Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Apr. 14, 2023 | Jun. 30, 2022 | |
Document Information Line Items | |||
Entity Registrant Name | BLONDER TONGUE LABORATORIES, INC. | ||
Trading Symbol | NONE | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 13,368,538 | ||
Entity Public Float | $ 1,440,913 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001000683 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-14120 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 52-1611421 | ||
Entity Address, Address Line One | One Jake Brown Road | ||
Entity Address, City or Town | Old Bridge | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 08857 | ||
City Area Code | (732) | ||
Local Phone Number | 679-4000 | ||
Title of 12(b) Security | NONE | ||
Security Exchange Name | NONE | ||
Entity Interactive Data Current | Yes | ||
Auditor Firm ID | 688 | ||
Auditor Name | Marcum llp | ||
Auditor Location | New York, NY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash | $ 79 | $ 274 |
Accounts receivable, net of allowance for doubtful accounts of $216 and $240 as of December 31, 2022 and 2021, respectively | 3,389 | 1,765 |
Inventories | 3,966 | 4,854 |
Prepaid and other current assets | 533 | 785 |
Total current assets | 7,967 | 7,678 |
Property, plant and equipment, net | 238 | 290 |
License agreements, net | 3 | 7 |
Intangible assets, net | 741 | 755 |
Goodwill | 493 | 493 |
Right of use assets, net | 4,778 | 1,984 |
Other assets, net | 785 | 703 |
Total assets | 15,005 | 11,910 |
Current liabilities: | ||
Line of credit | 4,387 | 2,400 |
Current portion of long-term debt | 70 | 71 |
Current portion of lease liability | 569 | 826 |
Accounts payable | 2,431 | 2,264 |
Accrued compensation | 368 | 298 |
Accrued benefit pension liability | 161 | 16 |
Income taxes payable | 24 | 34 |
Other accrued expenses | 145 | 151 |
Total current liabilities | 8,155 | 6,060 |
Subordinated convertible debt with related parties | 1,549 | 1,372 |
Lease liability, net of current portion | 4,093 | 993 |
Long-term debt, net of current portion | 134 | 200 |
Total liabilities | 13,931 | 8,625 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $.001 par value; authorized 5,000 shares; no shares outstanding as of December 31, 2022 and 2021, respectively | ||
Common stock, $.001 par value; authorized 25,000 shares, 13,349 and 13,011 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 13 | 13 |
Paid-in capital | 32,275 | 31,513 |
Accumulated deficit | (30,230) | (27,310) |
Accumulated other comprehensive loss | (984) | (931) |
Total stockholders’ equity | 1,074 | 3,285 |
Total liabilities and stockholders' equity | $ 15,005 | $ 11,910 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts (in Dollars) | $ 216 | $ 240 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 25,000 | 25,000 |
Common stock, shares issued | 13,349 | 13,011 |
Common stock, shares outstanding | 13,349 | 13,011 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statements of Operations | ||
Net sales | $ 18,115 | $ 15,754 |
Cost of goods sold | 12,652 | 9,896 |
Gross profit | 5,463 | 5,858 |
Operating expenses: | ||
Selling expenses | 1,995 | 2,459 |
General and administrative | 3,821 | 3,767 |
Research and development | 1,778 | 2,592 |
Total operating expenses | 7,594 | 8,818 |
Loss from operations | (2,131) | (2,960) |
Gain on debt forgiveness | 1,769 | |
Other income | 1,804 | |
Interest expense, net | (789) | (514) |
Earnings (loss) before income taxes | (2,920) | 99 |
Provision for income taxes | 15 | |
Net earnings (loss) | $ (2,920) | $ 84 |
Net earnings (loss) per share, basic (in Dollars per share) | $ (0.22) | $ 0.01 |
Net earnings (loss) per share, diluted (in Dollars per share) | $ (0.22) | $ 0.02 |
Weighted average shares outstanding, basic (in Shares) | 13,281 | 12,151 |
Weighted average shares outstanding, diluted (in Shares) | 13,281 | 15,450 |
Statements of Comprehensive Loss | ||
Net earnings (loss) | $ (2,920) | $ 84 |
Changes in accumulated unrealized pension losses, net of taxes | (53) | 21 |
Comprehensive income (loss) | $ (2,973) | $ 105 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands | Common Stock | Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total |
Balance at Dec. 31, 2020 | $ 12 | $ 29,571 | $ (27,394) | $ (952) | $ 1,237 |
Balance (in Shares) at Dec. 31, 2020 | 11,558 | ||||
Net earnings (loss) | 84 | 84 | |||
Recognized pension loss, net of taxes | 21 | 21 | |||
Issuance of stock, net of offering costs | $ 1 | 491 | 492 | ||
Issuance of stock, net of offering costs (in Shares) | 788 | ||||
Exercised stock options | 11 | 11 | |||
Exercised stock options (in Shares) | 55 | ||||
Exercised stock warrants | 61 | 61 | |||
Exercised stock warrants (in Shares) | 87 | ||||
Stock awards for directors’ fees and employee compensation | 427 | 427 | |||
Stock awards for directors’ fees and employee compensation (in Shares) | 318 | ||||
Subordinated convertible debt discount | 186 | 186 | |||
Conversion of subordinated convertible debt | 204 | 204 | |||
Conversion of subordinated convertible debt (in Shares) | 205 | ||||
Stock-based Compensation | 562 | 562 | |||
Balance at Dec. 31, 2021 | $ 13 | 31,513 | (27,310) | (931) | 3,285 |
Balance (in Shares) at Dec. 31, 2021 | 13,011 | ||||
Net earnings (loss) | (2,920) | (2,920) | |||
Recognized pension loss, net of taxes | (53) | (53) | |||
Stock awards for directors’ fees and employee compensation | 129 | 129 | |||
Stock awards for directors’ fees and employee compensation (in Shares) | 234 | ||||
Conversion of subordinated convertible debt | 62 | 62 | |||
Conversion of subordinated convertible debt (in Shares) | 104 | ||||
Stock-based Compensation | 571 | 571 | |||
Balance at Dec. 31, 2022 | $ 13 | $ 32,275 | $ (30,230) | $ (984) | $ 1,074 |
Balance (in Shares) at Dec. 31, 2022 | 13,349 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows From Operating Activities: | ||
Net earnings (loss) | $ (2,920) | $ 84 |
Adjustments to reconcile net earnings (loss) to cash used in operating activities: | ||
Gain on debt forgiveness | (1,769) | |
Loss on disposal of right of use assets | 3 | |
Depreciation | 100 | 110 |
Amortization | 25 | 230 |
Stock-based compensation expense | 571 | 562 |
(Recovery) provision for doubtful accounts | (24) | (35) |
Provision for inventory reserves | 345 | |
Fair value adjustment for stock awards | (21) | 163 |
Non cash pension expense | 92 | 20 |
Amortization of loan fees | 60 | 60 |
Amortization of subordinated debt discount | 63 | 108 |
Non cash interest expense | 176 | 163 |
Amortization of right to use assets | 766 | 801 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,600) | 11 |
Inventories | 543 | (791) |
Prepaid and other current assets | 253 | (554) |
Lease liability | (718) | (787) |
Other assets | (142) | (8) |
Income taxes payable | (10) | 6 |
Accounts payable, accrued expenses and accrued compensation | 1,059 | 456 |
Net cash used in operating activities | (1,382) | (1,167) |
Cash Flows From Investing Activities: | ||
Capital expenditures | (48) | (31) |
Acquisition of licenses | (7) | (55) |
Net cash used in investing activities | (55) | (86) |
Cash Flows From Financing Activities: | ||
Net borrowings on line of credit | 1,987 | 255 |
Repayments of debt | (67) | (61) |
Proceeds from exercise of stock options | 11 | |
Proceeds from exercise of stock warrants | 61 | |
Payments on promissory notes | (678) | |
Borrowings of subordinated convertible debt | 700 | |
Proceeds of stock offering, net of offering costs | 492 | |
Net cash provided by financing activities | 1,242 | 1,458 |
Net increase (decrease) in cash | (195) | 205 |
Cash, beginning of year | 274 | 69 |
Cash, end of year | 79 | 274 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 453 | 179 |
Cash paid for income taxes | 10 | |
Non cash investing and financing activities: | ||
Capital expenditures financed by notes payable | 276 | |
Stock paid to officers and directors in lieu of cash | 129 | 264 |
Conversion of subordinated convertible debt to common stock | 62 | 204 |
Right of use assets obtained by lease obligations | $ 3,560 | $ 60 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies (a) The Company and Basis of Consolidation Blonder Tongue Laboratories, Inc. (together with its consolidated subsidiaries, the “ Company (b) Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of less than three months at purchase to be cash equivalents. The Company did not have any cash equivalents at December 31, 2022 and 2021. Cash balances at financial institutions are insured by the Federal Deposit Insurance Corporation (“ FDIC (c) Accounts Receivable and Allowance for Doubtful accounts Accounts receivable are customer obligations due under normal trade terms. The Company sells its products primarily to distributors and private cable operators. The Company performs continuing credit evaluations of its customers’ financial condition and although the Company generally does not require collateral, letters of credit may be required from its customers in certain circumstances. Senior management reviews accounts receivable on a monthly basis to determine if any receivables will potentially be uncollectible. The Company includes any accounts receivable balances that are determined to be uncollectible, along with a general reserve based on historical experience, in its overall allowance for doubtful accounts. (d) Inventories Inventories are stated at the lower of cost, determined by the first-in, first-out (“ FIFO The Company periodically analyzes anticipated product sales based on historical results, current backlog and marketing plans. Based on these analyses, the Company anticipates that certain products will not be sold during the next twelve months. Inventories that are not anticipated to be sold in the next twelve months, have been classified as non-current. The Company continually analyzes its slow-moving and excess inventories. Based on historical and projected sales volumes and anticipated selling prices, the Company establishes reserves. Inventory that is in excess of current and projected use is reduced by an allowance to a level that approximates its estimate of future demand. Products that are determined to be obsolete are written down to net realizable value. (e) Property, Plant and Equipment, Net Property, plant and equipment are stated at cost less accumulated depreciation. The Company provides for depreciation generally on the straight-line method based upon estimated useful lives of 3 to 5 years for office equipment, 5 to 7 years for furniture and fixtures, 10 years for building improvements and 6 to 10 years for machinery and equipment. (f) Goodwill and Other Intangible Assets The Company accounts for goodwill and intangible assets in accordance with Accounting Standards Codification (“ ASC ASC 350 Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations. Accounting principles generally accepted in the United States (“ GAAP The Company’s business includes one goodwill reporting unit. The Company annually reviews goodwill for possible impairment by comparing the fair value of the reporting unit to the carrying value of the assets. If the fair value exceeds the carrying value of the net asset, no goodwill impairment is deemed to exist. If the fair value does not exceed the carrying value, goodwill is tested for impairment and written down to its implied fair value if it is determined to be impaired. The Company performed its annual goodwill impairment test on December 31, 2022. Based upon its qualitative assessment, the Company determined that goodwill was not impaired. The Company considers its trade name to have an indefinite life and in accordance with ASC 350, will not be amortized and will be reviewed annually for impairment. (g) Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate carrying amounts of the long-lived assets, including intangible assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, an impairment loss is recognized based on the excess of the carrying amount over the fair value of the assets. The Company did not recognize any intangible asset impairment charges in 2022 and 2021. (h) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s significant estimates include stock compensation and reserves related to accounts receivable, inventory and deferred tax assets. Actual results could differ from those estimates. (i) Royalty and License Expense The Company records royalty expense, as applicable, when the related products are sold. Royalty expense is recorded as a component of selling expenses. Royalty expense was $20 and $18 for the years ended December 31, 2022 and 2021, respectively. The Company amortizes license fees over the life of the relevant contract. License agreements are carried at cost less accumulated amortization as follows: December 31, 2022 2021 License agreements $ 6,146 $ 6,139 Accumulated amortization (6,143 ) (6,132 ) $ 3 $ 7 Amortization of license fees is computed utilizing the straight-line method over the estimated useful life of 1 to 2 years. Amortization expense for license fees was $11 and $58 in the years ended December 31, 2022 and 2021, respectively. Amortization expense for license fees is projected to be approximately $7 in the year ending December 31, 2023. (j) Foreign Exchange The Company uses the United States dollar as its functional and reporting currency since the majority of the Company’s revenues, expenses, assets and liabilities are in the United States and the focus of the Company’s operations is in that country. Assets and liabilities in foreign currencies are translated using the exchange rate at the balance sheet date. Revenues and expenses are translated at average rates of exchange during the year. Gains and losses from foreign currency transactions and translation for the years ended December 31, 2022 and 2021 and cumulative translation gains and losses as of December 31, 2022 and 2021 were not material to the financial statements taken as a whole. (k) Research and Development Research and development expenditures for the Company’s projects are expensed as incurred. Research and development expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with product development. (l) Revenue Recognition The Company generates revenue through the sale of products and services. Revenue is recognized based on the following steps: (i) identification of contract with customer; (ii) determination of performance obligations; (iii) measurement of the transaction price; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. Revenue from the sale of products and services is recorded when the performance obligation is fulfilled, usually at the time of shipment or when the service is provided, at the net sales price (transaction price). Estimates of variable consideration, such as volume discounts and rebates, are reviewed and revised periodically by management. The Company elected to present revenue net of sales tax and other similar taxes and account for shipping and handling activities as fulfillment costs rather than separate performance obligations. Payments are typically due in 30 days, following delivery of products or completion of services. The Company provides a three-year warranty on most products. Warranty expense was de minimis (m) Stock-based compensation The Company computes stock-based compensation in accordance with authoritative guidance. The Company uses the Black-Scholes-Merton option pricing model to determine the fair value of its stock options. The Black-Scholes-Merton option-pricing model includes various assumptions, including the fair market value of the common stock of the Company, expected life of stock options, the expected volatility and the expected risk-free interest rate, among others. These assumptions reflect the Company’s best estimates, but they involve inherent uncertainties based on market conditions generally outside the control of the Company. Forfeitures are recorded when they occur. (n) Income Taxes The Company accounts for income taxes under the provisions of the Financial Accounting Standards Board (“ FASB ASC Topic 740 The Company will classify as income tax expense any interest and penalties recognized in accordance with ASC Topic 740. The Company files income tax returns primarily in the United States and New Jersey, along with certain other jurisdictions. (o) Net Earnings (loss) Per Share Net earnings (loss) per share is calculated in accordance with Accounting Standards Codification ( “ASC” The following table presents the computation of basic and diluted net income per share for the year ended December 31, 2021: Income Shares Per-Share Basic EPS $ 84 12,151 0.01 Effect of dilutive securities Convertible debt 271 2,142 Warrants - 48 Options - 1,109 Diluted EPS $ 355 15,450 0.02 The diluted share base excludes the following potential common shares due to their antidilutive effect for the years ended December 31, 2022 and 2021: December 31, 2022 2021 Stock options 4,718 712 Warrants 890 - Convertible debt 2,297 - 7,905 712 (p) Other Comprehensive loss Comprehensive loss is a measure of income which includes both net loss and other comprehensive loss. Other comprehensive loss results from items deferred from recognition into the statement of operations and principally consists of unrecognized pension losses net of taxes. Accumulated other comprehensive loss is separately presented on the Company's consolidated balance sheet as part of stockholders’ equity. (q) Leases The Company accounts for leases under FASB ASU No. 2016-02, Leases Topic 842 (r) Subsequent Events The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any additional recognized or non-recognized subsequent events that would require adjustment to or disclosure in the consolidated financial statements, except as disclosed in the financial statements. (s) Adoption of Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Topic 740 In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (t) Going Concern and COVID-19 Our business has been materially and adversely affected by the outbreak of the Coronavirus or COVID-19. COVID-19, which has been declared by the World Health Organization to be a “pandemic,” has spread to many countries, including the United States, and is impacting domestic and worldwide economic activity. Since being declared a “pandemic”, COVID-19 interfered with our ability to meet with certain customers during 2020 and continued into the first half of 2021. In addition, the COVID-19 outbreak has affected the supply chain for many types of products and materials, particularly those being manufactured in China and other countries where the outbreak has resulted in significant disruptions to ongoing business activities. Beginning in the second quarter of 2021 and continuing into the first quarter of 2022, we experienced a material disruption in our supply chain as it relates to the procurement of certain sole source and other multiple source components utilized in a material portion of several product lines. There are frequent developments regarding the COVID-19 outbreak that may impact our customers, employees and business partners. As a result, it is not possible at this time to estimate the duration or the scope of the impact COVID-19 could have on the Company's business. The Company has experienced and is continuing to experience a significant reduction in sales as a result of its inability to procure parts necessary to manufacture products due to the supply chain issues related to the COVID-19 outbreak. It remains unclear when or whether our supply chain partners will resume their activities at a level where our sales will return to historical levels. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. During the year ended December 31, 2022, the Company reported reduced revenues, a loss from operations and net cash used in operating activities, in conjunction with liquidity constraints. The above factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. The Company’s primary sources of liquidity have been its existing cash balances, cash generated from operations, amounts available under the MidCap Facility (see Note 6 below), amounts available under the Subordinated Loan Facility (see Note 7 below) and cash generated from sales of common stock (see Note 16 below). As of December 31, 2022, the Company had approximately $4,387 outstanding under the MidCap Facility (as defined in Note 6 below) and $570 of additional availability for borrowing under the MidCap Facility. If anticipated operating results are not achieved and/or the Company is unable to obtain additional financing, it may be required to take additional measures to reduce costs in order to conserve its cash in amounts sufficient to sustain operations and meet its obligations, which measures could have a material adverse effect on the Company’s ability to achieve its intended business objectives and may be insufficient to enable the Company to continue as a going concern for at least twelve months from the date these financial statements are made available to be issued. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition [Abstract] | |
Revenue | Note 2 - Revenue The Company recognized revenue when it satisfies a performance obligation by transferring the product or service to the customer, typically at a point in time. Disaggregation of Revenue The Company is a technology-development and manufacturing company that delivers a wide range of products and services to the cable entertainment and media industry. Encoder/transcoder products are used by a system operator for encoding and transcoding of digital video. Encoders accept various input sources (analog and/or digital) and output digitally encoded 4K, UHD, HD or SD video in various output formats. Transcoders convert video files from one codec compression format to another to allow the video to be viewed across different platforms and devices. NXG is a two-way forward-looking platform that is used to deliver next-generation entertainment services in both enterprise and residential locations. Coax distribution products are used to transport signals from the headend to their ultimate destination in a home, apartment unit, hotel room, office or other terminal location along a coax distribution network. CPE products are used by cable operators to provide video delivery to customers using IP technology. Digital modulation products are used by a system operator for acquisition, processing, compression, and management of digital video. Analog modulation products are used by a system operator for signal acquisition, processing and manipulation to create an analog channel lineup for further transmission. DOCSIS data products give service providers, integrators, and premises owners a means to deliver data, video, and voice-over-coaxial in locations such as hospitality, MDU's, and college campuses, using IP technology Contract-manufactured products provide manufacturing, research and development and product support services for other companies’ products. Service agreements and design includes hands-on training, system design engineering, on-site field support, remote support and troubleshooting and complete system verification testing. Fiber optic products are used to transport signals from the headend to their ultimate destination in a home, apartment unit, hotel room, office or other terminal location along a fiber optic distribution network. The following table presents the Company’s disaggregated revenues by revenue source: Years ended December 31, 2022 2021 Encoder and Transcoder products $ 9,140 $ 7,863 NXG IP video signal processing products 2,709 1,924 DOCSIS data products 2,356 755 Coax distribution products 1,490 1,266 Digital modulation products 1,084 982 Analog modulation products 450 790 Service agreements and design 357 371 Fiber optic products 381 329 CPE products 29 1,120 Other 119 354 $ 18,115 $ 15,754 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Inventories | Note 3 - Inventories Inventories, net of reserves, are summarized as follows: December 31, 2022 2021 Raw materials $ 2,052 $ 1,824 Work in process 1,743 2,730 Finished goods 171 300 $ 3,966 $ 4,854 The Company recorded a provision to reduce the carrying amount of inventories to their net realizable value in the amount of $3,571 and $3,226 at December 31, 2022 and 2021, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 4 - Property, Plant and Equipment Property, plant and equipment are summarized as follows: December 31, 2022 2021 Machinery and equipment $ 7,898 $ 7,860 Furniture and fixtures 442 442 Office equipment 2,452 2,442 Building improvements 121 121 10,913 10,865 Less: Accumulated depreciation and amortization (10,675 ) (10,575 ) $ 238 $ 290 Depreciation expense amounted to approximately $100 and $110 during the years ended December 31, 2022 and 2021, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets [Abstract] | |
Intangible Assets | Note 5 – Intangible Assets The components of intangible assets that are carried at cost less accumulated amortization at December 31, 2022 are as follows: Description Cost Accumulated Net Amount Customer relationships $ 1,365 $ 1,365 $ - Proprietary technology 349 349 - Amortized intangible assets 1,714 1,714 - Non-Amortized Trade name 741 - 741 Total $ 2,455 $ 1,714 $ 741 The components of intangible assets that are carried at cost less accumulated amortization at December 31, 2021 are as follows: Description Cost Accumulated Net Amount Customer relationships $ 1,365 $ 1,354 $ 11 Proprietary technology 349 346 3 Amortized intangible assets 1,714 1,700 14 Non-Amortized Trade name 741 - 741 Total $ 2,455 $ 1,700 $ 755 Amortization is computed utilizing the straight-line method over the estimated useful lives of 10 years for customer relationships and 10 years for proprietary technology. Amortization expense for intangible assets was $25 and $171 for the years ended December 31, 2022 and 2021, respectively. Intangible asset amortization is projected to be $0 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 6 – Debt Line of Credit On October 25, 2019, the Company entered into a Loan and Security Agreement (All Assets) (the “ Loan Agreement MidCap MidCap Facility The Loan Agreement contains customary covenants, including restrictions on the incurrence of additional indebtedness, the payment of cash dividends or similar distributions, the repayment of any subordinated indebtedness and the encumbrance, sale or other disposition of assets. In addition, the Company was initially required to maintain minimum availability of $500, with the minimum availability to be reduced to $400 upon the deliverance of an inventory appraisal satisfactory to MidCap, which occurred during the fourth quarter 2019. On April 7, 2020, the Company entered into a certain Consent and Amendment to Loan Agreement and Loan Documents with Midcap (the “MidCap First Amendment”), which amended the MidCap Facility to, among other things, remove the existing $400 availability block, subject to the same being re-imposed at the rate of approximately $7 per month commencing June 1, 2020. The operative provisions relating to the removal of the availability block under the MidCap First Amendment became effective on April 8, 2020, following the consummation by the Company of the transactions contemplated by the Subordinated Loan Facility (See Note 6). On January 8, 2021, the parties entered into a Second Amendment to Loan Agreement (the "Second Amendment"), which amendment, revised the Loan Agreement to, among other things, modify the Loan Agreement's definition of “Minimum EBITDA Covenant Trigger Event.” The Second Amendment amends the definition, retroactive to and as of December 1, 2020, and also includes certain additional non-substantive changes. On June 14, 2021, the parties entered into a Third Amendment to Loan Agreement (the "Third Amendment"), which amendment, revised the Loan Agreement to, among other things, modify the Loan Agreement's definition of “Minimum EBITDA Covenant Trigger Event.” The Third Amendment amends the definition, retroactive to and as of June 1, 2021, and also includes certain additional non-substantive changes. On July 30, 2021, the parties entered into a Fourth Amendment to Loan Agreement (the "Fourth Amendment"), which amendment, revised the Loan Agreement to, among other things, modify the Loan Agreement's definition of “Minimum EBITDA Covenant Trigger Event.” The Fourth Amendment amends the definition, retroactive to and as of July 1, 2021, and also includes certain additional non-substantive changes. On August 26, 2021, the parties entered into a Fifth Amendment to Loan Agreement (the "Fifth Amendment"), which amendment, revised the Loan Agreement to, among other things, (i) provide for an over-advance facility in the maximum amount of $400, (ii) defer the monthly incremental increase to the existing availability block and (iii) modify the Loan Agreement's definition of “Minimum EBITDA Covenant Trigger Event.” The Fifth Amendment amends the definition, retroactive to and as of August 1, On December 16, 2021, the parties entered into a Sixth Amendment to Loan Agreement (the “Sixth Amendment”), which amendment, revised the Loan Agreement to, among other things modify the Loan Agreement's definition of "Borrowing Base" (with such amendment retroactive to and effective as of December 15, 2021), and also includes certain additional non-substantive changes. On February 11, 2022, the parties entered into a Seventh Amendment to Loan Agreement (the “Seventh Amendment”), which amendment, revised the Loan Agreement to, among other things modify the Loan Agreement's definition of "Borrowing Base" and “Availability Block,” and also includes certain additional non-substantive changes. On March 3, 2022, the parties entered into an Eighth Amendment to Loan Agreement (the “Eighth Amendment”), which amendment, revised the Loan Agreement to, among other things modify the Loan Agreement's definition of "Borrowing Base" and “Availability Block,” and also includes certain additional non-substantive changes. On April 5, 2022, the Company entered into a Ninth Amendment to Loan Agreement (the “ Ninth Amendment 2022 Over-Advance Facility Pallé Parties On May 5, 2022, the parties entered into a Tenth Amendment to Loan Agreement (the " Tenth Amendment On June 14, 2022, the parties entered into a Eleventh Amendment to Loan Agreement (the " Eleventh Amendment On July 1, 2022, the parties entered into a Twelfth Amendment to Loan Agreement (the " Twelfth Amendment On October 25, 2022, the parties entered into a Thirteenth Amendment to Loan Agreement (the " Thirteenth Amendment On October 28, 2022, the parties entered into a Fourteenth Amendment to Loan Agreement (the " Fourteenth Amendment Long-Term Debt Long-term debt consists of the following: December 31, 2022 2021 Financing leases (Note 8) $ 204 $ 271 Less: Current portion (70 ) (71 ) $ 134 $ 200 Annual maturities of long term debt at December 31, 2022 are, $65 in 2023, $61 in 2024, $59 in 2025 and $15 in 2026. |
Subordinated Convertible Debt w
Subordinated Convertible Debt with Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Subordinated Convertible Debt with Related Parties [Abstract] | |
Subordinated Convertible Debt with Related Parties | Note 7 – Subordinated Convertible Debt with Related Parties On April 8, 2020, the Company, as borrower, together with Livewire Ventures, LLC (wholly owned by the Company’s Chief Executive Officer, Edward R. Grauch), MidAtlantic IRA, LLC FBO Steven L. Shea IRA (an IRA account for the benefit of the Company’s Chairman of the Board, Steven Shea), Carol M. Pallé and Robert J. Pallé (Company Director and employed as Managing Director-Strategic Accounts) , Anthony J. Bruno (Company Director), and Stephen K. Necessary (Company Director) , as lenders (collectively, the “ Initial Lenders Agent Subordinated Loan Agreement Subordinated Loan Facility PIK Interest On April 8, 2020, the Initial Lenders agreed to provide the Company with a Tranche A term loan facility of $800 of which $600 was advanced to the Company on April 8, 2020, $100 was advanced to the Company on April 17, 2020 and $100 was advanced to the Company on January 12, 2021. The Initial Lenders participating in the Tranche A term loan facility have the option of converting the principal balance of the loan held by each of them, in whole (unless otherwise agreed by the Company), into shares of the Company’s common stock at a conversion price equal to the volume weighted average price of the common stock as reported by the NYSE American, during the five trading days preceding April 8, 2020 (the “ Tranche A Conversion Price On April 24, 2020, the Company, the Initial Lenders, Ronald V. Alterio (the Company’s Senior Vice President-Engineering, Chief Technology Officer) and certain additional unaffiliated investors (the “ Additional Lenders Lenders Amendment Tranche B Conversion Price On October 29, 2020, the additional unaffiliated investors as described above, submitted irrevocable notices of conversion under the Tranche B Term Loan. As a result, $175 of original principal and $11 of PIK interest outstanding under the Tranche B Term Loan were converted into 338 shares of Company common stock in full satisfaction of their indebtedness. On January 28, 2021, the Company entered into the Third Amendment to Senior Subordinated Convertible Loan and Security Agreement and Joinder (the “ LSA Third Amendment Tranche C Parties Tranche C Loans five On March 15, 2021, one of the Tranche C Parties submitted an irrevocable notice of conversion under the Tranche C Loans. As a result, $100 of original principal and $1 of PIK interest outstanding under the Tranche C Loans were converted into 101 shares of Company common stock in partial satisfaction of their indebtedness. On April 6, 2021, the same Tranche C Party submitted an irrevocable notice of conversion under the Tranche C Loans. As a result, $50 of original principal and $1 of PIK interest outstanding under the Tranche C Loans were converted into 51 shares of Company common stock in partial satisfaction of their indebtedness. On May 24, 2021, the same Tranche C Party submitted an irrevocable notice of conversion under the Tranche C Loans. As a result, $50 of original principal and $2 of PIK interest outstanding under the Tranche C Loans were converted into 52 shares of Company common stock in complete satisfaction of their indebtedness. On January 21, 2022, one of the Tranche A Parties submitted an irrevocable notice of conversion under the Tranche A Loans. As a result, $50 of original principal and $12 of PIK interest outstanding under the Tranche A Loans were converted into 104 shares of Company common stock in complete satisfaction of their indebtedness. The obligations of the Company under the Subordinated Loan Agreement are guaranteed by Drake and are secured by substantially all of the Company’s and Drake’s assets. The Subordinated Loan Agreement has a maturity date three years from the date of closing, at which time the accreted principal balance of the loan (by virtue of the PIK Interest) plus any other accrued unpaid interest, would be due and payable in full. In connection with the Subordinated Loan Agreement, the Company, Drake, the Lenders and MidCap entered into a Subordination Agreement (the “ Subordination Agreement |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 8 – Leases The Company recognizes right-of-use (“ ROU The Company evaluates the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognizes the ROU asset and lease liabilities based on the present value of future minimum lease payments over the expected lease term. The Company’s leases do not generally contain an implicit interest rate and therefore the Company uses the incremental borrowing rate it would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of its lease payments. The following table summarizes the Company’s operating and financing lease expense as of December 31, 2022 and 2021, respectively: 2022 2021 Operating lease cost $ 947 $ 939 Financing lease cost 66 33 Total $ 1,013 $ 972 Weighted average remaining lease term 6.1 2.3 Weighted average discount rate-operating leases 6.5 % 6.5 % Maturities of the Company’s operating leases as of December 31, 2022, excluding short term leases are as follows: 2023 $ 945 2024 957 2025 971 2026 995 Thereafter 2,148 Total 6,016 Less: present value discount (155 ) Total operating lease liabilities $ 5,861 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 9- Commitments and Contingencies Litigation The Company from time to time is a party to certain proceedings incidental to the ordinary course of its business, none of which, in the current opinion of management, is likely to have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Benefit Plans [Abstract] | |
Benefit Plans | Note 10 – Benefit Plans Defined Contribution Plan The Company has a defined contribution plan covering all full-time employees qualified under Section 401(k) of the Internal Revenue Code, in which the Company matches a portion of an employee’s salary deferral. The Company’s contributions to this plan were $90 and $64, for the years ended December 31, 2022 and 2021, respectively. Defined Benefit Pension Plan At December 31, 2022, approximately 28% of the Company’s employees were covered by a collective bargaining agreement, that is scheduled to expire in February 2027. Substantially all union employees who met certain requirements of age, length of service and hours worked per year were covered by a Company sponsored non-contributory defined benefit pension plan. Benefits paid to retirees are based upon age at retirement and years of credited service. On August 1, 2006, the plan was frozen. The defined benefit pension plan is closed to new entrants and existing participants do not accrue any additional benefits. The Company complies with minimum funding requirements. The total expense for this plan was $92 in 2022 and $20 in 2021, respectively. The Company recognizes the funded status of its defined benefit pension plan measured as the difference between the fair value of the plan assets and the projected benefit obligation, in the Consolidated Balance Sheets. As of December 31, 2022 and 2021, the funded status related to the defined benefit pension plan was underfunded by $(161) and $(16), respectively, and is recorded in current liabilities. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 11 - Related Party Transactions A director and shareholder of the Company is a partner of a law firm that served as outside legal counsel for the Company. During the years ended December 31, 2022 and 2021, this law firm billed the Company approximately $413 and $548, respectively for legal services provided by this firm. At December 31, 2022 and 2021, the Company owed $343 and $293, respectively to this firm. In May of 2022, the Company stopped using the legal services of this firm. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2022 | |
Concentration of Credit Risk [Abstract] | |
Concentration of Credit Risk | Note 12 - Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash deposits and trade accounts receivable. Credit risk with respect to trade accounts receivable was concentrated with four of the Company’s customers in both 2022 and 2021, respectively. These customers accounted for approximately 68% and 62% of the Company’s outstanding trade accounts receivable at December 31, 2022 and 2021, respectively. The Company performs ongoing credit evaluations of its customers’ financial condition, uses credit insurance and requires collateral, such as letters of credit, to mitigate its credit risk. The deterioration of the financial condition of one or more of its major customers could adversely impact the Company’s operations. From time to time where the Company determines that circumstances warrant, such as when a customer agrees to commit to a large blanket purchase order, the Company extends payment terms beyond its standard payment terms. The following table summarizes credit risk with respect to customers as percentage of sales for the years ended December 31, 2022 and 2021: Years ended December 31, 2022 2021 Customer A 14 % 20 % Customer B 13 % 14 % Customer C 11 % 13 % The following table summarizes credit risk with respect to customers as percentage of accounts receivable: December 31, 2022 2021 Customer A 23 % - Customer B 18 % 24 % Customer C 16 % 17 % Customer E 11 % - The following table summarizes credit risk with respect to vendors as percentage of purchases for the years ended December 31, 2022 and 2021: Years ended December 31, 2022 2021 Vendor A 22 % 16 % Vendor B 19 % 20 % Vendor C 12 % - The following table summarizes credit risk with respect to vendors as percentage of accounts payable: December 31, 2022 2021 Vendor A 19 % 28 % Vendor B 17 % - Vendor D - 10 % |
Stock Repurchase Program
Stock Repurchase Program | 12 Months Ended |
Dec. 31, 2022 | |
Stock Repurchase Program [Abstract] | |
Stock Repurchase Program | Note 13 – Stock Repurchase Program On July 24, 2002, the Company commenced a stock repurchase program to acquire up to $300 of its outstanding common stock (the “ 2002 Program 2007 Program |
Executive and Director Stock Pu
Executive and Director Stock Purchase Plans | 12 Months Ended |
Dec. 31, 2022 | |
Executive and Director Stock Purchase Plans [Abstarct] | |
Executive and Director Stock Purchase Plans | Note 14 – Executive and Director Stock Purchase Plans On June 16, 2014, the Company’s Board of Directors adopted the Executive Stock Purchase Plan (the “ ESPP On November 8, 2016, the Company’s Board of Directors adopted the Director Stock Purchase Plan (the “ DSPP |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2022 | |
Preferred Stock [Abstract] | |
Preferred Stock | Note 15 – Preferred Stock The Company is authorized to issue 5,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. At December 31, 2022 and 2021, there were no |
Private Placement and Common St
Private Placement and Common Stock Sales | 12 Months Ended |
Dec. 31, 2022 | |
Private Placement and Common Stock Sales [Abstract] | |
Private Placement and Common Stock Sales | Note 16 – Private Placement and Common Stock Sales On December 14, 2020, the Company entered into a Securities Purchase Agreement (the " Purchase Agreement Purchasers Shares Purchaser Warrants Purchaser Warrant Shares Placement Agent Warrants Placement Agent Warrant Shares Placement Agent Contingent Warrants Placement Agent Contingent Warrant Shares The Purchase Agreement also includes terms that give the Purchasers certain price protections, providing for adjustments of the number of shares of common stock held by them in the event of certain future dilutive securities issuances by the Company for a period not to exceed 18 months following the closing of the private placement, or such earlier date on which all of the Purchaser Warrants have been exercised. In addition, the Purchase Agreement provides the Purchasers with a right to participate in certain future Company financings, up to 30% of the amount of such financings, for a period of 24 months following the closing of the private placement. The Purchase Agreement also required the Company to register the resale of the Shares and the Purchaser Warrant Shares pursuant to the terms of a Registration Rights Agreement between the Company and the Purchasers, dated as of December 14, 2020, as described further below. The Company filed a registration statement with the SEC on January 14, 2021 to register the resale of the Shares and the Purchaser Warrant Shares, which registration statement was declared effective by the SEC on January 21, 2021. The Purchase Agreement obligated the Company to call a special meeting of its stockholders to seek stockholder approval of the issuance of shares of its common stock issuable in connection with this transaction in excess of 19.99% of the Company's outstanding shares of common stock, in accordance with the requirements of Section 713(a) of the New York Stock Exchange (“ NYSE The Purchaser Warrants have an exercise price of $1.25 per share, are exercisable beginning on December 15, 2020, and have a term of three years. The exercise price and the number of shares of common stock issuable upon exercise of each Purchaser Warrant is subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the common stock. The fair value of the Purchaser Warrants is $643. In certain circumstances, upon the occurrence of a fundamental transaction, a holder of Purchaser Warrants is entitled to receive, upon any subsequent exercise of the Purchaser Warrant, for each Purchaser Warrant Share that would have been issuable upon such exercise of the Purchaser Warrant immediately prior to the fundamental transaction, at the option of the holder, the number of shares of common stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration receivable as a result of the fundamental transaction by a holder of the number of shares of common stock of the Company for which the Purchaser Warrant is exercisable immediately prior to the fundamental transaction. If holders of the Company's common stock are given any choice as to the securities, cash or property to be received in a fundamental transaction, then the Holder shall be given the choice as to the additional consideration it receives upon any exercise of the Purchaser Warrant following the fundamental transaction. The Placement Agent Warrants have an exercise price of $0.70 per share, a term of five years from December 14, 2020, and became exercisable upon the Company obtaining the stockholder approval described above. The exercise price and the number of shares of common stock issuable upon exercise of each Placement Agent Warrant is subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the common stock. The Placement Agent Warrants also provide the holders with certain “piggyback” registration rights, permitting the holders to request that the Company include the Placement Agent Warrant Shares for sale in certain registration statements filed by the Company. The fair value of the Placement Agent Warrants is $121. During June and July 2021, the Company received approximately $61 as the result of the exercise of certain Placement Agent Warrants, and the Company issued 87 shares of common stock upon exercise. The Placement Agent Contingent Warrants have an exercise price of $1.25 per share, a term of five years from December 14, 2020, and become exercisable if, and to the extent, holders of the Purchaser Warrants exercise such Purchaser Warrants. In no event, however, will the Placement Agent Contingent Warrants become exercisable unless and until Stockholder Approval has been obtained. The exercise price and the number of shares of common stock issuable upon exercise of each Placement Agent Contingent Warrant is subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the common stock. The Placement Agent Contingent Warrants also provide the holders with certain “piggyback” registration rights, permitting the holders to request that the Company include the Placement Agent Contingent Warrant Shares for sale in certain registration statements filed by the Company. The fair value of the Placement Agent Contingent Warrants is $56. On August 16, 2021, the Company entered into a Sales Agreement (the “ Sales Agreement”) Agent On August 23, 2021, the Company entered into a Stock Purchase Agreement (the “ August Purchase Agreement On November 15, 2021, the Company entered into a Stock Purchase Agreement (the “ November Purchase Agreement |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2022 | |
Equity Incentive Plans [Abstract] | |
Equity Incentive Plans | Note 17 – Equity Incentive Plans In May 2016, the stockholders of the Company approved the 2016 Employee Equity Incentive Plan (the “ 2016 Employee Plan Committee In May 2005, the stockholders of the Company approved the 2005 Employee Equity Incentive Plan (the “ Employee Plan Committee In May 2016, the stockholders of the Company approved the 2016 Director Equity Incentive Plan (the “ 2016 Director Plan Board In May 2005, the stockholders of the Company approved the 2005 Director Equity Incentive Plan (the “ Director Plan Board The Company issues performance-based stock options to employees. The Company estimates the fair value of performance stock option awards using the Black-Scholes-Merton option pricing model. Compensation expense for stock option awards is amortized on a straight-line basis over the awards’ vesting period. The expected term of the stock options represents the average period the stock options are expected to remain outstanding and is based on the expected term calculated using the approach prescribed by the Securities and Exchange Commission's Staff Accounting Bulletin No. 110 for “plain vanilla” options. The expected stock price volatility for the Company’s stock options was determined by using an average of the historical volatilities of the Company. The Company will continue to analyze the stock price volatility and expected term assumptions as more data for the Company’s common stock and exercise patterns become available. The risk-free interest rate assumption is based on the U.S. Treasury instruments whose term was consistent with the expected term of the Company’s stock options. The expected dividend assumption is based on the Company’s history and expectation of dividend payouts. The Company does not estimate forfeitures based on historical experience but rather reduces compensation expense when they occur. The fair value of employee stock options is being amortized on a straight-line basis over the requisite service periods of the respective awards. The fair value of employee stock options was estimated using the following weighted-average assumptions: Years ended December 31, 2022 2021 Fair value of the company’s common stock on date of grant $ 0.565 $ 1.513 Expected term 6.5 years 6.5 years Risk free interest rate 2.69 % 1.13 % Dividend yield 0.00 % 0.00 % Volatility 118.0 % 79.0 % Fair value of options granted $ 0.496 $ 1.06 The following table summarizes total stock-based compensation costs recognized for the years ended December 31, 2022 and 2021: Years ended December 31, 2022 2021 Cost of goods sold $ 40 $ 42 Selling expenses 45 77 General and administrative 421 343 Research and development 65 100 Total $ 571 $ 562 The following table summarizes information about stock-based awards outstanding for the year ended December 31, 2022: Plan Stock Options 2016 Employee Plan 2,207 2016 Director Plan 1,209 Other 500 2005 Employee Plan 730 2005 Director Plan 219 4,865 Stock-based awards available for grant as of December 31, 2022 77 Stock options award activity for the year ended December 31, 2022 is as follows: Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2022 4,229 $ 0.90 Options granted 956 0.54 Options exercised - - Options forfeited (80 ) 1.08 Options expired (248 ) 1.00 Outstanding at December 31, 2022 4,857 $ 0.82 5.1 $ - Exercisable at December 31, 2022 3,760 $ 0.86 5.2 $ - During the year ended December 31, 2022, the Company granted options under the 2016 Employee Plan and the 2016 Director Plan to purchase 956 shares of common stock to its employees and directors. The fair value of these options was approximately $449. The aggregate intrinsic value of stock options is calculated as the difference between exercise price of the underlying stock options and the fair value of the Company’s common stock or $0.19 per share at December 31, 2022. The Company does not capitalize any cost associated with stock-based compensation. The Company issues new shares of common stock (or reduces the amount of treasury stock) upon exercise of stock options or release of restricted stock awards. As of December 31, 2022, the unamortized stock compensation expense was approximately $321. The following table represents warrant activity for the year ended December 31, 2022: Number of Weighted- Weighted- Outstanding at January 1, 2022 841 $ 1.21 Warrants granted 111 0.45 Warrants exercised - - Warrants forfeited - - Warrants expired - - Outstanding at December 31, 2022 952 $ 1.12 2.25 Exercisable at December 31, 2022 952 $ 1.12 1.10 In January 2021, the Company issued a 5-year warrant to purchase 42 shares of common stock of the Company to VFT Special Ventures, Ltd. a Delaware corporation (“ VFT In December 2022, the Company issued a 5-year warrant to purchase 111 shares of common stock of the Company to David E. Cymiak. The warrant was granted as partial consideration in connection with the placement fee for the Subordinated Loan Facility (see Note 7). The warrant is exercisable at $0.45 per share and vested immediately. The fair value of the warrant was $12. |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2022 | |
Other Income [Abstract] | |
Other Income | Note 18 – Other Income For the year ended December 31, 2021, the Company accrued payroll tax credits of $1,804, through the Employee Retention Tax Credit program (“ ERTC CAA ARPA |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 19 - Income Taxes The following summarizes the benefit for income taxes for the years ended December 31, 2022 and 2021: 2022 2021 Current: Federal $ - $ - State and local 0 15 0 15 Deferred: Federal (471 ) (266 ) State and local (7 ) (3 ) (478 ) (269 ) Valuation allowance 478 269 Provision for income taxes $ 0 $ 15 The provision for income taxes differs from the amounts computed by applying the applicable Federal statutory rates due to the following for the years ended December 31, 2022 and 2021: 2022 2021 Provision (benefit) for Federal income taxes at the statutory rate $ (613 ) $ 21 State and local income taxes, net of Federal provision (benefit) (25 ) 10 Permanent differences: Other 88 (285 ) Change in valuation allowance 478 269 Stock Compensation 72 - Provision for income taxes $ 0 $ 15 Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2022 2021 Deferred tax assets: Allowance for doubtful accounts $ 46 $ 51 Inventories 746 668 Intangible 114 139 Share based compensation 330 332 Net operating loss carry forward 7,832 7,691 Sec 174 Research & Development 303 Depreciation 8 22 Pension liability 63 43 Other 1 2 Total deferred tax assets 9,443 8,948 Deferred tax liabilities: Intangible (4 ) (4 ) Indefinite life intangibles (191 ) (174 ) Total deferred tax liabilities (195 ) (178 ) 9,248 8,770 Valuation allowance (9,248 ) (8,770 ) Net $ - $ - For the year ended December 31, 2022, the Company had approximately $28,169 and $24,541 of federal and state net operating loss carryovers (" NOL The changes in the valuation allowance for the years ended December 31, 2022 and December 31, 2021 were $478 and $269, respectively. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and taxing strategies in making this assessment. The decision to record this valuation allowance was based on management evaluating all positive and negative evidence. The significant negative evidence includes a loss for the current year, a cumulative pre-tax loss for the three years ended December 31, 2022, the inability to carryback the net operating losses, limited future reversals of existing temporary differences and the limited availability of tax planning strategies. The Company expects to continue to provide a full valuation allowance until, or unless, it can sustain a level of profitability that demonstrates its ability to utilize these assets. The Company had no change in its liability for uncertain tax position during 2022 and no liabilities for uncertain tax positions as of December 31, 2022. ASC 740 discusses the classification of related interest and penalties on income taxes. The Company’s policy is to record interest and penalties incurred in connection with income taxes as a component of income tax expense. No interest or penalties were recorded during the years ended December 31, 2022 and 2021. The Company is required to file U.S. federal and state income tax returns. These returns are subject to audit by tax authorities beginning with the year ended December 31, 2018 or tax years beginning with the year ended December 31,2003 as the Company utilizes net operating losses. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
The Company and Basis of Consolidation | (a) The Company and Basis of Consolidation Blonder Tongue Laboratories, Inc. (together with its consolidated subsidiaries, the “ Company |
Cash and Cash Equivalents | (b) Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of less than three months at purchase to be cash equivalents. The Company did not have any cash equivalents at December 31, 2022 and 2021. Cash balances at financial institutions are insured by the Federal Deposit Insurance Corporation (“ FDIC |
Accounts Receivable and Allowance for Doubtful accounts | (c) Accounts Receivable and Allowance for Doubtful accounts Accounts receivable are customer obligations due under normal trade terms. The Company sells its products primarily to distributors and private cable operators. The Company performs continuing credit evaluations of its customers’ financial condition and although the Company generally does not require collateral, letters of credit may be required from its customers in certain circumstances. Senior management reviews accounts receivable on a monthly basis to determine if any receivables will potentially be uncollectible. The Company includes any accounts receivable balances that are determined to be uncollectible, along with a general reserve based on historical experience, in its overall allowance for doubtful accounts. |
Inventories | (d) Inventories Inventories are stated at the lower of cost, determined by the first-in, first-out (“ FIFO The Company periodically analyzes anticipated product sales based on historical results, current backlog and marketing plans. Based on these analyses, the Company anticipates that certain products will not be sold during the next twelve months. Inventories that are not anticipated to be sold in the next twelve months, have been classified as non-current. The Company continually analyzes its slow-moving and excess inventories. Based on historical and projected sales volumes and anticipated selling prices, the Company establishes reserves. Inventory that is in excess of current and projected use is reduced by an allowance to a level that approximates its estimate of future demand. Products that are determined to be obsolete are written down to net realizable value. |
Property, Plant and Equipment, Net | (e) Property, Plant and Equipment, Net Property, plant and equipment are stated at cost less accumulated depreciation. The Company provides for depreciation generally on the straight-line method based upon estimated useful lives of 3 to 5 years for office equipment, 5 to 7 years for furniture and fixtures, 10 years for building improvements and 6 to 10 years for machinery and equipment. |
Goodwill and Other Intangible Assets | (f) Goodwill and Other Intangible Assets The Company accounts for goodwill and intangible assets in accordance with Accounting Standards Codification (“ ASC ASC 350 Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations. Accounting principles generally accepted in the United States (“ GAAP The Company’s business includes one goodwill reporting unit. The Company annually reviews goodwill for possible impairment by comparing the fair value of the reporting unit to the carrying value of the assets. If the fair value exceeds the carrying value of the net asset, no goodwill impairment is deemed to exist. If the fair value does not exceed the carrying value, goodwill is tested for impairment and written down to its implied fair value if it is determined to be impaired. The Company performed its annual goodwill impairment test on December 31, 2022. Based upon its qualitative assessment, the Company determined that goodwill was not impaired. The Company considers its trade name to have an indefinite life and in accordance with ASC 350, will not be amortized and will be reviewed annually for impairment. |
Long-Lived Assets | (g) Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate carrying amounts of the long-lived assets, including intangible assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, an impairment loss is recognized based on the excess of the carrying amount over the fair value of the assets. The Company did not recognize any intangible asset impairment charges in 2022 and 2021. |
Use of Estimates | (h) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s significant estimates include stock compensation and reserves related to accounts receivable, inventory and deferred tax assets. Actual results could differ from those estimates. |
Royalty and License Expense | (i) Royalty and License Expense The Company records royalty expense, as applicable, when the related products are sold. Royalty expense is recorded as a component of selling expenses. Royalty expense was $20 and $18 for the years ended December 31, 2022 and 2021, respectively. The Company amortizes license fees over the life of the relevant contract. License agreements are carried at cost less accumulated amortization as follows: December 31, 2022 2021 License agreements $ 6,146 $ 6,139 Accumulated amortization (6,143 ) (6,132 ) $ 3 $ 7 Amortization of license fees is computed utilizing the straight-line method over the estimated useful life of 1 to 2 years. Amortization expense for license fees was $11 and $58 in the years ended December 31, 2022 and 2021, respectively. Amortization expense for license fees is projected to be approximately $7 in the year ending December 31, 2023. |
Foreign Exchange | (j) Foreign Exchange The Company uses the United States dollar as its functional and reporting currency since the majority of the Company’s revenues, expenses, assets and liabilities are in the United States and the focus of the Company’s operations is in that country. Assets and liabilities in foreign currencies are translated using the exchange rate at the balance sheet date. Revenues and expenses are translated at average rates of exchange during the year. Gains and losses from foreign currency transactions and translation for the years ended December 31, 2022 and 2021 and cumulative translation gains and losses as of December 31, 2022 and 2021 were not material to the financial statements taken as a whole. |
Research and Development | (k) Research and Development Research and development expenditures for the Company’s projects are expensed as incurred. Research and development expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with product development. |
Revenue Recognition | (l) Revenue Recognition The Company generates revenue through the sale of products and services. Revenue is recognized based on the following steps: (i) identification of contract with customer; (ii) determination of performance obligations; (iii) measurement of the transaction price; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. Revenue from the sale of products and services is recorded when the performance obligation is fulfilled, usually at the time of shipment or when the service is provided, at the net sales price (transaction price). Estimates of variable consideration, such as volume discounts and rebates, are reviewed and revised periodically by management. The Company elected to present revenue net of sales tax and other similar taxes and account for shipping and handling activities as fulfillment costs rather than separate performance obligations. Payments are typically due in 30 days, following delivery of products or completion of services. The Company provides a three-year warranty on most products. Warranty expense was de minimis |
Stock-based compensation | (m) Stock-based compensation The Company computes stock-based compensation in accordance with authoritative guidance. The Company uses the Black-Scholes-Merton option pricing model to determine the fair value of its stock options. The Black-Scholes-Merton option-pricing model includes various assumptions, including the fair market value of the common stock of the Company, expected life of stock options, the expected volatility and the expected risk-free interest rate, among others. These assumptions reflect the Company’s best estimates, but they involve inherent uncertainties based on market conditions generally outside the control of the Company. Forfeitures are recorded when they occur. |
Income Taxes | (n) Income Taxes The Company accounts for income taxes under the provisions of the Financial Accounting Standards Board (“ FASB ASC Topic 740 The Company will classify as income tax expense any interest and penalties recognized in accordance with ASC Topic 740. The Company files income tax returns primarily in the United States and New Jersey, along with certain other jurisdictions. |
Net Earnings (loss) Per Share | (o) Net Earnings (loss) Per Share Net earnings (loss) per share is calculated in accordance with Accounting Standards Codification ( “ASC” The following table presents the computation of basic and diluted net income per share for the year ended December 31, 2021: Income Shares Per-Share Basic EPS $ 84 12,151 0.01 Effect of dilutive securities Convertible debt 271 2,142 Warrants - 48 Options - 1,109 Diluted EPS $ 355 15,450 0.02 The diluted share base excludes the following potential common shares due to their antidilutive effect for the years ended December 31, 2022 and 2021: December 31, 2022 2021 Stock options 4,718 712 Warrants 890 - Convertible debt 2,297 - 7,905 712 |
Other Comprehensive loss | (p) Other Comprehensive loss Comprehensive loss is a measure of income which includes both net loss and other comprehensive loss. Other comprehensive loss results from items deferred from recognition into the statement of operations and principally consists of unrecognized pension losses net of taxes. Accumulated other comprehensive loss is separately presented on the Company's consolidated balance sheet as part of stockholders’ equity. |
Leases | (q) Leases The Company accounts for leases under FASB ASU No. 2016-02, Leases Topic 842 |
Subsequent Events | (r) Subsequent Events The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any additional recognized or non-recognized subsequent events that would require adjustment to or disclosure in the consolidated financial statements, except as disclosed in the financial statements. |
Adoption of Recent Accounting Pronouncements | (s) Adoption of Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Topic 740 In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments |
Going Concern and COVID-19 | (t) Going Concern and COVID-19 Our business has been materially and adversely affected by the outbreak of the Coronavirus or COVID-19. COVID-19, which has been declared by the World Health Organization to be a “pandemic,” has spread to many countries, including the United States, and is impacting domestic and worldwide economic activity. Since being declared a “pandemic”, COVID-19 interfered with our ability to meet with certain customers during 2020 and continued into the first half of 2021. In addition, the COVID-19 outbreak has affected the supply chain for many types of products and materials, particularly those being manufactured in China and other countries where the outbreak has resulted in significant disruptions to ongoing business activities. Beginning in the second quarter of 2021 and continuing into the first quarter of 2022, we experienced a material disruption in our supply chain as it relates to the procurement of certain sole source and other multiple source components utilized in a material portion of several product lines. There are frequent developments regarding the COVID-19 outbreak that may impact our customers, employees and business partners. As a result, it is not possible at this time to estimate the duration or the scope of the impact COVID-19 could have on the Company's business. The Company has experienced and is continuing to experience a significant reduction in sales as a result of its inability to procure parts necessary to manufacture products due to the supply chain issues related to the COVID-19 outbreak. It remains unclear when or whether our supply chain partners will resume their activities at a level where our sales will return to historical levels. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. During the year ended December 31, 2022, the Company reported reduced revenues, a loss from operations and net cash used in operating activities, in conjunction with liquidity constraints. The above factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. The Company’s primary sources of liquidity have been its existing cash balances, cash generated from operations, amounts available under the MidCap Facility (see Note 6 below), amounts available under the Subordinated Loan Facility (see Note 7 below) and cash generated from sales of common stock (see Note 16 below). As of December 31, 2022, the Company had approximately $4,387 outstanding under the MidCap Facility (as defined in Note 6 below) and $570 of additional availability for borrowing under the MidCap Facility. If anticipated operating results are not achieved and/or the Company is unable to obtain additional financing, it may be required to take additional measures to reduce costs in order to conserve its cash in amounts sufficient to sustain operations and meet its obligations, which measures could have a material adverse effect on the Company’s ability to achieve its intended business objectives and may be insufficient to enable the Company to continue as a going concern for at least twelve months from the date these financial statements are made available to be issued. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of license agreements are carried at cost less accumulated amortization | December 31, 2022 2021 License agreements $ 6,146 $ 6,139 Accumulated amortization (6,143 ) (6,132 ) $ 3 $ 7 |
Schedule of basic and diluted net income per share | Income Shares Per-Share Basic EPS $ 84 12,151 0.01 Effect of dilutive securities Convertible debt 271 2,142 Warrants - 48 Options - 1,109 Diluted EPS $ 355 15,450 0.02 |
Schedule of common shares due to their antidilutive effect | December 31, 2022 2021 Stock options 4,718 712 Warrants 890 - Convertible debt 2,297 - 7,905 712 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition [Abstract] | |
Schedule of disaggregated revenues | Years ended December 31, 2022 2021 Encoder and Transcoder products $ 9,140 $ 7,863 NXG IP video signal processing products 2,709 1,924 DOCSIS data products 2,356 755 Coax distribution products 1,490 1,266 Digital modulation products 1,084 982 Analog modulation products 450 790 Service agreements and design 357 371 Fiber optic products 381 329 CPE products 29 1,120 Other 119 354 $ 18,115 $ 15,754 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Schedule of inventories | December 31, 2022 2021 Raw materials $ 2,052 $ 1,824 Work in process 1,743 2,730 Finished goods 171 300 $ 3,966 $ 4,854 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | December 31, 2022 2021 Machinery and equipment $ 7,898 $ 7,860 Furniture and fixtures 442 442 Office equipment 2,452 2,442 Building improvements 121 121 10,913 10,865 Less: Accumulated depreciation and amortization (10,675 ) (10,575 ) $ 238 $ 290 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets [Abstract] | |
Schedule of intangible assets consisting of license agreements that are carried at cost less accumulated amortization | Description Cost Accumulated Net Amount Customer relationships $ 1,365 $ 1,365 $ - Proprietary technology 349 349 - Amortized intangible assets 1,714 1,714 - Non-Amortized Trade name 741 - 741 Total $ 2,455 $ 1,714 $ 741 Description Cost Accumulated Net Amount Customer relationships $ 1,365 $ 1,354 $ 11 Proprietary technology 349 346 3 Amortized intangible assets 1,714 1,700 14 Non-Amortized Trade name 741 - 741 Total $ 2,455 $ 1,700 $ 755 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | December 31, 2022 2021 Financing leases (Note 8) $ 204 $ 271 Less: Current portion (70 ) (71 ) $ 134 $ 200 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of operating and financing lease expense | 2022 2021 Operating lease cost $ 947 $ 939 Financing lease cost 66 33 Total $ 1,013 $ 972 Weighted average remaining lease term 6.1 2.3 Weighted average discount rate-operating leases 6.5 % 6.5 % |
Schedule of maturities of operating leases, excluding short term leases | 2023 $ 945 2024 957 2025 971 2026 995 Thereafter 2,148 Total 6,016 Less: present value discount (155 ) Total operating lease liabilities $ 5,861 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Concentration of Credit Risk [Abstract] | |
Schedule of credit risk with respect to customers as percentage of sales | Years ended December 31, 2022 2021 Customer A 14 % 20 % Customer B 13 % 14 % Customer C 11 % 13 % |
Schedule of credit risk with respect to customers as percentage of accounts receivable | December 31, 2022 2021 Customer A 23 % - Customer B 18 % 24 % Customer C 16 % 17 % Customer E 11 % - |
Schedule of credit risk with respect to vendors as percentage of purchases | Years ended December 31, 2022 2021 Vendor A 22 % 16 % Vendor B 19 % 20 % Vendor C 12 % - |
Schedule of credit risk with respect to vendors as percentage of accounts payable | December 31, 2022 2021 Vendor A 19 % 28 % Vendor B 17 % - Vendor D - 10 % |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Incentive Plans [Abstract] | |
Schedule of fair value of employee stock options | Years ended December 31, 2022 2021 Fair value of the company’s common stock on date of grant $ 0.565 $ 1.513 Expected term 6.5 years 6.5 years Risk free interest rate 2.69 % 1.13 % Dividend yield 0.00 % 0.00 % Volatility 118.0 % 79.0 % Fair value of options granted $ 0.496 $ 1.06 |
Schedule of total stock-based compensation costs | Years ended December 31, 2022 2021 Cost of goods sold $ 40 $ 42 Selling expenses 45 77 General and administrative 421 343 Research and development 65 100 Total $ 571 $ 562 |
Schedule of stock-based awards outstanding | Plan Stock Options 2016 Employee Plan 2,207 2016 Director Plan 1,209 Other 500 2005 Employee Plan 730 2005 Director Plan 219 4,865 Stock-based awards available for grant as of December 31, 2022 77 |
Schedule of Stock options award | Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2022 4,229 $ 0.90 Options granted 956 0.54 Options exercised - - Options forfeited (80 ) 1.08 Options expired (248 ) 1.00 Outstanding at December 31, 2022 4,857 $ 0.82 5.1 $ - Exercisable at December 31, 2022 3,760 $ 0.86 5.2 $ - |
Schedule of represents warrant activity | Number of Weighted- Weighted- Outstanding at January 1, 2022 841 $ 1.21 Warrants granted 111 0.45 Warrants exercised - - Warrants forfeited - - Warrants expired - - Outstanding at December 31, 2022 952 $ 1.12 2.25 Exercisable at December 31, 2022 952 $ 1.12 1.10 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision benefit for income taxes | 2022 2021 Current: Federal $ - $ - State and local 0 15 0 15 Deferred: Federal (471 ) (266 ) State and local (7 ) (3 ) (478 ) (269 ) Valuation allowance 478 269 Provision for income taxes $ 0 $ 15 |
Schedule of provision for income taxes federal statutory rates | 2022 2021 Provision (benefit) for Federal income taxes at the statutory rate $ (613 ) $ 21 State and local income taxes, net of Federal provision (benefit) (25 ) 10 Permanent differences: Other 88 (285 ) Change in valuation allowance 478 269 Stock Compensation 72 - Provision for income taxes $ 0 $ 15 |
Schedule of components of deferred income tax assets and liabilities | December 31, 2022 2021 Deferred tax assets: Allowance for doubtful accounts $ 46 $ 51 Inventories 746 668 Intangible 114 139 Share based compensation 330 332 Net operating loss carry forward 7,832 7,691 Sec 174 Research & Development 303 Depreciation 8 22 Pension liability 63 43 Other 1 2 Total deferred tax assets 9,443 8,948 Deferred tax liabilities: Intangible (4 ) (4 ) Indefinite life intangibles (191 ) (174 ) Total deferred tax liabilities (195 ) (178 ) 9,248 8,770 Valuation allowance (9,248 ) (8,770 ) Net $ - $ - |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Royalty expense (in Dollars) | $ 18 | $ 20 | ||
Amortization expense (in Dollars) | $ 25 | 230 | ||
Outstanding amount (in Dollars) | 4,387 | |||
Additional availability (in Dollars) | 570 | |||
License [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Amortization expense (in Dollars) | $ 11 | $ 58 | ||
License [Member] | Minimum [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Estimated useful lives | 1 year | |||
License [Member] | Maximum [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Estimated useful lives | 2 years | |||
Forecast [Member] | License [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Amortization expense (in Dollars) | $ 7 | |||
Office Equipment [Member] | Minimum [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Estimated useful lives | 3 years | |||
Office Equipment [Member] | Maximum [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Estimated useful lives | 5 years | |||
Furniture and Fixtures [Member] | Minimum [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Estimated useful lives | 5 years | |||
Furniture and Fixtures [Member] | Maximum [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Estimated useful lives | 7 years | |||
Building Improvements [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Estimated useful lives | 10 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Estimated useful lives | 6 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Estimated useful lives | 10 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of license agreements are carried at cost less accumulated amortization - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of License Agreements are Carried at Cost Less Accumulated Amortization [Abstract] | ||
License agreements | $ 6,146 | $ 6,139 |
Accumulated amortization | (6,143) | (6,132) |
License agreements, net | $ 3 | $ 7 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of basic and diluted net income per share $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Summary of Significant Accounting Policies (Details) - Schedule of basic and diluted net income per share [Line Items] | |
Basic EPS, Income (Loss) (Numerator) (in Dollars) | $ | $ 84 |
Basic EPS, Shares (Denominator) | 12,151 |
Basic EPS, Per-Share Amount (in Dollars per share) | $ / shares | $ 0.01 |
Effect of dilutive securities | |
Diluted EPS, Income (Loss) (Numerator) (in Dollars) | $ | $ 355 |
Diluted EPS, Shares (Denominator) | 15,450 |
Diluted EPS, Per-Share Amount (in Dollars per share) | $ / shares | $ 0.02 |
Convertible debt [Member] | |
Effect of dilutive securities | |
Effect of dilutive securities, Income (Loss) (Numerator) (in Dollars) | $ | $ 271 |
Effect of dilutive securities, Shares (Denominator) | 2,142 |
Warrants [Member] | |
Effect of dilutive securities | |
Effect of dilutive securities, Shares (Denominator) | 48 |
Options [Member] | |
Effect of dilutive securities | |
Effect of dilutive securities, Shares (Denominator) | 1,109 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of common shares due to their antidilutive effect - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common shares due to their antidilutive effect | 7,905 | 712 |
Stock options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common shares due to their antidilutive effect | 4,718 | 712 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common shares due to their antidilutive effect | 890 | |
Convertible debt [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common shares due to their antidilutive effect | 2,297 |
Revenue (Details) - Schedule of
Revenue (Details) - Schedule of disaggregated revenues - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Disaggregated Revenues [Abstract] | ||
Encoder and Transcoder products | $ 9,140 | $ 7,863 |
NXG IP video signal processing products | 2,709 | 1,924 |
DOCSIS data products | 2,356 | 755 |
Coax distribution products | 1,490 | 1,266 |
Digital modulation products | 1,084 | 982 |
Analog modulation products | 450 | 790 |
Service agreements and design | 357 | 371 |
Fiber optic products | 381 | 329 |
CPE products | 29 | 1,120 |
Other | 119 | 354 |
Total | $ 18,115 | $ 15,754 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventories [Abstract] | ||
Net realizable value | $ 3,571 | $ 3,226 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Inventories [Abstract] | ||
Raw materials | $ 2,052 | $ 1,824 |
Work in process | 1,743 | 2,730 |
Finished goods | 171 | 300 |
Inventory Net | $ 3,966 | $ 4,854 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 100 | $ 110 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | $ 10,913 | $ 10,865 |
Less: Accumulated depreciation and amortization | (10,675) | (10,575) |
Property, plant and equipment, net | 238 | 290 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 7,898 | 7,860 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 442 | 442 |
Office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 2,452 | 2,442 |
Building improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | $ 121 | $ 121 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets (Details) [Line Items] | ||
Amortization expense for intangible assets | $ 25 | $ 171 |
Intangible asset amortization | ||
Customer Relationships [Member] | ||
Intangible Assets (Details) [Line Items] | ||
Intangible assets estimated useful lives, amortization | 10 years | |
Proprietary Technology [Member] | ||
Intangible Assets (Details) [Line Items] | ||
Intangible assets estimated useful lives, amortization | 10 years |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of intangible assets consisting of license agreements that are carried at cost less accumulated amortization - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 2,455 | $ 2,455 |
Accumulated Amortization | 1,714 | 1,700 |
Net Amount | 741 | 755 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,365 | 1,365 |
Accumulated Amortization | 1,365 | 1,354 |
Net Amount | 11 | |
Proprietary technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 349 | 349 |
Accumulated Amortization | 349 | 346 |
Net Amount | 3 | |
Amortized intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,714 | 1,714 |
Accumulated Amortization | 1,714 | 1,700 |
Net Amount | 14 | |
Non-Amortized Trade name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 741 | 741 |
Accumulated Amortization | ||
Net Amount | $ 741 | $ 741 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Apr. 07, 2020 | Oct. 28, 2022 | Aug. 26, 2021 | Oct. 25, 2019 | Dec. 31, 2022 | Dec. 31, 2019 | Apr. 05, 2022 | Jan. 28, 2021 | |
Debt (Details) [Line Items] | ||||||||
Line of credit amount | $ 1,000 | |||||||
Maintain minimum availability | $ 500 | |||||||
Term loan, description | On April 7, 2020, the Company entered into a certain Consent and Amendment to Loan Agreement and Loan Documents with Midcap (the “MidCap First Amendment”), which amended the MidCap Facility to, among other things, remove the existing $400 availability block, subject to the same being re-imposed at the rate of approximately $7 per month commencing June 1, 2020. | |||||||
Maximum amount | $ 400 | |||||||
Parties paid in advance | $ 200 | |||||||
Bear interest rate | 1% | 12% | ||||||
Additional over advance | $ 1,500 | |||||||
Annual maturities of long term debt in 2023 | $ 65 | |||||||
Annual maturities of long term debt in 2024 | 61 | |||||||
Annual maturities of long term debt in 2025 | 59 | |||||||
Annual maturities of long term debt in 2026 | $ 15 | |||||||
Loan Agreement [Member] | ||||||||
Debt (Details) [Line Items] | ||||||||
Line of credit amount | $ 5,000 | |||||||
Interest on revolver - margin | 4.75% | 9.53% | ||||||
Maintain minimum availability | $ 400 | |||||||
MidCap [Member] | ||||||||
Debt (Details) [Line Items] | ||||||||
Parties paid in advance | $ 975 | |||||||
Pallé Parties [Member] | ||||||||
Debt (Details) [Line Items] | ||||||||
Parties paid in advance | $ 100 |
Debt (Details) - Schedule of lo
Debt (Details) - Schedule of long-term debt - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Long Term Debt [Abstract] | ||
Financing leases (Note 8) | $ 204 | $ 271 |
Less: Current portion | (70) | (71) |
Long-term debt, net | $ 134 | $ 200 |
Subordinated Convertible Debt_2
Subordinated Convertible Debt with Related Parties (Details) - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
May 24, 2021 | Apr. 06, 2021 | Mar. 15, 2021 | Mar. 04, 2021 | Apr. 08, 2020 | Jan. 21, 2022 | Oct. 29, 2020 | Apr. 24, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 05, 2022 | Jan. 28, 2021 | |
Subordinated Convertible Debt with Related Parties (Details) [Line Items] | ||||||||||||
Conversion price (in Dollars per share) | $ 1 | |||||||||||
Accrued interest | $ 176,000 | $ 163,000 | ||||||||||
Term loan facility | $ 600 | |||||||||||
Loans accrues percentage | 1% | 12% | ||||||||||
Stock price (in Dollars per share) | $ 1.31 | |||||||||||
Discount amount | $ 186,000 | |||||||||||
Warrants issued (in Shares) | 42 | |||||||||||
Warrant exercise price (in Dollars per share) | $ 1 | |||||||||||
Warrants term | 5 years | |||||||||||
Interest expense | $ 63,000 | $ 108,000 | ||||||||||
Minimum [Member] | ||||||||||||
Subordinated Convertible Debt with Related Parties (Details) [Line Items] | ||||||||||||
Aggregate loan | $ 1,500 | |||||||||||
Maximum [Member] | ||||||||||||
Subordinated Convertible Debt with Related Parties (Details) [Line Items] | ||||||||||||
Aggregate loan | $ 1,600 | |||||||||||
Tranche B [Member] | ||||||||||||
Subordinated Convertible Debt with Related Parties (Details) [Line Items] | ||||||||||||
Term loan facility | $ 200,000 | |||||||||||
Conversion price (in Dollars per share) | $ 0.55 | |||||||||||
Principal amount | $ 175,000 | |||||||||||
Accrued interest | $ 11,000 | |||||||||||
Shares of company common stock (in Shares) | 338 | |||||||||||
Tranche C [Member] | ||||||||||||
Subordinated Convertible Debt with Related Parties (Details) [Line Items] | ||||||||||||
Principal amount | $ 50,000 | $ 50,000 | $ 100,000 | |||||||||
Accrued interest | $ 2,000 | $ 1,000 | $ 1,000 | |||||||||
Shares of company common stock (in Shares) | 52 | 51 | 101 | |||||||||
Tranche A [Member] | ||||||||||||
Subordinated Convertible Debt with Related Parties (Details) [Line Items] | ||||||||||||
Principal amount | $ 50,000 | |||||||||||
Accrued interest | $ 12,000 | |||||||||||
Shares of company common stock (in Shares) | 104 | |||||||||||
Subordinated Loan Facility [Member] | ||||||||||||
Subordinated Convertible Debt with Related Parties (Details) [Line Items] | ||||||||||||
Term loan facility | $ 1,500,000 | |||||||||||
Subordinated loan facility, interest accrues | 12% | |||||||||||
Term loan, description | On April 8, 2020, the Initial Lenders agreed to provide the Company with a Tranche A term loan facility of $800 of which $600 was advanced to the Company on April 8, 2020, $100 was advanced to the Company on April 17, 2020 and $100 was advanced to the Company on January 12, 2021. The Initial Lenders participating in the Tranche A term loan facility have the option of converting the principal balance of the loan held by each of them, in whole (unless otherwise agreed by the Company), into shares of the Company’s common stock at a conversion price equal to the volume weighted average price of the common stock as reported by the NYSE American, during the five trading days preceding April 8, 2020 (the “Tranche A Conversion Price”) which was calculated at $0.593. |
Leases (Details) - Schedule of
Leases (Details) - Schedule of operating and financing lease expense - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Operating and Financing Lease Expense [Abstract] | ||
Operating lease cost | $ 947 | $ 939 |
Financing lease cost | 66 | 33 |
Total | $ 1,013 | $ 972 |
Weighted average remaining lease term | 6 years 1 month 6 days | 2 years 3 months 18 days |
Weighted average discount rate-operating leases | 6.50% | 6.50% |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of maturities of operating leases, excluding short term leases $ in Thousands | Dec. 31, 2022 USD ($) |
Schedule of Maturities of Operating Leases Excluding Short Term Leases [Abstract] | |
2023 | $ 945 |
2024 | 957 |
2025 | 971 |
2026 | 995 |
Thereafter | 2,148 |
Total | 6,016 |
Less: present value discount | (155) |
Total operating lease liabilities | $ 5,861 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Benefit Plans [Abstract] | ||
Contributions plan amount | $ 90 | $ 64 |
Defined benefit pension plan, description | At December 31, 2022, approximately 28% of the Company’s employees were covered by a collective bargaining agreement, that is scheduled to expire in February 2027. | |
Total expense | $ 92 | 20 |
Defined benefit pension plan was underfunded | $ (161) | $ (16) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions (Details) [Line Items] | ||
Legal services | $ 413 | $ 548 |
Legal Services [Member] | ||
Related Party Transactions (Details) [Line Items] | ||
Accounts payable | $ 343 | $ 293 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable [Member] | ||
Concentration of Credit Risk (Details) [Line Items] | ||
Outstanding trade accounts receivable, percentage | 68% | 62% |
Concentration of Credit Risk _2
Concentration of Credit Risk (Details) - Schedule of credit risk with respect to customers as percentage of sales - Net Sales [Member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 14% | 20% |
Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 13% | 14% |
Customer C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11% | 13% |
Concentration of Credit Risk _3
Concentration of Credit Risk (Details) - Schedule of credit risk with respect to customers as percentage of accounts receivable | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Customer A [Member] | ||
Concentration of Credit Risk (Details) - Schedule of credit risk with respect to customers as percentage of accounts receivable [Line Items] | ||
Concentration risk, percentage | 23% | |
Customer B [Member] | ||
Concentration of Credit Risk (Details) - Schedule of credit risk with respect to customers as percentage of accounts receivable [Line Items] | ||
Concentration risk, percentage | 18% | 24% |
Customer C [Member] | ||
Concentration of Credit Risk (Details) - Schedule of credit risk with respect to customers as percentage of accounts receivable [Line Items] | ||
Concentration risk, percentage | 16% | 17% |
Customer E [Member] | ||
Concentration of Credit Risk (Details) - Schedule of credit risk with respect to customers as percentage of accounts receivable [Line Items] | ||
Concentration risk, percentage | 11% |
Concentration of Credit Risk _4
Concentration of Credit Risk (Details) - Schedule of credit risk with respect to vendors as percentage of purchases - Purchases [Member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Vendor A [Member] | ||
Concentration of Credit Risk (Details) - Schedule of credit risk with respect to vendors as percentage of purchases [Line Items] | ||
Concentration risk, percentage | 22% | 16% |
Vendor B [Member] | ||
Concentration of Credit Risk (Details) - Schedule of credit risk with respect to vendors as percentage of purchases [Line Items] | ||
Concentration risk, percentage | 19% | 20% |
Vendor C [Member] | ||
Concentration of Credit Risk (Details) - Schedule of credit risk with respect to vendors as percentage of purchases [Line Items] | ||
Concentration risk, percentage | 12% |
Concentration of Credit Risk _5
Concentration of Credit Risk (Details) - Schedule of credit risk with respect to vendors as percentage of accounts payable | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Vendor A [Member] | ||
Concentration of Credit Risk (Details) - Schedule of credit risk with respect to vendors as percentage of accounts payable [Line Items] | ||
Concentration risk, percentage | 19% | 28% |
Vendor B [Member] | ||
Concentration of Credit Risk (Details) - Schedule of credit risk with respect to vendors as percentage of accounts payable [Line Items] | ||
Concentration risk, percentage | 17% | |
Vendor D [Member] | ||
Concentration of Credit Risk (Details) - Schedule of credit risk with respect to vendors as percentage of accounts payable [Line Items] | ||
Concentration risk, percentage | 10% |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Feb. 13, 2007 | Jul. 24, 2002 |
2002 Program [Member] | |||
Stock Repurchase Program (Details) [Line Items] | |||
Value of outstanding common stock to be repurchased | $ 72 | $ 300 | |
2007 Program [Member] | |||
Stock Repurchase Program (Details) [Line Items] | |||
Outstanding common stock to be repurchased | 100 | 100 |
Executive and Director Stock _2
Executive and Director Stock Purchase Plans (Details) - shares | 1 Months Ended | 12 Months Ended | |
Nov. 08, 2016 | Jun. 16, 2014 | Dec. 31, 2022 | |
Executive Stock Purchase Plan [Member] | |||
Executive and Director Stock Purchase Plans (Details) [Line Items] | |||
Number of shares of common stock purchase | 750 | 303 | |
Director Stock Purchase Plan [Member] | |||
Executive and Director Stock Purchase Plans (Details) [Line Items] | |||
Number of shares of common stock purchase | 1,000 | 390 |
Preferred Stock (Details)
Preferred Stock (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred Stock (Details) [Line Items] | ||
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, shares outstanding | ||
Board of Directors [Member] | ||
Preferred Stock (Details) [Line Items] | ||
Preferred stock, shares authorized | 5,000 |
Private Placement and Common _2
Private Placement and Common Stock Sales (Details) - USD ($) | 1 Months Ended | ||||||||
Dec. 15, 2020 | Dec. 14, 2020 | Nov. 15, 2021 | Aug. 23, 2021 | Aug. 16, 2021 | Jul. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Jan. 31, 2021 | |
Private Placement and Common Stock Sales (Details) [Line Items] | |||||||||
Exercise price per share | $ 0.45 | $ 1 | |||||||
Exercise price | $ 0.7 | ||||||||
Exercise term | 5 years | ||||||||
Warrants amount | $ 121 | ||||||||
Warrant [Member] | |||||||||
Private Placement and Common Stock Sales (Details) [Line Items] | |||||||||
Exercise price per share | $ 1.25 | ||||||||
Fair value of purchaser warrants | $ 643,000 | ||||||||
Exercise price | $ 1.25 | ||||||||
Exercise term | 5 years | ||||||||
Warrants amount | $ 56 | ||||||||
Placement Agent Warrants [Member] | |||||||||
Private Placement and Common Stock Sales (Details) [Line Items] | |||||||||
Certain placement | 87 | 61 | |||||||
Securities Purchase Agreement [Member] | |||||||||
Private Placement and Common Stock Sales (Details) [Line Items] | |||||||||
Securities purchase agreement, description | the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with certain accredited investors (the "Purchasers") for the sale and issuance by the Company to the Purchasers of (i) an aggregate of 1,429 shares (the "Shares") of the Company's common stock and (ii) warrants (the "Purchaser Warrants") to purchase an aggregate of up to 714 shares of common stock (the "Purchaser Warrant Shares"), for aggregate gross proceeds to the Company of $1,000, before deducting placement agent fees and offering expenses payable by the Company. The Company also agreed to issue to the placement agents and certain persons affiliated with the placement agents, as additional compensation, (a) fully-vested warrants (the "Placement Agent Warrants") to purchase an aggregate of up to 100 shares (the "Placement Agent Warrant Shares") of common stock and (b) contingent warrants (the "Placement Agent Contingent Warrants") to purchase an aggregate of up to an additional 50 shares (the "Placement Agent Contingent Warrant Shares") of common stock. The transaction closed on December 15, 2020. | ||||||||
Financing amount percentage | 30% | ||||||||
Percentage for outstanding shares of common stock | 19.99% | ||||||||
Sales Agreement [Member] | |||||||||
Private Placement and Common Stock Sales (Details) [Line Items] | |||||||||
Aggregate offering price | $ 400,000 | ||||||||
Shares issued | 163 | ||||||||
Sales commissions | $ 175,000 | ||||||||
Sales Agreement [Member] | Minimum [Member] | |||||||||
Private Placement and Common Stock Sales (Details) [Line Items] | |||||||||
Sales agreement at prices range | $ 1.088 | ||||||||
Sales Agreement [Member] | Maximum [Member] | |||||||||
Private Placement and Common Stock Sales (Details) [Line Items] | |||||||||
Sales Agreement at prices range | $ 1.139 | ||||||||
August Purchase Agreement [Member] | |||||||||
Private Placement and Common Stock Sales (Details) [Line Items] | |||||||||
Shares of common stock | 200 | ||||||||
Purchase price per share | $ 1.08 | ||||||||
Aggregate proceeds | $ 216,000 | ||||||||
Purchase agreement, description | The Company's sale of the shares pursuant to the August Purchase Agreement will have the effect of reducing the amount of shares that may be sold pursuant to the Sales Agreement from $400 to $184. Taking into account sales of common stock pursuant to the August Purchase Agreement and sales of common stock pursuant to the Sales Agreement to date, the amount available to be sold under the Sales Agreement is currently $9. | ||||||||
November Purchase Agreement [Member] | |||||||||
Private Placement and Common Stock Sales (Details) [Line Items] | |||||||||
Shares of common stock | 425 | ||||||||
Purchase price per share | $ 1.12 | ||||||||
Aggregate proceeds | $ 476,000 |
Equity Incentive Plans (Details
Equity Incentive Plans (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||
Jan. 31, 2021 | May 31, 2020 | May 31, 2017 | Dec. 31, 2022 | Jun. 30, 2018 | May 31, 2016 | May 31, 2014 | May 31, 2010 | May 31, 2007 | May 31, 2005 | |
Equity Incentive Plans (Details) [Line Items] | ||||||||||
Common stock shares outstanding | 42 | 956 | ||||||||
Fair value (in Dollars) | $ 449,000 | |||||||||
Common stock price per share (in Dollars per share) | $ 0.19 | |||||||||
Compensation expense (in Dollars) | $ 321 | |||||||||
Unrecorded unconditional purchase obligation term | 5 years | 5 years | ||||||||
Exercisable per share (in Dollars per share) | $ 1 | $ 0.45 | ||||||||
Fair value of warrant (in Dollars) | $ 60 | $ 12 | ||||||||
Shares of common stock | 111 | |||||||||
2016 Employee Plan [Member] | ||||||||||
Equity Incentive Plans (Details) [Line Items] | ||||||||||
Equity based of grant shares | 3,000 | 1,000 | ||||||||
Employee Plan [Member] | ||||||||||
Equity Incentive Plans (Details) [Line Items] | ||||||||||
Equity based of grant shares | 2,700 | 2,600 | 1,600 | 1,100 | 500 | |||||
2016 Director Plan [Member] | ||||||||||
Equity Incentive Plans (Details) [Line Items] | ||||||||||
Equity based of grant shares | 400 | |||||||||
2005 Director Plan [Member] | ||||||||||
Equity Incentive Plans (Details) [Line Items] | ||||||||||
Equity based of grant shares | 600 | 400 | 200 | |||||||
Minimum [Member] | 2016 Employee Plan [Member] | ||||||||||
Equity Incentive Plans (Details) [Line Items] | ||||||||||
Stock options and stock appreciation rights | 100 | |||||||||
Maximum [Member] | 2016 Employee Plan [Member] | ||||||||||
Equity Incentive Plans (Details) [Line Items] | ||||||||||
Stock options and stock appreciation rights | 250 |
Equity Incentive Plans (Detai_2
Equity Incentive Plans (Details) - Schedule of fair value of employee stock options - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Fair Value Of Employee Stock Options Abstract | ||
Fair value of the company’s common stock on date of grant (in Dollars per share) | $ 0.565 | $ 1.513 |
Expected term | 6 years 6 months | 6 years 6 months |
Risk free interest rate | 2.69% | 1.13% |
Dividend yield | 0% | 0% |
Volatility | 118% | 79% |
Fair value of options granted (in Dollars per share) | $ 0.496 | $ 1.06 |
Equity Incentive Plans (Detai_3
Equity Incentive Plans (Details) - Schedule of total stock-based compensation costs - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Total Stock Based Compensation Costs Abstract | ||
Cost of goods sold | $ 40 | $ 42 |
Selling expenses | 45 | 77 |
General and administrative | 421 | 343 |
Research and development | 65 | 100 |
Total | $ 571 | $ 562 |
Equity Incentive Plans (Detai_4
Equity Incentive Plans (Details) - Schedule of stock-based awards outstanding shares in Thousands | Dec. 31, 2022 shares |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Stock-based awards outstanding | 4,865 |
Stock-based awards available for grant as of December 31, 2022 | 77 |
2016 Employee Plan [Member] | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Stock-based awards outstanding | 2,207 |
2016 Director Plan [Member] | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Stock-based awards outstanding | 1,209 |
Other [Member] | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Stock-based awards outstanding | 500 |
2005 Employee Plan [Member] | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Stock-based awards outstanding | 730 |
2005 Director Plan [Member] | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Stock-based awards outstanding | 219 |
Equity Incentive Plans (Detai_5
Equity Incentive Plans (Details) - Schedule of Stock options award - Stock Options [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Equity Incentive Plans (Details) - Schedule of Stock options award [Line Items] | |
Number of shares, Outstanding | shares | 4,229 |
Weighted-Average Exercise Price, Outstanding | $ / shares | $ 0.9 |
Number of shares, Options granted | shares | 956 |
Weighted-Average Exercise Price, Options granted | $ / shares | $ 0.54 |
Number of shares, Options exercised | shares | |
Weighted-Average Exercise Price, Options exercised | $ / shares | |
Number of shares, Options forfeited | shares | (80) |
Weighted-Average Exercise Price, Options forfeited | $ / shares | $ 1.08 |
Number of shares, Options expired | shares | (248) |
Weighted-Average Exercise Price, Options expired | $ / shares | $ 1 |
Number of shares, Outstanding | shares | 4,857 |
Weighted-Average Exercise Price, Outstanding | $ / shares | $ 0.82 |
Weighted-Average Contractual Term, Outstanding | 5 years 1 month 6 days |
Number of shares, Exercisable | shares | 3,760 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 0.86 |
Weighted-Average Contractual Term, Exercisable | 5 years 2 months 12 days |
Equity Incentive Plans (Detai_6
Equity Incentive Plans (Details) - Schedule of represents warrant activity - Warrant [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Equity Incentive Plans (Details) - Schedule of represents warrant activity [Line Items] | |
Number of shares, Outstanding, Beginning balance | shares | 841 |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 1.21 |
Number of shares, Warrants granted | shares | 111 |
Weighted-Average Exercise Price,Warrants granted | $ / shares | $ 0.45 |
Number of shares, Warrants exercised | shares | |
Weighted-Average Exercise Price,Warrants exercised | $ / shares | |
Number of shares, Warrants forfeited | shares | |
Weighted-Average Exercise Price, Warrants forfeited | $ / shares | |
Number of shares, Warrants expired | shares | |
Weighted-Average Exercise Price, Warrants expired | $ / shares | |
Number of shares, Outstanding Ending balance | shares | 952 |
Weighted-Average Exercise Price, Outstanding Ending balance | $ / shares | $ 1.12 |
Weighted-Average Contractual Term, Outstanding Ending balance | 2 years 3 months |
Number of shares, Exercisable | shares | 952 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 1.12 |
Weighted-Average Contractual Term, Exercisable | 1 year 1 month 6 days |
Other Income (Details)
Other Income (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Nov. 30, 2021 | Oct. 31, 2021 | Aug. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income [Abstract] | ||||||||
Payroll tax credit | $ 1,804 | |||||||
Other cost of operating revenue | $ 195 | $ 219 | $ 181 | $ 115 | $ 577 | |||
Wages percentage | 70% | |||||||
Employee amount | $ 10,000 | |||||||
Wages amount | $ 7,000 | |||||||
Gross receipts percentage | 20% | |||||||
Owed funds | $ 299 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Federal net operating loss carryovers | $ 28,169 | |
State net operating loss carryovers | 24,541 | |
Federal NOL carryovers | 8,300 | |
Change in valuation allowance | $ 478 | $ 269 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of provision benefit for income taxes - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | ||
Federal | ||
State and local | 0 | 15 |
Total current income taxes | 0 | 15 |
Deferred: | ||
Federal | (471) | (266) |
State and local | (7) | (3) |
Total deferred income taxes | (478) | (269) |
Valuation allowance | 478 | 269 |
Provision for income taxes | $ 0 | $ 15 |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of provision for income taxes federal statutory rates - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Provision for Income Taxes Federal Statutory Rates [Abstract] | ||
Provision (benefit) for Federal income taxes at the statutory rate | $ (613) | $ 21 |
State and local income taxes, net of Federal provision (benefit) | (25) | 10 |
Permanent differences: | ||
Other | 88 | (285) |
Change in valuation allowance | 478 | 269 |
Stock Compensation | 72 | |
Provision for income taxes | $ 0 | $ 15 |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of components of deferred income tax assets and liabilities - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 46 | $ 51 |
Inventories | 746 | 668 |
Intangible | 114 | 139 |
Share based compensation | 330 | 332 |
Net operating loss carry forward | 7,832 | 7,691 |
Sec 174 Research & Development | 303 | |
Depreciation | 8 | 22 |
Pension liability | 63 | 43 |
Other | 1 | 2 |
Total deferred tax assets | 9,443 | 8,948 |
Deferred tax liabilities: | ||
Intangible | (4) | (4) |
Indefinite life intangibles | (191) | (174) |
Total deferred tax liabilities | (195) | (178) |
Deferred tax assets gross | 9,248 | 8,770 |
Valuation allowance | (9,248) | (8,770) |
Net |