2022 Q4 Form 10-Q Financial Statement

#000121390022069391 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $5.278M $5.262M $4.172M
YoY Change 32.18% 26.13% 0.05%
Cost Of Revenue $3.222M $3.854M $2.673M
YoY Change 22.79% 44.18% -22.3%
Gross Profit $2.056M $1.408M $1.499M
YoY Change 50.18% -6.07% 102.57%
Gross Profit Margin 38.95% 26.76% 35.93%
Selling, General & Admin $1.373M $1.501M $1.542M
YoY Change -6.92% -2.66% -15.27%
% of Gross Profit 66.78% 106.61% 102.87%
Research & Development $357.0K $382.0K $660.0K
YoY Change -46.8% -42.12% 10.0%
% of Gross Profit 17.36% 27.13% 44.03%
Depreciation & Amortization $22.00K $22.00K $82.00K
YoY Change -72.5% -73.17% 2.5%
% of Gross Profit 1.07% 1.56% 5.47%
Operating Expenses $1.730M $1.883M $2.202M
YoY Change -19.38% -14.49% -8.63%
Operating Profit $326.0K -$475.0K -$703.0K
YoY Change -141.96% -32.43% -57.9%
Interest Expense -$236.0K $228.0K -$117.0K
YoY Change 74.81% -294.87% 6.36%
% of Operating Profit -72.39%
Other Income/Expense, Net $0.00 $0.00 $619.0K
YoY Change -100.0%
Pretax Income $90.00K -$703.0K -$201.0K
YoY Change -109.87% 249.75% -88.77%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $90.00K -$703.0K -$201.0K
YoY Change -109.71% 249.75% -88.77%
Net Earnings / Revenue 1.71% -13.36% -4.82%
Basic Earnings Per Share -$0.05 -$0.02
Diluted Earnings Per Share $0.01 -$0.05 -$16.44K
COMMON SHARES
Basic Shares Outstanding 13.35M shares 13.34M shares 12.23M shares
Diluted Shares Outstanding 13.33M shares 12.23M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.00K $167.0K $271.0K
YoY Change -71.17% -38.38% 238.75%
Cash & Equivalents $79.00K $167.0K $271.0K
Short-Term Investments
Other Short-Term Assets $533.0K $756.0K $1.517M
YoY Change -32.1% -50.16% 72.39%
Inventory $3.966M $4.158M $4.081M
Prepaid Expenses
Receivables $3.389M $3.152M $1.770M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.967M $8.233M $7.639M
YoY Change 3.76% 7.78% -6.84%
LONG-TERM ASSETS
Property, Plant & Equipment $238.0K $245.0K $2.481M
YoY Change -17.93% -90.12% -18.39%
Goodwill $493.0K $493.0K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $785.0K $635.0K $690.0K
YoY Change 11.66% -7.97% -15.85%
Total Long-Term Assets $7.038M $7.046M $4.491M
YoY Change 66.3% 56.89% -15.9%
TOTAL ASSETS
Total Short-Term Assets $7.967M $8.233M $7.639M
Total Long-Term Assets $7.038M $7.046M $4.491M
Total Assets $15.01M $15.28M $12.13M
YoY Change 25.99% 25.96% -10.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.431M $2.654M $2.149M
YoY Change 7.38% 23.5% -20.99%
Accrued Expenses $1.243M $1.399M $1.342M
YoY Change -3.72% 4.25% -13.97%
Deferred Revenue
YoY Change
Short-Term Debt $4.387M $4.318M $2.058M
YoY Change 82.79% 109.82% 9.47%
Long-Term Debt Due $70.00K $69.00K $71.00K
YoY Change -1.41% -2.82% 136.67%
Total Short-Term Liabilities $8.155M $8.464M $5.640M
YoY Change 34.57% 50.07% -9.18%
LONG-TERM LIABILITIES
Long-Term Debt $1.683M $1.638M $1.530M
YoY Change 7.06% 7.06% -44.36%
Other Long-Term Liabilities $4.093M $4.240M $1.205M
YoY Change 312.19% 251.87% -38.83%
Total Long-Term Liabilities $5.776M $5.878M $2.735M
YoY Change 125.19% 114.92% -42.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.155M $8.464M $5.640M
Total Long-Term Liabilities $5.776M $5.878M $2.735M
Total Liabilities $13.93M $14.34M $8.375M
YoY Change 61.52% 71.25% -23.31%
SHAREHOLDERS EQUITY
Retained Earnings -$30.23M -$30.32M
YoY Change 10.69%
Common Stock $32.29M $32.19M
YoY Change 2.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.074M $937.0K $3.755M
YoY Change
Total Liabilities & Shareholders Equity $15.01M $15.28M $12.13M
YoY Change 25.99% 25.96% -10.41%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $90.00K -$703.0K -$201.0K
YoY Change -109.71% 249.75% -88.77%
Depreciation, Depletion And Amortization $22.00K $22.00K $82.00K
YoY Change -72.5% -73.17% 2.5%
Cash From Operating Activities $210.0K -$220.0K -$753.0K
YoY Change -138.89% -70.78% 527.5%
INVESTING ACTIVITIES
Capital Expenditures $13.00K -$18.00K -$4.000K
YoY Change -168.42% 350.0% -140.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$13.00K -$18.00K -$4.000K
YoY Change -31.58% 350.0% -60.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -285.0K 44.00K 684.0K
YoY Change -150.71% -93.57% -373.6%
NET CHANGE
Cash From Operating Activities 210.0K -220.0K -753.0K
Cash From Investing Activities -13.00K -18.00K -4.000K
Cash From Financing Activities -285.0K 44.00K 684.0K
Net Change In Cash -88.00K -194.0K -73.00K
YoY Change -3033.33% 165.75% -80.79%
FREE CASH FLOW
Cash From Operating Activities $210.0K -$220.0K -$753.0K
Capital Expenditures $13.00K -$18.00K -$4.000K
Free Cash Flow $197.0K -$202.0K -$749.0K
YoY Change -137.81% -73.03% 476.15%

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CY2021Q2 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
51000 usd
CY2021Q2 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
46000 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
3490000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-201000 usd
CY2021Q3 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
138000 usd
CY2021Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
257000 usd
CY2021Q3 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
50000 usd
CY2021Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
6000 usd
CY2021Q3 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
15000 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
3755000 usd
us-gaap Net Income Loss
NetIncomeLoss
-3010000 usd
us-gaap Net Income Loss
NetIncomeLoss
1011000 usd
bdr Gain On Debt Forgiveness
GainOnDebtForgiveness
1769000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
469000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
427000 usd
us-gaap Depreciation
Depreciation
80000 usd
us-gaap Depreciation
Depreciation
95000 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
23000 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
165000 usd
bdr Amortization Of Loan Fees
AmortizationOfLoanFees
45000 usd
bdr Amortization Of Loan Fees
AmortizationOfLoanFees
45000 usd
bdr Amortization Of Subordinated Debt Discount
AmortizationOfSubordinatedDebtDiscount
47000 usd
bdr Amortization Of Subordinated Debt Discount
AmortizationOfSubordinatedDebtDiscount
94000 usd
us-gaap Noncash Contribution Expense
NoncashContributionExpense
130000 usd
us-gaap Noncash Contribution Expense
NoncashContributionExpense
119000 usd
bdr Amortization Of Right Of Use Assets
AmortizationOfRightOfUseAssets
618000 usd
bdr Amortization Of Right Of Use Assets
AmortizationOfRightOfUseAssets
590000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-3000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
160000 usd
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
3000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1387000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
29000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-696000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
18000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-29000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1286000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-23000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-21000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-588000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-590000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1236000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
335000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1592000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-627000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
35000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
12000 usd
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
7000 usd
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
55000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-42000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-67000 usd
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
1918000 usd
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-87000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
257000 usd
bdr Proceeds From Subordinated Convertible Debt
ProceedsFromSubordinatedConvertibleDebt
700000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
10000 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
61000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
340000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
51000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
45000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1527000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
896000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-107000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
202000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
274000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
69000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
167000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
271000 usd
us-gaap Interest Paid Net
InterestPaidNet
303000 usd
us-gaap Interest Paid Net
InterestPaidNet
123000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
10000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
8000 usd
bdr Stock Paid To Officers And Directors In Lieu Of Cash
StockPaidToOfficersAndDirectorsInLieuOfCash
131000 usd
bdr Stock Paid To Officers And Directors In Lieu Of Cash
StockPaidToOfficersAndDirectorsInLieuOfCash
312000 usd
us-gaap Stock Issued1
StockIssued1
276000 usd
bdr Conversion Of Subordinated Convertible Debt To Common Stock
ConversionOfSubordinatedConvertibleDebtToCommonStock
62000 usd
bdr Conversion Of Subordinated Convertible Debt To Common Stock
ConversionOfSubordinatedConvertibleDebtToCommonStock
204000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3561000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
60000 usd
us-gaap Basis Of Accounting
BasisOfAccounting
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 1 – Company and Basis of Consolidation </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Blonder Tongue Laboratories, Inc. (together with its consolidated subsidiaries, the “<b>Company</b>”) is a technology-development and manufacturing company that delivers television signal encoding, transcoding, digital transport, and broadband product solutions to the markets the Company serves, including the telecommunications, fiber optic and cable service provider markets, MDU market, the lodging/hospitality market and the institutional market, including campuses, hospitals, prisons and schools, primarily throughout the United States and Canada. The consolidated financial statements include the accounts of Blonder Tongue Laboratories, Inc. and its wholly-owned subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The accompanying unaudited condensed consolidated interim financial statements as of September 30, 2022 and for the three and nine months ended September 30, 2022 and 2021 have been prepared in accordance with accounting principles generally accepted in the United States of America (“<b>GAAP</b>”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“<b>SEC</b>”). The accompanying unaudited condensed consolidated interim financial statements include all adjustments, consisting primarily of normal recurring adjustments, which the Company considers necessary for a fair presentation of the condensed consolidated financial position, operating results, changes in stockholders’ equity and cash flows for the periods presented. The condensed consolidated balance sheet at December 31, 2021 has been derived from audited consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP for complete financial statements have been condensed or omitted pursuant to SEC rules and regulations. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2021 and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 31, 2022. The results of the three and nine months ended September 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022 or for any future interim period.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>(a) Use of Estimates</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s significant estimates include stock-based compensation and reserves related to accounts receivable, inventories and deferred tax assets. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>
CY2021 bdr Earnings Per Share Basic Income
EarningsPerShareBasicIncome
1011000 usd
CY2021 bdr Basic Eps Shares
BasicEPSShares
11956000 shares
CY2021 bdr Earning Per Share Basic
EarningPerShareBasic
0.08
CY2021 bdr Earnings Per Share Diluted Income
EarningsPerShareDilutedIncome
1224000 usd
CY2021 bdr Diluted Earnings Per Shares
DilutedEarningsPerShares
15311000 shares
CY2021 bdr Earning Per Share Diluted
EarningPerShareDiluted
0.08
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7122000 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6345000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6897000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
491000 shares
bdr Amortization Of Debt Discount
AmortizationOfDebtDiscount
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>(c) Amortization of Debt Discount</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company accounts for the amortization of the debt discount utilizing the effective interest method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>
CY2022Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
4318000 usd
bdr Additional Availability
AdditionalAvailability
520000 usd
bdr Other Revenue
OtherRevenue
-104000 usd
bdr Other Revenue
OtherRevenue
-249000 usd
CY2022Q3 us-gaap Revenues
Revenues
5262000 usd
CY2021Q3 us-gaap Revenues
Revenues
4172000 usd
us-gaap Revenues
Revenues
12837000 usd
CY2022Q3 bdr Encoder And Transcoder Products
EncoderAndTranscoderProducts
-2177000 usd
CY2021Q3 bdr Encoder And Transcoder Products
EncoderAndTranscoderProducts
-2242000 usd
bdr Encoder And Transcoder Products
EncoderAndTranscoderProducts
-5858000 usd
bdr Encoder And Transcoder Products
EncoderAndTranscoderProducts
-5349000 usd
CY2022Q3 bdr Nexgen Products
NexgenProducts
-1028000 usd
CY2021Q3 bdr Nexgen Products
NexgenProducts
-420000 usd
bdr Nexgen Products
NexgenProducts
-1994000 usd
bdr Nexgen Products
NexgenProducts
-1311000 usd
CY2022Q3 bdr Coax Distribution Products
CoaxDistributionProducts
-537000 usd
CY2021Q3 bdr Coax Distribution Products
CoaxDistributionProducts
-311000 usd
bdr Coax Distribution Products
CoaxDistributionProducts
-1157000 usd
bdr Coax Distribution Products
CoaxDistributionProducts
-1094000 usd
CY2022Q3 bdr Consumer Premises Equipment Products
ConsumerPremisesEquipmentProducts
-2000 usd
CY2021Q3 bdr Consumer Premises Equipment Products
ConsumerPremisesEquipmentProducts
-113000 usd
bdr Consumer Premises Equipment Products
ConsumerPremisesEquipmentProducts
-29000 usd
bdr Consumer Premises Equipment Products
ConsumerPremisesEquipmentProducts
-1096000 usd
CY2022Q3 bdr Digital Video Headend Products
DigitalVideoHeadendProducts
-363000 usd
CY2021Q3 bdr Digital Video Headend Products
DigitalVideoHeadendProducts
-335000 usd
bdr Digital Video Headend Products
DigitalVideoHeadendProducts
-785000 usd
bdr Digital Video Headend Products
DigitalVideoHeadendProducts
-837000 usd
CY2022Q3 bdr Analog Video Headend Products
AnalogVideoHeadendProducts
-80000 usd
CY2021Q3 bdr Analog Video Headend Products
AnalogVideoHeadendProducts
-175000 usd
bdr Analog Video Headend Products
AnalogVideoHeadendProducts
-317000 usd
bdr Analog Video Headend Products
AnalogVideoHeadendProducts
-657000 usd
CY2022Q3 bdr Data Products
DataProducts
-951000 usd
CY2021Q3 bdr Data Products
DataProducts
-326000 usd
bdr Data Products
DataProducts
-2091000 usd
bdr Data Products
DataProducts
-634000 usd
CY2022Q3 bdr Service Agreements And Design
ServiceAgreementsAndDesign
-37000 usd
CY2021Q3 bdr Service Agreements And Design
ServiceAgreementsAndDesign
-41000 usd
bdr Service Agreements And Design
ServiceAgreementsAndDesign
-270000 usd
bdr Service Agreements And Design
ServiceAgreementsAndDesign
-282000 usd
CY2022Q3 bdr Fiber Optic Products
FiberOpticProducts
-74000 usd
CY2021Q3 bdr Fiber Optic Products
FiberOpticProducts
-100000 usd
bdr Fiber Optic Products
FiberOpticProducts
-232000 usd
bdr Fiber Optic Products
FiberOpticProducts
-252000 usd
CY2022Q3 bdr Other Revenue
OtherRevenue
-13000 usd
CY2021Q3 bdr Other Revenue
OtherRevenue
-109000 usd
us-gaap Revenues
Revenues
11761000 usd
CY2022Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
2478000 usd
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
1824000 usd
CY2022Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1429000 usd
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2730000 usd
CY2022Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
251000 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
300000 usd
CY2022Q3 us-gaap Inventory Net
InventoryNet
4158000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
4854000 usd
CY2022Q3 bdr Net Realizable Value
NetRealizableValue
325000 usd
CY2021Q3 bdr Net Realizable Value
NetRealizableValue
0 usd
bdr Net Realizable Value
NetRealizableValue
547000 usd
bdr Net Realizable Value
NetRealizableValue
0 usd
bdr Deliverance Of Inventory Appraisal
DeliveranceOfInventoryAppraisal
500000 usd
CY2020Q2 bdr Term Loan Descriptions
TermLoanDescriptions
On April 7, 2020, the Company entered into a certain Consent and Amendment to Loan Agreement and Loan Documents with Midcap (the “MidCap First Amendment”), which amended the MidCap Facility to, among other things, remove the existing $400 availability block, subject to the same being re-imposed at the rate of approximately $7 per month commencing June 1, 2020.
CY2021Q3 bdr Loan Agreement
LoanAgreement
400000 usd
CY2022Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1000000 usd
CY2022Q2 bdr Parties Paid In Advance
PartiesPaidInAdvance
200000 usd
CY2022Q2 us-gaap Short Term Debt Percentage Bearing Fixed Interest Rate
ShortTermDebtPercentageBearingFixedInterestRate
0.01 pure
CY2020Q2 us-gaap Proceeds From Loans
ProceedsFromLoans
1769000 usd
CY2020Q2 bdr Paycheck Protection Program Description
PaycheckProtectionProgramDescription
The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses for amounts up to 2.5 times the average monthly payroll expenses of the qualifying business. The PPP Loan and accrued interest are forgivable after twenty-four weeks (the “Covered Period”) as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the Covered Period.
CY2020Q2 us-gaap Investment Interest Rate
InvestmentInterestRate
0.0098 pure
CY2021 us-gaap Debt Securities Gain Loss
DebtSecuritiesGainLoss
1769000 usd
CY2021Q1 us-gaap Share Price
SharePrice
1.31
CY2021Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
186000 usd
CY2021Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
42000 shares
CY2021Q1 bdr Class Of Warrant Or Right Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights
1
CY2022Q3 us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
45000 usd
CY2021Q3 us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
42000 usd
us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
130000 usd
us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
119000 usd
CY2022Q3 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
15000 usd
CY2021Q3 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
15000 usd
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
46000 usd
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
94000 usd
CY2022Q3 us-gaap Legal Fees
LegalFees
15000 usd
CY2021Q3 us-gaap Legal Fees
LegalFees
116000 usd
us-gaap Legal Fees
LegalFees
413000 usd
us-gaap Legal Fees
LegalFees
465000 usd
CY2022Q3 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
193000 usd
CY2022Q3 us-gaap Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
181000 usd
CY2021Q3 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
199000 usd
CY2021Q3 us-gaap Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
200000 usd
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
618000 usd
us-gaap Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
588000 usd
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
590000 usd
us-gaap Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
590000 usd
us-gaap Income Tax Holiday Termination Date
IncomeTaxHolidayTerminationDate
On July 29, 2022, the Company extended its lease by another five years, with a new termination date of January 31, 2029.
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
231000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
945000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
957000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
971000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
995000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2148000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6247000 usd
CY2022Q3 bdr Present Value Discount
PresentValueDiscount
1455000 usd
CY2022Q3 bdr Total Operatings Lease Liabilities
TotalOperatingsLeaseLiabilities
4792000 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y3M18D
CY2022Q3 us-gaap Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
630000 usd
bdr Unsecured Interest Rate
UnsecuredInterestRate
0.12 pure
bdr Promissory Note Description
PromissoryNoteDescription
The Company was obligated to repay the principal balance of the note beginning in September 2021 and continuing thereafter for an additional five consecutive monthly installments on the 15th day of each successive calendar month, as follows: September 2021, $100, October 2021, $100, November 2021, $100, December 2021, $100, January 2022, $100 and February 2022, $140. Accrued interest was paid concurrently with each principal installment. Upon a default under the Supplier Note, including the non-payment of principal or interest, the Company's obligations may be accelerated, and the Supplier Note holder may pursue its rights under the Supplier Note and under applicable law. The final February 2022 payment was made in April 2022.In connection with the continued extension of credit terms, the Company entered into promissory notes (the “Notes”) to three vendors of the goods, in the principal amount of approximately $866. The Notes are unsecured and have interest rates varying between 0% and 9% per annum. The Company is obligated to repay the principal balance of the notes beginning in June 2022 and continuing thereafter until fully paid in November 2023. As of September 30, 2022, the amount remaining under the Notes is approximately $526, with approximately $338 to be paid by December 31, 2022. Upon a default under the Notes, including the non-payment of principal or interest, the Company's obligations may be accelerated, and the Note holders may pursue their rights under the Notes and under applicable law.
CY2021 us-gaap Investment Tax Credit
InvestmentTaxCredit
1804000 usd
CY2021Q2 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
577000 usd
CY2021Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
115000 usd
CY2021Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
181000 usd
CY2021Q4 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
219000 usd
CY2021Q4 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
195000 usd
CY2022Q2 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
198000 usd
CY2022Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
20000 usd
CY2021 bdr Maximum Credit Description
MaximumCreditDescription
The CAA and ARPA amendments to the ERTC program provide eligible employers with a tax credit in an amount equal to 70% of qualified wages (including certain health care expenses) that eligible employers pay their employees after January 1, 2021 through September 30, 2021. The maximum amount of qualified wages taken into account with respect to each employee for each calendar quarter is $10,000, so that the maximum credit that an eligible employer may claim for qualified wages paid to any employee is $7,000 per quarter. For purposes of the amended ERTC, an eligible employer is defined as having experienced a significant (20% or more) decline in gross receipts during each 2021 calendar quarter when compared with the same quarter in 2019. The credit is taken against the Company’s share of Social Security Tax when the Company’s payroll provider files the applicable quarterly tax filings on Form 941. At September 30, 2022, the Company is still owed $299 in ERTC funds which it expects to receive during the fourth quarter of 2022.
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
us-gaap Other Income
OtherIncome
usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2021Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
usd
bdr Gain On Debt Forgiveness
GainOnDebtForgiveness
usd
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
bdr Proceeds From Subordinated Convertible Debt
ProceedsFromSubordinatedConvertibleDebt
usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
usd
us-gaap Stock Issued1
StockIssued1
usd
CY2021Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001000683

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