Kopin (KOPN) 10-Q 14 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 30, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 30, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
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		118,428,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 30, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 14,118,762	$ 5,710,685
Restricted cash	750,000	500,000
Marketable debt securities, at fair value	6,941,080	11,692,000
Accounts receivable, net of allowance of $987,000 in 2024 and $1,025,000 in 2023	6,801,658	9,706,036
Contract assets and unbilled receivables	5,687,165	3,409,809
Inventory	6,120,355	7,601,806
Prepaid taxes	86,578	85,572
Prepaid expenses and other current assets	1,483,049	1,124,635
Total current assets	41,988,647	39,830,543
Property, plant and equipment, net	2,212,691	2,163,417
Operating lease right-of-use assets	2,328,152	2,504,909
Other assets	124,925	124,925
Equity investments	4,611,510	4,688,522
Total assets	51,265,925	49,312,316
Current liabilities:
Accounts payable	8,993,894	7,076,759
Accrued payroll and expenses	1,826,176	1,701,506
Accrued warranty	2,160,000	2,160,000
Contract liabilities and billings in excess of revenues earned	886,432	916,826
Operating lease liabilities	628,019	651,503
Accrued post-retirement benefits	602,500	790,000
Other accrued liabilities	1,440,364	1,702,681
Customer deposits	701,777	408,156
Deferred tax liabilities	470,884	470,884
Accrued litigation damages	24,800,000
Total current liabilities	42,510,046	15,878,315
Noncurrent contract liabilities and asset retirement obligations	361,779	278,112
Operating lease liabilities, net of current portion	1,680,063	1,832,982
Accrued post-retirement benefits, net of current portion	279,996	319,996
Other long-term obligations, net of current portion	1,494,016	1,494,016
Total liabilities	46,325,900	19,803,421
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $.01 per share: authorized, 3,000 shares; none issued
Common stock, par value $.01 per share: authorized, 150,000,000 shares; issued 118,498,635 shares in 2024 and 114,253,818 shares in 2023; outstanding 115,351,480 in 2024 and 112,251,416 in 2023, respectively	1,154,220	1,123,220
Additional paid-in capital	393,358,051	385,411,542
Treasury stock (70,635 shares in 2024 and 2023, at cost)	(103,127)	(103,127)
Accumulated other comprehensive income	1,234,130	1,232,294
Accumulated deficit	(390,703,249)	(358,155,034)
Total stockholders’ equity	4,940,025	29,508,895
Total liabilities and stockholders’ equity	$ 51,265,925	$ 49,312,316

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 30, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 987,000	$ 1,025,000
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	118,498,635	114,253,818
Common stock, shares outstanding	115,351,480	112,251,416
Treasury stock, shares	70,635	70,635

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Revenues:
Total revenues	$ 10,032,641	$ 10,758,191
Expenses:
Cost of product revenues	8,541,574	6,624,101
Research and development	2,100,753	2,312,217
Selling, general and administration	7,231,865	4,648,130
Litigation damages	24,800,000
Total expenses	42,674,192	13,584,448
Loss from operations	(32,641,551)	(2,826,257)
Other income:
Interest income	172,840	101,765
Other (expense) income, net	(43)	37,030
Foreign currency transaction (losses) gains	(79,461)	97,907
Total other income	93,336	236,702
Loss before provision for income taxes	(32,548,215)	(2,589,555)
Tax provision		(39,000)
Net loss	$ (32,548,215)	$ (2,628,555)
Net loss per share
Basic	$ (0.27)	$ (0.03)
Diluted	$ (0.27)	$ (0.03)
Weighted average number of common shares outstanding
Basic	120,114,985	105,036,382
Diluted	120,114,985	105,036,382
Net Product Revenues [Member]
Revenues:
Total revenues	$ 9,025,366	$ 7,654,716
Research and Development Revenues [Member]
Revenues:
Total revenues	899,965	2,896,451
Other Revenues [Member]
Revenues:
Total revenues	$ 107,310	$ 207,024

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Income Statement [Abstract]
Net loss	$ (32,548,215)	$ (2,628,555)
Other comprehensive income, net of tax:
Foreign currency translation adjustments	(2,204)	9,994
Unrealized holding gain (loss) on marketable securities	4,040	(3,767)
Other comprehensive income, net of tax	1,836	6,227
Comprehensive loss	$ (32,546,379)	$ (2,622,328)

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]	Noncontrolling Interest [Member]	Parent [Member]	Total
Balance at Dec. 31, 2022	$ 929,540	$ 360,567,631	$ (103,127)	$ 1,176,068	$ (338,406,815)	$ (172,682)	$ 24,163,297	$ 23,990,615
Balance, shares at Dec. 31, 2022	92,954,159
Vesting of restricted stock	$ 175	(175)
Vesting of restricted stock, shares	17,500
Stock-based compensation expense		194,190					194,190	194,190
Other comprehensive income				6,227			6,227	6,227
Issuance of common stock	$ 170,000	21,165,000					21,335,000	21,335,000
Issuance of common stock, shares	17,000,000
Net loss					(2,628,555)		(2,628,555)	(2,628,555)
Acquisition of noncontrolling interest		(172,682)				172,682	(172,682)
Balance at Apr. 01, 2023	$ 1,099,715	381,753,964	(103,127)	1,182,295	(341,035,370)		42,897,477	42,897,477
Balance, shares at Apr. 01, 2023	109,971,659
Balance at Dec. 30, 2023	$ 1,123,220	385,411,542	(103,127)	1,232,294	(358,155,034)		29,508,895
Balance, shares at Dec. 30, 2023	112,322,051
Vesting of restricted stock	$ 200	(200)
Vesting of restricted stock, shares	20,064
Stock-based compensation expense		734,928					734,928
Other comprehensive income				1,836			1,836	1,836
Issuance of common stock	$ 30,800	7,211,781					7,242,581
Issuance of common stock, shares	3,080,000
Net loss					(32,548,215)		(32,548,215)	$ (32,548,215)
Balance at Mar. 30, 2024	$ 1,154,220	$ 393,358,051	$ (103,127)	$ 1,234,130	$ (390,703,249)		$ 4,940,025
Balance, shares at Mar. 30, 2024	115,422,115

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Cash flows from operating activities:
Net loss	$ (32,548,215)	$ (2,628,555)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	195,399	224,574
Stock-based compensation	734,928	194,190
Income taxes		39,105
Foreign currency losses (gains)	66,132	(118,697)
Provision for credit losses		495,000
Noncash provision for excess inventory	771,580	292,405
Changes in other non-cash items	184	200,000
Changes in assets and liabilities:
Accounts receivable	3,082,659	(420,919)
Contract assets and unbilled receivables	(2,177,260)	934,759
Inventory	694,949	(665,589)
Prepaid expenses, other current assets and other assets	(366,540)	(525,705)
Accounts payable and accrued expenses	1,682,980	(1,983,304)
Contract liabilities and billings in excess of revenue earned	(43,746)	(211,815)
Accrued litigation damages	24,800,000
Net cash used in operating activities	(3,106,950)	(4,174,551)	$ (15,300,000)
Cash flows from investing activities:
Capital expenditures	(245,429)	(216,618)
Purchases of marketable debt securities	(230,012)	(17,624,779)
Proceeds from sale of marketable debt securities	5,000,060	1,000,000
Other assets		1,000
Net cash from (used in) investing activities	4,524,619	(16,840,397)
Cash flows from financing activities:
Issuance of common stock, net of costs	7,242,581
Issuance of common stock and pre-funded warrants, net of costs		21,335,000
Net cash provided by financing activities	7,242,581	21,335,000
Effect of exchange rate changes on cash	(2,173)	4,216
Net increase in cash, cash equivalents and restricted cash	8,658,077	324,268
Cash, cash equivalents and restricted cash:
Beginning of period	6,210,685	8,258,878	8,258,878
End of period	$ 14,868,762	$ 8,583,146	$ 6,210,685

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 30, 2024
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 March 30, 2024 and for the three month periods ended March 30, 2024 and April 1, 2023 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 30, 2023. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for any other interim period or for a full fiscal year. As used in this report, the terms “we”, “us”, “our”, “Kopin” and the “Company” mean Kopin Corporation and its subsidiaries, unless the context indicates another meaning. The condensed consolidated financial statements for the three month periods ended March 30, 2024 and April 1, 2023 include the accounts of Kopin Corporation and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company incurred a net loss of $ 19.6 15.3 32.5 3.1 32.5 24.8 5.1 19.7 21.8 The Company has historical and current negative cash flow from operations and limited liquidity resources. The Company’s current strategy is to continue to invest in its business and raise additional capital through financing activities that may include public offerings and private placements of its common stock, preferred stock offerings, collaborations and licensing arrangements and issuances of debt and convertible debt instruments. Until such time that additional capital can be raised, the Company plans to strategically manage its uncommitted spend, execute its priorities and implement cost saving measures to reduce research and development and general and administrative expenditures which could include minimizing staff costs. The Company may also sell assets and look at other strategic alternatives. There are inherent uncertainties associated with fundraising activities and activities to manage our uncommitted spending and the successful execution of these activities may not be within the Company’s control. There are no assurances that such additional funding will be obtained and that the Company will succeed in its future operations. If the Company is unable to achieve positive cash flows and profitability in the foreseeable future, cannot successfully raise additional capital and implement its strategic plan, or the recommended disgorgement and exemplary damages are not significantly reduced or eliminated in the final order the Company’s liquidity, financial condition and business prospects will be materially and adversely affected. There is substantial doubt about the Company’s ability to continue as a going concern.

ACCOUNTING STANDARDS

ACCOUNTING STANDARDS	3 Months Ended
	Mar. 30, 2024
Accounting Policies [Abstract]
ACCOUNTING STANDARDS	2. ACCOUNTING STANDARDS In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Number 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires more disaggregated income tax disclosures, including additional information in the rate reconciliation and additional disclosures about income taxes paid. ASU 2023-09 will become effective for the Company for the fiscal year ending December 27, 2025. Early adoption is permitted, and guidance should be applied prospectively, with an option to apply guidance retrospectively. The Company is currently evaluating the impact of the adoption of ASU 2023-09 on its condensed consolidated financial statements. In November 2023, the FASB issued ASU Number 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker(s) that are included within each reported measure of segment profit or loss. The guidance also expands disclosure requirements for interim periods, as well as requires disclosure of other segment items, including the title and position of the entity’s chief operations decision maker(s). ASU 2023-07 will become effective for the Company for the fiscal year ending December 28, 2024, and for interim periods starting in the Company’s first quarter of 2025. Early adoption is permitted, and guidance is required to be applied retrospectively. The Company is currently evaluating the impact of the adoption of ASU 2023-07 on its condensed consolidated financial statements.

CASH AND CASH EQUIVALENTS, REST

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE DEBT SECURITIES	3 Months Ended
	Mar. 30, 2024
Cash and Cash Equivalents [Abstract]
CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE DEBT SECURITIES	3. CASH AND CASH EQUIVALENTS, RESTRICTED CASH, 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. Restricted cash of approximately $ 0.8 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 March 30, 2024 and April 1, 2023. Investments in available-for-sale marketable debt securities were as follows at March 30, 2024 and December 30, 2023: SCHEDULE OF AVAILABLE-FOR-SALE MARKETABLE DEBT SECURITIES Amortized Cost Unrealized Losses Fair Value 2024 2023 2024 2023 2024 2023 U.S. Government and agency backed securities $ 1,500,018 $ 4,500,030 $ (14,343 ) $ (25,655 ) $ 1,485,675 $ 4,474,375 Corporate debt 6,230,138 7,750,174 (24,733 ) (32,549 ) 6,205,405 7,717,625 Total $ 7,730,156 $ 12,250,204 $ (39,076 ) $ (58,204 ) $ 7,691,080 $ 12,192,000 The contractual maturity of the Company’s marketable debt securities was as follows at March 30, 2024: SCHEDULE OF MARKETABLE DEBT SECURITIES Less than One to Total U.S. Government and agency backed securities $ 998,880 $ 486,795 $ 1,485,675 Corporate debt 5,725,347 480,058 6,205,405 Total $ 6,724,227 $ 966,853 $ 7,691,080

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 30, 2024
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 March 30, 2024 Using: Total Level 1 Level 2 Level 3 Cash equivalents $ 13,375,829 $ 13,375,829 $ — $ — U.S. Government and agency backed securities 1,485,675 — 1,485,675 — Certificates of deposit 6,205,405 6,205,405 — — Equity Investments 159,090 159,090 — — Financial instruments, owned, at fair value $ 21,225,999 $ 19,740,324 $ 1,485,675 $ — Total Level 1 Level 2 Level 3 Fair Value Measurement at December 30, 2023 Using: Total Level 1 Level 2 Level 3 Cash equivalents $ 5,079,605 $ 5,079,605 $ — $ — U.S. Government and agency backed securities 4,474,375 — 4,474,375 — Certificates of deposit 7,717,625 7,717,625 — — Equity Investments 4,688,522 174,178 — 4,514,344 Financial instruments, owned, at fair value $ 21,960,127 $ 12,971,408 $ 4,474,375 $ 4,514,344 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 The Company has an investment in RealWear Inc. (RealWear) which had been valued at $ 5.2 million. In the second quarter of 2023, the Company received shares valued at approximately $ 0.4 million as payment of royalties. In the second quarter of 2023, the Company reviewed the financial condition and an observable price point in an equity transaction, and as a result, the Company recorded an impairment charge of $ 3.1 million to reduce the value of the investment to $ 2.5 million. As of March 30, 2024, the Company owned an approximate 3.3 % interest in this investment. The equity investments categorized as Level 1 at March 30, 2024 were the Company’s equity investments in publicly traded companies that met the categorization requirements for Level 1 classification.

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	3 Months Ended
	Mar. 30, 2024
Receivables [Abstract]
ACCOUNTS RECEIVABLE, NET	5. ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following: SCHEDULE OF ACCOUNTS RECEIVABLE March 30, 2024 December 30, 2023 Accounts receivable $ 7,788,658 $ 10,731,036 Less — allowance for credit losses (987,000 ) (1,025,000 ) Total $ 6,801,658 $ 9,706,036 Changes to the allowance for credit losses for the three months ended March 30, 2024 were as follows: SCHEDULE OF CHANGE IN ALLOWANCE FOR CREDIT LOSSES Balance, December 30, 2023 $ 1,025,000 Additions — Write-offs $ (38,000 ) Balance, March 30, 2024 $ 987,000

INVENTORY

INVENTORY	3 Months Ended
	Mar. 30, 2024
Inventory Disclosure [Abstract]
INVENTORY	6. INVENTORY Inventories are stated at standard cost adjusted to approximate the lower of cost (first-in, first-out method) or net realizable value and consist of the following at March 30, 2024 and December 30, 2023: SCHEDULE OF INVENTORY March 30, 2024 December 30, 2023 Raw materials $ 3,968,980 $ 4,785,197 Work-in-process 1,579,838 2,018,421 Finished goods 571,537 798,188 Total $ 6,120,355 $ 7,601,806

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Mar. 30, 2024
Net loss per share
NET LOSS PER SHARE	7. NET LOSS PER SHARE Basic net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period less any unvested restricted shares. Diluted net loss per share is calculated using weighted-average shares outstanding and contingently issuable shares, less weighted-average shares reacquired during the period. The net outstanding shares are adjusted for the dilutive effect of shares issuable upon the assumed conversion of the Company’s common stock equivalents, which consist of unvested restricted stock. The following were not included in weighted-average common shares outstanding-diluted because they are anti-dilutive: SCHEDULE OF NON-VESTED RESTRICTED COMMON STOCK Three months ended Three months ended March 30, 2024 April 1, 2023 Non-vested restricted common stock 3,076,520 1,530,945

STOCKHOLDERS_ EQUITY AND STOCK-

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 30, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION	8. STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION Registered sale of equity securities During the three months ended March 30, 2024, the Company sold 3,080,000 7,466,755 2.42 0.2 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. The Company granted 1,164,817 200,294 1,164,817 Restricted stock activity for the three month period ended March 30, 2024 was as follows: SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY Shares Weighted Average Grant Fair Value Balance, December 30, 2023 1,931,767 $ 1.65 Granted 1,164,817 2.68 Forfeited — — Vested (20,064 ) 1.91 Balance, March 30, 2024 3,076,520 $ 2.04 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 March 30, 2024 and April 1, 2023 (no tax benefits were recognized): SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE Three Months Three Months March 30, 2024 April 1, 2023 Cost of product revenues $ 220,605 $ 26,218 Research and development 143,823 16,874 Selling, general and administrative 370,500 151,098 Total $ 734,928 $ 194,190 Stock based compensation expense $ 734,928 $ 194,190 Unrecognized compensation expense for non-vested restricted common stock as of March 30, 2024 totaled $ 6.3 two years

ACCRUED WARRANTY

ACCRUED WARRANTY	3 Months Ended
	Mar. 30, 2024
Guarantees and Product Warranties [Abstract]
ACCRUED WARRANTY	9. ACCRUED WARRANTY The Company typically warrants its products against defect for 12 to 18 months, however, for certain products a customer may purchase an extended warranty. SCHEDULE OF ACCRUED WARRANTY Balance, December 30, 2023 $ 2,160,000 Additions 177,600 Claims (177,600 ) Balance, March 30, 2024 $ 2,160,000 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
	Mar. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES The Company recorded a provision for income taxes of $ 0.0 0.1 122.7 expiring 2024 through 2038 116.2

CONTRACT ASSETS AND LIABILITIES

CONTRACT ASSETS AND LIABILITIES	3 Months Ended
	Mar. 30, 2024
Contract Assets And Liabilities
CONTRACT ASSETS AND LIABILITIES	11. CONTRACT ASSETS AND LIABILITIES Contract assets include unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized from customer arrangements, including licensing, exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Contract assets are generally classified as current. The Company classifies the noncurrent portion of contract assets under Other assets in its condensed consolidated balance sheets. Contract liabilities consist of advance payments and billings in excess of cost incurred and deferred revenue. Net contract assets (liabilities) consisted of the following: SCHEDULE OF CONTRACT WITH CUSTOMER, ASSET AND LIABILITY March 30, 2024 December 30, 2023 $ Change % Change Contract assets and unbilled receivables —current $ 5,687,165 $ 3,409,809 $ 2,277,356 67 % Contract liabilities and billings in excess of revenues earned (886,432 ) (916,826 ) 30,394 (3 )% Contract liabilities—noncurrent (10,080 ) (23,198 ) 13,118 (57 )% Net contract assets $ 4,790,653 $ 2,469,785 $ 2,320,868 94 % The $ 2.3 In the three months ended March 30, 2024, the Company recognized revenue of $ 0.3 0.5 The Company did not recognize impairment losses on its contract assets in the three months ended March 30, 2024 or April 1, 2023. 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 March 30, 2024 April 1, 2023 Point in time 26 % 26 % Over time 74 % 74 % 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 March 30, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 31.1

LEASES

LEASES	3 Months Ended
	Mar. 30, 2024
Leases [Abstract]
LEASES	12. LEASES The Company enters into operating leases primarily for: real estate, including for manufacturing, engineering, research, administration and sales facilities, and information technology (“IT”) equipment. At March 30, 2024 and December 30, 2023, the Company did not have any finance leases. Approximately all of its 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 March 30, 2024 April 1, 2023 Operating lease cost $ 227,802 $ 214,563 At March 30, 2024, the Company’s future lease payments under non-cancellable leases were as follows: SCHEDULE OF FUTURE LEASE PAYMENT UNDER NON-CANCELLABLE LEASE 2024 (excluding the three months ended March 30, 2024) $ 579,834 2025 639,078 2026 604,000 2027 604,000 2028 201,333 Total future lease payments 2,628,245 Less imputed interest (320,163 ) Total $ 2,308,082 The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheet at March 30, 2024 were as follows: SCHEDULE OF OPERATING LEASE PAYMENTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS March 30, 2024 Operating lease liabilities–current $ 628,019 Operating lease liabilities–noncurrent 1,680,063 Total lease liabilities $ 2,308,082 Supplemental cash flow information related to leases was as follows: SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES Three months March 30, 2024 Cash paid for amounts included in the measurement of operating lease liabilities $ 216,272 Other information related to leases was as follows: March 30, 2024 Weighted Average Discount Rate–Operating Leases 6.26 % Weighted Average Remaining Lease Term–Operating Leases (in years) 3.86

SEGMENTS AND DISAGGREGATION OF

SEGMENTS AND DISAGGREGATION OF REVENUE	3 Months Ended
	Mar. 30, 2024
Segment Reporting [Abstract]
SEGMENTS AND DISAGGREGATION OF REVENUE	13. SEGMENTS AND DISAGGREGATION OF REVENUE The Company continually monitors and reviews its segment reporting structure in accordance with authoritative guidance to determine if any changes have occurred that would affect its reportable segments. The Company reports under one segment, as its Chief Executive Officer, who is its chief operating decision maker (“CODM”), reviews results on a total company basis. Total long-lived assets by country at March 30, 2024 and December 30, 2023 were: SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREAS Total Long-lived Assets (in thousands) March 30, 2024 December 30, 2023 United States $ 4,343 $ 4,424 United Kingdom 198 244 Total $ 4,541 $ 4,668 Long lived assets $ 4,541 $ 4,668 The Company disaggregates its revenue from contracts with customers by geographic location and by display application, as it believes this best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. During the three months ended March 30, 2024 and April 1, 2023, the Company derived its sales from the following geographies: SCHEDULE SEGMENT INFORMATION BY REVENUE TYPE March 30, 2024 April 1, 2023 (In thousands, except percentages) Revenue % of Total Revenue % of Total United States $ 9,185 91 % $ 8,977 84 % Other Americas 5 — — — Total Americas 9,190 91 8,977 84 Asia – Pacific 671 7 1,409 13 Europe 172 2 372 3 Total Revenues $ 10,033 100 % $ 10,758 100 % During the three months ended March 30, 2024 and April 1, 2023, the Company derived its sales from the following display applications: SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT (In thousands) March 30, 2024 April 1, 2023 Defense $ 8,233 $ 6,420 Industrial 768 925 Consumer 25 310 R&D 900 2,896 License and royalties 107 207 Total Revenues $ 10,033 $ 10,758

LITIGATION

LITIGATION	3 Months Ended
	Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
LITIGATION	14. LITIGATION The Company may engage in legal proceedings arising in the ordinary course of business. Claims, suits, investigations and proceedings are inherently uncertain and it is not possible to predict the ultimate outcome of such matters and its 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 but then re-scheduled for March 20-April 16. On Monday, April 22, 2024, after a four week trial, a jury verdict was entered finding for BlueRadios and awarding approximately $5.1 million in damages as well as recommending $19.7 million in disgorgement and exemplary damages. While no final judgment has been issued by the Court, the Court will take that recommendation under advisement and will rule in its final judgment on the final amount after briefing on the issues. 5.1 19.7

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	15. RELATED PARTY TRANSACTIONS The Company may from time to time enter into agreements with stockholders, affiliates and other companies engaged in certain aspects of the display, electronics, optical and software industries as part of its 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. 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 its 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 0 During the three-month periods ended March 30, 2024 and April 1, 2023, the Company had the following transactions with related parties: SCHEDULE OF TRANSACTIONS WITH RELATED PARTIES Three months ended Three months ended March 30, 2024 April 1, 2023 Sales Purchases Sales Purchases RealWear, Inc. $ 107,310 $ — $ 624,216 $ — HMDmd, Inc. 100,000 — — — Vuzix Corp — 6,950 — — Lightning Silicon Technology, Inc. — 82,400 — — $ 207,310 $ 89,350 $ 624,216 $ — At March 30, 2024 and December 30, 2023, the Company had the following receivables and payables with related parties: March 30, 2024 December 30, 2023 Receivables Payables Receivables Payables RealWear, Inc. $ 107,310 $ — $ 207,024 $ — HMDmd, Inc. — — 370,570 — Solos Technology 648 — 875 — Vuzix Corp — 6,950 — — Lightning Silicon Technology, Inc. 2,080 86,100 15,112 29,600 $ 110,038 $ 93,050 $ 593,581 $ 29,600

CASH AND CASH EQUIVALENTS, RE_2

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE DEBT SECURITIES (Tables)	3 Months Ended
	Mar. 30, 2024
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 March 30, 2024 and December 30, 2023: SCHEDULE OF AVAILABLE-FOR-SALE MARKETABLE DEBT SECURITIES Amortized Cost Unrealized Losses Fair Value 2024 2023 2024 2023 2024 2023 U.S. Government and agency backed securities $ 1,500,018 $ 4,500,030 $ (14,343 ) $ (25,655 ) $ 1,485,675 $ 4,474,375 Corporate debt 6,230,138 7,750,174 (24,733 ) (32,549 ) 6,205,405 7,717,625 Total $ 7,730,156 $ 12,250,204 $ (39,076 ) $ (58,204 ) $ 7,691,080 $ 12,192,000
SCHEDULE OF MARKETABLE DEBT SECURITIES	The contractual maturity of the Company’s marketable debt securities was as follows at March 30, 2024: SCHEDULE OF MARKETABLE DEBT SECURITIES Less than One to Total U.S. Government and agency backed securities $ 998,880 $ 486,795 $ 1,485,675 Corporate debt 5,725,347 480,058 6,205,405 Total $ 6,724,227 $ 966,853 $ 7,691,080

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 30, 2024
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 March 30, 2024 Using: Total Level 1 Level 2 Level 3 Cash equivalents $ 13,375,829 $ 13,375,829 $ — $ — U.S. Government and agency backed securities 1,485,675 — 1,485,675 — Certificates of deposit 6,205,405 6,205,405 — — Equity Investments 159,090 159,090 — — Financial instruments, owned, at fair value $ 21,225,999 $ 19,740,324 $ 1,485,675 $ — Total Level 1 Level 2 Level 3 Fair Value Measurement at December 30, 2023 Using: Total Level 1 Level 2 Level 3 Cash equivalents $ 5,079,605 $ 5,079,605 $ — $ — U.S. Government and agency backed securities 4,474,375 — 4,474,375 — Certificates of deposit 7,717,625 7,717,625 — — Equity Investments 4,688,522 174,178 — 4,514,344 Financial instruments, owned, at fair value $ 21,960,127 $ 12,971,408 $ 4,474,375 $ 4,514,344
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.	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 The Company has an investment in RealWear Inc. (RealWear) which had been valued at $ 5.2 million. In the second quarter of 2023, the Company received shares valued at approximately $ 0.4 million as payment of royalties. In the second quarter of 2023, the Company reviewed the financial condition and an observable price point in an equity transaction, and as a result, the Company recorded an impairment charge of $ 3.1 million to reduce the value of the investment to $ 2.5 million. As of March 30, 2024, the Company owned an approximate 3.3 % interest in this investment. The equity investments categorized as Level 1 at March 30, 2024 were the Company’s equity investments in publicly traded companies that met the categorization requirements for Level 1 classification.

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	3 Months Ended
	Mar. 30, 2024
Receivables [Abstract]
SCHEDULE OF ACCOUNTS RECEIVABLE	Accounts receivable consisted of the following: SCHEDULE OF ACCOUNTS RECEIVABLE March 30, 2024 December 30, 2023 Accounts receivable $ 7,788,658 $ 10,731,036 Less — allowance for credit losses (987,000 ) (1,025,000 ) Total $ 6,801,658 $ 9,706,036
SCHEDULE OF CHANGE IN ALLOWANCE FOR CREDIT LOSSES	Changes to the allowance for credit losses for the three months ended March 30, 2024 were as follows: SCHEDULE OF CHANGE IN ALLOWANCE FOR CREDIT LOSSES Balance, December 30, 2023 $ 1,025,000 Additions — Write-offs $ (38,000 ) Balance, March 30, 2024 $ 987,000

INVENTORY (Tables)

INVENTORY (Tables)	3 Months Ended
	Mar. 30, 2024
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 March 30, 2024 and December 30, 2023: SCHEDULE OF INVENTORY March 30, 2024 December 30, 2023 Raw materials $ 3,968,980 $ 4,785,197 Work-in-process 1,579,838 2,018,421 Finished goods 571,537 798,188 Total $ 6,120,355 $ 7,601,806

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 30, 2024
Net loss per share
SCHEDULE OF NON-VESTED RESTRICTED COMMON STOCK	The following were not included in weighted-average common shares outstanding-diluted because they are anti-dilutive: SCHEDULE OF NON-VESTED RESTRICTED COMMON STOCK Three months ended Three months ended March 30, 2024 April 1, 2023 Non-vested restricted common stock 3,076,520 1,530,945

STOCKHOLDERS_ EQUITY AND STOC_2

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 30, 2024
Equity [Abstract]
SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY	Restricted stock activity for the three month period ended March 30, 2024 was as follows: SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY Shares Weighted Average Grant Fair Value Balance, December 30, 2023 1,931,767 $ 1.65 Granted 1,164,817 2.68 Forfeited — — Vested (20,064 ) 1.91 Balance, March 30, 2024 3,076,520 $ 2.04
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 March 30, 2024 and April 1, 2023 (no tax benefits were recognized): SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE Three Months Three Months March 30, 2024 April 1, 2023 Cost of product revenues $ 220,605 $ 26,218 Research and development 143,823 16,874 Selling, general and administrative 370,500 151,098 Total $ 734,928 $ 194,190 Stock based compensation expense $ 734,928 $ 194,190

ACCRUED WARRANTY (Tables)

ACCRUED WARRANTY (Tables)	3 Months Ended
	Mar. 30, 2024
Guarantees and Product Warranties [Abstract]
SCHEDULE OF ACCRUED WARRANTY	SCHEDULE OF ACCRUED WARRANTY Balance, December 30, 2023 $ 2,160,000 Additions 177,600 Claims (177,600 ) Balance, March 30, 2024 $ 2,160,000

CONTRACT ASSETS AND LIABILITI_2

CONTRACT ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 30, 2024
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 March 30, 2024 December 30, 2023 $ Change % Change Contract assets and unbilled receivables —current $ 5,687,165 $ 3,409,809 $ 2,277,356 67 % Contract liabilities and billings in excess of revenues earned (886,432 ) (916,826 ) 30,394 (3 )% Contract liabilities—noncurrent (10,080 ) (23,198 ) 13,118 (57 )% Net contract assets $ 4,790,653 $ 2,469,785 $ 2,320,868 94 %
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 March 30, 2024 April 1, 2023 Point in time 26 % 26 % Over time 74 % 74 % Performance obligation percentage

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 30, 2024
Leases [Abstract]
SCHEDULE OF LEASE EXPENSE	The components of lease expense were as follows: SCHEDULE OF LEASE EXPENSE Three months Three months March 30, 2024 April 1, 2023 Operating lease cost $ 227,802 $ 214,563
SCHEDULE OF FUTURE LEASE PAYMENT UNDER NON-CANCELLABLE LEASE	At March 30, 2024, the Company’s future lease payments under non-cancellable leases were as follows: SCHEDULE OF FUTURE LEASE PAYMENT UNDER NON-CANCELLABLE LEASE 2024 (excluding the three months ended March 30, 2024) $ 579,834 2025 639,078 2026 604,000 2027 604,000 2028 201,333 Total future lease payments 2,628,245 Less imputed interest (320,163 ) Total $ 2,308,082
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 March 30, 2024 were as follows: SCHEDULE OF OPERATING LEASE PAYMENTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS March 30, 2024 Operating lease liabilities–current $ 628,019 Operating lease liabilities–noncurrent 1,680,063 Total lease liabilities $ 2,308,082
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 March 30, 2024 Cash paid for amounts included in the measurement of operating lease liabilities $ 216,272 Other information related to leases was as follows: March 30, 2024 Weighted Average Discount Rate–Operating Leases 6.26 % Weighted Average Remaining Lease Term–Operating Leases (in years) 3.86

SEGMENTS AND DISAGGREGATION O_2

SEGMENTS AND DISAGGREGATION OF REVENUE (Tables)	3 Months Ended
	Mar. 30, 2024
Segment Reporting [Abstract]
SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREAS	Total long-lived assets by country at March 30, 2024 and December 30, 2023 were: SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREAS Total Long-lived Assets (in thousands) March 30, 2024 December 30, 2023 United States $ 4,343 $ 4,424 United Kingdom 198 244 Total $ 4,541 $ 4,668 Long lived assets $ 4,541 $ 4,668
SCHEDULE SEGMENT INFORMATION BY REVENUE TYPE	During the three months ended March 30, 2024 and April 1, 2023, the Company derived its sales from the following geographies: SCHEDULE SEGMENT INFORMATION BY REVENUE TYPE March 30, 2024 April 1, 2023 (In thousands, except percentages) Revenue % of Total Revenue % of Total United States $ 9,185 91 % $ 8,977 84 % Other Americas 5 — — — Total Americas 9,190 91 8,977 84 Asia – Pacific 671 7 1,409 13 Europe 172 2 372 3 Total Revenues $ 10,033 100 % $ 10,758 100 %
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT	During the three months ended March 30, 2024 and April 1, 2023, the Company derived its sales from the following display applications: SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT (In thousands) March 30, 2024 April 1, 2023 Defense $ 8,233 $ 6,420 Industrial 768 925 Consumer 25 310 R&D 900 2,896 License and royalties 107 207 Total Revenues $ 10,033 $ 10,758

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 30, 2024
Related Party Transactions [Abstract]
SCHEDULE OF TRANSACTIONS WITH RELATED PARTIES	During the three-month periods ended March 30, 2024 and April 1, 2023, the Company had the following transactions with related parties: SCHEDULE OF TRANSACTIONS WITH RELATED PARTIES Three months ended Three months ended March 30, 2024 April 1, 2023 Sales Purchases Sales Purchases RealWear, Inc. $ 107,310 $ — $ 624,216 $ — HMDmd, Inc. 100,000 — — — Vuzix Corp — 6,950 — — Lightning Silicon Technology, Inc. — 82,400 — — $ 207,310 $ 89,350 $ 624,216 $ — At March 30, 2024 and December 30, 2023, the Company had the following receivables and payables with related parties: March 30, 2024 December 30, 2023 Receivables Payables Receivables Payables RealWear, Inc. $ 107,310 $ — $ 207,024 $ — HMDmd, Inc. — — 370,570 — Solos Technology 648 — 875 — Vuzix Corp — 6,950 — — Lightning Silicon Technology, Inc. 2,080 86,100 15,112 29,600 $ 110,038 $ 93,050 $ 593,581 $ 29,600

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Narrative) - USD ($)		3 Months Ended		12 Months Ended
	Apr. 22, 2024	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net losses		$ 32,548,215	$ 2,628,555	$ 19,600,000
Net cash outflows from operations		3,106,950	$ 4,174,551	$ 15,300,000
Estimated possible damages amount		24,800,000
Damages settlement	$ 5,100,000
Exemplary damages	$ 19,700,000
Cash and cash equivalents, restricted cash, and marketable debt securities		$ 21,800,000

SCHEDULE OF AVAILABLE-FOR-SALE

SCHEDULE OF AVAILABLE-FOR-SALE MARKETABLE DEBT SECURITIES (Details) - USD ($)	Mar. 30, 2024	Dec. 30, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	$ 7,730,156	$ 12,250,204
Unrealized Losses	(39,076)	(58,204)
Fair Value	7,691,080	12,192,000
U.S. Government and Agency Backed Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	1,500,018	4,500,030
Unrealized Losses	(14,343)	(25,655)
Fair Value	1,485,675	4,474,375
Corporate Debt [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	6,230,138	7,750,174
Unrealized Losses	(24,733)	(32,549)
Fair Value	$ 6,205,405	$ 7,717,625

SCHEDULE OF MARKETABLE DEBT SEC

SCHEDULE OF MARKETABLE DEBT SECURITIES (Details) - USD ($)	Mar. 30, 2024	Dec. 30, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Less than One year	$ 6,724,227
One to Five years	966,853
Marketable debt securities	7,691,080	$ 12,192,000
US Government Agencies Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Less than One year	998,880
One to Five years	486,795
Marketable debt securities	1,485,675
Corporate Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Less than One year	5,725,347
One to Five years	480,058
Marketable debt securities	$ 6,205,405

CASH AND CASH EQUIVALENTS, RE_3

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE DEBT SECURITIES (Details Narrative) - USD ($)	Mar. 30, 2024	Dec. 30, 2023
Cash and Cash Equivalents [Abstract]
Restricted cash	$ 750,000	$ 500,000

SCHEDULE OF FAIR VALUE MEASUREM

SCHEDULE OF FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS (Details) - USD ($)	Mar. 30, 2024	Dec. 30, 2023
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments, owned, at fair value	$ 21,225,999	$ 21,960,127
Fair Value, Inputs, Level 1 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments, owned, at fair value	19,740,324	12,971,408
Fair Value, Inputs, Level 2 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments, owned, at fair value	1,485,675	4,474,375
Fair Value, Inputs, Level 3 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments, owned, at fair value		4,514,344
Cash and Cash Equivalents [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments, owned, at fair value	13,375,829	5,079,605
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	13,375,829	5,079,605
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	1,485,675	4,474,375
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
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	1,485,675	4,474,375
U.S. Government and Agency Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments, owned, at fair value
Certificates of Deposit [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments, owned, at fair value	6,205,405	7,717,625
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	6,205,405	7,717,625
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	159,090	4,688,522
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	159,090	174,178
Equity Investments [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments, owned, at fair value
Equity Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments, owned, at fair value		$ 4,514,344

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details Narrative) - USD ($) $ in Millions	3 Months Ended
	Jul. 01, 2023	Mar. 30, 2024
Investments		$ 5.2
Payments for Royalties	$ 0.4
Asset Impairment Charges	3.1
Increase (Decrease) in Receivable for Investment Sold	$ 2.5
RealWear, Inc. [Member]
Equity Method Investment, Ownership Percentage		3.30%

SCHEDULE OF ACCOUNTS RECEIVABLE

SCHEDULE OF ACCOUNTS RECEIVABLE (Details) - USD ($)	Mar. 30, 2024	Dec. 30, 2023
Receivables [Abstract]
Accounts receivable	$ 7,788,658	$ 10,731,036
Less — allowance for credit losses	(987,000)	(1,025,000)
Total	$ 6,801,658	$ 9,706,036

SCHEDULE OF CHANGE IN ALLOWANCE

SCHEDULE OF CHANGE IN ALLOWANCE FOR CREDIT LOSSES (Details)	3 Months Ended
	Mar. 30, 2024 USD ($)
Receivables [Abstract]
Balance, December 30, 2023	$ 1,025,000
Additions
Write-offs	(38,000)
Balance, March 30, 2024	$ 987,000

SCHEDULE OF INVENTORY (Details)

SCHEDULE OF INVENTORY (Details) - USD ($)	Mar. 30, 2024	Dec. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 3,968,980	$ 4,785,197
Work-in-process	1,579,838	2,018,421
Finished goods	571,537	798,188
Total	$ 6,120,355	$ 7,601,806

SCHEDULE OF NON-VESTED RESTRICT

SCHEDULE OF NON-VESTED RESTRICTED COMMON STOCK (Details) - shares	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Net loss per share
Non-vested restricted common stock	3,076,520	1,530,945

SCHEDULE OF NON-VESTED RESTRI_2

SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY (Details) - $ / shares	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Equity [Abstract]
Number of Shares, Outstanding	1,931,767
Weighted Average Grant Fair Value, Outstanding	$ 1.65
Number of Shares, Granted	1,164,817	200,294
Weighted Average Grant Fair Value, Granted	$ 2.68
Number of Shares, Forfeited
Weighted Average Grant Fair Value, Forfeited
Number of Shares, Vested	(20,064)
Weighted Average Grant Fair Value, Vested	$ 1.91
Number of Shares, Outstanding	3,076,520
Weighted Average Grant Fair Value, Outstanding	$ 2.04

SCHEDULE OF STOCK-BASED COMPENS

SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE (Details) - USD ($)	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Stock based compensation expense	$ 734,928	$ 194,190
Cost of Product Revenues [Member]
Stock based compensation expense	220,605	26,218
Research and Development [Member]
Stock based compensation expense	143,823	16,874
Selling General and Administrative [Member]
Stock based compensation expense	$ 370,500	$ 151,098

STOCKHOLDERS_ EQUITY AND STOC_3

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION (Details Narrative) - USD ($)		3 Months Ended
	Jan. 27, 2023	Mar. 30, 2024	Apr. 01, 2023
Class of Warrant or Right [Line Items]
Number of registered common stock sold	17,000,000	3,080,000
Gross proceeds from registered sale equity securities		$ 7,466,755
Share price		$ 2.42
Restricted stock granted		1,164,817	200,294
Restricted stock granted		20,064
Unrecognized compensation expense		$ 6,300,000
Weighted average period, unrecognized		2 years
Successful Achievement Of Milestones [Member]
Class of Warrant or Right [Line Items]
Restricted stock granted		1,164,817
Restricted Stock Units (RSUs) [Member]
Class of Warrant or Right [Line Items]
Restricted stock granted		1,164,817
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
roceeds from issuance of warrants	$ 22,900,000
Underwriting discounts and offering expenses	$ 1,500,000
Exercise price of warrants	$ 0.01
At-The-Market Equity Offering Sales Agreement [Member]
Class of Warrant or Right [Line Items]
Payment of expenses		$ 200,000

SCHEDULE OF ACCRUED WARRANTY (D

SCHEDULE OF ACCRUED WARRANTY (Details)	3 Months Ended
	Mar. 30, 2024 USD ($)
Guarantees and Product Warranties [Abstract]
Balance, December 30, 2023	$ 2,160,000
Additions	177,600
Claims	(177,600)
Balance, March 30, 2024	$ 2,160,000

ACCRUED WARRANTY (Details Narra

ACCRUED WARRANTY (Details Narrative) $ in Millions	3 Months Ended
	Mar. 30, 2024 USD ($)
Product Information [Line Items]
Extended product warranty description	The Company typically warrants its products against defect for 12 to 18 months, however, for certain products a customer may purchase an extended warranty.
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
	Mar. 30, 2024	Apr. 01, 2023
Income Tax Disclosure [Abstract]
Current income tax expense (benefit)	$ 0	$ 0.1
Operating loss carryforwards	$ 122.7
Operating loss carryforwards expiring date	expiring 2024 through 2038
Operating loss carryforwards unlimited	$ 116.2

SCHEDULE OF CONTRACT WITH CUSTO

SCHEDULE OF CONTRACT WITH CUSTOMER, ASSET AND LIABILITY (Details) - USD ($)	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Contract Assets And Liabilities
Contract assets and unbilled receivables	$ 5,687,165	$ 3,409,809
Change in contract assets and unbilled receivables	$ 2,277,356
Percentage of contract assets and unbilled receivables	67%
Contract liabilities and billings in excess of revenue earned	$ (886,432)	(916,826)
Change in contract liabilities and billings in excess of revenue earned	$ 30,394
Percentage of contract liabilities and billings in excess of revenue earned	(3.00%)
Contract liabilities-noncurrent	$ (10,080)	(23,198)
Change in contract liabilities-noncurrent	$ 13,118
Percentage of contract liabilities-noncurrent	(57.00%)
Net contract assets	$ 4,790,653	$ 2,469,785
Change in net contract assets	$ 2,320,868
Percentage of net contract assets	94%

SCHEDULE OF SATISFACTION OF PER

SCHEDULE OF SATISFACTION OF PERFORMANCE OBLIGATION (Details)	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Performance obligation percentage	26%	26%
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Performance obligation percentage	74%	74%

CONTRACT ASSETS AND LIABILITI_3

CONTRACT ASSETS AND LIABILITIES (Details Narrative) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Contract Assets And Liabilities
Net contract assets	$ 2.3
Contract with customer, liability, revenue recognized	0.3	$ 0.5
Revenue, remaining performance obligation, amount	$ 31.1

SCHEDULE OF LEASE EXPENSE (Deta

SCHEDULE OF LEASE EXPENSE (Details) - USD ($)	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Leases [Abstract]
Operating lease cost	$ 227,802	$ 214,563

SCHEDULE OF FUTURE LEASE PAYMEN

SCHEDULE OF FUTURE LEASE PAYMENT UNDER NON-CANCELLABLE LEASE (Details)	Mar. 30, 2024 USD ($)
Leases [Abstract]
2024 (excluding the three months ended March 30, 2024)	$ 579,834
2025	639,078
2026	604,000
2027	604,000
2028	201,333
Total future lease payments	2,628,245
Less imputed interest	(320,163)
Total	$ 2,308,082

SCHEDULE OF OPERATING LEASE PAY

SCHEDULE OF OPERATING LEASE PAYMENTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS (Details) - USD ($)	Mar. 30, 2024	Dec. 30, 2023
Leases [Abstract]
Operating lease liabilities–current	$ 628,019	$ 651,503
Operating lease liabilities–noncurrent	1,680,063	$ 1,832,982
Total	$ 2,308,082

SCHEDULE OF SUPPLEMENTAL INFORM

SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES (Details)	3 Months Ended
	Mar. 30, 2024 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 216,272
Weighted Average Discount Rate - Operating Leases	6.26%
Weighted Average Remaining Lease Term-Operating Leases (in years)	3 years 10 months 9 days

SCHEDULE OF LONG-LIVED ASSETS B

SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREAS (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long lived assets	$ 4,541	$ 4,668
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Long lived assets	4,343	4,424
UNITED KINGDOM
Revenues from External Customers and Long-Lived Assets [Line Items]
Long lived assets	$ 198	$ 244

SCHEDULE SEGMENT INFORMATION BY

SCHEDULE SEGMENT INFORMATION BY REVENUE TYPE (Details) - USD ($)	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 10,032,641	$ 10,758,191
Percentage of total revenue	100%	100%
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 9,185,000	$ 8,977,000
Percentage of total revenue	91%	84%
Other Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 5,000
Percentage of total revenue
Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 9,190,000	$ 8,977,000
Percentage of total revenue	91%	84%
Asia Pacific [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 671,000	$ 1,409,000
Percentage of total revenue	7%	13%
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 172,000	$ 372,000
Percentage of total revenue	2%	3%

SCHEDULE OF SEGMENT REPORTING I

SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT (Details) - USD ($)	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Revenue from External Customer [Line Items]
Total Revenues	$ 10,032,641	$ 10,758,191
Defense [Member]
Revenue from External Customer [Line Items]
Total Revenues	8,233,000	6,420,000
Industrial [Member]
Revenue from External Customer [Line Items]
Total Revenues	768,000	925,000
Consumer [Member]
Revenue from External Customer [Line Items]
Total Revenues	25,000	310,000
Research and Development [Member]
Revenue from External Customer [Line Items]
Total Revenues	900,000	2,896,000
License and Royalties [Member]
Revenue from External Customer [Line Items]
Total Revenues	$ 107,000	$ 207,000

LITIGATION (Details Narrative)

LITIGATION (Details Narrative) - USD ($) $ in Millions	Apr. 22, 2024	Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Damages	On Monday, April 22, 2024, after a four week trial, a jury verdict was entered finding for BlueRadios and awarding approximately $5.1 million in damages as well as recommending $19.7 million in disgorgement and exemplary damages. While no final judgment has been issued by the Court, the Court will take that recommendation under advisement and will rule in its final judgment on the final amount after briefing on the issues.
Accrued damages		$ 5.1
Disgorgement and exemplary damages		$ 19.7

SCHEDULE OF TRANSACTIONS WITH R

SCHEDULE OF TRANSACTIONS WITH RELATED PARTIES (Details) - USD ($)	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Related Party Transaction [Line Items]
Revenue with related parties	$ 207,310	$ 624,216
Purchase with related parties	89,350
Receivables with related parties	110,038		$ 593,581
Payables with related parties	93,050		29,600
RealWear, Inc. [Member]
Related Party Transaction [Line Items]
Revenue with related parties	107,310	624,216
Purchase with related parties
Receivables with related parties	107,310		207,024
Payables with related parties
HMDmd, Inc. [Member]
Related Party Transaction [Line Items]
Revenue with related parties	100,000
Purchase with related parties
Receivables with related parties			370,570
Payables with related parties
Vuzix Corp [Member]
Related Party Transaction [Line Items]
Revenue with related parties
Purchase with related parties	6,950
Receivables with related parties
Payables with related parties	6,950
Lightning Silicon Techonology Inc [Member]
Related Party Transaction [Line Items]
Revenue with related parties
Purchase with related parties	82,400
Receivables with related parties	2,080		15,112
Payables with related parties	86,100		29,600
Solos Technology [Member]
Related Party Transaction [Line Items]
Receivables with related parties	648		875
Payables with related parties

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Jan. 05, 2023	Mar. 30, 2024
Investments		$ 5,200,000
Lightning Silicon Technology Inc [Member]
Issuance of shares	18,000,000
Ownership percentage	20%
Investments		$ 0