CPS Technologies (CPSH) 10-K 17 Mar 21 2020 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 26, 2020	Mar. 05, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 26, 2020
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-26
Entity File Number	0-16088
Entity Registrant Name	CPS TECHNOLOGIES CORP/DE/
Entity Central Index Key	0000814676
Entity Incorporation, State or Country Code	DE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float		$ 15,000,000
Entity Common Stock, Shares Outstanding		14,352,542

Balance Sheets

Balance Sheets - USD ($)	Dec. 26, 2020	Dec. 28, 2019
Current assets:
Cash and cash equivalents	$ 195,203	$ 133,965
Accounts receivable-trade, net	2,914,800	4,086,945
Inventories, net	3,709,471	3,099,824
Prepaid expenses and other current assets	71,506	147,786
Total current assets	6,890,980	7,468,520
Property and equipment:
Production equipment	10,265,471	9,649,169
Furniture and office equipment	568,846	508,423
Leasehold improvements	951,384	934,195
Total cost	11,785,701	11,091,787
Accumulated depreciation and amortization	(10,558,816)	(10,110,663)
Construction in progress	61,062	255,754
Net property and equipment	1,287,947	1,236,878
Right-of-use lease asset (note 4, leases)	25,000	171,000
Deferred taxes, net	117,000	147,873
Total assets	8,320,927	9,024,271
Current liabilities:
Borrowings against line of credit		1,249,588
Notes payable, current portion	58,134
Accounts payable	909,291	1,436,417
Accrued expenses	804,091	815,166
Deferred revenue	12,177	21,110
Lease liability, current portion	25,000	148,000
Total current liabilities	1,808,693	3,670,281
Notes payable less current portion	154,570
Long term lease liability		23,000
Total liabilities	1,963,263	3,693,281
Stockholders’ Equity:
Common stock, $0.01 par value, authorized 20,000,000 shares; issued 13,746,242 and 13,427,492 shares; outstanding 13,313,790 and 13,207,436; at December 26, 2020 and December 28, 2019, respectively	137,462	134,275
Additional paid-in capital	36,688,894	36,094,201
Accumulated deficit	(29,472,369)	(30,380,433)
Less cost of 432,452 and 220,056 common shares repurchased at December 26, 2020 and December 28, 2019, respectively	(996,323)	(517,053)
Total stockholders’ equity	6,357,664	5,330,990
[us-gaap:AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract]
Total liabilities and stockholders’ equity	$ 8,320,927	$ 9,024,271

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 26, 2020	Dec. 28, 2019
Statement of Financial Position [Abstract]
Common stock, authorized shares	20,000,000	20,000,000
Common stock, issued shares	13,746,242	13,427,492
Common stock, outstanding shares	13,313,790	13,207,436
Common stock, par value	$ .01	$ .01

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019
Income Statement [Abstract]
Product sales	$ 20,872,611	$ 21,468,414
Cost of product sales	16,702,848	18,928,173
Gross margin	4,169,763	2,540,241
Selling, general, and administrative expenses	3,255,527	3,137,440
Income (loss) from operations	914,236	(597,199)
Other income (expense)	(14,720)	(35,547)
Income (loss) before income tax	899,516	(632,746)
Income tax provision (benefit)	(8,548)	5,456
Net income (loss)	$ 908,064	$ (638,202)
Net income (loss) per basic common share	$ 0.07	$ (0.05)
Weighted average number of basic common shares outstanding	13,251,521	13,207,097
Net income (loss) per diluted common share	$ 0.07	$ (0.05)
Weighted average number of diluted common shares outstanding	13,348,582	13,207,097

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019
Cash flows from operating activities:
Net income (loss)	$ 908,064	$ (638,202)
Adjments. to reconcile net income (loss) to cash provided (used):
Share-based compensation	117,842	133,671
Depreciation and amortization	530,420	525,783
Deferred taxes	30,873	38,874
Gain on sale of property and equipment	(11,000)	(6,946)
Changes in operating assets and liabilities:
Accounts receivable – trade	1,172,145	(1,033,854)
Inventories	(609,647)	93,109
Prepaid expenses and other current assets	76,280	8,552
Accounts payable	(527,126)	(243,846)
Accrued expenses	(11,075)	(160,149)
Deferred revenue	(8,933)	21,110
Net cash provided (used) by operating activities	1,667,843	(1,261,898)
Cash flows from investing activities:
Purchases of property and equipment	(322,991)	(489,475)
Proceeds from sale of property and equipment	11,000	6,946
Net cash used by investing activities	(311,991)	(482,529)
Cash flows from financing activities:
Net borrowings (repayments) on line of credit	(1,249,588)	1,249,588
Proceeds from employee stock options	768
Payment on notes payable	(45,794)
Net cash provided by financing activities	(1,294,614)	1,249,588
Net increase (decrease) in cash and cash equivalents	61,238	(494,839)
Cash and cash equivalents at beginning of year	133,965	628,804
Cash and cash equivalents at end of year	195,203	133,965
Supplemental cash flow information:
Cash paid (refunded) for income taxes	(8,548)	(67,311)
Cash paid for interest	104,488	44,113
Supplemental disclosures of non-cash activity:
Net exercise of stock options	479,270
Issuance of long term debt to finance equipment purchases	$ 247,807

Shareholders Equity

Shareholders Equity - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings / Accumulated Deficit	Total
Beginning balance, stockholders equity at Dec. 29, 2018			$ 5,835,521
Beginning balance, shares at Dec. 29, 2018	13,425,992
Beginning balance, par value of shares issued at Dec. 29, 2018	$ 134,260
Share-based compensation expense		$ 131,421
Issuance of common stock pursuant to exercise of stock options		2,235
Issuance of common stock pursuant to exercise of stock options, number of shares issued	1,500
Issuance of common stock pursuant to exercise of stock options, par value	$ 15
Net income(loss)			638,202	$ (638,202)
Ending balance, stockholders equity at Dec. 28, 2019				$ 5,330,990
Ending balance, shares at Dec. 28, 2019	13,427,482			13,427,492
Ending balance, par value shares issued at Dec. 28, 2019	$ 134,275
Share-based compensation expense		117,842
Issuance of common stock pursuant to exercise of stock options		$ 476,088
Issuance of common stock pursuant to exercise of stock options, number of shares issued	318,250
Issuance of common stock pursuant to exercise of stock options, par value	$ 3,182
Net income(loss)			$ 908,064	$ 908,064
Ending balance, stockholders equity at Dec. 26, 2020				$ 6,357,664
Ending balance, shares at Dec. 26, 2020	13,746,242			13,746,242
Ending balance, par value shares issued at Dec. 26, 2020	$ 137,462

(1) Nature os Business

(1) Nature os Business	12 Months Ended
	Dec. 26, 2020
Accounting Policies [Abstract]
(1) Nature os Business	(1) Nature of Business CPS Technologies Corp. (the ‘Company’ or ‘CPS’) provides advanced material solutions to the transportation, automotive, energy, computing/internet, telecommunications, aerospace, defense and oil and gas end markets. Our primary material solution is metal matrix composites. We design, manufacture and sell custom metal matrix composite components which improve the performance and reliability of systems in these end markets.

(2) Summary of Significant Acco

(2) Summary of Significant Accounting Policies	12 Months Ended
	Dec. 26, 2020
Accounting Policies [Abstract]
(2) Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies (2)(a) Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. (2)(b) Accounts Receivable The Company reports its accounts receivable at the invoiced amount less an allowance for doubtful accounts. The Company’s management provides appropriate provisions for uncollectible accounts based upon factors surrounding the credit risk and activity of specific customers, historical trends, economic conditions and other information. Adjustments to the allowance are charged to operations in the period in which information becomes available that may affect the allowance. The Company maintains an allowance for doubtful accounts of $10,000 as of December 26, 2020 and December 28, 2019. (2)(c) Inventories Inventories are stated at the lower of cost, as determined under the first-in, first-out method (FIFO), or net realizable value. A reserve for obsolete inventories is based on factors regarding the sales and usage of such inventories, including inventories manufactured for specific customers. The Company’s general obsolescence policy is to write off obsolete inventory when there has been no activity on a particular part for a twelve month period and there are no pending customer orders. (2)(d) Property and Equipment Property and equipment are stated at cost. Depreciation of equipment is calculated on a straight-line basis over the estimated useful life, generally five years for production equipment and three to five years for furniture and office equipment. Leasehold improvements are depreciated over the shorter of the lease term or their useful life. Maintenance and repairs are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation or amortization are removed from their respective accounts. Any gains or losses on the disposition of property and equipment are included in the results of operations in the period in which they occur. (2)(e) Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. Recoverability is assessed based on estimated undiscounted future cash flows. As of December 26, 2020 and December 28, 2019, the Company believes that there has been no impairment of its long-lived assets. (2)(f) Revenue Recognition Revenue is recognized in accordance with the five-step method under Accounting Standards Codification (ASC) 606, “Revenue from Contracts with Customers.” Identifying the Contract with the Customer The Company identifies contracts with customers as agreements that create enforceable rights and obligations. In the case of a few large customers the Company has executed long-term Master Sales Agreements (“MSA”). These are umbrella agreements which typically define the terms and conditions under which a customer can order goods from CPS. These in themselves do not constitute a contract as no products are committed to be transferred and the customer has no obligation to make payments. The Company contract is only enforceable once both parties have approved it, and is usually in the form of a written purchase order from a customer combined with acknowledgement from the Company. In cases without an MSA, the customer submits a blueprint for a product, the Company provides a quote and the customer responds with a purchase order. In these cases the Company’s acceptance of the purchase order constitutes an enforceable contract. Identifying the Performance Obligations in the Contract For each contract, the Company considers the promise to transfer products, each of which are distinct, to be the identified performance obligations. Shipping and handling activities for which the Company is responsible are not a separate promised service but instead are activities to fulfill the entity’s promise to transfer goods. Shipping and handling fees will be recognized at the same time as the related performance obligations are satisfied. The Company provides an assurance-type warranty. This guarantees that the product functions as promised and meets specifications. Under its terms and conditions the Company offers a 30 day warranty and replaces defective or non-conforming products. The expense of replacement is recorded at the time the Company agrees to replace a defective or non-conforming product. This assurance type warranty is not considered to be a distinct performance obligation. Determining the Transaction Price The Company determines the transaction price as the amount of consideration specified in the contract that it expects to receive in exchange for transferring promised goods to the customer. Amounts collected from customers for sales value added and other taxes are excluded from the transaction prices. Product sales are recorded net of trade discounts and sales returns. If a contract includes a variable amount, such as a rebate, then the Company estimates the transaction price using either the expected value or the most likely amount of consideration to be received, depending upon the specific facts and circumstances. The Company includes estimated variable consideration in the transaction price only to the extent it is probable that a significant reversal of revenue will not occur when the uncertainty is resolved. The Company updates its estimate of variable consideration at the end of each reporting period to reflect changes in facts and circumstances. As of December 26, 2020 there are no contracts with variable consideration. When credit is granted to customers, payment is typically due 30 to 90 days from billing and accordingly our contracts with customers do not include a significant financing component. Allocating the Transaction Price to the Performance Obligations In virtually all cases the transaction price is tied to a specific product in the contract obviating the need for any allocation. Recognizing Revenue When (or as) the Performance Obligations are Satisfied The Company recognizes revenue at the point in time when it transfers control of the promised goods or services to the customer, which typically occurs once the product has shipped or has been delivered to the customer. Occasionally, for the purpose of ensuring a steady flow of product, the Company ships products on consignment. In these instances, delivery is deemed to have occurred when the customer pulls inventory out of the warehouse for use in their production, or upon a specified period of time as agreed upon by both parties. As of December 26, 2020 there are no products on consignment. The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. The costs are recorded within, selling, general and administrative expenses. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less (2)(g) Income Taxes The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for the expected future tax consequences of temporary differences between the financial reporting and income tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in affect when the differences reverse. A valuation allowance is established to reduce net deferred tax assets to the amount expected to be realized. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. As of December 26, 2020 and December 28, 2019, the Company has no accruals for interest or penalties related to income tax matters. The Company does not have any uncertain tax positions at December 26, 2020 or December 28, 2019 which required accrual or disclosure. (2)(h) Net Income (Loss) Per Common Share Basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is calculated by dividing net income (loss) by the sum of the weighted average number of common shares plus additional common shares that would have been outstanding if potential dilutive common shares had been issued for granted stock option and stock purchase rights. Common stock equivalents are excluded from the diluted calculations when a net loss is incurred as they would be anti-dilutive. (2)(i) Reclassification Certain amounts in prior year’s financial statements have been reclassified to conform to the current year’s presentation. (2)(j) Recent Accounting Pronouncements In the normal course of business, management evaluates all the new accounting pronouncements issued by the Financial Accounting Standard Board (“FASB”). Based upon this review, management does not expect any of the recently issued accounting pronouncements, which have not already been adopted, to have a material impact on the Company’s financial statements. (2)(k) Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recorded during the reporting period. Such estimates are adjusted by management periodically as a result of existing or anticipated economic changes which effect, or may effect, the Company’s financial statements. Actual results could differ from these estimates. (2)(l) Fiscal Year-End The Company’s fiscal year end is the last Saturday in December which could result in a 52 or 53 week year. Fiscal years 2020 and 2019 each consisted of 52 weeks. (2)(m) Share-Based Payments The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is recognized over the period during which an employee is required to provide services in exchange for the award, the requisite service period (usually the vesting period). The Company provides an estimate of forfeitures at initial grant date, and this estimated forfeiture rate is adjusted periodically based on actual forfeiture experience. The Company uses the Black-Scholes option pricing model to determine the fair value of stock options granted. (2)(n) Segment Reporting The Company views its operations and manages its business as one segment. The Company produces and sells advanced material solutions, primarily metal matrix composites, to assemblers of high density electronics and other specialty components and subassemblies. The Company also assembles housings and packages for hybrid circuits, selling to the same customers mentioned above. These customers represent a single market or segment with similar stringent and well-defined requirements. The Company’s customers, in turn, sell the components and subassemblies which incorporate the products into many different end markets, however, these end markets are two to three levels removed from the Company. The Company makes operating decisions and assesses financial performance only for the Company as a whole and does not make operating decisions or assess financial performance by the end markets which ultimately use the products.

(3) Inventories

(3) Inventories	12 Months Ended
	Dec. 26, 2020
Inventory Disclosure [Abstract]
(3) Inventories	(3) Inventories As of December 26, 2020 and December 28, 2019 inventories consisted of the following: 2020 2019 Raw materials $ 752,760 $ 778,409 Work in process 2,800,226 1,898,916 Finished goods 592,640 871,861 Gross Inventory 4,145,626 3,549,186 Reserve for obsolescence (436,155) (449,362) Total $ 3,709,471 $ 3,099,824

(4) Leases

(4) Leases	12 Months Ended
	Dec. 26, 2020
Commitments & Contingencies
(4) Leases	(4) Leases The Company had two real estate leases in 2020—one expiring in February 2021 and one expiring December 2020. The latter lease was not renewed. CPS also has a few other leases for equipment which are minor in nature and are generally short-term in duration. None of these equipment leases have been capitalized as the Company elected an accounting policy for short-term leases, which allows lessees to avoid recognizing right-of-use assets and liabilities for leases with terms of 12 months or fewer. The real estate lease expiring in 2021 (the “Norton facility lease’) is included as a right-of-use lease asset and corresponding lease liability on the balance sheet. This asset and liability are based on the present value of remaining lease payments over the remaining lease term using the Company’s incremental borrowing rate at date of adoption of the lease guidance. The Company does not separate lease components from non-lease components. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Norton facility lease comprises approximately 38 thousand square feet. The lease is a triple net lease wherein the Company is responsible for payment of all real estate taxes, operating costs and utilities. The Company also has an option to buy the property and a first right of refusal during the term of the lease. Annual rental payments are $152 thousand through maturity. The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s capitalized operating leases as of December 26, 2020 (Dollars in Thousands) December 26, 2020 Maturity of capitalized lease payments Lease payments 2021 25 Total undiscounted operating lease payments $ 25 Less: Imputed interest — Present value of operating lease liability $ 25 Balance Sheet Classification Current lease liability $ 25 Long-term lease liability — Total operating lease liability $ 25 Other Information Weighted-average remaining lease term for capitalized operating leases 2 months Weighted-average discount rate for capitalized operating leases 6.5% Cash Flows Operating Lease Costs Finance Leases Subsequent to year end, the Company renewed the Norton facility lease for an additional 5 years. Estimated monthly payments under the terms of the renewed lease, which is not reflected in the 2020 lease asset or liability escalate from approximately $12 thousand to $16 thousand over the lease term

(5) Share-Based Compensation Pl

(5) Share-Based Compensation Plans	12 Months Ended
	Dec. 26, 2020
Retirement Benefits [Abstract]
(5) Share-Based Compensation Plans	(5) Share-Based Compensation Plans The Company adopted the 2020 Equity Incentive Plan ("2009 Plan") on March 3, 2020. Under the terms of the 2020 Plan all of the Company’s employees, officers, directors, consultants and advisors are eligible to be granted options, restricted stock awards, or other stock-based awards. Some outstanding options are nonstatutory stock options; some are incentive stock options. All options granted are exercisable at the fair market value of the stock on the date of grant, and expire ten years from the date of grant. The options granted to employees generally vest in equal annual installments over a five-year period. The options granted to directors generally vest immediately on date of grant. Under the 2020 Plan a total of 1,500,000 shares of common stock are available for issuance, of which 1,381,000 shares remain available for grant as of December 26, 2020. A summary of stock option activity as of December 26, 2020 and changes during the year then ended is presented below: Weighted Weighted Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Life (years) Value Outstanding at beginning of year 1,794,105 $ 1.73 Granted 119,000 $ 1.49 Exercised (318,250) $ 1.51 Forfeited (77,000) $ 1.41 Expired (226,355) $ 1.52 Outstanding at end of year 1,251,500 $ 1.82 5.08 $ 753,320 Options exercisable at year-end 992,600 $ 1.90 4.38 $ 557,052 No options were exercised during fiscal 2019 and 199,500 options were granted during fiscal 2019. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following table presents the annualized weighted average values of the significant assumptions used to estimate the fair values of the options granted during 2020 and 2019: 2020 2019 Risk-free interest rate .84%- .91% 2.48% Expected life in years 6-7 6.1 Expected volatility 54% 54% Expected dividend yield 0 0 Weighted average fair value of grants $ .78 $ .79 All options are granted with an exercise price equal to the fair market value of the underlying common stock on the date of grant. The Company recognized $118,610 and $133,671 as stock based compensation expense in 2020 and 2019, respectively including $117,842 related to stock options outstanding and $768 related to the issue of common stock in 2020. As of December 26, 2020, there was $146,017 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plan; that cost is expected to be recognized over a weighted average period of 2.05 years.

(6) Accrued Expenses

(6) Accrued Expenses	12 Months Ended
	Dec. 26, 2020
Payables and Accruals [Abstract]
(6) Accrued Expenses	(6) Accrued Expenses Accrued expenses at December 26, 2020 and December 28, 2019 consist of the following: 2020 2019 Accrued legal and accounting $ 71,671 $ 62,725 Accrued payroll and related costs 626,063 518,015 Accrued other 106,357 234,426 $ 804,091 $ 815,166

(7) Revolving Line of Credit

(7) Revolving Line of Credit	12 Months Ended
	Dec. 26, 2020
Debt Disclosure [Abstract]
(7) Revolving Line of Credit	(7) Revolving Line of Credit In September 2019, the Company entered into a revolving line of credit (LOC) with Massachusetts Business Development Corporation (BDC) in the amount of $2.5 million. The agreement includes a demand note allowing the Lender to call the loan at any time. The Company may terminate the agreement without a termination fee after 3 years. In May of 2020 this credit line was increased to $3.0 million. The LOC is secured by the accounts receivable and other assets of the Company and has an interest rate of LIBOR plus 650 basis points. The Company is subject to certain financial and non-financial covenants, all of which have been waived by BDC for 2020. At December 26, 2020 the Company had $0 borrowings under this LOC and its borrowing base at the time would have permitted an additional $2.2 to have been borrowed. Total Interest Expense for 2020 was $104 thousand.

(9) Income Taxes

(9) Income Taxes	12 Months Ended
	Dec. 26, 2020
Income Tax Disclosure [Abstract]
(9) Income Taxes	(9) Income Taxes Components of income tax expense (benefit) for each year are as follows: 2020 2019 Current: Federal $ (39,878) $ (33,874) State 456 456 Current income tax provision (benefit): (39,422) (33,418) Deferred: Federal 33,874 (6,387) State (3,000) 45,261 Deferred income tax provision (benefit), net 30,874 38,874 Total $ (8,548) $ 5,456 Deferred tax assets as of December 26, 2020 and December 28, 2019 are as follows: December 26, 2020 December 28, 2019 Deferred Tax Assets: Net operating loss carryforwards $ 746,397 $ 884,508 Stock compensation 540,281 543,614 Credit carryforwards 1,288,897 1,317,445 Inventory 116,153 316,943 Accrued liabilities 22,140 18,920 Depreciation 250,093 237,449 Other 2,732 2,732 Gross deferred tax assets 2,966,693 3,321,611 Valuation allowance (2,849,693) (3,173,738) Net deferred tax assets $ 117,000 $ 147,873 At December 26, 2020 and December 28, 2019 the Company had net operating loss carryforwards of approximately $2,754,601 and $3,278,463, respectively, available to offset future income for U.S. Federal income tax purposes. These net operating loss carryforwards occurred over several years, which begin to expire in the year ended 12/31/2036. The Company established a valuation reserve as it is judged more likely than not that all or a portion of the tax credits will not be used before they expire. This decision was initially reached in 2018 after giving greater weight to its losses over the last three years compared with its forecast of the future. A summary of the change in the deferred tax asset is as follows: 2020 2019 Balance at beginning of year $ 3,321,611 $ 3,150,155 Deferred tax benefit (provision) (354,918) 171,456 Valuation allowance (2,849,693) (3,173,738) Balance at end of year $ 117,000 $ 147,873 Income tax expense is different from the amounts computed by applying the U.S. federal statutory income tax rate of 21 percent to pretax income as a result of the following: 2020 2019 Tax at statutory rate $ 188,899 $ (125,527) State tax, net of federal benefit 360 360 Net operating loss and credit carryforwards 33,873 153,204 Valuation allowance (324,045) 210,836 Other 92,365 (233,417) Total $ (8,548) $ 5,456 The Company’s income tax filings are subject to review and examination by federal and state taxing authorities. The Company is currently open to audit under the applicable statutes of limitations for the years 2017 through 2020.

(10) Retirement Savings Plan

(10) Retirement Savings Plan	12 Months Ended
	Dec. 26, 2020
Retirement Benefits [Abstract]
(10) Retirement Savings Plan	(10) Retirement Savings Plan The Company sponsors a Retirement Savings Plan (the ‘Plan’) under the provisions of Section 401 of the Internal Revenue Code. Employees, as defined in the Plan, are eligible to participate in the Plan after 30 days of employment. Under the terms of the Plan, the Company may match employee contributions under such method as described in the Plan and as determined each year by the Board of Directors. During 2020 the company matched ½% of each of the first 2% of employee contributions amounting to $64 thousand. In 2019 the Company did not offer a 401k match.

(11) Concentrations of Credit R

(11) Concentrations of Credit Risk, Significant Customers and Geographic Information	12 Months Ended
	Dec. 26, 2020
Accounting Policies [Abstract]
(11) Concentrations of Credit Risk, Significant Customers and Geographic Information	(11) Concentrations of Credit Risk, Significant Customers and Geographic Information Financial instruments which subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and trade accounts receivable. The Company maintains such cash deposits in a high credit quality financial institution. The Company extends credit to customers who consist principally of microelectronics systems companies in the United States, Europe and Asia. The Company generally does not require collateral or other security as a condition of sale rather relying on credit approval, balance limitation and monitoring procedures to control credit risk of trade accounts receivable. Management conducts on-going credit evaluations of its customers, and historically the Company has not experienced any significant credit-related losses with respect to its trade accounts receivable. Revenues from significant customers as a percentage of total revenues in 2020 and 2019 were as follows: Percent of Total Revenues Significant Customer 2020 2019 A 36% 43% B 21% 14% C 16% 13% As of December 26, 2020, the Company had trade accounts receivable due from these three customers that accounted for 70% of total trade accounts receivable as of that date. No other customer balances constitute 10% or more of accounts receivable at December 26, 2020. To further mitigate the potential for credit losses the Company has acquired a credit insurance policy covering most of our sales to non-US accounts. Management believes that any credit risks have been properly provided for in the accompanying financial statements. The Company’s revenue was derived from the following countries in 2020 and 2019: Percent of Total Revenues Country 2020 2019 United States of America 23% 25% Germany 36% 44% Other 41% 31% Many of the Company’s customers based in the United States conduct design, purchasing and payable functions in the United States, but manufacture overseas. Revenue generated from shipments made to customers’ locations outside the United States accounted for 77% and 75% of total revenue in 2020 and 2019, respectively. All of the Company’s long-lived assets and operations are located in the United States.

(12) Net Income(Loss) Per Share

(12) Net Income(Loss) Per Share	12 Months Ended
	Dec. 26, 2020
Earnings Per Share [Abstract]
(12) Net Income(Loss) Per Share	(12) Net Income (Loss) Per Share The following reconciles the basic and diluted net income (loss) per share calculations. Dec. 26, Dec. 28, 2020 2019 Basic EPS Computation: Numerator: Net income (loss) $ 908,064 $ (638,202) Denominator: Weighted average Common shares Outstanding 13,251,521 13,207,097 Basic EPS $ 0.07 $ (0.05) Diluted EPS Computation: Numerator: Net income (loss) $ 908,064 $ (638,202) Denominator: Weighted average Common shares Outstanding 13,251,521 13,207,097 Dilutive effect of stock options 97,061 — Total shares 13,348,582 13,207,097 Diluted net income (loss) per share $ 0.07 $ (0.05)

(2) Summary of Significant Ac_2

(2) Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 26, 2020
Accounting Policies [Abstract]
(2)(a) Cash and Cash Equivalents	(2)(a) Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents.
(2)(b) Accounts Receivable	(2)(b) Accounts Receivable The Company reports its accounts receivable at the invoiced amount less an allowance for doubtful accounts. The Company’s management provides appropriate provisions for uncollectible accounts based upon factors surrounding the credit risk and activity of specific customers, historical trends, economic conditions and other information. Adjustments to the allowance are charged to operations in the period in which information becomes available that may affect the allowance. The Company maintains an allowance for doubtful accounts of $10,000 as of December 26, 2020 and December 28, 2019.
(2)(c) Inventories	(2)(c) Inventories Inventories are stated at the lower of cost, as determined under the first-in, first-out method (FIFO), or net realizable value. A reserve for obsolete inventories is based on factors regarding the sales and usage of such inventories, including inventories manufactured for specific customers. The Company’s general obsolescence policy is to write off obsolete inventory when there has been no activity on a particular part for a twelve month period and there are no pending customer orders.
(2)(d) Property and Equipment	(2)(d) Property and Equipment Property and equipment are stated at cost. Depreciation of equipment is calculated on a straight-line basis over the estimated useful life, generally five years for production equipment and three to five years for furniture and office equipment. Leasehold improvements are depreciated over the shorter of the lease term or their useful life. Maintenance and repairs are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation or amortization are removed from their respective accounts. Any gains or losses on the disposition of property and equipment are included in the results of operations in the period in which they occur.
(2)(e) Impairment of Long-Lived Assets	(2)(e) Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. Recoverability is assessed based on estimated undiscounted future cash flows. As of December 26, 2020 and December 28, 2019, the Company believes that there has been no impairment of its long-lived assets.
(2)(f) Revenue Recognition	(2)(f) Revenue Recognition Revenue is recognized in accordance with the five-step method under Accounting Standards Codification (ASC) 606, “Revenue from Contracts with Customers.” Identifying the Contract with the Customer The Company identifies contracts with customers as agreements that create enforceable rights and obligations. In the case of a few large customers the Company has executed long-term Master Sales Agreements (“MSA”). These are umbrella agreements which typically define the terms and conditions under which a customer can order goods from CPS. These in themselves do not constitute a contract as no products are committed to be transferred and the customer has no obligation to make payments. The Company contract is only enforceable once both parties have approved it, and is usually in the form of a written purchase order from a customer combined with acknowledgement from the Company. In cases without an MSA, the customer submits a blueprint for a product, the Company provides a quote and the customer responds with a purchase order. In these cases the Company’s acceptance of the purchase order constitutes an enforceable contract. Identifying the Performance Obligations in the Contract For each contract, the Company considers the promise to transfer products, each of which are distinct, to be the identified performance obligations. Shipping and handling activities for which the Company is responsible are not a separate promised service but instead are activities to fulfill the entity’s promise to transfer goods. Shipping and handling fees will be recognized at the same time as the related performance obligations are satisfied. The Company provides an assurance-type warranty. This guarantees that the product functions as promised and meets specifications. Under its terms and conditions the Company offers a 30 day warranty and replaces defective or non-conforming products. The expense of replacement is recorded at the time the Company agrees to replace a defective or non-conforming product. This assurance type warranty is not considered to be a distinct performance obligation. Determining the Transaction Price The Company determines the transaction price as the amount of consideration specified in the contract that it expects to receive in exchange for transferring promised goods to the customer. Amounts collected from customers for sales value added and other taxes are excluded from the transaction prices. Product sales are recorded net of trade discounts and sales returns. If a contract includes a variable amount, such as a rebate, then the Company estimates the transaction price using either the expected value or the most likely amount of consideration to be received, depending upon the specific facts and circumstances. The Company includes estimated variable consideration in the transaction price only to the extent it is probable that a significant reversal of revenue will not occur when the uncertainty is resolved. The Company updates its estimate of variable consideration at the end of each reporting period to reflect changes in facts and circumstances. As of December 26, 2020 there are no contracts with variable consideration. When credit is granted to customers, payment is typically due 30 to 90 days from billing and accordingly our contracts with customers do not include a significant financing component. Allocating the Transaction Price to the Performance Obligations In virtually all cases the transaction price is tied to a specific product in the contract obviating the need for any allocation. Recognizing Revenue When (or as) the Performance Obligations are Satisfied The Company recognizes revenue at the point in time when it transfers control of the promised goods or services to the customer, which typically occurs once the product has shipped or has been delivered to the customer. Occasionally, for the purpose of ensuring a steady flow of product, the Company ships products on consignment. In these instances, delivery is deemed to have occurred when the customer pulls inventory out of the warehouse for use in their production, or upon a specified period of time as agreed upon by both parties. As of December 26, 2020 there are no products on consignment. The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. The costs are recorded within, selling, general and administrative expenses. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less
(2)(g) Income Taxes	(2)(g) Income Taxes The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for the expected future tax consequences of temporary differences between the financial reporting and income tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in affect when the differences reverse. A valuation allowance is established to reduce net deferred tax assets to the amount expected to be realized. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. As of December 26, 2020 and December 28, 2019, the Company has no accruals for interest or penalties related to income tax matters. The Company does not have any uncertain tax positions at December 26, 2020 or December 28, 2019 which required accrual or disclosure.
(2)(h) Net Income (Loss) Per Common Share	(2)(h) Net Income (Loss) Per Common Share Basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is calculated by dividing net income (loss) by the sum of the weighted average number of common shares plus additional common shares that would have been outstanding if potential dilutive common shares had been issued for granted stock option and stock purchase rights. Common stock equivalents are excluded from the diluted calculations when a net loss is incurred as they would be anti-dilutive.
(2)(i) Reclassification	(2)(i) Reclassification Certain amounts in prior year’s financial statements have been reclassified to conform to the current year’s presentation.
(2)(j) Recent Accounting Pronouncements	(2)(j) Recent Accounting Pronouncements In the normal course of business, management evaluates all the new accounting pronouncements issued by the Financial Accounting Standard Board (“FASB”). Based upon this review, management does not expect any of the recently issued accounting pronouncements, which have not already been adopted, to have a material impact on the Company’s financial statements.
(2)(k) Use of Estimates in the Preparation of Financial Statements	(2)(k) Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recorded during the reporting period. Such estimates are adjusted by management periodically as a result of existing or anticipated economic changes which effect, or may effect, the Company’s financial statements. Actual results could differ from these estimates.
(2)(l) Fiscal Year-End	(2)(l) Fiscal Year-End The Company’s fiscal year end is the last Saturday in December which could result in a 52 or 53 week year. Fiscal years 2020 and 2019 each consisted of 52 weeks.
(2)(m) Share-Based Payments	(2)(m) Share-Based Payments The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is recognized over the period during which an employee is required to provide services in exchange for the award, the requisite service period (usually the vesting period). The Company provides an estimate of forfeitures at initial grant date, and this estimated forfeiture rate is adjusted periodically based on actual forfeiture experience. The Company uses the Black-Scholes option pricing model to determine the fair value of stock options granted.
(2)(n) Segment Reporting	(2)(n) Segment Reporting The Company views its operations and manages its business as one segment. The Company produces and sells advanced material solutions, primarily metal matrix composites, to assemblers of high density electronics and other specialty components and subassemblies. The Company also assembles housings and packages for hybrid circuits, selling to the same customers mentioned above. These customers represent a single market or segment with similar stringent and well-defined requirements. The Company’s customers, in turn, sell the components and subassemblies which incorporate the products into many different end markets, however, these end markets are two to three levels removed from the Company. The Company makes operating decisions and assesses financial performance only for the Company as a whole and does not make operating decisions or assess financial performance by the end markets which ultimately use the products.

(3) Inventories (Tables)

(3) Inventories (Tables)	12 Months Ended
	Dec. 26, 2020
Inventory Disclosure [Abstract]
Inventories Current	2020 2019 Raw materials $ 752,760 $ 778,409 Work in process 2,800,226 1,898,916 Finished goods 592,640 871,861 Gross Inventory 4,145,626 3,549,186 Reserve for obsolescence (436,155) (449,362) Total $ 3,709,471 $ 3,099,824

(4) Leases (Tables)

(4) Leases (Tables)	12 Months Ended
	Dec. 26, 2020
Commitments & Contingencies
capitalized operating leases	(Dollars in Thousands) December 26, 2020 Maturity of capitalized lease payments Lease payments 2021 25 Total undiscounted operating lease payments $ 25 Less: Imputed interest — Present value of operating lease liability $ 25 Balance Sheet Classification Current lease liability $ 25 Long-term lease liability — Total operating lease liability $ 25 Other Information Weighted-average remaining lease term for capitalized operating leases 2 months Weighted-average discount rate for capitalized operating leases 6.5%

(5) Share-Based Compensation _2

(5) Share-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 26, 2020
Retirement Benefits [Abstract]
Stock Option activity as of December 26, 2020 and changes during the year	Weighted Weighted Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Life (years) Value Outstanding at beginning of year 1,794,105 $ 1.73 Granted 119,000 $ 1.49 Exercised (318,250) $ 1.51 Forfeited (77,000) $ 1.41 Expired (226,355) $ 1.52 Outstanding at end of year 1,251,500 $ 1.82 5.08 $ 753,320 Options exercisable at year-end 992,600 $ 1.90 4.38 $ 557,052
Annualized weighted average values of the significant assumptions used to estimate fair values	2020 2019 Risk-free interest rate .84%- .91% 2.48% Expected life in years 6-7 6.1 Expected volatility 54% 54% Expected dividend yield 0 0 Weighted average fair value of grants $ .78 $ .79

(6) Accrued Expenses (Tables)

(6) Accrued Expenses (Tables)	12 Months Ended
	Dec. 26, 2020
Payables and Accruals [Abstract]
Accrued expenses	2020 2019 Accrued legal and accounting $ 71,671 $ 62,725 Accrued payroll and related costs 626,063 518,015 Accrued other 106,357 234,426 $ 804,091 $ 815,166

(9) Income Taxes (Tables)

(9) Income Taxes (Tables)	12 Months Ended
	Dec. 26, 2020
Income Tax Disclosure [Abstract]
Components of income tax expense (benefit) for each year	2020 2019 Current: Federal $ (39,878) $ (33,874) State 456 456 Current income tax provision (benefit): (39,422) (33,418) Deferred: Federal 33,874 (6,387) State (3,000) 45,261 Deferred income tax provision (benefit), net 30,874 38,874 Total $ (8,548) $ 5,456
Deferred tax assets	December 26, 2020 December 28, 2019 Deferred Tax Assets: Net operating loss carryforwards $ 746,397 $ 884,508 Stock compensation 540,281 543,614 Credit carryforwards 1,288,897 1,317,445 Inventory 116,153 316,943 Accrued liabilities 22,140 18,920 Depreciation 250,093 237,449 Other 2,732 2,732 Gross deferred tax assets 2,966,693 3,321,611 Valuation allowance (2,849,693) (3,173,738) Net deferred tax assets $ 117,000 $ 147,873 At December 26, 2020 and December 28, 2019 the Company had net operating loss carryforwards of approximately $2,754,601 and $3,278,463, respectively, available to offset future income for U.S. Federal income tax purposes. These net operating loss carryforwards occurred over several years, which begin to expire in the year ended 12/31/2036. The Company established a valuation reserve as it is judged more likely than not that all or a portion of the tax credits will not be used before they expire. This decision was initially reached in 2018 after giving greater weight to its losses over the last three years compared with its forecast of the future. A summary of the change in the deferred tax asset is as follows: 2020 2019 Balance at beginning of year $ 3,321,611 $ 3,150,155 Deferred tax benefit (provision) (354,918) 171,456 Valuation allowance (2,849,693) (3,173,738) Balance at end of year $ 117,000 $ 147,873
Income tax at federal statutory income tax rate of 21 percent	2020 2019 Tax at statutory rate $ 188,899 $ (125,527) State tax, net of federal benefit 360 360 Net operating loss and credit carryforwards 33,873 153,204 Valuation allowance (324,045) 210,836 Other 92,365 (233,417) Total $ (8,548) $ 5,456

(11) Concentrations of Credit_2

(11) Concentrations of Credit Risk, Significant Customers and Geographic Information (Tables)	12 Months Ended
	Dec. 26, 2020
Accounting Policies [Abstract]
Significant custmers as a percentage	Percent of Total Revenues Significant Customer 2020 2019 A 36% 43% B 21% 14% C 16% 13%
Revenue derived from following countries	Percent of Total Revenues Country 2020 2019 United States of America 23% 25% Germany 36% 44% Other 41% 31%

(12) Net Income(Loss) Per Sha_2

(12) Net Income(Loss) Per Share (Tables)	12 Months Ended
	Dec. 26, 2020
Earnings Per Share [Abstract]
Basic and diluted net income(loss) per share calculations	Dec. 26, Dec. 28, 2020 2019 Basic EPS Computation: Numerator: Net income (loss) $ 908,064 $ (638,202) Denominator: Weighted average Common shares Outstanding 13,251,521 13,207,097 Basic EPS $ 0.07 $ (0.05) Diluted EPS Computation: Numerator: Net income (loss) $ 908,064 $ (638,202) Denominator: Weighted average Common shares Outstanding 13,251,521 13,207,097 Dilutive effect of stock options 97,061 — Total shares 13,348,582 13,207,097 Diluted net income (loss) per share $ 0.07 $ (0.05)

(3) Inventories - Inventories C

(3) Inventories - Inventories Current (Details) - USD ($)	Dec. 26, 2020	Dec. 28, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 752,760	$ 778,409
Work in process	2,800,226	1,898,916
Finished goods	592,640	871,861
Gross Inventory	4,145,626	3,549,186
Reserve for obsolescence	(436,155)	(449,362)
Total	$ 3,709,471	$ 3,099,824

(4) Leases - capitalized operat

(4) Leases - capitalized operating leases (Details)	Dec. 26, 2020USD ($)
Commitments & Contingencies
2021	$ 25
Total undiscounted operating lease payments	25
Less: Imputed interest
Present value of operating lease liability	25
Current lease liability	25
Long-term lease liability
Total operating lease liability	$ 25
Weighted-average remaining lease term for capitalized operating leases	2 months
Weighted-average discount rate for capitalized operating leases	6.50%

(5) Share-Based Compensation _3

(5) Share-Based Compensation Plans - Stock Optiond activity as od December 26, 2020 and changes during the year (Details)	12 Months Ended
	Dec. 26, 2020USD ($)shares
Retirement Benefits [Abstract]
Granted	119,000
Exercised	(318,250)
Forfeited	(77,000)
Expired	(226,355)
Outstanding at end of year, shares	1,251,500
Options exercisable at year-end	992,600
Aggregate Intrinsic Value Outstanding at end of year | $	$ 753,320
Aggregate Intrinsic Value Outstanding Exercisable at end of year | $	$ 557,052
Weighted remaining contractual life (years) outstanding	5 years 8 days
Weighted remaining contractual life (years) outstanding exercisable	4 years 3 months 8 days

(5) Share-Based Compensation _4

(5) Share-Based Compensation Plans - Annualized weighted average values of the significant assumptions used to estimate fair values (Details) - $ / shares	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019
Retirement Benefits [Abstract]
Risk-free interest rate, minimum	0.84%	2.48%
Risk-free interest rate, maximum	0.91%	2.48%
Expected life in years, minimum	6 years	6 years 1 month
Expected life years, maximum	7 years	6 years 1 month
Expected volatility	54.00%	54.00%
Expected dividend yield	0.00%	0.00%
Weighted average fair value of grants	$ .78	$ .79

(6) Accrued Expenses - Accrued

(6) Accrued Expenses - Accrued expenses (Details) - USD ($)	Dec. 26, 2020	Dec. 28, 2019
Payables and Accruals [Abstract]
Accrued legal and accounting	$ 71,671	$ 62,725
Accrued payroll and related costs	626,063	518,015
Accrued other	106,357	234,426
Total	$ 804,091	$ 815,166

(9) Income Taxes - Components o

(9) Income Taxes - Components of income tax expense (benefit) for each year (Details) - USD ($)	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019
Current:
Federal	$ (39,878)	$ (33,874)
State	456	456
Current income tax provision (benefit):	(39,422)	(33,418)
Deferred:
Federal	33,874	(6,387)
State	(3,000)	45,261
Deferred income tax provision (benefit), net	30,874	38,874
Total	$ (8,548)	$ 5,456

(9) Income Taxes - Deferred tax

(9) Income Taxes - Deferred tax assets (Details) - USD ($)	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019
Deferred Tax Assets:
Net operating loss carryforwards	$ 746,397	$ 884,508
Stock compensation	540,281	543,614
Credit carryforwards	1,288,897	1,317,445
Inventory	116,153	316,943
Accrued liabilities	22,140	18,920
Depreciation	250,093	237,449
Other	2,732	2,732
Gross deferred tax assets	2,966,693	3,321,611
Valuation allowance	(2,849,693)	(3,173,738)
Net deferred tax assets	117,000	147,873
Deferred tax benefit (provision)	(354,918)	171,456
Valuation allowance	$ (2,849,693)	$ (3,173,738)

(9) Income Taxes - Income tax a

(9) Income Taxes - Income tax at federal statutory income tax rate of 21 percent (Details) - USD ($)	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019
Income Tax Disclosure [Abstract]
Tax at statutory rate	$ 188,899	$ (125,527)
State tax, net of federal benefit	360	360
Net operating loss and credit carryforwards	33,873	153,204
Valuation allowance	(324,045)	210,836
Other	92,365	(233,417)
Total	$ (8,548)	$ 5,456

(11) Concentrations of Credit_3

(11) Concentrations of Credit Risk, Significant Customers and Geographic Information - Significant custmers as a percentage (Details)	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019
Significant Customer Percent of Revenue
A	36.00%	43.00%
B	21.00%	14.00%
C	16.00%	13.00%

(11) Concentrations of Credit_4

(11) Concentrations of Credit Risk, Significant Customers and Geographic Information - Revenue derived from following countries (Details)	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019
Percent of Total Revenues Country
United States of America	23.00%	25.00%
Germany	36.00%	44.00%
Other	41.00%	31.00%

(12) Net Income(Loss) Per Sha_3

(12) Net Income(Loss) Per Share - Basic and diluted net income(loss) per share calculations (Details) - USD ($)	12 Months Ended
	Dec. 26, 2020	Dec. 28, 2019
Basic EPS Computation:
Net income (loss)	$ 908,064	$ (638,202)
Weighted average Common shares Outstanding	13,251,521	13,207,097
Basic EPS	$ 0.07	$ (0.05)
Diluted EPS Computation:
Net income (loss)	$ 908,064	$ (638,202)
Weighted average Common shares Outstanding	13,251,521	13,207,097
Dilutive effect of stock options	$ 97,061
Total shares	13,348,582	13,207,097
Diluted net income (loss) per share	$ 0.07	$ (0.05)

Uncategorized Items - cpsh-2020

Label	Element	Value
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	17,945,105