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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended September 30, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ________to _________
Commission
file number 001-34170
MicroVision,
Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
91-1600822
|
(State or Other Jurisdiction of
Incorporation or Organization) |
|
(I.R.S. Employer
Identification Number) |
18390
NE 68th Street
Redmond,
Washington 98052
(Address
of Principal Executive Offices, including Zip Code)
(425)
936-6847
(Registrant’s
Telephone Number, including Area Code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.001 par value per share |
|
MVIS |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file reports), and (2) has
been subject to such filing requirements for the past 90 days.
YES
☒ NO ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
YES
☒ NO ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☒ |
Accelerated
filer ☐ |
Non-accelerated
filer ☐ |
Smaller reporting company ☐ |
|
Emerging growth company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES
☐ NO ☒
The
number of shares of the registrant’s common stock outstanding as of November 3, 2023 was 189,985,743.
TABLE
OF CONTENTS
PART
I.
ITEM
1. FINANCIAL STATEMENTS
MicroVision,
Inc.
Condensed
Consolidated Balance Sheets
(In
thousands, except per share data)
(Unaudited)
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Assets | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 49,366 | | |
$ | 20,536 | |
Investment securities, available-for-sale | |
| 28,677 | | |
| 62,173 | |
Restricted cash, current | |
| 3,263 | | |
| - | |
Accounts receivable, net | |
| 740 | | |
| - | |
Inventory | |
| 3,616 | | |
| 1,861 | |
Advance to Ibeo | |
| - | | |
| 4,132 | |
Other current assets | |
| 5,765 | | |
| 2,306 | |
Total current assets | |
| 91,427 | | |
| 91,008 | |
| |
| | | |
| | |
Property and equipment, net | |
| 9,461 | | |
| 6,830 | |
Operating lease right-of-use asset | |
| 14,223 | | |
| 14,579 | |
Restricted cash | |
| 961 | | |
| 1,418 | |
Intangible assets, net | |
| 17,766 | | |
| 75 | |
Other assets | |
| 2,110 | | |
| 1,086 | |
Total assets | |
$ | 135,948 | | |
$ | 114,996 | |
| |
| | | |
| | |
Liabilities and shareholders’ equity | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 2,294 | | |
$ | 2,061 | |
Accrued liabilities | |
| 7,204 | | |
| 2,058 | |
Accrued liability for Ibeo business combination | |
| 6,118 | | |
| - | |
Contract liabilities | |
| 4,958 | | |
| 4,601 | |
Current portion of operating lease liability | |
| 2,432 | | |
| 1,846 | |
Current portion of finance lease obligations | |
| 2 | | |
| 21 | |
Other current liabilities | |
| 1,058 | | |
| 839 | |
Total current liabilities | |
| 24,066 | | |
| 11,426 | |
| |
| | | |
| | |
Operating lease liability, net of current portion | |
| 13,027 | | |
| 13,829 | |
Other long-term liabilities | |
| 597 | | |
| - | |
Total liabilities | |
| 37,690 | | |
| 25,255 | |
| |
| | | |
| | |
Commitments and contingencies (Note 10) | |
| - | | |
| | |
| |
| | | |
| | |
Shareholders’ equity | |
| | | |
| | |
Preferred stock, par value $0.001; 25,000 shares authorized; no and no shares issued and outstanding | |
| - | | |
| - | |
Common stock, par value $0.001; 310,000 shares authorized; 189,829 and 170,503 shares issued and outstanding at September 30,
2023 and December 31, 2022, respectively | |
| 190 | | |
| 171 | |
Additional paid-in capital | |
| 843,975 | | |
| 772,221 | |
Subscriptions receivable | |
| (323 | ) | |
| - | |
Accumulated other comprehensive gain (loss) | |
| 45 | | |
| (127 | ) |
Accumulated deficit | |
| (745,629 | ) | |
| (682,524 | ) |
Total shareholders’ equity | |
| 98,258 | | |
| 89,741 | |
Total liabilities and shareholders’ equity | |
$ | 135,948 | | |
$ | 114,996 | |
The
accompanying notes are an integral part of these financial statements.
MicroVision,
Inc.
Condensed
Consolidated Statements of Operations
(In
thousands, except per share data)
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 1,047 | | |
$ | - | | |
$ | 2,158 | | |
$ | 664 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of Revenue | |
| 625 | | |
| 45 | | |
| 1,870 | | |
| 67 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit | |
| 422 | | |
| (45 | ) | |
| 288 | | |
| 597 | |
| |
| | | |
| | | |
| | | |
| | |
Research and development expense | |
| 15,584 | | |
| 7,535 | | |
| 42,127 | | |
| 22,828 | |
Sales, marketing, general and administrative expense | |
| 8,743 | | |
| 5,522 | | |
| 27,172 | | |
| 17,664 | |
Gain on disposal of fixed assets | |
| (10 | ) | |
| - | | |
| (25 | ) | |
| - | |
Total operating expenses | |
| 24,317 | | |
| 13,057 | | |
| 69,274 | | |
| 40,492 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (23,895 | ) | |
| (13,102 | ) | |
| (68,986 | ) | |
| (39,895 | ) |
| |
| | | |
| | | |
| | | |
| | |
Bargain purchase gain, net of tax | |
| - | | |
| - | | |
| 1,706 | | |
| - | |
Other income | |
| 637 | | |
| 251 | | |
| 4,846 | | |
| 279 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| (211 | ) | |
| - | | |
| (671 | ) | |
| - | |
Net loss | |
$ | (23,469 | ) | |
$ | (12,851 | ) | |
$ | (63,105 | ) | |
$ | (39,616 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share - basic and diluted | |
$ | (0.12 | ) | |
$ | (0.08 | ) | |
$ | (0.35 | ) | |
$ | (0.24 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding - basic and diluted | |
| 188,306 | | |
| 165,687 | | |
| 180,156 | | |
| 165,167 | |
The
accompanying notes are an integral part of these financial statements.
MicroVision,
Inc.
Condensed
Consolidated Statements of Comprehensive Loss
(In
thousands)
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net loss | |
$ | (23,469 | ) | |
$ | (12,851 | ) | |
$ | (63,105 | ) | |
$ | (39,616 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other comprehensive loss: | |
| | | |
| | | |
| | | |
| | |
Unrealized gain (loss) on investment securities, available-for-sale | |
| 22 | | |
| (16 | ) | |
| 117 | | |
| (175 | ) |
Foreign currency translation adjustments | |
| 31 | | |
| - | | |
| 55 | | |
| - | |
Total comprehensive income (loss) | |
| 53 | | |
| (16 | ) | |
| 172 | | |
| (175 | ) |
Comprehensive loss | |
$ | (23,416 | ) | |
$ | (12,867 | ) | |
$ | (62,933 | ) | |
$ | (39,791 | ) |
The
accompanying notes are an integral part of these financial statements.
MicroVision,
Inc.
Condensed
Consolidated Statements of Shareholders’ Equity
(In
thousands)
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
Accumulated | | |
| | |
| |
| |
Common Stock | | |
Additional | | |
| | |
other | | |
| | |
Total | |
| |
| | |
Par | | |
paid-in | | |
Subscriptions | | |
comprehensive | | |
Accumulated | | |
shareholders’ | |
| |
Shares | | |
value | | |
capital | | |
receivable | | |
loss | | |
deficit | | |
equity | |
Balance at June 30, 2023 | |
| 187,620 | | |
$ | 188 | | |
$ | 835,410 | | |
$ | (925 | ) | |
$ | (8 | ) | |
$ | (722,160 | ) | |
$ | 112,505 | |
Share-based compensation expense | |
| 411 | | |
| - | | |
| 4,343 | | |
| - | | |
| - | | |
| - | | |
| 4,343 | |
Exercise of options | |
| 11 | | |
| - | | |
| 7 | | |
| - | | |
| - | | |
| - | | |
| 7 | |
Sales of common stock, net | |
| 1,787 | | |
| 2 | | |
| 4,215 | | |
| 602 | | |
| - | | |
| - | | |
| 4,819 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (23,469 | ) | |
| (23,469 | ) |
Other comprehensive loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| 53 | | |
| - | | |
| 53 | |
Balance at September 30, 2023 | |
| 189,829 | | |
$ | 190 | | |
$ | 843,975 | | |
$ | (323 | ) | |
$ | 45 | | |
$ | (745,629 | ) | |
$ | 98,258 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at January 1, 2023 | |
| 170,503 | | |
$ | 171 | | |
$ | 772,221 | | |
$ | - | | |
$ | (127 | ) | |
$ | (682,524 | ) | |
$ | 89,741 | |
Share-based compensation expense | |
| 1,410 | | |
| 1 | | |
| 10,769 | | |
| - | | |
| - | | |
| - | | |
| 10,770 | |
Exercise of options | |
| 191 | | |
| - | | |
| 175 | | |
| - | | |
| - | | |
| - | | |
| 175 | |
Sales of common stock, net | |
| 17,725 | | |
| 18 | | |
| 60,810 | | |
| (323 | ) | |
| - | | |
| - | | |
| 60,505 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (63,105 | ) | |
| (63,105 | ) |
Other comprehensive income | |
| - | | |
| - | | |
| - | | |
| - | | |
| 172 | | |
| | | |
| 172 | |
Balance at September 30, 2023 | |
| 189,829 | | |
$ | 190 | | |
$ | 843,975 | | |
$ | (323 | ) | |
$ | 45 | | |
$ | (745,629 | ) | |
$ | 98,258 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at June 30, 2022 | |
| 165,438 | | |
$ | 165 | | |
$ | 750,311 | | |
$ | - | | |
$ | (178 | ) | |
$ | (656,198 | ) | |
$ | 94,100 | |
Share-based compensation expense | |
| 240 | | |
| - | | |
| 4,081 | | |
| - | | |
| - | | |
| - | | |
| 4,081 | |
Exercise of options | |
| 207 | | |
| 1 | | |
| 310 | | |
| - | | |
| - | | |
| - | | |
| 311 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (12,851 | ) | |
| (12,851 | ) |
Other comprehensive loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (16 | ) | |
| - | | |
| (16 | ) |
Balance at September 30, 2022 | |
| 165,885 | | |
$ | 166 | | |
$ | 754,702 | | |
$ | - | | |
$ | (194 | ) | |
$ | (669,049 | ) | |
$ | 85,625 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at January 1, 2022 | |
| 164,363 | | |
$ | 164 | | |
$ | 742,042 | | |
$ | - | | |
$ | (19 | ) | |
$ | (629,433 | ) | |
$ | 112,754 | |
Share-based compensation expense | |
| 997 | | |
| 1 | | |
| 11,934 | | |
| - | | |
| - | | |
| - | | |
| 11,935 | |
Exercise of options | |
| 525 | | |
| 1 | | |
| 726 | | |
| - | | |
| - | | |
| - | | |
| 727 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (39,616 | ) | |
| (39,616 | ) |
Other comprehensive loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (175 | ) | |
| - | | |
| (175 | ) |
Balance at September 30, 2022 | |
| 165,885 | | |
$ | 166 | | |
$ | 754,702 | | |
$ | - | | |
$ | (194 | ) | |
$ | (669,049 | ) | |
$ | 85,625 | |
The
accompanying notes are an integral part of these financial statements.
MicroVision,
Inc.
Condensed
Consolidated Statements of Cash Flows
(In
thousands)
(Unaudited)
| |
| | |
| |
| |
Nine Months Ended | |
| |
September 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities | |
| | | |
| | |
Net loss | |
$ | (63,105 | ) | |
| (39,616 | ) |
| |
| | | |
| | |
Adjustments to reconcile net loss to net cash used in operations: | |
| | | |
| | |
Depreciation and amortization | |
| 6,288 | | |
| 1,425 | |
Bargain purchase gain, net of tax | |
| (1,706 | ) | |
| - | |
Gain on disposal of fixed assets | |
| (25 | ) | |
| - | |
Impairment of property and equipment | |
| 12 | | |
| 60 | |
Inventory write-downs | |
| 61 | | |
| 60 | |
Share-based compensation expense | |
| 11,506 | | |
| 11,935 | |
Net accretion of premium on short-term investments | |
| (986 | ) | |
| 290 | |
| |
| | | |
| | |
Change in: | |
| | | |
| | |
Accounts receivable | |
| (740 | ) | |
| - | |
Inventory | |
| (619 | ) | |
| (42 | ) |
Other current and non-current assets | |
| (3,214 | ) | |
| (662 | ) |
Accounts payable | |
| 896 | | |
| (2,160 | ) |
Accrued liabilities | |
| 4,321 | | |
| 418 | |
Contract liabilities and other current liabilities | |
| (1,405 | ) | |
| (386 | ) |
Operating lease liabilities | |
| (1,813 | ) | |
| (938 | ) |
Other long-term liabilities | |
| 17 | | |
| - | |
Net cash used in operating activities | |
| (50,512 | ) | |
| (29,616 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Sales of investment securities | |
| 61,700 | | |
| 34,700 | |
Cash paid for Ibeo business combination | |
| (11,233 | ) | |
| - | |
Purchases of property and equipment | |
| (1,981 | ) | |
| (2,017 | ) |
Net cash provided by (used in) investing activities | |
| 21,385 | | |
| (31,043 | ) |
| |
| | | |
| | |
Cash flows from financing activities | |
| | | |
| | |
Principal payments under finance leases | |
| (19 | ) | |
| (20 | ) |
Principal payments under long-term debt | |
| - | | |
| (392 | ) |
Proceeds from stock option exercises | |
| 175 | | |
| 727 | |
Net proceeds from issuance of common stock | |
| 60,607 | | |
| - | |
Net cash provided by financing activities | |
| 60,763 | | |
| 315 | |
| |
| | | |
| | |
Change in cash, cash equivalents, and restricted cash | |
| 31,636 | | |
| (60,344 | ) |
Cash, cash equivalents, and restricted cash at beginning of period | |
| 21,954 | | |
| 83,739 | |
Cash, cash equivalents, and restricted cash at end of period | |
$ | 53,590 | | |
$ | 23,395 | |
| |
| | | |
| | |
Supplemental schedule of non-cash investing and financing activities | |
| | | |
| | |
Non-cash additions to property and equipment | |
$ | - | | |
$ | 645 | |
Amounts issued to escrow for acquisition consideration | |
$ | 3,263 | | |
$ | - | |
Acquisition of right-to-use asset | |
$ | 1,294 | | |
$ | 9,622 | |
Accrued financing fees | |
$ | 101 | | |
$ | - | |
Issuance of common stock for subscriptions receivable | |
$ | 323 | | |
$ | - | |
Foreign currency translation adjustments | |
$ | 55 | | |
$ | - | |
Unrealized loss on investment securities, available-for-sale | |
$ | 117 | | |
$ | 175 | |
The
following table provides a reconciliation of the cash, cash equivalents, and restricted cash balances as of September 30, 2023 and December
31, 2022:
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Cash and cash equivalents | |
$ | 49,366 | | |
$ | 20,536 | |
Restricted cash, current | |
| 3,263 | | |
| - | |
Restricted cash | |
| 961 | | |
| 1,418 | |
Cash, cash equivalents and restricted cash | |
$ | 53,590 | | |
$ | 21,954 | |
The
accompanying notes are an integral part of these financial statements.
MicroVision,
Inc.
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
1.
MANAGEMENT’S STATEMENT
The
Condensed Consolidated Balance Sheets as of September 30, 2023, the Condensed Consolidated Statements of Operations, Condensed Consolidated
Statements of Comprehensive Loss and the Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months
ended September 30, 2023 and 2022, and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023
and 2022, have been prepared by MicroVision, Inc. (“we” or “our”) and have not been audited. In the opinion of
management, all adjustments necessary to state fairly the financial position at September 30, 2023 and the results of operations and
cash flows for all periods presented have been made and consist of normal recurring adjustments. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or
omitted pursuant to the rules of the Securities and Exchange Commission (SEC). The year-end condensed balance sheet data was derived
from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United
States of America. You should read these Condensed Consolidated financial statements in conjunction with the financial statements and
notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The results of operations for the
three and nine months ended September 30, 2023 are not necessarily indicative of the operating results that may be attained for the entire
fiscal year.
We
are developing lidar sensors and perception software to address the needs of the Level 2+, or L2+, and Level 3, or L3, advanced driver-assistance
systems (ADAS) markets to be used in automotive safety and autonomous driving applications. Our micro-electromechanical systems, or MEMS-based
high-speed lidar sensors, which we call MAVIN™, use our pioneering laser beam scanning (LBS) technology. Our solution-based development
approach recognizes two key realities of the L2+ and L3 markets: that safety is mission critical and that OEMs require cost efficiency
and integration adaptability. With these factors in mind, we believe that our best-in-class MAVIN lidar sensors support critical safety
needs by providing the highest resolution at range and velocity of moving objects with a dynamic field of view while running at 30 hertz,
thus enabling ADAS features, such as automatic emergency braking, forward collision warning, and automatic emergency steering, at higher
speeds of operation than most competing products.
We
completed the acquisition of Ibeo Automotive Systems GmbH (“Ibeo”) assets on January 31, 2023 pursuant to the terms and subject
to the conditions of the Asset Purchase Agreement, dated December 1, 2022, and amended as of January 31, 2023, by and between our wholly
owned subsidiary, MicroVision GmbH organized under the laws of The Federal Republic of Germany, and Ibeo for a purchase price of EUR
15.0 million, or approximately $16.3 million, subject to potential reduction on the terms set forth in the Asset Purchase Agreement.
Pursuant to the Asset Purchase Agreement, the purchase price also included advanced funds to Ibeo so that it could continue its operations
while in insolvency during the period between signing and closing. Specifically, we advanced to Ibeo EUR 3.9 million, or approximately
$4.1 million in December 2022; EUR 2.7 million, or approximately $3.0 million in January 2023; and EUR 599,000, or approximately $650,000
in February 2023 shortly after the closing. These fund advances included amounts related to headcount reductions carried out by Ibeo
management, decreasing the number of employees to transfer in connection with the acquisition to approximately 250 employees. These headcount
reduction costs of EUR 2.3 million, or approximately $2.5 million, were reimbursed to MicroVision by way of deduction from the purchase
price in accordance with the Asset Purchase Agreement.
We
have incurred significant losses since inception. We have funded our operations to date primarily through the sale of common stock, convertible
preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from development contract revenues, product sales
and licensing activities.
At
September 30, 2023, we had total liquidity of $78.0
million including $49.4
million in cash and cash equivalents and $28.7
million in short-term investment securities.
Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations for at least
the next 12 months. As of September 30, 2023, we have approximately $30.6 million available under the ATM agreement.
Principles
of Consolidation
The
condensed consolidated financial statements include the accounts of MicroVision, Inc. and MicroVision GmbH. MicroVision GmbH is a wholly
owned subsidiary of MicroVision, Inc. All material intercompany accounts and transactions have been eliminated in consolidation.
Foreign
Currency Translation
The
functional currency for our German operation is the Euro, which represents the currency of its primary economic environment. The results
of operations for the German operation are translated from the local currency into U.S. dollars using the average exchange rates during
each period. All assets and liabilities are translated using exchange rates at the end of each period, with foreign currency translation
adjustments included as a component of other comprehensive loss. All equity transactions and certain assets are translated using historical
rates. The consolidated financial statements are presented in U.S. dollars.
Segment
Information
We
determine operating segments based on how our chief operating decision maker (“CODM”) manages the business, makes operating
decisions around the allocation of resources, and evaluates operating performance. Our CODM is our Executive Management team, who reviews
our operating results on a consolidated basis. We operate as one segment, which relates to sale and servicing of lidar hardware and software.
The profitability of our product group is not a determining factor in allocating resources and the CODM does not evaluate profitability
below the level of the consolidated company.
2.
NET LOSS PER SHARE
Basic
net loss per share is calculated using the weighted-average number of common shares outstanding during the period. Net loss per share,
assuming dilution, is calculated using the weighted-average number of common shares outstanding and the dilutive effect of all potentially
dilutive securities, including common stock equivalents and convertible securities. Net loss per share, assuming dilution, is equal to
basic net loss per share because the effect of dilutive securities outstanding during the period, including options and warrants computed
using the treasury stock method, is anti-dilutive.
The
components of basic and diluted net loss per share were as follows (in thousands, except loss per share data):
SCHEDULE
OF BASIC AND DILUTED NET LOSS PER SHARE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net loss available for common shareholders - basic and diluted | |
$ | (23,469 | ) | |
$ | (12,851 | ) | |
$ | (63,105 | ) | |
$ | (39,616 | ) |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted-average common shares outstanding - basic and diluted | |
| 188,306 | | |
| 165,687 | | |
| 180,156 | | |
| 165,167 | |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share - basic and diluted | |
$ | (0.12 | ) | |
$ | (0.08 | ) | |
$ | (0.35 | ) | |
$ | (0.24 | ) |
For
the three and nine months ended September 30, 2023 and 2022, we excluded the following securities from net loss per share as the effect
of including them would have been anti-dilutive: outstanding options exercisable into a total of 752,000 and 954,000 shares of common
stock, respectively, and 10,323,000 and 9,591,000 nonvested restricted and performance stock units, respectively.
3.
BUSINESS COMBINATION
On
January 31, 2023, we completed the acquisition of certain net assets of Ibeo, a lidar hardware and software provider based in Hamburg,
Germany. The purpose of the acquisition was to acquire certain Ibeo assets, intellectual property, and teams, which will enable us to
expand our total addressable market and diversify our revenue profile.
Total
consideration related to this transaction, subject to settlement of working capital adjustments, was approximately EUR 19.9 million or
$21.6 million, consisting of approximately (i) EUR 7.0 million or $7.6 million in cash paid at closing, (ii) EUR 6.6 million or $7.1
million in cash advanced to Ibeo prior to closing, (iii) EUR 3.0 million or $3.3 million held in escrow for 13 months to be available
to cover properly established claims by MicroVision, (iv) EUR 0.6 million or $0.7 million in costs paid on behalf of the seller, and
(v) EUR 2.7 million or $2.9 million in cash held back at closing and to be offset by any working capital adjustments, which the parties
continue to work through. The remaining balance of EUR 2.7 million will be paid once the seller has accepted and approved all the associated
holdback calculations, which we expect to incur during the fourth quarter of 2023. In addition, we incurred $0.6 million of acquisition-related costs associated with the acquisition during the
three months ended March 31, 2023, which were included in Sales, marketing, general and administrative expense.
The
transaction has been accounted for as a business combination. The results of operations for the acquisition are included in our consolidated
financial statements from the date of acquisition onwards.
The
following table summarizes the preliminary purchase price allocation to assets acquired and liabilities assumed (in thousands):
SCHEDULE
OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED
| |
| | |
Weighted Average | |
| |
Amount | | |
Useful Life (in years) | |
Purchase consideration: | |
| | | |
| | |
Cash paid at closing(1) | |
$ | 8,245 | | |
| | |
Cash in escrow(2) | |
| 3,263 | | |
| | |
Holdback amount(3) | |
| 2,928 | | |
| | |
Advances to Ibeo(4) | |
| 7,120 | | |
| | |
Total purchase consideration | |
$ | 21,556 | | |
| | |
| |
| | | |
| | |
Inventory | |
$ | 1,197 | | |
| | |
Other current assets | |
| 703 | | |
| | |
Operating lease right-of-use asset | |
| 234 | | |
| | |
Property and equipment, net | |
| 5,330 | | |
| | |
Intangible assets: | |
| | | |
| | |
Acquired technology | |
| 17,987 | | |
| 13 | |
Order backlog | |
| 26 | | |
| 1 | |
Contract liabilities | |
| (1,178 | ) | |
| | |
Operating lease liabilities | |
| (234 | ) | |
| | |
Deferred tax liabilities | |
| (803 | ) | |
| | |
Total identifiable net assets | |
$ | 23,262 | | |
| | |
Bargain purchase gain(5) | |
| (1,706 | ) | |
| | |
The
estimated fair value of acquired technology was calculated through the income approach using the multi-period excess earnings and relief
from royalty methodologies. The estimated fair value of the order backlog was calculated through the income approach using the multi-period
excess earnings methodology.
The
initial allocation of the purchase price was based on preliminary valuations and assumptions and is subject to change within the measurement
period. We expect to finalize the allocation of the purchase price as soon as practicable and no later than one year from the acquisition
date.
Supplemental
Unaudited Pro Forma Information
The
below unaudited pro forma financial information summarizes the combined results of operations for the Company and Ibeo as if the acquisition
had been completed on January 1, 2022. The unaudited pro forma information presented below is for informational purposes only and is
not necessarily indicative of our consolidated results of operations of the combined business had the acquisition actually occurred at
the beginning of fiscal year 2022 or the results of our future operations of the combined businesses. Nonrecurring pro forma adjustments
include:
● |
Recognition of the bargain purchase gain as if incurred in the first quarter of 2022; |
|
|
● |
Acquisition-related costs of $1.1 million are assumed to have been incurred on January 1, 2022. |
The
following table summarizes the unaudited pro forma results (in thousands):
SCHEDULE
OF BUSINESS ACQUISITION, PRO FORMA INFORMATION
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Total revenue | |
$ | 1,047 | | |
| 63 | | |
| 2,707 | | |
| 5,580 | |
Net loss | |
| (23,469 | ) | |
| (34,874 | ) | |
| (60,506 | ) | |
| (91,963 | ) |
4.
REVENUE RECOGNITION
The
following is a description of principal activities from which we generate revenue. Revenues are recognized when control of the promised
goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange
for those goods or services. We generate all of our revenue from contracts with customers.
We
evaluate contracts based on the 5-step model as stated in Topic 606 as follows: (i) identify the contract, (ii) identify the performance
obligations, (iii) determine the transaction price, (iv) allocate the transaction price, and (v) recognize revenue when (or as) performance
obligations are satisfied.
A
contract contains a promise (or promises) to transfer goods or services to a customer. A performance obligation is a promise (or a group
of promises) that is distinct, as defined in the revenue standard.
The
transaction price is the amount of consideration an entity expects to be entitled to from a customer in exchange for providing the goods
or services. A number of factors should be considered to determine the transaction price, including whether there is variable consideration,
a significant financing component, noncash consideration, or amounts payable to the customer. The determination of variable consideration
will require a significant amount of judgment. In estimating the transaction price we will use either the expected value method or the
most likely amount method.
The
transaction price is allocated to the separate performance obligations in the contract based on relative standalone selling prices. Determining
the relative standalone selling price can be challenging when goods or services are not sold on a standalone basis. The revenue standard
sets out several methods that can be used to estimate a standalone selling price when one is not directly observable. Allocating discounts
and variable consideration must also be considered. Allocating the transaction price can require significant judgement on our part.
Revenue
is recognized when (or as) the customer obtains control of the good or service/performance obligations are satisfied. Topic 606 provides
guidance to help determine if a performance obligation is satisfied at a point in time or over time. Where a performance obligation is
satisfied over time, the related revenue is also recognized over time.
Disaggregation
of revenue
The
following table provides information about disaggregated revenue by timing of revenue recognition, (in thousands):
SCHEDULE
OF DISAGGREGATION OF REVENUE
| |
| | |
| | |
| | |
| |
| |
Three Months Ended September 30, 2023 | |
| |
| | |
License and | | |
| | |
| |
| |
Product | | |
royalty | | |
Contract | | |
| |
| |
revenue | | |
revenue | | |
revenue | | |
Total | |
Timing of revenue recognition: | |
| | | |
| | | |
| | | |
| | |
Products transferred at a point in time | |
$ | 1,047 | | |
$ | - | | |
$ | - | | |
$ | 1,047 | |
Product and services transferred over time | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 1,047 | | |
$ | - | | |
$ | - | | |
$ | 1,047 | |
| |
| | |
| | |
| | |
| |
| |
Nine Months Ended September 30, 2023 | |
| |
| | |
License and | | |
| | |
| |
| |
Product | | |
royalty | | |
Contract | | |
| |
| |
revenue | | |
revenue | | |
revenue | | |
Total | |
Timing of revenue recognition: | |
| | | |
| | | |
| | | |
| | |
Products transferred at a point in time | |
$ | 1,898 | | |
$ | - | | |
$ | - | | |
$ | 1,898 | |
Product and services transferred over time | |
| - | | |
| - | | |
| 260 | | |
| 260 | |
Total | |
$ | 1,898 | | |
$ | - | | |
$ | 260 | | |
$ | 2,158 | |
| |
| | |
| | |
| | |
| |
| |
| Three Months Ended September 30, 2022 | | |
| |
| | | |
| License and | | |
| | | |
| | |
| |
| Product | | |
| royalty | | |
| Contract | | |
| | |
| |
| revenue | | |
| revenue | | |
| revenue | | |
| Total | |
Timing of revenue recognition: | |
| | | |
| | | |
| | | |
| | |
Products transferred at a point in time | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Product and services transferred over time | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | |
| | |
| | |
| |
| |
Nine Months Ended September 30, 2022 | |
| |
| | |
License and | | |
| | |
| |
| |
Product | | |
royalty | | |
Contract | | |
| |
| |
revenue | | |
revenue | | |
revenue | | |
Total | |
Timing of revenue recognition: | |
| | | |
| | | |
| | | |
| | |
Products transferred at a point in time | |
$ | - | | |
$ | 664 | | |
$ | - | | |
$ | 664 | |
Product and services transferred over time | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | - | | |
$ | 664 | | |
$ | - | | |
$ | 664 | |
Contract
balances
Under
Topic 606, our rights to consideration are presented separately depending on whether those rights are conditional or unconditional. We
present our unconditional rights to consideration as “accounts receivable” in our Balance Sheet.
Significant
changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands, except percentages):
SCHEDULE
OF CONTRACT WITH CUSTOMER, CONTRACT ASSET, CONTRACT LIABILITY, AND RECEIVABLE
| |
September 30, | | |
December 31, | | |
| | |
| |
| |
2023 | | |
2022 | | |
$ Change | | |
% Change | |
| |
| | |
| | |
| | |
| |
Contract assets | |
$ | - | | |
$ | - | | |
$ | - | | |
| - | |
Contract liabilities | |
| 4,958 | | |
| 4,601 | | |
| 357 | | |
| 7.8 | |
Net contract assets (liabilities) | |
$ | 4,958 | | |
$ | 4,601 | | |
$ | 357 | | |
| 7.8 | |
In
April 2017, we signed a contract with Microsoft Corporation to develop an LBS display system. Under the agreement, we received an upfront
payment of $10.0 million. As of December 31, 2022, we had applied $5.4 million against the contract liability. During the three and nine
months ended September 30, 2023, we applied $0 against the contract liability with this customer.
In
connection with our January 2023 acquisition of assets from Ibeo, we assumed contract liabilities totaling approximately $1.2 million.
During the three and nine months ended September 30, 2023, we recognized revenue totaling $787,000 and $926,000 respectively, against
the contract liability.
Transaction
price allocated to the remaining performance obligations
The
$10.0 million upfront payment received from our customer as noted above was being recognized as revenue as component sales were transferred
to the customer. Under the new arrangement reached in March 2020, the royalties we expect to earn will be applied against the remaining
prepayment. Because we do not have information on projected future shipments by our customer, we are not able to estimate the timing
of revenue recognition related to the remaining performance obligations; however, the underlying agreement is scheduled to expire on
December 31, 2023. The $4.6 million contract liability at September 30, 2023 is classified as a current liability on our balance sheet.
It is unclear at this time whether recognition of revenue may extend beyond the next twelve months.
The
remaining balance of the contract liabilities assumed in our acquisition of assets from Ibeo was approximately $252,000 as of September
30, 2023.
The
following table provides information about the estimated timing of revenue recognition (in thousands):
SCHEDULE
OF ESTIMATED TIMING OF REVENUE RECOGNITION
| |
Remainder of 2023 | | |
2024 | |
| |
| | | |
| | |
Revenue | |
$ | 347 | | |
$ | - | |
5.
INVESTMENT SECURITIES, AVAILABLE-FOR-SALE AND FAIR VALUE MEASUREMENTS
Our
investment securities, available-for-sale are comprised of corporate and government debt securities. The principal markets for the debt
securities are dealer markets which have a high level of price transparency. The market participants for debt securities are typically
large money center banks and regional banks, brokers, dealers, pension funds, and other entities with debt investment portfolios.
Fair
value is defined as the exchange price that would be received for 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 should be determined based on assumptions that market
participants would use in pricing an asset or liability. As a basis for considering such assumptions, the authoritative guidance establishes
a three level fair value inputs hierarchy and requires an entity to maximize the use of observable valuation inputs and minimize the
use of unobservable inputs. We use market data, assumptions and risks we believe market participants would use in measuring the fair
value of the asset or liability, including the risks inherent in the inputs and the valuation techniques. The hierarchy is summarized
below.
Level
1 - Quoted prices in active markets for identical assets and liabilities at the measurement date that the reporting entity has the ability
to access.
Level
2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active
markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable
or can be corroborated by observable market data.
Level
3 - Unobservable inputs for which there is little or no market data, which requires us to develop our own assumptions, which are significant
to the measurement of the fair values.
The
valuation inputs hierarchy classification for assets measured at fair value on a recurring basis are summarized below as of September
30, 2023 and December 31, 2022 (in thousands). These tables do not include cash held in our money market savings accounts.
SCHEDULE OF FAIR VALUE HIERARCHY ASSETS AND LIABILITIES
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
As of September 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | - | | |
$ | 9,215 | | |
$ | - | | |
$ | 9,215 | |
U.S. Treasury securities | |
| - | | |
| 19,462 | | |
| - | | |
| 19,462 | |
| |
$ | - | | |
$ | 28,677 | | |
$ | - | | |
$ | 28,677 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
As of December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | - | | |
$ | 15,500 | | |
$ | - | | |
$ | 15,500 | |
U.S. Treasury securities | |
| - | | |
| 46,673 | | |
| - | | |
| 46,673 | |
| |
$ | - | | |
$ | 62,173 | | |
$ | - | | |
$ | 62,173 | |
Our
short-term investments are summarized below as of September 30, 2023 and December 31, 2022 (in thousands).
SCHEDULE OF UNREALIZED GAIN OR LOSS ON SHORT-TERM INVESTMENTS
| |
| | |
| | |
| | |
Investment | |
| |
Cost/ | | |
Gross | | |
Gross | | |
Securities, | |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
Available- | |
| |
Cost | | |
Gains | | |
Losses | | |
For-Sale | |
As of September 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | 9,220 | | |
$ | 1 | | |
$ | (6 | ) | |
$ | 9,215 | |
U.S. Treasury securities | |
| 19,468 | | |
| - | | |
| (6 | ) | |
| 19,462 | |
| |
$ | 28,688 | | |
$ | 1 | | |
$ | (12 | ) | |
$ | 28,677 | |
| |
| | |
| | |
| | |
Investment | |
| |
Cost/ | | |
Gross | | |
Gross | | |
Securities, | |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
Available- | |
| |
Cost | | |
Gains | | |
Losses | | |
For-Sale | |
As of December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | 15,538 | | |
$ | - | | |
$ | (38 | ) | |
$ | 15,500 | |
U.S. Treasury securities | |
| 46,762 | | |
| 2 | | |
| (91 | ) | |
| 46,673 | |
| |
$ | 62,300 | | |
$ | 2 | | |
$ | (129 | ) | |
$ | 62,173 | |
The
maturities of the investment securities available-for-sale as of September 30, 2023 and December 31, 2022 are shown below (in thousands):
SCHEDULE
OF MATURITY DATE OF AVAILABLE-FOR-SALE SECURITIES
| |
| | |
Gross | | |
Gross | | |
| |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
Estimated | |
| |
Cost | | |
Gains | | |
Losses | | |
Fair Value | |
As of September 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Maturity date | |
| | | |
| | | |
| | | |
| | |
Less than one year | |
$ | 28,688 | | |
$ | 1 | | |
$ | (12 | ) | |
$ | 28,677 | |
| |
$ | 28,688 | | |
| | | |
| | | |
$ | 28,677 | |
| |
| | |
Gross | | |
Gross | | |
| |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
Estimated | |
| |
Cost | | |
Gains | | |
Losses | | |
Fair Value | |
As of December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Maturity date | |
| | | |
| | | |
| | | |
| | |
Less than one year | |
$ | 62,300 | | |
$ | 2 | | |
$ | (129 | ) | |
$ | 62,173 | |
| |
$ | 62,300 | | |
| | | |
| | | |
$ | 62,173 | |
The
following table summarizes investments that have been in a continuous unrealized loss position for less than 12 months and those that
have been in a continuous unrealized loss position for more than 12 months as of September 30, 2023 and December 31, 2022 (in thousands):
SCHEDULE
OF UNREALIZED LOSS ON INVESTMENTS SECURITIES
| |
Less than Twelve Months | | |
Twelve Months or Greater | | |
Total | |
| |
| | |
Gross | | |
| | |
Gross | | |
| | |
Gross | |
| |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | |
| |
Value | | |
Losses | | |
Value | | |
Losses | | |
Value | | |
Losses | |
As of September 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | 2,988 | | |
$ | (6 | ) | |
$ | - | | |
$ | - | | |
$ | 2,988 | | |
$ | (6 | ) |
U.S. Treasury securities | |
| 12,570 | | |
| (6 | ) | |
| - | | |
| - | | |
| 12,570 | | |
| (6 | ) |
| |
$ | 15,558 | | |
$ | (12 | ) | |
$ | - | | |
$ | - | | |
$ | 15,558 | | |
$ | (12 | ) |
| |
Less than Twelve Months | | |
Twelve Months or Greater | | |
Total | |
| |
| | |
Gross | | |
| | |
Gross | | |
| | |
Gross | |
| |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | |
| |
Value | | |
Losses | | |
Value | | |
Losses | | |
Value | | |
Losses | |
As of December 31, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | 12,295 | | |
$ | (38 | ) | |
$ | - | | |
$ | - | | |
$ | 12,295 | | |
$ | (38 | ) |
U.S. Treasury securities | |
| 34,530 | | |
| (91 | ) | |
| - | | |
| - | | |
| 34,530 | | |
| (91 | ) |
| |
$ | 46,825 | | |
$ | (129 | ) | |
$ | - | | |
$ | - | | |
$ | 46,825 | | |
$ | (129 | ) |
6.
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS AND SUPPLIERS
Concentration
of credit risk
Financial
instruments that potentially subject us to a concentration of credit risk are primarily cash equivalents and investment securities. As
of September 30, 2023, our cash and cash equivalents are comprised of operating checking accounts and short-term highly rated money market
savings accounts. Our short-term investments are comprised of highly rated corporate bonds and U.S. Treasury securities.
Concentration
of major customers and suppliers
For
the three months ended September 30, 2023, one commercial customer accounted for $742,000 in revenue, representing 71% of our total revenue
and a second commercial customer accounted for $78,000 in revenue, representing 8% of our total revenue. For the nine months ended September
30, 2023, one commercial customer accounted for $825,000 in revenue, representing 38% of our total revenue, a second commercial customer
accounted for $364,000 in revenue, representing 17% of our total revenue, a third commercial customer accounted for $246,000 in revenue,
representing 11% of our total revenue, and a fourth customer accounted for $206,000 in revenue, representing 10% of our total revenue.
For the three and nine months ended September 30, 2022, one customer accounted for $0 and $664,000 in revenue, respectively, representing
100% of our total revenue for each period.
Typically,
a significant concentration of our components and the products we have sold are manufactured and obtained from single or limited-source
suppliers. The loss of any single or limited-source supplier, the failure of any of these suppliers to perform as expected, or the disruption
in the supply chain of components from these suppliers could subject us to risks and uncertainties including, but not limited to, increased
cost of sales, possible loss of revenues, or significant delays in product development or product deliveries, any of which could adversely
affect our financial condition and operating results.
7.
FINANCIAL STATEMENT COMPONENTS
The
following financial statement components changed significantly as a result of our January 2023 acquisition of assets from Ibeo.
Inventory
Inventory
consists of the following:
COMPONENTS
OF INVENTORY
| |
September 30, | | |
December 31, | |
(in thousands) | |
2023 | | |
2022 | |
Raw materials | |
$ | 1,562 | | |
$ | 1,556 | |
Work in process | |
| 305 | | |
| 305 | |
Finished goods | |
| 1,749 | | |
| - | |
Total inventory | |
$ | 3,616 | | |
$ | 1,861 | |
Inventory
is computed using the first-in, first-out (FIFO) method and is stated at the lower of cost and net realizable value. Management periodically
assesses the need to account for obsolescence of inventory and adjusts the carrying value of inventory to its net realizable value when
required.
Property
and equipment
Property
and equipment consists of the following:
COMPONENTS
OF PROPERTY, PLANT AND EQUIPMENT
| |
September 30, | | |
December 31, | |
(in thousands) | |
2023 | | |
2022 | |
Production equipment | |
$ | 6,140 | | |
$ | 6,140 | |
Leasehold improvements | |
| 3,843 | | |
| 3,789 | |
Computer hardware and software/lab equipment | |
| 12,110 | | |
| 10,515 | |
Office furniture and equipment | |
| 5,196 | | |
| 1,804 | |
Property and equipment, gross | |
| 27,289 | | |
| 22,248 | |
Less: Accumulated depreciation | |
| (17,828 | ) | |
| (15,418 | ) |
Property and equipment,
net | |
$ | 9,461 | | |
$ | 6,830 | |
Depreciation
expense was $1.1 million and $153,000 for the three months ended September 30, 2023 and 2022, respectively. Depreciation expense was
$2.8 million and $533,000 for the nine months ended September 30, 2023 and 2022, respectively.
Intangible
assets
The
components of intangible assets were as follows:
SUMMARY
OF COMPONENTS OF INTANGIBLE ASSETS
As of September 30, 2023 | |
Gross | | |
| | |
Net | | |
Weighted | |
| |
Carrying | | |
Accumulated | | |
Carrying | | |
Average Remaining | |
(in thousands) | |
Amount | | |
Amortization | | |
Amount | | |
Period (Years) | |
Acquired technology | |
$ | 20,172 | | |
$ | 2,415 | | |
$ | 17,757 | | |
| 12 | |
Backlog | |
| 26 | | |
| 17 | | |
| 9 | | |
| - | |
| |
$ | 20,198 | | |
$ | 2,432 | | |
$ | 17,766 | | |
| | |
As of December 31, 2022 | |
Gross | | |
| | |
Net | | |
Weighted | |
| |
Carrying | | |
Accumulated | | |
Carrying | | |
Average Remaining | |
(in thousands) | |
Amount | | |
Amortization | | |
Amount | | |
Period (Years) | |
Acquired technology | |
$ | 951 | | |
$ | 876 | | |
$ | 75 | | |
| 4 | |
| |
$ | 951 | | |
$ | 876 | | |
$ | 75 | | |
| | |
Amortization
expense was $573,000 and $10,000 for the three months ended September 30, 2023 and 2022, respectively. Amortization expense was $1.6
million and $30,000 for the nine months ended September 30, 2023 and 2022, respectively.
The
following table outlines our estimated future amortization expense related to intangible assets held at September 30, 2023 by line item
on the statement of operations (in thousands):
ESTIMATED
FUTURE AMORTIZATION EXPENSE RELATED TO INTANGIBLE ASSETS
| |
| | |
Research and | | |
| |
| |
Cost of | | |
Development | | |
| |
Years Ended December 31, | |
Revenue | | |
Expense | | |
Total | |
2023 | |
$ | 387 | | |
$ | 179 | | |
$ | 566 | |
2024 | |
| 1,548 | | |
| 556 | | |
| 2,104 | |
2025 | |
| 1,548 | | |
| 52 | | |
| 1,600 | |
2026 | |
| 1,548 | | |
| 24 | | |
| 1,572 | |
Thereafter | |
| 11,924 | | |
| - | | |
| 11,924 | |
Total | |
$ | 16,955 | | |
$ | 811 | | |
$ | 17,766 | |
8.
SHARE-BASED COMPENSATION
We
issue share-based compensation to employees in the form of stock options, restricted stock units (RSUs), and performance stock units
(PSUs). We account for the share-based awards by recognizing the fair value of share-based compensation expense on a straight-line basis
over the service period of the award, net of estimated forfeitures. The fair value of stock options is estimated on the grant date using
the Black-Scholes option pricing model. The fair value of RSUs and non-executive PSUs is determined by the closing price of our common
stock on the grant date or the period end date for the awards that are being measured by the service inception date. Changes in estimated
inputs or using other option valuation methods may result in materially different option values and share-based compensation expense.
The
following table summarizes the amount of share-based compensation expense by line item on the statements of operations:
SCHEDULE
OF SHARE-BASED COMPENSATION EXPENSE
(in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Share-based compensation expense | |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
(in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Research and development expense | |
$ | 2,194 | | |
$ | 1,831 | | |
$ | 4,438 | | |
$ | 5,681 | |
Sales, marketing, general and administrative expense | |
| 2,497 | | |
| 2,250 | | |
| 7,068 | | |
| 6,254 | |
Total Share-based compensation
expense | |
$ | 4,691 | | |
$ | 4,081 | | |
$ | 11,506 | | |
$ | 11,935 | |
Options
activity and positions
The
following table summarizes shares, weighted-average exercise price, weighted-average remaining contractual term and aggregate intrinsic
value of options outstanding and options exercisable as of September 30, 2023:
SCHEDULE OF VALUATION ASSUMPTIONS FOR WEIGHTED-AVERAGE GRANT
| |
| | |
| | |
Weighted- | | |
| |
| |
| | |
Weighted- | | |
Average | | |
| |
| |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
| | |
Exercise | | |
Contractual | | |
Intrinsic | |
Options | |
Shares | | |
Price | | |
Term (years) | | |
Value | |
Outstanding as of September 30, 2023 | |
| 752,000 | | |
$ | 1.35 | | |
| 4.9 | | |
$ | 746,000 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable as of September 30, 2023 | |
| 752,000 | | |
$ | 1.35 | | |
| 4.9 | | |
$ | 746,000 | |
As
of September 30, 2023, there is no unrecognized share-based employee compensation related to stock options.
Restricted
stock activity and positions
The
following table summarizes activity and positions with respect to RSUs and PSUs for the nine months ended September 30, 2023:
SCHEDULE OF ACTIVITY AND POSITIONS WITH RESPECT TO RSUS AND PSUS
| |
| | |
Weighted-average | |
| |
Shares | | |
price | |
Unvested as of December 31, 2022 | |
| 8,866,000 | | |
$ | 3.85 | |
Granted | |
| 3,254,000 | | |
$ | 4.02 | |
Vested | |
| (1,374,000 | ) | |
$ | 7.86 | |
Forfeited | |
| (423,000 | ) | |
$ | 8.09 | |
Unvested as of September 30, 2023 | |
| 10,323,000 | | |
$ | 3.19 | |
During
the nine months ended September 30, 2023, we issued 2.6 million PSUs to non-executive employees subject to the achievement of development
goals. These shares are liabilities subject to mark-to-market accounting as the number of shares was not fixed when issued. One-third
of these shares will vest in connection with 2023 achievement of the milestones and the remaining two-thirds will vest over two years
from June 30, 2023.
During
the nine months ended September 30, 2023, we issued 106,000 shares for the partial achievement of internal performance milestones during
the fourth quarter of 2022. These shares were valued based on the closing price of our common stock on the dates of grant and vest quarterly
over two years. We had canceled 426,000 PSUs in the fourth quarter of 2022 related to the same internal performance milestones.
During
the nine months ended September 30, 2023, we issued 408,000 time-based RSUs to non-executive employees for promotion, retention, and
new hire grants. These shares were valued based on the closing price of our common stock on the dates of grant. These shares vest over
three or four years from the date of grant.
During
the nine months ended September 30, 2023, we issued 275,000 time-based RSUs to independent directors for annual equity compensation.
These shares were valued based on the closing price of our common stock on the dates of grant. These shares vest quarterly, with the
final installment vesting the earlier of the one year anniversary of the grant date or the day before the next annual meeting.
As
of September 30, 2023, our unrecognized share-based compensation related to RSUs was $6.6 million, which we plan to expense over the
next 1.5 years. Our unrecognized share-based compensation related to the executive PSUs was $5.9 million, which we plan to expense over
the next 2.0 years and our unrecognized share-based compensation related to the non-executive PSUs was $4.6 million, which we plan to
expense over the next 1.1 years.
In
June 2022, we issued 6.0 million PSUs to our executive officers. The PSUs are subject to the achievement of performance goals and time-based
vesting. The PSUs will become eligible to vest if the closing price of our common stock reaches or exceeds specified price thresholds
for at least 20 consecutive trading days during the performance period through December 31, 2025. If the performance goals are met, the
portion of the PSUs deemed earned will become subject to time-based vesting in equal quarterly installments over two years starting from
the date on which the goal is achieved. These PSUs were valued using a Monte Carlo simulation model using the following inputs: stock
price, volatility, and risk-free interest rates.
During
the nine months ended September 30, 2022, we issued 2.4 million PSUs to non-executive employees subject to the achievement of development
goals. These shares were valued based on the closing price of our common stock on the dates of grant. These shares vest quarterly over
two years from the achievement of established performance criteria.
During
the nine months ended September 30, 2022, we issued 511,000 time-based RSUs to non-executive employees for promotion, retention, and
new hire grants. These shares were valued based on the closing price of our common stock on the dates of grant. These shares vest over
three or four years from the date of grant.
9.
LEASES
We
lease our office space and certain equipment under finance and operating leases. Our leases have remaining lease terms of one to ten
years. Our office lease agreement includes both lease and non-lease components, which are accounted for separately. Our finance leases
contain options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected
lease term, unless we are reasonably certain to exercise the purchase option.
In
September 2021, we entered into an office lease with Redmond East Office Park LLC, a Washington limited liability company, pursuant to
which we will lease approximately 16,681 square feet of space located in Redmond, Washington that we will use primarily for general office
space. The lease provides for an initial term of 128 months that commenced November 1, 2021. Pursuant to the lease, annual base rent
was approximately $500,000 for the first year and is subject to annual increases of 3.0%. In addition to base rent, we pay additional
rent comprised of our proportionate share of any operating expenses, real estate taxes, and management fees. We have the option to extend
the term for one ten-year renewal period, provided that the rent would be subject to market adjustment at the beginning of the renewal
term. The total minimum lease payments related to this lease is $6.4 million.
In
September 2021, we entered into a second office lease with Redmond East Office Park LLC, pursuant to which we will lease approximately
36,062 square feet of space located in Redmond, Washington that we will use primarily for product testing and lab space. The lease provides
for an initial term of 120 months that commenced on December 1, 2022. Pursuant to the lease, annual base rent will be approximately $1.1
million for the first year and is subject to annual increases of 3.0%. In addition to base rent, we will pay additional rent comprised
of our proportionate share of any operating expenses, real estate taxes, and management fees. We have the option to extend the term for
one ten-year renewal period, provided that the rent would be subject to market adjustment at the beginning of the renewal term. The total
minimum lease payments related to this lease are $13.0 million. During the quarter ended June 30, 2023, we received a payment of $3.0
million as an incentive to terminate our previous building lease. The gain is recorded as other income in our statement of operations.
In
April 2022, we entered into an office lease with Universal-Investment-Gesellschaft mbH, a German investment company, pursuant to which
we lease approximately 3,533 square feet of space located in Nuremberg, Germany that we use primarily for product testing for engineering
and development activities. The lease provides for a term of 60 months that commenced May 1, 2022. Pursuant to the lease, annual base
rent is approximately $76,000 per year. The total minimum lease payments related to this lease is approximately $380,000.
In
September 2022, we entered into a second office lease with Universal-Investment-Gesellschaft mbH, a German investment company, pursuant
to which we lease approximately 3,810 square feet of space located in Nuremberg, Germany that we use primarily for general office space
for business development activities. The lease provides for a term of 60 months that commenced November 15, 2022. Pursuant to the lease,
annual base rent is approximately $92,000 per year. The total minimum lease payments related to this lease is approximately $461,000.
In
connection with our January 2023 acquisition of assets from Ibeo, we assumed three leases in Hamburg, Germany. One lease is with IntReal
International Real Estate Kapitalverwaltungsgesellschaft and covers approximately 5,511 square feet of space for IT network equipment
through December 31, 2026. Pursuant to the lease, annual base rent is approximately $65,000 per year. The total remaining minimum lease
payments related to this lease are approximately $259,000. During the quarter ended March 31, 2023, we recorded a right-of-use asset
in the amount of $234,000 on our balance sheet. A second lease is with Neuer Holtigbaum and covers approximately 32,529 square feet of
office space and long-range laser testing space through August 2023. During the quarter ended September 30 2023, we amended this lease
and extended until August 2024. The total remaining minimum lease payments related to this lease are approximately $190,000. The third
lease is with BG BAU Berufsgenossenschaft der Bauwirtschaft and covers approximately 13,127 square feet of garage space to house our
test and demonstration vehicles through July 31, 2024. The total remaining minimum lease payments related to this lease are approximately
$146,000.
The
components of lease expense were as follows:
SCHEDULE
OF COMPONENTS OF LEASE EXPENSE
(in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
(in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating lease expense | |
$ | 667 | | |
$ | 365 | | |
$ | 1,949 | | |
$ | 865 | |
Finance lease expense: | |
| | | |
| | | |
| | | |
| | |
Amortization of leased assets | |
| 6 | | |
| 6 | | |
| 19 | | |
| 19 | |
Interest on lease liabilities | |
| - | | |
| 1 | | |
| 1 | | |
| 2 | |
Total finance lease expense | |
| 6 | | |
| 7 | | |
| 20 | | |
| 21 | |
Total lease expense | |
$ | 673 | | |
$ | 372 | | |
$ | 1,969 | | |
$ | 886 | |
Supplemental
cash flow information related to leases was as follows:
SCHEDULE
OF CASH FLOW INFORMATION RELATED TO LEASES
(in thousands) | |
2023 | | |
2022 | |
| |
Nine Months Ended | |
| |
September 30, | |
(in thousands) | |
2023 | | |
2022 | |
Cash paid for amounts included in measurement of lease liabilities: | |
| | |
| |
Operating cash flows from operating leases | |
$ | 1,813 | | |
| 938 | |
Operating cash flows from finance leases | |
| 1 | | |
| 2 | |
Financing cash flows from finance leases | |
| 19 | | |
| 20 | |
Supplemental
balance sheet information related to leases was as follows:
SCHEDULE
OF CASH FLOW INFORMATION RELATED TO LEASES
| |
September 30, | | |
December 31, | |
(in thousands) | |
2023 | | |
2022 | |
Operating leases | |
| | | |
| | |
Operating lease right-of-use assets | |
$ | 14,223 | | |
$ | 14,579 | |
| |
| | | |
| | |
Current portion of operating lease liability | |
| 2,432 | | |
| 1,846 | |
Operating lease liability, net of current portion | |
| 13,027 | | |
| 13,829 | |
Total operating lease liabilities | |
$ | 15,459 | | |
$ | 15,675 | |
| |
| | | |
| | |
Finance leases | |
| | | |
| | |
Property and equipment, at cost | |
$ | 112 | | |
$ | 112 | |
Accumulated depreciation | |
| (93 | ) | |
| (80 | ) |
Property and equipment, net | |
$ | 19 | | |
$ | 32 | |
| |
| | | |
| | |
Current portion of finance lease obligations | |
$ | 2 | | |
$ | 21 | |
Finance lease obligations, net of current portion | |
| - | | |
| - | |
Total finance lease liabilities | |
$ | 2 | | |
$ | 21 | |
| |
| | | |
| | |
Weighted Average Remaining Lease Term | |
| | | |
| | |
Operating leases | |
| 8.7 years | | |
| 9.6 years | |
Finance leases | |
| 0.1 years | | |
| 0.8 years | |
| |
| | | |
| | |
Weighted Average Discount Rate | |
| | | |
| | |
Operating leases | |
| 4.6 | % | |
| 4.6 | % |
Finance leases | |
| 5.6 | % | |
| 6.3 | % |
As
of September 30, 2023, maturities of lease liabilities were as follows:
SCHEDULE
OF MATURITIES OF LEASE LIABILITIES
(in thousands) | |
Operating | | |
Finance | |
Years Ended December 31, | |
leases | | |
leases | |
2023 | |
$ | 642 | | |
$ | 2 | |
2024 | |
| 2,340 | | |
| - | |
2025 | |
| 2,003 | | |
| - | |
2026 | |
| 2,023 | | |
| - | |
Thereafter | |
| 11,631 | | |
| - | |
Total minimum lease payments | |
| 18,639 | | |
| 2 | |
Less: amount representing interest | |
| (3,180 | ) | |
| - | |
Present value of capital lease liabilities | |
$ | 15,459 | | |
$ | 2 | |
10.
COMMITMENTS AND CONTINGENCIES
Purchase commitments
During the quarter ended September 30, 2023, we entered into a $12.3 million
purchase commitment with a contract manufacturing partner for the production of MOVIA sensor inventory to support direct sales to both
automotive and non-automotive customers. We made a payment of $3.1 million during the third quarter and expect to make the remaining future
payments by the end of the second quarter of 2024 based on an agreed sensor delivery schedule.
Litigation
We
are subject to various claims and pending or threatened lawsuits in the normal course of business. We are not currently party to any
legal proceedings that management believes are reasonably possible to have a material adverse effect on our financial position, results
of operations or cash flows.
11.
COMMON STOCK
In
June 2021, we entered into a $140.0 million ATM equity offering agreement with Craig-Hallum. Under the agreement we are able, at our
discretion, to offer and sell shares of our common stock having an aggregate value of up to $140.0 million through Craig-Hallum. As of
December 31, 2022, we had issued 8.3 million shares of our common stock for net proceeds of $81.8 million under this ATM agreement. During
the quarter ended March 31, 2023, we issued 5.0 million shares of our common stock for net proceeds of $12.5 million under the agreement.
The sales agreement was terminated in June 2023.
In
June 2023, we entered into a $45.0 million ATM equity offering agreement with Craig-Hallum. Under the agreement, we are able, at our
discretion, to offer and sell shares of our common stock having an aggregate value of up to $45.0 million through Craig-Hallum. As of
June 30, 2023, we had completed sales under such sales agreement, having sold 10.9 million shares for net proceeds of $43.9 million.
No further shares are available for sales under this agreement.
In
August 2023, we entered into a $35.0 million ATM equity offering agreement with Craig-Hallum. Under the agreement, we are able, at our
discretion, to offer and sell shares of our common stock having an aggregate value of up to $35.0 million through Craig-Hallum. As of
September 30, 2023, we had completed sales under such sales agreement, having sold 1.8 million shares for net proceeds of $4.2 million.
As of September 30, 2023, we had issued 150,000 shares of our common stock for net proceeds of $323,000 that was received in October
2023. The $323,000 is classified as subscriptions receivable on our September 30, 2023 balance sheet and is not included in the cash
balance as of September 30, 2023. As of September 30, 2023, we have approximately $30.6 million available under this ATM agreement.
12.
INCOME TAXES
We
recognized income tax expense of $211,000 and $0 during the quarters ended September 30, 2023 and 2022, respectively. The income tax
expense for the nine months ended September 30, 2023 was largely the result of income in foreign jurisdictions, partially offset by a
deferred income tax benefit generated by the reduction to a deferred tax liability created as a result of the acquisition of Ibeo assets
in Q1 2023. The change in income tax expense during the quarter ended September 30, 2023 was largely the result of profitability in our
foreign jurisdictions related to the Ibeo acquisition.
As
of September 30, 2023, we continue to have no unrecognized tax positions.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Forward-looking
statements
The
information set forth in this report in Item 2, “Management’s Discussion and Analysis of Financial Condition and Results
of Operations,” and Item 3, “Quantitative and Qualitative Disclosures about Market Risk,” includes “Forward-Looking
Statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is subject to the safe harbor created
by those sections. Such statements may include, but are not limited to, projections of revenues and expenses, and measures of income
or loss, status of product development and performance, market opportunity and future demand, partner and customer engagement, strategic
plans, future operations, financing needs or plans of MicroVision, Inc. (“we,” “our,” or “us”), as
well as assumptions relating to the foregoing. The words “anticipate,” “could,” “believe,” “estimate,”
“expect,” “goal,” “may,” “plan,” and similar expressions identify forward-looking statements.
Factors that could cause actual results to differ materially from those projected in our forward-looking statements include risk factors
identified below in Item 1A.
Overview
MicroVision,
Inc. is a global developer of lidar hardware and software solutions focused primarily on automotive lidar and advanced
driver-assistance systems (ADAS) markets where we can deliver safe mobility at the speed of life. We develop a suite of light
detection and ranging, or lidar, sensors and perception and validation software for sale to the automotive market for ADAS and
autonomous vehicle (AV) applications, as well as to complementary markets for non-automotive applications including industrial,
robotics and smart infrastructure. Our long history of developing and commercializing the core components of our lidar hardware and
related software, combined with the experience of the team recently acquired from Ibeo Automotive Systems (Ibeo) with
automotive-grade qualification, provides a potentially compelling advantage over the less-experienced recent entrants into this
market.
Founded
in 1993, MicroVision, Inc. is a pioneer in laser beam scanning, or LBS, technology, which is based on our patented expertise in micro-electromechanical
systems, or MEMS, laser diodes, opto-mechanics, electronics, algorithms and software and how those elements are packaged into a small
form factor. Throughout our history, we have combined our proprietary technology with our development expertise to create innovative
solutions to address existing and emerging market needs, such as augmented reality microdisplay engines; interactive display modules;
consumer lidar components; and, most recently, automotive lidar sensors and software solutions for the automotive market.
On
January 31, 2023, we completed the acquisition of certain assets of Ibeo Automotive Systems GmbH, which was founded in 1998 as a lidar
hardware and software provider. Ibeo developed and launched the first lidar sensor to be automotive qualified for serial production with
a Tier 1 automotive supplier and that is currently available in passenger cars by premium OEMs. Ibeo developed software solutions, including
perception and validation software, which are also used by premium OEMs. In addition, Ibeo sold its products for non-automotive uses
such as industrial, smart infrastructure and robotics applications.
For
the automotive market, our integrated solution combines our MEMS-based dynamic-range lidar sensor and perception software, to be integrated
on our custom ASIC, targeted for sale to premium automotive OEMs and Tier 1 automotive suppliers. We believe that our MEMS-based lidar
sensor, or MAVIN sensor, and perception software demonstrates best-in-class features and performance that exceed market expectations
and outperform competitive products. Our ADAS solution is intended to leverage edge computing and custom ASICs to enable our hardware
and perception software to be integrated into an OEM’s ADAS stack.
In
addition to our dynamic-range and long-range MAVIN sensor and perception software solution for the automotive market, our product suite
includes our short-range flash-based MOVIA lidar sensor, for automotive and industrial applications, including smart infrastructure,
robotics, and other commercial segments. Also, our validation software tool, the MOSAIK suite, is used by OEMs and other customers including
Tier 1s for validating vehicle sensors for ADAS and AV applications. The tool includes software that automates the manual data classification
or annotation process, significantly reducing the time and resources required by OEMs to validate their ADAS and AV systems.
In
the recent past, we developed micro-display concepts and designs for use in head-mounted augmented reality, or AR, headsets and developed
a 1440i MEMS module supporting AR headsets. We also developed an interactive display solution targeted at the smart speakers market and
a small consumer lidar sensor for use indoors with smart home systems.
Although
our development and productization efforts are now solely focused on our lidar sensors and related software solutions, our revenue in
the fiscal year ended December 31, 2022 was derived from one customer, Microsoft Corporation, related to components that we developed
for a high-definition display system. Our arrangement with this customer generates royalty income; however, the volume of sales and resulting
royalties from that arrangement are not significant.
We
have been unable to secure the customers needed to successfully launch our products. We have incurred substantial losses since inception,
and we expect to incur a significant loss during the fiscal year ending December 31, 2023.
Key
accounting policies and estimates
Our
discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which
have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial
statements requires us to make estimates and judgments that materially affect the reported amounts of assets, liabilities, revenues and
expenses, and related disclosure of contingent liabilities. We evaluate our estimates on a continuous basis. We base our estimates on
historical data, terms of existing contracts, our evaluation of trends in the consumer display and 3D sensing industries, information
provided by our current and prospective customers and strategic partners, information available from other outside sources and on various
other assumptions we believe to be reasonable under the circumstances. The results form the basis for making judgments regarding the
carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates
under different assumptions or conditions. Except for changes in accounting for business combinations associated with our acquisition
of Ibeo assets, there have been no significant changes to our critical accounting judgments, policies, and estimates as described in
our Annual Report on Form 10-K for the year ended December 31, 2022.
Results
of operations
Revenue
(in thousands) | |
2023 | | |
2022 | | |
$ change | | |
% change | |
Three Months Ended September 30, | |
$ | 1,047 | | |
$ | - | | |
$ | 1,047 | | |
| - | |
Nine Months Ended September 30, | |
| 2,158 | | |
| 664 | | |
| 1,494 | | |
| 225.0 | |
Revenues
are recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration
that we expect to receive in exchange for those goods or services. We recognize revenue either at a point in time, or over time, depending
upon the characteristics of the individual contract. If control of the deliverable(s) occur over time, the revenue is recognized in proportion
to the transfer of control. If control passes to the customer only upon completion and transfer of the asset, revenue is recognized at
the completion of the contract.
The
increase in revenue for the three and nine months ended September 30, 2023 compared to the same period in 2022 was predominately due
to software sales, but also included sales of lidar sensors, with sales to various customers as well as, activity on contracts obtained in the acquisition of Ibeo
assets.
Cost
of revenue
| |
| | |
% of | | |
| | |
% of | | |
| | |
| |
| |
| | |
product | | |
| | |
product | | |
| | |
| |
(in thousands) | |
2023 | | |
revenue | | |
2022 | | |
revenue | | |
$ change | | |
% change | |
Three Months Ended September 30, | |
$ | 625 | | |
| 59.7 | | |
$ | 45 | | |
| - | | |
$ | 580 | | |
| 1,288.9 | |
Nine Months Ended September 30, | |
| 1,870 | | |
| 86.7 | | |
| 67 | | |
| 10.1 | | |
| 1,803 | | |
| 2,691.0 | |
Cost
of revenue includes the direct and allocated indirect costs of products and services sold to customers. Direct costs include labor, materials,
reserves for estimated warranty expenses, and other costs incurred directly, or charged to us by our contract manufacturers, in the manufacture
of these products. Indirect costs include labor, overhead, and other costs associated with operating our manufacturing capabilities and
our research and development department. Overhead includes the costs of procuring, inspecting and storing material, facility and other
costs, and is allocated to cost of revenue based on the proportion of indirect labor which supported revenue activities.
Cost
of revenue can fluctuate significantly from period to period, depending on the product mix and volume, the level of overhead expense
and the volume of direct material purchased. The increase in cost of revenue for the three and nine months ended September 30, 2023 compared
to the same period in 2022 was due to increased contract activity and the amortization of intangible assets obtained in the acquisition
of Ibeo assets.
Research
and development expense
(in thousands) | |
2023 | | |
2022 | | |
$ change | | |
% change | |
Three Months Ended September 30, | |
$ | 15,584 | | |
$ | 7,535 | | |
$ | 8,049 | | |
| 106.8 | |
Nine Months Ended September 30, | |
| 42,127 | | |
| 22,828 | | |
| 19,299 | | |
| 84.5 | |
Research
and development expense consists of compensation related costs of employees and contractors engaged in internal research and product
development activities, direct material to support development programs, laboratory operations, outsourced development and processing
work, and other operating expenses. We assign our research and development resources based on the business opportunity of the available
projects, the skill mix of the resources available and the contractual commitments we have made to our customers. We believe that a substantial
level of continuing research and development expense will be required to further develop our scanning technology.
The
increase in research and development expense during the three months ended September 30, 2023 compared to the same period in 2022
was primarily due to higher salary and benefits expenses of approximately $5.5 million mostly related to transferred employees in
the acquisition of Ibeo assets, increase is purchased services of $1.4 million, a higher depreciation of $525,000 and increase in
non-cash share-based compensation of $363,000. The increase in research and
development expense during the nine months ended September 30, 2023 compared to the same period in 2022 was primarily due to higher
salary and benefits expenses of $16.3 million mostly related to transferred employees in the acquisition of Ibeo assets, a higher
depreciation of $2.1 million and an increase in purchased services of $926,000.
Sales,
marketing, general and administrative expense
(in thousands) | |
2023 | | |
2022 | | |
$ change | | |
% change | |
Three Months Ended September 30, | |
$ | 8,743 | | |
$ | 5,522 | | |
$ | 3,221 | | |
| 58.3 | |
Nine Months Ended September 30, | |
| 27,172 | | |
| 17,664 | | |
| 9,508 | | |
| 53.8 | |
Sales,
marketing, general and administrative expense includes compensation and support costs for marketing, sales, management and administrative
staff, and for other general and administrative costs, including legal and accounting services, consultants and other operating expenses.
The
increase in sales, marketing, general and administrative expense during the three months ended September 30, 2023 compared to the
same period in 2022 was primarily attributed to higher salary and benefits expenses of approximately of $1.7 million mostly related
to transferred employees in the acquisition of Ibeo assets, increased professional fees of approximately $282,000, increased
purchased services of $271,000, higher advertising expenses of $272,000 and increased non-cash share-based compensation expense of
approximately $247,000. The increase in sales, marketing, general and administrative expense during the nine months ended September
30, 2023 compared to the same period in 2022 was primarily attributed to higher salary and benefits expenses of approximately $4.5
million mostly related to transferred employees in the acquisition of Ibeo assets, increased professional fees of approximately $1.7
million, increased depreciation expense of $846,000, increased non-cash share-based compensation expense of $814,000, increased
purchased services of $577,000 and higher advertising expenses of $316,000.
Bargain
purchase gain, net of tax
(in thousands) | |
2023 | | |
2022 | | |
$ change | | |
% change | |
Three Months Ended September 30, | |
$ | - | | |
$ | - | | |
$ | - | | |
| - | |
Nine Months Ended September 30, | |
| 1,706 | | |
| - | | |
| 1,706 | | |
| - | |
During
the nine months ended September 30, 2023, we recorded a bargain purchase gain related to the acquisition of assets from Ibeo. The bargain
purchase gain represents the excess of the fair value of the underlying net assets acquired and liabilities assumed over the purchase
consideration paid in the transaction.
Other
income
(in thousands) | |
2023 | | |
2022 | | |
$ change | | |
% change | |
Three Months Ended September 30, | |
$ | 637 | | |
$ | 251 | | |
$ | 386 | | |
| 153.8 | |
Nine Months Ended September 30, | |
| 4,846 | | |
| 279 | | |
| 4,567 | | |
| 1,636.9 | |
The
increase in other income during the three and nine months ended September 30, 2023 compared to the same period in 2022 is due a payment
of $3.0 million as an incentive to terminate our previous building lease. The remainder of the increase is primarily due to income from
investment securities.
Liquidity
and capital resources
We
have incurred significant losses since inception. We have funded operations to date primarily through the sale of common stock, convertible
preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from development contract revenues, product sales,
and licensing activities. At September 30, 2023, we had $49.4 million in cash and cash equivalents and $28.7 million in short-term investment
securities. As of September 30, 2023, we have approximately $30.6 million available
under the ATM agreement.
Based
on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations for at least the
next 12 months.
Operating
activities
Cash
used in operating activities totaled $50.5 million during the nine months ended September 30, 2023 compared to cash used in operating
activities of $29.6 million during the same period in 2022. Cash used in operating activities resulted primarily from cash used to fund
our net loss, after adjusting for non-cash charges such as share-based compensation, depreciation and amortization charges and changes
in operating assets and liabilities. The changes in cash used in operating activities were primarily attributed to increased operating
expenses to support the development of our lidar sensor. During the quarter ended September 30, 2023, we made a payment of $3.1 million to our contract manufacturing partner
in connection with the buildup of MOVIA sensor inventory for direct sales to both automotive and non-automotive customers. Moreover, we
expect to make additional payments to this partner totaling approximately $9.2 million over the first six months of 2024 in line with
agreed-upon deliveries.
Investing
activities
During
the nine months ended September 30, 2023, net cash provided by investing activities was $21.4 million compared to net cash used in investing
activities of $31.0 million during the nine months ended September 30, 2022. During the nine months ended September 30, 2023, we purchased
short-term investment securities totaling $27.1 million and sold short-term investment securities totaling $61.7 million. During the
nine months ended September 30, 2023, we made payments totaling $11.2 million related to the acquisition of Ibeo assets. We expect to make the final payment related to the Ibeo acquisition of
approximately $2.9 million during the fourth quarter of 2023. Purchases of property
and equipment during the nine months ended September 30, 2023 and 2022 were $2.0 million and $2.0 million, respectively.
Financing
activities
Net
cash provided by financing activities totaled $60.8 million during the nine months ended September 30, 2023, compared to net cash provided
by financing activities of $315,000 during the same period of 2022. During the nine months ended September 30, 2022, we made principal
payments under long-term debt totaling $392,000 related to the loan under the Paycheck Protection Program of the 2020 CARES Act (PPP)
administered by the Small Business Administration. Proceeds received from stock option exercises totaled $175,000 during the nine months
ended September 30, 2023 compared to $727,000 during the same period of 2022. Principal payments under finance leases were $19,000 during
the nine months ended September 30, 2023 compared to $20,000 during the nine months ended September 30, 2022.
In
June 2021, we entered into a $140.0 million ATM equity offering agreement with Craig-Hallum. Under the agreement we are able, at our
discretion, to offer and sell shares of our common stock having an aggregate value of up to $140.0 million through Craig-Hallum. As of
December 31, 2022, we had issued 8.3 million shares of our common stock for net proceeds of $81.8 million under this ATM agreement. During
the quarter ended March 31, 2023, we issued 5.0 million shares of our common stock for net proceeds of $12.5 million under the agreement.
This sales agreement was terminated in June 2023.
In
June 2023, we entered into a $45.0 million ATM equity offering agreement with Craig-Hallum. Under the agreement, we are able, at our
discretion, to offer and sell shares of our common stock having an aggregate value of up to $45.0 million through Craig-Hallum. As of
June 30, 2023, we had completed sales under such sales agreement, having sold 10.9 million shares for net proceeds of $43.9 million.
No further shares are available for sales under this agreement.
In
August 2023, we entered into a $35.0 million ATM equity offering agreement with Craig-Hallum. Under the agreement, we are able, at our
discretion, to offer and sell shares of our common stock having an aggregate value of up to $35.0 million through Craig-Hallum. As of
September 30, 2023, we had completed sales under such sales agreement, having sold 1.8 million shares for net proceeds of $4.2 million.
As of September 30, 2023, we had issued 150,000 shares of our common stock for net proceeds of $323,000 that was received in October
2023. The $323,000 is classified as subscriptions receivable on our September 30, 2023 balance sheet and is not included in the cash
balance as of September 30, 2023. As of September 30, 2023, we have approximately $30.6 million available under this ATM agreement.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest
rate and market liquidity risk
As
of September 30, 2023, all of our cash and cash equivalents have variable interest rates; however, we believe our exposure to market
and interest rate risk is not material. Due to the generally short-term maturities of our investment securities, we believe that the
market risk arising from our holdings of these financial instruments is not significant. We do not believe that inflation has had a material
effect on our business, financial condition or results of operations; however, we do anticipate our labor costs to increase as a result
of inflationary pressures.
Our
investment policy generally directs that the investment managers should select investments to achieve the following goals: principal
preservation, adequate liquidity and return. As of September 30, 2023, our cash and cash equivalents are comprised of short-term highly
rated (A rated securities and above) money market savings accounts and our short-term investments are comprised of highly rated corporate
and government debt securities (A rated securities and above). The values of cash and cash equivalents and investment securities, available-for-sale
as of September 30, 2023, are as follows:
(in thousands) | |
Amount | | |
Percent | |
Cash and cash equivalents | |
$ | 49,366 | | |
| 63.3 | % |
Less than one year | |
| 28,677 | | |
| 36.7 | % |
| |
$ | 78,043 | | |
| 100.0 | % |
Foreign
exchange rate risk
Our
major contract and collaborative research and development agreements, product sales, and licensing activity payments are currently made
in U.S. dollars or Euros. Changes in the relative value of the U.S. dollar to the Euro and other currencies may affect revenue and other
operating results as expressed in U.S. dollars. In addition, our international subsidiary financial statements are denominated in Euros.
As such, the consolidated financial statements will continue to remain subject to the impact of foreign currency translation as our international
operations continue to expand. We may enter into foreign currency hedges to offset material exposure to currency fluctuations when we
can adequately determine the timing and amounts of the exposure.
ITEM
4. CONTROLS AND PROCEDURES
Under
the supervision and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer,
we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities
Exchange Act of 1934) as of the end of the period covered by this report and, based on this evaluation, our Principal Executive Officer
and Principal Financial Officer have concluded that these disclosure controls and procedures are effective. There were no changes in
our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934) that
occurred during the quarter ended September 30, 2023 that have materially affected, or are reasonably likely to materially affect, our
internal control over financial reporting.
PART
II.
ITEM
1. LEGAL PROCEEDINGS
We
are subject to various claims and pending or threatened lawsuits in the normal course of business. We are not currently party to any
other legal proceedings that management believes are reasonably possible to have a material adverse effect on our financial position,
results of operations or cash flows.
ITEM
1A. RISK FACTORS
You
should carefully consider the risks described below together with the other information set forth in this report, which could materially
affect our business, financial condition and future results. The risks described below are not the only risks facing our company. Risks
and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business,
financial condition and operating results.
Risk
Factors Related to Our Business
We
have a history of operating losses and expect to incur significant losses in the future.
We
have had substantial losses since our inception. We cannot assure you that we will ever become or remain profitable.
| ● | As
of September 30, 2023, we had an accumulated deficit of $745.6 million. |
| ● | We
incurred net losses of $682.5 million from inception through 2022, and a net loss of $63.1
million during the nine months ended September 30, 2023. |
The
likelihood of our success must be considered in light of the expenses, difficulties and delays frequently encountered by companies formed
to develop and commercialize new technologies. In particular, our operations to date have focused primarily on research and development
of our LBS technology system, including products built around that technology such as our automotive lidar sensor, and development of
demonstration units. We are unable to accurately estimate future revenues and operating expenses based upon historical performance.
We
cannot be certain that we will succeed in obtaining additional development revenue or commercializing our technology or products. In
light of these factors, we expect to continue to incur significant losses and negative cash flow at least through 2023 and likely thereafter.
There is significant risk that we will not achieve positive cash flow at any time in the future.
We
may require additional capital to fund our operations and to implement our business plan. Raising additional capital may dilute the value
of current shareholders’ investment in us.
Based
on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations for at least the
next 12 months. We may, however, require additional capital to fund our operating plan past that time. We may seek to obtain additional
capital through the issuance of equity or debt securities, product sales and/or licensing activities. There can be no assurance that
any such efforts to obtain additional capital would be successful.
We
are currently focused on developing and commercializing our automotive lidar solution. This involves introducing new technology into
an emerging market which creates significant uncertainty about our ability to accurately project revenue, costs and cash flows. Our capital
requirements will depend on many factors, including, but not limited to, the commercial success of our technology, the rate at which
OEMs introduce systems incorporating our products and technology and the market acceptance and competitive position of such systems.
Our expenses are expected to increase significantly as a result of the Ibeo acquisition and related headcount increase. If revenues are
less than we anticipate, if the mix of revenues and the associated margins vary from anticipated amounts or if expenses exceed the amounts
budgeted, we may require additional capital earlier than expected to fund our operations. In addition, our operating plan provides for
the development of strategic relationships with suppliers of components, products and systems, and equipment manufacturers that may require
additional investments by us.
Additional
capital may not be available to us or, if available, may not be available on terms acceptable to us or on a timely basis. Raising additional
capital may involve issuing securities with rights and preferences that are senior to our common stock and may dilute the value of our
current shareholders’ investment in us. If adequate capital resources are not available on a timely basis, we may consider limiting
our operations substantially and we may be unable to continue as a going concern. This limitation of operations could include reducing
investments in our research and development projects, staff, operating costs, and capital expenditures which could jeopardize our ability
to achieve our business goals or satisfy our customer requirements.
Risks
Related to our Financial Statements and Results
Our
revenue is generated from a small number of customers, and losing a significant customer could have a negative impact on our revenue.
For
the three months ended September 30, 2023, one commercial customer accounted for $742,000 in revenue, representing 71% of our total revenue
and a second commercial customer accounted for $78,000 in revenue, representing 8% of our total revenue. For the nine months ended September
30, 2023, one commercial customer accounted for $825,000 in revenue, representing 38% of our total revenue, a second commercial customer
accounted for $364,000 in revenue, representing 17% of our total revenue, and a third commercial customer accounted for $246,000 in revenue,
representing 11% of our total revenue, and a fourth customer accounted for $206,000 in revenue, representing 10% of our total revenue.
For the three and nine months ended September 30, 2022, one customer accounted for $0 and $664,000 in revenue, respectively, representing
100% of our total revenue for each period.
We
have, in the past, identified a material weakness in our internal controls.
In
the second quarter of 2021, we identified a material weakness in the controls that support our determination of the grant date of equity
awards. If we identify further material weaknesses in our internal controls, our failure to establish and maintain effective disclosure
controls and procedures and internal control over financial reporting could result in material misstatements in our financial statements
and a failure to meet our reporting obligations. Any such failure could cause investors to lose confidence in the accuracy of our financial
reports, harm our reputation and adversely affect the market price of our common stock.
Our
stock price has fluctuated in the past, has recently been volatile and may be volatile in the future, and as a result, investors in our
common stock could incur substantial losses.
Our
stock price has fluctuated significantly in the past, has recently been volatile, and may be volatile in the future. Over the 52-week
period ending November 3, 2023, our common stock has traded at a low of $1.82 and a high of $8.20. We may continue to experience sustained
depression or substantial volatility in our stock price in the foreseeable future unrelated to our operating performance or prospects.
For the fiscal year ended December 31, 2022, we incurred a loss per share of $(0.32).
As
a result of this volatility, investors may experience losses on their investment in our common stock. The market price for our common
stock may be influenced by many factors, including the following:
| ● | investor
reaction to our business strategy; |
| ● | the
success of competitive products or technologies; |
| ● | strategic
developments; |
| ● | the
timing and results of our development and commercialization efforts with respect to our lidar
sensors and ADAS solutions; |
| ● | changes
in regulatory or industry standards applicable to our technologies; |
| ● | variations
in our or our competitors’ financial and operating results; |
| ● | developments
concerning our collaborations or partners; |
| ● | developments
or disputes with any third parties that supply, manufacture, sell or market any of our products; |
| ● | developments
or disputes concerning patents or other proprietary rights, including patents, litigation
matters and our ability to obtain patent protection for our technology; |
| ● | actual
or perceived defects in any of our products, if commercialized, and any related product liability
claims; |
| ● | our
ability or inability to raise additional capital and the terms on which we raise it; |
| ● | declines
in the market prices of stocks generally; |
| ● | trading
volume of our common stock; |
| ● | sales
of our common stock by us or our stockholders; |
| ● | general
economic, industry and market conditions; and |
| ● | other
events or factors, including war, terrorism and other international conflicts, public health
issues including health epidemics or pandemics, such as the COVID-19 outbreak, and natural
disasters such as fire, hurricanes, earthquakes, tornados or other adverse weather and climate
conditions, whether occurring in the United States or elsewhere. |
Since
the price of our common stock has fluctuated in the past, has been recently volatile and may be volatile in the future, investors in
our common stock could incur substantial losses. In the past, following periods of volatility in the market, securities class-action
litigation has often been instituted against companies. Such litigation, if instituted against us, could result in substantial costs
and diversion of management’s attention and resources, which could materially and adversely affect our business, financial condition,
results of operations and growth prospects. There can be no guarantee that our stock price will remain at current levels or that future
sales of our common stock will not be at prices lower than those sold to investors.
Additionally,
securities of certain companies have in the past few years experienced significant and extreme volatility in stock price due to short
sellers of shares of common stock, known as a “short squeeze.” These short squeezes have caused extreme volatility in both
the stock prices of those companies and in the market, and have led to the price per share of those companies to trade at a significantly
inflated rate that is disconnected from the underlying value of the company. Many investors who have purchased shares in those companies
at an inflated rate face the risk of losing a significant portion of their original investment, as in many cases the price per share
has declined steadily as interest in those stocks have abated. There can be no assurance that our shares will not be subject to a short
squeeze in the future, and investors may lose a significant portion or all of their investment if they purchase our shares at a rate
that is significantly disconnected from our underlying value.
If
we are unable to maintain our listing on The Nasdaq Global Market, it could become more difficult to sell our stock in the public market.
Our
common stock is listed on The Nasdaq Global Market. To maintain our listing on this market, we must meet Nasdaq’s listing maintenance
standards. If we are unable to continue to meet Nasdaq’s listing maintenance standards for any reason, our common stock could be
delisted from The Nasdaq Global Market. If our common stock were delisted, we may seek to list our common stock on The Nasdaq Capital
Market, the NYSE American or on a regional stock exchange or, if one or more broker-dealer market makers comply with applicable requirements,
the over-the-counter (OTC) market. Listing on such other market or exchange could reduce the liquidity of our common stock. If our common
stock were to trade in the OTC market, an investor would find it more difficult to dispose of, or to obtain accurate quotations for the
price of, the common stock.
A
delisting from The Nasdaq Global Market and failure to obtain listing on another market or exchange would subject our common stock to
so-called penny stock rules that impose additional sales practice and market-making requirements on broker-dealers who sell or make a
market in such securities. Consequently, removal from The Nasdaq Global Market and failure to obtain listing on another market or exchange
could affect the ability or willingness of broker-dealers to sell or make a market in our common stock and the ability of purchasers
of our common stock to sell their securities in the secondary market.
On
November 3, 2023, the closing price of our common stock was $2.25 per share.
Our
lack of financial resources relative to our competitors may limit our revenues, potential profits, overall market share or value.
Our
products and solutions compete with other pureplay lidar developers, many of which have recently gone public through de-SPAC transactions
and therefore have substantially greater financial resources than we have. Because of their greater resources, our competitors may develop
or commercialize products more quickly than us and have access to more entrenched sales channels. This imbalance in financial resources
and access could result for us in reduced revenues, lower margins or loss of market share, any of which could reduce the value of our
business. Additionally, for a variety of reasons, customers may choose to purchase from suppliers that have substantially greater financial
or other resources than we have.
Risks
Related to Our Operations
Difficulty
in qualifying a contract manufacturer, Tier 1 partner, or foundry for our products, or experiencing changes in our supply chain, could
cause delays that may result in lost future revenues and damaged customer relationships.
Historically,
we have relied on single or limited-source suppliers to manufacture our products. Establishing a relationship with a contract manufacturer,
automotive Tier 1 partner, or foundry is a time-consuming process, as our unique technology may require significant manufacturing process
adaptation to achieve full manufacturing capacity. To the extent that we are not able to establish a relationship with a contract manufacturer,
Tier 1 partner, or foundry in a timely manner or at prices or on other terms that are acceptable to us, we may be unable to meet contract
or production milestones. Moreover, changes in our supply chain could result in increased cost and delay and subject us to risks and
uncertainties regarding, but not limited to, product warranty, product liability and quality control standards. The loss of any single
or limited-source supplier, the failure of any of these suppliers to perform as expected or the disruption in the supply chain of components
from these suppliers could cause significant delays in product deliveries, which could result in lost future revenues and damaged customer
relationships.
Historically,
we have been dependent on third parties to develop, manufacture, sell and market products incorporating our technology.
Our
business strategy for commercializing our technology in products has historically included entering into development, manufacturing,
licensing, sales and marketing arrangements with OEMs, ODMs and other third parties. These arrangements reduce our level of control over
production and distribution and may subject us to risks and uncertainties regarding, but not limited to, product warranty, product liability
and quality control standards.
We
cannot be certain that we will be able to negotiate arrangements on acceptable terms, if at all, or that these arrangements will be successful
in yielding commercially viable products. If we cannot establish these arrangements, we would require additional capital to undertake
such activities on our own and would require extensive manufacturing, sales and marketing expertise that we do not currently possess
and that may be difficult to obtain.
In
addition, we could encounter significant delays in introducing our products and technology or find that the development, manufacture
or sale of products incorporating our technology would not be feasible. To the extent that we enter into development, manufacturing,
licensing, sales and marketing or other arrangements, our revenues will depend upon the performance of third parties. We cannot be certain
that any such arrangements will be successful.
We
could face lawsuits related to our use of LBS technology or other technologies, which would be costly, and any adverse outcome could
limit our ability to commercialize our technology or products.
We
are aware of several patents held by third parties that relate to certain aspects of light scanning displays, 3D sensing products, and
other technologies that are core to our sensor hardware. These patents could be used as a basis to challenge the validity, limit the
scope or limit our ability to obtain additional or broader patent rights of our patents. A successful challenge to the validity of our
patents could limit our ability to commercialize our technology or products incorporating our LBS technology and, consequently, materially
reduce our ability to generate revenues. Moreover, we cannot be certain that patent holders or other third parties will not claim infringement
by us with respect to current and future technology. Because U.S. patent applications are held and examined in secrecy, it is also possible
that presently pending U.S. applications could eventually be issued with claims that could be infringed by our products or our technology.
The
defense and prosecution of a patent suit would be costly and time-consuming, even if the outcome were ultimately favorable to us. An
adverse outcome in the defense of a patent suit could subject us to significant costs, require others and us to cease selling products
incorporating our technology, require us to cease licensing our technology or require disputed rights to be licensed from third parties.
Such licenses, if available, would increase our operating expenses. Moreover, if claims of infringement are asserted against our future
co-development partners or customers, those partners or customers may seek indemnification from us for any damages or expenses they incur.
If
we fail to manage expansion effectively, our revenue and expenses could be adversely affected.
Our
ability to successfully offer products incorporating our technology and implement our business plan in a rapidly evolving market requires
an effective planning and management process. The growth in business and relationships with customers and other third parties has placed,
and will continue to place, a significant strain on our management systems and resources. We will need to continue to improve our financial
and managerial controls, reporting systems and procedures, and will need to continue to train and manage our work force.
We
target customers that are large companies with substantial negotiating power and potentially competitive internal solutions; if we are
unable to sell our products to these customers, our prospects will be adversely affected.
Our
potential customers, automotive OEMs in particular, are large, multinational companies with substantial negotiating power relative to
us and, in some instances, may have internal solutions that are competitive to our products. These large, multinational companies also
have significant resources, which may allow them to acquire or develop competitive technologies either independently or in partnership
with others. Accordingly, even after investing significant resources to develop a product, we may not secure a series production award
or, even after securing a series production award, may not be able to commercialize a product on profitable terms. If our products are
not selected by these large companies or if these companies develop or acquire competitive technology or negotiate terms that are disadvantageous
to us, it will have an adverse effect on our business prospects.
Our
technology and products may be subject to environmental, health and safety regulations that could increase our development and production
costs.
Our
technology and products could become subject to environmental, health and safety regulations or amendments that could negatively impact
our ability to commercialize our technology and products. Compliance with any such current or new regulations would likely increase the
cost to develop and commercialize products, and violations may result in fines, penalties or suspension of production. If we become subject
to any environmental, health, or safety laws or regulations that require us to cease or significantly change our operations to comply,
our business, financial condition and operating results could be adversely affected.
Our
operating results may be adversely impacted by worldwide political and economic uncertainties and specific conditions in the markets
we address.
In
the recent past and currently, general worldwide economic conditions have experienced a downturn due to slower economic activity, concerns
about inflation, increased energy costs, decreased consumer confidence, reduced corporate profits and capital spending, and adverse business
conditions. Any continuation or worsening of the current global economic and financial conditions could materially adversely affect:
(i) our ability to raise, or the cost of, needed capital, (ii) demand for our current and future products, and (iii) our ability to commercialize
products. Additionally, the outbreaks of wars or infectious diseases, as recently experienced, may cause an unexpected downturn in economic
conditions. We cannot predict the timing, strength, or duration of any economic slowdown or subsequent economic recovery, worldwide,
regionally or in the automotive or technology industries.
Because
we have recently expanded and may continue expanding our international operations and using foreign suppliers, our operating results
could be harmed by economic, political, regulatory and other factors in foreign countries.
During
2021, we established an office in Germany and on January 31, 2023 we completed our acquisition of Ibeo assets, with the result that we
now have more employees and operations in Germany than in the U.S. In addition, we currently use foreign suppliers and plan to continue
to do so to manufacture current and future components and products, where appropriate. These international operations are subject to
inherent risks, which may adversely affect us, including, but not limited to:
| ● | Political
and economic instability, international terrorism and the outbreak of war, such as the Russian
invasion and continuing war against Ukraine; |
| ● | High
levels of inflation, as has historically been the case in a number of countries in Asia; |
| ● | Burdens
and costs of compliance with a variety of foreign laws, regulations and sanctions; |
| ● | Foreign
taxes and duties; |
| ● | Changes
in tariff rates or other trade, tax or monetary policies; |
| ● | Changes
or volatility in currency exchange rates and interest rates; |
| ● | Global
or regional health crises, such as COVID-19 or other epidemics and |
| ● | Disruptions
in global supply chains. |
We
have recently and may in the future make acquisitions. If we fail to successfully select, execute or integrate our acquisitions, then
our business, results of operations and financial condition could be materially adversely affected.
On
December 1, 2022, we entered into an Asset Purchase Agreement to acquire certain assets from Ibeo Automotive Systems GmbH. We expended
significant management time and effort, as well as capital, identifying, evaluating, negotiating, and executing this transaction and,
since the closing of the acquisition on January 31, 2023, we have invested additional time and capital working to integrate our new Hamburg-
and Detroit-based teams and operations. We cannot guarantee that these integration efforts will be successful, that the goals of the
acquisition will be realized, or that the increase to our operating expenses or cash requirements will be manageable.
In
the future, we may again undertake acquisitions to add new products and technologies, acquire talent, gain new sales channels or
enter into new markets or sales territories. In addition to possible stockholder approval, we may need approvals and licenses from
relevant government authorities for the acquisitions and to comply with any applicable laws and regulations, which could result in
increased delay and costs, and may disrupt our business strategy if we fail to do so. Furthermore, acquisitions and the subsequent
integration of new assets, businesses, key personnel, customers, vendors and suppliers require significant attention from our
management and could result in a diversion of resources from our existing business, which in turn could have an adverse effect on
our operations. Acquired assets or businesses may not generate the financial results we expect. Acquisitions could result in the use
of substantial amounts of cash, potentially dilutive issuances of equity securities, the occurrence of significant goodwill
impairment charges, amortization expenses for other intangible assets and exposure to potential unknown liabilities of the acquired
business. Moreover, the costs of identifying and consummating acquisitions may be significant.
Before
our acquisition of assets from Ibeo, we had no experience with acquisitions or the integration of acquired technology and personnel.
Failure to successfully identify, complete, manage and integrate acquisitions could materially and adversely affect our business, financial
condition and results of operations and could cause our stock price to decline.
Our
suppliers’ facilities could be damaged or disrupted by a natural disaster or labor strike, either of which would materially affect
our financial position, results of operations and cash flows.
A
major catastrophe, such as an earthquake, monsoon, flood, infectious disease including the COVID-19 virus, or other natural disaster,
labor strike, or work stoppage at our suppliers’ facilities or our customers, could result in a prolonged interruption of our business.
A disruption resulting from any one of these events could cause significant delays in product shipments and the loss of sales and customers,
which could have a material adverse effect on our financial condition, results of operations, and cash flows.
If
we are unable to obtain effective intellectual property protection for our products, processes and technology, we may be unable to compete
with other companies.
Intellectual
property protection for our products, processes and technology is important and uncertain. If we do not obtain effective intellectual
property protection for our products, processes and technology, we may be subject to increased competition. Our commercial success will
depend, in part, on our ability to maintain the proprietary nature of our key technologies by securing valid and enforceable patents
and effectively maintaining unpatented technology as trade secrets.
We
protect our proprietary technology by seeking to obtain United States and foreign patents in our name, or licenses to third party patents,
related to proprietary technology, inventions, and improvements that may be important to the development of our business. However, our
patent position involves complex legal and factual questions. The standards that the United States Patent and Trademark Office and its
foreign counterparts use to grant patents are not always applied predictably or uniformly and can change.
Additionally,
the scope of patents is subject to interpretation by courts and their validity can be subject to challenges and defenses, including challenges
and defenses based on the existence of prior art. Consequently, we cannot be certain as to the extent to which we will be able to obtain
patents for our new products and technology or the extent to which the patents that we already own, protect our products and technology.
Reduction in scope of protection or invalidation of our licensed or owned patents, or our inability to obtain new patents, may enable
other companies to develop products that compete directly with ours on the basis of the same or similar technology.
We
also rely on the law of trade secrets to protect unpatented know-how and technology to maintain our competitive position. We try to protect
this know-how and technology by limiting access to the trade secrets to those of our employees, contractors and partners, with a need-to-know
such information and by entering into confidentiality agreements with parties that have access to it, such as our employees, consultants
and business partners. Any of these parties could breach the agreements and disclose our trade secrets or confidential information, or
our competitors might learn of the information in some other way. If any trade secret not protected by a patent were to be disclosed
to or independently developed by a competitor, our competitive position could be negatively affected.
We
could be subject to significant product liability claims that could be time-consuming and costly, divert management attention and adversely
affect our ability to obtain and maintain insurance coverage.
We
could be subject to product liability claims if any of the product applications are alleged to be defective or cause harmful effects.
For example, because some of the scanning modules incorporating our LBS technology could scan a low power beam of colored light into
the user’s eye, the testing, manufacture, marketing and sale of these products involve an inherent risk that product liability
claims will be asserted against us.
Additionally,
any misuse of our technology or products incorporating our technology by end users or third parties that obtain access to our technology,
could result in negative publicity and could harm our brand and reputation. Product liability claims or other claims related to our products
or our technology, regardless of their outcome, could require us to spend significant time and money in litigation, divert management
time and attention, require us to pay significant damages, harm our reputation or hinder acceptance of our products. Any successful product
liability claim may prevent us from obtaining adequate product liability insurance in the future on commercially desirable or reasonable
terms. An inability to obtain sufficient insurance coverage at an acceptable cost or otherwise to protect against potential product liability
claims could prevent or inhibit the commercialization of our products and technology.
Our
operations could be adversely impacted by information technology system failures, network disruptions, or cyber security breaches.
We
rely on information technology systems to process, transmit, store, and protect electronic data between our employees, our customers
and our suppliers. Our systems are vulnerable to damage or interruptions due to events beyond our control, including, but are not limited
to, natural disasters, power loss, telecommunications failures, computer viruses, hacking, or other cyber security issues. Our system
redundancy may be inadequate and our disaster recovery planning may be ineffective or insufficient to account for all eventualities.
Additionally, we maintain insurance coverage to address certain aspects of cyber risks. Such insurance coverage may be insufficient to
cover all losses or all claims that may arise, should such an event occur.
Loss
of any of our key personnel could have a negative effect on the operation of our business.
Our
success depends on our executive officers and other key personnel and on the ability to attract and retain qualified new personnel. Achievement
of our business objectives will require substantial additional expertise in the areas of sales and marketing, research and product development
and manufacturing. Competition for qualified personnel in these fields is intense, and the inability to attract and retain additional
highly skilled personnel, or the loss of key personnel, could hinder our ability to compete effectively in the automotive or technology
markets and adversely affect our business strategy execution and results of operations.
COVID-19
has had an adverse effect on our business, and the continuing COVID-19 effects on our financial position and business prospects are uncertain.
On
March 11, 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic, which continues to spread throughout the
United States and the world. We are unable to fully assess or accurately predict the impact that COVID-19 has had and may continue to
have on our operations due to numerous uncertainties.
The
adverse impacts of the pandemic on our business thus far and on our future financial performance include, but are not limited to:
|
● |
difficulties
in our ability to raise capital, |
|
● |
delays
to our technology development plans and timelines, |
|
● |
significant
declines or delays in revenue or development efforts due to supply chain disruptions, |
|
● |
obstacles
or delays in meeting with potential customers and partners or entering into agreements with them, and |
|
● |
challenges
to our operating effectiveness resulting from employees working remotely, or being ill and unable to work. |
Risks
Related to Development for the Automotive Industry
If
our products and solutions are not selected for inclusion in ADAS systems by automotive OEMs or automotive Tier 1 suppliers, our future
prospects will be materially and adversely affected.
Automotive
OEMs and Tier 1 suppliers design and develop ADAS technology over several years, undertaking extensive testing and qualification processes
prior to selecting a product such as our lidar sensor for use in a particular system, product or vehicle model because such products
will function as part of a larger system or platform and must meet certain other specifications. We have invested and will continue to
invest significant time and resources to have our products considered and possibly selected by OEMs or Tier 1 suppliers for use in a
particular system, product or vehicle model, which is known as a “series production win” or a “series production award.”
In the case of ADAS technology, a series production award would mean that our lidar sensor and/or ADAS solution had been selected for
use in a particular vehicle model. However, if we are unable to achieve a series production award with respect to a particular vehicle
model, we may not have an opportunity to supply our products to the automotive OEM for that vehicle model for a period of many years.
In many cases, this period can be as long as five to seven or more years. If our products are not selected by an automotive OEM or our
suppliers for one vehicle model or if our products are not successful in that vehicle model, it is unlikely that our product will be
deployed in other vehicle models of that OEM. If we fail to win a significant number of vehicle models from one or more of automotive
OEMs or their suppliers, our future business prospects will be materially and adversely affected.
The
complexity of our products and the limited visibility into the various environmental and other conditions under which potential customers
may use the products could result in unforeseen delays or expenses from undetected defects, errors or reliability issues in hardware
or software which could reduce the market adoption of our products, damage our reputation with prospective customers, expose us to product
liability and other claims, and adversely affect our operating costs.
Our
products are highly technical and complex and require high standards to manufacture and may experience defects, errors or reliability
issues at various stages of development. We may be unable to timely manufacture or release products, or correct problems that have arisen
or correct such problems to the customer’s satisfaction. Additionally, undetected errors, defects or security vulnerabilities could
result in serious injury to the end users or bystanders of technology incorporating our products, inability of customers to commercialize
technology incorporating our products, litigation against us, negative publicity and other consequences. These risks are particularly
prevalent in the highly competitive ADAS market. These problems may also result in claims, including class actions, against us that could
be costly to defend. Our reputation or brand may be damaged as a result of these problems and potential customers may be reluctant to
buy our products, which could adversely affect our financial results.
Adverse
conditions in the automotive industry or the global economy more generally could have adverse effects on our results of operations.
While
we make our strategic planning decisions based on the assumption that the markets we are targeting will grow, our business is dependent,
in large part on, and directly affected by, business cycles and other factors affecting the global automobile industry and global economy
generally. Automotive production and sales are highly cyclical and depend on general economic conditions and other factors, including
consumer spending and preferences, changes in interest rates and credit availability, consumer confidence, fuel costs, fuel availability,
environmental impact, governmental incentives and regulatory requirements, and political volatility, especially in energy-producing countries
and growth markets. In addition, automotive production and sales can be affected by our automotive OEM customers’ ability to continue
operating in response to challenging economic conditions and in response to labor relations issues, regulatory requirements, trade agreements
and other factors. The volume of automotive production in North America, Europe and the rest of the world has fluctuated, sometimes significantly,
from year to year, and we expect such fluctuations to give rise to fluctuations in the demand for our products. Any significant adverse
change in any of these factors may result in a reduction in automotive sales and production by our automotive OEM customers and could
have a material adverse effect on our business, results of operations and financial condition.
Developments
in alternative technology may adversely affect the demand for our lidar technology.
Significant
developments in alternative technologies, such as cameras and radar, may materially and adversely affect our business prospects in ways
we do not currently anticipate. Existing and other camera and radar technologies may emerge as OEMs’ preferred alternative to our
solution, which would result in the loss of competitiveness of our lidar solution. Our R&D efforts may not be sufficient to adapt
to these changes in technology and our solution may not compete effectively with these alternative systems.
ADAS
features may be delayed in adoption by OEMs, which would negatively impact our business prospects.
The
ADAS market is fast evolving and there is generally a lack of an established regulatory framework. Vehicle regulators globally continue
to consider new and enhanced emissions requirements, including electrification, to meet environmental and economic needs as well as pursue
new safety standards to address emerging traffic risks. To control new vehicle prices, among other concerns, OEMs may need to dedicate
technology and cost additions to new vehicle designs to meet these emissions and safety requirements and postpone the consumer cost pressures
of new ADAS features. As additional safety requirements are imposed on vehicle manufacturers, our business prospects may be materially
impacted.
Because
the lidar and ADAS markets are rapidly evolving, it is difficult to forecast customer adoption rates, demand, and selling prices for
our products and solutions.
We
are pursuing opportunities in rapidly evolving markets, including technological and regulatory changes, and it is difficult to predict
the timing and size of the opportunities. For example, lidar-based ADAS solutions require complex technology and because these automotive
systems depend on technology from many companies, commercialization of ADAS products could be delayed or impaired on account of certain
technological components of ours or others not being ready to be deployed in vehicles. In addition, the selling prices we are able to
ultimately charge in the future for the products we are currently developing may be less than what we currently project. Our future financial
performance will depend on our ability to make timely investments in the correct market opportunities. If one or more of these markets
experience a shift in prospective customer demand, our products may not compete as effectively, if at all, and they may not be designed
into commercialized products. Given the evolving nature of the markets in which we operate, it is difficult to predict customer demand
or adoption rates for our products, selling prices or the future growth of our target markets. If demand does not develop or if we cannot
accurately forecast it, the size of our markets, inventory requirements or future financial results will be adversely affected.
Because
lidar is new in the markets we are seeking to enter, our market forecasts may not materialize as anticipated.
Our
market opportunity estimates and growth forecasts are subject to significant uncertainty and are based on assumptions and estimates that
may not materialize as anticipated. These forecasts and estimates relating to the expected size and growth of the markets for lidar-based
technology may prove to be inaccurate. Even if these markets experience the forecasted growth we anticipate, we may not grow our business
at similar rates, or at all. Our future growth is subject to many factors, including market adoption of our products, which is subject
to many risks and uncertainties. Accordingly, we cannot assure you that these forecasts will not be materially inaccurate.
ITEM
5. OTHER INFORMATION
(c)
Except as disclosed below during the three months ended September 30, 2023, none of our directors or officers (as defined in Rule
16a-1(f) under the Securities Exchange Act of 1934, as amended) adopted
or terminated
a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of
the Securities Act of 1933, as amended).
In connection with the vesting of shares of our common stock underlying
restricted stock unit or performance stock unit awards, and pursuant to the terms of our 2022 Equity Incentive Plan, on August 14, 2023,
Sumit Sharma, our Chief Executive Officer, entered into an irrevocable tax withholding election to have the Company withhold and sell
shares to cover his tax withholding obligations for all of his future restricted stock unit or performance stock unit vesting events.
Such election is intended to satisfy the affirmative defense of Rule 10b5-1(c). Mr. Sharma’s next vesting event is scheduled to
occur on April 8, 2024, when a restricted stock unit award for 300,000 shares of our common stock will be automatically awarded and immediately
vest, in accordance with Mr. Sharma’s employment agreement, dated April 8, 2021. The aggregate number of shares to be sold pursuant
to such election is dependent on the number of awards held by Mr. Sharma at any time and on the tax rates and taxes in effect on the applicable
restricted stock unit or performance stock unit vesting event, and therefore is indeterminable at this time. As background information,
Mr. Sharma currently has outstanding performance awards for 2.8 million shares which, if earned, would be subject to this election.
ITEM
6. EXHIBITS
3.1
|
Amended and Restated Bylaws of MicroVision, Inc.(1) |
10.1
|
At-the-Market
Issuance Sales Agreement, dated August 29, 2023, by and between the Company and Craig-Hallum Capital Group LLC.(2) |
31.1 |
Principal Executive Officer Certification pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 |
Principal Financial Officer Certification pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 |
Principal Executive Officer Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) and Section 1350, Chapter 63 of Title 18, United States Code (18 U.S.C. 1350), as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2 |
Principal Financial Officer Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) and Section 1350, Chapter 63 of Title 18, United States Code (18 U.S.C. 1350), as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS |
Inline
XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within
the Inline XBRL document). |
101.SCH |
Inline
XBRL Taxonomy Extension Schema. |
101.CAL |
Inline
XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF |
Inline
XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB |
Inline
XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE |
Inline
XBRL Taxonomy Extension Presentation Linkbase Document. |
104 |
Cover
Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
(1)
Incorporated by reference to the Company’s Current Report on Form 8-K filed on July 14, 2023.
(2)
Incorporated by reference to the Company’s Current Report on Form 8-K filed on August 29, 2023.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
MicroVision, Inc. |
|
|
|
Date:
November 9, 2023 |
By
|
/s/ Sumit
Sharma |
|
|
Sumit
Sharma |
|
|
Chief
Executive Officer and Director
(Principal
Executive Officer) |
Date:
November 9, 2023 |
By
|
/s/ Anubhav Verma |
|
|
Anubhav
Verma |
|
|
Chief
Financial Officer
(Principal
Financial Officer and Principal Accounting Officer) |
Exhibit 31.1
CERTIFICATION PURSUANT TO
RULE 13a-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Sumit Sharma, certify that:
1. I have reviewed this
quarterly report on Form 10-Q for the period ended September 30, 2023 of MicroVision, Inc.;
2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying
officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
(a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in
the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter
(the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying
officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that
involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 9, 2023
|
/s/
Sumit Sharma |
|
Sumit
Sharma
Chief
Executive Officer
(Principal
Executive Officer) |
Exhibit 31.2
CERTIFICATION PURSUANT TO
RULE 13a-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Anubhav Verma, certify that:
1. I have reviewed this
quarterly report on Form 10-Q for the period ended September 30, 2023 of MicroVision, Inc.;
2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying
officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
(a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in
the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter
(the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying
officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that
involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 9, 2023
|
/s/
Anubhav Verma |
|
Anubhav
Verma
Chief
Financial Officer
(Principal
Financial and Accounting Officer) |
Exhibit
32.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the quarterly report of MicroVision, Inc. (the “Company”) on Form 10-Q for the quarter ended September
30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sumit Sharma, Chief
Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley
Act of 2002, that:
1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d));
and
2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
November 9, 2023
|
/s/
Sumit Sharma |
|
Sumit
Sharma
Chief
Executive Officer |
Exhibit
32.2
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the quarterly report of MicroVision, Inc. (the “Company”) on Form 10-Q for the quarter ended September
30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Anubhav Verma, Chief
Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley
Act of 2002, that:
1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d));
and
2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
November 9, 2023
|
/s/
Anubhav Verma |
|
Anubhav Verma
Chief
Financial Officer |
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 03, 2023 |
Cover [Abstract] |
|
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Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
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false
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-34170
|
|
Entity Registrant Name |
MicroVision,
Inc.
|
|
Entity Central Index Key |
0000065770
|
|
Entity Tax Identification Number |
91-1600822
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
18390
NE 68th Street
|
|
Entity Address, City or Town |
Redmond
|
|
Entity Address, State or Province |
WA
|
|
Entity Address, Postal Zip Code |
98052
|
|
City Area Code |
(425)
|
|
Local Phone Number |
936-6847
|
|
Title of 12(b) Security |
Common
Stock, $0.001 par value per share
|
|
Trading Symbol |
MVIS
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Large Accelerated Filer
|
|
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|
|
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|
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|
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v3.23.3
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
Cash and cash equivalents |
$ 49,366
|
$ 20,536
|
Investment securities, available-for-sale |
28,677
|
62,173
|
Restricted cash, current |
3,263
|
|
Accounts receivable, net |
740
|
|
Inventory |
3,616
|
1,861
|
Advance to Ibeo |
|
4,132
|
Other current assets |
5,765
|
2,306
|
Total current assets |
91,427
|
91,008
|
Property and equipment, net |
9,461
|
6,830
|
Operating lease right-of-use asset |
14,223
|
14,579
|
Restricted cash |
961
|
1,418
|
Intangible assets, net |
17,766
|
75
|
Other assets |
2,110
|
1,086
|
Total assets |
135,948
|
114,996
|
Current liabilities |
|
|
Accounts payable |
2,294
|
2,061
|
Accrued liabilities |
7,204
|
2,058
|
Accrued liability for Ibeo business combination |
6,118
|
|
Contract liabilities |
4,958
|
4,601
|
Current portion of operating lease liability |
2,432
|
1,846
|
Current portion of finance lease obligations |
2
|
21
|
Other current liabilities |
1,058
|
839
|
Total current liabilities |
24,066
|
11,426
|
Operating lease liability, net of current portion |
13,027
|
13,829
|
Other long-term liabilities |
597
|
|
Total liabilities |
37,690
|
25,255
|
Commitments and contingencies (Note 10) |
|
|
Shareholders’ equity |
|
|
Preferred stock, par value $0.001; 25,000 shares authorized; no and no shares issued and outstanding |
|
|
Common stock, par value $0.001; 310,000 shares authorized; 189,829 and 170,503 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
190
|
171
|
Additional paid-in capital |
843,975
|
772,221
|
Subscriptions receivable |
(323)
|
|
Accumulated other comprehensive gain (loss) |
45
|
(127)
|
Accumulated deficit |
(745,629)
|
(682,524)
|
Total shareholders’ equity |
98,258
|
89,741
|
Total liabilities and shareholders’ equity |
$ 135,948
|
$ 114,996
|
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v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
25,000
|
25,000
|
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0
|
0
|
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0
|
0
|
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$ 0.001
|
$ 0.001
|
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310,000
|
310,000
|
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189,829
|
170,503
|
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189,829
|
170,503
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenue |
$ 1,047
|
|
$ 2,158
|
$ 664
|
Cost of Revenue |
625
|
45
|
1,870
|
67
|
Gross profit |
422
|
(45)
|
288
|
597
|
Research and development expense |
15,584
|
7,535
|
42,127
|
22,828
|
Sales, marketing, general and administrative expense |
8,743
|
5,522
|
27,172
|
17,664
|
Gain on disposal of fixed assets |
(10)
|
|
(25)
|
|
Total operating expenses |
24,317
|
13,057
|
69,274
|
40,492
|
Loss from operations |
(23,895)
|
(13,102)
|
(68,986)
|
(39,895)
|
Bargain purchase gain, net of tax |
|
|
1,706
|
|
Other income |
637
|
251
|
4,846
|
279
|
Net loss before taxes |
(23,258)
|
(12,851)
|
(62,434)
|
(39,616)
|
Income tax expense |
(211)
|
|
(671)
|
|
Net loss |
$ (23,469)
|
$ (12,851)
|
$ (63,105)
|
$ (39,616)
|
Net loss per share, basic |
$ (0.12)
|
$ (0.08)
|
$ (0.35)
|
$ (0.24)
|
Net loss per share, diluted |
$ (0.12)
|
$ (0.08)
|
$ (0.35)
|
$ (0.24)
|
Weighted-average shares outstanding - basic |
188,306
|
165,687
|
180,156
|
165,167
|
Weighted-average shares outstanding - diluted |
188,306
|
165,687
|
180,156
|
165,167
|
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v3.23.3
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net loss |
$ (23,469)
|
$ (12,851)
|
$ (63,105)
|
$ (39,616)
|
Other comprehensive loss: |
|
|
|
|
Unrealized gain (loss) on investment securities, available-for-sale |
22
|
(16)
|
117
|
(175)
|
Foreign currency translation adjustments |
31
|
|
55
|
|
Total comprehensive income (loss) |
53
|
(16)
|
172
|
(175)
|
Comprehensive loss |
$ (23,416)
|
$ (12,867)
|
$ (62,933)
|
$ (39,791)
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.23.3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Receivables from Stockholder [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 164
|
$ 742,042
|
|
$ (19)
|
$ (629,433)
|
$ 112,754
|
Beginning balance, share at Dec. 31, 2021 |
164,363
|
|
|
|
|
|
Share-based compensation expense |
$ 1
|
11,934
|
|
|
|
11,935
|
Share-based compensation expense, share |
997
|
|
|
|
|
|
Exercise of options |
$ 1
|
726
|
|
|
|
727
|
Exercise of options, share |
525
|
|
|
|
|
|
Net loss |
|
|
|
|
(39,616)
|
(39,616)
|
Other comprehensive loss |
|
|
|
(175)
|
|
(175)
|
Ending balance, value at Sep. 30, 2022 |
$ 166
|
754,702
|
|
(194)
|
(669,049)
|
85,625
|
Ending balance, share at Sep. 30, 2022 |
165,885
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2021 |
$ 164
|
742,042
|
|
(19)
|
(629,433)
|
112,754
|
Beginning balance, share at Dec. 31, 2021 |
164,363
|
|
|
|
|
|
Ending balance, value at Dec. 31, 2022 |
$ 171
|
772,221
|
|
(127)
|
(682,524)
|
$ 89,741
|
Ending balance, share at Dec. 31, 2022 |
170,503
|
|
|
|
|
170,503
|
Beginning balance, value at Jun. 30, 2022 |
$ 165
|
750,311
|
|
(178)
|
(656,198)
|
$ 94,100
|
Beginning balance, share at Jun. 30, 2022 |
165,438
|
|
|
|
|
|
Share-based compensation expense |
|
4,081
|
|
|
|
4,081
|
Share-based compensation expense, share |
240
|
|
|
|
|
|
Exercise of options |
$ 1
|
310
|
|
|
|
311
|
Exercise of options, share |
207
|
|
|
|
|
|
Net loss |
|
|
|
|
(12,851)
|
(12,851)
|
Other comprehensive loss |
|
|
|
(16)
|
|
(16)
|
Ending balance, value at Sep. 30, 2022 |
$ 166
|
754,702
|
|
(194)
|
(669,049)
|
85,625
|
Ending balance, share at Sep. 30, 2022 |
165,885
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 171
|
772,221
|
|
(127)
|
(682,524)
|
$ 89,741
|
Beginning balance, share at Dec. 31, 2022 |
170,503
|
|
|
|
|
170,503
|
Ending balance, value at Jun. 30, 2023 |
$ 188
|
835,410
|
(925)
|
(8)
|
(722,160)
|
$ 112,505
|
Ending balance, share at Jun. 30, 2023 |
187,620
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 171
|
772,221
|
|
(127)
|
(682,524)
|
$ 89,741
|
Beginning balance, share at Dec. 31, 2022 |
170,503
|
|
|
|
|
170,503
|
Share-based compensation expense |
$ 1
|
10,769
|
|
|
|
$ 10,770
|
Share-based compensation expense, share |
1,410
|
|
|
|
|
|
Exercise of options |
|
175
|
|
|
|
175
|
Exercise of options, share |
191
|
|
|
|
|
|
Sales of common stock, net |
$ 18
|
60,810
|
(323)
|
|
|
60,505
|
Sales of common stock, net, share |
17,725
|
|
|
|
|
|
Net loss |
|
|
|
|
(63,105)
|
(63,105)
|
Other comprehensive loss |
|
|
|
172
|
|
172
|
Ending balance, value at Sep. 30, 2023 |
$ 190
|
843,975
|
(323)
|
45
|
(745,629)
|
$ 98,258
|
Ending balance, share at Sep. 30, 2023 |
189,829
|
|
|
|
|
189,829
|
Beginning balance, value at Jun. 30, 2023 |
$ 188
|
835,410
|
(925)
|
(8)
|
(722,160)
|
$ 112,505
|
Beginning balance, share at Jun. 30, 2023 |
187,620
|
|
|
|
|
|
Share-based compensation expense |
|
4,343
|
|
|
|
4,343
|
Share-based compensation expense, share |
411
|
|
|
|
|
|
Exercise of options |
|
7
|
|
|
|
7
|
Exercise of options, share |
11
|
|
|
|
|
|
Sales of common stock, net |
$ 2
|
4,215
|
602
|
|
|
4,819
|
Sales of common stock, net, share |
1,787
|
|
|
|
|
|
Net loss |
|
|
|
|
(23,469)
|
(23,469)
|
Other comprehensive loss |
|
|
|
53
|
|
53
|
Ending balance, value at Sep. 30, 2023 |
$ 190
|
$ 843,975
|
$ (323)
|
$ 45
|
$ (745,629)
|
$ 98,258
|
Ending balance, share at Sep. 30, 2023 |
189,829
|
|
|
|
|
189,829
|
X |
- DefinitionAmount of increase (decrease) to additional paid-in capital (APIC) for recognition and exercise of award under share-based payment arrangement.
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v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows from operating activities |
|
|
Net loss |
$ (63,105)
|
$ (39,616)
|
Adjustments to reconcile net loss to net cash used in operations: |
|
|
Depreciation and amortization |
6,288
|
1,425
|
Bargain purchase gain, net of tax |
(1,706)
|
|
Gain on disposal of fixed assets |
(25)
|
|
Impairment of property and equipment |
12
|
60
|
Inventory write-downs |
61
|
60
|
Share-based compensation expense |
11,506
|
11,935
|
Net accretion of premium on short-term investments |
(986)
|
290
|
Change in: |
|
|
Accounts receivable |
(740)
|
|
Inventory |
(619)
|
(42)
|
Other current and non-current assets |
(3,214)
|
(662)
|
Accounts payable |
896
|
(2,160)
|
Accrued liabilities |
4,321
|
418
|
Contract liabilities and other current liabilities |
(1,405)
|
(386)
|
Operating lease liabilities |
(1,813)
|
(938)
|
Other long-term liabilities |
17
|
|
Net cash used in operating activities |
(50,512)
|
(29,616)
|
Cash flows from investing activities |
|
|
Sales of investment securities |
61,700
|
34,700
|
Purchases of investment securities |
(27,101)
|
(63,726)
|
Cash paid for Ibeo business combination |
(11,233)
|
|
Purchases of property and equipment |
(1,981)
|
(2,017)
|
Net cash provided by (used in) investing activities |
21,385
|
(31,043)
|
Cash flows from financing activities |
|
|
Principal payments under finance leases |
(19)
|
(20)
|
Principal payments under long-term debt |
|
(392)
|
Proceeds from stock option exercises |
175
|
727
|
Net proceeds from issuance of common stock |
60,607
|
|
Net cash provided by financing activities |
60,763
|
315
|
Change in cash, cash equivalents, and restricted cash |
31,636
|
(60,344)
|
Cash, cash equivalents, and restricted cash at beginning of period |
21,954
|
83,739
|
Cash, cash equivalents, and restricted cash at end of period |
53,590
|
23,395
|
Supplemental schedule of non-cash investing and financing activities |
|
|
Non-cash additions to property and equipment |
|
645
|
Amounts issued to escrow for acquisition consideration |
3,263
|
|
Acquisition of right-to-use asset |
1,294
|
9,622
|
Accrued financing fees |
101
|
|
Issuance of common stock for subscriptions receivable |
323
|
|
Foreign currency translation adjustments |
55
|
|
Unrealized loss on investment securities, available-for-sale |
$ 117
|
$ 175
|
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v3.23.3
Reconciliation of Cash Supplement (unaudited) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Cash and cash equivalents |
$ 49,366
|
$ 20,536
|
Restricted cash, current |
3,263
|
|
Restricted cash |
961
|
1,418
|
Cash, cash equivalents and restricted cash |
$ 53,590
|
$ 21,954
|
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v3.23.3
Insider Trading Arrangements
|
3 Months Ended |
Sep. 30, 2023
shares
|
Trading Arrangements, by Individual [Table] |
|
Material Terms of Trading Arrangement |
(c)
Except as disclosed below during the three months ended September 30, 2023, none of our directors or officers (as defined in Rule
16a-1(f) under the Securities Exchange Act of 1934, as amended) adopted
or terminated
a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of
the Securities Act of 1933, as amended).
In connection with the vesting of shares of our common stock underlying
restricted stock unit or performance stock unit awards, and pursuant to the terms of our 2022 Equity Incentive Plan, on August 14, 2023,
Sumit Sharma, our Chief Executive Officer, entered into an irrevocable tax withholding election to have the Company withhold and sell
shares to cover his tax withholding obligations for all of his future restricted stock unit or performance stock unit vesting events.
Such election is intended to satisfy the affirmative defense of Rule 10b5-1(c). Mr. Sharma’s next vesting event is scheduled to
occur on April 8, 2024, when a restricted stock unit award for 300,000 shares of our common stock will be automatically awarded and immediately
vest, in accordance with Mr. Sharma’s employment agreement, dated April 8, 2021. The aggregate number of shares to be sold pursuant
to such election is dependent on the number of awards held by Mr. Sharma at any time and on the tax rates and taxes in effect on the applicable
restricted stock unit or performance stock unit vesting event, and therefore is indeterminable at this time. As background information,
Mr. Sharma currently has outstanding performance awards for 2.8 million shares which, if earned, would be subject to this election.
|
Name |
Sumit Sharma
|
Title |
Chief Executive Officer
|
Adoption Date |
August 14, 2023
|
Aggregate Available |
300,000
|
2022 Equity Incentive Plan [Member] |
|
Trading Arrangements, by Individual [Table] |
|
Aggregate Available |
2,800,000
|
X |
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v3.23.3
MANAGEMENT’S STATEMENT
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
MANAGEMENT’S STATEMENT |
1.
MANAGEMENT’S STATEMENT
The
Condensed Consolidated Balance Sheets as of September 30, 2023, the Condensed Consolidated Statements of Operations, Condensed Consolidated
Statements of Comprehensive Loss and the Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months
ended September 30, 2023 and 2022, and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023
and 2022, have been prepared by MicroVision, Inc. (“we” or “our”) and have not been audited. In the opinion of
management, all adjustments necessary to state fairly the financial position at September 30, 2023 and the results of operations and
cash flows for all periods presented have been made and consist of normal recurring adjustments. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or
omitted pursuant to the rules of the Securities and Exchange Commission (SEC). The year-end condensed balance sheet data was derived
from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United
States of America. You should read these Condensed Consolidated financial statements in conjunction with the financial statements and
notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The results of operations for the
three and nine months ended September 30, 2023 are not necessarily indicative of the operating results that may be attained for the entire
fiscal year.
We
are developing lidar sensors and perception software to address the needs of the Level 2+, or L2+, and Level 3, or L3, advanced driver-assistance
systems (ADAS) markets to be used in automotive safety and autonomous driving applications. Our micro-electromechanical systems, or MEMS-based
high-speed lidar sensors, which we call MAVIN™, use our pioneering laser beam scanning (LBS) technology. Our solution-based development
approach recognizes two key realities of the L2+ and L3 markets: that safety is mission critical and that OEMs require cost efficiency
and integration adaptability. With these factors in mind, we believe that our best-in-class MAVIN lidar sensors support critical safety
needs by providing the highest resolution at range and velocity of moving objects with a dynamic field of view while running at 30 hertz,
thus enabling ADAS features, such as automatic emergency braking, forward collision warning, and automatic emergency steering, at higher
speeds of operation than most competing products.
We
completed the acquisition of Ibeo Automotive Systems GmbH (“Ibeo”) assets on January 31, 2023 pursuant to the terms and subject
to the conditions of the Asset Purchase Agreement, dated December 1, 2022, and amended as of January 31, 2023, by and between our wholly
owned subsidiary, MicroVision GmbH organized under the laws of The Federal Republic of Germany, and Ibeo for a purchase price of EUR
15.0 million, or approximately $16.3 million, subject to potential reduction on the terms set forth in the Asset Purchase Agreement.
Pursuant to the Asset Purchase Agreement, the purchase price also included advanced funds to Ibeo so that it could continue its operations
while in insolvency during the period between signing and closing. Specifically, we advanced to Ibeo EUR 3.9 million, or approximately
$4.1 million in December 2022; EUR 2.7 million, or approximately $3.0 million in January 2023; and EUR 599,000, or approximately $650,000
in February 2023 shortly after the closing. These fund advances included amounts related to headcount reductions carried out by Ibeo
management, decreasing the number of employees to transfer in connection with the acquisition to approximately 250 employees. These headcount
reduction costs of EUR 2.3 million, or approximately $2.5 million, were reimbursed to MicroVision by way of deduction from the purchase
price in accordance with the Asset Purchase Agreement.
We
have incurred significant losses since inception. We have funded our operations to date primarily through the sale of common stock, convertible
preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from development contract revenues, product sales
and licensing activities.
At
September 30, 2023, we had total liquidity of $78.0
million including $49.4
million in cash and cash equivalents and $28.7
million in short-term investment securities.
Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations for at least
the next 12 months. As of September 30, 2023, we have approximately $30.6 million available under the ATM agreement.
Principles
of Consolidation
The
condensed consolidated financial statements include the accounts of MicroVision, Inc. and MicroVision GmbH. MicroVision GmbH is a wholly
owned subsidiary of MicroVision, Inc. All material intercompany accounts and transactions have been eliminated in consolidation.
Foreign
Currency Translation
The
functional currency for our German operation is the Euro, which represents the currency of its primary economic environment. The results
of operations for the German operation are translated from the local currency into U.S. dollars using the average exchange rates during
each period. All assets and liabilities are translated using exchange rates at the end of each period, with foreign currency translation
adjustments included as a component of other comprehensive loss. All equity transactions and certain assets are translated using historical
rates. The consolidated financial statements are presented in U.S. dollars.
Segment
Information
We
determine operating segments based on how our chief operating decision maker (“CODM”) manages the business, makes operating
decisions around the allocation of resources, and evaluates operating performance. Our CODM is our Executive Management team, who reviews
our operating results on a consolidated basis. We operate as one segment, which relates to sale and servicing of lidar hardware and software.
The profitability of our product group is not a determining factor in allocating resources and the CODM does not evaluate profitability
below the level of the consolidated company.
|
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.23.3
NET LOSS PER SHARE
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
NET LOSS PER SHARE |
2.
NET LOSS PER SHARE
Basic
net loss per share is calculated using the weighted-average number of common shares outstanding during the period. Net loss per share,
assuming dilution, is calculated using the weighted-average number of common shares outstanding and the dilutive effect of all potentially
dilutive securities, including common stock equivalents and convertible securities. Net loss per share, assuming dilution, is equal to
basic net loss per share because the effect of dilutive securities outstanding during the period, including options and warrants computed
using the treasury stock method, is anti-dilutive.
The
components of basic and diluted net loss per share were as follows (in thousands, except loss per share data):
SCHEDULE
OF BASIC AND DILUTED NET LOSS PER SHARE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net loss available for common shareholders - basic and diluted | |
$ | (23,469 | ) | |
$ | (12,851 | ) | |
$ | (63,105 | ) | |
$ | (39,616 | ) |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted-average common shares outstanding - basic and diluted | |
| 188,306 | | |
| 165,687 | | |
| 180,156 | | |
| 165,167 | |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share - basic and diluted | |
$ | (0.12 | ) | |
$ | (0.08 | ) | |
$ | (0.35 | ) | |
$ | (0.24 | ) |
For
the three and nine months ended September 30, 2023 and 2022, we excluded the following securities from net loss per share as the effect
of including them would have been anti-dilutive: outstanding options exercisable into a total of 752,000 and 954,000 shares of common
stock, respectively, and 10,323,000 and 9,591,000 nonvested restricted and performance stock units, respectively.
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v3.23.3
BUSINESS COMBINATION
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
BUSINESS COMBINATION |
3.
BUSINESS COMBINATION
On
January 31, 2023, we completed the acquisition of certain net assets of Ibeo, a lidar hardware and software provider based in Hamburg,
Germany. The purpose of the acquisition was to acquire certain Ibeo assets, intellectual property, and teams, which will enable us to
expand our total addressable market and diversify our revenue profile.
Total
consideration related to this transaction, subject to settlement of working capital adjustments, was approximately EUR 19.9 million or
$21.6 million, consisting of approximately (i) EUR 7.0 million or $7.6 million in cash paid at closing, (ii) EUR 6.6 million or $7.1
million in cash advanced to Ibeo prior to closing, (iii) EUR 3.0 million or $3.3 million held in escrow for 13 months to be available
to cover properly established claims by MicroVision, (iv) EUR 0.6 million or $0.7 million in costs paid on behalf of the seller, and
(v) EUR 2.7 million or $2.9 million in cash held back at closing and to be offset by any working capital adjustments, which the parties
continue to work through. The remaining balance of EUR 2.7 million will be paid once the seller has accepted and approved all the associated
holdback calculations, which we expect to incur during the fourth quarter of 2023. In addition, we incurred $0.6 million of acquisition-related costs associated with the acquisition during the
three months ended March 31, 2023, which were included in Sales, marketing, general and administrative expense.
The
transaction has been accounted for as a business combination. The results of operations for the acquisition are included in our consolidated
financial statements from the date of acquisition onwards.
The
following table summarizes the preliminary purchase price allocation to assets acquired and liabilities assumed (in thousands):
SCHEDULE
OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED
| |
| | |
Weighted Average | |
| |
Amount | | |
Useful Life (in years) | |
Purchase consideration: | |
| | | |
| | |
Cash paid at closing(1) | |
$ | 8,245 | | |
| | |
Cash in escrow(2) | |
| 3,263 | | |
| | |
Holdback amount(3) | |
| 2,928 | | |
| | |
Advances to Ibeo(4) | |
| 7,120 | | |
| | |
Total purchase consideration | |
$ | 21,556 | | |
| | |
| |
| | | |
| | |
Inventory | |
$ | 1,197 | | |
| | |
Other current assets | |
| 703 | | |
| | |
Operating lease right-of-use asset | |
| 234 | | |
| | |
Property and equipment, net | |
| 5,330 | | |
| | |
Intangible assets: | |
| | | |
| | |
Acquired technology | |
| 17,987 | | |
| 13 | |
Order backlog | |
| 26 | | |
| 1 | |
Contract liabilities | |
| (1,178 | ) | |
| | |
Operating lease liabilities | |
| (234 | ) | |
| | |
Deferred tax liabilities | |
| (803 | ) | |
| | |
Total identifiable net assets | |
$ | 23,262 | | |
| | |
Bargain purchase gain(5) | |
| (1,706 | ) | |
| | |
| (1) | Represents
$7.6 million in cash paid at closing and $0.7 million in cash paid shortly after close. |
| (2) | Recorded
as restricted cash and accrued liability to Ibeo in our condensed consolidated balance sheet. Pursuant to the terms of the Asset Purchase Agreement, $3.3 million will be withheld from the Purchase Price and
held in escrow for a maximum period of 13 months post-Closing as partial security for potential claims arising out of or in connection
with the Asset Purchase Agreement. |
| (3) | Recorded
in accrued liability to Ibeo in our condensed consolidated balance sheet. Payment of this amount is pending review of holdback from the sellers. |
| (4) | Represents
$4.1 million and $3.0 million in cash advanced to Ibeo in December 2022 and January 2023,
respectively. |
| (5) | The
bargain purchase gain represents the excess of the fair value of the underlying net assets
acquired and liabilities assumed over the purchase consideration and is included in bargain
purchase gain in the Condensed Consolidated Statement of Operations. The bargain purchase
gain was attributable to the negotiation process with Ibeo during its insolvency proceedings
resulting in cash consideration paid being less than the fair value of the net assets. |
The
estimated fair value of acquired technology was calculated through the income approach using the multi-period excess earnings and relief
from royalty methodologies. The estimated fair value of the order backlog was calculated through the income approach using the multi-period
excess earnings methodology.
The
initial allocation of the purchase price was based on preliminary valuations and assumptions and is subject to change within the measurement
period. We expect to finalize the allocation of the purchase price as soon as practicable and no later than one year from the acquisition
date.
Supplemental
Unaudited Pro Forma Information
The
below unaudited pro forma financial information summarizes the combined results of operations for the Company and Ibeo as if the acquisition
had been completed on January 1, 2022. The unaudited pro forma information presented below is for informational purposes only and is
not necessarily indicative of our consolidated results of operations of the combined business had the acquisition actually occurred at
the beginning of fiscal year 2022 or the results of our future operations of the combined businesses. Nonrecurring pro forma adjustments
include:
● |
Recognition of the bargain purchase gain as if incurred in the first quarter of 2022; |
|
|
● |
Acquisition-related costs of $1.1 million are assumed to have been incurred on January 1, 2022. |
The
following table summarizes the unaudited pro forma results (in thousands):
SCHEDULE
OF BUSINESS ACQUISITION, PRO FORMA INFORMATION
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Total revenue | |
$ | 1,047 | | |
| 63 | | |
| 2,707 | | |
| 5,580 | |
Net loss | |
| (23,469 | ) | |
| (34,874 | ) | |
| (60,506 | ) | |
| (91,963 | ) |
|
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- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.23.3
REVENUE RECOGNITION
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE RECOGNITION |
4.
REVENUE RECOGNITION
The
following is a description of principal activities from which we generate revenue. Revenues are recognized when control of the promised
goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange
for those goods or services. We generate all of our revenue from contracts with customers.
We
evaluate contracts based on the 5-step model as stated in Topic 606 as follows: (i) identify the contract, (ii) identify the performance
obligations, (iii) determine the transaction price, (iv) allocate the transaction price, and (v) recognize revenue when (or as) performance
obligations are satisfied.
A
contract contains a promise (or promises) to transfer goods or services to a customer. A performance obligation is a promise (or a group
of promises) that is distinct, as defined in the revenue standard.
The
transaction price is the amount of consideration an entity expects to be entitled to from a customer in exchange for providing the goods
or services. A number of factors should be considered to determine the transaction price, including whether there is variable consideration,
a significant financing component, noncash consideration, or amounts payable to the customer. The determination of variable consideration
will require a significant amount of judgment. In estimating the transaction price we will use either the expected value method or the
most likely amount method.
The
transaction price is allocated to the separate performance obligations in the contract based on relative standalone selling prices. Determining
the relative standalone selling price can be challenging when goods or services are not sold on a standalone basis. The revenue standard
sets out several methods that can be used to estimate a standalone selling price when one is not directly observable. Allocating discounts
and variable consideration must also be considered. Allocating the transaction price can require significant judgement on our part.
Revenue
is recognized when (or as) the customer obtains control of the good or service/performance obligations are satisfied. Topic 606 provides
guidance to help determine if a performance obligation is satisfied at a point in time or over time. Where a performance obligation is
satisfied over time, the related revenue is also recognized over time.
Disaggregation
of revenue
The
following table provides information about disaggregated revenue by timing of revenue recognition, (in thousands):
SCHEDULE
OF DISAGGREGATION OF REVENUE
| |
| | |
| | |
| | |
| |
| |
Three Months Ended September 30, 2023 | |
| |
| | |
License and | | |
| | |
| |
| |
Product | | |
royalty | | |
Contract | | |
| |
| |
revenue | | |
revenue | | |
revenue | | |
Total | |
Timing of revenue recognition: | |
| | | |
| | | |
| | | |
| | |
Products transferred at a point in time | |
$ | 1,047 | | |
$ | - | | |
$ | - | | |
$ | 1,047 | |
Product and services transferred over time | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 1,047 | | |
$ | - | | |
$ | - | | |
$ | 1,047 | |
| |
| | |
| | |
| | |
| |
| |
Nine Months Ended September 30, 2023 | |
| |
| | |
License and | | |
| | |
| |
| |
Product | | |
royalty | | |
Contract | | |
| |
| |
revenue | | |
revenue | | |
revenue | | |
Total | |
Timing of revenue recognition: | |
| | | |
| | | |
| | | |
| | |
Products transferred at a point in time | |
$ | 1,898 | | |
$ | - | | |
$ | - | | |
$ | 1,898 | |
Product and services transferred over time | |
| - | | |
| - | | |
| 260 | | |
| 260 | |
Total | |
$ | 1,898 | | |
$ | - | | |
$ | 260 | | |
$ | 2,158 | |
| |
| | |
| | |
| | |
| |
| |
| Three Months Ended September 30, 2022 | | |
| |
| | | |
| License and | | |
| | | |
| | |
| |
| Product | | |
| royalty | | |
| Contract | | |
| | |
| |
| revenue | | |
| revenue | | |
| revenue | | |
| Total | |
Timing of revenue recognition: | |
| | | |
| | | |
| | | |
| | |
Products transferred at a point in time | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Product and services transferred over time | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | |
| | |
| | |
| |
| |
Nine Months Ended September 30, 2022 | |
| |
| | |
License and | | |
| | |
| |
| |
Product | | |
royalty | | |
Contract | | |
| |
| |
revenue | | |
revenue | | |
revenue | | |
Total | |
Timing of revenue recognition: | |
| | | |
| | | |
| | | |
| | |
Products transferred at a point in time | |
$ | - | | |
$ | 664 | | |
$ | - | | |
$ | 664 | |
Product and services transferred over time | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | - | | |
$ | 664 | | |
$ | - | | |
$ | 664 | |
Contract
balances
Under
Topic 606, our rights to consideration are presented separately depending on whether those rights are conditional or unconditional. We
present our unconditional rights to consideration as “accounts receivable” in our Balance Sheet.
Significant
changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands, except percentages):
SCHEDULE
OF CONTRACT WITH CUSTOMER, CONTRACT ASSET, CONTRACT LIABILITY, AND RECEIVABLE
| |
September 30, | | |
December 31, | | |
| | |
| |
| |
2023 | | |
2022 | | |
$ Change | | |
% Change | |
| |
| | |
| | |
| | |
| |
Contract assets | |
$ | - | | |
$ | - | | |
$ | - | | |
| - | |
Contract liabilities | |
| 4,958 | | |
| 4,601 | | |
| 357 | | |
| 7.8 | |
Net contract assets (liabilities) | |
$ | 4,958 | | |
$ | 4,601 | | |
$ | 357 | | |
| 7.8 | |
In
April 2017, we signed a contract with Microsoft Corporation to develop an LBS display system. Under the agreement, we received an upfront
payment of $10.0 million. As of December 31, 2022, we had applied $5.4 million against the contract liability. During the three and nine
months ended September 30, 2023, we applied $0 against the contract liability with this customer.
In
connection with our January 2023 acquisition of assets from Ibeo, we assumed contract liabilities totaling approximately $1.2 million.
During the three and nine months ended September 30, 2023, we recognized revenue totaling $787,000 and $926,000 respectively, against
the contract liability.
Transaction
price allocated to the remaining performance obligations
The
$10.0 million upfront payment received from our customer as noted above was being recognized as revenue as component sales were transferred
to the customer. Under the new arrangement reached in March 2020, the royalties we expect to earn will be applied against the remaining
prepayment. Because we do not have information on projected future shipments by our customer, we are not able to estimate the timing
of revenue recognition related to the remaining performance obligations; however, the underlying agreement is scheduled to expire on
December 31, 2023. The $4.6 million contract liability at September 30, 2023 is classified as a current liability on our balance sheet.
It is unclear at this time whether recognition of revenue may extend beyond the next twelve months.
The
remaining balance of the contract liabilities assumed in our acquisition of assets from Ibeo was approximately $252,000 as of September
30, 2023.
The
following table provides information about the estimated timing of revenue recognition (in thousands):
SCHEDULE
OF ESTIMATED TIMING OF REVENUE RECOGNITION
| |
Remainder of 2023 | | |
2024 | |
| |
| | | |
| | |
Revenue | |
$ | 347 | | |
$ | - | |
|
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v3.23.3
INVESTMENT SECURITIES, AVAILABLE-FOR-SALE AND FAIR VALUE MEASUREMENTS
|
9 Months Ended |
Sep. 30, 2023 |
Investments, All Other Investments [Abstract] |
|
INVESTMENT SECURITIES, AVAILABLE-FOR-SALE AND FAIR VALUE MEASUREMENTS |
5.
INVESTMENT SECURITIES, AVAILABLE-FOR-SALE AND FAIR VALUE MEASUREMENTS
Our
investment securities, available-for-sale are comprised of corporate and government debt securities. The principal markets for the debt
securities are dealer markets which have a high level of price transparency. The market participants for debt securities are typically
large money center banks and regional banks, brokers, dealers, pension funds, and other entities with debt investment portfolios.
Fair
value is defined as the exchange price that would be received for 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 should be determined based on assumptions that market
participants would use in pricing an asset or liability. As a basis for considering such assumptions, the authoritative guidance establishes
a three level fair value inputs hierarchy and requires an entity to maximize the use of observable valuation inputs and minimize the
use of unobservable inputs. We use market data, assumptions and risks we believe market participants would use in measuring the fair
value of the asset or liability, including the risks inherent in the inputs and the valuation techniques. The hierarchy is summarized
below.
Level
1 - Quoted prices in active markets for identical assets and liabilities at the measurement date that the reporting entity has the ability
to access.
Level
2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active
markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable
or can be corroborated by observable market data.
Level
3 - Unobservable inputs for which there is little or no market data, which requires us to develop our own assumptions, which are significant
to the measurement of the fair values.
The
valuation inputs hierarchy classification for assets measured at fair value on a recurring basis are summarized below as of September
30, 2023 and December 31, 2022 (in thousands). These tables do not include cash held in our money market savings accounts.
SCHEDULE OF FAIR VALUE HIERARCHY ASSETS AND LIABILITIES
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
As of September 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | - | | |
$ | 9,215 | | |
$ | - | | |
$ | 9,215 | |
U.S. Treasury securities | |
| - | | |
| 19,462 | | |
| - | | |
| 19,462 | |
| |
$ | - | | |
$ | 28,677 | | |
$ | - | | |
$ | 28,677 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
As of December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | - | | |
$ | 15,500 | | |
$ | - | | |
$ | 15,500 | |
U.S. Treasury securities | |
| - | | |
| 46,673 | | |
| - | | |
| 46,673 | |
| |
$ | - | | |
$ | 62,173 | | |
$ | - | | |
$ | 62,173 | |
Our
short-term investments are summarized below as of September 30, 2023 and December 31, 2022 (in thousands).
SCHEDULE OF UNREALIZED GAIN OR LOSS ON SHORT-TERM INVESTMENTS
| |
| | |
| | |
| | |
Investment | |
| |
Cost/ | | |
Gross | | |
Gross | | |
Securities, | |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
Available- | |
| |
Cost | | |
Gains | | |
Losses | | |
For-Sale | |
As of September 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | 9,220 | | |
$ | 1 | | |
$ | (6 | ) | |
$ | 9,215 | |
U.S. Treasury securities | |
| 19,468 | | |
| - | | |
| (6 | ) | |
| 19,462 | |
| |
$ | 28,688 | | |
$ | 1 | | |
$ | (12 | ) | |
$ | 28,677 | |
| |
| | |
| | |
| | |
Investment | |
| |
Cost/ | | |
Gross | | |
Gross | | |
Securities, | |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
Available- | |
| |
Cost | | |
Gains | | |
Losses | | |
For-Sale | |
As of December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | 15,538 | | |
$ | - | | |
$ | (38 | ) | |
$ | 15,500 | |
U.S. Treasury securities | |
| 46,762 | | |
| 2 | | |
| (91 | ) | |
| 46,673 | |
| |
$ | 62,300 | | |
$ | 2 | | |
$ | (129 | ) | |
$ | 62,173 | |
The
maturities of the investment securities available-for-sale as of September 30, 2023 and December 31, 2022 are shown below (in thousands):
SCHEDULE
OF MATURITY DATE OF AVAILABLE-FOR-SALE SECURITIES
| |
| | |
Gross | | |
Gross | | |
| |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
Estimated | |
| |
Cost | | |
Gains | | |
Losses | | |
Fair Value | |
As of September 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Maturity date | |
| | | |
| | | |
| | | |
| | |
Less than one year | |
$ | 28,688 | | |
$ | 1 | | |
$ | (12 | ) | |
$ | 28,677 | |
| |
$ | 28,688 | | |
| | | |
| | | |
$ | 28,677 | |
| |
| | |
Gross | | |
Gross | | |
| |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
Estimated | |
| |
Cost | | |
Gains | | |
Losses | | |
Fair Value | |
As of December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Maturity date | |
| | | |
| | | |
| | | |
| | |
Less than one year | |
$ | 62,300 | | |
$ | 2 | | |
$ | (129 | ) | |
$ | 62,173 | |
| |
$ | 62,300 | | |
| | | |
| | | |
$ | 62,173 | |
The
following table summarizes investments that have been in a continuous unrealized loss position for less than 12 months and those that
have been in a continuous unrealized loss position for more than 12 months as of September 30, 2023 and December 31, 2022 (in thousands):
SCHEDULE
OF UNREALIZED LOSS ON INVESTMENTS SECURITIES
| |
Less than Twelve Months | | |
Twelve Months or Greater | | |
Total | |
| |
| | |
Gross | | |
| | |
Gross | | |
| | |
Gross | |
| |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | |
| |
Value | | |
Losses | | |
Value | | |
Losses | | |
Value | | |
Losses | |
As of September 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | 2,988 | | |
$ | (6 | ) | |
$ | - | | |
$ | - | | |
$ | 2,988 | | |
$ | (6 | ) |
U.S. Treasury securities | |
| 12,570 | | |
| (6 | ) | |
| - | | |
| - | | |
| 12,570 | | |
| (6 | ) |
| |
$ | 15,558 | | |
$ | (12 | ) | |
$ | - | | |
$ | - | | |
$ | 15,558 | | |
$ | (12 | ) |
| |
Less than Twelve Months | | |
Twelve Months or Greater | | |
Total | |
| |
| | |
Gross | | |
| | |
Gross | | |
| | |
Gross | |
| |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | |
| |
Value | | |
Losses | | |
Value | | |
Losses | | |
Value | | |
Losses | |
As of December 31, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | 12,295 | | |
$ | (38 | ) | |
$ | - | | |
$ | - | | |
$ | 12,295 | | |
$ | (38 | ) |
U.S. Treasury securities | |
| 34,530 | | |
| (91 | ) | |
| - | | |
| - | | |
| 34,530 | | |
| (91 | ) |
| |
$ | 46,825 | | |
$ | (129 | ) | |
$ | - | | |
$ | - | | |
$ | 46,825 | | |
$ | (129 | ) |
|
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v3.23.3
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS AND SUPPLIERS
|
9 Months Ended |
Sep. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS AND SUPPLIERS |
6.
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS AND SUPPLIERS
Concentration
of credit risk
Financial
instruments that potentially subject us to a concentration of credit risk are primarily cash equivalents and investment securities. As
of September 30, 2023, our cash and cash equivalents are comprised of operating checking accounts and short-term highly rated money market
savings accounts. Our short-term investments are comprised of highly rated corporate bonds and U.S. Treasury securities.
Concentration
of major customers and suppliers
For
the three months ended September 30, 2023, one commercial customer accounted for $742,000 in revenue, representing 71% of our total revenue
and a second commercial customer accounted for $78,000 in revenue, representing 8% of our total revenue. For the nine months ended September
30, 2023, one commercial customer accounted for $825,000 in revenue, representing 38% of our total revenue, a second commercial customer
accounted for $364,000 in revenue, representing 17% of our total revenue, a third commercial customer accounted for $246,000 in revenue,
representing 11% of our total revenue, and a fourth customer accounted for $206,000 in revenue, representing 10% of our total revenue.
For the three and nine months ended September 30, 2022, one customer accounted for $0 and $664,000 in revenue, respectively, representing
100% of our total revenue for each period.
Typically,
a significant concentration of our components and the products we have sold are manufactured and obtained from single or limited-source
suppliers. The loss of any single or limited-source supplier, the failure of any of these suppliers to perform as expected, or the disruption
in the supply chain of components from these suppliers could subject us to risks and uncertainties including, but not limited to, increased
cost of sales, possible loss of revenues, or significant delays in product development or product deliveries, any of which could adversely
affect our financial condition and operating results.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.3
FINANCIAL STATEMENT COMPONENTS
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
FINANCIAL STATEMENT COMPONENTS |
7.
FINANCIAL STATEMENT COMPONENTS
The
following financial statement components changed significantly as a result of our January 2023 acquisition of assets from Ibeo.
Inventory
Inventory
consists of the following:
COMPONENTS
OF INVENTORY
| |
September 30, | | |
December 31, | |
(in thousands) | |
2023 | | |
2022 | |
Raw materials | |
$ | 1,562 | | |
$ | 1,556 | |
Work in process | |
| 305 | | |
| 305 | |
Finished goods | |
| 1,749 | | |
| - | |
Total inventory | |
$ | 3,616 | | |
$ | 1,861 | |
Inventory
is computed using the first-in, first-out (FIFO) method and is stated at the lower of cost and net realizable value. Management periodically
assesses the need to account for obsolescence of inventory and adjusts the carrying value of inventory to its net realizable value when
required.
Property
and equipment
Property
and equipment consists of the following:
COMPONENTS
OF PROPERTY, PLANT AND EQUIPMENT
| |
September 30, | | |
December 31, | |
(in thousands) | |
2023 | | |
2022 | |
Production equipment | |
$ | 6,140 | | |
$ | 6,140 | |
Leasehold improvements | |
| 3,843 | | |
| 3,789 | |
Computer hardware and software/lab equipment | |
| 12,110 | | |
| 10,515 | |
Office furniture and equipment | |
| 5,196 | | |
| 1,804 | |
Property and equipment, gross | |
| 27,289 | | |
| 22,248 | |
Less: Accumulated depreciation | |
| (17,828 | ) | |
| (15,418 | ) |
Property and equipment,
net | |
$ | 9,461 | | |
$ | 6,830 | |
Depreciation
expense was $1.1 million and $153,000 for the three months ended September 30, 2023 and 2022, respectively. Depreciation expense was
$2.8 million and $533,000 for the nine months ended September 30, 2023 and 2022, respectively.
Intangible
assets
The
components of intangible assets were as follows:
SUMMARY
OF COMPONENTS OF INTANGIBLE ASSETS
As of September 30, 2023 | |
Gross | | |
| | |
Net | | |
Weighted | |
| |
Carrying | | |
Accumulated | | |
Carrying | | |
Average Remaining | |
(in thousands) | |
Amount | | |
Amortization | | |
Amount | | |
Period (Years) | |
Acquired technology | |
$ | 20,172 | | |
$ | 2,415 | | |
$ | 17,757 | | |
| 12 | |
Backlog | |
| 26 | | |
| 17 | | |
| 9 | | |
| - | |
| |
$ | 20,198 | | |
$ | 2,432 | | |
$ | 17,766 | | |
| | |
As of December 31, 2022 | |
Gross | | |
| | |
Net | | |
Weighted | |
| |
Carrying | | |
Accumulated | | |
Carrying | | |
Average Remaining | |
(in thousands) | |
Amount | | |
Amortization | | |
Amount | | |
Period (Years) | |
Acquired technology | |
$ | 951 | | |
$ | 876 | | |
$ | 75 | | |
| 4 | |
| |
$ | 951 | | |
$ | 876 | | |
$ | 75 | | |
| | |
Amortization
expense was $573,000 and $10,000 for the three months ended September 30, 2023 and 2022, respectively. Amortization expense was $1.6
million and $30,000 for the nine months ended September 30, 2023 and 2022, respectively.
The
following table outlines our estimated future amortization expense related to intangible assets held at September 30, 2023 by line item
on the statement of operations (in thousands):
ESTIMATED
FUTURE AMORTIZATION EXPENSE RELATED TO INTANGIBLE ASSETS
| |
| | |
Research and | | |
| |
| |
Cost of | | |
Development | | |
| |
Years Ended December 31, | |
Revenue | | |
Expense | | |
Total | |
2023 | |
$ | 387 | | |
$ | 179 | | |
$ | 566 | |
2024 | |
| 1,548 | | |
| 556 | | |
| 2,104 | |
2025 | |
| 1,548 | | |
| 52 | | |
| 1,600 | |
2026 | |
| 1,548 | | |
| 24 | | |
| 1,572 | |
Thereafter | |
| 11,924 | | |
| - | | |
| 11,924 | |
Total | |
$ | 16,955 | | |
$ | 811 | | |
$ | 17,766 | |
|
X |
- DefinitionThe entire disclosure for condensed financial statements.
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v3.23.3
SHARE-BASED COMPENSATION
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
SHARE-BASED COMPENSATION |
8.
SHARE-BASED COMPENSATION
We
issue share-based compensation to employees in the form of stock options, restricted stock units (RSUs), and performance stock units
(PSUs). We account for the share-based awards by recognizing the fair value of share-based compensation expense on a straight-line basis
over the service period of the award, net of estimated forfeitures. The fair value of stock options is estimated on the grant date using
the Black-Scholes option pricing model. The fair value of RSUs and non-executive PSUs is determined by the closing price of our common
stock on the grant date or the period end date for the awards that are being measured by the service inception date. Changes in estimated
inputs or using other option valuation methods may result in materially different option values and share-based compensation expense.
The
following table summarizes the amount of share-based compensation expense by line item on the statements of operations:
SCHEDULE
OF SHARE-BASED COMPENSATION EXPENSE
(in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Share-based compensation expense | |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
(in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Research and development expense | |
$ | 2,194 | | |
$ | 1,831 | | |
$ | 4,438 | | |
$ | 5,681 | |
Sales, marketing, general and administrative expense | |
| 2,497 | | |
| 2,250 | | |
| 7,068 | | |
| 6,254 | |
Total Share-based compensation
expense | |
$ | 4,691 | | |
$ | 4,081 | | |
$ | 11,506 | | |
$ | 11,935 | |
Options
activity and positions
The
following table summarizes shares, weighted-average exercise price, weighted-average remaining contractual term and aggregate intrinsic
value of options outstanding and options exercisable as of September 30, 2023:
SCHEDULE OF VALUATION ASSUMPTIONS FOR WEIGHTED-AVERAGE GRANT
| |
| | |
| | |
Weighted- | | |
| |
| |
| | |
Weighted- | | |
Average | | |
| |
| |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
| | |
Exercise | | |
Contractual | | |
Intrinsic | |
Options | |
Shares | | |
Price | | |
Term (years) | | |
Value | |
Outstanding as of September 30, 2023 | |
| 752,000 | | |
$ | 1.35 | | |
| 4.9 | | |
$ | 746,000 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable as of September 30, 2023 | |
| 752,000 | | |
$ | 1.35 | | |
| 4.9 | | |
$ | 746,000 | |
As
of September 30, 2023, there is no unrecognized share-based employee compensation related to stock options.
Restricted
stock activity and positions
The
following table summarizes activity and positions with respect to RSUs and PSUs for the nine months ended September 30, 2023:
SCHEDULE OF ACTIVITY AND POSITIONS WITH RESPECT TO RSUS AND PSUS
| |
| | |
Weighted-average | |
| |
Shares | | |
price | |
Unvested as of December 31, 2022 | |
| 8,866,000 | | |
$ | 3.85 | |
Granted | |
| 3,254,000 | | |
$ | 4.02 | |
Vested | |
| (1,374,000 | ) | |
$ | 7.86 | |
Forfeited | |
| (423,000 | ) | |
$ | 8.09 | |
Unvested as of September 30, 2023 | |
| 10,323,000 | | |
$ | 3.19 | |
During
the nine months ended September 30, 2023, we issued 2.6 million PSUs to non-executive employees subject to the achievement of development
goals. These shares are liabilities subject to mark-to-market accounting as the number of shares was not fixed when issued. One-third
of these shares will vest in connection with 2023 achievement of the milestones and the remaining two-thirds will vest over two years
from June 30, 2023.
During
the nine months ended September 30, 2023, we issued 106,000 shares for the partial achievement of internal performance milestones during
the fourth quarter of 2022. These shares were valued based on the closing price of our common stock on the dates of grant and vest quarterly
over two years. We had canceled 426,000 PSUs in the fourth quarter of 2022 related to the same internal performance milestones.
During
the nine months ended September 30, 2023, we issued 408,000 time-based RSUs to non-executive employees for promotion, retention, and
new hire grants. These shares were valued based on the closing price of our common stock on the dates of grant. These shares vest over
three or four years from the date of grant.
During
the nine months ended September 30, 2023, we issued 275,000 time-based RSUs to independent directors for annual equity compensation.
These shares were valued based on the closing price of our common stock on the dates of grant. These shares vest quarterly, with the
final installment vesting the earlier of the one year anniversary of the grant date or the day before the next annual meeting.
As
of September 30, 2023, our unrecognized share-based compensation related to RSUs was $6.6 million, which we plan to expense over the
next 1.5 years. Our unrecognized share-based compensation related to the executive PSUs was $5.9 million, which we plan to expense over
the next 2.0 years and our unrecognized share-based compensation related to the non-executive PSUs was $4.6 million, which we plan to
expense over the next 1.1 years.
In
June 2022, we issued 6.0 million PSUs to our executive officers. The PSUs are subject to the achievement of performance goals and time-based
vesting. The PSUs will become eligible to vest if the closing price of our common stock reaches or exceeds specified price thresholds
for at least 20 consecutive trading days during the performance period through December 31, 2025. If the performance goals are met, the
portion of the PSUs deemed earned will become subject to time-based vesting in equal quarterly installments over two years starting from
the date on which the goal is achieved. These PSUs were valued using a Monte Carlo simulation model using the following inputs: stock
price, volatility, and risk-free interest rates.
During
the nine months ended September 30, 2022, we issued 2.4 million PSUs to non-executive employees subject to the achievement of development
goals. These shares were valued based on the closing price of our common stock on the dates of grant. These shares vest quarterly over
two years from the achievement of established performance criteria.
During
the nine months ended September 30, 2022, we issued 511,000 time-based RSUs to non-executive employees for promotion, retention, and
new hire grants. These shares were valued based on the closing price of our common stock on the dates of grant. These shares vest over
three or four years from the date of grant.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
LEASES
|
9 Months Ended |
Sep. 30, 2023 |
Leases |
|
LEASES |
9.
LEASES
We
lease our office space and certain equipment under finance and operating leases. Our leases have remaining lease terms of one to ten
years. Our office lease agreement includes both lease and non-lease components, which are accounted for separately. Our finance leases
contain options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected
lease term, unless we are reasonably certain to exercise the purchase option.
In
September 2021, we entered into an office lease with Redmond East Office Park LLC, a Washington limited liability company, pursuant to
which we will lease approximately 16,681 square feet of space located in Redmond, Washington that we will use primarily for general office
space. The lease provides for an initial term of 128 months that commenced November 1, 2021. Pursuant to the lease, annual base rent
was approximately $500,000 for the first year and is subject to annual increases of 3.0%. In addition to base rent, we pay additional
rent comprised of our proportionate share of any operating expenses, real estate taxes, and management fees. We have the option to extend
the term for one ten-year renewal period, provided that the rent would be subject to market adjustment at the beginning of the renewal
term. The total minimum lease payments related to this lease is $6.4 million.
In
September 2021, we entered into a second office lease with Redmond East Office Park LLC, pursuant to which we will lease approximately
36,062 square feet of space located in Redmond, Washington that we will use primarily for product testing and lab space. The lease provides
for an initial term of 120 months that commenced on December 1, 2022. Pursuant to the lease, annual base rent will be approximately $1.1
million for the first year and is subject to annual increases of 3.0%. In addition to base rent, we will pay additional rent comprised
of our proportionate share of any operating expenses, real estate taxes, and management fees. We have the option to extend the term for
one ten-year renewal period, provided that the rent would be subject to market adjustment at the beginning of the renewal term. The total
minimum lease payments related to this lease are $13.0 million. During the quarter ended June 30, 2023, we received a payment of $3.0
million as an incentive to terminate our previous building lease. The gain is recorded as other income in our statement of operations.
In
April 2022, we entered into an office lease with Universal-Investment-Gesellschaft mbH, a German investment company, pursuant to which
we lease approximately 3,533 square feet of space located in Nuremberg, Germany that we use primarily for product testing for engineering
and development activities. The lease provides for a term of 60 months that commenced May 1, 2022. Pursuant to the lease, annual base
rent is approximately $76,000 per year. The total minimum lease payments related to this lease is approximately $380,000.
In
September 2022, we entered into a second office lease with Universal-Investment-Gesellschaft mbH, a German investment company, pursuant
to which we lease approximately 3,810 square feet of space located in Nuremberg, Germany that we use primarily for general office space
for business development activities. The lease provides for a term of 60 months that commenced November 15, 2022. Pursuant to the lease,
annual base rent is approximately $92,000 per year. The total minimum lease payments related to this lease is approximately $461,000.
In
connection with our January 2023 acquisition of assets from Ibeo, we assumed three leases in Hamburg, Germany. One lease is with IntReal
International Real Estate Kapitalverwaltungsgesellschaft and covers approximately 5,511 square feet of space for IT network equipment
through December 31, 2026. Pursuant to the lease, annual base rent is approximately $65,000 per year. The total remaining minimum lease
payments related to this lease are approximately $259,000. During the quarter ended March 31, 2023, we recorded a right-of-use asset
in the amount of $234,000 on our balance sheet. A second lease is with Neuer Holtigbaum and covers approximately 32,529 square feet of
office space and long-range laser testing space through August 2023. During the quarter ended September 30 2023, we amended this lease
and extended until August 2024. The total remaining minimum lease payments related to this lease are approximately $190,000. The third
lease is with BG BAU Berufsgenossenschaft der Bauwirtschaft and covers approximately 13,127 square feet of garage space to house our
test and demonstration vehicles through July 31, 2024. The total remaining minimum lease payments related to this lease are approximately
$146,000.
The
components of lease expense were as follows:
SCHEDULE
OF COMPONENTS OF LEASE EXPENSE
(in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
(in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating lease expense | |
$ | 667 | | |
$ | 365 | | |
$ | 1,949 | | |
$ | 865 | |
Finance lease expense: | |
| | | |
| | | |
| | | |
| | |
Amortization of leased assets | |
| 6 | | |
| 6 | | |
| 19 | | |
| 19 | |
Interest on lease liabilities | |
| - | | |
| 1 | | |
| 1 | | |
| 2 | |
Total finance lease expense | |
| 6 | | |
| 7 | | |
| 20 | | |
| 21 | |
Total lease expense | |
$ | 673 | | |
$ | 372 | | |
$ | 1,969 | | |
$ | 886 | |
Supplemental
cash flow information related to leases was as follows:
SCHEDULE
OF CASH FLOW INFORMATION RELATED TO LEASES
(in thousands) | |
2023 | | |
2022 | |
| |
Nine Months Ended | |
| |
September 30, | |
(in thousands) | |
2023 | | |
2022 | |
Cash paid for amounts included in measurement of lease liabilities: | |
| | |
| |
Operating cash flows from operating leases | |
$ | 1,813 | | |
| 938 | |
Operating cash flows from finance leases | |
| 1 | | |
| 2 | |
Financing cash flows from finance leases | |
| 19 | | |
| 20 | |
Supplemental
balance sheet information related to leases was as follows:
SCHEDULE
OF CASH FLOW INFORMATION RELATED TO LEASES
| |
September 30, | | |
December 31, | |
(in thousands) | |
2023 | | |
2022 | |
Operating leases | |
| | | |
| | |
Operating lease right-of-use assets | |
$ | 14,223 | | |
$ | 14,579 | |
| |
| | | |
| | |
Current portion of operating lease liability | |
| 2,432 | | |
| 1,846 | |
Operating lease liability, net of current portion | |
| 13,027 | | |
| 13,829 | |
Total operating lease liabilities | |
$ | 15,459 | | |
$ | 15,675 | |
| |
| | | |
| | |
Finance leases | |
| | | |
| | |
Property and equipment, at cost | |
$ | 112 | | |
$ | 112 | |
Accumulated depreciation | |
| (93 | ) | |
| (80 | ) |
Property and equipment, net | |
$ | 19 | | |
$ | 32 | |
| |
| | | |
| | |
Current portion of finance lease obligations | |
$ | 2 | | |
$ | 21 | |
Finance lease obligations, net of current portion | |
| - | | |
| - | |
Total finance lease liabilities | |
$ | 2 | | |
$ | 21 | |
| |
| | | |
| | |
Weighted Average Remaining Lease Term | |
| | | |
| | |
Operating leases | |
| 8.7 years | | |
| 9.6 years | |
Finance leases | |
| 0.1 years | | |
| 0.8 years | |
| |
| | | |
| | |
Weighted Average Discount Rate | |
| | | |
| | |
Operating leases | |
| 4.6 | % | |
| 4.6 | % |
Finance leases | |
| 5.6 | % | |
| 6.3 | % |
As
of September 30, 2023, maturities of lease liabilities were as follows:
SCHEDULE
OF MATURITIES OF LEASE LIABILITIES
(in thousands) | |
Operating | | |
Finance | |
Years Ended December 31, | |
leases | | |
leases | |
2023 | |
$ | 642 | | |
$ | 2 | |
2024 | |
| 2,340 | | |
| - | |
2025 | |
| 2,003 | | |
| - | |
2026 | |
| 2,023 | | |
| - | |
Thereafter | |
| 11,631 | | |
| - | |
Total minimum lease payments | |
| 18,639 | | |
| 2 | |
Less: amount representing interest | |
| (3,180 | ) | |
| - | |
Present value of capital lease liabilities | |
$ | 15,459 | | |
$ | 2 | |
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
10.
COMMITMENTS AND CONTINGENCIES
Purchase commitments
During the quarter ended September 30, 2023, we entered into a $12.3 million
purchase commitment with a contract manufacturing partner for the production of MOVIA sensor inventory to support direct sales to both
automotive and non-automotive customers. We made a payment of $3.1 million during the third quarter and expect to make the remaining future
payments by the end of the second quarter of 2024 based on an agreed sensor delivery schedule.
Litigation
We
are subject to various claims and pending or threatened lawsuits in the normal course of business. We are not currently party to any
legal proceedings that management believes are reasonably possible to have a material adverse effect on our financial position, results
of operations or cash flows.
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v3.23.3
COMMON STOCK
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
COMMON STOCK |
11.
COMMON STOCK
In
June 2021, we entered into a $140.0 million ATM equity offering agreement with Craig-Hallum. Under the agreement we are able, at our
discretion, to offer and sell shares of our common stock having an aggregate value of up to $140.0 million through Craig-Hallum. As of
December 31, 2022, we had issued 8.3 million shares of our common stock for net proceeds of $81.8 million under this ATM agreement. During
the quarter ended March 31, 2023, we issued 5.0 million shares of our common stock for net proceeds of $12.5 million under the agreement.
The sales agreement was terminated in June 2023.
In
June 2023, we entered into a $45.0 million ATM equity offering agreement with Craig-Hallum. Under the agreement, we are able, at our
discretion, to offer and sell shares of our common stock having an aggregate value of up to $45.0 million through Craig-Hallum. As of
June 30, 2023, we had completed sales under such sales agreement, having sold 10.9 million shares for net proceeds of $43.9 million.
No further shares are available for sales under this agreement.
In
August 2023, we entered into a $35.0 million ATM equity offering agreement with Craig-Hallum. Under the agreement, we are able, at our
discretion, to offer and sell shares of our common stock having an aggregate value of up to $35.0 million through Craig-Hallum. As of
September 30, 2023, we had completed sales under such sales agreement, having sold 1.8 million shares for net proceeds of $4.2 million.
As of September 30, 2023, we had issued 150,000 shares of our common stock for net proceeds of $323,000 that was received in October
2023. The $323,000 is classified as subscriptions receivable on our September 30, 2023 balance sheet and is not included in the cash
balance as of September 30, 2023. As of September 30, 2023, we have approximately $30.6 million available under this ATM agreement.
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v3.23.3
INCOME TAXES
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
12.
INCOME TAXES
We
recognized income tax expense of $211,000 and $0 during the quarters ended September 30, 2023 and 2022, respectively. The income tax
expense for the nine months ended September 30, 2023 was largely the result of income in foreign jurisdictions, partially offset by a
deferred income tax benefit generated by the reduction to a deferred tax liability created as a result of the acquisition of Ibeo assets
in Q1 2023. The change in income tax expense during the quarter ended September 30, 2023 was largely the result of profitability in our
foreign jurisdictions related to the Ibeo acquisition.
As
of September 30, 2023, we continue to have no unrecognized tax positions.
|
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v3.23.3
NET LOSS PER SHARE (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE |
The
components of basic and diluted net loss per share were as follows (in thousands, except loss per share data):
SCHEDULE
OF BASIC AND DILUTED NET LOSS PER SHARE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net loss available for common shareholders - basic and diluted | |
$ | (23,469 | ) | |
$ | (12,851 | ) | |
$ | (63,105 | ) | |
$ | (39,616 | ) |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted-average common shares outstanding - basic and diluted | |
| 188,306 | | |
| 165,687 | | |
| 180,156 | | |
| 165,167 | |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share - basic and diluted | |
$ | (0.12 | ) | |
$ | (0.08 | ) | |
$ | (0.35 | ) | |
$ | (0.24 | ) |
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v3.23.3
BUSINESS COMBINATION (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED |
The
following table summarizes the preliminary purchase price allocation to assets acquired and liabilities assumed (in thousands):
SCHEDULE
OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED
| |
| | |
Weighted Average | |
| |
Amount | | |
Useful Life (in years) | |
Purchase consideration: | |
| | | |
| | |
Cash paid at closing(1) | |
$ | 8,245 | | |
| | |
Cash in escrow(2) | |
| 3,263 | | |
| | |
Holdback amount(3) | |
| 2,928 | | |
| | |
Advances to Ibeo(4) | |
| 7,120 | | |
| | |
Total purchase consideration | |
$ | 21,556 | | |
| | |
| |
| | | |
| | |
Inventory | |
$ | 1,197 | | |
| | |
Other current assets | |
| 703 | | |
| | |
Operating lease right-of-use asset | |
| 234 | | |
| | |
Property and equipment, net | |
| 5,330 | | |
| | |
Intangible assets: | |
| | | |
| | |
Acquired technology | |
| 17,987 | | |
| 13 | |
Order backlog | |
| 26 | | |
| 1 | |
Contract liabilities | |
| (1,178 | ) | |
| | |
Operating lease liabilities | |
| (234 | ) | |
| | |
Deferred tax liabilities | |
| (803 | ) | |
| | |
Total identifiable net assets | |
$ | 23,262 | | |
| | |
Bargain purchase gain(5) | |
| (1,706 | ) | |
| | |
| (1) | Represents
$7.6 million in cash paid at closing and $0.7 million in cash paid shortly after close. |
| (2) | Recorded
as restricted cash and accrued liability to Ibeo in our condensed consolidated balance sheet. Pursuant to the terms of the Asset Purchase Agreement, $3.3 million will be withheld from the Purchase Price and
held in escrow for a maximum period of 13 months post-Closing as partial security for potential claims arising out of or in connection
with the Asset Purchase Agreement. |
| (3) | Recorded
in accrued liability to Ibeo in our condensed consolidated balance sheet. Payment of this amount is pending review of holdback from the sellers. |
| (4) | Represents
$4.1 million and $3.0 million in cash advanced to Ibeo in December 2022 and January 2023,
respectively. |
| (5) | The
bargain purchase gain represents the excess of the fair value of the underlying net assets
acquired and liabilities assumed over the purchase consideration and is included in bargain
purchase gain in the Condensed Consolidated Statement of Operations. The bargain purchase
gain was attributable to the negotiation process with Ibeo during its insolvency proceedings
resulting in cash consideration paid being less than the fair value of the net assets. |
|
SCHEDULE OF BUSINESS ACQUISITION, PRO FORMA INFORMATION |
The
following table summarizes the unaudited pro forma results (in thousands):
SCHEDULE
OF BUSINESS ACQUISITION, PRO FORMA INFORMATION
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Total revenue | |
$ | 1,047 | | |
| 63 | | |
| 2,707 | | |
| 5,580 | |
Net loss | |
| (23,469 | ) | |
| (34,874 | ) | |
| (60,506 | ) | |
| (91,963 | ) |
|
X |
- DefinitionTabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.
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v3.23.3
REVENUE RECOGNITION (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
SCHEDULE OF DISAGGREGATION OF REVENUE |
The
following table provides information about disaggregated revenue by timing of revenue recognition, (in thousands):
SCHEDULE
OF DISAGGREGATION OF REVENUE
| |
| | |
| | |
| | |
| |
| |
Three Months Ended September 30, 2023 | |
| |
| | |
License and | | |
| | |
| |
| |
Product | | |
royalty | | |
Contract | | |
| |
| |
revenue | | |
revenue | | |
revenue | | |
Total | |
Timing of revenue recognition: | |
| | | |
| | | |
| | | |
| | |
Products transferred at a point in time | |
$ | 1,047 | | |
$ | - | | |
$ | - | | |
$ | 1,047 | |
Product and services transferred over time | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 1,047 | | |
$ | - | | |
$ | - | | |
$ | 1,047 | |
| |
| | |
| | |
| | |
| |
| |
Nine Months Ended September 30, 2023 | |
| |
| | |
License and | | |
| | |
| |
| |
Product | | |
royalty | | |
Contract | | |
| |
| |
revenue | | |
revenue | | |
revenue | | |
Total | |
Timing of revenue recognition: | |
| | | |
| | | |
| | | |
| | |
Products transferred at a point in time | |
$ | 1,898 | | |
$ | - | | |
$ | - | | |
$ | 1,898 | |
Product and services transferred over time | |
| - | | |
| - | | |
| 260 | | |
| 260 | |
Total | |
$ | 1,898 | | |
$ | - | | |
$ | 260 | | |
$ | 2,158 | |
| |
| | |
| | |
| | |
| |
| |
| Three Months Ended September 30, 2022 | | |
| |
| | | |
| License and | | |
| | | |
| | |
| |
| Product | | |
| royalty | | |
| Contract | | |
| | |
| |
| revenue | | |
| revenue | | |
| revenue | | |
| Total | |
Timing of revenue recognition: | |
| | | |
| | | |
| | | |
| | |
Products transferred at a point in time | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Product and services transferred over time | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | |
| | |
| | |
| |
| |
Nine Months Ended September 30, 2022 | |
| |
| | |
License and | | |
| | |
| |
| |
Product | | |
royalty | | |
Contract | | |
| |
| |
revenue | | |
revenue | | |
revenue | | |
Total | |
Timing of revenue recognition: | |
| | | |
| | | |
| | | |
| | |
Products transferred at a point in time | |
$ | - | | |
$ | 664 | | |
$ | - | | |
$ | 664 | |
Product and services transferred over time | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | - | | |
$ | 664 | | |
$ | - | | |
$ | 664 | |
|
SCHEDULE OF CONTRACT WITH CUSTOMER, CONTRACT ASSET, CONTRACT LIABILITY, AND RECEIVABLE |
Significant
changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands, except percentages):
SCHEDULE
OF CONTRACT WITH CUSTOMER, CONTRACT ASSET, CONTRACT LIABILITY, AND RECEIVABLE
| |
September 30, | | |
December 31, | | |
| | |
| |
| |
2023 | | |
2022 | | |
$ Change | | |
% Change | |
| |
| | |
| | |
| | |
| |
Contract assets | |
$ | - | | |
$ | - | | |
$ | - | | |
| - | |
Contract liabilities | |
| 4,958 | | |
| 4,601 | | |
| 357 | | |
| 7.8 | |
Net contract assets (liabilities) | |
$ | 4,958 | | |
$ | 4,601 | | |
$ | 357 | | |
| 7.8 | |
|
SCHEDULE OF ESTIMATED TIMING OF REVENUE RECOGNITION |
The
following table provides information about the estimated timing of revenue recognition (in thousands):
SCHEDULE
OF ESTIMATED TIMING OF REVENUE RECOGNITION
| |
Remainder of 2023 | | |
2024 | |
| |
| | | |
| | |
Revenue | |
$ | 347 | | |
$ | - | |
|
X |
- DefinitionTabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.
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v3.23.3
INVESTMENT SECURITIES, AVAILABLE-FOR-SALE AND FAIR VALUE MEASUREMENTS (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Investments, All Other Investments [Abstract] |
|
SCHEDULE OF FAIR VALUE HIERARCHY ASSETS AND LIABILITIES |
The
valuation inputs hierarchy classification for assets measured at fair value on a recurring basis are summarized below as of September
30, 2023 and December 31, 2022 (in thousands). These tables do not include cash held in our money market savings accounts.
SCHEDULE OF FAIR VALUE HIERARCHY ASSETS AND LIABILITIES
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
As of September 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | - | | |
$ | 9,215 | | |
$ | - | | |
$ | 9,215 | |
U.S. Treasury securities | |
| - | | |
| 19,462 | | |
| - | | |
| 19,462 | |
| |
$ | - | | |
$ | 28,677 | | |
$ | - | | |
$ | 28,677 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
As of December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | - | | |
$ | 15,500 | | |
$ | - | | |
$ | 15,500 | |
U.S. Treasury securities | |
| - | | |
| 46,673 | | |
| - | | |
| 46,673 | |
| |
$ | - | | |
$ | 62,173 | | |
$ | - | | |
$ | 62,173 | |
|
SCHEDULE OF UNREALIZED GAIN OR LOSS ON SHORT-TERM INVESTMENTS |
Our
short-term investments are summarized below as of September 30, 2023 and December 31, 2022 (in thousands).
SCHEDULE OF UNREALIZED GAIN OR LOSS ON SHORT-TERM INVESTMENTS
| |
| | |
| | |
| | |
Investment | |
| |
Cost/ | | |
Gross | | |
Gross | | |
Securities, | |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
Available- | |
| |
Cost | | |
Gains | | |
Losses | | |
For-Sale | |
As of September 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | 9,220 | | |
$ | 1 | | |
$ | (6 | ) | |
$ | 9,215 | |
U.S. Treasury securities | |
| 19,468 | | |
| - | | |
| (6 | ) | |
| 19,462 | |
| |
$ | 28,688 | | |
$ | 1 | | |
$ | (12 | ) | |
$ | 28,677 | |
| |
| | |
| | |
| | |
Investment | |
| |
Cost/ | | |
Gross | | |
Gross | | |
Securities, | |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
Available- | |
| |
Cost | | |
Gains | | |
Losses | | |
For-Sale | |
As of December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | 15,538 | | |
$ | - | | |
$ | (38 | ) | |
$ | 15,500 | |
U.S. Treasury securities | |
| 46,762 | | |
| 2 | | |
| (91 | ) | |
| 46,673 | |
| |
$ | 62,300 | | |
$ | 2 | | |
$ | (129 | ) | |
$ | 62,173 | |
|
SCHEDULE OF MATURITY DATE OF AVAILABLE-FOR-SALE SECURITIES |
The
maturities of the investment securities available-for-sale as of September 30, 2023 and December 31, 2022 are shown below (in thousands):
SCHEDULE
OF MATURITY DATE OF AVAILABLE-FOR-SALE SECURITIES
| |
| | |
Gross | | |
Gross | | |
| |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
Estimated | |
| |
Cost | | |
Gains | | |
Losses | | |
Fair Value | |
As of September 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Maturity date | |
| | | |
| | | |
| | | |
| | |
Less than one year | |
$ | 28,688 | | |
$ | 1 | | |
$ | (12 | ) | |
$ | 28,677 | |
| |
$ | 28,688 | | |
| | | |
| | | |
$ | 28,677 | |
| |
| | |
Gross | | |
Gross | | |
| |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
Estimated | |
| |
Cost | | |
Gains | | |
Losses | | |
Fair Value | |
As of December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Maturity date | |
| | | |
| | | |
| | | |
| | |
Less than one year | |
$ | 62,300 | | |
$ | 2 | | |
$ | (129 | ) | |
$ | 62,173 | |
| |
$ | 62,300 | | |
| | | |
| | | |
$ | 62,173 | |
|
SCHEDULE OF UNREALIZED LOSS ON INVESTMENTS SECURITIES |
The
following table summarizes investments that have been in a continuous unrealized loss position for less than 12 months and those that
have been in a continuous unrealized loss position for more than 12 months as of September 30, 2023 and December 31, 2022 (in thousands):
SCHEDULE
OF UNREALIZED LOSS ON INVESTMENTS SECURITIES
| |
Less than Twelve Months | | |
Twelve Months or Greater | | |
Total | |
| |
| | |
Gross | | |
| | |
Gross | | |
| | |
Gross | |
| |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | |
| |
Value | | |
Losses | | |
Value | | |
Losses | | |
Value | | |
Losses | |
As of September 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | 2,988 | | |
$ | (6 | ) | |
$ | - | | |
$ | - | | |
$ | 2,988 | | |
$ | (6 | ) |
U.S. Treasury securities | |
| 12,570 | | |
| (6 | ) | |
| - | | |
| - | | |
| 12,570 | | |
| (6 | ) |
| |
$ | 15,558 | | |
$ | (12 | ) | |
$ | - | | |
$ | - | | |
$ | 15,558 | | |
$ | (12 | ) |
| |
Less than Twelve Months | | |
Twelve Months or Greater | | |
Total | |
| |
| | |
Gross | | |
| | |
Gross | | |
| | |
Gross | |
| |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | |
| |
Value | | |
Losses | | |
Value | | |
Losses | | |
Value | | |
Losses | |
As of December 31, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Corporate debt securities | |
$ | 12,295 | | |
$ | (38 | ) | |
$ | - | | |
$ | - | | |
$ | 12,295 | | |
$ | (38 | ) |
U.S. Treasury securities | |
| 34,530 | | |
| (91 | ) | |
| - | | |
| - | | |
| 34,530 | | |
| (91 | ) |
| |
$ | 46,825 | | |
$ | (129 | ) | |
$ | - | | |
$ | - | | |
$ | 46,825 | | |
$ | (129 | ) |
|
X |
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v3.23.3
FINANCIAL STATEMENT COMPONENTS (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
COMPONENTS OF INVENTORY |
Inventory
consists of the following:
COMPONENTS
OF INVENTORY
| |
September 30, | | |
December 31, | |
(in thousands) | |
2023 | | |
2022 | |
Raw materials | |
$ | 1,562 | | |
$ | 1,556 | |
Work in process | |
| 305 | | |
| 305 | |
Finished goods | |
| 1,749 | | |
| - | |
Total inventory | |
$ | 3,616 | | |
$ | 1,861 | |
|
COMPONENTS OF PROPERTY, PLANT AND EQUIPMENT |
Property
and equipment consists of the following:
COMPONENTS
OF PROPERTY, PLANT AND EQUIPMENT
| |
September 30, | | |
December 31, | |
(in thousands) | |
2023 | | |
2022 | |
Production equipment | |
$ | 6,140 | | |
$ | 6,140 | |
Leasehold improvements | |
| 3,843 | | |
| 3,789 | |
Computer hardware and software/lab equipment | |
| 12,110 | | |
| 10,515 | |
Office furniture and equipment | |
| 5,196 | | |
| 1,804 | |
Property and equipment, gross | |
| 27,289 | | |
| 22,248 | |
Less: Accumulated depreciation | |
| (17,828 | ) | |
| (15,418 | ) |
Property and equipment,
net | |
$ | 9,461 | | |
$ | 6,830 | |
|
SUMMARY OF COMPONENTS OF INTANGIBLE ASSETS |
The
components of intangible assets were as follows:
SUMMARY
OF COMPONENTS OF INTANGIBLE ASSETS
As of September 30, 2023 | |
Gross | | |
| | |
Net | | |
Weighted | |
| |
Carrying | | |
Accumulated | | |
Carrying | | |
Average Remaining | |
(in thousands) | |
Amount | | |
Amortization | | |
Amount | | |
Period (Years) | |
Acquired technology | |
$ | 20,172 | | |
$ | 2,415 | | |
$ | 17,757 | | |
| 12 | |
Backlog | |
| 26 | | |
| 17 | | |
| 9 | | |
| - | |
| |
$ | 20,198 | | |
$ | 2,432 | | |
$ | 17,766 | | |
| | |
As of December 31, 2022 | |
Gross | | |
| | |
Net | | |
Weighted | |
| |
Carrying | | |
Accumulated | | |
Carrying | | |
Average Remaining | |
(in thousands) | |
Amount | | |
Amortization | | |
Amount | | |
Period (Years) | |
Acquired technology | |
$ | 951 | | |
$ | 876 | | |
$ | 75 | | |
| 4 | |
| |
$ | 951 | | |
$ | 876 | | |
$ | 75 | | |
| | |
|
ESTIMATED FUTURE AMORTIZATION EXPENSE RELATED TO INTANGIBLE ASSETS |
The
following table outlines our estimated future amortization expense related to intangible assets held at September 30, 2023 by line item
on the statement of operations (in thousands):
ESTIMATED
FUTURE AMORTIZATION EXPENSE RELATED TO INTANGIBLE ASSETS
| |
| | |
Research and | | |
| |
| |
Cost of | | |
Development | | |
| |
Years Ended December 31, | |
Revenue | | |
Expense | | |
Total | |
2023 | |
$ | 387 | | |
$ | 179 | | |
$ | 566 | |
2024 | |
| 1,548 | | |
| 556 | | |
| 2,104 | |
2025 | |
| 1,548 | | |
| 52 | | |
| 1,600 | |
2026 | |
| 1,548 | | |
| 24 | | |
| 1,572 | |
Thereafter | |
| 11,924 | | |
| - | | |
| 11,924 | |
Total | |
$ | 16,955 | | |
$ | 811 | | |
$ | 17,766 | |
|
X |
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v3.23.3
SHARE-BASED COMPENSATION (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
SCHEDULE OF SHARE-BASED COMPENSATION EXPENSE |
The
following table summarizes the amount of share-based compensation expense by line item on the statements of operations:
SCHEDULE
OF SHARE-BASED COMPENSATION EXPENSE
(in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Share-based compensation expense | |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
(in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Research and development expense | |
$ | 2,194 | | |
$ | 1,831 | | |
$ | 4,438 | | |
$ | 5,681 | |
Sales, marketing, general and administrative expense | |
| 2,497 | | |
| 2,250 | | |
| 7,068 | | |
| 6,254 | |
Total Share-based compensation
expense | |
$ | 4,691 | | |
$ | 4,081 | | |
$ | 11,506 | | |
$ | 11,935 | |
|
SCHEDULE OF VALUATION ASSUMPTIONS FOR WEIGHTED-AVERAGE GRANT |
The
following table summarizes shares, weighted-average exercise price, weighted-average remaining contractual term and aggregate intrinsic
value of options outstanding and options exercisable as of September 30, 2023:
SCHEDULE OF VALUATION ASSUMPTIONS FOR WEIGHTED-AVERAGE GRANT
| |
| | |
| | |
Weighted- | | |
| |
| |
| | |
Weighted- | | |
Average | | |
| |
| |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
| | |
Exercise | | |
Contractual | | |
Intrinsic | |
Options | |
Shares | | |
Price | | |
Term (years) | | |
Value | |
Outstanding as of September 30, 2023 | |
| 752,000 | | |
$ | 1.35 | | |
| 4.9 | | |
$ | 746,000 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable as of September 30, 2023 | |
| 752,000 | | |
$ | 1.35 | | |
| 4.9 | | |
$ | 746,000 | |
|
SCHEDULE OF ACTIVITY AND POSITIONS WITH RESPECT TO RSUS AND PSUS |
The
following table summarizes activity and positions with respect to RSUs and PSUs for the nine months ended September 30, 2023:
SCHEDULE OF ACTIVITY AND POSITIONS WITH RESPECT TO RSUS AND PSUS
| |
| | |
Weighted-average | |
| |
Shares | | |
price | |
Unvested as of December 31, 2022 | |
| 8,866,000 | | |
$ | 3.85 | |
Granted | |
| 3,254,000 | | |
$ | 4.02 | |
Vested | |
| (1,374,000 | ) | |
$ | 7.86 | |
Forfeited | |
| (423,000 | ) | |
$ | 8.09 | |
Unvested as of September 30, 2023 | |
| 10,323,000 | | |
$ | 3.19 | |
|
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v3.23.3
LEASES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Leases |
|
SCHEDULE OF COMPONENTS OF LEASE EXPENSE |
The
components of lease expense were as follows:
SCHEDULE
OF COMPONENTS OF LEASE EXPENSE
(in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
(in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating lease expense | |
$ | 667 | | |
$ | 365 | | |
$ | 1,949 | | |
$ | 865 | |
Finance lease expense: | |
| | | |
| | | |
| | | |
| | |
Amortization of leased assets | |
| 6 | | |
| 6 | | |
| 19 | | |
| 19 | |
Interest on lease liabilities | |
| - | | |
| 1 | | |
| 1 | | |
| 2 | |
Total finance lease expense | |
| 6 | | |
| 7 | | |
| 20 | | |
| 21 | |
Total lease expense | |
$ | 673 | | |
$ | 372 | | |
$ | 1,969 | | |
$ | 886 | |
|
SCHEDULE OF CASH FLOW INFORMATION RELATED TO LEASES |
Supplemental
cash flow information related to leases was as follows:
SCHEDULE
OF CASH FLOW INFORMATION RELATED TO LEASES
(in thousands) | |
2023 | | |
2022 | |
| |
Nine Months Ended | |
| |
September 30, | |
(in thousands) | |
2023 | | |
2022 | |
Cash paid for amounts included in measurement of lease liabilities: | |
| | |
| |
Operating cash flows from operating leases | |
$ | 1,813 | | |
| 938 | |
Operating cash flows from finance leases | |
| 1 | | |
| 2 | |
Financing cash flows from finance leases | |
| 19 | | |
| 20 | |
|
SCHEDULE OF CASH FLOW INFORMATION RELATED TO LEASES |
Supplemental
balance sheet information related to leases was as follows:
SCHEDULE
OF CASH FLOW INFORMATION RELATED TO LEASES
| |
September 30, | | |
December 31, | |
(in thousands) | |
2023 | | |
2022 | |
Operating leases | |
| | | |
| | |
Operating lease right-of-use assets | |
$ | 14,223 | | |
$ | 14,579 | |
| |
| | | |
| | |
Current portion of operating lease liability | |
| 2,432 | | |
| 1,846 | |
Operating lease liability, net of current portion | |
| 13,027 | | |
| 13,829 | |
Total operating lease liabilities | |
$ | 15,459 | | |
$ | 15,675 | |
| |
| | | |
| | |
Finance leases | |
| | | |
| | |
Property and equipment, at cost | |
$ | 112 | | |
$ | 112 | |
Accumulated depreciation | |
| (93 | ) | |
| (80 | ) |
Property and equipment, net | |
$ | 19 | | |
$ | 32 | |
| |
| | | |
| | |
Current portion of finance lease obligations | |
$ | 2 | | |
$ | 21 | |
Finance lease obligations, net of current portion | |
| - | | |
| - | |
Total finance lease liabilities | |
$ | 2 | | |
$ | 21 | |
| |
| | | |
| | |
Weighted Average Remaining Lease Term | |
| | | |
| | |
Operating leases | |
| 8.7 years | | |
| 9.6 years | |
Finance leases | |
| 0.1 years | | |
| 0.8 years | |
| |
| | | |
| | |
Weighted Average Discount Rate | |
| | | |
| | |
Operating leases | |
| 4.6 | % | |
| 4.6 | % |
Finance leases | |
| 5.6 | % | |
| 6.3 | % |
|
SCHEDULE OF MATURITIES OF LEASE LIABILITIES |
As
of September 30, 2023, maturities of lease liabilities were as follows:
SCHEDULE
OF MATURITIES OF LEASE LIABILITIES
(in thousands) | |
Operating | | |
Finance | |
Years Ended December 31, | |
leases | | |
leases | |
2023 | |
$ | 642 | | |
$ | 2 | |
2024 | |
| 2,340 | | |
| - | |
2025 | |
| 2,003 | | |
| - | |
2026 | |
| 2,023 | | |
| - | |
Thereafter | |
| 11,631 | | |
| - | |
Total minimum lease payments | |
| 18,639 | | |
| 2 | |
Less: amount representing interest | |
| (3,180 | ) | |
| - | |
Present value of capital lease liabilities | |
$ | 15,459 | | |
$ | 2 | |
|
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v3.23.3
MANAGEMENT’S STATEMENT (Details Narrative)
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Dec. 01, 2022
USD ($)
|
Dec. 01, 2022
EUR (€)
|
Feb. 28, 2023
USD ($)
|
Feb. 28, 2023
EUR (€)
|
Jan. 31, 2023
USD ($)
Employees
|
Jan. 31, 2023
EUR (€)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
EUR (€)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Jan. 31, 2023
EUR (€)
Employees
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of employees | Employees |
|
|
|
|
250
|
|
|
|
|
|
250
|
Cash and cash equivalents |
|
|
|
|
|
|
|
|
$ 78,000,000.0
|
$ 78,000,000.0
|
|
Cash and cash equivalents |
|
|
|
|
|
|
$ 20,536,000
|
|
49,366,000
|
49,366,000
|
|
Available for sale securities debt securities |
|
|
|
|
|
|
62,173,000
|
|
28,677,000
|
28,677,000
|
|
Share issued value |
|
|
|
|
|
|
|
|
$ 4,819,000
|
60,505,000
|
|
ATM Equity Offering Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Share issued value |
|
|
|
|
|
|
|
|
|
$ 30,600,000
|
|
Ibeo Automotive Systems Gmbh [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Consideration transferred |
$ 16,300,000
|
€ 15,000,000.0
|
|
|
|
|
|
|
|
|
|
Payments to acquire productive assets |
|
|
$ 650,000
|
€ 599,000
|
$ 3,000,000.0
|
€ 2,700,000
|
$ 4,100,000
|
€ 3,900,000
|
|
|
|
Reimbursement of headcount reduction costs receivable |
|
|
|
|
$ 2,500,000
|
|
|
|
|
|
€ 2,300,000
|
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v3.23.3
SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
Net loss available for common shareholders - basic and diluted |
$ (23,469)
|
$ (12,851)
|
$ (63,105)
|
$ (39,616)
|
Weighted-average shares outstanding - basic |
188,306
|
165,687
|
180,156
|
165,167
|
Weighted-average shares outstanding - diluted |
188,306
|
165,687
|
180,156
|
165,167
|
Net loss per share, basic |
$ (0.12)
|
$ (0.08)
|
$ (0.35)
|
$ (0.24)
|
Net loss per share, diluted |
$ (0.12)
|
$ (0.08)
|
$ (0.35)
|
$ (0.24)
|
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v3.23.3
NET LOSS PER SHARE (Details Narrative) - shares
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Share-Based Payment Arrangement [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti dilutive outstanding options exercisable into common stock |
752,000
|
954,000
|
752,000
|
954,000
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti dilutive outstanding options exercisable into common stock |
10,323,000
|
9,591,000
|
10,323,000
|
9,591,000
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v3.23.3
SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) $ in Thousands, € in Millions |
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
Jan. 31, 2023
USD ($)
|
Jan. 31, 2023
EUR (€)
|
Jan. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
Cash in escrow |
|
|
|
|
|
|
|
$ 3,263
|
|
|
Bargain purchase gain(1) |
|
|
|
|
|
|
|
(1,706)
|
|
|
Ibeo Automotive Systems Gmbh [Member] |
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
Cash paid at closing |
[1] |
|
|
|
|
|
|
8,245
|
|
|
Cash in escrow |
|
$ 3,300
|
€ 3.0
|
|
|
|
|
3,263
|
[2] |
|
Holdback amount |
|
2,900
|
2.7
|
|
|
|
|
2,928
|
[3] |
|
Advances to Ibeo |
|
7,100
|
6.6
|
$ 3,000
|
$ 4,100
|
|
|
7,120
|
[4] |
|
Total purchase consideration |
|
$ 21,600
|
€ 19.9
|
|
|
|
|
21,556
|
|
|
Inventory |
|
|
|
|
|
1,197
|
|
1,197
|
|
|
Other current assets |
|
|
|
|
|
703
|
|
703
|
|
|
Operating lease right-of-use asset |
|
|
|
|
|
234
|
|
234
|
|
|
Property and equipment, net |
|
|
|
|
|
5,330
|
|
5,330
|
|
|
Contract liabilities |
|
|
|
|
|
(1,178)
|
|
(1,178)
|
|
|
Operating lease liabilities |
|
|
|
|
|
(234)
|
|
(234)
|
|
|
Deferred tax liabilities |
|
|
|
|
|
(803)
|
|
(803)
|
|
|
Total identifiable net assets |
|
|
|
|
|
23,262
|
|
23,262
|
|
|
Bargain purchase gain(1) |
[5] |
|
|
|
|
|
|
(1,706)
|
|
|
Ibeo Automotive Systems Gmbh [Member] | Developed Technology Rights [Member] |
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
Order backlog |
|
|
|
|
|
17,987
|
|
$ 17,987
|
|
|
Order backlog weighted average useful life |
|
|
|
|
|
|
|
13 years
|
|
|
Ibeo Automotive Systems Gmbh [Member] | Order Backlog [Member] |
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
Order backlog |
|
|
|
|
|
$ 26
|
|
$ 26
|
|
|
Order backlog weighted average useful life |
|
|
|
|
|
|
|
1 year
|
|
|
|
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v3.23.3
SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) (Parenthetical) - Ibeo Automotive Systems Gmbh [Member] $ in Thousands, € in Millions |
|
|
1 Months Ended |
9 Months Ended |
Feb. 28, 2023
USD ($)
|
Jan. 31, 2023
USD ($)
|
Jan. 31, 2023
EUR (€)
|
Jan. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
[1] |
Business Acquisition [Line Items] |
|
|
|
|
|
|
Payments to acquire productive assets |
$ 700
|
$ 7,600
|
€ 7.0
|
|
|
|
Withheld amount from purchase price |
$ 3,300
|
|
|
|
|
|
Advances to Ibeo |
|
$ 7,100
|
€ 6.6
|
$ 3,000
|
$ 4,100
|
$ 7,120
|
|
|
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v3.23.3
SCHEDULE OF BUSINESS ACQUISITION, PRO FORMA INFORMATION (Details) - Ibeo Automotive Systems Gmbh [Member] - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Business Acquisition [Line Items] |
|
|
|
|
Total revenue |
$ 1,047
|
$ 63
|
$ 2,707
|
$ 5,580
|
Net loss |
$ (23,469)
|
$ (34,874)
|
$ (60,506)
|
$ (91,963)
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v3.23.3
BUSINESS COMBINATION (Details Narrative) $ in Thousands, € in Millions |
|
|
|
1 Months Ended |
9 Months Ended |
Feb. 28, 2023
USD ($)
|
Jan. 31, 2023
USD ($)
|
Jan. 31, 2023
EUR (€)
|
Jan. 01, 2022
USD ($)
|
Jan. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
Cash in escrow |
|
|
|
|
|
|
$ 3,263
|
|
|
Acquisition-related Costs [Member] |
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
$ 1,100
|
|
|
|
|
|
Ibeo Automotive Systems Gmbh [Member] |
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
Consideration transferred |
|
$ 21,600
|
€ 19.9
|
|
|
|
21,556
|
|
|
Payments to Acquire Productive Assets |
$ 700
|
7,600
|
7.0
|
|
|
|
|
|
|
Advances to Ibeo |
|
7,100
|
6.6
|
|
$ 3,000
|
$ 4,100
|
7,120
|
[1] |
|
Cash in escrow |
|
3,300
|
3.0
|
|
|
|
3,263
|
[2] |
|
Payments of merger related costs |
|
700
|
0.6
|
|
|
|
|
|
|
Business combination deferred consideration |
|
2,900
|
2.7
|
|
|
|
$ 2,928
|
[3] |
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|
|
€ 2.7
|
|
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SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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$ 2,158
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$ 664
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Transferred at Point in Time [Member] |
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1,898
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664
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|
|
|
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1,047
|
|
1,898
|
|
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|
|
|
|
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|
|
|
|
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1,047
|
|
1,898
|
|
Product Revenue [Member] | Transferred over Time [Member] |
|
|
|
|
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|
|
|
|
Total |
|
|
|
|
License And Royalty Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
|
|
|
664
|
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|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
|
|
|
664
|
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|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
|
|
|
|
Contract Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
|
|
260
|
|
Contract Revenue [Member] | Transferred at Point in Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
|
|
|
|
Contract Revenue [Member] | Transferred over Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
|
|
$ 260
|
|
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v3.23.3
REVENUE RECOGNITION (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Apr. 17, 2017 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Contract with customer, liability, revenue recognized |
$ 787,000
|
$ 926,000
|
|
|
Contract with customer liability |
4,958,000
|
4,958,000
|
$ 4,601,000
|
|
Remaining balance of contract liabilities |
252,000
|
252,000
|
|
|
License [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Deferred revenue |
|
|
|
$ 10,000,000.0
|
Contract with customer, liability, revenue recognized |
0
|
0
|
$ 5,400,000
|
|
Contract with customer liability |
4,600,000
|
4,600,000
|
|
|
License And Royalty Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Contract with customer liability |
$ 1,200,000
|
$ 1,200,000
|
|
|
X |
- DefinitionAmount of obligation to transfer good or service to customer for which consideration has been received or is receivable.
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v3.23.3
SCHEDULE OF FAIR VALUE HIERARCHY ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Platform Operator, Crypto-Asset [Line Items] |
|
|
Assets |
$ 28,677
|
$ 62,173
|
Corporate Debt Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Assets |
9,215
|
15,500
|
US Treasury Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Assets |
19,462
|
46,673
|
Fair Value, Recurring [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Assets, Total |
28,677
|
62,173
|
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Assets |
9,215
|
15,500
|
Fair Value, Recurring [Member] | US Treasury Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Assets |
19,462
|
46,673
|
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Assets, Total |
|
|
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Assets |
|
|
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Assets |
|
|
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Assets, Total |
28,677
|
62,173
|
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Assets |
9,215
|
15,500
|
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Assets |
19,462
|
46,673
|
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Assets, Total |
|
|
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Assets |
|
|
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|
|
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|
|
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|
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v3.23.3
SCHEDULE OF UNREALIZED GAIN OR LOSS ON SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Amortized Cost |
$ 28,688
|
$ 62,300
|
Gross Unrealized Gains |
1
|
2
|
Gross Unrealized Losses |
(12)
|
(129)
|
Investment Securities Available-For-Sale |
28,677
|
62,173
|
Corporate Debt Securities [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Amortized Cost |
9,220
|
15,538
|
Gross Unrealized Gains |
1
|
|
Gross Unrealized Losses |
(6)
|
(38)
|
Investment Securities Available-For-Sale |
9,215
|
15,500
|
US Treasury Securities [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Amortized Cost |
19,468
|
46,762
|
Gross Unrealized Gains |
|
2
|
Gross Unrealized Losses |
(6)
|
(91)
|
Investment Securities Available-For-Sale |
$ 19,462
|
$ 46,673
|
X |
- DefinitionAmount, before tax, of unrealized gain in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
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v3.23.3
SCHEDULE OF MATURITY DATE OF AVAILABLE-FOR-SALE SECURITIES (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Amortized Cost |
$ 28,688
|
$ 62,300
|
Gross Unrealized Gains |
1
|
2
|
Gross Unrealized Losses |
(12)
|
(129)
|
Estimated Fair Value |
28,677
|
62,173
|
Corporate Debt and US Treasury Securities [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Amortized Cost |
28,688
|
62,300
|
Gross Unrealized Gains |
1
|
2
|
Gross Unrealized Losses |
(12)
|
(129)
|
Estimated Fair Value |
$ 28,677
|
$ 62,173
|
X |
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v3.23.3
SCHEDULE OF UNREALIZED LOSS ON INVESTMENTS SECURITIES (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Schedule of Investments [Line Items] |
|
|
Less than Twelve Months, Fair Value |
$ 15,558
|
$ 46,825
|
Less than Twelve Months, Gross Unrealized Losses |
(12)
|
(129)
|
Twelve Months or Greater, Fair Value |
|
|
Twelve Months or Greater, Gross Unrealized Losses |
|
|
Total, Fair Value |
15,558
|
46,825
|
Total, Gross Unrealized Losses |
(12)
|
(129)
|
Corporate Debt Securities [Member] |
|
|
Schedule of Investments [Line Items] |
|
|
Less than Twelve Months, Fair Value |
2,988
|
12,295
|
Less than Twelve Months, Gross Unrealized Losses |
(6)
|
(38)
|
Twelve Months or Greater, Fair Value |
|
|
Twelve Months or Greater, Gross Unrealized Losses |
|
|
Total, Fair Value |
2,988
|
12,295
|
Total, Gross Unrealized Losses |
(6)
|
(38)
|
US Treasury Securities [Member] |
|
|
Schedule of Investments [Line Items] |
|
|
Less than Twelve Months, Fair Value |
12,570
|
34,530
|
Less than Twelve Months, Gross Unrealized Losses |
(6)
|
(91)
|
Twelve Months or Greater, Fair Value |
|
|
Twelve Months or Greater, Gross Unrealized Losses |
|
|
Total, Fair Value |
12,570
|
34,530
|
Total, Gross Unrealized Losses |
$ (6)
|
$ (91)
|
X |
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v3.23.3
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS AND SUPPLIERS (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
One Commercial Customer [Member] | Customer [Member] | Concentration Of Major Customers And Suppliers [Member] |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Revenue |
$ 742,000
|
|
$ 825,000
|
|
Concentration risk, percentage |
71.00%
|
|
38.00%
|
|
Second Commercial Customer [Member] | Customer [Member] | Concentration Of Major Customers And Suppliers [Member] |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Revenue |
$ 78,000
|
|
$ 364,000
|
|
Concentration risk, percentage |
8.00%
|
|
17.00%
|
|
Third Commercial Customer [Member] | Customer [Member] | Concentration Of Major Customers And Suppliers [Member] |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Revenue |
|
|
$ 246,000
|
|
Concentration risk, percentage |
|
|
11.00%
|
|
Fourth Commercial Customer [Member] | Customer [Member] | Concentration Of Major Customers And Suppliers [Member] |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Revenue |
|
|
$ 206,000
|
|
Concentration risk, percentage |
|
|
10.00%
|
|
Revenue Benchmark [Member] |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Revenue |
|
$ 0
|
|
$ 664,000
|
Revenue Benchmark [Member] | Customer [Member] | Concentration Of Major Customers And Suppliers [Member] |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Concentration risk, percentage |
100.00%
|
|
|
|
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v3.23.3
COMPONENTS OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 27,289
|
$ 22,248
|
Less: Accumulated depreciation |
(17,828)
|
(15,418)
|
Property and equipment, net |
9,461
|
6,830
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
6,140
|
6,140
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
3,843
|
3,789
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
12,110
|
10,515
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 5,196
|
$ 1,804
|
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v3.23.3
ESTIMATED FUTURE AMORTIZATION EXPENSE RELATED TO INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
2023 |
$ 566
|
|
2024 |
2,104
|
|
2025 |
1,600
|
|
2026 |
1,572
|
|
Thereafter |
11,924
|
|
Total |
17,766
|
$ 75
|
Cost of Sales [Member] |
|
|
2023 |
387
|
|
2024 |
1,548
|
|
2025 |
1,548
|
|
2026 |
1,548
|
|
Thereafter |
11,924
|
|
Total |
16,955
|
|
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|
|
2023 |
179
|
|
2024 |
556
|
|
2025 |
52
|
|
2026 |
24
|
|
Thereafter |
|
|
Total |
$ 811
|
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FINANCIAL STATEMENT COMPONENTS (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
Depreciation expense |
$ 1,100,000
|
$ 153,000
|
$ 2,800,000
|
$ 533,000,000
|
Amortization expense |
$ 573,000
|
$ 10,000
|
$ 1,600,000
|
$ 30,000
|
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SCHEDULE OF SHARE-BASED COMPENSATION EXPENSE (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total Share-based compensation expense |
$ 4,691
|
$ 4,081
|
$ 11,506
|
$ 11,935
|
Research and Development Expense [Member] |
|
|
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total Share-based compensation expense |
2,194
|
1,831
|
4,438
|
5,681
|
Sales Marketing General And Administrative Expense [Member] |
|
|
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total Share-based compensation expense |
$ 2,497
|
$ 2,250
|
$ 7,068
|
$ 6,254
|
X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized.
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v3.23.3
SCHEDULE OF VALUATION ASSUMPTIONS FOR WEIGHTED-AVERAGE GRANT (Details) $ / shares in Units, $ in Thousands |
9 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Share-Based Payment Arrangement [Abstract] |
|
Options, Outstanding, Beginning Balance | shares |
752,000
|
Option Weighted Average Exercise Price, Outstanding | $ / shares |
$ 1.35
|
Option Weighted Average Remaining Contractual Term (years), Exercisable |
4 years 10 months 24 days
|
Aggregate award, options, outstanding, intrinsic value, Outstanding | $ |
$ 746,000
|
Options, Exercisable Ending Balance | shares |
752,000
|
Option Weighted Average Exercise Price, Exercisable | $ / shares |
$ 1.35
|
Option Weighted Average Remaining Contractual Term (years), Outstanding |
4 years 10 months 24 days
|
Option Aggregate award, options, outstanding, intrinsic value, Exercisable | $ |
$ 746,000
|
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v3.23.3
SCHEDULE OF ACTIVITY AND POSITIONS WITH RESPECT TO RSUS AND PSUS (Details)
|
9 Months Ended |
Sep. 30, 2023
$ / shares
shares
|
Share-Based Payment Arrangement [Abstract] |
|
Shares, Unvested, Beginning Balance | shares |
8,866,000
|
Weighted average Price, Unvested, Beginning Balance | $ / shares |
$ 3.85
|
Shares, Granted | shares |
3,254,000
|
Weighted average Price , Granted | $ / shares |
$ 4.02
|
Shares, Vested | shares |
(1,374,000)
|
Weighted average Price , Vested | $ / shares |
$ 7.86
|
Shares, Forfeited | shares |
(423,000)
|
Weighted average Price , Forfeited | $ / shares |
$ 8.09
|
Shares, Unvested, Ending Balance | shares |
10,323,000
|
Weighted average Price, Unvested, Ending Balance | $ / shares |
$ 3.19
|
X |
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v3.23.3
SHARE-BASED COMPENSATION (Details Narrative) - USD ($) $ in Millions |
1 Months Ended |
3 Months Ended |
9 Months Ended |
Jun. 30, 2022 |
Dec. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Shares issued |
|
|
3,254,000
|
|
Number of shares, cancelled |
|
|
423,000
|
|
Performance Shares [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Amortization period |
|
|
1 year 1 month 6 days
|
|
Performance Shares [Member] | Share Based Payment Arrangement Non Executive [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Share-based compensation arrangement by share-based payment award, number of shares authorized |
|
|
4,600,000
|
|
Performance Shares [Member] | Share Based Payment Arrangement Non Executive [Member] | PSU To Non Executive [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Shares issued |
|
|
|
2,400,000
|
Performance Shares [Member] | Share Based Payment Arrangement Non Executive [Member] | RSU To Non Executive [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Shares issued |
|
|
|
511,000
|
Performance Shares [Member] | Share Based Payment Arrangement Executive [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Unrecognized share-based employee compensation |
|
|
$ 5.9
|
|
Amortization period |
|
|
2 years
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Unrecognized share-based employee compensation |
|
|
$ 6.6
|
|
Amortization period |
|
|
1 year 6 months
|
|
Restricted Stock Units (RSUs) [Member] | PSU To Non Executive [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Terms of Award |
|
|
we issued 408,000 time-based RSUs to non-executive employees for promotion, retention, and
new hire grants. These shares were valued based on the closing price of our common stock on the dates of grant. These shares vest over
three or four years from the date of grant.
|
|
Shares issued |
|
|
408,000
|
|
PSU To Non Executive [Member] | Performance Shares [Member] | Share Based Payment Arrangement Non Executive [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Terms of Award |
|
|
we issued 2.6 million PSUs to non-executive employees subject to the achievement of development
goals. These shares are liabilities subject to mark-to-market accounting as the number of shares was not fixed when issued. One-third
of these shares will vest in connection with 2023 achievement of the milestones and the remaining two-thirds will vest over two years
from June 30, 2023.
|
|
Shares issued |
|
|
2,600,000
|
|
Number of shares, cancelled |
|
426,000
|
106,000
|
|
Restricted Stock Units To Independent Director [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Shares issued |
|
|
275,000
|
|
Share based compensation by share based award description of award vesting rights |
|
|
vest quarterly
|
|
PSU To Executives [Member] | Performance Shares [Member] | Share Based Payment Arrangement Executive [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Terms of Award |
In
June 2022, we issued 6.0 million PSUs to our executive officers. The PSUs are subject to the achievement of performance goals and time-based
vesting. The PSUs will become eligible to vest if the closing price of our common stock reaches or exceeds specified price thresholds
for at least 20 consecutive trading days during the performance period through December 31, 2025. If the performance goals are met, the
portion of the PSUs deemed earned will become subject to time-based vesting in equal quarterly installments over two years starting from
the date on which the goal is achieved. These PSUs were valued using a Monte Carlo simulation model using the following inputs: stock
price, volatility, and risk-free interest rates.
|
|
|
|
Shares issued |
6,000,000.0
|
|
|
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v3.23.3
SCHEDULE OF CASH FLOW INFORMATION RELATED TO LEASES (Details) - USD ($) $ in Thousands |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Lessee, Lease, Description [Line Items] |
|
|
|
Operating cash flows from operating leases |
$ 1,813
|
$ 938
|
|
Operating cash flows from finance leases |
1
|
2
|
|
Financing cash flows from finance leases |
19
|
$ 20
|
|
Operating lease right-of-use assets |
14,223
|
|
$ 14,579
|
Current portion of operating lease liability |
2,432
|
|
1,846
|
Operating lease liability, net of current portion |
13,027
|
|
13,829
|
Total operating lease liabilities |
15,459
|
|
15,675
|
Property and equipment, at cost |
27,289
|
|
22,248
|
Accumulated depreciation |
(17,828)
|
|
(15,418)
|
Property and equipment, net |
9,461
|
|
6,830
|
Current portion of finance lease obligations |
2
|
|
21
|
Finance lease obligations, net of current portion |
|
|
|
Total finance lease liabilities |
$ 2
|
|
$ 21
|
Operating Lease, Weighted Average Remaining Lease Term |
8 years 8 months 12 days
|
|
9 years 7 months 6 days
|
Finance Lease, Weighted Average Remaining Lease Term |
1 month 6 days
|
|
9 months 18 days
|
Operating Lease, Weighted Average Discount Rate, Percent |
4.60%
|
|
4.60%
|
Finance Lease, Weighted Average Discount Rate, Percent |
5.60%
|
|
6.30%
|
Financial Lease [Member] |
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
Property and equipment, at cost |
$ 112
|
|
$ 112
|
Accumulated depreciation |
(93)
|
|
(80)
|
Property and equipment, net |
$ 19
|
|
$ 32
|
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v3.23.3
SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Leases |
|
|
Operating leases, 2023 |
$ 642
|
|
Finance leases, 2023 |
2
|
|
Operating leases, 2024 |
2,340
|
|
Finance leases, 2024 |
|
|
Operating leases, 2025 |
2,003
|
|
Finance leases, 2025 |
|
|
Operating leases, 2026 |
2,023
|
|
Finance leases, 2026 |
|
|
Operating leases, Thereafter |
11,631
|
|
Finance leases, Thereafter |
|
|
Operating leases, Total minimum lease payments |
18,639
|
|
Financing leases, Total minimum lease payments |
2
|
|
Less: Operating leases, amount representing interest |
(3,180)
|
|
Less: Finance leases, amount representing interest |
|
|
Operating leases, Present value of capital lease liabilities |
15,459
|
$ 15,675
|
Financing leases, Present value of capital lease liabilities |
$ 2
|
$ 21
|
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v3.23.3
LEASES (Details Narrative)
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
Jan. 31, 2023
USD ($)
ft²
|
Sep. 30, 2022
USD ($)
ft²
|
Apr. 30, 2022
USD ($)
ft²
|
Sep. 30, 2021
USD ($)
ft²
|
Jun. 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
|
|
|
Lessee, Finance Lease, Description |
|
|
|
|
|
Our finance leases
contain options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected
lease term, unless we are reasonably certain to exercise the purchase option.
|
|
|
Lease space for office |
|
|
|
|
|
$ 14,223,000
|
|
$ 14,579,000
|
Redmond East Office Park Llc [Member] |
|
|
|
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
|
|
|
Lease space for office | ft² |
|
|
|
16,681
|
|
|
|
|
Lessee, operating lease, term of contract |
|
|
|
128 months
|
|
|
|
|
Annual base rent |
|
|
|
$ 500,000
|
|
|
|
|
Percentage of annual increase in rent |
|
|
|
3.00%
|
|
|
|
|
Operating leases, future minimum payments due |
|
|
|
$ 6,400,000
|
|
|
|
|
Second Redmond East Office Park Llc [Member] |
|
|
|
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
|
|
|
Operating leases, future minimum payments due |
|
|
|
$ 13,000,000.0
|
|
|
|
|
Universal Investment Gesellschaft Mbh [Member] |
|
|
|
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
|
|
|
Lease space for office | ft² |
|
3,810
|
3,533
|
|
|
|
|
|
Annual base rent |
|
|
$ 76,000
|
|
|
|
|
|
Operating leases, future minimum payments due |
|
$ 461,000
|
$ 380,000
|
|
|
|
|
|
Intreal International Real Estate Kapitalverwaltungsgesellschaft [Member] |
|
|
|
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
|
|
|
Lease space for office | ft² |
5,511
|
|
|
|
|
|
|
|
Annual base rent |
$ 65,000
|
|
|
|
|
|
|
|
Operating leases, future minimum payments due |
$ 259,000
|
|
|
|
|
|
|
|
Lease space for office |
|
|
|
|
|
|
$ 234,000
|
|
Neuer Holtigbaum [Member] |
|
|
|
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
|
|
|
Lease space for office | ft² |
32,529
|
|
|
|
|
|
|
|
Operating leases, future minimum payments due |
$ 190,000
|
|
|
|
|
|
|
|
Bg Bau Berufsgenossenschaft Der Bauwirtschaft [Member] |
|
|
|
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
|
|
|
Lease space for office | ft² |
13,127
|
|
|
|
|
|
|
|
Operating leases, future minimum payments due |
$ 146,000
|
|
|
|
|
|
|
|
Office Lease [Member] |
|
|
|
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
|
|
|
Lessee operating lease description |
|
|
|
In
September 2021, we entered into an office lease with Redmond East Office Park LLC, a Washington limited liability company, pursuant to
which we will lease approximately 16,681 square feet of space located in Redmond, Washington that we will use primarily for general office
space. The lease provides for an initial term of 128 months that commenced November 1, 2021. Pursuant to the lease, annual base rent
was approximately $500,000 for the first year and is subject to annual increases of 3.0%. In addition to base rent, we pay additional
rent comprised of our proportionate share of any operating expenses, real estate taxes, and management fees. We have the option to extend
the term for one ten-year renewal period, provided that the rent would be subject to market adjustment at the beginning of the renewal
term. The total minimum lease payments related to this lease is $6.4 million.
|
|
|
|
|
Lessee, operating sublease, option |
|
|
|
We have the option to extend
the term for one ten-year renewal period, provided that the rent would be subject to market adjustment at the beginning of the renewal
term. The total minimum lease payments related to this lease is $6.4 million.
|
|
|
|
|
Second Office Lease [Member] |
|
|
|
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
|
|
|
Lessee operating lease description |
|
|
|
In
September 2021, we entered into a second office lease with Redmond East Office Park LLC, pursuant to which we will lease approximately
36,062 square feet of space located in Redmond, Washington that we will use primarily for product testing and lab space. The lease provides
for an initial term of 120 months that commenced on December 1, 2022. Pursuant to the lease, annual base rent will be approximately $1.1
million for the first year and is subject to annual increases of 3.0%. In addition to base rent, we will pay additional rent comprised
of our proportionate share of any operating expenses, real estate taxes, and management fees
|
|
|
|
|
Lessee, operating sublease, option |
|
|
|
We have the option to extend the term for
one ten-year renewal period, provided that the rent would be subject to market adjustment at the beginning of the renewal term. The total
minimum lease payments related to this lease are $13.0 million.
|
|
|
|
|
Second Office Lease [Member] | Other Nonoperating Income (Expense) [Member] |
|
|
|
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
|
|
|
Gain loss on termination of lease |
|
|
|
|
$ 3,000,000.0
|
|
|
|
Lease Space Two [Member] | Redmond East Office Park Llc [Member] |
|
|
|
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
|
|
|
Lease space for office | ft² |
|
|
|
36,062
|
|
|
|
|
Lessee, operating lease, term of contract |
|
|
|
120 months
|
|
|
|
|
Annual base rent |
|
|
|
$ 1,100,000
|
|
|
|
|
Percentage of annual increase in rent |
|
|
|
3.00%
|
|
|
|
|
Nuremberg Office Lease [Member] |
|
|
|
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
|
|
|
Lessee operating lease description |
|
In
September 2022, we entered into a second office lease with Universal-Investment-Gesellschaft mbH, a German investment company, pursuant
to which we lease approximately 3,810 square feet of space located in Nuremberg, Germany that we use primarily for general office space
for business development activities. The lease provides for a term of 60 months that commenced November 15, 2022. Pursuant to the lease,
annual base rent is approximately $92,000 per year. The total minimum lease payments related to this lease is approximately $461,000.
|
In
April 2022, we entered into an office lease with Universal-Investment-Gesellschaft mbH, a German investment company, pursuant to which
we lease approximately 3,533 square feet of space located in Nuremberg, Germany that we use primarily for product testing for engineering
and development activities. The lease provides for a term of 60 months that commenced May 1, 2022. Pursuant to the lease, annual base
rent is approximately $76,000 per year. The total minimum lease payments related to this lease is approximately $380,000.
|
|
|
|
|
|
Universal Investment Gesellschaft Mbh [Member] |
|
|
|
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
|
|
|
Annual base rent |
|
$ 92,000
|
|
|
|
|
|
|
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v3.23.3
COMMON STOCK (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
9 Months Ended |
12 Months Ended |
Aug. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2021 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Share issued value |
|
|
|
$ 4,819,000
|
|
|
$ 60,505,000
|
|
|
Net proceed |
|
|
|
|
|
|
60,607,000
|
|
|
Subscriptions receivable |
|
|
|
323,000
|
|
|
323,000
|
|
|
June 2021 [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Share issued value |
|
|
|
|
$ 12,500,000
|
|
|
|
$ 81,800,000
|
Number of shares issued |
|
|
|
|
5,000,000.0
|
|
|
|
8,300,000
|
June Two Thousand Twenty Three [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Share issued value |
|
|
|
|
|
$ 43,900,000
|
|
|
|
Number of shares issued |
|
|
|
|
|
10,900,000
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Share issued value |
|
|
|
$ 2,000
|
|
|
$ 18,000
|
|
|
Number of shares issued |
|
|
|
1,787,000
|
|
|
17,725,000
|
|
|
Subscriptions receivable |
|
|
|
$ 323,000
|
|
|
$ 323,000
|
|
|
Common Stock [Member] | October 2023 [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Share issued value |
|
|
|
|
|
|
$ 323,000
|
|
|
Number of shares issued |
|
|
|
|
|
|
150,000
|
|
|
ATM Equity Offering Agreement [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Share issued value |
|
|
|
|
|
|
$ 30,600,000
|
|
|
ATM Equity Offering Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Share issued value |
|
|
|
|
|
|
$ 30,600,000
|
|
|
ATM Equity Offering Agreement [Member] | Craig Hallum [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Share issued value |
$ 35,000,000.0
|
$ 45,000,000.0
|
$ 140,000,000.0
|
|
|
|
|
|
|
ATM Equity Offering Agreement [Member] | Craig Hallum [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Share issued value |
$ 35,000,000.0
|
$ 45,000,000.0
|
$ 140,000,000.0
|
|
|
|
|
|
|
Sales Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Sale of stock |
|
|
|
|
|
|
1,800,000
|
|
|
Net proceed |
|
|
|
|
|
|
$ 4,200,000
|
|
|
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