Atomera (ATOM) 10-K 15 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 15, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-37850
Entity Registrant Name	ATOMERA INCORPORATED
Entity Central Index Key	0001420520
Entity Tax Identification Number	30-0509586
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	750 University Avenue
Entity Address, Address Line Two	Suite 280
Entity Address, City or Town	Los Gatos
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95032
City Area Code	(408)
Local Phone Number	442-5248
Title of 12(b) Security	Common stock: Par value $0.001
Trading Symbol	ATOM
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
Entity Shell Company	false
Entity Public Float			$ 215,221,176
Entity Common Stock, Shares Outstanding		26,619,981
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	688
Auditor Name	Marcum llp
Auditor Location	Los Angeles, CA

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 12,591	$ 21,184
Short-term investments	6,940	0
Unbilled contracts receivable	550	0
Interest receivable	79	0
Prepaid expenses and other current assets	244	418
Total current assets	20,404	21,602
Property and equipment, net	100	158
Long-term prepaid maintenance and supplies	91	91
Security deposit	14	14
Operating lease right-of-use-asset	517	700
Financing lease right-of-use-asset	2,903	4,164
Total assets	24,029	26,729
Current liabilities:
Accounts payable	618	397
Accrued expenses	222	173
Accrued payroll related expenses	1,382	967
Current operating lease liability	264	245
Current financing lease liability	1,328	1,126
Total current liabilities	3,814	2,908
Long-term operating lease liability	295	521
Long-term financing lease liability	1,750	2,986
Total liabilities	5,859	6,415
Commitments and contingencies (see Note 11)
Stockholders’ equity:
Preferred stock, $0.001 par value, authorized 2,500 shares: none issued and outstanding at December 31, 2023 and 2022	0	0
Common stock, $0.001 par value, authorized 47,500 shares; 26,107 shares issued and outstanding at December 31, 2023 and 23,973 issued and outstanding as of December 31, 2022	26	24
Additional paid-in capital	221,229	203,585
Accumulated deficit	(203,085)	(183,295)
Total stockholders’ equity	18,170	20,314
Total liabilities and stockholders’ equity	$ 24,029	$ 26,729

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,500	2,500
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	47,500	47,500
Common stock, shares issued	26,107	23,973
Common stock, shares outstanding	26,107	23,973

Statements of Operations

Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue:	$ 550	$ 382
Cost of revenue	(28)	(81)
Gross margin	522	301
Operating Expenses:
Research and development	12,525	10,038
General and administrative	7,075	6,441
Selling and marketing	1,599	1,348
Total operating expenses	21,199	17,827
Loss from operations	(20,677)	(17,526)
Other income (expense):
Interest income	723	340
Accretion income	283	0
Other income (expense), net	75	0
Interest expense	(194)	(255)
Total other income (expense), net	887	85
Net loss	$ (19,790)	$ (17,441)
Net loss per common share, basic	$ (0.80)	$ (0.75)
Net loss per common share, diluted	$ (0.80)	$ (0.75)
Weighted average number of common shares outstanding, basic	24,755	23,157
Weighted average number of common shares outstanding, diluted	24,755	23,157

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 23	$ 194,212	$ (165,854)	$ 28,381
Beginning balance, shares at Dec. 31, 2021	23,207
Stock-based compensation		3,367		3,367
Stock-based compensation, shares	194
Stock option exercises		244		244
Stock option exercises, shares	45
At-the-market sale of stock, net of commissions and expenses	$ 1	5,762		5,763
At-the-market sale of stock, net of commissions and expenses, shares	527
Net loss			(17,441)	(17,441)
Ending balance, value at Dec. 31, 2022	$ 24	203,585	(183,295)	20,314
Ending balance, shares at Dec. 31, 2022	23,973
Stock-based compensation		4,013		4,013
Stock-based compensation, shares	357
Stock option exercises		128		128
Stock option exercises, shares	33
Forfeited restricted stock awards
Forfeited restricted stock awards, shares	(20)
At-the-market sale of stock, net of commissions and expenses	$ 2	13,503		13,505
At-the-market sale of stock, net of commissions and expenses, shares	1,764
Net loss			(19,790)	(19,790)
Ending balance, value at Dec. 31, 2023	$ 26	$ 221,229	$ (203,085)	$ 18,170
Ending balance, shares at Dec. 31, 2023	26,107

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (19,790)	$ (17,441)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	77	77
Operating lease right of use asset amortization	216	200
Financing lease right of use asset amortization	1,146	1,229
Stock-based compensation	4,013	3,367
Accretion of discounts on available-for-sales securities	(254)	0
Gain on sale of assets	(3)	0
Changes in operating assets and liabilities:
Unbilled contracts receivable	(550)	0
Interest receivable	(31)	0
Prepaid expenses and other current assets	174	(108)
Accounts payable	221	59
Accrued expenses	49	(30)
Accrued payroll expenses	415	366
Operating lease liability	(240)	(218)
Net cash used in operating activities	(14,557)	(12,499)
CASH FROM INVESTING ACTIVITIES
Acquisition of property and equipment	(31)	(39)
Proceeds from sale of property and equipment	15	0
Purchase of available-for-sale securities	(19,539)	0
Maturity of available-for-sale securities	12,804	0
Net cash used in investing activities	(6,751)	(39)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from at-the-market sale of stock, net of commissions and expenses	13,505	5,763
Proceeds from exercise of stock options	128	244
Payments of principal for financing lease	(918)	(984)
Net cash provided by financing activities	12,715	5,023
Net decrease in cash and cash equivalents	(8,593)	(7,515)
Cash and cash equivalents at beginning of year	21,184	28,699
Cash and cash equivalents at end of year	12,591	21,184
Supplemental information:
Cash paid for interest	194	255
Cash paid for taxes	$ 0	$ 0

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure [Table]
Net Income (Loss) Attributable to Parent	$ (19,790)	$ (17,441)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted	0
Non-Rule 10b5-1 Arrangement Adopted	0
Rule 10b5-1 Arrangement Terminated	0
Non-Rule 10b5-1 Arrangement Terminated	0

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	1. NATURE OF OPERATIONS Atomera Incorporated (“Atomera” or the “Company”) was incorporated in the state of Delaware in March 2007 under the name MEARS Technologies, Inc. and is engaged in the development, commercialization and licensing of proprietary processes and technologies for the semiconductor industry. On January 12, 2016, the Company changed its name to Atomera Incorporated. Atomera is an early-stage company, having only recently begun limited revenue-generating activities, and is devoting substantially all its efforts toward technology research and development and to commercially licensing its technology to designers and manufacturers of integrated circuits. The Company operates as one business segment.

LIQUIDITY AND MANAGEMENT PLANS

LIQUIDITY AND MANAGEMENT PLANS	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LIQUIDITY AND MANAGEMENT PLANS	2. LIQUIDITY AND MANAGEMENT PLANS At December 31, 2023, the Company had cash, cash equivalents and short-term investments of approximately $ 19.5 million 16.6 million On May 31, 2022, Atomera entered into an Equity Distribution Agreement with Oppenheimer & Co. Inc. and Craig-Hallum Capital Group LLC, as agents, under which the Company may offer and sell, from time to time at its sole discretion, shares of its $0.001 par value common stock, in “at the market” offerings to or through the agent as its sales agent, having aggregate offering proceeds of up to $50.0 million (the “ATM Facility”). During the year ended December 31, 2023, the Company sold approximately 1.8 million 7.97 13.5 million Based on the funds it has available as of the date of the filing of this report, the Company believes that it has sufficient capital to fund its current business plans and obligations over, at least, 12 months from the date that these financial statements have been issued. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its technology, competing technological and market developments, and the need to enter into collaborations with other companies or acquire technologies to enhance or complement its current offerings. The Company’s operating plans for the next 12 months include increased research and development expenses.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect the financial position, results of operations and cash flows for all periods presented. Fair Value of Financial Instruments Authoritative guidance requires disclosure of the fair value of financial instruments. The Company’s financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable and accounts payable, the carrying amounts of which approximate their estimated fair values primarily due to the short-term nature of the instruments or based on information obtained from market sources and management estimates. The Company measures the fair value of certain of its financial assets and liabilities on a recurring basis. A fair value hierarchy is used to rank the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value which is not equivalent to cost will be classified and disclosed in one of the following three categories: Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities. Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as unadjusted quoted prices for similar assets and liabilities, unadjusted quoted prices in the markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash and Cash Equivalents The Company maintains its operating accounts in a single reputable financial institution. The balances are insured by the U.S. Federal Deposit Insurance Corporation (“FDIC”) up to specified limits. The Company’s cash and cash equivalents are maintained in checking accounts and money market funds with maturities of less than three months when purchased, which are readily convertible to known amounts of cash. Concentration of Credit Risk and Major Customers Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash, cash equivalents, short-term investments and accounts receivable. One customer represented 100 At times, the amounts on deposit at the financial institution exceed the federally insured limits. Management believes that the financial institution which holds the Company’s cash is financially sound and, accordingly, that minimal credit risk exists. As of December 31, 2023 and 2022, the Company’s cash balances were in excess of insured limits maintained at the financial institution. Accounts Receivable and Unbilled Contracts Receivable The Company grants credit to its business customers. Collateral is generally not required for trade receivables. The Company maintains allowances for potential credit losses when necessary. Trade accounts receivable and unbilled contracts receivable are recorded net of allowances for cash discounts for prompt payment, doubtful accounts, and sales returns. The Company’s policy is to reserve for uncollectible accounts based on its best estimate of the amount of probable credit losses in its existing accounts receivable and unbilled contracts receivable accounts under Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments no Impairment of Long-lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that it is more likely than not that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with authoritative guidance which requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals. During the years ended December 31, 2023 and 2022, the Company had noted no Property and Equipment Items capitalized as property and equipment are stated at cost. Maintenance and routine repairs are charged to operations when incurred, while betterments and renewals are capitalized. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets starting when the asset is placed in service. Revenue The Company generates revenue from integration engineering services, which it delivers either pursuant to integration license agreements or delivery of engineering services and from the grant of manufacturing licenses to customers to use its technology in the manufacture of semiconductor wafers and/or devices for the customer’s internal use. Revenue is recognized based on the following steps: (i) identification of the contract, or contracts, with a customer, (ii) identification of the performance obligations in the contract, (iii) determination of the transaction price, (iv) allocation of the transaction price to the performance obligations of the contract, and (v) recognition of revenue when, or as, the Company satisfies a performance obligation. The Company’s integration services generally consist of depositing its proprietary technology onto the customer’s semiconductor wafers and delivering such wafers back to the customer. Revenue from integration services is recognized as the performance obligations are satisfied, which is upon transfer of control of the wafers to the customer (generally upon shipment). Revenue from manufacturing licenses is recognized as the performance obligations are satisfied, which is generally upon delivery of the Company’s MST recipe to the customer but is recognized over time if the performance obligation related to the grant of the license includes customer acceptance. For recognizing integration service revenue from integration license agreements, the Company assesses (i) whether the license grant is distinct from or combined with the transfer of goods or services and (ii) whether the license is a right to access intellectual property or a right to use the intellectual property. For licenses that are not distinct, but combined with other goods or services, the revenue is recognized at a point in time or over time as the obligations to perform the combined services and/or deliver the combined goods are satisfied. The Company’s integration license agreements contain a technology grant as well as a performance obligation to deliver wafers with its technology deposited on them. The Company has determined the grant of rights in these integration license agreements is not distinct from the integration service. Accordingly, revenue from integration license agreements is recognized as the service is provided to the customer. For manufacturing licenses, revenue is recognized at the point in time when the Company delivers its MST recipe because this license confers a right to use the Company’s technology and not a right to access the technology over time. However, in cases where the Company’s grant of a manufacturing license includes a customer acceptance requirement, revenue is recognized over time. The Company’s MSTcad licenses grant customers the right to use MSTcad software to simulate the effects of incorporating MST technology into their semiconductor manufacturing process. Such MSTcad licenses are granted on a monthly basis and revenue is recognized over time. Deferred revenues consist of unearned amounts that have been billed to the customer in advance of the Company’s performance obligations. These amounts have not yet been recognized as revenue. Revenue for these items will be recognized in accordance with the Company’s revenue policy. Research and Development Expenses In accordance with authoritative guidance, the Company charges research and development costs to operations as incurred. Research and development expenses consist of personnel costs for the design, development, testing and enhancement of the Company’s technology, and certain other allocated costs, such as depreciation and other facilities related expenditures. Leases The Company accounts for leases in accordance with ASU No 2016-02, Leases Stock-based Compensation The Company computes stock-based compensation in accordance with authoritative guidance. The Company uses the Black-Scholes-Merton option-pricing model to determine the fair value of its stock options. The Black-Scholes-Merton option-pricing model includes various assumptions, including the fair market value of the common stock of the Company, expected life of stock options, the expected volatility and the expected risk-free interest rate, among others. These assumptions reflect the Company’s best estimates, but they involve inherent uncertainties based on market conditions generally outside the control of the Company. Forfeitures are recorded when they occur. As a result, if other assumptions had been used, stock-based compensation cost, as determined in accordance with authoritative guidance, could have been materially impacted. Furthermore, if the Company uses different assumptions on future grants, stock-based compensation cost could be materially affected in future periods. Income Taxes In accordance with authoritative guidance, deferred tax assets and liabilities are recorded for temporary differences between the financial reporting and tax bases of assets and liabilities using the current enacted tax rate expected to be in effect when the differences are expected to reverse. A valuation allowance is recorded on deferred tax assets unless realization is considered more likely than not. The Company evaluates its tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are not recorded as a tax benefit or expense in the current year. The Company recognizes interest and penalties, if any, related to uncertain tax positions in interest expense. No The Company follows authoritative guidance which requires the evaluation of existing tax positions. Management has analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes both federal and states where the Company has operations. Open tax years are those that are open for examination by taxing authorities. Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates are used when accounting for the fair value of stock-based compensation, borrowing rates used for lease accounting and valuation allowance against deferred tax assets. Actual results could differ from those estimates. Subsequent Events Management has evaluated subsequent events and transactions occurring through the date these financial statements were issued. See Note 14. Adoption of Recent Accounting Standards In November 2023, the FASB issued ASU, No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures Recent Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

CASH EQUIVALENTS AND INVESTMENT

CASH EQUIVALENTS AND INVESTMENTS	12 Months Ended
	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
CASH EQUIVALENTS AND INVESTMENTS	4. CASH EQUIVALENTS AND INVESTMENTS The Company’s cash, cash equivalents and short-term investments that were measured at fair value on a recurring basis as Level 1 assets, classified by security type as of December 31, 2023 and 2022 consisted of the following (in thousands): Schedule of cash equivalents and investments December 31, 2023 2022 Cost Accretion of Discount Fair Value Cost Fair Value Cash $ 157 $ – $ 157 $ 1 $ 1 Money market funds 12,434 – 12,434 21,183 21,183 US treasury bills 2,931 50 2,981 – – US agency bonds 3,938 21 3,959 – – Total $ 19,460 $ 71 $ 19,531 $ 21,184 $ 21,184

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	5. REVENUE The Company recognizes revenue in accordance with ASC 606. The amount of revenue that the Company recognizes reflects the consideration it expects to receive in exchange for goods or services and such revenue is recognized at the time when goods or services are transferred and/or delivered to its customers. Revenue is recognized when the Company satisfies a performance obligation by transferring the product or service to the customer, either at a point in time or over time. The Company usually recognizes revenue from integration service agreements and from manufacturing licenses at a point in time unless the agreements provide for customer acceptance in which case revenue is recognized over time. Revenue from integration license agreements and from MSTcad licenses are recognized over a period of time. The following table provides information about disaggregated revenue by primary geographical markets and timing of revenue recognition for the years ended December 31, 2023 and 2022 (in thousands): Schedule of disaggregated revenue and timing of revenue Year Ended December 31, 2023 2022 Primary geographic markets North America $ – $ 82 Europe 550 – Asia Pacific – 300 Total $ 550 $ 382 Timing of revenue recognition Products and services transferred at a point in time $ – $ 375 Products and services transferred over time 550 7 Total $ 550 $ 382 Unbilled contracts receivable and deferred revenue : Timing of revenue recognition may differ from the timing of invoicing customers. Accounts receivable includes amounts billed and currently due from customers. Unbilled contracts receivable represents unbilled amounts expected to be received from customers in future periods, where the revenue recognized to date exceeds the amount billed, and the right to receive payment is subject to the underlying contractual terms. Unbilled contracts receivable amounts may not exceed their net realizable value and are classified as long-term assets if the payments are expected to be received more than one year from the reporting date.

BASIC AND DILUTED LOSS PER SHAR

BASIC AND DILUTED LOSS PER SHARE	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
BASIC AND DILUTED LOSS PER SHARE	6. BASIC AND DILUTED LOSS PER SHARE Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the sum of the weighted average number of shares of common stock outstanding and the dilutive common stock equivalent shares outstanding during the period. The Company’s potentially dilutive common stock equivalent shares, which include incremental common shares issuable upon (i) the exercise of outstanding stock options and warrants and (ii) vesting of restricted stock units and restricted stock awards, are only included in the calculation of diluted net loss per share when their effect is dilutive. Since the Company has had net losses for all periods presented, all potentially dilutive securities are anti-dilutive. Accordingly, basic and diluted net loss per share are equal. The following potential common stock equivalents were not included in the calculation of diluted net loss per common share because the inclusion thereof would be anti-dilutive (in thousands): Schedule of anti dilutive shares Year Ended December 31, 2023 2022 Stock Options 3,369 3,009 Unvested restricted stock 419 340 Total 3,788 3,349

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	7. PROPERTY AND EQUIPMENT Property and equipment consisted of the following (in thousands): Schedule of property and equipment December 31, 2023 2022 Laboratory equipment $ 173 $ 210 Computer equipment 165 145 Furniture and fixtures 92 85 Leasehold improvements 24 24 Software 4 4 Office equipment 4 4 462 472 Less: Accumulated depreciation and amortization (362 ) (314 ) Total net assets $ 100 $ 158 Depreciation and amortization expense relating to property and equipment was approximately $ 77,000

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
Leases
LEASES	8. LEASES The Company leases corporate office space in Los Gatos, California. In August 2020, the Company and its landlord amended the lease for this office. The amendment extended the expiration date of the operating lease to January 2026 and increased the space from 3,396 square feet to 4,101 square feet. 144,000 5.25 In March 2021, the Company began leasing 474 square feet of office space in Tempe, Arizona. The new lease is classified as an operating lease with an initial term of two years and an option to extend for an additional three years through February 2026. The renewal option was exercised in January 2023. The lease also contains a performance standard for research collaboration with Arizona State University. The agreement requires a minimum value of collaborative research in each year of the lease. The lease is accounted for under ASC 842 and accordingly, the research payments are included in the ROU and lease liability at commencement. Effective May 1, 2023, the Company leased an additional 404 square feet at its Tempe office location under an amendment to its current lease. The monthly rent payment increased from $1,277 per month to $2,365 per month and the increased rent under the amended lease is accounted for as a modification to the lease under ASC 842 at the time of commencement. 33,000 12,000 21,000 In October 2019, the Company entered into an agreement to lease a tool for use in the development of the Company’s technology. The lease agreement established a monthly lease payment of $150,000 per month. The lease contains a provision for an annual adjustment of lease payments based on tool availability and usage during the preceding 12 months and the adjusted payment is calculated on August 1 of each year of the lease. Effective August 1, 2022, the lease payments for this tool were reduced to $100,824 per month for the period August 1, 2022 through July 31, 2023. This adjustment to the lease payments resulted in a reduction in the ROU and corresponding lease liability. Effective August 1, 2023, the lease payments for this tool were adjusted to $137,650 per month for the period August 1, 2023 through July 31, 2024. This adjustment to the lease payments also resulted in a reduction in the ROU and corresponding lease liability. In December 2022, the Company entered into a lease agreement for a tool in Tempe, Arizona. The term of this lease is for six months beginning on January 1, 2023 with an option to extend the lease for an additional six months. The initial lease terms were $96,000 per month. In March 2023, the Company elected to extend the lease through December 31, 2023 and in consideration for this extension the remaining lease payments were reduced to $84,000. Since the lease and extension are not for more than one year, the future lease payments are not included in the lease obligations on the Company’s condensed balance sheets. The Company terminated its office lease in Cambridge, Massachusetts as of March 31, 2023. The cost of the lease was $2,942 per month. Lease expense for operating leases consists of the lease payments recognized on a straight-line basis over the lease term. Expenses for financing leases consists of the amortization expenses recognized on a straight-line basis over the lease term and interest expense. The components of lease costs were as follows (in thousands): Schedule of components of lease costs Year Ended December 31, 2023 2022 Financing lease costs: Amortization of ROU assets $ 1,146 $ 1,229 Interest on lease liabilities 194 255 Total financing lease costs $ 1,340 $ 1,484 Operating lease costs Fixed lease costs $ 257 $ 248 Variable lease costs 2 – Short-term lease costs 1,045 35 Total operating lease costs $ 1,304 $ 283 Future minimum payments under non-cancellable leases as of December 31, 2023 were as follows (in thousands): Schedule of future minimum payments For the Year Ended December 31, Financing leases Operating leases 2024 $ 1,367 $ 271 2025 1,436 298 2026 478 24 Total future minimum lease payments 3,281 593 Less imputed interest (203 ) (34 ) Total lease liability $ 3,078 $ 559 The below table provides supplemental information and non-cash activity related to the Company’s operating and financing leases (in thousands): Schedule of supplemental information and non-cash activity related to operating and financing leases Year Ended December 31, 2023 2022 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 272 $ 265 Cash paid for amounts included in the measurement of financing lease liabilities $ 1,112 $ 1,239 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 33 $ – Remeasurement of right-of use asset and liability in financing lease obligations $ (115 ) $ (458 ) The table above does not include short-term leases that are one-year or less. The weighted average remaining discount rate is 5.25 5.48 2.6 2.1

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES Legal The Company may be involved, from time to time, in legal proceedings and claims arising in the ordinary course of its business. Such matters are subject to many uncertainties and outcomes and are not predictable with assurance. While management believes that such matters are currently insignificant, matters arising in the ordinary course of business for which the Company is or could become involved in litigation may have a material adverse effect on its business and financial condition. The Company is not party to any material litigation as of December 31, 2023 or through the date these financial statements have been issued.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	10. STOCKHOLDERS’ EQUITY The Company is authorized to issue to up 2,500 .001 no On May 31, 2022, Atomera entered into an Equity Distribution Agreement with Oppenheimer & Co. Inc and Craig-Hallum Capital Group LLC, as agents, under which we may offer and sell, from time to time at our sole discretion, shares of our common stock having aggregate offering proceeds of up to $50.0 million in an “at-the-market” or ATM offering, to or through the agents. During the year ended December 31, 2023, approximately 1.8 million 7.97 13.5 million 29.8 million As of December 31, 2023, the Company has reserved approximately 3.4 million

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	11. STOCK-BASED COMPENSATION The Company’s 2007 Equity Incentive Plan (the “2007 Plan) expired in March 2017, however all options and warrants outstanding at the time of the expiration remained outstanding and exercisable by their term. As of December 31,2023, options to purchase approximately 1.5 million In May 2017, the Company’s shareholders approved its 2017 Stock Incentive Plan (the “2017 Plan”). The 2017 Plan provides for the grant of non-qualified stock options and incentive stock options to purchase shares of the Company’s common stock and for the grant of restricted and unrestricted share grants. The Company reserved a total of 3,750 3.7 million 25,000 In May 2023, the Company’s shareholders approved its 2023 Stock Incentive Plan (the “2023 Plan”). The 2017 Plan provides for the grant of non-qualified stock options and incentive stock options to purchase shares of the Company’s common stock and for the grant of restricted and unrestricted share grants. The Company reserved a total of 2,000 78,000 1.9 million The following table summarizes the stock-based compensation expense recorded in the Company’s results of operations during the years ended December 31, 2023 and 2022 for stock options and restricted stock (in thousands): Schedule of stock-based compensation expense Year Ended December 31, 2023 2022 Research and development $ 1,408 $ 1,153 General and administrative 2,265 1,965 Selling and Marketing 340 249 Total $ 4,013 $ 3,367 As of December 31, 2023, there was approximately $ 6.6 million 2.5 The Company records compensation expense for employee awards with graded vesting using the straight-line method. The Company records compensation expense for non-employee awards with graded vesting using the accelerated expense attribution method. The Company recognizes compensation expense over the requisite service period applicable to each individual award, which generally equals the vesting term. The Company estimates the fair value of each option award using the Black-Scholes-Merton option pricing model. Forfeitures are recognized when realized. The fair value of employee stock options issued was estimated using the following weighted-average assumptions: Schedule of weighted-average assumptions Year Ended December 31, 2023 2022 Exercise price: $ 6.54 $ 14.21 Grant date fair value per share: $ 4.94 $ 10.37 Assumptions: Expected volatility 82.59 83.18 Weighted average expected term (in years) 6.82 6.51 Risk-free interest rate 4.03 1.96 Expected dividend yield 0.0 0.0 The risk-free interest rate was obtained from U.S. Treasury rates for the applicable periods. The Company’s expected volatility was based upon the historical volatility of the Company. The expected life of the Company’s options was determined using the simplified method as a result of limited historical data regarding the Company’s activity. The dividend yield considers that the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future. The following table summarizes stock option activity (in thousands except exercise prices and contractual terms): Schedule of stock option activity Number of Shares Weighted- Average Exercise Prices Weighted-Average Remaining Contractual Term Intrinsic Value Outstanding at January 1, 2023 3,009 $ 7.07 Granted 393 $ 6.54 Exercised (33 ) $ 3.90 Outstanding at December 31, 2023 3,369 $ 7.04 4.66 $ 3,437 Exercisable at December 31, 2023 2,862 $ 6.64 3.95 $ 3,190 During the year ended December 31, 2023, the Company granted options under its 2017 Plan and 2023 Plan to purchase approximately 393 1.9 million The Company issues restricted stock to employees, directors and consultants and estimates the fair value based on the closing price on the day of grant. The following table summarizes restricted stock activity (in thousands except per share data): Schedule of restricted stock activity Number of Shares Weighted-Average Grant Date Fair Value Outstanding at January 1, 2023 340 $ 10.78 Granted 357 $ 7.00 Vested (258 ) $ 8.27 Forfeited (20 ) $ 8.63 Outstanding non-vested shares at December 31, 2023 419 $ 9.21

401(k) PLAN

401(k) PLAN	12 Months Ended
	Dec. 31, 2023
K Plan
401(k) PLAN	12. 401(k) PLAN During 2002, the Company established a plan under Section 401(k) of the Internal Revenue Code (the 401(k) Plan). The 401(k) Plan covers substantially all of its employees who have attained 18 years of age. Employees may elect to contribute part of their annual compensation to the 401(k) Plan, up to the maximum deferral allowance for individuals by the Internal Revenue Service under Code Section 401(k), and the Company may make a matching contribution. During the years ended December 31, 2023 and 2022, the Company made matching contributions of approximately $ 82,000 78,000

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	13. INCOME TAXES Schedule of provision for income taxes The loss before provision for income taxes consisted of the following (in thousands): Year Ended December 31, 2023 2022 Domestic $ (19,790 ) $ (17,441 ) International – – Total $ (19,790 ) $ (17,441 ) The Company had $ 0 4.4 million 4.5 million The Company’s deferred tax assets are as follows (in thousands): Schedule of deferred tax assets Year Ended December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 27,077 $ 25,309 Tax credit 2,559 2,197 Fixed assets and intangibles 603 798 Stock compensation 1,327 1,052 Accruals and other 303 212 Lease liability 802 1,079 Capitalized research and development 3,822 1,797 Total deferred tax assets 36,493 32,444 Deferred tax liabilities: Right of use asset (755 ) (1,076 ) Total deferred tax assets (755 ) (1,076 ) Valuation allowance (35,738 ) (31,368 ) Net deferred tax asset $ – $ – Net operating losses and tax credit carryforwards as of December 31, 2023, are as follows (in thousands): Schedule of net operating losses and tax credit carryforwards Amount Expiration in years Net operating losses, federal $ 84,084 No expiration Net operating losses, federal $ 34,791 2027-2037 Net operating losses, state $ 38,509 2030-2043 Tax credits, federal $ 2,121 2036-2043 Tax credits, state $ 897 No expiration Tax credits, state $ 1,046 2031-2038 The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows: Schedule of effective tax rate Year ending December 31, 2023 2022 Statutory rate 21.00 % 21.00 % State rate 1.29 % 3.51 % Change in valuation allowance (22.08)% (25.95)% Other non-deductible items (0.02)% – % Change in tax credits 0.66 % 0.70 % Foreign withholding tax – % – % Section 382 limitation – % – % Section 162(m) limitation (0.11)% (0.47)% Stock based compensation excess windfall (0.74)% 1.20 % Total – % – % Utilization of U.S. net operating losses and tax credit carryforwards may be limited by “ownership change” rules, as defined in Section 382 and Section 383 of the Internal Revenue Code. Similar rules may apply under state tax laws. Under those sections of the Code, if a corporation undergoes an “ownership change,” the corporation’s ability to use its pre-change net operating loss carryforwards and other pre-change attributes, such as research tax credits, to offset its post-change income or tax may be limited. In general, an “ownership change” will occur if there is a cumulative change in ownership by “5% stockholders” that exceeds 50 percentage points over a rolling three-year period. The Company establishes reserves for uncertain tax positions based on the largest amount that is more-likely-than-not to be sustained. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. It is the Company’s policy to recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2023 and 2022, respectively, the Company has no The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. In the normal course of business, the Company is subject to examination by their respective taxing authorities. The Company is not currently under audit by the Internal Revenue Service or other similar state or local authority. The statute of limitations remains effectively open for all tax years since inception (2007). Tax years outside the normal statute of limitations remain open to examination by tax authorities due to tax attributes generated in earlier years which have been carried forward and may be examined and adjusted in subsequent years when utilized. The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended December 31, 2023 and 2022 (in thousands): Schedule of unrecognized tax benefits 2023 2022 January 1 – unrecognized tax benefits $ 1,046 $ 896 Increases (decreases) – prior year tax positions 10 (1 ) Increases – current year tax positions 163 151 December 31 - unrecognized tax benefits $ 1,219 $ 1,046 The following table summarizes the activity in the Company’s Valuation Allowance and Qualifying Accounts (in thousands): Schedule of valuation allowance Balance at Beginning of Year Additions Deductions Balance at End of Year Deferred tax assets valuation allowance Year ended December 31, 2023 $ 31,368 $ 4,536 $ 166 $ 35,738 Year ended December 31, 2022 $ 26,842 $ 4,636 $ 110 $ 31,368

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS Management has evaluated subsequent events and transactions through the date these financial statements were issued. Since December 31, 2023, the Company has issued approximately 500,000 additional shares through its ATM offering at an average price per share of $8.08 resulting in additional net proceeds, after deduction of commissions and expenses of approximately $3.9 million.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect the financial position, results of operations and cash flows for all periods presented.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Authoritative guidance requires disclosure of the fair value of financial instruments. The Company’s financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable and accounts payable, the carrying amounts of which approximate their estimated fair values primarily due to the short-term nature of the instruments or based on information obtained from market sources and management estimates. The Company measures the fair value of certain of its financial assets and liabilities on a recurring basis. A fair value hierarchy is used to rank the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value which is not equivalent to cost will be classified and disclosed in one of the following three categories: Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities. Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as unadjusted quoted prices for similar assets and liabilities, unadjusted quoted prices in the markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company maintains its operating accounts in a single reputable financial institution. The balances are insured by the U.S. Federal Deposit Insurance Corporation (“FDIC”) up to specified limits. The Company’s cash and cash equivalents are maintained in checking accounts and money market funds with maturities of less than three months when purchased, which are readily convertible to known amounts of cash.
Concentration of Credit Risk and Major Customers	Concentration of Credit Risk and Major Customers Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash, cash equivalents, short-term investments and accounts receivable. One customer represented 100 At times, the amounts on deposit at the financial institution exceed the federally insured limits. Management believes that the financial institution which holds the Company’s cash is financially sound and, accordingly, that minimal credit risk exists. As of December 31, 2023 and 2022, the Company’s cash balances were in excess of insured limits maintained at the financial institution.
Accounts Receivable and Unbilled Contracts Receivable	Accounts Receivable and Unbilled Contracts Receivable The Company grants credit to its business customers. Collateral is generally not required for trade receivables. The Company maintains allowances for potential credit losses when necessary. Trade accounts receivable and unbilled contracts receivable are recorded net of allowances for cash discounts for prompt payment, doubtful accounts, and sales returns. The Company’s policy is to reserve for uncollectible accounts based on its best estimate of the amount of probable credit losses in its existing accounts receivable and unbilled contracts receivable accounts under Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments no
Impairment of Long-lived Assets	Impairment of Long-lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that it is more likely than not that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with authoritative guidance which requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals. During the years ended December 31, 2023 and 2022, the Company had noted no
Property and Equipment	Property and Equipment Items capitalized as property and equipment are stated at cost. Maintenance and routine repairs are charged to operations when incurred, while betterments and renewals are capitalized. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets starting when the asset is placed in service.
Revenue	Revenue The Company generates revenue from integration engineering services, which it delivers either pursuant to integration license agreements or delivery of engineering services and from the grant of manufacturing licenses to customers to use its technology in the manufacture of semiconductor wafers and/or devices for the customer’s internal use. Revenue is recognized based on the following steps: (i) identification of the contract, or contracts, with a customer, (ii) identification of the performance obligations in the contract, (iii) determination of the transaction price, (iv) allocation of the transaction price to the performance obligations of the contract, and (v) recognition of revenue when, or as, the Company satisfies a performance obligation. The Company’s integration services generally consist of depositing its proprietary technology onto the customer’s semiconductor wafers and delivering such wafers back to the customer. Revenue from integration services is recognized as the performance obligations are satisfied, which is upon transfer of control of the wafers to the customer (generally upon shipment). Revenue from manufacturing licenses is recognized as the performance obligations are satisfied, which is generally upon delivery of the Company’s MST recipe to the customer but is recognized over time if the performance obligation related to the grant of the license includes customer acceptance. For recognizing integration service revenue from integration license agreements, the Company assesses (i) whether the license grant is distinct from or combined with the transfer of goods or services and (ii) whether the license is a right to access intellectual property or a right to use the intellectual property. For licenses that are not distinct, but combined with other goods or services, the revenue is recognized at a point in time or over time as the obligations to perform the combined services and/or deliver the combined goods are satisfied. The Company’s integration license agreements contain a technology grant as well as a performance obligation to deliver wafers with its technology deposited on them. The Company has determined the grant of rights in these integration license agreements is not distinct from the integration service. Accordingly, revenue from integration license agreements is recognized as the service is provided to the customer. For manufacturing licenses, revenue is recognized at the point in time when the Company delivers its MST recipe because this license confers a right to use the Company’s technology and not a right to access the technology over time. However, in cases where the Company’s grant of a manufacturing license includes a customer acceptance requirement, revenue is recognized over time. The Company’s MSTcad licenses grant customers the right to use MSTcad software to simulate the effects of incorporating MST technology into their semiconductor manufacturing process. Such MSTcad licenses are granted on a monthly basis and revenue is recognized over time. Deferred revenues consist of unearned amounts that have been billed to the customer in advance of the Company’s performance obligations. These amounts have not yet been recognized as revenue. Revenue for these items will be recognized in accordance with the Company’s revenue policy.
Research and Development Expenses	Research and Development Expenses In accordance with authoritative guidance, the Company charges research and development costs to operations as incurred. Research and development expenses consist of personnel costs for the design, development, testing and enhancement of the Company’s technology, and certain other allocated costs, such as depreciation and other facilities related expenditures.
Leases	Leases The Company accounts for leases in accordance with ASU No 2016-02, Leases
Stock-based Compensation	Stock-based Compensation The Company computes stock-based compensation in accordance with authoritative guidance. The Company uses the Black-Scholes-Merton option-pricing model to determine the fair value of its stock options. The Black-Scholes-Merton option-pricing model includes various assumptions, including the fair market value of the common stock of the Company, expected life of stock options, the expected volatility and the expected risk-free interest rate, among others. These assumptions reflect the Company’s best estimates, but they involve inherent uncertainties based on market conditions generally outside the control of the Company. Forfeitures are recorded when they occur. As a result, if other assumptions had been used, stock-based compensation cost, as determined in accordance with authoritative guidance, could have been materially impacted. Furthermore, if the Company uses different assumptions on future grants, stock-based compensation cost could be materially affected in future periods.
Income Taxes	Income Taxes In accordance with authoritative guidance, deferred tax assets and liabilities are recorded for temporary differences between the financial reporting and tax bases of assets and liabilities using the current enacted tax rate expected to be in effect when the differences are expected to reverse. A valuation allowance is recorded on deferred tax assets unless realization is considered more likely than not. The Company evaluates its tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are not recorded as a tax benefit or expense in the current year. The Company recognizes interest and penalties, if any, related to uncertain tax positions in interest expense. No The Company follows authoritative guidance which requires the evaluation of existing tax positions. Management has analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes both federal and states where the Company has operations. Open tax years are those that are open for examination by taxing authorities.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates are used when accounting for the fair value of stock-based compensation, borrowing rates used for lease accounting and valuation allowance against deferred tax assets. Actual results could differ from those estimates.
Subsequent Events	Subsequent Events Management has evaluated subsequent events and transactions occurring through the date these financial statements were issued. See Note 14.
Adoption of Recent Accounting Standards	Adoption of Recent Accounting Standards In November 2023, the FASB issued ASU, No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
Recent Accounting Standards	Recent Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

CASH EQUIVALENTS AND INVESTME_2

CASH EQUIVALENTS AND INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Schedule of cash equivalents and investments	Schedule of cash equivalents and investments December 31, 2023 2022 Cost Accretion of Discount Fair Value Cost Fair Value Cash $ 157 $ – $ 157 $ 1 $ 1 Money market funds 12,434 – 12,434 21,183 21,183 US treasury bills 2,931 50 2,981 – – US agency bonds 3,938 21 3,959 – – Total $ 19,460 $ 71 $ 19,531 $ 21,184 $ 21,184

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of disaggregated revenue and timing of revenue	Schedule of disaggregated revenue and timing of revenue Year Ended December 31, 2023 2022 Primary geographic markets North America $ – $ 82 Europe 550 – Asia Pacific – 300 Total $ 550 $ 382 Timing of revenue recognition Products and services transferred at a point in time $ – $ 375 Products and services transferred over time 550 7 Total $ 550 $ 382

BASIC AND DILUTED LOSS PER SH_2

BASIC AND DILUTED LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of anti dilutive shares	Schedule of anti dilutive shares Year Ended December 31, 2023 2022 Stock Options 3,369 3,009 Unvested restricted stock 419 340 Total 3,788 3,349

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Schedule of property and equipment December 31, 2023 2022 Laboratory equipment $ 173 $ 210 Computer equipment 165 145 Furniture and fixtures 92 85 Leasehold improvements 24 24 Software 4 4 Office equipment 4 4 462 472 Less: Accumulated depreciation and amortization (362 ) (314 ) Total net assets $ 100 $ 158

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Leases
Schedule of components of lease costs	Schedule of components of lease costs Year Ended December 31, 2023 2022 Financing lease costs: Amortization of ROU assets $ 1,146 $ 1,229 Interest on lease liabilities 194 255 Total financing lease costs $ 1,340 $ 1,484 Operating lease costs Fixed lease costs $ 257 $ 248 Variable lease costs 2 – Short-term lease costs 1,045 35 Total operating lease costs $ 1,304 $ 283
Schedule of future minimum payments	Schedule of future minimum payments For the Year Ended December 31, Financing leases Operating leases 2024 $ 1,367 $ 271 2025 1,436 298 2026 478 24 Total future minimum lease payments 3,281 593 Less imputed interest (203 ) (34 ) Total lease liability $ 3,078 $ 559
Schedule of supplemental information and non-cash activity related to operating and financing leases	Schedule of supplemental information and non-cash activity related to operating and financing leases Year Ended December 31, 2023 2022 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 272 $ 265 Cash paid for amounts included in the measurement of financing lease liabilities $ 1,112 $ 1,239 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 33 $ – Remeasurement of right-of use asset and liability in financing lease obligations $ (115 ) $ (458 )

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of stock-based compensation expense	Schedule of stock-based compensation expense Year Ended December 31, 2023 2022 Research and development $ 1,408 $ 1,153 General and administrative 2,265 1,965 Selling and Marketing 340 249 Total $ 4,013 $ 3,367
Schedule of weighted-average assumptions	Schedule of weighted-average assumptions Year Ended December 31, 2023 2022 Exercise price: $ 6.54 $ 14.21 Grant date fair value per share: $ 4.94 $ 10.37 Assumptions: Expected volatility 82.59 83.18 Weighted average expected term (in years) 6.82 6.51 Risk-free interest rate 4.03 1.96 Expected dividend yield 0.0 0.0
Schedule of stock option activity	Schedule of stock option activity Number of Shares Weighted- Average Exercise Prices Weighted-Average Remaining Contractual Term Intrinsic Value Outstanding at January 1, 2023 3,009 $ 7.07 Granted 393 $ 6.54 Exercised (33 ) $ 3.90 Outstanding at December 31, 2023 3,369 $ 7.04 4.66 $ 3,437 Exercisable at December 31, 2023 2,862 $ 6.64 3.95 $ 3,190
Schedule of restricted stock activity	Schedule of restricted stock activity Number of Shares Weighted-Average Grant Date Fair Value Outstanding at January 1, 2023 340 $ 10.78 Granted 357 $ 7.00 Vested (258 ) $ 8.27 Forfeited (20 ) $ 8.63 Outstanding non-vested shares at December 31, 2023 419 $ 9.21

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	Schedule of provision for income taxes The loss before provision for income taxes consisted of the following (in thousands): Year Ended December 31, 2023 2022 Domestic $ (19,790 ) $ (17,441 ) International – – Total $ (19,790 ) $ (17,441 )
Schedule of deferred tax assets	Schedule of deferred tax assets Year Ended December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 27,077 $ 25,309 Tax credit 2,559 2,197 Fixed assets and intangibles 603 798 Stock compensation 1,327 1,052 Accruals and other 303 212 Lease liability 802 1,079 Capitalized research and development 3,822 1,797 Total deferred tax assets 36,493 32,444 Deferred tax liabilities: Right of use asset (755 ) (1,076 ) Total deferred tax assets (755 ) (1,076 ) Valuation allowance (35,738 ) (31,368 ) Net deferred tax asset $ – $ –
Schedule of net operating losses and tax credit carryforwards	Schedule of net operating losses and tax credit carryforwards Amount Expiration in years Net operating losses, federal $ 84,084 No expiration Net operating losses, federal $ 34,791 2027-2037 Net operating losses, state $ 38,509 2030-2043 Tax credits, federal $ 2,121 2036-2043 Tax credits, state $ 897 No expiration Tax credits, state $ 1,046 2031-2038
Schedule of effective tax rate	Schedule of effective tax rate Year ending December 31, 2023 2022 Statutory rate 21.00 % 21.00 % State rate 1.29 % 3.51 % Change in valuation allowance (22.08)% (25.95)% Other non-deductible items (0.02)% – % Change in tax credits 0.66 % 0.70 % Foreign withholding tax – % – % Section 382 limitation – % – % Section 162(m) limitation (0.11)% (0.47)% Stock based compensation excess windfall (0.74)% 1.20 % Total – % – %
Schedule of unrecognized tax benefits	Schedule of unrecognized tax benefits 2023 2022 January 1 – unrecognized tax benefits $ 1,046 $ 896 Increases (decreases) – prior year tax positions 10 (1 ) Increases – current year tax positions 163 151 December 31 - unrecognized tax benefits $ 1,219 $ 1,046
Schedule of valuation allowance	Schedule of valuation allowance Balance at Beginning of Year Additions Deductions Balance at End of Year Deferred tax assets valuation allowance Year ended December 31, 2023 $ 31,368 $ 4,536 $ 166 $ 35,738 Year ended December 31, 2022 $ 26,842 $ 4,636 $ 110 $ 31,368

LIQUIDITY AND MANAGEMENT PLANS

LIQUIDITY AND MANAGEMENT PLANS (Details Narrative)	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Cash, cash equivalents and short-term investments	$ 19,500,000
Working capital	$ 16,600,000
ATM [Member]
Subsidiary, Sale of Stock [Line Items]
Stock issued new, shares | shares	1,800,000
Average price per share | $ / shares	$ 7.97
Proceeds from sale of stock, value	$ 13,500,000,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Product Information [Line Items]
Allowances for unbilled contracts receivable	$ 0	$ 0
Impairment of long lives assets	0	0
Interest and penalties related to uncertain tax positions	$ 0	$ 0
Revenue Benchmark [Member] | One Customer [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration of credit risk, percentage	100%

CASH EQUIVALENTS AND INVESTME_3

CASH EQUIVALENTS AND INVESTMENTS (Details) - Fair Value, Inputs, Level 1 [Member] - Fair Value, Recurring [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment owned at cost	$ 19,460	$ 21,184
Accretion of Discount	71
Investment fair value	19,531	21,184
Cash [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment owned at cost	157	1
Accretion of Discount	0
Investment fair value	157	1
Money Market Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment owned at cost	12,434	21,183
Accretion of Discount	0
Investment fair value	12,434	21,183
US treasury bills [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment owned at cost	2,931	0
Accretion of Discount	50
Investment fair value	2,981	0
US agency bonds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment owned at cost	3,938	0
Accretion of Discount	21
Investment fair value	$ 3,959	$ 0

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 550	$ 382
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue	0	375
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue	550	7
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue	0	82
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue	550	0
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 300

BASIC AND DILUTED LOSS PER SH_3

BASIC AND DILUTED LOSS PER SHARE (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive shares	3,788	3,349
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive shares	3,369	3,009
Unvested restricted stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive shares	419	340

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 462	$ 472
Less: Accumulated depreciation and amortization	(362)	(314)
Property and equipment, net	100	158
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	173	210
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	165	145
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	92	85
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	24	24
Software Development [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4	4
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4	$ 4

PROPERTY AND EQUIPMENT (Detai_2

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 77,000	$ 77,000

LEASES (Details - Lease costs)

LEASES (Details - Lease costs) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing lease costs:
Amortization of ROU assets	$ 1,146	$ 1,229
Interest on lease liabilities	194	255
Total financing lease costs	1,340	1,484
Operating lease costs
Fixed lease costs	257	248
Variable lease costs	2	0
Short-term lease costs	1,045	35
Total operating lease costs	$ 1,304	$ 283

LEASES (Details - Minimum lease

LEASES (Details - Minimum lease payments) $ in Thousands	Dec. 31, 2023 USD ($)
Operating Leases [Member]
Debt Instrument [Line Items]
2024	$ 271
2025	298
2026	24
Total future minimum lease payments	593
Less imputed interest	(34)
Total lease liability	559
Financing Leases [Member]
Debt Instrument [Line Items]
2024	1,367
2025	1,436
2026	478
Total future minimum lease payments	3,281
Less imputed interest	(203)
Total lease liability	$ 3,078

LEASES (Details - Cash flow eff

LEASES (Details - Cash flow effect) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$ 272	$ 265
Cash paid for amounts included in the measurement of financing lease liabilities	1,112	1,239
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	33	0
Remeasurement of right-of use asset and liability in financing lease obligations	$ (115)	$ (458)

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	May 01, 2023	Dec. 31, 2022	Jan. 31, 2021
Right-of-use asset	$ 517,000		$ 700,000
Weighted average remaining discount rate for operating leases	5.48%
Short-term operating lease liability	$ 264,000		245,000
Long-term operating lease liability	$ 295,000		$ 521,000
Lessee operating lease, terminate description	The Company terminated its office lease in Cambridge, Massachusetts as of March 31, 2023. The cost of the lease was $2,942 per month.
Weighted average remaining discount rate for financing leases	5.25%
Financing lease, weighted average lease term	2 years 7 months 6 days
Operating lease, weighted average lease term	2 years 1 month 6 days
Los Gatos, CA [Member]
Lessee, Operating Lease, Description	the expiration date of the operating lease to January 2026 and increased the space from 3,396 square feet to 4,101 square feet.
Right-of-use asset				$ 144,000
Weighted average remaining discount rate for operating leases	5.25%
Tempe, AZ Office [Member]
Lessee, Operating Lease, Description	The agreement requires a minimum value of collaborative research in each year of the lease. The lease is accounted for under ASC 842 and accordingly, the research payments are included in the ROU and lease liability at commencement. Effective May 1, 2023, the Company leased an additional 404 square feet at its Tempe office location under an amendment to its current lease. The monthly rent payment increased from $1,277 per month to $2,365 per month and the increased rent under the amended lease is accounted for as a modification to the lease under ASC 842 at the time of commencement.
Right-of-use asset		$ 33,000
Short-term operating lease liability		12,000
Long-term operating lease liability		$ 21,000

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Preferred stock, shares authorized	2,500,000	2,500,000
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock reserved for issuance	3,400,000
Equity Distribution Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Stock issued new, shares	1,800,000
Average price per share of stock sold	$ 7,970
Proceeds from sale of stock	$ 13,500,000
Remaining capacity on the ATM	$ 29,800,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated stock-based compensation	$ 4,013	$ 3,367
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated stock-based compensation	1,408	1,153
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated stock-based compensation	2,265	1,965
Selling and Marketing [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated stock-based compensation	$ 340	$ 249

STOCK-BASED COMPENSATION (Det_2

STOCK-BASED COMPENSATION (Details - Employee stock) - Equity Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price	$ 6.54	$ 14.21
Grant date fair value per share	$ 4.94	$ 10.37
Expected volatility	82.59%	83.18%
Weighted average expected term (in years)	6 years 9 months 25 days	6 years 6 months 3 days
Risk-free interest rate	4.03%	1.96%
Expected dividend yield	0%	0%

STOCK-BASED COMPENSATION (Det_3

STOCK-BASED COMPENSATION (Details - Stock Option Activity) - Equity Option [Member] $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding | shares	3,009
Options outstanding, weighted average exercise price | $ / shares	$ 7.07
Options granted | shares	393
Options granted, weighted average exercise price | $ / shares	$ 6.54
Options exercised | shares	(33)
Options exercised, weighted average exercise price | $ / shares	$ 3.90
Options outstanding | shares	3,369
Options outstanding, weighted average exercise price | $ / shares	$ 7.04
Options outstanding, weighted average remaining contractual term	4 years 7 months 28 days
Options outstanding, intrinsic value | $	$ 3,437
Options exercisable | shares	2,862
Options exercisable, weighted average exercise price | $ / shares	$ 6.64
Options exercisable, weighted average remaining contractual term	3 years 11 months 12 days
Options exercisable, intrinsic value | $	$ 3,190

STOCK-BASED COMPENSATION (Det_4

STOCK-BASED COMPENSATION (Details - Restricted stock) - Restricted Stock [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock outstanding | shares	340
Restricted stock outstanding, weighted average grant date fair value per share | $ / shares	$ 10.78
Restricted stock granted | shares	357
Restricted stock granted, weighted average grant date fair value per share | $ / shares	$ 7
Restricted stock, vested | shares	(258)
Restricted stock vested, weighted average grant date fair value per share | $ / shares	$ 8.27
Restricted stock, forfeited | shares	(20)
Restricted stock forfeited, weighted average grant date fair value per share | $ / shares	$ 8.63
Restricted stock, non-vested, shares outstanding | shares	419
Restricted stock outstanding, weighted average grant date fair value per share | $ / shares	$ 9.21

STOCK-BASED COMPENSATION (Det_5

STOCK-BASED COMPENSATION (Details Narrative)	8 Months Ended	12 Months Ended	80 Months Ended
	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($) shares
Equity Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense | $	$ 6,600,000	$ 6,600,000	$ 6,600,000
Unrecognized compensation weighted average period		2 years 6 months
Options granted		393,000
2007 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options available for grant	1,500,000	1,500,000	1,500,000
2017 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized for issuance	3,750,000	3,750,000	3,750,000
Options granted			3,700,000
Shares reserved for issuance	25,000	25,000	25,000
2017 Plan [Member] | Equity Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted		393,000
Fair value of options granted | $		$ 1,900,000
2023 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized for issuance	2,000,000	2,000,000	2,000,000
Options granted	78,000
Shares reserved for issuance	1,900,000	1,900,000	1,900,000

401(k) PLAN (Details Narrative)

401(k) PLAN (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
K Plan
Company contributions to pension plan	$ 82,000	$ 78,000

INCOME TAXES (Details - Provisi

INCOME TAXES (Details - Provision for Income Taxes) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net loss before provision for income taxes	$ (19,790)	$ (17,441)
Domestic [Member]
Net loss before provision for income taxes	(19,790)	(17,441)
International [Member]
Net loss before provision for income taxes	$ 0	$ 0

INCOME TAXES (Details - Schedul

INCOME TAXES (Details - Schedule of Deferred Tax) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 27,077	$ 25,309
Tax credit	2,559	2,197
Fixed assets and intangibles	603	798
Stock compensation	1,327	1,052
Accruals and other	303	212
Lease liability	802	1,079
Capitalized research and development	3,822	1,797
Total deferred tax assets	36,493	32,444
Deferred tax liabilities:
Right of use asset	(755)	(1,076)
Total deferred tax assets	(755)	(1,076)
Valuation allowance	(35,738)	(31,368)
Net deferred tax asset	$ 0	$ 0

INCOME TAXES (Details Schedule

INCOME TAXES (Details Schedule of Operating Losses) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss amount	$ 84,084
Net operating loss expiration in years	No expiration
Tax credits amount	$ 2,121
Tax credits expiration in years	2036-2043
Domestic Country One [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss amount	$ 34,791
Net operating loss expiration in years	2027-2037
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss amount	$ 38,509
Net operating loss expiration in years	2030-2043
Tax credits amount	$ 897
Tax credits expiration in years	No expiration
State And Local Jurisdiction One [Member]
Operating Loss Carryforwards [Line Items]
Tax credits amount	$ 1,046
Tax credits expiration in years	2031-2038

INCOME TAXES (Details - Effecti

INCOME TAXES (Details - Effective Tax Rate)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Statutory rate	21%	21%
State rate	1.29%	3.51%
Change in valuation allowance	(22.08%)	(25.95%)
Other non-deductible items	(0.02%)	0%
Change in tax credits	0.66%	0.70%
Foreign withholding tax	0%	0%
Section 382 limitation	0%	0%
Section 162(m) limitation	(0.11%)	(0.47%)
Stock based compensation excess windfall	(0.74%)	1.20%
Total	0%	0%

INCOME TAXES (Details - Unrecog

INCOME TAXES (Details - Unrecognized Tax Benefits) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefit, beginning balance	$ 1,046	$ 896
Increases (decreases) - prior year tax positions	10	(1)
Increase - current year tax position	163	151
Unrecognized tax benefit, ending balance	$ 1,219	$ 1,046

INCOME TAXES (Details - Valuati

INCOME TAXES (Details - Valuation Allowance) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred tax asset valuation allowance, beginning balance	$ 31,368	$ 26,842
Additions	4,536	4,636
Deductions	166	110
Deferred tax asset valuation allowance, ending balance	$ 35,738	$ 31,368

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expenses current	$ 0	$ 0
Increase in income tax valuation allowance	4,400,000	4,500,000
Accrued interest and penalities	0	0
Penalties related to uncertain tax positions	$ 0	$ 0