Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 01, 2023 | Mar. 24, 2023 | Jul. 03, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000882508 | ||
Entity Registrant Name | QUICKLOGIC Corp | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --01-01 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 01, 2023 | ||
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 | ||
City Area Code | 408 | ||
Local Phone Number | 990-4000 | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | QUIK | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 95,442,000 | ||
Entity Common Stock, Shares Outstanding | 13,236,478 | ||
Auditor Firm ID | 659 | ||
Auditor Name | Moss Adams LLP | ||
Auditor Location | San Francisco, California |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 01, 2023 | Jan. 02, 2022 |
Current assets: | ||
Cash and cash equivalents and restricted cash | $ 19,201 | $ 19,605 |
Accounts receivable, net of allowances for doubtful accounts of $18 and $62, as of January 1, 2023 and January 2, 2022, respectively | 2,689 | 999 |
Contract Assets | 1,987 | 295 |
Inventories | 2,493 | 2,078 |
Prepaid expenses and other current assets | 1,570 | 1,181 |
Total current assets | 27,940 | 24,158 |
Property and equipment, net | 465 | 499 |
Capitalized internal-use software, net | 1,514 | 1,241 |
Right of use assets, net | 1,397 | 1,529 |
Intangible assets, net | 645 | 752 |
Non-marketable equity investment | 300 | 300 |
Goodwill | 185 | 185 |
Other assets | 140 | 309 |
TOTAL ASSETS | 32,586 | 28,973 |
Current liabilities: | ||
Revolving line of credit | 15,000 | 15,000 |
Trade payables | 2,391 | 934 |
Accrued liabilities | 1,509 | 1,665 |
Deferred revenue | 272 | 455 |
Lease liabilities, current | 850 | 819 |
Total current liabilities | 20,022 | 18,873 |
Long-term liabilities: | ||
Lease liabilities, non-current | 544 | 744 |
Other long-term liabilities | 125 | 147 |
Total liabilities | 20,691 | 19,764 |
Commitments and Contingencies (Note 14) | 0 | 0 |
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock, $0.001 par value; 200,000 shares authorized; 13,202 and 11,863 shares issued and outstanding as of January 1, 2023 and January 2, 2022, respectively | 13 | 12 |
Additional paid-in capital | 317,174 | 310,222 |
Accumulated deficit | (305,292) | (301,025) |
Total stockholders' equity | 11,895 | 9,209 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 32,586 | $ 28,973 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jan. 01, 2023 | Jan. 02, 2022 |
Allowance for doubtful accounts | $ 18 | $ 62 |
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) | 13,202 | 11,863 |
Common stock, shares outstanding (in shares) | 13,202 | 11,863 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | ||
Revenue | $ 16,180 | $ 12,685 | $ 8,634 | |
Cost of revenue | 7,378 | 5,266 | 4,386 | |
Gross profit | 8,802 | 7,419 | 4,248 | |
Operating expenses: | ||||
Research and development | 5,001 | 6,927 | 7,544 | |
Selling, general and administrative | 7,601 | 8,008 | 6,820 | |
Restructuring costs | 0 | 0 | 753 | |
Loss from operations | (3,800) | (7,516) | (10,869) | |
Interest expense | (148) | (130) | (328) | |
Gain on forgiveness of PPP Loan | 0 | 1,192 | 0 | |
Interest income and other (expense) income, net | (221) | (43) | 97 | |
Loss before income taxes | (4,169) | (6,497) | (11,100) | |
Provision for income taxes | 98 | 119 | 51 | |
Net loss | $ (4,267) | $ (6,616) | $ (11,151) | |
Net loss per share: (1) | ||||
Basic and diluted (in dollars per share) | [1] | $ (0.34) | $ (0.57) | $ (1.14) |
Weighted average shares: (1) | ||||
Basic and diluted (in shares) | 12,588 | 11,535 | 9,781 | |
[1]Net loss equals comprehensive loss for all periods presented. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Cash flows from operating activities: | |||
Net loss | $ (4,267) | $ (6,616) | $ (11,151) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 710 | 626 | 817 |
Stock-based compensation | 2,035 | 2,526 | 1,739 |
Write-down of inventories | 224 | 225 | 199 |
Gain on forgiveness of PPP Loan | 0 | (1,192) | 0 |
Loss (gain) on disposal of equipment | (27) | (5) | 44 |
Bad debt expense | 18 | 62 | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (1,708) | 627 | 303 |
Contract assets | (1,692) | (295) | 0 |
Inventories | (639) | 385 | 373 |
Other assets | (321) | (444) | 533 |
Trade payables | 1,871 | 367 | 298 |
Accrued liabilities | (55) | 325 | 207 |
Deferred income | (183) | 403 | (106) |
Other long-term liabilities | (22) | 147 | 0 |
Net cash used in operating activities | (4,056) | (2,859) | (6,744) |
Cash flows from investing activities: | |||
Capital expenditures for property and equipment | (142) | (185) | (253) |
Capitalized internal-use software | (672) | (533) | (801) |
Net cash used in investing activities | (814) | (718) | (1,054) |
Cash flows from financing activities: | |||
Payment of finance lease obligations | (452) | (378) | (270) |
Proceeds from PPP loan | 0 | 0 | 1,191 |
Proceeds from line of credit | 60,000 | 60,000 | 57,000 |
Repayment of line of credit | (60,000) | (60,000) | (57,000) |
Gross Proceeds from issuance of common stock | 4,935 | 1,342 | 9,296 |
Stock issuance costs | (17) | (45) | (1,147) |
Taxes paid related to net settlement of equity awards | 0 | (485) | (72) |
Net cash provided by financing activities | 4,466 | 434 | 8,998 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (404) | (3,143) | 1,200 |
Cash, cash equivalents and restricted cash at the beginning of the period | 19,605 | 22,748 | 21,548 |
Cash, cash equivalents, and restricted cash at the end of the period | 19,201 | 19,605 | 22,748 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 86 | 77 | 277 |
Income taxes paid | 16 | 73 | 24 |
Supplemental schedule of non-cash investing and financing activities: | |||
Finance lease obligations entered in during the year | $ 650 | $ 690 | $ 670 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [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 plans (in shares) | 121 | |||
Common stock issued under stock plans and employee stock purchase plans | $ 0 | (24) | 0 | (24) |
Stock Issued During Period, Shares, New Issues (in shares) | 2,642 | |||
Common stock offering, net of issuance costs | $ 3 | 8,097 | 0 | 8,100 |
Stock-based compensation | 0 | 1,739 | 0 | 1,739 |
Net loss | $ 0 | 0 | (11,151) | (11,151) |
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 plans (in shares) | 571 | |||
Common stock issued under stock plans and employee stock purchase plans | $ 0 | (222) | 0 | (222) |
Stock Issued During Period, Shares, New Issues (in shares) | 198 | |||
Common stock offering, net of issuance costs | $ 1 | 1,033 | 0 | 1,034 |
Stock-based compensation | 0 | 2,526 | 0 | 2,526 |
Net loss | $ 0 | 0 | (6,616) | (6,616) |
Balance (in shares) at Jan. 02, 2022 | 11,863 | |||
Balance at Jan. 02, 2022 | $ 12 | 310,222 | (301,025) | 9,209 |
Common stock issued under stock plans and employee stock purchase plans (in shares) | 542 | |||
Common stock issued under stock plans and employee stock purchase plans | $ 0 | 253 | 0 | 253 |
Stock Issued During Period, Shares, New Issues (in shares) | 797 | |||
Common stock offering, net of issuance costs | $ 1 | 4,664 | 0 | 4,665 |
Stock-based compensation | 0 | 2,035 | 0 | 2,035 |
Net loss | $ 0 | 0 | (4,267) | (4,267) |
Balance (in shares) at Jan. 01, 2023 | 13,202 | |||
Balance at Jan. 01, 2023 | $ 13 | $ 317,174 | $ (305,292) | $ 11,895 |
Note 1 - The Company and Basis
Note 1 - The Company and Basis of Presentation | 12 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1 THE COMPANY AND BASIS OF PRESENTATION QuickLogic Corporation ("QuickLogic" or, the "Company"), was founded in 1988 1999. 2021 QuickLogic’s Fiscal Year ends on the Sunday closest to December 31. 2022 , 2021 , and 2020 January 1, 2023 , January 2, 2022 and January 3, 2021 , respectively. Supply Chain Disruptions Global, supply chain constraints have not none January 1, 2023 not twelve may may The conflict between Russia and Ukraine has negatively impacted the global economy and led to various economic sanctions being imposed by the U.S., United Kingdom, European Union and other countries against Russia. While the impacts of the conflict have not not not may 2023 On January 20, 2023, not 15 Liquidity The Company has financed its operations and capital investments through the sale of common stock, finance and operating leases, a revolving line of credit and cash flows from operations. As of January 1, 2023 The Company's principal contractual commitments include purchase obligations, re-payments of draw downs from the revolving line of credit, and payments under operating and finance leases. Purchase obligations are largely comprised of open purchase order commitments to suppliers. The Company's risk associated with the purchase obligations is limited to the termination liability provisions within those contracts, and as such, the Company does not risk. See Note 6 Heritage Bank has a first 6 On September 14, 2022 February 9, 2022, September 14, 2022 February 9, 2022 On September 22, 2021, September 30, 2021, $45 thousand in issuance costs. See Note 10 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 $3.2 million and $1.5 million gross cash proceeds from the September 14, 2022 February 9, 2022 twelve Various factors 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; market acceptance of existing and new products including solutions based on its, ArcticLink® and PolarPro® platforms, ArcticPro™, EOS S3 Over the longer term, the Company anticipates that sales generated from its new product offerings, existing cash and cash equivalents, together with financial resources from its Revolving Facility with Heritage Bank, assuming renewal of the Revolving Facility or the Company entering into a new debt agreement with an alternative lender prior to the expiration of the revolving line of credit in December 2024, Principles of Consolidation The consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles, in the United States of America or ("US GAAP"), and the applicable rules and regulations of the Securities and Exchange Commission, ("SEC"), and include the accounts of QuickLogic and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Critical Accounting Policies and Use of Estimates The preparation of these 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. Although these estimates are based on the Company’s knowledge of current events and actions it may may in regards to revenue recognition; and the valuation of inventories including identification of excess quantities, market value and obsolescence. The methods, estimates and judgments we use in applying our most critical accountin may Licensed Intellectual Property The Company licenses intellectual property that is incorporated into its products. Costs incurred under license agreements prior to the establishment of technological feasibility are included in research and development expense as incurred. Costs incurred for intellectual property once technological feasibility has been established and that can be used in multiple products are capitalized as a long-term asset. Once a product incorporating licensed intellectual property has production sales, the amount is amortized over the estimated useful life of the asset, generally up to five Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification ("ASC") Topic No. 606 The Company earns revenue from principal activities by delivering standard hardware products, eFPGA IP products, and software as a service to customers and other revenue. The Company applies a five • Identification of the contract, or contracts, with a customer, • Identification of the performance obligations in the contract, • Determination of the transaction price. T may • Allocation of the transaction price to the performance obligations in the contract, and • Recognition of revenue when, or as, we satisfy a performance obligation. As part of its assessment of each contract, the Company evaluates certain factors including the customer’s ability to pay, or credit risk. The following is a description the Company's revenue recognition policy by principal activity: Hardware Product Revenue The Company generates revenue by supplying standard hardware products, which must be programmed before they can be used in an application. Standard hardware products may third not one not eFPGA IP Revenue eFPGA IP revenue is comprised primarily of eFPGA intellectual property revenue, eFPGA-related professional services revenue, and eFPGA-related support and maintenance. The Company recognizes eFPGA intellectual property revenue from licensing its eFPGA intellectual property to customers and recognizes eFPGA-related professional services revenue from the fees associated with custom development and integration of the Company's technology solutions into hardware products. The Company recognizes eFPGA revenue from support and maintenance services for post-implementation customer support ratably over the service term. Renewals of support and maintenance contracts create new performance obligations which the Company recognizes as revenue ratably over the service term. e FPGA IP contractual arrangements often include promises to transfer intellectual property licenses, to customize hardware products, and to provide professional services and technical support services. T may not considered individual performance obligations. not Judgment is required to determine the SSP for each performance obligation. The Company rarely sell eFPGA IP on a standalone basis. Generally, the Company provides eFPGA-related professional services to customers based on unique contractual arrangement terms and conditions, with unique deliverables, often in conjunction with other performance obligations. not may may one may overall pricing objectives, taking into consideration market conditions and other factors, including the value of its contracts, type of the customer, customer tier, type of the technology used, customer demographics, geographic locations, and other factors. eparately if they are distinct. The Company allocates the transaction price to the separate performance obligations based on their relative SSP. The Company also provides eFPGA-related professional services on a time-and-material basis. The Company recognizes revenue on contracts with a customer with a single performance obligation to transfer eFPGA intellectual property when the Company transfers control to the customer, which is generally upon product delivery to the customer assuming all other criteria for revenue recognition have been met. Generally, the Company satisfies contractual performance obligations over time. When the Company satisfies performance obligations over time, it recognizes revenue by applying an over-time methodology that provides a faithful depiction of the transfer of the contractual arrangement's deliverables to the customer. These over-time methodologies may • Model measured using the input method such as units of labor, • Model measured using the input method reflecting a generally consistent effort • Model measured using the output method such as the specific deliverables produced, • Model measured using the input method such as time and material for professional engineering services provided. Due to the nature of the work performed under contractual arrangements, the estimation of the over-time model is complex and involves significant judgment. In the case of the input methods, the key factors reviewed by management to estimate costs to complete each contract is the estimated labor days-effort necessary to complete the project, budgeted hours, hourly cost to the Company, profit margins, and engineering hours at cut-off when projects extend beyond a reporting period. In the case of the output method, key factors reviewed by the Company are the specific deliverables specified in the contracts with customers. The Company has methods and controls in place for tracking labor-days incurred in completing customization and other professional services as well as quantifying changes in estimates. In the Fiscal Year ended January 2, 2022, not This deferred revenue was recognized to revenue during the year ended January 1, 2023. 8 SaaS & Other Revenue SaaS & Other revenue is comprised primarily of software as a s ervice ("SaaS") revenue, software-related professional services revenue, and royalties from licensing the Company's technology. SaaS revenue is generated when the Company licenses its software to customers and allows customers to access the software over a short-term subscription basis. The Company grants the customer the right to access and use software at the outset of the arrangement and throughout the entire term of the arrangement. The Company recognizes revenue from software-related professional services as services are provided to the customer. The Company recognizes royalty revenue on the later of (i) the subsequent sale or usage, or (ii) satisfaction of a performance obligation to which some or all of the sales-based royalty has been allocated. Practical Expedients, Elections, and Exemptions • Taxes collected from customers and remitted to government authorities and that are related to the sales of our products are excluded from revenues. • Sales commissions are expensed when incurred because the amortization period would have been one • The Company does not one Contract Balances Due to the terms in contractual agreements with customers, the timing of revenue recognition may The Company records a contract asset when revenue is recognized prior to invoicing if the Company does not not not not The Company had contract asset s of approximately $2.0 million and $0.3 million and contract liabilities (reflected as deferred revenue) of $0 and $0.3 million on the consolidated balance sheets at January 1, 2023 January 2, 2022, Assets Recognized from Costs to Obtain a Contract with a Customer The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if it expects the benefit of those costs to be longer than one none 606 January 1, 2023 January 2, 2022 no January 1, 2023, January 2, 2022. Hardware Product Sales Return Allowance The Company records an allowance for hardware product sales returns. The allowance for sales returns is based on a historical returns analysis performed on a quarterly basis. Amounts recorded for hardware product sales returns were a $13 thousand sales return reversal, and $30 thousand for the years ended January 1, 2023 January 2, 2022 January 3, 2021 on the Company's consolidated statements of operations. Cost of Revenues The Company records costs of revenue associated with hardware product revenues, eFPGA IP revenue and SaaS revenue. Hardware product costs include the cost of materials, contract manufacturing fees, shipping costs, and quality assurance. Hardware product costs also includes indirect costs such as warranty, excess and obsolete inventory charges, general overhead costs, depreciation and amortization of certain capitalized software. eFPGA IP and SaaS costs includes costs related to services under contractual agreements over the term of their respective agreements. These costs are primarily comprised of employee salary and benefits and other employee-related costs to perform work on revenue-generating contracts with customers, software tool utilization costs and contract engineering costs. Valuation of Inventories Hardware product inventories are stated at the lower of standard cost or net realizable value. Standard cost approximates actual cost on a first first may The Company's hardware products have historically had an unusually long product life cycle and obsolescence has not may |
Note 2 - Other Relevant Account
Note 2 - Other Relevant Accounting Policies | 12 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 OTHER RELEVANT ACCOUNTING POLICIES Cash Equivalents and Restricted Cash The Company considers all short-term, highly liquid investments with an original or a remaining maturity at purchase of ninety Foreign Currency Transactions All of the Company’s revenue transactions and inputs to its cost of revenue are denominated in U.S. dollars. The Company conducts sales and marketing activities in various countries outside of the United States. The Company's foreign operations' monetary assets and liabilities 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. The Company's foreign operations' income and expenses are transacted in local foreign currency and translated to U.S. dollars using the average exchange rates in effect during the period. Gains and losses from the foreign currency transactions of the Company's foreign operations are recorded as interest income and other (expense) income, net in the consolidated statements of operations. The impact from foreign currencies was not January 1, 2023 January 2, 2022 January 3, 2021 Operating expenses denominated in foreign currencies represented approximately 12%, 21% and 18% o f t January 1, 2023 January 2, 2022 January 3, 2021 January 1, 2023 January 2, 2022 January 3, 2021 not Fair Value of Financial Instruments Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. Assets and liabilities recorded at fair value are measured and classified in accordance with a three • Level 1 • Level 2 not • Level 3 no The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The determination of fair value involves the use of appropriate valuation methods and relevant inputs into valuation models. The carrying value of cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to their relatively short maturities. The Company's financial assets consisting of an investment in non-marketable equity without a readily determinable fair value, are measured under a measurement election alternative to the requirement to carry equity interests at fair value. In the Fiscal Year ended January 2, 2022, no no 2013 321 3 no January 1, 2023. 8 Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, generally one seven one seven Capitalized Internal-Use Software The Company capitalizes costs related to the development of hosted services it provides to its customers and internally used enterprise-level business and finance software in support of the Company’s operational needs. Costs incurred in the application development phase are capitalized and amortized on a straight-line basis over their useful lives, which are generally five Long-Lived Assets The Company reviews the recoverability of its long-lived assets annually and when events or changes in circumstances occur that indicate that the carrying value of the asset or asset group may not The Company's long-lived assets include property and equipment. The Company assesses possible impairment based its ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows, undiscounted and without interest charges, of the related operations, as well as the useful lives applied to the assets. If these cash flows are less than the carrying value of the asset or asset group, an impairment loss is recognized for the difference between the estima ted fair value and the carrying value, and the carrying value of the related assets is reduced by this difference. The measurement of impairment requires management to estimate future cash flows and the fair value of long-lived assets. The Company recognized gains on disposal of equipment of $27 thousand and $5 thousand in the years ended January 1, 2023 and January 2, 2022 , respectively. Allowance for Doubtful Accounts The Company estimates the amount of uncollectible accounts receivable at the end of each reporting period based on the aging of the receivable balance, current and historical customer trends, and communications with its customers. Amounts are written off only after considerable collection efforts have been made and the amounts are determined to be uncollectible. The Company provides an allowance for doubtful accounts based on both historical experience and a specific identification basis. As of January 1, 2023 January 2, 2022, January 1, 2023 January 2, 2022 Hardware Product Warranty Costs The Company warrants product hardware against defects in material and workmanship under normal use for twelve not 606. not not January 1, 2023 January 2, 2022 January 3, 2021 Leases The Company accounts for leases under ASC 842 842, 12 may not twelve The Company’s ROU assets were approximately $1.4 million and $1.5 million and lease liabilities were approximately and $1.4 million and $1.6 million on the Company’s consolidated balance sheets at January 1, 2023 January 2, 2022, 7 Business Combinations When the Company acquires a business, it allocates the purchase price to the acquired tangible assets and assumed liabilities, including deferred revenue, liabilities associated with the fair value of contingent consideration and acquired identifiable intangible assets with finite lives. Any residual purchase price is recorded as goodwill. The allocation of the purchase price requires the Company to make significant estimates in determining the fair values of these acquired assets and assumed liabilities, intangible assets with finite useful lives, and goodwill. These estimates are based on information obtained from management of the acquired companies, the Company's assessment of this information, and historical experience. These estimates can include, but are not may may may may The Company recognizes assets acquired (including goodwill and identifiable intangible assets with finite useful lives) and liabilities assumed at fair value on the acquisition date. Subsequent changes to the fair value of such assets acquired and liabilities assumed are recognized in earnings, after the expiration of the measurement period, a period not 12 Goodwill and Intangible Assets Goodwill represents the excess fair value of consideration transferred over the fair value of net assets acquired a in business combination. The carrying value of goodwill and intangible assets with indefinite useful lives are not fourth November 2022 2021, no Acquired intangible assets with finite useful lives are amortized on a straight-line basis over the periods benefited. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset or asset group may not November 2022 2021 no Advertising Advertising and promotion expenses are charged to “selling, general and administrative” expense in the consolidated statements of operations as incurred. Advertising and promotion expense s were $40 thousand, $47 thousand and $76 thousand for the years ended January 1, 2023 January 2, 2022 January 3, 2021 Stock-Based Compensation The Company grants stock-based compensation under its stock plan (the "Plan") to eligible employees and non-employee directors and grants stock-based compensation under an employee stock purchase plan ("ESPP") for all eligible employees. The Company accounts for stock-based compensation under the provisions of the amended authoritative guidance, and related interpretations which require the measurement and recognition of expense related to the fair value of stock-based compensation awards. The fair value of stock-based compensation awards is measured at the grant date and re-measured upon modification, as appropriate. The Company uses the Black-Scholes option pricing model to estimate the fair value of employee stock options and rights to purchase shares. The fair value of restricted stock awards, restricted stock units, and performance-based restricted stock units is based on the closing price of the Company’s common stock on the date of grant. Using the Black-Scholes pricing model requires us to develop highly subjective assumptions, including the expected term of awards, expected volatility of our stock, expected risk-free interest rate and expected dividend rate over the term of the award. The expected term of awards is based primarily on our historical experience with similar grants. The expected stock price volatility for both stock options and ESPP shares is based on the historic volatility of our stock, using the daily average of the opening and closing prices and measured using historical data appropriate for the expected term. The risk-free interest rate assumption approximates the risk-free interest rate of a Treasury Constant Maturity bond with a maturity approximately equal to the expected term of the stock option or ESPP shares. The expected stock price volatility under the Plan and the ESPP is based on the historic volatility of our stock, using the daily average of the opening and closing prices and measured using historical data appropriate for the expected term. The risk-free interest rate assumption approximates the risk-free interest rate of a Treasury Constant Maturity bond with a maturity appropriate for the expected term of stock awards under the Plan or the maturity appropriate for the term of the purchase period for the ESPP Plan. The dividend yield assumption is based on the Company's intent not Stock-based compensation expense is measured at the grant date based on the fair value of the award less expected forfeitures, over the requisite service period, which is typically the vesting period. Expected forfeitures are an estimate based on the historical pre-vest cancellation experience and is applied to all share-based awards. Equity compensation awards that contain a service condition are expensed using the straight-line attribution method over the req uisite service period. awards are expected to vest based on the achievement of a performance goal and are expensed over the estimated vesting period, which is estimated by management. We regularly review the assumptions used to compute the fair value of our stock-based awards and we revise our assumptions as appropriate. See Notes 11 12 Accounting for Income Taxes As part of the process of preparing our financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax exposure together with assessing temporary differences resulting from different tax and accounting treatment of items, such as deferred revenue, allowance for doubtful accounts, the impact of equity awards, depreciation and amortization, and employee-related accruals. These differences result in deferred tax assets and liabilities, which are included on our balance sheets. We must then assess the likelihood that our deferred tax assets will be recovered from future taxable income. To the extent we believe that recovery is not The Company accounts for uncertainty in income taxes using a two first not second 50% one Concentrations of Credit and Suppliers Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable. Cash and cash equivalents are maintained with high quality institutions. The Company’s accounts receivables are denominated in U.S. dollars and are derived primarily from sales to customers located in North America, Europe and Asia Pacific. The Company performs ongoing credit evaluations of its customers and generally does not ollateral. See Note 13 The Company depends on a limited number of contract manufacturers, subcontractors, and suppliers for wafer fabrication, assembly, programming and test of its hardware products, and for the supply of programming equipment, and these services are typically provided by one supplier for each of the Company’s hardware products. The Company generally purchases these single or limited source services through standard purchase orders. Because the Company relies on independent subcontractors to perform these services, it cannot directly control its product delivery schedules, costs or quality levels. The Company’s future success also depends on the financial viability of its independent subcontractors. The Company’s accounts receivables 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 13 Comprehensive Loss The net loss in the consolidated statements of operations for each of the years ended January 1, 2023 January 2, 2022 January 3, 2021 Recently Adopted New Accounting Pronouncements In May 2021, No. 2021 04, 260 470 50 718 815 40 December 15, 2021, No. 2021 04 January 3, 2022 no New Accounting Pronouncements Pending Adoption In June 2022, No. 2022 03, Fair Value Measurement (Topic 820 Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions December 15, 2023, not 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 s Own Equity December 15, 2021, no December 15, 2020, No. 2020 06 not |
Note 3 - Net Loss Per Share
Note 3 - Net Loss Per Share | 12 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 3 NET LOSS PER SHARE Basic net 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. Approximately 0.8 million shares, 0.7 million shares, and 0.9 million shares associated with equity awards outstanding and the estimated number of shares to be purchased under the current offering period of the ESPP Plan were not January 1, 2023 , January 2, 2022 and January 3, 2021 , respectively. Warrants to purchase up to 0.4 million shares were issued in connection with May 29, 2018 not January 1, 2023 January 2, 2022 January 3, 2021 |
Note 4 - Balance Sheet Componen
Note 4 - Balance Sheet Components | 12 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | NOTE 4 BALANCE SHEET COMPONENTS January 1, January 2, 2023 2022 (in thousands) Accounts receivable: Trade account receivables $ 2,707 $ 1,113 Less: Allowance for doubtful accounts (18 ) (62 ) $ 2,689 $ 1,051 Inventories: Work-in-process $ 1,826 $ 1,397 Finished goods 667 681 $ 2,493 $ 2,078 Other current assets: Prepaid expenses $ 1,305 $ 921 Other 265 260 $ 1,570 $ 1,181 Property and equipment: Equipment $ 10,133 $ 10,341 Software 1,803 1,878 Furniture and fixtures 65 32 Leasehold improvements 466 466 12,467 12,717 Accumulated depreciation and amortization (12,002 ) (12,218 ) $ 465 $ 499 Capitalized internal-use software: Capitalized software held for internal use $ 2,370 $ 1,699 Accumulated amortization (856 ) (458 ) $ 1,514 $ 1,241 Accrued liabilities: Accrued compensation $ 865 $ 740 Accrued employee benefits 40 111 Accrued payroll tax 57 102 Other 547 712 $ 1,509 $ 1,665 The Company recorded depreciation and amortization expense of $0.7 million, $0.6 million and $0.8 million for the years January 1, 2023 January 2, 2022 January 3, 2021 . No interest was capitalized for any period presented. D epreciation and amortization expense included approximately $0.4 million, $0.5 million and $0.1 million in amortization expense of capitalized internal-use software for the years ended January 1, 2023 January 2, 2022 January 3, 2021 |
Note 5 - Intangible Assets
Note 5 - Intangible Assets | 12 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 5 INTANGIBLE ASSETS The following table provides the details of the carrying value of intangible assets recorded from the 2019 January 1, 2023 January 1, 2023 Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology 6 $ 959 $ (383 ) $ 576 Customer relationships — 81 (81 ) — Trade names and trademarks 6 116 (47 ) 69 Total acquired identifiable intangible assets $ 1,156 $ (511 ) $ 645 The following table provides the details of the carrying value of intangible assets recorded from the 2019 January 2, 2022 January 2, 2022 Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology 7 $ 959 $ (288 ) $ 672 Customer relationships — 81 (81 ) — Trade names and trademarks 7 116 (35 ) 81 Total acquired identifiable intangible assets $ 1,156 $ (404 ) $ 753 The following table provides the details of future annual amortization of intangible assets, based upon the current useful lives at January 1, 2023 Amount Annual Fiscal Years 2023 $ 107 2024 107 2025 107 2026 107 2027 107 Thereafter 110 Total $ 645 |
Note 6 - Debt Obligations
Note 6 - Debt Obligations | 12 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 6 DEBT OBLIGATIONS Revolving Line of Credit On December 21, 2018 , December 31. one one December 31, 2022, December 31, 2024. January 1, 2023 January 2, 2022, January 1, 2023 January 2, 2022 We were in compliance with all loan covenants under the Loan Agreement, as amended as of the end of the current reporting period. Heritage Bank has a first Payroll Protection Program Loan On May 6, 2020, March 27, 2020. The PPP Loan was evidenced by a promissory note (“Note”) dated May 6, 2020, two first six six no may fourth 2020, January 26, 2021, January 2, 2022. |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | NOTE 7 LEASES The Company's principal research and development and corporate facilities are leased office buildings located in the United States. These lease facilities are classified as operating leases. Operating leases generally have lease terms of 1 5 2 3 2220 95131, five February 2019. four April 2019. 2023 January 1, 2023 January 2, 2022 January 3, 2021 The Company believes that these facilities are adequate for its current needs. The following table provides the activity related to operating and finance leases (in thousands): January 1, 2023 January 2, 2022 Operating lease costs: Fixed $ 409 $ 402 Short term 11 23 Total $ 420 $ 425 Finance lease costs: Amortization of ROU asset $ 437 $ 700 Interest 23 69 Total $ 460 $ 769 The following table provides the details of supplemental cash flow information (in thousands): January 1, 2023 January 2, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 409 $ 402 Operating cash flows used for finance leases 23 69 Financing cash flows used for financing leases 452 378 Finance lease $ 650 $ 1,311 The following table provides the details of ROU assets and lease liabilities (in thousands): January 1, 2023 January 2, 2022 Right-of-use assets: Operating leases $ 464 $ 809 Finance leases 933 720 Total $ 1,397 $ 1,529 Lease liabilities: Operating leases $ 507 $ 873 Finance leases 887 690 Total $ 1,394 $ 1,563 The following table provides the details of future lease payments for operating and finance leases as of January 1, 2023 Annual Fiscal Years Operating Finance 2023 $ 421 $ 491 2024 106 455 Total lease payments 527 946 Less: Interest 20 59 Present value of lease liabilities $ 507 $ 887 The following table provides the details of lease terms and discount rates: January 1, 2023 ROU assets: Weighted-average remaining lease term (years) Operating leases 1.25 Finance leases 1.91 Weighted-average discount rates: Operating leases 6.00 % Finance leases 5.95 % |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 12 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 8 FAIR VALUE MEASUREMENTS The Company's cash, cash equivalents and restricted cash balances were $19.2 million and $19.6 million, including amounts in money market funds, as of January 1, 2023 January 2, 2022 January 1, 2023 January 2, 2022. "APR"). In the third 2021, not not no, 3 Fair Value at Valuation Date Using: Total Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Non-marketable equity investment $ 300 $ — $ — $ 300 In arriving at the estimated value for the non-cash consideration, the Company utilized inputs relying on significant judgment in accordance with the AICPA Accounting and Valuation Guide, Valuation of Privately Held Company Equity Securities Issued as Compensation ( 2013 • Discount for lack of marketability: 34% - 41%. • Expected Term: 4 - 5 Years. • Risk Free Interest Rate: 0.75% - 0.92%. • Dividend: 0.00. • Volatility: 63% - 78%. Volatility was estimated by utilizing a selected peer group of companies within the customers’ industry with a valuation date as of October 2021. After initial recognition fair value of the non-cash consideration, the Company elected to utilize the practical expedient under ASC 321 321 ASC8 20. 321 Subsequent to the valuation date and through January 2, 2022, no 2022, no no January 1, 2023 January 2, 2022. The carrying amount of the non-marketable equity investment was $0.3 million as of as of January 1, 2023 January 2, 2022. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 INCOME TAXES The components of loss before provision of income taxes and the components for the provision for income taxes are as follows (in thousands): Fiscal Years 2022 2021 2020 Loss before income taxes: U.S. $ (4,116 ) $ (6,461 ) $ (11,170 ) Foreign (53 ) (36 ) 70 Loss before income taxes $ (4,169 ) $ (6,497 ) $ (11,100 ) Provision for income taxes: Current: State $ 3 $ 3 $ 3 Foreign 36 22 39 Subtotal 39 25 42 Deferred: Foreign 59 94 9 Subtotal 59 94 9 Provision for income taxes $ 98 $ 119 $ 51 The difference between income taxes computed at the statutory federal income tax rate and the provision for income taxes is attributable to the following (in thousands): Fiscal Years 2022 2021 2020 Income tax benefit at statutory rate $ (876 ) $ (1,364 ) $ (2,331 ) State taxes 3 3 3 Foreign taxes 106 124 34 Stock compensation and other permanent differences 21 (155 ) 171 PPP loan forgiveness — (250 ) — R&D tax credits (318 ) (230 ) (261 ) Expired tax attributes 3,563 3,303 208 Future benefit of deferred tax assets not recognized (2,401 ) (1,312 ) 2,227 Provision for income taxes $ 98 $ 119 $ 51 Based on the available objective evidence, management believes it is more likely than not not January 1, 2023 may not Significant components of our deferred tax balances are as follows (in thousands): January 1, 2023 January 2, 2022 Deferred tax assets: Net operating losses $ 43,110 $ 45,197 Accruals and reserves 1,284 1,347 Credits carryforward 6,004 5,660 Depreciation and amortization 6,488 7,820 Stock-based compensation 1 403 Operating lease liability 327 409 Gross deferred tax assets 57,214 60,836 Deferred tax liabilities: Right-of-use asset (328 ) (400 ) Withholding tax on future distribution (125 ) (125 ) Gross deferred tax liabilities (453 ) (525 ) Net deferred tax assets 56,761 60,311 Valuation allowance (56,862 ) (60,353 ) Total deferred tax liability $ (101 ) $ (42 ) Beginning January 1, 2022, 174. 5 15 $5.4M As of January 1, 2023 , we had federal and state income tax net operating loss ("NOL") carryforwards of approximately $175.0 millio n and $91.2 million, respectively. Approximately $112.4 million in federal NOLs generated before January 1, 2018 2023 2037. January 2018 million for federal and $5.0 for state income tax purposes as of January 1, 2023 . If not 2026 2041. Due to our history of losses, we believe that it is more likely than not not January 1, 2023. January 1, 2023 Events which may not 382 may The Company has not may Foreign withholding taxes associated with the repatriation of earnings of foreign subsidiaries were not 2022. 2022, no January 1, 2023, not Uncertain Tax Positions Changes in gross unrecognized benefits are as follows (in thousands): Fiscal Years 2022 2021 2020 Beginning balance of unrecognized tax benefits $ 2,118 $ 2,176 $ 2,117 Additions (subtractions) for tax positions related to the prior year — (7 ) 38 Additions for tax positions related to the current year 185 128 114 Lapse of statutes of limitations (54 ) (178 ) (93 ) Ending balance of unrecognized tax benefits $ 2,249 $ 2,118 $ 2,176 Out of $2.2 million of unrecognized tax benefits, there are no unrecognized tax benefits that would result in a change in the Company's effective tax rate if recognized in future years. The accrued interest and penalties related to uncertain tax positions was not January 1, 2023 , January 2, 2022 and January 3, 2021 . The Company is not may not twelve 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 2003 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 12 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10 STOCKHOLDERS’ EQUITY Common and Preferred Stock As of January 1, 2023 , the Company is authorized to issue 200 million shares of common stock and has ten million Issuance of Common Stock On August 17, 2022, 3 may one August 26, 2022. On September 14, 2022 February 9, 2022, 3 No. 333 266942 333 230352, September 14, 2022 February 9, 2022 On September 22, 2021, September 30, 2021, 3 No. 333 230352 On June 22, 2020, 30 July 21, 2020 Warrants exercisable for 386 thousand shares of common stock remain outstanding as of January 1, 2023 . May 29, 2023 |
Note 11 - Employee Stock Plans
Note 11 - Employee Stock Plans | 12 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Disclosure of Employee Stock Ownership Plans [Text Block] | NOTE 11 EMPLOYEE STOCK PLANS 2009 On April 24, 2019, 2009 "2009 2019 2009 2019 On April 24, 2019, 2019 "2019 2019 ten March 15, 2028. 2019 2009 May 10, 2022, 2019 1 2 3 2019 2009 May 10, 2022. May 19, 2022, 8 the Securities and Exchange Commission nine hundred may 2019 As of January 1, 2023 ly 960 thousand shares of t 2019 Options typically vest at a rate of 25% one one forty eighth one one eighth six may 2009 The QuickLogic Corporation 2009 "2009 March 6, 2019, March 2009. 2009 ten March 5, 2029 six o of an employee’s total compensation (maximum of 1,429 shares per offering period). The 2009 85% 85% As of January 1, 2023 ly 206 thousand shares of t 2009 |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 12 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 12 STOCK-BASED COMPENSATION The Company provides stock-based incentive compensation awards to eligible employees and non-employee directors. Awards that may four ten Stock-based compensation expense recognized in the Company’s consolidated statements of operations for the years ended January 1, 2023 January 2, 2022 January 3, 2021 Fiscal Years Stock-based compensation expense included in: 2022 2021 2020 Cost of revenue $ 272 $ 282 $ 162 Research and development 652 843 670 Selling, general and administrative 1,111 1,401 907 Total costs and expenses $ 2,035 $ 2,526 $ 1,739 Fiscal Years Stock-based compensation expense by type of award: 2022 2021 2020 Stock options $ — $ — $ 39 ESPP 70 110 39 RSU and PRSU 1,965 2,416 1,661 Total costs and expenses $ 2,035 $ 2,526 $ 1,739 No January 1, 2023 January 2, 2022 January 3, 2021 Stock-Based Compensation Award Activity A roll forward of shares available for grant under the 2019 Shares Available for Grant Balance at January 3, 2021 320 Authorized 600 Options forfeited or expired 31 RSUs granted (619 ) RSUs forfeited 262 Balance at January 2, 2022 594 Authorized 900 RSUs granted (584 ) RSUs forfeited 50 Balance at January 1, 2023 960 No Stock Options A roll forward of stock options under the 2019 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Balance outstanding at December 29, 2019 186 $ 32.09 Forfeited or expired (65 ) 38.83 Balance outstanding at January 3, 2021 121 28.46 Forfeited or expired (28 ) 31.68 Balance outstanding at January 2, 2022 93 27.49 Forfeited or expired (18 ) 39.72 Outstanding, exercisable, and vested at January 1, 2023 75 $ 24.50 2.80 $ — The intrinsic value for the stock options, based on the Company’s closing stock pri ce of per share at December 30, 2022, The total intrinsic value of options exercised during the years ended January 1, 2023 January 2, 2022 January 3, 2021 not not January 1, 2023 January 2, 2022 January 3, 2021 . no January 1, 2023 Restricted Stock Units The Company grants RSUs to employees with various vesting terms. RSUs entitle the holder to receive, at no one As of January 1, 2023, January 1, 2023 2022, not not January 1, 2023. A roll forward summarizes RSU activity and related weighted average grant date fair values as follows: RSUs Outstanding Number of Shares Weighted Average Grant Date Fair Value (in thousands) Nonvested at December 30, 2019 377 $ 12.55 Granted 816 3.97 Vested (144 ) 10.41 Forfeited (249 ) 7.93 Nonvested at January 3, 2021 800 4.99 Granted 619 5.81 Vested (586 ) 4.99 Forfeited (265 ) 5.00 Nonvested at January 2, 2022 568 5.86 Granted 584 6.11 Vested (490 ) 5.56 Forfeited (32 ) 5.35 Nonvested at January 1, 2023 630 $ 6.05 2009 The Company issued 52 thousand shares of common stock at an average price of $4.82 per share, 84 thousand shares of common stock at an average price of $3.14 per share, and 20 thousand shares of common stock at an average price of $2.47 per share January 1, 2023 January 2, 2022 January 3, 2021 . The weighted average grant date fair value and the weight-average assumptions used to estimate the fair value of ESPP option rights granted is as follows: Fiscal Years 2022 2021 2020 Expected life (months) 6.0 6.0 6.0 Risk-free interest rate 3.04 % 0.05 % 0.12 % Volatility 57 % 74 % 82 % Dividend yield — — — Weighted average fair value of ESPP options granted $ 2.04 $ 2.18 $ 1.09 |
Note 13 - Information Concernin
Note 13 - Information Concerning Product Lines, Geographic Information, Accounts Receivable and Revenue Concentration | 12 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 13 INFORMATION CONCERNING PRODUCT LINES, GEOGRAPHIC INFORMATION, ACCOUNTS RECEIVABLE AND REVENUE CONCENTRATION The Company identifies its business segments 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 family (in thousands): Fiscal Years 2022 2021 2020 New products $ 11,675 $ 7,761 $ 2,782 Mature products 4,505 4,924 5,852 Total revenue $ 16,180 $ 12,685 $ 8,634 New products revenue consists of revenues from the sale of hardware products manufactured on 180 180 The following is a breakdown of new products revenue (in thousands): Fiscal Years 2022 2021 2020 Hardware products $ 3,757 $ 4,903 $ 2,383 eFPGA IP 7,545 2,674 223 SaaS & Other 373 184 176 Total new products revenue $ 11,675 $ 7,761 $ 2,782 eFPGA IP revenue consists of primarily of eFPGA intellectual property license revenue and eFPGA-related professional services revenue. eFPGA-IP revenue related to professional services was approximately $7.4 million, $1.5 million, and $0.2 million in the Fiscal Years ended January 1, 2023 January 2, 2022 January 3, 2021 Contract assets were approximately $2.0 million and $0.3 million at January 1, 2023 January 2, 2022, January 1, 2023 January 2, 2022, We derive revenue from sales to customers located in North America, Europe and Asia Pacific. North America includes revenue from the United States. Revenue from the Uni ted States was $10.6 million or 67% of total revenue, $6.9 milli e years ended January 1, 2023 January 2, 2022 January 3, 2021 The following is a breakdown of revenue by shipping destination (in thousands): Fiscal Years 2022 2021 2020 Asia Pacific $ 3,558 $ 3,352 $ 2,100 North America 10,912 6,885 5,033 Europe 1,710 2,448 1,501 Total revenue $ 16,180 $ 12,685 $ 8,634 The following distributors and customers accounted for 10% or more of the Company's revenue for the periods presented. Distributor amounts represent revenue from the Company's goods and services sold to a distributor. Customer amounts represent revenues from both distributor and from the Company to an end customer. As such, revenue to a distributor may Fiscal Years 2022 2021 2020 Distributor "A" 15% 15% 24% Distributor "B" 12% 22% 19% Distributor "C" * 11% 15% Customer "A" 20% * * Customer "B" * * 10% Customer "C" 16% 16% * Customer "F" 12% 14% * Customer "H" * 10% * Customer "J" * * 16% * Represents less than 10% The following distributors and customers accounted for 10% January 1, January 2, 2023 2022 Distributor "A" 14 % 42 % Distributor "B" * 22 % Distributor "C" * 17 % Customer "C" 22 % * Customer "F" 44 % 10 % % % % % * Represents less than 10% Approxi mately 1 % and 3% of the Compa January 1, 2023 January 2, 2022 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | NOTE 14 COMMITMENTS AND CONTINGENCIES Commitments The Company's principal contractual commitments include purchase obligations, re-payments of draw downs from the revolving line of credit, and payments under operating and finance leases. Purchase obligations are largely comprised of open purchase order commitments to suppliers and to subcontractors under professional services agreements. Our risk associated with the purchase obligations under professional services agreements is limited to the termination liability provisions within those contracts, and as such, we do not Certain wafer manufacturers require the Company to forecast wafer starts several months in advance. The Company is committed to take delivery of and to pay for a portion of forecasted wafer volume. The C ompany had of non-cancelable purchase January 1, 2023 twelve 2023. Purchase Obligations Purchase obligations represent contractual agreements to purchase goods or services entered into in the ordinary course of business. Purchase obligations are legally binding and amongst other things specify a minimum or a range of quantities, pricing and approximate timing of the transaction. Purchase obligations include amounts that are recorded on the Company's consolidated balance sheets as well as amounts that are not twelve January 1, 2023 twelve 2023. Contingencies Contingent commitments are not not January 1, 2023 twelve two three Litigation From time to time, the Company may not third not may |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 15 SUBSEQUENT EVENTS Cyber-Incident On January 20, 2023, The Company has continued its business operations during this incident and successfully restored all of its critical operational data. The Company has also taken steps to further secure its IT systems. Based on the ongoing investigation and information currently known at this time, the Company believes the incident has not Registered Direct Offering On March 21, 2023, 3 No. 333 266942 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 2. Following is the Company's valuation and qualifying accounts (in thousands): Description: Balance at Beginning of Period Charged (Credited) to Costs and Expenses Deductions (Recovery) Balance at End of Period (in thousands) Year ended January 1, 2023 Allowances: — trade receivables $ 62 $ 18 $ (62 ) $ 18 — deferred taxes 60,353 — (3,491 ) (1) 56,862 $ 60,415 $ 18 $ (3,553 ) $ 56,880 Year ended January 2, 2022 Allowances: — trade receivables $ 32 $ 30 $ — $ 62 — deferred taxes 60,486 — (133 ) (1) 60,353 $ 60,518 $ 30 $ (133 ) $ 60,415 Year ended January 3, 2021 Allowances: — trade receivables $ — $ 32 $ — $ 32 — deferred taxes 60,353 — 133 (1) 60,486 $ 60,353 $ 32 $ 133 $ 60,518 ( 1 All other schedules not not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 01, 2023 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents and Restricted Cash The Company considers all short-term, highly liquid investments with an original or a remaining maturity at purchase of ninety |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions All of the Company’s revenue transactions and inputs to its cost of revenue are denominated in U.S. dollars. The Company conducts sales and marketing activities in various countries outside of the United States. The Company's foreign operations' monetary assets and liabilities 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. The Company's foreign operations' income and expenses are transacted in local foreign currency and translated to U.S. dollars using the average exchange rates in effect during the period. Gains and losses from the foreign currency transactions of the Company's foreign operations are recorded as interest income and other (expense) income, net in the consolidated statements of operations. The impact from foreign currencies was not January 1, 2023 January 2, 2022 January 3, 2021 Operating expenses denominated in foreign currencies represented approximately 12%, 21% and 18% o f t January 1, 2023 January 2, 2022 January 3, 2021 January 1, 2023 January 2, 2022 January 3, 2021 not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. Assets and liabilities recorded at fair value are measured and classified in accordance with a three • Level 1 • Level 2 not • Level 3 no The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The determination of fair value involves the use of appropriate valuation methods and relevant inputs into valuation models. The carrying value of cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to their relatively short maturities. The Company's financial assets consisting of an investment in non-marketable equity without a readily determinable fair value, are measured under a measurement election alternative to the requirement to carry equity interests at fair value. In the Fiscal Year ended January 2, 2022, no no 2013 321 3 no January 1, 2023. 8 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, generally one seven one seven Capitalized Internal-Use Software The Company capitalizes costs related to the development of hosted services it provides to its customers and internally used enterprise-level business and finance software in support of the Company’s operational needs. Costs incurred in the application development phase are capitalized and amortized on a straight-line basis over their useful lives, which are generally five Long-Lived Assets The Company reviews the recoverability of its long-lived assets annually and when events or changes in circumstances occur that indicate that the carrying value of the asset or asset group may not The Company's long-lived assets include property and equipment. The Company assesses possible impairment based its ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows, undiscounted and without interest charges, of the related operations, as well as the useful lives applied to the assets. If these cash flows are less than the carrying value of the asset or asset group, an impairment loss is recognized for the difference between the estima ted fair value and the carrying value, and the carrying value of the related assets is reduced by this difference. The measurement of impairment requires management to estimate future cash flows and the fair value of long-lived assets. The Company recognized gains on disposal of equipment of $27 thousand and $5 thousand in the years ended January 1, 2023 and January 2, 2022 , respectively. |
Accounts Receivable [Policy Text Block] | Allowance for Doubtful Accounts The Company estimates the amount of uncollectible accounts receivable at the end of each reporting period based on the aging of the receivable balance, current and historical customer trends, and communications with its customers. Amounts are written off only after considerable collection efforts have been made and the amounts are determined to be uncollectible. The Company provides an allowance for doubtful accounts based on both historical experience and a specific identification basis. As of January 1, 2023 January 2, 2022, January 1, 2023 January 2, 2022 |
Standard Product Warranty, Policy [Policy Text Block] | Hardware Product Warranty Costs The Company warrants product hardware against defects in material and workmanship under normal use for twelve not 606. not not January 1, 2023 January 2, 2022 January 3, 2021 |
Lessee, Leases [Policy Text Block] | Leases The Company accounts for leases under ASC 842 842, 12 may not twelve The Company’s ROU assets were approximately $1.4 million and $1.5 million and lease liabilities were approximately and $1.4 million and $1.6 million on the Company’s consolidated balance sheets at January 1, 2023 January 2, 2022, 7 |
Business Combinations Policy [Policy Text Block] | Business Combinations When the Company acquires a business, it allocates the purchase price to the acquired tangible assets and assumed liabilities, including deferred revenue, liabilities associated with the fair value of contingent consideration and acquired identifiable intangible assets with finite lives. Any residual purchase price is recorded as goodwill. The allocation of the purchase price requires the Company to make significant estimates in determining the fair values of these acquired assets and assumed liabilities, intangible assets with finite useful lives, and goodwill. These estimates are based on information obtained from management of the acquired companies, the Company's assessment of this information, and historical experience. These estimates can include, but are not may may may may The Company recognizes assets acquired (including goodwill and identifiable intangible assets with finite useful lives) and liabilities assumed at fair value on the acquisition date. Subsequent changes to the fair value of such assets acquired and liabilities assumed are recognized in earnings, after the expiration of the measurement period, a period not 12 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill represents the excess fair value of consideration transferred over the fair value of net assets acquired a in business combination. The carrying value of goodwill and intangible assets with indefinite useful lives are not fourth November 2022 2021, no Acquired intangible assets with finite useful lives are amortized on a straight-line basis over the periods benefited. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset or asset group may not November 2022 2021 no |
Advertising Cost [Policy Text Block] | Advertising Advertising and promotion expenses are charged to “selling, general and administrative” expense in the consolidated statements of operations as incurred. Advertising and promotion expense s were $40 thousand, $47 thousand and $76 thousand for the years ended January 1, 2023 January 2, 2022 January 3, 2021 |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company grants stock-based compensation under its stock plan (the "Plan") to eligible employees and non-employee directors and grants stock-based compensation under an employee stock purchase plan ("ESPP") for all eligible employees. The Company accounts for stock-based compensation under the provisions of the amended authoritative guidance, and related interpretations which require the measurement and recognition of expense related to the fair value of stock-based compensation awards. The fair value of stock-based compensation awards is measured at the grant date and re-measured upon modification, as appropriate. The Company uses the Black-Scholes option pricing model to estimate the fair value of employee stock options and rights to purchase shares. The fair value of restricted stock awards, restricted stock units, and performance-based restricted stock units is based on the closing price of the Company’s common stock on the date of grant. Using the Black-Scholes pricing model requires us to develop highly subjective assumptions, including the expected term of awards, expected volatility of our stock, expected risk-free interest rate and expected dividend rate over the term of the award. The expected term of awards is based primarily on our historical experience with similar grants. The expected stock price volatility for both stock options and ESPP shares is based on the historic volatility of our stock, using the daily average of the opening and closing prices and measured using historical data appropriate for the expected term. The risk-free interest rate assumption approximates the risk-free interest rate of a Treasury Constant Maturity bond with a maturity approximately equal to the expected term of the stock option or ESPP shares. The expected stock price volatility under the Plan and the ESPP is based on the historic volatility of our stock, using the daily average of the opening and closing prices and measured using historical data appropriate for the expected term. The risk-free interest rate assumption approximates the risk-free interest rate of a Treasury Constant Maturity bond with a maturity appropriate for the expected term of stock awards under the Plan or the maturity appropriate for the term of the purchase period for the ESPP Plan. The dividend yield assumption is based on the Company's intent not Stock-based compensation expense is measured at the grant date based on the fair value of the award less expected forfeitures, over the requisite service period, which is typically the vesting period. Expected forfeitures are an estimate based on the historical pre-vest cancellation experience and is applied to all share-based awards. Equity compensation awards that contain a service condition are expensed using the straight-line attribution method over the req uisite service period. awards are expected to vest based on the achievement of a performance goal and are expensed over the estimated vesting period, which is estimated by management. We regularly review the assumptions used to compute the fair value of our stock-based awards and we revise our assumptions as appropriate. See Notes 11 12 |
Income Tax, Policy [Policy Text Block] | Accounting for Income Taxes As part of the process of preparing our financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax exposure together with assessing temporary differences resulting from different tax and accounting treatment of items, such as deferred revenue, allowance for doubtful accounts, the impact of equity awards, depreciation and amortization, and employee-related accruals. These differences result in deferred tax assets and liabilities, which are included on our balance sheets. We must then assess the likelihood that our deferred tax assets will be recovered from future taxable income. To the extent we believe that recovery is not The Company accounts for uncertainty in income taxes using a two first not second 50% one |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit and Suppliers Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable. Cash and cash equivalents are maintained with high quality institutions. The Company’s accounts receivables are denominated in U.S. dollars and are derived primarily from sales to customers located in North America, Europe and Asia Pacific. The Company performs ongoing credit evaluations of its customers and generally does not ollateral. See Note 13 The Company depends on a limited number of contract manufacturers, subcontractors, and suppliers for wafer fabrication, assembly, programming and test of its hardware products, and for the supply of programming equipment, and these services are typically provided by one supplier for each of the Company’s hardware products. The Company generally purchases these single or limited source services through standard purchase orders. Because the Company relies on independent subcontractors to perform these services, it cannot directly control its product delivery schedules, costs or quality levels. The Company’s future success also depends on the financial viability of its independent subcontractors. The Company’s accounts receivables 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 13 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Loss The net loss in the consolidated statements of operations for each of the years ended January 1, 2023 January 2, 2022 January 3, 2021 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Pending Adoption In June 2022, No. 2022 03, Fair Value Measurement (Topic 820 Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions December 15, 2023, not 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 s Own Equity December 15, 2021, no December 15, 2020, No. 2020 06 not |
Note 4 - Balance Sheet Compon_2
Note 4 - Balance Sheet Components (Tables) | 12 Months Ended |
Jan. 01, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | January 1, January 2, 2023 2022 (in thousands) Accounts receivable: Trade account receivables $ 2,707 $ 1,113 Less: Allowance for doubtful accounts (18 ) (62 ) $ 2,689 $ 1,051 Inventories: Work-in-process $ 1,826 $ 1,397 Finished goods 667 681 $ 2,493 $ 2,078 Other current assets: Prepaid expenses $ 1,305 $ 921 Other 265 260 $ 1,570 $ 1,181 Property and equipment: Equipment $ 10,133 $ 10,341 Software 1,803 1,878 Furniture and fixtures 65 32 Leasehold improvements 466 466 12,467 12,717 Accumulated depreciation and amortization (12,002 ) (12,218 ) $ 465 $ 499 Capitalized internal-use software: Capitalized software held for internal use $ 2,370 $ 1,699 Accumulated amortization (856 ) (458 ) $ 1,514 $ 1,241 Accrued liabilities: Accrued compensation $ 865 $ 740 Accrued employee benefits 40 111 Accrued payroll tax 57 102 Other 547 712 $ 1,509 $ 1,665 |
Note 5 - Intangible Assets (Tab
Note 5 - Intangible Assets (Tables) | 12 Months Ended |
Jan. 01, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amount Annual Fiscal Years 2023 $ 107 2024 107 2025 107 2026 107 2027 107 Thereafter 110 Total $ 645 |
Sensi ML [Member] | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | January 1, 2023 Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology 6 $ 959 $ (383 ) $ 576 Customer relationships — 81 (81 ) — Trade names and trademarks 6 116 (47 ) 69 Total acquired identifiable intangible assets $ 1,156 $ (511 ) $ 645 January 2, 2022 Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology 7 $ 959 $ (288 ) $ 672 Customer relationships — 81 (81 ) — Trade names and trademarks 7 116 (35 ) 81 Total acquired identifiable intangible assets $ 1,156 $ (404 ) $ 753 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Jan. 01, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | January 1, 2023 January 2, 2022 Operating lease costs: Fixed $ 409 $ 402 Short term 11 23 Total $ 420 $ 425 Finance lease costs: Amortization of ROU asset $ 437 $ 700 Interest 23 69 Total $ 460 $ 769 |
Lessee, Leases, Supplemental Cash Flow Information [Table Text Block] | January 1, 2023 January 2, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 409 $ 402 Operating cash flows used for finance leases 23 69 Financing cash flows used for financing leases 452 378 Finance lease $ 650 $ 1,311 |
Schedule of Right of Use Assets and Lease Liabilities [Table Text Block] | January 1, 2023 January 2, 2022 Right-of-use assets: Operating leases $ 464 $ 809 Finance leases 933 720 Total $ 1,397 $ 1,529 Lease liabilities: Operating leases $ 507 $ 873 Finance leases 887 690 Total $ 1,394 $ 1,563 |
Schedule of Future Lease Payments for Leases [Table Text Block] | Annual Fiscal Years Operating Finance 2023 $ 421 $ 491 2024 106 455 Total lease payments 527 946 Less: Interest 20 59 Present value of lease liabilities $ 507 $ 887 |
Schedule of Lease Terms and Weighted Average Discount Rate [Table Text Block] | January 1, 2023 ROU assets: Weighted-average remaining lease term (years) Operating leases 1.25 Finance leases 1.91 Weighted-average discount rates: Operating leases 6.00 % Finance leases 5.95 % |
Note 8 - Fair Value Measureme_2
Note 8 - Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 01, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value at Valuation Date Using: Total Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Non-marketable equity investment $ 300 $ — $ — $ 300 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Jan. 01, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal Years 2022 2021 2020 Loss before income taxes: U.S. $ (4,116 ) $ (6,461 ) $ (11,170 ) Foreign (53 ) (36 ) 70 Loss before income taxes $ (4,169 ) $ (6,497 ) $ (11,100 ) Provision for income taxes: Current: State $ 3 $ 3 $ 3 Foreign 36 22 39 Subtotal 39 25 42 Deferred: Foreign 59 94 9 Subtotal 59 94 9 Provision for income taxes $ 98 $ 119 $ 51 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Years 2022 2021 2020 Income tax benefit at statutory rate $ (876 ) $ (1,364 ) $ (2,331 ) State taxes 3 3 3 Foreign taxes 106 124 34 Stock compensation and other permanent differences 21 (155 ) 171 PPP loan forgiveness — (250 ) — R&D tax credits (318 ) (230 ) (261 ) Expired tax attributes 3,563 3,303 208 Future benefit of deferred tax assets not recognized (2,401 ) (1,312 ) 2,227 Provision for income taxes $ 98 $ 119 $ 51 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | January 1, 2023 January 2, 2022 Deferred tax assets: Net operating losses $ 43,110 $ 45,197 Accruals and reserves 1,284 1,347 Credits carryforward 6,004 5,660 Depreciation and amortization 6,488 7,820 Stock-based compensation 1 403 Operating lease liability 327 409 Gross deferred tax assets 57,214 60,836 Deferred tax liabilities: Right-of-use asset (328 ) (400 ) Withholding tax on future distribution (125 ) (125 ) Gross deferred tax liabilities (453 ) (525 ) Net deferred tax assets 56,761 60,311 Valuation allowance (56,862 ) (60,353 ) Total deferred tax liability $ (101 ) $ (42 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Fiscal Years 2022 2021 2020 Beginning balance of unrecognized tax benefits $ 2,118 $ 2,176 $ 2,117 Additions (subtractions) for tax positions related to the prior year — (7 ) 38 Additions for tax positions related to the current year 185 128 114 Lapse of statutes of limitations (54 ) (178 ) (93 ) Ending balance of unrecognized tax benefits $ 2,249 $ 2,118 $ 2,176 |
Note 12 - Stock-based Compens_2
Note 12 - Stock-based Compensation (Tables) | 12 Months Ended |
Jan. 01, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Fiscal Years Stock-based compensation expense included in: 2022 2021 2020 Cost of revenue $ 272 $ 282 $ 162 Research and development 652 843 670 Selling, general and administrative 1,111 1,401 907 Total costs and expenses $ 2,035 $ 2,526 $ 1,739 Fiscal Years Stock-based compensation expense by type of award: 2022 2021 2020 Stock options $ — $ — $ 39 ESPP 70 110 39 RSU and PRSU 1,965 2,416 1,661 Total costs and expenses $ 2,035 $ 2,526 $ 1,739 |
Share-Based Payment Arrangement, Activity [Table Text Block] | Shares Available for Grant Balance at January 3, 2021 320 Authorized 600 Options forfeited or expired 31 RSUs granted (619 ) RSUs forfeited 262 Balance at January 2, 2022 594 Authorized 900 RSUs granted (584 ) RSUs forfeited 50 Balance at January 1, 2023 960 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Weighted Average Remaining Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Balance outstanding at December 29, 2019 186 $ 32.09 Forfeited or expired (65 ) 38.83 Balance outstanding at January 3, 2021 121 28.46 Forfeited or expired (28 ) 31.68 Balance outstanding at January 2, 2022 93 27.49 Forfeited or expired (18 ) 39.72 Outstanding, exercisable, and vested at January 1, 2023 75 $ 24.50 2.80 $ — |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | RSUs Outstanding Number of Shares Weighted Average Grant Date Fair Value (in thousands) Nonvested at December 30, 2019 377 $ 12.55 Granted 816 3.97 Vested (144 ) 10.41 Forfeited (249 ) 7.93 Nonvested at January 3, 2021 800 4.99 Granted 619 5.81 Vested (586 ) 4.99 Forfeited (265 ) 5.00 Nonvested at January 2, 2022 568 5.86 Granted 584 6.11 Vested (490 ) 5.56 Forfeited (32 ) 5.35 Nonvested at January 1, 2023 630 $ 6.05 |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Fiscal Years 2022 2021 2020 Expected life (months) 6.0 6.0 6.0 Risk-free interest rate 3.04 % 0.05 % 0.12 % Volatility 57 % 74 % 82 % Dividend yield — — — Weighted average fair value of ESPP options granted $ 2.04 $ 2.18 $ 1.09 |
Note 13 - Information Concern_2
Note 13 - Information Concerning Product Lines, Geographic Information, Accounts Receivable and Revenue Concentration (Tables) | 12 Months Ended |
Jan. 01, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Fiscal Years 2022 2021 2020 New products $ 11,675 $ 7,761 $ 2,782 Mature products 4,505 4,924 5,852 Total revenue $ 16,180 $ 12,685 $ 8,634 Fiscal Years 2022 2021 2020 Hardware products $ 3,757 $ 4,903 $ 2,383 eFPGA IP 7,545 2,674 223 SaaS & Other 373 184 176 Total new products revenue $ 11,675 $ 7,761 $ 2,782 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Fiscal Years 2022 2021 2020 Asia Pacific $ 3,558 $ 3,352 $ 2,100 North America 10,912 6,885 5,033 Europe 1,710 2,448 1,501 Total revenue $ 16,180 $ 12,685 $ 8,634 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Fiscal Years 2022 2021 2020 Distributor "A" 15% 15% 24% Distributor "B" 12% 22% 19% Distributor "C" * 11% 15% Customer "A" 20% * * Customer "B" * * 10% Customer "C" 16% 16% * Customer "F" 12% 14% * Customer "H" * 10% * Customer "J" * * 16% |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | January 1, January 2, 2023 2022 Distributor "A" 14 % 42 % Distributor "B" * 22 % Distributor "C" * 17 % Customer "C" 22 % * Customer "F" 44 % 10 % % % % % |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jan. 01, 2023 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Description: Balance at Beginning of Period Charged (Credited) to Costs and Expenses Deductions (Recovery) Balance at End of Period (in thousands) Year ended January 1, 2023 Allowances: — trade receivables $ 62 $ 18 $ (62 ) $ 18 — deferred taxes 60,353 — (3,491 ) (1) 56,862 $ 60,415 $ 18 $ (3,553 ) $ 56,880 Year ended January 2, 2022 Allowances: — trade receivables $ 32 $ 30 $ — $ 62 — deferred taxes 60,486 — (133 ) (1) 60,353 $ 60,518 $ 30 $ (133 ) $ 60,415 Year ended January 3, 2021 Allowances: — trade receivables $ — $ 32 $ — $ 32 — deferred taxes 60,353 — 133 (1) 60,486 $ 60,353 $ 32 $ 133 $ 60,518 |
Note 1 - The Company and Basi_2
Note 1 - The Company and Basis of Presentation (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Sep. 14, 2022 | Feb. 09, 2022 | Sep. 30, 2021 | Sep. 22, 2021 | Feb. 28, 2022 | Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | Dec. 29, 2019 | |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance | $ 19,201 | $ 19,605 | $ 22,748 | $ 21,548 | |||||
Line of Credit, Current | 15,000 | 15,000 | |||||||
Proceeds from Issuance of Common Stock | 4,935 | 1,342 | 9,296 | ||||||
Payments of Stock Issuance Costs | 17 | 45 | 1,147 | ||||||
Equity Securities without Readily Determinable Fair Value, Amount | 300 | 300 | |||||||
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | 1,987 | 295 | |||||||
Contract with Customer, Liability, Current | 272 | 455 | |||||||
Revenue from Contract with Customer, Valuation Allowances And Reserves, Sales Return | 1 | 13 | $ 30 | ||||||
Professional Services [Member] | |||||||||
Contract with Customer, Liability, Current | 0 | 300 | |||||||
Accounts Receivable [Member] | Professional Services [Member] | |||||||||
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | $ 2,000 | $ 300 | |||||||
Intellectual Property [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||||||
Common Stock [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 797 | 198 | 2,642 | ||||||
Registered Direct Offering [Member] | |||||||||
Proceeds from Issuance of Common Stock | $ 3,200 | $ 1,500 | $ 1,500 | ||||||
Registered Direct Offering [Member] | Common Stock [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 74 | ||||||||
Share Subscription Agreement [Member] | |||||||||
Proceeds from Issuance of Common Stock, Net | $ 1,000 | ||||||||
Payments of Stock Issuance Costs | $ 45 | ||||||||
Share Subscription Agreement [Member] | Common Stock [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 74 | 125 | |||||||
Registered Direct Offering [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 487 | 310 | |||||||
Proceeds from Issuance of Common Stock | $ 3,200 | $ 1,500 | |||||||
Heritage Bank of Commerce [Member] | Revolving Credit Facility [Member] | |||||||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance | $ 19,100 | ||||||||
Line of Credit, Current | $ 15,000 | $ 15,000 |
Note 2 - Other Relevant Accou_2
Note 2 - Other Relevant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Operating Expenses, Denominated in Foreign Currency, Percent | 12% | 21% | 18% |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 27 | $ 5 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 18 | 62 | |
Accounts Receivable, Credit Loss Expense (Reversal) | 18 | 62 | $ 0 |
Goodwill, Impairment Loss | 0 | 0 | |
Impairment of Intangible Assets, Finite-Lived | $ 0 | 0 | |
Number of suppliers | 1 | ||
Selling, General and Administrative Expenses [Member] | |||
Marketing and Advertising Expense, Total | $ 40 | 47 | $ 76 |
Other Current Assets [Member] | |||
Operating Lease, Right-of-Use Asset | 1,400 | 1,500 | |
Other Liabilities [Member] | |||
Operating Lease, Liability, Total | $ 1,400 | $ 1,600 | |
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 1 year | ||
Minimum [Member] | Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 1 year | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||
Maximum [Member] | Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 7 years |
Note 3 - Net Loss Per Share (De
Note 3 - Net Loss Per Share (Details Textual) - shares shares in Millions | 12 Months Ended | |||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | May 29, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.8 | |||
Common Stock [Member] | Maximum [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 0.4 | |||
Share-Based Payment Arrangement [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.7 | 0.9 |
Note 4 - Balance Sheet Compon_3
Note 4 - Balance Sheet Components (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Depreciation, Amortization and Accretion, Net, Total | $ 710 | $ 626 | $ 817 |
Interest Costs Capitalized | 0 | 0 | 0 |
Capitalized Computer Software, Amortization | $ 400 | $ 500 | $ 100 |
Note 4 - Balance Sheet Compon_4
Note 4 - Balance Sheet Components - Balance Sheet Components (Details) - USD ($) $ in Thousands | Jan. 01, 2023 | Jan. 02, 2022 | |
Trade account receivables | $ 2,707 | $ 1,113 | |
Less: Allowance for doubtful accounts | (18) | (62) | |
Accounts Receivable, after Allowance for Credit Loss, Total | 2,689 | 1,051 | |
Inventories: | |||
Work-in-process | 1,826 | 1,397 | |
Finished goods | 667 | 681 | |
Inventory, Net, Total | 2,493 | 2,078 | |
Other current assets: | |||
Prepaid expenses | 1,305 | 921 | |
Other | 265 | 260 | |
Prepaid Expense and Other Assets, Current | 1,570 | 1,181 | |
Property and equipment: | |||
Property and equipment, gross | 12,467 | 12,717 | |
Accumulated depreciation and amortization | (12,002) | (12,218) | |
Property, Plant and Equipment, Net, Total | 465 | 499 | |
Capitalized internal-use software: | |||
Capitalized software held for internal use | 2,370 | 1,699 | |
Accumulated amortization | (856) | (458) | |
Capitalized Computer Software, Net, Ending Balance | 1,514 | 1,241 | |
Accrued liabilities: | |||
Accrued compensation | 865 | 740 | |
Accrued employee benefits | 40 | 111 | |
Accrued payroll tax | 57 | 102 | |
Other | [1] | 547 | 712 |
Accrued Liabilities, Current, Total | 1,509 | 1,665 | |
Equipment [Member] | |||
Property and equipment: | |||
Property and equipment, gross | 10,133 | 10,341 | |
Software and Software Development Costs [Member] | |||
Property and equipment: | |||
Property and equipment, gross | 1,803 | 1,878 | |
Furniture and Fixtures [Member] | |||
Property and equipment: | |||
Property and equipment, gross | 65 | 32 | |
Leasehold Improvements [Member] | |||
Property and equipment: | |||
Property and equipment, gross | $ 466 | $ 466 | |
[1]Accrued liabilities-Other is partially comprised of a $100 non-cash lease adjustment offseting Other Assets in the six months ended July 3, 2022. |
Note 5 - Intangible Assets - Sc
Note 5 - Intangible Assets - Schedule of Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 01, 2023 | Jan. 02, 2022 | |
Net Carrying Amount | $ 645 | |
Sensi ML [Member] | ||
Gross Carrying Amount | 1,156 | $ 1,156 |
Accumulated Amortization | (511) | (404) |
Net Carrying Amount | $ 645 | $ 753 |
Sensi ML [Member] | Developed Technology Rights [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 6 years | 7 years |
Gross Carrying Amount | $ 959 | $ 959 |
Accumulated Amortization | (383) | (288) |
Net Carrying Amount | 576 | 672 |
Sensi ML [Member] | Customer Relationships [Member] | ||
Gross Carrying Amount | 81 | 81 |
Accumulated Amortization | (81) | (81) |
Net Carrying Amount | $ 0 | $ 0 |
Sensi ML [Member] | Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 6 years | 7 years |
Gross Carrying Amount | $ 116 | $ 116 |
Accumulated Amortization | (47) | (35) |
Net Carrying Amount | $ 69 | $ 81 |
Note 5 - Intangible Assets - _2
Note 5 - Intangible Assets - Schedule of Expected Future Annual Amortization of Intangible Assets (Details) $ in Thousands | Jan. 01, 2023 USD ($) |
2023 | $ 107 |
2024 | 107 |
2025 | 107 |
2026 | 107 |
2027 | 107 |
Thereafter | 110 |
Total | $ 645 |
Note 6 - Debt Obligations (Deta
Note 6 - Debt Obligations (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2023 | Jan. 02, 2022 | May 06, 2020 | |
Line of Credit, Current | $ 15,000 | $ 15,000 | |
Heritage Bank of Commerce [Member] | Paycheck Protection Program [Member] | |||
Debt Instrument, Face Amount | $ 1,200 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1% | ||
Heritage Bank of Commerce [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Month-end Outstanding Amount | 15,000 | ||
Debt Instrument, Fee Amount | 45 | ||
Line of Credit, Current | $ 15,000 | $ 15,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 8% | 3.75% | |
Heritage Bank of Commerce [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) $ in Millions | 12 Months Ended | ||||
Jan. 01, 2023 USD ($) | Jan. 02, 2022 USD ($) | Jan. 03, 2021 USD ($) | Apr. 30, 2019 ft² | Feb. 28, 2019 ft² | |
Operating Lease, Expense | $ | $ 0.4 | $ 0.4 | $ 0.5 | ||
Office In California [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||||
Area of Real Estate Property (Square Foot) | 24,164 | ||||
Beaverton Oregon [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 4 years | ||||
Area of Real Estate Property (Square Foot) | 705 | ||||
Minimum [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | ||||
Lessee, Finance Lease, Term of Contract (Year) | 2 years | ||||
Maximum [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||||
Lessee, Finance Lease, Term of Contract (Year) | 3 years |
Note 7 - Leases - Summary of Op
Note 7 - Leases - Summary of Operating and Finance Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 01, 2023 | Jan. 02, 2022 | |
Fixed | $ 409 | $ 402 |
Short term | 11 | 23 |
Total | 420 | 425 |
Amortization of ROU asset | 437 | 700 |
Interest | 23 | 69 |
Total | $ 460 | $ 769 |
Note 7 - Leases - Summary of Su
Note 7 - Leases - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Operating cash flows used for operating leases | $ 409 | $ 402 | |
Operating cash flows used for finance leases | 23 | 69 | |
Financing cash flows used for financing leases | 452 | 378 | $ 270 |
Finance lease | $ 650 | $ 1,311 |
Note 7 - Leases - Details of Ri
Note 7 - Leases - Details of Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Jan. 01, 2023 | Jan. 02, 2022 |
Total | $ 1,397 | $ 1,529 |
Total | 1,394 | 1,563 |
Right of Use Assets, Net [Member] | ||
Operating Lease, Right-of-Use Asset | 464 | 809 |
Finance leases | 933 | 720 |
Current and Lease Liabilities - Non-current [Member] | ||
Operating Lease, Liability, Total | 507 | 873 |
Finance leases | $ 887 | $ 690 |
Note 7 - Leases - Schedule of F
Note 7 - Leases - Schedule of Future Lease Payments for Leases (Details) - USD ($) $ in Thousands | Jan. 01, 2023 | Jan. 02, 2022 |
2023, operating | $ 421 | |
2023, finance | 491 | |
2024, operating | 106 | |
2024, finance | 455 | |
Total lease payments, operating | 527 | |
Total lease payments, finance | 946 | |
Less: Interest, operating | 20 | |
Less: Interest, finance | 59 | |
Current and Lease Liabilities - Non-current [Member] | ||
Present value of lease liabilities, operating | 507 | $ 873 |
Present value of lease liabilities, finance | $ 887 | $ 690 |
Note 7 - Leases - Schedule of L
Note 7 - Leases - Schedule of Lease Terms and Weighted Average Discount Rate (Details) | Jan. 01, 2023 |
Operating leases (Year) | 1 year 3 months |
Finance leases (Year) | 1 year 10 months 28 days |
Operating leases | 6% |
Finance leases | 5.95% |
Note 8 - Fair Value Measureme_3
Note 8 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Jan. 01, 2023 | Jan. 02, 2022 |
Equity Securities without Readily Determinable Fair Value, Amount | $ 0.3 | $ 0.3 |
Measurement Input, Discount for Lack of Marketability [Member] | Minimum [Member] | ||
Equity Securities, FV-NI, Measurement Input | 34 | |
Measurement Input, Discount for Lack of Marketability [Member] | Maximum [Member] | ||
Equity Securities, FV-NI, Measurement Input | 41 | |
Measurement Input, Expected Term [Member] | Minimum [Member] | ||
Equity Securities, FV-NI, Measurement Input | 4 | |
Measurement Input, Expected Term [Member] | Maximum [Member] | ||
Equity Securities, FV-NI, Measurement Input | 5 | |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | ||
Equity Securities, FV-NI, Measurement Input | 0.75 | |
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | ||
Equity Securities, FV-NI, Measurement Input | 0.92 | |
Measurement Input, Expected Dividend Payment [Member] | ||
Equity Securities, FV-NI, Measurement Input | 0 | |
Measurement Input, Price Volatility [Member] | Minimum [Member] | ||
Equity Securities, FV-NI, Measurement Input | 63 | |
Measurement Input, Price Volatility [Member] | Maximum [Member] | ||
Equity Securities, FV-NI, Measurement Input | 78 | |
Asset Pledged as Collateral [Member] | Credit Card Debt [Member] | ||
Money Market Funds, at Carrying Value | $ 0.1 | 0.1 |
Money Market Funds [Member] | ||
Investment Interest Rate | 0.01% | |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 19.2 | $ 19.6 |
Note 8 - Fair Value Measureme_4
Note 8 - Fair Value Measurements - Fair Value Valuation Method Significant Unobservable Inputs (Details) $ in Thousands | Jan. 01, 2023 USD ($) |
Non-marketable equity investment | $ 300 |
Fair Value, Inputs, Level 1 [Member] | |
Non-marketable equity investment | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Non-marketable equity investment | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Non-marketable equity investment | $ 300 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | Dec. 29, 2019 | Jan. 01, 2018 | Dec. 31, 2017 | |
Deferred Tax Assets, Valuation Allowance | $ 56,862 | $ 60,353 | ||||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 100 | 100 | ||||
Unrecognized Tax Benefits, Ending Balance | 2,249 | $ 2,118 | $ 2,176 | $ 2,117 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 0 | |||||
Federal [Member] | ||||||
Operating Loss Carryforwards | 175,000 | $ 62,900 | $ 112,400 | |||
State and Local Jurisdiction [Member] | ||||||
Operating Loss Carryforwards | 91,200 | |||||
Research Tax Credit Carryforward [Member] | ||||||
Tax Credit Carryforward, Capitalized | 5,400 | |||||
Research Tax Credit Carryforward [Member] | Federal [Member] | ||||||
Tax Credit Carryforward, Amount | 3,900 | |||||
Research Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | ||||||
Tax Credit Carryforward, Amount | $ 5,000 |
Note 9 - Income Taxes - Compone
Note 9 - Income Taxes - Components of Income Tax Expense Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Loss before income taxes | $ (4,169) | $ (6,497) | $ (11,100) |
State | 3 | 3 | 3 |
Foreign | 36 | 22 | 39 |
Subtotal | 39 | 25 | 42 |
Foreign | 59 | 94 | 9 |
Subtotal | 59 | 94 | 9 |
Provision for income taxes | 98 | 119 | 51 |
Domestic Tax Authority [Member] | |||
U.S. | (4,116) | (6,461) | (11,170) |
Foreign Tax Authority [Member] | |||
Foreign | $ (53) | $ (36) | $ 70 |
Note 9 - Income Taxes - Effecti
Note 9 - Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Income tax benefit at statutory rate | $ (876) | $ (1,364) | $ (2,331) |
State taxes | 3 | 3 | 3 |
Foreign taxes | 106 | 124 | 34 |
Stock compensation and other permanent differences | 21 | (155) | 171 |
PPP loan forgiveness | 0 | (250) | 0 |
R&D tax credits | (318) | (230) | (261) |
Expired tax attributes | 3,563 | 3,303 | 208 |
Future benefit of deferred tax assets not recognized | 2,401 | 1,312 | (2,227) |
Provision for income taxes | $ 98 | $ 119 | $ 51 |
Note 9 - Income Taxes - Deferre
Note 9 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 01, 2023 | Jan. 02, 2022 |
Net operating losses | $ 43,110 | $ 45,197 |
Accruals and reserves | 1,284 | 1,347 |
Credits carryforward | 6,004 | 5,660 |
Depreciation and amortization | 6,488 | 7,820 |
Stock-based compensation | 1 | 403 |
Operating lease liability | 327 | 409 |
Gross deferred tax assets | 57,214 | 60,836 |
Right-of-use asset | (328) | (400) |
Withholding tax on future distribution | (125) | (125) |
Gross deferred tax liabilities | (453) | (525) |
Net deferred tax assets | 56,761 | 60,311 |
Valuation allowance | (56,862) | (60,353) |
Total deferred tax liability | $ (101) | $ (42) |
Note 9 - Income Taxes - Unrecog
Note 9 - Income Taxes - Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Beginning balance of unrecognized tax benefits | $ 2,118 | $ 2,176 | $ 2,117 |
Additions (subtractions) for tax positions related to the prior year | 0 | (7) | |
Additions (subtractions) for tax positions related to the prior year | 38 | ||
Additions for tax positions related to the current year | 185 | 128 | 114 |
Lapse of statutes of limitations | (54) | (178) | (93) |
Ending balance of unrecognized tax benefits | $ 2,249 | $ 2,118 | $ 2,176 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Sep. 14, 2022 | Feb. 09, 2022 | Sep. 30, 2021 | Sep. 22, 2021 | Jul. 21, 2020 | Jun. 22, 2020 | Feb. 28, 2022 | Jul. 21, 2020 | Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | May 29, 2018 | |
Common Stock, Shares Authorized (in shares) | 200,000 | 200,000 | ||||||||||
Preferred Stock, Shares Authorized (in shares) | 10,000 | 10,000 | ||||||||||
Proceeds from Issuance of Common Stock | $ 4,935 | $ 1,342 | $ 9,296 | |||||||||
Payments of Stock Issuance Costs | $ 17 | $ 45 | $ 1,147 | |||||||||
Warrants Issued in Connection with Underwritten Public Offering [Member] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 19.32 | |||||||||||
Warrants Issued in Connection with Underwritten Public Offering [Member] | Maximum [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 386 | |||||||||||
Common Stock [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 797 | 198 | 2,642 | |||||||||
Common Stock [Member] | Maximum [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 400 | |||||||||||
Private Placement [Member] | ||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 5.43 | |||||||||||
Payments of Stock Issuance Costs | $ 45 | |||||||||||
Proceeds from Issuance of Common Stock, Net | $ 1,000 | |||||||||||
Private Placement [Member] | Common Stock [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 125 | |||||||||||
Registered Direct Offering [Member] | ||||||||||||
Proceeds from Issuance of Common Stock | $ 3,200 | $ 1,500 | $ 1,500 | |||||||||
Registered Direct Offering [Member] | Common Stock [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 74 | |||||||||||
Underwritten Public Offering [Member] | ||||||||||||
Proceeds from Issuance of Common Stock | $ 8,800 | |||||||||||
Payments of Stock Issuance Costs | $ 1,100 | |||||||||||
Underwritten Public Offering [Member] | Common Stock [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,500 | |||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 3.50 | |||||||||||
Exercise of Option for Overallotment of Shares by Underwriters [Member] | ||||||||||||
Proceeds from Issuance of Common Stock | $ 500 | |||||||||||
Payments of Stock Issuance Costs | 52 | |||||||||||
Exercise of Option for Overallotment of Shares by Underwriters [Member] | Common Stock [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 142 | 375 | ||||||||||
Underwritten Public Offering, Including Exercise of Overallotment Options by Underwriters [Member] | ||||||||||||
Proceeds from Issuance of Common Stock | 9,300 | |||||||||||
Payments of Stock Issuance Costs | 1,200 | |||||||||||
Proceeds from Issuance of Common Stock, Net | $ 8,100 | |||||||||||
Registered Direct Offering [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 487 | 310 | ||||||||||
Proceeds from Issuance of Common Stock | $ 3,200 | $ 1,500 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 6.57 | $ 4.78 |
Note 11 - Employee Stock Plans
Note 11 - Employee Stock Plans (Details Textual) - shares | 12 Months Ended | |||
May 10, 2022 | Apr. 24, 2019 | Jan. 01, 2023 | Jan. 02, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||
Stock Plan 2009 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||
Stock Plan 2019 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 522,000 | 357,000 | 960,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 900,000 | 900,000 | 600,000 | |
Stock Plan 2019 [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
The 2009 Employee Stock Purchase Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 206,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Offering Period (Month) | 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 20% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee (in shares) | 1,429 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 85% |
Note 12 - Stock-based Compens_3
Note 12 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | Dec. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||
Share-Based Payment Arrangement, Amount Capitalized | $ 0 | $ 0 | $ 0 | |
Share Price (in dollars per share) | $ 5.14 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares, Ending Balance (in shares) | 0 | |||
Employee Stock Purchase Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 52 | 84 | 20 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 4.82 | $ 3.14 | $ 2.47 | |
Share-Based Payment Arrangement, Option [Member] | ||||
Proceeds from Stock Options Exercised | $ 0 | $ 0 | $ 0 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,700 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 24 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 584 | 619 | 816 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 6.11 | $ 5.81 | $ 3.97 | |
PRSU [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 |
Note 12 - Stock-based Compens_4
Note 12 - Stock-based Compensation - Schedule of Allocation of Recognized Period Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Total costs and expenses | $ 2,035 | $ 2,526 | $ 1,739 |
Employee Stock Purchase Plan [Member] | |||
Total costs and expenses | 70 | 110 | 39 |
Share-Based Payment Arrangement, Option [Member] | |||
Total costs and expenses | 0 | 0 | 39 |
RSU and PRSU [Member] | |||
Total costs and expenses | 1,965 | 2,416 | 1,661 |
Cost of Sales [Member] | |||
Total costs and expenses | 272 | 282 | 162 |
Research and Development Expense [Member] | |||
Total costs and expenses | 652 | 843 | 670 |
Selling, General and Administrative Expenses [Member] | |||
Total costs and expenses | $ 1,111 | $ 1,401 | $ 907 |
Note 12 - Stock-based Compens_5
Note 12 - Stock-based Compensation - Schedule of Stock Based Compensation Award Activity (Details) - shares shares in Thousands | 12 Months Ended | |||
May 10, 2022 | Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Balance (in shares) | 93 | 121 | 186 | |
Balance (in shares) | 75 | 93 | 121 | |
Stock Plan 2019 [Member] | ||||
Balance (in shares) | 594 | 320 | ||
Options authorized (in shares) | 900 | 900 | 600 | |
Options forfeited or expired (in shares) | 31 | |||
RSUs granted (in shares) | (584) | (619) | ||
RSUs forfeited (in shares) | 50 | 262 | ||
Balance (in shares) | 960 | 594 | 320 |
Note 12 - Stock-Based Compens_6
Note 12 - Stock-Based Compensation - Stock Options Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Balance (in shares) | 93 | 121 | 186 |
Weighted average price balance (in dollars per share) | $ 27.49 | $ 28.46 | $ 32.09 |
Forfeited or expired (in shares) | (18) | (28) | (65) |
Weighted average price, forfeited or expired (in dollars per share) | $ 39.72 | $ 31.68 | $ 38.83 |
Balance (in shares) | 75 | 93 | 121 |
Weighted average price balance (in dollars per share) | $ 24.50 | $ 27.49 | $ 28.46 |
Weighted average remaining, balance (Year) | 2 years 9 months 18 days | ||
Balance | $ 0 |
Note 12 - Stock-Based Compens_7
Note 12 - Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Balance (in shares) | 568 | 800 | 377 |
Balance (in dollars per share) | $ 5.86 | $ 4.99 | $ 12.55 |
Granted (in shares) | 584 | 619 | 816 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 6.11 | $ 5.81 | $ 3.97 |
Vested (in shares) | (490) | (586) | (144) |
Vested (in dollars per share) | $ 5.56 | $ 4.99 | $ 10.41 |
Forfeited (in shares) | (32) | (265) | (249) |
Forfeited (in dollars per share) | $ 5.35 | $ 5 | $ 7.93 |
Balance (in shares) | 630 | 568 | 800 |
Balance (in dollars per share) | $ 6.05 | $ 5.86 | $ 4.99 |
Note 12 - Stock-Based Compens_8
Note 12 - Stock-Based Compensation - Schedule of Weighted Average Assumptions (Details) - $ / shares | 12 Months Ended | ||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Expected life (months) (Month) | 6 months | 6 months | 6 months |
Risk-free interest rate | 3.04% | 0.05% | 0.12% |
Volatility | 57% | 74% | 82% |
Dividend yield | 0% | 0% | 0% |
Employee Stock Purchase Plan [Member] | |||
Weighted average fair value of ESPP options granted (in dollars per share) | $ 2.04 | $ 2.18 | $ 1.09 |
Note 13 - Information Concern_3
Note 13 - Information Concerning Product Lines, Geographic Information, Accounts Receivable and Revenue Concentration (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 16,180 | $ 12,685 | $ 8,634 |
Contract with Customer, Liability, Current | 272 | 455 | |
Contract with Customer, Liability, Current | 272 | 455 | |
UNITED STATES | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 10,600 | $ 6,900 | $ 5,000 |
Percentage of Revenue | 67% | 54% | 58% |
UNITED KINGDOM | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Concentration Risk, Percentage | 10% | ||
Non-US [Member] | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Concentration Risk, Percentage | 1% | 3% | |
New Products Related to Engineering Services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 7,400 | $ 1,500 | |
SaaS Revenue [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 200 | ||
Engineering Services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,000 | 300 | |
Professional Services [Member] | |||
Contract with Customer, Liability, Current | 0 | 300 | |
Contract with Customer, Liability, Current | $ 0 | $ 300 |
Note 13 - Information Concern_4
Note 13 - Information Concerning Product Lines, Geographic Information and Revenue Concentration - Schedule of Revenue by Product Line (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Revenue | $ 16,180 | $ 12,685 | $ 8,634 |
New Products [Member] | |||
Revenue | 11,675 | 7,761 | 2,782 |
Hardware Products [Member] | |||
Revenue | 3,757 | 4,903 | 2,383 |
Mature Products [Member] | |||
Revenue | 4,505 | 4,924 | 5,852 |
eFPGA IP [Member] | |||
Revenue | 7,545 | 2,674 | 223 |
SaaS and Other [Member] | |||
Revenue | $ 373 | $ 184 | $ 176 |
Note 13 - Information Concern_5
Note 13 - Information Concerning Product Lines, Geographic Information and Revenue Concentration - Schedule of Revenue by Shipment Destination (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Revenue | $ 16,180 | $ 12,685 | $ 8,634 |
Asia Pacific [Member] | |||
Revenue | 3,558 | 3,352 | 2,100 |
North America [Member] | |||
Revenue | 10,912 | 6,885 | 5,033 |
Europe [Member] | |||
Revenue | $ 1,710 | $ 2,448 | $ 1,501 |
Note 13 - Information Concern_6
Note 13 - Information Concerning Product Lines, Geographic Information and Revenue Concentration - Customer and Distributor Concentration of Revenue (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | ||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Distributor "A" [Member] | |||
Concentration risk percentage | 15% | 15% | 24% |
Distributor "B" [Member] | |||
Concentration risk percentage | 12% | 22% | 19% |
Distributor "C" [Member] | |||
Concentration risk percentage | 11% | 15% | |
Customer "A" [Member] | |||
Concentration risk percentage | 20% | ||
Customer "B" [Member] | |||
Concentration risk percentage | 10% | ||
Customer "C" [Member] | |||
Concentration risk percentage | 16% | 16% | |
Customer "F" [Member] | |||
Concentration risk percentage | 12% | 14% | |
Customer "H" [Member] | |||
Concentration risk percentage | 10% | ||
Customer "J" [Member] | |||
Concentration risk percentage | 16% |
Note 13 - Information Concern_7
Note 13 - Information Concerning Product Lines, Geographic Information and Revenue Concentration - Customer and Distributor Concentration of Accounts Receivable (Details) - Customer Concentration Risk [Member] - Accounts Receivable [Member] | 12 Months Ended | |
Jan. 01, 2023 | Jan. 02, 2022 | |
Distributor "A" [Member] | ||
Concentration risk percentage | 14% | 42% |
Distributor "B" [Member] | ||
Concentration risk percentage | 22% | |
Distributor "C" [Member] | ||
Concentration risk percentage | 17% | |
Customer "C" [Member] | ||
Concentration risk percentage | 22% | |
Customer "F" [Member] | ||
Concentration risk percentage | 44% | 10% |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) $ in Millions | Jan. 01, 2023 USD ($) |
Wafer Purchase Commitment [Member] | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 0.1 |
Goods and Services [Member] | |
Recorded Unconditional Purchase Obligation, to be Paid, Year One | 5.7 |
eFPGA IP Procurement Contracts [Member] | |
Other Commitment, to be Paid, Year One | 4.2 |
Other Commitment, to be Paid, Year Two and Three, Total | $ 8.7 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 21, 2023 | Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | |
Proceeds from Issuance of Common Stock | $ 4,935 | $ 1,342 | $ 9,296 | |
Subsequent Event [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 450,000 | |||
Proceeds from Issuance of Common Stock | $ 2,300 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Summary of Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 01, 2023 | Jan. 02, 2022 | Jan. 03, 2021 | ||
Balance | $ 60,415 | $ 60,518 | $ 60,353 | |
Additions at cost | 18 | 30 | 32 | |
Deductions | (3,553) | (133) | 133 | |
Balance | 56,880 | 60,415 | 60,518 | |
Allowance for Doubtful Accounts [Member] | ||||
Balance | 62 | 32 | 0 | |
Additions at cost | 18 | 30 | 32 | |
Deductions | (62) | 0 | 0 | |
Balance | 18 | 62 | 32 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
Balance | 60,353 | 60,486 | 60,353 | |
Additions at cost | 0 | 0 | 0 | |
Deductions | [1] | (3,491) | (133) | 133 |
Balance | $ 56,862 | $ 60,353 | $ 60,486 | |
[1]Activity represents the (release) increase of a valuation allowance. |