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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
| (X) | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For
the quarterly period ended June 30, 2023
OR
For
the transition period ___________________ to _____________________.
Commission
file number 1-13810
SOCKET
MOBILE, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
94-3155066 |
(State
of incorporation) |
|
(IRS
Employer Identification No.) |
40675
Encyclopedia Circle, Fremont, CA 94538
(Address
of principal executive offices including zip code)
(510)
933-3000
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
Trading
Symbol(s) |
Name
of each exchange on which registered |
Common
stock, $0.001 Par Value per Share |
SCKT |
NASDAQ |
Indicate by
check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [
X ] NO [ ]
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was
required to submit such files). Yes [ X ] NO [ ]
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [X]
Smaller
reporting company [X] Emerging growth company [ ]
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES [ ] NO [X]
The
number of shares of Common Stock ($0.001 par value) outstanding as of August 9, 2023 was 7,323,442 shares.
INDEX
PART
I
Item
1. Financial Statements
SOCKET MOBILE, INC. |
CONDENSED STATEMENTS OF OPERATIONS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
June
30, |
|
Six
Months Ended
June
30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
5,117,157 |
|
|
$ |
6,045,982 |
|
|
$ |
9,429,335 |
|
|
$ |
12,338,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
2,465,594 |
|
|
|
3,010,300 |
|
|
|
4,705,285 |
|
|
|
6,175,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
2,651,563 |
|
|
|
3,035,682 |
|
|
|
4,724,050 |
|
|
|
6,163,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
1,189,930 |
|
|
|
1,121,116 |
|
|
|
2,437,049 |
|
|
|
2,174,722 |
|
Sales and marketing |
|
|
1,004,579 |
|
|
|
964,434 |
|
|
|
2,011,371 |
|
|
|
1,864,314 |
|
General and administrative |
|
|
748,609 |
|
|
|
760,848 |
|
|
|
1,522,597 |
|
|
|
1,471,320 |
|
Total operating expenses |
|
|
2,943,118 |
|
|
|
2,846,398 |
|
|
|
5,971,017 |
|
|
|
5,510,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
(291,555 |
) |
|
|
189,284 |
|
|
|
(1,246,967 |
) |
|
|
652,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(55,261 |
) |
|
|
(45,005 |
) |
|
|
(93,269 |
) |
|
|
(90,611 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense) |
|
|
(166,000 |
) |
|
|
(40,320 |
) |
|
|
(166,000 |
) |
|
|
(116,485 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(512,816 |
) |
|
$ |
103,959 |
|
|
$ |
(1,506,236 |
) |
|
$ |
445,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.06 |
) |
|
$ |
0.01 |
|
|
$ |
(0.18 |
) |
|
$ |
0.06 |
|
Diluted |
|
$ |
(0.06 |
) |
|
$ |
0.01 |
|
|
$ |
(0.18 |
) |
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,163,608 |
|
|
|
7,219,646 |
|
|
|
7,135,149 |
|
|
|
7,225,641 |
|
Diluted |
|
|
7,163,608 |
|
|
|
7,643,315 |
|
|
|
7,135,149 |
|
|
|
7,687,980 |
|
See
accompanying notes to condensed financial statements.
SOCKET
MOBILE, INC.
CONDENSED
BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
June
30, 2023
(Unaudited) |
|
December 31, 2022 |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
3,431,037 |
|
|
$ |
3,623,469 |
|
Accounts receivable, net |
|
3,200,422 |
|
|
|
2,659,861 |
|
Inventories, net |
|
5,509,150 |
|
|
|
5,601,691 |
|
Prepaid expenses and other current assets |
|
617,734 |
|
|
|
617,188 |
|
Deferred cost on shipments to distributors |
|
412,490 |
|
|
|
266,327 |
|
Total current assets |
|
13,170,833 |
|
|
|
12,768,536 |
|
|
|
|
|
|
|
|
|
Property and equipment: |
|
|
|
|
|
|
|
Machinery and office equipment |
|
2,194,521 |
|
|
|
1,533,087 |
|
Computer equipment |
|
3,157,278 |
|
|
|
2,715,121 |
|
|
|
5,351,799 |
|
|
|
4,248,208 |
|
Accumulated depreciation |
|
(2,938,637 |
) |
|
|
(2,590,999 |
) |
Property and equipment, net |
|
2,413,162 |
|
|
|
1,657,209 |
|
|
|
|
|
|
|
|
|
Intangible assets, net |
|
1,623,017 |
|
|
|
1,693,927 |
|
Other long-term assets |
|
274,528 |
|
|
|
250,239 |
|
Deferred tax assets |
|
8,502,419 |
|
|
|
8,668,419 |
|
Operating lease right-of-use asset |
|
3,326,655 |
|
|
|
3,559,658 |
|
Total assets |
$ |
29,310,614 |
|
|
$ |
28,597,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
1,838,429 |
|
|
$ |
1,665,028 |
|
Accrued payroll and related expenses |
|
600,297 |
|
|
|
742,541 |
|
Deferred revenue on shipments to distributors |
|
942,170 |
|
|
|
594,793 |
|
Short term portion of deferred service revenue |
|
20,508 |
|
|
|
22,599 |
|
Note Payable – current portion |
|
— |
|
|
|
125,000 |
|
Subordinated convertible notes payable, net of discount |
|
149,356 |
|
|
|
147,409 |
|
Subordinated convertible notes payable, net of discount-related party |
|
2,828,068 |
|
|
|
1,230,530 |
|
Operating lease – current portion |
|
465,009 |
|
|
|
444,529 |
|
Total current liabilities |
|
6,843,837 |
|
|
|
4,972,429 |
|
|
|
|
|
|
|
|
|
Long-term portion of deferred service revenue |
|
12,029 |
|
|
|
11,767 |
|
Long-term portion of operating lease |
|
3,055,088 |
|
|
|
3,292,035 |
|
Total liabilities |
|
9,910,954 |
|
|
|
8,276,231 |
|
|
|
|
|
|
|
|
|
Commitments
and contingencies |
|
— |
|
|
|
— |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
Common stock, $0.001 par value:
authorized 20,000,000 shares, 7,666,783
issued and 7,307,533 outstanding at June
30, 2023, and 7,355,967 shares issued and 7,089,676
shares outstanding at December 31, 2022 |
|
7,308 |
|
|
|
7,090 |
|
Additional paid-in capital |
|
67,949,996 |
|
|
|
67,157,650 |
|
Treasury stock |
|
(1,037,988 |
) |
|
|
(829,563 |
) |
Accumulated deficit |
|
(47,519,656 |
) |
|
|
(46,013,420 |
) |
Total stockholders’ equity |
|
19,399,660 |
|
|
|
20,321,757 |
|
Total liabilities
and stockholders’ equity |
$ |
29,310,614 |
|
|
$ |
28,597,988 |
|
See
accompanying notes to condensed financial statements.
SOCKET MOBILE, INC. |
|
|
|
|
|
|
|
CONDENSED
STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Additional Paid-In |
|
Treasury Stock |
|
Accumulated |
|
Total
Stockholders’ |
|
Shares |
|
Amount |
|
Capital |
|
Shares |
|
Amount |
|
Deficit |
|
Equity |
Balance at December 31, 2022 |
|
7,089,676 |
|
|
$ |
7,090 |
|
|
$ |
67,157,650 |
|
|
|
266,291 |
|
|
$ |
(829,563 |
) |
|
$ |
(46,013,420 |
) |
|
$ |
20,321,757 |
|
Vesting of restricted stocks |
|
147,972 |
|
|
|
148 |
|
|
|
(148 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Restricted stock retired for tax withholding |
|
(53,647 |
) |
|
|
(54 |
) |
|
|
54 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercise of stock option |
|
38,909 |
|
|
|
39 |
|
|
|
33,666 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
33,705 |
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
295,833 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
295,833 |
|
Treasury shares purchased |
|
(92,959 |
) |
|
|
(93 |
) |
|
|
93 |
|
|
|
92,959 |
|
|
|
(208,425 |
) |
|
|
— |
|
|
|
(208,425 |
) |
Net loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(993,420 |
) |
|
|
(993,420 |
) |
Balance at March 31, 2023 |
|
7,129,951 |
|
|
$ |
7,130 |
|
|
$ |
67,487,148 |
|
|
|
359,250 |
|
|
$ |
(1,037,988 |
) |
|
$ |
(47,006,840 |
) |
|
$ |
19,449,450 |
|
Vesting of restricted stocks |
|
93,180 |
|
|
|
93 |
|
|
|
(93 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Restricted stock retired for tax withholding |
|
(598 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercise of stock option |
|
85,000 |
|
|
|
85 |
|
|
|
156,525 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
156,610 |
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
306,416 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
306,416 |
|
Net loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(512,816 |
) |
|
|
(512,816 |
) |
Balance at June 30, 2023 |
|
7,307,533 |
|
|
$ |
7,308 |
|
|
$ |
67,949,996 |
|
|
|
359,250 |
|
|
$ |
(1,037,988 |
) |
|
$ |
(47,519,656 |
) |
|
$ |
19,399,660 |
|
See
accompanying notes to condensed financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
|
Total |
|
|
Common Stock |
|
Paid-In |
|
Treasury Stock |
|
Accumulated |
|
Stockholders’ |
|
|
Shares |
|
Amount |
|
Capital |
|
Shares |
|
Amount |
|
Deficit |
|
Equity |
Balance at December 31, 2021 |
|
|
7,183,874 |
|
|
$ |
7,184 |
|
|
$ |
66,139,630 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
(46,100,351 |
) |
|
$ |
20,046,463 |
|
Vesting of restricted stocks |
|
|
91,134 |
|
|
|
91 |
|
|
|
(91 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Restricted stock retired for tax withholding |
|
|
(26,157 |
) |
|
|
(26 |
) |
|
|
(115,189 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(115,215 |
) |
Exercise of stock option |
|
|
24,200 |
|
|
|
24 |
|
|
|
39,508 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
39,532 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
223,446 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
223,446 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
341,933 |
|
|
|
341,933 |
|
Balance at March 31, 2022 |
|
|
7,273,051 |
|
|
$ |
7,273 |
|
|
$ |
66,287,304 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
(45,758,418 |
) |
|
$ |
20,536,159 |
|
Vesting of restricted stocks |
|
|
1,200 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Restricted stock retired for tax withholding |
|
|
(387 |
) |
|
|
— |
|
|
|
30 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30 |
|
Exercise of stock option |
|
|
19,390 |
|
|
|
19 |
|
|
|
41,950 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41,969 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
251,534 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
251,534 |
|
Treasury shares purchased |
|
|
(90,913 |
) |
|
|
(91 |
) |
|
|
91 |
|
|
|
90,913 |
|
|
|
(377,950 |
) |
|
|
— |
|
|
|
(377,950 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
103,959 |
|
|
|
103,959 |
|
Balance at June 30, 2022 |
|
|
7,202,341 |
|
|
$ |
7,202 |
|
|
$ |
66,580,908 |
|
|
|
90,913 |
|
|
$ |
(377,950 |
) |
|
$ |
(45,654,459 |
) |
|
$ |
20,555,701 |
|
See
accompanying notes to condensed financial statements.
SOCKET
MOBILE, INC.
CONDENSED
STATEMENTS OF CASH FLOWS
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
Operating activities |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(1,506,236 |
) |
|
$ |
445,892 |
|
Adjustments to reconcile net income (loss) to net cash
provided by operating activities: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
602,249 |
|
|
|
474,980 |
|
Depreciation and amortization |
|
|
418,549 |
|
|
|
394,287 |
|
Amortization of debt discount |
|
|
17,033 |
|
|
|
16,546 |
|
Amortization of operating lease ROU Asset |
|
|
233,003 |
|
|
|
297,069 |
|
Deferred tax expenses (benefits) |
|
|
166,000 |
|
|
|
116,485 |
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(540,561 |
) |
|
|
(815,172 |
) |
Inventories |
|
|
92,541 |
|
|
|
(732,996 |
) |
Prepaid expenses and other current assets |
|
|
(546 |
) |
|
|
(359,891 |
) |
Other assets |
|
|
(24,289 |
) |
|
|
(222,248 |
) |
Accounts payable and accrued expenses |
|
|
173,401 |
|
|
|
1,137,335 |
|
Accrued payroll and related expenses |
|
|
(142,244 |
) |
|
|
(4,595 |
) |
Net deferred revenue on shipments to distributors |
|
|
201,214 |
|
|
|
82,156 |
|
Deferred service revenue |
|
|
(1,829 |
) |
|
|
6,169 |
|
Net change in operating lease liability |
|
|
(216,467 |
) |
|
|
(237,253 |
) |
Net cash (used
in) provided by operating activities |
|
|
(528,182 |
) |
|
|
598,764 |
|
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
Purchases of equipment and intangible assets |
|
|
(1,103,592 |
) |
|
|
(560,079 |
) |
Net cash used in investing
activities |
|
|
(1,103,592 |
) |
|
|
(560,079 |
) |
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
|
Common stocks repurchased and related expenses |
|
|
(208,425 |
) |
|
|
(377,950 |
) |
Proceeds from note payable |
|
|
1,582,452 |
|
|
|
— |
|
Repayments of note payable |
|
|
(125,000 |
) |
|
|
(250,000 |
) |
Proceeds from stock options exercised |
|
|
190,315 |
|
|
|
81,531 |
|
Net cash provided by (used
in) financing activities |
|
|
1,439,342 |
|
|
|
(546,419 |
) |
Net decrease in cash and cash equivalents |
|
|
(192,432 |
) |
|
|
(507,734 |
) |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
|
3,623,469 |
|
|
|
6,095,886 |
|
Cash and cash equivalents at end of period |
|
$ |
3,431,037 |
|
|
$ |
5,588,152 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
70,934 |
|
|
$ |
81,386 |
|
Supplemental disclosure of non-cash activities |
|
|
|
|
|
|
|
|
Payroll tax liability for retired restricted stock |
|
$ |
— |
|
|
$ |
115,215 |
|
Property acquired under operating lease |
|
$ |
— |
|
|
$ |
3,851,195 |
|
See
accompanying notes to condensed financial statements.
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS
(Unaudited)
June
30, 2023
NOTE
1 — Basis of Presentation
The
accompanying unaudited condensed financial statements of Socket Mobile, Inc. (the “Company”) have been prepared in accordance
with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form
10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles
generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments, consisting only
of normal recurring accruals considered necessary for fair presentation have been included. The results of operations for the interim
periods are not necessarily indicative of the operating results for the full fiscal year or any future period. These financial statements
should be read in conjunction with the audited financial statements and notes included in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2022.
NOTE
2 — Summary of Significant Accounting Policies
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Actual
results could differ from those estimates, and such differences may be material to the financial statements.
Cash
Equivalents and Fair Value of Financial Instruments
The
Company considers all highly liquid investments purchased with a maturity date of 90 days or less at date of purchase to be cash equivalents.
In response to recent volatility in the financial markets in March 2023, the Company entered into an Insured Cash Sweep (“ICS”)
Deposit Placement Agreement with IntraFi Network LLC facilitated by its bank, Bridge Bank - a division of Western Alliance Bank. The ICS
program provides the Company’s demand or savings products with access to unlimited FDIC insurance, which helps the Company to keep
the full amount of the deposit on its balance sheet and provides additional security during times of market uncertainty. As of June 30,
2023 and December 31, 2022, all of the Company’s cash and cash equivalents consisted of amounts held in demand deposit accounts
in banks. The Company has never experienced any losses in such accounts.
The
carrying value of the Company’s cash and cash equivalents, accounts receivable, accounts payable, and debt approximate fair value
due to the relatively short period of time to maturity.
Revenue
Recognition and Deferred Revenue
In
May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts
with Customers: Topic 606” (“ASC 606”). With the adoption of ASC 606 in January 2017, the Company recognizes
revenue on sales to distributors when shipping of product is completed and title transfers to distributor, less a reserve for estimated
product returns (sales and cost of sales). The reserves are based on estimates of future returns calculated from actual return history,
primarily from stock rotations, plus knowledge of pending returns outside of the norm. On June 30, 2023, the deferred revenue and deferred
cost on shipments to distributors were $942,170 and $412,490, respectively, compared to $594,793 and $266,327, respectively, on December
31, 2022.
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS
(Unaudited)
June
30, 2023
The
Company also earns revenue from its SocketCare extended warranty program, which provides extended warranty and accidental breakage coverage
for selected products. Customers can purchase a SocketCare warranty at the time of product purchase, which provides coverage for a three-year
or a five-year term. Revenues from SocketCare services are recognized ratably over the life of the extended warranty contract. For the
quarters ended June 30, 2023 and 2022, SocketCare revenue was approximately $5,400 and $5,900, respectively. The amount of unrecognized
SocketCare service revenue is classified as deferred service revenue and presented on the Company’s balance sheet in its short-
and long-term components. On June 30, 2023, the balance of unrecognized SocketCare service revenue was approximately $33,000.
Cost
of Sales and Gross Margins
Cost
of sales primarily consists of the costs to manufacture our products, including the costs of materials, contract manufacturing, shipping
costs, personnel and related expenses including stock-based compensation, equipment and facility expenses, warranty costs and inventory
excess and obsolete provisions. The factors that affect our gross margins are the cost of materials, the mix of products and the extent
to which we are able to efficiently utilize our manufacturing capacity.
Leases
In
February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02,
Leases (Topic 842), which requires a lessee to recognize a liability representing future lease payments and a right-of-use asset representing
its right to use the underlying asset for the lease term. For operating leases, a lessee is required to recognize at inception a right-of-use
asset and a lease liability equal to the net present value of the lease payments, with lease expense recognized over the lease term on
a straight-line basis. For leases with a term of twelve months or less, ASU 2016-02 allows a reporting entity to make an accounting policy
election to not recognize a right-of-use asset and a lease liability, and to recognize lease expense on a straight-line basis. The Company
adopted ASU 2016-02 effective January 1, 2019. On June 30, 2023, the balances of right-of-use assets and liabilities for the operating
lease were $3,326,655 and $3,520,097, respectively, compared to $3,559,658 and $3,736,564, respectively, on December 31, 2022.
Recently
Issued Financial Accounting Standards
From
time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies and adopted by the Company as of
the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards that are not
yet effective will not have a material impact on the Company’s financial position, results of operations or cash flows upon adoption.
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS
(Unaudited)
June
30, 2023
NOTE
3 — Intangible Assets
In
2021, the Company entered into the Technology Transfer Agreement with SpringCard SAS (“SpringCard”). The Unaudited Condensed
Balance Sheets include the intangible assets of the acquired technology at the carrying amount, net of amortization of $1,623,017 as of
June 30, 2023.
The
intangible assets are amortized on a straight-line basis over their estimated useful lives of fifteen years, beginning on April 1, 2021.
As of June 30, 2023, the estimated future amortization of these intangible assets is as follows:
|
|
Fiscal
Year |
Amount |
2023
(July 1, 2023 to December 31, 2023) |
$ 63,648 |
2024 |
127,296 |
2025 |
127,296 |
2026 |
127,296 |
2027 |
127,296 |
Thereafter |
1,050,185 |
Total |
$ 1,623,017 |
NOTE
4 — Inventories
Inventories
consist principally of raw materials and sub-assemblies, which are stated at the lower of cost (first-in, first-out) or market. Inventories
on June 30, 2023 and December 31, 2022 were as follows:
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2023 |
|
2022 |
Raw materials and sub-assemblies |
|
$ |
6,034,232 |
|
|
$ |
6,193,453 |
|
Finished goods |
|
|
355,861 |
|
|
|
289,181 |
|
Inventory reserves |
|
|
(880,943 |
) |
|
|
(880,943 |
) |
Inventory, net |
|
$ |
5,509,150 |
|
|
$ |
5,601,691 |
|
NOTE
5 — Bank Financing Arrangements
The
Company initially entered into a Business Financing Agreement with Western Alliance Bank (the “Bank”), an Arizona corporation,
on February 27, 2014, and this agreement has been amended and extended through the years.
Amended
and Restated Business Financing Agreement
On
January 29, 2021, the Company entered into an Amended and Restated Business Financing Agreement (the “Financing Agreement”)
with the Bank. The Financing Agreement increased the Company’s Domestic Line of Credit to $3.0 million, including a $2.0 million
revolving facility and a $1.0 million nonformula loan. The $1.0 million nonformula loan was enrolled in the CalCap Collateral Support
Program (the “CalCap Loan”) and advanced on February 16, 2021. The Company will make a principal reduction payment of $125,000,
plus all accrued but unpaid interest on the 30th day of each of April, July, October and January. The Financing Agreement also extended
the maturity date of both the Domestic Line of Credit and EXIM Line of Credit to January 31, 2023.
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS
(Unaudited)
June
30, 2023
First
Business Financing Modification Agreement
On
February 9, 2022, the Company entered into the First Business Financing Modification Agreement with the Bank. The Bank consented to the
share repurchase program of up to $1.8 million. Future audit of accounts receivables will be performed once every twelve months. The Bank
increased the credit limit for business credit cards to $250,000.
Second
Business Financing Modification Agreement and Waiver of Defaults
On
January 25, 2023, the Company entered into the Second Business Financing Modification Agreement and Waiver of Defaults with the Bank,
which extended the maturity date of the Company’s revolving lines of credit to January 31, 2025.
Third
Business Financing Modification Agreement and Waiver of Defaults
On
May 26, 2023, the Company entered into the Third Business Financing Modification Agreement, Waiver of Defaults and Consent with the Bank.
As part of the agreement, the bank has waived the default resulting from the Company’s failure to meet the minimum adjusted EBITDA
requirement in the quarter ended March 31, 2023. Additionally, the bank has provided consent for the issuance of additional subordinated
debt during May 2023.
The
outstanding balance of the CalCap Loan, which was $125,000, was paid off on February 1, 2023. The Company did not borrow any amounts on
its bank credit lines as of June 30, 2023 and December 31, 2022.
NOTE
6 — Secured Subordinated Convertible Notes Payable
On
August 31, 2020, the Company completed a secured subordinated convertible note financing of $1,530,000, including $1,350,000 from officers,
directors, and family members. Because the Financing involved such parties related to the Company, a special committee of the Board comprising
the Board’s disinterested directors approved the Financing.
The
funds raised are used to increase the Company’s working capital balances. The notes have a three-year term that accrue interest
at 10% per annum and mature on August 30, 2023. The interest on the notes is payable quarterly in cash. The holder of each note may require
the Company to repay the principal amount of the note plus accrued interest at any time after August 31, 2021. The principal amount of
each note is convertible at any time, at the option of the holder, into shares of the Company’s common stock at a conversion price
of $1.46 per share, which was the market closing price of the common stock on Friday, August 28, 2020, the closing date of the financing.
The notes did not contain a beneficial conversion feature because the conversion price is higher than the market closing price on the
date of the notes payable. The notes are secured by the assets of the Company and are subordinated to amounts outstanding under the Company’s
working capital bank line of credit with Western Alliance Bank. Total issuance costs associated with the financing is $96,515, and the
costs are presented in the balance sheet as a direct deduction from the notes payable balance of $1,530,000 as a contra-liability. The
issuance costs are amortized over three years, the term of the notes payable, and the amortization expense is reported as interest expense.
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS
(Unaudited)
June
30, 2023
On
November 16, 2022, the Company and the requisite holders of the outstanding notes entered into a Secured Subordinated Convertible Note
Extension Agreement (the “Extension Agreement”), which extended the maturity date of the notes from August 30, 2023 to August
30, 2024. All other terms and conditions of the notes remain unchanged and in full force and effect.
On
May 26, 2023, the Company completed a secured subordinated convertible note financing of $1,600,000. The proceeds of the Financing will
be used to increase the Company’s working capital balances. The secured subordinated convertible notes have a three-year term and
will mature on May 26, 2026. The interest rate on the Notes is 10% per year, payable quarterly in cash. The holder of each Note may require
the Company to repay the principal amount of the Note plus accrued interest at any time after May 26, 2024. The Notes are secured by the
assets of the Company and are subordinated to the Company’s debts with Western Alliance Bank, its senior lender. The principal amount
of each Note is convertible at any time, at the option of the holder, into shares of the Company’s common stock at a conversion
price of $1.34 per share. Failure to pay the principal payment or any interest payment (with 5 days delinquency) when due are events of
default under the Notes. The Company filed and caused to be declared effective pursuant to the Securities Act of 1933, as amended, in
June 2023 a Registration Statement to provide for resales of the shares of Common Stock issuable upon conversion of the Notes.
Total
interest expenses recognized related to the convertible notes were $59,636 and $43,177 for three months ended June 30, 2023 and 2022,
respectively.
NOTE
7 — Segment Information and Concentrations
Segment
Information
The
Company operates in the mobile barcode scanning and RFID/NFC data capture market. Mobile scanning typically consists of mobile devices
such as smartphones or tablets, with mobile scanning or NFC peripherals for data collection, and third-party vertical applications software.
The Company distributes its products in the United States and foreign countries primarily through distributors and resellers. The Company
markets its products primarily through application developers whose applications are designed to work with the Company’s products.
Revenues
by geographic areas for the three and six months ended June 30, 2023 and 2022 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues: |
|
|
|
|
|
|
|
|
Americas |
|
$ |
3,840,276 |
|
|
$ |
4,480,812 |
|
|
$ |
6,978,929 |
|
|
$ |
9,363,585 |
|
Europe |
|
|
677,761 |
|
|
|
952,965 |
|
|
|
1,220,288 |
|
|
|
1,650,935 |
|
Asia Pacific |
|
|
599,120 |
|
|
|
612,205 |
|
|
|
1,230,118 |
|
|
|
1,324,464 |
|
Total revenues |
|
$ |
5,117,157 |
|
|
$ |
6,045,982 |
|
|
$ |
9,429,335 |
|
|
$ |
12,338,984 |
|
Export
revenues are attributable to countries based on the location of the Company’s customers. The Company does not hold long-lived assets
in foreign locations.
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS
(Unaudited)
June
30, 2023
Major
Customers
Customers
who accounted for at least 10% of the Company’s total revenues for the three and six months ended June 30, 2023 and 2022 were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
BlueStar, Inc. |
|
|
26 |
% |
|
|
19 |
% |
|
|
23 |
% |
|
|
20 |
% |
Ingram Micro Inc. |
|
|
22 |
% |
|
|
33 |
% |
|
|
23 |
% |
|
|
30 |
% |
ScanSource, Inc. |
|
|
* |
|
|
|
* |
|
|
|
* |
|
|
|
14 |
% |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to significant concentrations of credit risk include cash, cash equivalents and accounts
receivable. The Company invests its cash in demand deposit accounts in banks and the Company has not experienced losses on the investments.
The Company’s trade accounts receivables are primarily with distributors. The Company performs ongoing credit evaluations of its
customers’ financial condition, but the Company generally requires no collateral. Reserves are maintained for potential credit losses,
and such losses have been within management’s expectations. Customers who accounted for at least 10% of the Company’s accounts
receivable balances on June 30, 2023 and December 31, 2022 were as follows:
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2023 |
|
2022 |
Ingram Micro Inc. |
|
|
36 |
% |
|
|
14 |
% |
BlueStar, Inc. |
|
|
26 |
% |
|
|
46 |
% |
ScanSource, Inc. |
|
|
12 |
% |
|
|
11 |
% |
Concentration
of Suppliers
Several
of the Company’s component parts are produced by a sole or limited number of suppliers. Shortages could occur in these essential
materials due to increased demand, or due to an interruption of supply. Suppliers may choose to restrict credit terms or require advance
payments causing delays in the procurement of essential materials. The Company’s inability to procure certain materials could have
a material adverse effect on the Company’s results. For the three months ended June 30, 2023 and 2022, top three suppliers accounted
for 54% and 55% of inventory purchases. As of June 30, 2023 and December 31, 2022, 28% and 31%, respectively, of the Company’s accounts
payable balances were concentrated with top two suppliers.
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS
(Unaudited)
June
30, 2023
NOTE
8 — Stock-Based Compensation
The
Company recognizes the compensation cost in the financial statements for all stock-based awards to employees, including grants of stock
options and restricted stock, based on the fair value of the awards as of the date that the awards are issued. Compensation cost for stock-based
awards is recognized on a straight-line basis over the vesting period.
The
fair values of stock options are generally determined using a binomial lattice valuation model which incorporates assumptions about expected
volatility, risk-free interest rate, dividend yield, and expected life. There were no stock options granted during the six months ended
June 30, 2023, compared to 40,000 stock options for the six months ended June 30, 2022.
Restricted
stock shares are issued to employees, consultants, and board directors and are held in escrow by the Company until the shares vest. Vesting
is contingent upon the recipients remaining as continuing service providers on each of the vesting dates. In the event of termination
of service or employment, unvested shares revert back to the Company. Shares are registered at the time of grant, allowing share owners
to vote at the annual stockholder meeting. These shares of restricted stock are granted at zero cost basis. Compensation cost for the
restricted stock is recognized on a straight-line basis over the vesting period. For the six months ended June 30, 2023 and 2022, the
Company awarded 450,370 and 323,800 shares of restricted stock, respectively.
As
of June 30, 2023, there were 993,819 shares of restricted stock outstanding. Due to the existence of restrictions on sale or transfer
until the shares vest, the Company does not count the shares of restricted stock as issued and outstanding shares until they vest.
Total
stock-based compensation expenses for the three and six months ended June 30, 2023 were $306,416 and $602,249, respectively, compared
to expenses of $251,534 and $474,980 in the corresponding periods a year ago.
NOTE
9 — Net Income (Loss) Per Share
The
following table sets forth the reconciliation of basic shares to diluted shares and the computation of basic and diluted net income (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
June
30, |
|
Six
Months Ended
June
30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Numerator: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(512,816 |
) |
|
$ |
103,959 |
|
|
$ |
(1,506,236 |
) |
|
$ |
445,892 |
|
Net income (loss) allocated to restricted stock award |
|
(66,541 |
) |
|
|
10,521 |
|
|
|
(189,740 |
) |
|
|
43,773 |
|
Adjusted net income (loss) for basic earnings per
share |
$ |
(446,275 |
) |
|
$ |
93,438 |
|
|
$ |
(1,316,496 |
) |
|
$ |
402,119 |
|
Convertible note interest |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted net income (loss) before interest for diluted
earnings per share |
$ |
(446,275 |
) |
|
$ |
93,438 |
|
|
$ |
(1,316,496 |
) |
|
$ |
402,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
Weighted average shares outstanding used in computing net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
7,163,608 |
|
|
|
7,219,646 |
|
|
|
7,135,149 |
|
|
|
7,225,641 |
|
Effect of dilutive stock options |
|
— |
|
|
|
423,669 |
|
|
|
— |
|
|
|
462,339 |
|
Effect of convertible note weighted shares |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
7,163,608 |
|
|
|
7,643,315 |
|
|
|
7,135,149 |
|
|
|
7,687,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share applicable to common
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.06 |
) |
|
$ |
0.01 |
|
|
$ |
(0.18 |
) |
|
$ |
0.06 |
|
Diluted |
$ |
(0.06 |
) |
|
$ |
0.01 |
|
|
$ |
(0.18 |
) |
|
$ |
0.05 |
|
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS
(Unaudited)
June
30, 2023
In
the three and six months ended June 30, 2023, 1,167,384 stock options, 2,152,934 shares for convertible notes, and 50,000 warrants were
excluded in the calculation of diluted net loss per share as their effect would have been anti-dilutive.
In
the three and six months ended June 30, 2022, 939,168 and 903,369 stock options, respectively, were excluded in the calculation of diluted
net income per share as their effect would have been anti-dilutive. In the three and six months ended June 30, 2022, 50,000 warrants
were also excluded in the calculation of diluted net income per share as their effect would have been anti-dilutive.
NOTE 10 —
Income Taxes
The
Company recorded income tax expenses of $166,000 in the three and six months ended June 30, 2023, compared to income tax expenses of $40,320
and $116,485 respectively in the three and six months ended June 30, 2022.
NOTE
11 — Commitments and Contingencies
Operating
Lease Obligations
The
Company’s lease agreement for the office space in Newark, California expired on June 30, 2022. On May 1, 2022, the Company commenced
a lease agreement for approximately 35,913 square feet at 40675 Encyclopedia in Fremont, California. This serves as the location for the
Company’s Corporate Headquarters, including office space and manufacturing. The Company will pay a base monthly rent in the amount
of $50,278 commencing on the first day of the fourth full month of the lease term. Base monthly rent will increase annually on May 1st
of each year by 3%.
The
Company accounted for the lease as an operating lease under ASC 842 using the bank loan interest rate in effect on May 1, 2022 at 5.0%
to discount future lease payments. The lease term expires on July 31, 2029, with a one-time option to renew for a period of five years.
The renewal period is not included in the measurement of the leases as the Company is not reasonably certain of exercising it.
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS
(Unaudited)
June
30, 2023
As
of June 30, 2023, the balances of right-of-use assets and liabilities were approximately $3,326,655
and $3,520,097,
respectively, compared to approximately $3,559,658
and $3,736,564,
respectively, on December 31, 2022.
In
July 2022, the Company also signed a two-year equipment operating lease agreement and the future lease payments are discounted at the
interest rate of 5.5%.
The
operating lease expense was allocated in cost of goods sold and operating expenses based on department headcount and amounted to $162,108
and $324,217 for the three and six months ended June 30, 2023, respectively, compared to $214,839 and $322,604 for the three and six months
ended June 30, 2022, respectively.
Cash
payments included in the measurement of the Company’s operating lease liabilities were $155,348 and $308,530 for the three and six
months ended June 30, 2023, respectively, compared to $126,838 and $258,847, respectively, for the corresponding prior year periods.
Future
minimum lease payments for the operating lease in effect as of June 30, 2023 are shown below:
|
|
|
|
|
Annual minimum payments: |
|
Amount |
2023 (July 2023 through December 31, 2023) |
|
|
313,713 |
|
2024 |
|
|
636,861 |
|
2025 |
|
|
652,883 |
|
2026 |
|
|
672,470 |
|
2027 |
|
|
692,644 |
|
Thereafter |
|
|
1,139,071 |
|
Total minimum payments |
|
|
4,107,642 |
|
Less: Present value factor |
|
|
(587,545 |
) |
Total operating lease liabilities |
|
|
3,520,097 |
|
Less: Current portion of operating lease |
|
|
(465,009 |
) |
Long-term portion of operating lease |
|
$ |
3,055,088 |
|
Purchase
Commitments
As
of June 30, 2023, the Company has non-cancelable purchase commitments for inventory to be used in the ordinary course of business of approximately
$7,900,000.
Legal
Matters
The
Company is subject to disputes, claims, requests for indemnification and lawsuits arising in the ordinary course of business. Under the
indemnification provisions of the Company’s customer agreements, the Company routinely agrees to indemnify and defend its customers
against infringement of any patent, trademark, copyright, trade secrets, or other intellectual property rights arising from customers’
legal use of the Company’s products or services. The exposure to the Company under these indemnification provisions is generally
limited to the total amount paid for the indemnified products. However, certain indemnification provisions potentially expose the Company
to losses in excess of the aggregate amount received from the customer. To date, there have been no claims against the Company by its
customers pertaining to such indemnification provisions, and no amounts have been recorded. The Company is currently not a party to any
material legal proceedings.
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS
(Unaudited)
June
30, 2023
NOTE
12 — Subsequent Events
The
Company evaluated subsequent events and transactions that occurred between July 1, 2023 through the date of this report, the date that
the unaudited condensed financial statements were issued. Other than described below, the Company did not identify any subsequent events
that would have required adjustment or disclosure in the unaudited condensed financial statements.
The
Company issued 15,000 shares of common stock upon the exercise of stock options.
9,350
shares of restricted stock were granted from the 2004 Equity Incentive Plan.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This
Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements forecasting our future financial condition
and results, our future operating activities, market acceptance of our products, expectations for general market growth of mobile computing
devices, growth in demand for our data capture products, expansion of the markets that we serve, expansion of the distribution channels
for our products, and the timing of the introduction and availability of new products, as well as other forecasts discussed under “Management’s
Discussion and Analysis of Financial Condition and Results of Operations.” Words such as “may,” “will,”
“predicts,” “anticipates,” “expects,” “intends,” “plans,” “believes,”
“seeks,” “estimates,” variations of such words, and similar expressions are intended to identify such forward-looking
statements. Such forward-looking statements are based on current expectations, estimates and projections about our industry, and management’s
beliefs and assumptions. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties;
therefore, actual results and outcomes may differ materially from what is expressed or forecasted in any such forward-looking statements.
Factors that could cause actual results and outcomes to differ materially include, but are not limited to: volatility in the world economy
generally and in the markets we serve in particular, including the impact of Russia’s military action against Ukraine; the risk
of delays in the availability of our products due to technological, market or financial factors including the availability of product
components and necessary working capital; our ability to successfully develop, introduce and market future products; our ability to effectively
manage and contain our operating costs; the availability of third-party hardware and software that our products are intended to work with;
product delays associated with new model introductions and product changeovers by the makers of products that our products are intended
to work with; continued growth in demand for barcode scanners; market acceptance of emerging standards such as RFID/Near Field Communications
and of our related data capture products; the ability of our strategic relationships to benefit our business as expected; our ability
to enter into additional distribution relationships; and other factors described in this Form 10-Q including under “Risk Factors”
and those discussed in other documents we filed with the Securities and Exchange Commission. We assume no obligation to update such forward-looking
statements or to update the reasons why actual results could differ materially from those anticipated in such forward-looking statements.
You
should read the following discussion in conjunction with the interim condensed financial statements and notes included elsewhere in this
report, the Company’s annual financial statements included in its Annual Report on Form 10-K, and other information contained in
other reports and documents filed from time to time with the Securities and Exchange Commission.
The
Company and its Products
We
are a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Our products are incorporated
into mobile applications used in point of sale (POS), commercial services (field workers), asset tracking, manufacturing process and quality
control, transportation and logistics (goods tracking and movement), event management (ticketing, entry, access control, and identification),
medical and education. Our primary products are cordless data capture devices incorporating barcode scanning or RFID/Near Field Communications
(NFC) technologies that connect over Bluetooth. All products work with applications running on smartphones, mobile computers and tablets
using operating systems from Apple® (iOS), Google™ (Android™) and Microsoft® (Windows®). We offer an easy-to-use
software developer kit (CaptureSDK) to application providers, which enables them to provide their users with our advanced barcode scanning
features. Our products are integrated in their application solutions and are marketed by the application providers or the resellers of
their applications. The number of our registered application providers for data capture applications continues to grow.
SocketScan
family. Our SocketScan product line includes two families of scanner: the 700 Series and the 800 Series. The 700 Series scanners (S700,
S720, S730, S740) are companion scanners available in a range of colors, including blue, green, red, white, yellow and black. The S720
can read both 1D and 2D barcodes on paper and screen, making it a drop-in replacement for our popular S700 model while also offering QR
code functionality.
The
800 Series scanners (S800, S820, S840, S860) are attachable scanners that can be conveniently clipped onto smartphones, tablets and other
mobile using detachable clip or DuraCase, creating a one-hand solution. The S860 includes MRZ (machine-readable zone) support, enabling
it to scan passports, visas, and other travel documents in addition to barcodes. All of our SocketScan 800 Series scanners can also be
used as stand-alone scanners. For those looking for an affordable upgrade to 2D scanning, the S820 provides a reliable and cost-effective
option.
DuraScan®
Family. Our DuraScan® product line consists of two families of durable barcode scanners with IP54-rated outer casing to withstand
tougher environments: the 700 Series and the 800 Series. The 700 Series scanners (D700, D720, D730, D740, D745, D755, D760) are companion
scanners, and the D740 is an affordable 2D option priced competitively with a 1D barcode scanner in the market. The 800 Series scanners
(D800, D820, D840, D860) are attachable scanners but can also be used as stand-alone scanners. The D820 provides a reliable and affordable
option for those who wish to upgrade to 2D scanning. The D745 and D755 are medical-grade universal scanners, while D760 and D860 include
MRZ (machine-readable zone) support, making it capable of scanning passports, visas, and other travel documents.
DuraSled
Family. Our DuraSled (DS800, DS820, DS840, DS860) is a durable solution that combines a phone with a scanner, creating a one-handed
scanning solution. This product protects phones from impact damage and provides a robust charging solution for all environments. It
is ideal for various App-driven mobile solutions such as delivery services, stock counting, and
ticketing. The DuraSled products are compatible with Apple, Samsung and Windows devices. The DS820 provides a basic and affordable
option for those who wish to upgrade to 2D scanning.
Contactless
RFID/NFC reader writer. Our contactless product line includes D600, S550, and S370. The D600, an ergonomically handheld model
with IP54-rated outer casing, can read and write many different types of electronic SmartTags or transfer data with near-field communication.
The S550, a contactless membership card reader/writer, is designed to facilitate tap-and-go smart card and NFC applications. S370
supports both barcode scanning and Near Field Communication (NFC) reading and writing technologies. It provides App providers the ability
to read both QR code-based and NFC-based credentials, allowing App providers to accept multiple formats with one device. S370 can also
read credentials following ISO 18013-5, the Mobile Driver’s License (mDL) standard being adopted in many states and countries.
SocketCam
family. Our SocketCam C820, a software-based barcode scanner, offers a free, flexible, quick, and reliable data capture solution to
our App partners who can include the C820 in their applications to provide free scanning to their end-users. The SocketCam C820 is the
first member of the SocketCam family and turns any mobile device into a high-performance barcode scanner. App providers are challenged
to service a wide range of customers with various data capture requirements, from price-sensitive to performance-sensitive, and even multiple
data types. The addition of the C820 seamlessly enables these diverse requirements. End-users whose data capture requirements exceed the
capabilities of the free camera-based scanners will have the choice of purchasing a Socket Scanner or using an advanced version of the
camera-based scanner C860 which is expected to be available in Q3 2023.
Software
Developer Kit (CaptureSDK). Our Software Developer Kit (CaptureSDK) supports all our data capture devices with a single integration,
making it easier for App providers to integrate our data capture capabilities into their applications. With the installation of our data
capture software, the App providers’ customers can choose any of our products that work best for them. Our CaptureSDK enables the
App providers to modify captured data, control the placement of the barcoded or RFID data in their applications, and control the feedback
to the user that the transaction and transmission were successfully completed. Our CaptureSDK also supports the built-in camera in a customer’s
smartphone or tablet to be used for occasional or lower-volume data collection requirements. The CaptureSDK uses tools integrated with
software building environments such as Swift Package Manager, Maven and NuGet, adds support for high-level frameworks such as MAUI, ReactNative,
Java, JavaScript, and Flutter and adds other features to make it easier for App providers to integrate our data capture software into
their applications.
We
design our own products and are responsible for all associated test equipment. We subcontract the manufacturing of all our product components
to independent third-party contract manufacturers located in the United States, Mexico, Taiwan, Singapore, Malaysia and China, who have
the necessary equipment, know-how and capacity to manufacture products to our specifications. We perform final product assembly, testing
and packaging at, and distribute our products from, our Fremont, California facility. We offer our products worldwide through two-tier
distribution enabling customers to purchase from large numbers of online resellers around the world including application providers who
resell their own solutions along with our data capture products.
We
believe growth in mobile applications and the mobile workforce resulting from technical advances in mobile technologies, cost reductions
in mobile devices and the growing adoption by businesses of mobile applications for smartphones and tablets, builds a growing demand for
our products. Our data capture products address the need for speed and accuracy by today’s mobile workers and by the systems supporting
those workers, thereby enhancing their productivity and allowing them to exploit time-sensitive opportunities and improve customer satisfaction.
Results
of Operations
Revenues
Total
revenues for the three and six months ended June 30, 2023, were approximately $5.1 million and $9.4 million, respectively, a decrease
of 15% and 24%, respectively, from revenues of approximately $6.05 million and $12.3 million, respectively, in the comparable periods
one year ago. The decline was primarily attributable to the weakness in the retail POS market, which serves as the primary source of our
revenue.
Gross
Margins
Our
gross profit margins on sales for the three and six months ended June 30, 2023, were 51.8% and 50.1%, respectively, compared to gross
margins of 50.2% and 50.0% for the corresponding periods a year ago. The improvement in margins was attributed to the higher margin achieved
through direct sales from our online SocketStore.
Research
and Development Expense
Research
and development expense in the three and six months ended June 30, 2023, were approximately $1,190,000 and $2,437,000, respectively, representing
an increase of 6% and 12% compared to expenses of approximately $1,121,000 and $2,175,000 in the corresponding periods a year ago. The
increases were primarily attributed to the Cost-of-Living Adjustments implemented in Q3 2022 and the rise in development costs for new
products. Additionally, we recognize the significance of expediting time to market for new products to drive revenue growth, which is
why we will continue to make substantial research and development investments as our revenue grows. Moving forward, we anticipate that
R&D expenses will remain at a similar level to the first half of the year for the remainder of the year.
Sales
and Marketing Expense
Sales
and marketing expense in the three and six months ended June 30, 2023, were approximately $1,005,000 and $2,011,000, respectively, representing
an increase of 4% and 8% compared to expense of approximately $964,000 and $1,864,000 in the corresponding periods a year ago. The increase
in expenses was primarily attributed to higher headcount and the Cost-of-Living Adjustments implemented in Q3 2022. We anticipate that
sales and marketing expenses will slightly increase for the rest of the year.
General
and Administrative Expense
General
and administrative expense in the three and six months ended June 30, 2023 were approximately $749,000 and $1,523,000, respectively, reflecting
a slight decrease of 2% and a slight increase of 3% compared to expense of approximately $761,000 and $1,471,000 in the corresponding
periods a year ago. We anticipate the general and administrative expenses will decrease for the rest of the year due to the absence of
costs related to professional services, which are typically concentrated in the first half of the year.
Interest
Expense, Net of Interest Income
Interest
expense, net of interest income, in the three and six months ended June 30, 2023 was approximately $55,000 and $93,000, respectively,
compared to approximately $45,000 and $91,000, respectively, in the same periods one year ago. Interest expense in the three and six months
ended June 30, 2023, was related to interest on the secured subordinated convertible notes payable (see “NOTE 6 — Secured
Subordinated Convertible Notes Payable” of the notes to consolidated financial statements for more information) and on the CalCap
loan. Our credit lines had no outstanding balances during the three and six months ended June 30, 2023. Interest expense in 2022 was primarily
related to interest on the secured subordinated convertible notes payable and on the CalCap loan. There were no outstanding balances of
our bank term loan and credit lines during the first three and six months of 2022.
Interest
income reflects interest earned on cash balances. Interest income was nominal in each of the comparable first quarters, reflecting low
average rates of return.
Income
Taxes
In
the three and six months ended June 30, 2023, we recorded income tax expense of $166,000. As of June 30, 2023, our deferred tax asset,
primarily representing future income tax savings from the application of net operating loss carry forwards, was valued at $8,502,419.
In the three and six months ended June 30, 2022, we recorded income tax expenses of $40,320 and $116,485, respectively. As of June 30,
2022, our deferred tax asset was valued at $7,843,934.
We
have determined that utilization of existing net operating losses against future taxable income is not limited by Section 382 of
the Internal Revenue Code. However, future ownership changes may limit our ability to fully utilize the existing net operating loss carryforwards
against any future taxable income. We will continue to monitor the likelihood of realizing the value of deferred tax assets in the future.
Liquidity
and Capital Resources
As
reflected in our Statements of Cash Flows, net cash used in operating activities was approximately $528,000 in the first half of 2023,
compared to net cash provided by operating activities amounted to approximately $599,000 in the first half of 2022, respectively. We calculate
net cash provided by (used in) operating activities by adjusting our net income (loss) (approximately a net loss of approximately $1,506,000
and net income of $446,000 in the first half of 2023 and 2022, respectively) with the items that did not require the use of cash. Those
items include stock-based compensation expense, depreciation and amortization of equipment and intangible assets, amortization of debt
discount and operating lease ROU assets, and deferred tax expenses (benefits). These amounts totaled approximately $1,437,000 and $1,299,000
in the first half of 2023 and 2022, respectively. In addition, we report increases in assets and reductions in liabilities as uses of
cash and decreases in assets and increases in liabilities as sources of cash, together referred to as changes in operating assets and
liabilities.
In
the first half of 2023, changes in operating assets and liabilities resulted in net cash used in operating activities of approximately
$459,000 which were primarily from increased accounts receivable levels driven by higher shipment levels at the end of the quarter and
operating lease payments. The uses of cash were partially offset by increases in net deferred revenue on shipments to distributors and
increase in accounts payable.
In
the first half of 2022, changes in operating assets and liabilities resulted in net cash used in operating activities of approximately
$1,146,000 which were primarily from increasing our inventory levels in order to cope with supply issues and longer component lead times,
increased accounts receivable driven by higher shipment levels, increased prepaid expenses and security deposit for the new lease agreement.
The uses of cash were partially offset by increases in accounts payable driven primarily by increased inventory purchases.
In
the first half of 2023 and 2022, we invested approximately $1,104,000 and $560,000, respectively, in manufacturing tooling, firmware development,
website development, and leasehold improvements,
Net
cash provided by financing activities was approximately $1,439,000 in the first half of 2023, compared to net cash used in financing activities
was approximately $546,000 in the comparable period a year ago. Financing activities in 2023 consisted primarily of the completion of
secured subordinated note financing of $1,582,000 and the proceeds of employee stock options in the amount of $190,315. These were partially
offset by the repurchase of treasury stock amounting to approximately $208,000 and the final repayment of our term loan, which was $125,000.
In contrast, financing activities in 2022 primarily consisted of the repurchase of treasury stock, which amounted to approximately $378,000,
and the repayment of our term loan, which was $250,000. These were partially offset by the proceeds of employee stock options in the amount
of $81,531.
Critical
Accounting Estimates
Our
significant accounting policies are described in “Note 2 - Summary of Significant Accounting Policies” in the notes to condensed
financial statements. The application of these policies requires us to make estimates and judgments that affect the reported amount of
assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We base our estimates on a combination
of historical experience and reasonable judgment applied to other facts. Actual results may differ from these estimates, and such differences
may be material to the financial statements. In addition, the use of different assumptions or judgments may result in different estimates.
We believe our critical accounting policies that are subject to these estimates are: Revenue Recognition and Accounts Receivable Reserves,
Inventory Valuation, Stock-Based Compensation, Income Taxes and Valuation of Goodwill.
A
complete description of our critical accounting policies and estimates is contained in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2022 filed with the Securities and Exchange Commission.
Contractual
Obligations
Our
contractual cash obligations on June 30, 2023 are outlined in the table below:
|
Payments Due by Period |
Contractual Obligations |
Total |
|
Less than 1 year |
|
1 to 3 years |
|
4 to 5 years |
|
More than 5 years |
|
|
|
|
|
|
|
|
|
|
Unconditional purchase obligations with contract manufacturers |
$ |
7,939,000 |
|
|
$ |
7,451,000 |
|
|
$ |
488,000 |
|
|
$ |
— |
|
|
$ |
— |
|
Operating lease |
|
4,108,000 |
|
|
|
631,000 |
|
|
|
1,306,000 |
|
|
|
1,385,000 |
|
|
|
786,000 |
|
Total contractual obligations |
$ |
12,047,000 |
|
|
$ |
8,082,000 |
|
|
$ |
1,794,000 |
|
|
$ |
1,385,000 |
|
|
$ |
786,000 |
|
Off-Balance
Sheet Arrangements
As
of June 30, 2023, we had no off-balance sheet arrangements as defined in Item 303 of Regulation S-K.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
Interest
Rate Risk
Our
exposure to market risk for changes in interest rates primarily pertains to our revolving credit line facilities. These facilities provide
us with up to $2.5 million with variable interest rates based upon the lender's prime rate (with a minimum of 4.25%) plus 0.75%. This
applies to both the domestic line of credit (up to $2.0 million) and the EXIM line of credit (up to $0.5 million). As a result, any interest
rate increases could raise our interest expense on outstanding credit line balances.
Foreign
Currency Risk
A
substantial majority of our revenue, expense and purchasing activities are transacted in U.S. dollars. However, we require our European
distributors to purchase our products in Euros, and we pay the expenses of our European employees in Swiss Franc and British pounds. Additionally,
we may enter into selected future purchase commitments with foreign suppliers that will be paid in the local currency of the supplier.
Based on a sensitivity analysis of our net foreign currency-denominated assets at the end of the quarter ended June 30, 2023, an adverse
change of 10% in exchange rates would have resulted in an increase of our net loss of approximately $30,000 for the second quarter of
2023. The actual net adjustment for the effects of changes in foreign currency on cash balances, collections, and payables was a loss
of approximately $2,500 for the second quarter of 2023. We will continue to monitor and assess our risks related to foreign currency fluctuations
to mitigate any potential impacts on our financial performance.
Item
4. Controls and Procedures.
Conclusion
Regarding the Effectiveness of Disclosure Controls and Procedures
Our
management evaluated, with the participation of our Chief Executive Officer and our Chief Financial Officer, the effectiveness of our
disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation,
our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures are effective to
ensure that information we are required to disclose in reports that we file or submit under the Securities Exchange Act of 1934 is (i)
recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms,
and (ii) accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate
to allow timely decisions regarding required disclosure.
Changes
in Internal Control Over Financial Reporting
There
was no change in our internal control over financial reporting that occurred during the quarter ended June 30, 2023, that has materially
affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART
II
Item
1A. Risk Factors.
Ownership
of the Company’s securities involves a number of risks and uncertainties. Potential investors should carefully consider the risks
and uncertainties described below and the other information in this Quarterly Report on Form 10-Q and our other public filings with the
Securities and Exchange Commission before deciding whether to invest in the Company’s securities. The Company’s business,
financial condition or results of operations could be materially adversely affected by any of these risks. The risks described below are
not the only ones facing the Company. Additional risks that are currently unknown to the Company or that the Company currently considers
immaterial may also impair its business or adversely affect its financial condition or results of operations.
A
deterioration in global economic conditions may have adverse impacts on our business and financial condition in ways that we currently
cannot predict and may limit our ability to raise additional funds.
If
global economic conditions deteriorate, it may impact our business and our financial condition. We may face significant challenges if
conditions in the financial markets worsen. The impact of such future developments on our business, including the ongoing military action
in Ukraine by Russia, is highly uncertain and cannot be predicted. If the overall economy continues to decline for an extended period,
our results of operations, financial position and cash flows may be materially adversely affected. In addition, a severe prolonged economic
downturn could result in a variety of risks to the business, including impairing our ability to pursue potential opportunities and limiting
our ability to raise additional capital when needed on acceptable terms, if at all.
We
may not return to profitability.
To
return to profitability, we must accomplish numerous objectives, including achieving continued growth in our business, providing ongoing
support to registered App providers whose applications support the use of our data capture products, and developing successful new products.
We cannot foresee with any certainty whether we will be able to achieve these objectives in the future. Accordingly, we may not generate
sufficient revenue or control our expenses enough to maintain ongoing profitability. If we cannot return to profitability, we will not
be able to support our operations from positive cash flows, and we would be required to use our existing cash to support operating losses.
If we are unable to secure the necessary capital to replace that cash, we may need to suspend some or all of our current operations.
We
may require additional capital in the future, but that capital may not be available on reasonable terms, if at all, or on terms that would
not cause substantial dilution to investors’ stock holdings.
We
may need to raise capital to fund our growth or operating losses in future periods. Our forecasts are highly dependent on factors beyond
our control, including market acceptance of our products and delays in deployments by businesses of applications that use our data capture
products. Even if we maintain profitable operating levels, we may need to raise capital to provide sufficient working capital to fund
our growth. If capital requirements vary materially from those currently planned, we may require additional capital sooner than expected.
There can be no assurance that such capital will be available in sufficient amounts or on terms acceptable to us, if at all.
In
order to maintain the availability of our bank lines of credit we must remain in compliance with the covenants as specified under the
terms of the credit agreements and the bank may exercise discretion in making advances to us.
Our
credit agreements with our bank require us to remain in compliance with the covenants specified under the terms of the agreement. The
agreements also contain customary affirmative and negative covenants, including covenants that limit or restrict our ability to, among
other things, grant liens, make investments, incur indebtedness, merge or consolidate, dispose of assets, make acquisitions, pay dividends
or make distributions, repurchase stock, enter into transactions with affiliates and enter into restrictive agreements, in each case subject
to customary exceptions for a credit facility of this size and type. The agreements also contain customary events of default including,
among others, payment defaults, breaches of covenants, bankruptcy and insolvency events, cross defaults with certain material indebtedness,
judgment defaults, and breaches of representations and warranties. Upon an event of default, our bank may declare all or a portion of
our outstanding obligations payable to be immediately due and payable and exercise other rights and remedies provided for under the agreement.
During the existence of an event of default, interest on the obligations could be increased. The agreements may be terminated by us or
by our bank at any time. Upon such termination, our bank would no longer make advances under the credit agreement and outstanding advances
would be repaid as receivables are collected. All advances are at our bank’s discretion and our bank is not obligated to make advances.
If
application providers are not successful in their efforts to develop, market and sell the applications into which our software and products
are incorporated, we may not achieve our sales projections.
We
are dependent upon App providers to integrate our scanning and software products into their applications designed for mobile workers using
smartphones, tablets and mobile computers, and to successfully market and sell those application products and solutions into the marketplace.
We focus on serving the needs of App providers as sales of our data capture products are application driven. However, these providers
may take considerable time to complete the development of their applications, may experience delays in their development timelines, may
develop competing applications, may be unsuccessful in marketing and selling their application products and solutions to customers, or
may experience delays in customer deployments and implementations, which would adversely affect our ability to achieve our revenue projections.
Failure
to maintain effective internal controls could have a material adverse effect on our business, operating results, and stock price.
We
have evaluated and will continue to evaluate our internal control procedures in order to satisfy the requirements of Section 404 of the
Sarbanes-Oxley Act, which requires an annual management assessment of the design and effectiveness of our internal control over financial
reporting. If we fail to maintain the adequacy of our internal controls, as such standards are modified, supplemented, or amended from
time to time, we may not be able to ensure that we can conclude on an ongoing basis that we have effective internal control over financial
reporting in accordance with Section 404 of the Sarbanes-Oxley Act. Moreover, effective internal controls, particularly those related
to revenue recognition and access to assets, are necessary for us to produce reliable financial reports and are important to helping prevent
financial fraud. If we cannot provide reliable financial reports or prevent fraud, our business and operating results could be harmed,
investors could lose confidence in our reported financial information, and the trading price of our stock could drop significantly.
Despite
security protections, our business records and information could be hacked by unauthorized personnel.
We
protect our business records and information from access by unauthorized personnel and are not aware of any instances where such data
has been compromised. We maintain adequate segregation of duties in safeguarding our assets and related records and monitor our systems
to detect any attempts to bypass our controls and procedures which we evaluate and update from time to time. We are aware that unauthorized
efforts to access our business records and information with sophisticated tools could bypass our controls and procedures and we remain
alert to that possibility.
Deferred
tax assets comprise a significant portion of our assets and are dependent upon future tax profitability to realize the benefits.
We
have recorded deferred tax assets on our balance sheet because we believe that it is more likely than not that we will generate sufficient
tax profitability in the future to realize the tax savings that our deferred tax assets represent. If we do not achieve and maintain sufficient
profitability, the tax savings represented by our deferred tax assets may never be realized and we would need to recognize a loss for
those deferred tax assets.
We
may be unable to manufacture our products because we are dependent on a limited number of qualified suppliers for our components.
Several
of our component parts are produced by one or a limited number of suppliers. Shortages or delays could occur in these essential components
due to an interruption of supply or increased demand in the industry. Suppliers may choose to restrict credit terms or require advance
payment causing delays in the procurement of essential materials. If we are unable to procure certain component parts, we could be required
to reduce our operations while we seek alternative sources for these components, which could have a material adverse effect on our financial
results. To the extent that we acquire extra inventory stocks to protect against possible shortages, we would be exposed to additional
risks associated with holding inventory, such as obsolescence, excess quantities, or loss.
If
we fail to develop and introduce new products rapidly and successfully, we will not be able to compete effectively, and our ability to
generate sufficient revenues will be negatively affected.
The
market for our products is prone to rapidly changing technology, evolving industry standards and short product life cycles. If we are
unsuccessful at developing and introducing new products and services on a timely basis that include the latest technologies, conform to
the newest standards, and that are appealing to end users, we will not be able to compete effectively, and our ability to generate significant
revenues will be seriously harmed.
The
development of new products and services can be very difficult and requires high levels of innovation. The development process is also
lengthy and costly. Short product life cycles for smartphones and tablets expose our products to the risk of obsolescence and require
frequent new product upgrades and introductions. We will be unable to introduce new products and services into the market on a timely
basis and compete successfully if we fail to:
|
• |
invest significant resources in research
and development, sales and marketing, and customer support; |
|
• |
identify emerging trends, demands and
standards in the field of mobile computing products; |
|
• |
enhance our products by adding additional
features; |
|
• |
maintain superior or competitive performance
in our products; and |
|
• |
anticipate our end users’ needs
and technological trends accurately. |
We
cannot be sure that we will have sufficient resources to make adequate investments in research and development or that we will be able
to identify trends or make the technological advances necessary to be competitive.
We
may not be able to collect receivables from customers who experience financial difficulties.
Our
accounts receivable is derived primarily from distributors. We perform ongoing credit evaluations of our customers’ financial conditions
but generally require no collateral from our customers. Reserves are maintained for potential credit losses, and such losses have historically
been within such reserves. However, many of our customers may be thinly capitalized and may be prone to failure in adverse market conditions.
Although our collection history has been good, from time to time a customer may not pay us because of financial difficulty, bankruptcy
or liquidation. If global financial conditions have an impact on our customer’s ability to pay us in a timely manner, consequently,
we may experience increased difficulty in collecting our accounts receivable, and we may have to increase our reserves in anticipation
of increased uncollectible accounts.
We
could face increased competition in the future, which would adversely affect our financial performance.
The
market in which we operate is very competitive. Our future financial performance is contingent on a number of unpredictable factors, including
that:
|
• |
some of our competitors have greater
financial, marketing, and technical resources than we do; |
|
• |
we periodically face intense price
competition, particularly when our competitors have excess inventories and discount their prices to clear their inventories; and |
|
• |
certain manufacturers of tablets and
mobile phones offer products with built-in functions, such as Bluetooth wireless technology or barcode scanning, that compete with our
products. |
Increased
competition could result in price reductions, fewer customer orders, reduced margins, and loss of market share. Our failure to compete
successfully against current or future competitors could harm our business, operating results, and financial condition.
If
we do not correctly anticipate demand for our products, our operating results will suffer.
The
demand for our products depends on many factors and is difficult to forecast as we introduce and support more products, and as competition
in the markets for our products intensifies. If demand is lower than forecasted levels, we could have excess production resulting in higher
inventories of finished products and components, which could lead to write-downs or write-offs of some or all of the excess inventories,
and reductions in our cash balances. Lower than forecasted demand could also result in excess manufacturing capacity at our third-party
manufacturers and in our failure to meet minimum purchase commitments, each of which may lower our operating results.
If
demand increases beyond forecasted levels, we will have to rapidly increase production at our third-party manufacturers. We depend on
suppliers to provide additional volumes of components, and suppliers might not be able to increase production rapidly enough to meet unexpected
demand. Even if we were able to procure enough components, our third-party manufacturers might not be able to produce enough of our devices
to meet our customer demand. In addition, rapid increases in production levels to meet unanticipated demand could result in higher costs
for manufacturing and supply of components and other expenses. These higher costs could lower our profit margins. Further, if production
is increased rapidly, manufacturing yields could decline, which may also lower operating results.
We
rely primarily on distributors to distribute our products, and our sales would suffer if any of these distributors stop distributing our
products effectively.
Because
we distribute and fulfill resellers’ orders for our products primarily through distributors, we are subject to risks associated
with channel distribution, such as risks related to their inventory levels and support for our products. Our distribution channels may
build up inventories in anticipation of growth in their sales. If such growth in their sales does not occur as anticipated, the inventory
build-up could contribute to higher levels of product returns. The lack of sales by any one significant participant in our distribution
channels could result in excess inventories and adversely affect our operating results and working capital liquidity. During the six months
ended June 30, 2023 and 2022, Ingram Micro® and BlueStar together represented approximately 46% and 50%, respectively, of our worldwide
sales. We expect that a significant portion of our sales will continue to depend on sales to a limited number of distributors.
Our
agreements with distributors are generally nonexclusive and may be terminated on short notice by them without cause. Our distributors
are not within our control, are not obligated to purchase products from us, and may offer competitive lines of products simultaneously.
Sales growth is contingent in part on our ability to enter into additional distribution relationships and expand our sales channels. We
cannot predict whether we will be successful in establishing new distribution relationships, expanding our sales channels or maintaining
our existing relationships. A failure to enter into new distribution relationships, expand our sales channels, or maintain our existing
relationships could adversely impact our ability to grow our sales.
We
allow our distribution channels to return a portion of their inventory to us for full credit against other purchases. In addition, in
the event we reduce our prices, we credit our distributors for the difference between the purchase price of products remaining in their
inventory and our reduced price for such products. Actual returns and price protection may adversely affect future operating results and
working capital liquidity by reducing our accounts receivable and increasing our inventory balances, particularly since we seek to continually
introduce new and enhanced products and are likely to face increasing price competition.
We
depend on alliances and other business relationships with third parties, and a disruption in these relationships would hinder our ability
to develop and sell our products.
We
depend on strategic alliances and business relationships with leading participants in various segments of the mobile applications market
to help us develop and market our products. Our strategic partners may revoke their commitment to our products or services at any time
in the future or may develop their own competitive products or services. Accordingly, our strategic relationships may not result in sustained
business alliances, successful product or service offerings, or the generation of significant revenues. Failure of one or more of such
alliances could result in delay or termination of product development projects, failure to win new customers or loss of confidence by
current or potential customers.
We
have devoted significant research and development resources to design products to work with a number of operating systems used in mobile
devices including Apple® (iOS), Google™ (Android™) and Microsoft® (Windows®). Such design activities have diverted
financial and personnel resources from other development projects. These design activities are not undertaken pursuant to any agreement
under which Apple, Google or Microsoft is obligated to collaborate or to support the products produced from such collaboration. Consequently,
these organizations may terminate their collaborations with us for a variety of reasons, including our failure to meet agreed-upon standards
or for reasons beyond our control, such as changing market conditions, increased competition, discontinued product lines, and product
obsolescence.
Our
intellectual property and proprietary rights may be insufficient to protect our competitive position.
Our
business depends on our ability to protect our intellectual property. We rely primarily on patent, copyright, trademark, trade secret
laws, and other restrictions on disclosure to protect our proprietary technologies. We cannot be sure that these measures will provide
meaningful protection for our proprietary technologies and processes. We cannot be sure that any patent issued to us will be sufficient
to protect our technology. The failure of any patents to provide protection for our technology would make it easier for our competitors
to offer similar products. In connection with our participation in the development of various industry standards, we may be required to
license certain of our patents to other parties, including our competitors that develop products based upon the adopted standards.
We
also generally enter into confidentiality agreements with our employees, distributors, and strategic partners, and generally control access
to our documentation and other proprietary information. Despite these precautions, it may be possible for a third-party to copy or otherwise
obtain and use our products, services, or technology without authorization, develop similar technology independently, or design around
our patents.
Additionally,
effective copyright, trademark, and trade secret protection may be unavailable or limited in certain foreign countries.
We
may become subject to claims of intellectual property rights infringement, which could result in substantial liability.
In
the course of operating our business, we may receive claims of intellectual property infringement or otherwise become aware of potentially
relevant patents or other intellectual property rights held by other parties. Many of our competitors have large intellectual property
portfolios, including patents that may cover technologies that are relevant to our business. In addition, many smaller companies, universities,
and individuals have obtained or applied for patents in areas of technology that may relate to our business. The industry is moving towards
aggressive assertion, licensing, and litigation of patents and other intellectual property rights.
If
we are unable to obtain and maintain licenses on favorable terms for intellectual property rights required for the manufacture, sale,
and use of our products, particularly those products which must comply with industry standard protocols and specifications to be commercially
viable, our results of operations or financial condition could be adversely impacted.
In
addition to disputes relating to the validity or alleged infringement of other parties’ rights, we may become involved in disputes
relating to our assertion of our own intellectual property rights. Whether we are defending the assertion of intellectual property rights
against us or asserting our intellectual property rights against others, intellectual property litigation can be complex, costly, protracted,
and highly disruptive to business operations by diverting the attention and energies of management and key technical personnel. Plaintiffs
in intellectual property cases often seek injunctive relief, and the measures of damages in intellectual property litigation are complex
and often subjective or uncertain. Thus, any adverse determinations in this type of litigation could subject us to significant liabilities
and costs.
New
industry standards may require us to redesign our products, which could substantially increase our operating expenses.
Standards
for the form and functionality of our products are established by standards committees. These independent committees establish standards,
which evolve and change over time, for different categories of our products. We must continue to identify and ensure compliance with evolving
industry standards so that our products are interoperable and we remain competitive. Unanticipated changes in industry standards could
render our products incompatible with products developed by major hardware manufacturers and software developers. Should any major changes,
even if anticipated, occur, we would be required to invest significant time and resources to redesign our products to ensure compliance
with relevant standards. If our products are not in compliance with prevailing industry standards for a significant period of time, we
would miss opportunities to sell our products for use with new hardware components from mobile computer manufacturers and OEMs, thus affecting
our business.
Undetected
flaws and defects in our products may disrupt product sales and result in expensive and time-consuming remedial action
Our
hardware and software products may contain undetected flaws, which may not be discovered until customers have used the products. From
time to time, we may temporarily suspend or delay shipments or divert development resources from other projects to correct a particular
product deficiency. Efforts to identify and correct errors and make design changes may be expensive and time-consuming. Failure to discover
product deficiencies in the future could delay product introductions or shipments, require us to recall previously shipped products to
make design modifications, or cause unfavorable publicity, any of which could adversely affect our business and operating results.
The
loss of one or more of our senior personnel could harm our existing business.
A
number of our officers and senior managers have been employed for more than twenty years by us, including our President, Chief Financial
Officer, Vice President of Operations and Vice President of Engineering/Chief Technical Officer. Our future success will depend upon the
continued service of key officers and senior managers. Competition for officers and senior managers is intense, and there can be no assurance
that we will be able to retain our existing senior personnel. The loss of one or more of our officers or key senior managers could adversely
affect our ability to compete.
The
expensing of options and restricted stocks will continue to reduce our operating results such that we may find it necessary to change
our business practices to attract and retain employees.
We
have been using stock options and restricted stocks as key components of our employee compensation packages. We believe that stock options
and restricted stocks provide an incentive to our employees to maximize long-term stockholder value and, through the use of vesting, encourage
valued employees to remain with us. The expensing of employee stock options and restricted stocks adversely affects our net results and
earnings per share, will continue to adversely affect future quarters, and will make profitability harder to achieve. In addition, we
may decide in response to the effects of expensing stock options and restricted stocks on our operating results to reduce the number of
stock options or restricted stocks granted to employees or to grant to fewer employees. This could adversely affect our ability to retain
existing employees or attract qualified candidates, and also could increase the cash compensation we would have to pay to them.
If
we are unable to attract and retain highly skilled sales and marketing and product development personnel, our ability to develop and market
new products and product enhancements will be adversely affected.
We
believe our ability to achieve increased revenues and to develop successful new products and product enhancements will depend in part
upon our ability to attract and retain highly skilled sales and marketing and product development personnel. Our products involve a number
of new and evolving technologies, and we frequently need to apply these technologies to the unique requirements of mobile products. Our
personnel must be familiar with both the technologies we support and the unique requirements of the products to which our products connect.
Competition for such personnel is intense, and we may not be able to attract and retain such key personnel. In addition, our ability to
hire and retain such key personnel will depend upon our ability to raise capital or achieve increased revenue levels to fund the costs
associated with such key personnel. Failure to attract and retain such key personnel will adversely affect our ability to develop and
market new products and product enhancements.
Our
operating results could be harmed by economic, political, regulatory and other risks associated with export sales.
Our
operating results are subject to the risks inherent in export sales, including:
|
• |
unexpected changes in regulatory
requirements, import and export restrictions and tariffs; |
|
• |
difficulties in managing foreign
operations; |
|
• |
the burdens of complying with a
variety of foreign laws; |
|
• |
greater difficulty or delay in accounts
receivable collection; |
|
• |
potentially adverse tax consequences;
and |
|
• |
political and economic instability
(such as Russia’s military action against Ukraine). |
Our
export sales are primarily denominated in Euros for our sales to European distributors and in British pounds for our sales to UK distributors.
Accordingly, an increase in the value of the United States dollar relative to the Euro or British pound could make our products more expensive
and therefore potentially less competitive in European markets. Declines in the value of the Euro or pound relative to the United States
dollar may result in foreign currency losses relating to the collection of receivables denominated if left unhedged.
Our
facilities or operations could be adversely affected by events outside our control, such as natural disasters or health epidemics.
Our
corporate headquarters is located in a seismically active region in Northern California. If major disasters such as earthquakes occur,
or our information system or communications network breaks down or operates improperly, our headquarters and production facilities may
be seriously damaged, or we may have to stop or delay production and shipment of our products. In addition, we may be affected by health
epidemic or pandemics or geopolitical instability, such as Russia’s military action against Ukraine. We may incur expenses or delays
relating to such events outside of our control, which could have a material adverse impact on our business, operating results and financial
condition.
Our
quarterly operating results may fluctuate in future periods, which could cause our stock price to decline.
We
expect to experience quarterly fluctuations in operating results in the future. Quarterly revenues and operating results depend on the
volume and timing of orders received, which sometimes are difficult to forecast. Historically, we have recognized a substantial portion
of our revenue in the last month of the quarter. This subjects us to the risk that even modest delays in orders or in the manufacture
of products relating to orders received, may adversely affect our quarterly operating results. Our operating results may also fluctuate
due to factors such as:
|
• |
the demand for our products; |
|
• |
the size and timing of customer orders; |
|
• |
unanticipated delays or problems in
our introduction of new products and product enhancements; |
|
• |
the introduction of new products and
product enhancements by our competitors; |
|
• |
the timing of the introduction and
deployment of new applications that work with our products; |
|
• |
changes in the revenues attributable
to royalties and engineering development services; |
|
• |
timing of software enhancements; |
|
• |
changes in the level of operating expenses; |
|
• |
competitive conditions in the industry
including competitive pressures resulting in lower average selling prices; |
|
• |
timing of distributors’ shipments
to their customers; |
|
• |
delays in supplies of key components
used in the manufacturing of our products; and |
|
• |
general economic conditions and conditions
specific to our customers’ industries. |
Because
we base our staffing and other operating expenses on anticipated revenues, unanticipated declines or delays in the receipt of orders can
cause significant variations in operating results from quarter to quarter. As a result of any of the foregoing factors, or a combination,
our results of operations in any given quarter may be below the expectations of public market analysts or investors, in which case the
market price of our common stock would be adversely affected.
The
sale of a substantial number of shares of our common stock could cause the market price of our common stock to decline.
Sales
of a substantial number of shares of our common stock in the public market could adversely affect the market price for our common stock.
The market price of our common stock could also decline if one or more of our significant stockholders decided for any reason to sell
substantial amounts of our common stock in the public market.
As
of August 9, 2023, we had 7,323,442 shares of common stock outstanding. Substantially all of these shares are freely tradable in the
public market, either without restriction or subject, in some cases, only to S-3 prospectus delivery requirements and, in other cases,
only to the manner of sale, volume, and notice requirements of Rule 144 under the Securities Act.
As
of August 9, 2023, we had 1,152,384 shares of common stock subject to outstanding options under our stock option plans, 998,284 shares
of restricted stock outstanding, and 411,338 shares of common stock available for future issuance under the plans. We have registered
the shares of common stock subject to outstanding options and restricted stock and reserved them for issuance under our stock option
plans. Accordingly, the shares of common stock underlying vested options and unvested restricted stock will be eligible for resale in
the public market as soon as the options are exercised or the restricted stock vests, as applicable.
Volatility
in the trading price of our common stock could negatively impact the price of our common stock.
During
the period from January 1, 2022 through the date of the report, our common stock price fluctuated between a high of $4.84 and a low of
$1.24. We have experienced low trading volumes in our stock, and thus relatively small purchases and sales can have a significant effect
on our stock price. The trading price of our common stock could be subject to wide fluctuations in response to many factors, some of
which are beyond our control, including general economic conditions and the outlook of securities analysts and investors on our industry.
In addition, the stock markets in general, and the markets for high technology stocks in particular, have experienced high volatility
that has often been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect
the trading price of our common stock.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
None
Item
6. Exhibits
|
|
Exhibit
Number |
Exhibit
Description |
|
|
31.1* |
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2* |
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1** |
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101 |
XBRL
Document |
* Filed
herewith.
** Furnished
herewith.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SOCKET
MOBILE, INC.
Registrant
|
|
Date: August 14, 2023 |
/s/ Kevin J.
Mills |
|
Kevin J. Mills |
|
President and Chief Executive Officer |
|
(Duly Authorized Officer and Principal Executive Officer) |
|
|
Date: August 14, 2023 |
/s/ Lynn Zhao |
|
Lynn Zhao |
|
Vice President of Finance and Administration and Chief Financial Officer (Duly
Authorized Officer and Principal Financial and Accounting Officer) |
Exhibit
31.1
CERTIFICATION
I,
Kevin J. Mills, certify that:
| 1. | I have reviewed this quarterly report on Form 10-Q of Socket Mobile, Inc.; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered
by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The
registrant’s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
registrant is made known to us by others within those entities, particularly during the period
in which this report is being prepared; |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and |
| (d) | Disclosed
in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and |
| 5. | The
registrant’s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
| (a) | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize and report financial information; and |
| (b) | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
|
|
|
|
Date: |
August
14, 2023 |
By: |
/s/
Kevin J. Mills |
|
|
|
Name: |
Kevin
J. Mills
|
|
|
Title: |
President
and Chief Executive Officer (Principal Executive Officer) |
Exhibit
31.2
CERTIFICATION
I,
Lynn Zhao, certify that:
| 1. | I
have reviewed this quarterly report on Form 10-Q of Socket Mobile, Inc.; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered
by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The
registrant’s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
registrant is made known to us by others within those entities, particularly during the period
in which this report is being prepared; |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and |
| (d) | Disclosed
in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and |
| 5. | The
registrant’s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
| (a) | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize and report financial information; and |
| (b) | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
|
|
|
|
Date: |
August
14, 2023 |
By: |
/s/
Lynn Zhao |
|
|
|
Name: |
Lynn Zhao
|
|
|
Title: |
Vice
President of Finance and Administration and Chief Financial Officer
(Principal Financial Officer) |
Exhibit
32.1
CERTIFICATION
OF THE CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT
TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I,
Kevin J. Mills, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that
the Quarterly Report of Socket Mobile, Inc. on Form 10-Q for the quarter ended June 30, 2023 fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Quarterly Report on Form 10-Q fairly
presents in all material respects the financial condition and results of operations of Socket Mobile, Inc.
|
|
|
|
|
|
|
By: |
|
/s/
Kevin J. Mills |
|
|
|
Name: |
|
Kevin
J. Mills
|
|
|
Title: |
|
President
and Chief Executive Officer (Principal Executive Officer) |
|
|
Date: |
|
August
14, 2023 |
I,
Lynn Zhao, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the
Quarterly Report of Socket Mobile, Inc. on Form 10-Q for the quarter ended June 30, 2023 fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Quarterly Report on Form 10-Q fairly presents
in all material respects the financial condition and results of operations of Socket Mobile, Inc.
|
|
|
|
|
|
|
By: |
|
/s/
Lynn Zhao |
|
|
|
Name: |
|
Lynn
Zhao
|
|
|
Title: |
|
Vice
President of Finance and Administration and Chief Financial Officer (Principal Financial Officer) |
|
|
Date: |
|
August
14, 2023 |
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 09, 2023 |
Cover [Abstract] |
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10-Q
|
|
Amendment Flag |
false
|
|
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true
|
|
Document Period End Date |
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|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
1-13810
|
|
Entity Registrant Name |
SOCKET
MOBILE, INC.
|
|
Entity Central Index Key |
0000944075
|
|
Entity Tax Identification Number |
94-3155066
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
40675
Encyclopedia Circle
|
|
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Fremont
|
|
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CA
|
|
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|
|
City Area Code |
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|
|
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|
|
Title of 12(b) Security |
Common
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|
|
Trading Symbol |
SCKT
|
|
Security Exchange Name |
NASDAQ
|
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v3.23.2
Condensed Statements of Operations - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
$ 5,117,157
|
$ 6,045,982
|
$ 9,429,335
|
$ 12,338,984
|
Cost of revenues |
2,465,594
|
3,010,300
|
4,705,285
|
6,175,640
|
Gross profit |
2,651,563
|
3,035,682
|
4,724,050
|
6,163,344
|
Operating expenses: |
|
|
|
|
Research and development |
1,189,930
|
1,121,116
|
2,437,049
|
2,174,722
|
Sales and marketing |
1,004,579
|
964,434
|
2,011,371
|
1,864,314
|
General and administrative |
748,609
|
760,848
|
1,522,597
|
1,471,320
|
Total operating expenses |
2,943,118
|
2,846,398
|
5,971,017
|
5,510,356
|
Operating income (loss) |
(291,555)
|
189,284
|
(1,246,967)
|
652,988
|
Interest expense, net |
(55,261)
|
(45,005)
|
(93,269)
|
(90,611)
|
Net income (loss) before income taxes |
(346,816)
|
144,279
|
(1,340,236)
|
562,377
|
Income tax benefit (expense) |
(166,000)
|
(40,320)
|
(166,000)
|
(116,485)
|
Net income (loss) |
$ (512,816)
|
$ 103,959
|
$ (1,506,236)
|
$ 445,892
|
Net income (loss) per share: |
|
|
|
|
Basic |
$ (0.06)
|
$ 0.01
|
$ (0.18)
|
$ 0.06
|
Diluted |
$ (0.06)
|
$ 0.01
|
$ (0.18)
|
$ 0.05
|
Weighted average shares outstanding: |
|
|
|
|
Basic |
7,163,608
|
7,219,646
|
7,135,149
|
7,225,641
|
Diluted |
7,163,608
|
7,643,315
|
7,135,149
|
7,687,980
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.23.2
Condensed Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 3,431,037
|
$ 3,623,469
|
Accounts receivable, net |
3,200,422
|
2,659,861
|
Inventories, net |
5,509,150
|
5,601,691
|
Prepaid expenses and other current assets |
617,734
|
617,188
|
Deferred cost on shipments to distributors |
412,490
|
266,327
|
Total current assets |
13,170,833
|
12,768,536
|
Property and equipment: |
|
|
Machinery and office equipment |
2,194,521
|
1,533,087
|
Computer equipment |
3,157,278
|
2,715,121
|
|
5,351,799
|
4,248,208
|
Accumulated depreciation |
(2,938,637)
|
(2,590,999)
|
Property and equipment, net |
2,413,162
|
1,657,209
|
Intangible assets, net |
1,623,017
|
1,693,927
|
Other long-term assets |
274,528
|
250,239
|
Deferred tax assets |
8,502,419
|
8,668,419
|
Operating lease right-of-use asset |
3,326,655
|
3,559,658
|
Total assets |
29,310,614
|
28,597,988
|
Current liabilities: |
|
|
Accounts payable and accrued expenses |
1,838,429
|
1,665,028
|
Accrued payroll and related expenses |
600,297
|
742,541
|
Deferred revenue on shipments to distributors |
942,170
|
594,793
|
Short term portion of deferred service revenue |
20,508
|
22,599
|
Note Payable – current portion |
|
125,000
|
Subordinated convertible notes payable, net of discount |
149,356
|
147,409
|
Subordinated convertible notes payable, net of discount-related party |
2,828,068
|
1,230,530
|
Operating lease – current portion |
465,009
|
444,529
|
Total current liabilities |
6,843,837
|
4,972,429
|
Long-term portion of deferred service revenue |
12,029
|
11,767
|
Long-term portion of operating lease |
3,055,088
|
3,292,035
|
Total liabilities |
9,910,954
|
8,276,231
|
Commitments and contingencies |
|
|
Stockholders’ equity: |
|
|
Common Stock, Value, Issued |
7,308
|
7,090
|
Additional paid-in capital |
67,949,996
|
67,157,650
|
Treasury stock |
(1,037,988)
|
(829,563)
|
Accumulated deficit |
(47,519,656)
|
(46,013,420)
|
Total stockholders’ equity |
19,399,660
|
20,321,757
|
Total liabilities and stockholders’ equity |
$ 29,310,614
|
$ 28,597,988
|
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v3.23.2
Condensed Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common Stock, Par or Stated Value Per Share |
$ 0.001
|
|
Common Stock, Shares Authorized |
20,000,000
|
|
Common Stock, Shares, Issued |
7,666,783
|
7,355,967
|
Common Stock, Shares, Outstanding |
7,307,533
|
7,089,676
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Condensed Statements of Stockholders' Equity - USD ($)
|
Common Stock [Member] |
Aditional Paid In Capital [Member] |
Treasury Stock, Common [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 7,184
|
$ 66,139,630
|
|
$ (46,100,351)
|
$ 20,046,463
|
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 |
7,183,874
|
|
|
|
|
Vesting of restricted stocks |
$ 91
|
(91)
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures |
91,134
|
|
|
|
|
Restricted stock retired for tax withholding |
$ (26)
|
(115,189)
|
|
|
(115,215)
|
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation |
(26,157)
|
|
|
|
|
Exercise of stock option |
$ 24
|
39,508
|
|
|
$ 39,532
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period |
|
|
|
|
24,200
|
Stock-based compensation |
|
223,446
|
|
|
$ 223,446
|
Net income |
|
|
|
341,933
|
341,933
|
Shares, Outstanding, Ending Balance at Mar. 31, 2022 |
7,273,051
|
|
|
|
|
Ending balance, value at Mar. 31, 2022 |
$ 7,273
|
66,287,304
|
|
(45,758,418)
|
20,536,159
|
Beginning balance, value at Dec. 31, 2021 |
$ 7,184
|
66,139,630
|
|
(46,100,351)
|
20,046,463
|
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 |
7,183,874
|
|
|
|
|
Stock-based compensation |
|
|
|
|
474,980
|
Net income |
|
|
|
|
445,892
|
Shares, Outstanding, Ending Balance at Jun. 30, 2022 |
7,202,341
|
|
90,913
|
|
|
Ending balance, value at Jun. 30, 2022 |
$ 7,202
|
66,580,908
|
$ (377,950)
|
(45,654,459)
|
20,555,701
|
Beginning balance, value at Mar. 31, 2022 |
$ 7,273
|
66,287,304
|
|
(45,758,418)
|
20,536,159
|
Shares, Outstanding, Beginning Balance at Mar. 31, 2022 |
7,273,051
|
|
|
|
|
Vesting of restricted stocks |
$ 1
|
(1)
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures |
1,200
|
|
|
|
|
Restricted stock retired for tax withholding |
|
30
|
|
|
30
|
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation |
(387)
|
|
|
|
|
Exercise of stock option |
$ 19
|
41,950
|
|
|
41,969
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period |
19,390
|
|
|
|
|
Stock-based compensation |
|
251,534
|
|
|
251,534
|
Treasury shares purchased |
$ (91)
|
91
|
$ (377,950)
|
|
(377,950)
|
Stock Repurchased During Period, Shares |
(90,913)
|
|
|
|
|
Treasury Stock, Shares, Acquired |
|
|
90,913
|
|
|
Net income |
|
|
|
103,959
|
103,959
|
Shares, Outstanding, Ending Balance at Jun. 30, 2022 |
7,202,341
|
|
90,913
|
|
|
Ending balance, value at Jun. 30, 2022 |
$ 7,202
|
66,580,908
|
$ (377,950)
|
(45,654,459)
|
20,555,701
|
Beginning balance, value at Dec. 31, 2022 |
$ 7,090
|
67,157,650
|
$ (829,563)
|
(46,013,420)
|
20,321,757
|
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 |
7,089,676
|
|
266,291
|
|
|
Vesting of restricted stocks |
$ 148
|
(148)
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures |
147,972
|
|
|
|
|
Restricted stock retired for tax withholding |
$ (54)
|
54
|
|
|
|
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation |
(53,647)
|
|
|
|
|
Exercise of stock option |
$ 39
|
33,666
|
|
|
33,705
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period |
38,909
|
|
|
|
|
Stock-based compensation |
|
295,833
|
|
|
295,833
|
Treasury shares purchased |
$ (93)
|
93
|
$ (208,425)
|
|
(208,425)
|
Stock Repurchased During Period, Shares |
(92,959)
|
|
|
|
|
Treasury Stock, Shares, Acquired |
|
|
92,959
|
|
|
Net income |
|
|
|
(993,420)
|
(993,420)
|
Shares, Outstanding, Ending Balance at Mar. 31, 2023 |
7,129,951
|
|
359,250
|
|
|
Ending balance, value at Mar. 31, 2023 |
$ 7,130
|
67,487,148
|
$ (1,037,988)
|
(47,006,840)
|
19,449,450
|
Beginning balance, value at Dec. 31, 2022 |
$ 7,090
|
67,157,650
|
$ (829,563)
|
(46,013,420)
|
20,321,757
|
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 |
7,089,676
|
|
266,291
|
|
|
Stock-based compensation |
|
|
|
|
602,249
|
Net income |
|
|
|
|
(1,506,236)
|
Shares, Outstanding, Ending Balance at Jun. 30, 2023 |
7,307,533
|
|
359,250
|
|
|
Ending balance, value at Jun. 30, 2023 |
$ 7,308
|
67,949,996
|
$ (1,037,988)
|
(47,519,656)
|
19,399,660
|
Beginning balance, value at Mar. 31, 2023 |
$ 7,130
|
67,487,148
|
$ (1,037,988)
|
(47,006,840)
|
19,449,450
|
Shares, Outstanding, Beginning Balance at Mar. 31, 2023 |
7,129,951
|
|
359,250
|
|
|
Vesting of restricted stocks |
$ 93
|
(93)
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures |
93,180
|
|
|
|
|
Restricted stock retired for tax withholding |
|
|
|
|
|
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation |
(598)
|
|
|
|
|
Exercise of stock option |
$ 85
|
156,525
|
|
|
156,610
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period |
85,000
|
|
|
|
|
Stock-based compensation |
|
306,416
|
|
|
306,416
|
Net income |
|
|
|
(512,816)
|
(512,816)
|
Shares, Outstanding, Ending Balance at Jun. 30, 2023 |
7,307,533
|
|
359,250
|
|
|
Ending balance, value at Jun. 30, 2023 |
$ 7,308
|
$ 67,949,996
|
$ (1,037,988)
|
$ (47,519,656)
|
$ 19,399,660
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.23.2
Condensed Statements of Cash Flows - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Operating activities |
|
|
Net income (loss) |
$ (1,506,236)
|
$ 445,892
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
Stock-based compensation |
602,249
|
474,980
|
Depreciation and amortization |
418,549
|
394,287
|
Amortization of debt discount |
17,033
|
16,546
|
Amortization of operating lease ROU Asset |
233,003
|
297,069
|
Deferred tax expenses (benefits) |
166,000
|
116,485
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(540,561)
|
(815,172)
|
Inventories |
92,541
|
(732,996)
|
Prepaid expenses and other current assets |
(546)
|
(359,891)
|
Other assets |
(24,289)
|
(222,248)
|
Accounts payable and accrued expenses |
173,401
|
1,137,335
|
Accrued payroll and related expenses |
(142,244)
|
(4,595)
|
Net deferred revenue on shipments to distributors |
201,214
|
82,156
|
Deferred service revenue |
(1,829)
|
6,169
|
Net change in operating lease liability |
(216,467)
|
(237,253)
|
Net cash (used in) provided by operating activities |
(528,182)
|
598,764
|
Investing activities |
|
|
Purchases of equipment and intangible assets |
(1,103,592)
|
(560,079)
|
Net cash used in investing activities |
(1,103,592)
|
(560,079)
|
Financing activities |
|
|
Common stocks repurchased and related expenses |
(208,425)
|
(377,950)
|
Proceeds from note payable |
1,582,452
|
|
Repayments of note payable |
(125,000)
|
(250,000)
|
Proceeds from stock options exercised |
190,315
|
81,531
|
Net cash provided by (used in) financing activities |
1,439,342
|
(546,419)
|
Net decrease in cash and cash equivalents |
(192,432)
|
(507,734)
|
Cash and cash equivalents at beginning of period |
3,623,469
|
6,095,886
|
Cash and cash equivalents at end of period |
3,431,037
|
5,588,152
|
Supplemental disclosure of cash flow information |
|
|
Cash paid for interest |
70,934
|
81,386
|
Supplemental disclosure of non-cash activities |
|
|
Payroll tax liability for retired restricted stock |
|
115,215
|
Property acquired under operating lease |
|
$ 3,851,195
|
X |
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v3.23.2
NOTE 1 — Basis of Presentation
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
NOTE 1 — Basis of Presentation |
NOTE
1 — Basis of Presentation
The
accompanying unaudited condensed financial statements of Socket Mobile, Inc. (the “Company”) have been prepared in accordance
with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form
10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles
generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments, consisting only
of normal recurring accruals considered necessary for fair presentation have been included. The results of operations for the interim
periods are not necessarily indicative of the operating results for the full fiscal year or any future period. These financial statements
should be read in conjunction with the audited financial statements and notes included in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2022.
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v3.23.2
NOTE 2 — Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
NOTE 2 — Summary of Significant Accounting Policies |
NOTE
2 — Summary of Significant Accounting Policies
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Actual
results could differ from those estimates, and such differences may be material to the financial statements.
Cash
Equivalents and Fair Value of Financial Instruments
The
Company considers all highly liquid investments purchased with a maturity date of 90 days or less at date of purchase to be cash equivalents.
In response to recent volatility in the financial markets in March 2023, the Company entered into an Insured Cash Sweep (“ICS”)
Deposit Placement Agreement with IntraFi Network LLC facilitated by its bank, Bridge Bank - a division of Western Alliance Bank. The ICS
program provides the Company’s demand or savings products with access to unlimited FDIC insurance, which helps the Company to keep
the full amount of the deposit on its balance sheet and provides additional security during times of market uncertainty. As of June 30,
2023 and December 31, 2022, all of the Company’s cash and cash equivalents consisted of amounts held in demand deposit accounts
in banks. The Company has never experienced any losses in such accounts.
The
carrying value of the Company’s cash and cash equivalents, accounts receivable, accounts payable, and debt approximate fair value
due to the relatively short period of time to maturity.
Revenue
Recognition and Deferred Revenue
In
May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts
with Customers: Topic 606” (“ASC 606”). With the adoption of ASC 606 in January 2017, the Company recognizes
revenue on sales to distributors when shipping of product is completed and title transfers to distributor, less a reserve for estimated
product returns (sales and cost of sales). The reserves are based on estimates of future returns calculated from actual return history,
primarily from stock rotations, plus knowledge of pending returns outside of the norm. On June 30, 2023, the deferred revenue and deferred
cost on shipments to distributors were $942,170 and $412,490, respectively, compared to $594,793 and $266,327, respectively, on December
31, 2022.
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS (Unaudited)
June
30, 2023
The
Company also earns revenue from its SocketCare extended warranty program, which provides extended warranty and accidental breakage coverage
for selected products. Customers can purchase a SocketCare warranty at the time of product purchase, which provides coverage for a three-year
or a five-year term. Revenues from SocketCare services are recognized ratably over the life of the extended warranty contract. For the
quarters ended June 30, 2023 and 2022, SocketCare revenue was approximately $5,400 and $5,900, respectively. The amount of unrecognized
SocketCare service revenue is classified as deferred service revenue and presented on the Company’s balance sheet in its short-
and long-term components. On June 30, 2023, the balance of unrecognized SocketCare service revenue was approximately $33,000.
Cost
of Sales and Gross Margins
Cost
of sales primarily consists of the costs to manufacture our products, including the costs of materials, contract manufacturing, shipping
costs, personnel and related expenses including stock-based compensation, equipment and facility expenses, warranty costs and inventory
excess and obsolete provisions. The factors that affect our gross margins are the cost of materials, the mix of products and the extent
to which we are able to efficiently utilize our manufacturing capacity.
Leases
In
February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02,
Leases (Topic 842), which requires a lessee to recognize a liability representing future lease payments and a right-of-use asset representing
its right to use the underlying asset for the lease term. For operating leases, a lessee is required to recognize at inception a right-of-use
asset and a lease liability equal to the net present value of the lease payments, with lease expense recognized over the lease term on
a straight-line basis. For leases with a term of twelve months or less, ASU 2016-02 allows a reporting entity to make an accounting policy
election to not recognize a right-of-use asset and a lease liability, and to recognize lease expense on a straight-line basis. The Company
adopted ASU 2016-02 effective January 1, 2019. On June 30, 2023, the balances of right-of-use assets and liabilities for the operating
lease were $3,326,655 and $3,520,097, respectively, compared to $3,559,658 and $3,736,564, respectively, on December 31, 2022.
Recently
Issued Financial Accounting Standards
From
time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies and adopted by the Company as of
the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards that are not
yet effective will not have a material impact on the Company’s financial position, results of operations or cash flows upon adoption.
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS (Unaudited)
June
30, 2023
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v3.23.2
NOTE 3 — Intangible Assets
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
NOTE 3 — Intangible Assets |
NOTE
3 — Intangible Assets
In
2021, the Company entered into the Technology Transfer Agreement with SpringCard SAS (“SpringCard”). The Unaudited Condensed
Balance Sheets include the intangible assets of the acquired technology at the carrying amount, net of amortization of $1,623,017 as of
June 30, 2023.
The
intangible assets are amortized on a straight-line basis over their estimated useful lives of fifteen years, beginning on April 1, 2021.
As of June 30, 2023, the estimated future amortization of these intangible assets is as follows:
|
|
Fiscal
Year |
Amount |
2023
(July 1, 2023 to December 31, 2023) |
$ 63,648 |
2024 |
127,296 |
2025 |
127,296 |
2026 |
127,296 |
2027 |
127,296 |
Thereafter |
1,050,185 |
Total |
$ 1,623,017 |
|
X |
- DefinitionThe entire disclosure for asset acquisition.
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v3.23.2
NOTE 4 — Inventories
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
NOTE 4 — Inventories |
NOTE
4 — Inventories
Inventories
consist principally of raw materials and sub-assemblies, which are stated at the lower of cost (first-in, first-out) or market. Inventories
on June 30, 2023 and December 31, 2022 were as follows:
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2023 |
|
2022 |
Raw materials and sub-assemblies |
|
$ |
6,034,232 |
|
|
$ |
6,193,453 |
|
Finished goods |
|
|
355,861 |
|
|
|
289,181 |
|
Inventory reserves |
|
|
(880,943 |
) |
|
|
(880,943 |
) |
Inventory, net |
|
$ |
5,509,150 |
|
|
$ |
5,601,691 |
|
|
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v3.23.2
NOTE 5 — Bank Financing Arrangements
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
NOTE 5 — Bank Financing Arrangements |
NOTE
5 — Bank Financing Arrangements
The
Company initially entered into a Business Financing Agreement with Western Alliance Bank (the “Bank”), an Arizona corporation,
on February 27, 2014, and this agreement has been amended and extended through the years.
Amended
and Restated Business Financing Agreement
On
January 29, 2021, the Company entered into an Amended and Restated Business Financing Agreement (the “Financing Agreement”)
with the Bank. The Financing Agreement increased the Company’s Domestic Line of Credit to $3.0 million, including a $2.0 million
revolving facility and a $1.0 million nonformula loan. The $1.0 million nonformula loan was enrolled in the CalCap Collateral Support
Program (the “CalCap Loan”) and advanced on February 16, 2021. The Company will make a principal reduction payment of $125,000,
plus all accrued but unpaid interest on the 30th day of each of April, July, October and January. The Financing Agreement also extended
the maturity date of both the Domestic Line of Credit and EXIM Line of Credit to January 31, 2023.
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS (Unaudited)
June
30, 2023
First
Business Financing Modification Agreement
On
February 9, 2022, the Company entered into the First Business Financing Modification Agreement with the Bank. The Bank consented to the
share repurchase program of up to $1.8 million. Future audit of accounts receivables will be performed once every twelve months. The Bank
increased the credit limit for business credit cards to $250,000.
Second
Business Financing Modification Agreement and Waiver of Defaults
On
January 25, 2023, the Company entered into the Second Business Financing Modification Agreement and Waiver of Defaults with the Bank,
which extended the maturity date of the Company’s revolving lines of credit to January 31, 2025.
Third
Business Financing Modification Agreement and Waiver of Defaults
On
May 26, 2023, the Company entered into the Third Business Financing Modification Agreement, Waiver of Defaults and Consent with the Bank.
As part of the agreement, the bank has waived the default resulting from the Company’s failure to meet the minimum adjusted EBITDA
requirement in the quarter ended March 31, 2023. Additionally, the bank has provided consent for the issuance of additional subordinated
debt during May 2023.
The
outstanding balance of the CalCap Loan, which was $125,000, was paid off on February 1, 2023. The Company did not borrow any amounts on
its bank credit lines as of June 30, 2023 and December 31, 2022.
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- DefinitionTabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.
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v3.23.2
NOTE 6 — Secured Subordinated Convertible Notes Payable
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
NOTE 6 — Secured Subordinated Convertible Notes Payable |
NOTE
6 — Secured Subordinated Convertible Notes Payable
On
August 31, 2020, the Company completed a secured subordinated convertible note financing of $1,530,000, including $1,350,000 from officers,
directors, and family members. Because the Financing involved such parties related to the Company, a special committee of the Board comprising
the Board’s disinterested directors approved the Financing.
The
funds raised are used to increase the Company’s working capital balances. The notes have a three-year term that accrue interest
at 10% per annum and mature on August 30, 2023. The interest on the notes is payable quarterly in cash. The holder of each note may require
the Company to repay the principal amount of the note plus accrued interest at any time after August 31, 2021. The principal amount of
each note is convertible at any time, at the option of the holder, into shares of the Company’s common stock at a conversion price
of $1.46 per share, which was the market closing price of the common stock on Friday, August 28, 2020, the closing date of the financing.
The notes did not contain a beneficial conversion feature because the conversion price is higher than the market closing price on the
date of the notes payable. The notes are secured by the assets of the Company and are subordinated to amounts outstanding under the Company’s
working capital bank line of credit with Western Alliance Bank. Total issuance costs associated with the financing is $96,515, and the
costs are presented in the balance sheet as a direct deduction from the notes payable balance of $1,530,000 as a contra-liability. The
issuance costs are amortized over three years, the term of the notes payable, and the amortization expense is reported as interest expense.
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS (Unaudited)
June
30, 2023
On
November 16, 2022, the Company and the requisite holders of the outstanding notes entered into a Secured Subordinated Convertible Note
Extension Agreement (the “Extension Agreement”), which extended the maturity date of the notes from August 30, 2023 to August
30, 2024. All other terms and conditions of the notes remain unchanged and in full force and effect.
On
May 26, 2023, the Company completed a secured subordinated convertible note financing of $1,600,000. The proceeds of the Financing will
be used to increase the Company’s working capital balances. The secured subordinated convertible notes have a three-year term and
will mature on May 26, 2026. The interest rate on the Notes is 10% per year, payable quarterly in cash. The holder of each Note may require
the Company to repay the principal amount of the Note plus accrued interest at any time after May 26, 2024. The Notes are secured by the
assets of the Company and are subordinated to the Company’s debts with Western Alliance Bank, its senior lender. The principal amount
of each Note is convertible at any time, at the option of the holder, into shares of the Company’s common stock at a conversion
price of $1.34 per share. Failure to pay the principal payment or any interest payment (with 5 days delinquency) when due are events of
default under the Notes. The Company filed and caused to be declared effective pursuant to the Securities Act of 1933, as amended, in
June 2023 a Registration Statement to provide for resales of the shares of Common Stock issuable upon conversion of the Notes.
Total
interest expenses recognized related to the convertible notes were $59,636 and $43,177 for three months ended June 30, 2023 and 2022,
respectively.
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v3.23.2
NOTE 7 — Segment Information and Concentrations
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
NOTE 7 — Segment Information and Concentrations |
NOTE
7 — Segment Information and Concentrations
Segment
Information
The
Company operates in the mobile barcode scanning and RFID/NFC data capture market. Mobile scanning typically consists of mobile devices
such as smartphones or tablets, with mobile scanning or NFC peripherals for data collection, and third-party vertical applications software.
The Company distributes its products in the United States and foreign countries primarily through distributors and resellers. The Company
markets its products primarily through application developers whose applications are designed to work with the Company’s products.
Revenues
by geographic areas for the three and six months ended June 30, 2023 and 2022 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues: |
|
|
|
|
|
|
|
|
Americas |
|
$ |
3,840,276 |
|
|
$ |
4,480,812 |
|
|
$ |
6,978,929 |
|
|
$ |
9,363,585 |
|
Europe |
|
|
677,761 |
|
|
|
952,965 |
|
|
|
1,220,288 |
|
|
|
1,650,935 |
|
Asia Pacific |
|
|
599,120 |
|
|
|
612,205 |
|
|
|
1,230,118 |
|
|
|
1,324,464 |
|
Total revenues |
|
$ |
5,117,157 |
|
|
$ |
6,045,982 |
|
|
$ |
9,429,335 |
|
|
$ |
12,338,984 |
|
Export
revenues are attributable to countries based on the location of the Company’s customers. The Company does not hold long-lived assets
in foreign locations.
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS (Unaudited)
June
30, 2023
Major
Customers
Customers
who accounted for at least 10% of the Company’s total revenues for the three and six months ended June 30, 2023 and 2022 were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
BlueStar, Inc. |
|
|
26 |
% |
|
|
19 |
% |
|
|
23 |
% |
|
|
20 |
% |
Ingram Micro Inc. |
|
|
22 |
% |
|
|
33 |
% |
|
|
23 |
% |
|
|
30 |
% |
ScanSource, Inc. |
|
|
* |
|
|
|
* |
|
|
|
* |
|
|
|
14 |
% |
* |
Customer accounted for less than 10% of the Company’s
total revenue |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to significant concentrations of credit risk include cash, cash equivalents and accounts
receivable. The Company invests its cash in demand deposit accounts in banks and the Company has not experienced losses on the investments.
The Company’s trade accounts receivables are primarily with distributors. The Company performs ongoing credit evaluations of its
customers’ financial condition, but the Company generally requires no collateral. Reserves are maintained for potential credit losses,
and such losses have been within management’s expectations. Customers who accounted for at least 10% of the Company’s accounts
receivable balances on June 30, 2023 and December 31, 2022 were as follows:
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2023 |
|
2022 |
Ingram Micro Inc. |
|
|
36 |
% |
|
|
14 |
% |
BlueStar, Inc. |
|
|
26 |
% |
|
|
46 |
% |
ScanSource, Inc. |
|
|
12 |
% |
|
|
11 |
% |
Concentration
of Suppliers
Several
of the Company’s component parts are produced by a sole or limited number of suppliers. Shortages could occur in these essential
materials due to increased demand, or due to an interruption of supply. Suppliers may choose to restrict credit terms or require advance
payments causing delays in the procurement of essential materials. The Company’s inability to procure certain materials could have
a material adverse effect on the Company’s results. For the three months ended June 30, 2023 and 2022, top three suppliers accounted
for 54% and 55% of inventory purchases. As of June 30, 2023 and December 31, 2022, 28% and 31%, respectively, of the Company’s accounts
payable balances were concentrated with top two suppliers.
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v3.23.2
NOTE 8 — Stock-Based Compensation
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
NOTE 8 — Stock-Based Compensation |
NOTE
8 — Stock-Based Compensation
The
Company recognizes the compensation cost in the financial statements for all stock-based awards to employees, including grants of stock
options and restricted stock, based on the fair value of the awards as of the date that the awards are issued. Compensation cost for stock-based
awards is recognized on a straight-line basis over the vesting period.
The
fair values of stock options are generally determined using a binomial lattice valuation model which incorporates assumptions about expected
volatility, risk-free interest rate, dividend yield, and expected life. There were no stock options granted during the six months ended
June 30, 2023, compared to 40,000 stock options for the six months ended June 30, 2022.
Restricted
stock shares are issued to employees, consultants, and board directors and are held in escrow by the Company until the shares vest. Vesting
is contingent upon the recipients remaining as continuing service providers on each of the vesting dates. In the event of termination
of service or employment, unvested shares revert back to the Company. Shares are registered at the time of grant, allowing share owners
to vote at the annual stockholder meeting. These shares of restricted stock are granted at zero cost basis. Compensation cost for the
restricted stock is recognized on a straight-line basis over the vesting period. For the six months ended June 30, 2023 and 2022, the
Company awarded 450,370 and 323,800 shares of restricted stock, respectively.
As
of June 30, 2023, there were 993,819 shares of restricted stock outstanding. Due to the existence of restrictions on sale or transfer
until the shares vest, the Company does not count the shares of restricted stock as issued and outstanding shares until they vest.
Total
stock-based compensation expenses for the three and six months ended June 30, 2023 were $306,416 and $602,249, respectively, compared
to expenses of $251,534 and $474,980 in the corresponding periods a year ago.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.2
NOTE 9 — Net Income (Loss) Per Share
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
NOTE 9 — Net Income (Loss) Per Share |
NOTE
9 — Net Income (Loss) Per Share
The
following table sets forth the reconciliation of basic shares to diluted shares and the computation of basic and diluted net income (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
June
30, |
|
Six
Months Ended
June
30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Numerator: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(512,816 |
) |
|
$ |
103,959 |
|
|
$ |
(1,506,236 |
) |
|
$ |
445,892 |
|
Net income (loss) allocated to restricted stock award |
|
(66,541 |
) |
|
|
10,521 |
|
|
|
(189,740 |
) |
|
|
43,773 |
|
Adjusted net income (loss) for basic earnings per
share |
$ |
(446,275 |
) |
|
$ |
93,438 |
|
|
$ |
(1,316,496 |
) |
|
$ |
402,119 |
|
Convertible note interest |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted net income (loss) before interest for diluted
earnings per share |
$ |
(446,275 |
) |
|
$ |
93,438 |
|
|
$ |
(1,316,496 |
) |
|
$ |
402,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
Weighted average shares outstanding used in computing net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
7,163,608 |
|
|
|
7,219,646 |
|
|
|
7,135,149 |
|
|
|
7,225,641 |
|
Effect of dilutive stock options |
|
— |
|
|
|
423,669 |
|
|
|
— |
|
|
|
462,339 |
|
Effect of convertible note weighted shares |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
7,163,608 |
|
|
|
7,643,315 |
|
|
|
7,135,149 |
|
|
|
7,687,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share applicable to common
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.06 |
) |
|
$ |
0.01 |
|
|
$ |
(0.18 |
) |
|
$ |
0.06 |
|
Diluted |
$ |
(0.06 |
) |
|
$ |
0.01 |
|
|
$ |
(0.18 |
) |
|
$ |
0.05 |
|
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS (Unaudited)
June
30, 2023
In
the three and six months ended June 30, 2023, 1,167,384 stock options, 2,152,934 shares for convertible notes, and 50,000 warrants were
excluded in the calculation of diluted net loss per share as their effect would have been anti-dilutive.
In
the three and six months ended June 30, 2022, 939,168 and 903,369 stock options, respectively, were excluded in the calculation of diluted
net income per share as their effect would have been anti-dilutive. In the three and six months ended June 30, 2022, 50,000 warrants
were also excluded in the calculation of diluted net income per share as their effect would have been anti-dilutive.
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v3.23.2
NOTE 10 — Income Taxes
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
NOTE 10 — Income Taxes |
NOTE 10 —
Income Taxes
The
Company recorded income tax expenses of $166,000 in the three and six months ended June 30, 2023, compared to income tax expenses of $40,320
and $116,485 respectively in the three and six months ended June 30, 2022.
|
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v3.23.2
NOTE 11 — Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
NOTE 11 — Commitments and Contingencies |
NOTE
11 — Commitments and Contingencies
Operating
Lease Obligations
The
Company’s lease agreement for the office space in Newark, California expired on June 30, 2022. On May 1, 2022, the Company commenced
a lease agreement for approximately 35,913 square feet at 40675 Encyclopedia in Fremont, California. This serves as the location for the
Company’s Corporate Headquarters, including office space and manufacturing. The Company will pay a base monthly rent in the amount
of $50,278 commencing on the first day of the fourth full month of the lease term. Base monthly rent will increase annually on May 1st
of each year by 3%.
The
Company accounted for the lease as an operating lease under ASC 842 using the bank loan interest rate in effect on May 1, 2022 at 5.0%
to discount future lease payments. The lease term expires on July 31, 2029, with a one-time option to renew for a period of five years.
The renewal period is not included in the measurement of the leases as the Company is not reasonably certain of exercising it.
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS (Unaudited)
June
30, 2023
As
of June 30, 2023, the balances of right-of-use assets and liabilities were approximately $3,326,655
and $3,520,097,
respectively, compared to approximately $3,559,658
and $3,736,564,
respectively, on December 31, 2022.
In
July 2022, the Company also signed a two-year equipment operating lease agreement and the future lease payments are discounted at the
interest rate of 5.5%.
The
operating lease expense was allocated in cost of goods sold and operating expenses based on department headcount and amounted to $162,108
and $324,217 for the three and six months ended June 30, 2023, respectively, compared to $214,839 and $322,604 for the three and six months
ended June 30, 2022, respectively.
Cash
payments included in the measurement of the Company’s operating lease liabilities were $155,348 and $308,530 for the three and six
months ended June 30, 2023, respectively, compared to $126,838 and $258,847, respectively, for the corresponding prior year periods.
Future
minimum lease payments for the operating lease in effect as of June 30, 2023 are shown below:
|
|
|
|
|
Annual minimum payments: |
|
Amount |
2023 (July 2023 through December 31, 2023) |
|
|
313,713 |
|
2024 |
|
|
636,861 |
|
2025 |
|
|
652,883 |
|
2026 |
|
|
672,470 |
|
2027 |
|
|
692,644 |
|
Thereafter |
|
|
1,139,071 |
|
Total minimum payments |
|
|
4,107,642 |
|
Less: Present value factor |
|
|
(587,545 |
) |
Total operating lease liabilities |
|
|
3,520,097 |
|
Less: Current portion of operating lease |
|
|
(465,009 |
) |
Long-term portion of operating lease |
|
$ |
3,055,088 |
|
Purchase
Commitments
As
of June 30, 2023, the Company has non-cancelable purchase commitments for inventory to be used in the ordinary course of business of approximately
$7,900,000.
Legal
Matters
The
Company is subject to disputes, claims, requests for indemnification and lawsuits arising in the ordinary course of business. Under the
indemnification provisions of the Company’s customer agreements, the Company routinely agrees to indemnify and defend its customers
against infringement of any patent, trademark, copyright, trade secrets, or other intellectual property rights arising from customers’
legal use of the Company’s products or services. The exposure to the Company under these indemnification provisions is generally
limited to the total amount paid for the indemnified products. However, certain indemnification provisions potentially expose the Company
to losses in excess of the aggregate amount received from the customer. To date, there have been no claims against the Company by its
customers pertaining to such indemnification provisions, and no amounts have been recorded. The Company is currently not a party to any
material legal proceedings.
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v3.23.2
NOTE 12 — Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
NOTE 12 — Subsequent Events |
NOTE
12 — Subsequent Events
The
Company evaluated subsequent events and transactions that occurred between July 1, 2023 through the date of this report, the date that
the unaudited condensed financial statements were issued. Other than described below, the Company did not identify any subsequent events
that would have required adjustment or disclosure in the unaudited condensed financial statements.
The
Company issued 15,000 shares of common stock upon the exercise of stock options.
9,350
shares of restricted stock were granted from the 2004 Equity Incentive Plan.
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v3.23.2
NOTE 2 — Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Actual
results could differ from those estimates, and such differences may be material to the financial statements.
|
Cash Equivalents and Fair Value of Financial Instruments |
Cash
Equivalents and Fair Value of Financial Instruments
The
Company considers all highly liquid investments purchased with a maturity date of 90 days or less at date of purchase to be cash equivalents.
In response to recent volatility in the financial markets in March 2023, the Company entered into an Insured Cash Sweep (“ICS”)
Deposit Placement Agreement with IntraFi Network LLC facilitated by its bank, Bridge Bank - a division of Western Alliance Bank. The ICS
program provides the Company’s demand or savings products with access to unlimited FDIC insurance, which helps the Company to keep
the full amount of the deposit on its balance sheet and provides additional security during times of market uncertainty. As of June 30,
2023 and December 31, 2022, all of the Company’s cash and cash equivalents consisted of amounts held in demand deposit accounts
in banks. The Company has never experienced any losses in such accounts.
The
carrying value of the Company’s cash and cash equivalents, accounts receivable, accounts payable, and debt approximate fair value
due to the relatively short period of time to maturity.
|
Revenue Recognition and Deferred Revenue |
Revenue
Recognition and Deferred Revenue
In
May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts
with Customers: Topic 606” (“ASC 606”). With the adoption of ASC 606 in January 2017, the Company recognizes
revenue on sales to distributors when shipping of product is completed and title transfers to distributor, less a reserve for estimated
product returns (sales and cost of sales). The reserves are based on estimates of future returns calculated from actual return history,
primarily from stock rotations, plus knowledge of pending returns outside of the norm. On June 30, 2023, the deferred revenue and deferred
cost on shipments to distributors were $942,170 and $412,490, respectively, compared to $594,793 and $266,327, respectively, on December
31, 2022.
SOCKET
MOBILE, INC.
NOTES TO CONDENSED
FINANCIAL STATEMENTS (Unaudited)
June
30, 2023
The
Company also earns revenue from its SocketCare extended warranty program, which provides extended warranty and accidental breakage coverage
for selected products. Customers can purchase a SocketCare warranty at the time of product purchase, which provides coverage for a three-year
or a five-year term. Revenues from SocketCare services are recognized ratably over the life of the extended warranty contract. For the
quarters ended June 30, 2023 and 2022, SocketCare revenue was approximately $5,400 and $5,900, respectively. The amount of unrecognized
SocketCare service revenue is classified as deferred service revenue and presented on the Company’s balance sheet in its short-
and long-term components. On June 30, 2023, the balance of unrecognized SocketCare service revenue was approximately $33,000.
|
Cost of Sales and Gross Margins |
Cost
of Sales and Gross Margins
Cost
of sales primarily consists of the costs to manufacture our products, including the costs of materials, contract manufacturing, shipping
costs, personnel and related expenses including stock-based compensation, equipment and facility expenses, warranty costs and inventory
excess and obsolete provisions. The factors that affect our gross margins are the cost of materials, the mix of products and the extent
to which we are able to efficiently utilize our manufacturing capacity.
|
Leases |
Leases
In
February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02,
Leases (Topic 842), which requires a lessee to recognize a liability representing future lease payments and a right-of-use asset representing
its right to use the underlying asset for the lease term. For operating leases, a lessee is required to recognize at inception a right-of-use
asset and a lease liability equal to the net present value of the lease payments, with lease expense recognized over the lease term on
a straight-line basis. For leases with a term of twelve months or less, ASU 2016-02 allows a reporting entity to make an accounting policy
election to not recognize a right-of-use asset and a lease liability, and to recognize lease expense on a straight-line basis. The Company
adopted ASU 2016-02 effective January 1, 2019. On June 30, 2023, the balances of right-of-use assets and liabilities for the operating
lease were $3,326,655 and $3,520,097, respectively, compared to $3,559,658 and $3,736,564, respectively, on December 31, 2022.
|
Recently Issued Financial Accounting Standards |
Recently
Issued Financial Accounting Standards
From
time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies and adopted by the Company as of
the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards that are not
yet effective will not have a material impact on the Company’s financial position, results of operations or cash flows upon adoption.
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v3.23.2
NOTE 3 — Intangible Assets (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Estimated Future Amortization of Intangible Assets |
|
|
Fiscal
Year |
Amount |
2023
(July 1, 2023 to December 31, 2023) |
$ 63,648 |
2024 |
127,296 |
2025 |
127,296 |
2026 |
127,296 |
2027 |
127,296 |
Thereafter |
1,050,185 |
Total |
$ 1,623,017 |
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v3.23.2
NOTE 4 — Inventories (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Inventories |
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2023 |
|
2022 |
Raw materials and sub-assemblies |
|
$ |
6,034,232 |
|
|
$ |
6,193,453 |
|
Finished goods |
|
|
355,861 |
|
|
|
289,181 |
|
Inventory reserves |
|
|
(880,943 |
) |
|
|
(880,943 |
) |
Inventory, net |
|
$ |
5,509,150 |
|
|
$ |
5,601,691 |
|
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v3.23.2
NOTE 7 — Segment Information and Concentrations (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Revenue By Geographic Areas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues: |
|
|
|
|
|
|
|
|
Americas |
|
$ |
3,840,276 |
|
|
$ |
4,480,812 |
|
|
$ |
6,978,929 |
|
|
$ |
9,363,585 |
|
Europe |
|
|
677,761 |
|
|
|
952,965 |
|
|
|
1,220,288 |
|
|
|
1,650,935 |
|
Asia Pacific |
|
|
599,120 |
|
|
|
612,205 |
|
|
|
1,230,118 |
|
|
|
1,324,464 |
|
Total revenues |
|
$ |
5,117,157 |
|
|
$ |
6,045,982 |
|
|
$ |
9,429,335 |
|
|
$ |
12,338,984 |
|
|
Customers who accounted for at least 10% of the Company's total revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
BlueStar, Inc. |
|
|
26 |
% |
|
|
19 |
% |
|
|
23 |
% |
|
|
20 |
% |
Ingram Micro Inc. |
|
|
22 |
% |
|
|
33 |
% |
|
|
23 |
% |
|
|
30 |
% |
ScanSource, Inc. |
|
|
* |
|
|
|
* |
|
|
|
* |
|
|
|
14 |
% |
|
Customers who accounted for at least 10% of the Company's accounts receivable balances |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2023 |
|
2022 |
Ingram Micro Inc. |
|
|
36 |
% |
|
|
14 |
% |
BlueStar, Inc. |
|
|
26 |
% |
|
|
46 |
% |
ScanSource, Inc. |
|
|
12 |
% |
|
|
11 |
% |
|
X |
- DefinitionDisclosure of accounting policy for credit risk.
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v3.23.2
NOTE 9 — Net Income (Loss) Per Share (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Reconciliation of basic shares to diluted shares and the computation of basic and diluted net income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
June
30, |
|
Six
Months Ended
June
30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Numerator: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(512,816 |
) |
|
$ |
103,959 |
|
|
$ |
(1,506,236 |
) |
|
$ |
445,892 |
|
Net income (loss) allocated to restricted stock award |
|
(66,541 |
) |
|
|
10,521 |
|
|
|
(189,740 |
) |
|
|
43,773 |
|
Adjusted net income (loss) for basic earnings per
share |
$ |
(446,275 |
) |
|
$ |
93,438 |
|
|
$ |
(1,316,496 |
) |
|
$ |
402,119 |
|
Convertible note interest |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted net income (loss) before interest for diluted
earnings per share |
$ |
(446,275 |
) |
|
$ |
93,438 |
|
|
$ |
(1,316,496 |
) |
|
$ |
402,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
Weighted average shares outstanding used in computing net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
7,163,608 |
|
|
|
7,219,646 |
|
|
|
7,135,149 |
|
|
|
7,225,641 |
|
Effect of dilutive stock options |
|
— |
|
|
|
423,669 |
|
|
|
— |
|
|
|
462,339 |
|
Effect of convertible note weighted shares |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
7,163,608 |
|
|
|
7,643,315 |
|
|
|
7,135,149 |
|
|
|
7,687,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share applicable to common
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.06 |
) |
|
$ |
0.01 |
|
|
$ |
(0.18 |
) |
|
$ |
0.06 |
|
Diluted |
$ |
(0.06 |
) |
|
$ |
0.01 |
|
|
$ |
(0.18 |
) |
|
$ |
0.05 |
|
|
X |
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v3.23.2
NOTE 11 — Commitments and Contingencies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Future minimum lease payments under the operating lease in effect as of September 30, 2022 |
|
|
|
|
|
Annual minimum payments: |
|
Amount |
2023 (July 2023 through December 31, 2023) |
|
|
313,713 |
|
2024 |
|
|
636,861 |
|
2025 |
|
|
652,883 |
|
2026 |
|
|
672,470 |
|
2027 |
|
|
692,644 |
|
Thereafter |
|
|
1,139,071 |
|
Total minimum payments |
|
|
4,107,642 |
|
Less: Present value factor |
|
|
(587,545 |
) |
Total operating lease liabilities |
|
|
3,520,097 |
|
Less: Current portion of operating lease |
|
|
(465,009 |
) |
Long-term portion of operating lease |
|
$ |
3,055,088 |
|
|
X |
- References
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v3.23.2
NOTE 2 — Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Product Information [Line Items] |
|
|
|
|
|
Deferred Revenue, Current |
$ 942,170
|
|
$ 942,170
|
|
$ 594,793
|
Deferred Costs and Other Assets |
412,490
|
|
412,490
|
|
266,327
|
Revenues |
5,117,157
|
$ 6,045,982
|
9,429,335
|
$ 12,338,984
|
|
Deferred Revenue |
33,000
|
|
33,000
|
|
|
Operating Lease, Right-of-Use Asset |
3,326,655
|
|
3,326,655
|
|
3,559,658
|
Operating Lease, Liability |
3,520,097
|
|
$ 3,520,097
|
|
$ 3,736,564
|
Service [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Revenues |
$ 5,400
|
$ 5,900
|
|
|
|
X |
- DefinitionAmount of deferred cost assets and assets classified as other.
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v3.23.2
Estimated Future Amortization of Intangible Assets (Details)
|
Jun. 30, 2023
USD ($)
|
Business Combination and Asset Acquisition [Abstract] |
|
2023 (July 1, 2023 to December 31, 2023) |
$ 63,648
|
2024 |
127,296
|
2025 |
127,296
|
2026 |
127,296
|
2027 |
127,296
|
Thereafter |
1,050,185
|
Total |
$ 1,623,017
|
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v3.23.2
Inventories (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Inventory Disclosure [Abstract] |
|
|
Raw materials and sub-assemblies |
$ 6,034,232
|
$ 6,193,453
|
Finished goods |
355,861
|
289,181
|
Inventory reserves |
(880,943)
|
(880,943)
|
Inventory, net |
$ 5,509,150
|
$ 5,601,691
|
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v3.23.2
NOTE 5 — Bank Financing Arrangements (Details Narrative) - USD ($)
|
12 Months Ended |
|
|
Dec. 31, 2021 |
Feb. 01, 2023 |
Jan. 29, 2021 |
Line of Credit Facility [Line Items] |
|
|
|
Line of Credit Facility, Initiation Date |
Jan. 29, 2021
|
|
|
Notes Payable to Bank |
|
$ 125,000
|
|
Domestic Revolving Facility [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
|
$ 2,000,000.0
|
Term Loan [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
|
$ 1,000,000.0
|
X |
- DefinitionDate the credit facility first became available, in YYYY-MM-DD format.
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v3.23.2
NOTE 6 — Secured Subordinated Convertible Notes Payable (Details Narrative) - USD ($)
|
3 Months Ended |
36 Months Ended |
|
|
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2020 |
Aug. 30, 2023 |
May 26, 2023 |
Aug. 31, 2020 |
Aug. 28, 2020 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Secured Subordinated Convertible Notes Issued |
|
|
|
|
$ 1,600,000
|
$ 1,530,000
|
|
Subordinated Borrowing, Interest Rate |
|
|
|
10.00%
|
|
|
|
Debt Instrument, Convertible, Conversion Price |
|
|
|
|
$ 1.34
|
|
$ 1.46
|
Payments of Debt Issuance Costs |
|
|
$ 96,515
|
|
|
|
|
[custom:InterestOnConvertibleDebt] |
$ 59,636
|
$ 43,177
|
|
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Secured Subordinated Convertible Notes Issued |
|
|
|
|
|
$ 1,350,000
|
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v3.23.2
Revenue By Geographic Areas (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total revenues |
$ 5,117,157
|
$ 6,045,982
|
$ 9,429,335
|
$ 12,338,984
|
Americas [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total revenues |
3,840,276
|
4,480,812
|
6,978,929
|
9,363,585
|
EMEA [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total revenues |
677,761
|
952,965
|
1,220,288
|
1,650,935
|
Asia Pacific [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total revenues |
$ 599,120
|
$ 612,205
|
$ 1,230,118
|
$ 1,324,464
|
X |
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v3.23.2
NOTE 8 — Stock-Based Compensation (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Share-Based Payment Arrangement [Abstract] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures |
|
|
|
|
0
|
40,000
|
Stock Issued During Period, Shares, Restricted Stock Award, Gross |
|
|
|
|
450,370
|
323,800
|
Common Stock, Other Shares, Outstanding |
993,819
|
|
|
|
993,819
|
|
Share-Based Payment Arrangement, Noncash Expense |
$ 306,416
|
$ 295,833
|
$ 251,534
|
$ 223,446
|
$ 602,249
|
$ 474,980
|
X |
- DefinitionTotal number of shares of other common stock instruments held by shareholders, such as exchangeable shares. May be all or portion of the number of common shares authorized.
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v3.23.2
Reconciliation of basic shares to diluted shares and the computation of basic and diluted net income per share (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Numerator: |
|
|
|
|
|
|
Net income (loss) |
$ (512,816)
|
$ (993,420)
|
$ 103,959
|
$ 341,933
|
$ (1,506,236)
|
$ 445,892
|
Net income (loss) allocated to restricted stock award |
(66,541)
|
|
10,521
|
|
(189,740)
|
43,773
|
Adjusted net income (loss) before interest for diluted earnings per share |
(446,275)
|
|
93,438
|
|
(1,316,496)
|
402,119
|
Convertible note interest |
|
|
|
|
|
|
Denominator: Weighted average shares outstanding used in computing net income (loss) per share: |
|
|
|
|
|
|
Basic |
7,163,608
|
|
7,219,646
|
|
7,135,149
|
7,225,641
|
Effect of dilutive stock options |
|
|
423,669
|
|
|
462,339
|
Effect of convertible note weighted shares |
|
|
|
|
|
|
Diluted |
7,163,608
|
|
7,643,315
|
|
7,135,149
|
7,687,980
|
Net income (loss) per share applicable to common stockholders: |
|
|
|
|
|
|
Basic |
$ (0.06)
|
|
$ 0.01
|
|
$ (0.18)
|
$ 0.06
|
Diluted |
$ (0.06)
|
|
$ 0.01
|
|
$ (0.18)
|
$ 0.05
|
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v3.23.2
NOTE 9 — Net Income (Loss) Per Share (Details Narrative) - shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Equity Option [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
1,167,384
|
939,168
|
2,152,934
|
903,369
|
Warrant [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
50,000
|
50,000
|
|
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.23.2
v3.23.2
Future minimum lease payments under the operating lease in effect as of September 30, 2022 (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
2023 (July 2023 through December 31, 2023) |
$ 313,713
|
|
2024 |
636,861
|
|
2025 |
652,883
|
|
2026 |
672,470
|
|
2027 |
692,644
|
|
Thereafter |
1,139,071
|
|
Total minimum payments |
4,107,642
|
|
Less: Present value factor |
(587,545)
|
|
Total operating lease liabilities |
3,520,097
|
$ 3,736,564
|
Less: Current portion of operating lease |
(465,009)
|
(444,529)
|
Long-term portion of operating lease |
$ 3,055,088
|
$ 3,292,035
|
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v3.23.2
NOTE 11 — Commitments and Contingencies (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
|
|
|
Operating Lease, Right-of-Use Asset |
$ 3,326,655
|
|
$ 3,326,655
|
|
$ 3,559,658
|
Operating Lease, Liability |
3,520,097
|
|
3,520,097
|
|
$ 3,736,564
|
Operating Lease, Expense |
162,108
|
$ 214,839
|
324,217
|
$ 322,604
|
|
Operating Lease, Payments |
155,348
|
$ 126,838
|
308,530
|
$ 258,847
|
|
Purchase Obligation, to be Paid, Year One |
$ 7,900,000
|
|
$ 7,900,000
|
|
|
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v3.23.2
NOTE 12 — Subsequent Events (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
Aug. 14, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Subsequent Events [Abstract] |
|
|
|
|
|
Stock Issued During Period, Value, Stock Options Exercised |
$ 15,000
|
$ 156,610
|
$ 33,705
|
$ 41,969
|
$ 39,532
|
Stock Issued During Period, Value, Restricted Stock Award, Gross |
$ 9,350
|
|
|
|
|
X |
- DefinitionAggregate value of stock related to Restricted Stock Awards issued during the period.
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