) in cash and cash equivalents | |
| 1,847,790 | | |
| (13,157,712 | ) |
Cash and cash equivalents: | |
| | | |
| | |
Beginning of period | |
| 8,258,878 | | |
| 26,787,931 | |
End of period | |
$ | 10,106,668 | | |
$ | 13,630,219 | |
See
notes to unaudited condensed consolidated financial statements
KOPIN
CORPORATION
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1.
BASIS OF PRESENTATION
The
condensed consolidated financial statements of Kopin Corporation as of July 1, 2023 and for the six month periods ended July 1, 2023
and June 25, 2022 are unaudited and include all adjustments that, in the opinion of management, are necessary to present fairly the results
of operations for the periods then ended. These condensed consolidated financial statements should be read in conjunction with the Company’s
financial statements and notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December
31, 2022. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s
operations for any other interim period or for a full fiscal year. As used in this report, the terms “we”, “us”,
“our”, “Kopin” and the “Company” mean Kopin Corporation and its subsidiaries, unless the context
indicates another meaning.
The
condensed consolidated financial statements for the six months ended July 1, 2023 include the accounts of Kopin Corporation and its
wholly owned subsidiaries. The condensed consolidated financial statements for the six months ended June 25, 2022 include the
accounts of Kopin Corporation and its wholly owned subsidiaries. Net loss attributable to noncontrolling interest in the
Company’s condensed consolidated statements of operations for the six months ended June 25, 2022 represents the 20%
of the results of operations of a former partially owned subsidiary which is allocated to the shareholders of the equity interests
not owned by the Company. All intercompany transactions and balances have been eliminated.
The
Company’s current strategy is to continue to invest in research and development, even during unprofitable periods, which may result
in the Company continuing to incur net losses and negative cash flows from operations. If the Company is unable to achieve and maintain
positive cash flows and profitability in the foreseeable future, its financial condition may ultimately be materially adversely affected
such that management may be required to reduce operating expenses, including investments in research and development, or raise additional
capital. While there can be no assurance the Company will be able to successfully reduce operating expenses or raise additional capital,
management believes its historical success in managing cash flows and obtaining capital will continue in the foreseeable future.
On
January 5, 2023, the Company entered into a Technology License Agreement and an Asset Purchase Agreement (the “LST Agreements”)
with Lightning Silicon Technology, Inc. (“LST”). Pursuant to the LST Agreements, the Company issued a license to LST for
certain technology associated with our Organic Light Emitting Technology, transferred in-process development contracts with two customers
and accounts receivables that the Company had previously determined were not collectible. The technology license agreement provides for
Kopin to transfer certain patents to LST if LST achieves certain milestones; however upon transfer, Kopin will receive a license to the
technology. To the extent LST makes improvements to the technology licensed from Kopin, Kopin will receive a license for these improvements
for certain markets. Kopin is not obligated to provide any additional funding support to LST. As consideration for the transaction, the
Company received 18,000,000
preferred shares in LST, which the Company determined
had no fair value as of the transaction date or as of July 1, 2023. While these shares represent a 20.0%
equity stake in LST, they do not provide the Company with voting rights to elect LST’s Governance Board. The Company will also
receive a royalty based on unit sales of products that utilize the technology licensed. Drs. John Fan, the Company’s former President,
CEO and Chairman of the Board, Boryeu Tsaur, a former Executive Vice President of the Company and Hong Choi, the Company’s former
Chief Technology Officer terminated their employment with the Company and became investors in and members of the management team of LST.
Dr. Fan is the Founder of LST. As a result of this transaction, in 2022 the Company wrote off the two operating lease assets associated
with facilities used for the development of our organic light emitting diode (OLED) products.
On
January 27, 2023, the Company sold 17,000,000 shares of common stock and pre-funded warrants to purchase up to 6,000,000 shares of common
stock at a public offering price of $0.99 per share for net proceeds of approximately $21.4 million. The Company believes that its existing
cash, cash equivalents, will be adequate to satisfy its current operating plans for at least the next twelve months from the issuance
of these financial statements. The Company has in the past sold equity securities through at-the-market equity offerings and in the traditional
fashion of significant equity offerings. Nonetheless, management monitors the capital markets on an ongoing basis and may consider raising
capital if favorable market conditions develop. If the Company’s actual results are less than projected or the Company needs to
raise capital for additional liquidity, the Company may be required to do additional equity financings, reduce expenses, or enter into
a strategic transaction. However, management can make no assurance that the Company will be able to raise additional capital, reduce
expenses sufficiently, or enter into a strategic transaction on terms acceptable to the Company, or at all.
2.
ACCOUNTING STANDARDS
ASU
2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments became effective for
smaller reporting companies for fiscal years beginning after December 15, 2022. The amendments in ASU 2016-13 are intended to provide
more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held
by a reporting entity at each reporting date. The Company adopted this standard on January 1, 2023 and there was not a material impact.
3.
CASH AND CASH EQUIVALENTS AND MARKETABLE DEBT SECURITIES
The
Company considers all highly liquid, short-term debt instruments with original maturities of three months or less to be cash equivalents.
Marketable
debt securities consist primarily of commercial paper, medium-term corporate notes, and U.S. government and agency backed securities.
The Company classifies these marketable debt securities as available-for-sale at fair value in “Marketable debt securities, at
fair value.” The Company records the amortization of premium and accretion of discounts on marketable debt securities in the results
of operations.
The
Company uses the specific identification method as a basis for determining cost and calculating realized gains and losses with respect
to marketable debt securities. The gross gains and losses realized related to sales and maturities of marketable debt securities were
not material during the three and six months ended July 1, 2023 and June 25, 2022.
Investments
in available-for-sale marketable debt securities were as follows at July 1, 2023 and December 31, 2022:
SCHEDULE
OF AVAILABLE-FOR-SALE MARKETABLE DEBT SECURITIES
| |
Amortized Cost | | |
Unrealized
(Losses) Gains | | |
Fair Value | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
U.S. government and agency backed securities | |
$ | 8,407,706 | | |
$ | 2,500,006 | | |
$ | (14,421 | ) | |
$ | (102,276 | ) | |
$ | 8,393,285 | | |
$ | 2,397,730 | |
Corporate debt and certificates of deposit | |
| 7,250,174 | | |
| 2,000,012 | | |
| (80,326 | ) | |
| (8,964 | ) | |
| 7,169,848 | | |
| 1,991,048 | |
Total | |
$ | 15,657,880 | | |
$ | 4,500,018 | | |
$ | (94,747 | ) | |
$ | (111,240 | ) | |
$ | 15,563,133 | | |
$ | 4,388,778 | |
The
contractual maturity of the Company’s marketable debt securities was as follows at July 1, 2023:
SCHEDULE
OF MARKETABLE DEBT SECURITIES
| |
Less than One year | | |
One to Five years | | |
Total | |
U.S. government and agency backed securities | |
$ | 6,423,450 | | |
$ | 1,969,835 | | |
$ | 8,393,285 | |
Corporate debt and certificates of deposit | |
| 2,236,813 | | |
| 4,933,035 | | |
| 7,169,848 | |
Total | |
$ | 8,660,263 | | |
$ | 6,902,870 | | |
$ | 15,563,133 | |
4.
FAIR VALUE MEASUREMENTS
Financial
instruments are categorized as Level 1, Level 2 or Level 3 based upon the method by which their fair value is computed. An investment
is categorized as Level 1 when its fair value is based on unadjusted quoted prices in active markets for identical assets that the Company
has the ability to access at the measurement date. An investment is categorized as Level 2 if its fair market value is based on quoted
market prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, based
on observable inputs such as interest rates, yield curves, or derived from or corroborated by observable market data by correlation or
other means. An investment is categorized as Level 3 if its fair value is based on assumptions developed by the Company about what a
market participant would use in pricing the assets.
The
following table details the fair value measurements of the Company’s financial assets:
SCHEDULE
OF FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
| |
| | |
Fair Value Measurement at July 1, 2023 Using: | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Cash and cash equivalents | |
$ | 10,106,668 | | |
$ | 10,106,668 | | |
$ | — | | |
$ | — | |
U.S. government securities | |
| 8,393,285 | | |
| 3,978,360 | | |
| 4,414,925 | | |
| — | |
Certificates of deposit | |
| 7,169,848 | | |
| 7,169,848 | | |
| — | | |
| — | |
Equity investments | |
| 4,626,081 | | |
| 178,316 | | |
| — | | |
| 4,447,765 | |
Financial
instruments, owned, at fair value | |
$ | 30,295,882 | | |
$ | 21,433,192 | | |
$ | 4,414,925 | | |
$ | 4,447,765 | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
| |
| | |
Fair Value Measurement at December 31, 2022 Using: | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Cash and cash equivalents | |
$ | 8,258,878 | | |
$ | 8,258,878 | | |
$ | — | | |
$ | — | |
U.S. government securities | |
| 2,397,730 | | |
| — | | |
| 2,397,730 | | |
| — | |
Corporate debt | |
| 1,500,445 | | |
| — | | |
| 1,500,445 | | |
| — | |
Certificates of deposit | |
| 490,603 | | |
| 490,603 | | |
| — | | |
| — | |
Equity investments | |
| 7,721,206 | | |
| 213,016 | | |
| — | | |
| 7,508,190 | |
Financial instruments,
owned, at fair value | |
$ | 20,368,862 | | |
$ | 8,962,497 | | |
$ | 3,898,175 | | |
$ | 7,508,190 | |
Transfers
between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. Changes in Level
3 investments were as follows:
SCHEDULE
OF FAIR VALUE, LIABILITIES MEASURED ON RECURRING BASIS
| |
December 31, 2022 | | |
Net unrealized losses | | |
Foreign
currency
losses |
|
|
Purchases, issuances
and settlements | | |
July 1, 2023 | |
Equity investments | |
$ | 7,508,190 | | |
$ | (3,327,347 | ) | |
$ |
(172,532 |
) |
|
$ | 439,454 | | |
$ | 4,447,765 | |
The
carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value because
of their short-term nature. If accrued liabilities were carried at fair value, these would be classified as Level 2 in the fair value
hierarchy.
Marketable
Debt Securities
Corporate
debt consists of floating rate notes with a maturity that is over multiple years but has interest rates that are reset every three months
based on the then-current three-month London Interbank Offering Rate (“Three-month Libor”). The Company validates the fair
market values of the financial instruments above by using discounted cash flow models, obtaining independent pricing of the securities
or through the use of a model that incorporates the Three-month Libor, the credit default swap rate of the issuer and the bid and ask
price spread of the same or similar investments which are traded on several markets.
Equity
Investments
From
2017 through 2019, the Company made several equity investments in a customer. In the fourth quarter of 2019, the Company reviewed
the financial condition and other factors of the customer and, as a result, recorded an impairment charge of $5.2
million to reduce its investment in the customer to zero
as of December 28, 2019. In the first quarter of 2022 the customer raised additional equity capital and based on an observable price
change of the customer’s share prices and terms of the equity sale the Company remeasured the fair market value of its
investment and recorded a gain of $4.7
million. In the second quarter of 2022, the Company made an additional equity investment of $0.5
million. During the quarter ended July 1, 2023, the Company received common stock of the equity investment valued at approximately
$0.4
million for the payment of royalties. The Company also performed an impairment evaluation and as a result recorded an impairment
charge of approximately $3.1
million. As of July 1, 2023, the Company owned an approximate 3.4%
interest in this investment.
On
September 30, 2019, the Company entered into an Asset Purchase Agreement pursuant to which
the Company sold and licensed certain assets of our SolosTM product line and WhisperTM Audio technology. As consideration for the transaction, the Company received a 20.0% equity stake in Solos Incorporation (“Solos Inc.”).
The Company’s 20.0% equity stake will be maintained until Solos Inc. has raised a total of $7.5 million in equity financing. Based
on the price paid for equity by the other 80.0% owners of Solos Inc. and other factors, the Company estimated the fair value of its equity
holdings at $0.6 million and in 2019 recorded a $0.6 million gain on its investment for this equity transaction as the basis of assets
transferred was zero. The investment was written down to $0.4 million as a result of an impairment analysis and write down performed
in 2020. In the second quarter ending July 1, 2023 the Company reviewed its investment and wrote-down the investment to $0.2 million.
During
the three and six months ended July 1, 2023, the Company recorded less than $0.2 million of unrealized losses on an equity interest in
a company due to a fluctuation in the foreign exchange rate.
5.
ACCOUNTS RECEIVABLE, NET
Accounts
receivable consisted of the following:
SCHEDULE
OF ACCOUNTS RECEIVABLE
| |
July 1, 2023 | | |
December 31, 2022 | |
Accounts receivable | |
$ | 7,274,241 | | |
$ | 6,840,891 | |
Less — allowance for credit losses | |
| (1,103,000 | ) | |
| (303,000 | ) |
Total | |
$ | 6,171,241 | | |
$ | 6,537,891 | |
Changes
to the allowance for credit losses for the six months ended July 1, 2023 were as follows:
SCHEDULE
OF CHANGE IN ALLOWANCE FOR CREDIT LOSSES
| |
| | |
Balance,
December 31, 2022 | |
$ | 303,000 | |
Additions | |
| 829,000 | |
Write-offs | |
| (29,000 | ) |
Balance,
July 1, 2023 | |
$ | 1,103,000 | |
6.
INVENTORY
Inventories
are stated at standard cost adjusted to approximate the lower of cost (first-in, first-out method) or net realizable value and consist
of the following at July 1, 2023 and December 31, 2022:
SCHEDULE
OF INVENTORY
| |
July 1, 2023 | | |
December 31, 2022 | |
Raw materials | |
$ | 4,907,401 | | |
$ | 4,285,757 | |
Work-in-process | |
| 2,053,581 | | |
| 1,735,454 | |
Finished goods | |
| 917,036 | | |
| 405,189 | |
Total | |
$ | 7,878,018 | | |
$ | 6,426,400 | |
7.
NET LOSS PER SHARE
Basic
net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period less any unvested
restricted shares. Diluted net loss per share is calculated using weighted-average shares outstanding and contingently issuable shares,
less weighted-average shares reacquired during the period. The net outstanding shares are adjusted for the dilutive effect of shares
issuable upon the assumed conversion of the Company’s common stock equivalents, which consist of unvested restricted stock.
The
following were not included in weighted-average common shares outstanding-diluted because they are anti-dilutive or performance conditions
have not been met at the end of the period:
SCHEDULE
OF WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING DILUTED
| |
Three Months Ended | | |
Three Months Ended | | |
Six Months Ended | | |
Six Months Ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Non-vested restricted common stock | |
| 3,989,161 | | |
| 1,824,723 | | |
| 3,989,161 | | |
| 1,824,723 | |
8.
STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION
Registered
sale of equity securities
On
January 27, 2023, the Company sold 17,000,000 shares of common stock and pre-funded warrants to purchase up to 6,000,000 shares of common
stock at a public offering price of $0.99 per pre-funded warrant, for gross proceeds of $22.9 million before deducting underwriting discounts
and offering expenses paid by the Company of $1.5 million. The offering price of the pre-funded warrant equals the public offering price
per share of the common stock less the $0.01 per share exercise price of each pre-funded warrant.
During
the three months ended June 25, 2022, the Company sold 1.5 million shares of common stock and 0.2 million shares of treasury stock for gross proceeds
of $2.1 million (average of $1.26 per share) before deducting broker expenses paid by us of less than $0.1 million, pursuant to the Company’s
At-The-Market Equity Offering Sales Agreement dated as of March 5, 2021 (the” ATM Agreement”) with Stifel, Nicolaus &
Company, Incorporated, as agent, under which we may sell up to $50 million of our common stock. The Company has
approximately $41.4 million worth of common stock remaining available for sale under the ATM Agreement.
Non-Vested
Restricted Common Stock
The
fair value of non-vested restricted common stock awards is generally the market value of the Company’s common stock on the date
of grant. The non-vested restricted common stock awards require the employee to fulfill certain obligations, including remaining employed
by the Company for one, two or four years (the vesting period) and in certain cases also require meeting either performance criteria
or the Company’s stock achieving a certain price. For non-vested restricted common stock awards that solely require the recipient
to remain employed with the Company, the stock compensation expense is amortized over the anticipated service period. For non-vested
restricted common stock awards that require the achievement of performance criteria, the Company reviews the probability of achieving
the performance goals on a periodic basis. If the Company determines that it is probable that the performance criteria will be achieved,
the amount of compensation cost derived for the performance goal is amortized over the anticipated service period. If the performance
criteria are not met, no compensation cost is recognized and any previously recognized compensation cost is reversed.
The Company granted 3,136,844
and 186,500 restricted stock units to its employees, executives and the Board of Directors in the six months ended July 1, 2023 and June
25, 2022, respectively. 1,416,294 shares of the 3,136,844 shares are time-based and will vest on average over three equal annual installments.
1,720,550 shares of the 3,136,844 shares will vest upon the successful achievement of certain fiscal year 2023 milestones. The fair value
of the restricted stock units was based on the fair market value of the Company’s stock on the date of grant. The time-based shares
are expensed over the service period and the milestone based shares are expensed based upon the probability of achievement.
Restricted
stock activity for the six months ended July 1, 2023 was as follows:
SCHEDULE
OF NON-VESTED RESTRICTED STOCK ACTIVITY
| |
| | |
Weighted Average | |
| |
Shares | | |
Grant Fair Value | |
Balance, December 31, 2022 | |
| 1,965,901 | | |
$ | 2.22 | |
Granted | |
| 3,136,844 | | |
| 1.58 | |
Forfeited | |
| ) | |
| 3.03 | |
Vested | |
| (422,466 | ) | |
| 1.58 | |
Balance, July 1, 2023 | |
| 3,989,161 | | |
$ | 1.65 | |
Stock-Based
Compensation
The
following table summarizes stock-based compensation expense within each of the categories below as it relates to non-vested restricted
common stock awards for the three and six months ended July 1, 2023 and June 25, 2022 (no tax benefits were recognized):
SCHEDULE
OF STOCK-BASED COMPENSATION EXPENSE
| |
Three Months Ended | | |
Three Months Ended | | |
Six Months Ended | | |
Six Months Ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Cost of product revenues | |
$ | 427,323 | | |
$ | 11,713 | | |
$ | 453,541 | | |
$ | 78,381 | |
Research and development | |
| 322,294 | | |
| 108,347 | | |
| 339,168 | | |
| 255,726 | |
Selling, general and administrative | |
| 441,641 | | |
| 296,973 | | |
| 592,740 | | |
| 738,999 | |
Total | |
$ | 1,191,258 | | |
$ | 417,033 | | |
$ | 1,385,449 | | |
$ | 1,073,106 | |
Unrecognized
compensation expense for non-vested restricted common stock as of July 1, 2023 totaled $4.0 million and is expected to be recognized
over a weighted average period of approximately three years.
9.
ACCRUED WARRANTY
The
Company typically warrants its products against defect for 12 to 18 months, however, for certain products a customer may purchase an
extended warranty. A provision for estimated future costs and estimated returns for credit relating to such warranty is recorded in the
period when product is shipped and revenue is recognized and is updated as additional information becomes available. The Company’s
estimate of future costs to satisfy warranty obligations is based primarily on historical warranty expense experienced and a provision
for potential future product failures. Changes in the accrued warranty for the six months ended July 1, 2023 were as follows:
SCHEDULE
OF ACCRUED WARRANTY
| |
| | |
Balance, December 31, 2022 | |
$ | 1,966,000 | |
Additions | |
| 448,000 | |
Claims | |
| (249,000 | ) |
Balance, July 1, 2023 | |
$ | 2,165,000 | |
Extended
Warranties
Deferred
revenue represents the purchase of extended warranties by the Company’s customers. The Company recognizes revenue from an extended
warranty on the straight-line method over the life of the extended warranty, which is typically 12 to 15 months beyond the standard 12
to 18 month warranty. The Company classifies the current portion of deferred revenue under Other accrued liabilities in its condensed
consolidated balance sheets. At July 1, 2023, the Company had less than $0.1 million of deferred revenue related to extended warranties.
10.
INCOME TAXES
The
Company recorded a provision for income taxes of less than $0.1
million in each of the three and six months ended July 1, 2023 and June 25, 2022, respectively. As of July 1, 2023, the Company has
available for tax purposes U.S. federal net operating loss carryforwards (“NOLs”) of approximately $135.5
million expiring 2023 through 2038 and $93.1
million that have an unlimited carryover period. Under the provisions of Section 382, certain substantial changes in Kopin’s
ownership may limit in the future the amount of net operating loss carryforwards that could be used annually to offset future
taxable income and income tax liability. The Company has recognized a full valuation allowance on its domestic and certain foreign
net deferred tax assets due to the uncertainty of realization of such assets. The Company recognizes both accrued interest and
penalties related to its uncertain tax positions related to intercompany loan interest and potential transfer pricing exposure
related to its foreign subsidiaries.
11.
CONTRACT ASSETS AND LIABILITIES
Contract
assets include unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is
utilized and revenue recognized from customer arrangements, including licensing, exceeds the amount billed to the customer, and right
to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Contract assets are generally
classified as current. The Company classifies the noncurrent portion of contract assets under other assets in its condensed consolidated
balance sheets.
Contract
liabilities consist of advance payments and billings in excess of cost incurred and deferred revenue.
Net
contract assets (liabilities) consisted of the following:
SCHEDULE OF CONTRACT WITH CUSTOMER, ASSET AND LIABILITY
| |
July 1, 2023 | | |
December 31, 2022 | | |
$ Change | | |
% Change | |
Contract assets —current | |
$ | 4,108,406 | | |
$ | 4,068,364 | | |
$ | 40,042 | | |
| 1 | % |
Contract liabilities—current | |
| (554,967 | ) | |
| (930,500 | ) | |
| 375,533 | | |
| (40 | )% |
Contract liabilities—noncurrent | |
| (6,224 | ) | |
| (6,190 | ) | |
| (34 | ) | |
| 1 | % |
Net contract assets | |
$ | 3,547,215 | | |
$ | 3,131,674 | | |
$ | 415,541 | | |
| 13 | % |
The
$0.4 million increase in the Company’s net contract assets at July 1, 2023 as compared to December 31, 2022 was primarily due to
a change in its fixed price contracts with the U.S. government that resulted in revenue recognized in excess of amounts billed and product
revenue recognized over time for defense programs.
In
the three and six months ended July 1, 2023, the Company recognized revenue of $0.1 million and $0.6 million, respectively, related to
our contract liabilities at December 31, 2022. In the three and six months ended June 25, 2022, the Company recognized revenue of $2.9
million and $0.2 million, respectively, related to our contract liabilities at December 25, 2021.
The
Company did not recognize impairment losses on our contract assets in the three or six months ended July 1, 2023 or June 25, 2022.
Performance
Obligations
The
Company’s revenue recognition related to performance obligations that were satisfied at a point in time and over time were as follows:
SCHEDULE
OF SATISFACTION OF PERFORMANCE OBLIGATION
| |
Three months ended | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Point in time | |
| 31 | % | |
| 17 | % | |
| 28 | % | |
| 18 | % |
Over time | |
| 69 | % | |
| 83 | % | |
| 72 | % | |
| 82 | % |
Performance obligation percentage | |
| | % | |
| | % | |
| | % | |
| | % |
Remaining
performance obligations represent the transaction price of orders for which work has not been performed and excludes unexercised contract
options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity (“IDIQ”)). As
of July 1, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $14.6 million which
the Company expects to recognize over the next 12 months. The remaining performance obligations represent amounts to be earned under
government contracts, which are subject to cancellation.
12.
LEASES
The
Company enters into operating leases primarily for: real estate, including for manufacturing, engineering, research, administration and
sales facilities, and information technology (“IT”) equipment. At July 1, 2023 and December 31, 2022, the Company did not
have any finance leases. Approximately all of our future lease commitments, and related lease liability, relate to the Company’s
real estate leases. Some of the Company’s leases include options to extend or terminate the lease.
The
components of lease expense were as follows:
SCHEDULE OF LEASE EXPENSE
| |
Three Months Ended | | |
Three Months Ended | | |
Six Months Ended | | |
Six Months Ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Operating lease cost | |
$ | 217,863 | | |
$ | 250,361 | | |
$ | 432,426 | | |
$ | 499,864 | |
At
July 1, 2023, the Company’s future lease payments under non-cancellable leases were as follows:
SCHEDULE OF FUTURE LEASE PAYMENT UNDER NON-CANCELLABLE LEASE
| |
| | |
2023 (excluding the six months ended July 1, 2023) | |
$ | 483,463 | |
2024 | |
| 898,459 | |
2025 | |
| 639,281 | |
2026 | |
| 604,000 | |
2027 | |
| 604,000 | |
Thereafter | |
| 201,333 | |
Total future lease payments | |
| 3,430,536 | |
Less imputed interest | |
| (451,577 | ) |
Total | |
$ | 2,978,959 | |
The
Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheets at July 1, 2023 were as follows:
SCHEDULE OF OPERATING LEASE PAYMENTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS
| |
July 1, 2023 | |
Operating lease liabilities - current | |
$ | 796,073 | |
Operating lease liabilities - noncurrent | |
| 2,182,886 | |
Total lease liabilities | |
$ | 2,978,959 | |
Supplemental
cash flow information related to leases was as follows:
SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES
| |
Six months ended | |
| |
July 1, 2023 | |
Cash paid for amounts included in the measurement of operating lease liabilities | |
$ | 496,691 | |
Other
information related to leases was as follows:
| |
July 1, 2023 | |
Weighted Average Discount Rate - Operating Leases | |
| 6.00 | % |
Weighted Average Remaining Lease Term - Operating Leases (in years) | |
| 4.28 | |
13.
SEGMENTS AND DISAGGREGATION OF REVENUE
We
continually monitor and review our segment reporting structure in accordance with authoritative guidance to determine if any changes
have occurred that would affect our reportable segments. We report under one segment, as our Chief Executive Officer, who is our chief
operating decision maker (“CODM”), reviews results on a total company basis.
Total
long-lived assets by country at July 1, 2023 and December 31, 2022 were:
SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREAS
Total Long-lived Assets (in thousands) | |
July 1, 2023 | | |
December 31, 2022 | |
United States | |
$ | 4,320 | | |
$ | 4,604 | |
United Kingdom | |
| 328 | | |
| 396 | |
Total | |
$ | 4,648 | | |
$ | 5,000 | |
We
disaggregate our revenue from contracts with customers by geographic location and by display application, as we believe it best depicts
how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.
During
the three and six months ended July 1, 2023 and June 25, 2022, the Company derived its sales from the following geographies:
SCHEDULE OF SEGMENT INFORMATION BY REVENUE TYPE
| |
Three months ended | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
(In thousands, except percentages) | |
Revenue | | |
% of Total | | |
Revenue | | |
% of Total | | |
Revenue | | |
% of Total | | |
Revenue | | |
% of Total | |
United States | |
$ | 8,931 | | |
| 86 | % | |
$ | 10,037 | | |
| 84 | % | |
$ | 17,909 | | |
| 85 | % | |
$ | 19,335 | | |
| 82 | % |
Other Americas | |
| 5 | | |
| — | | |
| — | | |
| — | | |
| 5 | | |
| — | | |
| — | | |
| — | |
Total Americas | |
| 8,936 | | |
| 86 | | |
| 10,037 | | |
| 84 | | |
| 17,914 | | |
| 85 | | |
| 19,335 | | |
| 82 | |
Asia - Pacific | |
| 1,184 | | |
| 11 | | |
| 1,564 | | |
| 13 | | |
| 2,593 | | |
| 12 | | |
| 3,707 | | |
| 16 | |
Europe | |
| 340 | | |
| 3 | | |
| 308 | | |
| 3 | | |
| 711 | | |
| 3 | | |
| 445 | | |
| 2 | |
Total Revenues | |
$ | 10,460 | | |
| 100 | % | |
$ | 11,909 | | |
| 100 | % | |
$ | 21,218 | | |
| 100 | % | |
$ | 23,487 | | |
| 100 | % |
During
the three and six months ended July 1, 2023 and June 25, 2022, the Company derived its sales from the following display applications:
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT
| |
Three months ended | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
(In thousands) | |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Defense | |
$ | 5,067 | | |
$ | 7,087 | | |
$ | 11,487 | | |
$ | 11,844 | |
Industrial | |
| 884 | | |
| 1,633 | | |
| 1,808 | | |
| 3,162 | |
Consumer | |
| 59 | | |
| 284 | | |
| 370 | | |
| 505 | |
R&D | |
| 3,884 | | |
| 2,806 | | |
| 6,780 | | |
| 7,714 | |
License and royalties | |
| 566 | | |
| 99 | | |
| 773 | | |
| 262 | |
Total Revenues | |
$ | 10,460 | | |
$ | 11,909 | | |
$ | 21,218 | | |
$ | 23,487 | |
14.
LITIGATION
The
Company may engage in legal proceedings arising in the ordinary course of business. Claims, suits, investigations, and proceedings are
inherently uncertain and it is not possible to predict the ultimate outcome of such matters and our business, financial condition, results
of operations or cash flows could be affected in any particular period.
BlueRadios,
Inc. v. Kopin Corporation, Civil Action No. 16-02052-JLK (D. Col.):
On
August 12, 2016, BlueRadios, Inc. (“BlueRadios”) filed a complaint in the U.S. District Court for the District of Colorado,
alleging that the Company breached a contract between it and BlueRadios concerning an alleged joint venture between the Company and BlueRadios
to design, develop and commercialize micro-display products with embedded wireless technology referred to as “Golden-i” breached
the covenant of good faith and fair dealing associated with that contract, breached its fiduciary duty to BlueRadios, and misappropriated
trade secrets owned by BlueRadios in violation of Colorado law (C.R.S. § 7-74-104(4)) and the Defend Trade Secrets Act (18 U.S.C.
§ 1836(b)(1)). BlueRadios further alleges that the Company was unjustly enriched by its alleged misconduct, BlueRadios is entitled
to an accounting to determine the amount of profits obtained by the Company as a result of its alleged misconduct, and the inventorship
on at least ten patents or patent applications owned by the Company need to be corrected to list BlueRadios’ employees as inventors
and thereby list BlueRadios as co-assignees of the patents. BlueRadios seeks monetary, declaratory, and injunctive relief, including
for alleged non-payment of engineering retainer fees.
On
October 11, 2016, the Company filed its Answer and Affirmative Defenses. The parties completed expert depositions on November 15, 2019.
On December 2, 2019, the Company filed a Motion for Partial Summary Judgment requesting the Court dismiss counts 2-7 in their entirety
and counts 1 and 8 in part. BlueRadios also filed a Motion for Partial Summary Judgment alleging it is the co-owner of U.S. Patent No.
8,909,296. Responses to the Motions for Partial Summary Judgment were filed on January 15, 2020, and replies were filed on February 19,
2020. On September 25, 2020, the Court denied BlueRadios’ Motion for Partial Summary Judgment. On August 3, 2022, the Court granted
the Company’s Motion for Partial Summary Judgment by dismissing counts 3, 6, 7, punitive damages under count 2, and count 8 as
it relates to patent applications, and denying the motion as it relates to counts 1, 4, and 5, and the remainder of counts 2 and 8. The
Court also ordered discovery reopened for certain limited purposes. A trial date was set by the Court for January 22 – February
5, 2024. The Company has not concluded a loss from this matter is probable; therefore, we have not recorded an accrual for litigation
or claims related to this matter for the period ended July 1, 2023. The Company will continue to evaluate information as it becomes known
and will record an estimate for losses at the time or times when it is both probable that a loss has been incurred and the amount of
the loss is reasonably estimable.
15.
RELATED PARTY TRANSACTIONS
The
Company may from time to time enter into agreements with stockholders, affiliates and other companies engaged in certain aspects of the
display, electronics, optical and software industries as part of our business strategy. In addition, the wearable computing product market
is relatively new and there may be other technologies the Company needs to purchase from affiliates to enhance its product offering.
During
the three and six months ended July 1, 2023 and June 25, 2022, the Company had the following transactions with related parties:
SCHEDULE OF TRANSACTIONS WITH RELATED PARTIES
| |
Three Months Ended | |
| |
July 1, 2023 | | |
June 25, 2022 | |
| |
Sales | | |
Purchases | | |
Sales | | |
Purchases | |
RealWear, Inc. | |
$ | 562,622 | | |
$ | — | | |
$ | 94,805 | | |
$ | — | |
HMDmd, Inc. | |
| 236,279 | | |
| — | | |
| 62,925 | | |
| — | |
Lightning Silicon Technology, Inc. | |
| — | | |
| 168,800 | | |
| — | | |
| — | |
| |
$ | 798,901 | | |
$ | 168,800 | | |
$ | 157,730 | | |
$ | — | |
| |
Six Months Ended | |
| |
July 1, 2023 | | |
June 25, 2022 | |
| |
Sales | | |
Purchases | | |
Sales | | |
Purchases | |
RealWear, Inc. | |
$ | 769,646 | | |
$ | — | | |
$ | 719,022 | | |
$ | — | |
HMDmd, Inc. | |
| 502,755 | | |
| — | | |
| | |
| — | |
Lightning Silicon Technology, Inc. | |
| — | | |
| 208,055 | | |
| — | | |
| — | |
| |
$ | 1,272,401 | | |
$ | 208,055 | | |
$ | 781,947 | | |
$ | — | |
At
July 1, 2023 and December 31, 2022, the Company had the following receivables from and payables to related parties:
| |
July 1, 2023 | | |
December 31, 2022 | |
| |
Receivables | | |
Payables | | |
Receivables | | |
Payables | |
RealWear, Inc. | |
$ | 123,168 | | |
$ | — | | |
$ | 171,518 | | |
$ | — | |
HMDmd, Inc. | |
| 92,752 | | |
| — | | |
| 151,340 | | |
| — | |
Solos Technology | |
| 1,295 | | |
| — | | |
| 2,248 | | |
| — | |
Lightning Silicon Technology, Inc. | |
| 10,396 | | |
| 193,800 | | |
| — | | |
| — | |
| |
$ | 227,611 | | |
$ | 193,800 | | |
$ | 325,106 | | |
$ | — | |
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward
Looking Statements
This
Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
which are subject to the safe harbor created by such sections. Words such as “expects,” “anticipates,” “intends,”
“plans,” “believes,” “could,” “would,” “seeks,” “estimates,”
and variations of such words and similar expressions, and the negatives thereof, are intended to identify such forward-looking statements.
We caution readers not to place undue reliance on any such “forward-looking statements,” which speak only as of the date
made, and advise readers that these forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties,
estimates, and assumptions by us that are difficult to predict. Various factors, some of which are beyond our control, could cause actual
results to differ materially from those expressed in, or implied by, such forward-looking statements. All such forward-looking statements,
whether written or oral, and whether made by us or on our behalf, are expressly qualified by these cautionary statements and any other
cautionary statements which may accompany the forward-looking statements. In addition, we disclaim any obligation to update any forward-looking
statements to reflect events or circumstances after the date of this report, except as may otherwise be required by the federal securities
laws.
We
have identified the following important factors that could cause actual results to differ materially from those discussed in our forward-looking
statements. Such factors may be in addition to the risks described in Part I, Item 1A, “Risk Factors;” Part II, Item 7. Management’s
Discussion and Analysis of Financial Condition and Results of Operations; and other parts of our Annual Report on Form 10-K for the fiscal
year ended December 31, 2022. These factors include: our ability to source semiconductor components and other raw materials used in the
manufacturing of our products; our ability to prosecute and defend our proprietary technology aggressively or successfully; our ability
to retain personnel with experience and expertise relevant to our business; our ability to invest in research and development to achieve
profitability even during periods when we are not profitable; our ability to continue to introduce new products in our target markets;
our ability to generate revenue growth and positive cash flow, and reach profitability; the strengthening of the U.S. dollar and its
effects on the price of our products in foreign markets; the impact of new regulations and customer demands relating to conflict minerals;
our ability to obtain a competitive advantage in the wearable technologies market through our extensive portfolio of patents, trade secrets
and non-patented know-how; our ability to grow within our targeted markets; the importance of small form factor displays in the development
of defense, consumer, and industrial products such as thermal weapon sights, safety equipment, virtual and augmented reality gaming,
training and simulation products and metrology tools; the suitability of our properties for our needs for the foreseeable future; our
expectation not to pay cash dividends for the foreseeable future and to retain earnings for the development of our businesses; our need
to achieve and maintain positive cash flow and profitability; and our expectation that if we do not achieve and maintain positive cash
flow and profitability; our financial condition will ultimately be materially adversely affected, and we will be required to reduce expenses,
including our investments in research and development or raise additional capital and our ability to support our operations and capital
needs for at least the next twelve months through our available cash resources.
Overview
We
are a leading developer, manufacturer and seller of miniature displays and optical lenses (our “components”) for sale as
individual displays, components, modules or higher-level subassemblies. We also license our intellectual property through technology
license agreements. Our component products are used in highly demanding high-resolution portable military, enterprise and consumer electronic
applications, training and simulation equipment and 3D metrology equipment. Our products enable our customers to develop and market an
improved generation of products for these target applications.
The
following discussion should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and
our unaudited condensed consolidated financial statements included in this Form 10-Q.
Results
of Operations
Our
interim period results of operations and period-to-period comparisons of such results may not be indicative of our future operating results.
Additionally, we use a fiscal calendar, which may result in differences in the number of work days in the current and comparable prior
interim periods and could affect period-to-period comparisons. The following discussions of comparative results among periods, including
the discussion of results by display application, should be viewed in this context.
Revenues.
For the three and six months ended July 1, 2023 and June 25, 2022, our revenues by display application, which include product sales
and amounts earned from research and development contracts (“R&D”), were as follows:
| |
Three months ended | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
(In thousands) | |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Defense | |
$ | 5,067 | | |
$ | 7,087 | | |
$ | 11,487 | | |
$ | 11,844 | |
Industrial | |
| 884 | | |
| 1,633 | | |
| 1,808 | | |
| 3,162 | |
Consumer | |
| 59 | | |
| 284 | | |
| 370 | | |
| 505 | |
R&D | |
| 3,884 | | |
| 2,806 | | |
| 6,780 | | |
| 7,714 | |
License and royalties | |
| 566 | | |
| 99 | | |
| 773 | | |
| 262 | |
Total Revenues | |
$ | 10,460 | | |
$ | 11,909 | | |
$ | 21,218 | | |
$ | 23,487 | |
Sales
of our products for Defense applications include systems used by the military both in the field and for training and simulation. The
decrease in Defense applications revenues for the three months ended July 1, 2023 as compared to the three months ended June 25, 2022
was primarily due to decreases in revenues from products used in pilot helmets and thermal weapon sight systems for soldiers. The decrease
in Defense applications revenues for the six months ended July 1, 2023 as compared to the six months ended June 25, 2022 was primarily
due to decreases in revenues from products used in thermal weapon sight systems for soldiers partially offset by an increase in sales
of our products for pilot helmets.
Industrial
applications revenue represents customers who purchase our display products for use in 3D metrology equipment and headsets used for applications
in manufacturing, distribution and public safety. Our 3D metrology customers are primarily located in Asia and sell to Asian contract
manufacturers who use the 3D metrology machines for quality control purposes. The decreases in Industrial applications revenues for the
three and six months ended July 1, 2023 as compared to the three and six months ended June 25, 2022 was due to a decline in sales of
products for use in 3D metrology equipment and headsets.
Our
displays for Consumer applications are used primarily in thermal imaging products and recreational rifles and hand-held scopes. The decreases
in Consumer applications revenues for the three and six months ended July 1, 2023 as compared to the three and six months ended June
25, 2022 were primarily due to a decrease in sales for hand-held thermal imagers.
R&D
revenues increased in the three months ended July 1, 2023 as compared to the three months ended June 25, 2022 primarily due to an increase
in funding for display systems initially used in U.S. defense programs. R&D revenues decreased in the six months ended July 1, 2023
as compared to the six months ended June 25, 2022 primarily due to a decrease in funding for U.S. defense programs as certain programs
transitioned to production programs.
On
January 5, 2023, the Company entered into a Technology License Agreement and an Asset Purchase Agreement (the “LST Agreements”)
with Lightning Silicon Technology, Inc. (“LST”). Pursuant to the LST Agreements, the Company transferred in-process development
contracts with two customers. Included in R&D revenues for the six months ended July 1, 2023 and June 25, 2022 is approximately $500,000
and $400,000, respectively, related to OLED development programs with the transferred development contracts.
International
revenues represented 14% and 15% of total revenues for the three and six months ended July 1, 2023, respectively, and 16% and 18% of
total revenues for the three and six months ended June 25, 2022, respectively. We categorize our revenues as either domestic or international
based upon the delivery destination of our product. For example, if the customer is located in Asia or if a U.S. customer has its Asian
contract manufacturer order product from us and we deliver the product to Asia, we categorize both these sales as international. In addition,
if we earn royalties on sales from a customer, the royalties are categorized as domestic or international based on how the product revenues
are categorized. The decrease in international revenues was a result of a decrease in sales of products for 3D AOI metrology equipment
and industrial wearable headset applications. Our international sales are primarily denominated in U.S. currency. Consequently, a strengthening
of the U.S. dollar could increase the price in local currencies of our products in foreign markets and make our products relatively more
expensive than competitors’ products that are denominated in local currencies, which could lead to a reduction in sales or profitability
in those foreign markets. We have not taken any protective measures against exchange rate fluctuations, such as purchasing hedging instruments
with respect to such fluctuations, because of the historically stable exchange rate between the British Pound Sterling (the functional
currency of our U.K. subsidiary) and the U.S. dollar. Foreign currency translation impact on our results, if material, is described in
further detail under “Item 3. Quantitative and Qualitative Disclosures About Market Risk” section below.
Cost
of Product Revenues. Cost of product revenues, which is comprised of materials, labor and manufacturing overhead related to the production
of our products for the three and six months ended July 1, 2023 and June 25, 2022, were as follows:
| |
Three Months Ended | | |
Three Months Ended | | |
Six Months Ended | | |
Six Months Ended | |
(In thousands, except for percentages) | |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Cost of product revenues | |
$ | 5,697 | | |
$ | 7,906 | | |
$ | 12,321 | | |
$ | 15,689 | |
Cost of product revenues as a % of net product revenues | |
| 95 | % | |
| 88 | % | |
| 90 | % | |
| 101 | % |
The
increase in cost of product revenues as a percentage of net product revenues for the three months ended July 1, 2023, as compared to
the three months ended June 25, 2022, was primarily due to lower efficiencies from reduced product sale volumes. The decrease in cost
of product revenues as a percentage of net product revenues for the six months ended July 1, 2023, as compared to the six months ended
June 25, 2022, was primarily due to lower labor costs as a result of a reduction in force in the first quarter of 2023 and lower material
costs for warranty issues of approximately $450,000.
During
2021, we became aware of global shortages of semiconductor components. During 2022, our manufacturing was impacted by a shortage of several
semiconductor components from our normal vendors that are necessary to manufacture our products. For some components we were able to
identify and use other sources for the components but for some components primarily used in defense related products, we were able to
avail ourselves of alternate components because their use would have required a requalification of our product by our customer. The shortage
of certain semiconductor components situation is very dynamic, and we rely on our vendors to provide information about the vendors that
they use.
Research
and Development. R&D expenses are incurred in support of internal display development programs and programs funded by agencies
or prime contractors of the U.S. government and commercial partners. R&D costs include staffing, purchases of materials and laboratory
supplies, circuit design costs, fabrication, and packaging of display products, and overhead. In fiscal year 2023, we expect our R&D
expenditures to be related to our display products, overlay weapon sights and OLED display technologies. Funded and internal R&D
expenses are combined in research and development expenses in the condensed consolidated statement of operations. R&D expenses for
the three and six months ended July 1, 2023 and June 25, 2022 were as follows:
|
|
Three
Months Ended |
|
|
Three
Months Ended |
|
|
Six
Months Ended |
|
|
Six
Months Ended |
|
(In
thousands) |
|
July
1, 2023 |
|
|
June
25, 2022 |
|
|
July
1, 2023 |
|
|
June
25, 2022 |
|
Funded |
|
$ |
2,193
|
|
|
$ |
3,181 |
|
|
$ |
3,834
|
|
|
$ |
6,548 |
|
Internal |
|
|
939
|
|
|
|
1,964 |
|
|
|
1,610
|
|
|
|
4,006 |
|
Total
research and development expense |
|
$ |
3,132
|
|
|
$ |
5,145 |
|
|
$ |
5,444
|
|
|
$ |
10,554 |
|
Funded
R&D expense for the three and six months ended July 1, 2023 decreased as compared to the three and six months ended June 25, 2022
primarily due to decreased spending on U.S. defense programs as certain programs transitioned to production programs. Internal R&D
expenses for the three and six months ended July 1, 2023 decreased compared to the three and six months ended June 25, 2022 primarily
due to a decrease in OLED development costs.
On
January 5, 2023, the Company entered into the LST Agreements with LST. Drs. John Fan, the Company’s former President, CEO, and
Chairman of the Board, Boryeu Tsaur, a former Executive Vice President of the Company and Hong Choi, the Company’s former Chief
Technology Officer, terminated their employment with the Company and became investors in and members of the management team of LST. In
addition, approximately 20 employees terminated their employment with the Company and joined LST. These individuals were primarily involved
with internal R&D projects and the termination of the programs they were working on and their employment is the primary reason for
the decrease in internal R&D expense.
Selling,
General and Administrative. Selling, general and administrative (“S,G&A”) expenses consist of the expenses incurred
by our sales and marketing personnel and related expenses, and administrative and general corporate expenses. S,G&A expenses for
the three and six months ended July 1, 2023 and June 25, 2022 were as follows:
| |
Three Months Ended | | |
Three Months Ended | | |
Six Months Ended | | |
Six Months Ended | |
(In thousands, except for percentages) | |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Selling, general and administration expense | |
$ | 6,466 | | |
$ | 4,327 | | |
$ | 11,114 | | |
$ | 8,792 | |
Selling, general and administration expense as a % of revenues | |
| 62 | % | |
| 36 | % | |
| 52 | % | |
| 37 | % |
The
increase in S,G&A expense for the three months ended July 1, 2023, as compared to the three months ended June 25, 2022, was primarily
due to an increase in legal expense, stock compensation, and credit loss expense partially offset by lower information technology and cash
compensation and benefits expense. The increase in S,G&A expense for the six months ended July 1, 2023, as compared to the six months
ended June 25, 2022, was primarily due to an increase in legal expense, stock compensation and credit loss expense partially offset by lower
information technology, insurance, and cash compensation and benefits expense.
Other
Income (Expense), net. Other income (expense), net, is primarily composed of interest income, foreign currency transaction and remeasurement
gains and losses incurred by our U.K.-based subsidiary and other non-operating income items. Other income (expense), net, for the three
and six months ended July 1, 2023 and June 25, 2022 was as follows:
|
|
Three
Months Ended |
|
|
Three
Months Ended |
|
|
Six
Months Ended |
|
|
Six
Months Ended |
|
(In
thousands) |
|
July
1, 2023 |
|
|
June
25, 2022 |
|
|
July
1, 2023 |
|
|
June
25, 2022 |
|
Other
(expense) income, net |
|
$ |
(3,306 |
) |
|
$ |
(141 |
) |
|
$ |
(3,069 |
)
|
|
$ |
4,600 |
|
During
the three and six months ended July 1, 2023 and June 25, 2022, we recorded foreign currency losses of $0.2 million and $0.1 million.
Other expense for the second quarter of 2023 includes $3.3 million of impairment losses on equity investments. Other income for the first quarter of 2022 includes a gain of $4.7 million resulting from an observable
price change in an equity investment.
Tax
Provision. We recorded a provision for income taxes of less than $0.1 million in the three and six months ended July 1, 2023 and
June 25, 2022.
Net
Loss Attributable to Noncontrolling Interest. In the first quarter of 2023, we acquired the remaining interest in eMDT America (“eMDT”).
Net loss attributable to noncontrolling interest on our condensed consolidated statements of operations represents the 20% portion of
the results of operations of eMDT which is allocated to the stockholders of the equity interests not owned by us in 2022. The change
in net loss attributable to noncontrolling interest is the result of the change in the results of operations of eMDT for the three and
six months ended June 25, 2022.
Net
Loss Attributable to Kopin Corporation. We incurred net losses attributable to Kopin Corporation of $8.2 million and $10.8 million
during the three and six months ended July 1, 2023, respectively, compared to net losses attributable to Kopin Corporation of $5.6 million
and $7.0 million during the three and six months ended June 25, 2022, respectively. The increase in the net loss attributable to Kopin
Corporation during the three and six months ended July 1, 2023 compared to the three and six months ended June 25, 2022 is primarily
due to the impairment losses on equity investments.
Liquidity
and Capital Resources
At
July 1, 2023 and December 31, 2022, we had cash and cash equivalents and marketable debt securities of $25.7 million and $12.6 million,
respectively, and working capital of $31.0 million and $16.4 million, respectively. The change in cash and cash equivalents and marketable
securities was primarily due to gross proceeds of $22.9 million received from the sale of 17,000,000 shares of common stock and the pre-funded
warrants to purchase up to 6,000,000 shares of common stock at a public offering price of $0.99 per share. The reader is referred to
Note 8 Stockholders’ Equity and Stock-Based Compensation.
We
believe that our existing cash and cash equivalents will be adequate to satisfy our current operating plans for at least the next twelve
months from the issuance of these financial statements. We have in the past sold equity securities through at-the-market equity offerings
and in the traditional fashion of significant equity offerings. Nonetheless, management monitors the capital markets on an ongoing basis
and may consider raising capital if favorable market conditions develop. If our actual results are less than projected or we need to
raise capital for additional liquidity, we may be required to do additional equity financing, reduce expenses, or enter into a strategic
transaction. However, management can make no assurance that we will be able to raise additional capital, reduce expenses sufficiently,
or enter into a strategic transaction on terms acceptable to us, or at all.
During
the three months ended June 25, 2022, we sold 1.5 million shares of common stock and 0.2 million shares of treasury stock for gross proceeds
of $2.1 million (average of $1.26 per share) before deducting broker expenses paid by us of less than $0.1 million, pursuant to the Company’s
At-The-Market Equity Offering Sales Agreement dated as of March 5, 2021 (the “ATM Agreement”) with Stifel, Nicolaus &
Company, Incorporated, as agent, under which we may sell up to $50 million of our common stock. We have approximately
$41.4 million worth of common stock remaining available for sale under the ATM Agreement.
Cash
and cash equivalents and marketable debt securities held in U.S. dollars at July 1, 2023 and December 31, 2022 were as follows:
| |
July 1, 2023 | | |
December 31, 2022 | |
Domestic locations | |
$ | 25,328,421 | | |
$ | 11,778,324 | |
International locations | |
| 43,790 | | |
| 629,793 | |
Subtotal cash and cash equivalents marketable debt securities held in U.S. dollars | |
| 25,372,211 | | |
| 12,408,117 | |
Cash and cash equivalents held in other currencies and converted to U.S. dollars | |
| 297,590 | | |
| 239,539 | |
Total cash and cash equivalents and marketable debt securities | |
$ | 25,669,801 | | |
$ | 12,647,656 | |
We
have no plans to repatriate the cash and cash equivalents held in our foreign subsidiary Forth Dimension Displays, Ltd. and, as such,
we have not recorded any deferred tax liability with respect to such cash.
We
expect to expend between $1.0 million and $2.0 million on capital expenditures in 2023.
Item
3. Quantitative and Qualitative Disclosures about Market Risk
We
invest our excess cash in high-quality U.S. government, government-backed (e.g., Fannie Mae, FDIC guaranteed bonds and certificates of
deposit) and corporate debt instruments, which bear lower levels of relative risk. We believe that the effect, if any, of reasonably
possible near-term changes in interest rates on our financial position, results of operations and cash flows should not be material to
our cash flows or income. It is possible that interest rate movements would increase our unrealized gain or loss on debt securities.
We are exposed to changes in foreign currency exchange rates primarily through our translation of our foreign subsidiaries’ financial
position, results of operations, and transaction gains and losses as a result of non-U.S. dollar denominated cash flows related to business
activities in Europe, and remeasurement of U.S. dollars to the British pound, the functional currency of our U.K. subsidiaries. We are
also exposed to the effects of exchange rates in the purchase of certain raw materials, which are in U.S. dollars, but the price on future
purchases is subject to change based on the relationship of the Japanese yen to the U.S. dollar. We do not currently hedge our foreign
currency exchange rate risk. We estimate that any market risk associated with our international operations or investments is unlikely
to have a material adverse effect on our business, financial condition, or results of operation. Our portfolio of marketable debt securities
is subject to interest rate risk although our intent is to hold securities until maturity. The credit rating of our investments may be
affected by the underlying financial health of the guarantors of our investments. We use silicon wafers but do not enter into forward
or futures hedging contracts to mitigate against risks related to the price of silicon.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
As
of July 1, 2023, the Company conducted an evaluation under the supervision and with the participation of the Company’s management,
including the Company’s Chief Executive Officer and Chief Financial Officer (its principal executive officer and principal financial
officer, respectively) regarding the effectiveness of the design and operation of the Company’s disclosure controls and procedures
as of July 1, 2023, as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). The term “disclosure controls and procedures” means controls and other procedures that are designed to ensure
that information required to be disclosed by the Company in reports that we file or submit under the Exchange Act are recorded, processed,
summarized and reported within the requisite time periods and that such disclosure controls and procedures were effective to ensure that
information required to be disclosed by the Company in the reports that we file or submit under the Exchange Act are accumulated and
communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions,
as appropriate to allow timely decisions regarding required disclosure. Based on that evaluation, our management concluded that, as of
July 1, 2023, our disclosure controls and procedures were effective in ensuring that material information required to be disclosed by
us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the SEC’s rules and forms, including ensuring that such material information is accumulated and communicated to our
management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required
disclosure.
Changes
in Internal Control over Financial Reporting
There
have been no changes in the Company’s internal control over financial reporting that occurred during the quarter ended July 1,
2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial
reporting.
Part
II. OTHER INFORMATION
Item
1. Legal Proceedings
The
Company may engage in legal proceedings arising in the ordinary course of business. Claims, suits, investigations, and proceedings are
inherently uncertain and it is not possible to predict the ultimate outcome of such matters and our business, financial condition, results
of operations or cash flows could be affected in any particular period.
BlueRadios,
Inc. v. Kopin Corporation, Civil Action No. 16-02052-JLK (D. Col.):
On
August 12, 2016, BlueRadios, Inc. (“BlueRadios”) filed a complaint in the U.S. District Court for the District of Colorado,
alleging that the Company breached a contract between it and BlueRadios concerning an alleged joint venture between the Company and BlueRadios
to design, develop and commercialize micro-display products with embedded wireless technology referred to as “Golden-i” breached
the covenant of good faith and fair dealing associated with that contract, breached its fiduciary duty to BlueRadios, and misappropriated
trade secrets owned by BlueRadios in violation of Colorado law (C.R.S. § 7-74-104(4)) and the Defend Trade Secrets Act (18 U.S.C.
§ 1836(b)(1)). BlueRadios further alleges that the Company was unjustly enriched by its alleged misconduct, BlueRadios is entitled
to an accounting to determine the amount of profits obtained by the Company as a result of its alleged misconduct, and the inventorship
on at least ten patents or patent applications owned by the Company need to be corrected to list BlueRadios’ employees as inventors
and thereby list BlueRadios as co-assignees of the patents. BlueRadios seeks monetary, declaratory, and injunctive relief, including
for alleged non-payment of engineering retainer fees.
On
October 11, 2016, the Company filed its Answer and Affirmative Defenses. The parties completed expert depositions on November 15, 2019.
On December 2, 2019, the Company filed a Motion for Partial Summary Judgment requesting the Court dismiss counts 2-7 in their entirety
and counts 1 and 8 in part. BlueRadios also filed a Motion for Partial Summary Judgment alleging it is the co-owner of U.S. Patent No.
8,909,296. Responses to the Motions for Partial Summary Judgment were filed on January 15, 2020, and replies were filed on February 19,
2020. On September 25, 2020, the Court denied BlueRadios’ Motion for Partial Summary Judgment. On August 3, 2022, the Court granted
the Company’s Motion for Partial Summary Judgment by dismissing counts 3, 6, 7, punitive damages under count 2, and count 8 as
it relates to patent applications, and denying the motion as it relates to counts 1, 4, and 5, and the remainder of counts 2 and 8. The
Court also ordered discovery reopened for certain limited purposes. A trial date was set by the Court for January 22 – February
5, 2024. The Company has not concluded a loss from this matter is probable; therefore, we have not recorded an accrual for litigation
or claims related to this matter for the period ended July 1, 2023. The Company will continue to evaluate information as it becomes known
and will record an estimate for losses at the time or times when it is both probable that a loss has been incurred and the amount of
the loss is reasonably estimable.
Item
1A. Risk Factors
Our
business and financial results are subject to numerous risks and uncertainties. As a result, the risks and uncertainties discussed in
Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 should be carefully considered.
There have been no material changes in the assessment of our risk factors from those set forth in our Annual Report on Form 10-K for
the fiscal year ended December 31, 2022.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
We
did not sell any securities during the six months ended July 1, 2023 that were not registered under the Securities Act.
Item 5. Other Information
None of the Company’s directors or officers
adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s
fiscal quarter ended July 1, 2023.
Item
6. Exhibits
* |
Submitted
electronically herewith |
** |
Furnished
and not filed herewith |
Attached
as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated
Balance Sheets at July 1, 2023 (Unaudited) and December 31, 2022, (ii) Condensed Consolidated Statements of Operations (Unaudited) for
the three and six months ended July 1, 2023 and June 25, 2022, (iii) Condensed Consolidated Statements of Comprehensive Loss (Unaudited)
for the three and six months ended July 1, 2023 and June 25, 2022, (iv) Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited) for the three and six months ended July 1, 2023 and June 25, 2022, (v) Condensed Consolidated Statements of Cash Flows (Unaudited)
for the six months ended July 1, 2023 and June 25, 2022, and (vi) Notes to Unaudited Condensed Consolidated Financial Statements.
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.
|
KOPIN CORPORATION
(Registrant) |
|
|
|
Date: August 11, 2023 |
By: |
/S/
MICHAEL MURRAY |
|
|
Michael
Murray |
|
|
President,
Chief Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
Date: August 11, 2023 |
By: |
/S/
RICHARD A. SNEIDER |
|
|
Richard
A. Sneider |
|
|
Treasurer
and Chief Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
Exhibit 31.1
CERTIFICATION
OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302
OF
THE SARBANES-OXLEY ACT OF 2002
I,
Michael Murray, certify that:
|
1. |
I
have reviewed this quarterly report on Form 10-Q for the period ended July 1, 2023, of Kopin Corporation; |
|
|
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in
this report; |
|
|
|
|
4. |
The
Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
|
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. |
|
|
|
|
(c) |
Evaluated
the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
(d) |
Disclosed
in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s
most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
|
5. |
The
Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or
persons performing the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s
internal control over financial reporting. |
Date:
August 11, 2023
By: |
/S/
MICHAEL MURRAY |
|
|
Michael
Murray |
|
|
President
and Chief Executive Officer |
|
Exhibit 31.2
CERTIFICATION
OF THE CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302
OF
THE SARBANES-OXLEY ACT OF 2002
I,
Richard A. Sneider, certify that:
|
1. |
I
have reviewed this quarterly report on Form 10-Q for the period ended July 1, 2023, of Kopin Corporation; |
|
|
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in
this report; |
|
|
|
|
4. |
The
Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
|
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. |
|
|
|
|
(c) |
Evaluated
the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
(d) |
Disclosed
in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s
most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
|
5. |
The
Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or
persons performing the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s
internal control over financial reporting. |
Date:
August 11, 2023
By: |
/S/
RICHARD A. SNEIDER |
|
|
Richard
A. Sneider |
|
|
Chief
Financial Officer |
|
Exhibit 32.1
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT
TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
The
certification set forth below is hereby made solely for the purpose of satisfying the requirements of Section 906 of the Sarbanes-Oxley
Act of 2002 and may not be relied upon or used for any other purposes.
In
connection with the Quarterly Report of Kopin Corporation (the “Company”) on Form 10-Q for the period ended July 1, 2023,
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael Murray, President and
Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
A
signed original of this written statement required by Section 906 or other document authenticating, acknowledging or otherwise adopting
the signature that appears in typed form within the electronic version of this written statement required by Section 906 has been provided
to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
|
Date: August 11, 2023 |
|
|
|
|
By: |
/S/
MICHAEL MURRAY |
|
|
Michael
Murray |
|
|
President
and Chief Executive Officer |
Exhibit 32.2
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT
TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
The
certification set forth below is hereby made solely for the purpose of satisfying the requirements of Section 906 of the Sarbanes-Oxley
Act of 2002 and may not be relied upon or used for any other purposes.
In
connection with the Quarterly Report of Kopin Corporation (the “Company”) on Form 10-Q for the period ended July 1, 2023,
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Richard A. Sneider, Chief Financial
Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
A
signed original of this written statement required by Section 906 or other document authenticating, acknowledging or otherwise adopting
the signature that appears in typed form within the electronic version of this written statement required by Section 906 has been provided
to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
|
Date: August 11, 2023 |
|
|
|
|
By: |
/S/
RICHARD A. SNEIDER |
|
|
Richard
A. Sneider |
|
|
Chief
Financial Officer |
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jul. 01, 2023 |
Aug. 04, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jul. 01, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-30
|
|
Entity File Number |
0-19882
|
|
Entity Registrant Name |
KOPIN
CORPORATION
|
|
Entity Central Index Key |
0000771266
|
|
Entity Tax Identification Number |
04-2833935
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
125
North Drive
|
|
Entity Address, City or Town |
Westborough
|
|
Entity Address, State or Province |
MA
|
|
Entity Address, Postal Zip Code |
01581-3335
|
|
City Area Code |
508
|
|
Local Phone Number |
870-5959
|
|
Title of 12(b) Security |
Common
Stock, par value $0.01
|
|
Trading Symbol |
KOPN
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
114,295,151
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v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
|
Jul. 01, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 10,106,668
|
$ 8,258,878
|
Marketable debt securities, at fair value |
15,563,133
|
4,388,778
|
Accounts receivable, net of allowance of $1,103,000 in 2023 and $303,000 in 2022 |
6,171,241
|
6,537,891
|
Contract assets and unbilled receivables |
4,108,406
|
4,068,364
|
Inventory |
7,878,018
|
6,426,400
|
Prepaid taxes |
176,085
|
105,495
|
Prepaid expenses and other current assets |
1,917,503
|
1,074,867
|
Total current assets |
45,921,054
|
30,860,673
|
Property, plant and equipment, net |
1,800,346
|
1,831,641
|
Operating lease right-of-use assets |
2,847,836
|
3,168,520
|
Other assets |
169,132
|
170,132
|
Equity investments |
4,626,081
|
7,721,206
|
Total assets |
55,364,449
|
43,752,172
|
Current liabilities: |
|
|
Accounts payable |
6,506,987
|
5,438,980
|
Accrued payroll and expenses |
1,912,188
|
2,879,139
|
Accrued warranty |
2,165,000
|
1,966,000
|
Contract liabilities and billings in excess of revenues earned |
554,967
|
930,500
|
Operating lease liabilities |
796,073
|
786,928
|
Accrued post-retirement benefits |
790,000
|
790,000
|
Other accrued liabilities |
1,642,432
|
1,182,346
|
Customer deposits |
78,883
|
|
Deferred tax liabilities |
462,985
|
482,739
|
Total current liabilities |
14,909,515
|
14,456,632
|
Noncurrent contract liabilities and asset retirement obligations |
260,242
|
248,284
|
Operating lease liabilities, net of current portion |
2,182,886
|
2,576,883
|
Accrued post-retirement benefits, net of current portion |
694,996
|
1,110,000
|
Other long-term obligations, net of current portion |
1,390,705
|
1,369,758
|
Total liabilities |
19,438,344
|
19,761,557
|
Commitments and contingencies |
|
|
Stockholders’ equity: |
|
|
Preferred stock, par value $.01 per share: authorized, 3,000 shares; none issued |
|
|
Common stock, par value $.01 per share: authorized, 150,000,000 shares; issued 114,365,786 shares in 2023 and 94,920,060 shares in 2022; outstanding 110,305,990 in 2023 and 92,883,524 in 2022, respectively |
1,103,765
|
929,540
|
Additional paid-in capital |
382,941,171
|
360,567,631
|
Treasury stock (70,635 shares in 2023 and 2022, at cost) |
(103,127)
|
(103,127)
|
Accumulated other comprehensive income |
1,200,045
|
1,176,068
|
Accumulated deficit |
(349,215,749)
|
(338,406,815)
|
Total Kopin Corporation stockholders’ equity |
35,926,105
|
24,163,297
|
Noncontrolling interest |
|
(172,682)
|
Total Kopin Corporation stockholders’ equity |
35,926,105
|
23,990,615
|
Total liabilities and stockholders’ equity |
$ 55,364,449
|
$ 43,752,172
|
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
|
Jul. 01, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable, allowance |
$ 1,103,000
|
$ 303,000
|
Preferred stock, par value |
$ 0.01
|
$ 0.01
|
Preferred stock, shares authorized |
3,000
|
3,000
|
Preferred stock, shares issued |
0
|
0
|
Common stock, par value |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
150,000,000
|
150,000,000
|
Common stock, shares issued |
114,365,786
|
94,920,060
|
Common stock, shares outstanding |
110,305,990
|
92,883,524
|
Treasury stock, shares |
70,635
|
70,635
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
Revenues: |
|
|
|
|
Total revenues |
$ 10,459,856
|
$ 11,909,032
|
$ 21,218,047
|
$ 23,487,454
|
Expenses: |
|
|
|
|
Cost of product revenues |
5,697,063
|
7,906,250
|
12,321,164
|
15,689,129
|
Research and development |
3,132,259
|
5,145,375
|
5,444,476
|
10,553,988
|
Selling, general and administration |
6,466,120
|
4,327,468
|
11,114,250
|
8,792,016
|
Total expenses |
15,295,442
|
17,379,093
|
28,879,890
|
35,035,133
|
Loss from operations |
(4,835,586)
|
(5,470,061)
|
(7,661,843)
|
(11,547,679)
|
Other (expense) income |
|
|
|
|
Interest income |
222,700
|
12,552
|
324,465
|
19,532
|
Other income (expense), net |
35,765
|
(3,586)
|
72,795
|
(4,727)
|
(Loss) gain on investments |
(3,327,347)
|
|
(3,327,347)
|
4,700,000
|
Foreign currency transaction losses |
(236,911)
|
(150,094)
|
(139,004)
|
(114,979)
|
Total other (expense) income |
(3,305,793)
|
(141,128)
|
(3,069,091)
|
4,599,826
|
Loss before provision for income taxes and net loss attributable to noncontrolling interest |
(8,141,379)
|
(5,611,189)
|
(10,730,934)
|
(6,947,853)
|
Tax provision |
(39,000)
|
(36,000)
|
(78,000)
|
(72,000)
|
Net loss |
(8,180,379)
|
(5,647,189)
|
(10,808,934)
|
(7,019,853)
|
Net loss attributable to the noncontrolling interest |
|
257
|
|
280
|
Net loss attributable to Kopin Corporation |
$ (8,180,379)
|
$ (5,646,932)
|
$ (10,808,934)
|
$ (7,019,573)
|
Net loss per share |
|
|
|
|
Basic |
$ (0.07)
|
$ (0.06)
|
|
$ (0.08)
|
Diluted |
$ (0.07)
|
$ (0.06)
|
$ (0.10)
|
$ (0.08)
|
Weighted average number of common shares outstanding |
|
|
|
|
Basic |
109,911,244
|
90,300,999
|
107,473,813
|
90,211,742
|
Diluted |
109,911,244
|
90,300,999
|
107,473,813
|
90,211,742
|
Net Product Revenues [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues |
$ 6,011,393
|
$ 9,003,658
|
$ 13,666,109
|
$ 15,511,186
|
Research And Development Revenues [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues |
3,884,225
|
2,806,109
|
6,780,676
|
7,714,142
|
Other Revenues [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues |
$ 564,238
|
$ 99,265
|
$ 771,262
|
$ 262,126
|
X |
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v3.23.2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net loss |
$ (8,180,379)
|
$ (5,647,189)
|
$ (10,808,934)
|
$ (7,019,853)
|
Other comprehensive loss, net of tax: |
|
|
|
|
Foreign currency translation adjustments |
32,190
|
(35,421)
|
42,184
|
(41,353)
|
Unrealized holding loss on marketable securities |
(14,440)
|
(71,329)
|
(18,207)
|
(178,779)
|
Reclassification of holding losses in net loss |
|
|
|
(522)
|
Other comprehensive income (loss), net of tax |
17,750
|
(106,750)
|
23,977
|
(220,654)
|
Comprehensive loss |
(8,162,629)
|
(5,753,939)
|
(10,784,957)
|
(7,240,507)
|
Comprehensive loss attributable to the noncontrolling interest |
|
257
|
|
280
|
Comprehensive loss attributable to Kopin Corporation |
$ (8,162,629)
|
$ (5,753,682)
|
$ (10,784,957)
|
$ (7,240,227)
|
X |
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v3.23.2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Treasury Stock, Common [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Parent [Member] |
Noncontrolling Interest [Member] |
Total |
Balance at Dec. 25, 2021 |
$ 900,691
|
$ 356,931,157
|
$ (366,110)
|
$ 1,414,351
|
$ (319,080,898)
|
$ 39,799,191
|
$ (172,334)
|
$ 39,626,857
|
Balance, shares at Dec. 25, 2021 |
90,069,169
|
|
|
|
|
|
|
|
Vesting of restricted stock |
$ 1,544
|
(1,544)
|
|
|
|
|
|
|
Vesting of restricted stock, shares |
154,421
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
656,073
|
|
|
|
656,073
|
|
656,073
|
Other comprehensive loss |
|
|
|
(113,906)
|
|
(113,906)
|
|
(113,906)
|
Net loss |
|
|
|
|
(1,372,641)
|
(1,372,641)
|
(23)
|
(1,372,664)
|
Restricted stock for tax withholding obligations |
|
|
(95,613)
|
|
|
(95,613)
|
|
(95,613)
|
Balance at Mar. 26, 2022 |
$ 902,235
|
357,585,686
|
(461,723)
|
1,300,445
|
(320,453,539)
|
38,873,104
|
(172,357)
|
38,700,747
|
Balance, shares at Mar. 26, 2022 |
90,223,590
|
|
|
|
|
|
|
|
Balance at Dec. 25, 2021 |
$ 900,691
|
356,931,157
|
(366,110)
|
1,414,351
|
(319,080,898)
|
39,799,191
|
(172,334)
|
39,626,857
|
Balance, shares at Dec. 25, 2021 |
90,069,169
|
|
|
|
|
|
|
|
Other comprehensive loss |
|
|
|
|
|
|
|
(220,654)
|
Net loss |
|
|
|
|
|
|
|
(7,019,853)
|
Balance at Jun. 25, 2022 |
$ 918,025
|
359,552,311
|
|
1,193,695
|
(326,100,471)
|
35,563,560
|
(172,614)
|
35,390,946
|
Balance, shares at Jun. 25, 2022 |
91,802,637
|
|
|
|
|
|
|
|
Balance at Mar. 26, 2022 |
$ 902,235
|
357,585,686
|
(461,723)
|
1,300,445
|
(320,453,539)
|
38,873,104
|
(172,357)
|
38,700,747
|
Balance, shares at Mar. 26, 2022 |
90,223,590
|
|
|
|
|
|
|
|
Vesting of restricted stock |
$ 500
|
(500)
|
|
|
|
|
|
|
Vesting of restricted stock, shares |
50,000
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
417,033
|
|
|
|
417,033
|
|
417,033
|
Other comprehensive loss |
|
|
|
(106,750)
|
|
(106,750)
|
|
(106,750)
|
Issuance of common stock and pre-funded warrants, net of costs |
|
|
|
|
|
|
|
41,400,000
|
Net loss |
|
|
|
|
(5,646,932)
|
(5,646,932)
|
(257)
|
(5,647,189)
|
Sale of registered stock |
$ 15,290
|
1,550,092
|
461,723
|
|
|
2,027,105
|
|
2,027,105
|
Sale of registered stock, shares |
1,529,047
|
|
|
|
|
|
|
|
Balance at Jun. 25, 2022 |
$ 918,025
|
359,552,311
|
|
1,193,695
|
(326,100,471)
|
35,563,560
|
(172,614)
|
35,390,946
|
Balance, shares at Jun. 25, 2022 |
91,802,637
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 929,540
|
360,567,631
|
(103,127)
|
1,176,068
|
(338,406,815)
|
24,163,297
|
(172,682)
|
23,990,615
|
Balance, shares at Dec. 31, 2022 |
92,954,159
|
|
|
|
|
|
|
|
Vesting of restricted stock |
$ 175
|
(175)
|
|
|
|
|
|
|
Vesting of restricted stock, shares |
17,500
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
194,190
|
|
|
|
194,190
|
|
194,190
|
Other comprehensive loss |
|
|
|
6,227
|
|
6,227
|
|
6,227
|
Issuance of common stock and pre-funded warrants, net of costs |
$ 170,000
|
21,165,000
|
|
|
|
21,335,000
|
|
21,335,000
|
Issuance of common stock and pre-funded warrants, net of costs, shares |
17,000,000
|
|
|
|
|
|
|
|
Acquisition of noncontrolling interest |
|
(172,682)
|
|
|
|
(172,682)
|
172,682
|
|
Net loss |
|
|
|
|
(2,628,555)
|
(2,628,555)
|
|
(2,628,555)
|
Balance at Apr. 01, 2023 |
$ 1,099,715
|
381,753,964
|
(103,127)
|
1,182,295
|
(341,035,370)
|
42,897,477
|
|
42,897,477
|
Balance, shares at Apr. 01, 2023 |
109,971,659
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 929,540
|
360,567,631
|
(103,127)
|
1,176,068
|
(338,406,815)
|
24,163,297
|
(172,682)
|
23,990,615
|
Balance, shares at Dec. 31, 2022 |
92,954,159
|
|
|
|
|
|
|
|
Other comprehensive loss |
|
|
|
|
|
|
|
23,977
|
Net loss |
|
|
|
|
|
|
|
(10,808,934)
|
Balance at Jul. 01, 2023 |
$ 1,103,765
|
382,941,171
|
(103,127)
|
1,200,045
|
(349,215,749)
|
35,926,105
|
|
35,926,105
|
Balance, shares at Jul. 01, 2023 |
110,376,625
|
|
|
|
|
|
|
|
Balance at Apr. 01, 2023 |
$ 1,099,715
|
381,753,964
|
(103,127)
|
1,182,295
|
(341,035,370)
|
42,897,477
|
|
42,897,477
|
Balance, shares at Apr. 01, 2023 |
109,971,659
|
|
|
|
|
|
|
|
Vesting of restricted stock |
$ 4,050
|
(4,050)
|
|
|
|
|
|
|
Vesting of restricted stock, shares |
404,966
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
1,191,257
|
|
|
|
1,191,257
|
|
1,191,257
|
Other comprehensive loss |
|
|
|
17,750
|
|
17,750
|
|
17,750
|
Net loss |
|
|
|
|
(8,180,379)
|
(8,180,379)
|
|
(8,180,379)
|
Balance at Jul. 01, 2023 |
$ 1,103,765
|
$ 382,941,171
|
$ (103,127)
|
$ 1,200,045
|
$ (349,215,749)
|
$ 35,926,105
|
|
$ 35,926,105
|
Balance, shares at Jul. 01, 2023 |
110,376,625
|
|
|
|
|
|
|
|
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jul. 01, 2023 |
Jun. 25, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (10,808,934)
|
$ (7,019,853)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
387,779
|
535,253
|
Accretion of premium or discount on marketable debt securities |
|
128
|
Stock-based compensation |
1,385,449
|
1,073,106
|
Foreign currency losses |
51,950
|
124,741
|
Change in allowance for credit losses |
790,950
|
(5,576)
|
Write-off of excess inventory |
292,405
|
1,454,688
|
Investment impairment (unrealized gains on investments) |
2,887,893
|
(4,700,000)
|
Loss on sale of property and plant |
|
202,670
|
Income taxes |
78,210
|
71,672
|
Changes in other non-cash items |
198,194
|
453,072
|
Changes in assets and liabilities: |
|
|
Accounts receivable |
(1,565,340)
|
6,106,734
|
Contract assets and unbilled receivables |
(96,923)
|
(3,126,437)
|
Inventory |
(1,685,961)
|
(1,892,935)
|
Prepaid expenses, other current assets and other assets |
(929,086)
|
(393,939)
|
Accounts payable and accrued expenses |
1,396,840
|
(3,296,577)
|
Contract liabilities and billings in excess of revenue earned |
(375,499)
|
(1,023,859)
|
Net cash used in operating activities |
(7,992,073)
|
(11,437,112)
|
Cash flows from investing activities: |
|
|
Other assets |
(483)
|
4,337
|
Capital expenditures |
(350,631)
|
(604,944)
|
Equity investment purchase |
|
(499,998)
|
Proceeds from sale of marketable debt securities |
6,466,917
|
1,000,000
|
Purchases of marketable debt securities |
(17,624,779)
|
(3,500,030)
|
Net cash used in investing activities |
(11,508,976)
|
(3,600,635)
|
Cash flows from financing activities: |
|
|
Sale of treasury stock, net of costs |
|
461,723
|
Issuance of common stock and pre-funded warrants, net of costs |
21,335,000
|
1,565,382
|
Settlements of restricted stock for tax withholding obligations |
|
(95,613)
|
Net cash provided by financing activities |
21,335,000
|
1,931,492
|
Effect of exchange rate changes on cash |
13,839
|
(51,457)
|
Net increase (decrease) in cash and cash equivalents |
1,847,790
|
(13,157,712)
|
Cash and cash equivalents: |
|
|
Beginning of period |
8,258,878
|
26,787,931
|
End of period |
$ 10,106,668
|
$ 13,630,219
|
X |
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v3.23.2
BASIS OF PRESENTATION
|
6 Months Ended |
Jul. 01, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
BASIS OF PRESENTATION |
1.
BASIS OF PRESENTATION
The
condensed consolidated financial statements of Kopin Corporation as of July 1, 2023 and for the six month periods ended July 1, 2023
and June 25, 2022 are unaudited and include all adjustments that, in the opinion of management, are necessary to present fairly the results
of operations for the periods then ended. These condensed consolidated financial statements should be read in conjunction with the Company’s
financial statements and notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December
31, 2022. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s
operations for any other interim period or for a full fiscal year. As used in this report, the terms “we”, “us”,
“our”, “Kopin” and the “Company” mean Kopin Corporation and its subsidiaries, unless the context
indicates another meaning.
The
condensed consolidated financial statements for the six months ended July 1, 2023 include the accounts of Kopin Corporation and its
wholly owned subsidiaries. The condensed consolidated financial statements for the six months ended June 25, 2022 include the
accounts of Kopin Corporation and its wholly owned subsidiaries. Net loss attributable to noncontrolling interest in the
Company’s condensed consolidated statements of operations for the six months ended June 25, 2022 represents the 20%
of the results of operations of a former partially owned subsidiary which is allocated to the shareholders of the equity interests
not owned by the Company. All intercompany transactions and balances have been eliminated.
The
Company’s current strategy is to continue to invest in research and development, even during unprofitable periods, which may result
in the Company continuing to incur net losses and negative cash flows from operations. If the Company is unable to achieve and maintain
positive cash flows and profitability in the foreseeable future, its financial condition may ultimately be materially adversely affected
such that management may be required to reduce operating expenses, including investments in research and development, or raise additional
capital. While there can be no assurance the Company will be able to successfully reduce operating expenses or raise additional capital,
management believes its historical success in managing cash flows and obtaining capital will continue in the foreseeable future.
On
January 5, 2023, the Company entered into a Technology License Agreement and an Asset Purchase Agreement (the “LST Agreements”)
with Lightning Silicon Technology, Inc. (“LST”). Pursuant to the LST Agreements, the Company issued a license to LST for
certain technology associated with our Organic Light Emitting Technology, transferred in-process development contracts with two customers
and accounts receivables that the Company had previously determined were not collectible. The technology license agreement provides for
Kopin to transfer certain patents to LST if LST achieves certain milestones; however upon transfer, Kopin will receive a license to the
technology. To the extent LST makes improvements to the technology licensed from Kopin, Kopin will receive a license for these improvements
for certain markets. Kopin is not obligated to provide any additional funding support to LST. As consideration for the transaction, the
Company received 18,000,000
preferred shares in LST, which the Company determined
had no fair value as of the transaction date or as of July 1, 2023. While these shares represent a 20.0%
equity stake in LST, they do not provide the Company with voting rights to elect LST’s Governance Board. The Company will also
receive a royalty based on unit sales of products that utilize the technology licensed. Drs. John Fan, the Company’s former President,
CEO and Chairman of the Board, Boryeu Tsaur, a former Executive Vice President of the Company and Hong Choi, the Company’s former
Chief Technology Officer terminated their employment with the Company and became investors in and members of the management team of LST.
Dr. Fan is the Founder of LST. As a result of this transaction, in 2022 the Company wrote off the two operating lease assets associated
with facilities used for the development of our organic light emitting diode (OLED) products.
On
January 27, 2023, the Company sold 17,000,000 shares of common stock and pre-funded warrants to purchase up to 6,000,000 shares of common
stock at a public offering price of $0.99 per share for net proceeds of approximately $21.4 million. The Company believes that its existing
cash, cash equivalents, will be adequate to satisfy its current operating plans for at least the next twelve months from the issuance
of these financial statements. The Company has in the past sold equity securities through at-the-market equity offerings and in the traditional
fashion of significant equity offerings. Nonetheless, management monitors the capital markets on an ongoing basis and may consider raising
capital if favorable market conditions develop. If the Company’s actual results are less than projected or the Company needs to
raise capital for additional liquidity, the Company may be required to do additional equity financings, reduce expenses, or enter into
a strategic transaction. However, management can make no assurance that the Company will be able to raise additional capital, reduce
expenses sufficiently, or enter into a strategic transaction on terms acceptable to the Company, or at all.
|
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- DefinitionThe entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.23.2
ACCOUNTING STANDARDS
|
6 Months Ended |
Jul. 01, 2023 |
Accounting Policies [Abstract] |
|
ACCOUNTING STANDARDS |
2.
ACCOUNTING STANDARDS
ASU
2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments became effective for
smaller reporting companies for fiscal years beginning after December 15, 2022. The amendments in ASU 2016-13 are intended to provide
more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held
by a reporting entity at each reporting date. The Company adopted this standard on January 1, 2023 and there was not a material impact.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.2
CASH AND CASH EQUIVALENTS AND MARKETABLE DEBT SECURITIES
|
6 Months Ended |
Jul. 01, 2023 |
Cash and Cash Equivalents [Abstract] |
|
CASH AND CASH EQUIVALENTS AND MARKETABLE DEBT SECURITIES |
3.
CASH AND CASH EQUIVALENTS AND MARKETABLE DEBT SECURITIES
The
Company considers all highly liquid, short-term debt instruments with original maturities of three months or less to be cash equivalents.
Marketable
debt securities consist primarily of commercial paper, medium-term corporate notes, and U.S. government and agency backed securities.
The Company classifies these marketable debt securities as available-for-sale at fair value in “Marketable debt securities, at
fair value.” The Company records the amortization of premium and accretion of discounts on marketable debt securities in the results
of operations.
The
Company uses the specific identification method as a basis for determining cost and calculating realized gains and losses with respect
to marketable debt securities. The gross gains and losses realized related to sales and maturities of marketable debt securities were
not material during the three and six months ended July 1, 2023 and June 25, 2022.
Investments
in available-for-sale marketable debt securities were as follows at July 1, 2023 and December 31, 2022:
SCHEDULE
OF AVAILABLE-FOR-SALE MARKETABLE DEBT SECURITIES
| |
Amortized Cost | | |
Unrealized
(Losses) Gains | | |
Fair Value | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
U.S. government and agency backed securities | |
$ | 8,407,706 | | |
$ | 2,500,006 | | |
$ | (14,421 | ) | |
$ | (102,276 | ) | |
$ | 8,393,285 | | |
$ | 2,397,730 | |
Corporate debt and certificates of deposit | |
| 7,250,174 | | |
| 2,000,012 | | |
| (80,326 | ) | |
| (8,964 | ) | |
| 7,169,848 | | |
| 1,991,048 | |
Total | |
$ | 15,657,880 | | |
$ | 4,500,018 | | |
$ | (94,747 | ) | |
$ | (111,240 | ) | |
$ | 15,563,133 | | |
$ | 4,388,778 | |
The
contractual maturity of the Company’s marketable debt securities was as follows at July 1, 2023:
SCHEDULE
OF MARKETABLE DEBT SECURITIES
| |
Less than One year | | |
One to Five years | | |
Total | |
U.S. government and agency backed securities | |
$ | 6,423,450 | | |
$ | 1,969,835 | | |
$ | 8,393,285 | |
Corporate debt and certificates of deposit | |
| 2,236,813 | | |
| 4,933,035 | | |
| 7,169,848 | |
Total | |
$ | 8,660,263 | | |
$ | 6,902,870 | | |
$ | 15,563,133 | |
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v3.23.2
FAIR VALUE MEASUREMENTS
|
6 Months Ended |
Jul. 01, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
4.
FAIR VALUE MEASUREMENTS
Financial
instruments are categorized as Level 1, Level 2 or Level 3 based upon the method by which their fair value is computed. An investment
is categorized as Level 1 when its fair value is based on unadjusted quoted prices in active markets for identical assets that the Company
has the ability to access at the measurement date. An investment is categorized as Level 2 if its fair market value is based on quoted
market prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, based
on observable inputs such as interest rates, yield curves, or derived from or corroborated by observable market data by correlation or
other means. An investment is categorized as Level 3 if its fair value is based on assumptions developed by the Company about what a
market participant would use in pricing the assets.
The
following table details the fair value measurements of the Company’s financial assets:
SCHEDULE
OF FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
| |
| | |
Fair Value Measurement at July 1, 2023 Using: | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Cash and cash equivalents | |
$ | 10,106,668 | | |
$ | 10,106,668 | | |
$ | — | | |
$ | — | |
U.S. government securities | |
| 8,393,285 | | |
| 3,978,360 | | |
| 4,414,925 | | |
| — | |
Certificates of deposit | |
| 7,169,848 | | |
| 7,169,848 | | |
| — | | |
| — | |
Equity investments | |
| 4,626,081 | | |
| 178,316 | | |
| — | | |
| 4,447,765 | |
Financial
instruments, owned, at fair value | |
$ | 30,295,882 | | |
$ | 21,433,192 | | |
$ | 4,414,925 | | |
$ | 4,447,765 | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
| |
| | |
Fair Value Measurement at December 31, 2022 Using: | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Cash and cash equivalents | |
$ | 8,258,878 | | |
$ | 8,258,878 | | |
$ | — | | |
$ | — | |
U.S. government securities | |
| 2,397,730 | | |
| — | | |
| 2,397,730 | | |
| — | |
Corporate debt | |
| 1,500,445 | | |
| — | | |
| 1,500,445 | | |
| — | |
Certificates of deposit | |
| 490,603 | | |
| 490,603 | | |
| — | | |
| — | |
Equity investments | |
| 7,721,206 | | |
| 213,016 | | |
| — | | |
| 7,508,190 | |
Financial instruments,
owned, at fair value | |
$ | 20,368,862 | | |
$ | 8,962,497 | | |
$ | 3,898,175 | | |
$ | 7,508,190 | |
Transfers
between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. Changes in Level
3 investments were as follows:
SCHEDULE
OF FAIR VALUE, LIABILITIES MEASURED ON RECURRING BASIS
| |
December 31, 2022 | | |
Net unrealized losses | | |
Foreign
currency
losses |
|
|
Purchases, issuances
and settlements | | |
July 1, 2023 | |
Equity investments | |
$ | 7,508,190 | | |
$ | (3,327,347 | ) | |
$ |
(172,532 |
) |
|
$ | 439,454 | | |
$ | 4,447,765 | |
The
carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value because
of their short-term nature. If accrued liabilities were carried at fair value, these would be classified as Level 2 in the fair value
hierarchy.
Marketable
Debt Securities
Corporate
debt consists of floating rate notes with a maturity that is over multiple years but has interest rates that are reset every three months
based on the then-current three-month London Interbank Offering Rate (“Three-month Libor”). The Company validates the fair
market values of the financial instruments above by using discounted cash flow models, obtaining independent pricing of the securities
or through the use of a model that incorporates the Three-month Libor, the credit default swap rate of the issuer and the bid and ask
price spread of the same or similar investments which are traded on several markets.
Equity
Investments
From
2017 through 2019, the Company made several equity investments in a customer. In the fourth quarter of 2019, the Company reviewed
the financial condition and other factors of the customer and, as a result, recorded an impairment charge of $5.2
million to reduce its investment in the customer to zero
as of December 28, 2019. In the first quarter of 2022 the customer raised additional equity capital and based on an observable price
change of the customer’s share prices and terms of the equity sale the Company remeasured the fair market value of its
investment and recorded a gain of $4.7
million. In the second quarter of 2022, the Company made an additional equity investment of $0.5
million. During the quarter ended July 1, 2023, the Company received common stock of the equity investment valued at approximately
$0.4
million for the payment of royalties. The Company also performed an impairment evaluation and as a result recorded an impairment
charge of approximately $3.1
million. As of July 1, 2023, the Company owned an approximate 3.4%
interest in this investment.
On
September 30, 2019, the Company entered into an Asset Purchase Agreement pursuant to which
the Company sold and licensed certain assets of our SolosTM product line and WhisperTM Audio technology. As consideration for the transaction, the Company received a 20.0% equity stake in Solos Incorporation (“Solos Inc.”).
The Company’s 20.0% equity stake will be maintained until Solos Inc. has raised a total of $7.5 million in equity financing. Based
on the price paid for equity by the other 80.0% owners of Solos Inc. and other factors, the Company estimated the fair value of its equity
holdings at $0.6 million and in 2019 recorded a $0.6 million gain on its investment for this equity transaction as the basis of assets
transferred was zero. The investment was written down to $0.4 million as a result of an impairment analysis and write down performed
in 2020. In the second quarter ending July 1, 2023 the Company reviewed its investment and wrote-down the investment to $0.2 million.
During
the three and six months ended July 1, 2023, the Company recorded less than $0.2 million of unrealized losses on an equity interest in
a company due to a fluctuation in the foreign exchange rate.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.2
ACCOUNTS RECEIVABLE, NET
|
6 Months Ended |
Jul. 01, 2023 |
Receivables [Abstract] |
|
ACCOUNTS RECEIVABLE, NET |
5.
ACCOUNTS RECEIVABLE, NET
Accounts
receivable consisted of the following:
SCHEDULE
OF ACCOUNTS RECEIVABLE
| |
July 1, 2023 | | |
December 31, 2022 | |
Accounts receivable | |
$ | 7,274,241 | | |
$ | 6,840,891 | |
Less — allowance for credit losses | |
| (1,103,000 | ) | |
| (303,000 | ) |
Total | |
$ | 6,171,241 | | |
$ | 6,537,891 | |
Changes
to the allowance for credit losses for the six months ended July 1, 2023 were as follows:
SCHEDULE
OF CHANGE IN ALLOWANCE FOR CREDIT LOSSES
| |
| | |
Balance,
December 31, 2022 | |
$ | 303,000 | |
Additions | |
| 829,000 | |
Write-offs | |
| (29,000 | ) |
Balance,
July 1, 2023 | |
$ | 1,103,000 | |
|
X |
- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.23.2
INVENTORY
|
6 Months Ended |
Jul. 01, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORY |
6.
INVENTORY
Inventories
are stated at standard cost adjusted to approximate the lower of cost (first-in, first-out method) or net realizable value and consist
of the following at July 1, 2023 and December 31, 2022:
SCHEDULE
OF INVENTORY
| |
July 1, 2023 | | |
December 31, 2022 | |
Raw materials | |
$ | 4,907,401 | | |
$ | 4,285,757 | |
Work-in-process | |
| 2,053,581 | | |
| 1,735,454 | |
Finished goods | |
| 917,036 | | |
| 405,189 | |
Total | |
$ | 7,878,018 | | |
$ | 6,426,400 | |
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.23.2
NET LOSS PER SHARE
|
6 Months Ended |
Jul. 01, 2023 |
Net loss per share |
|
NET LOSS PER SHARE |
7.
NET LOSS PER SHARE
Basic
net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period less any unvested
restricted shares. Diluted net loss per share is calculated using weighted-average shares outstanding and contingently issuable shares,
less weighted-average shares reacquired during the period. The net outstanding shares are adjusted for the dilutive effect of shares
issuable upon the assumed conversion of the Company’s common stock equivalents, which consist of unvested restricted stock.
The
following were not included in weighted-average common shares outstanding-diluted because they are anti-dilutive or performance conditions
have not been met at the end of the period:
SCHEDULE
OF WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING DILUTED
| |
Three Months Ended | | |
Three Months Ended | | |
Six Months Ended | | |
Six Months Ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Non-vested restricted common stock | |
| 3,989,161 | | |
| 1,824,723 | | |
| 3,989,161 | | |
| 1,824,723 | |
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v3.23.2
STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION
|
6 Months Ended |
Jul. 01, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION |
8.
STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION
Registered
sale of equity securities
On
January 27, 2023, the Company sold 17,000,000 shares of common stock and pre-funded warrants to purchase up to 6,000,000 shares of common
stock at a public offering price of $0.99 per pre-funded warrant, for gross proceeds of $22.9 million before deducting underwriting discounts
and offering expenses paid by the Company of $1.5 million. The offering price of the pre-funded warrant equals the public offering price
per share of the common stock less the $0.01 per share exercise price of each pre-funded warrant.
During
the three months ended June 25, 2022, the Company sold 1.5 million shares of common stock and 0.2 million shares of treasury stock for gross proceeds
of $2.1 million (average of $1.26 per share) before deducting broker expenses paid by us of less than $0.1 million, pursuant to the Company’s
At-The-Market Equity Offering Sales Agreement dated as of March 5, 2021 (the” ATM Agreement”) with Stifel, Nicolaus &
Company, Incorporated, as agent, under which we may sell up to $50 million of our common stock. The Company has
approximately $41.4 million worth of common stock remaining available for sale under the ATM Agreement.
Non-Vested
Restricted Common Stock
The
fair value of non-vested restricted common stock awards is generally the market value of the Company’s common stock on the date
of grant. The non-vested restricted common stock awards require the employee to fulfill certain obligations, including remaining employed
by the Company for one, two or four years (the vesting period) and in certain cases also require meeting either performance criteria
or the Company’s stock achieving a certain price. For non-vested restricted common stock awards that solely require the recipient
to remain employed with the Company, the stock compensation expense is amortized over the anticipated service period. For non-vested
restricted common stock awards that require the achievement of performance criteria, the Company reviews the probability of achieving
the performance goals on a periodic basis. If the Company determines that it is probable that the performance criteria will be achieved,
the amount of compensation cost derived for the performance goal is amortized over the anticipated service period. If the performance
criteria are not met, no compensation cost is recognized and any previously recognized compensation cost is reversed.
The Company granted 3,136,844
and 186,500 restricted stock units to its employees, executives and the Board of Directors in the six months ended July 1, 2023 and June
25, 2022, respectively. 1,416,294 shares of the 3,136,844 shares are time-based and will vest on average over three equal annual installments.
1,720,550 shares of the 3,136,844 shares will vest upon the successful achievement of certain fiscal year 2023 milestones. The fair value
of the restricted stock units was based on the fair market value of the Company’s stock on the date of grant. The time-based shares
are expensed over the service period and the milestone based shares are expensed based upon the probability of achievement.
Restricted
stock activity for the six months ended July 1, 2023 was as follows:
SCHEDULE
OF NON-VESTED RESTRICTED STOCK ACTIVITY
| |
| | |
Weighted Average | |
| |
Shares | | |
Grant Fair Value | |
Balance, December 31, 2022 | |
| 1,965,901 | | |
$ | 2.22 | |
Granted | |
| 3,136,844 | | |
| 1.58 | |
Forfeited | |
| ) | |
| 3.03 | |
Vested | |
| (422,466 | ) | |
| 1.58 | |
Balance, July 1, 2023 | |
| 3,989,161 | | |
$ | 1.65 | |
Stock-Based
Compensation
The
following table summarizes stock-based compensation expense within each of the categories below as it relates to non-vested restricted
common stock awards for the three and six months ended July 1, 2023 and June 25, 2022 (no tax benefits were recognized):
SCHEDULE
OF STOCK-BASED COMPENSATION EXPENSE
| |
Three Months Ended | | |
Three Months Ended | | |
Six Months Ended | | |
Six Months Ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Cost of product revenues | |
$ | 427,323 | | |
$ | 11,713 | | |
$ | 453,541 | | |
$ | 78,381 | |
Research and development | |
| 322,294 | | |
| 108,347 | | |
| 339,168 | | |
| 255,726 | |
Selling, general and administrative | |
| 441,641 | | |
| 296,973 | | |
| 592,740 | | |
| 738,999 | |
Total | |
$ | 1,191,258 | | |
$ | 417,033 | | |
$ | 1,385,449 | | |
$ | 1,073,106 | |
Unrecognized
compensation expense for non-vested restricted common stock as of July 1, 2023 totaled $4.0 million and is expected to be recognized
over a weighted average period of approximately three years.
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v3.23.2
ACCRUED WARRANTY
|
6 Months Ended |
Jul. 01, 2023 |
Guarantees and Product Warranties [Abstract] |
|
ACCRUED WARRANTY |
9.
ACCRUED WARRANTY
The
Company typically warrants its products against defect for 12 to 18 months, however, for certain products a customer may purchase an
extended warranty. A provision for estimated future costs and estimated returns for credit relating to such warranty is recorded in the
period when product is shipped and revenue is recognized and is updated as additional information becomes available. The Company’s
estimate of future costs to satisfy warranty obligations is based primarily on historical warranty expense experienced and a provision
for potential future product failures. Changes in the accrued warranty for the six months ended July 1, 2023 were as follows:
SCHEDULE
OF ACCRUED WARRANTY
| |
| | |
Balance, December 31, 2022 | |
$ | 1,966,000 | |
Additions | |
| 448,000 | |
Claims | |
| (249,000 | ) |
Balance, July 1, 2023 | |
$ | 2,165,000 | |
Extended
Warranties
Deferred
revenue represents the purchase of extended warranties by the Company’s customers. The Company recognizes revenue from an extended
warranty on the straight-line method over the life of the extended warranty, which is typically 12 to 15 months beyond the standard 12
to 18 month warranty. The Company classifies the current portion of deferred revenue under Other accrued liabilities in its condensed
consolidated balance sheets. At July 1, 2023, the Company had less than $0.1 million of deferred revenue related to extended warranties.
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- DefinitionThe entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period.
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v3.23.2
INCOME TAXES
|
6 Months Ended |
Jul. 01, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
10.
INCOME TAXES
The
Company recorded a provision for income taxes of less than $0.1
million in each of the three and six months ended July 1, 2023 and June 25, 2022, respectively. As of July 1, 2023, the Company has
available for tax purposes U.S. federal net operating loss carryforwards (“NOLs”) of approximately $135.5
million expiring 2023 through 2038 and $93.1
million that have an unlimited carryover period. Under the provisions of Section 382, certain substantial changes in Kopin’s
ownership may limit in the future the amount of net operating loss carryforwards that could be used annually to offset future
taxable income and income tax liability. The Company has recognized a full valuation allowance on its domestic and certain foreign
net deferred tax assets due to the uncertainty of realization of such assets. The Company recognizes both accrued interest and
penalties related to its uncertain tax positions related to intercompany loan interest and potential transfer pricing exposure
related to its foreign subsidiaries.
|
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v3.23.2
CONTRACT ASSETS AND LIABILITIES
|
6 Months Ended |
Jul. 01, 2023 |
Contract Assets And Liabilities |
|
CONTRACT ASSETS AND LIABILITIES |
11.
CONTRACT ASSETS AND LIABILITIES
Contract
assets include unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is
utilized and revenue recognized from customer arrangements, including licensing, exceeds the amount billed to the customer, and right
to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Contract assets are generally
classified as current. The Company classifies the noncurrent portion of contract assets under other assets in its condensed consolidated
balance sheets.
Contract
liabilities consist of advance payments and billings in excess of cost incurred and deferred revenue.
Net
contract assets (liabilities) consisted of the following:
SCHEDULE OF CONTRACT WITH CUSTOMER, ASSET AND LIABILITY
| |
July 1, 2023 | | |
December 31, 2022 | | |
$ Change | | |
% Change | |
Contract assets —current | |
$ | 4,108,406 | | |
$ | 4,068,364 | | |
$ | 40,042 | | |
| 1 | % |
Contract liabilities—current | |
| (554,967 | ) | |
| (930,500 | ) | |
| 375,533 | | |
| (40 | )% |
Contract liabilities—noncurrent | |
| (6,224 | ) | |
| (6,190 | ) | |
| (34 | ) | |
| 1 | % |
Net contract assets | |
$ | 3,547,215 | | |
$ | 3,131,674 | | |
$ | 415,541 | | |
| 13 | % |
The
$0.4 million increase in the Company’s net contract assets at July 1, 2023 as compared to December 31, 2022 was primarily due to
a change in its fixed price contracts with the U.S. government that resulted in revenue recognized in excess of amounts billed and product
revenue recognized over time for defense programs.
In
the three and six months ended July 1, 2023, the Company recognized revenue of $0.1 million and $0.6 million, respectively, related to
our contract liabilities at December 31, 2022. In the three and six months ended June 25, 2022, the Company recognized revenue of $2.9
million and $0.2 million, respectively, related to our contract liabilities at December 25, 2021.
The
Company did not recognize impairment losses on our contract assets in the three or six months ended July 1, 2023 or June 25, 2022.
Performance
Obligations
The
Company’s revenue recognition related to performance obligations that were satisfied at a point in time and over time were as follows:
SCHEDULE
OF SATISFACTION OF PERFORMANCE OBLIGATION
| |
Three months ended | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Point in time | |
| 31 | % | |
| 17 | % | |
| 28 | % | |
| 18 | % |
Over time | |
| 69 | % | |
| 83 | % | |
| 72 | % | |
| 82 | % |
Performance obligation percentage | |
| | % | |
| | % | |
| | % | |
| | % |
Remaining
performance obligations represent the transaction price of orders for which work has not been performed and excludes unexercised contract
options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity (“IDIQ”)). As
of July 1, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $14.6 million which
the Company expects to recognize over the next 12 months. The remaining performance obligations represent amounts to be earned under
government contracts, which are subject to cancellation.
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v3.23.2
LEASES
|
6 Months Ended |
Jul. 01, 2023 |
Leases |
|
LEASES |
12.
LEASES
The
Company enters into operating leases primarily for: real estate, including for manufacturing, engineering, research, administration and
sales facilities, and information technology (“IT”) equipment. At July 1, 2023 and December 31, 2022, the Company did not
have any finance leases. Approximately all of our future lease commitments, and related lease liability, relate to the Company’s
real estate leases. Some of the Company’s leases include options to extend or terminate the lease.
The
components of lease expense were as follows:
SCHEDULE OF LEASE EXPENSE
| |
Three Months Ended | | |
Three Months Ended | | |
Six Months Ended | | |
Six Months Ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Operating lease cost | |
$ | 217,863 | | |
$ | 250,361 | | |
$ | 432,426 | | |
$ | 499,864 | |
At
July 1, 2023, the Company’s future lease payments under non-cancellable leases were as follows:
SCHEDULE OF FUTURE LEASE PAYMENT UNDER NON-CANCELLABLE LEASE
| |
| | |
2023 (excluding the six months ended July 1, 2023) | |
$ | 483,463 | |
2024 | |
| 898,459 | |
2025 | |
| 639,281 | |
2026 | |
| 604,000 | |
2027 | |
| 604,000 | |
Thereafter | |
| 201,333 | |
Total future lease payments | |
| 3,430,536 | |
Less imputed interest | |
| (451,577 | ) |
Total | |
$ | 2,978,959 | |
The
Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheets at July 1, 2023 were as follows:
SCHEDULE OF OPERATING LEASE PAYMENTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS
| |
July 1, 2023 | |
Operating lease liabilities - current | |
$ | 796,073 | |
Operating lease liabilities - noncurrent | |
| 2,182,886 | |
Total lease liabilities | |
$ | 2,978,959 | |
Supplemental
cash flow information related to leases was as follows:
SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES
| |
Six months ended | |
| |
July 1, 2023 | |
Cash paid for amounts included in the measurement of operating lease liabilities | |
$ | 496,691 | |
Other
information related to leases was as follows:
| |
July 1, 2023 | |
Weighted Average Discount Rate - Operating Leases | |
| 6.00 | % |
Weighted Average Remaining Lease Term - Operating Leases (in years) | |
| 4.28 | |
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v3.23.2
SEGMENTS AND DISAGGREGATION OF REVENUE
|
6 Months Ended |
Jul. 01, 2023 |
Segment Reporting [Abstract] |
|
SEGMENTS AND DISAGGREGATION OF REVENUE |
13.
SEGMENTS AND DISAGGREGATION OF REVENUE
We
continually monitor and review our segment reporting structure in accordance with authoritative guidance to determine if any changes
have occurred that would affect our reportable segments. We report under one segment, as our Chief Executive Officer, who is our chief
operating decision maker (“CODM”), reviews results on a total company basis.
Total
long-lived assets by country at July 1, 2023 and December 31, 2022 were:
SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREAS
Total Long-lived Assets (in thousands) | |
July 1, 2023 | | |
December 31, 2022 | |
United States | |
$ | 4,320 | | |
$ | 4,604 | |
United Kingdom | |
| 328 | | |
| 396 | |
Total | |
$ | 4,648 | | |
$ | 5,000 | |
We
disaggregate our revenue from contracts with customers by geographic location and by display application, as we believe it best depicts
how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.
During
the three and six months ended July 1, 2023 and June 25, 2022, the Company derived its sales from the following geographies:
SCHEDULE OF SEGMENT INFORMATION BY REVENUE TYPE
| |
Three months ended | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
(In thousands, except percentages) | |
Revenue | | |
% of Total | | |
Revenue | | |
% of Total | | |
Revenue | | |
% of Total | | |
Revenue | | |
% of Total | |
United States | |
$ | 8,931 | | |
| 86 | % | |
$ | 10,037 | | |
| 84 | % | |
$ | 17,909 | | |
| 85 | % | |
$ | 19,335 | | |
| 82 | % |
Other Americas | |
| 5 | | |
| — | | |
| — | | |
| — | | |
| 5 | | |
| — | | |
| — | | |
| — | |
Total Americas | |
| 8,936 | | |
| 86 | | |
| 10,037 | | |
| 84 | | |
| 17,914 | | |
| 85 | | |
| 19,335 | | |
| 82 | |
Asia - Pacific | |
| 1,184 | | |
| 11 | | |
| 1,564 | | |
| 13 | | |
| 2,593 | | |
| 12 | | |
| 3,707 | | |
| 16 | |
Europe | |
| 340 | | |
| 3 | | |
| 308 | | |
| 3 | | |
| 711 | | |
| 3 | | |
| 445 | | |
| 2 | |
Total Revenues | |
$ | 10,460 | | |
| 100 | % | |
$ | 11,909 | | |
| 100 | % | |
$ | 21,218 | | |
| 100 | % | |
$ | 23,487 | | |
| 100 | % |
During
the three and six months ended July 1, 2023 and June 25, 2022, the Company derived its sales from the following display applications:
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT
| |
Three months ended | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
(In thousands) | |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Defense | |
$ | 5,067 | | |
$ | 7,087 | | |
$ | 11,487 | | |
$ | 11,844 | |
Industrial | |
| 884 | | |
| 1,633 | | |
| 1,808 | | |
| 3,162 | |
Consumer | |
| 59 | | |
| 284 | | |
| 370 | | |
| 505 | |
R&D | |
| 3,884 | | |
| 2,806 | | |
| 6,780 | | |
| 7,714 | |
License and royalties | |
| 566 | | |
| 99 | | |
| 773 | | |
| 262 | |
Total Revenues | |
$ | 10,460 | | |
$ | 11,909 | | |
$ | 21,218 | | |
$ | 23,487 | |
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v3.23.2
LITIGATION
|
6 Months Ended |
Jul. 01, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
LITIGATION |
14.
LITIGATION
The
Company may engage in legal proceedings arising in the ordinary course of business. Claims, suits, investigations, and proceedings are
inherently uncertain and it is not possible to predict the ultimate outcome of such matters and our business, financial condition, results
of operations or cash flows could be affected in any particular period.
BlueRadios,
Inc. v. Kopin Corporation, Civil Action No. 16-02052-JLK (D. Col.):
On
August 12, 2016, BlueRadios, Inc. (“BlueRadios”) filed a complaint in the U.S. District Court for the District of Colorado,
alleging that the Company breached a contract between it and BlueRadios concerning an alleged joint venture between the Company and BlueRadios
to design, develop and commercialize micro-display products with embedded wireless technology referred to as “Golden-i” breached
the covenant of good faith and fair dealing associated with that contract, breached its fiduciary duty to BlueRadios, and misappropriated
trade secrets owned by BlueRadios in violation of Colorado law (C.R.S. § 7-74-104(4)) and the Defend Trade Secrets Act (18 U.S.C.
§ 1836(b)(1)). BlueRadios further alleges that the Company was unjustly enriched by its alleged misconduct, BlueRadios is entitled
to an accounting to determine the amount of profits obtained by the Company as a result of its alleged misconduct, and the inventorship
on at least ten patents or patent applications owned by the Company need to be corrected to list BlueRadios’ employees as inventors
and thereby list BlueRadios as co-assignees of the patents. BlueRadios seeks monetary, declaratory, and injunctive relief, including
for alleged non-payment of engineering retainer fees.
On
October 11, 2016, the Company filed its Answer and Affirmative Defenses. The parties completed expert depositions on November 15, 2019.
On December 2, 2019, the Company filed a Motion for Partial Summary Judgment requesting the Court dismiss counts 2-7 in their entirety
and counts 1 and 8 in part. BlueRadios also filed a Motion for Partial Summary Judgment alleging it is the co-owner of U.S. Patent No.
8,909,296. Responses to the Motions for Partial Summary Judgment were filed on January 15, 2020, and replies were filed on February 19,
2020. On September 25, 2020, the Court denied BlueRadios’ Motion for Partial Summary Judgment. On August 3, 2022, the Court granted
the Company’s Motion for Partial Summary Judgment by dismissing counts 3, 6, 7, punitive damages under count 2, and count 8 as
it relates to patent applications, and denying the motion as it relates to counts 1, 4, and 5, and the remainder of counts 2 and 8. The
Court also ordered discovery reopened for certain limited purposes. A trial date was set by the Court for January 22 – February
5, 2024. The Company has not concluded a loss from this matter is probable; therefore, we have not recorded an accrual for litigation
or claims related to this matter for the period ended July 1, 2023. The Company will continue to evaluate information as it becomes known
and will record an estimate for losses at the time or times when it is both probable that a loss has been incurred and the amount of
the loss is reasonably estimable.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jul. 01, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
15.
RELATED PARTY TRANSACTIONS
The
Company may from time to time enter into agreements with stockholders, affiliates and other companies engaged in certain aspects of the
display, electronics, optical and software industries as part of our business strategy. In addition, the wearable computing product market
is relatively new and there may be other technologies the Company needs to purchase from affiliates to enhance its product offering.
During
the three and six months ended July 1, 2023 and June 25, 2022, the Company had the following transactions with related parties:
SCHEDULE OF TRANSACTIONS WITH RELATED PARTIES
| |
Three Months Ended | |
| |
July 1, 2023 | | |
June 25, 2022 | |
| |
Sales | | |
Purchases | | |
Sales | | |
Purchases | |
RealWear, Inc. | |
$ | 562,622 | | |
$ | — | | |
$ | 94,805 | | |
$ | — | |
HMDmd, Inc. | |
| 236,279 | | |
| — | | |
| 62,925 | | |
| — | |
Lightning Silicon Technology, Inc. | |
| — | | |
| 168,800 | | |
| — | | |
| — | |
| |
$ | 798,901 | | |
$ | 168,800 | | |
$ | 157,730 | | |
$ | — | |
| |
Six Months Ended | |
| |
July 1, 2023 | | |
June 25, 2022 | |
| |
Sales | | |
Purchases | | |
Sales | | |
Purchases | |
RealWear, Inc. | |
$ | 769,646 | | |
$ | — | | |
$ | 719,022 | | |
$ | — | |
HMDmd, Inc. | |
| 502,755 | | |
| — | | |
| | |
| — | |
Lightning Silicon Technology, Inc. | |
| — | | |
| 208,055 | | |
| — | | |
| — | |
| |
$ | 1,272,401 | | |
$ | 208,055 | | |
$ | 781,947 | | |
$ | — | |
At
July 1, 2023 and December 31, 2022, the Company had the following receivables from and payables to related parties:
| |
July 1, 2023 | | |
December 31, 2022 | |
| |
Receivables | | |
Payables | | |
Receivables | | |
Payables | |
RealWear, Inc. | |
$ | 123,168 | | |
$ | — | | |
$ | 171,518 | | |
$ | — | |
HMDmd, Inc. | |
| 92,752 | | |
| — | | |
| 151,340 | | |
| — | |
Solos Technology | |
| 1,295 | | |
| — | | |
| 2,248 | | |
| — | |
Lightning Silicon Technology, Inc. | |
| 10,396 | | |
| 193,800 | | |
| — | | |
| — | |
| |
$ | 227,611 | | |
$ | 193,800 | | |
$ | 325,106 | | |
$ | — | |
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
CASH AND CASH EQUIVALENTS AND MARKETABLE DEBT SECURITIES (Tables)
|
6 Months Ended |
Jul. 01, 2023 |
Cash and Cash Equivalents [Abstract] |
|
SCHEDULE OF AVAILABLE-FOR-SALE MARKETABLE DEBT SECURITIES |
Investments
in available-for-sale marketable debt securities were as follows at July 1, 2023 and December 31, 2022:
SCHEDULE
OF AVAILABLE-FOR-SALE MARKETABLE DEBT SECURITIES
| |
Amortized Cost | | |
Unrealized
(Losses) Gains | | |
Fair Value | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
U.S. government and agency backed securities | |
$ | 8,407,706 | | |
$ | 2,500,006 | | |
$ | (14,421 | ) | |
$ | (102,276 | ) | |
$ | 8,393,285 | | |
$ | 2,397,730 | |
Corporate debt and certificates of deposit | |
| 7,250,174 | | |
| 2,000,012 | | |
| (80,326 | ) | |
| (8,964 | ) | |
| 7,169,848 | | |
| 1,991,048 | |
Total | |
$ | 15,657,880 | | |
$ | 4,500,018 | | |
$ | (94,747 | ) | |
$ | (111,240 | ) | |
$ | 15,563,133 | | |
$ | 4,388,778 | |
|
SCHEDULE OF MARKETABLE DEBT SECURITIES |
The
contractual maturity of the Company’s marketable debt securities was as follows at July 1, 2023:
SCHEDULE
OF MARKETABLE DEBT SECURITIES
| |
Less than One year | | |
One to Five years | | |
Total | |
U.S. government and agency backed securities | |
$ | 6,423,450 | | |
$ | 1,969,835 | | |
$ | 8,393,285 | |
Corporate debt and certificates of deposit | |
| 2,236,813 | | |
| 4,933,035 | | |
| 7,169,848 | |
Total | |
$ | 8,660,263 | | |
$ | 6,902,870 | | |
$ | 15,563,133 | |
|
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v3.23.2
FAIR VALUE MEASUREMENTS (Tables)
|
6 Months Ended |
Jul. 01, 2023 |
Fair Value Disclosures [Abstract] |
|
SCHEDULE OF FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS |
The
following table details the fair value measurements of the Company’s financial assets:
SCHEDULE
OF FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
| |
| | |
Fair Value Measurement at July 1, 2023 Using: | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Cash and cash equivalents | |
$ | 10,106,668 | | |
$ | 10,106,668 | | |
$ | — | | |
$ | — | |
U.S. government securities | |
| 8,393,285 | | |
| 3,978,360 | | |
| 4,414,925 | | |
| — | |
Certificates of deposit | |
| 7,169,848 | | |
| 7,169,848 | | |
| — | | |
| — | |
Equity investments | |
| 4,626,081 | | |
| 178,316 | | |
| — | | |
| 4,447,765 | |
Financial
instruments, owned, at fair value | |
$ | 30,295,882 | | |
$ | 21,433,192 | | |
$ | 4,414,925 | | |
$ | 4,447,765 | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
| |
| | |
Fair Value Measurement at December 31, 2022 Using: | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Cash and cash equivalents | |
$ | 8,258,878 | | |
$ | 8,258,878 | | |
$ | — | | |
$ | — | |
U.S. government securities | |
| 2,397,730 | | |
| — | | |
| 2,397,730 | | |
| — | |
Corporate debt | |
| 1,500,445 | | |
| — | | |
| 1,500,445 | | |
| — | |
Certificates of deposit | |
| 490,603 | | |
| 490,603 | | |
| — | | |
| — | |
Equity investments | |
| 7,721,206 | | |
| 213,016 | | |
| — | | |
| 7,508,190 | |
Financial instruments,
owned, at fair value | |
$ | 20,368,862 | | |
$ | 8,962,497 | | |
$ | 3,898,175 | | |
$ | 7,508,190 | |
|
SCHEDULE OF FAIR VALUE, LIABILITIES MEASURED ON RECURRING BASIS |
Transfers
between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. Changes in Level
3 investments were as follows:
SCHEDULE
OF FAIR VALUE, LIABILITIES MEASURED ON RECURRING BASIS
| |
December 31, 2022 | | |
Net unrealized losses | | |
Foreign
currency
losses |
|
|
Purchases, issuances
and settlements | | |
July 1, 2023 | |
Equity investments | |
$ | 7,508,190 | | |
$ | (3,327,347 | ) | |
$ |
(172,532 |
) |
|
$ | 439,454 | | |
$ | 4,447,765 | |
|
X |
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v3.23.2
ACCOUNTS RECEIVABLE, NET (Tables)
|
6 Months Ended |
Jul. 01, 2023 |
Receivables [Abstract] |
|
SCHEDULE OF ACCOUNTS RECEIVABLE |
Accounts
receivable consisted of the following:
SCHEDULE
OF ACCOUNTS RECEIVABLE
| |
July 1, 2023 | | |
December 31, 2022 | |
Accounts receivable | |
$ | 7,274,241 | | |
$ | 6,840,891 | |
Less — allowance for credit losses | |
| (1,103,000 | ) | |
| (303,000 | ) |
Total | |
$ | 6,171,241 | | |
$ | 6,537,891 | |
|
SCHEDULE OF CHANGE IN ALLOWANCE FOR CREDIT LOSSES |
Changes
to the allowance for credit losses for the six months ended July 1, 2023 were as follows:
SCHEDULE
OF CHANGE IN ALLOWANCE FOR CREDIT LOSSES
| |
| | |
Balance,
December 31, 2022 | |
$ | 303,000 | |
Additions | |
| 829,000 | |
Write-offs | |
| (29,000 | ) |
Balance,
July 1, 2023 | |
$ | 1,103,000 | |
|
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v3.23.2
INVENTORY (Tables)
|
6 Months Ended |
Jul. 01, 2023 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORY |
Inventories
are stated at standard cost adjusted to approximate the lower of cost (first-in, first-out method) or net realizable value and consist
of the following at July 1, 2023 and December 31, 2022:
SCHEDULE
OF INVENTORY
| |
July 1, 2023 | | |
December 31, 2022 | |
Raw materials | |
$ | 4,907,401 | | |
$ | 4,285,757 | |
Work-in-process | |
| 2,053,581 | | |
| 1,735,454 | |
Finished goods | |
| 917,036 | | |
| 405,189 | |
Total | |
$ | 7,878,018 | | |
$ | 6,426,400 | |
|
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v3.23.2
NET LOSS PER SHARE (Tables)
|
6 Months Ended |
Jul. 01, 2023 |
Net loss per share |
|
SCHEDULE OF WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING DILUTED |
The
following were not included in weighted-average common shares outstanding-diluted because they are anti-dilutive or performance conditions
have not been met at the end of the period:
SCHEDULE
OF WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING DILUTED
| |
Three Months Ended | | |
Three Months Ended | | |
Six Months Ended | | |
Six Months Ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Non-vested restricted common stock | |
| 3,989,161 | | |
| 1,824,723 | | |
| 3,989,161 | | |
| 1,824,723 | |
|
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v3.23.2
STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jul. 01, 2023 |
Equity [Abstract] |
|
SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY |
Restricted
stock activity for the six months ended July 1, 2023 was as follows:
SCHEDULE
OF NON-VESTED RESTRICTED STOCK ACTIVITY
| |
| | |
Weighted Average | |
| |
Shares | | |
Grant Fair Value | |
Balance, December 31, 2022 | |
| 1,965,901 | | |
$ | 2.22 | |
Granted | |
| 3,136,844 | | |
| 1.58 | |
Forfeited | |
| ) | |
| 3.03 | |
Vested | |
| (422,466 | ) | |
| 1.58 | |
Balance, July 1, 2023 | |
| 3,989,161 | | |
$ | 1.65 | |
|
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE |
The
following table summarizes stock-based compensation expense within each of the categories below as it relates to non-vested restricted
common stock awards for the three and six months ended July 1, 2023 and June 25, 2022 (no tax benefits were recognized):
SCHEDULE
OF STOCK-BASED COMPENSATION EXPENSE
| |
Three Months Ended | | |
Three Months Ended | | |
Six Months Ended | | |
Six Months Ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Cost of product revenues | |
$ | 427,323 | | |
$ | 11,713 | | |
$ | 453,541 | | |
$ | 78,381 | |
Research and development | |
| 322,294 | | |
| 108,347 | | |
| 339,168 | | |
| 255,726 | |
Selling, general and administrative | |
| 441,641 | | |
| 296,973 | | |
| 592,740 | | |
| 738,999 | |
Total | |
$ | 1,191,258 | | |
$ | 417,033 | | |
$ | 1,385,449 | | |
$ | 1,073,106 | |
|
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v3.23.2
ACCRUED WARRANTY (Tables)
|
6 Months Ended |
Jul. 01, 2023 |
Guarantees and Product Warranties [Abstract] |
|
SCHEDULE OF ACCRUED WARRANTY |
SCHEDULE
OF ACCRUED WARRANTY
| |
| | |
Balance, December 31, 2022 | |
$ | 1,966,000 | |
Additions | |
| 448,000 | |
Claims | |
| (249,000 | ) |
Balance, July 1, 2023 | |
$ | 2,165,000 | |
|
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v3.23.2
CONTRACT ASSETS AND LIABILITIES (Tables)
|
6 Months Ended |
Jul. 01, 2023 |
Contract Assets And Liabilities |
|
SCHEDULE OF CONTRACT WITH CUSTOMER, ASSET AND LIABILITY |
Net
contract assets (liabilities) consisted of the following:
SCHEDULE OF CONTRACT WITH CUSTOMER, ASSET AND LIABILITY
| |
July 1, 2023 | | |
December 31, 2022 | | |
$ Change | | |
% Change | |
Contract assets —current | |
$ | 4,108,406 | | |
$ | 4,068,364 | | |
$ | 40,042 | | |
| 1 | % |
Contract liabilities—current | |
| (554,967 | ) | |
| (930,500 | ) | |
| 375,533 | | |
| (40 | )% |
Contract liabilities—noncurrent | |
| (6,224 | ) | |
| (6,190 | ) | |
| (34 | ) | |
| 1 | % |
Net contract assets | |
$ | 3,547,215 | | |
$ | 3,131,674 | | |
$ | 415,541 | | |
| 13 | % |
|
SCHEDULE OF SATISFACTION OF PERFORMANCE OBLIGATION |
The
Company’s revenue recognition related to performance obligations that were satisfied at a point in time and over time were as follows:
SCHEDULE
OF SATISFACTION OF PERFORMANCE OBLIGATION
| |
Three months ended | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Point in time | |
| 31 | % | |
| 17 | % | |
| 28 | % | |
| 18 | % |
Over time | |
| 69 | % | |
| 83 | % | |
| 72 | % | |
| 82 | % |
Performance obligation percentage | |
| | % | |
| | % | |
| | % | |
| | % |
|
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v3.23.2
LEASES (Tables)
|
6 Months Ended |
Jul. 01, 2023 |
Leases |
|
SCHEDULE OF LEASE EXPENSE |
The
components of lease expense were as follows:
SCHEDULE OF LEASE EXPENSE
| |
Three Months Ended | | |
Three Months Ended | | |
Six Months Ended | | |
Six Months Ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Operating lease cost | |
$ | 217,863 | | |
$ | 250,361 | | |
$ | 432,426 | | |
$ | 499,864 | |
|
SCHEDULE OF FUTURE LEASE PAYMENT UNDER NON-CANCELLABLE LEASE |
At
July 1, 2023, the Company’s future lease payments under non-cancellable leases were as follows:
SCHEDULE OF FUTURE LEASE PAYMENT UNDER NON-CANCELLABLE LEASE
| |
| | |
2023 (excluding the six months ended July 1, 2023) | |
$ | 483,463 | |
2024 | |
| 898,459 | |
2025 | |
| 639,281 | |
2026 | |
| 604,000 | |
2027 | |
| 604,000 | |
Thereafter | |
| 201,333 | |
Total future lease payments | |
| 3,430,536 | |
Less imputed interest | |
| (451,577 | ) |
Total | |
$ | 2,978,959 | |
|
SCHEDULE OF OPERATING LEASE PAYMENTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS |
The
Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheets at July 1, 2023 were as follows:
SCHEDULE OF OPERATING LEASE PAYMENTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS
| |
July 1, 2023 | |
Operating lease liabilities - current | |
$ | 796,073 | |
Operating lease liabilities - noncurrent | |
| 2,182,886 | |
Total lease liabilities | |
$ | 2,978,959 | |
|
SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES |
Supplemental
cash flow information related to leases was as follows:
SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES
| |
Six months ended | |
| |
July 1, 2023 | |
Cash paid for amounts included in the measurement of operating lease liabilities | |
$ | 496,691 | |
Other
information related to leases was as follows:
| |
July 1, 2023 | |
Weighted Average Discount Rate - Operating Leases | |
| 6.00 | % |
Weighted Average Remaining Lease Term - Operating Leases (in years) | |
| 4.28 | |
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v3.23.2
SEGMENTS AND DISAGGREGATION OF REVENUE (Tables)
|
6 Months Ended |
Jul. 01, 2023 |
Segment Reporting [Abstract] |
|
SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREAS |
Total
long-lived assets by country at July 1, 2023 and December 31, 2022 were:
SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREAS
Total Long-lived Assets (in thousands) | |
July 1, 2023 | | |
December 31, 2022 | |
United States | |
$ | 4,320 | | |
$ | 4,604 | |
United Kingdom | |
| 328 | | |
| 396 | |
Total | |
$ | 4,648 | | |
$ | 5,000 | |
|
SCHEDULE OF SEGMENT INFORMATION BY REVENUE TYPE |
During
the three and six months ended July 1, 2023 and June 25, 2022, the Company derived its sales from the following geographies:
SCHEDULE OF SEGMENT INFORMATION BY REVENUE TYPE
| |
Three months ended | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
| |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
(In thousands, except percentages) | |
Revenue | | |
% of Total | | |
Revenue | | |
% of Total | | |
Revenue | | |
% of Total | | |
Revenue | | |
% of Total | |
United States | |
$ | 8,931 | | |
| 86 | % | |
$ | 10,037 | | |
| 84 | % | |
$ | 17,909 | | |
| 85 | % | |
$ | 19,335 | | |
| 82 | % |
Other Americas | |
| 5 | | |
| — | | |
| — | | |
| — | | |
| 5 | | |
| — | | |
| — | | |
| — | |
Total Americas | |
| 8,936 | | |
| 86 | | |
| 10,037 | | |
| 84 | | |
| 17,914 | | |
| 85 | | |
| 19,335 | | |
| 82 | |
Asia - Pacific | |
| 1,184 | | |
| 11 | | |
| 1,564 | | |
| 13 | | |
| 2,593 | | |
| 12 | | |
| 3,707 | | |
| 16 | |
Europe | |
| 340 | | |
| 3 | | |
| 308 | | |
| 3 | | |
| 711 | | |
| 3 | | |
| 445 | | |
| 2 | |
Total Revenues | |
$ | 10,460 | | |
| 100 | % | |
$ | 11,909 | | |
| 100 | % | |
$ | 21,218 | | |
| 100 | % | |
$ | 23,487 | | |
| 100 | % |
|
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT |
During
the three and six months ended July 1, 2023 and June 25, 2022, the Company derived its sales from the following display applications:
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT
| |
Three months ended | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
(In thousands) | |
July 1, 2023 | | |
June 25, 2022 | | |
July 1, 2023 | | |
June 25, 2022 | |
Defense | |
$ | 5,067 | | |
$ | 7,087 | | |
$ | 11,487 | | |
$ | 11,844 | |
Industrial | |
| 884 | | |
| 1,633 | | |
| 1,808 | | |
| 3,162 | |
Consumer | |
| 59 | | |
| 284 | | |
| 370 | | |
| 505 | |
R&D | |
| 3,884 | | |
| 2,806 | | |
| 6,780 | | |
| 7,714 | |
License and royalties | |
| 566 | | |
| 99 | | |
| 773 | | |
| 262 | |
Total Revenues | |
$ | 10,460 | | |
$ | 11,909 | | |
$ | 21,218 | | |
$ | 23,487 | |
|
X |
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v3.23.2
RELATED PARTY TRANSACTIONS (Tables)
|
6 Months Ended |
Jul. 01, 2023 |
Related Party Transactions [Abstract] |
|
SCHEDULE OF TRANSACTIONS WITH RELATED PARTIES |
During
the three and six months ended July 1, 2023 and June 25, 2022, the Company had the following transactions with related parties:
SCHEDULE OF TRANSACTIONS WITH RELATED PARTIES
| |
Three Months Ended | |
| |
July 1, 2023 | | |
June 25, 2022 | |
| |
Sales | | |
Purchases | | |
Sales | | |
Purchases | |
RealWear, Inc. | |
$ | 562,622 | | |
$ | — | | |
$ | 94,805 | | |
$ | — | |
HMDmd, Inc. | |
| 236,279 | | |
| — | | |
| 62,925 | | |
| — | |
Lightning Silicon Technology, Inc. | |
| — | | |
| 168,800 | | |
| — | | |
| — | |
| |
$ | 798,901 | | |
$ | 168,800 | | |
$ | 157,730 | | |
$ | — | |
| |
Six Months Ended | |
| |
July 1, 2023 | | |
June 25, 2022 | |
| |
Sales | | |
Purchases | | |
Sales | | |
Purchases | |
RealWear, Inc. | |
$ | 769,646 | | |
$ | — | | |
$ | 719,022 | | |
$ | — | |
HMDmd, Inc. | |
| 502,755 | | |
| — | | |
| | |
| — | |
Lightning Silicon Technology, Inc. | |
| — | | |
| 208,055 | | |
| — | | |
| — | |
| |
$ | 1,272,401 | | |
$ | 208,055 | | |
$ | 781,947 | | |
$ | — | |
At
July 1, 2023 and December 31, 2022, the Company had the following receivables from and payables to related parties:
| |
July 1, 2023 | | |
December 31, 2022 | |
| |
Receivables | | |
Payables | | |
Receivables | | |
Payables | |
RealWear, Inc. | |
$ | 123,168 | | |
$ | — | | |
$ | 171,518 | | |
$ | — | |
HMDmd, Inc. | |
| 92,752 | | |
| — | | |
| 151,340 | | |
| — | |
Solos Technology | |
| 1,295 | | |
| — | | |
| 2,248 | | |
| — | |
Lightning Silicon Technology, Inc. | |
| 10,396 | | |
| 193,800 | | |
| — | | |
| — | |
| |
$ | 227,611 | | |
$ | 193,800 | | |
$ | 325,106 | | |
$ | — | |
|
X |
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v3.23.2
BASIS OF PRESENTATION (Details Narrative) - USD ($) $ / shares in Units, $ in Millions |
|
|
3 Months Ended |
Jan. 27, 2023 |
Jan. 05, 2023 |
Jun. 25, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Number of registered common stock sold |
17,000,000
|
|
|
Prefunded Warrants [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Number of registered common stock sold |
|
|
100,000
|
Pre-funded warrants issued to purchase common stock |
6,000,000
|
|
|
Offering price per share |
$ 0.99
|
|
|
Proceeds from issuance of warrants |
$ 21.4
|
|
|
LST Agreement [Member] | Lightning Silicon Technology Inc [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Stock Issued During Period, Shares, New Issues |
|
18,000,000
|
|
EMDT [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Equity ownership percentage |
|
|
20.00%
|
Lightning Silicon Technology Inc [Member] | LST Agreement [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Equity ownership percentage |
|
20.00%
|
|
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v3.23.2
SCHEDULE OF AVAILABLE-FOR-SALE MARKETABLE DEBT SECURITIES (Details) - USD ($)
|
Jul. 01, 2023 |
Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Amortized Cost |
$ 15,657,880
|
$ 4,500,018
|
Unrealized Losses |
(94,747)
|
(111,240)
|
Fair Value |
15,563,133
|
4,388,778
|
U.S. Government and Agency Backed Securities [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Amortized Cost |
8,407,706
|
2,500,006
|
Unrealized Losses |
(14,421)
|
(102,276)
|
Fair Value |
8,393,285
|
2,397,730
|
Corporate Debt and Certificates of Deposit [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Amortized Cost |
7,250,174
|
2,000,012
|
Unrealized Losses |
(80,326)
|
(8,964)
|
Fair Value |
$ 7,169,848
|
$ 1,991,048
|
X |
- DefinitionAmortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
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v3.23.2
SCHEDULE OF MARKETABLE DEBT SECURITIES (Details) - USD ($)
|
Jul. 01, 2023 |
Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Less than One year |
$ 8,660,263
|
|
One to Five Years |
6,902,870
|
|
Total |
15,563,133
|
$ 4,388,778
|
U.S. Government and Agency Backed Securities [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Less than One year |
6,423,450
|
|
One to Five Years |
1,969,835
|
|
Total |
8,393,285
|
$ 2,397,730
|
Corporate Debt And Certificate Of Deposit [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Less than One year |
2,236,813
|
|
One to Five Years |
4,933,035
|
|
Total |
$ 7,169,848
|
|
X |
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v3.23.2
SCHEDULE OF FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS (Details) - USD ($)
|
Jul. 01, 2023 |
Dec. 31, 2022 |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
$ 30,295,882
|
$ 20,368,862
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
21,433,192
|
8,962,497
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
4,414,925
|
3,898,175
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
4,447,765
|
7,508,190
|
Cash and Cash Equivalents [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
10,106,668
|
8,258,878
|
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
10,106,668
|
8,258,878
|
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
|
|
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
|
|
U.S. Government and Agency Backed Securities [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
8,393,285
|
2,397,730
|
U.S. Government and Agency Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
3,978,360
|
|
U.S. Government and Agency Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
4,414,925
|
2,397,730
|
U.S. Government and Agency Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
|
|
Certificates of Deposit [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
7,169,848
|
490,603
|
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
7,169,848
|
490,603
|
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
|
|
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
|
|
Equity Investments [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
4,626,081
|
7,721,206
|
Equity Investments [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
178,316
|
213,016
|
Equity Investments [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
|
|
Equity Investments [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
$ 4,447,765
|
7,508,190
|
Corporate Debt [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
|
1,500,445
|
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|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
|
|
Corporate Debt [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
|
1,500,445
|
Corporate Debt [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Financial instruments, owned, at fair value |
|
|
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v3.23.2
SCHEDULE OF FAIR VALUE, LIABILITIES MEASURED ON RECURRING BASIS (Details) - Equity Investments [Member]
|
6 Months Ended |
Jul. 01, 2023
USD ($)
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
Financial instrument fair value, beginning |
$ 7,508,190
|
Net unrealized gains |
(3,327,347)
|
Foreign currency losses |
(172,532)
|
Purchases, issuances and settlements |
439,454
|
Financial instrument fair value, ending |
$ 4,447,765
|
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v3.23.2
FAIR VALUE MEASUREMENTS (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
Sep. 30, 2019 |
Mar. 26, 2022 |
Dec. 28, 2019 |
Jul. 01, 2023 |
Jun. 25, 2022 |
Impairment charge |
|
|
$ 5,200,000
|
$ 3,100,000
|
|
Investment |
|
|
$ 0
|
|
|
Gain on investment |
|
$ 4,700,000
|
|
|
|
Additional equity investment |
|
|
|
|
$ 500,000
|
Payments for royalties |
|
|
|
400,000
|
|
Inventory write down |
|
|
|
292,405
|
$ 1,454,688
|
Unrealized gain on equity interest |
|
|
|
200,000
|
|
Asset Purchase Agreement [Member] |
|
|
|
|
|
Sale of Stock, Description of Transaction |
As consideration for the transaction, the Company received a 20.0% equity stake in Solos Incorporation (“Solos Inc.”).
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on the price paid for equity by the other 80.0% owners of Solos Inc. and other factors, the Company estimated the fair value of its equity
holdings at $0.6 million and in 2019 recorded a $0.6 million gain on its investment for this equity transaction as the basis of assets
transferred was zero. The investment was written down to $0.4 million as a result of an impairment analysis and write down performed
in 2020.
|
|
|
|
|
Equity Method Investment, Aggregate Cost |
$ 7,500,000
|
|
|
|
|
Investment Owned, Fair Value |
600,000
|
|
|
|
|
Realized Investment Gains (Losses) |
600,000
|
|
|
|
|
Investment owned |
$ 400,000
|
|
|
|
|
Inventory write down |
|
|
|
$ 200,000
|
|
Equity Investment [Member] |
|
|
|
|
|
Equity investment owned percentage |
|
|
|
3.40%
|
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SCHEDULE OF CHANGE IN ALLOWANCE FOR CREDIT LOSSES (Details)
|
6 Months Ended |
Jul. 01, 2023
USD ($)
|
Receivables [Abstract] |
|
Balance, December 31, 2022 |
$ 303,000
|
Additions |
829,000
|
Write-offs |
(29,000)
|
Balance, July 1, 2023 |
$ 1,103,000
|
X |
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v3.23.2
SCHEDULE OF INVENTORY (Details) - USD ($)
|
Jul. 01, 2023 |
Dec. 31, 2022 |
Inventory Disclosure [Abstract] |
|
|
Raw materials |
$ 4,907,401
|
$ 4,285,757
|
Work-in-process |
2,053,581
|
1,735,454
|
Finished goods |
917,036
|
405,189
|
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$ 7,878,018
|
$ 6,426,400
|
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|
3 Months Ended |
6 Months Ended |
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
Net loss per share |
|
|
|
|
Non-vested restricted common stock |
3,989,161
|
1,824,723
|
3,989,161
|
1,824,723
|
X |
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|
6 Months Ended |
Jul. 01, 2023
$ / shares
shares
|
Equity [Abstract] |
|
Number of shares, restricted stock outstanding beginning | shares |
1,965,901
|
Weighted average grant date fair value, restricted stock outstanding beginning | $ / shares |
$ 2.22
|
Number of shares, restricted stock granted | shares |
3,136,844
|
Weighted average grant date fair value, restricted stock granted | $ / shares |
$ 1.58
|
Number of shares, restricted stock forfeited | shares |
(691,118)
|
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$ 3.03
|
Number of shares, restricted stock vested | shares |
(422,466)
|
Weighted average grant date fair value, restricted stock vested | $ / shares |
$ 1.58
|
Number of shares, restricted stock outstanding ending | shares |
3,989,161
|
Weighted average grant date fair value, restricted stock outstanding ending | $ / shares |
$ 1.65
|
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v3.23.2
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
Total |
$ 1,191,258
|
$ 417,033
|
$ 1,385,449
|
$ 1,073,106
|
Cost of Sales [Member] |
|
|
|
|
Total |
427,323
|
11,713
|
453,541
|
78,381
|
Research and Development Expense [Member] |
|
|
|
|
Total |
322,294
|
108,347
|
339,168
|
255,726
|
Selling, General and Administrative Expenses [Member] |
|
|
|
|
Total |
$ 441,641
|
$ 296,973
|
$ 592,740
|
$ 738,999
|
X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized.
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v3.23.2
STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
Jan. 27, 2023 |
Apr. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
Class of Warrant or Right [Line Items] |
|
|
|
|
|
Number of registered common stock sold |
17,000,000
|
|
|
|
|
Proceeds from Issuance of Common Stock |
|
|
|
$ 21,335,000
|
$ 1,565,382
|
Sale of Stock, Price Per Share |
|
|
$ 1.26
|
|
$ 1.26
|
Stock Issued During Period, Value, New Issues |
|
$ 21,335,000
|
$ 41,400,000
|
|
|
Restricted stock granted |
|
|
|
3,136,844
|
|
Restricted stock granted |
|
|
|
422,466
|
|
Unrecognized compensation expense |
|
|
|
$ 4,000,000.0
|
|
Weighted average period, unrecognized |
|
|
|
3 years
|
|
Successful Achievement Of Milestones [Member] |
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
Restricted stock granted |
|
|
|
1,720,550
|
3,136,844
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
Restricted stock granted |
|
|
|
3,136,844
|
186,500
|
Time Based [Member] |
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
Restricted stock granted |
|
|
|
1,416,294
|
3,136,844
|
Treasury Stock, Common [Member] |
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
Stock Issued During Period, Value, New Issues |
|
|
|
|
|
Prefunded Warrants [Member] |
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
Number of registered common stock sold |
|
|
100,000
|
|
|
Pre-funded warrants issued to purchase common stock |
6,000,000
|
|
|
|
|
Offering price per share |
$ 0.99
|
|
|
|
|
Proceeds from issuance of warrants |
$ 21,400,000
|
|
|
|
|
Underwriting discounts and offering expenses |
$ 1,500,000
|
|
|
|
|
Exercise price of warrants |
$ 0.01
|
|
|
|
|
Proceeds from Issuance of Common Stock |
|
|
$ 2,100,000
|
|
|
Sale of Stock, Consideration Received Per Transaction |
|
|
$ 50,000,000
|
|
|
Prefunded Warrants [Member] | Treasury Stock, Common [Member] |
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
Number of registered common stock sold |
|
|
200,000
|
|
|
Prefunded Warrants [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
Proceeds from issuance of warrants |
$ 22,900,000
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
Number of registered common stock sold |
|
|
1,500,000
|
|
|
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v3.23.2
SCHEDULE OF ACCRUED WARRANTY (Details)
|
6 Months Ended |
Jul. 01, 2023
USD ($)
|
Guarantees and Product Warranties [Abstract] |
|
Balance, December 31, 2022 |
$ 1,966,000
|
Additions |
448,000
|
Claims |
(249,000)
|
Balance, July 1, 2023 |
$ 2,165,000
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SCHEDULE OF CONTRACT WITH CUSTOMER, ASSET AND LIABILITY (Details) - USD ($)
|
6 Months Ended |
|
Jul. 01, 2023 |
Dec. 31, 2022 |
Contract Assets And Liabilities |
|
|
Contract assets and unbilled receivables |
$ 4,108,406
|
$ 4,068,364
|
Change in contract assets and unbilled receivables |
$ 40,042
|
|
Percentage of change in contract assets-current |
1.00%
|
|
Contract liabilities and billings in excess of revenue earned |
$ (554,967)
|
(930,500)
|
Change Contract liabilities and billings in excess of revenue earned |
$ 375,533
|
|
Percentage Contract liabilities and billings in excess of revenue earned |
(40.00%)
|
|
Contract liabilities-noncurrent |
$ (6,224)
|
(6,190)
|
Change in contract liabilities-noncurrent |
$ (34)
|
|
Percentage of change in contract liabilities-noncurrent |
1.00%
|
|
Net contract assets |
$ 3,547,215
|
$ 3,131,674
|
Change in Net contract assets |
$ 415,541
|
|
Percentage of change in Net contract assets |
13.00%
|
|
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v3.23.2
CONTRACT ASSETS AND LIABILITIES (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
Contract Assets And Liabilities |
|
|
|
|
Change in net contract assets |
|
|
$ 415,541
|
|
Contract with customer, liability, revenue recognized |
$ 100,000
|
$ 2,900,000
|
600,000
|
$ 200,000
|
Revenue, remaining performance obligation, amount |
$ 14,600,000
|
|
$ 14,600,000
|
|
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SCHEDULE OF LEASE EXPENSE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
Leases |
|
|
|
|
Operating lease cost |
$ 217,863
|
$ 250,361
|
$ 432,426
|
$ 499,864
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SCHEDULE OF FUTURE LEASE PAYMENT UNDER NON-CANCELLABLE LEASE (Details)
|
Jul. 01, 2023
USD ($)
|
Leases |
|
2023 (excluding the six months ended July 1, 2023) |
$ 483,463
|
2024 |
898,459
|
2025 |
639,281
|
2026 |
604,000
|
2027 |
604,000
|
Thereafter |
201,333
|
Total future lease payments |
3,430,536
|
Less imputed interest |
(451,577)
|
Total |
$ 2,978,959
|
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SCHEDULE OF OPERATING LEASE PAYMENTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS (Details) - USD ($)
|
Jul. 01, 2023 |
Dec. 31, 2022 |
Leases |
|
|
Operating lease liabilities - current |
$ 796,073
|
$ 786,928
|
Operating lease liabilities - noncurrent |
2,182,886
|
$ 2,576,883
|
Total |
$ 2,978,959
|
|
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v3.23.2
SCHEDULE OF SEGMENT INFORMATION BY REVENUE TYPE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total Revenues |
$ 10,459,856
|
$ 11,909,032
|
$ 21,218,047
|
$ 23,487,454
|
Percentage of total revenue |
100.00%
|
100.00%
|
100.00%
|
100.00%
|
UNITED STATES |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total Revenues |
$ 8,931,000
|
$ 10,037,000
|
$ 17,909,000
|
$ 19,335,000
|
Percentage of total revenue |
86.00%
|
84.00%
|
85.00%
|
82.00%
|
Other Americas [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total Revenues |
$ 5,000
|
|
$ 5,000
|
|
Percentage of total revenue |
|
|
|
|
Total Americas [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total Revenues |
$ 8,936,000
|
$ 10,037,000
|
$ 17,914,000
|
$ 19,335,000
|
Percentage of total revenue |
86.00%
|
84.00%
|
85.00%
|
82.00%
|
Asia Pacific [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total Revenues |
$ 1,184,000
|
$ 1,564,000
|
$ 2,593,000
|
$ 3,707,000
|
Percentage of total revenue |
11.00%
|
13.00%
|
12.00%
|
16.00%
|
Europe [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total Revenues |
$ 340,000
|
$ 308,000
|
$ 711,000
|
$ 445,000
|
Percentage of total revenue |
3.00%
|
3.00%
|
3.00%
|
2.00%
|
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v3.23.2
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
Revenue from External Customer [Line Items] |
|
|
|
|
Total Revenues |
$ 10,459,856
|
$ 11,909,032
|
$ 21,218,047
|
$ 23,487,454
|
Defense [Member] |
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
Total Revenues |
5,067,000
|
7,087,000
|
11,487,000
|
11,844,000
|
Industrial [Member] |
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
Total Revenues |
884,000
|
1,633,000
|
1,808,000
|
3,162,000
|
Consumer [Member] |
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
Total Revenues |
59,000
|
284,000
|
370,000
|
505,000
|
Research and Development [Member] |
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
Total Revenues |
3,884,000
|
2,806,000
|
6,780,000
|
7,714,000
|
License and Royalties [Member] |
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
Total Revenues |
$ 566,000
|
$ 99,000
|
$ 773,000
|
$ 262,000
|
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v3.23.2
SCHEDULE OF TRANSACTIONS WITH RELATED PARTIES (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
Dec. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
|
Sales |
$ 798,901
|
$ 157,730
|
$ 1,272,401
|
$ 781,947
|
|
Purchase |
168,800
|
|
208,055
|
|
|
Receivables |
227,611
|
|
227,611
|
|
$ 325,106
|
Payables |
193,800
|
|
193,800
|
|
|
RealWear, Inc. [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Sales |
562,622
|
94,805
|
769,646
|
719,022
|
|
Purchase |
|
|
|
|
|
Receivables |
123,168
|
|
123,168
|
|
171,518
|
Payables |
|
|
|
|
|
HMDMd Inc [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Sales |
236,279
|
62,925
|
502,755
|
62,925
|
|
Purchase |
|
|
|
|
|
Receivables |
92,752
|
|
92,752
|
|
151,340
|
Payables |
|
|
|
|
|
Lightning Silicon Techonology Inc [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Sales |
|
|
|
|
|
Purchase |
168,800
|
|
208,055
|
|
|
Receivables |
10,396
|
|
10,396
|
|
|
Payables |
193,800
|
|
193,800
|
|
|
Solos Technology [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Receivables |
1,295
|
|
1,295
|
|
2,248
|
Payables |
|
|
|
|
|
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