Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | TAITRON COMPONENTS INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 0000942126 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Common Class A [Member] | ||
Document Information Line Items | ||
Entity Common Stock, Shares Outstanding | 5,062,235 | |
Common Class B [Member] | ||
Document Information Line Items | ||
Entity Common Stock, Shares Outstanding | 762,612 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 7,030,000 | $ 6,652,000 |
Accounts receivable, less allowances of $7,000 | 911,000 | 639,000 |
Inventories, less reserves for obsolescence of $4,769,000, and $4,759,000, respectively (Note 2) | 3,341,000 | 3,518,000 |
Prepaid expenses and other current assets | 129,000 | 46,000 |
Total current assets | 11,411,000 | 10,855,000 |
Property and equipment, net | 3,177,000 | 3,217,000 |
Other assets (Note 3) | 190,000 | 189,000 |
Total assets | 14,778,000 | 14,261,000 |
Current liabilities: | ||
Accounts payable | 814,000 | 410,000 |
Accrued liabilities | 460,000 | 446,000 |
Total current liabilities | 1,274,000 | 856,000 |
Long-term debt (Note 4) | 163,000 | 163,000 |
Total liabilities | 1,437,000 | 1,019,000 |
Commitments and contingencies (Note 6) | ||
Shareholders' equity: | ||
Preferred stock, $0.001 par value. Authorized 5,000,000 shares; None issued or outstanding | 0 | 0 |
Additional paid-in capital | 11,079,000 | 11,071,000 |
Accumulated other comprehensive income | (79,000) | (66,000) |
Retained earnings | 2,335,000 | 2,231,000 |
Total equity | 13,341,000 | 13,242,000 |
Total liabilities and equity | 14,778,000 | 14,261,000 |
Common Class A [Member] | ||
Shareholders' equity: | ||
Common Stock, value, issued | 5,000 | 5,000 |
Common Class B [Member] | ||
Shareholders' equity: | ||
Common Stock, value, issued | $ 1,000 | $ 1,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts receivable, allowances (in Dollars) | $ 7,000 | $ 7,000 |
Inventories, reserves for obsolescence (in Dollars) | $ 4,769,000 | $ 4,759,000 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Class A [Member] | ||
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common Stock, shares issued | 5,062,235 | 5,062,235 |
Common stock, shares outstanding | 5,062,235 | 5,062,235 |
Common Class B [Member] | ||
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 762,612 | 762,612 |
Common Stock, shares issued | 762,612 | 762,612 |
Common stock, shares outstanding | 762,612 | 762,612 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net product revenue | $ 1,964,000 | $ 1,472,000 |
Cost of products sold | 1,103,000 | 801,000 |
Gross profit | 861,000 | 671,000 |
Selling, general and administrative expenses | 540,000 | 598,000 |
Operating income | 321,000 | 73,000 |
Interest income, net | 3,000 | 11,000 |
Other income, net | 14,000 | 7,000 |
Income before income taxes | 338,000 | 91,000 |
Income tax provision | (1,000) | (1,000) |
Net income | 337,000 | 90,000 |
Other comprehensive income: | ||
Foreign currency translation adjustment | (13,000) | 0 |
Comprehensive income | $ 324,000 | $ 90,000 |
Net income per share: Basic (in Dollars per share) | $ 0.06 | $ 0.02 |
Diluted (in Dollars per share) | 0.06 | 0.02 |
Cash dividends declared per common share (in Dollars per share) | $ 0.040 | $ 0.035 |
Common Class A [Member] | ||
Other comprehensive income: | ||
Weighted average shares outstanding: Basic (in Shares) | 5,824,847 | 5,797,847 |
Common Class B [Member] | ||
Other comprehensive income: | ||
Weighted average shares outstanding: Diluted (in Shares) | 5,914,847 | 5,877,847 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity - USD ($) | Common Class A [Member]Common Stock [Member] | Common Class A [Member] | Common Class B [Member]Common Stock [Member] | Common Class B [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2019 | $ 5,000 | $ 1,000 | $ 10,959,000 | $ 38,000 | $ 1,712,000 | $ 100,000 | $ 12,815,000 | ||
Balance (in Shares) at Dec. 31, 2019 | 4,990,235 | 762,612 | |||||||
Consolidated net income (loss) | 90,000 | 90,000 | |||||||
Exercise stock options | 54,000 | 54,000 | |||||||
Exercise stock options (in Shares) | 45,000 | ||||||||
Other comprehensive income (loss) | 0 | ||||||||
Amortization of stock based compensation | 6,000 | 6,000 | |||||||
Cash dividends | (201,000) | (201,000) | |||||||
Balance at Mar. 31, 2020 | $ 5,000 | $ 1,000 | 11,019,000 | 38,000 | 1,601,000 | $ 100,000 | 12,764,000 | ||
Balance (in Shares) at Mar. 31, 2020 | 5,035,235 | 762,612 | |||||||
Balance at Dec. 31, 2020 | $ 5,000 | $ 1,000 | 11,071,000 | (66,000) | 2,231,000 | 13,242,000 | |||
Balance (in Shares) at Dec. 31, 2020 | 5,062,235 | 5,062,235 | 762,612 | 762,612 | |||||
Consolidated net income (loss) | 337,000 | 337,000 | |||||||
Other comprehensive income (loss) | (13,000) | (13,000) | |||||||
Amortization of stock based compensation | 8,000 | 8,000 | |||||||
Cash dividends | (233,000) | (233,000) | |||||||
Balance at Mar. 31, 2021 | $ 5,000 | $ 1,000 | $ 11,079,000 | $ (79,000) | $ 2,335,000 | $ 13,341,000 | |||
Balance (in Shares) at Mar. 31, 2021 | 5,062,235 | 5,062,235 | 762,612 | 762,612 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities: | ||
Net income | $ 337,000 | $ 90,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 41,000 | 40,000 |
Provision for sales returns and doubtful accounts | 4,000 | |
Stock based compensation | 8,000 | 6,000 |
Changes in assets and liabilities: | ||
Accounts receivable | (272,000) | (2,000) |
Inventories | 177,000 | 177,000 |
Prepaid expenses and other current assets | (83,000) | (63,000) |
Accounts payable | 404,000 | 220,000 |
Accrued liabilities | 14,000 | (74,000) |
All other operating activities | (1,000) | 0 |
Total adjustments | 288,000 | 308,000 |
Net cash provided by operating activities | 625,000 | 398,000 |
Investing activities: | ||
Acquisition of property and equipment | (1,000) | 0 |
Net cash used for investing activities | (1,000) | 0 |
Financing activities: | ||
Dividend payments | (233,000) | (201,000) |
Proceeds from stock options exercised | 0 | 54,000 |
Net cash used for financing activities | (233,000) | (147,000) |
Impact of exchange rates on cash | (13,000) | 0 |
Net increase in cash and cash equivalents | 378,000 | 251,000 |
Cash and cash equivalents, beginning of period | 6,652,000 | 5,313,000 |
Cash and cash equivalents, end of period | 7,030,000 | 5,564,000 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes, net | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Overview of Business We are primarily a supplier of original designed and manufactured (“ODM”) electronic components (“ODM Components”) with our product offerings ranging from discrete semiconductors through small electronic devices. Our products include value-added engineering and turn-key solutions, focusing on providing contract electronic manufacturers (“CEMs”) and original equipment manufacturers (“OEMs”) with ODM products for their multi-year turn-key projects (“ODM Projects”). We also distribute brand name electronic components with a vast inventory available on hand. We are incorporated in California and were originally formed in 1989. We maintain divisions in Taiwan and China which were established in 1996 and 2005, respectively. Basis of Presentation The unaudited condensed consolidated interim financial statements include the accounts of the Company and all wholly owned divisions. All significant intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments of a normal recurring nature and considered necessary for a fair presentation of its financial condition and results of operations for the interim periods presented in this Quarterly Report on Form 10-Q have been included. Operating results for the interim periods are not necessarily indicative of financial results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In preparing these financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates and assumptions included in the Company’s condensed consolidated financial statements relate to the allowance for sales returns, doubtful accounts, inventory reserves, accrued liabilities and deferred income taxes. Risks and Uncertainties In 2020, the spread of COVID-19 has caused significant volatility in U.S. and international markets. There is significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the U.S. and international economies and, as such, we are unable to determine if it will have a material impact to our operations and cash flows. New Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “ Simplifying the Accounting for Income Taxes Income Taxes In October 2020, the FASB issued ASU No. 2020-10 Codification Improvements Revenue recognition Revenue is recognized at the point at which control of the underlying products are transferred to the customer. Satisfaction of our performance obligations occur upon the transfer of control of products, either from our facilities or directly from suppliers to customers. We consider customer purchase orders to be the contracts with a customer. All revenue is generated from contracts with customers. In determining the transaction price, we evaluate whether the price is subject to refund or adjustment to determine the net consideration to which we expect to receive. Taxes assessed by a governmental authority on revenue-producing transactions are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of products sold. Based upon the nature of our contracts with customers and our performance obligations within those contracts, we have no contract assets or liabilities as of March 31, 2021 and December 31, 2020. Nature of products We are primarily a supplier of original designed and manufactured (“ODM”) products that include value-added engineering and turn-key solutions. The following is a description of major products lines from which we generate our revenue: ODM Projects ODM Components Distribution Components Disaggregation of revenue In the following table, revenue is disaggregated by primary geographical market, major product line, and timing of revenue recognition. Three Months Ended March 31, 2021 2020 Primary geographical markets: United States $ 1,808,000 $ 1,320,000 Asia 152,000 146,000 Other 4,000 6,000 1,964,000 1,472,000 Major product lines: ODM projects $ 1,382,000 $ 789,000 ODM components 558,000 638,000 Distribution components 24,000 45,000 1,964,000 1,472,000 Timing of revenue recognition: Products transferred at a point in time $ 1,964,000 $ 1,472,000 |
INVENTORY
INVENTORY | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 2 INVENTORY Inventory – Inventory, consisting principally of products held for resale, is recorded at the lower of cost (determined using the first in-first out method) and net realizable value. We had inventory balances in the amount of $3,341,000 and $3,518,000 at March 31, 2021 and December 31, 2020, respectively, which is presented net of valuation allowances of $4,769,000 and $4,759,000, respectively. We evaluate inventories to identify excess, high-cost, slow-moving or other factors rendering inventories as unmarketable at normal profit margins. Due to the complexity of managing and maintaining a large inventory of product offerings, estimates are made regarding adjustments to the carrying values of inventories. Based on our assumptions about future demand and market conditions, inventories are carried at the lower of cost and net realizable value. If our assumptions about future demand change, or market conditions are less favorable than those projected, additional write-downs of inventories or valuation allowances may be required. In any case, actual amounts could be different from those estimated. |
OTHER ASSETS
OTHER ASSETS | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | 3 OTHER ASSETS Investment in securities - Zowie Technology Other Other Assets Total Balance at December 31, 2020 $ 186,000 $ 3,000 $ 189,000 Other changes - 1,000 1,000 Balance at March 31, 2021 $ 186,000 $ 4,000 $ 190,000 Our $186,000 investment in securities as of March 31, 2021 relates to 317,428 shares of preferred convertible debt of Zowie Technology Corporation (Taipei Hsien, Taiwan), a supplier of electronic component products, with our option after three (3) years to convert into common stock or refundable bearing 7% annual interest rate. Our investment represents approximately 7.9% of their total outstanding shares, although we do not have significant influence or control. This investment is accounted for under the cost (plus impairment) basis of accounting, however when facts and circumstances indicate that the carrying value of this asset may not be recoverable, we recognize an impairment loss. The impairment loss recognized is the amount by which the carrying amount exceeds the estimated fair value. |
LONG-TERM DEBT
LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | 4 LONG-TERM DEBT On April 27, 2020, we received loan proceeds in the amount of $163,200 from the Small Business Administration (“SBA”) under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest are forgivable after twenty-four (24) weeks as long as the loan proceeds are used for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness may be reduced if we terminate, lay-off or furlough employees or reduce salaries during the period. Any unforgiven portion of the PPP loan is payable over two (2) years at an interest rate of 1%, with a deferral of payments to the date that SBA remits our loan forgiveness amount to our lender. We intend to use the proceeds for purposes consistent with the PPP. While we currently believe that our use of the loan proceeds will meet the conditions for forgiveness of the loan, we cannot ensure that we will receive forgiveness of the loan, in whole or in part. |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | 5 – SHARE BASED COMPENSATION Accounting for stock options issued to employees measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. Outstanding options to purchase Class A common stock (“the Options”) vest in three equal annual installments beginning one (1) year from the date of grant and are subject to termination provisions as defined in our 2005 Stock Incentive Plan and 2018 Omnibus Incentive Plan (collectively referred to as “the Plans”). The Options activity during the three months ended March 31, 2021 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Years Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2020 295,500 $ 1.92 5.4 $ 359,000 Exercised - Outstanding at March 31, 2021 295,500 $ 1.91 5.1 $ 629,000 Exercisable at March 31, 2021 156,000 $ 1.72 4.6 $ 367,000 At March 31, 2021, the range of individual outstanding weighted average exercise prices was $1.02 to $2.55 and the unamortized compensation expense was approximately $27,000. Stock based compensation recorded in the three months ended March 31, 2021 was $8,000 and is included in selling, general and administrative expenses on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 6 COMMITMENTS AND CONTINGENCIES Inventory Purchasing Outstanding commitments to purchase inventory from suppliers aggregated approximately $2,100,000 as of March 31, 2021. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The unaudited condensed consolidated interim financial statements include the accounts of the Company and all wholly owned divisions. All significant intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments of a normal recurring nature and considered necessary for a fair presentation of its financial condition and results of operations for the interim periods presented in this Quarterly Report on Form 10-Q have been included. Operating results for the interim periods are not necessarily indicative of financial results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In preparing these financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates and assumptions included in the Company’s condensed consolidated financial statements relate to the allowance for sales returns, doubtful accounts, inventory reserves, accrued liabilities and deferred income taxes. |
Risks and Uncertainties, Policy [Policy Text Block] | Risks and Uncertainties In 2020, the spread of COVID-19 has caused significant volatility in U.S. and international markets. There is significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the U.S. and international economies and, as such, we are unable to determine if it will have a material impact to our operations and cash flows. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “ Simplifying the Accounting for Income Taxes Income Taxes In October 2020, the FASB issued ASU No. 2020-10 Codification Improvements |
Revenue from Contract with Customer [Policy Text Block] | Revenue recognition Revenue is recognized at the point at which control of the underlying products are transferred to the customer. Satisfaction of our performance obligations occur upon the transfer of control of products, either from our facilities or directly from suppliers to customers. We consider customer purchase orders to be the contracts with a customer. All revenue is generated from contracts with customers. In determining the transaction price, we evaluate whether the price is subject to refund or adjustment to determine the net consideration to which we expect to receive. Taxes assessed by a governmental authority on revenue-producing transactions are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of products sold. Based upon the nature of our contracts with customers and our performance obligations within those contracts, we have no contract assets or liabilities as of March 31, 2021 and December 31, 2020. |
Revenue [Policy Text Block] | Nature of products We are primarily a supplier of original designed and manufactured (“ODM”) products that include value-added engineering and turn-key solutions. The following is a description of major products lines from which we generate our revenue: ODM Projects ODM Components Distribution Components Disaggregation of revenue In the following table, revenue is disaggregated by primary geographical market, major product line, and timing of revenue recognition. Three Months Ended March 31, 2021 2020 Primary geographical markets: United States $ 1,808,000 $ 1,320,000 Asia 152,000 146,000 Other 4,000 6,000 1,964,000 1,472,000 Major product lines: ODM projects $ 1,382,000 $ 789,000 ODM components 558,000 638,000 Distribution components 24,000 45,000 1,964,000 1,472,000 Timing of revenue recognition: Products transferred at a point in time $ 1,964,000 $ 1,472,000 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue [Table Text Block] | In the following table, revenue is disaggregated by primary geographical market, major product line, and timing of revenue recognition. Three Months Ended March 31, 2021 2020 Primary geographical markets: United States $ 1,808,000 $ 1,320,000 Asia 152,000 146,000 Other 4,000 6,000 1,964,000 1,472,000 Major product lines: ODM projects $ 1,382,000 $ 789,000 ODM components 558,000 638,000 Distribution components 24,000 45,000 1,964,000 1,472,000 Timing of revenue recognition: Products transferred at a point in time $ 1,964,000 $ 1,472,000 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets [Table Text Block] | Investment in securities - Zowie Technology Other Other Assets Total Balance at December 31, 2020 $ 186,000 $ 3,000 $ 189,000 Other changes - 1,000 1,000 Balance at March 31, 2021 $ 186,000 $ 4,000 $ 190,000 |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | The Options activity during the three months ended March 31, 2021 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Years Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2020 295,500 $ 1.92 5.4 $ 359,000 Exercised - Outstanding at March 31, 2021 295,500 $ 1.91 5.1 $ 629,000 Exercisable at March 31, 2021 156,000 $ 1.72 4.6 $ 367,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Disaggregation of Revenue - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,964,000 | $ 1,472,000 |
ODM Projects [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,382,000 | 789,000 |
ODM Components [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 558,000 | 638,000 |
Distribution Components [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 24,000 | 45,000 |
UNITED STATES | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,808,000 | 1,320,000 |
Asia [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 152,000 | 146,000 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4,000 | 6,000 |
Products Transferred at a Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,964,000 | $ 1,472,000 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | ||
Provision for Other Losses | $ 3,341,000 | $ 3,518,000 |
Reversal of Inventory Reserves | $ 4,769,000 | $ 4,759,000 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - Zowie Technology [Member] | Mar. 31, 2021USD ($)shares |
OTHER ASSETS (Details) [Line Items] | |
Equity Method Investments | $ | $ 186,000 |
Investment Owned, Balance, Shares | shares | 317,428 |
Equity Method Investment, Ownership Percentage | 7.90% |
OTHER ASSETS (Details) - Schedu
OTHER ASSETS (Details) - Schedule of Other Assets | 3 Months Ended |
Mar. 31, 2021USD ($) | |
OTHER ASSETS (Details) - Schedule of Other Assets [Line Items] | |
Investments Balance | $ 189,000 |
Other changes | 1,000 |
Investments Balance | 190,000 |
Zowie Technology [Member] | |
OTHER ASSETS (Details) - Schedule of Other Assets [Line Items] | |
Investments Balance | 186,000 |
Other changes | 0 |
Investments Balance | 186,000 |
Other Investments [Member] | |
OTHER ASSETS (Details) - Schedule of Other Assets [Line Items] | |
Investments Balance | 3,000 |
Other changes | 1,000 |
Investments Balance | $ 4,000 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) | Apr. 27, 2020USD ($) |
Debt Disclosure [Abstract] | |
Proceeds from Notes Payable | $ 163,200 |
Debt Instrument, Term | 2 years |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% |
Debt Instrument, Payment Terms | deferral of payments to the date that SBA remits our loan forgiveness amount |
SHARE BASED COMPENSATION (Detai
SHARE BASED COMPENSATION (Details) | 3 Months Ended |
Mar. 31, 2021USD ($)$ / shares | |
SHARE BASED COMPENSATION (Details) [Line Items] | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 27,000 |
Share-based Payment Arrangement, Expense | $ | $ 8,000 |
2018 Stock Incentive Plan [Member] | |
SHARE BASED COMPENSATION (Details) [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | vest in three equal annual installments beginning one (1) year from the date of grant and are subject to termination provisions as defined in our 2005 Stock Incentive Plan and 2018 Omnibus Incentive Plan (collectively referred to as “the Plans”). |
Minimum [Member] | |
SHARE BASED COMPENSATION (Details) [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares | $ 1.02 |
Maximum [Member] | |
SHARE BASED COMPENSATION (Details) [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares | $ 2.55 |
SHARE BASED COMPENSATION (Det_2
SHARE BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Stock Options, Activity - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Schedule of Share-based Compensation, Stock Options, Activity [Abstract] | ||
Options Outstanding, Number of Shares | 295,500 | |
Options Outstanding, Weighted Average Exercise Price | $ 1.92 | |
Options Outstanding, Weighted Average Remaining Contractual Term (Years) | 5 years 36 days | 5 years 146 days |
Options Outstanding, Aggregate Intrinsic Value | $ 359,000 | |
Options Exercisable, Number of Shares | 156,000 | |
Options Exercisable, Weighted Average Exercise Price | $ 1.72 | |
Options Exercisable, Weighted Average Years Remaining Contractual Term | 4 years 219 days | |
Options Exercisable, Aggregate Intrinsic Value | $ 367,000 | |
Options Outstanding, Number of Shares | 295,500 | |
Options Outstanding, Weighted Average Exercise Price | $ 1.91 | |
Options Outstanding, Aggregate Intrinsic Value | $ 629,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | Mar. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 2,100,000 |