Cover
Cover - shares | 3 Months Ended | |
Apr. 01, 2023 | May 05, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Apr. 01, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-30 | |
Entity File Number | 0-19882 | |
Entity Registrant Name | KOPIN CORPORATION | |
Entity Central Index Key | 0000771266 | |
Entity Tax Identification Number | 04-2833935 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 125 North Drive | |
Entity Address, City or Town | Westborough | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01581-3335 | |
City Area Code | (508) | |
Local Phone Number | 870-5959 | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | KOPN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 109,901,024 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Apr. 01, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 8,583,146 | $ 8,258,878 |
Marketable debt securities, at fair value | 21,027,050 | 4,388,778 |
Accounts receivable, net of allowance of $800,000 in 2023 and $303,000 in 2022 | 5,612,935 | 6,537,891 |
Contract assets and unbilled receivables | 3,043,076 | 4,068,364 |
Inventory | 6,817,754 | 6,426,400 |
Prepaid taxes | 127,280 | 105,495 |
Prepaid expenses and other current assets | 1,584,669 | 1,074,867 |
Total current assets | 46,795,910 | 30,860,673 |
Property, plant and equipment, net | 1,826,093 | 1,831,641 |
Operating lease right-of-use assets | 3,005,772 | 3,168,520 |
Other assets | 169,132 | 170,132 |
Equity investments | 7,727,789 | 7,721,206 |
Total assets | 59,524,696 | 43,752,172 |
Current liabilities: | ||
Accounts payable | 3,836,276 | 5,438,980 |
Accrued payroll and expenses | 1,778,133 | 2,879,139 |
Accrued warranty | 2,166,340 | 1,966,000 |
Contract liabilities and billings in excess of revenues earned | 718,544 | 930,500 |
Operating lease liabilities | 790,567 | 786,928 |
Accrued post-retirement benefits | 790,000 | 790,000 |
Other accrued liabilities | 1,118,969 | 1,182,346 |
Customer deposits | 87,283 | |
Deferred tax liabilities | 466,246 | 482,739 |
Total current liabilities | 11,752,358 | 14,456,632 |
Noncurrent contract liabilities and asset retirement obligations | 252,971 | 248,284 |
Operating lease liabilities, net of current portion | 2,378,248 | 2,576,883 |
Accrued post-retirement benefits, net of current portion | 882,500 | 1,110,000 |
Other long-term obligations, net of current portion | 1,361,142 | 1,369,758 |
Total liabilities | 16,627,219 | 19,761,557 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Preferred stock, par value $.01 per share: authorized, 3,000 shares; none issued | ||
Common stock, par value $.01 per share: authorized, 150,000,000 shares; issued 111,502,604 shares in 2023 and 94,920,060 shares in 2022; outstanding 109,901,024 in 2023 and 92,883,524 in 2022, respectively | 1,099,715 | 929,540 |
Additional paid-in capital | 381,753,964 | 360,567,631 |
Treasury stock (70,635 shares in 2023 and 2022, at cost) | (103,127) | (103,127) |
Accumulated other comprehensive income | 1,182,295 | 1,176,068 |
Accumulated deficit | (341,035,370) | (338,406,815) |
Total Kopin Corporation stockholders’ equity | 42,897,477 | 24,163,297 |
Noncontrolling interest | (172,682) | |
Total Kopin Corporation stockholders’ equity | 42,897,477 | 23,990,615 |
Total liabilities and stockholders’ equity | $ 59,524,696 | $ 43,752,172 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Apr. 01, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 800,000 | $ 303,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 3,000 | 3,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 111,502,604 | 94,920,060 |
Common stock, shares outstanding | 109,901,024 | 92,883,524 |
Treasury stock, shares | 70,635 | 70,635 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Revenues: | ||
Total revenues | $ 10,758,191 | $ 11,578,422 |
Expenses: | ||
Cost of product revenues | 6,624,101 | 7,782,879 |
Research and development | 2,312,217 | 5,408,613 |
Selling, general and administration | 4,648,130 | 4,464,548 |
Total expenses | 13,584,448 | 17,656,040 |
Loss from operations | (2,826,257) | (6,077,618) |
Other income: | ||
Interest income | 101,765 | 6,980 |
Other income (expense), net | 37,030 | (1,141) |
Gain on investments | 4,700,000 | |
Foreign currency transaction gains | 97,907 | 35,115 |
Total other income | 236,702 | 4,740,954 |
Loss before provision for income taxes and net loss attributable to noncontrolling interest | (2,589,555) | (1,336,664) |
Tax provision | (39,000) | (36,000) |
Net loss | (2,628,555) | (1,372,664) |
Net loss attributable to the noncontrolling interest | 23 | |
Net loss attributable to Kopin Corporation | $ (2,628,555) | $ (1,372,641) |
Net loss per share | ||
Basic and diluted | $ (0.03) | $ (0.02) |
Weighted average number of common shares outstanding | ||
Basic and diluted | 105,036,382 | 90,121,226 |
Net Product Revenues [Member] | ||
Revenues: | ||
Total revenues | $ 7,654,716 | $ 6,507,528 |
Research And Development Revenues [Member] | ||
Revenues: | ||
Total revenues | 2,896,451 | 4,908,033 |
Other Revenues [Member] | ||
Revenues: | ||
Total revenues | $ 207,024 | $ 162,861 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Income Statement [Abstract] | ||
Net loss | $ (2,628,555) | $ (1,372,664) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | 9,994 | (5,932) |
Unrealized holding loss on marketable securities | (3,767) | (107,451) |
Reclassification of holding losses in net loss | (523) | |
Other comprehensive income (loss), net of tax | 6,227 | (113,906) |
Comprehensive loss | (2,622,328) | (1,486,570) |
Comprehensive income attributable to the noncontrolling interest | 23 | |
Comprehensive loss attributable to Kopin Corporation | $ (2,622,328) | $ (1,486,547) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 25, 2021 | $ 900,691 | $ 356,931,157 | $ (366,110) | $ 1,414,351 | $ (319,080,898) | $ 39,799,191 | $ (172,334) | $ 39,626,857 |
Beginning balance, shares at Dec. 25, 2021 | 90,069,169 | |||||||
Vesting of restricted stock | $ 1,544 | (1,544) | ||||||
Vesting of restricted stock, shares | 154,421 | |||||||
Stock-based compensation expense | 656,073 | 656,073 | 656,073 | |||||
Other comprehensive income loss | (113,906) | (113,906) | (113,906) | |||||
Net loss | (1,372,641) | (1,372,641) | (23) | (1,372,664) | ||||
Restricted stock for tax withholding obligations | (95,613) | (95,613) | (95,613) | |||||
Ending balance, value at Mar. 26, 2022 | $ 902,235 | 357,585,686 | (461,723) | 1,300,445 | (320,453,539) | 38,873,104 | (172,357) | 38,700,747 |
Ending balance, shares at Mar. 26, 2022 | 90,223,590 | |||||||
Beginning balance, value at Dec. 31, 2022 | $ 929,540 | 360,567,631 | (103,127) | 1,176,068 | (338,406,815) | 24,163,297 | (172,682) | 23,990,615 |
Beginning balance, shares at Dec. 31, 2022 | 92,954,159 | |||||||
Vesting of restricted stock | $ 175 | (175) | ||||||
Vesting of restricted stock, shares | 17,500 | |||||||
Stock-based compensation expense | 194,190 | 194,190 | 194,190 | |||||
Other comprehensive income loss | 6,227 | 6,227 | 6,227 | |||||
Issuance of common stock and pre-funded warrants, net of costs | $ 170,000 | 21,165,000 | 21,335,000 | 21,335,000 | ||||
Issuance of common stock and pre-funded warrants, net of costs, shares | 17,000,000 | |||||||
Acquisition of noncontrolling interest | (172,682) | (172,682) | 172,682 | |||||
Net loss | (2,628,555) | (2,628,555) | (2,628,555) | |||||
Ending balance, value at Apr. 01, 2023 | $ 1,099,715 | $ 381,753,964 | $ (103,127) | $ 1,182,295 | $ (341,035,370) | $ 42,897,477 | $ 42,897,477 | |
Ending balance, shares at Apr. 01, 2023 | 109,971,659 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (2,628,555) | $ (1,372,664) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 224,574 | 267,590 |
Accretion of premium or discount on marketable debt securities | 128 | |
Stock-based compensation | 194,190 | 656,073 |
Loss on sale of property and plant | 202,671 | |
Gain on investment transactions | (4,700,000) | |
Income taxes | 39,105 | 35,836 |
Foreign currency gains | (118,697) | (16,351) |
Change in allowance for credit losses | 495,000 | (26,281) |
Write-off of excess inventory | 292,405 | 588,175 |
Changes in other non-cash items | 200,000 | 453,262 |
Changes in assets and liabilities: | ||
Accounts receivable | (420,919) | 5,777,308 |
Contract assets and unbilled receivables | 934,759 | (252,809) |
Inventory | (665,589) | (1,156,461) |
Prepaid expenses, other current assets and other assets | (525,705) | (314,361) |
Accounts payable and accrued expenses | (1,983,304) | (107,657) |
Contract liabilities and billings in excess of revenue earned | (211,815) | (2,317,122) |
Net cash used in operating activities | (4,174,551) | (2,282,663) |
Cash flows from investing activities: | ||
Capital expenditures | (216,618) | (524,368) |
Purchases of marketable debt securities | (17,624,779) | (3,000,030) |
Proceeds from sale of marketable debt securities | 1,000,000 | 1,000,000 |
Other assets | 1,000 | |
Net cash used in investing activities | (16,840,397) | (2,524,398) |
Cash flows from financing activities: | ||
Issuance of common stock and pre-funded warrants, net of costs | 21,335,000 | |
Settlements of restricted stock for tax withholding obligations | (95,613) | |
Net cash provided by (used in) financing activities | 21,335,000 | (95,613) |
Effect of exchange rate changes on cash | 4,216 | (17,765) |
Net increase (decrease) in cash and cash equivalents | 324,268 | (4,920,439) |
Cash and cash equivalents: | ||
Beginning of period | 8,258,878 | 26,787,931 |
End of period | $ 8,583,146 | $ 21,867,492 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Apr. 01, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION The condensed consolidated financial statements of Kopin Corporation as of April 1, 2023 and for the three month periods ended April 1, 2023 and March 26, 2022 are unaudited and include all adjustments that, in the opinion of management, are necessary to present fairly the results of operations for the periods then ended. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for any other interim period or for a full fiscal year. As used in this report, the terms “we”, “us”, “our”, “Kopin” and the “Company” mean Kopin Corporation and its subsidiaries, unless the context indicates another meaning. The consolidated financial statements for the three months ended April 1, 2023 include the accounts of Kopin Corporation and its wholly owned subsidiaries. The consolidated financial statements for the three months ended March 26, 2022 include the accounts of Kopin Corporation, its wholly owned subsidiaries, and a majority owned 80 20 20 The Company’s current strategy is to continue to invest in research and development, even during unprofitable periods, which may result in the Company continuing to incur net losses and negative cash flows from operations. If the Company is unable to achieve and maintain positive cash flows and profitability in the foreseeable future, its financial condition may ultimately be materially adversely affected such that management may be required to reduce operating expenses, including investments in research and development, or raise additional capital. While there can be no assurance the Company will be able to successfully reduce operating expenses or raise additional capital, management believes its historical success in managing cash flows and obtaining capital will continue in the foreseeable future. On January 5, 2023, the Company entered into a Technology License Agreement and an Asset Purchase Agreement (the “LST Agreements”) with Lightning Silicon Technology, Inc. (“LST”). Pursuant to the LST Agreements, the Company issued a license to LST for certain technology associated with our Organic Light Emitting Technology, transferred in-process development contracts with two customers and accounts receivables that the Company had previously determined were not collectible. The technology license agreement provides for Kopin to transfer certain patents to LST if LST achieves certain milestones, however upon transfer Kopin will receive a license to the technology. To the extent LST makes improvements to the technology licensed from Kopin, Kopin will receive a license for these improvements for certain markets. Kopin is not obligated to provide any additional funding support to LST. As consideration for the transaction, the Company received 18,000,000 20.0% On January 27, 2023, the Company sold 17,000,000 6,000,000 0.99 21.4 ’ s actual results are less than projected or the Company needs to raise capital for additional liquidity, the Company may be required to do additional equity financings, reduce expenses, or enter into a strategic transaction. However, management can make no assurance that the Company will be able to raise additional capital, reduce expenses sufficiently, or enter into a strategic transaction on terms acceptable to the Company, or at all. |
ACCOUNTING STANDARDS
ACCOUNTING STANDARDS | 3 Months Ended |
Apr. 01, 2023 | |
Accounting Policies [Abstract] | |
ACCOUNTING STANDARDS | 2. ACCOUNTING STANDARDS ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments became effective for smaller reporting companies for fiscal years beginning after December 15, 2022. The amendments in ASU 2016-13 are intended to provide more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The Company adopted this standard on January 1, 2023 and there was not a material impact. |
CASH AND CASH EQUIVALENTS AND M
CASH AND CASH EQUIVALENTS AND MARKETABLE DEBT SECURITIES | 3 Months Ended |
Apr. 01, 2023 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS AND MARKETABLE DEBT SECURITIES | 3. CASH AND CASH EQUIVALENTS AND MARKETABLE DEBT SECURITIES The Company considers all highly liquid, short-term debt instruments with original maturities of three months or less to be cash equivalents. Marketable debt securities consist primarily of commercial paper, medium-term corporate notes, and U.S. government and agency backed securities. The Company classifies these marketable debt securities as available-for-sale at fair value in “Marketable debt securities, at fair value.” The Company records the amortization of premiums and accretion of discounts on marketable debt securities in the results of operations. The Company uses the specific identification method as a basis for determining cost and calculating realized gains and losses with respect to marketable debt securities. The gross gains and losses realized related to sales and maturities of marketable debt securities were not material during the three months ended April 1, 2023 and March 26, 2022. Investments in available-for-sale marketable debt securities were as follows at April 1, 2023 and December 31, 2022: SCHEDULE OF AVAILABLE-FOR-SALE MARKETABLE DEBT SECURITIES Amortized Cost Unrealized Losses Fair Value 2023 2022 2023 2022 2023 2022 U.S. government and agency backed securities $ 13,374,623 $ 2,500,006 $ (43,938 ) $ (102,276 ) $ 13,330,685 $ 2,397,730 Corporate debt and certificates of deposit 7,750,174 2,000,012 (53,809 ) (8,964 ) 7,696,365 1,991,048 Total $ 21,124,797 $ 4,500,018 $ (97,747 ) $ (111,240 ) $ 21,027,050 $ 4,388,778 The contractual maturity of the Company’s marketable debt securities was as follows at April 1, 2023: SCHEDULE OF MARKETABLE DEBT SECURITIES Less than One to Total U.S. government and agency backed securities $ 11,345,770 $ 1,984,915 $ 13,330,685 Corporate debt 2,492,328 5,204,037 7,696,365 Total $ 13,838,098 $ 7,188,952 $ 21,027,050 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Apr. 01, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 4. FAIR VALUE MEASUREMENTS Financial instruments are categorized as Level 1, Level 2 or Level 3 based upon the method by which their fair value is computed. An investment is categorized as Level 1 when its fair value is based on unadjusted quoted prices in active markets for identical assets that the Company has the ability to access at the measurement date. An investment is categorized as Level 2 if its fair market value is based on quoted market prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, based on observable inputs such as interest rates, yield curves, or derived from or corroborated by observable market data by correlation or other means. An investment is categorized as Level 3 if its fair value is based on assumptions developed by the Company about what a market participant would use in pricing the assets. The following table details the fair value measurements of the Company’s financial assets: SCHEDULE OF FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS Total Level 1 Level 2 Level 3 Fair Value Measurement at April 1, 2023 Using: Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 8,583,146 $ 8,583,146 $ — $ — U.S. government and agency-backed securities 13,330,685 8,907,220 4,423,465 — Corporate debt 499,860 — 499,860 — Certificates of deposit 7,196,505 7,196,505 — — Equity investments 7,727,789 195,755 — 7,532,034 Financial instruments, owned, at fair value $ 37,337,985 $ 24,882,626 $ 4,923,325 $ 7,532,034 Total Level 1 Level 2 Level 3 Fair Value Measurement at Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 8,258,878 $ 8,258,878 $ — $ — U.S. government and agency- backed securities 2,397,730 — 2,397,730 — Corporate debt 1,500,445 — 1,500,445 — Certificates of deposit 490,603 490,603 — — Equity investments 7,721,206 213,016 — 7,508,190 Financial instruments, owned, at fair value $ 20,368,862 $ 8,962,497 $ 3,898,175 $ 7,508,190 Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. Changes in Level 3 investments were as follows: SCHEDULE OF FAIR VALUE, LIABILITIES MEASURED ON RECURRING BASIS December 31, 2022 Net unrealized gains Purchases, issuances and settlements April 1, 2023 Equity Investments $ 7,508,190 $ 23,844 $ — $ 7,532,034 The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value because of their short-term nature. If accrued liabilities were carried at fair value, these would be classified as Level 2 in the fair value hierarchy. Marketable Debt Securities Corporate debt consists of floating rate notes with a maturity that may be over multiple years but has interest rates that are reset every three months. The Company validates the fair market values of the financial instruments above by using discounted cash flow models, obtaining independent pricing of the securities or through the use of a model that incorporates the three-month interest rate, the credit default swap rate of the issuer and the bid and ask price spread of the same or similar investments which are traded on several markets. Equity Investments From 2017 through 2019, the Company made several equity investments in a customer. In the fourth quarter of 2019, the Company reviewed the financial condition and other factors of the customer and, as a result, recorded an impairment charge of $ 5.2 zero 4.7 2.3 During the three months ended April 1, 2023, the Company recorded a less than $ 0.1 |
INVENTORY
INVENTORY | 3 Months Ended |
Apr. 01, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORY | 5. INVENTORY Inventories are stated at standard cost adjusted to approximate the lower of cost (first-in, first-out method) or net realizable value and consist of the following at April 1, 2023 and December 31, 2022: SCHEDULE OF INVENTORY April 1, 2023 December 31, 2022 Raw materials $ 4,442,045 $ 4,285,757 Work-in-process 1,971,239 1,735,454 Finished goods 404,470 405,189 Total $ 6,817,754 $ 6,426,400 |
NET LOSS PER SHARE
NET LOSS PER SHARE | 3 Months Ended |
Apr. 01, 2023 | |
Net loss per share | |
NET LOSS PER SHARE | 6. NET LOSS PER SHARE Basic net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period less any unvested restricted shares. Diluted net loss per share is calculated using weighted-average shares outstanding and contingently issuable shares, less weighted-average shares reacquired during the period. The net outstanding shares are adjusted for the dilutive effect of shares issuable upon the assumed conversion of the Company’s common stock equivalents, which consist of unvested restricted stock. The following were not included in weighted-average common shares outstanding-diluted because they are anti-dilutive or performance conditions have not been met at the end of the period: SCHEDULE OF WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING DILUTED Three months ended Three months ended April 1, 2023 March 26, 2022 Non-vested restricted common stock 1,530,945 1,953,171 |
STOCKHOLDERS_ EQUITY AND STOCK-
STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION | 3 Months Ended |
Apr. 01, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION | 7. STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION Registered sale of equity securities On January 27, 2023, the Company sold 17,000,000 6,000,000 0.99 22.9 1.5 0.01 Non-Vested Restricted Common Stock The fair value of non-vested restricted common stock awards is generally the market value of the Company’s common stock on the date of grant. The non-vested restricted common stock awards require the employee to fulfill certain obligations, including remaining employed by the Company for one, two or four years (the vesting period) and in certain cases also require meeting either performance criteria or the Company’s stock achieving a certain price. For non-vested restricted common stock awards that solely require the recipient to remain employed with the Company, the stock compensation expense is amortized over the anticipated service period. For non-vested restricted common stock awards that require the achievement of performance criteria, the Company reviews the probability of achieving the performance goals on a periodic basis. If the Company determines that it is probable that the performance criteria will be achieved, the amount of compensation cost derived for the performance goal is amortized over the anticipated service period. If the performance criteria are not met, no compensation cost is recognized and any previously recognized compensation cost is reversed. Restricted stock activity for the three month period ended April 1, 2023 was as follows: SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY Shares Weighted Average Grant Fair Value Balance, December 31, 2022 1,965,901 $ 2.22 Granted 200,294 1.31 Forfeited (617,750 ) 3.20 Vested (17,500 ) 1.26 Balance, April 1, 2023 1,530,945 $ 1.72 Stock-Based Compensation The following table summarizes stock-based compensation expense within each of the categories below as it relates to non-vested restricted common stock awards for the three months ended April 1, 2023 and March 26, 2022 (no tax benefits were recognized): SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE Three Months Three Months April 1, 2023 March 26, 2022 Cost of product revenues $ 26,218 $ 66,668 Research and development 16,874 147,379 Selling, general and administrative 151,098 442,026 Total $ 194,190 $ 656,073 Unrecognized compensation expense for non-vested restricted common stock as of April 1, 2023 totaled $ 2.6 three years |
ACCRUED WARRANTY
ACCRUED WARRANTY | 3 Months Ended |
Apr. 01, 2023 | |
Guarantees and Product Warranties [Abstract] | |
ACCRUED WARRANTY | 8. ACCRUED WARRANTY The Company typically warrants its products against defect for 12 to 18 months, however, for certain products a customer may purchase an extended warranty. A provision for estimated future costs and estimated returns for credit relating to such warranty is recorded in the period when product is shipped and revenue is recognized and is updated as additional information becomes available. The Company’s estimate of future costs to satisfy warranty obligations is based primarily on historical warranty expense experienced and a provision for potential future product failures. Changes in the accrued warranty for the three months ended April 1, 2023 were as follows: SCHEDULE OF ACCRUED WARRANTY Balance, December 31, 2022 $ 1,966,000 Additions 395,000 Claims (195,000 ) Balance, April 1, 2023 $ 2,166,000 Extended Warranties Deferred revenue represents the purchase of extended warranties by the Company’s customers. The Company recognizes revenue from an extended warranty on the straight-line method over the life of the extended warranty, which is typically 12 to 15 months standard 12 to 18-month warranty 0.1 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Apr. 01, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 9. INCOME TAXES The Company recorded a provision for income taxes of less than $ 0.1 135.5 expiring 2023 through 2038 89.3 |
CONTRACT ASSETS AND LIABILITIES
CONTRACT ASSETS AND LIABILITIES | 3 Months Ended |
Apr. 01, 2023 | |
Contract Assets And Liabilities | |
CONTRACT ASSETS AND LIABILITIES | 10. CONTRACT ASSETS AND LIABILITIES Contract assets include unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized from customer arrangements, including licensing, exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Contract assets are generally classified as current. The Company classifies the noncurrent portion of contract assets under Other assets in its condensed consolidated balance sheets. Contract liabilities consist of advance payments and billings in excess of cost incurred and deferred revenue. Net contract assets (liabilities) consisted of the following: SCHEDULE OF CONTRACT WITH CUSTOMER, ASSET AND LIABILITY April 1, 2023 December 31, 2022 $ Change % Change Contract assets and unbilled receivables —current $ 3,043,076 $ 4,068,364 $ (1,025,288 ) (25 )% Contract liabilities and billings in excess of revenues earned (718,544 ) (930,500 ) 211,956 (23 )% Contract liabilities—noncurrent (6,331 ) (6,190 ) (141 ) 2 % Net contract assets $ 2,318,201 $ 3,131,674 $ (813,473 ) (26 )% The $ 0.8 In the three months ended April 1, 2023, the Company recognized revenue of $ 0.5 2.9 The Company did not recognize impairment losses on our contract assets in the three months ended April 1, 2023 or March 26, 2022. Performance Obligations The Company’s revenue recognition related to performance obligations that were satisfied at a point in time and over time were as follows: SCHEDULE OF SATISFACTION OF PERFORMANCE OBLIGATION Three months Three months April 1, 2023 March 26, 2022 Point in time 26 % 20 % Over time 74 % 80 % Performance obligation percentage % % Remaining performance obligations represent the transaction price of orders for which work has not been performed and excludes unexercised contract options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity (“IDIQ”)). As of April 1, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 17.5 |
LEASES
LEASES | 3 Months Ended |
Apr. 01, 2023 | |
Leases [Abstract] | |
LEASES | 11. LEASES The Company enters into operating leases primarily for: real estate, including for manufacturing, engineering, research, administration and sales facilities, and information technology (“IT”) equipment. At April 1, 2023 and December 31, 2022, the Company did not have any finance leases. Approximately all of our future lease commitments, and related lease liability, relate to the Company’s real estate leases. Some of the Company’s leases include options to extend or terminate the lease. The components of lease expense were as follows: SCHEDULE OF LEASE EXPENSE Three months Three months April 1, 2023 March 26, 2022 Operating lease cost $ 214,563 $ 249,503 At April 1, 2023, the Company’s future lease payments under non-cancellable leases were as follows: SCHEDULE OF FUTURE LEASE PAYMENT UNDER NON-CANCELLABLE LEASE 2023 (excluding the three months ended April 1, 2023) $ 729,950 2024 891,292 2025 638,256 2026 604,000 2027 604,000 Thereafter 201,333 Total future lease payments 3,668,831 Less imputed interest (500,016 ) Total $ 3,168,815 The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheet at April 1, 2023 were as follows: SCHEDULE OF OPERATING LEASE PAYMENTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS April 1, 2023 Operating lease liabilities–current $ 790,567 Operating lease liabilities–noncurrent 2,378,248 Total lease liabilities $ 3,168,815 Supplemental cash flow information related to leases was as follows: SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES Three months April 1, 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 248,254 Other information related to leases was as follows: April 1, 2023 Weighted Average Discount Rate–Operating Leases 5.97 % Weighted Average Remaining Lease Term–Operating Leases (in years) 4.48 |
SEGMENTS AND DISAGGREGATION OF
SEGMENTS AND DISAGGREGATION OF REVENUE | 3 Months Ended |
Apr. 01, 2023 | |
Segment Reporting [Abstract] | |
SEGMENTS AND DISAGGREGATION OF REVENUE | 12. SEGMENTS AND DISAGGREGATION OF REVENUE We continually monitor and review our segment reporting structure in accordance with authoritative guidance to determine if any changes have occurred that would affect our reportable segments. We report under one segment, as our Chief Executive Officer, who is our chief operating decision maker (“CODM”), reviews results on a total company basis. Total long-lived assets by country at April 1, 2023 and December 31, 2022 were: SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREAS Total Long-lived Assets (in thousands) April 1, 2023 December 31, 2022 United States $ 4,470 $ 4,604 United Kingdom 362 396 Total $ 4,832 $ 5,000 We disaggregate our revenue from contracts with customers by geographic location and by display application, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. During the three months ended April 1, 2023 and March 26, 2022, the Company derived its sales from the following geographies: SCHEDULE OF SEGMENT INFORMATION BY REVENUE TYPE April 1, 2023 March 26, 2022 (In thousands, except percentages) Revenue % of Total Revenue % of Total United States $ 8,977 84 % $ 9,297 80 % Asia-Pacific 1,409 13 % 2,144 19 % Europe 372 3 % 137 1 % Total Revenues $ 10,758 100 % $ 11,578 100 % During the three months ended April 1, 2023 and March 26, 2022, the Company derived its sales from the following display applications: SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT (In thousands) April 1, 2023 March 26, 2022 Defense $ 6,420 $ 4,757 Industrial 925 1,530 Consumer 310 220 R&D 2,896 4,908 License and royalties 207 163 Total Revenues $ 10,758 $ 11,578 |
LITIGATION
LITIGATION | 3 Months Ended |
Apr. 01, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | 13. LITIGATION The Company may engage in legal proceedings arising in the ordinary course of business. Claims, suits, investigations and proceedings are inherently uncertain and it is not possible to predict the ultimate outcome of such matters and our business, financial condition, results of operations or cash flows could be affected in any particular period. BlueRadios, Inc. v. Kopin Corporation, Civil Action No. 16-02052-JLK (D. Col.): On August 12, 2016, BlueRadios, Inc. (“BlueRadios”) filed a complaint in the U.S. District Court for the District of Colorado, alleging that the Company breached a contract between it and BlueRadios concerning an alleged joint venture between the Company and BlueRadios to design, develop and commercialize micro-display products with embedded wireless technology referred to as “Golden-i” breached the covenant of good faith and fair dealing associated with that contract, breached its fiduciary duty to BlueRadios, and misappropriated trade secrets owned by BlueRadios in violation of Colorado law (C.R.S. § 7-74-104(4)) and the Defend Trade Secrets Act (18 U.S.C. § 1836(b)(1)). BlueRadios further alleges that the Company was unjustly enriched by its alleged misconduct, BlueRadios is entitled to an accounting to determine the amount of profits obtained by the Company as a result of its alleged misconduct, and the inventorship on at least ten patents or patent applications owned by the Company need to be corrected to list BlueRadios’ employees as inventors and thereby list BlueRadios as co-assignees of the patents. BlueRadios seeks monetary, declaratory, and injunctive relief, including for alleged non-payment of engineering retainer fees. On October 11, 2016, the Company filed its Answer and Affirmative Defenses. The parties completed expert depositions on November 15, 2019. On December 2, 2019, the Company filed a Motion for Partial Summary Judgment requesting the Court dismiss counts 2-7 in their entirety and counts 1 and 8 in part. BlueRadios also filed a Motion for Partial Summary Judgment alleging it is the co-owner of U.S. Patent No. 8,909,296. Responses to the Motions for Partial Summary Judgment were filed on January 15, 2020, and replies were filed on February 19, 2020. On September 25, 2020, the Court denied BlueRadios’ Motion for Partial Summary Judgment. On August 3, 2022, the Court granted the Company’s Motion for Partial Summary Judgment by dismissing counts 3, 6, 7, punitive damages under count 2, and count 8 as it relates to patent applications, and denying the motion as it relates to counts 1, 4, and 5, and the remainder of counts 2 and 8. The Court also ordered discovery reopened for certain limited purposes. A trial date was set by the Court for January 22 – February 5, 2024. The Company has not concluded a loss from this matter is probable; therefore, we have not recorded an accrual for litigation or claims related to this matter for the period ended April 1, 2023. The Company will continue to evaluate information as it becomes known and will record an estimate for losses at the time or times when it is both probable that a loss has been incurred and the amount of the loss is reasonably estimable. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Apr. 01, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 14. RELATED PARTY TRANSACTIONS The Company may from time to time enter into agreements with stockholders, affiliates and other companies engaged in certain aspects of the display, electronics, optical and software industries as part of our business strategy. In addition, the wearable computing product market is relatively new and there may be other technologies the Company needs to purchase from affiliates to enhance its product offering. During the three-month periods ended April 1, 2023 and March 26, 2022, the Company had the following transactions with related parties: SCHEDULE OF TRANSACTIONS WITH RELATED PARTIES Three months ended Three months ended April 1, 2023 March 26, 2022 Sales Purchases Sales Purchases RealWear, Inc. $ 207,024 $ — $ 624,216 $ — HMDmd, Inc. 266,476 — — — Lightning Silicon Technology, Inc. — 39,255 — — $ 473,500 $ 39,255 $ 624,216 $ — At April 1, 2023 and December 31, 2022, the Company had the following receivables and payables with related parties: April 1, 2023 December 31, 2022 Receivables Payables Receivables Payables RealWear, Inc. $ 207,024 $ — $ 171,518 $ — HMDmd, Inc. 370,570 — 151,340 — Solos Technology 875 — 2,248 — Lightning Silicon Technology, Inc. 15,112 29,600 — — $ 593,581 $ 29,600 $ 325,106 $ — |
CASH AND CASH EQUIVALENTS AND_2
CASH AND CASH EQUIVALENTS AND MARKETABLE DEBT SECURITIES (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Cash and Cash Equivalents [Abstract] | |
SCHEDULE OF AVAILABLE-FOR-SALE MARKETABLE DEBT SECURITIES | Investments in available-for-sale marketable debt securities were as follows at April 1, 2023 and December 31, 2022: SCHEDULE OF AVAILABLE-FOR-SALE MARKETABLE DEBT SECURITIES Amortized Cost Unrealized Losses Fair Value 2023 2022 2023 2022 2023 2022 U.S. government and agency backed securities $ 13,374,623 $ 2,500,006 $ (43,938 ) $ (102,276 ) $ 13,330,685 $ 2,397,730 Corporate debt and certificates of deposit 7,750,174 2,000,012 (53,809 ) (8,964 ) 7,696,365 1,991,048 Total $ 21,124,797 $ 4,500,018 $ (97,747 ) $ (111,240 ) $ 21,027,050 $ 4,388,778 |
SCHEDULE OF MARKETABLE DEBT SECURITIES | The contractual maturity of the Company’s marketable debt securities was as follows at April 1, 2023: SCHEDULE OF MARKETABLE DEBT SECURITIES Less than One to Total U.S. government and agency backed securities $ 11,345,770 $ 1,984,915 $ 13,330,685 Corporate debt 2,492,328 5,204,037 7,696,365 Total $ 13,838,098 $ 7,188,952 $ 21,027,050 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Fair Value Disclosures [Abstract] | |
SCHEDULE OF FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS | The following table details the fair value measurements of the Company’s financial assets: SCHEDULE OF FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS Total Level 1 Level 2 Level 3 Fair Value Measurement at April 1, 2023 Using: Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 8,583,146 $ 8,583,146 $ — $ — U.S. government and agency-backed securities 13,330,685 8,907,220 4,423,465 — Corporate debt 499,860 — 499,860 — Certificates of deposit 7,196,505 7,196,505 — — Equity investments 7,727,789 195,755 — 7,532,034 Financial instruments, owned, at fair value $ 37,337,985 $ 24,882,626 $ 4,923,325 $ 7,532,034 Total Level 1 Level 2 Level 3 Fair Value Measurement at Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 8,258,878 $ 8,258,878 $ — $ — U.S. government and agency- backed securities 2,397,730 — 2,397,730 — Corporate debt 1,500,445 — 1,500,445 — Certificates of deposit 490,603 490,603 — — Equity investments 7,721,206 213,016 — 7,508,190 Financial instruments, owned, at fair value $ 20,368,862 $ 8,962,497 $ 3,898,175 $ 7,508,190 |
SCHEDULE OF FAIR VALUE, LIABILITIES MEASURED ON RECURRING BASIS | Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. Changes in Level 3 investments were as follows: SCHEDULE OF FAIR VALUE, LIABILITIES MEASURED ON RECURRING BASIS December 31, 2022 Net unrealized gains Purchases, issuances and settlements April 1, 2023 Equity Investments $ 7,508,190 $ 23,844 $ — $ 7,532,034 |
INVENTORY (Tables)
INVENTORY (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORY | Inventories are stated at standard cost adjusted to approximate the lower of cost (first-in, first-out method) or net realizable value and consist of the following at April 1, 2023 and December 31, 2022: SCHEDULE OF INVENTORY April 1, 2023 December 31, 2022 Raw materials $ 4,442,045 $ 4,285,757 Work-in-process 1,971,239 1,735,454 Finished goods 404,470 405,189 Total $ 6,817,754 $ 6,426,400 |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Net loss per share | |
SCHEDULE OF WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING DILUTED | The following were not included in weighted-average common shares outstanding-diluted because they are anti-dilutive or performance conditions have not been met at the end of the period: SCHEDULE OF WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING DILUTED Three months ended Three months ended April 1, 2023 March 26, 2022 Non-vested restricted common stock 1,530,945 1,953,171 |
STOCKHOLDERS_ EQUITY AND STOC_2
STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Equity [Abstract] | |
SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY | Restricted stock activity for the three month period ended April 1, 2023 was as follows: SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY Shares Weighted Average Grant Fair Value Balance, December 31, 2022 1,965,901 $ 2.22 Granted 200,294 1.31 Forfeited (617,750 ) 3.20 Vested (17,500 ) 1.26 Balance, April 1, 2023 1,530,945 $ 1.72 |
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE | The following table summarizes stock-based compensation expense within each of the categories below as it relates to non-vested restricted common stock awards for the three months ended April 1, 2023 and March 26, 2022 (no tax benefits were recognized): SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE Three Months Three Months April 1, 2023 March 26, 2022 Cost of product revenues $ 26,218 $ 66,668 Research and development 16,874 147,379 Selling, general and administrative 151,098 442,026 Total $ 194,190 $ 656,073 |
ACCRUED WARRANTY (Tables)
ACCRUED WARRANTY (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Guarantees and Product Warranties [Abstract] | |
SCHEDULE OF ACCRUED WARRANTY | SCHEDULE OF ACCRUED WARRANTY Balance, December 31, 2022 $ 1,966,000 Additions 395,000 Claims (195,000 ) Balance, April 1, 2023 $ 2,166,000 |
CONTRACT ASSETS AND LIABILITI_2
CONTRACT ASSETS AND LIABILITIES (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Contract Assets And Liabilities | |
SCHEDULE OF CONTRACT WITH CUSTOMER, ASSET AND LIABILITY | Net contract assets (liabilities) consisted of the following: SCHEDULE OF CONTRACT WITH CUSTOMER, ASSET AND LIABILITY April 1, 2023 December 31, 2022 $ Change % Change Contract assets and unbilled receivables —current $ 3,043,076 $ 4,068,364 $ (1,025,288 ) (25 )% Contract liabilities and billings in excess of revenues earned (718,544 ) (930,500 ) 211,956 (23 )% Contract liabilities—noncurrent (6,331 ) (6,190 ) (141 ) 2 % Net contract assets $ 2,318,201 $ 3,131,674 $ (813,473 ) (26 )% |
SCHEDULE OF SATISFACTION OF PERFORMANCE OBLIGATION | The Company’s revenue recognition related to performance obligations that were satisfied at a point in time and over time were as follows: SCHEDULE OF SATISFACTION OF PERFORMANCE OBLIGATION Three months Three months April 1, 2023 March 26, 2022 Point in time 26 % 20 % Over time 74 % 80 % Performance obligation percentage % % |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Leases [Abstract] | |
SCHEDULE OF LEASE EXPENSE | The components of lease expense were as follows: SCHEDULE OF LEASE EXPENSE Three months Three months April 1, 2023 March 26, 2022 Operating lease cost $ 214,563 $ 249,503 |
SCHEDULE OF FUTURE LEASE PAYMENT UNDER NON-CANCELLABLE LEASE | At April 1, 2023, the Company’s future lease payments under non-cancellable leases were as follows: SCHEDULE OF FUTURE LEASE PAYMENT UNDER NON-CANCELLABLE LEASE 2023 (excluding the three months ended April 1, 2023) $ 729,950 2024 891,292 2025 638,256 2026 604,000 2027 604,000 Thereafter 201,333 Total future lease payments 3,668,831 Less imputed interest (500,016 ) Total $ 3,168,815 |
SCHEDULE OF OPERATING LEASE PAYMENTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS | The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheet at April 1, 2023 were as follows: SCHEDULE OF OPERATING LEASE PAYMENTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS April 1, 2023 Operating lease liabilities–current $ 790,567 Operating lease liabilities–noncurrent 2,378,248 Total lease liabilities $ 3,168,815 |
SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES | Supplemental cash flow information related to leases was as follows: SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES Three months April 1, 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 248,254 Other information related to leases was as follows: April 1, 2023 Weighted Average Discount Rate–Operating Leases 5.97 % Weighted Average Remaining Lease Term–Operating Leases (in years) 4.48 |
SEGMENTS AND DISAGGREGATION O_2
SEGMENTS AND DISAGGREGATION OF REVENUE (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Segment Reporting [Abstract] | |
SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREAS | Total long-lived assets by country at April 1, 2023 and December 31, 2022 were: SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREAS Total Long-lived Assets (in thousands) April 1, 2023 December 31, 2022 United States $ 4,470 $ 4,604 United Kingdom 362 396 Total $ 4,832 $ 5,000 |
SCHEDULE OF SEGMENT INFORMATION BY REVENUE TYPE | During the three months ended April 1, 2023 and March 26, 2022, the Company derived its sales from the following geographies: SCHEDULE OF SEGMENT INFORMATION BY REVENUE TYPE April 1, 2023 March 26, 2022 (In thousands, except percentages) Revenue % of Total Revenue % of Total United States $ 8,977 84 % $ 9,297 80 % Asia-Pacific 1,409 13 % 2,144 19 % Europe 372 3 % 137 1 % Total Revenues $ 10,758 100 % $ 11,578 100 % |
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT | During the three months ended April 1, 2023 and March 26, 2022, the Company derived its sales from the following display applications: SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT (In thousands) April 1, 2023 March 26, 2022 Defense $ 6,420 $ 4,757 Industrial 925 1,530 Consumer 310 220 R&D 2,896 4,908 License and royalties 207 163 Total Revenues $ 10,758 $ 11,578 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF TRANSACTIONS WITH RELATED PARTIES | During the three-month periods ended April 1, 2023 and March 26, 2022, the Company had the following transactions with related parties: SCHEDULE OF TRANSACTIONS WITH RELATED PARTIES Three months ended Three months ended April 1, 2023 March 26, 2022 Sales Purchases Sales Purchases RealWear, Inc. $ 207,024 $ — $ 624,216 $ — HMDmd, Inc. 266,476 — — — Lightning Silicon Technology, Inc. — 39,255 — — $ 473,500 $ 39,255 $ 624,216 $ — At April 1, 2023 and December 31, 2022, the Company had the following receivables and payables with related parties: April 1, 2023 December 31, 2022 Receivables Payables Receivables Payables RealWear, Inc. $ 207,024 $ — $ 171,518 $ — HMDmd, Inc. 370,570 — 151,340 — Solos Technology 875 — 2,248 — Lightning Silicon Technology, Inc. 15,112 29,600 — — $ 593,581 $ 29,600 $ 325,106 $ — |
BASIS OF PRESENTATION (Details
BASIS OF PRESENTATION (Details Narrative) - USD ($) $ / shares in Units, $ in Millions | Jan. 27, 2023 | Jan. 05, 2023 | Apr. 01, 2023 | Mar. 26, 2022 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number of registered common stock sold | 17,000,000 | |||
Prefunded Warrants [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Pre-funded warrants issued to purchase common stock | 6,000,000 | |||
Offering price per share | $ 0.99 | |||
Proceeds from issuance of warrants | $ 21.4 | |||
LST Agreement [Member] | Lightning Silicon Technology Inc [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Issuance of shares | 18,000,000 | |||
EMDT [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Ownership percentage | 20% | |||
Lightning Silicon Technology Inc [Member] | LST Agreement [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Ownership percentage | 20% | |||
EMDT [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Subsidary percentage | 20% | 80% |
SCHEDULE OF AVAILABLE-FOR-SALE
SCHEDULE OF AVAILABLE-FOR-SALE MARKETABLE DEBT SECURITIES (Details) - USD ($) | Apr. 01, 2023 | Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | $ 21,124,797 | $ 4,500,018 |
Unrealized Losses | (97,747) | (111,240) |
Fair Value | 21,027,050 | 4,388,778 |
U.S. Government and Agency Backed Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | 13,374,623 | 2,500,006 |
Unrealized Losses | (43,938) | (102,276) |
Fair Value | 13,330,685 | 2,397,730 |
Corporate Debt and Certificates of Deposit [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | 7,750,174 | 2,000,012 |
Unrealized Losses | (53,809) | (8,964) |
Fair Value | $ 7,696,365 | $ 1,991,048 |
SCHEDULE OF MARKETABLE DEBT SEC
SCHEDULE OF MARKETABLE DEBT SECURITIES (Details) - USD ($) | Apr. 01, 2023 | Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Less than One year | $ 13,838,098 | |
One to Five Years | 7,188,952 | |
Total | 21,027,050 | $ 4,388,778 |
U.S. Government and Agency Backed Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Less than One year | 11,345,770 | |
One to Five Years | 1,984,915 | |
Total | 13,330,685 | $ 2,397,730 |
Corporate Debt [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Less than One year | 2,492,328 | |
One to Five Years | 5,204,037 | |
Total | $ 7,696,365 |
SCHEDULE OF FAIR VALUE MEASUREM
SCHEDULE OF FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS (Details) - USD ($) | Apr. 01, 2023 | Dec. 31, 2022 |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | $ 37,337,985 | $ 20,368,862 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | 24,882,626 | 8,962,497 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | 4,923,325 | 3,898,175 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | 7,532,034 | 7,508,190 |
Cash and Cash Equivalents [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | 8,583,146 | 8,258,878 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | 8,583,146 | 8,258,878 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | ||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | ||
U.S. Government and Agency Backed Securities [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | 13,330,685 | 2,397,730 |
U.S. Government and Agency Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | 8,907,220 | |
U.S. Government and Agency Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | 4,423,465 | 2,397,730 |
U.S. Government and Agency Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | ||
Corporate Debt [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | 499,860 | 1,500,445 |
Corporate Debt [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | ||
Corporate Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | 499,860 | 1,500,445 |
Corporate Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | ||
Certificates of Deposit [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | 7,196,505 | 490,603 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | 7,196,505 | 490,603 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | ||
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | ||
Equity Investments [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | 7,727,789 | 7,721,206 |
Equity Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | 195,755 | 213,016 |
Equity Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | ||
Equity Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, owned, at fair value | $ 7,532,034 | $ 7,508,190 |
SCHEDULE OF FAIR VALUE, LIABILI
SCHEDULE OF FAIR VALUE, LIABILITIES MEASURED ON RECURRING BASIS (Details) - Equity Investments [Member] | 3 Months Ended |
Apr. 01, 2023 USD ($) | |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |
Financial instrument fair value, beginning | $ 7,508,190 |
Net unrealized gains | 23,844 |
Purchases, issuances and settlements | |
Financial instrument fair value, ending | $ 7,532,034 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details Narrative) - USD ($) | 3 Months Ended | ||
Apr. 01, 2023 | Mar. 26, 2022 | Dec. 28, 2019 | |
Impairment charge | $ 5,200,000 | ||
Investment | $ 0 | ||
Gain on investment | $ 4,700,000 | ||
Unrealized gain on equity interest | $ 100,000 | ||
Equity Investment [Member] | |||
Equity investment owned percentage | 2.30% |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Apr. 01, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 4,442,045 | $ 4,285,757 |
Work-in-process | 1,971,239 | 1,735,454 |
Finished goods | 404,470 | 405,189 |
Total | $ 6,817,754 | $ 6,426,400 |
SCHEDULE OF WEIGHTED-AVERAGE CO
SCHEDULE OF WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING DILUTED (Details) - shares | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Net loss per share | ||
Non-vested restricted common stock | 1,530,945 | 1,953,171 |
SCHEDULE OF NON-VESTED RESTRICT
SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY (Details) | 3 Months Ended |
Apr. 01, 2023 $ / shares shares | |
Equity [Abstract] | |
Number of shares, restricted stock outstanding beginning | shares | 1,965,901 |
Weighted average grant date fair value, restricted stock outstanding beginning | $ / shares | $ 2.22 |
Number of shares, restricted stock granted | shares | 200,294 |
Weighted average grant date fair value, restricted stock granted | $ / shares | $ 1.31 |
Number of shares, restricted stock forfeited | shares | (617,750) |
Weighted average grant date fair value, restricted stock forfeited | $ / shares | $ 3.20 |
Number of shares, restricted stock vested | shares | (17,500) |
Weighted average grant date fair value, restricted stock vested | $ / shares | $ 1.26 |
Number of shares, restricted stock outstanding ending | shares | 1,530,945 |
Weighted average grant date fair value, restricted stock outstanding ending | $ / shares | $ 1.72 |
SCHEDULE OF STOCK-BASED COMPENS
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE (Details) - USD ($) | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Total | $ 194,190 | $ 656,073 |
Cost of Sales [Member] | ||
Total | 26,218 | 66,668 |
Research and Development Expense [Member] | ||
Total | 16,874 | 147,379 |
Selling, General and Administrative Expenses [Member] | ||
Total | $ 151,098 | $ 442,026 |
STOCKHOLDERS_ EQUITY AND STOC_3
STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION (Details Narrative) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Jan. 27, 2023 | Apr. 01, 2023 | |
Class of Warrant or Right [Line Items] | ||
Number of registered common stock sold | 17,000,000 | |
Unrecognized compensation expense | $ 2.6 | |
Weighted average period, unrecognized | 3 years | |
Prefunded Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Pre-funded warrants issued to purchase common stock | 6,000,000 | |
Offering price per share | $ 0.99 | |
Proceeds from issuance of warrants | $ 21.4 | |
Underwriting discounts and offering expenses | $ 1.5 | |
Exercise price of warrants | $ 0.01 | |
Prefunded Warrants [Member] | Over-Allotment Option [Member] | ||
Class of Warrant or Right [Line Items] | ||
Proceeds from issuance of warrants | $ 22.9 |
SCHEDULE OF ACCRUED WARRANTY (D
SCHEDULE OF ACCRUED WARRANTY (Details) | 3 Months Ended |
Apr. 01, 2023 USD ($) | |
Guarantees and Product Warranties [Abstract] | |
Balance, December 31, 2022 | $ 1,966,000 |
Additions | 395,000 |
Claims | (195,000) |
Balance, April 1, 2023 | $ 2,166,000 |
ACCRUED WARRANTY (Details Narra
ACCRUED WARRANTY (Details Narrative) $ in Millions | 3 Months Ended |
Apr. 01, 2023 USD ($) | |
Warrant [Member] | |
Product Information [Line Items] | |
Deferred revenue | $ 0.1 |
Revenue Benchmark [Member] | |
Product Information [Line Items] | |
Extended product warranty description | Deferred revenue represents the purchase of extended warranties by the Company’s customers. The Company recognizes revenue from an extended warranty on the straight-line method over the life of the extended warranty, which is typically 12 to 15 months |
Standard product warranty description | standard 12 to 18-month warranty |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Income Tax Disclosure [Abstract] | ||
Current income tax expense (benefit) | $ 0.1 | $ 0.1 |
Operating loss carryforwards | $ 135.5 | |
Net operating loss expiry period | expiring 2023 through 2038 | |
Operating loss carryforwards unlimited | $ 89.3 |
SCHEDULE OF CONTRACT WITH CUSTO
SCHEDULE OF CONTRACT WITH CUSTOMER, ASSET AND LIABILITY (Details) - USD ($) | 3 Months Ended | |
Apr. 01, 2023 | Dec. 31, 2022 | |
Contract Assets And Liabilities | ||
Contract assets and unbilled receivables | $ 3,043,076 | $ 4,068,364 |
Change in contract assets and unbilled receivables | $ (1,025,288) | |
Percentage of change in contract assets-current | (25.00%) | |
Contract liabilities and billings in excess of revenue earned | $ (718,544) | (930,500) |
Change Contract liabilities and billings in excess of revenue earned | $ 211,956 | |
Percentage Contract liabilities and billings in excess of revenue earned | (23.00%) | |
Contract liabilities-noncurrent | $ (6,331) | (6,190) |
Change in contract liabilities-noncurrent | $ (141) | |
Percentage of change in contract liabilities-noncurrent | 2% | |
Net contract assets | $ 2,318,201 | $ 3,131,674 |
Change in Net contract assets | $ (813,473) | |
Percentage of change in Net contract assets | (26.00%) |
SCHEDULE OF SATISFACTION OF PER
SCHEDULE OF SATISFACTION OF PERFORMANCE OBLIGATION (Details) | Apr. 01, 2023 | Mar. 26, 2022 |
Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Performance obligation percentage | 26% | 20% |
Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Performance obligation percentage | 74% | 80% |
CONTRACT ASSETS AND LIABILITI_3
CONTRACT ASSETS AND LIABILITIES (Details Narrative) - USD ($) | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Contract Assets And Liabilities | ||
Change in Net contract assets | $ 813,473 | |
Contract with customer, liability, revenue recognized | 500,000 | $ 2,900,000 |
Revenue, remaining performance obligation, amount | $ 17,500,000 |
SCHEDULE OF LEASE EXPENSE (Deta
SCHEDULE OF LEASE EXPENSE (Details) - USD ($) | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 214,563 | $ 249,503 |
SCHEDULE OF FUTURE LEASE PAYMEN
SCHEDULE OF FUTURE LEASE PAYMENT UNDER NON-CANCELLABLE LEASE (Details) | Apr. 01, 2023 USD ($) |
Leases [Abstract] | |
2023 (excluding the three months ended April 1, 2023) | $ 729,950 |
2024 | 891,292 |
2025 | 638,256 |
2026 | 604,000 |
2027 | 604,000 |
Thereafter | 201,333 |
Total future lease payments | 3,668,831 |
Less imputed interest | (500,016) |
Total | $ 3,168,815 |
SCHEDULE OF OPERATING LEASE PAY
SCHEDULE OF OPERATING LEASE PAYMENTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS (Details) - USD ($) | Apr. 01, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease liabilities–current | $ 790,567 | $ 786,928 |
Operating lease liabilities–noncurrent | 2,378,248 | $ 2,576,883 |
Total | $ 3,168,815 |
SCHEDULE OF SUPPLEMENTAL INFORM
SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES (Details) | 3 Months Ended |
Apr. 01, 2023 USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 248,254 |
Weighted Average Discount Rate - Operating Leases | 5.97% |
Weighted Average Remaining Lease Term-Operating Leases (in years) | 4 years 5 months 23 days |
SCHEDULE OF LONG-LIVED ASSETS B
SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREAS (Details) - USD ($) $ in Thousands | Apr. 01, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | $ 4,832 | $ 5,000 |
UNITED STATES | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | 4,470 | 4,604 |
UNITED KINGDOM | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | $ 362 | $ 396 |
SCHEDULE OF SEGMENT INFORMATION
SCHEDULE OF SEGMENT INFORMATION BY REVENUE TYPE (Details) - USD ($) | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | $ 10,758,191 | $ 11,578,422 |
Percentage of total revenue | 100% | 100% |
UNITED STATES | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | $ 8,977,000 | $ 9,297,000 |
Percentage of total revenue | 84% | 80% |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | $ 1,409,000 | $ 2,144,000 |
Percentage of total revenue | 13% | 19% |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenues | $ 372,000 | $ 137,000 |
Percentage of total revenue | 3% | 1% |
SCHEDULE OF SEGMENT REPORTING I
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT (Details) - USD ($) | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Revenue from External Customer [Line Items] | ||
Total Revenues | $ 10,758,191 | $ 11,578,422 |
Defense [Member] | ||
Revenue from External Customer [Line Items] | ||
Total Revenues | 6,420,000 | 4,757,000 |
Industrial [Member] | ||
Revenue from External Customer [Line Items] | ||
Total Revenues | 925,000 | 1,530,000 |
Consumer [Member] | ||
Revenue from External Customer [Line Items] | ||
Total Revenues | 310,000 | 220,000 |
Research And Development [Member] | ||
Revenue from External Customer [Line Items] | ||
Total Revenues | 2,896,000 | 4,908,000 |
License And Royalties [Member] | ||
Revenue from External Customer [Line Items] | ||
Total Revenues | $ 207,000 | $ 163,000 |
SCHEDULE OF TRANSACTIONS WITH R
SCHEDULE OF TRANSACTIONS WITH RELATED PARTIES (Details) - USD ($) | 3 Months Ended | ||
Apr. 01, 2023 | Mar. 26, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Revenue, Related and Nonrelated Party Status [Extensible Enumeration] | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember | |
Sales | $ 473,500 | $ 624,216 | |
Purchase | $ 39,255 | ||
Accounts Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration] | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember | |
Accounts Payable, Related and Nonrelated Party Status [Extensible Enumeration] | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember | |
Receivables | $ 593,581 | $ 325,106 | |
Payables | 29,600 | ||
RealWear, Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Sales | 207,024 | 624,216 | |
Purchase | |||
Receivables | 207,024 | 171,518 | |
Payables | |||
HMDMd Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Sales | 266,476 | ||
Purchase | |||
Receivables | 370,570 | 151,340 | |
Payables | |||
Lightning Silicon Techonology Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Sales | |||
Purchase | 39,255 | ||
Receivables | 15,112 | ||
Payables | 29,600 | ||
Solos Technology [Member] | |||
Related Party Transaction [Line Items] | |||
Receivables | 875 | 2,248 | |
Payables |