Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 21, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001158114 | ||
Entity Registrant Name | APPLIED OPTOELECTRONICS, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-36083 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 76-0533927 | ||
Entity Address, Address Line One | 13139 Jess Pirtle Blvd. | ||
Entity Address, City or Town | Sugar Land | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77478 | ||
City Area Code | 281 | ||
Local Phone Number | 295-1800 | ||
Title of 12(b) Security | Common Stock, Par value $0.001 | ||
Trading Symbol | AAOI | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 38,951,697 | ||
Entity Common Stock, Shares Outstanding | 28,973,196 | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Houston, Texas |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 24,685 | $ 34,656 |
Restricted cash | 10,902 | 6,480 |
Accounts receivable - trade, net of allowance of $28 and $30, respectively | 61,175 | 47,944 |
Notes receivable | 339 | 8,148 |
Inventories | 79,679 | 92,516 |
Prepaid income tax | 0 | 1 |
Prepaid expenses and other current assets | 6,384 | 4,334 |
Total current assets | 183,164 | 194,079 |
Property, plant and equipment, net | 210,184 | 243,035 |
Land use rights, net | 5,238 | 5,856 |
Operating right of use asset | 5,566 | 7,078 |
Financing right of use asset | 26 | 57 |
Intangible assets, net | 3,699 | 3,836 |
Other assets, net | 386 | 518 |
TOTAL ASSETS | 408,263 | 454,459 |
Current liabilities | ||
Accounts payable | 47,845 | 34,402 |
Bank acceptance payable | 12,337 | 8,198 |
Accrued liabilities | 17,222 | 15,587 |
Deferred revenue | 3,000 | 0 |
Current lease liability - operating | 1,041 | 1,062 |
Current lease liability - financing | 63 | 19 |
Current portion of notes payable and long-term debt | 57,074 | 49,689 |
Total current liabilities | 138,582 | 108,957 |
Convertible senior notes | 79,506 | 78,680 |
Non-current lease liability - operating | 5,505 | 7,189 |
Non-current lease liability - financing | 0 | 63 |
Notes payable and long-term debt, less current portion | 0 | 5,000 |
TOTAL LIABILITIES | 223,593 | 199,889 |
Stockholders' equity: | ||
Preferred Stock; 5,000 shares authorized at $0.001 par value; no shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 0 | 0 |
Common Stock; 45,000 shares authorized at $0.001 par value; 28,622 and 27,323 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 29 | 27 |
Additional paid-in capital | 391,526 | 381,143 |
Accumulated other comprehensive income | 2,183 | 16,071 |
Accumulated deficit | (209,068) | (142,671) |
TOTAL STOCKHOLDERS' EQUITY | 184,670 | 254,570 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 408,263 | $ 454,459 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts receivable, allowance | $ 28 | $ 30 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 45,000,000 | 45,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued (in shares) | 28,622,000 | 27,323,000 |
Common stock, shares outstanding (in shares) | 28,622,000 | 27,323,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, net | $ 222,818 | $ 211,565 | $ 234,623 |
Cost of goods sold | 189,191 | 173,850 | 184,082 |
Gross profit | 33,627 | 37,715 | 50,541 |
Operating expenses | |||
Research and development | 36,244 | 41,220 | 43,393 |
Sales and marketing | 9,723 | 10,899 | 14,087 |
General and administrative | 46,658 | 42,362 | 41,903 |
Total operating expenses | 92,625 | 94,481 | 99,383 |
Loss from operations | (58,998) | (56,766) | (48,842) |
Other income (expense) | |||
Interest income | 126 | 70 | 255 |
Interest expense | (6,319) | (5,620) | (5,635) |
Other income (expense), net | (1,205) | 8,156 | 2,998 |
Total other income (expense), net | (7,398) | 2,606 | (2,382) |
Loss before income taxes | (66,396) | (54,160) | (51,224) |
Income tax expense | (1) | (2) | (7,228) |
Net loss | $ (66,397) | $ (54,162) | $ (58,452) |
Net loss per share | |||
Basic (in dollars per share) | $ (2.38) | $ (2.01) | $ (2.67) |
Diluted (in dollars per share) | $ (2.38) | $ (2.01) | $ (2.67) |
Weighted average shares used to compute net loss per share: | |||
Basic (in shares) | 27,846,387 | 26,912,141 | 21,866,630 |
Diluted (in shares) | 27,846,387 | 26,912,141 | 21,866,630 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net loss | $ (66,397) | $ (54,162) | $ (58,452) |
Gain/(Loss) on foreign currency translation adjustment | (13,888) | 4,381 | 11,260 |
Comprehensive loss | $ (80,285) | $ (49,781) | $ (47,192) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 0 | 20,140 | ||||
Balance at Dec. 31, 2019 | $ 0 | $ 20 | $ 303,401 | $ 430 | $ (30,057) | $ 273,794 |
Public offering of common stock, net (in shares) | 0 | 4,470 | ||||
Public offering of common stock, net | $ 0 | $ 4 | 39,306 | 0 | 0 | 39,310 |
Stock options exercised, net of shares withheld for employee tax (in shares) | 0 | 3 | ||||
Stock options exercised, net of shares withheld for employee tax | $ 0 | $ 0 | 30 | 0 | 0 | 30 |
Issuance of restricted stock, net of shares withheld for employee tax (in shares) | 0 | 497 | ||||
Issuance of restricted stock, net of shares withheld for employee tax | $ 0 | $ 1 | (1,098) | 0 | 0 | (1,097) |
Share-based compensation | 0 | 0 | 13,046 | 0 | 0 | 13,046 |
Foreign currency translation adjustment | 0 | 0 | 0 | 11,260 | 0 | 11,260 |
Net loss | $ 0 | 0 | (58,452) | (58,452) | ||
Balance (in shares) at Dec. 31, 2020 | 0 | 25,110 | ||||
Balance at Dec. 31, 2020 | $ 0 | $ 25 | 354,685 | 11,690 | (88,509) | 277,891 |
Public offering of common stock, net (in shares) | 0 | 1,552 | ||||
Public offering of common stock, net | $ 0 | $ 1 | 15,288 | 0 | 0 | 15,289 |
Stock options exercised, net of shares withheld for employee tax (in shares) | 0 | 2 | ||||
Stock options exercised, net of shares withheld for employee tax | $ 0 | $ 0 | 8 | 0 | 0 | 8 |
Issuance of restricted stock, net of shares withheld for employee tax (in shares) | 0 | 659 | ||||
Issuance of restricted stock, net of shares withheld for employee tax | $ 0 | $ 1 | (959) | 0 | 0 | (958) |
Share-based compensation | 0 | 0 | 12,121 | 0 | 0 | 12,121 |
Foreign currency translation adjustment | 0 | 0 | 0 | 4,381 | 0 | 4,381 |
Net loss | $ 0 | (54,162) | (54,162) | |||
Balance (in shares) at Dec. 31, 2021 | 0 | 27,323 | ||||
Balance at Dec. 31, 2021 | $ 0 | $ 27 | 381,143 | 16,071 | (142,671) | 254,570 |
Public offering of common stock, net (in shares) | 0 | 437 | ||||
Public offering of common stock, net | $ 0 | $ 1 | 1,237 | 0 | 0 | $ 1,238 |
Stock options exercised, net of shares withheld for employee tax (in shares) | 0 | |||||
Stock options exercised, net of shares withheld for employee tax | $ 0 | $ 0 | 0 | 0 | 0 | $ 0 |
Issuance of restricted stock, net of shares withheld for employee tax (in shares) | 0 | 862 | ||||
Issuance of restricted stock, net of shares withheld for employee tax | $ 0 | $ 1 | (454) | 0 | 0 | (453) |
Share-based compensation | 0 | 0 | 9,600 | 0 | 0 | 9,600 |
Foreign currency translation adjustment | 0 | 0 | 0 | (13,888) | 0 | (13,888) |
Net loss | $ 0 | $ 0 | 0 | 0 | (66,397) | (66,397) |
Balance (in shares) at Dec. 31, 2022 | 0 | 28,622 | ||||
Balance at Dec. 31, 2022 | $ 0 | $ 29 | $ 391,526 | $ 2,183 | $ (209,068) | $ 184,670 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | |||
Net loss | $ (66,397) | $ (54,162) | $ (58,452) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Allowance of bad debt | (3) | (32) | 32 |
Inventory reserve adjustment | 4,900 | 3,889 | 3,930 |
Depreciation and amortization | 23,202 | 25,371 | 24,733 |
Amortization of debt issuance costs | 902 | 865 | 900 |
Deferred income taxes, net | 0 | 0 | 7,348 |
Loss (gain) on disposal of assets | (47) | 1 | 15 |
Share-based compensation | 9,600 | 12,121 | 13,046 |
Interest for extinguishment of debt | 0 | (70) | 0 |
Extinguishment of debt | 0 | (6,229) | 0 |
Unrealized foreign exchange (gain) loss | 1,916 | 645 | (1,152) |
Changes in operating assets and liabilities: | |||
Accounts receivable, trade | (12,749) | (7,020) | (8,421) |
Notes receivable | 7,764 | (7,585) | (389) |
Prepaid income tax | 1 | 1 | 188 |
Inventories | 1,150 | 15,786 | (23,674) |
Other current assets | (2,406) | 867 | 1,220 |
Operating right of use asset | 888 | 848 | 407 |
Accounts payable | 12,966 | 7,069 | (3,347) |
Accrued income taxes | 0 | 1 | 1 |
Accrued liabilities | 5,260 | (3,092) | 44 |
Lease liability | (969) | (918) | (438) |
Net cash used in operating activities | (14,022) | (11,644) | (44,009) |
Investing activities: | |||
Purchase of property, plant and equipment | (3,210) | (7,981) | (15,795) |
Proceeds from disposal of equipment | 403 | 114 | 216 |
Deposits and prepaid for equipment | (529) | (2,222) | (3,279) |
Purchase of intangible assets | (498) | (457) | (489) |
Net cash used in investing activities | (3,834) | (10,546) | (19,347) |
Financing activities: | |||
Proceeds from issuance of notes payable and long-term debt, net of debt issuance costs | 0 | 0 | 6,229 |
Principal payments of long-term debt and notes payable | (7,336) | (4,144) | (5,233) |
Proceeds from line of credit borrowings, net of debt issuance costs | 143,261 | 122,935 | 95,730 |
Repayments of line of credit borrowings, net of debt issuance costs | (131,030) | (111,287) | (96,006) |
Proceeds from bank acceptance payable | 45,666 | 24,622 | 39,958 |
Repayments of bank acceptance payable | (40,573) | (32,465) | (31,338) |
Proceeds from issuance of convertible senior notes, net of debt issuance costs | 0 | 0 | (18) |
Principal payments of financing lease | (19) | (18) | (17) |
Exercise of stock options | 0 | 8 | 13 |
Payments of tax withholding on behalf of employees related to share-based compensation | (453) | (961) | (1,080) |
Proceeds from common stock offering, net | 1,238 | 15,397 | 39,203 |
Net cash provided by financing activities | 10,753 | 14,087 | 47,441 |
Effect of exchange rate changes on cash | 1,553 | (876) | (999) |
Net decrease in cash, cash equivalents and restricted cash | (5,550) | (8,979) | (16,914) |
Cash, cash equivalents and restricted cash at beginning of period | 41,136 | 50,115 | 67,029 |
Cash, cash equivalents and restricted cash at end of period | 35,587 | 41,136 | 50,115 |
Supplemental disclosure of cash flow information: | |||
Interest | 5,142 | 4,899 | 4,971 |
Income taxes | 0 | 1 | (364) |
Non-cash investing and financing activities: | |||
Net change in accounts payable related to property and equipment additions | (164) | (4,027) | (2,326) |
Net change in deposits and prepaid for equipment related to property and equipment additions | $ 67 | $ 84 | $ (64) |
Note A - Organization and Opera
Note A - Organization and Operations | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE A—ORGANIZATION AND OPERATIONS Applied Optoelectronics, Inc. (“AOI” or the “Company”) was incorporated in the State of Texas on February 28, 1997. March 2013, four The Company has manufacturing and research and development facilities located in the U.S., Taiwan and China. At its corporate headquarters and manufacturing facilities in Sugar Land, Texas, the Company primarily manufactures lasers and laser components and performs research and development activities for laser component and optical module products. The Company operates in Taipei, Taiwan and Ningbo, China through its wholly-owned subsidiary Prime World International Holdings, Ltd. (“Prime World”, incorporated in the British Virgin Islands). Prime World is the parent of Global Technology, Inc. (“Global”, incorporated in the People’s Republic of China). Through Global, the Company primarily manufactures certain of its data center transceiver products, including subassemblies and transceivers, as well as Cable TV Broadband (“CATV”) systems and equipment, and performs research and development activities for the CATV products. Prime World also operates a branch in Taiwan, which primarily manufactures transceivers. The Company also has a research and development center in Duluth, Georgia. On September 15, 2022, The purchase price will be an amount equal to the $150 million USD equivalent of Renminbi, less a holdback amount. Prior to the closing of the transaction the Company anticipates investing an amount equal to between 4% and 10% of the estimated proceeds from the transaction in exchange for a 10% equity interest in the Purchaser. The transaction is expected to close in 2023, Our management has performed an evaluation as required by ASC- 360 10 45 9 December 31, 2022. 360 one not not not 360 none |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE B—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. Basis of Presentation The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries and are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation. 2. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates in the consolidated financial statements and accompanying notes. Significant estimates and assumptions that impact these financial statements relate to, among other things, allowance for doubtful accounts, inventory reserve, product warranty costs, share-based compensation expense, estimated useful lives of property and equipment, and taxes. 3. Foreign Currency Translation The functional currency for the Company’s foreign operations is the local currency. The assets and liabilities of these operations are translated at the rate of exchange in effect on the balance sheet date and sales and expenses are translated at monthly average rates. The resulting gains or losses from translation are included in a separate component of other comprehensive income. There is no no 4. Fair Value The carrying value of cash, cash equivalents and short-term investments, accounts receivable, accounts payable, and note receivable approximate their historical fair values due to their short-term maturities. The carrying value of the debt approximates its fair value due to the short-term nature of the debt since it renews frequently at current interest rates. Management believes that the interest rates in effect at each year end represent the current market rates for similar borrowings. The fair value measurement standard defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard characterizes inputs used in determining fair value according to a hierarchy that prioritized inputs based on the degree to which they are observable. The three Level 1—Inputs Level 2—Inputs 1 not Level 3—Inputs not Assets and liabilities that are required to be fair valued on a recurring basis include money market funds, marketable securities, equity instruments and contingent consideration. Money market funds are valued with Level 1 5. Cash and Cash Equivalents The Company considers all highly liquid securities with an original maturity of ninety December 31, 2022 2021 , respectively. The Company maintains cash and cash equivalents at U.S. financial institutions for which the combined account balances in individual institutions may December 31, 2022 , approximately $18.3 million of U.S. deposits were not not not 6. Restricted Cash/Compensating Balances Restricted cash includes guarantee deposits for customs duties and compensating balances associated with credit facilities. 7. Accounts Receivable/Allowance for Doubtful Accounts The Company carries its accounts receivable at the net amount that it estimates to be collectible. An allowance for uncollectable accounts is maintained through a charge against operations. The allowance is determined by management review of outstanding amounts per customer, historical payments and the aging of accounts. 8. Concentration of Credit Risk and Significant Customers Financial instruments which potentially subject the Company to concentrations of credit risk include cash, cash equivalents and accounts receivable. The Company places all cash and cash equivalents with high-credit quality financial institutions. The Company performs ongoing credit valuations of its customers’ financial condition whenever deemed necessary and generally does not 2022, 2021 2020 , its top five 2022 , ATX and Microsoft represented 47.3% and 18.4% of its revenue, respectively. In 2021, The five December 31, 2022 2021 , respectively. As of December 31, 2022 , ATX represented 64.9% of total accounts receivable. As of December 31, 2021, No ten 2022, 2021 2020 ten December 31, 2022 2021. 9. Inventories Inventories are stated at the lower of cost (average-cost method) or net realizable value. Work in process and finished goods includes materials, labor and allocated overhead. The Company assesses the valuation of its inventory on a periodic basis and provides write-offs for the value of estimated excess and obsolete inventory based on estimates of future demand. Inventory reserves are recorded to account for the excess and obsolete inventory combined with the lower of cost or net realizable value assessments. To develop the reserve, the Company developed certain percentages that determine the extent of inventory reserve adjustments based on the age of the inventory. Such percentages were determined through analysis of the inventory to determine each product's lifespan, a review historical write-offs or scrapped inventory, and an assessment by product engineers of the possibility of obsolescence for each product. 10. Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. The Company calculates depreciation using the straight-line method over the following estimated useful lives: Useful lives (in years) Buildings 20 - 42 Land improvements 10 Machinery and equipment 2 - 20 Furniture and fixtures 3 - 7 Computer equipment and software 3 - 10 Leasehold improvements The shorter of the life of the applicable lease or the useful life of the improvement Transportation equipment 5 Major improvements are capitalized and expenditures for maintenance and repairs are expensed as incurred. Construction in progress represents property, plant and equipment under construction or being installed. Costs include original cost, installation, construction and other direct costs which include interest on borrowings used to finance the asset. Construction in progress is transferred to the appropriate fixed asset account and depreciation commences when the asset has been substantially completed and placed in service. Land use rights allow the Company rights for 50 October 7, 2054 December 28, 2067. 11. Intangible Assets Intangible assets consist of intellectual property that is stated at cost less accumulated amortization. As of December 31, 2022 , the Company had 304 trademark may not no 12. Impairment of Long-Lived Assets The Company accounts for impairment of long-lived assets in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment , (“ASC 360” 360, may not not not 2022 , 2021 or 2020. 13. Comprehensive Income (Loss) ASC 220, Comprehensive Income , (“ASC 220” 220 14. Share-based Compensation The Company accounts for share-based compensation in accordance with the provisions of ASC 718, Compensation—Stock Compensation . Share-based compensation expense is recognized based on the grant date fair value in order to recognize compensation cost for those shares expected to vest. Compensation cost is recognized on a straight-line basis over the vesting period of the restricted stock units and adjusted as forfeitures occur. 15. Revenue Recognition The Company derives revenue from the manufacture and sale of fiber optic networking products. Revenue recognition follows the criteria of ASC 606, Revenue from Contracts with Customers . Specifically, the Company recognizes revenue when obligations under the terms of a contract with its customer are satisfied; generally this occurs with the transfer of control of products or services not 16. Product Warranty The Company generally offers a one three five may may December 31, 2022 2021 , the amount of accrued warranty was $0.1 million and $0.3 million, respectively. Changes in products warranty were as follows (in thousands): Year ended December 31, 2022 2021 Beginning Balance, January 1 $ 263 $ 703 Warranty costs incurred (85 ) (826 ) Provision for warranty (38 ) 386 Ending Balance, December 31 $ 140 $ 263 17. Advertising Costs Advertising costs are charged to operations as incurred and amounted to approximately $0.8 million, $0.1 million, and $0.4 million for the years ended December 31, 2022, 2021 2020 , respectively. 18. Research and Development Research and development costs are charged to operations as incurred. The Company receives reimbursement for certain development costs, which offset with expense up to the reimbursable amount. 19. Shipping and Handling Costs Shipping and handling costs are included in operating expenses as fulfillment costs unless we bill our customers for shipping and handling charges, which are included in net sales for the applicable period, and the corresponding shipping and handling expense is reported in cost of sales. 20. Income Taxes The Company accounts for income taxes in accordance with the provisions of ASC 740, Income Taxes . The liability method is used to account for deferred income taxes. Under the liability method, deferred tax assets and liabilities are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The ability to realize deferred tax assets is evaluated annually and a valuation allowance is provided if it is unlikely that the deferred tax assets will not The Company records uncertain tax positions in accordance with ASC 740 two 1 not 2 not 50% The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations. Accrued interest and penalties are included on the related tax liability line in the consolidated balance sheet. 21. Global Intangible Low-taxed Income Provisions ("GILTI") One of the base broadening provisions of the U.S. Tax Cuts and Jobs Act of 2017 2017 December 31, 2022, December 31, 2021, December 31, 2020, 22. Recent Accounting Pronouncements Recent Accounting Pronouncements Adopted in 2022 There was no 2022. Recent Accounting Pronouncements Adopted in 2021 In March 2020, 2020 04, 848 March 12, 2020 may December 31, 2022. January 1, 2021, no In August 2020, 2020 06, 470 20 815 40 two three 470 20 January 1, 2021, no In November 2020, 301 302 303 January 11, 2021, thirty February 10, 2021, first 210 not Recent Accounting Pronouncements Yet to be Adopted To date, there have been no not |
Note C - Revenue Recognition
Note C - Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE C—REVENUE RECOGNITION Revenue from Contracts with Customers The Company derives revenue from the manufacture and sale of fiber optic networking products. Revenue is recognized when obligations under the terms of a contract with its customer are satisfied; generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or providing services. Certain customers may five 1. A contract with a customer exists when (i) the Company enters into an agreement with a customer that defines each party's rights regarding the products or services to be transferred and identifies the payment terms related to these products or services, (ii) both parties to the contract are committed to perform their respective obligations, (iii) the contract has commercial substance, and (iv) the Company determines that collection of substantially all consideration for products or services that are transferred is probable based on the customer's intent and ability to pay the promised consideration. The Company applies judgment in determining the customer's ability and intention to pay, which is based on a variety of factors including the customer's payment history or, in the case of a new customer, published credit and financial information pertaining to the customer. 2. Performance obligations promised in a contract are identified based on the products or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the product or service either on its own or together with other resources that are readily available from third not 3. The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring products or services to the customer. To the extent the transaction price is variable, revenue is recognized at an amount equal to the consideration to which the Company expects to be entitled. This estimate includes customer sales incentives which are accounted for as a reduction to revenue and estimated using either the expected value method or the most likely amount method, depending on the nature of the program. The Company will adjust its consideration for any rebates if it is more likely than not 4. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price basis unless a portion of the variable consideration related to the contract is allocated entirely to a performance obligation. The Company determines standalone selling price based on the price at which the performance obligation is sold separately. 606 10 32 34 5. The Company generally satisfies performance obligations at a point in time. Revenue is recognized based on the transaction price at the time the related performance obligation is satisfied by transferring a promised product or service to a customer. Disaggregation of Revenue Revenue is classified based on the location of where the product is manufactured. For additional information on the disaggregated revenues by geographical region, see Note R, "Segments and Geographic Information.” Revenue is also classified by major product category and is presented below (in thousands): Years ended December 31, % of % of % of 2022 Revenue 2021 Revenue 2020 Revenue CATV $ 118,169 53.0 % $ 94,266 44.6 % $ 37,944 16.2 % Data Center 77,094 34.6 % 97,461 46.1 % 173,437 73.9 % Telecom 24,727 11.1 % 16,247 7.7 % 21,092 9.0 % FTTH 129 0.1 % 957 0.5 % 110 0.0 % Other 2,699 1.2 % 2,634 1.2 % 2,040 0.9 % Total Revenue $ 222,818 100.0 % $ 211,565 100.0 % $ 234,623 100.0 % |
Note D - Leases
Note D - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | NOTE D— Leases The Company leases space under non-cancellable operating leases for manufacturing facilities, research and development offices and certain storage facilities and apartments. These leases do not one one As most of the Company’s leases do not Lease expense is included under general and administrative expenses and was $1.2 million, $1.3 million, and $1.4 million, respectively, for the years ended December 31, 2022, 2021 2020 , respectively. The Components of lease expense were as follows for the periods indicated (in thousands): Year ended December 31, Year ended December 31, 2022 2021 Operating lease expense $ 1,161 $ 1,230 Financing lease expense 32 32 Short Term lease expense 27 19 Total lease expense $ 1,220 $ 1,281 Maturities of lease liabilities are as follows for the future one December 31, ( Operating Financing Total 2023 $ 1,237 $ 65 1,302 2024 1,127 — 1,127 2025 1,207 — 1,207 2026 1,078 — 1,078 2027 1,084 — 1,084 2028 and thereafter 1,551 — 1,551 Total lease payments $ 7,284 $ 65 7,349 Less imputed interest (738 ) (2 ) (740 ) Present value $ 6,546 $ 63 6,609 The weighted average remaining lease term and discount rate for operating leases were as follows for the periods indicated: December 31, December 31, 2022 2021 Weighted Average Remaining Lease Term (Years) - operating leases 6.16 7.15 Weighted Average Remaining Lease Term (Years) - financing leases 0.83 1.83 Weighted Average Discount Rate - operating leases 3.21 % 3.22 % Weighted Average Discount Rate - financing leases 5.00 % 5.00 % Supplemental cash flow information related to operating leases was as follows for the periods indicated (in thousands): Year ended December 31, Year ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 1,234 1,287 Operating cash flows from financing lease 4 5 Financing cash flows from financing lease 19 18 Right-of-use assets obtained in exchange for new operating lease liabilities - 124 |
Note E - Cash, Cash Equivalents
Note E - Cash, Cash Equivalents and Restricted Cash | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE E—CASH, CASH EQUIVALENTS AND RESTRICTED CASH The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheet that sum to the total of the same such amounts in the statement of cash flows (in thousands): December 31, December 31, 2022 2021 Cash and cash equivalents $ 24,685 $ 34,656 Restricted cash 10,902 6,480 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 35,587 $ 41,136 Restricted cash includes guarantee deposits for customs duties, China government subsidy fund, and compensating balances associated with certain credit facilities. As of December 31, 2022 2021 , there was $8.7 million and $3.0 million of restricted cash required for bank acceptance notes issued to vendors, respectively. There was $1.1 million and $2.4 million certificate of deposit with original maturity of 90 December 31, 2022 2021 respectively. There was $1.0 million guarantee deposits for customs duties as of December 31, 2022 December 31, 2021. |
Note F - Earnings Per Share
Note F - Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE F—EARNINGS PER SHARE Basic net loss per share has been computed using the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share has been computed using the weighted-average number of shares of common stock and dilutive potential common shares from options and restricted stock units outstanding during the period. In periods with net losses, normally dilutive shares become anti-dilutive. Therefore, basic and dilutive earnings per share are the same. The following table presents the computation of the basic and diluted net loss per share for the periods indicated (in thousands): Year ended December 31, 2022 2021 2020 Numerator: Net loss $ (66,397 ) $ (54,162 ) $ (58,452 ) Denominator: Weighted average shares used to compute net loss per share Basic 27,846 26,912 21,867 Effect of dilutive options and restricted stock units — — — Diluted 27,846 26,912 21,867 Net loss per share Basic $ (2.38 ) $ (2.01 ) $ (2.67 ) Diluted $ (2.38 ) $ (2.01 ) $ (2.67 ) The following potentially dilutive securities were excluded from diluted net loss per share as their effect would have been antidilutive (in thousands): As of December 31, 2022 2021 Employee stock options - 3 Restricted stock units 1 3 Shares for convertible senior notes 4,587 4,587 Total antidilutive shares 4,588 4,593 |
Note G - Inventories
Note G - Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE G—INVENTORIES At December 31, 2022 2021 , inventories consisted of the following (in thousands): As of December 31, 2022 2021 Raw materials $ 25,732 $ 29,469 Work in process and sub-assemblies 39,563 41,528 Finished goods 14,384 21,519 Total inventory $ 79,679 $ 92,516 For the years ended December 31, 2022, 2021 2020, December 31, 2022, 2021 2020, |
Note H - Property, Plant and Eq
Note H - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE H—PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following for the periods indicated (in thousands): December 31, 2022 December 31, 2021 Land improvements $ 806 $ 806 Building and improvements 86,372 89,698 Machinery and equipment 251,216 266,386 Furniture and fixtures 5,382 5,658 Computer equipment and software 11,713 12,727 Transportation equipment 679 726 356,168 376,001 Less accumulated depreciation and amortization (177,519 ) (167,772 ) 178,649 208,229 Construction in progress 30,434 33,705 Land 1,101 1,101 Total property, plant and equipment, net $ 210,184 $ 243,035 For the years ended December 31, 2022, 2021 2020 , depreciation expense of property, plant and equipment was $22.6 million, $24.8 million, and $24.2 million, respectively. For the years December 31, 2022, 2021 2020 , the capitalized interest was $0.2 million, $0.9 million, and $0.4 million, respectively. As of December 31, 2022 , the Company concluded that its continued loss history constitutes a triggering event as described in ASC 360 10 35 21, Property, Plant, and Equipment . The Company performed a recoverability test and concluded that future undiscounted cash flows exceed the carrying amount of the Company’s long-lived assets and therefore no |
Note I - Intangible Assets
Note I - Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE I—INTANGIBLE ASSETS Intangible assets consisted of the following for the periods indicated (in thousands): December 31, 2022 Gross Accumulated Intangible Amount amortization assets, net Patents $ 8,994 $ (5,330 ) $ 3,664 Trademarks 56 (21 ) $ 35 Total intangible assets $ 9,050 $ (5,351 ) $ 3,699 December 31, 2021 Gross Accumulated Intangible Amount amortization assets, net Patents $ 8,597 $ (4,779 ) $ 3,818 Trademarks 35 (17 ) 18 Total intangible assets $ 8,632 $ (4,796 ) $ 3,836 For the years ended December 31, 2022, 2021 2020 , amortization expense for intangible assets, included in general and administrative expenses on the income statement, was $0.6 million, $0.5 million and $0.5 six At December 31, 2022 , future amortization expense for intangible assets is estimated to be (in thousands): December 31, 2022 2023 $ 627 2024 627 2025 627 2026 627 2027 627 2028 564 thereafter - Total $ 3,699 |
Note J - Fair Value of Financia
Note J - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE J—FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents a summary of the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2022 (in thousands): Quoted prices Significant in active other markets for observable Significant identical remaining unobservable assets (Level 1) inputs (Level 2) inputs (Level 3) Total Assets: Cash and cash equivalents $ 24,685 $ — $ — $ 24,685 Restricted cash 10,902 — — 10,902 Note receivable — 339 — 339 Total assets $ 35,587 $ 339 $ — $ 35,926 Liabilities: Bank acceptance payable — $ 12,337 — $ 12,337 Convertible senior notes — 58,314 — 58,314 Total liabilities $ — $ 70,651 $ — $ 70,651 The following table presents a summary of the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2021 (in thousands): Quoted prices Significant in active other markets for observable Significant identical remaining unobservable assets (Level 1) inputs (Level 2) inputs (Level 3) Total Assets: Cash and cash equivalents $ 34,656 $ — $ — $ 34,656 Restricted cash 6,480 — — 6,480 Note receivable — 8,148 — 8,148 Total assets $ 41,136 $ 8,148 $ — $ 49,284 Liabilities: Bank acceptance payable — $ 8,198 — $ 8,198 Convertible senior notes — 67,588 — 67,588 Total liabilities $ — $ 75,786 $ — $ 75,786 |
Note K - Notes Payable and Long
Note K - Notes Payable and Long-term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE K—NOTES PAYABLE AND LONG-TERM DEBT Notes payable and long-term debt consisted of the following for the periods indicated (in thousands): December 31, 2022 December 31, 2021 Revolving line of credit with a U.S. bank up to $ 20,000 4.063% November 16, 2022 — $ 14,373 Notes payable to a finance company due in monthly installments with 3.1% January 21, 2022 — 170 Revolving line of credit with a U.S. bank up to $ 27.8 8.984% 12/14/2023 11/16/2025 25,000 — Revolving line of credit with a China bank up to $ 19,902 2.95% 4.57% May 24, 2024 13,102 19,595 Credit facility with a China bank up to $ 26,636 4.45% 6.6% June 7, 2027 20,140 13,044 Credit facility with a China bank up to $ 7,167 5.7% June 27, 2022 7,529 Sub-total 58,242 54,711 Less debt issuance costs, net (1,168 ) (22 ) Grand total 57,074 54,689 Less current portion (57,074 ) (49,689 ) Non-current portion $ - $ 5,000 Bank Acceptance Notes Payable Bank acceptance notes issued to vendors with a zero percent interest rate $ 12,337 $ 8,198 The current portion of long-term debt is the amount payable within one December 31, 2022 . On September 28, 2017, December 29, 2021. On December 29, 2021 , the Company executed a Sixth Amendment to the Loan Agreement (the "Sixth Amendment") and a Fifth Amendment to Security Agreement, a Note Modification Agreement, and an Addendum to Promissory Note (together the "Sixth Amended Credit Facility") with Truist Bank. The Sixth Amended Credit Facility extends the $20 million line of credit, originally entered into on September 28, 2017, April 15, 2023. 1.56%, December 31, 2022, On November 16, 2022, three 50% November 16, 2025 91 December 31, 2022, On September 15, 2020, November 29, 2018 January 21, 2019 ( November 29, 2018 January 21, 2019 ( NT$22,311,381, not NT$159,027,448, September 21, 2020 January 21, 2022, not December 31, 2022, On May 24, 2019, five 180 May 7, 2019; April 30, 2019 May 8, 2019. may 5 may December 31, 2022, On June 21, 2019, “¥100M ¥100M January 6, 2021, ¥100M three January 5, 2024. ¥100M June 7, 2022. On June 7, 2022, five "¥200M may ¥200M June 7, 2022 June 6, 2027 (" ¥200M ¥200M may ¥200M ¥200M may ¥200M December 31, 2022, ¥200M On June 21, 2019, three “¥50M ¥50M may ¥50M June 21, 2019 June 20, 2022 ( “¥50M ¥50M may ¥50M ¥50M may ¥50M December 31, 2022, ¥50M As of December 31, 2022 December 31, 2021, As of December 31, 2022 December 31, 2021, |
Note L - Convertible Senior Not
Note L - Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Convertible Debt [Text Block] | NOTE L—C onvertible Senior Notes On March 5, 2019, 2024 March 5, 2019 5.00% March 15 September 15 September 15, 2019. March 15, 2024, The sale of the Notes generated net proceeds of $76.4 million, after deducting the Initial Purchasers’ discounts and offering expenses payable by the Company. The Company used approximately $37.8 million of the net proceeds from the offering to fully repay the CapEx Loan and Term Loan with BB&T and the remainder will be used for general corporate purposes. The following table presents the carrying value of the Notes for the periods indicated (in thousands): December 31, 2022 Principal $ 80,500 Unamortized debt issuance costs (994 ) Net carrying amount $ 79,506 The Notes are convertible at the option of holders of the Notes at any time until the close of business on the scheduled trading day immediately preceding the maturity date. Upon conversion, holders of the Notes will receive shares of the Company’s common stock, together, if applicable, with cash in lieu of any fractional share, at the then-applicable conversion rate. The initial conversion rate is 56.9801 shares of the Company’s common stock per $1,000 principal amount of Notes (representing an initial conversion price of approximately $17.55 per share of common stock, which represents an initial conversion premium of approximately 30% above the closing price of $13.50 per share of the Company’s common stock on February 28, 2019 March 15, 2022, Initially and as of December 31, 2022, no Holders may After March 15, 2022, may not The Indenture contains covenants that limit the Company’s ability and the ability of our subsidiaries to, among other things: (i) incur or guarantee additional indebtedness or issue disqualified stock; and (ii) create or incur liens. Pursuant to the guidance in ASC 815 40, 815 40, 1 2 815 40 25 7 815 40 25 10. not 470 20, The following table sets forth interest expense information related to the Notes (in thousands): Year ended December 31, 2022 2021 Contractual interest expense $ 4,025 $ 4,025 Amortization of debt issuance costs 826 826 Total interest cost $ 4,851 $ 4,851 Effective interest rate 5.1 % 5.1 % |
Note M - Accrued Liabilities
Note M - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE M—ACCRUED LIABILITIES Accrued liabilities consisted of the following for the periods indicated (in thousands): December 31, 2022 December 31, 2021 Accrued payroll $ 9,702 $ 6,516 Accrued employee benefits 3,265 3,471 Accrued state and local taxes 588 1,897 Accrued interest 1,597 1,475 Accrued shipping and tariff expenses — 33 Advance payments 3,216 195 Accrued commission 937 1,003 Accrued professional fees 409 346 Accrued product warranty 140 263 Accrued other 368 388 Total accrued liabilities $ 20,222 $ 15,587 |
Note N - Other Income and Expen
Note N - Other Income and Expense | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | NOTE N—OTHER INCOME AND EXPENSE Other income and expense consisted of the following for the periods indicated (in thousands): Year ended December 31, 2022 2021 2020 Foreign exchange transaction gain (loss) $ (1,488 ) $ 454 $ 1 Government subsidy income 160 1,345 2,708 Other non-operating gain 76 129 304 Loan forgiveness — 6,229 — Gain (loss) on disposal of assets 47 (1 ) (15 ) Total other gain (loss), net $ (1,205 ) $ 8,156 $ 2,998 |
Note O - Income Taxes
Note O - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE O—INCOME TAXES The sources of the Company’s loss from operations before income taxes were as follows (in thousands): Years ended December 31, 2022 2021 2020 Domestic $ (45,404 ) $ (21,229 ) (20,288 ) Foreign (20,992 ) (32,931 ) (30,936 ) Total loss before income taxes $ (66,396 ) $ (54,160 ) (51,224 ) The provision for income tax expense (benefit) for the years ended December 31, Current: 2022 2021 2020 Federal $ — $ — $ 41 State 1 2 2 Foreign — — — Total $ 1 $ 2 $ 43 Deferred: Federal $ — $ — $ (172 ) State — — — Foreign — — 7,357 Total $ — $ — $ 7,185 Income tax (benefit) expense $ 1 $ 2 $ 7,228 Deferred income tax assets and liabilities result principally from net operating losses, different methods of recognizing depreciation, reserves for doubtful accounts and inventory, research and development credits and foreign tax credits. At December 31, 2022 2021 NOL carryforward $ 47,901 $ 44,448 Inventory reserves 2,892 2,872 Unrealized gains and losses 363 69 Share-based compensation 914 645 Foreign tax credit 4,599 4,599 Research and development credits 10,505 9,879 Interest 3,966 2,840 ASC 842 Assets 1,602 1,740 Other 776 728 Deferred tax assets 73,518 67,820 Less valuation allowance (69,680 ) (57,721 ) Deferred tax assets, net 3,838 10,099 Depreciation and amortization (2,441 ) (8,600 ) ASC 842 Liabilities (1,397 ) (1,499 ) Deferred tax liabilities (3,838 ) (10,099 ) Deferred tax assets, net $ — $ — The Company has a U.S. net operating loss carry forward of approximately $111.5 million, $32.7 million of which, if unused, expires between 2026 2032 2028 2042. 2028. 382. December 31, 2022, ten 2028. ten 2029. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three December 31, 2022. On the basis of this evaluation, as of December 31, 2022 December 31, 2021, not no The following table shows the change in the deferred tax valuation as follows: 2022 2021 2020 Beginning Balance, January 1 $ 57,721 $ 43,462 $ 25,736 Change charged to expense/(income) 14,196 13,822 17,137 Change charged to currency translation adjustment (2,237 ) 437 589 Ending Balance, December 31 $ 69,680 $ 57,721 $ 43,462 A reconciliation of the U.S. federal income tax rate of 21% for the years ended December 31, 2022, 2021 2020 , respectively, to the Company’s effective income tax rate follows (in thousands): 2022 2021 2020 Expected taxes at statutory rate $ (13,943 ) $ (11,374 ) $ (10,775 ) PPP loan forgiveness — (1,308 ) — Non-deductible/non-taxable items 33 897 1,132 Foreign rate differences 552 107 1,153 Foreign permanent differences (1,407 ) (1,320 ) (1,002 ) Changes in valuation allowance 14,196 13,822 17,137 Share-based compensation 879 468 426 Research and development credits (626 ) (872 ) (744 ) Alternative Minimum Tax — — (172 ) Foreign other — — 12 Other, net 317 (418 ) 61 Tax (benefit) expense $ 1 $ 2 $ 7,228 The Company's provision for income taxes in 2022 2021 The Company's provision for income taxes in 2021 2020 The Company’s wholly owned subsidiary, Prime World is a tax-exempt entity under the Income Tax Code of the British Virgin Islands. The Company’s wholly owned subsidiary, Global Technology, Inc., has enjoyed preferential tax concessions in China as a national high-tech enterprise. In March 2007, January 1, 2008, 2008 December 2020, three December 2023. 2022, 2021 2020 This tax holiday reduced its fiscal 2022, 2021, 2020 $0.00, $0.05 . Effective January 1, 2016, As of December 31, 2022, 2021 2020, 2022 2021 2020 Unrecognized tax benefits — January 1 $ 181 $ 181 $ 181 Gross increases — tax positions in prior period — — — Gross decreases — tax positions in prior period — — — Unrecognized tax benefits — December 31 $ 181 $ 181 $ 181 The Company recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. Related to the unrecognized tax benefits noted above, it has not 2022 2021 2020, The Company is subject to taxation in the United States and various states and foreign jurisdictions. The Company’s open tax years subject to examination in the U.S. federal and state jurisdictions are 2019 2021. may 2011 In response to the COVID- 19 March 27, 2020. December 27, 2020, 2020 2021, March 1, 2021. 2021 2022 2021, no On August 9, 2022, On August 16, 2022, 1% December 31, 2022, not not The Company does not December 31, 2022, not no |
Note P - Share-based Compensati
Note P - Share-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE P—SHARE-BASED COMPENSATION Equity Plans The Company’s board of directors and stockholders approved the following equity plans: ‑ the 2006 ‑ the 2013 “2013 ‑ the 2021 “2021 The Company issued stock options, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) to employees, consultants and non-employee directors. Stock option awards generally vest over a four ten may September 2013, third Stock Options Options have been granted to the Company’s employees under the two first ten The following is a summary of option activity (in thousands, except per share data): Weighted Weighted Weighted Average Average Average Share Price Weighted Remaining Aggregate Number of Exercise on Date of Average Contractual Intrinsic shares Price Exercise Fair Value Life Value (in thousands, except price data) Outstanding, January 1, 2022 270 $ 10.32 $ 5.44 1.69 $ — Exercised — — — — — Forfeited (6 ) 6.54 5.03 — Outstanding, December 31, 2022 264 10.41 5.45 0.71 — Exercisable, December 31, 2022 264 10.41 5.45 0.71 — Vested and expected to vest 264 10.41 5.45 0.71 — As of December 31, 2022 , there was no unrecognized stock option expense. Performance Based Incentive Plan/ Restricted Stock Unit The Company approved to grant restricted performance stock units (“PSUs”) to senior executives as a part of our long-term equity compensation program starting from June 2021. three third twelve December 31, 2022 2021 Restricted stock units are issued to employees through a vesting plan and distribution schedule after employee remains with the Company for a particular length of time. The following is a total summary of PSU/RSU activity (in thousands, except per share data): Weighted Average Share Weighted Aggregate Number of Price on Date Average Fair Intrinsic shares of Release Value Value (in thousands, except price data) Outstanding at January 1, 2022 2,170 $ 11.15 $ 11,156 Granted 1,977 2.04 3,687 Released (1,023 ) $ 2.75 8.65 2,818 Cancelled/Forfeited (149 ) 10.02 281 Outstanding, December 31, 2022 2,975 6.01 5,623 Vested and expected to vest 2,975 6.01 5,623 As of December 31, 2022 , there was $13.8 million of unrecognized compensation expense related to these RSUs. This expense is expected to be recognized over 1.95 years. Share-Based Compensation The Company recognizes compensation expense on a straight-line basis over the applicable vesting term of the award and expense is adjusted as forfeitures occur. In 2014, Employee share-based compensation expenses recognized for the years ended December 31, Share-Based compensation - by expense type: 2022 2021 2020 Cost of goods sold $ 488 $ 885 $ 937 Research and development 1,332 2,173 2,812 Sales and marketing 857 1,115 1,191 General and administrative 6,923 7,948 8,106 Total share-based compensation expense $ 9,600 $ 12,121 $ 13,046 |
Note Q - Stockholders' Equity
Note Q - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE Q—STOCKHOLDERS’ EQUITY Common Stock The Company’s Amended and Restated Certificate of Incorporation authorizes the issuance of up to 45,000,000 shares of common stock, all of which have been designated voting common stock. Preferred Stock The Company’s Amended and Restated Certificate of Incorporation authorizes the issuance of up to 5,000,000 shares of preferred stock. Public Offerings of Common Stock On October 24, 2019, 3 January 9, 2020, $250 On February 28, 2020, may January 2021, On February 26, 2021, may 415 1933, may one no may The Agreement provides that the Sales Agent will be entitled to compensation of up to 2% of the gross sales price of the Shares sold through the Sales Agent from time to time. The Company has also agreed to reimburse the Sales Agent for certain specified expenses in connection with the registration of Shares under state blue sky laws and any filing with, and clearance of the offering by, the Financial Industry Regulatory Authority Inc., not may In March 2021, Distribution Agent Month Weighted Average Per Share Price Number of Shares Sold Net Proceeds Compensation to Distribution Agent Raymond James & Associates, Inc. March 2021 9.0622 65,748 $ 584 12 Raymond James & Associates, Inc. June 2021 9.1115 34,686 310 6 Raymond James & Associates, Inc. July 2021 9.1061 6,740 60 1 Raymond James & Associates, Inc. September 2022 2.9045 94,491 269 5 Raymond James & Associates, Inc. October 2022 2.8947 313,333 889 18 Raymond James & Associates, Inc. November 2022 2.7830 29,426 80 2 Total 544,424 $ 2,192 44 |
Note R - Segment and Geographic
Note R - Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE R—SEGMENT AND GEOGRAPHIC INFORMATION The Company operates in one reportable segment. The Company’s Chief Executive Officer, who is considered to be the chief operating decision maker, manages the Company’s operations as a whole and reviews financial information presented on a consolidated basis, accompanied by information about product revenue, for purposes of evaluating financial performance and allocating resources. The following tables set forth the Company’s revenue and asset information by geographic region. Revenue is classified based on the location of where the product is manufactured. Long-lived assets in the tables below comprise only property, plant, equipment and intangible assets (in thousands): Year ended December 31, 2022 2021 2020 Revenues: United States $ 7,423 $ 14,633 $ 18,380 Taiwan 164,144 99,201 131,076 China 51,251 97,731 85,167 $ 222,818 $ 211,565 $ 234,623 As of December 31, 2022 2021 2020 Long-lived assets: United States $ 80,048 $ 87,709 $ 90,999 Taiwan 50,777 63,644 71,080 China 93,888 108,509 108,575 $ 224,713 $ 259,862 $ 270,654 The Company serves four 2022, 2021, 2020, |
Note S - Employee Benefit Plans
Note S - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE S—EMPLOYEE BENEFIT PLANS Employees of Global participate in a state-mandated social security program in China. Under this program, pension costs are recorded on the basis of required monthly contributions to employees’ individual accounts during their service periods. Under the regulations of the People’s Republic of China, Global is required to make fixed contributions to a fund, which is under the administration of the local labor departments. Pension expense for Global was $1.0 million, $1.0 million, and $1.2 million for the years ended December 31, 2022, 2021 2020 , respectively. Employees of Prime World’s Taiwan branch participate in a pension program under the Taiwan Labor Pension Act. Pension expense for the Prime World’s Taiwan branch was $0.5 million, $0.7 million, and $0.8 million for the years ended December 31, 2022, 2021 2020 , respectively. |
Note T - Commitments and Contin
Note T - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE T—COMMITMENTS AND CONTINGENCIES Employment Agreements and Consultancy Agreements The Company has entered into employment and indemnification agreements with three The Company has also entered into employment and indemnification agreements with one six Contingencies From time to time, the Company may not The Company believes that there are no Other Contingencies On August 9, 2021, 2016 2019, not not |
Note U - Subsequent Events
Note U - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE U—SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the financial statements were issued. In February 2023, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 1. Basis of Presentation The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries and are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | 2. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates in the consolidated financial statements and accompanying notes. Significant estimates and assumptions that impact these financial statements relate to, among other things, allowance for doubtful accounts, inventory reserve, product warranty costs, share-based compensation expense, estimated useful lives of property and equipment, and taxes. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | 3. Foreign Currency Translation The functional currency for the Company’s foreign operations is the local currency. The assets and liabilities of these operations are translated at the rate of exchange in effect on the balance sheet date and sales and expenses are translated at monthly average rates. The resulting gains or losses from translation are included in a separate component of other comprehensive income. There is no no |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 4. Fair Value The carrying value of cash, cash equivalents and short-term investments, accounts receivable, accounts payable, and note receivable approximate their historical fair values due to their short-term maturities. The carrying value of the debt approximates its fair value due to the short-term nature of the debt since it renews frequently at current interest rates. Management believes that the interest rates in effect at each year end represent the current market rates for similar borrowings. The fair value measurement standard defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard characterizes inputs used in determining fair value according to a hierarchy that prioritized inputs based on the degree to which they are observable. The three Level 1—Inputs Level 2—Inputs 1 not Level 3—Inputs not Assets and liabilities that are required to be fair valued on a recurring basis include money market funds, marketable securities, equity instruments and contingent consideration. Money market funds are valued with Level 1 |
Cash and Cash Equivalents, Policy [Policy Text Block] | 5. Cash and Cash Equivalents The Company considers all highly liquid securities with an original maturity of ninety December 31, 2022 2021 , respectively. The Company maintains cash and cash equivalents at U.S. financial institutions for which the combined account balances in individual institutions may December 31, 2022 , approximately $18.3 million of U.S. deposits were not not not |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | 6. Restricted Cash/Compensating Balances Restricted cash includes guarantee deposits for customs duties and compensating balances associated with credit facilities. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | 7. Accounts Receivable/Allowance for Doubtful Accounts The Company carries its accounts receivable at the net amount that it estimates to be collectible. An allowance for uncollectable accounts is maintained through a charge against operations. The allowance is determined by management review of outstanding amounts per customer, historical payments and the aging of accounts. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | 8. Concentration of Credit Risk and Significant Customers Financial instruments which potentially subject the Company to concentrations of credit risk include cash, cash equivalents and accounts receivable. The Company places all cash and cash equivalents with high-credit quality financial institutions. The Company performs ongoing credit valuations of its customers’ financial condition whenever deemed necessary and generally does not 2022, 2021 2020 , its top five 2022 , ATX and Microsoft represented 47.3% and 18.4% of its revenue, respectively. In 2021, The five December 31, 2022 2021 , respectively. As of December 31, 2022 , ATX represented 64.9% of total accounts receivable. As of December 31, 2021, No ten 2022, 2021 2020 ten December 31, 2022 2021. |
Inventory, Policy [Policy Text Block] | 9. Inventories Inventories are stated at the lower of cost (average-cost method) or net realizable value. Work in process and finished goods includes materials, labor and allocated overhead. The Company assesses the valuation of its inventory on a periodic basis and provides write-offs for the value of estimated excess and obsolete inventory based on estimates of future demand. Inventory reserves are recorded to account for the excess and obsolete inventory combined with the lower of cost or net realizable value assessments. To develop the reserve, the Company developed certain percentages that determine the extent of inventory reserve adjustments based on the age of the inventory. Such percentages were determined through analysis of the inventory to determine each product's lifespan, a review historical write-offs or scrapped inventory, and an assessment by product engineers of the possibility of obsolescence for each product. |
Property, Plant and Equipment, Policy [Policy Text Block] | 10. Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. The Company calculates depreciation using the straight-line method over the following estimated useful lives: Useful lives (in years) Buildings 20 - 42 Land improvements 10 Machinery and equipment 2 - 20 Furniture and fixtures 3 - 7 Computer equipment and software 3 - 10 Leasehold improvements The shorter of the life of the applicable lease or the useful life of the improvement Transportation equipment 5 Major improvements are capitalized and expenditures for maintenance and repairs are expensed as incurred. Construction in progress represents property, plant and equipment under construction or being installed. Costs include original cost, installation, construction and other direct costs which include interest on borrowings used to finance the asset. Construction in progress is transferred to the appropriate fixed asset account and depreciation commences when the asset has been substantially completed and placed in service. Land use rights allow the Company rights for 50 October 7, 2054 December 28, 2067. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | 11. Intangible Assets Intangible assets consist of intellectual property that is stated at cost less accumulated amortization. As of December 31, 2022 , the Company had 304 trademark may not no |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | 12. Impairment of Long-Lived Assets The Company accounts for impairment of long-lived assets in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment , (“ASC 360” 360, may not not not 2022 , 2021 or 2020. |
Comprehensive Income, Policy [Policy Text Block] | 13. Comprehensive Income (Loss) ASC 220, Comprehensive Income , (“ASC 220” 220 |
Share-Based Payment Arrangement [Policy Text Block] | 14. Share-based Compensation The Company accounts for share-based compensation in accordance with the provisions of ASC 718, Compensation—Stock Compensation . Share-based compensation expense is recognized based on the grant date fair value in order to recognize compensation cost for those shares expected to vest. Compensation cost is recognized on a straight-line basis over the vesting period of the restricted stock units and adjusted as forfeitures occur. |
Revenue from Contract with Customer [Policy Text Block] | 15. Revenue Recognition The Company derives revenue from the manufacture and sale of fiber optic networking products. Revenue recognition follows the criteria of ASC 606, Revenue from Contracts with Customers . Specifically, the Company recognizes revenue when obligations under the terms of a contract with its customer are satisfied; generally this occurs with the transfer of control of products or services not |
Standard Product Warranty, Policy [Policy Text Block] | 16. Product Warranty The Company generally offers a one three five may may December 31, 2022 2021 , the amount of accrued warranty was $0.1 million and $0.3 million, respectively. Changes in products warranty were as follows (in thousands): Year ended December 31, 2022 2021 Beginning Balance, January 1 $ 263 $ 703 Warranty costs incurred (85 ) (826 ) Provision for warranty (38 ) 386 Ending Balance, December 31 $ 140 $ 263 |
Advertising Cost [Policy Text Block] | 17. Advertising Costs Advertising costs are charged to operations as incurred and amounted to approximately $0.8 million, $0.1 million, and $0.4 million for the years ended December 31, 2022, 2021 2020 , respectively. |
Research and Development Expense, Policy [Policy Text Block] | 18. Research and Development Research and development costs are charged to operations as incurred. The Company receives reimbursement for certain development costs, which offset with expense up to the reimbursable amount. |
Shipping And Handling Costs [Policy Text Block] | 19. Shipping and Handling Costs Shipping and handling costs are included in operating expenses as fulfillment costs unless we bill our customers for shipping and handling charges, which are included in net sales for the applicable period, and the corresponding shipping and handling expense is reported in cost of sales. |
Income Tax, Policy [Policy Text Block] | 20. Income Taxes The Company accounts for income taxes in accordance with the provisions of ASC 740, Income Taxes . The liability method is used to account for deferred income taxes. Under the liability method, deferred tax assets and liabilities are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The ability to realize deferred tax assets is evaluated annually and a valuation allowance is provided if it is unlikely that the deferred tax assets will not The Company records uncertain tax positions in accordance with ASC 740 two 1 not 2 not 50% The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations. Accrued interest and penalties are included on the related tax liability line in the consolidated balance sheet. |
Global Intangible Low-Taxed Income Provisions (GILTI) [Policy Text Block] | 21. Global Intangible Low-taxed Income Provisions ("GILTI") One of the base broadening provisions of the U.S. Tax Cuts and Jobs Act of 2017 2017 December 31, 2022, December 31, 2021, December 31, 2020, |
New Accounting Pronouncements, Policy [Policy Text Block] | 22. Recent Accounting Pronouncements Recent Accounting Pronouncements Adopted in 2022 There was no 2022. Recent Accounting Pronouncements Adopted in 2021 In March 2020, 2020 04, 848 March 12, 2020 may December 31, 2022. January 1, 2021, no In August 2020, 2020 06, 470 20 815 40 two three 470 20 January 1, 2021, no In November 2020, 301 302 303 January 11, 2021, thirty February 10, 2021, first 210 not Recent Accounting Pronouncements Yet to be Adopted To date, there have been no not |
Note B - Summary of Significa_2
Note B - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Useful Lives of Property, Plant and Equipment [Table Text Block] | Useful lives (in years) Buildings 20 - 42 Land improvements 10 Machinery and equipment 2 - 20 Furniture and fixtures 3 - 7 Computer equipment and software 3 - 10 Leasehold improvements The shorter of the life of the applicable lease or the useful life of the improvement Transportation equipment 5 |
Schedule of Product Warranty Liability [Table Text Block] | Year ended December 31, 2022 2021 Beginning Balance, January 1 $ 263 $ 703 Warranty costs incurred (85 ) (826 ) Provision for warranty (38 ) 386 Ending Balance, December 31 $ 140 $ 263 |
Note C - Revenue Recognition (T
Note C - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Years ended December 31, % of % of % of 2022 Revenue 2021 Revenue 2020 Revenue CATV $ 118,169 53.0 % $ 94,266 44.6 % $ 37,944 16.2 % Data Center 77,094 34.6 % 97,461 46.1 % 173,437 73.9 % Telecom 24,727 11.1 % 16,247 7.7 % 21,092 9.0 % FTTH 129 0.1 % 957 0.5 % 110 0.0 % Other 2,699 1.2 % 2,634 1.2 % 2,040 0.9 % Total Revenue $ 222,818 100.0 % $ 211,565 100.0 % $ 234,623 100.0 % |
Note D - Leases (Tables)
Note D - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year ended December 31, Year ended December 31, 2022 2021 Operating lease expense $ 1,161 $ 1,230 Financing lease expense 32 32 Short Term lease expense 27 19 Total lease expense $ 1,220 $ 1,281 December 31, December 31, 2022 2021 Weighted Average Remaining Lease Term (Years) - operating leases 6.16 7.15 Weighted Average Remaining Lease Term (Years) - financing leases 0.83 1.83 Weighted Average Discount Rate - operating leases 3.21 % 3.22 % Weighted Average Discount Rate - financing leases 5.00 % 5.00 % Year ended December 31, Year ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 1,234 1,287 Operating cash flows from financing lease 4 5 Financing cash flows from financing lease 19 18 Right-of-use assets obtained in exchange for new operating lease liabilities - 124 |
Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Financing Total 2023 $ 1,237 $ 65 1,302 2024 1,127 — 1,127 2025 1,207 — 1,207 2026 1,078 — 1,078 2027 1,084 — 1,084 2028 and thereafter 1,551 — 1,551 Total lease payments $ 7,284 $ 65 7,349 Less imputed interest (738 ) (2 ) (740 ) Present value $ 6,546 $ 63 6,609 |
Note E - Cash, Cash Equivalen_2
Note E - Cash, Cash Equivalents and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | December 31, December 31, 2022 2021 Cash and cash equivalents $ 24,685 $ 34,656 Restricted cash 10,902 6,480 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 35,587 $ 41,136 |
Note F - Earnings Per Share (Ta
Note F - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended December 31, 2022 2021 2020 Numerator: Net loss $ (66,397 ) $ (54,162 ) $ (58,452 ) Denominator: Weighted average shares used to compute net loss per share Basic 27,846 26,912 21,867 Effect of dilutive options and restricted stock units — — — Diluted 27,846 26,912 21,867 Net loss per share Basic $ (2.38 ) $ (2.01 ) $ (2.67 ) Diluted $ (2.38 ) $ (2.01 ) $ (2.67 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | As of December 31, 2022 2021 Employee stock options - 3 Restricted stock units 1 3 Shares for convertible senior notes 4,587 4,587 Total antidilutive shares 4,588 4,593 |
Note G - Inventories (Tables)
Note G - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of December 31, 2022 2021 Raw materials $ 25,732 $ 29,469 Work in process and sub-assemblies 39,563 41,528 Finished goods 14,384 21,519 Total inventory $ 79,679 $ 92,516 |
Note H - Property, Plant and _2
Note H - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2022 December 31, 2021 Land improvements $ 806 $ 806 Building and improvements 86,372 89,698 Machinery and equipment 251,216 266,386 Furniture and fixtures 5,382 5,658 Computer equipment and software 11,713 12,727 Transportation equipment 679 726 356,168 376,001 Less accumulated depreciation and amortization (177,519 ) (167,772 ) 178,649 208,229 Construction in progress 30,434 33,705 Land 1,101 1,101 Total property, plant and equipment, net $ 210,184 $ 243,035 |
Note I - Intangible Assets (Tab
Note I - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2022 Gross Accumulated Intangible Amount amortization assets, net Patents $ 8,994 $ (5,330 ) $ 3,664 Trademarks 56 (21 ) $ 35 Total intangible assets $ 9,050 $ (5,351 ) $ 3,699 December 31, 2021 Gross Accumulated Intangible Amount amortization assets, net Patents $ 8,597 $ (4,779 ) $ 3,818 Trademarks 35 (17 ) 18 Total intangible assets $ 8,632 $ (4,796 ) $ 3,836 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | December 31, 2022 2023 $ 627 2024 627 2025 627 2026 627 2027 627 2028 564 thereafter - Total $ 3,699 |
Note J - Fair Value of Financ_2
Note J - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted prices Significant in active other markets for observable Significant identical remaining unobservable assets (Level 1) inputs (Level 2) inputs (Level 3) Total Assets: Cash and cash equivalents $ 24,685 $ — $ — $ 24,685 Restricted cash 10,902 — — 10,902 Note receivable — 339 — 339 Total assets $ 35,587 $ 339 $ — $ 35,926 Liabilities: Bank acceptance payable — $ 12,337 — $ 12,337 Convertible senior notes — 58,314 — 58,314 Total liabilities $ — $ 70,651 $ — $ 70,651 Quoted prices Significant in active other markets for observable Significant identical remaining unobservable assets (Level 1) inputs (Level 2) inputs (Level 3) Total Assets: Cash and cash equivalents $ 34,656 $ — $ — $ 34,656 Restricted cash 6,480 — — 6,480 Note receivable — 8,148 — 8,148 Total assets $ 41,136 $ 8,148 $ — $ 49,284 Liabilities: Bank acceptance payable — $ 8,198 — $ 8,198 Convertible senior notes — 67,588 — 67,588 Total liabilities $ — $ 75,786 $ — $ 75,786 |
Note K - Notes Payable and Lo_2
Note K - Notes Payable and Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2022 December 31, 2021 Revolving line of credit with a U.S. bank up to $ 20,000 4.063% November 16, 2022 — $ 14,373 Notes payable to a finance company due in monthly installments with 3.1% January 21, 2022 — 170 Revolving line of credit with a U.S. bank up to $ 27.8 8.984% 12/14/2023 11/16/2025 25,000 — Revolving line of credit with a China bank up to $ 19,902 2.95% 4.57% May 24, 2024 13,102 19,595 Credit facility with a China bank up to $ 26,636 4.45% 6.6% June 7, 2027 20,140 13,044 Credit facility with a China bank up to $ 7,167 5.7% June 27, 2022 7,529 Sub-total 58,242 54,711 Less debt issuance costs, net (1,168 ) (22 ) Grand total 57,074 54,689 Less current portion (57,074 ) (49,689 ) Non-current portion $ - $ 5,000 Bank Acceptance Notes Payable Bank acceptance notes issued to vendors with a zero percent interest rate $ 12,337 $ 8,198 |
Note L - Convertible Senior N_2
Note L - Convertible Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Convertible Debt [Table Text Block] | December 31, 2022 Principal $ 80,500 Unamortized debt issuance costs (994 ) Net carrying amount $ 79,506 |
Interest Income and Interest Expense Disclosure [Table Text Block] | Year ended December 31, 2022 2021 Contractual interest expense $ 4,025 $ 4,025 Amortization of debt issuance costs 826 826 Total interest cost $ 4,851 $ 4,851 Effective interest rate 5.1 % 5.1 % |
Note M - Accrued Liabilities (T
Note M - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2022 December 31, 2021 Accrued payroll $ 9,702 $ 6,516 Accrued employee benefits 3,265 3,471 Accrued state and local taxes 588 1,897 Accrued interest 1,597 1,475 Accrued shipping and tariff expenses — 33 Advance payments 3,216 195 Accrued commission 937 1,003 Accrued professional fees 409 346 Accrued product warranty 140 263 Accrued other 368 388 Total accrued liabilities $ 20,222 $ 15,587 |
Note N - Other Income and Exp_2
Note N - Other Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Year ended December 31, 2022 2021 2020 Foreign exchange transaction gain (loss) $ (1,488 ) $ 454 $ 1 Government subsidy income 160 1,345 2,708 Other non-operating gain 76 129 304 Loan forgiveness — 6,229 — Gain (loss) on disposal of assets 47 (1 ) (15 ) Total other gain (loss), net $ (1,205 ) $ 8,156 $ 2,998 |
Note O - Income Taxes (Tables)
Note O - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years ended December 31, 2022 2021 2020 Domestic $ (45,404 ) $ (21,229 ) (20,288 ) Foreign (20,992 ) (32,931 ) (30,936 ) Total loss before income taxes $ (66,396 ) $ (54,160 ) (51,224 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Current: 2022 2021 2020 Federal $ — $ — $ 41 State 1 2 2 Foreign — — — Total $ 1 $ 2 $ 43 Deferred: Federal $ — $ — $ (172 ) State — — — Foreign — — 7,357 Total $ — $ — $ 7,185 Income tax (benefit) expense $ 1 $ 2 $ 7,228 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2022 2021 NOL carryforward $ 47,901 $ 44,448 Inventory reserves 2,892 2,872 Unrealized gains and losses 363 69 Share-based compensation 914 645 Foreign tax credit 4,599 4,599 Research and development credits 10,505 9,879 Interest 3,966 2,840 ASC 842 Assets 1,602 1,740 Other 776 728 Deferred tax assets 73,518 67,820 Less valuation allowance (69,680 ) (57,721 ) Deferred tax assets, net 3,838 10,099 Depreciation and amortization (2,441 ) (8,600 ) ASC 842 Liabilities (1,397 ) (1,499 ) Deferred tax liabilities (3,838 ) (10,099 ) Deferred tax assets, net $ — $ — |
Summary of Valuation Allowance [Table Text Block] | 2022 2021 2020 Beginning Balance, January 1 $ 57,721 $ 43,462 $ 25,736 Change charged to expense/(income) 14,196 13,822 17,137 Change charged to currency translation adjustment (2,237 ) 437 589 Ending Balance, December 31 $ 69,680 $ 57,721 $ 43,462 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 2020 Expected taxes at statutory rate $ (13,943 ) $ (11,374 ) $ (10,775 ) PPP loan forgiveness — (1,308 ) — Non-deductible/non-taxable items 33 897 1,132 Foreign rate differences 552 107 1,153 Foreign permanent differences (1,407 ) (1,320 ) (1,002 ) Changes in valuation allowance 14,196 13,822 17,137 Share-based compensation 879 468 426 Research and development credits (626 ) (872 ) (744 ) Alternative Minimum Tax — — (172 ) Foreign other — — 12 Other, net 317 (418 ) 61 Tax (benefit) expense $ 1 $ 2 $ 7,228 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2022 2021 2020 Unrecognized tax benefits — January 1 $ 181 $ 181 $ 181 Gross increases — tax positions in prior period — — — Gross decreases — tax positions in prior period — — — Unrecognized tax benefits — December 31 $ 181 $ 181 $ 181 |
Note P - Share-based Compensa_2
Note P - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Weighted Average Average Average Share Price Weighted Remaining Aggregate Number of Exercise on Date of Average Contractual Intrinsic shares Price Exercise Fair Value Life Value (in thousands, except price data) Outstanding, January 1, 2022 270 $ 10.32 $ 5.44 1.69 $ — Exercised — — — — — Forfeited (6 ) 6.54 5.03 — Outstanding, December 31, 2022 264 10.41 5.45 0.71 — Exercisable, December 31, 2022 264 10.41 5.45 0.71 — Vested and expected to vest 264 10.41 5.45 0.71 — |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Weighted Average Share Weighted Aggregate Number of Price on Date Average Fair Intrinsic shares of Release Value Value (in thousands, except price data) Outstanding at January 1, 2022 2,170 $ 11.15 $ 11,156 Granted 1,977 2.04 3,687 Released (1,023 ) $ 2.75 8.65 2,818 Cancelled/Forfeited (149 ) 10.02 281 Outstanding, December 31, 2022 2,975 6.01 5,623 Vested and expected to vest 2,975 6.01 5,623 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | 2022 2021 2020 Cost of goods sold $ 488 $ 885 $ 937 Research and development 1,332 2,173 2,812 Sales and marketing 857 1,115 1,191 General and administrative 6,923 7,948 8,106 Total share-based compensation expense $ 9,600 $ 12,121 $ 13,046 |
Note Q - Stockholders' Equity (
Note Q - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Stock Sold in Offering [Table Text Block] | Distribution Agent Month Weighted Average Per Share Price Number of Shares Sold Net Proceeds Compensation to Distribution Agent Raymond James & Associates, Inc. March 2021 9.0622 65,748 $ 584 12 Raymond James & Associates, Inc. June 2021 9.1115 34,686 310 6 Raymond James & Associates, Inc. July 2021 9.1061 6,740 60 1 Raymond James & Associates, Inc. September 2022 2.9045 94,491 269 5 Raymond James & Associates, Inc. October 2022 2.8947 313,333 889 18 Raymond James & Associates, Inc. November 2022 2.7830 29,426 80 2 Total 544,424 $ 2,192 44 |
Note R - Segment and Geograph_2
Note R - Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Year ended December 31, 2022 2021 2020 Revenues: United States $ 7,423 $ 14,633 $ 18,380 Taiwan 164,144 99,201 131,076 China 51,251 97,731 85,167 $ 222,818 $ 211,565 $ 234,623 |
Long-Lived Assets by Geographic Areas [Table Text Block] | As of December 31, 2022 2021 2020 Long-lived assets: United States $ 80,048 $ 87,709 $ 90,999 Taiwan 50,777 63,644 71,080 China 93,888 108,509 108,575 $ 224,713 $ 259,862 $ 270,654 |
Note A - Organization and Ope_2
Note A - Organization and Operations (Details Textual) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 15, 2022 |
Yuhan Optoelectronic Technology (Shanghai) Co., Ltd [Member] | Forecast [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 10% | |
Manufacturing Facilities in the PRC and Certain Assets [Member] | ||
Disposal Group, Including Discontinued Operation, Consideration | $ 150 | |
Manufacturing Facilities in the PRC and Certain Assets [Member] | Minimum [Member] | ||
Disposal Group, Percentage of Transaction Price to Invest | 4% | |
Manufacturing Facilities in the PRC and Certain Assets [Member] | Maximum [Member] | ||
Disposal Group, Percentage of Transaction Price to Invest | 10% |
Note B - Summary of Significa_3
Note B - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Cash and Cash Equivalents, at Carrying Value, Total | $ 24,685 | $ 34,656 | |
Cash, Uninsured Amount | 18,300 | ||
Asset Impairment Charges, Total | 0 | 0 | $ 0 |
Product Warranty Accrual, Current | 140 | 263 | |
Advertising Expense | $ 800 | $ 100 | $ 400 |
Minimum [Member] | |||
Product Warranty Extension Period (Year) | 3 years | ||
Maximum [Member] | |||
Product Warranty Extension Period (Year) | 5 years | ||
Patents [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||
Patents [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Number of Customers | 5 | 5 | 5 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Five Customers [Member] | |||
Concentration Risk, Percentage | 78.20% | 67% | 73.30% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ATX Networks Corporation [Member] | |||
Concentration Risk, Percentage | 47.30% | 25.60% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Microsoft [Member] | |||
Concentration Risk, Percentage | 18.40% | 14.10% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Cisco [Member] | |||
Concentration Risk, Percentage | 11.90% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Number of Customers | 5 | 5 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Five Customers [Member] | |||
Concentration Risk, Percentage | 86.90% | 70.60% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ATX Networks Corporation [Member] | |||
Concentration Risk, Percentage | 64.90% | 41.70% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Microsoft [Member] | |||
Concentration Risk, Percentage | 13.30% | ||
Non-US [Member] | |||
Cash and Cash Equivalents, at Carrying Value, Total | $ 17,500 | $ 17,300 |
Note B - Summary of Significa_4
Note B - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Land Improvements [Member] | |
Useful lives (Year) | 10 years |
Vehicles [Member] | |
Useful lives (Year) | 5 years |
Minimum [Member] | Building [Member] | |
Useful lives (Year) | 20 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Useful lives (Year) | 2 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Useful lives (Year) | 3 years |
Minimum [Member] | Computer Equipment and Software [Member] | |
Useful lives (Year) | 3 years |
Maximum [Member] | Building [Member] | |
Useful lives (Year) | 42 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Useful lives (Year) | 20 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Useful lives (Year) | 7 years |
Maximum [Member] | Computer Equipment and Software [Member] | |
Useful lives (Year) | 10 years |
Note B - Summary of Significa_5
Note B - Summary of Significant Accounting Policies - Product Warrant Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 263 | $ 703 |
Warranty costs incurred | (85) | (826) |
Provision for warranty | (38) | 386 |
Balance | $ 140 | $ 263 |
Note C - Revenue Recognition -
Note C - Revenue Recognition - Revenue by Major Product Category (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, net | $ 222,818 | $ 211,565 | $ 234,623 |
Percent of Revenue | 100% | 100% | 100% |
CATV [Member] | |||
Revenue, net | $ 118,169 | $ 94,266 | $ 37,944 |
Percent of Revenue | 53% | 44.60% | 16.20% |
Data Center [Member] | |||
Revenue, net | $ 77,094 | $ 97,461 | $ 173,437 |
Percent of Revenue | 34.60% | 46.10% | 73.90% |
Telecom [Member] | |||
Revenue, net | $ 24,727 | $ 16,247 | $ 21,092 |
Percent of Revenue | 11.10% | 7.70% | 9% |
FTTH [Member] | |||
Revenue, net | $ 129 | $ 957 | $ 110 |
Percent of Revenue | 0.10% | 0.50% | 0% |
Product and Service, Other [Member] | |||
Revenue, net | $ 2,699 | $ 2,634 | $ 2,040 |
Percent of Revenue | 1.20% | 1.20% | 0.90% |
Note D - Leases (Details Textua
Note D - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lease, Cost, Total | $ 1,220 | $ 1,281 | |
Selling, General and Administrative Expenses [Member] | |||
Lease, Cost, Total | $ 1,200 | $ 1,300 | $ 1,400 |
Note D - Leases - Components of
Note D - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease expense | $ 1,161 | $ 1,230 | |
Financing lease expense | 32 | 32 | |
Short Term lease expense | 27 | 19 | |
Total lease expense | $ 1,220 | $ 1,281 | |
Weighted Average Remaining Lease Term (Years) - operating leases (Year) | 6 years 1 month 28 days | 7 years 1 month 24 days | |
Weighted Average Remaining Lease Term (Years) - financing leases (Year) | 9 months 29 days | 1 year 9 months 29 days | |
Weighted Average Discount Rate - operating leases | 3.21% | 3.22% | |
Weighted Average Discount Rate - financing leases | 5% | 5% | |
Operating cash flows from operating leases | $ 1,234 | $ 1,287 | |
Operating cash flows from financing lease | 4 | 5 | |
Financing cash flows from financing lease | 19 | 18 | $ 17 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 0 | $ 124 |
Note D - Leases - Maturities of
Note D - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023, Operating Lease | $ 1,237 |
2023, Financing Lease | 65 |
2023, total | 1,302 |
2024, Operating Lease | 1,127 |
2024, Financing Lease | 0 |
2024, total | 1,127 |
2025, Operating Lease | 1,207 |
2025, Financing Lease | 0 |
2025, total | 1,207 |
2026, Operating Lease | 1,078 |
2026, Financing Lease | 0 |
2026, total | 1,078 |
2027, Operating Lease | 1,084 |
2027, Financing Lease | 0 |
2027, total | 1,084 |
2028 and thereafter, Operating Lease | 1,551 |
2028 and thereafter, Financing Lease | 0 |
2028 and thereafter, total | 1,551 |
Total operating lease payments | 7,284 |
Total financing lease payments, finance leases | 65 |
Total lease payments, total | 7,349 |
Less imputed interest, operating leases | (738) |
Less imputed interest, financing leases | (2) |
Less imputed interest, total | (740) |
Present value, operating leases | 6,546 |
Present value, financing leases | 63 |
Present value, total | $ 6,609 |
Note E - Cash, Cash Equivalen_3
Note E - Cash, Cash Equivalents and Restricted Cash (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents, Current, Total | $ 10,902 | $ 6,480 |
CHINA | ||
Certificates of Deposit, at Carrying Value | 1,100 | 2,400 |
Bankers Acceptance [Member] | ||
Restricted Cash and Cash Equivalents, Current, Total | 8,700 | 3,000 |
Guarantee Deposits for Customs Duties [Member] | ||
Restricted Cash and Cash Equivalents, Current, Total | $ 1,000 | $ 1,000 |
Note E - Cash, Cash Equivalen_4
Note E - Cash, Cash Equivalents and Restricted Cash - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 24,685 | $ 34,656 |
Restricted cash | 10,902 | 6,480 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 35,587 | $ 41,136 |
Note F - Earnings Per Share - C
Note F - Earnings Per Share - Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net loss | $ (66,397) | $ (54,162) | $ (58,452) |
Basic (in shares) | 27,846,387 | 26,912,141 | 21,866,630 |
Effect of dilutive options and restricted stock units (in shares) | 0 | 0 | 0 |
Diluted (in shares) | 27,846,387 | 26,912,141 | 21,866,630 |
Basic (in dollars per share) | $ (2.38) | $ (2.01) | $ (2.67) |
Diluted (in dollars per share) | $ (2.38) | $ (2.01) | $ (2.67) |
Note F - Earnings Per Share - P
Note F - Earnings Per Share - Potentially Dilutive Securities Excluded from Diluted Net Income (Loss) per Share (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Total antidilutive share (in shares) | 4,588 | 4,593 |
Share-Based Payment Arrangement, Option [Member] | ||
Total antidilutive share (in shares) | 3 | |
Restricted Stock Units (RSUs) [Member] | ||
Total antidilutive share (in shares) | 1 | 3 |
Convertible Debt Securities [Member] | ||
Total antidilutive share (in shares) | 4,587 | 4,587 |
Note G - Inventories (Details T
Note G - Inventories (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory, LIFO Reserve, Period Charge | $ 4,900 | $ 3,889 | $ 3,930 |
Inventory Write-down | $ 10,400 | $ 16,800 | $ 20,400 |
Note G - Inventories - Inventor
Note G - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Raw materials | $ 25,732 | $ 29,469 |
Work in process and sub-assemblies | 39,563 | 41,528 |
Finished goods | 14,384 | 21,519 |
Total inventory | $ 79,679 | $ 92,516 |
Note H - Property, Plant and _3
Note H - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 22.6 | $ 24.8 | $ 24.2 |
Interest Paid, Capitalized, Investing Activities | $ 0.2 | $ 0.9 | $ 0.4 |
Note H - Property, Plant and _4
Note H - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, plant and equipment, gross | $ 356,168 | $ 376,001 |
Less accumulated depreciation and amortization | (177,519) | (167,772) |
Property, plant and equipment, net before construction in progress and land | 178,649 | 208,229 |
Property, plant and equipment, net | 210,184 | 243,035 |
Land Improvements [Member] | ||
Property, plant and equipment, gross | 806 | 806 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 86,372 | 89,698 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 251,216 | 266,386 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 5,382 | 5,658 |
Computer Equipment and Software [Member] | ||
Property, plant and equipment, gross | 11,713 | 12,727 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 679 | 726 |
Construction in Progress [Member] | ||
Property, plant and equipment, net | 30,434 | 33,705 |
Land [Member] | ||
Property, plant and equipment, net | $ 1,101 | $ 1,101 |
Note I - Intangible Assets (Det
Note I - Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization of Intangible Assets | $ 0.6 | $ 0.5 | $ 0.5 |
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 6 years |
Note I - Intangible Assets - Fi
Note I - Intangible Assets - Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Intangible assets, gross amount | $ 9,050 | $ 8,632 |
Intangible assets, accumulated amortization | (5,351) | (4,796) |
Intangible assets, net | 3,699 | 3,836 |
Patents [Member] | ||
Intangible assets, gross amount | 8,994 | 8,597 |
Intangible assets, accumulated amortization | (5,330) | (4,779) |
Intangible assets, net | 3,664 | 3,818 |
Trademarks [Member] | ||
Intangible assets, gross amount | 56 | 35 |
Intangible assets, accumulated amortization | (21) | (17) |
Intangible assets, net | $ 35 | $ 18 |
Note I - Intangible Assets - Fu
Note I - Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 627 | |
2024 | 627 | |
2025 | 627 | |
2026 | 627 | |
2027 | 627 | |
2028 | 564 | |
thereafter | 0 | |
Total | $ 3,699 | $ 3,836 |
Note J - Fair Value of Financ_3
Note J - Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 24,685 | $ 34,656 |
Restricted cash | 10,902 | 6,480 |
Note receivable | 339 | 8,148 |
Total assets | 35,926 | 49,284 |
Bank acceptance payable | 12,337 | 8,198 |
Convertible senior notes | 58,314 | 67,588 |
Total liabilities | 70,651 | 75,786 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 24,685 | 34,656 |
Restricted cash | 10,902 | 6,480 |
Note receivable | 0 | 0 |
Total assets | 35,587 | 41,136 |
Bank acceptance payable | 0 | 0 |
Convertible senior notes | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Note receivable | 339 | 8,148 |
Total assets | 339 | 8,148 |
Bank acceptance payable | 12,337 | 8,198 |
Convertible senior notes | 58,314 | 67,588 |
Total liabilities | 70,651 | 75,786 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Note receivable | 0 | 0 |
Total assets | 0 | 0 |
Bank acceptance payable | 0 | 0 |
Convertible senior notes | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
Note K - Notes Payable and Lo_3
Note K - Notes Payable and Long-term Debt (Details Textual) $ in Thousands | 12 Months Ended | |||||||||||||||||||
Nov. 16, 2022 USD ($) | Jun. 07, 2022 USD ($) | Jan. 21, 2022 TWD ($) | Dec. 29, 2021 | Jan. 06, 2021 | Sep. 15, 2020 USD ($) | Sep. 15, 2020 TWD ($) | Jun. 21, 2019 USD ($) | May 24, 2019 USD ($) | Jan. 21, 2019 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 07, 2022 CNY (¥) | Jun. 21, 2019 CNY (¥) | May 24, 2019 CNY (¥) | May 08, 2019 USD ($) | May 07, 2019 CNY (¥) | Apr. 30, 2019 CNY (¥) | Sep. 28, 2017 USD ($) | |
Payments to Acquire Property, Plant, and Equipment, Total | $ 3,210 | $ 7,981 | $ 15,795 | |||||||||||||||||
Finance Lease, Principal Payments | 19 | 18 | $ 17 | |||||||||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 13,300 | 7,400 | ||||||||||||||||||
Cash Collateral for Borrowed Securities | 9,900 | 5,400 | ||||||||||||||||||
Chailease Finance Co, Ltd. [Member] | Prime World International Holdings, Ltd. (“Prime World”) [Member] | ||||||||||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 22,311,381 | $ 800 | ||||||||||||||||||
Chailease Finance Co, Ltd. [Member] | Prime World International Holdings, Ltd. (“Prime World”) [Member] | Promissory Note [Member] | ||||||||||||||||||||
Finance Lease, Principal Payments | $ 5,500 | |||||||||||||||||||
Chailease Finance Co, Ltd. [Member] | Prime World International Holdings, Ltd. (“Prime World”) [Member] | Second Sales Contract [Member] | ||||||||||||||||||||
Finance Lease, Principal Payments | $ 159,027,448 | |||||||||||||||||||
Revolving Credit Facility [Member] | Truist Bank [Member] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | |||||||||||||||||||
Revolving Credit Facility [Member] | Truist Bank [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.56% | |||||||||||||||||||
Debt Instrument, SOFR Floor | 0.75% | |||||||||||||||||||
Revolving Credit Facility [Member] | CIT Northbridge Credit, LLC [Member] | Loan Security and Guarantee Agreement [Member] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 27,780 | 27,800 | ||||||||||||||||||
Debt Instrument, Term (Year) | 3 years | |||||||||||||||||||
Revolving Credit Facility [Member] | CIT Northbridge Credit, LLC [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Loan Security and Guarantee Agreement [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate, Monthly Usage Less Than 50 Percentage | 3.75% | |||||||||||||||||||
Revolving Credit Facility [Member] | CIT Northbridge Credit, LLC [Member] | Loan Security and Guarantee Agreement [Member] | ||||||||||||||||||||
Long-Term Line of Credit, Total | 25,000 | |||||||||||||||||||
Revolving Credit Facility [Member] | SPD Bank [Member] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 19,902 | 19,902 | ||||||||||||||||||
Revolving Credit Facility [Member] | SPD Bank [Member] | The SPD Credit Line [Member] | Global Technology, Inc. [Member] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,400 | ¥ 180,000,000 | ||||||||||||||||||
Debt Instrument, Term (Year) | 5 years | |||||||||||||||||||
Revolving Credit Facility [Member] | SPD Bank [Member] | The SPD 30M Credit Facility [Member] | Global Technology, Inc. [Member] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | ¥ | ¥ 30,000,000 | |||||||||||||||||||
Revolving Credit Facility [Member] | SPD Bank [Member] | The SPD 9.9M Credit Facility [Member] | Global Technology, Inc. [Member] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | ¥ | ¥ 9,900,000 | |||||||||||||||||||
Revolving Credit Facility [Member] | SPD Bank [Member] | The SPD 2.0M Credit Facility [Member] | Global Technology, Inc. [Member] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | |||||||||||||||||||
Long-Term Line of Credit, Total | 13,100 | |||||||||||||||||||
Bank Acceptances Executed | 8,200 | |||||||||||||||||||
Revolving Credit Facility [Member] | China Zheshang Bank Co., Ltd [Member] | The ¥100M Credit Facility [Member] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 26,636 | 26,636 | ||||||||||||||||||
Revolving Credit Facility [Member] | China Zheshang Bank Co., Ltd [Member] | The ¥100M Credit Facility [Member] | Global Technology, Inc. [Member] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 14,100 | ¥ 100,000,000 | ||||||||||||||||||
Debt Instrument, Term (Year) | 3 years | 18 months | ||||||||||||||||||
Revolving Credit Facility [Member] | China Zheshang Bank Co., Ltd [Member] | The ¥50M Credit Facility [Member] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 7,167 | $ 7,167 | ||||||||||||||||||
Revolving Credit Facility [Member] | China Zheshang Bank Co., Ltd [Member] | The ¥50M Credit Facility [Member] | Global Technology, Inc. [Member] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,100 | ¥ 50,000,000 | ||||||||||||||||||
Debt Instrument, Term (Year) | 5 years | 3 years | ||||||||||||||||||
Revolving Credit Facility [Member] | China Zheshang Bank Co., Ltd [Member] | The ¥200M Credit Facility [Member] | Global Technology, Inc. [Member] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 29,900 | ¥ 200,000,000 | ||||||||||||||||||
Long-Term Line of Credit, Total | 20,100 | |||||||||||||||||||
Bank Acceptances Executed | $ 4,200 |
Note K - Notes Payable and Lo_4
Note K - Notes Payable and Long-term Debt - Schedule of Notes Payable and Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Long-term debt | $ 58,242 | $ 54,711 |
Less debt issuance costs, net | 1,168 | 22 |
Grand total | 57,074 | 54,689 |
Less current portion | 57,074 | 49,689 |
Non-current portion | 0 | 5,000 |
Bank acceptance notes issued to vendors with a zero percent interest rate | 12,337 | 8,198 |
Chailease Finance Co, Ltd. [Member] | Promissory Note [Member] | ||
Long-term debt | 0 | 170 |
Truist Bank [Member] | Revolving Credit Facility [Member] | Fouth Amendment to Loan Agreement with Truist Bank [Member] | ||
Long-term debt | 0 | 14,373 |
CIT Northbridge Credit, LLC [Member] | Revolving Credit Facility [Member] | Loan Security and Guarantee Agreement [Member] | ||
Long-term debt | 25,000 | 0 |
SPD Bank [Member] | Revolving Credit Facility [Member] | ||
Long-term debt | 13,102 | 19,595 |
China Zheshang Bank Co., Ltd [Member] | Revolving Credit Facility [Member] | The ¥100M Credit Facility [Member] | ||
Long-term debt | 20,140 | 13,044 |
China Zheshang Bank Co., Ltd [Member] | Revolving Credit Facility [Member] | The ¥50M Credit Facility [Member] | ||
Long-term debt | $ 7,529 |
Note K - Notes Payable and Lo_5
Note K - Notes Payable and Long-term Debt - Schedule of Notes Payable and Long-term Debt (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Nov. 16, 2022 | Sep. 28, 2017 | |
Chailease Finance Co, Ltd. [Member] | Promissory Note [Member] | ||||
Long-term debt, maturity date | Jan. 21, 2022 | |||
Long-term debt, interest | 3.10% | |||
Truist Bank [Member] | Revolving Credit Facility [Member] | ||||
Long-term debt, maximum | $ 20,000 | |||
Truist Bank [Member] | Revolving Credit Facility [Member] | Fouth Amendment to Loan Agreement with Truist Bank [Member] | ||||
Long-term debt, maximum | $ 20,000 | |||
Long-term debt, interest | 4.063% | |||
Long-term debt, maturity date | Nov. 16, 2022 | |||
CIT Northbridge Credit, LLC [Member] | Revolving Credit Facility [Member] | Loan Security and Guarantee Agreement [Member] | ||||
Long-term debt, maximum | $ 27,800 | $ 27,780 | ||
Long-term debt, interest | 8.984% | |||
Long-term debt, start maturity date | Dec. 14, 2023 | |||
Long-term debt, end maturity date | Nov. 16, 2025 | |||
SPD Bank [Member] | Revolving Credit Facility [Member] | ||||
Long-term debt, maximum | $ 19,902 | $ 19,902 | ||
Long-term debt, maturity date | May 24, 2024 | May 24, 2024 | ||
SPD Bank [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||
Long-term debt, interest | 2.95% | 2.95% | ||
SPD Bank [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||
Long-term debt, interest | 4.57% | 4.57% | ||
China Zheshang Bank Co., Ltd [Member] | Revolving Credit Facility [Member] | The ¥100M Credit Facility [Member] | ||||
Long-term debt, maximum | $ 26,636 | $ 26,636 | ||
Long-term debt, maturity date | Jun. 07, 2027 | Jun. 07, 2027 | ||
China Zheshang Bank Co., Ltd [Member] | Revolving Credit Facility [Member] | The ¥100M Credit Facility [Member] | Minimum [Member] | ||||
Long-term debt, interest | 4.45% | 4.45% | ||
China Zheshang Bank Co., Ltd [Member] | Revolving Credit Facility [Member] | The ¥100M Credit Facility [Member] | Maximum [Member] | ||||
Long-term debt, interest | 6.60% | 6.60% | ||
China Zheshang Bank Co., Ltd [Member] | Revolving Credit Facility [Member] | The ¥50M Credit Facility [Member] | ||||
Long-term debt, maximum | $ 7,167 | $ 7,167 | ||
Long-term debt, maturity date | Jun. 27, 2022 | Jun. 27, 2022 | ||
Long-term debt, interest | 5.70% | 5.70% |
Note L - Convertible Senior N_3
Note L - Convertible Senior Notes (Details Textual) - USD ($) | Mar. 05, 2019 | Dec. 31, 2022 |
Truist Bank [Member] | CapEx Loan and Term Loan [Member] | ||
Repayments of Long-term Debt, Total | $ 37,800,000 | |
The 5% Convertible Senior Notes Due 2024 [Member] | ||
Debt Instrument, Face Amount | $ 80,500,000 | $ 80,500,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5% | |
Proceeds from Convertible Debt | $ 76,400,000 | |
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 56.9801 | |
Debt Conversion, Converted Instrument, Amount | $ 1,000 | |
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 17.55 | |
Debt Instrument, Convertible, Conversion Price Premium, Percentage | 30% | |
Share Price (in dollars per share) | $ 13.50 | |
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130% | |
Debt Instrument, Convertible, Threshold Trading Days | 20 | |
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100% |
Note L - Convertible Senior N_4
Note L - Convertible Senior Notes - Schedule of Carrying Value of Convertible Senior Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 05, 2019 |
Net carrying amount | $ 79,506 | $ 78,680 | |
The 5% Convertible Senior Notes Due 2024 [Member] | |||
Principal | 80,500 | $ 80,500 | |
Unamortized debt issuance costs | (994) | ||
Net carrying amount | $ 79,506 |
Note L - Convertible Senior N_5
Note L - Convertible Senior Notes - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization of debt issuance costs | $ 902 | $ 865 | $ 900 |
The 5% Convertible Senior Notes Due 2024 [Member] | |||
Contractual interest expense | 4,025 | 4,025 | |
Amortization of debt issuance costs | 826 | 826 | |
Total interest cost | $ 4,851 | $ 4,851 | |
Effective interest rate | 5.10% | 5.10% |
Note M - Accrued Liabilities -
Note M - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued payroll | $ 9,702 | $ 6,516 |
Accrued employee benefits | 3,265 | 3,471 |
Accrued state and local taxes | 588 | 1,897 |
Accrued interest | 1,597 | 1,475 |
Accrued shipping and tariff expenses | 0 | 33 |
Advance payments | 3,216 | 195 |
Accrued commission | 937 | 1,003 |
Accrued professional fees | 409 | 346 |
Accrued product warranty | 140 | 263 |
Accrued other | 368 | 388 |
Total accrued liabilities | $ 20,222 | $ 15,587 |
Note N - Other Income and Exp_3
Note N - Other Income and Expense - Other Income and Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Foreign exchange transaction gain (loss) | $ (1,488) | $ 454 | $ 1 |
Government subsidy income | 160 | 1,345 | 2,708 |
Other non-operating gain | 76 | 129 | 304 |
Loan forgiveness | 0 | 6,229 | 0 |
Gain (loss) on disposal of assets | 47 | (1) | (15) |
Total other gain (loss), net | $ (1,205) | $ 8,156 | $ 2,998 |
Note O - Income Taxes (Details
Note O - Income Taxes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 37 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2011 | Dec. 31, 2019 | |
Deferred Tax Assets, Operating Loss Carryforwards, Total | $ 47,901 | $ 44,448 | |||
Deferred Tax Assets, in Process Research and Development | 10,505 | 9,879 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 4,599 | 4,599 | |||
Deferred Tax Assets, Valuation Allowance | $ 69,680 | $ 57,721 | $ 43,462 | $ 25,736 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | ||
Unrecognized Tax Benefits, Ending Balance | $ 181 | $ 181 | $ 181 | $ 181 | |
Income Tax Examination, Penalties and Interest Accrued, Total | 0 | 0 | 0 | ||
Effective Income Tax Rate Reconciliation, PPP Loan Forgiveness, Amount | 0 | (1,308) | 0 | ||
Undistributed Earnings of Foreign Subsidiaries | 0 | ||||
Global Technology, Inc. [Member] | |||||
Income Tax Holiday, Aggregate Dollar Amount | $ 0 | $ 0 | $ 1,400 | ||
Income Tax Holiday, Income Tax Benefits Per Share (in dollars per share) | $ 0 | $ 0 | $ 0.05 | ||
State Administration of Taxation, China [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 25% | ||||
State Administration of Taxation, China [Member] | Global Technology, Inc. [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 15% | ||||
TAIWAN | |||||
Operating Loss Carryforwards | $ 72,500 | ||||
Operating Loss Carryforwards, Carryforward Period (Year) | 10 years | ||||
CHINA | |||||
Operating Loss Carryforwards | $ 58,800 | ||||
Operating Loss Carryforwards, Carryforward Period (Year) | 10 years | ||||
Domestic Tax Authority [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Total | $ 111,500 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 32,700 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | $ 78,800 | ||||
Open Tax Year | 2019 2020 2021 | ||||
State and Local Jurisdiction [Member] | |||||
Deferred Tax Assets, in Process Research and Development | $ 10,500 | ||||
Open Tax Year | 2019 2020 2021 | ||||
Foreign Tax Authority [Member] | |||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 4,600 | ||||
Open Tax Year | 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 |
Note O - Income Taxes - Income
Note O - Income Taxes - Income (Loss) from Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Domestic | $ (45,404) | $ (21,229) | $ (20,288) |
Foreign | (20,992) | (32,931) | (30,936) |
Total loss before income taxes | $ (66,396) | $ (54,160) | $ (51,224) |
Note O - Income Taxes - Provisi
Note O - Income Taxes - Provision for Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal | $ 0 | $ 0 | $ 41 |
State | 1 | 2 | 2 |
Foreign | 0 | 0 | 0 |
Total | 1 | 2 | 43 |
Federal | 0 | 0 | (172) |
State | 0 | 0 | 0 |
Foreign | 0 | 0 | 7,357 |
Total | 0 | 0 | 7,185 |
Income tax (benefit) expense | $ 1 | $ 2 | $ 7,228 |
Note O - Income Taxes - Net Def
Note O - Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
NOL carryforward | $ 47,901 | $ 44,448 | ||
Inventory reserves | 2,892 | 2,872 | ||
Unrealized gains and losses | 363 | 69 | ||
Share-based compensation | 914 | 645 | ||
Foreign tax credit | 4,599 | 4,599 | ||
Research and development credits | 10,505 | 9,879 | ||
Interest | 3,966 | 2,840 | ||
ASC 842 Assets | 1,602 | 1,740 | ||
Other | 776 | 728 | ||
Deferred tax assets | 73,518 | 67,820 | ||
Less valuation allowance | (69,680) | (57,721) | $ (43,462) | $ (25,736) |
Deferred tax assets, net | 3,838 | 10,099 | ||
Depreciation and amortization | (2,441) | (8,600) | ||
ASC 842 Liabilities | (1,397) | (1,499) | ||
Deferred tax liabilities | (3,838) | (10,099) | ||
Deferred tax assets (liabilities), net | $ 0 | $ 0 |
Note O - Income Taxes - Summary
Note O - Income Taxes - Summary of Valuation of Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 57,721 | $ 43,462 | $ 25,736 |
Change charged to expense/(income) | 14,196 | 13,822 | 17,137 |
Change charged to currency translation adjustment | (2,237) | 437 | 589 |
Balance | $ 69,680 | $ 57,721 | $ 43,462 |
Note O - Income Taxes - Reconci
Note O - Income Taxes - Reconciliation of the U.S. Federal Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expected taxes at statutory rate | $ (13,943) | $ (11,374) | $ (10,775) |
PPP loan forgiveness | 0 | (1,308) | 0 |
Non-deductible/non-taxable items | 33 | 897 | 1,132 |
Foreign rate differences | 552 | 107 | 1,153 |
Foreign permanent differences | (1,407) | (1,320) | (1,002) |
Changes in valuation allowance | 14,196 | 13,822 | 17,137 |
Share-based compensation | 879 | 468 | 426 |
Research and development credits | (626) | (872) | (744) |
Alternative Minimum Tax | 0 | 0 | (172) |
Foreign other | 0 | 0 | 12 |
Other, net | 317 | (418) | 61 |
Income tax (benefit) expense | $ 1 | $ 2 | $ 7,228 |
Note O - Income Taxes - Unrecog
Note O - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unrecognized tax benefits | $ 181 | $ 181 | $ 181 |
Gross increases — tax positions in prior period | 0 | 0 | 0 |
Gross decreases — tax positions in prior period | 0 | 0 | 0 |
Unrecognized tax benefits | $ 181 | $ 181 | $ 181 |
Note P - Share-based Compensa_3
Note P - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | ||
Share-Based Payment Arrangement, Expense | $ 9,600 | $ 12,121 | $ 13,046 |
Share-Based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
Share-Based Payment Arrangement, Option [Member] | Exercisable on the First Anniversary Date Following the Date of Grant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | ||
Share-Based Payment Arrangement, Option [Member] | Exercisable on Semi-annual Basis [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 12.50% | ||
Performance Shares [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 13,800 | ||
Share-Based Payment Arrangement, Expense | $ 1,700 | $ 700 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 11 months 12 days | ||
Performance Shares [Member] | Minimum [Member] | |||
Sharebased Compensation Arrangement By Sharebased Payment Award Performance Award Value Percentage Of Based Amount | 0% | ||
Performance Shares [Member] | Maximum [Member] | |||
Sharebased Compensation Arrangement By Sharebased Payment Award Performance Award Value Percentage Of Based Amount | 200% | ||
Performance Shares [Member] | Vesting on the Third Anniversary [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% |
Note P - Share-based Compensa_4
Note P - Share-based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Outstanding, number of shares (in shares) | 270 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 10.32 | |
Outstanding, weighted average fair value (in dollars per share) | $ 5.44 | |
Outstanding, weighted average remaining contractual life (Year) | 8 months 15 days | 1 year 8 months 8 days |
Outstanding, aggregate intrinsic value | $ 0 | $ 0 |
Exercised, number of shares (in shares) | 0 | |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | |
Exercised, weighted average share price on date of exercise (in dollars per share) | 0 | |
Exercised, weighted average fair value (in dollars per share) | $ 0 | |
Exercised, aggregate intrinsic value | $ 0 | |
Forfeited, number of shares (in shares) | (6) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 6.54 | |
Forfeited, weighted average fair value (in dollars per share) | $ 5.03 | |
Forfeited, aggregate intrinsic value | $ 0 | |
Outstanding, number of shares (in shares) | 264 | 270 |
Outstanding, weighted average exercise price (in dollars per share) | $ 10.41 | $ 10.32 |
Outstanding, weighted average fair value (in dollars per share) | $ 5.45 | $ 5.44 |
Exercisable, number of shares (in shares) | 264 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 10.41 | |
Exercisable, weighted average fair value (in dollars per share) | $ 5.45 | |
Exercisable, weighted average remaining contractual life (Year) | 8 months 15 days | |
Exercisable, aggregate intrinsic value | $ 0 | |
Vested and expected to vest, number of shares (in shares) | 264 | |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 10.41 | |
Vested and expected to vest, weighted average fair value (in dollars per share) | $ 5.45 | |
Vested and expected to vest, weighted average remaining contractual life (Year) | 8 months 15 days | |
Vested and expected to vest, aggregate intrinsic value | $ 0 |
Note P - Share-based Compensa_5
Note P - Share-based Compensation - Restricted Stock Unit/Awards Activity (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Outstanding, number of shares (in shares) | shares | 2,170 |
Outstanding, weighted average fair value (in dollars per share) | $ 11.15 |
Outstanding, aggregate intrinsic value | $ | $ 11,156 |
Granted, number of shares (in shares) | shares | 1,977 |
Granted, weighted average fair value (in dollars per share) | $ 2.04 |
Granted, aggregate intrinsic value | $ | $ 3,687 |
Released, number of shares (in shares) | shares | (1,023) |
Released, weighted average share price on date of release (in dollars per share) | $ 2.75 |
Released, weighted average fair value (in dollars per share) | $ 8.65 |
Released, aggregate intrinsic value | $ | $ 2,818 |
Cancelled/Forfeited, number of shares (in shares) | shares | (149) |
Cancelled/Forfeited, weighted average fair value (in dollars per share) | $ 10.02 |
Cancelled/Forfeited, aggregate intrinsic value | $ | $ 281 |
Outstanding, number of shares (in shares) | shares | 2,975 |
Outstanding, weighted average fair value (in dollars per share) | $ 6.01 |
Outstanding, aggregate intrinsic value | $ | $ 5,623 |
Vested and expected to vest, number of shares (in shares) | shares | 2,975 |
Vested and expected to vest, weighted average fair value (in dollars per share) | $ 6.01 |
Vested and expected to vest, aggregate intrinsic value | $ | $ 5,623 |
Note P - Share-based Compensa_6
Note P - Share-based Compensation - Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total share-based compensation expense | $ 9,600 | $ 12,121 | $ 13,046 |
Cost of Sales [Member] | |||
Total share-based compensation expense | 488 | 885 | 937 |
Research and Development Expense [Member] | |||
Total share-based compensation expense | 1,332 | 2,173 | 2,812 |
Selling and Marketing Expense [Member] | |||
Total share-based compensation expense | 857 | 1,115 | 1,191 |
General and Administrative Expense [Member] | |||
Total share-based compensation expense | $ 6,923 | $ 7,948 | $ 8,106 |
Note Q - Stockholders' Equity_2
Note Q - Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | 22 Months Ended | ||||||||||
Feb. 26, 2021 | Nov. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Jul. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jan. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Feb. 28, 2020 | |
Common Stock, Shares Authorized (in shares) | 45,000,000 | 45,000,000 | 45,000,000 | ||||||||||
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||
Proceeds from Issuance of Common Stock | $ 1,238,000 | $ 15,397,000 | $ 39,203,000 | ||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Initial ATM Offering [Member] | Raymond James & Associates, Inc. [Member] | |||||||||||||
Common Stock, Maximum Amount to be Sold | $ 55,000,000 | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,900,000 | ||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 9.12 | ||||||||||||
Proceeds from Issuance of Common Stock | $ 53,900,000 | ||||||||||||
Second ATM Offering [Member] | Raymond James & Associates, Inc. [Member] | |||||||||||||
Common Stock, Maximum Amount to be Sold | $ 35,000,000 | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 29,426 | 313,333 | 94,491 | 6,740 | 34,686 | 65,748 | 544,424 | ||||||
Proceeds from Issuance of Common Stock | $ 80,000 | $ 889,000 | $ 269,000 | $ 60,000 | $ 310,000 | $ 584,000 | $ 2,192,000 | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | ||||||||||||
Agreement, Sales Agent Compensation, Percentage of Gross Sales | 2% | ||||||||||||
Agreement, Maximum Reimbursement of Expenses in Connection with Registration of Shares | $ 10,000 | ||||||||||||
Agreement, Maximum Reimbursement of Out-of-pocket Expenses | $ 30,000 |
Note Q - Stockholders' Equity -
Note Q - Stockholders' Equity - Stock Sold in Offering (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | 22 Months Ended | |||||||
Nov. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Jul. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
Net Proceeds | $ 1,238 | $ 15,397 | $ 39,203 | |||||||
Raymond James & Associates, Inc. [Member] | Second ATM Offering [Member] | ||||||||||
Weighted Average Per Share Price (in dollars per share) | $ 2.7830 | $ 2.8947 | $ 2.9045 | $ 9.1061 | $ 9.1115 | $ 9.0622 | ||||
Number of Shares Sold (in shares) | 29,426 | 313,333 | 94,491 | 6,740 | 34,686 | 65,748 | 544,424 | |||
Net Proceeds | $ 80 | $ 889 | $ 269 | $ 60 | $ 310 | $ 584 | $ 2,192 | |||
Compensation to Distribution Agent | $ 2 | $ 18 | $ 5 | $ 1 | $ 6 | $ 12 | $ 44 |
Note R - Segment and Geograph_3
Note R - Segment and Geographic Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Reportable Segments | 1 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 222,818 | $ 211,565 | $ 234,623 |
Percentage of Revenue | 100% | 100% | 100% |
CATV [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 118,169 | $ 94,266 | $ 37,944 |
Percentage of Revenue | 53% | 44.60% | 16.20% |
Data Center [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 77,094 | $ 97,461 | $ 173,437 |
Percentage of Revenue | 34.60% | 46.10% | 73.90% |
Telecom [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 24,727 | $ 16,247 | $ 21,092 |
Percentage of Revenue | 11.10% | 7.70% | 9% |
FTTH [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 129 | $ 957 | $ 110 |
Percentage of Revenue | 0.10% | 0.50% | 0% |
Note R - Segment and Geograph_4
Note R - Segment and Geographic Information - Revenue Information by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, net | $ 222,818 | $ 211,565 | $ 234,623 |
UNITED STATES | |||
Revenue, net | 7,423 | 14,633 | 18,380 |
TAIWAN | |||
Revenue, net | 164,144 | 99,201 | 131,076 |
CHINA | |||
Revenue, net | $ 51,251 | $ 97,731 | $ 85,167 |
Note R - Segment and Geograph_5
Note R - Segment and Geographic Information - Asset Information by Geographic Region (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Long-lived assets | $ 224,713 | $ 259,862 | $ 270,654 |
UNITED STATES | |||
Long-lived assets | 80,048 | 87,709 | 90,999 |
TAIWAN | |||
Long-lived assets | 50,777 | 63,644 | 71,080 |
CHINA | |||
Long-lived assets | $ 93,888 | $ 108,509 | $ 108,575 |
Note S - Employee Benefit Pla_2
Note S - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Global Technology, Inc. [Member] | |||
Pension and Other Postretirement Benefits Cost (Reversal of Cost), Total | $ 1 | $ 1 | $ 1.2 |
Prime World International Holdings, Ltd. (“Prime World”) [Member] | |||
Pension and Other Postretirement Benefits Cost (Reversal of Cost), Total | $ 0.5 | $ 0.7 | $ 0.8 |
Note T - Commitments and Cont_2
Note T - Commitments and Contingencies (Details Textual) - Loss Contingency, Obligation for Sales and Use Tax [Member] $ in Millions | Aug. 09, 2021 USD ($) |
Loss Contingency, Potential Obligation | $ 1 |
Loss Contingency Accrual, Payments | 0.4 |
Minimum [Member] | |
Loss Contingency, Estimate of Possible Loss | 0.2 |
Maximum [Member] | |
Loss Contingency, Estimate of Possible Loss | $ 0.4 |
Note U - Subsequent Events (Det
Note U - Subsequent Events (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 24, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Repayments of Lines of Credit | $ 131,030 | $ 111,287 | $ 96,006 | |
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||
Repayments of Lines of Credit | $ 8,300 |