Form 10-Q - Quarterly report [Sections 13 or 15(d)]
July 07 2023 - 06:08AM
Edgar (US Regulatory)
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Table of Contents
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 May 31, 2023
or
☐ 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: 001-34992
SemiLEDs Corporation
(Exact name of registrant as specified in its charter)
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Delaware |
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20-2735523 |
(State or other jurisdiction of |
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(I.R.S. Employer |
incorporation or organization) |
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Identification Number) |
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3F, No. 11 Ke Jung Rd., Chu-Nan Site, |
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Hsinchu Science Park, Chu-Nan 350, |
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Miao-Li County, Taiwan, R.O.C. |
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350 |
(Address of principal executive offices) |
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(Zip Code) |
+886-37-586788
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading
Symbol(s) |
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Name of each exchange on which registered |
Common Stock, par value $0.0000056 |
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LEDS |
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The Nasdaq Stock Market |
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 such 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, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
☐ |
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Accelerated filer |
☐ |
Non-accelerated filer |
☒ |
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Smaller reporting company |
☒ |
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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 ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 4,915,282 shares of common stock, par value $0.0000056 per share, outstanding as of June 30, 2023.
Table of Contents
SEMILEDS CORPORATION
FORM 10-Q for the Quarter Ended May 31, 2023
INDEX
Table of Contents
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
SEMILEDS CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars and shares, except par value)
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May 31, |
August 31, |
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2023 |
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2022 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
3,041 |
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$ |
4,274 |
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Restricted cash and cash equivalents |
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81 |
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82 |
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Accounts receivable (including related parties), net of allowance for doubtful accounts of $180 and $181 as of May 31, 2023 and August 31, 2022, respectively |
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981 |
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880 |
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Inventories |
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4,207 |
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3,784 |
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Prepaid expenses and other current assets |
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160 |
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123 |
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Total current assets |
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8,470 |
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9,143 |
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Property, plant and equipment, net |
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3,360 |
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4,139 |
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Operating lease right of use assets |
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1,456 |
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1,578 |
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Intangible assets, net |
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98 |
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102 |
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Investments in unconsolidated entities |
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913 |
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922 |
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Other assets |
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286 |
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|
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170 |
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TOTAL ASSETS |
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$ |
14,583 |
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$ |
16,054 |
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LIABILITIES AND EQUITY |
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CURRENT LIABILITIES: |
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Current installments of long-term debt |
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$ |
5,072 |
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$ |
5,063 |
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Accounts payable |
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544 |
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|
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286 |
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Accrued expenses and other current liabilities |
|
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2,690 |
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|
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2,702 |
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Other payable to related parties |
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1,298 |
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|
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1,061 |
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Operating lease liabilities, current |
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144 |
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143 |
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Total current liabilities |
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9,748 |
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9,255 |
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Long-term debt, excluding current installments |
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1,493 |
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1,866 |
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Operating lease liabilities, less current portion |
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1,312 |
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1,435 |
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Total liabilities |
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12,553 |
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12,556 |
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Commitments and contingencies (Note 5) |
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EQUITY: |
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SemiLEDs stockholders’ equity |
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Common stock, $0.0000056 par value—7,500 shares authorized; 4,915 shares and 4,832 shares issued and outstanding as of May 31, 2023 and August 31, 2022, respectively |
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— |
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— |
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Additional paid-in capital |
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184,092 |
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183,711 |
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Accumulated other comprehensive income |
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3,658 |
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3,697 |
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Accumulated deficit |
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|
(185,764 |
) |
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|
(183,955 |
) |
Total SemiLEDs stockholders' equity |
|
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1,986 |
|
|
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3,453 |
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Noncontrolling interests |
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44 |
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45 |
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Total equity |
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2,030 |
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|
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3,498 |
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TOTAL LIABILITIES AND EQUITY |
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$ |
14,583 |
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$ |
16,054 |
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See notes to unaudited condensed consolidated financial statements.
1
Table of Contents
SEMILEDS CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(In thousands of U.S. dollars and shares, except per share data)
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Three Months Ended |
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Nine Months Ended |
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May 31, 2023 |
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May 31, 2022 |
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May 31, 2023 |
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May 31, 2022 |
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Revenues, net |
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$ |
1,679 |
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|
$ |
1,784 |
|
|
$ |
4,526 |
|
|
$ |
5,425 |
|
Cost of revenues |
|
|
1,438 |
|
|
|
1,448 |
|
|
|
3,560 |
|
|
|
4,363 |
|
Gross profit |
|
|
241 |
|
|
|
336 |
|
|
|
966 |
|
|
|
1,062 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
372 |
|
|
|
357 |
|
|
|
1,032 |
|
|
|
1,056 |
|
Selling, general and administrative |
|
|
850 |
|
|
|
810 |
|
|
|
2,271 |
|
|
|
2,333 |
|
Gain on disposals of long-lived assets, net |
|
|
— |
|
|
|
(57 |
) |
|
|
— |
|
|
|
(196 |
) |
Total operating expenses |
|
|
1,222 |
|
|
|
1,110 |
|
|
|
3,303 |
|
|
|
3,193 |
|
Loss from operations |
|
|
(981 |
) |
|
|
(774 |
) |
|
|
(2,337 |
) |
|
|
(2,131 |
) |
Other income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses, net |
|
|
(67 |
) |
|
|
(94 |
) |
|
|
(219 |
) |
|
|
(277 |
) |
Other income, net |
|
|
295 |
|
|
|
264 |
|
|
|
766 |
|
|
|
1,215 |
|
Foreign currency transaction loss, net |
|
|
(3 |
) |
|
|
(307 |
) |
|
|
(20 |
) |
|
|
(395 |
) |
Total other income (expenses), net |
|
|
225 |
|
|
|
(137 |
) |
|
|
527 |
|
|
|
543 |
|
Loss before income taxes |
|
|
(756 |
) |
|
|
(911 |
) |
|
|
(1,810 |
) |
|
|
(1,588 |
) |
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
|
(756 |
) |
|
|
(911 |
) |
|
|
(1,810 |
) |
|
|
(1,588 |
) |
Less: Net income (loss) attributable to noncontrolling interests |
|
|
— |
|
|
|
5 |
|
|
|
(1 |
) |
|
|
18 |
|
Net loss attributable to SemiLEDs stockholders |
|
$ |
(756 |
) |
|
$ |
(916 |
) |
|
$ |
(1,809 |
) |
|
$ |
(1,606 |
) |
Net loss per share attributable to SemiLEDs stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.15 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.36 |
) |
Diluted |
|
$ |
(0.15 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.36 |
) |
Shares used in computing net loss per share attributable to SemiLEDs stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,897 |
|
|
|
4,517 |
|
|
|
4,866 |
|
|
|
4,488 |
|
Diluted |
|
|
4,897 |
|
|
|
4,517 |
|
|
|
4,866 |
|
|
|
4,488 |
|
See notes to unaudited condensed consolidated financial statements.
2
Table of Contents
SEMILEDS CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(In thousands of U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
May 31, 2023 |
|
|
May 31, 2022 |
|
|
May 31, 2023 |
|
|
May 31, 2022 |
|
Net loss |
|
$ |
(756 |
) |
|
$ |
(911 |
) |
|
$ |
(1,810 |
) |
|
$ |
(1,588 |
) |
Other comprehensive loss, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments, net of tax of $0 for all periods presented |
|
|
(33 |
) |
|
|
115 |
|
|
|
(39 |
) |
|
|
149 |
|
Comprehensive loss |
|
$ |
(789 |
) |
|
$ |
(796 |
) |
|
$ |
(1,849 |
) |
|
$ |
(1,439 |
) |
Comprehensive income (loss) attributable to noncontrolling interests |
|
|
— |
|
|
$ |
4 |
|
|
$ |
(1 |
) |
|
$ |
16 |
|
Comprehensive loss attributable to SemiLEDs stockholders |
|
$ |
(789 |
) |
|
$ |
(800 |
) |
|
$ |
(1,848 |
) |
|
$ |
(1,455 |
) |
See notes to unaudited condensed consolidated financial statements.
3
Table of Contents
SEMILEDS CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statement of Changes in Equity
(In thousands of U.S. dollars and shares)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
Other |
|
|
|
|
|
SemiLEDs |
|
|
Non- |
|
|
|
|
|
|
Common Stock |
|
|
Paid-in |
|
|
Comprehensive |
|
|
Accumulated |
|
|
Shareholders' |
|
|
Controlling |
|
|
Total |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Income |
|
|
Deficit |
|
|
Equity |
|
|
Interests |
|
|
Equity |
|
BALANCE—September 1, 2022 |
|
|
4,832 |
|
|
$ |
— |
|
|
$ |
183,711 |
|
|
$ |
3,697 |
|
|
$ |
(183,955 |
) |
|
$ |
3,453 |
|
|
$ |
45 |
|
|
$ |
3,498 |
|
Stock-based compensation |
|
|
16 |
|
|
|
— |
|
|
|
125 |
|
|
|
— |
|
|
|
— |
|
|
|
125 |
|
|
|
— |
|
|
|
125 |
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(55 |
) |
|
|
— |
|
|
|
(55 |
) |
|
|
— |
|
|
|
(55 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(512 |
) |
|
|
(512 |
) |
|
|
3 |
|
|
|
(509 |
) |
BALANCE—November 30, 2022 |
|
|
4,848 |
|
|
|
— |
|
|
|
183,836 |
|
|
|
3,642 |
|
|
|
(184,467 |
) |
|
|
3,011 |
|
|
|
48 |
|
|
|
3,059 |
|
Stock-based compensation |
|
|
44 |
|
|
|
— |
|
|
|
115 |
|
|
|
— |
|
|
|
— |
|
|
|
115 |
|
|
|
— |
|
|
|
115 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
49 |
|
|
|
— |
|
|
|
49 |
|
|
|
— |
|
|
|
49 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(541 |
) |
|
|
(541 |
) |
|
|
(4 |
) |
|
|
(545 |
) |
BALANCE—February 28, 2023 |
|
|
4,892 |
|
|
|
— |
|
|
|
183,951 |
|
|
|
3,691 |
|
|
|
(185,008 |
) |
|
|
2,634 |
|
|
|
44 |
|
|
|
2,678 |
|
Stock-based compensation |
|
|
23 |
|
|
|
— |
|
|
|
141 |
|
|
|
— |
|
|
|
— |
|
|
|
141 |
|
|
|
— |
|
|
|
141 |
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(33 |
) |
|
|
— |
|
|
|
(33 |
) |
|
|
— |
|
|
|
(33 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(756 |
) |
|
|
(756 |
) |
|
|
— |
|
|
|
(756 |
) |
BALANCE—May 31, 2023 |
|
|
4,915 |
|
|
$ |
— |
|
|
$ |
184,092 |
|
|
$ |
3,658 |
|
|
$ |
(185,764 |
) |
|
$ |
1,986 |
|
|
$ |
44 |
|
|
$ |
2,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
Other |
|
|
|
|
|
SemiLEDs |
|
|
Non- |
|
|
|
|
|
|
Common Stock |
|
|
Paid-in |
|
|
Comprehensive |
|
|
Accumulated |
|
|
Shareholders' |
|
|
Controlling |
|
|
Total |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Income |
|
|
Deficit |
|
|
Equity |
|
|
Interests |
|
|
Equity |
|
BALANCE—September 1, 2021 |
|
|
4,460 |
|
|
$ |
— |
|
|
$ |
182,255 |
|
|
$ |
3,543 |
|
|
$ |
(181,211 |
) |
|
$ |
4,587 |
|
|
$ |
|