Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 03, 2021 | Nov. 11, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000882508 | |
Entity Registrant Name | QUICKLOGIC Corp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-02 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 3, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-22671 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0188504 | |
Entity Address, Address Line One | 2220 Lundy Avenue | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95131-1816 | |
City Area Code | 408 | |
Local Phone Number | 990-4000 | |
Title of 12(b) Security | Common Stock, par value $.001 per share | |
Trading Symbol | QUIK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,795,647 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 03, 2021 | Jan. 03, 2021 |
Current assets: | ||
Cash, cash equivalents and restricted cash | $ 19,581 | $ 22,748 |
Accounts receivable, net of allowances for doubtful accounts of $62 and $0, respectively | 2,012 | 1,688 |
Inventories | 2,182 | 2,688 |
Other current assets | 1,157 | 1,066 |
Total current assets | 24,932 | 28,190 |
Property and equipment, net | 542 | 548 |
Capitalized internal-use software, net | 1,191 | 986 |
Right of use assets | 1,722 | 1,839 |
Intangible assets | 779 | 860 |
Goodwill | 185 | 185 |
Other assets | 279 | 280 |
TOTAL ASSETS | 29,630 | 32,888 |
Current liabilities: | ||
Revolving line of credit | 15,000 | 15,000 |
Trade payables | 1,376 | 935 |
Accrued liabilities | 1,591 | 1,340 |
Deferred revenue | 94 | 52 |
Lease liabilities, current | 803 | 685 |
Total current liabilities | 18,864 | 18,012 |
Long-term liabilities: | ||
Notes payable, non-current | 0 | 1,192 |
Lease liabilities, non-current | 993 | 1,197 |
Other liabilities, non-current | 167 | 0 |
Total liabilities | 20,024 | 20,401 |
Commitments and contingencies (see Note 11) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value; 200,000 authorized; 11,790 and 11,094 shares issued and outstanding as of October 3, 2021 and January 3, 2021, respectively | 12 | 11 |
Additional paid-in capital | 309,036 | 306,885 |
Accumulated deficit | (299,442) | (294,409) |
Total stockholders' equity | 9,606 | 12,487 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 29,630 | $ 32,888 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Oct. 03, 2021 | Jan. 03, 2021 |
Allowance for doubtful accounts | $ 62 | $ 0 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000 | 10,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000 | 200,000 |
Common stock, shares issued (in shares) | 11,790 | 11,094 |
Common stock, shares outstanding (in shares) | 11,790 | 11,094 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Revenue | $ 3,858,000 | $ 1,780,000 | $ 8,980,000 | $ 6,134,000 |
Cost of revenue | 1,126,000 | 857,000 | 3,638,000 | 3,092,000 |
Gross profit | 2,732,000 | 923,000 | 5,342,000 | 3,042,000 |
Operating expenses: | ||||
Research and development | 1,807,000 | 1,380,000 | 5,346,000 | 5,399,000 |
Selling, general and administrative | 2,186,000 | 1,478,000 | 5,927,000 | 5,022,000 |
Restructuring costs | 0 | 111,000 | 0 | 624,000 |
Total operating expenses | 3,993,000 | 2,969,000 | 11,273,000 | 11,045,000 |
Loss from operations | (1,261,000) | (2,046,000) | (5,931,000) | (8,003,000) |
Interest expense | (35,000) | (36,000) | (99,000) | (299,000) |
Gain on forgiveness of debt | 0 | 0 | 1,192,000 | 0 |
Interest income and other income (expense), net | (7,000) | 27,000 | (59,000) | 94,000 |
Loss before income taxes | (1,303,000) | (2,055,000) | (4,897,000) | (8,208,000) |
Provision for (benefit from) income taxes | (21,000) | 10,000 | 136,000 | 1,000 |
Net loss | $ (1,282,000) | $ (2,065,000) | $ (5,033,000) | $ (8,209,000) |
Net loss per share: | ||||
Basic and diluted (in dollars per share) | $ (0.11) | $ (0.19) | $ (0.44) | $ (0.88) |
Weighted average shares outstanding: | ||||
Basic and diluted (in shares) | 11,573 | 11,023 | 11,441 | 9,315 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 03, 2021 | Sep. 27, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (5,033) | $ (8,209) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 471 | 644 |
Stock-based compensation | 1,455 | 601 |
Write-down of inventories | 225 | 55 |
Write-off of equipment | (5) | 41 |
Gain on forgiveness of debt | (1,192) | 0 |
Allowance for bad debt | 62 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (386) | 876 |
Inventories | 281 | 67 |
Other assets | (90) | 433 |
Trade payables | 699 | 225 |
Accrued liabilities and deferred revenue | 293 | 122 |
Other long-term liabilities | 167 | 0 |
Net cash used in operating activities | (3,053) | (5,145) |
Cash flows from investing activities: | ||
Capital expenditures for property and equipment | (178) | (155) |
Capitalized internal-use software | (402) | (607) |
Net cash used in investing activities | (580) | (762) |
Cash flows from financing activities: | ||
Payment of finance lease obligations | (231) | (179) |
Proceeds from paycheck protection program loan | 0 | 1,191 |
Proceeds from line of credit | 45,000 | 42,000 |
Repayment of line of credit | (45,000) | (42,000) |
Proceeds from issuance of common stock | 148 | 0 |
Proceeds from equity funding, net of issuance costs | 1,034 | 8,099 |
Taxes paid related to settlement of equity awards | (485) | (67) |
Net cash provided by financing activities | 466 | 9,044 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (3,167) | 3,137 |
Cash, cash equivalents and restricted cash at beginning of period | 22,748 | 21,548 |
Cash, cash equivalents and restricted cash at end of period | $ 19,581 | $ 24,685 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes In Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 29, 2019 | 8,331 | |||
Balance at Dec. 29, 2019 | $ 8 | $ 297,073 | $ (283,258) | $ 13,823 |
Common stock issued under stock plans and employee stock purchase plan (in shares) | 52 | |||
Common stock issued under stock plans and employee stock purchase plan | $ 0 | (25) | 0 | (25) |
Net loss | 0 | 0 | (3,165) | (3,165) |
Stock-based compensation | $ 0 | (398) | 0 | (398) |
Balance (in shares) at Mar. 29, 2020 | 8,383 | |||
Balance at Mar. 29, 2020 | $ 8 | 296,650 | (286,423) | 10,235 |
Balance (in shares) at Dec. 29, 2019 | 8,331 | |||
Balance at Dec. 29, 2019 | $ 8 | 297,073 | (283,258) | 13,823 |
Net loss | (8,209) | |||
Balance (in shares) at Sep. 27, 2020 | 11,068 | |||
Balance at Sep. 27, 2020 | $ 11 | 305,703 | (291,467) | 14,247 |
Balance (in shares) at Mar. 29, 2020 | 8,383 | |||
Balance at Mar. 29, 2020 | $ 8 | 296,650 | (286,423) | 10,235 |
Common stock issued under stock plans and employee stock purchase plan (in shares) | 29 | |||
Common stock issued under stock plans and employee stock purchase plan | $ 0 | (31) | 0 | (31) |
Stock-based compensation | 0 | 741 | 0 | 741 |
Net loss | $ 0 | 0 | (2,979) | (2,979) |
Common stock offering, net of issuance costs (in shares) | 2,500 | |||
Common stock offering, net of issuance costs | $ 3 | 7,653 | 0 | 7,656 |
Stock issuance cost | 1,100 | |||
Balance (in shares) at Jun. 28, 2020 | 10,912 | |||
Balance at Jun. 28, 2020 | $ 11 | 305,013 | (289,402) | 15,622 |
Common stock issued under stock plans and employee stock purchase plan (in shares) | 14 | |||
Common stock issued under stock plans and employee stock purchase plan | $ 0 | (13) | 0 | (13) |
Stock-based compensation | 0 | 258 | 0 | 258 |
Net loss | $ 0 | 0 | (2,065) | (2,065) |
Common stock offering, net of issuance costs (in shares) | 142 | |||
Stock issuance cost | $ 0 | 445 | 0 | 445 |
Balance (in shares) at Sep. 27, 2020 | 11,068 | |||
Balance at Sep. 27, 2020 | $ 11 | 305,703 | (291,467) | 14,247 |
Balance (in shares) at Jan. 03, 2021 | 11,094 | |||
Balance at Jan. 03, 2021 | $ 11 | 306,885 | (294,409) | 12,487 |
Common stock issued under stock plans and employee stock purchase plan (in shares) | 354 | |||
Common stock issued under stock plans and employee stock purchase plan | $ 0 | (484) | 0 | (484) |
Stock-based compensation | 0 | 368 | 0 | 368 |
Net loss | $ 0 | 0 | (1,689) | (1,689) |
Balance (in shares) at Apr. 04, 2021 | 11,448 | |||
Balance at Apr. 04, 2021 | $ 11 | 306,769 | (296,098) | 10,682 |
Balance (in shares) at Jan. 03, 2021 | 11,094 | |||
Balance at Jan. 03, 2021 | $ 11 | 306,885 | (294,409) | 12,487 |
Net loss | (5,033) | |||
Balance (in shares) at Oct. 03, 2021 | 11,790 | |||
Balance at Oct. 03, 2021 | $ 12 | 309,036 | (299,442) | 9,606 |
Balance (in shares) at Apr. 04, 2021 | 11,448 | |||
Balance at Apr. 04, 2021 | $ 11 | 306,769 | (296,098) | 10,682 |
Common stock issued under stock plans and employee stock purchase plan (in shares) | 64 | |||
Common stock issued under stock plans and employee stock purchase plan | $ 1 | 146 | 0 | 147 |
Stock-based compensation | 0 | 202 | 0 | 202 |
Net loss | $ 0 | 0 | (2,062) | (2,062) |
Balance (in shares) at Jul. 04, 2021 | 11,512 | |||
Balance at Jul. 04, 2021 | $ 12 | 307,117 | (298,160) | 8,969 |
Common stock issued under stock plans and employee stock purchase plan (in shares) | 79 | |||
Common stock issued under stock plans and employee stock purchase plan | $ 0 | 0 | 0 | |
Stock-based compensation | 0 | 885 | 0 | 885 |
Net loss | $ 0 | 0 | (1,282) | (1,282) |
Common stock offering, net of issuance costs (in shares) | 199 | |||
Common stock offering, net of issuance costs | $ 0 | 1,034 | 0 | 1,034 |
Stock issuance cost | 45 | |||
Balance (in shares) at Oct. 03, 2021 | 11,790 | |||
Balance at Oct. 03, 2021 | $ 12 | $ 309,036 | $ (299,442) | $ 9,606 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes In Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | |
Stock issuance cost | $ 45 | $ 445 | $ 1,100 |
Note 1 - The Company and Basis
Note 1 - The Company and Basis of Presentation | 9 Months Ended |
Oct. 03, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1 QuickLogic Corporation (“QuickLogic” or “Company”) was founded in 1988 1999. The accompanying interim condensed consolidated financial statements are unaudited. In the opinion of the Company’s management, these statements have been prepared in accordance with the United States generally accepted accounting principles (“U.S. GAAP”), and include all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair statement of results for the interim periods presented. The Company recommends that these interim Unaudited Condensed Consolidated Financial Statements be read in conjunction with the Company's Form 10 January 3, 2021 March 23, 2021. three nine October 3, 2021 not may QuickLogic's fiscal year ends on the Sunday closest to December 31 third 2021 2020 October 3, 2021 September 27, 2020 COVID- 19 On January 30, 2020, 19 February 28, 2020, 19 19 19 As such, while COVID- 19 three nine October 3, 2021 19 2021 may 19. 19 19 may may 19 Restructuring In January 2020, January 24, 2020. nine September 27, 2020, nine October 3,2021. Liquidity The Company has financed its operations and capital investments through sales of common stock, finance and operating leases, a revolving line of credit and cash flows from operations. As of October 3, 2021 January 2021, September 2021. On December 11, 2020, December 21, 2018 ( one September 28 2022, one one On August 16, 2021, The Company was in compliance with all loan covenants as of October 3, 2021 October 3, 2021 On May 6, 2020, March 27, 2020, January 26, 2021, 5 On June 22, 2020, 30 July 21, 2020 On September 22, 2021, September 30, 2021, 3 No. 333 230352 $ milli The Company currently uses its cash to fund its working capital to accelerate the development of next generation products and for general corporate purposes. Based on past performance and current expectations, the Company believes that its existing cash and cash equivalents, together with available financial resources from the Revolving Facility with Heritage Bank, will be sufficient to fund its operations and capital expenditures and provide adequate working capital for the next twelve Various factors can affect the Company’s liquidity, including, among others: the level of revenue and gross profit as a result of the cyclicality of the semiconductor industry, the conversion of design opportunities into revenue, the market acceptance of existing and new products including solutions based on its ArcticLink ® ® S3 Over the longer term, the Company anticipates that sales generated from its new product offerings and existing cash and cash equivalents, with financial resources from its Revolving Facility with the Heritage Bank and its ability to raise additional capital in the public capital markets, will be sufficient to satisfy its operations and capital expenditures. However, the Company cannot provide any assurance that it will be able to raise additional capital, if required, or that such capital will be available on terms acceptable to the Company. The inability of the Company to generate sufficient sales from its new product offerings and/or raise additional capital if needed could have a material adverse effect on the Company’s operations and financial condition, including its ability to maintain compliance with its lender’s financial covenants. On November 16, 2021, we entered into a Fourth Amendment to extend the Amended and Restated Loan Agreement with Heritage Bank to extend the maturity date to December 31, 2023. See Note 12. Principles of Consolidation The Unaudited Condensed Consolidated Financial Statements include the accounts of QuickLogic and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. Foreign Currency The functional currency of the Company's non-U.S. operations is the U.S. dollar. Accordingly, all monetary assets and liabilities of these foreign operations are translated into U.S. dollars at current period-end exchange rates and non-monetary assets and related elements of expense are translated using historical exchange rates. Income and expense elements are translated to U.S. dollars using the average exchange rates in effect during the period. Gains and losses from the foreign currency transactions of these subsidiaries are recorded as interest income and other income (expense), net in the unaudited condensed consolidated statements of operations. Uses of Estimates The preparation of these Unaudited Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities and the reported amounts of revenue and expenses during the period. Actual results could differ materially from those estimates, particularly in relation to revenue recognition, the allowance for doubtful accounts, sales returns, valuation of long-lived assets including mask sets, valuation of goodwill, capitalized internal-use software and related amortizable lives and intangibles related to the acquisition of SensiML, including the estimated useful lives of acquired intangible assets, valuation of inventories including identification of excess quantities, market value and obsolescence, measurement of stock-based compensation awards, accounting for income taxes and estimating accrued liabilities. Contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may Judgment is required to determine the Stand-alone Selling Price (“SSP”) for each distinct performance obligation. The Company uses a range of amounts to estimate SSP when each of the products and services are sold separately and determines the discount to be allocated based on the relative SSP of the various products and services when products and services sold are bundled. In instances where SSP is not not may one may Concentration of Risk The Company's accounts receivable are denominated in U.S. dollars and are derived primarily from sales to customers located in North America, Asia Pacific, and Europe. The Company performs ongoing credit evaluations of its customers and generally does not 10 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 9 Months Ended |
Oct. 03, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 During the nine October 3, 2021 no 10 January 3, 2021 nine October 3, 2021 10 January 3, 2021 March 23, 2021. nine 2021 Included in the results for the third 2021, August 2021. December 2021. Fair Value Measurements The Company’s cash, cash equivalents and restricted cash include money market account balance of $19.6 million and $22.7 million as of October 3, 2021 January 3, 2021 Restricted Cash Cash, cash equivalent and restricted cash includes an amount of $100,000 p October 3, 2021 January 3, 2021 New Accounting Pronouncements Recently adopted accounting pronouncements In December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes 740, 1 2 3 January 4, 2021, New accounting pronouncements not In August 2020, No. 2020 06, Debt Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (Subtopic 815 40 December 15, 2021, |
Note 3 - Net Loss Per Share
Note 3 - Net Loss Per Share | 9 Months Ended |
Oct. 03, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3 Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per share was computed using the weighted average number of common shares outstanding during the period plus potentially dilutive common shares outstanding during the period under the treasury stock method. In computing diluted net loss per share, the weighted average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options and warrants. For the three nine October 3, 2021 September 27, 2020 2009 not May 29, 2018, not three nine October 3, 2021 September 27, 2020 |
Note 4 - Balance Sheet Componen
Note 4 - Balance Sheet Components | 9 Months Ended |
Oct. 03, 2021 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 4 The following table provides details relating to certain balance sheet line items as of October 3, 2021 January 3, 2021 October 3, January 3, 2021 2021 Inventories: Raw materials $ — $ 191 Work-in-process 1,428 1,842 Finished goods 754 655 $ 2,182 $ 2,688 Other current assets: Prepaid taxes, royalties and other prepaid expenses $ 871 $ 884 Other 286 182 $ 1,157 $ 1,066 Property and equipment, net: Equipment $ 10,336 $ 10,471 Software 1,880 1,783 Furniture and fixtures 31 33 Leasehold improvements 466 466 12,713 12,753 Less: Accumulated depreciation and amortization (12,171 ) (12,205 ) $ 542 $ 548 Capitalized internal-use software, net: Capitalized internal-use software $ 1,568 $ 1,166 Less: Accumulated amortization (377 ) (180 ) $ 1,191 $ 986 Accrued liabilities: Employee related accruals $ 955 $ 762 Other 636 578 $ 1,591 $ 1,340 |
Note 5 - Debt Obligations
Note 5 - Debt Obligations | 9 Months Ended |
Oct. 03, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 Revolving Line of Credit As of October 3, 2021 January 3, 2021 first three October 3, 2021 September 27, 2020, nine October 3, 2021 September 27, 2020, Payroll Protection Program Loan On May 6, 2020, May 6, 2020 two first six six fourth 2020 January 26, 2021, nine October 3, 2021 |
Note 6 - Leases
Note 6 - Leases | 9 Months Ended |
Oct. 03, 2021 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | Note 6 The Company entered into operating leases for office space for its headquarters, for its domestic and foreign subsidiaries and for its sales offices. Finance leases are primarily for engineering design software. Operating leases generally have lease terms of one five two three October 3, 2021 July 2020 July 10, 2020, eleven July 2020, July 2021. three October 3, 2021 September 27, 2020 nine October 3, 2021 September 27, 2020 The following table provides the expenses related to operating and finance leases (in thousands): Three Months Ended Nine Months Ended October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Operating lease costs: Fixed $ 101 $ 146 $ 306 $ 440 Short term 4 4 13 15 Total $ 105 $ 150 $ 319 $ 455 Finance lease costs: Amortization of ROU asset $ 87 $ 91 $ 591 $ 224 Interest 6 9 57 29 Total $ 93 $ 100 $ 648 $ 253 The following table provides the details of supplemental cash flow information. The right-of-use assets obtained in exchange for new finance and operating lease liabilities represent the new operating and finance leases entered into during the nine October 3, 2021 September 27, 2020 Nine Months Ended October 3, September 27, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 100 $ 427 Operating cash flows used for finance leases 9 29 Financing cash flows used for financing leases 231 179 Total $ 340 $ 635 Right-of-use assets obtained in exchange for finance lease obligations $ 397 $ 773 The following table provides the details of right-of-use assets and lease liabilities as of October 3, 2021 January 3, 2021 October 3, January 3, 2021 2021 Right-of-use assets: Operating leases $ 893 $ 1,134 Finance leases 829 705 Total right-of-use assets $ 1,722 $ 1,839 Lease liabilities: Operating leases $ 960 $ 1,212 Finance leases 836 670 Total lease liabilities $ 1,796 $ 1,882 The following table provided the details of future lease payments for operating and finance leases as of October 3, 2021 Operating Leases Finance Leases 2021 (Remaining period) $ 100 $ 159 2022 409 475 2023 421 141 2024 107 106 Total lease payments 1,037 881 Less: Interest (77 ) (45 ) Present value of lease liabilities $ 960 $ 836 The following table provides the details of lease terms and discount rates as of October 3, 2021 January 3, 2021 October 3, January 3, 2021 2021 Right-of-use assets: Weighted-average remaining lease term (years) Operating leases 2.50 3.24 Finance leases 2.19 2.21 Weighted-average discount rates: Operating leases 6.00 % 6.00 % Finance leases 5.50 % 5.50 % |
Note 7 - Employee Stock Plans
Note 7 - Employee Stock Plans | 9 Months Ended |
Oct. 03, 2021 | |
Notes to Financial Statements | |
Disclosure of Employee Stock Ownership Plans [Text Block] | Note 7 2019 On April 24, 2019, 2019 “2019 2009 2019 2009 The 2019 March 5,2020 April 22, 2020 2019 2019 March 3, 2021 May 12, 2021 2019 October 3, 2021 2019 2009 The 2009 “2009 March 2009 January 2015 February 2017, April 23, 2015 April 26, 2017, 2009 The 2009 March 5, 2020 April 22, 2020. March 5, 2029 2009 October 3, 2021 2009 |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 9 Months Ended |
Oct. 03, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 8 Stock-based compensation expense included in the Company's consolidated financial statements for the three nine October 3, 2021 September 27, 2020 Three Months Ended Nine Months Ended October 3, September 27, October 3, September 27, 2021 2020 2021 2020 Cost of revenue $ 78 $ 37 $ 132 $ 80 Research and development 282 51 521 73 Selling, general and administrative 525 170 802 448 Total $ 885 $ 258 $ 1,455 $ 601 During the nine September 27, 2020 second 2020, No stock-based compensation was capitalized during any period presented above. No three nine October 3, 2021 September 27, 2020 Stock-Based Compensation Award Activity The following table summarizes the activity in the shares available for grant under the 2019 nine October 3, 2021 Shares Available for Grants Balance at January 3, 2021 320 Authorized shares 600 RSUs granted (377 ) PRSU's granted (175 ) Options cancelled 13 RSUs forfeited or expired 23 PRSUs forfeited or expired 239 Balance at October 3, 2021 643 Stock Options The following table summarizes stock options outstanding and stock option activity under the 2009 2019 nine October 3, 2021 Weighted Weighted Average Average Aggregate Number of Exercise Remaining Intrinsic Shares Price Term Value (in thousands) (in years) (in thousands) Balance outstanding at January 3, 2021 121 $ 28.46 3.75 — Forfeited or expired (13 ) $ 23.84 Balance outstanding at October 3, 2021 108 $ 29.04 2.99 $ — Exercisable at October 3, 2021 108 $ 29.04 2.99 $ — Vested and expected to vest at October 3, 2021 108 $ 29.04 2.99 $ — No stock options were granted during the three nine October 3, 2021 September 27, 2020 Total stock-based compensation related to stock options was approximately $0 and $11,000 for the three October 3, 2021 September 27, 2020 nine October 3, 2021 September 27, 2020 October 3, 2021 Restricted Stock Units The Company grants restricted stock units (“RSUs”) and performance restricted stock units ("PRSUs") to employees and directors with various vesting terms. RSUs entitle the holder to receive, at no one three October 3, 2021 September 27, 2020 nine October 3, 2021 September 27, 2020 January 2020, six June 28, 2020. As of October 3, 2021 September 27, 2020 October 3, 2021 A summary of activity for the Company's RSUs and PRSUs for the nine October 3, 2021 RSUs & PRSUs Outstanding Weighted Average Number of Grant Date Shares Fair Value (in thousands) Nonvested at January 3, 2021 800 $ 4.99 Granted 552 5.82 Vested (537 ) 5.00 Forfeited (262 ) 4.99 Nonvested at October 3, 2021 553 $ 5.81 Employee Stock Purchase Plan Total stock-based compensation related to the Company's ESPP was approximately $31,000 and $16,000 for the three October 3, 2021 September 27, 2020 nine October 3, 2021 September 27, 2020 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 9 Months Ended |
Oct. 03, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9 The Company recorded a net income tax (benefit) expense of ($21,000) and $10,000 for the three October 3, 2021 September 27, 2020 nine October 3, 2021 September 27, 2020 first 2021 one The Company believes it is more likely than not not not not not October 3, 2021 The Company had no unrecognized tax benefits as of October 3, 2021 January 3, 2021 not 12 Accrued interest and penalties related to unrecognized tax benefits are recognized as part of the income tax provision in the condensed consolidated statements of operations. The Company is subject to U.S. federal income tax as well as income taxes in many U.S. states and foreign jurisdictions in which the Company operates. The U.S. tax years from 1999 Under the Tax Reform Act of 1986, may may not 382 may The Company has not may On March 27, 2020, $1.2M Q2 2020 December 27, 2020, 2021 not January 26, 2021. Q1 2021 not California has issued specific guidance regarding its conformity to the CARES Act. No 80 80" April 29, 2021, not On June 29, 2020, 85 85" January 1, 2020 December 31, 2022. $1 not 85 On December 18, 2019, 2019 12 January 4, 2021. 2019 12 not We considered the majority of our non-U.S. subsidiaries’ undistributed earnings to be permanently reinvested. Therefore no July 4, 2021. may one 2021. one no |
Note 10 - Information Concernin
Note 10 - Information Concerning Product Lines, Geographic Information and Revenue Concentration | 9 Months Ended |
Oct. 03, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 10 The Company identifies its business segment based on business activities, management responsibility and geographic location. For all periods presented, the Company operated in a single reportable business segment. The following is a breakdown of revenue by product line (in thousands): Three Months Ended Nine Months Ended October 3, September 27, October 3, September 27, 2021 2020 2021 2020 New products $ 2,758 $ 639 $ 5,095 $ 1,945 Mature products 1,100 1,141 3,885 4,189 Total revenue $ 3,858 $ 1,780 $ 8,980 $ 6,134 Note: New products include products and related revenues for all products manufactured on 180 180 The following is a breakdown of revenue by type (in thousands): Three Months Ended Nine Months Ended October 3, September 27, October 3, September 27, 2021 2020 2021 2020 Device sales $ 2,858 $ 1,766 $ 7,830 $ 6,002 IP license and other services 1,000 14 1,150 132 Total revenue $ 3,858 $ 1,780 $ 8,980 $ 6,134 Note: Device revenue includes new product revenues and mature product revenues, except for IP License and other services. The following is a breakdown of revenue by shipment destination (in thousands): Three Months Ended Nine Months Ended October 3, September 27, October 3, September 27, 2021 2020 2021 2020 Asia Pacific (1) (4) $ 763 $ 320 $ 2,440 $ 1,505 North America (2) 2,605 1,087 4,429 3,321 Europe (3) 490 373 2,111 1,308 Total revenue $ 3,858 $ 1,780 $ 8,980 $ 6,134 ( 1 Asia Pacific includes revenue from Japan of $739 ,000, three October 3, 2021 September 27, 2020 nine October 3, 2021 September 27, 2020 was $2.4 million, or 26% of total ( 2 North America includes revenue from the United States of $2.6 three October 3, 2021 September 27, 2020 nine October 3, 2021 September 27, 2020 $4.4 ( 3 Europe includes revenue from United Kingdom of $273,000, or 7% of total revenue and $211,000 or 12% of total revenue for the three October 3, 2021 September 27, 2020 nine October 3, 2021 September 27, 2020 ( 4 Certain prior period amounts have been reclassified to conform to current period presentation. The following distributors and customers accounted for 10% Three Months Ended Nine Months Ended October 3, September 27, October 3, September 27, 2021 2020 2021 2020 Distributor "A" 12 % 22 % 13 % 29 % Distributor "C" * 20 % 12 % 18 % Distributor "E" 17 % 13 % 24 % 19 % Customer "B" * 10 % * 12 % Customer "E" * * 14 % * Customer "F" 17 % 13 % 24 % 19 % Customer "K" * 12 % * * Customer "N" 25 % 16 % 15 % * Customer "O" 25 % * 11 % * * Represents less than 10% The following distributors and customers accounted for 10% October 3, January 3, 2021 2021 Distributor "A" 12 % * Distributor "E" 18 % * Distributor "J" 41 % * Customer "O" 21 % * Customer "P" * 67 % Customer "Q" * 10 % * Represents less than 10% |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 9 Months Ended |
Oct. 03, 2021 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | Note 11 Commitments The Company's manufacturing suppliers require the forecast of wafer starts several months in advance. The Company is required to take delivery of and pay for a portion of this forecasted wafer volume. As of October 3, 2021 January 3, 2021 The Company has purchase obligations with certain suppliers for the purchase of other goods and services entered into in the ordinary course of business. As of October 3, 2021 twelve Litigation From time to time, the Company may not third not may October 3, 2021 not India Transfer Pricing Notice On January 27, 2021, 2017 18, may not April 30, 2021, October 7, 2021, third 2021. December 31, 2021 may |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 9 Months Ended |
Oct. 03, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 12 On November 16, 2021, December 21, 2018 ( December 31, 2023. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 03, 2021 | |
Accounting Policies [Abstract] | |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company’s cash, cash equivalents and restricted cash include money market account balance of $19.6 million and $22.7 million as of October 3, 2021 January 3, 2021 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Cash, cash equivalent and restricted cash includes an amount of $100,000 p October 3, 2021 January 3, 2021 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Recently adopted accounting pronouncements In December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes 740, 1 2 3 January 4, 2021, New accounting pronouncements not In August 2020, No. 2020 06, Debt Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (Subtopic 815 40 December 15, 2021, |
Note 4 - Balance Sheet Compon_2
Note 4 - Balance Sheet Components (Tables) | 9 Months Ended |
Oct. 03, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | October 3, January 3, 2021 2021 Inventories: Raw materials $ — $ 191 Work-in-process 1,428 1,842 Finished goods 754 655 $ 2,182 $ 2,688 Other current assets: Prepaid taxes, royalties and other prepaid expenses $ 871 $ 884 Other 286 182 $ 1,157 $ 1,066 Property and equipment, net: Equipment $ 10,336 $ 10,471 Software 1,880 1,783 Furniture and fixtures 31 33 Leasehold improvements 466 466 12,713 12,753 Less: Accumulated depreciation and amortization (12,171 ) (12,205 ) $ 542 $ 548 Capitalized internal-use software, net: Capitalized internal-use software $ 1,568 $ 1,166 Less: Accumulated amortization (377 ) (180 ) $ 1,191 $ 986 Accrued liabilities: Employee related accruals $ 955 $ 762 Other 636 578 $ 1,591 $ 1,340 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 9 Months Ended |
Oct. 03, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Operating lease costs: Fixed $ 101 $ 146 $ 306 $ 440 Short term 4 4 13 15 Total $ 105 $ 150 $ 319 $ 455 Finance lease costs: Amortization of ROU asset $ 87 $ 91 $ 591 $ 224 Interest 6 9 57 29 Total $ 93 $ 100 $ 648 $ 253 |
Lessee, Leases, Supplemental Cash Flow Information [Table Text Block] | Nine Months Ended October 3, September 27, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 100 $ 427 Operating cash flows used for finance leases 9 29 Financing cash flows used for financing leases 231 179 Total $ 340 $ 635 Right-of-use assets obtained in exchange for finance lease obligations $ 397 $ 773 |
Schedule of Right of Use Assets and Lease Liabilities [Table Text Block] | October 3, January 3, 2021 2021 Right-of-use assets: Operating leases $ 893 $ 1,134 Finance leases 829 705 Total right-of-use assets $ 1,722 $ 1,839 Lease liabilities: Operating leases $ 960 $ 1,212 Finance leases 836 670 Total lease liabilities $ 1,796 $ 1,882 |
Schedule of Future Lease Payments for Leases [Table Text Block] | Operating Leases Finance Leases 2021 (Remaining period) $ 100 $ 159 2022 409 475 2023 421 141 2024 107 106 Total lease payments 1,037 881 Less: Interest (77 ) (45 ) Present value of lease liabilities $ 960 $ 836 |
Schedule of Lease Terms and Weighted Average Discount Rate [Table Text Block] | October 3, January 3, 2021 2021 Right-of-use assets: Weighted-average remaining lease term (years) Operating leases 2.50 3.24 Finance leases 2.19 2.21 Weighted-average discount rates: Operating leases 6.00 % 6.00 % Finance leases 5.50 % 5.50 % |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 9 Months Ended |
Oct. 03, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Nine Months Ended October 3, September 27, October 3, September 27, 2021 2020 2021 2020 Cost of revenue $ 78 $ 37 $ 132 $ 80 Research and development 282 51 521 73 Selling, general and administrative 525 170 802 448 Total $ 885 $ 258 $ 1,455 $ 601 |
Share-based Payment Arrangement, Activity [Table Text Block] | Shares Available for Grants Balance at January 3, 2021 320 Authorized shares 600 RSUs granted (377 ) PRSU's granted (175 ) Options cancelled 13 RSUs forfeited or expired 23 PRSUs forfeited or expired 239 Balance at October 3, 2021 643 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Aggregate Number of Exercise Remaining Intrinsic Shares Price Term Value (in thousands) (in years) (in thousands) Balance outstanding at January 3, 2021 121 $ 28.46 3.75 — Forfeited or expired (13 ) $ 23.84 Balance outstanding at October 3, 2021 108 $ 29.04 2.99 $ — Exercisable at October 3, 2021 108 $ 29.04 2.99 $ — Vested and expected to vest at October 3, 2021 108 $ 29.04 2.99 $ — |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | RSUs & PRSUs Outstanding Weighted Average Number of Grant Date Shares Fair Value (in thousands) Nonvested at January 3, 2021 800 $ 4.99 Granted 552 5.82 Vested (537 ) 5.00 Forfeited (262 ) 4.99 Nonvested at October 3, 2021 553 $ 5.81 |
Note 10 - Information Concern_2
Note 10 - Information Concerning Product Lines, Geographic Information and Revenue Concentration (Tables) | 9 Months Ended |
Oct. 03, 2021 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended Nine Months Ended October 3, September 27, October 3, September 27, 2021 2020 2021 2020 New products $ 2,758 $ 639 $ 5,095 $ 1,945 Mature products 1,100 1,141 3,885 4,189 Total revenue $ 3,858 $ 1,780 $ 8,980 $ 6,134 Three Months Ended Nine Months Ended October 3, September 27, October 3, September 27, 2021 2020 2021 2020 Device sales $ 2,858 $ 1,766 $ 7,830 $ 6,002 IP license and other services 1,000 14 1,150 132 Total revenue $ 3,858 $ 1,780 $ 8,980 $ 6,134 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended Nine Months Ended October 3, September 27, October 3, September 27, 2021 2020 2021 2020 Asia Pacific (1) (4) $ 763 $ 320 $ 2,440 $ 1,505 North America (2) 2,605 1,087 4,429 3,321 Europe (3) 490 373 2,111 1,308 Total revenue $ 3,858 $ 1,780 $ 8,980 $ 6,134 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended Nine Months Ended October 3, September 27, October 3, September 27, 2021 2020 2021 2020 Distributor "A" 12 % 22 % 13 % 29 % Distributor "C" * 20 % 12 % 18 % Distributor "E" 17 % 13 % 24 % 19 % Customer "B" * 10 % * 12 % Customer "E" * * 14 % * Customer "F" 17 % 13 % 24 % 19 % Customer "K" * 12 % * * Customer "N" 25 % 16 % 15 % * Customer "O" 25 % * 11 % * October 3, January 3, 2021 2021 Distributor "A" 12 % * Distributor "E" 18 % * Distributor "J" 41 % * Customer "O" 21 % * Customer "P" * 67 % Customer "Q" * 10 % |
Note 1 - The Company and Basi_2
Note 1 - The Company and Basis of Presentation (Details Textual) - USD ($) | Sep. 30, 2021 | Sep. 22, 2021 | Dec. 11, 2020 | Jul. 21, 2020 | Jun. 22, 2020 | Sep. 30, 2021 | Jul. 21, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Aug. 16, 2021 | Jan. 03, 2021 | May 06, 2020 |
Restructuring Charges, Total | $ 0 | $ 624,000 | |||||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | $ 19,581,000 | 19,581,000 | $ 22,748,000 | ||||||||||||
Line of Credit, Current | 15,000,000 | 15,000,000 | 15,000,000 | ||||||||||||
Notes Payable, Noncurrent, Total | $ 0 | $ 0 | $ 1,192,000 | ||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||
Proceeds from Issuance of Common Stock | $ 148,000 | $ 0 | |||||||||||||
Underwritten Public Offering [Member] | |||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 199,000 | 142,000 | 2,500,000 | ||||||||||||
Common Stock [Member] | Underwritten Public Offering [Member] | |||||||||||||||
Proceeds from Issuance of Common Stock, Net | $ 8,100,000 | ||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,500,000 | ||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 3.50 | ||||||||||||||
Proceeds from Issuance of Common Stock | $ 8,800,000 | 9,300,000 | |||||||||||||
Payments of Stock Issuance Costs | $ 1,100,000 | $ 1,200,000 | |||||||||||||
Common Stock [Member] | Exercise of Option for Overallotment of Shares by Underwriters [Member] | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 141,733 | 375,000 | |||||||||||||
Proceeds from Issuance of Common Stock | $ 496,000 | ||||||||||||||
Payments of Stock Issuance Costs | $ 52,000 | ||||||||||||||
Common Stock [Member] | Share Subscription Agreement [Member] | |||||||||||||||
Proceeds from Issuance of Common Stock, Net | $ 1,000,000 | ||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 73,664 | 125,000 | |||||||||||||
Payments of Stock Issuance Costs | $ 45,000 | ||||||||||||||
Heritage Bank of Commerce [Member] | Paycheck Protection Program [Member] | |||||||||||||||
Notes Payable, Noncurrent, Total | $ 1,200,000 | 1,200,000 | |||||||||||||
Proceeds from Issuance of Common Stock, Net | $ 1,000,000 | ||||||||||||||
Debt Instrument, Face Amount | $ 1,200,000 | ||||||||||||||
Heritage Bank of Commerce [Member] | Revolving Credit Facility [Member] | |||||||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | 19,600,000 | 19,600,000 | |||||||||||||
Line of Credit, Current | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | ||||||||||||
Line of Credit Facility, Expiration Period (Year) | 1 year | ||||||||||||||
Minimum Cash Required for Covenant Related to Credit Facility | $ 3,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.75% | 3.75% | 3.75% | ||||||||||||
Heritage Bank of Commerce [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Jan. 03, 2021 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 3,858,000 | $ 1,780,000 | $ 8,980,000 | $ 6,134,000 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | 19,581,000 | 19,581,000 | $ 22,748,000 | ||
Pledged Cash Security Related to Use of Credit Cards | 100,000 | $ 100,000 | $ 100,000 | ||
License [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 1,000,000 |
Note 3 - Net Loss Per Share (De
Note 3 - Net Loss Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | May 29, 2018 | |
Maximum [Member] | Common Stock [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 386,100 | ||||
Share-based Payment Arrangement [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 690,719 | 979,363 | 690,719 | 979,363 |
Note 4 - Balance Sheet Compon_3
Note 4 - Balance Sheet Components - Balance Sheet Components (Details) - USD ($) $ in Thousands | Oct. 03, 2021 | Jan. 03, 2021 |
Inventories: | ||
Raw materials | $ 0 | $ 191 |
Work-in-process | 1,428 | 1,842 |
Finished goods | 754 | 655 |
Inventory, Net, Total | 2,182 | 2,688 |
Other current assets: | ||
Prepaid taxes, royalties and other prepaid expenses | 871 | 884 |
Other | 286 | 182 |
Other Assets, Current | 1,157 | 1,066 |
Property and equipment, net: | ||
Property and equipment, gross | 12,713 | 12,753 |
Less: Accumulated depreciation and amortization | (12,171) | (12,205) |
Property, Plant and Equipment, Net, Ending Balance | 542 | 548 |
Capitalized internal-use software, net: | ||
Capitalized internal-use software | 1,568 | 1,166 |
Less: Accumulated amortization | (377) | (180) |
Capitalized Computer Software, Net, Ending Balance | 1,191 | 986 |
Accrued liabilities: | ||
Employee related accruals | 955 | 762 |
Other | 636 | 578 |
Accrued Liabilities, Current, Total | 1,591 | 1,340 |
Equipment [Member] | ||
Property and equipment, net: | ||
Property and equipment, gross | 10,336 | 10,471 |
Software [Member] | ||
Property and equipment, net: | ||
Property and equipment, gross | 1,880 | 1,783 |
Furniture and Fixtures [Member] | ||
Property and equipment, net: | ||
Property and equipment, gross | 31 | 33 |
Leasehold Improvements [Member] | ||
Property and equipment, net: | ||
Property and equipment, gross | $ 466 | $ 466 |
Note 5 - Debt Obligations (Deta
Note 5 - Debt Obligations (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Jan. 03, 2021 | May 06, 2020 | |
Line of Credit, Current | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | |||
Gain (Loss) on Extinguishment of Debt, Total | 0 | $ 0 | 1,192,000 | $ 0 | ||
Heritage Bank of Commerce [Member] | Paycheck Protection Program [Member] | ||||||
Debt Instrument, Face Amount | $ 1,200,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||
Gain (Loss) on Extinguishment of Debt, Total | 1,200,000 | |||||
Heritage Bank of Commerce [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit, Current | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.75% | 3.75% | 3.75% | |||
Interest Expense, Debt, Total | $ 21,941 | $ 28,146 | $ 68,109 | $ 270,521 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) | Jul. 10, 2020USD ($)ft² | Oct. 03, 2021USD ($) | Sep. 27, 2020USD ($) | Oct. 03, 2021USD ($) | Sep. 27, 2020USD ($) | Jan. 03, 2021USD ($) |
Operating and Finance Lease, Right of Use Asset | $ 1,722,000 | $ 1,722,000 | $ 1,839,000 | |||
Operating and Finance Lease Liability | 1,796,000 | 1,796,000 | $ 1,882,000 | |||
Operating Lease, Expense | $ 105,000 | $ 150,000 | $ 319,000 | $ 455,000 | ||
Restructuring Charges [Member] | ||||||
Operating Lease, Expense | $ 39,000 | |||||
Office Premises in India [Member] | ||||||
Area of Real Estate Property (Square Foot) | ft² | 1,100 | |||||
Office in India [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Year) | 11 months | |||||
Minimum [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | 1 year | ||||
Lessee, Finance Lease, Term of Contract (Year) | 2 years | 2 years | ||||
Maximum [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | 5 years | ||||
Lessee, Finance Lease, Term of Contract (Year) | 3 years | 3 years |
Note 6 - Leases - Summary of Op
Note 6 - Leases - Summary of Operating and Finance Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Fixed | $ 101 | $ 146 | $ 306 | $ 440 |
Short term | 4 | 4 | 13 | 15 |
Total | 105 | 150 | 319 | 455 |
Amortization of ROU asset | 87 | 91 | 591 | 224 |
Interest | 6 | 9 | 57 | 29 |
Total | $ 93 | $ 100 | $ 648 | $ 253 |
Note 6 - Leases - Summary of Su
Note 6 - Leases - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 03, 2021 | Sep. 27, 2020 | |
Operating cash flows used for operating leases | $ 100 | $ 427 |
Operating cash flows used for finance leases | 9 | 29 |
Financing cash flows used for financing leases | 231 | 179 |
Total | 340 | 635 |
Right-of-use assets obtained in exchange for finance lease obligations | $ 397 | $ 773 |
Note 6 - Leases - Details of Ri
Note 6 - Leases - Details of Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Oct. 03, 2021 | Jan. 03, 2021 |
Operating leases | $ 893 | $ 1,134 |
Finance leases | 829 | 705 |
Total right-of-use assets | 1,722 | 1,839 |
Finance leases | 836 | 670 |
Total lease liabilities | 1,796 | 1,882 |
Current and Lease Liabilities - Non-current [Member] | ||
Operating leases | $ 960 | $ 1,212 |
Note 6 - Leases - Schedule of F
Note 6 - Leases - Schedule of Future Lease Payments for Leases (Details) - USD ($) $ in Thousands | Oct. 03, 2021 | Jan. 03, 2021 |
Operating leases, 2021 (Remaining period) | $ 100 | |
Finance leases, 2021 (Remaining period) | 159 | |
Operating leases, 2022 | 409 | |
Finance leases, 2022 | 475 | |
Operating leases, 2023 | 421 | |
Finance leases, 2023 | 141 | |
Operating leases, 2024 | 107 | |
Finance leases, 2024 | 106 | |
Total lease payments, operating | 1,037 | |
Total lease payments, finance | 881 | |
Less: Interest, operating | (77) | |
Less: Interest, finance | (45) | |
Present value of lease liabilities, finance | 836 | $ 670 |
Current and Lease Liabilities - Non-current [Member] | ||
Present value of lease liabilities, operating | $ 960 | $ 1,212 |
Note 6 - Leases - Schedule of L
Note 6 - Leases - Schedule of Lease Terms and Weighted Average Discount Rate (Details) | Oct. 03, 2021 | Jan. 03, 2021 |
Operating leases (Year) | 2 years 6 months | 3 years 2 months 26 days |
Finance leases (Year) | 2 years 2 months 8 days | 2 years 2 months 15 days |
Operating leases | 6.00% | 6.00% |
Finance leases | 5.50% | 5.50% |
Note 7 - Employee Stock Plans (
Note 7 - Employee Stock Plans (Details Textual) - shares | May 12, 2021 | Mar. 05, 2020 | Apr. 26, 2017 | Apr. 23, 2015 | Oct. 03, 2021 | Apr. 24, 2019 |
Stock Plan 2019 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 642,899 | 357,143 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 600,000 | 550,000 | ||||
Stock Plan 2009 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 241,203 | |||||
The 2009 Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 281,859 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 300,000 | 107,143 | 71,429 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Share-based Payment Arrangement, Amount Capitalized | $ 0 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | 0 |
Share-based Payment Arrangement, Expense | $ 885,000 | $ 258,000 | $ 1,455,000 | $ 601,000 |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 0 | 0 | ||
Employee Stock Purchase Plan [Member] | ||||
Share-based Payment Arrangement, Expense | 31,000 | 16,000 | 97,000 | 24,000 |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Expense | 0 | 11,000 | 0 | 39,000 |
RSUs and PRSUs [Member] | ||||
Share-based Payment Arrangement, Expense | 854,000 | 231,000 | 1,400,000 | 538,000 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,100,000 | $ 1,200,000 | $ 2,100,000 | $ 1,200,000 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 20 days | 1 year 4 months 20 days |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Schedule of Allocation of Recognized Period Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Total costs and expenses | $ 885 | $ 258 | $ 1,455 | $ 601 |
Cost of Sales [Member] | ||||
Total costs and expenses | 78 | 37 | 132 | 80 |
Research and Development Expense [Member] | ||||
Total costs and expenses | 282 | 51 | 521 | 73 |
Selling, General and Administrative Expenses [Member] | ||||
Total costs and expenses | $ 525 | $ 170 | $ 802 | $ 448 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Schedule of Stock Based Compensation Award Activity (Details) shares in Thousands | 9 Months Ended |
Oct. 03, 2021shares | |
Options cancelled (in shares) | 13 |
Stock Plan 2019 [Member] | |
Balance (in shares) | 320 |
Authorized shares (in shares) | 600 |
Options cancelled (in shares) | 13 |
Balance (in shares) | 643 |
Stock Plan 2019 [Member] | Restricted Stock Units (RSUs) [Member] | |
Granted (in shares) | (377) |
Forfeited or expired (in shares) | 23 |
Stock Plan 2019 [Member] | Performance Restricted Stock Units (PRSUs) [Member] | |
Granted (in shares) | (175) |
Forfeited or expired (in shares) | 239 |
Note 8 - Stock-Based Compensa_6
Note 8 - Stock-Based Compensation - Stock Options Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 03, 2021 | Jan. 03, 2021 | |
Balance, options (in shares) | 121 | |
Weighted average price balance (in dollars per share) | $ 28.46 | |
Weighted average remaining term, balance (Year) | 2 years 11 months 26 days | 3 years 9 months |
Forfeited or expired (in shares) | (13) | |
Weighted average price, forfeited or expired (in dollars per share) | $ 23.84 | |
Balance, options (in shares) | 108 | 121 |
Weighted average price balance (in dollars per share) | $ 29.04 | $ 28.46 |
Aggregate intrinsic value | $ 0 | |
Exercisable (in shares) | 108 | |
Weighted average price, exercisable (in dollars per share) | $ 29.04 | |
Weighted average remaining term, exercisable (Year) | 2 years 11 months 26 days | |
Aggregate intrinsic value, exercisable | $ 0 | |
Vested and expected to vest (in shares) | 108 | |
Weighted average price, vested and expected to vest (in dollars per share) | $ 29.04 | |
Weighted average remaining term, vested and expected to vest (Year) | 2 years 11 months 26 days | |
Aggregate intrinsic value, vested and expected to vest | $ 0 |
Note 8 - Stock-Based Compensa_7
Note 8 - Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - RSUs and PRSUs [Member] shares in Thousands | 9 Months Ended |
Oct. 03, 2021$ / sharesshares | |
Balance (in shares) | shares | 800 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.99 |
Granted, number of shares (in shares) | shares | 552 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.82 |
Vested, number of shares (in shares) | shares | (537) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5 |
Forfeited, number of shares (in shares) | shares | (262) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.99 |
Balance (in shares) | shares | 553 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.81 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Oct. 03, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Jan. 03, 2021 | |
Income Tax Expense (Benefit), Total | $ (21,000) | $ 10,000 | $ 136,000 | $ 1,000 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 0 | 0 | $ 0 | ||||
Proceeds from Notes Payable, Total | $ 0 | $ 1,191,000 | |||||
Paycheck Protection Program [Member] | |||||||
Proceeds from Notes Payable, Total | $ 1,200,000 | ||||||
Potential India Restructure [Member] | |||||||
Income Tax Expense (Benefit), Withholding Tax | $ 125,000 |
Note 10 - Information Concern_3
Note 10 - Information Concerning Product Lines, Geographic Information and Revenue Concentration (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 3,858,000 | $ 1,780,000 | $ 8,980,000 | $ 6,134,000 |
JAPAN | ||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 739,000 | $ 271,000 | $ 2,400,000 | $ 1,400,000 |
JAPAN | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk, Percentage | 19.00% | 15.00% | 26.00% | 23.00% |
UNITED STATES | ||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 2,600,000 | $ 1,100,000 | $ 4,400,000 | $ 3,300,000 |
UNITED STATES | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk, Percentage | 67.00% | 61.00% | 49.00% | 54.00% |
UNITED KINGDOM | ||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 273,000 | $ 211,000 | $ 1,379,000 | $ 586,000 |
UNITED KINGDOM | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk, Percentage | 7.00% | 12.00% | 15.00% | 10.00% |
Note 10 - Information Concern_4
Note 10 - Information Concerning Product Lines, Geographic Information and Revenue Concentration - Schedule of Revenue by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Revenue | $ 3,858 | $ 1,780 | $ 8,980 | $ 6,134 |
Total revenue | 3,858 | 1,780 | 8,980 | 6,134 |
New Products [Member] | ||||
Revenue | 2,758 | 639 | 5,095 | 1,945 |
Total revenue | 2,758 | 639 | 5,095 | 1,945 |
Device Sales [Member] | ||||
Revenue | 2,858 | 1,766 | 7,830 | 6,002 |
Total revenue | 2,858 | 1,766 | 7,830 | 6,002 |
Mature Products [Member] | ||||
Revenue | 1,100 | 1,141 | 3,885 | 4,189 |
Total revenue | 1,100 | 1,141 | 3,885 | 4,189 |
IP License and Other Services [Member] | ||||
Revenue | 1,000 | 14 | 1,150 | 132 |
Total revenue | $ 1,000 | $ 14 | $ 1,150 | $ 132 |
Note 10 - Information Concern_5
Note 10 - Information Concerning Product Lines, Geographic Information and Revenue Concentration - Schedule of Revenue by Shipment Destination (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | ||
Total revenue | $ 3,858 | $ 1,780 | $ 8,980 | $ 6,134 | |
Asia Pacific [Member] | |||||
Total revenue | [1],[2] | 763 | 320 | 2,440 | 1,505 |
North America [Member] | |||||
Total revenue | [3] | 2,605 | 1,087 | 4,429 | 3,321 |
Europe [Member] | |||||
Total revenue | [4] | $ 490 | $ 373 | $ 2,111 | $ 1,308 |
[1] | Asia Pacific includes revenue from Japan of $739?,000, or 19% of total revenue and $271,000 or 15% of total revenue for the three months ended October 3, 2021 and September 27, 2020, respectively. For the nine months ended October 3, 2021 and September 27, 2020, revenue from Japan was $2.4 million, or 26% of total revenue, and $1.4 million, or 23% of total revenue, respectively. | ||||
[2] | Certain prior period amounts have been reclassified to conform to current period presentation. | ||||
[3] | North America includes revenue from the United States of $?2.6 million or 67% of total revenue, and $1.1 million, or 61% of total revenue, for the three months ended October 3, 2021 and September 27, 2020, respectively. For the nine months ended October 3, 2021 and September 27, 2020 revenue from the United States was ????$4.4 million, or 49% of total revenue, and $3.3 million, or 54% of total revenue, respectively. | ||||
[4] | Europe includes revenue from United Kingdom of $273,000, or 7% of total revenue and $211,000 or 12% of total revenue for the three months ended October 3, 2021 and September 27, 2020 , respectively. For the nine months ended October 3, 2021 and September 27, 2020, revenue from United Kingdom of $1,379,000, or 15% of total revenue, and $586,000 or 10% of total revenue, respectively. |
Note 10 - Information Concern_6
Note 10 - Information Concerning Product Lines, Geographic Information and Revenue Concentration - Customer and Distributor Concentration (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Jan. 03, 2021 | |
Distributor "A" [Member] | Accounts Receivable [Member] | |||||
Concentration risk percentage | 12.00% | ||||
Distributor "A" [Member] | Revenue Benchmark [Member] | |||||
Concentration risk percentage | 12.00% | 22.00% | 13.00% | 29.00% | |
Distributor "E" [Member] | Accounts Receivable [Member] | |||||
Concentration risk percentage | 18.00% | ||||
Distributor "E" [Member] | Revenue Benchmark [Member] | |||||
Concentration risk percentage | 17.00% | 13.00% | 24.00% | 19.00% | |
Distributor "C" [Member] | Revenue Benchmark [Member] | |||||
Concentration risk percentage | 20.00% | 12.00% | 18.00% | ||
Distributor "J" [Member] | Accounts Receivable [Member] | |||||
Concentration risk percentage | 41.00% | ||||
Customer "O" [Member] | Accounts Receivable [Member] | |||||
Concentration risk percentage | 21.00% | ||||
Customer "O" [Member] | Revenue Benchmark [Member] | |||||
Concentration risk percentage | 25.00% | 11.00% | |||
Customer "B" [Member] | Revenue Benchmark [Member] | |||||
Concentration risk percentage | 10.00% | 12.00% | |||
Customer P [Member] | Accounts Receivable [Member] | |||||
Concentration risk percentage | 67.00% | ||||
Customer "E" [Member] | Revenue Benchmark [Member] | |||||
Concentration risk percentage | 14.00% | ||||
Customer Q [Member] | Accounts Receivable [Member] | |||||
Concentration risk percentage | 10.00% | ||||
Customer "F" [Member] | Revenue Benchmark [Member] | |||||
Concentration risk percentage | 17.00% | 13.00% | 24.00% | 19.00% | |
Customer "K" [Member] | Revenue Benchmark [Member] | |||||
Concentration risk percentage | 12.00% | ||||
Customer "N" [Member] | Revenue Benchmark [Member] | |||||
Concentration risk percentage | 25.00% | 16.00% | 15.00% |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) | Oct. 03, 2021 | Jan. 03, 2021 |
Wafer Purchase Commitment [Member] | ||
Purchase Commitment, Remaining Minimum Amount Committed | $ 632,000 | $ 60,000 |
Other Goods and Services [Member] | ||
Purchase Obligation, Total | $ 1,000,000 |